Financial News

Shell plc publishes first quarter 2024 press release

 London, May 2, 2024                                                                                                    

"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." 

Shell plc Chief Executive Officer, Wael Sawan


  • Q1 2024 Adjusted Earnings1 of $7.7 billion, reflecting strong operational performance across the business. CFFO of $13.3 billion for the quarter includes a working capital outflow of $2.8 billion.
  • Commencing a $3.5 billion share buyback programme, expected to be completed by Q2 2024 results announcement. Over the last 4 quarters, total shareholder distributions paid were 41% of CFFO. 
  • 2024 cash capex outlook unchanged: $22 - 25 billion.
$ million1Adj. EarningsAdj. EBITDACFFOCash capex
Integrated Gas3,6806,1364,7121,041
Chemicals & Products21,6152,826(349)500
Renewables & Energy Solutions1632672,466438
Less: Non-controlling interest (NCI)70   
ShellQ1 20247,73418,71113,3304,493
Q4 20237,30616,33512,5757,113

1Income/(loss) attributable to shareholders for Q1 2024 is $7.4 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at

2Chemicals & Products adjusted earnings at a subsegment level are as follows - Chemicals $(0.1) billion and Products $1.7 billion.

  • CFFO of $13.3 billion for Q1 2024 includes a working capital outflow of $2.8 billion, given higher crude and oil products prices towards the end of the quarter. CFFO reflects tax payments of $2.6 billion. Net debt reduced by $3 billion over the quarter to $40.5 billion.

$ billion1Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024
Divestment proceeds1.
Free cash flow 9.912.
Net debt44.240.340.543.540.5

1 Reconciliation of non-GAAP measures can be found in the unaudited results, available at




Key dataQ4 2023Q1 2024Q2 2024 outlook
Realised liquids price ($/bbl)6573
Realised gas price ($/mscf)89
Production (kboe/d)901992920 - 980
LNG liquefaction volumes (MT) - 7.4
LNG sales volumes (MT)18.116.9
  • Adjusted Earnings were lower than in Q4 2023, due to lower LNG trading and optimisation results partially offset by higher volumes, mainly driven by Prelude. Trading and optimisation results were strong, but significantly lower compared to an exceptional Q4 2023.
  • Q2 2024 production and liquefaction outlook reflects scheduled maintenance across the portfolio.



Key dataQ4 2023Q1 2024Q2 2024 outlook
Realised liquids price ($/bbl)8077
Realised gas price ($/mscf)86
Liquids production (kboe/d)1,3611,331
Gas production (mscf/d)2,9523,136
Total production (kboe/d)1,8701,8721,630 - 1,830
  • Adjusted Earnings in Q1 2024 reflect increased well write-offs (mainly in Albania). Q4 2023 taxation charge reflected favourable deferred tax movements, not reoccurring in Q1 2024. 
  • Q2 2024 production outlook reflects scheduled maintenance across the portfolio.




Key dataQ4 2023Q1 2024Q2 2024 outlook
Marketing sales volumes (kb/d)2,9972,7632,700 - 3,200
Mobility (kb/d)2,1791,991
Lubricants (kb/d)7887
Sectors & Decarbonisation (kb/d)740686

The Wholesale commercial fuels business, previously reported in Chemicals & Products, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
Comparative information for Marketing and Chemicals & Products has been revised.

  • Marketing Adjusted Earnings were in line with Q4 2023. Seasonally higher margins in Lubricants were offset by lower Mobility volumes. Q4 2023 had higher opex offset by one-off tax benefits, not reoccurring in Q1 2024.



Key dataQ4 2023Q1 2024Q2 2024 outlook
Refinery processing intake (kb/d)1,3151,430
Chemicals sales volumes (kT)2,5882,883
Refinery utilisation (%)819187 - 95
Chemicals manufacturing plant utilisation (%)627372 - 80
Global indicative refining margin ($/bbl)1012
Global indicative chemical margin ($/t)125150

The Wholesale commercial fuels business, previously reported in Chemicals & Products, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
Comparative information for Marketing and Chemicals & Products has been revised.

  • Higher refining margins in Q1 2024 driven by higher utilisation and global supply disruptions. Chemicals losses reduced due to improved margin environment and utilisation.
  • Trading and optimisation significantly higher than in Q4 2023.



Key dataQ4 2023Q1 2024
External power sales (TWh)6877
Sales of natural gas to end-use customers (TWh)175190
Renewables power generation capacity*6.66.7
  • in operation (GW)
  • under construction and/or committed for sale (GW)

  *Excluding Shell's equity share of associates where information cannot be obtained

Segment earnings for Q1 2024 are $0.6 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on

  • Adjusted Earnings in line with Q4 2023, driven by lower trading and optimisation margins, offset by lower opex.
  • Renewable generation capacity in operation increased as CrossWind, an offshore wind project in the Netherlands, and Madison Fields, a solar project in the USA, reached commercial operation. 

Renewables and Energy Solutions includes renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.



Key dataQ4 2023Q1 2024Q2 2024 outlook
Adjusted Earnings ($ billion)(0.6)(0.4)(0.6) - (0.4)
  • The Adjusted Earnings outlook is a net expense of $1.7 - 2.3 billion for the full year 2024. This excludes the impact of currency exchange rate and fair value accounting effects.


May 21, 2024Annual General Meeting
August 1, 2024Second quarter 2024 results and dividends
October 31, 2024Third quarter 2024 results and dividends


Results materials Q1 2024

Quarterly Databook Q1 2024

Dividend announcement Q1 2024

Webcast registration Q1 2024



This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement may contain certain forward-looking non-GAAP measures for cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.


The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms "joint venture", "joint operations", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim"; "ambition"; "anticipate"’; "believe"; "commit"; "commitment"; "could"; "estimate"; "expect"’; "goals"; "intend"; "may"; "milestones"; "objectives"; "outlook"; "plan"; "probably"; "project"; "risks"; "schedule"; "seek"; "should"; "target"; "will"; "would" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this [report], including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at and These risk factors also expressly qualify all forward-looking statements contained in this [report] and should be considered by the reader.Each forward-looking statement speaks only as of the date of this announcement, May 2, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Shell’s Net Carbon Intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s first quarter 2024 unaudited results available on


  • Media: International +44 207 934 5550; USA +1 832 337 4355

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info