Shell Plc braces for a sharp drop in earnings

MG News | July 07, 2023 at 12:30 PM GMT+05:00

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July 07, 2023 (MLN): Just weeks after voicing its plans to refocus on fossil fuels, Shell is bracing for a sharp drop in earnings from its natural gas trading, a business that drives as much as a quarter of its profitability, Bloomberg reported.

The oil major expects earnings from natural gas trading to be significantly lower in the second quarter due to seasonal shifts in the market.

Its oil and gas production is also likely to be lower compared with the first three months of the year due to field maintenance, the company said.

Expectations of less oil and gas production due to field maintenance paint a less rosy picture in the three months through June for the company which had its best-ever first quarter.

In mid-June, Shell announced plans to raise dividends and boost natural gas production as if shifts back to fossil fuels, a move that stoked anger among climate activists.

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