Shell PLC (LSE:SHEL, NYSE:SHEL) scored nearly one-third of its final quarter profit through the trading of liquified natural gas (LNG), according to reports.
Some US$2.4 billion of the oil firm’s US$7.1 billion net earnings for the three months to December came from such trades, Reuters reported on Friday, citing sources close to the company.
Figures from its LNG trading arm were not disclosed in the earnings, with Shell rarely delving into the performance of the wing.
According to sources, the quarterly profit was among the highest recorded by Shell in its history, with demand being driven by preparations for the colder winter months.
Shell is said to have accounted for almost 17% of global LNG trading volumes in 2023, which sat at some 404 million metric tons.