Shell, Europe’s largest oil company, said Thursday that it continues to make significant profits from the oil market conditions that drivers are screaming for.
According to the company’s latest trading information, the profit margin from refining crude oil into products such as gasoline and diesel will increase from $ 10.23 a barrel from January to March to nearly triple in the second quarter to 28.04. I expect it to be in dollars. .. Shell said this is likely to add $ 800 million to $ 1.2 billion to the financial results reported later this month.
Shell reported a record $ 9.1 billion profit in the first quarter, supported by high oil and gas prices. Analysts expect the company to report even greater profits of $ 10.8 billion in the second quarter, according to FactSet.
Around the world, prices for petroleum products such as gasoline and diesel are being pushed up by a lack of refining capacity exacerbated by export restrictions from Russia. These situations are putting pressure on pump prices and consumers, even though crude oil has fallen from highs. Shell’s forecast for refining profits in the second quarter will be more than six times higher than in the year-ago quarter.
Shell also said that due to the high forecasts of oil prices, he would mark up the value of some oil fields in a book he wrote down earlier. According to the company, this increase could increase the value of these holdings by as much as $ 4.5 billion. The company expects the international benchmark Brent crude to sell for $ 80 a barrel in 2023.
With the surge in profits of oil and gas companies in the face of high inflation, in May the British government imposed a storm profit tax on the energy sector to help finance payments to households to ease tensions in rising prices. Announced.
