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Oil major Shell PLC on Thursday said it expects a rise in Integrated Gas production in the first quarter of 2023, though it predicted an adjusted corporate loss on a tax hit.
Shell predicted an adjusted loss in its corporate segment between $900 million and $1.2 billion, widening from $600 million in the fourth quarter of 2022.
The outcome ‘includes one-off tax charges’, the company said. It expects Integrated Gas adjusted earnings pre-tax depreciation between $1.2 billion and $1.6 billion, compared to $1.4 billion in the fourth quarter.
Oil company profits have come under tax scrutiny recently. Energy firms have benefitted from robust oil prices, a stark contrast to a cost of living crisis consumers are suffering from.
Upstream adjusted earnings are expected between $2.8 billion to US3.1 billion, compared to $2.9 billion.
For Integrated Gas, it forecast production between 930,000-970,000 barrels of oil equivalent, up from 917,000 boe in the fourth quarter.
Upstream production volumes are expected to be within a similar range to the previous quarter, between 1.8 million and 1.9 million boe per day, compared to 1.85 million in the fourth quarter.
Shell shares traded 2.0% higher at 2,409.00 pence each in London on Thursday morning.
By Eric Cunha, Alliance News news editor
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