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Shell Releases Third Quarter 2022 Corporate Update

The following is an update to the third quarter 2022 outlook. Impacts presented may vary from the actual third quarter 2022 results and are subject to finalisation of those results, which will be published on October 27, 2022. Unless otherwise indicated, all outlook statements exclude identified items.

Integrated Gas

Adjusted EBITDA

  • Production is expected to be between 890 and 940 thousand barrels of oil equivalent per day.
  • LNG liquefaction volumes are expected to be between 6.9 and 7.5 million tonnes.
  • Trading and optimisation results for Integrated Gas are expected to be significantly lower compared to the second quarter 2022 as a result of seasonality and substantial differences between paper and physical realisation in a volatile and dislocated market.
  • Underlying Opex is expected to be between $1.1 and $1.3 billion.

Adjusted Earnings

  • Pre-tax depreciation is expected to be between $1.3 and $1.7 billion.
  • Taxation charge is expected to be between $1.3 and $1.6 billion.

Upstream

Adjusted EBITDA

Production is expected to be between 1,750 and 1,850 thousand barrels of oil equivalent per day.

Underlying Opex is expected to be between $2.5 and $2.9 billion.

The share of profit of joint ventures and associates is expected to include a gain between $0.5 and $0.7 billion relating to storage transfer effects.

Adjusted EBITDA is also expected to include non-cash one-off gains between $0.8 and $1.0 billion.

Adjusted Earnings

  • Pre-tax depreciation is expected to be between $3.0 and $3.4 billion.
  • Taxation charge is expected to be between $3.4 and $4.0 billion, which includes a one-off release of non-cash tax provision of approximately $0.3 billion.
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