Shell Strikes Confident Pose as Rocky Year for Oil Looms
Attachment: Shell US 0123
January 10, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Shell plc (NYSE:SHEL) (London, England) is brushing off recent problems at its liquefied natural gas (LNG) business, projecting "significantly higher" profits from its gas-trading unit for the fourth quarter of 2022. But the company, like its peers, is bracing for an unpredictable 2023, following a collapse in crude oil prices and a host of challenges such as Russia's ongoing war on Ukraine and China's roiling economic outlook.
Industrial Info is tracking about $110 billion worth of active projects from Shell worldwide--including about $21 billion in the U.S., more than $5 billion of which is under construction. Shell executives noted that the company's strong outlook for its global upstream business defies a longer-than-expected outage at its Prelude floating LNG (FLNG) project in Australia, where it has experienced a series of operational issues.
Other companies featured: Chevron Corporation (NYSE:CVX)
