Royal Dutch Shell has said it will continue its $ 7 billion share repurchase program after “gradually” selling the US shale company as liquefied natural gas (LNG) production was hit again by unplanned outages.
According to Reuters, fuel sales were also hit by the slowdown in global economic activity due to the spread of the Omicron variant, Shell said in a trade briefing on Friday in anticipation of its quarterly results on February 3.
Shell, the world’s largest liquefied natural gas (LNG) trader, said production and liquefaction volumes were affected in the fourth quarter by unscheduled maintenance, mainly in Australia, where the giant cruise ship Prelude LNG was hit by a power outage.
LNG liquefaction volumes are expected to range between 7.7 and 8.3 million tonnes, well below the top of 9.2 million tonnes in the fourth quarter of 2019, Shell said.
However, Shell’s LNG trading results in the fourth quarter of 2021 will be “significantly higher” compared to the third quarter, according to the company.
Gas and electricity prices around the world have skyrocketed since the middle of last year due to limited gas reserves and higher demand as economies recover from the COVID-19 pandemic.
European benchmark gas and Asian LNG prices hit record highs in the fourth quarter.
Shell will relocate its headquarters from The Hague to London later this month, a move that has been well received by the company’s shareholders. plan to simplify its structure and relocate its tax residence from the Netherlands.
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Source From: Capital
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