Shell Plc Posts $9.6bn Earnings In Q1 2023

Shell Plc has announced adjusted earnings of $9.6 billion in the first quarter of 2023, accounting for a 5.5 percent improvement from the same quarter of 2022.

The company’s quarterly reports showed that Shell earned $9.1 billion in the first quarter of last year.

Wael Sawan, Shell plc Chief Executive Officer

“In Q1 2023, Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while continuing to provide vital supplies of secure energy.

“We will commence a $4 billion share buyback programme for the next three months as part of our commitment to deliver attractive shareholder returns.”

Strong results underpinned by robust performance

• Q1 2023 Adjusted Earnings of $9.6 billion, with Adjusted EBITDA of $21.4 billion, with improved operational performance, lower underlying opex, and better results in Chemicals and Products driven by trading & optimisation offsetting the impact of lower oil and gas prices, and higher tax compared with Q4 2022.

• $4 billion share buybacks announced, expected to be completed by Q2 2023 results announcement, which would bring total shareholder distributions to ~$12 billion for the first half of 2023. The 2023 cash capex outlook is unchanged: $23-27 billion.

• Strengthened the portfolio with the completion of the acquisition of Nature Energy (a renewable natural gas producer in Denmark), the investment decision for the Dover tie-back to the Appomattox production platform (USA), and the commencement of production at Vito (USA) and restart of Pierce (UK) facilities. Further simplified the portfolio through the divestment of non-core Upstream positions in onshore California and offshore Malaysia.