- Shell Plc SHEL reported Q1 2023 adjusted EBITDA of $21.4 billion, higher than $19.0 billion a year ago, on solid operational performance, decline in underlying operating expenditure and improved performance in Chemicals & Products.
- Adjusted earnings increased to $9.6 billion from $9.1 billion prior year. Adjusted EPS stood at $1.39, higher than $1.20 a year ago.
- Cash capex came in at $6.5 billion higher than $5.1 billion a year ago, and cash flow from operating activities was $14.2 billion, down from $14.8 billion a year ago.
- In Q1, production at Integrated Gas stood at 970kboe/d (vs 896kboe/d prior year) and Upstream at 1,877 kboe/d (vs 2,025 in Q1 2022).
- Share Buyback: The company announced a $4 billion share buybacks program, projected to be completed by Q2 2023 results announcement. Total shareholder distributions now stand at around $12 billion for H1 2023.
- Dividend: Shell announced an interim dividend per share of $0.2875, to be paid on June 26, 2023, to shareholders of record as on May 19, 2023.
- Outlook: Shell reiterated guidance for cash capital expenditure within $23 billion - $27 billion for 2023.
- For Q2 2023, Integrated Gas production is expected to be 920 - 980 thousand boe/d. Upstream production is expected to be 1,600- 1,800 thousand boe/d. Marketing sales volumes is expected to be around 2,350 - 2,850 thousand b/d.
- "In Q1 Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to provide vital supplies of secure energy. We will commence a $4 billion share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns," said Wael Sawan, CEO.
- Price Action: SHEL shares are trading higher by 2.36% at $59.90 premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
