Shell expects the trading results in its Integrated Gas division to be lower in the first quarter of 2024 compared to an exceptionally strong fourth quarter of 2023, the UK-based supermajor said in an earnings preview on Friday. The trading and optimization results in Integrated Gas “are expected to be strong, but significantly lower than an exceptional Q4’23,” the company said ahead of the results release on May 2.
Even the chemicals and products segment, for which Shell had anticipated a loss for Q4, posted a surprise profit. Full-year 2023 earnings stood at $28.25 billion. Despite lower annual income for 2023 compared to its record-high profit of 2022, Shell raised its quarterly dividend and announced a new share buyback after beating consensus estimates for the fourth quarter and full year. Shell earned $2.