The following is an update to the second quarter 2022 outlook. Impacts presented may vary from the actual results and are subject to finalisation of the second quarter 2022 results, published on July 28, 2022. Unless otherwise indicated, all outlook statements exclude identified items.
This update note follows the new reporting segmentation implemented at the first quarter 2022 results. For further details around the new reporting segmentation and the enhanced disclosures for our Growth businesses refer to
http://www.shell.com/investors/results- ... 22/q1-2022.
Consensus collection will follow the new reporting segmentation format.
Integrated Gas
Adjusted EBITDA
Production is expected to be between 930 and 980 thousand barrels of oil equivalent per day.
LNG liquefaction volumes are expected to be between 7.4 and 8.0 million tonnes, reflecting the derecognition of Sakhalin related volumes.
Trading and optimisation results for Integrated Gas are expected to be lower compared to the first quarter 2022, which had exceptional trading optimisation opportunities.
Sakhalin results derecognition is expected to have a negative impact of $300 to $350 million.
Underlying Opex is expected to be between $1.1 and $1.3 billion.
Additionally one-off charges of around $200 million are expected including well write offs, provisions and commercial settlements.
Adjusted Earnings
Pre-tax depreciation is expected to be between $1.3 and $1.5 billion.
Taxation charge is expected to be between $1.2 and $1.5 billion.
Upstream
Adjusted EBITDA
Production is expected to be between 1,850 and 1,950 thousand barrels of oil equivalent per day, reflecting higher scheduled maintenance.
Underlying Opex is expected to be between $2.4 and $2.8 billion.
The share of profit of joint ventures and associates is expected to include a gain between $500 and $700 million relating to portfolio, storage and working gas transfer effects.
Adjusted Earnings
Pre-tax depreciation is expected to be between $2.9 and $3.3 billion.
Taxation charge is expected to be between $2.8 and $3.4 billion.