Latest news with #Shell-branded
Business Recorder
08-05-2025
- Business
- Business Recorder
Wafi Energy rebounds strongly
Wafi Energy Pakistan Limited (formerly Shell Pakistan) has reported a strong financial turnaround in 1QCY25, posting a net profit of Rs873 million, which is an increase of 178 percent year-on-year. This performance comes amid a transitional period following the acquisition by Wafi Energy Holding and within a broader context of macroeconomic volatility and sector-wide regulatory challenges affecting oil marketing companies in Pakistan. Although net sales declined by 7 percent year-on-year in 1QCY25 to Rs99 billion due to both pricing and volume pressures, the gross profit remained largely stable. Despite the decline in revenue, the gross margin improved slightly to 6.32 percent from 6.04 percent in the same period last year, indicating effective cost containment. A significant contributor to this performance was the reduction in distribution and marketing expenses by 21 percent and administrative costs by 14 percent, which allowed the company to post a 71 percent increase in operating profit. This improvement was achieved despite other expenses spiking by over 41 times, likely due to non-recurring or transitional costs. Other income increased by 24 percent year-on-year, helping to further strengthen the bottomline. Finance costs rose by 13 percent, but this was well absorbed due to the operating gains. Share of profit from associates increased by 7 percent. Wafi's lubricants business was a major driver of performance. The consumer segment recorded double-digit volume growth supported by prominent marketing campaigns and partnerships, including Shell Helix's branding during the ICC Champions Trophy 2025, the company reported. The industrial segment maintained its leadership position in the mining sector and benefitted from strong original equipment manufacturer (OEM) partnerships and robust cash collections. The mobility business also showed progress, with the launch of four new Shell-branded retail sites and upgrades to three existing ones. Premium fuel sales through Shell V-Power reached record levels, reflecting changing consumer preferences. The company is, however, facing increased cost pressures due to recent regulatory changes such as the shift in the sales tax collection framework. These changes have led to higher operating costs and constrained cash flows, which is an industry-wide concern. Wafi Energy is currently working with regulators and industry stakeholders to push for a revision in margins to reflect the new cost realities. On the liquidity front, the company's cash flow from operations rose significantly to Rs10.7 billion compared to a net outflow in the same quarter last year. This was primarily driven by improved working capital management and timely recovery of receivables.
Business Recorder
01-05-2025
- Business
- Business Recorder
Wafi Energy reports Rs873m PAT for Q1 2025
KARACHI: Wafi Energy Pakistan Limited (formerly Shell Pakistan Limited) has reported a profit after tax of PKR 873 million for the first quarter ending March 31, 2025, compared to a profit after tax of PKR 314 million in the same period last year. The Board of Directors of Wafi Energy Pakistan Limited (WEPL) announced the first quarter results for the company on Wednesday. According to company announcement, it has maintained its market share despite ongoing challenges in the oil industry, including rising operational costs from changes to the sales tax regime and persistent illicit petroleum trade, demonstrating operational resilience and strong network controls. In the Lubricants business, WEPL achieved growth in both the consumer (B2C) and industrial (B2B) segments. The company secured key strategic partnerships with Original Equipment Manufacturers (OEMs) such as Hyundai and Suzuki. Additionally, the B2B segment maintained its leadership in the mining sector. In the Mobility segment, WEPL expanded its Shell-branded retail network, adding four new sites and upgrading three existing stations. Shell V-Power, the company's premium fuel, achieved its highest-ever quarterly volume, with an industry-leading penetration rate. Copyright Business Recorder, 2025
CBC
30-01-2025
- Business
- CBC
Shell exits oilsands, boosts stake in Scotford upgrader and Quest carbon facility
Shell Canada Ltd. is exiting the oilsands in a deal with Canadian Natural Resources Ltd. in an agreement that will see it increase its stake in the Scotford upgrader and Quest Carbon Capture and Storage facility northeast of Edmonton. Shell is swapping its remaining 10 per cent stake in the Albian mines in northeastern Alberta in exchange for a 10 per cent interest in the Scotford upgrader and Quest CCS facility near Fort Saskatchewan. The deal will boost Shell's interest in the upgrader and carbon capture facility to 20 per cent. Shell is the operator of the Scotford upgrader and Quest CCS facility, located next to the Shell-owned Scotford refinery and chemicals plants. The swap stems from a provision in a 2017 deal involving the Athabasca Oil Sands Project. The transaction is subject to regulatory approvals and is expected to close in the first half of this year. Shell's Canadian assets include a 40 per cent stake in LNG Canada, upstream operations in northeast B.C. and northwest Alberta as well as 1,400 Shell-branded sites across the country.
