Royal Dutch Shell on Sept. 30 introduced a quarterly outlook, forecasting higher liquefied natural gas output and charges of up to $850 million for the third quarter.
Chief Financial Officer Jessica Uhl said that after discussions with investors, the Anglo-Dutch energy company would release outlooks ahead of quarterly results "to enhance disclosures and increase transparency".
The company reports third-quarter results on Oct. 31.
Shell in August said its second-quarter profit slumped to a 30-month low on weaker gas prices and refining margins, denting a steady recovery in recent years.
For the third quarter, Shell said:
- LNG production in the third quarter is expected to be between 930,000 and 960,000 barrels of oil equivalent per day (bob/d). Production in third-quarter 2018 was 924,000 boy/d;
- Oil and gas production is expected to be between 2.600 and 2.65 MMboe/d. Production in third-quarter 2018 was 2.672 MMboe/d;
- It sees refinery availability between 90% and 92%;
- Oil Products sales volumes is expected to be between 6.7 and 7.35 bbl/d; and
- Corporate earnings excluding identified items are expected to be a net charge between $700 to 850 million, excluding the impact of currency exchange rates.
The order was the latest legal blow to U.S. President Donald Trump's effort to increase oil and gas production on federal lands by rolling back environmental regulation.
Biden has said that moving away from fossil fuels would pave the way for big job gains in renewable energy.
The parcels that were scheduled for sale are in New Mexico’s southeast corner, overlaying part of the sprawling Permian Basin, the world’s biggest oil field