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Shell’s profits were boosted by a rebound in gas trading in the third quarter, as the UK oil major was helped by the start-up of its $40bn liquefied natural gas project in Canada.
The FTSE 100 group reported $5.4bn of adjusted earnings, ahead of a consensus prediction of $5.1bn that analysts had already marked up after a strong trading statement earlier this month.
Shell’s gas business posted a 23 per cent improvement in adjusted earnings to $2.1bn. Its oil business was roughly flat on the previous quarter.
LNG Canada, which started production in July, is expected to ship 14mn tonnes of liquefied natural gas from Canada’s west coast to Asia each year, equivalent to roughly the annual consumption of Singapore and Vietnam combined in 2024.
Shell maintained its $3.5bn quarterly share buyback.
This is a developing story