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The Fund normally invests at least 80 percent of its total assets in securities that comprise the Funds benchmark index. The Natural Resources Index is a global index that tracks the performance of Natural Resources Companies. Natural Resources Companies are companies principally engaged in activities related to raw materials and commodities, including metals, energy sources and agricultural products, together natural resources activities. To be initially eligible for inclusion in the Index, a company must generate at least 50 percent of their revenue from natural resources activities or have mining projects with the potential to generate at least 50 percent of its revenue from natural resources activities when developed and must have a market capitalization of greater than dollar 500 million. The Index selects Natural Resources Companies from the following sub-themes: agriculture, energy, renewable energy, industrial metals, precious metals, and forest and paper products. These sub-themes are subject to change at the discretion of MarketVector Indexes GmbH (the Index Provider or MarketVector). The Index is weighted by modified market capitalization and is published by the Index Provider, an indirectly wholly owned subsidiary of the Adviser. The Index is currently reconstituted semi-annually and rebalanced quarterly.

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Shell e PetroChina lanciano la fase 2 del progetto Surat Gas, aumentando la produzione e supportando la domanda di gas in Australia.

Shell e PetroChina avviano la fase 2 del progetto Surat Gas in Australia

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Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher premarket today. The British energy company updated its operational&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41200551/shell-third-quarter-2024-update-note" rel="noreferrer noopener">outlook&nbsp;for the&nbsp;third quarter&nbsp;of FY24</a>.
Outlook&nbsp;Revised:&nbsp;For Integrated Gas, the company updated the production&nbsp;outlook&nbsp;to 920 &#8211; 960 (from 920 – 980 thousand boe/d expected earlier) and LNG liquefaction volumes to 7.3 &#8211; 7.7 MT (<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40089887/shell-plc-publishes-second-quarter-2024-press-release" rel="noreferrer noopener">vs. 6.8 &#8211; 7.4 MT prior</a>).
The&nbsp;outlook&nbsp;reflects that Trading and optimization results are expected to be in line <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">with&nbsp;the second-quarter&nbsp;FY24</a>.
For Upstream, Shell raised production&nbsp;guidance&nbsp;to 1,740 &#8211; 1,840 thousand boe/d earlier (from 1,580 – 1,780 thousand boe/d earlier), with shares of profit / (loss) of joint ventures and associates expected to be ~$0.1 billion&nbsp;and exploration well-write offs projected to be ~$0.1 billion.
Also Read: <a target="_blank" href="https://www.benzinga.com//node/41050216" rel="noreferrer noopener">Shell, TotalEnergies, Equinor Complete Carbon Storage Project: Exec Says Joint Venture Plays &#8216;Vital&#8217; Environmental Role</a>
For Marketing, the company tightened the outlook for sales volume&nbsp;guidance, with the revised range at 2,750 &#8211; 3,150 thousand b/d (vs. 2,700 &#8211; 3,200 projected earlier).
For Chemicals &amp; Products, Shell currently sees refinery utilization of&nbsp;79% &#8211; 83%&nbsp;(vs.&nbsp;83% &#8211; 91%&nbsp;earlier) and Chemicals utilization of&nbsp;73% &#8211; 77%&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40098587/shells-mixed-bag-q2-revenue-beats-expectations-but-profit-and-production-decline-sequentially" rel="noreferrer noopener">(vs.&nbsp;73% &#8211; 81%&nbsp;prior)</a>.
In August, Shell reported second-quarter FY24 revenue of $74.46 billion, beating consensus of $61.33 billion. Adjusted earnings per ADS of $1.98 beat the consensus of $1.82.
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 1.01% at $69.20 premarket at the last check Monday.
Image by siam.pukkato via Shutterstock
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</ul>

Guidance

First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF

EIPX

Shell Raises Q3 Upstream Production Outlook, Revises Integrated Gas Guidance

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) disclosed yesterday that it is closely monitoring Tropical Disturbance 35 for potential impacts on its Gulf of Mexico operations.
Hence, as a <a href="https://www.shell.us/media/us-storm-center/shell-us-storm-updates/2024-storm-updates/storm-center-disturbance-35-update-1.html" target="_blank" rel="noreferrer noopener">precaution</a>, the company plans to shut down production at the Stones and Appomattox fields.
Also, the company will evacuate non-essential personnel from the Mars Corridor.
Shell stated that it is in process of pausing some drilling operations safely, with no current impact on other production across the Gulf of Mexico.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40822108/hurricane-francine-approaches-louisiana-coast-may-become-category-2-storm" rel="noreferrer noopener">Hurricane Francine Approaches Louisiana Coast With Category 2 Storm Potential, Local Oil Refineries Cut Production</a>
As per Reuters, the U.S. National Hurricane Center reported that the system near the Gulf of Mexico has a 50% chance of developing into a cyclone within the next 48 hours.
Last month, Shell reportedly planned a 20% cut in its oil and gas <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40633899/shell-considers-job-cuts-in-oil-and-gas-workforce-report" rel="noreferrer noopener">workforce to extend cost-saving measures</a>.
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 0.93% at $69.36 at the last check Monday.
Image by siam.pukkato via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40845329/energy-companies-sustain-minimal-damages-as-hurricane-francine-weakens-inland" target="_blank" rel="noreferrer noopener">Energy Companies Sustain Minimal Damages As Hurricane Francine Weakens Inland</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

Shell Braces For Tropical Storm 35: Prepares Major Gulf Of Mexico Oil Fields For Shut Down

