Shell Cuts LNG Production Guidance for Q1 | OilPrice.com
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Breaking News:
Shell expects its liquefied natural gas production in the first quarter to have dropped from Q4, due to cyclones and unplanned maintenance in Australia.
Shell, the world’s top LNG trader, sees LNG liquefaction volumes at between 6.4 million metric tons and 6.8 million tons in the first quarter of 2025, down from a previous forecast of 6.6 million-7.2 million tons and from 7.1 million tons produced in the fourth quarter of 2024, the supermajor said in its first-quarter 2025 update note on Monday.
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In the Integrated Gas division, Shell sees trading and optimization results to be in line with Q4 2024, despite a higher (non-cash) impact from expiring hedge contracts compared to the previous quarter.
Trading and optimization in the Chemicals and Products division is expected to be significantly higher than in Q4 and be in line with Q2 2024 and Q3 2024 contributions on the back of a higher refining margin and increased refinery and chemicals plant utilization.
Refinery utilization is expected in the range of 83% to 87% for the first quarter of 2025, up from 76% for Q4 2024, while chemicals utilization is expected to have increased from 75% in the fourth quarter to 79%.
Shell reports Q1 earnings on May 2.
Last week, U.S. supermajor ExxonMobil said it expects its first-quarter earnings to be higher than in Q4 by up to $2 billion, thanks to higher oil and gas prices and rising refining margins.
Exxon’s earnings in the upstream segment could be up to $900 million higher in the first quarter compared to the fourth quarter of 2024 due to higher oil and gas prices and timing effects, the supermajor said in an SEC filing.
The upcoming earnings of the international supermajors will account for oil and gas price developments in the first quarter of 2025, which means that the huge selloff of recent days – and potential further declines – will be reflected in the earnings for the second quarter.
By Tsvetana Paraskova for Oilprice.com
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