Yahoo
30-01-2025
- Business
- Yahoo
Shell exits oilsands, boosts stake in Scotford upgrader and Quest carbon facility
CALGARY — Shell Canada Ltd. is exiting the oilsands in a deal with Canadian Natural Resources Ltd. in an agreement that will see it increase its stake in the Scotford upgrader and Quest Carbon Capture and Storage facility. Shell is swapping its remaining 10 per cent stake in the Albian mines in exchange for a 10 per cent interest in the Scotford upgrader and Quest CCS facility. The deal will boost Shell's interest in the upgrader and carbon capture facility to 20 per cent. Shell is the operator of the Scotford upgrader and Quest CCS facility, located next to the Shell-owned Scotford refinery and chemicals plants near Edmonton. The swap stems from a provision in a 2017 deal involving the Athabasca Oil Sands Project. The transaction is subject to regulatory approvals and is expected to close in the first half of this year. Shell's Canadian assets include a 40 per cent stake in LNG Canada, upstream operations in northeast B.C. and northwest Alberta as well as 1,400 Shell-branded sites across the country. This report by The Canadian Press was first published Jan. 30, 2025. Companies in this story: (TSX:CNQ) The Canadian Press Sign in to access your portfolio
Associated Press
29-01-2025
- Business
- Associated Press
Shell increases interest in Scotford upgrader and Quest CCS facility and fully exits oil sands
CALGARY, AB, Jan. 29, 2025 /CNW/ -- Shell Canada Limited and affiliates ('Shell') and Canadian Natural Resources Limited (Canadian Natural) had agreed to a provision in the 2017 Athabasca Oil Sands Project ('AOSP') transaction, where Shell will swap its remaining 10 per cent interest in the Albian mines in exchange for an additional 10 per cent interest in the Scotford upgrader and Quest Carbon Capture and Storage (CCS) facility. Post deal completion, Shell will have a 20 per cent interest in the Scotford upgrader and Quest CCS facility and will fully exit AOSP's mining operations. Shell will remain as operator of the Scotford upgrader and Quest CCS facility, located next to the 100 per cent Shell owned Scotford refinery and chemicals plants near Edmonton, Alberta. 'Today's announcement allows Shell to focus on the Scotford site and to maximize value in our Upgrader, CCS projects and Refining and Chemicals businesses,' said Machteld de Haan, Executive Vice-President, Chemicals and Products. The transaction is subject to regulatory approvals and is expected to close in Q1 2025. Notes to editors Shell developed the Athabasca Oil Sands Project as 60 per cent equity owner. In 2017, the ownership of AOSP was divested and is currently held by Canadian Natural at 80 per cent, and 1745844 Alberta Limited ('1745AB') at 20 per cent. 1745AB is jointly owned 50-50 by Shell and Canadian Natural. Shell's remaining mining interest and associated synthetic crude oil reserves will be exchanged through a cashless swap for an additional 10 per cent interest (20 per cent in total) in the Scotford upgrader and Quest CCS facility. 1745AB is reported in Shell's Chemicals and Products segment as a fully consolidated joint venture. 2024 production was approximately 51,000 barrels of oil equivalent per day on a fully consolidated basis, 50 per cent of which is attributable to non-controlling interest. The swap will result in the de-booking of associated proved reserves, which at the end of 2024 were 741 million barrels, 50 per cent of which is attributable to non-controlling interest. Shell's Canadian business includes a 40 per cent interest in LNG Canada, upstream operations in Northeast British Columbia and Northwest Alberta, the Scotford Energy and Chemicals Park in Alberta, the Sarnia Manufacturing Centre in Ontario and around 1,400 Shell-branded sites across the country. 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In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this media release. Shell's Net Carbon Intensity Also, in this media release we may refer to Shell's 'Net Carbon Intensity' (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's 'Net Carbon Intensity' or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries. Shell's net-zero emissions target Shell's operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell's operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target. Forward-looking non-GAAP measures This media release may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements. The contents of websites referred to in this announcement do not form part of this announcement. 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