Tag Archives: Shell

Comcast President Mike Cavanagh Speaks Out On Jeff Shell Shocker For First Time; Says He’ll Be Overseeing NBCUniversal “For A While” – Deadline

  1. Comcast President Mike Cavanagh Speaks Out On Jeff Shell Shocker For First Time; Says He’ll Be Overseeing NBCUniversal “For A While” Deadline
  2. The Whispers Behind NBCUniversal’s Jeff Shell Firing Hollywood Reporter
  3. Shell Shocked: How a Sex Scandal, Big Egos and Putin Led to Jeff Shell’s Sudden, No Payout Exit From NBCU Variety
  4. The Shake-Up at NBCUniversal and Johnson & Johnson’s Spinoff Plans The Motley Fool
  5. Comcast CEO Brian Roberts Calls Jeff Shell Ouster “a Tough Moment” Hollywood Reporter
  6. View Full Coverage on Google News

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‘Daisy Jones & The Six‘ Producer Reese Witherspoon Hopes Stevie Nicks Watches the Show: ’I Think She’ll Love It’ – Variety

  1. ‘Daisy Jones & The Six‘ Producer Reese Witherspoon Hopes Stevie Nicks Watches the Show: ’I Think She’ll Love It’ Variety
  2. ‘Daisy Jones’: Riley Keough on Elvis’ Legacy & If She’ll Make More Music (Exclusive) extratv
  3. Sam Claflin Admits To Fanboying Over Riley Keough After Hearing Elvis Song: ‘Holy Crap, That’s Your Granddad’ ETCanada.com
  4. Riley Keough’s upcoming show gives subtle tribute to grandma Elvis Presley Geo News
  5. Riley Keough Stuns in Plunging Gown at First Red Carpet Appearance Following Mom Lisa Marie Presley’s Death Yahoo Life
  6. View Full Coverage on Google News

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Trump news – live: Trump suspected of classified documents ‘shell game’ with Mar-a-Lago probe – The Independent

  1. Trump news – live: Trump suspected of classified documents ‘shell game’ with Mar-a-Lago probe The Independent
  2. Exclusive: How a box with classified documents ended up in Trump’s office months after FBI searched Mar-a-Lago CNN
  3. Trump Aide Reportedly Took Classified Documents To Mar-A-Lago After FBI Raid: Here’s What You May Have Missed In The Probes Into Trump, Biden And Pence Forbes
  4. Trump accused of ‘shell game with classified documents’ after box moved around The Independent
  5. Classified docs found at Mar-a-Lago months after searches CNN
  6. View Full Coverage on Google News

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Shell posts profit of nearly $40 billion and announces $4 billion in buybacks


Hong Kong/London
CNN
 — 

Shell made a record profit of almost $40 billion in 2022, more than double what it raked in the previous year after oil and gas prices soared following Russia’s invasion of Ukraine.

Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday — more than double the $19.3 billion it posted in 2021 — driven by a strong performance in its gas trading business. The company’s stock was up 1.7% in London.

The company reported $9.8 billion in profit in the fourth quarter. Just over 40% of Shell’s full-year earnings came from its integrated gas business, which includes liquified natural gas trading operations.

Shell CEO Wael Sawan said the results “demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.”

The earnings are the latest in a series of record-setting results by the world’s biggest energy companies, which have enjoyed bumper profits off the back of soaring oil and gas prices.

ExxonMobil this week posted record full-year earnings of $59.1 billion. Last month, Chevron

(CVX) reported a record full-year profit of $36.5 billion.

That has led to renewed calls for higher taxation. Governments in the European Union and the United Kingdom have already imposed windfall taxes on oil company profits, with the proceeds used to help households struggling with rising energy bills.

Shell said it expected to pay an additional $2.3 billion in tax related to the EU windfall tax and the UK energy profits levy. The company paid $13 billion in tax globally in 2022.

Shell

(RDSA) also announced another $4 billion share buyback program and confirmed it would lift its dividend per share by 15% for the fourth quarter.

This is a developing story and will be updated.

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Kherson: Russians shell Ukraine city just two weeks after pulling out


Kherson, Ukraine
CNN
 — 

A pool of blood-stained water and the charred wreckage of a car mark the spot in Kherson where Russian shells tore into this city Thursday, killing four, according to local officials, and shattering any sense of calm.

