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Shell Cuts Q1 Upstream Production View On Texas Winter Storm; Lifts Integrated Gas Outlook

Royal Dutch Shell PLC (RDS-B,RDSB.L,RDSA.L,RDS-A) on Wednesday reduced first-quarter upstream production outlook, hurt by the Texas winter storm, but lifted integrated gas production view.

The company noted that the Texas winter storm had an impact on its operations and is expected to have an aggregate adverse impact of up to $200 million on adjusted earnings.

In the upstream segment, first-quarter production is now expected to be between 2,400 and 2,475 thousand barrels of oil equivalent per day or boe/d, including 10 to 20 thousand barrels per day lower production due to the Texas winter storm. The company previously expected upstream production to be approximately 2,400 - 2,600 thousand boe/d.

Upstream adjusted earnings are expected to be positive in the first quarter 2021, capturing the upside from the current commodity price environment. Total adjusted earnings are expected to be adversely impacted by up to $40 million due to operational impacts of the Texas winter storm.

Further, Integrated gas production is now expected to be between 920 and 960 thousand boe/d, higher than previous estimate of around 900 - 950 thousand boe/d.

Meanwhile, LNG liquefaction volumes are now expected to be between 7.8 and 8.4 million tonnes, down from earlier projected 8.0 - 8.6 million tonnes.

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