[DewDiligence]

SHEL dials back on carbon-offsets program:

https://finance.yahoo.com/news/europes-biggest-oil-company-quietly-000104402.html

The change since the new CEO came on board in Jan 2023 is palpable.

[DewDiligence]

[duplicate]

[DewDiligence]

New $3B share buyback to_be_completed_by 11/1/23:

https://finance.yahoo.com/news/shell-announces-commencement-share-buyback-060300043.html

[DewDiligence]

SHEL 2Q23 results…

PR:
https://www.shell.com/content/dam/shell/assets/en/business-functions/investor/results-and-reporting/documents/2023/q2/q2-2023-quarterly-press-release.pdf

CC slides:
https://www.shell.com/content/dam/shell/assets/en/business-functions/investor/results-and-reporting/documents/2023/q2/q2-2023-slides.pdf

6-minute video:
https://www.shell.com/investors/results-and-reporting/quarterly-results/latest-results.html#quarterly-results-q-a-session

[DewDiligence]

SHEL slide sets from today’s webcast…

Pdf with slides only:
https://www.shell.com/content/shell/corporate/global/en_gb/investors/investor-presentations/capital-markets-day-2023/_jcr_content/root/main/section/simple/text_1695238364_copy_695577015.multi.stream/1686739511216/018241635a98a83269986e2b3fab2365078083ce/CMD23-slides.pdf

Pdf with slides and prepared remarks:
https://www.shell.com/content/shell/corporate/global/en_gb/investors/investor-presentations/capital-markets-day-2023/_jcr_content/root/main/section/simple/text_1695238364_copy_695577015.multi.stream/1686759610124/28de8452b16d6b197c9f75711276d5337bec6b46/cmd23-slides-with-prepared-remarks.pdf

[DewDiligence]

SHEL boosts dividend, buybacks—cuts 2024-2025 cap-ex:

https://www.shell.com/media/news-and-media-releases/2023/shell-to-deliver-more-value-with-less-emissions.html

• Shareholder distributions increased to 30-40% of cash flow from operations (CFFO) through the cycle [up from the prior range of 20-30%]

o 15% increase in dividend per share effective Q2 2023

o Share buybacks of at least $5 billion for the second half of 2023

• Capital spending reduced to $22-25 billion per year for 2024 and 2025 [down from $23-27B budgeted for 2023]

• Annual operating cost structurally reduced by $2-3 billion by end 2025

Moreover, SHEL intends to increase LNG production and keep oil production flat for the rest of the decade; previously, SHEL said it would reduce oil production by 1-2% per annum.

These announcements were made in conjunction with SHEL’s Capital Markets Day webcast in New York today.

[Nighthawk_1]

Well, final straw. I am now boycotting Shell. 1) was cleaning out my car and had quite a bit of trash that built up. Was throwing away so then I could vacuum. Some ass yelled at me to take my trash home, but I was coming from a picnic. 2) then I was going to vaccum. Cost .75 cents put in. vacuum couldn't suck the dick on a donkey let alone vacuum my car out. So, they ripped my off. How many others have been ripped off? Quite a few is my guess. NEVER AGAIN!!!

[DewDiligence]

SHEL 1Q23 results—lower_oil_prices_offset_by_gains_in chemicals and trading—new $4B buyback to be completed in next three months (following full implementation of the $4B buyback announced in Feburary):

https://finance.yahoo.com/news/shell-maintains-pace-buybacks-profit-070219745.html

https://finance.yahoo.com/news/shell-plc-first-quarter-2023-060000421.html

https://finance.yahoo.com/news/shell-announces-commencement-share-buyback-060300236.html

[DewDiligence]

SHEL reports record-high 2022 profit—boosts dividend—starts_$4B_accelerated_buyback (to be completed before 5/4/23):

https://finance.yahoo.com/news/shell-announces-commencement-share-buyback-070300957.html

https://finance.yahoo.com/news/shell-plc-fourth-quarter-2022-070200422.html

https://finance.yahoo.com/news/shell-announces-commencement-share-buyback-070300957.html

Approximately 60% of 4Q22 profit came from the LNG business.

The annualized dividend per ADS was boosted 15% to $2.30 (from $2.00). At the current ADS share price ($57.26), the yield is 4.0%.

Despite all of the above, SHEL is trading slightly down today because investors think SHEL’s business can’t get any better.

