The following is an update to the third quarter 2022 outlook. The impacts presented may differ from the actual results for the third quarter 2022 and are subject to the finalization of those results to be released on October 27, 2022. Unless otherwise noted, all forward-looking statements exclude identified items.
Integrated gas
Adjusted EBITDA
- Production is expected to be between 890 and 940,000 barrels of oil equivalent per day.
- LNG liquefaction volumes are expected to be between 6.9 and 7.5 million tonnes.
- Integrated Gas trading and optimization results are expected to be significantly lower compared to Q2 2022 due to seasonality and significant differences between paper and physical realization in a volatile and unsettled market.
- Underlying opex is expected to be between $1.1 billion and $1.3 billion.
Adjusted result
- Pre-tax depreciation is expected to be between $1.3 billion and $1.7 billion.
- The tax burden is expected to be between $1.3 billion and $1.6 billion.
upstream
Adjusted EBITDA
- Production is expected to be between 1,750 and 1,850,000 barrels of oil equivalent per day.
- Underlying opex is expected to be between $2.5 billion and $2.9 billion.
- Joint ventures and associates earnings share is expected to include a gain of between $0.5 billion and $0.7 billion related to memory transfer effects.
- Adjusted EBITDA is also expected to include non-cash one-time gains of between $0.8 billion and $1.0 billion.
Adjusted result
- Pre-tax depreciation is expected to be between $3.0 billion and $3.4 billion.
- The tax charge is expected to be between $3.4 billion and $4.0 billion, including a one-time release of approximately $0.3 billion of non-cash tax provisions.
marketing
Adjusted EBITDA
- Marketing results are expected to be above those of the second quarter of 2022.
- Underlying opex is expected to be between $2.0 billion and $2.2 billion.
- Sales volumes are expected to be between 2,350 and 2,750,000 barrels per day.
Adjusted result
- Pre-tax depreciation is expected to be between $300 million and $500 million.
- tax burden…
