(News Bulletin 247) – Shell climbed Thursday morning on the London Stock Exchange after an activity point deemed reassuring regarding its first quarter performance, which does not seem to have suffered too much from the fall in gas prices.
Around 8:30 am (local time), the title of the energy company gained more than 2%, appearing at the top of the FTSE 100 index which gained at the same time around 0.4%.
Shell indicated this morning that its production in liquefied natural gas (LNG) volumes should be between seven and 7.4 million tonnes in the first three months of the year, above its previous forecast which aimed between 6 .6 and 7.2 million tons.
In its press release, the group underlines that its results in gas trading should be “similar” to those of the fourth quarter of 2022, which had proven to be exceptional from this point of view.
In the upstream, its production target has been tightened to now stand between 1.80 and 1.90 million barrels per day, against 1.75-1.95 million barrels envisaged so far.
Downstream, Shell says it anticipates results “significantly above” those recorded for the fourth quarter, which turned out to be rather disappointing.
‘Overall, we consider this point of activity to be positive given the concerns surrounding the effect of the decline in gas prices during the quarter’, RBC analysts reacted this morning.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
