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Oil major Shell warned on performance following disruptions from Hurricance Ida and a hit to cash flow from higher gas and electricity prices.
Hurricane Ida in the US Gulf of Mexico had an impact on the company's operations and was expected to have an aggregate adverse impact of around $400 million on adjusted earnings and cash flow in the third quarter 2021.
Cash flow from operations - excluding working capital - was expected to be 'significantly impacted by large variation margin inflows on the back of the prevailing gas and electricity price environment; these inflows are expected to be higher than the second quarter 2021,' the company said.
Production for the third quarter was expected to be between 890 and 950 thousand barrels of oil equivalent per day.