BAKU, Azerbaijan, February 2. Shell's refinery utilization in 4Q2023 totaled 81 percent, Trend reports.
According to the company's quarterly financial results, this index saw a slight decrease, compared to 83 percent in refinery utilization in 3Q2023.
Reduced refining margins in the reporting period of 2023 were influenced by diminished global product demand and utilization resulting from planned maintenance activities, the company noted.
Chemical margins continue to be affected by a global oversupply and subdued demand. Trading and optimization figures witnessed a substantial decline compared to the third quarter of 2023, Shell added.
Furthermore, Shell forecast its refinery utilization level to stand at 83 - 91 percent in 1Q2024.
The projected refinery utilization for the first quarter of 2024 indicates the conclusion of scheduled maintenance activities in North America, the company noted.
Meanwhile, Shell's adjusted earnings for 4Q2023 amounted to $7.3 billion - up by 17.7 percent from $6.2 billion in 3Q2023.