checkAd

     947  0 Kommentare Shell third quarter 2020 update note

    The Hague, September 30, 2020 − This is an update to the third quarter 2020 outlook provided in the second quarter results announcement on July 30, 2020. The impacts presented here may vary from the actual results and are subject to finalisation of the third quarter 2020 results.

    Unless otherwise indicated, presented impacts relate to Adjusted Earnings on a post-tax basis.

    INTEGRATED GAS

    • Production is expected to be between 820 and 860 thousand barrels of oil equivalent per day.
    • LNG liquefaction volumes are expected to be between 7.9 and 8.3 million tonnes.
    • Trading and optimisation results are expected to be below average.
    • A one-off tax charge is expected to have a negative impact on Adjusted Earnings in the range of $100 to $200 million, no cash impact is expected in the third quarter.
    • Approximately 80% of our term sales of LNG in 2020 have been oil price linked with a price-lag of up to 6 months. Consequently, lower realised prices due to this price-lag are expected to have a significant impact on LNG margins in the third quarter.
    • CFFO can be impacted by margining resulting from movements in the forward commodity curves up until the last day of the quarter. Margining inflows are expected to be in line with the second quarter 2020.

    UPSTREAM

    • Production is expected to be between 2,150 and 2,250 thousand barrels of oil equivalent per day, which includes a production impact of 60 to 70 thousand barrels of oil equivalent per day from hurricanes in the US Gulf of Mexico.
    • Realised liquids prices in the first two months of this quarter reflected a 15 to 20 percent discount to Brent, similar to the discount in the second quarter 2020. Realised gas prices are trending in line with Henry Hub.
    • Depreciation is expected to be at a similar level as in the second quarter 2020.
    • Similar to the second quarter 2020, while Adjusted Earnings are expected to show a loss, CFFO is not expected to reflect equivalent cash tax effects due to the build-up of deferred tax positions in a number of countries.

    OIL PRODUCTS

    • Refinery utilisation is expected to be between 64% and 68%.
    • Realised gross Refining margins are expected to be significantly lower compared with the second quarter 2020.
    • Sales volumes are expected to be between 4,000 and 5,000 thousand barrels per day.
    • Trading and optimisation results are expected to be lower than the historical average and significantly lower compared with the second quarter 2020. 
    • Marketing margins are expected to be significantly higher compared with the second quarter 2020.
    • Compared with the second quarter 2020, Adjusted Earnings are expected to be negatively impacted by $200 to $400 million due to higher volume driven activity, phasing of maintenance activities and provisions.
    • A one-off deferred tax benefit is expected to have a positive impact on Adjusted Earnings of around $100 million, no cash impact is expected in the third quarter.
    • Working capital movements are typically impacted by movements between the quarter opening and closing price of crude along with changes in inventory volume. Inventory volumes are expected to be lower compared with the end of the second quarter 2020, impacting working capital positively.

    CHEMICALS

    Seite 1 von 4


    globenewswire
    0 Follower
    Autor folgen

    Verfasst von globenewswire
    Shell third quarter 2020 update note The Hague, September 30, 2020 − This is an update to the third quarter 2020 outlook provided in the second quarter results announcement on July 30, 2020. The impacts presented here may vary from the actual results and are subject to finalisation of …

    Schreibe Deinen Kommentar

    Disclaimer