Shell Full-Year Report 2023

DELIVERING STRONG RESULTS AND SHAREHOLDER DISTRIBUTIONS

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