…Adjusted Earnings of $9.6 billion, EBITDA of $21.4 billion
In the first quarter of 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 its commitment to deliver attractive shareholder returns.
- 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 & 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, 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
CFFO of $14.2 billion for Q1 2023, with tax paid of $3.1 billion, and a working capital outflow of $0.8 billion. Working capital outflows due to the reversal of temporary deposits from joint ventures received in Q4 2022 and other accounts receivable / payable movements were offset by inflows resulting from initial margins, lower prices and inventories.
- Production and liquefaction volumes were higher than in Q4 2022 mainly due to higher uptime at Prelude in Australia.
- Adjusted Earnings were lower than in Q4 2022 mainly due to lower prices and a tax help in Q4 2022, which were partly offset by higher volumes. • Trading and optimisation results were at a similar level to Q4 2022.
