WorldStage Newsonline– Shell plc has released its fourth quarter (Q4) 2023 result with adjusted earnings of $7.3 billion, reflecting robust operational performance and strong LNG trading and optimisation results.
According to the result, cash flow from operating activities (CFFO) stood at $12.6 billion for the quarter; total CFFO amounted to $54.2 billion in 2023.
Other highlights of the result include 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.
Shell plc Chief Executive Officer, Wael Sawan in his comment on the result 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 Day1. 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.”
