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Shell plc (NYSE: SHEL) is a British multinational oil and gas company headquartered in London, England. As an integrated oil and gas company, Shell engages in the exploration, production, refining, and marketing of oil and natural gas. The company’s operations span across Europe, Asia, Oceania, Africa, and the Americas.
Shell produced an average of 1.5 million barrels of liquids and 7.3 billion cubic feet of natural gas per day in 2023. At the end of 2023, Shell’s reserves stood at 9.6 billion barrels of oil equivalent, with 49% consisting of liquids. The company operates refineries with a combined capacity of 1.6 million barrels per day and sells approximately 12 million tons of chemicals annually. Shell’s largest chemical plants are situated in Central Europe, China, Singapore, and North America.
In recent developments, Shell has released its 2023 report on payments to governments, complying with UK and EU regulations, and submitted this report to the National Storage Mechanism and the US SEC. The company is scheduled to publish its Q1 2024 financial results on May 2, 2024, with a strong outlook presented for its various segments including Integrated Gas, Upstream, Marketing, Chemicals & Products, and Renewables & Energy Solutions.
Shell remains committed to its energy transition strategy, aiming for net-zero emissions by 2050. The company’s operating plans and budgets are updated annually to reflect the current economic environment and include targets for Scope 1, Scope 2, and Net Carbon Intensity.
The company has also announced an interim dividend for Q1 2024, payable in multiple currencies. Shareholders can participate in Dividend Reinvestment Programs to reinvest their dividends into Shell shares.
Shell plc (SHEL) announced on 12 August 2024 that it purchased 802,626 shares on the London Stock Exchange at a volume-weighted average price of £27.9765 per share, and 781,634 shares on Euronext Amsterdam at €32.9966 per share. These purchases are part of Shell's ongoing share buy-back programme announced on 1 August 2024. The programme includes both on-market and off-market purchases, with Citigroup Global Markets making independent trading decisions until 25 October 2024. The buy-back is conducted in accordance with regulatory requirements, including EU and UK Market Abuse Regulations.
Shell plc (SHEL) has announced the purchase of 813,777 shares on the London Stock Exchange and 850,000 shares on Euronext Amsterdam on August 8, 2024, as part of its ongoing share buy-back programme. The average price paid per share was £27.6864 in London and €32.4712 in Amsterdam. This share repurchase is part of the company's previously announced buy-back programme, which began on August 1, 2024, and will continue until October 25, 2024. Citigroup Global Markets is managing the trading decisions independently within pre-set parameters. The programme complies with relevant market regulations and is being conducted both on-market and off-market.
Shell plc (SHEL) announced on August 7, 2024, that it has purchased 821,397 shares on the London Stock Exchange at a volume-weighted average price of £27.4635 per share for cancellation. Additionally, 800,979 shares were bought on the Amsterdam exchange at a volume-weighted average price of €32.2449 per share. These purchases are part of Shell's existing share buy-back programme announced on August 1, 2024.
The programme, managed independently by Citigroup Global Markets , will run from August 1 to October 25, 2024. It includes both on-market and off-market limbs, adhering to pre-set parameters and regulatory requirements, including EU and UK Market Abuse Regulations.
Shell plc (SHEL) has announced a significant share repurchase activity on August 5, 2024, as part of its ongoing buyback program. The company bought back 852,222 shares on the London Stock Exchange at prices ranging from £26.6000 to £27.0650, with a volume-weighted average price of £26.8334. Additionally, 831,503 shares were purchased on the Amsterdam exchange at prices between €31.1950 and €31.8150, averaging €31.5001 per share.
This share buyback is part of Shell's previously announced program from August 1, 2024. Citigroup Global Markets is managing the trades independently until October 25, 2024. The buyback adheres to pre-set parameters and complies with relevant market regulations, including EU and UK Market Abuse Regulations.