Russian President Vladimir Putin claims he’s annexed this region, and that the people here are now Russians. But his troops have left, and now they’re killing the civilians they once vowed to protect.

Amid acute power and water shortages, the people of Kherson are suffering and, with winter fast approaching, it’s only set to get worse.

Soon after the invasion of Ukraine began, Kherson was taken over by Russian forces, only emerging from months of occupation on November 11 when the Kremlin’s troops withdrew. Now residents are suffering the kind of violence familiar to so many across this country.

In a small grocery store also destroyed by the recent shelling, a desperate local man searches in the rubble for scraps of food and rolls of toilet paper, scavenging for what little he can to survive.

“Is everything so bad?” we ask. “It’s not good,” he responds, bleakly.

The water supply to this city has been cut off by the Russian attack, so we watch an elderly woman on the street placing a bucket under a drain pipe to collect a feeble drip.

Others, like Tatiana, who preferred not to give her last name, take the hazardous walk to the bank of the Dnipro River on which this city lies.

Russian forces still control the opposite bank and the strategic river now marks the frontline with Russian forces just a few hundred meters away.

Tatiana fills two black plastic pails, then struggles back up the hill towards her home. “How we can live without water? We need (it) to wash, for the toilet, to wash dishes,” she says. “What can we do? We can’t live without water. So we come here.”

The boom of artillery exchanges between Russian and Ukrainian forces echoes in the background. This is not a place to dawdle.

Just two weeks ago the city’s central square was the scene of jubilation after Russia’s retreat, one of the biggest setbacks for Moscow in this war.

Now, tents set up by the local administration stand as monuments to the various hardships here. One is for getting warm, one is for charging phones, and one is to help those who have had enough, and want to leave altogether.

In the charging tent, people of all ages crowd around tables, sip tea, and plug into the power strips endlessly daisy-chained together. The air is thick with body heat and breath.

Hanna and her daughter Nastya sit on a cot. It was the girl’s ninth birthday the previous day, and she’s decked herself out with Ukrainian faceprint and a flag draped over her shoulders.

“It was very hard – we lived through the whole occupation,” says Hanna. “I can say we live much better now. No water, no power, but also no Russians. It’s nothing. We can get through it.”

After months of occupation, Nastya shares the defiance of the adults around her. “I think that our enemies will all die soon,” she says. “We will show them what you get if you occupy Ukraine.”

That defiance is also felt by those outside the city, who avoided occupation but lived at the frontline of the battle.

Valeriy, 51, and his wife Natalia, 50, hid in their potato cellar this spring when Russia shells landed on their dairy farm, ripping through their kitchen and destroying a tractor and car.

Their roots here are deep. “Our umbilical cords are buried here,” Natalia says, using a Ukrainian expression. But when the fighting grew too fierce, they abandoned their home and beloved cows to the war, returning recently after months in exile.

“What’s our life like? Super!” Natalia says with a laugh as she washes dishes with water warmed over a stove. “It’s very hard. But at least we’re at home.”

Valeriy holds up a large piece of metal shrapnel – all that’s left of the missile that landed in his yard.

“We lived peacefully and quietly,” he says. “We were working, earning money. Some growing crops, others had farm animals.”

To see what’s become of his village is “like a stone weighing on my soul,” he says.

“Everything we earned and built we did with our own hands. Now it’s very hard to come back and see what the Russian scum did to us. I don’t have another word for them.”

But he did return to one good surprise. His beloved cows – left wandering the fields for months – had survived.

“I gave them a hug!” he says, hugging them anew, with a broad smile. “I felt joy! They survived. I was so worried about them.”

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Slow-Moving Shell of Water Can Make Parkinson’s Proteins ‘Stickier’

Summary: Water plays a key role in how proteins associated with Parkinson’s disease fold, clump or misfold.

Source: University of Cambridge

Water – which makes up the majority of every cell in the body – plays a key role in how proteins, including those associated with Parkinson’s disease, fold, misfold, or clump together, according to a new study.

When attempting to discover potential treatments for protein misfolding diseases, researchers have primarily focused on the structure of the proteins themselves.

