6th Apr 2023 08:22
(Alliance News) - Oil major Shell PLC on Thursday said it expects a rise in Integrated Gas production in the first quarter of 2023, though it predicted an adjusted corporate loss on a tax hit.
Shell predicted an adjusted loss in its corporate segment between USD900 million and USD1.2 billion, widening from USD600 million in the fourth quarter of 2022.
The outcome "includes one-off tax charges", the company said. It expects Integrated Gas adjusted earnings pre-tax depreciation between USD1.2 billion and USD1.6 billion, compared to USD1.4 billion in the fourth quarter.
Oil company profits have come under tax scrutiny recently. Energy firms have benefitted from robust oil prices, a stark contrast to a cost of living crisis consumers are suffering from.
Upstream adjusted earnings are expected between USD2.8 billion to US3.1 billion, compared to USD2.9 billion.
For Integrated Gas, it forecast production between 930,000-970,000 barrels of oil equivalent, up from 917,000 boe in the fourth quarter.
Upstream production volumes are expected to be within a similar range to the previous quarter, between 1.8 million and 1.9 million boe per day, compared to 1.85 million in the fourth quarter.
Shell shares traded 2.0% higher at 2,409.00 pence each in London on Thursday morning.
By Eric Cunha, Alliance News news editor
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