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DewDiligence

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DewDiligence

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Wednesday, 06/14/2023 12:49:15 PM

Wednesday, June 14, 2023 12:49:15 PM

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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.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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