Shell starts quarterly updates; sees Q3 LNG production of up to 930k barrels

Royal Dutch Shell on Monday started quarterly outlooks, forecasting LNG production of 930,000 – 960,000 barrels of oil equivalent per day in the third quarter.

The company added that it expected to take a net charge of up to $850m for the period. There were additional well write-offs in the range of $250m - $350m year-on-year, for which no cash impact was expected.

Refinery availability was expected to be 90% - 92%, while oil products sales volumes were forecast at 6.7m – 7.35m barrels per day. Oil and gas production was expected to be 2.60m – 2.65m boed.

The company said the new updates were a response to investor feedback. “This is a further step in Shell’s ongoing journey to enhance disclosures and increase transparency,” said chief financial officer Jessica Uhl.