Shell Delivers Quarter 4 2023 Result



“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,” Shell plc Chief Executive Officer, Wael Sawan

Delivering strong results and shareholding distributions

  • Q4 2023 Adjusted Earnings2 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, over 40% of CFFO for 2023.
  • 4% increase in dividend per share for the fourth quarter and a $3.5 billion share buyback program, 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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