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) is reportedly facing claims from Nigerian communities for 505 billion naira ($310 million) in damages.
The communities are alleging that the company violated a court order by agreeing to sell its onshore assets in the Niger Delta, reported Reuters.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38299595/shell-defends-climate-goals-rejects-shareholder-resolution-as-damaging" rel="noreferrer noopener">Shell Defends Climate Goals, Rejects Shareholder Resolution As Damaging</a>
However, over 1,200 representatives from Ilaje communities in the Niger Delta have petitioned the Federal High Court in Abuja to halt the deal, arguing that Shell is violating a December 2023 ruling that suspended any asset sales until a compensation lawsuit is resolved.
The community has a pending lawsuit against Shell, accusing the company of causing an oil spill that damaged waterways and farms.
In January 2024, the company agreed to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC),<a target="_blank" href="https://www.benzinga.com//node/36642310" rel="noreferrer noopener"> to Renaissance, a consortium of five companies.</a>
The consideration payable to Shell as part of the transaction is $1.3 billion, and the buyer will make additional cash payments of up to $1.1 billion, mainly related to prior receivables and cash balances in the business.
In the court papers, the community said Shell should be penalised for going ahead with asset sale &#8220;when the plaintiffs and the host of their community members have remained in perpetual suffering over the failure of the defendants to obey the preservative orders of a competent court.&#8221;
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 0.87% at $67.56 premarket at the last check Friday.
Photo courtesy: Shutterstock
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<li><a href="https://www.benzinga.com/news/24/09/40845329/energy-companies-sustain-minimal-damages-as-hurricane-francine-weakens-inland" target="_blank" rel="noreferrer noopener">Energy Companies Sustain Minimal Damages As Hurricane Francine Weakens Inland</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Nigerian Communities Seek Compensation From Shell: Report

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), along with ENI S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>), reportedly have spearheaded an initial funding round for Boston-based climate technology start-up Mantel Capture.
Mantel Capture is developing a method to use molten salts to capture carbon dioxide emissions from refineries, factories, and other industrial sites, reported Reuters.
Mantel aims to extract 95% of carbon from smokestack emissions using molten salts.
The company claims this method is particularly cost-effective, leveraging the high temperatures within industrial furnaces and boilers to minimize the additional energy needed compared to other capture technologies.
As per the report, the $30 million secured in the Series A round will enable Mantel to construct a demonstration project at a paper mill capable of capturing 1,800 metric tons of emissions annually—about ten times the half ton per day achieved in their laboratory tests.
The report quoted Mantel CEO Cameron Halliday saying in an interview, &#8220;This is a technology that could radically change the energy industry, but there is still risk to what we&#8217;re doing.&#8221;
Halliday added, &#8220;At a scale of hundreds of thousands to millions of tons, Mantel could theoretically capture carbon at about $30 to $50 a ton, making it economically viable in many countries offering either incentives for carbon capture or taxing emissions, and far below competing systems.&#8221;
As per the report, Hector MacQuarrie, a principal at Shell Ventures, noted that Shell will monitor pilot projects before fully committing to the technology.
However, he also mentioned that this technology could significantly advance carbon capture for industries that are difficult to decarbonize.
Investors can gain exposure to Shell via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are down 0.28% at $68.32 at the last check Thursday.
Photo courtesy: Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/etfs/sector-etfs/24/09/40715953/oil-prices-retreat-as-opec-discusses-delay-in-production-hikes" target="_blank" rel="noreferrer noopener">Oil Prices Retreat As OPEC+ Discusses Delay In Production Hikes</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

PWER

Shell Backs Climate Technology Start-up for Emissions Reduction: Report

Talos Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TALO#NYSE">TALO</a>) shares are trading lower on Thursday. The company disclosed that its Ewing Bank 953 well has successfully discovered commercial <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40726122/talos-energy-announces-new-discovery-and-adds-additional-2024-prospect-in-the-gulf-of-mexico" rel="noreferrer noopener">quantities of oil and natural gas</a>.
Additionally, Talos has agreed to participate in the Sebastian prospect, which is currently being drilled in the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.
Talos holds a 33.3% working interest, with Walter Oil &amp; Gas Corp. holding 56.7% and Gordy Oil Company 10%.
The EW 953 well has discovered approximately 127 feet of net pay at 19,000 feet TVD, with an estimated gross recoverable potential of 15–25 million barrels of oil equivalent (MMBoe).
Initial production is expected at 8–10 thousand barrels of oil equivalent per day (MBoe/d) by mid-2026. The well will be tied back to the South Timbalier 311 Megalodon platform.
Drilling at the Sebastian prospect, started in late August 2024, targets the Upper Miocene K-1 reservoir at about 12,000 feet TVD. It is estimated to hold 9–16 MMBoe, with an initial production rate of 6–10 MBoe/d. Results are expected by the late fourth quarter of 2024.
Talos Interim President and Chief Executive Officer&nbsp;Joe Mills&nbsp;said, &#8220;This discovery follows a series of successful single-well subsea exploitation wells tied back to Talos-owned existing infrastructure, like&nbsp;Venice&nbsp;and Lime Rock, Sunspear, and Claiborne sidetrack.&#8221;
&#8220;Additionally, we were able to include the Sebastian prospect in our second-half 2024 drilling portfolio without requiring updates to our capital expenditures guidance for the year.&#8221;
Last month, Talos Energy announced that Tim Duncan has resigned as President and Chief Executive Officer,&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40653266/why-talos-energy-shares-are-falling-today" rel="noreferrer noopener">effective August 29, 2024</a>.
According to&nbsp;Benzinga Pro, TALO stock has lost over&nbsp;37%&nbsp;in the past year. Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Price Action: TALO shares are down 0.42% at $10.77 at the last check Thursday.
Price Action:
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Small Cap

