0746 GMT - Shell's first-quarter update is constructive, given continued strong gas trading and a seasonal uptick in oil trading results, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. The analysts note that Shell had highlighted that prior gas hedges would be a $200 million-$300 million headwind on quarter, but it appears that gas trading results have absorbed this. Overall, RBC continues to see upside to consensus cash flow estimates, although there could be modest downgrades to consensus earnings estimates on the back of higher upstream tax guidance. "Given some soft commentary around integrated gas trading at recent results, we think the update may provide some relief around potential downgrades to estimates for 2025, and points to continued delivery at Shell." Shares fall 7.1%. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 07, 2025 03:46 ET (07:46 GMT)
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