Shell PLC (LON: SHEL) ended in the green on Friday after the multinational said it expects higher gas output in the first quarter of 2023.
Here’s what Shell PLC expects for its Q1
On the downside, though, the oil giant now expects up to $1.2 billion of corporate loss (adjusted) related to one-off tax charges, as per the press release. In the prior quarter, that loss was capped at $600 million.
Integrated Gas, it added, could see $1.2 billion to $1.6 billion of depreciation in adjusted pre-tax earnings in Q1. The mid of that range is in line with the prior quarter figure.
The London-listed firm now forecasts between $2.8 billion and $3.1 billion in upstream adjusted earnings. Wall Street has a consensus “overweight” rating on Shell stock that’s currently up only 2.0% versus the start of the year.
What else was noteworthy in the update?
According to Shell PLC, Integrated Gas production is now expected between 930,000 and 970,000 barrels of oil equivalent. In Q4, it had produced 917,000 boe.
The oil and gas company continues to expect upstream production to come in the range of 1.8 million to 1.9 million. The mid of that range matches production volumes in the fourth quarter.
Shell is expected to report its Q1 financial results on May 4th. It expects up to a $700 million benefit to adjusted earnings this quarter versus $300 million in the final quarter of 2022.
In February, the energy behemoth reported a record $40 billion profit for 2022.
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