PSCE

TALO

Talos Energy's Major Offshore Discovery: Oil And Gas Found In Gulf Of Mexico

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading lower premarket Tuesday. The company inked a 10-year LNG agreement with Turkey&#8217;s Petrol Taşıma AŞ (BOTAŞ).
As per the deal, Shell will supply BOTAŞ with up to 4 billion cubic meters of liquefied natural gas (<a target="_blank" href="https://www.botas.gov.tr/Icerik/botas-and-shell-sign-long-term/1008" rel="noreferrer noopener">LNG</a>) annually from its U.S. and global portfolios, starting in 2027.
The agreement will enable BOTAŞ to broaden its LNG access and leverage its extensive terminal and pipeline infrastructure, aiding Türkiye in diversifying its gas resources and positioning itself as a significant regional gas hub.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40633899/shell-considers-job-cuts-in-oil-and-gas-workforce-report" rel="noreferrer noopener">Shell Considers Job Cuts In Oil And Gas Workforce: Report</a>
Alparslan BAYRAKTAR, the Republic of Türkiye's Minister of Energy and Natural Resources, said, &#8220;Our goal in natural gas, 99% of which we imported until the discovery of Black Sea Gas, is to diversify the supply side and offer natural gas to our citizens and industry in a more competitive and affordable rate. In this context, we have strengthened our infrastructure with international pipelines, LNG terminals and underground storage projects.&#8221;
According to Reuters calculations, Turkey has the flexibility to meet a significant portion of its national gas consumption with liquefied natural gas (LNG) instead of pipeline gas, thanks to a gasification capacity of approximately 0.16 bcm per day.
Notably, Shell&nbsp;is committed to expanding its LNG capacity by 20-30% by 2030 from its 2022 levels, which is in line with its outlined targets <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39372721/shell-secures-major-lng-deal-with-temaseks-pavilion-energy-details" rel="noreferrer noopener">during the 2023 Capital Markets Day</a>.
Last month, Shell USA, Inc. subsidiaries agreed to sell their 100% stake in the Sinco pipeline system and Colex terminal to a <a target="_blank" href="https://www.shell.us/media/2024-media-releases/shell-to-sell-sinco-pipeline-system-and-colex-terminal-to-edgewater-midstream.html" rel="noreferrer noopener">subsidiary</a> of Edgewater Midstream LLC, pending regulatory approval.
Shell stock has gained&nbsp;around&nbsp;16% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are down 2.40% at $69.94 premarket at the last check Tuesday.
Image by siam.pukkato via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Contracts

Movers

What's Going On With Shell Shares Premarket Tuesday?

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) reportedly plans to reduce its oil and gas exploration and development workforce by 20%.
This move follows significant reductions in the renewables and low-carbon businesses, reported Reuters.
As per the report, the proposed 20% reduction is contingent upon consultations with employee representative bodies.
The restructuring of Shell&#8217;s exploration, wells development, and subsurface units will result in hundreds of job cuts globally, with notable impacts on its offices in Houston, The Hague, and, to a lesser extent, Britain.
The report quoted Shell as saying, &#8220;Shell aims to create more value with less emissions by focusing on performance, discipline, and simplification across the business. That includes delivering structural operating cost reductions of $2-3 billion by the end of 2025.&#8221;&nbsp;
Recently, Shell has reduced operations in offshore wind, solar, and hydrogen, and has sold off retail power businesses, refineries, and certain oil and gas production assets, including those in Nigeria.
Shell and&nbsp;PetroChina joint venture, Arrow Energy, recently revealed plans to develop&nbsp;Phase&nbsp;2 of the Surat <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40307821/shell-and-petrochina-to-develop-phase-2-of-surat-gas-project-details" rel="noreferrer noopener">Gas Project in Queensland, Australia</a>.
This month, the company reported second-quarter revenue of $74.46 billion, <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40098587/shells-mixed-bag-q2-revenue-beats-expectations-but-profit-and-production-decline-sequentially" rel="noreferrer noopener">beating consensus of $61.33 billion.</a>
Shell stock has gained&nbsp;around&nbsp;16%&nbsp;in the last 12 months. Investors can gain exposure to the stock via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40508904/gevo-and-shell-team-up-to-drive-green-revolution-in-motorsports-details" rel="noreferrer noopener">Gevo And Shell Team Up To Drive Green Revolution In Motorsports: Details</a>
Price Action: SHEL shares are up 0.60% at $72.38 at the last check Thursday.
Photo courtesy: Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Shell Considers Job Cuts In Oil And Gas Workforce: Report

Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and PetroChina joint venture, Arrow Energy, plans to develop <a href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-invests-in-phase-two-of-surat-gas-project-in-australia.html" target="_blank" rel="noreferrer noopener">Phase</a> 2 of the Surat Gas Project in Queensland, Australia.
The gas will be routed to Shell's QCLNG facility on Curtis Island to meet long-term contracts and domestic demand.
Phase 2, part of a 27-year agreement with QGC, is expected to add about 22,400 barrels of oil equivalent per day (130 million standard cubic feet per day) at peak production. The companies project its first gas in 2026.
Zoë Yujnovich, Shell's Integrated Gas and Upstream Director said, "QCLNG marked its 1000th&nbsp;cargo at the end of last year, reflecting its significance as a gas supplier for Australia and the region. This investment will enable us to sustain and grow this important, secure energy source that offers a lower emissions alternative to options like coal."
Notably, Shell and PetroChina established the Arrow Energy joint venture in 2010.
In 2017, Arrow secured a 27-year gas sales agreement to supply Shell's QCLNG joint venture, with phase 1 of the Surat Gas Project, approved in April 2020, including over 600 wells.
Last week, the units of&nbsp;Shell and&nbsp;BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) in South Africa are reportedly expected to pay about $15 million to the state-run Central Energy Fund for operational costs at the Sapref refinery,&nbsp;which they are <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40213508/shell-and-bp-to-fund-south-africas-sapref-restart-as-government-takes-over-report" rel="noreferrer noopener">selling to the government</a>.
Shell stock has gained&nbsp;around 16% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares closed higher by 0.74% at $71.88 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image by siam.pukkato via Shutterstock
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</ul>