However, researchers led by the University of Cambridge have shown that a thin shell of water is key to whether a protein begins to clump together, or aggregate, forming the toxic clusters which eventually kill brain cells.

Using a technique known as Terahertz spectroscopy, the researchers have shown that the movement of the water-based shell surrounding a protein can determine whether that protein aggregates or not.

When the shell moves slowly, proteins are more likely to aggregate, and when the shell moves quickly, proteins are less likely to aggregate. The rate of movement of the shell is altered in the presence of certain ions, such as salt molecules, which are commonly used in the buffer solutions used to test new drug candidates.

The significance of the water shell, known as the hydration or solvation shell, in the folding and function of proteins has been strongly disputed in the past. This is the first time the solvation shell has been shown to play a key role in protein misfolding and aggregation, which could have profound implications in the search for treatments.

The results are reported in the journal Angewandte Chemie International.

When developing potential treatments for protein misfolding diseases such as Parkinson’s and Alzheimer’s disease, researchers have been studying compounds which can prevent the aggregation of key proteins: alpha-synuclein for Parkinson’s disease or amyloid-beta for Alzheimer’s disease. To date however, there are no effective treatments for either condition, which affect millions worldwide.

“It’s the amino acids that determine the final structure of a protein, but when it comes to aggregation, the role of the solvation shell, which sits on the outside of a protein, has been overlooked until now,” said Professor Gabriele Kaminski Schierle from Cambridge’s Department of Chemical Engineering and Biotechnology, who led the research.

“We wanted to know whether this water shell plays a role in protein behaviour – it’s been a question in the field for a while, but no one has been able to prove it.”

The solvation shell slides around on the surface of the protein, acting like a lubricant. “We wondered whether, if the movement of water molecules was slower in the solvation shell of a protein, it could slow the movement of the protein itself,” said Dr Amberley Stephens, the paper’s first author.

To test the role of the solvation shell in the aggregation of proteins, the researchers used alpha-synuclein, the key protein implicated in Parkinson’s disease. Using Teraheartz spectroscopy, a powerful technique to study the behaviour of water molecules, they were able to observe the movement of the water molecules that surround the alpha-synuclein protein.

They then added two different salts in solution to the proteins: sodium chloride (NaCl), or regular table salt, and cesium iodide (CsI). The ions in the sodium chloride – Na+ and Cl- – bind strongly to the hydrogen and oxygen ions in water, while the ions in the cesium iodide make much weaker bonds.

The researchers found that when the sodium chloride was added, the strong hydrogen bonds caused the movement of the water molecules in the solvation shell to slow down. This resulted in slower movement of the alpha-synuclein, and the aggregation rate increased. Conversely, when the cesium iodide was added, the water molecules sped up, and the aggregation rate decreased.

Using a technique known as Terahertz spectroscopy, the researchers have shown that the movement of the water-based shell surrounding a protein can determine whether that protein aggregates or not. Image is in the public domain

“In essence, when the water shell slows down, the proteins have more time to interact with each other, so they’re more likely to aggregate,” said Kaminski Schierle.

“And on the flip side, when the solvation shell moves more quickly, the proteins become harder to catch, so they’re less likely to aggregate.”

“When researchers are screening for an aggregation inhibitor for Parkinson’s disease, they will usually use a buffer composition, but there’s been very little thought on how that buffer is interacting with the protein itself,” said Stephens.

“Our results show that you need to understand the composition of the solvent inside the cell in order to mimic the conditions you have in the brain and ultimately end up with an inhibitor that works.”

“It’s so important to look at the whole picture, and that hasn’t been happening,” said Kaminski Schierle.

“To effectively test whether a drug candidate will work in a patient, you need to mimic cellular conditions, which means you need to take everything into consideration, like salts and pH levels.

See also

“The failure to look at the whole cellular environment has been limiting the field, which may be why we haven’t yet got an effective treatment for Parkinson’s disease.”

Funding: The research was supported in part by Wellcome, Alzheimer’s Research UK, the Michael J Fox Foundation, and the Medical Research Council (MRC), part of UK Research and Innovation (UKRI). Gabriele Kaminski Schierle is a Fellow of Robinson College, Cambridge.

