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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 29, 2022, Shell plc announced the purchase of 1,000,000 shares for cancellation as part of its existing buy-back program initiated on July 28, 2022. The shares were acquired at a volume-weighted average price of £21.5582 on the London Stock Exchange, with the highest price at £21.8900 and the lowest at £21.1300. Additional purchases included 900,000 shares on the Amsterdam exchange at an average price of €25.6388. Trading decisions were made independently by Citigroup Global Markets Limited, effective until October 21, 2022.
Shell plc has announced its total voting rights as of July 29, 2022, reporting 7,341,114,962 ordinary shares of €0.07 each. The company holds no shares in treasury. This number is critical for shareholders, as it serves as the denominator for calculating notifications regarding their interests in Shell under the FCA's Disclosure Guidance and Transparency Rules. The figure includes shares acquired through Shell's buy-back program that are not yet canceled, emphasizing the company's ongoing commitment to shareholder value.
Shell plc announced that on 28 July 2022, it repurchased 1,250,000 shares for cancellation as part of its existing share buy-back programme. The highest price paid was £21.60 and the lowest was £21.15, with a volume-weighted average price of £21.45. The shares were purchased on the LSE. Additionally, Citigroup Global Markets Limited will independently manage trading decisions for this programme until 21 October 2022. The buy-back adheres to regulations under EU MAR and UK MAR.
Shell has announced a $6 billion share buyback program, effective from July 28, 2022, and expected to complete by October 27, 2022. This initiative aims to reduce the company’s issued share capital, with 758 million ordinary shares to be repurchased and subsequently canceled. The buyback will be executed through contracts with a single broker across London and Netherlands markets. This strategic move reflects confidence in shareholder value and aims to enhance overall EPS.
Shell plc announced an interim dividend of US$ 0.25 per ordinary share for Q2 2022, with payment scheduled for September 19, 2022. Shareholders can elect payment in US dollars, euros, or pounds sterling, with the respective currency equivalents announced on September 5, 2022. The ex-dividend date for both ordinary shares and ADSs is set for August 11, 2022, and the record date is August 12, 2022. Notably, dividends will not incur Dutch withholding tax due to Shell's UK tax residence.
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.
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