Shell Eyes Higher Q4 Upstream; Refining Margins Rise


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) - Shell expects its fourth quarter upstream production to 
have ranged between 1.84 million and 1.94 million barrels of oil equivalent per 
day, up from 1.83 million boepd in the third quarter, the Anglo Dutch energy 
major said in an outlook issued Thursday (1/8).

   Adjusted earnings for the upstream segment are projected at between $2.3 
billion and $3.1 billion, benefiting from higher production levels and lower 
overall operating expenses during the period, Shell added.

   Refinery utilization for the fourth quarter is seen ranging from 93% to 97%, 
down from 96% in the third quarter, while indicative refining margin rose from 
$12 bbl to $14 bbl. Integrated gas production, meanwhile, is estimated at 
930,000 to 970,000 boepd from 934,000 in the third quarter, Shell said.




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