Shell plc (NYSE: SHEL) reported Q1 EPS of $1.39, $0.70 worse than the analyst estimate of $2.09. Revenue for the quarter came in at $86.96 billion versus the consensus estimate of $78.99 billion.

OUTLOOK FOR THE 2Q 2023

Cash capital expenditure is expected to be within the $23 - 27 billion range for the full year. Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4 million tonnes.

Upstream production is expected to be approximately 1,600 - 1,800 thousand boe/d. Marketing sales volumes are expected to be approximately 2,350 - 2,850 thousand b/d.

Refinery utilisation is expected to be approximately 85% - 93%. Chemicals manufacturing plant utilisation is expected to be approximately 62% - 70%, reflecting ongoing economic optimisation due to the continuing low-margin environment and a slower than expected ramp-up of Shell Polymers Monaca.

Corporate Adjusted Earnings are expected to be a net expense of approximately $400 - $600 million in the second quarter 2023 and a net expense of approximately $2,200 - $2,600 million for the full year 2023. This excludes the impact of currency exchange rate effects.

For earnings history and earnings-related data on Shell plc (SHEL) click here.