Shell News Updates

The company paired its product announcement with technical sessions on formulation, laboratory testing and field inspections at facility in Houston.

Shell received U.S. approval to become the first oil producer to use drones on offshore platforms in the Gulf of Mexico to speed post-hurricane inspections.

The energy giant flagged a $42-a-barrel refining margin for the third quarter, up from $24 in the second quarter and far exceeding the previous high in 2022.

Adjusted net income rose to $9.8 billion, more than doubling from a year earlier, London-based Shell said in a statement.

Shell’s trading update offers a first glimpse into how Big Oil fared in a quarter when crude prices hit their highest since the invasion of Ukraine in 2022.

The vote, more than 95% in favor at Shell’s annual meeting in London, raises the maximum long-term share award for CEO Wael Sawan from 600% to 900% of salary. 

Shell, which recently announced the acquisition of Canadian oil and gas producer ARC Resources, cut its quarterly share buyback and raised its dividend.

The oil and LNG shortages caused by the blockade of the Strait of Hormuz are likely to drag on for months and possibly into next year, Shell CEO Wael Sawan said.

Analysts say Shell's purchase of Canada’s Arc Resources marks a vote of confidence in Prime Minister Mark Carney’s push to expand the nation’s hydrocarbon exports.

Europe is heavily reliant on imports of jet fuel, having lost its main source of external supply due to the closure of the Strait of Hormuz.