Shell LNG on the up but yearly earnings down
Shell recorded strong performances across integrated gas, upstream gas production and natural gas in the fourth quarter of 2023, posting adjusted earnings of $7.3bn.
LNG liquefaction and sales volumes both rose 2MT to 7.1MT and 18.1MT respectively in the final quarter while gas production (mscf/d) was up from 2,564 to 2,952. Natural gas sales to end customers increased from 170TWh to 175TWh.
Integrated gas’ earnings rose from $2.5bn in the third quarter to $4bn in the fourth, leading to an adjusted final quarter EBITDA of $6.6bn, although across the year, EBITDA was down from $26.6bn to $23.8bn. Overall yearly earnings were down considerably on the $39.9bn recorded in 2022.
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