Shell
PLC
(SHEL)
posted
a
sharp
decline
in
profit
and
revenue
in
both
the
fourth
quarter
and
2023
as
a
whole
this
moirning,
citing
lower
oil
and
gas
prices,
but
the
company
announced
a
new
share
buyback
programme
and
a
higher
dividend,
which
led
shares
in
the
firm
higher.
The
London-based
oil
major
said
pre-tax
profit
plunged
to
$1.64
billion
(£1.3
billion) in
the
fourth
quarter
of
2023
from
$16.44
billion
a
year
prior.
Total
revenue
declined
21%
to
$80.13
billion
from
$101.20
billion.
In
all
of
2023,
pretax
profit
fell
nearly
50%
to
$32.63
billion
from
$64.82
billion
in
2022,
while
total
revenue
dropped
16%
to
$323.18
billion
from
$386.20
billion.
Shell
said
the
worsened
results
in
2023
“reflected
lower
realised
oil
and
gas
prices,
lower
volumes,
and
lower
refining
margins,
partly
offset
by
higher
liquefied
natural
gas
trading
and
optimisation
margins,
and
higher
Marketing
margins.”
Despite
its
reduced
profit,
Shell
increased
its
quarterly
dividend
per
share
to
34.40
cents
from
28.75
cents
a
year
before,
bringing
the
total
dividend
for
2023
to
$1.29,
up
25%
from
$1.04
in
2022
Shell
also
announced
it
has
completed
its
$3.5
billion
share
buyback
and
will
now
launch
a
fresh
$3.5
billion
programme.
“Shell
delivered
another
quarter
of
strong
performance,
concluding
a
year
in
which
we
made
good
progress
across
the
targets
outlined
at
our
Capital
Markets
Day,”
chief
executive
Wael
Sawan
said.
“As
we
enter
2024
we
are
continuing
to
simplify
our
organisation
with
a
focus
on
delivering
more
value
with
less
emissions.”
For
2024,
Shell
expects
a
cash
capital
expenditure
of
$22
billion
to
$25
billion,
compared
to
$24.39
billion
in
2023
and
$24.83
billion
in
2022.
Shell
shares
were
up
1.5%
to
2,483.00
pence
on
Thursday
morning
in
London.
The
FTSE
100
index,
of
which
Shell
is
a
major
component,
was
up
just
0.2%.
By
Tom
Budszus,
Alliance
News
slot
editor
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