Shell on Monday said it lowered its first-quarter integrated gas production estimate, citing a hit to volumes from unplanned maintenance.
The London-based energy giant said gas production would be between 910,000 and 950,000 barrels of oil equivalent a day, “impacted by unplanned maintenance, including in Australia.”
The new outlook comes as the company and its rival BP cut back investments in renewable energy and ramp up their focus on fossil fuels.
Shell (SHEL) on Monday said it lowered its first-quarter integrated gas production estimate, citing a hit to volumes from unplanned maintenance.
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The London-based energy giant said Monday that gas production in the first quarter would be between 910,000 and 950,000 barrels of oil equivalent a day, “impacted by unplanned maintenance, including in Australia.” It had previously projected 930,000 to 990,000 barrels per day.
Shell also cut its forecast for first-quarter liquefied natural gas liquefaction volumes to between 6.4 million and 6.8 million metric tons, from 6.6 million to 7.2 million metric tons previously.
The new outlook comes as the company and rival BP (BP) cut back investments in renewable energy and ramp up their focus on fossil fuels. Shell said in March it is planning to grow its upstream and integrated gas business by 1% annually through 2030, a month after rival BP (BP) announced it would invest more in oil and gas, in a pivot away from its low-carbon strategy.
