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Shell plc announce second quarter 2024 results

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London, August 01, 2024, (Oilandgaspress) –– Shell plc released its second quarter results and second quarter interim dividend announcement for 2024.

The Board of Shell plc. announced an interim dividend in respect of the second quarter of 2024 of US$ 0.344 per ordinary share.
“Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 billion of structural cost reductions since 2022. Today, we have also announced a further $3.5 billion buyback programme for the next three months. We continue to demonstrate that we are delivering more value with less emissions.”

ANOTHER QUARTER OF STRONG RESULTS

Q2 2024 Adjusted Earnings1 of $6.3 billion, reflecting strong operational performance at the start of the summer season.
CFFO of $13.5 billion for the quarter includes a working capital outflow of $0.3 billion.

Commencing a $3.5 billion share buyback programme, expected to be completed by Q3 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 43% of CFFO. Dividend stable at $0.344 per ordinary share.

$0.7 billion of structural cost reductions2 delivered in the first half of 2024, bringing the total reductions since 2022 to $1.7 billion against a Capital Markets Day 2023 target of $2 – 3 billion by the end of 2025.2024 cash capex outlook unchanged ($22 – 25 billion).Further strengthened our leadership position in LNG, with agreement to acquire Pavilion Energy in Singapore, partner in the ADNOC Ruwais LNG project in Abu Dhabi, and taking final investment decision (FID) on the Manatee backfill project in Trinidad and Tobago. Enhanced our advantaged Upstream portfolio with a focus on cash flow longevity by taking FID on Atapu-2 in Brazi

Information Source: Read More

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