Here is a summary of the key points from the Shell Fourth Quarter 2024 Update Note
The update provides an outlook for the fourth quarter of 2024 and is subject to change until the final results are published on January 30, 2025.
In the Integrated Gas segment, scheduled maintenance at Pearl GTL in Qatar is expected to impact production, while lower feedgas and fewer cargo liftings will result in lower LNG liquefaction volumes. Trading & Optimization results are expected to be significantly lower due to the impact of expiring hedging contracts.
For Upstream, the share of profit/(loss) from joint ventures and associates is expected to be around $0.3 billion, and exploration well write-offs are anticipated to be ~$0.4 billion.
Marketing results are expected to be lower in the fourth quarter, reflecting seasonal variations.
In Chemicals and Products, the indicative refining margin is expected to remain at $5.5/bbl, while the indicative chemicals margin is anticipated to decrease to $138/tonne. The Chemicals sub-segment is expected to reflect a loss in the fourth quarter.
Trading & Optimization in Renewables and Energy Solutions is also expected to be significantly lower compared to the third quarter.
Shell Groups taxation charge includes the reassessment of deferred tax assets and one-off tax adjustments.
Net debt is projected to include $4-6 billion of new lease liabilities, including the recognition of the LNG Canada pipeline liability.
The announcement includes forward-looking statements and a cautionary note regarding potential risks and uncertainties that could impact Shells future operations and financial condition.
Shells operating plans reflect the companys Scope 1, Scope 2, and NCI targets for the next ten years but may not align with the 2050 net-zero emissions target due to the long-term nature of the goal.
The update also includes definitions and explanations of various non-GAAP financial measures used by Shell.