Shell third quarter 2024 update note

Core Insights - The company provides an updated outlook for Q3 2024, with expectations for various segments including Integrated Gas, Upstream, Marketing, Chemicals, and Renewables [1][2][3][4][5]. Integrated Gas - Adjusted EBITDA is projected with production between 920 - 960 kboe/d and LNG liquefaction volumes of 7.3 - 7.7 million tonnes [1]. - Underlying operating expenses (opex) are expected to be in the range of 1.1 - 1.3 billion [1]. Upstream - Adjusted EBITDA is anticipated with production between 1,740 - 1,840 kboe/d [2]. - Underlying opex is forecasted to be between 1.9 - 2.5 billion [2]. - Pre-tax depreciation is expected to be in the range of 2.3 - 2.9 billion, with a taxation charge of 2.0 - 2.8 billion [2]. Marketing - Adjusted EBITDA is projected with sales volumes between 2,750 - 3,150 kb/d [3]. - Underlying opex is expected to be in the range of 2.5 - 2.9 billion [3]. - Pre-tax depreciation is forecasted to be between 0.4 - 0.8 billion, with a taxation charge of 0.2 - 0.5 billion [3]. Chemicals and Products - The indicative refining margin is expected to be $5.5 per barrel [4]. - The chemicals sub-segment is projected to reflect a marginal loss in Q3 2024, with an indicative chemicals margin of $164 per tonne [5]. - Refinery utilization is expected to be between 79% - 83%, while chemicals utilization is forecasted at 73% - 77% [5]. Renewables and Energy Solutions - Adjusted earnings are expected to be in the range of (0.4) - 0.2 billion [5]. Corporate - Adjusted earnings are projected to be between (0.7) - (0.5) billion [5]. Cash Flow from Operations - Cash flow from operations (CFFO) is expected with tax paid in the range of 2.5 - 3.3 billion, derivative movements between (2) - 2 billion, and working capital ranging from 0 - 4 billion [6]. Guidance and Consensus - The 'Quarterly Databook' contains guidance on indicative refining and chemicals margins, with consensus for quarterly adjusted earnings and EBITDA expected to be published on October 23, 2024 [7].