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Shell shares slide after profit warning

The Telegraph

Shell shares slide after profit warning

 

Shell has issued a profit warning for the third quarter in a sign the energy giant’s record run of earnings could be coming to an end.

The FTSE 100 company reported a negative margin of $27 per metric tonne in its chemical unit, which is often seen as an indicator of the strength of the wider economy.

That could be a worrying sign of the outlook across Europe, where major industries are struggling to cope with soaring gas prices.

Shell also reported a decline in its refining margins as oil prices eased back from their recent highs.

Shell has cashed in on soaring prices sparked largely by Russia’s invasion of Ukraine, posting record profits of $11.5bn in the second quarter.

But the figures suggest this run could be ending, with analysts at RBC branding the update “disappointing”. Shares fell as much as 4pc.

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