Shell sees stronger LNG volumes and oil product performance in Q1

(Reuters) -Shell expects higher liquefied natural gas (LNG) output in the first quarter after outages at its Australian plants last year as well as stable earnings from LNG trading, it said on Thursday.

Shell, which recorded a record $40 billion profit last year, said In an update ahead of results due on May 4 that it expected first-quarter liquefaction volumes of 7 to 7.4 million tonnes, up from 6.8 million tonnes in the previous quarter.

Its oil products division also likely boosted earnings through a “significantly higher” trading performance, the world’s biggest fuel retailer said.

It expects to have paid between $2.6 and $3.4 billion in tax for the first quarter, down from $4.4 billion.

Its renewables unit is set to contribute $100 to $700 million to adjusted earnings, compared with $300 million in the last quarter of 2022.

(Reporting by Shadia Nasralla in London and Yadarisa Shabong in Bengaluru; editing by Savio D’Souza and Jason Neely)