Shell flagged on Thursday that it expects its upcoming third-quarter results to be hit by a near halving in refining margins, as well as weaker margins in its chemicals and natural gas trading businesses.

In an update ahead of its next set of quarterly results due on 27 October, the UK-headquartered supermajor said refining margins have fallen to $15 per barrel in the third quarter compared with $28 per barrel in the second quarter of 2022.