BAKU, Azerbaijan, April 6. Shell expects adjusted earnings from its upstream segment in 1Q2024 to total $2.7 - 3.1 billion, Trend reports.
The company pointed out that those numbers are pre-tax depreciation. After factoring in taxes, the earnings are projected to range from $2.1 to $2.9 billion. Shell also mentioned that the 4Q2023 tax charge benefited from positive deferred tax adjustments, which are not expected to repeat in 1Q2024.
Moreover, according to the company, in the reporting period, the anticipated share of profit/(loss) from joint ventures and associates is around $0.5 billion. Additionally, exploration well write-offs in 1Q2024 are projected to be approximately $0.6 billion, predominantly in Albania.
Furthermore, Shell's outlook for 1Q2024 anticipated a continued positive trend, with a production range projected to be between 1.7 and 1.9 kboe/d. Now the company expects around 1,820-1,920 kboe/d from its upstream segment. At the same time, underlying opex is projected at $2.3 - 2.8 billion.
Meanwhile, Shell's adjusted earnings for 4Q2023 amounted to $7.3 billion - up by 17.7 percent from $6.2 billion in 3Q2023.