Shell And PetroChina To Develop Phase 2 Of Surat Gas Project: Details

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher&nbsp;after it reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40089887/shell-plc-publishes-second-quarter-2024-press-release" rel="noreferrer noopener">second-quarter&nbsp;FY24 results</a>.
Revenue of&nbsp;$74.46 billion&nbsp;beat the consensus of&nbsp;$61.33 billion.&nbsp;Total <a target="_blank" href="https://www.shell.com/investors/results-and-reporting/quarterly-results/latest-results/_jcr_content/root/main/section/simple/call_to_action_copy_/links/item1.stream/1722473589922/71413c6e047d46eccf36956e045d2a6b01770bca/q2-2024-qra-document.pdf" rel="noreferrer noopener">production </a>at Integrated Gas fell 1%&nbsp;Q/Q to 980 kboe/d, and Upstream declined 5% Q/Q at&nbsp;1,783&nbsp;kboe/d.&nbsp;
Meanwhile, sales volumes&nbsp;at&nbsp;Marketing rose to 2,868 thousand b/d from 2,763 thousand b/d&nbsp;the previous&nbsp;quarter, and Refinery processing intake at Chemical &amp; Products remained broadly flat Q/Q at 1,429 kb/d.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39641372/shell-absorbs-charges-pauses-project-q2-outlook-dims-with-impairments-and-biofuels-halt" rel="noreferrer noopener">Shell Absorbs Charges, Pauses Project: Q2 Outlook Dims With Impairments and Biofuels Halt</a>
Adjusted earnings decreased&nbsp;19%&nbsp;Q/Q to&nbsp;$6.29 billion&nbsp;and Adj. EBITDA fell&nbsp;10%&nbsp;Q/Q to&nbsp;$16.81 billion. This decline was due to reduced trading and optimization contributions from seasonality and realized prices (down $531 million), lower volumes (down $209 million), and adverse deferred tax movements.
Net income attributable to Shell plc shareholders declined to&nbsp;$3.52 billion&nbsp;from&nbsp;$7.36 billion&nbsp;a quarter ago.&nbsp;Adjusted earnings per ADS for the quarter was $1.98,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">above the consensus of&nbsp;$1.82.</a>
Cash flow from operating activities stood at&nbsp;$13.51 billion&nbsp;in the quarter. At the end of the&nbsp;second quarter, net debt was&nbsp;$38.31 billion, with a gearing ratio of&nbsp;17.0%.&nbsp;
Dividend Boost: Shell disclosed&nbsp;a&nbsp;first-quarter dividend per share of&nbsp;$0.344, payable on September 23, 2024, to shareholders of&nbsp;record <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40089899/shell-plc-second-quarter-2024-interim-dividend" rel="noreferrer noopener">as of&nbsp;August 16, 2024</a>.
Buyback:&nbsp;The company announced a share buyback program worth&nbsp;$3.5 billion&nbsp;for a&nbsp;contract <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40089916/shell-announces-commencement-of-a-share-buyback-programme" rel="noreferrer noopener">term of around three months</a>.
FY24&nbsp;Outlook&nbsp;Reiterated: The company expects cash capital&nbsp;expenditure <a target="_blank" href="https://www.benzinga.com//node/38584564" rel="noreferrer noopener">of&nbsp;$22 billion&nbsp;–&nbsp;$25 billion</a>.
Q3 Guidance: It expects&nbsp;production at Integrated Gas of approximately 920 – 980 thousand boe/d and Upstream of about 1,580 &#8211; 1,780 thousand boe/d.
Shell anticipates refinery utilization to be around 83% to 91% and chemical manufacturing plant utilization to be between 73% and 81%. The company projects Marketing sales volumes of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">approximately 2,700 – 3,200 thousand b/d</a>.&nbsp;
Shell stock has gained 20%&nbsp;in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39683994/shell-requests-approval-for-exploration-wells-off-south-africas-coast-report" rel="noreferrer noopener">Shell Requests Approval for Exploration Wells Off South Africa&#8217;s Coast: Report</a>
Price Action: SHEL shares are up 0.76% at $73.78 premarket at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/07/39750133/whats-going-on-with-shell-shares-today-malaysia-pipeline-touted-as-highly-attractive-investment" target="_blank" rel="noreferrer noopener">What&#8217;s Going On With Shell Shares Today? Malaysia Pipeline Touted As &#8216;Highly Attractive Investment&#8217;</a></li>
</ul>

Earnings

Dividends

Buybacks

Shell's Mixed Bag: Q2 Revenue Beats Expectations, But Profit and Production Decline Sequentially

BHP Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) shares are trading lower today. The company and Lundin Mining Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>) have agreed to jointly acquire all outstanding shares of Filo Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FLMMF#OTC">FLMMF</a>) for a total consideration of <a href="https://www.benzinga.com//node/40026058">about C$4.1 billion, or C$33.00 per Filo share. </a>
The offer represents a 32.2% premium over Filo Corp.&#8217;s 30-day volume-weighted average price on the TSX as of July 11, 2024, the day before transaction rumors surfaced, and a 12.2% premium over the company&#8217;s last closing price on July 29, 2024.
BHP&#8217;s total cash payment for the proposed transaction is projected to be around $2.1 billion.
As part of the Filo acquisition, BHP and Lundin Mining will also purchase 3.48 million common shares of Filo at C$33.00 per share, totaling C$115 million in gross proceeds. This share placement is intended to provide interim financing to Filo.
Upon completion of the acquisition, BHP and Lundin Mining will each hold a 50% stake in Filo Corp. and the FDS project.
Filo shareholders can elect to receive cash, Lundin Mining shares, or a combination of both. BHP will contribute approximately C$1.908 billion ($1.377 billion) in cash, while Lundin Mining will provide around C$859 million in cash and C$1.289 billion in Lundin Mining shares.
BHP and Lundin Mining will also establish a 50/50 joint venture to manage the FDS and Josemaria projects in the Vicuña district of Argentina and Chile. Lundin Mining owns 100% of the Josemaria project.
Additionally, BHP will buy a 50% stake in the Josemaria project from Lundin Mining for around $690 million, subject to adjustments.
The company anticipates closing the deal in the first quarter of 2025, pending satisfaction of all closing conditions.
Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">Time Runs Out For BHP Deal: $49-Billion Acquisition Of Anglo American Proves Too Complex To Solve</a>
Mike Henry, BHP&#8217;s&nbsp;Chief Executive Officer, said, &#8220;This transaction aligns with BHP&#8217;s strategy to acquire attractive early-stage copper projects and enter into strategic partnerships with parties where complementary skills and experience can deliver long-term economic and social value.&#8221;
&#8220;The joint venture with Lundin Mining will advance the development of the Vicuña district, which offers the potential to become a major contributor to the economy of Argentina for decades to come. At the same time, by partnering with Lundin Mining, BHP is continuing to invest in the growth of a robust mining sector in Canada.&#8221;&nbsp;
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39725092/bhp-to-temporarily-shut-down-western-australia-nickel-operations-details" rel="noreferrer noopener">BHP To Temporarily Shut Down Western Australia Nickel Operations: Details</a>
This month, BHP reported second-quarter copper production of 504.9 Kt (+6% Y/Y), led by growth at Escondida (+6% Y/Y), Copper South <a target="_blank" href="https://www.benzinga.com//node/39816439" rel="noreferrer noopener">Australia (+17% Y/Y), and Antamina (+5% Y/Y).</a>
Investors can gain exposure to the stock via&nbsp;Exchange Traded&nbsp;Concepts Trust Optica Rare Earths &amp; Critical Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40015779/bhps-escondida-mine-faces-potential-strike-over-contract-dispute-report" rel="noreferrer noopener">BHP&#8217;s Escondida Mine Faces Potential Strike Over Contract Dispute: Report</a>
Price Action: BHP shares are down 2.47% at $53.65 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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<li><a href="https://www.benzinga.com/news/large-cap/24/06/39500608/bhp-group-anticipates-uptick-in-2024-carbon-emissions-remains-committed-to-30-reduction-by-2030" target="_blank" rel="noreferrer noopener">BHP Group Anticipates Uptick In 2024 Carbon Emissions, Remains Committed To 30% Reduction By 2030</a></li>
</ul>

Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF

CRIT

FLMMF

LUNMF

BHP To Unlock South American Copper Riches: Partners With Lundin For Filo Acquisition

The union at BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) Escondida mine in Chile, the largest copper mine globally, has reportedly urged its approximately 2,400 members to reject the company&#8217;s final contract offer and prepare for a potential strike.
Union President Patricio Tapia said that workers will cast their votes from Monday to Thursday, reported Reuters.
The union&#8217;s stance on the contract offer had not been previously reported. If the workers reject the deal, a strike could commence immediately, the report added.
However, Chilean law allows either party to request five days of government mediation, extendable by another five days if both parties agree.
Tapia mentioned that if the union members strike, the company would be unable to produce copper since replacement workers are not permitted by law.
The union represents 98.5% of frontline operational workers at Escondida. The report further noted that the last significant strike at the mine occurred in 2017, involving more than 2,300 union members for 44 days, which severely impacted production and increased global copper prices.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/07/39749321/bhp-halts-nickel-mine-were-not-able-to-overcome-economic-challenges-driven-by-oversupply" rel="noreferrer noopener">BHP Halts Nickel Mine: &#8216;We&#8217;re Not Able To Overcome Economic Challenges Driven By Oversupply</a>
Tapia stated, &#8220;We are much better prepared [for a strike] than before. We have a significant strike logistics fund, four times larger than the one from 2017. And we also have credit agreements to meet the basic needs of workers and their families for a long time.&#8221;
For fiscal 2023, BHP reported paying out $8.6 billion in dividends, which would translate to approximately $36,000 for each of Escondida&#8217;s 2,390 workers.
Details on BHP&#8217;s contract offer include a proposed 20 million Chilean peso ($21,044) bonus per worker. BHP stated that its offer would enhance existing benefits and introduce new ones.
The union is also seeking to improve conditions for workers affected by outsourcing and automation, in addition to enhanced health benefits and bonuses.
The ongoing disputes between the union and BHP have often resulted in work stoppages and complaints about worker safety.
Recently, the company reported copper production of 504.9 Kt (+6% Y/Y), led by growth at Escondida (+6% Y/Y), <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39816439/bhp-shares-trade-higher-as-mining-giant-confirms-record-outputs-for-copper-iron-ore" rel="noreferrer noopener">Copper South Australia (+17% Y/Y), and Antamina (+5% Y/Y).</a>
Investors can gain exposure to the stock via&nbsp;Exchange Traded&nbsp;Concepts Trust Optica Rare Earths &amp; Critical Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: BHP shares are trading lower by 1.14% at $54.75 at last check Monday.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

General

BHP's Escondida Mine Faces Potential Strike Over Contract Dispute: Report

BHP Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) shares are trading higher today after the company reported <a href="https://www.bhp.com/-/media/documents/media/reports-and-presentations/2024/240717_bhpoperationalreviewfortheyearended30june2024.pdf" target="_blank" rel="noreferrer noopener">fiscal year 2024 operational results</a>.
The company reported copper production of 504.9 Kt (+6% Y/Y), led by growth at Escondida (+6% Y/Y), Copper South Australia (+17% Y/Y), and Antamina (+5% Y/Y). 
The copper production beat Vuma consensus of 469.2 kt, as per Reuters.
BHP reported iron ore production of 69.2 Mt (+6% Y/Y) and Metallurgical coal production of 4.9 Mt (-42% Y/Y).
The company stated that FY24 production met guidance for all commodities, with metallurgical coal hitting the upper end of revised targets.
The company disclosed record outputs achieved at WAIO, Spence, and Carrapateena, as well as the highest production in four years at Escondida.
In FY24, total copper production increased by 9% and is projected to rise by another 4% in FY25.
BHP disclosed that average realized prices for copper and iron ore increased in FY24, while metallurgical coal prices stayed relatively stable, and nickel and energy coal prices decreased.
The company divested Blackwater and Daunia, started Jansen Stage 2 construction (with Stage 1 over 50% complete), ramped up South Flank to 80 Mtpa, and completed Carrapateena Crusher 2.
Outlook: BHP expects production for copper of 1,845 – 2,045 kt, iron ore of 255 – 265.5 Mt and <a href="https://www.benzinga.com/calendars/guidance">Metallurgical coal of 16.5 – 19 Mt in FY25</a>.
Mike Henry, CEO, said, &#8220;WAIO continued its strong performance, delivering a second consecutive year of record production on the back of ongoing incremental improvements along its supply chain as we progress toward our medium-term goal of increasing production to greater than 305 Mtpa.&#8221;
Read: <a href="https://www.benzinga.com/news/large-cap/24/06/39500608/bhp-group-anticipates-uptick-in-2024-carbon-emissions-remains-committed-to-30-reduction-by-2030" target="_blank" rel="noreferrer noopener">BHP Group Anticipates Uptick In 2024 Carbon Emissions, Remains Committed To 30% Reduction By 2030</a>
&#8220;We continued to execute against our strategy, progressing growth options in the commodities the world needs to meet the demands of the energy transition and population growth. This includes our Jansen potash mine in Canada, where construction of Stage 1 is now more than 50% complete and Stage 2 is underway. We will see first production in 2026 and will be a major global producer of potash by the end of the decade.&#8221;
This month, BHP&nbsp;stated the temporary suspension of its Nickel West operations and West Musgrave project in <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39725092/bhp-to-temporarily-shut-down-western-australia-nickel-operations-details" rel="noreferrer noopener">Western Australia starting October&nbsp;2024</a>.
Investors can gain exposure to the stock via&nbsp;Exchange Traded&nbsp;Concepts Trust Optica Rare Earths &amp; Critical Materials ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and&nbsp;VanEck Natural Resources ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: BHP shares are up 0.42% at $57.44 at the last check Wednesday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
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</ul>
Image: Shutterstock

