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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 reported its Q3 2022 unaudited results showing significant fluctuations in financial performance. Income attributable to shareholders was $6.7 billion, a considerable drop from $18 billion in Q2 2022. Adjusted earnings were at $9.5 billion, down from $12.9 billion. Cash flow from operating activities reached $12.5 billion. The company faced net losses of $1 billion from commodity derivatives. Shell announced a $4 billion share buyback program, following a distribution of $6.8 billion in the quarter, with a prospective 15% dividend increase for Q4 2022, pending Board approval.
Shell plc announces the appointment of Cyrus Taraporevala as a Non-executive Director, effective March 2, 2023. He will join the Audit Committee on the same date. Sir Andrew Mackenzie, Chair of Shell, praised Taraporevala's extensive experience in global financial markets and asset management, highlighting his successful international career spanning over 30 years. Taraporevala, currently CEO of State Street Global Advisors, will retire from that role in December 2022. This strategic appointment aims to enhance Shell's execution of its corporate strategy.
HyAxiom Inc. has entered into a crucial agreement with Shell Plc and other partners to test a solid oxide fuel cell technology for a deep-sea liquefied natural gas carrier. Scheduled for deployment in 2025, this initiative aims to reduce carbon emissions in maritime transport, a sector facing significant environmental challenges. The collaboration also involves companies like KSOE, DFCC, and DNV. This project will gather valuable data over a year to explore the feasibility of integrating solid oxide fuel cells in future vessels, marking a significant step towards sustainable shipping solutions.
Shell plc announced a share buyback on 07 October 2022, purchasing 384,797 shares for cancellation. The highest price paid was £23.3000 and the lowest £23.1000, with a volume-weighted average of £23.2318. These transactions were conducted as part of an ongoing share buyback program that began on 28 July 2022, managed by Citigroup Global Markets Limited. The program adheres to regulatory standards set by EU MAR and UK MAR.
The third quarter 2022 outlook indicates significant changes in Shell's financial estimates. Production for Integrated Gas is projected at 890-940 thousand barrels per day, while LNG liquefaction volumes are estimated at 6.9-7.5 million tonnes. Trading results are expected to decline due to market volatility. Upstream production is anticipated at 1,750-1,850 thousand barrels per day, with one-off gains included in profit estimates. Chemical margins will negatively impact results, with indicative refining margins dropping to $15/bbl. Overall, financial results are subject to finalization on October 27, 2022.
Petroleum Development Oman has contracted with Eden GeoPower Inc. to implement their innovative Electrical Reservoir Stimulation™ technology in a pilot project, marking a significant milestone in sustainable resource extraction. This method promises to save billions of gallons of water compared to conventional hydraulic fracking. The project aims to reduce CO2 emissions and create new jobs within the local market. If successful, Eden plans to commercialize this technology across various industries, contributing to net-zero goals.
Shell International Finance B.V. and Shell plc published an Information Memorandum on 29 September 2022, approved by the UK Financial Conduct Authority. This document relates to their Multi-Currency Debt Securities Programme, serving as a base prospectus under EU regulation. The full memorandum is accessible online, providing comprehensive details about financial standing and obligations. The memorandum is not intended for U.S. persons and requires compliance with specific access conditions.
Shell plc informs that as of September 26, 2022, it has 7,194,587,068 ordinary shares outstanding, each with a nominal value of €0.07. The company does not hold any treasury shares. This figure serves as the denominator for shareholders to notify changes in their interest under the FCA's Disclosure Guidance and Transparency Rules. This announcement complies with the relevant transparency regulations.
Shell plc reported managerial transactions involving Wael Sawan, the Integrated Gas, Renewables and Energy Solutions Director. On September 22, 2022, Sawan disposed of 19,384 ordinary shares at €26.605 each, totaling €515,711.32. Additionally, he sold 4,750 American Depository Shares (SHEL) at $53.08, amounting to $252,130. These transactions were notified in compliance with the EU and UK market abuse regulations.
TechnipFMC (NYSE: FTI) has secured a significant engineering, procurement, construction, and installation (EPCI) contract from Shell plc (NYSE: SHEL) for the Jackdaw development in the UK North Sea. The contract involves a 30-kilometer tieback utilizing advanced pipe-in-pipe technology, designed for high-pressure and high-temperature conditions. This project reflects TechnipFMC's capabilities in subsea engineering and construction. The contract value falls between $75 million and $250 million, underscoring its financial significance to the company.
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