The company said trading in its core integrated gas division is expected to be significantly lower than in the first quarter. The warning follows a period of volatility in global gas prices.

Shell expects quarterly earnings to be hit by weaker trading in its integrated gas division and losses at its chemicals and products operations, it said on Monday ahead of second-quarter results due on July 31.

U.S.-listed shares of Shell declined Monday as the energy giant warned about its current-quarter Integrated Gas operations.