Shell PLC (LSE:SHEL, NYSE:SHEL) shares fell 2% to 2,570p in early trading on Wednesday after it trimmed the fourth-quarter outlook for its gas division and said earnings for its chemicals and marketing arms would be "significantly lower".
Ahead of full quarterly results that are set to be finalised by January 30, the oil supermajor set out headline numbers for each division, including production and adjusted earnings.
Integrated Gas production is expected to decline due to maintenance at the Pearl Gas to Liquids plant in Qatar and reduced liquid natural gas volumes, with adjusted earnings expected to be in a range of $1.2-1.6 billion compared to $1.4 billion in the third quarter.
Within IG, results from the trading & optimisation arm are expected to be "significantly lower" in the fourth quarter, driven by a non-cash impact of expiring hedging contracts.
For the fourth quarter, exploration well write-offs are expected to be worth around $0.3 billion.
Upstream production is forecast to be between 1,790 and 1,890 kboe/d compared to 1,811 kboe/d in the prior quarter, with earnings expected to be between $2.4-3.1 billion, compared to $2.7 billion last time.
Marketing and Chemcals earnings are both expected to be lower in Q4 "reflecting seasonality".
Renewables and Energy Solutions EBITDA is expected to see the loss widen, with a range of $0.1-0.6 billion compared to a $0.2 billion loss in Q3.
** Update: Adds share price **