Shell strengthens it LNG position
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壳牌 has claimed that it had further strengthened its leadership position in LNG, which was revelaed in the UK energy major’s second quarter results.
Driving this claim was an agreement to acquire Singapore’s Pavilion Energy , a partnership in the ADNOC Group Ruwais LNG project in Abu Dhabi, and taking a final investment decision (FID) on the Manatee backfill project in Trinidad and Tobago.?
Shell also said that it had enhanced its upstream portfolio with a focus on cash flow longevity by taking FID on Atapu-2 in Brazil.
"Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 bill of structural cost reductions since 2022.?
“We have also announced a further $3.5 bill buyback programme for the next three months. We continue to demonstrate that we are delivering more value with less emissions," Shell CEO, Wael Sawan said.?
Looking at its Integrated Gas division, Shell reported adjusted earnings of $2.68 bill, out of a total of $6.3 bill; an adjusted EBITDA of 5.04 bill, out of $16.81 bill and a CFFO of $4.18 bill, out of a total of $13.51 bill.?
Total LNG liquefaction volumes were 6.9 mill tonnes in 2Q24, compared to 7.6 mill tonnes in the previous quarter, while the 3Q24 outlook was between 6.8 and 7.4 mill tonnes, it said in its results presentation.