Shell Flags $200 Million Hit to 1Q Earnings From Texas Storm

By Jaime Llinares Taboada

Royal Dutch Shell PLC on Wednesday warned that the Texas winter storm is expected to have had a negative impact of $200 million on its first-quarter adjusted earnings.

In addition, the FTSE 100 oil and gas major said it expects to report natural gas production of between 920,000 and 960,000 oil-equivalent barrels a day for the first quarter, combined with liquefied natural gas volumes of 7.8 million-8.4 million metric tons. This compares with previous guidance of 900,000-950,000 barrels and 8.0 million-8.4 million tons.

For the upstream business, production is expected at 2.40 million-2.475 million oil-equivalent barrels a day, including a 10,000-20,000 barrels hit from the Texas storms. This compares with previous guidance of 2.40 million-2.60 million barrels.

Sales volumes for oil products have been downgraded to 3.7 million-4.7 million barrels a day from 4.0 million-5.0 million. Sales volumes for the chemicals division have been revised down to 3.5 million-3.7 million tons from 3.6 million-3.9 million.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

April 07, 2021 02:38 ET (06:38 GMT)

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