Shell has announced its third quarter 2024 results.
Shell Chief Executive Officer, Wael Sawan, said:
'Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the resilience of our balance sheet. Today, we announce another $3.5 billion buyback programme for the next three months, making this the 12th consecutive quarter in which we have announced $3 billion or more in buybacks.'
STRONG RESULTS, CONSISTENT DISTRIBUTIONS
- Q3 2024 Adjusted Earnings1 of $6.0 billion, despite the lower crude prices and weaker refining margins, reflect strong operational performance in Integrated Gas, Upstream and Marketing.
- CFFO of $14.7 billion for the quarter includes a working capital inflow of $2.7 billion; net debt reduced to $35.2 billion ($9.6 billion excluding lease liabilities).
- Cash capex for 2024 is expected to be below the lower end of the $22 - 25 billion range.
- Commencing a $3.5 billion share buyback programme, expected to be completed by Q4 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 43% of CFFO. Dividend stable at $0.344 per ordinary share.
(1) Income/(loss) attributable to shareholders for Q3 2024 is $4.3 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 $0.6 billion
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Source: Shell
