Shell's Surprising Q3 Triumph: LNG Power Surges Amid Refining Downturn

Shell reported third-quarter profits of $6 billion, exceeding forecasts by 12% due to high LNG sales, despite a decline in oil refining. This achievement reassures investors of CEO Wael Sawan's strategy to enhance company performance, focusing on profitable sectors like oil, gas, and biofuels.

In a surprising third-quarter report, Shell announced profits of $6 billion, surpassing forecasts by 12%. This achievement is largely attributed to robust sales in liquefied natural gas (LNG), which offset a notable decline in oil refining and trading results.

The announcement could bolster investor confidence in CEO Wael Sawan as he aims to elevate Shell's performance by the end of 2025, prioritizing sectors such as oil, gas, and biofuels, which promise higher profitability.

Despite challenges, Shell has maintained resilience, reporting strong cash flow and a significant decline in net debt. The company continues to focus on streamlining operations and cutting costs, aligning with its strategic growth objectives.

(With inputs from agencies.)