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Shell PLC on Friday cautioned results from its Integrated Gas division in the first-quarter are expected to be ‘significantly lower’ than in the fourth, and said it expects write-offs worth $600 million in its Upstream arm.
The London-based oil major expects Integrated Gas adjusted earnings before tax and depreciation between $1.2 billion and $1.6 billion.
‘Trading & optimisation results are expected to be strong, but significantly lower than an exceptional Q4,’ it commented.
Shell forecast production of 960 to 1,000 thousand barrels of oil equivalent per day and liquefied natural gas liquefaction volumes between 7.2 million tonnes and 7.6 million tonnes in the first three months of 2024.
In Upstream, Shell warned of $600 million in exploration well write-offs, largely in Albania. It expects adjusted earnings before tax and depreciation between $2.7 billion and $3.1 billion.
Upstream production is forecast between 1,820 to 1,920 kboe/d.
Elsewhere, in Chemicals & Products, ‘trading & optimisation is expected to be significantly higher’ than a quarter earlier. For this division, Shell predicts adjusted earnings before tax and depreciation between $0.8 billion and $1.0 billion.
Marketing results are forecast to be in line with the fourth quarter. It forecasts adjusted earnings before tax and depreciation between $0.3 billion and $0.7 billion.
In Renewables & Energy Solutions, it has an adjusted earnings outlook ranging from a $100 million loss to a $500 million profit, while in Corporate the adjusted loss range is between $0.4 billion to $0.6 billion.
Shares in Shell rose 0.2% to 2,769.50 pence each in London on Friday.
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