Shell announced this in its second-quarter update note on Monday, but it did not provide further details.
The company’s integrated gas segment reported adjusted earnings of about $2.48 billion in the first quarter of this year.
This compares to $3.68 billion in the same period in 2024 and $2.16 billion in the prior quarter.
Overall, Shell’s adjusted earnings reached $5.58 billion in the first quarter, down compared to $7.73 billion in the comparable quarter last year.
Liquefaction volumes
Shell also said in the quarterly update that it expects liquefaction volumes to reach 6.4 – 6.8 million tonnes in the second quarter.
The company previously expected liquefaction volumes to reach 6.3 – 6.9 million tonnes in the second quarter.
Shell’s liquefaction volumes of 6.60 million tonnes in the first quarter were 6 percent lower than in the prior quarter and down 12.9 percent compared to 7.58 million tonnes in the first quarter of 2024.
First-quarter liquefaction volumes decreased by 6 percent compared to the prior quarter mainly due to unplanned maintenance and weather constraints in Australia.
It is worth mentioning here that Shell and its partners just sent the first cargo produced at the giant LNG Canada terminal. The partners are also preparing to ship the second cargo.
Gas production
Shell expects integrated gas production to reach 900–940 kboe/d in the first quarter, while upstream production is expected to be at 1,660-1,760 kboe/d.
The company previously expected gas production to be between 890 – 950 kboe/d and upstream production to be between 1,560 – 1,760 kboe/d.
Shell said the new upstream production outlook reflects scheduled maintenance and the completed sale of SPDC in Nigeria.
The company’s results are scheduled for publication on July 31, 2025.
