Shell announces first quarter 2023 results

£7.6bn profits

CEO of energy giant Shell Wael Sawan announced the firm’s first quarter results.

He said: “In Q1 Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while
continuing to provide vital supplies of secure energy. We will commence a $4 billion share buyback programme for the next
three months as part of our commitment to deliver attractive shareholder returns.”

  • Q1 2023 Adjusted Earnings of $9.6 billion, with Adjusted EBITDA of $21.4 billion, with improved operational performance, lower underlying opex and better results in Chemicals & Products driven by trading & optimisation offsetting the impact of lower oil and gas prices, and higher tax compared with Q4 2022.
  • $4 billion share buybacks announced, expected to be completed by Q2 2023 results announcement, which would bring total shareholder distributions to ~$12 billion for the first half of 2023. The 2023 cash capex outlook is unchanged: $23-27 billion.
  • Strengthened the portfolio with the completion of the acquisition of Nature Energy (a renewable natural gas producer, Denmark), the investment decision for the Dover tie-back to the Appomattox production platform (USA) and the commencement of production at Vito (USA) and restart of Pierce (UK) facilities. Further simplified the portfolio through the divestment of non-core Upstream positions in onshore California and offshore Malaysia.

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