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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 that on August 2, 2024, Wael Sawan, the company's Chief Executive Officer, has modified his participation in a Dividend Reinvestment Plan (DRIP). Sawan will now receive cash dividends on future dividend payments for his shareholdings in a Computershare Share Plan Account. As of August 2, 2024, Sawan held 266,533.09 ordinary shares of €0.07 each in Shell plc within this account. This change in DRIP participation is considered a transaction by a Person Discharging Managerial Responsibilities (PDMR) under EU and UK market abuse regulations.
Shell plc (SHEL) has announced a significant share buyback program on August 1, 2024. The company purchased 795,138 shares on the London Stock Exchange at a volume-weighted average price of £28.6304 per share. Additionally, 779,178 shares were bought on the Amsterdam exchange at an average price of €34.0475. This initiative is part of Shell's ongoing share repurchase program, which will continue until October 25, 2024. Citigroup Global Markets is managing the trades independently, operating within pre-set parameters for both on-market and off-market purchases. The program adheres to regulatory guidelines, including EU and UK Market Abuse Regulations.
Shell plc has announced the commencement of a $3.5 billion share buyback programme set to run for approximately three months. The programme aims to reduce the company's issued share capital, with all repurchased shares to be cancelled. Subject to market conditions, Shell intends to complete the buyback before its Q3 2024 results announcement on October 31, 2024.
The company has entered into arrangements with a single broker for two contracts: one for London market exchanges ($1.75 billion) and another for Netherlands exchanges ($1.75 billion). The maximum number of ordinary shares that may be purchased under the programme is 644,200,000. The buyback will be conducted in accordance with relevant regulations and shareholder authorities granted at Shell's 2024 Annual General Meeting.
Shell plc has announced an interim dividend of US$ 0.344 per ordinary share for the second quarter of 2024. Shareholders can elect to receive dividends in US dollars, euros, or pounds sterling. The dividend for Shell ADSs is set at US$ 0.688. Key dates include:
- Ex-Dividend Date for ADSs: August 16, 2024
- Ex-Dividend Date for ordinary shares: August 15, 2024
- Record date: August 16, 2024
- Payment date: September 23, 2024
Shell offers Dividend Reinvestment Programmes (DRIPs) through various organizations, allowing shareholders to reinvest their dividends in company shares. Interested parties should contact the relevant DRIP offeror directly for more information.
Shell plc reported strong Q2 2024 results with Adjusted Earnings of $6.3 billion and Cash Flow from Operations (CFFO) of $13.5 billion. The company announced a $3.5 billion share buyback programme and maintained its dividend at $0.344 per share. Shell achieved $0.7 billion in structural cost reductions in H1 2024, bringing total reductions since 2022 to $1.7 billion. The company strengthened its LNG portfolio through acquisitions and project investments. Key financial highlights include:
- Net debt reduced by $2.2 billion to $38.3 billion
- Free cash flow of $10.2 billion
- Cash capex outlook unchanged at $22-25 billion for 2024
- Total shareholder distributions over the last 4 quarters were 43% of CFFO
Segment performance varied, with Integrated Gas and Chemicals & Products seeing lower earnings, while Upstream and Marketing improved.
Shell Plc's Q2 2024 unaudited results show a significant downturn compared to Q1 2024 and Q2 2023. Income attributable to shareholders fell by 52% to $3.5 billion, and adjusted earnings dropped by 19% to $6.3 billion. Adjusted EBITDA decreased by 10% to $16.8 billion. Operating activities generated $13.5 billion in cash flow, while investing activities resulted in a $3.3 billion outflow. Net debt reduced to $38.3 billion with a gearing of 17.0%.
Key developments include the acquisition of Pavilion Energy, investment in ADNOC's Ruwais LNG project, and FIDs on the Manatee and Atapu-2 projects. Marketing earnings plummeted by 67%, while Chemicals and Products earnings dropped by 49%, with notable impairment charges and restructuring costs.
Shareholder distributions totaled $6.1 billion, including $4.0 billion in share buybacks and $2.2 billion in cash dividends. Shell declared a $0.3440 dividend per share for Q2 2024 and announced a new $3.5 billion share buyback program.
Shell plc has announced its total voting rights and capital as of July 31, 2024. The company's capital consists of 6,292,718,670 ordinary shares, each with a nominal value of €0.07. Shell plc currently holds no shares in Treasury. This figure may be used by shareholders as the denominator for calculating 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 reported figure includes shares purchased by Shell plc as part of its share buy-back programme but not yet cancelled.
Shell plc (SHEL) announced the purchase of 707,500 shares for cancellation on July 25, 2024, as part of its existing share buy-back programme. The shares were bought across three venues: 448,974 shares on LSEG, 152,670 shares on Chi-X (CXE), and 105,856 shares on BATS (BXE). The highest price paid was £27.6450, while the lowest was £27.0950.
This purchase is part of Shell's on- and off-market share buy-back programme announced on May 2, 2024. BNP PARIBAS Financial Markets SNC is making independent trading decisions for the programme until July 26, 2024. The buy-back is being conducted in accordance with relevant regulations, including EU MAR, UK MAR, and the Commission Delegated Regulation (EU) 2016/1052.
Shell plc (SHEL) announced the repurchase of 1,922,000 shares for cancellation on July 23, 2024, as part of its ongoing share buy-back programme. The purchases were made across multiple venues, including the London Stock Exchange, Chi-X, BATS, Euronext Amsterdam, CBOE DXE, and TQEX. The highest price paid was £27.9750 in GBP and €33.3800 in EUR, while the lowest was £27.4550 in GBP and €32.8350 in EUR.
This share buy-back is part of Shell's programme announced on May 2, 2024, with BNP PARIBAS Financial Markets SNC making independent trading decisions until July 26, 2024. The programme complies with relevant regulations, including EU MAR, UK MAR, and the Commission Delegated Regulation (EU) 2016/1052.
Shell plc (SHEL) announced the purchase of 807,000 shares for cancellation on July 18, 2024, as part of its ongoing share buy-back programme. The shares were acquired across multiple venues:
- London Stock Exchange: 511,985 shares at £28.3438 (average)
- Chi-X: 170,975 shares at £28.3308 (average)
- BATS: 123,040 shares at £28.3173 (average)
- Euronext Amsterdam: 1,000 shares at €33.7715 (average)
This action is part of Shell's share buy-back programme announced on May 2, 2024, which includes both on-market and off-market purchases. BNP PARIBAS Financial Markets SNC is managing the trading decisions independently until July 26, 2024, adhering to pre-set parameters and regulatory guidelines.
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