Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| Put all of that together I think for a company like ours, we are well positioned, of course |
| Taking to the second IG one, the IG performance one, indeed, so really pleased to see IG delivering what it did, incredibly strong earnings, as you will have seen |
| And so those fundamentals are good |
| Our Integrated Gas business performed very well, with improved utilization, robust performance in Australia, continued excellent operational performance at Pearl GTL and strong trading and optimization results |
| That's what you're seeing in terms of the results, which is what is driving the results that we had, which are outstanding this quarter and allowing us to be able to give those compelling returns to our shareholders as well |
| Moving to upstream, in our Deepwater business, our assets in the Gulf of Mexico improved controllable availability, equaling our best performance in a decade |
| And in Chemicals & Products, we also saw improved refinery utilization by safely delaying a turnaround for Norco, our Energy & Chemicals Park in Louisiana, we were able to maximize returns |
| It's making good progress |
| Coastal GasLink, the developer of the pipeline is also making good progress |
| This demonstrates our commitment to generating attractive shareholder returns |
| Our performance was due to our well-positioned resilient portfolio and improved operational delivery |
| And very pleased by the fact that we've gotten past 30% already with no utilization of credits for the Scope 1 and 2 -- no offsets, I mean |
| We have great positions and great relationships in the country and that's somewhere we've been for a long time and see a long future to come |
| On Shell Polymers Monaca, again, a world-class facility, significantly advantaged in the location that it sits and an opportunity to really sort of create sustainable earnings into the future for us as a company |
| And I think there's a very clear understanding that we have the opportunity to continue to grow on the basis of a stable and secure investment climate |
| It serves us very well to do so |
| In summary, we delivered strong results, significant shareholder returns and continue to high grade the portfolio whilst navigating a volatile market |
| We've had a very good track record in terms of driving these down |
| Indeed, I would say we have definitely in terms of utilized outstanding performance from our businesses to ensure we have compelling returns for our shareholders this quarter, I would hope you recognize |
| Despite a less favorable macro environment than last quarter, we delivered another set of strong results |
| We know that will give us the opportunity to deliver against our strategy and to see what other opportunities come there, which have strong, strong value focus |
| We hope that after watching this presentation, you've seen how we delivered strong results and how we continue to high grade our portfolio |
| One, from a strategic perspective, we're absolutely convinced that biomolecules, green electron-based molecules eventually and so on, will dictate the premium in the market |
| Multiple examples of how we do that, right? So we just FID Dover, for example, in the Gulf of Mexico, a very exciting opportunity to be able to bring back new molecules into Appomattox |
| We want to be strong in our integrated gas business |
| It was for a very good reason |
| So by and large, this is an asset that should be able to outcompete and is well positioned to do so |
| We like the fact that we are uniquely positioned in that supply envelope |
| What we're looking at is, do we truly believe in the performance of this company that we can deliver on that buyback at this point in time and do we believe in where the macro is going to -- how does that position us across it? With a healthy balance sheet, operating assets -- sorry, assets operating incredibly well, it gives us the confidence to do the $4 billion of buyback |
| Indeed, in terms of being able to actually take the lower base costs that come through, which is partly linked to the macro, of course, those margins were very strong and have played out in the results |
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| Of course, it's disappointing to see taxes come in play, which actually threaten some of the investment climate |
| And we warned that that would reverse as well |
| We can see returns deteriorating across some of the divisions |
| And this is despite what has been, of course, a difficult period when you consider the COVID disruptions, broader supply chain challenges around the world |
| I think on the LNG side, the prompt is weak |
| And I see that the volumes, the growth there have slowed down significantly and even went backwards quarter-on-quarter as well |
| Two, one is just on chemicals, which is clearly sort of cyclically weak currently and you have the cracker in Pennsylvania ramping up |
| Of course, it's very difficult when you look at it across the different types of businesses, but specifically even across the upstream business itself for those different types of wells, different types of fuels, et cetera, but we are continuing to drive those down as well |
| And Irene, to your first question around Kazakhstan and Kashagan specifically, indeed, disappointing to see the request for compensation, but not hugely unexpected |
| We've had challenges in the past |
| The second question is the macro outlook, seems totally conflicted with fairly resilient data points, on one hand, coming through in some subsectors, but then yet recession appears to be the dominant narrative |
| And that's a function of significant storage done last year, and something which I think is putting some of that downward pressure |
| I suspect there's reasons |
| We recognize that seeing a lot more inflationary pressure |
| I think oil production in the country had recovered over the past year or so, but we've seen more outages in the last few weeks |
| Henry on the OpEx question, we do see pressures coming through |
| And you add to that the fact that the strategic petroleum reserve is at a historic low |
| But ultimately, the economics was simply not robust enough |
| If I look at your balance sheet, it's always difficult |
| And in the UK, we have restarted operations at our Pierce field following a significant upgrade to allow gas to be produced |
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