Oil majors profited from sales of liquefied natural gas in the third quarter, voicing optimism about demand for the fuel despite earlier market predictions that uncertain LNG supplies could create price volatility.
On Friday, Chevron CEO Mike Wirth — who in September slammed the White House’s pause on LNG export approvals — said LNG demand continues to grow amid a “backdrop of very healthy inventories.”
Strong LNG sales also supercharged Shell’s earnings during the quarter and helped it rake in $6 billion in earnings, the company said Thursday. France’s TotalEnergies said overall LNG sales rose by 8 percent from the second quarter to the third as the company reported an adjusted net income of $4.07 billion.
“Inventories in Europe are strong for this time of year, inventories in the U.S. are very healthy for this time of the year, … you see that reflected in Henry Hub prices,” Wirth said during Chevron’s earnings call, referring to the benchmark for the United States’ natural gas market.
