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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 released its Q2 2023 results, reporting strong operational performance and cash flows despite lower commodity prices. Key highlights include:
- Adjusted Earnings of $5.1 billion, down from Q1 due to lower oil and gas prices, refining margins, and LNG trading results
- Cash flow from operations (CFFO) of $15.1 billion, with a $4.8 billion working capital inflow
- 15% increase in quarterly dividend to $0.331 per share
- $3 billion share buyback program announced, to be completed by Q3 2023 results
- Cash capex outlook for 2023 lowered to $23-26 billion
The company reported lower production and margins across segments, with Integrated Gas and Upstream affected by lower prices and volumes. Marketing saw improved margins, while Chemicals & Products faced weak demand. Renewables & Energy Solutions earnings decreased due to lower trading results.
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