Shell upgrades outlook for fourth-quarter gas trading
Shell Plc on Monday upgraded its fourth quarter 2023 outlook for gas trading to be significantly higher than previously estimated, but lowered its profit forecast from oil products and chemicals.
The world’s top LNG trader is due to report its fourth-quarter results on February 1.
The company attributed its higher earnings from gas trading to seasonality and increased optimisation opportunities, with a production forecast of 880-920 kboe/d and LNG liquefaction volumes of 6.9-7.3 MT. It updated the adjusted earnings from the division to a range between $1.3 billion - $1.7 billion under pre-tax depreciation.
For its Chemicals & Products division, Shell said in a trading update: “Trading & Optimisation is expected to be significantly lower than Q3’23. The Chemicals & Products segment is expected to make an Adjusted Earnings loss in Q4’23.”
Among other Shell Group considerations, the company also earmarked non-cash post tax impairments at $2.5 - $4.5 billion, which it said were primarily driven by macro and external developments as well as portfolio choices, including the Singapore Chemicals & Products assets.
Last year, Shell posted its highest-ever annual profit of $39.9 billion, boosted by soaring fuel prices and strong energy demand.
Shell CEO Wael Sawan said in interviews last year that the company’s focus will be performance and capital discipline, and delivering strong results against a backdrop of ongoing volatility.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More gas & LNG news

EU to Look at More ‘Flexible’ Filling of Gas Storage Post-2025

bp begins production from Raven Phase 2, offshore Egypt

Diamondback Nears Permian Deal to Buy Shale Producer Double Eagle

Australia’s Iron Ore Hub Reopens, Rio Mines Resume After Cyclone

Australia’s Iron Ore Export Hub to Reopen After Cyclone Weakens

Severe Cyclone Makes Landfall Near Australia’s Iron Ore Hub

Gas Traders Leave Essen Hungry for More on German Storage Plans

AG&P Pratham and THINK Gas toast the merger of their two brands

Russia, Turkey Discuss Gas Swap to Pay for Nuclear Plant
