In a trading update ahead of Jan 30 full-year results, the British company also said it would take US$1.5 billion to US$3 billion of non-cash, post-tax impairments, including up to US$1.2 billion in its renewables division.

Shell last month said it was stepping back from new offshore wind investments and is splitting its power division following an extensive review of the business, part of CEO Wael Sawan’s drive to focus on the most profitable parts.

The world’s largest LNG trader said trading results for the division in Q4 would be significantly lower than in the previous three months due to non-cash expiry of hedging contracts.

Trading in its chemicals and oil products division was also expected to be significantly lower quarter-on-quarter due to lower seasonal demand.

Shell does not provide earnings figures for its trading operations.

The company trimmed its LNG production forecast for the quarter to 6.8-7.2 million metric tonnes, from a previous forecast of 6.9-7.5 million tonnes, citing lower feedgas deliveries into liquefaction facilities and fewer cargo deliveries.