Shell in the 3rd quarter of 2020 have returned to profitability, but the financial discipline is not yet weakened

London, 30 Oct – IA Neftegaz.RU. The net profit of Shell in 3^m quarter of 2020 decreased by 12 times compared to 3^m quarter of 2019 and amounted to USD 489 million. USA.
Shell financial results released on 29 October 2020.

The indicator has improved compared to 2^m quarter of 2020, when Shell received a loss of $ 18 billion. USA.

Revenue fell 2 times, up to USD 44.7 billion. USA.

Hydrocarbon production Shell 3^m quarter of 2020 decreased by 14% year-on-year and amounted to 3,081 million boe/day.

Liquids production decreased by 9% to 1.69 million barrels./day, gas by 18%, to 8 billion CFT³/day (226 million m³/day).

The production of liquefied natural gas (LNG) decreased by 13%, to 7.8 million tons, while sales rose 9% to 17.13 million tonnes.

4^m quarter of 2020, Shell expects to restore production to 7.9-8.5 million t of LNG.

Capex Shell 3^m quarter of 2020 increased by 2.7% over the previous quarter, to 3.7 billion. USA.

However, in the annual comparison index fell by almost 2 times.

The Board of Directors of Shell took the decision to increase the dividend per share to 16.65 cents for 3^th quarter 2020

Additionally, the Council approved scheme of allocation, which suggests that while reducing the company’s net debt to 65 billion dollars. U.S. shareholders will be allocated 20-30% of operating cash flow.

At the end of 3^th quarter of 2020, the company’s net debt was 73.5 billion dollars. USA.

Shell will continue to adhere to strict discipline in capital management, capex will be 19-22 billion. United States, with the focus on reducing net debt.

The company also maintains a plan for the sale of assets for $ 4 billion. US/year.