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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'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.
Shell plc has announced its total voting rights and capital as of July 31, 2024. The company's capital consists of 6,292,718,670 ordinary shares, each with a nominal value of €0.07. Shell plc currently holds no shares in Treasury. This figure may be used by shareholders as the denominator for calculating whether they need to notify their interest in, or a change to their interest in, Shell plc under the FCA's Disclosure Guidance and Transparency Rules.
The announcement is made in compliance with Disclosure Guidance and Transparency Rules 5.6.1 and 5.6.1A. It's important to note that the reported figure includes shares purchased by Shell plc as part of its share buy-back programme but not yet cancelled.
Shell plc (SHEL) announced the purchase of 707,500 shares for cancellation on July 25, 2024, as part of its existing share buy-back programme. The shares were bought across three venues: 448,974 shares on LSEG, 152,670 shares on Chi-X (CXE), and 105,856 shares on BATS (BXE). The highest price paid was £27.6450, while the lowest was £27.0950.
This purchase is part of Shell's on- and off-market share buy-back programme announced on May 2, 2024. BNP PARIBAS Financial Markets SNC is making independent trading decisions for the programme until July 26, 2024. The buy-back is being conducted in accordance with relevant regulations, including EU MAR, UK MAR, and the Commission Delegated Regulation (EU) 2016/1052.
Shell plc (SHEL) announced the repurchase of 1,922,000 shares for cancellation on July 23, 2024, as part of its ongoing share buy-back programme. The purchases were made across multiple venues, including the London Stock Exchange, Chi-X, BATS, Euronext Amsterdam, CBOE DXE, and TQEX. The highest price paid was £27.9750 in GBP and €33.3800 in EUR, while the lowest was £27.4550 in GBP and €32.8350 in EUR.
This share buy-back is part of Shell's programme announced on May 2, 2024, with BNP PARIBAS Financial Markets SNC making independent trading decisions until July 26, 2024. The programme complies with relevant regulations, including EU MAR, UK MAR, and the Commission Delegated Regulation (EU) 2016/1052.
Shell plc (SHEL) announced the purchase of 807,000 shares for cancellation on July 18, 2024, as part of its ongoing share buy-back programme. The shares were acquired across multiple venues:
- London Stock Exchange: 511,985 shares at £28.3438 (average)
- Chi-X: 170,975 shares at £28.3308 (average)
- BATS: 123,040 shares at £28.3173 (average)
- Euronext Amsterdam: 1,000 shares at €33.7715 (average)
This action is part of Shell's share buy-back programme announced on May 2, 2024, which includes both on-market and off-market purchases. BNP PARIBAS Financial Markets SNC is managing the trading decisions independently until July 26, 2024, adhering to pre-set parameters and regulatory guidelines.
Shell plc (SHEL) announced the purchase of 3,938,531 shares for cancellation on July 16, 2024, as part of its existing share buy-back programme. The purchases were made across multiple venues, including LSEG, BATS, Chi-X, XAMS, CBOE DXE, and TQEX, with prices ranging from £27.6800 to £28.1250 for GBP transactions and €33.0500 to €33.5450 for EUR transactions.
This share buy-back is part of the programme announced on May 2, 2024, with BNP PARIBAS Financial Markets SNC making independent trading decisions until July 26, 2024. The programme complies with relevant regulations, including EU MAR, UK MAR, and the Commission Delegated Regulation (EU) 2016/1052.
Shell announced a transaction in its own shares on July 11, 2024. The company repurchased a total of 2,790,421 shares across various trading platforms, forming part of its previously announced buy-back program. The shares were bought at different prices, with the highest at £28.42 and the lowest at £28.0550 on the London Stock Exchange. Other platforms included Chi-X, BATS, XAMS, CBOE DXE, and TQEX. This buy-back program, managed by BNP PARIBAS Financial Markets SNC, is in accordance with Chapter 12 of the Listing Rules and Article 5 of the Market Abuse Regulation (MAR) as adapted into UK law post-Brexit.
On July 9, 2024, Shell plc announced the repurchase of a total of 2,279,662 shares for cancellation as part of its ongoing share buy-back programme. The shares were purchased across multiple trading venues including LSE, Chi-X, BATS, XAMS, CBOE DXE, and TQEX. The highest and lowest prices paid per share in GBP and EUR varied, with volume-weighted average prices of £28.3341 on LSE and €33.5878 on XAMS. The buy-back programme, initially announced on May 2, 2024, and managed by BNP PARIBAS Financial Markets SNC, will continue until July 26, 2024, following EU MAR and UK MAR regulations. The purpose is to repurchase shares both on- and off-market as authorized by shareholders.
Shell Trinidad and Tobago, a subsidiary of Shell, has taken the Final Investment Decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA).
The project will enhance Shell's LNG business, utilizing existing assets to meet global and domestic energy needs. Manatee aims to increase Shell's LNG business by 20-30% and liquefaction volumes by 25-30% by 2030. Production is expected to start in 2027, reaching a peak of approximately 104,000 barrels of oil equivalent per day (boe/d).
The Manatee field, discovered in 1983, will involve an installation platform with eight development wells linked to Shell's onshore Beachfield gas processing facility via a 110 km pipeline. The project underscores Shell's commitment to LNG as a critical component of the energy transition.
Shell has released its second quarter 2024 update, outlining expected performance metrics ahead of final results on August 1, 2024. In Integrated Gas, expected production ranges from 940-980 kboe/d, with LNG liquefaction volumes between 6.8-7.2 MT. Upstream production is anticipated at 1,720-1,820 kboe/d. Marketing sales volumes are projected between 2,700-3,100 kb/d, while Chemicals & Products refining margins are at $8/bbl, and chemicals margins are $155/tonne. Non-cash post-tax impairments of $1.5-$2 billion are predicted, mainly from the Singapore Chemicals & Products assets and Rotterdam HEFA. The company also expects Q2 exploration well write-offs of ~$0.2 billion. Overall, the group's tax paid is estimated between $3.1-$3.9 billion, with derivative movements and working capital estimates having broad uncertainty ranges.
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