Shell sees FY24 capital expenditures below $22B

The company said, “Cash capital expenditure for full year 2024 is expected to be below $22 billion. Integrated Gas production is expected to be approximately 900 – 960 thousand boe/d. Fourth quarter 2024 outlook reflects scheduled maintenance at Pearl GTL in Qatar. LNG liquefaction volumes are expected to be approximately 6.9 – 7.5 million tonnes. Upstream production is expected to be approximately 1,750 – 1,950 thousand boe/d. Marketing sales volumes are expected to be approximately 2,550 – 3,050 thousand b/d. Refinery utilisation is expected to be approximately 75% – 83%. Chemicals manufacturing plant utilisation is expected to be approximately 72% – 80%. In the fourth quarter 2023, Corporate Adjusted Earnings were a net expense of $609 million. Corporate Adjusted Earnings are expected to be a net expense of approximately $600M-$800M in the fourth quarter 2024.”