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Shell Sees Q2 Integrated Gas Production Lower Than Q1

Energy and petrochemical major Shell Plc (SHEL) on Thursday provided an update on the second quarter ahead of the release of the final results on July 28.

The company expects the integrated gas segment's performance to be lower than the exceptionally good first quarter. Production is seen between 930 and 980 thousand barrels oil equivalent per day.

The upstream production is expected between 1,850 and 1,950 thousand barrels of oil equivalent per day, on account of the higher scheduled maintenance.

Marketing results are expected to be higher than the first quarter 2022 and in line with the second quarter of 2021.

The Chemicals and Products segment is expected to be strong in the second quarter of 2022 although lower than the first quarter of 2022.

The indicative refining margin is $28.04/bbl, compared to $10.23/bbl in the first quarter 2022. The increased margin is expected to have a positive impact of between $800 and $1,200 million on the second quarter results of Products compared to the first quarter 2022.

Renewables and Energy Solutions Adjusted Earnings are expected to be between $400 and $900 million for the second quarter, benefiting from higher trading and optimization margins for gas and power due to continued exceptional market environment in various markets.

Shares of Shell closed Wednesday's trading at $48.01, down $0.59 or 1.21 percent from the previous close.

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