BHP Shares Trade Higher As Mining Giant Confirms Record Outputs For Copper, Iron Ore

Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher today. The company stated that SapuraOMV Upstream Sdn Bhd, the operator of the Jerun field in Malaysia, disclosed the achievement of the first <a target="_blank" href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/first-gas-achieved-at-jerun-gas-field-malaysia.html" rel="noreferrer noopener">gas</a>.
Shell holds a 30% equity stake in the field via its Malaysian subsidiary, Sarawak Shell Berhad, having made the final investment decision for the development in 2021.
The Jerun field in Sarawak, Malaysia, features a central processing platform and an 80-km pipeline to the E11RB production hub, supplying gas to customers in Bintulu, including Malaysia LNG.
At peak operation, the field can produce up to 550 million cubic feet of gas per day and 15,000 barrels of condensate daily.
Zoë Yujnovich, Shell's Integrated Gas and Upstream Director said, "Jerun was a highly attractive investment for Shell, building on our interests in this important region off the coast of Sarawak, offshore Malaysia, where Shell operates the Timi platform and has the Rosmari-Marjoram project under construction,"
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39641372/shell-absorbs-charges-pauses-project-q2-outlook-dims-with-impairments-and-biofuels-halt" rel="noreferrer noopener">Shell Absorbs Charges, Pauses Project: Q2 Outlook Dims With Impairments and Biofuels Halt</a>
Shell&#8217;s subsidiary, Shell Overseas Holdings Limited, entered into an agreement to invest in Abu Dhabi National Oil Company's (ADNOC) Ruwais liquefied natural gas (LNG) project, securing a 10% participating <a target="_blank" href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-to-invest-in-ruwais-lng-project-in-abu-dhabi.html" rel="noreferrer noopener">interest</a>.
Shell, via its subsidiary Shell International Trading Middle East Limited FZE, will offtake one mmtpa of LNG from the project.
Shell stock has gained around 20% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>) and&nbsp;VanEck Natural Resources ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39683994/shell-requests-approval-for-exploration-wells-off-south-africas-coast-report" rel="noreferrer noopener">Shell Requests Approval for Exploration Wells Off South Africa&#8217;s Coast: Report</a>
Price Action: SHEL shares are up 0.41% at $73.27 premarket at the last check Friday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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What's Going On With Shell Shares Today? Malaysia Pipeline Touted As 'Highly Attractive Investment'

BHP Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) will temporarily suspend its Nickel West operations and West Musgrave project in Western Australia starting October <a target="_blank" href="https://www.bhp.com/news/media-centre/releases/2024/07/western-australia-nickel-to-temporarily-suspend-operations" rel="noreferrer noopener">2024</a>.
The Australian miner plans to review this suspension by February 2027.
The company stated that the transition period will begin in July 2024. Operations will be suspended in October 2024, with handover activities for the temporary suspension completed by December 2024.
The decision to temporarily suspend Western Australia Nickel is due to an oversupply in the global nickel market.
During the suspension, BHP will support its workforce and local communities, investing about $300 million annually post-transition to restart Western Australia Nickel potentially.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/07/39647424/bhp-cuts-employee-incentives-misses-performance-goals" rel="noreferrer noopener">BHP Cuts Employee Incentives, Misses Performance Goals</a>
The company says that forward consensus nickel prices for the next five years have sharply declined, reflecting strong growth in alternative low-cost nickel supply.
Declining global nickel prices have resulted in Western Australia Nickel projecting an underlying EBITDA loss of around $300 million for the financial year ending June 2024.
Due to the decision to temporarily suspend operations, BHP expects to recognize an additional non-cash impairment charge of $0.3 billion pre-tax as an exceptional item in the <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">FY24 financial statements</a>.
In February 2024, BHP announced a review of Western Australia Nickel and a non-cash impairment charge of roughly $3.5 billion pre-tax against its carrying value.
BHP&#8217;s President Australia, Geraldine Slattery said, &#8220;Since BHP announced a review of Western Australia Nickel in February, we have explored options to stem losses in the short-term and identify a viable path forward for the business. Like others in the Australian nickel sector, we have not been able to overcome the substantial economic challenges driven by a global oversupply of nickel.&#8221;
Read: <a target="_blank" href="https://www.benzinga.com/m-a/24/05/39058602/bhp-requests-extension-beyond-4-pm-gmt-deadline-to-finalize-anglo-american-deal" rel="noreferrer noopener">BHP Requests Extension Beyond 4 PM GMT Deadline to Finalize Anglo American Deal</a>
&#8220;Western Australia remains an important investment destination for BHP globally, with investment in the State expected to be greater than&nbsp;AU$12 billion over the next five years and we will continue to work with all of our Western Australian partners to advance the economic prosperity of the State.&#8221;
Investors can gain exposure to the stock via&nbsp;Exchange Traded&nbsp;Concepts Trust Optica Rare Earths &amp; Critical Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: BHP shares closed higher by 0.33% at $58.55 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
Photo via Shutterstock
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BHP To Temporarily Shut Down Western Australia Nickel Operations: Details

Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) is reportedly requesting government authorization to drill up to five offshore wells along South Africa&#8217;s west coast.
The oil major plans to drill exploration and appraisal wells in the area, shifting focus south of Namibia where recent discoveries in the prolific Orange Basin suggest further potential, reported Reuters.
Notably, Shell Offshore Upstream South Africa B.V. and its joint venture partners require government environmental authorization to operate in the Northern Cape Ultra Deep Block (NCUD) within the Orange Basin.
As per the draft scoping report, water depths are anticipated to be between 2,500 meters and 3,200 meters in the region.
The report cited Jamie McGreevy, lead analyst for Namibia and South Africa at Welligence Energy Analytics, who commented, &#8220;If you consider the scale of the opportunity as well as the size of giant discoveries in Namibia, it is really the big prize that they going after and that can be transformational for South Africa.&#8221;
As per the report, South Africa&#8217;s plans to develop its early-stage oil and gas potential have been stalled by growing environmental pressures, legal challenges to drilling, and bureaucratic hurdles, while neighboring Namibia attracts increased industry interest.
This week, Shell stated that it expects to incur non-cash post-tax impairments of $1.5 – $2 billion in the second quarter of FY24, including Singapore Chemicals &amp; Products and <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39641372/shell-absorbs-charges-pauses-project-q2-outlook-dims-with-impairments-and-biofuels-halt" rel="noreferrer noopener">Rotterdam HEFA assets</a>.
Shell stock has gained around 22% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>) and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are down 0.12% at $72.63 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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Shell Requests Approval for Exploration Wells Off South Africa's Coast: Report

