Finance

Shell benefits from high gas price thanks to extra trade

Due to the great panic in the energy market and the high prices, there is a lot of trade. And Shell benefits from that, as a trading company. Shell sells more gas than it pumps itself, explains a spokesperson.

Lucrative trade

The profit that the company makes from this purchase and sale of gas will be higher than in the second quarter of this year, the company reports in an interim trade message. How much Shell will benefit from this will become clear on 28 October. Then the quarterly figures are published.

The higher gas price also has ‘hardly any impact’ on the profit that the company derives from the gas it pumps up itself. That is because Shell works a lot with long-term contracts, which do not include the higher gas price, according to the spokesperson.

Hurricane Ida damage

In any case, the damage from Hurricane Ida is included in the quarterly figures. It raced across the Gulf of Mexico at the end of August. The damage was particularly extensive in the American state of Louisiana.

Shell was forced to temporarily suspend production on site. This was due, for example, to damage to pipelines and landing sites for helicopters to transport workers to the oil rigs. Staff also had to be evacuated.

Fewer barrels

As a result, about 90,000 oil barrels were pumped less than Shell had initially assumed. Instead of between 2.1 and 2.2 million barrels of oil, the company expects to have pumped between 2 and 2.1 million barrels in the months of July, August and September.

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