[DewDiligence]

SHEL shakes up senior management:

https://finance.yahoo.com/news/shell-plc-announces-executive-committee-070000756.html

I doubt that this will make much, if any, difference to the bottom line.

[DewDiligence]

SHEL pre-announces strong 4Q22 results due to LNG business:

https://finance.yahoo.com/news/shell-fourth-quarter-2022-note-070000362.html

SHEL will report official 4Q22 results on 2/2/23.

[DewDiligence]

SHEL acquires European biogas company for $2B:

https://finance.yahoo.com/news/shell-buys-nature-energy-2-183049575.html

Is this is the “transformative” deal that SHEL’s incoming CEO was talking about two months ago (#msg-170019624)?

[DewDiligence]

SHEL pushes back on UK’s increased “windfall” tax:

https://finance.yahoo.com/news/shell-reconsiders-25bn-investment-uk-190314142.html

[UK’s Chancellor of the Exchequer] increased the so-called energy profits levy on North Sea oil and gas producers from 25% to 35%, while also announcing it would be in place until 2028 rather than 2025, adding £19.4bn to the existing bill.

SHEL’s outgoing CEO has been barking that SHEL’s taxes are too low (#msg-170300650), so the company’s pushback now doesn’t have much oomph, IMO.

[DewDiligence]

SHEL’s 53-min Q&A session with analysts:

[DewDiligence]

SHEL 3Q22 CC slides:

https://www.shell.com/investors/results-and-reporting/quarterly-results/2022/q3-2022/_jcr_content/par/toptasks_1119141760__237662996.stream/1666826532698/313969f4bf5066226b15bfce3c5ac18929da62d4/q3-2022-slides.pdf

[DewDiligence]

SHEL’s outgoing CEO is almost begging for a “windfall” tax on oil & gas profits:

https://www.ft.com/content/e04e4bbc-7205-4999-80a4-1fd7e0b34d8f

He can’t be fired anymore, so he can say whatever he wants, LOL.

[DewDiligence]

SHEL reports 3Q22 results—boosts dividend 15%—authorizes new $4B share buyback:

https://finance.yahoo.com/news/shell-plc-publishes-third-quarter-060100724.html
https://finance.yahoo.com/news/shell-plc-3rd-quarter-2022-060000371.html

https://finance.yahoo.com/news/shell-announces-commencement-share-buyback-060300937.html

https://finance.yahoo.com/news/2-shell-posts-9-5-062417843.html

[DewDiligence]

SHEL—(-5%)—pre-announces weak 3Q22:

https://finance.yahoo.com/news/shell-third-quarter-2022-note-060000198.html

The weakness was spread across all segments, but especially notable was that margins in the chemicals segment were negative $27/tonne, compared with (positive) $86/tonne in 2Q22.

[DewDiligence]

WSJ musings on SHEL’s CEO change:

https://www.wsj.com/articles/for-shells-priorities-follow-the-money-11663265679

[DewDiligence]

Shell logs_record_quarterly_profit—commits_to $6B share buyback during_next_3_months (in addition to $8.5B buybacks already completed during 2022):

https://finance.yahoo.com/news/2-shell-smashes-record-again-061959174.html

https://finance.yahoo.com/news/shell-plc-publishes-second-quarter-060200787.html

[conix]

SHEL chart

[DewDiligence]

SHEL derives only 4% of its global profit from the UK, so the “windfall profits” tax will barely affect the bottom line.

[DewDiligence]

UK imposes 25% “windfall profits” tax on oil/gas businesses:

https://www.bloomberg.com/news/articles/2022-05-26/uk-slaps-25-windfall-tax-on-profits-of-oil-and-gas-companies

[DewDiligence]

SHEL faces prospect of UK “windfall profits” tax after reporting highest quarterly profit ever:

https://www.wsj.com/articles/shells-foggy-outlook-sways-investors-but-not-politicians-11651761764

1Q22 PR (full version):
https://finance.yahoo.com/news/shell-plc-first-quarter-2022-060000358.html

1Q22 PR (abbreviated version):
https://finance.yahoo.com/news/shell-plc-publishes-first-quarter-060100573.html

Next stage of share-repurchase plan:
https://finance.yahoo.com/news/shell-announces-second-tranche-share-060300946.html

[DewDiligence]

Two slide sets from SHEL today….

