Shell’s Q3 Global Refining Margin Rose Versus Q2

HOUSTON TX (DTN) –- Shell reported Thursday (10/30) third quarter adjusted earnings of $5.4 billion for this year, up 27%  from $ 4.3 billion in the second quarter, driven by strong performance in deepwater assets in the Gulf of America and Brazil.

Shell’s global indicative refining margin rose to $11.6 bbl in the third quarter from $8.9 bbl in the second quarter as a result of slightly lower utilization in the reference period. 

Refinery utilization for the quarter profiled was 96% versus 94% in the prior quarter and with fourth quarter utilization seen at 87% to 95%.

Trading and optimization were higher in the quarter profiled than in the second quarter of this year. Chemicals and products reported adjusted earnings at $550 million and adjusted EBITDA of $1.7 billion for the third quarter.

Shell reported third quarter upstream production at 1.8 million boepd above 1.7 million boepd in the second quarter, with fourth quarter production projected at 1.77 million – 1.97 million boepd.