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Shell initiates quarterly outlook, sees higher Q3 LNG output

Royal Dutch Shell on Monday introduced a quarterly outlook, forecasting higher liquefied natural gas output and charges of up to $850 million for the third quarter.

Chief Financial Officer Jessica Uhl said that after discussions with investors, the Anglo-Dutch energy company would release outlooks ahead of quarterly results “to enhance disclosures and increase transparency”.

The company reports third-quarter results on Oct. 31.

Shell in August said its second-quarter profit slumped to a 30-month low on weaker gas prices and refining margins, denting a steady recovery in recent years.

For the third quarter, Shell said:

* LNG production in the third quarter is expected to be between 930,000 and 960,000 barrels of oil equivalent per day (boed). Prodution in Q3 2018 was 924,000 boed

* Oil and gas production is expected to be between 2.600 and 2.65 million boed. Production in Q3 2018 was 2.672 million boed

* It sees refinery availability between 90% and 92%

* Oil Products sales volumes is expected to be between 6.7 and 7.35 million barrels per day

* Corporate earnings excluding identified items are expected to be a net charge between $700 to 850 million, excluding the impact of currency exchange rates
Source: Reuters (Reporting by Muvija M in Bengaluru and Ron Bousso in London; Editing by Clarence Fernandez and Aditya Soni)

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