Shell, a British oil company, announced on Thursday a slight decrease in profits for the third quarter compared to the previous year. The company stated that its net profit was impacted by rising operational costs and a reduction in demand for oil and gas due to the COVID-19 pandemic.
Shell noted that in a different segment, there was a significant drop in demand for liquefied natural gas due to limited measures implemented to combat the spread of the virus. The company also mentioned a decline in overall revenues and an outflow of hydrocarbons.
"This was a challenging quarter for our industry," noted Shell's CEO. "Despite the challenges, we maintain financial resilience and demonstrate the adaptability of our business."
