Shell Half-Year Report 2023
STRONG OPERATIONAL AND CASH PERFORMANCE, ENHANCED DISTRIBUTION
- Q2 2023 Adjusted Earnings of $5.1 billion, with lower oil and gas prices and refining margins, lower volumes and lower LNG trading & optimisation results. CFFO of $15.1 billion for the quarter, with a $4.8 billion working capital inflow offsetting tax payments.
- $3 billion share buybacks announced, expected to be completed by Q3 2023 results announcement. Quarterly dividend increase of 15% to $0.331 per share. Cash capex outlook range for 2023 lowered to $23-26 billion.
INTEGRATED GAS
- Adjusted Earnings lower than in Q1 2023 due to lower prices and trading & optimisation results. Trading & optimisation results significantly lower, driven by seasonality and fewer optimisation opportunities, compared with a strong Q1 2023.
- Q3 2023 production and liquefaction outlook reflects scheduled maintenance (including Prelude and Trinidad & Tobago).
UPSTREAM
- Production lower than in Q1 2023, mainly driven by scheduled maintenance and completed divestments.
- Adjusted Earnings lower compared with Q1 2023 due to lower prices and production volumes.
- Q3 2023 production outlook reflects scheduled maintenance across the portfolio.
CHEMICALS & PRODUCTS
- Lower Products margins driven by a fall in prices, lower trading & optimisation results and higher maintenance.
- Lower Chemicals margins driven by continued weak demand and lower utilisation
