City Of London
Shell Sees $1 Billion Gain in Refining on Record Fuel Prices
- Rising long-term price outlook adds billions to asset values
- Trading performance dips after ‘exceptional’ first quarter
The Shell refinery at the Port of Rotterdam.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
Shell Plc said soaring margins from fuel production may have added more than $1 billion to the earnings of its refining business last quarter, when gasoline prices broke records in several countries.
The trading update from the London-based energy giant is the first indicator of just how much cash was flowing into the coffers of major oil companies due to the inflationary surge in the price of gasoline, which climbed above $5 a gallon in the US for the first time.