(News Bulletin 247) – Shell is moving without much direction on the London Stock Exchange on Friday following the publication of its preliminary operational indicators for the second quarter, which emerged broadly in line with market expectations.
In the upstream, its main activity, the oil group says it is aiming for production of between 1.65 and 1.75 million barrels per day, down from 1.88 million in the first quarter due to maintenance work carried out. on several of its projects in the Gulf of Mexico, Norway, Malaysia and Brazil.
In the downstream, its refining margin is also expected to fall in the second quarter, to nine dollars per barrel, against 15 dollars in the first quarter, this last performance having proved particularly solid, analysts point out.
Regarding its integrated gas division, Shell indicated that its production volume of liquefied natural gas (LNG) should be between 6.9 and 7.3 million tonnes over the last three months, in line with its initial indications and forecasts. of the market.
The only real surprise, the group indicated that it planned to recognize up to three billion dollars in asset impairments, while specifying that these charges would have no direct impact on its cash flow.
Following these figures, RBC analysts spoke of a ‘neutral’ publication, unlikely according to them to call into question the prospect of share buybacks of ‘at least five billion dollars’ over the second part of the year.
Shell shares are currently losing 0.3% on the London Stock Exchange’s FTSE 100 index.
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