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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.
On April 26, 2023, Shell plc announced the purchase of 928,869 shares for cancellation as part of its ongoing share buy-back program initiated on February 2, 2023. The shares were bought at varying prices, with the highest at £24.510 and the lowest at £24.065, resulting in a volume-weighted average price of £24.314. The trades were executed on multiple venues including LSE, Chi-X, and BATS. BNP Paribas Exane managed the trading decisions for the buy-back program. Under this program, Shell aims to repurchase shares in compliance with UK and EU regulations regarding buy-back schemes. This initiative reflects Shell's commitment to return value to shareholders through strategic capital management.
On April 25, 2023, Shell plc announced the purchase of 570,000 shares for cancellation as part of its ongoing buy-back program, with additional purchases of 100,000 and 250,000 shares. The transactions occurred at prices ranging from £24.115 to £24.685, with a volume-weighted average price of approximately £24.455. These share buybacks align with the program initiated on February 2, 2023, where BNP Paribas Exane manages trading decisions independently. The buy-back complies with Chapter 12 of the Listing Rules and related market regulations, ensuring adherence to legal frameworks after Brexit. The buy-back is expected to enhance shareholder value by reducing the number of outstanding shares.
On April 21, 2023, Shell plc announced the purchase of 918,000 shares for cancellation as part of its ongoing share buy-back program, which was initially announced on February 2, 2023. The purchases were executed with varying trade prices, with a highest price of £24.660 and a lowest price of £24.440, resulting in a volume-weighted average price of £24.566 per share. The shares were acquired on both the London Stock Exchange and other trading venues, ensuring compliance with regulatory guidelines. BNP Paribas Exane will manage the trading decisions independently until April 28, 2023. This buy-back program operates under existing share repurchase authorities and adheres to the regulations of the EU MAR and UK MAR.
On April 19, 2023, Shell plc announced the purchase of 912,000 shares for cancellation as part of its ongoing share buyback program initiated on February 2, 2023. The shares were acquired across various trading venues, with prices ranging from £24.395 to £24.640. Notably, the volume weighted average price paid per share was approximately £24.495. BNP Paribas Exane manages these transactions independently, adhering to the parameters set for both on- and off-market buybacks. The program complies with relevant regulations including the UK version of the Market Abuse Regulation. The share buyback aims to return value to shareholders by reducing the number of outstanding shares in the market.
Shell plc has announced its 2023 Annual General Meeting (AGM), scheduled for May 23, 2023, at ExCel London. This hybrid meeting will allow both physical and virtual attendance. Shareholders are encouraged to support the company’s energy transition strategy, as detailed in the Annual Report and Energy Transition Progress Report. Voting is encouraged in advance, with options available during the meeting for attendees. Important documents, including the 2022 Annual Report and documents related to the AGM, are available via the National Storage Mechanism and Shell’s official website. Printed copies will also be dispatched to shareholders opting for paper communications. The announcement highlights Shell's commitment to sustainability and transparency as it moves towards its energy transition goals.
On 17 April 2023, Shell plc announced the purchase of 915,000 shares for cancellation as part of its share buy-back program initiated on 2 February 2023. The shares were acquired through various trading venues, including the London Stock Exchange and Chi-X, with prices ranging from £24.535 to £24.955. The volume-weighted average price paid per share was £24.754. BNP Paribas Exane is managing the trading decisions independently until 28 April 2023. This initiative aligns with the company’s strategy to enhance shareholder value by reducing the total number of shares outstanding. These transactions comply with the Market Abuse Regulation and the company's own share repurchase authority.
On April 13, 2023, Shell plc announced the purchase of a total of 920,000 shares for cancellation as part of its existing share buy-back program initiated on February 2, 2023. The details of the purchases include:
- Date: 13/04/2023
- Shares Purchased: 670,000 at an average price of £24.422
- Shares Purchased: 50,000 at an average price of £24.420
- Shares Purchased: 200,000 at an average price of £24.423
These transactions were executed through BNP Paribas Exane, which is managing the trading decisions independently until April 28, 2023. The buy-back complies with the regulations under the Market Abuse Regulation (MAR) and the UK MAR.
On 11 April 2023, Shell plc announced the purchase of 1,000,000 shares for cancellation as part of its existing buy-back program initiated on 2 February 2023. The shares were bought at varying prices, with a highest price of £24.520 and a lowest price of £24.155. The volume-weighted average price paid per share was approximately £24.311. The buy-back program, executed by BNP Paribas Exane from 2 February to 28 April 2023, adheres to UK and EU market regulations. This strategic move to repurchase shares reflects Shell's commitment to enhancing shareholder value. The program follows established market parameters and is part of the company's broader strategy to manage capital effectively.
Shell's Q1 2023 Outlook indicates mixed expectations across various business segments.
Integrated Gas production is projected at 930-970 kboe/d, with LNG liquefaction volumes expected to increase due to higher uptime. Adjusted EBITDA outlook shows stable operating expenses at $1.2-$1.4 billion.
Upstream production is forecasted at 1,800-1,900 kboe/d, with underlying operating expenses down to $2.3-$2.8 billion. Tax charges are expected between $2.4-$3.2 billion.
Marketing results may be higher than Q4'22, while Chemicals show a downturn with expected losses and lower margins. The Renewables segment expects earnings between $0.1-$0.7 billion.
Overall, Shell anticipates significant tax-related impacts and fluctuations in working capital due to market volatility.
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