As the energy crisis worsens, Shell’s profits are expected to rise’significantly.’

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Shell’s gas profits are expected to rise’significantly’ as the energy crisis worsens.

THE ENERGY BENCHMARK predicts significant gains from its gas operations, but warns that its oil division will lose money.

Shell said in a trading update that it has overcome ongoing supply issues and is well positioned to profit from opportunities created by its liquefied natural gas (LNG) trading portfolio.

Due to increased demand as economies reopened and lower supplies from Russia, gas prices have risen significantly across Europe in recent months.

Following lower-than-expected output from renewables, gas has also been diverted to generate electricity.

As a result, Shell expects “significantly higher” earnings on gas in April, when Ofgem’s energy price cap is reviewed, with estimates that it could rise as high as £2000 from its current level of £1277.

Nearly half of all UK energy companies have gone bankrupt as a result of the energy crisis, forcing millions of customers to switch providers.

Shell’s retail arm, Shell Energy, has taken on over 500,000 customers from failed energy companies.

Shell’s announcement comes just days after Liberal Democrat leader Sir Ed Davey proposed a “Robin Hood” tax on energy companies.

“It can’t be right that a few energy oligarchs are making record profits while millions of people can’t afford to heat their homes,” Sir Ed said.

While gas revenues are expected to rise, Shell’s oil business has been hurting.

Oil is expected to lose money due to ongoing maintenance work at its Scotford refinery in Canada, as well as the impact of Hurricane Ida recovery efforts.

Falling margins in Shell’s chemicals operations were also blamed on these two factors.

Shell is continuing with a £4.06 billion ((dollar)5.5 billion) share buyback despite the mixed results.

Shareholders typically benefit from buybacks because the value of the stock they own rises.

Shell’s Permian oil and gas operations are being sold, and the proceeds will be distributed.

The buyback decision was made at the first Board meeting held in the United Kingdom since the company’s decision to streamline its structure and move to a single UK listing.

Shell was previously listed in both London and the Netherlands, with the ‘Royal Dutch’ section being removed as a result of the changes.

“Brinkwire News in Condensed Form.”

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