Overview
- Shell forecast Q2 trading and optimization contributions to be significantly lower than in Q1 due to geopolitical volatility.
- It trimmed integrated natural gas output guidance to 900,000–940,000 boe/d and cut its LNG forecast to 6.4–6.8 million metric tons for April to June.
- Scheduled maintenance and the sale of its Nigerian subsidiary led to a revised upstream oil guidance of 1.66–1.76 million barrels per day.
- The company formally ruled out any takeover bid for BP, activating a six-month prohibition under UK takeover rules.
- CEO Wael Sawan’s strategy of cost cutting and asset sales now faces added pressure as volatile markets challenge the trading unit that has long underpinned profits.