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Shell Sticks to LNG Output Outlook, Warns of Chemicals Loss

Business & Policy
January 8, 2026

(Reuters) – Shell narrowed its projected range for fourth-quarter liquefied natural gas production but kept it within previous guidance, it said in a trading update on Thursday, as it warned of a loss in its chemicals business.

It said its chemicals and products segment’s earnings will be below break-even in the fourth quarter, dragged down by chemicals margins seen to be falling to $140 a metric ton from $160 in the third quarter, a tax adjustment and significantly lower trading results.

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Shell expects to liquefy between 7.5 million tons and 7.9 million tons of LNG, within the range of a previously forecast 7.4 million to 8 million tons.

It forecast its indicative refining margin to rise to $14 a barrel in the fourth quarter from $12 in the previous quarter.

Reporting by Shadia Nasralla and Stephanie Kelly Editing by David Goodman and Joe Bavier