Shell Plc saw refining margins decline in the third quarter and expects to lose money in its chemicals business, a performance that reflects the broader weakening of the economy.
Randy Ollenberger, managing director and oil and gas equity research at BMO Capital Markets , joins BNN Bloomberg to share his outlook on energy stocks.
Integrated gas production during the period was likely 920,000-960,000 barrels of oil-equivalent a day, in line with second-quarter output, the company said in a trading update Monday.“The positives outweigh the negatives, with both the upstream and integrated gas likely to see upgrades,” said Biraj Borkhataria, head of European energy research at RBC Europe Ltd.
Separately, the margin earned for refining crude dropped 29% in the period to $5.50 a barrel, Shell said. That metric actually ticked higher for chemicals, but the company nevertheless said it expects a “marginal loss” in the business.
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