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    Shell takes $400mn hit to Q3 earnings from Hurricane Ida


The company also noted the significant impact of high gas and power prices.

by: Joseph Murphy

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Shell takes $400mn hit to Q3 earnings from Hurricane Ida

Shell warned on October 7 that Hurricane Ida in the US Gulf of Mexico last month would result in a $400mn loss of adjusted earnings in the third quarter.

The hurricane forced Shell to close its platforms in the US Gulf of Mexico, and even four days after the storm had passed, 80% of its production in the area remained offline. The hurricane also affected Shell's oil products and chemicals businesses.

Shell added that its cash flow from operations, excluding working capital, was expected "to be significantly impacted by large variation margin inflows on the back of the prevailing gas and electricity price environment."