Shell’s Integrated Gas (LNG) division generated $3.68bn in earnings in the first quarter with liquefaction volumes rising 0.5MT to 7.6MT.
The energy major – reporting adjusted earnings of $7.7bn in the first three months of 2024, up from $7.3bn in Q4 2023 – said trading was strong, even if significantly lower than the “exceptional” fourth quarter, and it continued to capture high margins from global product supply disruptions, as market volatility continues. Overall adjusted EBITDA increased to $18.7bn.
Second quarter liquefaction volumes are forecasted in the 6.8-7.4MT range, and the 14 Mtpa LNG Canada T1-2, in which Shell has a 40% share, is among the projects due for start up in 2024/25. Three projects, NLNG T7, Qatar Energy LNG NFE (2) and NFS (2), are scheduled to launch from 2026 onwards.
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