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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 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.
Shell plc has announced the purchase of 2.7 million shares on 28 February 2022 for cancellation as part of its buy-back program initiated on 3 February 2022. The highest price paid was £20.1750 per share, and the lowest was £19.2700. The trading occurred on venues including LSE and BATS. Citigroup Global Markets Limited will manage these purchases independently until 4 May 2022, adhering to regulatory requirements under EU MAR and UK MAR.
Shell plc announced on February 25, 2022, the purchase of 2,790,096 shares for cancellation under its share buy-back arrangement. The shares were acquired at various prices: the highest at £20.1250 and the lowest at £19.2980, with a volume-weighted average price of £19.7588. This buy-back program, managed by Citigroup Global Markets Limited, is set to continue until May 4, 2022, and is in accordance with UK and EU market regulations for share repurchases.
On February 25, 2022, Shell plc announced share transactions related to its Persons Discharging Managerial Responsibilities (PDMRs). A total of 8 PDMRs received shares as part of their annual bonuses, with 50% paid in cash and 50% in shares, subject to a three-year holding period. Notable transactions include Ben van Beurden receiving 29,597 shares at €23.34 and Jessica Uhl receiving 18,499 shares at the same price. The details of these transactions are in compliance with the EU Market Abuse Regulation, indicating transparency in executive compensation.
Shell plc announced the purchase of 2,700,000 shares on 24 February 2022 as part of its ongoing share buy-back programme. The shares were acquired across three trading venues, with prices ranging from £19.1320 to £20.3100, resulting in a volume-weighted average price of £19.7350. This buy-back operation aims to enhance shareholder value and reflects the company’s commitment to returning capital to its investors. The trading decisions are managed by Citigroup Global Markets Limited, independent of Shell, and will continue until 4 May 2022.
Shell plc announced the purchase of 2,750,000 shares for cancellation on February 23, 2022. The share buyback is part of a previously announced arrangement set on February 3, 2022. The average price paid per share was approximately £19.47, with the highest price at £19.64 and the lowest at £19.29. The purchases were made on London Stock Exchange and other trading venues. Citigroup Global Markets Limited will manage trading decisions independently until May 4, 2022.
Shell plc disclosed managerial transactions on February 22, 2022. Ronan Cassidy, the Chief Human Resources & Corporate Officer, executed a sale of 118,000 ordinary shares at an average price of £19.84, totaling £2,341,120. This transaction was reported as an initial notification under the EU and UK market abuse regulations. The shares were traded in London, and the identification code for the shares is GB00BP6MXD84.
Shell plc announced a share buyback on 22 February 2022, purchasing a total of 2,750,000 shares for cancellation. The shares were acquired at prices ranging from £19.4840 to £19.9940, with a volume-weighted average price of £19.7962. This buyback follows a prior arrangement disclosed on 3 February 2022, which allows Citigroup Global Markets Limited to make independent trading decisions until 4 May 2022. These transactions comply with the Market Abuse Regulation and support shareholder value through share reduction.
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