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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 its decision to withdraw from all Russian hydrocarbons, including crude oil and LNG, in response to government guidance. The immediate cessation of spot purchases of Russian crude oil will be followed by the shutdown of service stations and aviation fuel operations in Russia. Shell will also phase out other petroleum products and gas supplies, with CEO Ben van Beurden acknowledging the complexities of ensuring stable energy supplies while applying pressure on the Russian government due to the Ukraine crisis.
Shell plc announced the purchase of 2,750,000 shares for cancellation on 7 March 2022. The share buy-back comes as part of a previously announced arrangement on 3 February 2022. The shares were acquired at prices ranging from £18.6600 to £19.9920 across multiple trading venues, including LSE and BATS. The average price paid per share was £19.5949. The initiative is managed by Citigroup Global Markets Limited and will continue until 4 May 2022, adhering to the EU MAR and UK MAR regulations governing buy-back programs.
On 4 March 2022, Shell plc announced the purchase of 2,850,000 shares for cancellation as part of its ongoing share buy-back program. The shares were acquired at prices ranging from £18.4420 to £19.2400, with an average purchase price of £18.7051. Citigroup Global Markets Limited is managing these transactions independently until 4 May 2022, adhering to the regulations set by EU MAR and UK MAR. This buy-back initiative is consistent with the company's strategy to enhance shareholder value.
Shell plc disclosed a transaction involving Wael Sawan, the Integrated Gas, Renewables and Energy Solutions Director, who sold 40,000 ordinary shares at an average price of €24.79, totaling €991,600. The sale took place on 3 March 2022 at Euronext Amsterdam. This notification aligns with the EU and UK market abuse regulations, ensuring transparency in managerial transactions.
Shell plc announced on 3 March 2022, the purchase of 2,611,165 shares for cancellation as part of its buy-back program. The shares were acquired at prices ranging from £19.3360 to £20.7900, with a volume-weighted average price of £20.0743. This transaction falls under the share buy-back arrangement previously announced on 3 February 2022, with trading decisions managed independently by Citigroup Global Markets Limited until 4 May 2022.
Shell plc announced the purchase of 2.55 million shares on 2 March 2022 as part of its share buy-back program. The total number of shares bought comprised 1.25 million on the London Stock Exchange and 1.30 million across other venues. Prices ranged from £19.7020 to £20.6200, with a volume-weighted average price of approximately £20.42. This move aligns with the previously announced buy-back arrangement, with trading decisions handled independently by Citigroup Global Markets Limited until 4 May 2022.
Shell plc announced the purchase of 2.7 million shares for cancellation on 1 March 2022 as part of its buy-back program initiated on 3 February 2022. The shares were acquired across multiple trading venues, with the highest price per share at £19.8640 and the lowest at £19.2760. These transactions comply with regulatory frameworks, including the EU Market Abuse Regulation and the UK Market Abuse Regulation. Citigroup Global Markets Limited is managing these trades independently until 4 May 2022. The total volume-weighted average price paid was approximately £19.5974 per share.
Shell announces leadership changes
On March 1, 2022, Shell plc appointed Sinead Gorman as the new Chief Financial Officer (CFO), effective April 1, 2022, replacing Jessica Uhl who will step down on March 31, 2022. Gorman has been with Shell for 23 years, most recently serving as Executive Vice President, Finance in Shell’s Upstream division. Uhl played a crucial role in strategic changes, including the relocation of Shell's headquarters to the UK. Sir Andrew Mackenzie, Shell’s Chair, expressed gratitude for Uhl's contributions while welcoming Gorman's extensive experience to drive Shell's transition to a net-zero emissions energy business.
Shell plc announces its total voting rights as of February 28, 2022, totaling 7,608,484,466 ordinary shares of €0.07 each, with no shares held in Treasury. This figure is significant for shareholders as it serves as the denominator for notifying changes in interest under the FCA's Disclosure Guidance and Transparency Rules. The stated share count includes shares acquired through the company’s share buy-back program that have not yet been canceled.
Shell plc announced plans to exit its joint ventures with Gazprom and related entities, including a 27.5% stake in the Sakhalin-II LNG facility and a 50% stake in the Salym Petroleum Development. The exit will also affect the Nord Stream 2 project. Shell's CEO, Ben van Beurden, emphasized the company's commitment to the safety of its employees and compliance with sanctions. The decision will likely lead to impairments impacting Shell's Russia assets, valued around $3 billion. The company's financial strategy remains intact, with an $8.5 billion share buyback program and a 4% dividend increase planned for Q1 2022.
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