BAKU, Azerbaijan, February 1. Shell's upstream gas production reached 2.9 mscf/d in 4Q2023, Trend reports.
According to the company's financial statements, upstream gas production in the reporting period increased slightly from 2.5 mscf/d recorded in 3Q2023.
Furthermore, the liquids production segment also experienced growth, with 1.36 kboe/d in 4Q2023, compared to 1.31 kboe/d in the preceding quarter.
Combining both gas and liquids production, the total upstream production for Shell in 4Q2023 reached 1.8 kboe/d, surpassing the 1.7 kboe/d recorded in 3Q2023.
Higher production volumes and advantageous shifts in non-cash deferred tax positions played a pivotal role in the notable increase in adjusted earnings for 4Q2023, Shell noted.
The company's outlook for the first quarter of 2024 anticipates a continued positive trend, with a production range projected to be between 1.7 and 1.9 kboe/d. Scheduled maintenance in Deepwater assets is expected to boost upstream gas production.
Meanwhile, Shell's adjusted earnings for 4Q2023 amounted to $7.3 billion - up by 17.7 percent from $6.2 billion in 3Q2023.
