0822 GMT - Shell's first-quarter trading update confirms Jefferies' view that consensus earnings face around 10% downside, mainly driven by lower integrated gas volumes and taxes in upstream. Shell lowered its liquefaction guidance to 6.4 million-6.8 million tons from 6.6 million-7.2 million tons, below consensus at 7.0 million tons. Production guidance was cut to 910,000-950,000 barrels of oil equivalent against consensus at 946,000 barrels. The sequential improvement in oil trading should bring chemicals and products earnings back in the black, after Shell said first quarter trading in the unit will be significantly higher on quarter, Jefferies says. In the upstream business, tax guidance of $2.4 billion-$3.2 billion is higher than the $2.3 billion expected by Jefferies. Shares fall 7.0%. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 07, 2025 04:22 ET (08:22 GMT)
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