Shell Provides Updated Q4 Production, Financial Outlook; Shares Down Pre-Bell

MT Newswires Live01-08

Shell (SHEL) said Thursday it expects Q4 upstream production of 1.84 million to 1.94 million barrels of oil equivalent a day, up from 1.83 million in Q3.

Integrated gas production for the quarter is pegged at 930,000 to 970,000 barrels of oil equivalent per day, compared with 934,000 barrels in the previous quarter. For Q4, LNG liquefaction volume is forecast at 7.5 million to 7.9 million tonnes, versus Q3 volume of 7.3 million tonnes.

Marketing adjusted earnings are projected to fall below those of the same period last year due to a noncash deferred tax adjustment in a joint venture, the company said.

"The chemicals sub-segment adjusted earnings are expected to be a significant loss, reflecting a (noncash) deferred tax adjustment in a joint venture," Shell said.

The company expects to report Q4 results Feb. 5.

Shell shares were down 2.8% in recent premarket activity.

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