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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 announced the purchase of 1,150,000 shares on April 5, 2023, as part of its ongoing share buy-back program initiated on February 2, 2023. The share purchases were executed across various trading venues, including the London Stock Exchange and Chi-X, with prices ranging from £23.505 to £23.770. The program is managed by BNP Paribas Exane, operating independently until April 28, 2023. This initiative aligns with the Company's authority to repurchase shares both on and off the market, adhering to UK and EU market regulations.
Shell plc has announced the appointment of Bram Schot as an independent director on the Board of Cognizant Technology Solutions Corporation (Nasdaq: CTSH), effective April 3, 2023. This appointment aligns with the company's adherence to Listing Rule 9.6.14R(2). The announcement signifies Shell’s ongoing commitment to governance and the strategic utilization of its board members' expertise across different sectors.
This move is expected to enhance Shell's corporate governance framework and could positively influence its operational strategies in the long run.
Shell plc announced the purchase of 90,047 shares on 3 April 2023 as part of its ongoing share buy-back program. The shares were purchased at prices ranging from £23.820 to £23.980, with a volume-weighted average price of £23.959. These transactions were conducted on both the London Stock Exchange and alternative venues such as Chi-X and BATS. The buy-back program, initially announced on 2 February 2023, allows BNP Paribas Exane to make trading decisions independently until 28 April 2023. These actions comply with regulatory frameworks including the EU Market Abuse Regulation and its UK equivalent.
On April 3, 2023, Shell plc announced that its executives acquired dividend shares following an interim dividend payment made on March 27, 2023, for Q4 2022. Key PDMRs, including CEO Wael Sawan and CFO Sinead Gorman, purchased shares at prices ranging from €26.62 to £23.38. Notable transactions included 1,699.63 shares for Sawan at €26.62 and 409.04 shares for Gorman at £23.38. The total value of these transactions indicates continued confidence in company performance. For more details, refer to Shell's Annual Report available on their website.
On March 31, 2023, Shell USA, Inc. completed its acquisition of Volta Inc. for approximately USD 169 million in cash. This transaction positions Shell as a major player in the U.S. electric vehicle (EV) charging market, as it gains access to Volta's network of over 3,000 charge points across 31 states, along with a development pipeline of 3,400 more. The acquisition also includes repayment of Volta's USD 11 million debt and a USD 20 million loan to support Volta's balance sheet. Shell aims to operate over 500,000 charge points by 2025 and 2.5 million by 2030.
Shell plc announces its capital structure as of March 30, 2023, consisting of 6,859,360,924 ordinary shares with a nominal value of €0.07 each. The company does not hold any shares in Treasury. This share count serves as the denominator for shareholders to assess their obligation to report interests under the FCA's Disclosure Guidance and Transparency Rules. The announcement is made in compliance with regulatory requirements.
On March 30, 2023, Shell plc announced the purchase of 2,811,000 shares as part of its ongoing buy-back program initiated on February 2, 2023. The transactions included various trading venues such as LSE, Chi-X, and XAMS, with an average price per share ranging from £23.193 to €26.554. The highest price paid for shares reached £23.395, while the lowest was £22.855. BNP Paribas Exane is responsible for executing trades independently until April 28, 2023. This initiative adheres to regulatory guidelines under EU MAR and UK MAR, ensuring compliance with share repurchase regulations.
Volta Inc. (NYSE: VLTA) has announced that its stockholders approved the merger agreement with Shell USA Inc., a subsidiary of Shell plc (NYSE: SHEL), during a special meeting. The deal entails a merger where Volta will continue as the surviving entity. A majority of Volta's Class A common stock holders voted in favor of the merger, which is expected to be completed around March 31, 2023. Upon closing, Volta stock will be delisted from the NYSE, and shareholders will receive $0.86 per share in cash, net of taxes. Formal voting results will be detailed in a Current Report on Form 8-K.
On March 28, 2023, Shell plc announced the repurchase of shares for cancellation as part of its ongoing buy-back program initiated on February 2, 2023. A total of 3,000,000 shares were purchased across various trading venues, including LSE, Chi-X, and others, at prices ranging from £22.415 to £26.105. The highest price paid was £22.745 GBP, while the lowest was £22.415 GBP. BNP Paribas Exane will manage trading decisions for this program until April 28, 2023. The buy-back aligns with the company's strategy to enhance shareholder value and complies with relevant market regulations.
Shell plc has released its Report on Payments to Governments for 2022, detailing payments made by the company and its subsidiaries in compliance with UK regulations. Total payments amounted to approximately $34.37 billion, with significant contributions from production entitlements ($15.06 billion), taxes ($11.34 billion), and royalties ($5.12 billion). Key payments were made in Nigeria ($4.52 billion), and Norway ($7.72 billion). The report highlights the company's transparency in its transactions with governments and is accessible for download at www.shell.com/payments.
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