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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 has released its third quarter 2024 outlook, providing an overview of current expectations. Key points include:
Integrated Gas: Production expected at 920-960 kboe/d, LNG liquefaction volumes at 7.3-7.7 MT. Upstream: Production forecasted at 1,740-1,840 kboe/d. Marketing: Sales volumes projected at 2,750-3,150 kb/d. Chemicals and Products: Indicative refining margin at $5.5/bbl, chemicals margin at $164/tonne. Refinery utilization expected at 79-83%, chemicals utilization at 73-77%.
The Renewables and Energy Solutions segment is expected to report Adjusted Earnings between -$0.4 billion and $0.2 billion. Corporate Adjusted Earnings are forecasted between -$0.7 billion and -$0.5 billion. Final Q3 2024 results will be published on October 31, 2024.
Shell plc (SHEL) announced the final results of its Exchange Offers, aiming to exchange up to $12 billion of notes. The offers were made to migrate existing notes issued by Shell International Finance B.V. to Shell Finance US Inc., optimizing Shell Group's capital structure. As of October 3, 2024, $11,462,980,000 worth of notes were validly tendered and accepted for exchange. Notes from Acceptance Priority Levels 1 through 8 met conditions and were accepted, while those from levels 9 through 12 were not. Settlement and issuance of new notes are expected on October 8, 2024. The exchange agents were Deutsche Bank, Goldman Sachs, and Wells Fargo, with D.F. King & Co. Inc. serving as the information agent.
Shell plc (SHEL) announced on 03 October 2024 the purchase of 625,000 shares on the London Stock Exchange at a volume-weighted average price of £25.4756 per share, and 585,000 shares on Euronext Amsterdam at €30.6700 per share. These purchases are part of the company's existing share buy-back programme announced on 1 August 2024.
The programme, managed independently by Citigroup Global Markets , will run until 25 October 2024. It includes both on-market and off-market limbs, conducted in accordance with UK and EU market abuse regulations. The buy-back aims to reduce Shell's share capital and is executed within pre-set parameters and the company's general authority to repurchase shares.
Shell plc (SHEL) has announced a share buyback transaction on 01 October 2024, as part of its existing share buy-back programme announced on 1 August 2024. The company purchased 560,262 shares on the London Stock Exchange at a volume-weighted average price of £24.2617 per share, and 721,632 shares on Euronext Amsterdam at €29.6650 per share.
This buyback is part of both on-market and off-market limbs of the programme, with Citigroup Global Markets making independent trading decisions until 25 October 2024. The programme adheres to Chapter 12 of the Listing Rules, Article 5 of the Market Abuse Regulation, and related EU and UK regulations.
Shell plc has reported that several Persons Discharging Managerial Responsibilities (PDMRs) acquired dividend shares following the payment of the interim dividend on September 23, 2024. These shares were acquired in respect of shares previously delivered under annual bonuses or vested employee share plans held in Share Plan Accounts. The acquisitions took place on September 26, 2024, with shares purchased on both the London Stock Exchange (LSE) and Amsterdam Stock Exchange (AMS).
Key acquisitions include:
- Sinead Gorman (CFO): 1,109.67 SHEL shares at GBP 24.34 each
- Huibert Vigeveno (Downstream, Renewables & Energy Solutions Director): 1,187.00 SHELL shares at EUR 29.41 each
- Zoe Yujnovich (Integrated Gas and Upstream Director): 1,172.43 SHELL shares at EUR 29.41 each
Other PDMRs who acquired shares include Philippa Bounds, Robertus Mooldijk, and Rachel Solway. The transactions were made in compliance with EU and UK market abuse regulations.
Shell plc has announced its total voting rights and capital as of September 30, 2024. The company's capital consists of 6,224,278,848 ordinary shares with a nominal value of €0.07 each. Shell plc currently holds no shares in Treasury.
This figure (6,224,278,848) can be used by shareholders as the denominator to calculate 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 total number of shares includes those purchased by Shell plc as part of its share buy-back programme but not yet cancelled.
Shell plc announces the purchase of 1,644,000 shares on the London Stock Exchange and 980,000 shares on Euronext Amsterdam on September 26, 2024, as part of its ongoing share buy-back programme. The highest price paid per share was £24.5750 on LSEG and €29.7350 on XAMS. This forms part of the Company's existing share buy-back programme announced on August 1, 2024, which will continue until October 25, 2024. Citigroup Global Markets is managing the trading decisions independently within pre-set parameters. The programme complies with relevant regulations including EU MAR, UK MAR, and the Commission Delegated Regulation (EU) 2016/1052.
Shell plc announced on 24 September 2024 that it purchased 650,000 shares on the London Stock Exchange at a volume-weighted average price of £25.7944 per share, and 850,000 shares on Euronext Amsterdam at a volume-weighted average price of €31.2302 per share. These purchases are part of the company's existing share buy-back programme announced on 1 August 2024.
The programme includes both on-market and off-market limbs, with Citigroup Global Markets making independent trading decisions from 1 August 2024 to 25 October 2024. The buy-back is conducted in accordance with Chapter 12 of the Listing Rules, Article 5 of the Market Abuse Regulation, and related EU and UK regulations.
Shell International Finance B.V. and Shell plc have published a Prospectus Supplement dated 20 September 2024. The supplement is to be read in conjunction with the Information Memorandum dated 8 November 2023, as supplemented by the first supplement dated 6 February 2024, relating to the Programme. The Information Memorandum constitutes a base prospectus for regulatory purposes.
The announcement provides links to view several key documents, including:
- Shell plc's unaudited condensed consolidated interim financial report (30 June 2024)
- Shell plc's Annual Report and Form 20-F (31 December 2023)
- Shell International Finance B.V.'s unaudited condensed non-consolidated interim financial report (30 June 2024)
- Shell International Finance B.V.'s Annual Report (31 December 2023)
These documents will be available for inspection at the UK's National Storage Mechanism. The Information Memorandum is not intended for U.S. persons or persons in the United States.
Shell plc announces the purchase of 710,831 shares on the London Stock Exchange and 585,684 shares on Euronext Amsterdam on September 19, 2024, as part of its existing share buy-back programme. The highest price paid was £26.0050 on LSE and €31.1900 on Euronext Amsterdam. This programme, announced on August 1, 2024, includes both on-market and off-market share repurchases. Citigroup Global Markets is making independent trading decisions for the programme, which will run until October 25, 2024. The buy-back is conducted in accordance with relevant regulations, including EU MAR, UK MAR, and the Commission Delegated Regulation (EU) 2016/1052.
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