BAKU, Azerbaijan, July 9. Shell projects that its upstream production for 2Q2024 will range between 1,720 and 1,820 kboe/d, Trend reports.
This estimate is slightly narrower compared to the previous outlook, which anticipated a range of 1,630 to 1,830 kboe/d. At the same time, in 1Q2024, the adjusted production stood at 1,872 kboe/d, indicating a potential decrease in production for the upcoming quarter.
The underlying operational expenditures (opex) for 2Q2024 are expected to be between $2.1 billion and $2.7 billion. Pre-tax depreciation for adjusted earnings is forecasted to fall between $2.5 billion and $2.9 billion.
The share of profit or loss from joint ventures and associates is anticipated to be around $0.2 billion for 2Q2024. Additionally, Shell expects exploration well write-offs to be approximately $0.2 billion for the same period.
Meanwhile, Shell reported earnings of $1.9 billion from its upstream segment, marking a significant decrease from $3.3 billion in the fourth quarter of 2023.
The producer's total adjusted earnings in 1Q2024 amounted to $7.7 billion - up by 5 percent, compared to $7.3 billion in 4Q2023.