Shell expects a significant decline in the results of its liquefied natural gas business for the first quarter

by times news cr

2024-04-06 17:10:54

Shell expects LNG volumes to range between 7.2 million and 7.6 million metric tons in the first three months of 2024.

The British company Shell said on Friday that it expects much lower results from its liquefied natural gas trading business in the first quarter of 2024 compared to the previous three months.

In an update before the quarterly results on May 2, Shell also said that oil trading results are expected to be significantly higher than the last quarter of 2023, according to Reuters.

The company indicated that LNG volumes are expected to range between 7.2 million and 7.6 million metric tons in the first three months of 2024, compared to 7.1 million tons in the previous quarter.

Three sources close to Shell told Reuters last February that about a third of the company’s profits for the fourth quarter came from the $2.4 billion it achieved in liquefied natural gas trade, as it captured strong demand before the winter.

Shell shares rose by 0.29 percent at the beginning of trading on the London Stock Exchange.

Shell expects a smaller loss in the chemicals sector, which has been under great pressure. Due to weak global demand. Chemicals profit margins are expected to rise to $151 per ton compared to $125 per ton in the previous quarter.

The British energy giant, which achieved profits of $28 billion in 2023, expects to write off allocations worth approximately $600 million for exploration, especially in Albania.

Last updated: April 5, 2024 – 19:48


Suggest a correction


2024-04-06 17:10:54

You may also like

Leave a Comment