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Shell release fourth quarter 2023 update note

The following is an update to the fourth quarter 2023 outlook and gives an overview of our current expectations for the fourth quarter. Outlooks presented may vary from the actual fourth quarter 2023 results and are subject to finalisation of those results, which are scheduled to be published on February 1, 2024. Unless otherwise indicated, all outlook statements exclude identified items.


Integrated Gas
$ billions Q4’23 Outlook Adjusted EBITDA:
Production (kboe/d) 880 – 920
LNG liquefaction volumes (MT) 6.9 – 7.3
Underlying opex 1.1 – 1.3
Adjusted Earnings:
Pre-tax depreciation 1.3 – 1.7
Taxation charge 0.9 – 1.2
Other Considerations:
Trading & Optimisation is expected to be significantly higher than Q3’23 due to seasonality and increased optimisation opportunities.

The share of profit / (loss) of joint ventures and associates in Q4’23 is expected to be ~$0.2 billion. Q4’23 exploration well-write offs are expected to be ~$0.2 billion.


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