Shell has released its fourth quarter 2023 results.
Shell Chief Executive Officer, Wael Sawan, said:
'Shell delivered another quarter of strong performance, concluding a year in which we made good progress across the targets outlined at our Capital Markets Day. As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions.
In 2023, Shell returned $23 billion to shareholders. In line with our progressive dividend policy, Shell is now increasing its dividend by 4%. We are also commencing a $3.5 billion buyback programme for the next three months.'
DELIVERING STRONG RESULTS AND SHAREHOLDER DISTRIBUTIONS
- Q4 2023 Adjusted Earnings of $7.3 billion, reflecting robust operational performance and strong LNG trading and optimisation results. CFFO of $12.6 billion for the quarter; total CFFO amounted to $54.2 billion in 2023.
- 2023 full year shareholder distributions of $23 billion, in excess of 40% of CFFO for 2023.
- 4% increase in dividend per share for the fourth quarter and a $3.5 billion share buyback programme, expected to be completed by Q1 2024 results announcement.
- Enhanced the advantaged upstream portfolio with the start-up of Mero-2 in Brazil and the final investment decision on Sparta in the US Gulf of Mexico. By focusing the portfolio and simplifying the organisation, $1 billion of structural cost reductions delivered in 2023.
- Focus on disciplined spending saw 2023 cash capex of $24.4 billion; 2024 cash capex outlook: $22 - 25 billion.
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Source: Shell
