BAKU, Azerbaijan, February 1. Shell's integrated gas sector in 4Q2023 has shown resilience and efficiency in production, contributing to a positive financial outlook, Trend reports.
According to the company's latest report, integrated gas production in the reporting period of 2023 amounted to 901 kboe/d, slightly up, compared to 900 kboe/d recorded in 3Q2023.
Shell's 1Q2024 production outlook ranging between 930 and 990 kboe/d indicates the resumption of operations at Prelude FLNG in Australia following a significant turnaround.
Meanwhile, Shell's adjusted earnings for integrated gas production in 4Q2023 totaled $3.9 billion, while adjusted EBITDA amounted to $6.5 billion. Cash Flow from Operating Activities (CFFO) from gas production reached $3.5 billion, and cash capex totaled $1.1 billion.
Improved adjusted earnings in comparison to 3Q2023 are a result of outstanding trading and optimization outcomes coupled with increased volumes, the company noted. The substantial surge in trading and optimization results, attributed to seasonality and a heightened number of optimization opportunities, significantly surpassed 3Q2023 figures.