What happened
Shell is expected to report another strong quarter due to surging energy prices. The company's refining margins have reached a record high of $42 a barrel, driven by a squeeze on global fuel supplies. This is almost double the $24 a barrel in the second quarter.
Shell has also increased its outlook for gas production in the third quarter, forecasting integrated gas production to reach between 740,000 and 780,000 barrels of oil equivalent per day. This is higher than the previously forecasted range of 570,000 to 630,000 barrels of oil equivalent per day.
The company's third-quarter oil and gas trading is expected to be in line with the previous three months, which helped deliver Shell's second-highest quarterly profit on record. However, chemicals margins have weakened, and marketing earnings are expected to be lower.
Shares in Shell rose 0.38% to 3,665.00p, having risen more than 30% in the past year. The company's profits for the second quarter had more than doubled due to the war in the Middle East pushing up oil prices.