About this Parkinson’s disease research news

Author: Sarah Collins
Source: University of Cambridge
Contact: Sarah Collins – University of Cambridge
Image: The image is in the public domain

Original Research: Open access.
“Decreased Water Mobility Contributes To Increased α-Synuclein Aggregation” by Gabriele Kaminski Schierle et al. Angewandte Chemie


Abstract

Decreased Water Mobility Contributes To Increased α-Synuclein Aggregation

The solvation shell is essential for the folding and function of proteins, but how it contributes to protein misfolding and aggregation has still to be elucidated.

We show that the mobility of solvation shell H2O molecules influences the aggregation rate of the amyloid protein α-synuclein (αSyn), a protein associated with Parkinson’s disease. When the mobility of H2O within the solvation shell is reduced by the presence of NaCl, αSyn aggregation rate increases.

Conversely, in the presence CsI the mobility of the solvation shell is increased and αSyn aggregation is reduced. Changing the solvent from H2O to D2O leads to increased aggregation rates, indicating a solvent driven effect.

We show the increased aggregation rate is not directly due to a change in the structural conformations of αSyn, it is also influenced by a reduction in both the H2O mobility and αSyn mobility.

We propose that reduced mobility of αSyn contributes to increased aggregation by promoting intermolecular interactions.

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Scientists Think They’ve Cracked The Mystery of This Cute Octopus And Its ‘Shell’ : ScienceAlert

Long after its ancestors deleted their genetic code for a tough coat of armor, a seafaring octopus has reinvented a recipe for making a shell.

A recent genetic analysis of the paper nautilus or greater argonaut (Argonauta argo) has revealed a surprising origin for its protective casing, one that doesn’t resemble the shell of its closest relatives.

Instead of wearing their shells on the outside like sensible snails, most cephalopods (which are also mollusks), have done away with their tough outer garment. Many, like octopus and squid, have either lost their shells entirely or have only vestigial remnants left.

Others, like cuttlefish and the ram’s horn squid (Spirula spirula), wear their shells on the inside. The ram’s horn squid has an internal chambered spiral shell that acts like a skeleton of sorts. Buoyant and surprisingly durable, it’s often found washed up on beaches.

A rare exception among cephalopods is the nautilus (Nautilus belauensis), which still has an external shell – complete with air chambers that it uses to regulate its buoyancy as it floats through the open oceans. Its shell, and those of the now-extinct cephalopod ancestors, comprise of proteins incorporating minerals such as aragonite and calcite in intricate microscopic structures.

Having originated sometime in the Ordovician period, at least 440 million years ago, ancestors of all modern cephalopods are thought to have had these protective structures.

In spite of being commonly referred to as paper nautili, argonauts are actually a genus of octopus. In this unusual group, only the females produce a protective spiral casing, by secreting calcifying proteins from their arms. Argonauts wear these shells externally like a nautilus does, and their shapes are almost identical, yet this shell has a completely different microscopic structure.

What’s more, instead of being attached to their mantle, argonauts grip onto their shell homes with several of their arms.

Shells of the six still-living argonaut species. (Mgiganteus1/Wikimedia commons/CC BY-SA 3.0)

As most octopuses lost their external casings long ago, researchers have wondered how and why a single group reclaimed a shell.

Working with a team of researchers from across Japan, marine biologist Masa-aki Yoshida from Shimane University sequenced the DNA of Argonauta argo. They compared the argonauts’ genome to other mollusks, including the California two-spot octopus (Octopus bimaculoides) and the nautilus.

“Consistent with previous results, most of the proteins are apparently not shared with the shell matrix proteins of [cephalopods and relatives], including those of Nautilus,” the team writes in their paper.

Some of the genes and the proteins they express have, however, been found in other shelled mollusks like the limpet (Lottia gigantea) and Japanese pearl oyster (Pinctada fucata). Other sequences were found in shell-less octopuses – suggesting the argonaut cobbled together their protective casing using proteins unrelated to ancestral shell formation.

Unlike other octopuses, argonauts aren’t benthic – they don’t live near the sea floor or other structures. Instead, they’ve taken on the life of drifters, floating amidst the tropical and subtropical open seas their entire life. This is the same pelagic lifestyle shared by the nautilus.

