Shell Initiates Quarterly Outlook, Sees Higher Q3 Liquefied Natural Gas Output
Royal Dutch Shell on Monday introduced a quarterly outlook, forecasting higher liquefied natural gas (LNG) output and charges of up to $850 million for the third quarter.
Chief Financial Officer Jessica Uhl said that after discussions with investors, the Anglo-Dutch energy company would release outlooks ahead of quarterly results "to enhance disclosures and increase transparency".
The company reports third-quarter results on 31 October.
Shell in August said its second-quarter profit slumped to a 30-month low on weaker gas prices and refining margins, denting a steady recovery in recent years.
For the third quarter, Shell said:
- LNG production in the third quarter is expected to be between 930,000 and 960,000 barrels of oil equivalent per day (boed). Prodution in Q3 2018 was 924,000 boed
- Oil and gas production is expected to be between 2.600 and 2.65 million boed. Production in Q3 2018 was 2.672 million boed
- It sees refinery availability between 90% and 92%
- Oil Products sales volumes is expected to be between 6.7 and 7.35 million barrels per day
- Corporate earnings excluding identified items are expected to be a net charge between $700 to 850 million, excluding the impact of currency exchange rates