Integrated Gas Update:
https://www.shell.com/investors/investor-presentations/2022-investor-presentations/lng-outlook-2022-and-shell-insights-integrated-gas-business-update/_jcr_content/par/textimage_6665.stream/1645291670085/be1cf6acf49abb52da10d9504ca61c47b4e461df/integrated-gas-market-update.pdf

2022 LNG outlook:
https://www.shell.com/promos/energy-and-innovation/v1/lng-outlook-2022-report/_jcr_content.stream/1645378179742/3399fc5b65329ddf5fda80ad6cf2f6eab2abd9e5/shell-lng-outlook-2022.pdf

[peterquinnvet]

Shell Plc. (NYSE:RDS.A) just stunned us with a discovery announcement at its offshore Graff-1 well in Namibia.

The Graff-1 well results showed at least two reservoirs containing what Reuters sources have called “a significant amount of oil and gas”, which we estimate could be worth up to $29 billion at $88 oil.

Shell’s Namibia discovery is on the Petroleum Exploration License 39, 45% owned by Shell, and 45% owned by Qatar Petroleum. The National Petroleum Corporation of Namibia (NAMCOR) owns the final 10%.

The government of Namibia is expected to make an announcement on the details of Graff-1 next week, while Namibia’s Minister of Energy and Mines said it was in the final stages of data collection to thoroughly assess the find’s potential.

Shell’s success could trigger an increased interest in further exploring the country’s oil resources.

Source: https://oilprice.com/Energy/Energy-General/Shell-Is-Betting-Big-On-Namibias-Oil-Boom.html

[peterquinnvet]

Booming prices for oil and natural gas propelled Shell’s profit in the fourth quarter of 2021, lifting its adjusted earnings to $6.39 billion, up from $393 million a year earlier, the company reported Thursday.

Shell, Europe’s largest energy company, also said that it would accelerate returns to shareholders, buying back $8.5 billion in shares in the first half of 2022 — a big increase on the total of $3.5 billion set aside for buybacks in 2021.

Shell also said it would increase the dividend it pays to shareholders by 4 percent, to 25 cents per share for the first quarter.

Source: https://www.nytimes.com/2022/02/03/business/shell-4q-earnings.html

[peterquinnvet]

Shell will increase its dividend and buy back more shares after high prices for oil and gas helped it deliver bumper full-year earnings after a strong fourth quarter.

The UK-headquartered oil group’s adjusted earnings for 2021 — the profit measure most closely tracked by analysts — rose to $19.3bn, from $4.8bn a year earlier when the pandemic hit oil demand.

Earnings for the last three months of the year were $6.4bn, beating average analyst estimates of $5.2bn and up from $393mn in the same period a year earlier and $2.9bn in the fourth quarter of 2019.

Source: https://www.ft.com/content/ca4fba8b-5ba4-4bde-9957-a3e17d937fb7

[DewDiligence]

SHEL factoid—2021 operating cash flow was $6B greater than in 2018, when the average Brent price was similar to the average Brent price in 2021.

[DewDiligence]

SHEL 4Q21 results…

12-min CEO/CFO video:
https://www.shell.com/investors/results-and-reporting/quarterly-results/2021/q4-2021.html#webcast

https://www.shell.com/investors/results-and-reporting/quarterly-results/2021/q4-2021/_jcr_content/par/grid_copy/p1/toptasks.stream/1643877415631/0e614fee8925bcdb42b1112611ebdc7922cf9514/q4-2021-presentation-transcript.pdf (transcript)

PR:
https://www.shell.com/investors/results-and-reporting/quarterly-results/2021/q4-2021/_jcr_content/par/toptasks_1119141760_.stream/1643817920231/fbeb170f95c803e63dcf2659504dc76fca745ae5/q4-2021-quarterly-press-release.pdf

CC slides:
https://www.shell.com/investors/results-and-reporting/quarterly-results/2021/q4-2021/_jcr_content/par/grid_1743187043_copy/p1/toptasks_1914866519.stream/1643828084813/9c895d814c2540cf227c2d9d35da0992fa4c0c29/q4-2021-slides.pdf

[peterquinnvet]

Shell (SHEL.L) again boosted its dividend and share repurchases on Thursday after fourth quarter profits hit their highest in eight years, fuelled by higher oil and gas prices and strong gas trading performance.

The strong results cap a dramatic recovery in 2021 for Shell and the oil and gas sector after energy demand and prices collapsed in 2020 in the wake of the COVID-19 pandemic.

