Shell plc (NYSE:SHEL) shares are trading higher premarket today. The British energy company updated its operational outlook for the third quarter of FY24.
Outlook Revised: For Integrated Gas, the company updated the production outlook to 920 – 960 (from 920 – 980 thousand boe/d expected earlier) and LNG liquefaction volumes to 7.3 – 7.7 MT (vs. 6.8 – 7.4 MT prior).
The outlook reflects that Trading and optimization results are expected to be in line with the second-quarter FY24.
For Upstream, Shell raised production guidance to 1,740 – 1,840 thousand boe/d earlier (from 1,580 – 1,780 thousand boe/d earlier), with shares of profit / (loss) of joint ventures and associates expected to be ~$0.1 billion and exploration well-write offs projected to be ~$0.1 billion.
Also Read: Shell, TotalEnergies, Equinor Complete Carbon Storage Project: Exec Says Joint Venture Plays 'Vital' Environmental Role
For Marketing, the company tightened the outlook for sales volume guidance, with the revised range at 2,750 – 3,150 thousand b/d (vs. 2,700 – 3,200 projected earlier).
For Chemicals & Products, Shell currently sees refinery utilization of 79% – 83% (vs. 83% – 91% earlier) and Chemicals utilization of 73% – 77% (vs. 73% – 81% prior).
In August, Shell reported second-quarter FY24 revenue of $74.46 billion, beating consensus of $61.33 billion. Adjusted earnings per ADS of $1.98 beat the consensus of $1.82.
Investors can gain exposure to Shell via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and VanEck Natural Resources ETF (NYSE:HAP).
Price Action: SHEL shares are up 1.01% at $69.20 premarket at the last check Monday.
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