Shell CEO hesitant to invest equity in US LNG infrastructure
Shell CEO Wael Sawan has expressed reluctance to spend the company’s own equity on US LNG projects, citing the availability of low-cost infrastructure funding. His remark signals a shift towards prioritising shareholder returns over equity commitment in an increasingly oversupplied global LNG market.
Shell CEO reassesses timing on LNG Canada Phase 2
Shell CEO Wael Sawan is focussing on LNG to improve the company’s financial performance against its rivals. "We are absolutely committed to this sector," Sawan said, though the timing on financial close on LNG Canada Phase 2 will be reassessed.
ADNOC investment decision for Ruwais LNG in UAE confirmed by Shell as three other players also take stakes
Shell Plc has confirmed its shareholding with four other partners in the new LNG export plant being developed in the United Arab Emirates by Abu Dhabi National Oil Company’s (ADNOC) at Al Ruwais.
UK-based major Shell reports better than expected earnings despite lower prices and decline in LNG sales
UK-based major Shell reported better-than-expected earnings to start 2024 despite lower prices and a decline in LNG sales as the natural gas, oil and chemicals trading units all performed well.
Shell posts drop in profits with impairment charges and price declines but LNG sales rise to 67 million tonnes
Shell reported a drop in fourth-quarter and annual profits as oil and gas prices declined from last year while the UK major’s LNG sales increased to over 67 million tonnes for the year.
UK major Shell to take impairment charges on Singapore assets amid forecasts of gas and LNG trading boosts
UK major Shell expects to take non-cash impairment charges of between $2.5 billion to $4.5Bln for the fourth quarter, mainly related to the Singapore refining and chemicals hub that Shell is seeking to sell off, though quarterly income attributable to shareholders was expected to remain at around $7 billion.
Profits fall for Shell but cash flow and LNG sales volumes remain high amid positive forecast for rest of year
UK major Shell reported much reduced third-quarter profits of $6.2 billion, lower than the $9.45Bln of profits returned in the same three months of 2022 as natural gas prices dropped, while quarterly sales of liquefied natural gas were still over 16 million tonnes.
Shell realigns LNG interests with Qatar supply deals and completion of Masela gas sale for Indonesian project
Shell signed two long-term LNG sale and purchase agreements for the supply of up to 3.5 million tonnes per annum of LNG from Qatar to the Netherlands while also completing the sale of its interests in the Masela block in Indonesia for an LNG project.
Shell reports drop in earnings on lower prices and trading profits while LNG sales stay above 16 million tonnes
The largest European energy major Shell posted a 47 percent drop in overall quarterly profits, reflecting lower LNG trading and optimisation results and a drop in oil and gas prices as well as refining margins.
Shell earnings update
July 7 (LNGJ) - Shell Plc, Europe’s largest energy company, has issued a second-quarter 2023 earnings forecast update. The Integrated Gas unit, one of six Shell divisions and including LNG, is set to maintain steady production levels. However, trading and optimisation is expected to be significantly lower compared with a strong first quarter of 2023 “due to seasonality” and fewer optimisation opportunities.
Shell added that overall Upstream oil and gas output is expected to fall to between 1.650 million barrels of oil equivalent per day and 1.750M boe per day, down from 1.877M boe per day in the first quarter because of “scheduled maintenance, including assets in the Gulf of Mexico, Norway, Malaysia and Brazil”. The company’s refinery utilisation has declined in the second quarter from 91 percent to between 85 percent and 89 percent. Shell publishes its next earnings on July 27.
