Monday 30 September 2019 3:10 pm

An open Shell: Oil major likely to miss production guidance new transparency push shows

Royal Dutch Shell opened up its books ahead of its quarterly results for the first time today as shareholder pressure forced its hand towards more transparency.

The oil major will start publishing a quarterly update, it said, ahead of its results.

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“In response to feedback from our investor community we are introducing this new quarterly process,” said finance chief Jessica Uhl. “This is a further step in Shell’s ongoing journey to enhance disclosures and increase transparency,” she added.

In its first publication the company warned oil and gas production would fall short of expectations in the third quarter.

Previous forecasts that production would grow by between 50,000 and 100,000 barrels of oil equivalent per day on the same period last year are replaced by a 7,000 to 12,000 drop from 2.672m.

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However, the amount of gas turned to liquid at the company’s plants will increase slightly to between 9m and 9.3m tonnes, up from 8.18m year-on-year.

And gas production ticked up slightly, bettering expectations it would lie at a similar level to last year.