Highlights Non-LNG upstream output could fall to 1.75 mil boe/d Cuts first quarter dividend, suspends share buybacks Reports 48% slide in adjusted Q1 earnings London — Shell said Thursday that it expects its oil and gas output to fall sharply in the second quarter as some producing assets are constrained or shut-in due to the global demand collapse from COVID-19 lockdowns. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Reporting its first quarter earnings, Shell said upstream production is expected to be approximately 1.75 million-2.25 million boe/d in the second quarter of 2020, down from 2.71 million barrels of oil equivalent/d in the first quarter of the year. LNG-focused gas production is also expected to be approximately 840,000-890,000 boe/d, down from 955,000 boe/d in Q1, Shell said. LNG liquefaction volumes are expected to be approximately 7.4 million-8.2 million mt, down from 8.88 million mt in […]