Shell plc announced that on August 2, 2024, Wael Sawan, the company's Chief Executive Officer, has modified his participation in a Dividend Reinvestment Plan (DRIP). Sawan will now receive cash dividends on future dividend payments for his shareholdings in a Computershare Share Plan Account. As of August 2, 2024, Sawan held 266,533.09 ordinary shares of €0.07 each in Shell plc within this account. This change in DRIP participation is considered a transaction by a Person Discharging Managerial Responsibilities (PDMR) under EU and UK market abuse regulations.
Shell plc (SHEL) has announced a significant share buyback program on August 1, 2024. The company purchased 795,138 shares on the London Stock Exchange at a volume-weighted average price of £28.6304 per share. Additionally, 779,178 shares were bought on the Amsterdam exchange at an average price of €34.0475. This initiative is part of Shell's ongoing share repurchase program, which will continue until October 25, 2024. Citigroup Global Markets is managing the trades independently, operating within pre-set parameters for both on-market and off-market purchases. The program adheres to regulatory guidelines, including EU and UK Market Abuse Regulations.
Shell plc has announced the commencement of a $3.5 billion share buyback programme set to run for approximately three months. The programme aims to reduce the company's issued share capital, with all repurchased shares to be cancelled. Subject to market conditions, Shell intends to complete the buyback before its Q3 2024 results announcement on October 31, 2024.
The company has entered into arrangements with a single broker for two contracts: one for London market exchanges ($1.75 billion) and another for Netherlands exchanges ($1.75 billion). The maximum number of ordinary shares that may be purchased under the programme is 644,200,000. The buyback will be conducted in accordance with relevant regulations and shareholder authorities granted at Shell's 2024 Annual General Meeting.
Shell plc has announced an interim dividend of US$ 0.344 per ordinary share for the second quarter of 2024. Shareholders can elect to receive dividends in US dollars, euros, or pounds sterling. The dividend for Shell ADSs is set at US$ 0.688. Key dates include:
- Ex-Dividend Date for ADSs: August 16, 2024
- Ex-Dividend Date for ordinary shares: August 15, 2024
- Record date: August 16, 2024
- Payment date: September 23, 2024
Shell offers Dividend Reinvestment Programmes (DRIPs) through various organizations, allowing shareholders to reinvest their dividends in company shares. Interested parties should contact the relevant DRIP offeror directly for more information.
Shell plc reported strong Q2 2024 results with Adjusted Earnings of $6.3 billion and Cash Flow from Operations (CFFO) of $13.5 billion. The company announced a $3.5 billion share buyback programme and maintained its dividend at $0.344 per share. Shell achieved $0.7 billion in structural cost reductions in H1 2024, bringing total reductions since 2022 to $1.7 billion. The company strengthened its LNG portfolio through acquisitions and project investments. Key financial highlights include:
- Net debt reduced by $2.2 billion to $38.3 billion
- Free cash flow of $10.2 billion
- Cash capex outlook unchanged at $22-25 billion for 2024
- Total shareholder distributions over the last 4 quarters were 43% of CFFO
Segment performance varied, with Integrated Gas and Chemicals & Products seeing lower earnings, while Upstream and Marketing improved.
Shell Plc's Q2 2024 unaudited results show a significant downturn compared to Q1 2024 and Q2 2023. Income attributable to shareholders fell by 52% to $3.5 billion, and adjusted earnings dropped by 19% to $6.3 billion. Adjusted EBITDA decreased by 10% to $16.8 billion. Operating activities generated $13.5 billion in cash flow, while investing activities resulted in a $3.3 billion outflow. Net debt reduced to $38.3 billion with a gearing of 17.0%.
Key developments include the acquisition of Pavilion Energy, investment in ADNOC's Ruwais LNG project, and FIDs on the Manatee and Atapu-2 projects. Marketing earnings plummeted by 67%, while Chemicals and Products earnings dropped by 49%, with notable impairment charges and restructuring costs.
Shareholder distributions totaled $6.1 billion, including $4.0 billion in share buybacks and $2.2 billion in cash dividends. Shell declared a $0.3440 dividend per share for Q2 2024 and announced a new $3.5 billion share buyback program.
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