Shell: share rises on reassuring trading update
(CercleFinance.com) - Shell opened higher on Thursday morning after a business update that allowed it to deliver the first financial elements concerning its third quarter.
In a statement, the oil giant said that Hurricane Ida, which hit the Gulf of Mexico at the end of the summer, should impact its adjusted profit and net operating cash flow (CFFO) by up to 400 million dollars over the past quarter.
Meanwhile, in its gas business, Shell estimates that it generated between 890,000 and 950,000 barrels of oil equivalent per day over the quarter.
Shell said its gas trading business should outperform in the second quarter.
Overall, investors seemed to welcome the announcements with relief in the face of mounting tensions in the energy market.
Shell is due to publish its Q3 results on 28 October. Pending the final figures, its shares are currently up about 0.5%.
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