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher premarket today. The British energy company updated its operational outlook for the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g39639449/shell-second-quarter-2024-update-note" rel="noreferrer noopener">second quarter of FY24</a>.
The company expects to incur non-cash post tax impairments of $1.5 &#8211; $2 billion in the quarter, including $0.6 billion &#8211; $0.8 billion in Singapore Chemicals &amp; Products assets and $0.6 billion &#8211; $1.0 billion in Rotterdam HEFA assets.
Notably, this week, Shell stated that it is temporarily pausing construction at its 820,000 tonnes-per-year biofuels facility in Rotterdam to address project delivery and ensure future competitiveness amid current market <a target="_blank" href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-to-temporarily-pause-on-site-construction-of-european-biofuels-facility.html" rel="noreferrer noopener">conditions</a>.
Outlook Revised: For Integrated Gas, the company updated the production outlook to be 940 &#8211; 980 thousand boe/d (vs. 920 – 980 thousand <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38584564/shell-q1-earnings-power-shines-despite-revenue-headwinds" rel="noreferrer noopener">boe/d expected earlier</a>) and LNG liquefaction volumes to 6.8 &#8211; 7.2 MT (<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g38572837/shell-plc-publishes-first-quarter-2024-press-release" rel="noreferrer noopener">vs. 6.8 &#8211; 7.4 MT prior</a>).
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39372721/shell-secures-major-lng-deal-with-temaseks-pavilion-energy-details" rel="noreferrer noopener">Shell Secures Major LNG Deal With Temasek&#8217;s Pavilion Energy: Details</a>
The outlook reflects that Trading and optimisation results are expected to be in line with second-quarter FY23 but lower than first-quarter FY24 <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">due to seasonality</a>.
For Upstream, Shell narrowed production guidance to 1,720 &#8211; 1,820 thousand boe/d (vs. 1,630 – 1,830 thousand boe/d earlier), with shares of profit / (loss) of joint ventures and associates expected to be ~$0.2 billion and exploration well-write offs projected to be ~$0.2 billion.
For Marketing, the company lowered the high end of the sales volume guidance, with the revised range at 2,700 &#8211; 3,100 thousand b/d (vs. 2,700 – 3,200 projected earlier).
For Chemicals &amp; Products, Shell currently sees refinery utilization of 91% &#8211; 95% (vs. 87% &#8211; 95% earlier), reflecting planned maintenance activities in North America and Chemicals utilization of 78% &#8211; 82% (vs. 72% &#8211; 80% prior).
The company projects Chemicals sub-segment adjusted earnings to be close to break-even in second-quarter FY24.
Shell stock has gained around 22% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>) and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39591365/shell-pauses-european-biofuels-facility-construction-reviews-project-economics" rel="noreferrer noopener">Shell Pauses European Biofuels Facility Construction, Reviews Project Economics</a>
Price Action: SHEL shares are up 1.21% at $73.89 premarket at the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image by siam.pukkato via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/06/39507984/shells-move-toward-net-zero-emissions-to-build-carbon-capture-and-storage-project-in-canada" target="_blank" rel="noreferrer noopener">Shell&#8217;s Move Toward Net Zero Emissions &#8211; To Build Carbon Capture And Storage Project In Canada</a></li>
</ul>

Shell Absorbs Charges, Pauses Project: Q2 Outlook Dims With Impairments and Biofuels Halt

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) temporarily suspended on-site <a target="_blank" href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-to-temporarily-pause-on-site-construction-of-european-biofuels-facility.html" rel="noreferrer noopener">construction </a>at its 820,000 tonnes per year biofuels facility in Shell Energy and Chemicals Park Rotterdam, Netherlands.
This decision aims to optimize project delivery and enhance future competitiveness in response to prevailing market conditions.
Consequently, the number of contractors on-site will decrease, and activities will slow down, contributing to cost control and optimizing project sequencing, stated the company.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39507984/shells-move-toward-net-zero-emissions-to-build-carbon-capture-and-storage-project-in-canada" rel="noreferrer noopener">Shell&#8217;s Move Toward Net Zero Emissions &#8211; To Build Carbon Capture And Storage Project In Canada</a>
Huibert Vigeveno, Shell&#8217;s Downstream, Renewables and Energy Solutions Director, said, &#8220;Temporarily pausing on-site construction now will allow us to assess the most commercial way forward for the project.&#8221;
&#8220;We are committed to our target of achieving net-zero emissions by 2050, with low-carbon fuels as a key part of Shell&#8217;s strategy to help us and our customers profitably decarbonise.&#8221;
After the decision to temporarily halt on-site construction, Shell will conduct an impairment review for this project.
In September 2021, Shell made a final investment decision for the planned biofuels facility. The facility aims to produce sustainable aviation fuel (SAF) and renewable diesel from waste materials.
In 2023, Shell stated that it targets to become a net-zero emissions energy business by 2050 and has planned investment of $10 billion-$15 billion in 2023-2025 to aid the&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/23/06/32850059/shell-boosts-dividend-by-15-discloses-5b-share-buyback-ahead-of-investor-day" rel="noreferrer noopener">development of low-carbon energy solutions</a>.
Shell stock has gained around&nbsp;20% in the last 12 months. Investors can gain exposure to the stock via&nbsp;the Direxion Hydrogen ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>)&nbsp;and&nbsp;the VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 0.34% at $73.12 premarket at the last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock

