Highlights

• Q1 2024 Adjusted Earnings of $7.7 billion, reflecting strong operational performance across the business. CFFO of $13.3 billion for the quarter includes a working capital outflow of $2.8 billion.
• Commencing a $3.5 billion share buyback programme, expected to be completed by Q2 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 41% of CFFO. 
• 2024 cash capex outlook unchanged: $22 - 25 billion.

Shell Chief Executive Officer, Wael Sawan, said:
"Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions. We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another $3.5 billion buyback programme for the next three months."

Upstream
In January 2024, we reached an agreement to sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance. Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

Chemicals and Products
In January 2024, we announced the final investment decision to convert the hydrocracker of the Wesseling site at the Energy and Chemicals Park Rheinland in Germany into a production unit for Group III base oils, used in making highquality lubricants such as engine and transmission oils. Crude oil processing will end at the Wesseling site by 2025 but will continue at the Godorf site.

OUTLOOK FOR THE SECOND QUARTER 2024

Cash capital expenditure for full year 2024 is expected to be within $22 - $25 billion.

Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4 million tonnes. Production and LNG liquefaction outlook reflects seasonality (higher maintenance).

Upstream production is expected to be approximately 1,630 - 1,830 thousand boe/d. Production outlook reflects the scheduled maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,700 - 3,200 thousand b/d. 

Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 72% - 80%. 

Corporate Adjusted Earnings are expected to be a net expense of approximately $400 - $600 million in the second quarter and a net expense of approximately $1,700 - $2,300 million for the full year 2024. This excludes the impact of currency exchange rate and fair value accounting effects. 

2024 interim dividend

The Board of Shell plc today announced an interim dividend in respect of the first quarter of 2024 of US$ 0.344 per ordinary share.

KeyFacts Energy: Shell UK country profile