OIL and gas giants Shell and BP, which operate in Trinidad and Tobago, have had strong second quarter 2024 results.
On August 1 Shell plc released its second quarter results and second quarter interim dividend announcement for 2024 with Shell chief executive officer Wael Sawan and CFO Sinead Gorman hosting an analyst webcast from London.
Sawan said, "Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including US$1.7 billion of structural cost reductions since 2022. Today, we have also announced a further US$3.5 billion buyback programme for the next three months. We continue to demonstrate that we are delivering more value with less emissions."
Shell said it had strengthened its leadership position in LNG, with agreement to acquire Pavilion Energy in Singapore, partner in the ADNOC Ruwais LNG project in Abu Dhabi, and taking final investment decision (FID) on the Manatee backfill project in TT.
It has also enhanced its advantaged Upstream portfolio with a focus on cash flow longevity by taking FID on Atapu-2 in Brazil.
On July 9, Shell said Manatee will its competitively grow its integrated gas business by building on development efforts in the East Coast Marine Area (ECMA) in Trinidad and Tobago, one of the country’s most prolific gas-producing areas. The ECMA is currently home to Shell’s largest gas-producing fields in the country including Dolphin, Starfish, Bounty and Endeavour.
The Manatee gas field, it said, will provide backfill for the country’s Atlantic LNG facility, increasing utilisation at existing LNG plants is an important lever to maximize potential from Shell’s existing assets.
“This project will help meet the increasing demand for natural gas globally while also addressing the energy needs of our customers domestically in Trinidad and Tobago,” said Zoë Yujnovich, Shell’s integrated gas and upstream director.
“The investment bolsters our world-leading LNG portfolio in line with our commitment to invest in competitive projects that deliver more value with less emissions,” she added.
Manatee is slated to start production in 2027. Once online, Manatee is expected to reach peak production of approximately 104,000 barrels of oil equivalent per day (boe/d) (604 MMscf/d).
Third quarter 2024 results and dividends will be released on October 31, Shell said.
On July 30, BP said, "In the second quarter we generated strong operating cash flows, reduced net debt, increased the dividend and extended our commitment to buybacks."
Murray Auchincloss, chief executive officer and Kate Thomson, chief financial officer made 2Q24 results in a video and hosted a live question and answer session.
Auchincloss, who has held the CEO post for the past six months, said, “Our businesses continue to operate safely and efficiently. We are driving focus across the business and reducing costs, all while building momentum in our drive to 2025. Our recen
