Shell Full-Year Report 2022
STRONG RESULTS, DISCIPLINED CAPITAL ALLOCATION
- Strong performance in a continuing uncertain economic environment. Q4 2022 Adjusted Earnings of $9.8 billion, with Adjusted EBITDA of $20.6 billion, despite lower oil and gas prices compared with Q3 2022, with higher LNG trading and optimization results. 15% dividend per share increase for the fourth quarter. $4 billion share buybacks announced, expected to be completed by Q1 2023 results announcement.
- 2022 full-year shareholder distributions $26 billion. Total distributions in excess of 35% of CFFO for 2022.
- Strengthening the portfolio with the announced acquisition of Nature Energy (Denmark), a renewable natural gas producer, winning the wind tender for Hollandse Kust (west) VI as part of the Ecowende joint venture and further simplifying the portfolio with the merger of Shell Midstream Partners (USA).
- 2023 cash capex outlook: $23-27 billion.
UPSTREAM
- Q4 2022 production was higher than in Q3 2022, mainly driven by lower scheduled maintenance and lower unscheduled deferment.
- Adjusted Earnings impacted by a decline in oil and gas prices. Q3 2022 earnings benefited from one-off non-cash provision releases and gains related to storage transfer effects in a joint venture.
RENEWABLES & ENERGY SOLUTIONS
- Q4 2022 Adjusted Earnings resulted from strong trading and optimisation margins for gas and power mainly driven by European and Australian markets as significant price volatility continued. This was partly offset by higher operating and development costs.
- Won bid with Eneco to jointly develop 760 MW installed capacity offshore wind power project in the Netherlands at Hollandse Kust (west) VI.
