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Shell loses nearly $ 450 million in the third quarter despite rising oil prices

Royal Dutch Shell on Thursday announced a loss of US $ 447 million in the third quarter despite the increase in the price of oil and gas, due to an accounting charge of US $ 5.2 billion.

In the third quarter of 2020, the hydrocarbon giant had posted a net profit of US $ 489 million.

Removing the charge, Shell’s net income rose to $ 4.13 billion from $ 955 million in the third quarter of 2020.

Shell said adjusted earnings were helped by rising oil and gas prices.

Energy prices have skyrocketed in the last year, generating inflationary threats that put the global economic recovery at risk.

More about Company results

Shell Chairman Ben van Beurden said the group had “generated a record flow of money and maintained capital discipline in the third quarter.”

Like its competitors, Shell suffered heavy losses in 2020, when the coronavirus pandemic sapped demand and plunged energy prices.

A barrel of oil exceeds US $ 80.

Shell posted a net loss of $ 21.7 billion last year from factory closures and flight suspensions. This caused the group to cut thousands of jobs, as did its British rival BP.

Oil prices rebounded this year, with a barrel of North Sea Brent reaching around $ 85 in recent days.

Gas and electricity prices also recovered strongly, increasing the income of energy companies, while business costs rose and the purchasing power of individuals fell.

Source

Shell loses million quarter rising oil prices

 
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