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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 (SHEL) announced the purchase of 3,938,531 shares for cancellation on July 16, 2024, as part of its existing share buy-back programme. The purchases were made across multiple venues, including LSEG, BATS, Chi-X, XAMS, CBOE DXE, and TQEX, with prices ranging from £27.6800 to £28.1250 for GBP transactions and €33.0500 to €33.5450 for EUR transactions.
This share buy-back is part of the 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 announced a transaction in its own shares on July 11, 2024. The company repurchased a total of 2,790,421 shares across various trading platforms, forming part of its previously announced buy-back program. The shares were bought at different prices, with the highest at £28.42 and the lowest at £28.0550 on the London Stock Exchange. Other platforms included Chi-X, BATS, XAMS, CBOE DXE, and TQEX. This buy-back program, managed by BNP PARIBAS Financial Markets SNC, is in accordance with Chapter 12 of the Listing Rules and Article 5 of the Market Abuse Regulation (MAR) as adapted into UK law post-Brexit.
On July 9, 2024, Shell plc announced the repurchase of a total of 2,279,662 shares for cancellation as part of its ongoing share buy-back programme. The shares were purchased across multiple trading venues including LSE, Chi-X, BATS, XAMS, CBOE DXE, and TQEX. The highest and lowest prices paid per share in GBP and EUR varied, with volume-weighted average prices of £28.3341 on LSE and €33.5878 on XAMS. The buy-back programme, initially announced on May 2, 2024, and managed by BNP PARIBAS Financial Markets SNC, will continue until July 26, 2024, following EU MAR and UK MAR regulations. The purpose is to repurchase shares both on- and off-market as authorized by shareholders.
Shell Trinidad and Tobago, a subsidiary of Shell, has taken the Final Investment Decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA).
The project will enhance Shell's LNG business, utilizing existing assets to meet global and domestic energy needs. Manatee aims to increase Shell's LNG business by 20-30% and liquefaction volumes by 25-30% by 2030. Production is expected to start in 2027, reaching a peak of approximately 104,000 barrels of oil equivalent per day (boe/d).
The Manatee field, discovered in 1983, will involve an installation platform with eight development wells linked to Shell's onshore Beachfield gas processing facility via a 110 km pipeline. The project underscores Shell's commitment to LNG as a critical component of the energy transition.
Shell has released its second quarter 2024 update, outlining expected performance metrics ahead of final results on August 1, 2024. In Integrated Gas, expected production ranges from 940-980 kboe/d, with LNG liquefaction volumes between 6.8-7.2 MT. Upstream production is anticipated at 1,720-1,820 kboe/d. Marketing sales volumes are projected between 2,700-3,100 kb/d, while Chemicals & Products refining margins are at $8/bbl, and chemicals margins are $155/tonne. Non-cash post-tax impairments of $1.5-$2 billion are predicted, mainly from the Singapore Chemicals & Products assets and Rotterdam HEFA. The company also expects Q2 exploration well write-offs of ~$0.2 billion. Overall, the group's tax paid is estimated between $3.1-$3.9 billion, with derivative movements and working capital estimates having broad uncertainty ranges.
On 3 July 2024, Shell plc announced the repurchase of its own shares as part of its ongoing buy-back programme. The company bought back 411,237 shares at an average price of £28.6267 on the London Stock Exchange, 168,394 shares at £28.6302 on Chi-X, and 110,369 shares at £28.6341 on BATS. Additionally, 3,931 shares were repurchased at €33.9357 on XAMS, and 1,069 shares at €33.9223 on CBOE DXE. These transactions were executed independently by BNP PARIBAS Financial Markets SNC, adhering to pre-set parameters and regulatory requirements under EU MAR and UK MAR.
On July 1, 2024, Shell announced the purchase of its own shares as part of a buy-back program initiated on May 2, 2024. The shares were bought on multiple trading venues, including the LSE, Chi-X, BATS, XAMS, and CBOE DXE, totaling 704,000 shares. Prices ranged from £28.455 to £28.720 on GBP venues and €33.740 to €33.975 on EUR venues. The buy-back is managed by BNP PARIBAS Financial Markets SNC and adheres to both EU MAR and UK MAR regulations. The program runs until July 26, 2024, allowing Shell's independent trading decisions within set parameters approved by shareholders.
Shell plc has announced that Cyrus Taraporevala, a Non-executive Director of the company, has been appointed to the Board of Pfizer starting July 1, 2024. This declaration was made in compliance with Listing Rule 9.6.14R(2). Sean Ashley, the Company Secretary, confirmed the appointment. The announcement includes the LEI number of Shell plc, which is 21380068P1DRHMJ8KU70. For further information, the press can contact Shell's international, UK, and European press office at +44 20 7934 5550.
Shell plc announced the acquisition of dividend shares by several Persons Discharging Managerial Responsibilities (PDMRs) following the interim dividend payment on June 24, 2024. The transactions, which took place on June 27, 2024, involved shares previously delivered under the annual bonus or vested under employee share plans.
PDMRs acquiring shares include CEO Wael Sawan, CFO Sinead Gorman, Legal Director Philippa Bounds, Projects & Technology Director Robertus Mooldijk, Chief Human Resources & Corporate Officer Rachel Solway, Downstream, Renewables & Energy Solutions Director Huibert Vigeveno, and Integrated Gas & Upstream Director Zoe Yujnovich. The shares were acquired on both the Amsterdam (EUR 33.41 per share) and London (GBP 28.18 per share) stock exchanges. Detailed share counts and transaction values for each PDMR are disclosed in the notification.
More information is available in Shell's Annual Report and Form 20-F for the year ended December 31, 2023.
Shell plc has announced its total voting rights and capital as of June 28, 2024. The company's capital consists of 6,324,115,486 ordinary shares, each valued at €0.07. Notably, Shell holds no shares in Treasury. This figure is essential for shareholders to determine whether they need to notify any changes in their interest in Shell under the FCA's Disclosure Guidance and Transparency Rules. The announcement complies with DGTR 5.6.1 and 5.6.1A, including shares from Shell's buy-back program that are not yet canceled.
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