Overview
- Shell, which issued a trading update Wednesday, lowered integrated gas guidance to 880,000–920,000 barrels of oil equivalent per day after attacks in Qatar shut the Pearl gas‑to‑liquids site, where one of two units could take about a year to repair.
- LNG liquefaction volumes are now 7.6–8.0 million tonnes as output from LNG Canada ramps up to offset weather curbs in Australia and outages at Qatari plants linked to Shell.
- The company expects “significantly higher” first‑quarter results from oil trading and retail marketing, helped by sharp moves in crude, jet fuel, and gas prices late in the quarter.
- Commodity volatility drove a working‑capital outflow of $10–15 billion, a cash measure that swings with inventory values, and Shell expects net debt to rise by $3–4 billion due to variable elements of long‑term shipping leases.
- Management flagged higher uncertainty and set May 7 for full results, as analysts raised near‑term earnings forecasts on stronger trading even with disrupted Qatari volumes and unsettled markets.