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Shell Integrated Gas Production Tumbles in Q2

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Shell (SHEL) produced an average of 631,000 barrels of oil equivalent per day of integrated natural gas in Q2, down about a third from Q1 output of 909,000 bpd prior to the start of conflict in the Middle East, it said on Thursday.

The company's outlook for Q3 production is for similar to lower output of 570,000 to 630,000 boe/d.

Natural gas liquefaction volumes were more stable at 7.7 million metric tons, down slightly from 7.9 million in Q1, with an outlook for 7.1 to 7.7 Mmt in Q3.

Liquids production in Q2 was 1.37 million boe/d, rising from 1.35 mmboe/d in Q1.

Natural gas production fell to 2.65 billion standard cubic feet per day, down from Q1's 2.88 billion.

Total production was 1.82 million barrels of oil per day in Q2, down from 1.84 million in Q1. The outlook for Q3 is for 1.68 million to 1.88 million barrels of oil equivalent per day.

Refinery utilization rose to 102% in Q2, up from 99% in Q1, the earnings update said, as the company sought to capitalize in a surge in refining margins.

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