Thursday, October 28, 2021

Shell flags US$400 million hurricane hit, but boost from soaring prices

Liquefaction in the quarter is expected to be between 7 million and 7.5 million tonnes, the lowest since 2016, “reflecting feedgas constraints and additional maintenance”, Shell said.

LNG earnings will, however, receive a boost from stronger trading results, it added.

Shell’s upstream oil and gas production fell in the quarter to between 2.025 million and 2.1 million barrels of oil equivalent per day (boed) owing to a prolonged outage of about 90,000 boed at some of its offshore fields in the Gulf of Mexico after Hurricane Ida.

Shell, the world’s largest fuel retailer, said sales volumes were expected to be between 4.3 million and 5.3 million barrels per day, the highest since the first quarter of 2020 but still well below pre-pandemic levels.

Refinery utilisation rates will be impacted by outages due to Hurricane Ida.

In the second quarter, Shell boosted its dividend by 38 per cent for a second consecutive quarter and launched a US$2 billion share buyback programme following the sharp rise in oil and gas prices.

This article originally appeared on the CNA
Source link Author on date 2021-10-07 08:15:45

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