Shell plc (SHEL) Q3 2022 Earnings Call Transcript
Shell plc (NYSE:SHEL) Q3 2022 Results Conference Call October 27, 2022 9:30 AM ET
Company Participants
Ben van Beurden - CEO
Sinead Gorman - CFO
Conference Call Participants
Irene Himona - Societe Generale
Oswald Clint - Bernstein
Biraj Borkhataria - RBC Capital Markets
Lucas Herrmann - Exane
Roger Read - Wells Fargo
Giacomo Romeo - Jefferies
Amy Wong - Credit Suisse
Matt Lofting - JP Morgan
Martijn Rats - Morgan Stanley
Peter Low - Redburn
Henri Patricot - UBS
Christopher Kuplent - Bank of America
Jason Gabelman - Cowen
Alastair Syme - Citi
Quirijn Mulder - ING Financial Markets
Operator
Welcome to Shell’s Third Quarter 2022 Financial Results Announcement. Shell’s CFO, Sinead Gorman will present the results, then host a Q&A session with CEO, Ben van Beurden. [Operator Instructions] We will now begin the presentation.
Sinead Gorman
Welcome to our third quarter results presentation.
With winter coming for many people and energy prices high, consumers and businesses have been trying to find solutions. This requires collaboration across all parts of our society. So, we continue to engage with governments to help make their new policies effective, and avoid unintended consequences in the energy markets. A good example of such collaboration is our gas storage agreements for the upcoming winter in Europe, particularly in Germany and Austria. And in the Netherlands, we have started to supply liquefied natural gas to the recently created LNG import hub.
We have also been providing support to our customers. For example, we have increased the hardship fund for our Shell Energy Retail customers. And we will double the payment of the government’s Warm Home Discount scheme to the account of more than 150,000 customers in the UK.
To address the short- and long-term energy needs, we must have a resilient portfolio of assets. We will achieve this through focused and competitive investments in a disciplined manner. For example, we are further growing our partnership with Qatar Energy with our involvement in the North Field South expansion. And we took a final investment decision on developing the Rosmari-Marjoram gas project in Malaysia, which will be primarily powered by renewable energy. Once built, the offshore platform will use power from 240 solar panels, whilst the onshore plant will be connected to the Sarawak grid system, supplied from hydroelectric plants. Also, we announced the acquisition of Shell Midstream Partners in the U.S. to further simplify our organization.