Shell expects $200m earnings hit from Texas winter storm

  • Apr 07, 2021
  • Stock Market Wire

Shell expects $200m earnings hit from Texas winter storm StockMarketWire.com - Oil company Royal Dutch Shell said it expected a winter storm in Texas to wipe up to $200 million from its adjusted first-quarter earnings.

Upstream production was expected to be between 2.40 million and 2.48 million thousand barrels of oil equivalent per day, including 10,000-to-20,000 barrels per day lower production due to the Texas winter storm.

Upstream adjusted earnings, however, were expected to be positive, 'capturing the upside from the current commodity price environment', Shell said.

Integrated gas production was expected to be between 920,000 and 960,000 barrels of oil equivalent per day and LNG volumes between 7.8 million and 8.4 million tonnes.

Refining indicative margin was around $2.60 per barrel, slightly improved from $1.60 in the fourth quarter 2020.

Oil product sales volumes were expected to be between 3.7 million and 4.7 million barrels per day.

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