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Shell says Q3 oil and gas trading recovered
(Sharecast News) - Shell guided towards higher third quarter revenues from trading, sending its shares higher.
In a trading update issued ahead of its results due out on 30 October, the oil giant said that quarterly revenues from Trading and Optimisation in Integrated Gas would be "significantly higher" than during the immediately preceding three-month stretch.
"Higher" revenues were anticipated in Marketing and from Chemicals and Products too.
Quarterly production of Integrated Gas was now pegged to come in at between 910-950,000 barrels a day of oil equivalent.
That compared to a previous estimate for between 910-970kboe/d and second quarter output of 913,000kboe/d.
Liquid Natural Gas liquefactions volumes meanwhile were seen coming in at 7.0-7.4 millones tonnes.
In its QPR Outlook, the company had predicted 6.7-7.3MT.
Over the three months to June, the company had achieved 6.7 MT of liquefaction volumes.
Upstream production was now seen at 1.79-1.89kboe/d, versus a prior estimate for 1.7-1.9kboe/d.
Marketing sales volumes was expected to come in at 2.65-3.05kb/d, against 2.81kb/d.
Refinery utilisation was seen running at between 94-98%, up from the 88-96% envisaged in its last QPR Outlook.
Chemicals utilisation was anticipated to hit 79-83%, having previously been forecast to reach 78-86%.
As of 0918 BST, shares of Shell were higher by 1.55% to 2,779.50p.
-- More to follow --
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