Unveiling its Q1 results on 30 April, Shell announced not just that it was cutting its dividend for the first time in 80 years but also an expected slump in production of up to 30% in Q2 alone. Of the expected fall “roughly speaking, 40% of it is Opec[-plus] related, 40% of it is shut-in related and 20% of it is economics related across the portfolio,” CFO Jessica Uhl says.
The firm’s overall output was 3.72mn boe/d in Q1, of which 1.95mn b/d liquids. But the outlook is “highly uncertain,” with Shell guiding a slump to just 2.59-3.14mn boe/d for Q2, down 16-30%. (CONTINUED - 1227 WORDS)
