Shell is progressing towards its net zero emissions goal by 2050, with significant operational and financial achievements in Q1 2024.
Notable developments include strong performance in conventional oil and gas, the start of production at the Rydberg field, full operation of Shell Polymers Monaca, and strategic dilution of a stake in the Texan Brazos Wind Farm.
Financial Performance
Despite well write-offs, Shell reported adjusted earnings of $7.7 billion and $13.3 billion in cash flow from operations in Q1 2024.
The company experienced high liquefaction volumes, strong seasonal trading in Integrated Gas, improved Chemicals performance, and robust margins in Products trading and optimization.
Shell maintains disciplined capital expenditure and a strong balance sheet.
Shareholder Distributions
A new $3.5 billion share buyback program announced, expected to complete by Q2 results in early August, contributing to over $10 billion in shareholder distributions for the first half of the year.
Strategic Focus and Outlook
Shell aims to continue delivering value with reduced emissions throughout 2024, focusing on operational performance and leveraging its strengths.
An upcoming AGM on May 21 will address Shell’s energy transition updates and set new ambitions to reduce customer emissions by 15%-20% by 2030. Shell urges shareholders to support its strategy against alternative resolutions.
Management Appreciation
CEO Wael Sawan expresses gratitude to Tjerk Huysinga for his 35-year career and contributions to Shell, marking his retirement with the strong Q1 results.