Shell Pauses European Biofuels Facility Construction, Reviews Project Economics

Shell plc&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) Canadian unit disclosed the Final Investment Decision (FID) for the Polaris carbon capture project at the Shell Energy and Chemicals Park in Scotford, Alberta, <a target="_blank" href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-to-build-carbon-capture-and-storage-projects-in-canada.html" rel="noreferrer noopener">Canada</a>.
The Polaris project aims to capture around 650,000 tonnes of CO2 annually from the Shell-owned Scotford refinery and chemicals complex.
Polaris, fully owned by Shell, aims to cut Scope 1 CO2 emissions by up to 40% at Shell's Scotford refinery and by up to 22% at the chemicals complex through carbon capture and storage.
In addition, Shell announced an FID to move forward with the Atlas Carbon Storage Hub in collaboration with ATCO EnPower.
Notably, Shell and ATCO EnPower are 50/50 partners in the Atlas Carbon Storage Hub. The first phase will store CO2 from the Polaris project.
The initial phase of the Atlas project will offer permanent underground storage for the CO2 captured by the Polaris project. Shell expects both projects to start operations by the end of 2028.
Huibert Vigeveno, Shell&#8217;s Downstream, Renewable and Energy Solutions Director said, &#8220;Carbon capture and storage is a key technology to achieve the Paris Agreement climate goals. The Polaris and Atlas projects are important steps in reducing emissions from our own operations.&#8221;
In 2023, Shell stated that it targets to become a net-zero emissions energy business by 2050 and has planned investment of $10 billion-$15 billion in 2023-2025 to aid the <a target="_blank" href="https://www.benzinga.com/markets/equities/23/06/32850059/shell-boosts-dividend-by-15-discloses-5b-share-buyback-ahead-of-investor-day" rel="noreferrer noopener">development of low-carbon energy solutions</a>.
Shell stock has gained more than&nbsp;18% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>) and&nbsp;VanEck Natural Resources ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39372721/shell-secures-major-lng-deal-with-temaseks-pavilion-energy-details" rel="noreferrer noopener">Shell Secures Major LNG Deal With Temasek&#8217;s Pavilion Energy: Details</a>
Price Action: SHEL shares are down 1.23% at $70.67 at the last check on Wednesday.
Image by siam.pukkato via Shutterstock

Shell's Move Toward Net Zero Emissions - To Build Carbon Capture And Storage Project In Canada

Shell Eastern Trading Pte. Ltd., a subsidiary of Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), has finalized a <a target="_blank" href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-signs-agreement-to-acquire-pavilion-energy.html" rel="noreferrer noopener">deal </a>to purchase Pavilion Energy Pte. Ltd. from Carne Investments Pte. Ltd., a fully owned entity of Temasek.
This acquisition covers the entirety of Pavilion Energy, which is noted for its expansive liquefied natural gas (LNG) operations, with about 6.5 million tonnes&nbsp;per annum of contracted supply.
Positioned in Singapore, Pavilion Energy is a key player in the global energy sector, managing a range of activities, including LNG trade, shipping, and the marketing of natural gas across Asia and Europe.
&#8220;We will acquire Pavilion&#8217;s portfolio of LNG offtake and supply contracts, which includes additional access to strategic gas markets in Asia and Europe,&#8221; stated Zoë Yujnovich, Shell&#8217;s Integrated Gas and Upstream Director.
The financial terms of the deal align with Shell&#8217;s existing cash capital expenditure forecasts and surpass the internal rate of return (IRR) benchmarks for its Integrated Gas segment.
This acquisition is in line with Shell&#8217;s ambitious growth plans, aiming for a 15-25% increase in purchased volumes compared to 2023, which were detailed during the Capital Markets Day earlier this year.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/39069166/shell-and-exxon-eye-north-sea-asset-sales-in-500m-deal-report" rel="noreferrer noopener">Shell And Exxon Eye North Sea Asset Sales In $500M Deal: Report</a>
The integration of Pavilion&#8217;s assets with Shell&#8217;s operations is scheduled to begin following the deal&#8217;s finalization, anticipated by the first quarter of 2025.
The completion hinges on obtaining necessary regulatory approvals and satisfying other conditions precedent. Notably, Pavilion&#8217;s pipeline gas business and its 20% interest in two blocks in Tanzania are excluded from this transaction.
Shell anticipates that the global demand for LNG will surge over 50% by 2040, driven by increased industrial coal-to-gas conversion in regions like China and Southeast Asia.
This acquisition is poised to position Shell at the forefront of LNG supply, especially in markets transitioning towards cleaner energy sources.
Shell is committed to expanding its LNG capacity by 20-30% by 2030 from its 2022 levels, in line with its outlined targets during the 2023 Capital Markets Day.
Shell stock has gained more than 14%&nbsp;in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>) and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares closed higher by 0.22% at $69.15 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38947115/shell-shareholders-reject-activist-climate-resolution-details" target="_blank" rel="noreferrer noopener">Shell Shareholders Reject Activist Climate Resolution: Details</a>
Image by siam.pukkato via Shutterstock

Shell Secures Major LNG Deal With Temasek's Pavilion Energy: Details

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) are reportedly nearing an agreement to sell their jointly-owned gas fields in the southern North Sea to independent British producer Viaro Energy.
The potential deal is valued around $500 million, reported Reuters.
For Exxon, the deal would complete its exit from the North Sea, where it has presence since 1964. In 2021, the company&nbsp;sold&nbsp;most of its assets in the central and northern North Sea to Neo Energy.
The sale of the Clipper and Leman Alpha field clusters would mark the latest step in a steady retreat of major oil and gas companies from the ageing basin in recent decades as they focus on newer and more profitable prospects.
As per the report, the deal is close to being agreed but there are no guarantees that it will be signed.
This month, Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) reportedly said it is set to sell its remaining oil and gas assets in the UK North Sea,<a target="_blank" href="https://www.benzinga.com/news/24/05/38877548/chevron-ends-55-year-north-sea-operations-ahead-of-hess-deal-report" rel="noreferrer noopener"> concluding its 55-year presence in the region</a>.
Shell stock has gained 24% in the last 12 months. Investors can gain exposure to the stock via Direxion Hydrogen ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>)  and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are down 0.38% at $71.47 and XOM is down by 1.38% at $113.27 at the last check Wednesday.
Photo: Del Henderson Jr. via Shutterstock

Shell And Exxon Eye North Sea Asset Sales In $500M Deal: Report

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