Shell forecasts Q3 integrated gas production at 740,000-780,000 boe/d

Shell forecast Integrated Gas production of 740,000-780,000 boe/d, compared with 631,000 boe/d in Q2. LNG liquefaction volumes are expected at 7-8 million tonnes, versus 8 million tonnes in Q2, and underlying operating costs are forecast at $1.3-$1.5 billion. Upstream production is expected at 1,735,000-1,835,000 boe/d, while exploration well write-offs are expected to be about $0.3 billion. The indicative refining margin is forecast at $42 per barrel, against $24 per barrel, with refinery utilization of 93%-97%; group tax paid is expected at $3.1-$3.9 billion and working capital movement at minus $4 billion to $1 billion.