- Weaker refining margins and lower crude prices were cited as a slight drag on performance, but Shell's acquisition of BG Group is paying dividends as strong natural gas performance contributed to the strong profits.
- Unlike ExxonMobil and Chevron, Shell has only dipped its toes in the Permian, preferring to maintain a strong global portfolio mixed between oil, gas and shale assets.
- The addition of BHP Group's US shale oil assets contributed to increased performance, while BP's downstream performance was surprisingly resilient as its in-house supply and trading arm showed a strong performance – a business division that ExxonMobil lacks.
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