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    SHEL   GB00BP6MXD84

SHELL PLC

(SHEL)
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Delayed London Stock Exchange  -  11:35 2022-08-18 am EDT
2217.50 GBX   +1.63%
08/18Shell Lowers German Refinery Output Amid Low Water Level At Rhine River
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08/18Shell cuts output at German Rhineland refinery due to drought
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Shell Upgrades Asset Values on Energy-Price Rise -- Update

07/07/2022 | 03:31am EDT

By Joe Hoppe


Shell PLC said Thursday that it would reverse previous impairments of up to $4.5 billion to its upstream and integrated gas assets in the second quarter after it raised its energy-prices outlook.

The oil major said it had raised its mid- and long-term oil and gas commodity prices outlook in the second quarter to reflect the current macroeconomic environment as well as updated energy-market demand and supply fundamentals.

The company also said it expects its integrated gas production to be between 930,000 and 980,000 barrels of oil equivalent a day, and liquid natural gas liquefaction volumes to be between 7.4 million and 8.0 million metric tons. Its trading and optimization result for integrated gas is expected to slip on-quarter in the second quarter.

The company expects to report a hit of $300 million to $350 million following the derecognition of its Sakhalin assets in Russia, after a presidential decree in that country changed the ownership structure of the project.

Shell further expects one-off charges of around $200 million in the second quarter to its integrated gas assets, including well write-offs, provisions and commercial settlements.

Production in its upstream assets are expected to be between 1.85 billion and 1.95 billion barrels of oil equivalent per day, reflecting higher scheduled maintenance.

Second-quarter marketing earnings are expected to rise on-quarter, to be in-line compared with the second quarter of 2021.

The company expects its chemicals and products division's trading and optimization results to be strong in the second quarter, though to be lower than the first quarter.

Improvements to the refining margin--which rose to $28.04 a barrel from $10.23 a barrel in the first quarter--are expected to add between $800 million and $1.2 billion to the second-quarter results when compared to the first quarter of 2022.

The renewables-and-energy solutions division expects to post second-quarter earnings of $400 million to $900 million, benefiting from higher trading and optimization margins.

Shares at 0708 GMT were up 44.8 pence, or 2.3% at 2,019.0 pence.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

07-07-22 0330ET

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.58% 96.13 Delayed Quote.18.90%
S&P GSCI NATURAL GAS INDEX -0.37% 427.7555 Real-time Quote.147.40%
SHELL PLC 1.63% 2217.5 Delayed Quote.36.73%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.94% 59.4168 Delayed Quote.-19.31%
WTI -0.68% 90.147 Delayed Quote.15.49%
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Analyst Recommendations on SHELL PLC
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Financials (USD)
Sales 2022 395 B - -
Net income 2022 41 807 M - -
Net Debt 2022 36 817 M - -
P/E ratio 2022 4,69x
Yield 2022 3,76%
Capitalization 195 B 195 B -
EV / Sales 2022 0,59x
EV / Sales 2023 0,59x
Nbr of Employees 82 000
Free-Float 99,9%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 26,62 $
Average target price 33,75 $
Spread / Average Target 26,8%
EPS Revisions
Managers and Directors
Bernardus Cornelis Adriana Margriet van Beurden Vice President-Manufacturing Excellence
Sinead Gorman Chief Financial Officer & Director
Andrew Stewart Mackenzie Chairman
Harry Brekelmans Director-Technology & Projects
Yiu Kiang Goh Deputy Chairman
Sector and Competitors
1st jan.Capi. (M$)
SHELL PLC36.73%192 470
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EQUINOR ASA54.64%119 941
PETROBRAS15.15%87 954