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- May 14, 2025 4:49 am
- California
July 8, 2022: -On Thursday, Shell said it would reverse up to $4.5 billion in writedowns on oil and gas assets after it increased its energy prices outlook after Russia invaded Ukraine.
In an update before second-quarter results on July 28, Shell said its refining margins almost tripled; it is boosting by recovering global demand from the pandemic, a lack of refining capacity, and lower fuel exports from Russia.
Shell added that the earnings from oil and refined products that trade were expected to be strong in the quarter but less than the first quarter of 2022.
Shell’s indicative refining margin increased in the second quarter to $28.04 for each barrel from $10.23 a barrel in the initial quarter and $4.17 for a year.
Oil and gas prices increased in the quarter, with benchmark Brent crude averaging nearly $114 a barrel.
“In the second quarter of 2022, Shell has revised its mid and long-term oil and gas commodity prices reflecting the present macroeconomic environment and updated energy market demand and supply fundamentals,” it added.
Shell increased it is assuming the price for Brent to $80 a barrel in 2023, up from $60 in its 2021 annual report.
For 2024 and 2025, the Brent price surged to $70 a barrel compared with $60. The long-term price was $65, which compared with $63.
Shell said it finished its $8.5 billion share buyback program during the second quarter.
The company said it expects to increase returns to shareholders in the form of dividends and share buybacks in the next “in excess” of its current target of 30% of cash from processes.
Shell’s oil and gas production is expected to be up to 2.93 million barrels of oil equivalent for each day in the quarter, its lesser one in at least seven years, because of the high field maintenance.
Shell, the world’s biggest trader of liquefied natural gas, said its quarterly LNG production was expected to be 7.4 to 8 million tonnes.
The figure says the removal of LNG volumes from the Sakhalin-2 plant in eastern Russia, where Shell left.
In the previous week, Shell’s bigger rival Exxon Mobil signaled that fuel and crude sales skyrocketing margins could yield a record quarterly profit.
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