Shell Pursues $7 Billion Buyback ‘At Pace’ Despite LNG Troubles

Shell said that its production and liquefaction volumes were impacted in the fourth quarter by unplanned maintenance, mainly in Australia, where its giant Prelude floating LNG  vessel was hit by a power outage.

Ron Bousso, Reuters

Royal Dutch Shell said it will pursue “at pace” a $7 billion share buyback largely funded from the sale of its U.S. shale business as it faces LNG outages and slower fuel sales due to the economic hit from Omicron.

Shares in Shell, the world’s largest trader of LNG, were down 0.32% on Jan. 7 after a trading update ahead of its quarterly results on Feb. 3. This compared with a 0.12% rise in the broader European energy index.

Shell said that its production and liquefaction volumes were impacted in the fourth quarter by unplanned maintenance, mainly in Australia, where its giant Prelude floating LNG  vessel was hit by a power outage.

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