To achieve this, argonauts needed techniques to allow easy floating too, Yoshida and team explain. While their shell lacks the nautilus’ more complicated internal structure of air chambers, it can still trap some air.

This shell is also known to be the argonaut’s egg case, which would explain why only females develop them. The females brood their eggs within the shell’s protection, eliminating the need to hide their eggs away on a substrate like the sea floor as most other octopus do.

Argonauts appear to have completely reinvented the shell from scratch to aid its transition from substrate dweller to water drifter, mimicking the nautilus in a remarkable example of convergent evolution.

This research was published in Genome Biology and Evolution.

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Shell reports drop in profit to $9.45 billion, hikes dividend

  • Shell to boost dividend by 15%
  • Announces plans to buy further $4 billion in shares
  • Profit hit by weak LNG trading and refining

LONDON, Oct 27 (Reuters) – Shell (SHEL.L) on Thursday posted a third-quarter profit of $9.45 billion, slightly below the second quarter’s record high, due to weaker refining and gas trading, and said it will sharply boost its dividend by the end of 2022 when its CEO departs.

The British oil and gas giant also extended its share repurchasing programme, announcing plans to buy $4 billion of stock over the next three months after completing $6 billion in purchases in the second quarter.

Shell said it intends to increase its dividend by 15% in the fourth quarter, when Chief Executive Officer Ben van Beurden will step down after nine years at the helm. The dividend will be paid in March 2023.

It will be the fifth time that Shell will have raised its dividend since slashing it by more than 60% in the wake of the 2020 COVID-19 pandemic.

Shell shares were up nearly 6% by 1430 GMT, compared with a 3.5% gain for the broader European energy sector (.SXEP).

Van Beurden will be succeeded by Wael Sawan, the current head of Shell’s natural gas and low-carbon division.

With a profit of $30.5 billion so far this year, Shell is well on track to exceed its record annual profit of $31 billion in 2008.

The strong earnings were likely to intensify calls in Britain and the European Union to impose further windfall taxes on energy companies as governments struggle with soaring gas and power bills.

Van Beurden said the energy industry “should be prepared and accept” that it will face higher taxes to help struggling parts of society.

Shell’s shares have gained more than 40% so far this year, lifted by soaring oil and gas prices in the wake of Russia’s invasion of Ukraine in February and amid tightening global oil and gas supplies.

French rival TotalEnergies posted a record profit in the third quarter.

Reuters Graphics Reuters Graphics

LNG WOES

Shell’s quarterly adjusted earnings of $9.45 billion, which slightly exceeded forecasts, were hit by a sharp 38% quarterly drop in the gas and renewables division, the company’s largest.

Earnings for the second quarter were a record $11.5 billion.

The world’s largest trader of liquefied natural gas (LNG) produced 7.2 million tonnes of LNG in the period, 5% less than in the previous quarter, mainly due to ongoing strikes at its Australian Prelude facility.

Its gas trading business was hit this quarter by “supply constraints, coupled with substantial differences between paper and physical realisations in a volatile and dislocated market.”

Earnings from the refining, chemicals and oil trading division also dropped sharply by 62% in the quarter due to weaker refining margins.

Shell said it would stick to its plans to spend $23 billion to $27 billion this year.

Shell’s cash flow in the third quarter dropped sharply to $12.5 billion from $18.6 billion in the second quarter due to a large working capital outflow of $4.2 billion as a result of changes in the value of European gas inventories.

Shell’s net debt rose by around $2 billion to $46.4 billion due to lower cash flow from operations and to pay for a recent acquisition. Its debt-to-capital ratio, known as gearing, also rose above 20%.

Reuters Graphics

Reporting by Ron Bousso and Shadia Nasralla; editing by Jason Neely, Simon Cameron-Moore and Paul Simao

Our Standards: The Thomson Reuters Trust Principles.

Shadia Nasralla

Thomson Reuters

Writes about the intersection of corporate oil and climate policy. Has reported on politics, economics, migration, nuclear diplomacy and business from Cairo, Vienna and elsewhere.

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Oil giant Shell reveals plans to hike dividend as it reports third-quarter profit

The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022.

