Shell's Q1 2024 Earnings Highlights

Adjusted Earnings:

• Shell reported adjusted earnings of $7.7 billion for Q1 2024, reflecting strong operational performance across the business.

• This result exceeded analyst expectations, as the consensus estimate was $6.5 billion.

Cash Flow from Operations (CFFO):

• The CFFO for the quarter was $13.3 billion, which includes a working capital outflow of $2.8 billion.

Share Buyback Program:

• Shell announced a $3.5 billion share buyback program, expected to be completed by the Q2 2024 results announcement.

Operational Highlights:

• Guyana Production: Shell achieved quarterly gross production of over 600,000 oil-equivalent barrels per day in Guyana.

• Record Refining Throughput: The company maintained excellent turnaround performance, resulting in a record first-quarter refining throughput.

Environmental Efforts:

• Shell reduced operated methane emissions intensity by more than 60% since 2016.

Stock Price Reaction:

• Following the earnings report, Shell’s stock price had a positive reaction.

• The strong financial performance and share buyback program likely contributed to investor confidence.