In the company's upstream segment, adjusted earnings are expected to be positive in 1Q21. Production is expected to be between 2.4 million and 2.47 million boe/d, including 10 to 20 000 bpd lower production due to Storm Uri. Total adjusted earnings are expected to be adversely impacted by up to US$40 million due to the operational impacts of Storm Uri.
Pre-tax depreciation is expected to be between US$3.1 and US$3.4 billion. Currency effects are expected to adversely impact adjusted earnings by up to US$200 million. Tax expenses are expected to be between US$700 and US$1100 million. Tax paid is expected to be between US$500 and US$750 million. Working capital outflows are as expected due to increased receivables reflecting the higher commodity price environment.
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