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October 29, 2021

Shell registers $447 loss as charge offsets surge in oil prices

Adjusted earnings and cash flow from operations in Q3 surged to $4.13bn and $17.5bn, respectively.

By Archana Rani

Royal Dutch Shell has reported a net loss of $447m in the third quarter of 2021 as it has written off $5.2bn in non-cash charges related to commodity derivatives.

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The company posted gains of $489m in the third quarter of 2020.

The Dutch firm’s adjusted earnings in the three months ending September stood at $4.13bn, up from $955m in the same quarter a year ago.

Cash flow from operations, excluding working capital, surged to $17.5bn in Q3 from $14.17bn a year earlier.

This was driven by commodity derivatives and ‘outstanding’ cash generation across the firm’s businesses, the oil firm noted.

Shell reported a net debt of $57.5bn in the third quarter of 2021, compared to $73.5bn last year.

Royal Dutch Shell CEO Ben van Beurden said: “This quarter we’ve generated record cash flow, maintained capital discipline and announced our intention to distribute $7bn to our shareholders from the sale of our Permian assets.”

Furthermore, the company has unveiled plans to cut 50% of absolute emissions by 2030, compared to 2016 levels on a net basis.

The new target, which will cover scope 1 and scope 2 emissions under the firm’s operational control, forms a wider plan for the company to become a net-zero emissions energy business by 2050.

Beurden added: “Today, we also set a new 2030 target to halve the absolute emissions from our operations, compared to 2016 levels on a net basis. Altogether, this is clear evidence of how we are accelerating our Powering Progress strategy, purposefully and profitably.”

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
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