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Shell Raises Q1 Oil and Gas Production Guidance

OIL

Shell expects oil and gas production across its upstream and integrated gas business segments to be above previous guidance and in a narrower range for Q1, according to Argus.

  • Shell put its output guidance for the upstream segment at 1.82m-1.92m boe/d compared to 1.73-1.93m boe/d previously.
  • The company expects the integrated ga business to have produced 0.96m-1m boe/d, compared to earlier guidance of 0.93-0.99m boe/d.
  • The integrated gas segment’s LNG volumes for Q1 are estimated at 7.2m-7.6m mt, compared to 7m-7.6 mt.
  • Regarding LNG, Shell expects a strong trading and optimisation result for Q1 but noted it will be significantly lower than what was achieved in Q4 2023.
  • Shell estimates a refining margin of $12/b for Q1, below the $19/b in Q4. Refinery utilisation is seen at 89-93%, compared to earlier guidance of 83-91%.
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