Shell has announced its first quarter 2024 results.
Shell Chief Executive Officer, Wael Sawan, said:
'Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions. We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another $3.5 billion buyback programme for the next three months.'
DELIVERING STRONG Q1 RESULTS
- Q1 2024 Adjusted Earnings(1) of $7.7 billion, reflecting strong operational performance across the business. CFFO of $13.3 billion for the quarter includes a working capital outflow of $2.8 billion.
- Commencing a $3.5 billion share buyback programme, expected to be completed by Q2 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 41% of CFFO.
- 2024 cash capex outlook unchanged: $22 - 25 billion.
(1) Income/(loss) attributable to shareholders for Q1 2024 is $7.4 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
(2) Chemicals & Products adjusted earnings at a subsegment level are as follows - Chemicals $(0.1) billion and Products $1.7 billion.
Click here for full announcement and Presentation
Source: Shell