Bloomberg | Bloomberg | Getty Images

British oil major Shell reported a third-quarter profit Thursday, but lower refining and trading revenues brought an end to its run of record quarterly earnings.

Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv. The company posted adjusted earnings of $4.1 billion over the same period a year earlier and notched a whopping $11.5 billion for the second quarter of 2022.

The oil giant said it planned to increase its dividend per share by around 15% for the fourth quarter 2022, to be paid out in March 2023. It also announced a new share buyback program, which is set to result in an additional $4 billion of distributions and expected to be completed by its next earnings release.

Shares of Shell are up over 41% year-to-date.

The London-headquartered oil major reported consecutive quarters of record profits through the first six months of the year, benefitting from surging commodity prices following Russia’s invasion of Ukraine.

Shell warned in an update earlier this month, however, that lower refining and chemicals margins and weaker gas trading were likely to negatively impact third-quarter earnings.

On Thursday, the company said a recovery in global product supply had contributed to lower refining margins in the third quarter, and gas trading earnings had also fallen.

“The trading and optimisation contributions were mainly impacted by a combination of seasonality and supply constraints, coupled with substantial differences between paper and physical realisations in a volatile and dislocated market,” Shell said in a its earnings release.

Change in leadership

The group’s results come soon after it was announced CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm.

Wael Sawan, currently Shell’s director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1.

A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell.

“I’m looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition,” Sawan said in a statement on Sept. 15, adding that it was an honor to follow van Beurden’s leadership.

“We will be disciplined and value focused, as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.”

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Oil giant Shell reveals plans to hike dividend as quarterly double

The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022.

Bloomberg | Bloomberg | Getty Images

British oil major Shell on Thursday reported that quarterly profits more than doubled from the same period last year, but lower refining and trading revenues brought an end to its run of record earnings.

Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv. The company posted adjusted earnings of $4.1 billion over the same period a year earlier and notched a whopping $11.5 billion for the second quarter of 2022.

The oil giant said it planned to increase its dividend per share by around 15% for the fourth quarter 2022, to be paid out in March 2023. It also announced a new share buyback program, which is set to result in an additional $4 billion of distributions and is expected to be completed by its next earnings release.

Shares of Shell rose 3% during morning deals in London. The firm’s stock price is up over 42% year-to-date.

The London-headquartered oil major reported consecutive quarters of record profits through the first six months of the year, benefitting from surging commodity prices following Russia’s invasion of Ukraine.

It has coincided with calls for higher taxes on the bumper profits of Britain’s biggest oil and gas companies, particularly at a time when the country faces a deepening cost-of-living crisis.

Shell warned in an update earlier this month that lower refining and chemicals margins and weaker gas trading were likely to negatively impact third-quarter earnings.

On Thursday, the company said a recovery in global product supply had contributed to lower refining margins in the third quarter, and gas trading earnings had also fallen.

“The trading and optimisation contributions were mainly impacted by a combination of seasonality and supply constraints, coupled with substantial differences between paper and physical realisations in a volatile and dislocated market,” Shell said in its earnings release.

What about renewable investments?

Shell CEO Ben van Beurden said in a statement that the firm’s “robust” results come at a time of ongoing energy market volatility.

“We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working closely with governments and customers to address their short and long-term energy needs,” he added.

In the first nine months of the year, Shell’s investments in its “Renewables & Energy Solutions” sector came to around $2.4 million, roughly 14% of its total cash capital expenditures of $17.5 million.

Notably, Follow This founder Mark van Baal said Shell’s renewables and energy solutions investments include natural gas, a fossil fuel.

“You can’t claim to be in transition if less than 14% of your investments is going to new, renewable energy businesses and at least 86% of your investments remain tied to old, fossil fuel businesses,” van Baal said.

“Without presenting a clear breakdown, it remains unclear how much Shell actually invests in renewable energy.”

Van Baal added, “We still don’t see Shell using this once in a lifetime opportunity to invest in diversification to ensure the long-term future of the company.”

Change in leadership

The group’s results come soon after it was announced CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm.

Wael Sawan, currently Shell’s director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1.

A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell.

“I’m looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition,” Sawan said in a statement on Sept. 15, adding that it was an honor to follow van Beurden’s leadership.

“We will be disciplined and value focused, as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.”

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