Louis Goss is a MarketWatch reporter based in London.
Energy giant Shell on Friday said it expects to see earnings from its natural gas business to rebound in the third quarter following a disappointing set of results in the second quarter.
Lower gas prices saw earnings from Shell’s integrated gas segment fall from $2.4 billion in the first quarter to $754 million, following a bumper year for the energy giant in 2022 caused by soaring fuel prices related to the global bounce back from Covid and the war in Ukraine. The London-listed firm, which was first formed in 1907, told investors it is set to produce between 6.6 and 7.0 million metric tons of LNG in the third quarter, compared to 7.17 million tons of the liquified fuel in the second quarter.The FTSE 100 company UK:UKX said the lower production figures are the result of scheduled maintenance in its Trinidad and Tobago operations and at its Prelude floating LNG facility off Australia’s west coast, which has capacity to produce 3.
The Anglo-Dutch oil major’s positive forecast comes as the Wall Street Journal on Friday reported that Shell’s American rival, Exxon Mobil XOM, -2.25%, is closing in on a deal to take over Texan oil and gas company Pioneer Natural Resources for sums of around $60 billion.
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