In a fourth-quarter update, Shell Plc reported lower natural gas sales and weaker trading earnings, signaling a soft end to 2024 for major energy firms. The company also noted higher operating costs and reduced oil trading profits.
Shares fell 1.5% to 2,578.50 pence in early London trading.
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Shell’s natural gas output dropped to 880,000–920,000 barrels of oil equivalent per day, down from 941,000 in Q3, partly due to maintenance in Qatar. Liquefied natural gas volumes also declined.
The company cited the expiration of hedging contracts linked to Russia’s Ukraine invasion as a key factor in weaker trading results. Analysts expect the update to prompt earnings downgrades but see little impact on shareholder returns or long-term outlook.
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