Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Akinola Ajibade
Amidst volatility in the global energy market, Shell Shell has declared $9.5 billion in earnings from its operations in the third quarter of 2022.
This may go up in the subsequent quarters, as the Oil giant, is about to complete its share buy back programme, a development which would result in an additional $4 billion of distributions.
Shell Plc's Chief Executive Officer, Ben van Beurden said the company plans to increase the dividend per share (DPS) for the fourth quarter, adding that its would pay the dividend in March 2023, by an expected 15%, subject to Board approval.”
Beurden said: “We are delivering robust results at a time of ongoing volatility in global energy markets.
“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 stated.
He described it as robust result from a resilient portfolio.
“Robust performance in a turbulent economic environment with lower crude prices and higher gas prices compared with Q2 2022. Adjusted Earnings of $9.5 billion in Q3 2022, with Adjusted EBITDA of $21.5 billion.
“Strengthening and simplifying the portfolio through the energy transition with completion of the Spring Energy (India) acquisition, participation in the North Field South LNG expansion (Qatar) in October, the Rosmari-Marjoram field FID (Malaysia), the announced Aera Energy divestment (California, USA) and the acquisition of Shell Midstream Partners (USA).
“Disciplined cash capex: expected to be in the $23 – 27 billion range in 2022, evenly split between our Growth, Transition and Upstream pillars.
“$4 billion share buybacks announced, expected to be completed by Q4 2022 results announcement; total distributions in excess of 30% of CFFO for the last four quarters,” he stated.
Beurden said this would be subject to Board approval, intention to increase DPS by an expected 15% for the fourth quarter, which will be paid in March 2023. Announced 2022 shareholder distributions $26 billion.
Also commenting on this development, Wael Sawan who will be succeeding Ben van Beurden as Chief Executive Officer, effective January 1, 2023, said CFFO of $12.5 billion for Q3 2022 is driven by lower Adjusted EBITDA compared with Q2 2022 and working capital outflows.
“In working capital, the inventory price help in Q3 2022 resulting from lower crude prices is more than offset by the European gas inventory build-up and initial margin outflows in our Renewable and Energy Solutions business as well as regular accounts receivable and payable movements across the portfolio.”
“As a result, net debt increased by ~$2.0 billion (~4%), to $48.3 billion in Q3 2022, which includes the absorption of Spring Energy’s debt.
“Adjusted Earnings below Q2 2022 mainly reflecting lower trading and optimisation results in addition to lower volumes including the impact of maintenance and the Permitted Industrial Actions at Prelude.” he stated.
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