Shell shares were up 0.7% by 1448 GMT, compared with a 0.5% decline for the broader European energy index (.SXEP).

https://www.reuters.com/business/energy/shell-again-boosts-dividend-buybacks-profits-soar-2022-02-03/

[DewDiligence]

Additional background:

https://finance.yahoo.com/news/shell-sets-expected-timetable-simplification-140000995.html

[DewDiligence]

Background:

https://finance.yahoo.com/news/royal-dutch-shell-plc-changes-171000297.html

[DewDiligence]

The change mentioned below is non-taxable, and shareholders don't have to do anything—i.e. the conversion is automatic.

[DewDiligence]

Shell has_consolidated_its ‘A’_(RDS-A)_and_‘B’_(RDS-B)_shares_into_a_single_trading_symbol, ‘SHEL’. This move coincides with the company’s renaming itself, Shell, plc (no more "Royal Dutch") and moving its tax domicile from The Netherlands to the UK.

[Bountiful_Harvest]

Interview: Shell Greenlots COO Tannaz Banisadre talks Plug and Charge, bringing 500,000 charging stations online

https://electrek.co/2021/10/22/shell-greenlots-tannaz-banisadre/

Greenlots, a company that was acquired by oil and energy behemoth Shell almost two years ago.

[DewDiligence]

More on RDS-COP Permian deal:

https://www.wsj.com/articles/shell-near-deal-to-sell-permian-assets-to-conocophillips-11632168002

Shell said $7 billion of the proceeds will be returned to shareholders [presumably in the form of share repurchases], while it will use the remainder [~$2.5B] to shore up its balance sheet.

The European oil giant had acquired the bulk of its Permian assets in 2012 from Chesapeake Energy Corp.for about $1.9 billion.

ConocoPhillips said the assets, entirely in Texas, included about 600 miles of oil, natural-gas and water pipelines and other energy infrastructure.

… The price tag was in line with recent deals in the Permian Basin, at around $47,500 per barrel of oil equivalent, said Subash Chandra, an analyst at Northland Capital Markets.

[DewDiligence]

RDS selling Permian assets to COP for $9.5B, according to WSJ sources:

https://www.wsj.com/articles/shell-near-deal-to-sell-permian-assets-to-conocophillips-11632168002

The deal could come Monday, assuming talks don’t fall apart, the people said. It comes as Shell is attempting to cut its carbon emissions and invest more in renewable energy.

[Lowjack]

https://www.yahoo.com/news/over-100-men-stranded-drill-111908047.html

[DewDiligence]

Barron’s likes Shell—b/c_it’s_cheaper_than XOM/CVX—and_for retail presence:

https://www.barrons.com/articles/buy-royal-dutch-shell-stock-51628287595

Shell trades for eight times projected 2021 earnings of $4.95 a share, compared with a price/earnings ratio of 14 for Exxon and 16 for Chevron. Shell also has an underappreciated mix of assets, including the largest liquefied natural gas business and the industry’s biggest retail franchise.

…Shell has 46,000 service stations—more locations than McDonald’s or Starbucks. The retail business alone could be worth $40 billion, or 10 times 2020 earnings before interest, taxes, depreciation, and amortization, or Ebitda.

Gas service stations are a low-margin business and the land is typically leased, so this is not a real-estate play.

[DewDiligence]

Which losses are you referring to?

[I-Man]

WHy massive losses reported here??

[DewDiligence]

Shell's 2Q21 CC slides:

https://www.shell.com/investors/results-and-reporting/quarterly-results/2021/q2-2021/_jcr_content/par/toptasks_1119141760__237662996.stream/1627487966838/4331e5b6aa689be2cb2936c8d0156ffd4dda9f7f/q2-2021-slides.pdf

[DewDiligence]

Shell—(+4%)—hikes dividend—auhorizes_$2B_share_buyback:

https://finance.yahoo.com/news/shells-profit-soars-boosts-dividend-061044719.html

https://www.shell.com/investors/results-and-reporting/quarterly-results/2021/q2-2021/_jcr_content/par/toptasks_1119141760_.stream/1627487962645/be9155edda81fb2a26240cb8c2612e4acc803909/q2-2021-quarterly-press-release.pdf

The annualized dividend for RDS-A and RDS-B ADSs was raised from $1.33 to $1.92—still far below the $3.76 payout prior to the dividend cut in early 2020 (#msg-155351776). (Each ADS represents 2 ordinary shares.)