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Wednesday, December 6, 2023

Shell Revises Q2 Operational Outlook – Shell (NYSE:SHEL)

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Shell PLC SHEL revised its Q2 2023 outlook across all its businesses.

Integrated Gas: The company updated the production outlook to be 950 – 990 thousand boe/d (vs. 920 – 980 thousand boe/d expected earlier), and LNG liquefaction volumes of 6.9 – 7.3 MT (vs. 6.8 – 7.4 MT expected earlier)

The company projects Trading & Optimisation results to be significantly lower Q/Q owing to seasonality and fewer optimization opportunities. 

Upstream: Shell tweaked production guidance to be 1,650 – 1,750 thousand boe/d (vs. 1,600- 1,800 thousand boe/d earlier) due to scheduled maintenance, including Gulf of Mexico, Norway, Malaysia, and Brazilian assets. 

The company anticipates Q2 2023 exploration well write-offs to be ~$0.2 billion and the share of profit / (loss) of joint ventures and associates of around zero.

Marketing: Shell revised sales volumes guidance to be 2,400 – 2,800 thousand b/d (vs. 2,350 – 2,850 thousand b/d guided earlier), with Q2 results expected to align with Q1 2023 results.

Chemicals & Products: The company anticipates the outlook for refinery utilization to be 85% – 89% (vs. 85% – 93% guided previously) and Chemicals utilization to be 67% – 71% (vs. 62% – 70% previously).

The company expects to release Q2 results on July 20, 2023

In May, Shell reported Q1 2023 adjusted EBITDA of $21.4 billion, higher than $19.0 billion a year ago.

Last month, the company announced a 15% increase in dividend per share effective Q2 2023 (payable in September) and a share repurchase of at least $5 billion for H2 2023.

Also ReadShell To Quit Its Goal Of Lowering Oil Output: Report

Price Action: SHEL shares are trading lower by 0.15% at $58.44 premarket on the last check Friday.


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