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Shell plc publishes second quarter 2024 press...
Shell plc publishes second quarter 2024 press....
About this update from Shell Plc
[{"type":"text","content":"\n\n \n \n\n Shell plc publishes second quarter 2024 press release\n\n London, August 1, 2024 \"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.\" Shell plc Chief Executive Officer, Wael Sawan 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 Brazil. $ million1 Adj. Earnings Adj. EBITDA CFFO Cash capex Integrated Gas 2,675 5,039 4,183 1,151 Upstream 2,336 7,829 5,739 1,829 Marketing 1,082 1,999 1,958 644 Chemicals & Products3 1,085 2,242 2,249 638 Renewables & Energy Solutions (187) (91) 847 425 Corporate (576) (213) (1,468) 32 Less: Non-controlling interest (NCI) 122 Shell Q2 2024 6,293 16,806 13,508 4,719 Q1 2024 7,734 18,711 13,330 4,493 1Income/(loss) attributable to shareholders for Q2 2024 is $3.5 billion, and includes non-cash post-tax impairments of $0.8 billion in Marketing principally relating to a biofuels facility located in the Netherlands...