Shell sees lower integrated gas performance in Q1

Shell said on Friday that first-quarter trading results for its integrated gas division are expected to be significantly lower than the fourth quarter. The oil company, however, expects performance at its chemicals and products business to be significantly higher than the last three months of 2023, with losses at the unit also expected to be lower.

Shell, which reported a $28-billion profit for 2023, expects to take an exploration write-off of about $600 million, mainly in Albania in the first quarter, it said in an update ahead of quarterly results due on May 2.

The company's liquefied natural gas liquefaction volumes are expected between 7.2 million tonnes and 7.6 million tonnes in the first three months of 2024.