Shell’s Q1 report shows robust operational and financial performance, earning $7.7 billion

Shell plc, the British multinational oil and gas company, just released its quarterly earnings today for the Q1 of FY24.

The Q1 adjusted earnings were of $7.7 billion, reflecting a strong operational performance across the business.

Shell announced the commencing a $3.5 billion share buyback programme, which is expected to be completed by the second quarter.

The 2024 cash capex outlook of $22 – 25 billion remains unchanged.

CFFO of $13.3 billion for this quarter includes a working capital outflow of $2.8 billion, given higher crude and oil products prices towards the end of Q1. CFFO reflects tax payments of $2.6 billion. Net debt reduced by $3 billion over the quarter to $40.5 billion.

Shell plc Chief Executive Officer, Wael Sawan says,

“Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions. We continue to deliver on our Capital Markets Day targets, giving us the confidence to commence another $3.5 billion buyback programme for the next three months.”

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