Shell Sees Weaker Refining Margins Depressing Q3 Earnings

Shell expects lower refining margins and a loss in its chemicals business to weigh on its third-quarter earnings, which could be offset or partly offset by higher LNG production volumes. Third-quarter refining margins slumped by almost 30%, with the indicative refining margin for Shell falling to $5.5 per barrel, down from $7.7 a barrel in the second quarter of the year, the supermajor said in its third quarter update note on Monday. In the Chemicals and Products division, Shell expects the adjusted earnings at its chemicals sub-segment to reflect…