FX.co ★ Shell Q1 Profit, Revenues Down

Shell Plc, the UK-based oil and gas giant, disclosed on Thursday that its pre-tax income for the first quarter declined to $11.04 billion from the previous year's $14.35 billion.

The company's income assignable to shareholders also diminished, dropping from the previous year's $8.71 billion to $7.36 billion. As a result, earnings per share decreased from $1.25 the previous year to $1.13. However, the adjusted earnings per share registered at $1.20, in contrast to the previous year's $1.39. Earning forecasts collated by Thomson Reuters had anticipated the average earnings per share to be $1.86. It's noteworthy these analysts' estimates typically omit special items.

The adjusted EBITDA was also reported to have declined, with a drop from the previous year's $21.43 billion to $18.71 billion. In parallel, total revenue, along with other income, decreased to $74.70 billion from the previous year's $89.02 billion.

For the upcoming second quarter, the company expects its Integrated Gas production to be approximately between 920,000 to 980,000 boe/d; LNG liquefaction volumes should be an estimated 6.8 million to 7.4 million tonnes.

The upstream production is projected to be around 1,630,000 - 1,830,000 boe/d. This production outlook is taking into account the scheduled maintenance across the portfolio. Expected volumes of Marketing sales are predicted to be approximately between 2,700,000 - 3,200,000 b/d.

Finally, the cash capital expenditure for the entirety of 2024 is forecasted to range within $22 billion to $25 billion.