The following is an update to the outlook for the first quarter of 2023 and summarizes our current expectations for the first quarter. The guidance presented may differ from the actual results for the first quarter of 2023 and is subject to the finalization of those results, which are scheduled to be released on May 4, 2023. Unless otherwise noted, all forward-looking statements exclude identified items.
Integrated gas
| billion dollars | Q4’22 | Q1’23 outlook | comment |
| Adjusted EBITDA: | |||
| Production (kboe/d) | 917 | 930 – 970 | |
| LNG liquefaction volume (MT) | 6.8 | 7.0 – 7.4 | Higher volumes due to increased uptime at Prelude and QGC in Australia |
| Underlying Operating Costs | 1.3 | 1.2 – 1.4 | |
| Adjusted result: | |||
| Pre-tax depreciation | 1.4 | 1.2 – 1.6 | |
| tax burden | 0.9 | 1.0 – 1.4 | Q4’22 inclusive favorable Movements in deferred tax positions |
| Other considerations: | |||
| Trading & Optimization: Expected to be at a similar level as in Q4’22. | |||
upstream
| billion dollars | Q4’22 | Q1’23 outlook | comment |
| Adjusted EBITDA: | |||
| Production (kboe/d) | 1,859 | 1,800 – 1,900 | |
| Underlying Operating Costs | 3.0 | 2.3 – 2.8 | |
| Adjusted result: | |||
| Pre-tax depreciation | 2.9 | 2.8 – 3.1 | |
| tax burden | 2.9 | 2.4 – 3.2 | |
| Other considerations: | |||
| Q1’23 Joint Ventures and Associates (PJVA) earnings and Exploration Well Depreciation (WWO) are expected to be in line with historical averages (Quarterly Averages 2018 – 2022: PJVA ~$0.3B, WWO ~$0.2B) . | |||
marketing
| billion dollars | Q4’22 | Q1’23 outlook | comment |
| Adjusted EBITDA: | |||
| Sales volume (kb/d) | 2,543 | 2,250 – 2,650 | |
| Underlying Operating Costs | 2.3 | 1.8 – 2.2 | |
| Adjusted… | |||
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