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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