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(Alliance News) - 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 USD600 million in its Upstream arm.
The London-based oil major expects Integrated Gas adjusted earnings before tax and depreciation between USD1.2 billion and USD1.6 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 USD600 million in exploration well write-offs, largely in Albania. It expects adjusted earnings before tax and depreciation between USD2.7 billion and USD3.1 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 USD0.8 billion and USD1.0 billion.
Marketing results are forecast to be in line with the fourth quarter. It forecasts adjusted earnings before tax and depreciation between USD0.3 billion and USD0.7 billion.
In Renewables & Energy Solutions, it has an adjusted earnings outlook ranging from a USD100 million loss to a USD500 million profit, while in Corporate the adjusted loss range is between USD0.4 billion to USD0.6 billion.
Shares in Shell rose 0.2% to 2,769.50 pence each in London on Friday.
By Jeremy Cutler, Alliance News reporter
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