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Shell SHEL-N expects higher liquefied natural gas (LNG) output in the first quarter after outages at its Australian plants last year as well as stable earnings from LNG trading, it said on Thursday.

Shell, which recorded a record $40-billion profit last year, said in an update ahead of results due on May 4 that it expected first-quarter liquefaction volumes of 7 to 7.4 million tonnes, up from 6.8 million tonnes in the previous quarter.

Its oil products division also likely boosted earnings through a “significantly higher” trading performance, the world’s biggest fuel retailer said.

It expects to have paid between $2.6 and $3.4-billion in tax for the first quarter, down from $4.4-billion.

Its renewables unit is set to contribute $100 to $700-million to adjusted earnings, compared with $300-million in the last quarter of 2022.

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