Shell profit soars as Mideast war disrupts energy supplies
Revenue rose sharply to $92.8 billion from $68.2 billion in the same period a year earlier.
Shell's profit surged dramatically to $12.1 billion in the third quarter, more than doubling from $5.3 billion a year earlier. The British energy giant attributes this rapid growth to the ongoing Middle East war, which has severely disrupted global energy supplies and pushed oil and gas prices to record highs. CEO Wael Sawan credited the company's operational focus for the impressive results amidst a disrupted global energy system.
Shell's refining margins reached a record high of $42 per barrel, up from $24 per barrel between April and June. This significant increase is due to the war's impact on Middle Eastern and Ukrainian energy infrastructure, causing bottlenecks in the production and export of refined products. Russia, a major oil supplier, has banned exports of certain products, including gasoline and diesel, further exacerbating the global supply shortage.
Shell plans to increase its share buyback program to $5 billion to capitalize on the soaring profits.
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- Shell profit soars as Middle East war disrupts energy supplies freemalaysiatoday.com
