BAKU, Azerbaijan, May 17. Shell's adjusted earnings from its integrated gas segment saw a decrease in the first quarter of 2024, falling to $3.7 billion from $4 billion in the fourth quarter of 2023, Trend reports.
This decline was primarily due to lower LNG trading and optimization results, despite being partially offset by higher volumes driven mainly by the Prelude facility. While trading and optimization results remained strong, they were significantly lower compared to the exceptional performance in the previous quarter.
Despite the earnings decline, Shell's adjusted EBITDA for the integrated gas segment in the first quarter of 2024 totaled $6.1 billion, reflecting the segment's overall resilience.
The company's gas production in the first quarter of 2024 increased to 992 kboe/d, up from 901 kboe/d in the fourth quarter of 2023. This increase underscores the strength in production volumes despite the challenges in trading and optimization.
Looking ahead, Shell's production and liquefaction outlook for the second quarter of 2024 is projected to be between 920 and 980 kboe/d. This forecast takes into account the scheduled maintenance activities planned across the portfolio, which are expected to impact production levels.