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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 July 28, 2022, Shell plc reported strong financial performance amidst volatile energy markets, with Adjusted Earnings of $11.5 billion in Q2 2022 and an Adjusted EBITDA of $23.1 billion. The company announced a $6 billion share buyback program, expected to complete by Q3 2022, reinforcing its commitment to shareholder distribution, which has significantly increased to surpass 30% of Cash Flow from Operations (CFFO). Investments in energy security and renewable projects continue to position Shell for a low-carbon future while maintaining disciplined capital expenditure in the $23-27 billion range.
Shell PLC reported strong financial results for Q2 2022, with income attributable to shareholders rising to $18.04 billion, a 154% increase from Q2 2021. Adjusted earnings reached $11.47 billion, reflecting higher realized prices and refining margins. Cash flow from operating activities was $33.47 billion, up 60% year-over-year. The company completed an $8.5 billion share buyback program and announced a new $6 billion buyback, with shareholder distributions exceeding 30% of operating cash flow. However, the company withdrew from Russian activities and faced challenges in LNG trading.
The press release from Weber announces the appointment of Alan Matula as interim CEO following the departure of Chris Scherzinger. Matula has over 40 years of experience, previously serving as Chief Technology Officer. The company provided preliminary fiscal third-quarter estimates, expecting net sales of $525M to $530M, significantly impacted by inflation and supply chain issues. Adjusted EBITDA is anticipated to be marginally profitable, with a net loss expected. Weber plans financial transformation initiatives and has suspended its quarterly dividend amid challenging market conditions.
Shell has provided an update to its second quarter 2022 outlook, with significant adjustments reflecting new reporting segments. Adjusted EBITDA for Integrated Gas is projected between $300 to $350 million in losses due to derecognition of Sakhalin volumes. Upstream production is expected at 1,850-1,950 thousand barrels per day, with notable gains from joint ventures of $500 to $700 million. Marketing results are expected to rise, while a $200 million one-off charge is anticipated. Shell's share buyback program of $8.5 billion has been completed, and impairment reversals are expected to range from $3.5 to $4.5 billion.
On July 5, 2022, Shell plc disclosed transactions involving Persons Discharging Managerial Responsibilities (PDMRs) acquiring dividend shares following the interim dividend payment on June 27, 2022. Key transactions included Sinead Gorman acquiring 357.54 SHEL shares at £21.58, while Harry Brekelmans acquired 1,225.90 SHELL shares at €25.10. Other notable acquisitions were made by Ronan Cassidy, Donny Ching, Ed Daniels, Wael Sawan, Huibert Vigeveno, and Zoe Yujnovich. An error in a previous disclosure was also mentioned, highlighting transparency in reporting. For further details, refer to the Shell Annual Report.
On July 5, 2022, Shell plc announced the purchase of 3,109,217 shares for cancellation as part of its ongoing share buy-back program initiated on May 5, 2022. The shares were bought at a volume-weighted average price of £21.197 on the LSE and varied across other trading venues. This buy-back arrangement is to be conducted independently by BNP Paribas Exane until July 22, 2022, adhering to the regulations of the UK Market Abuse Regulation and other relevant laws.
On July 4, 2022, Shell plc announced the purchase of 3 million shares for cancellation as part of its share buy-back program initiated on May 5, 2022. The shares were acquired across various trading venues, with prices ranging from £21.605 to £22.150. The buy-back arrangement involves BNP Paribas Exane making independent trading decisions until July 22, 2022. This initiative complies with existing regulations, including the Market Abuse Regulation and relevant UK laws.
On July 1, 2022, Shell plc announced the purchase of 2,999,000 shares for cancellation, as part of its previously disclosed buy-back program initiated on May 5, 2022. The shares were acquired at various prices, with the highest being 21.795 GBP and the lowest at 20.950 GBP. This initiative is managed by BNP Paribas Exane, who will conduct trades independently until July 22, 2022. The purchases comply with EU and UK market regulations regarding share buy-backs, reinforcing Shell's commitment to enhancing shareholder value.
Shell plc announces its total voting rights as of June 30, 2022, stating there are 7,355,041,629 ordinary shares of €0.07 each. The company holds no shares in Treasury. This total includes shares from its share buy-back program that have not yet been canceled. Shareholders may utilize this figure to identify whether they need to notify any changes in their interests, as per the FCA's Disclosure Guidance and Transparency Rules.
On June 30, 2022, Shell plc announced the purchase of 2,000,000 shares for cancellation as part of its share buy-back program initiated on May 5, 2022. The acquisitions occurred at various venues including the London Stock Exchange and Chi-X. The highest price paid for shares was £21.755, while the lowest was £21.145, resulting in a volume-weighted average price of £21.476 per share. This buy-back arrangement, advised by BNP Paribas Exane, reflects the company's strategy to enhance shareholder value.
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