Oil-and-gas giant
Shell
warned investors that profits fell in the second quarter, following rival Exxon’s statement earlier this week.
Although it’s not due to report results until July 27, London-based
Shell
said it expects profits from trading gas to be significantly lower than in the first quarter. Shell is the world’s biggest trader of liquefied natural gas.
Oil companies had a record year in 2022 as energy prices spiked when Russia invaded Ukraine, raising concerns that supplies from one of the world’s biggest producing countries would be cut off. Russia continued to export oil and gas though, even amid tough sanctions by Europe and the U.S., and energy prices have since fallen.
Shell’s American depositary seceipts fell 0.3% in premarket trading. Its London shares fell 0.2%.
Crude prices were little changed early on Friday. West Texas Intermediate, the U.S. standard, traded at $71.78 a barrel. Brent crude, the international benchmark, was at $76.48.
Write to Brian Swint at [email protected]
Read the full article here
