British Queen celebrates


Shell announced a 30% decrease in its 2023 profit, settling at $28 billion, attributed to the cooling of oil and gas prices compared to the previous year's record. However, the company managed

to enhance investor returns by raising its dividend by 4% and extending its share repurchase program.

For the fourth quarter, Shell reported adjusted earnings of $7.3 billion, surpassing analysts' expectations of a $6 billion profit. Nevertheless, this figure marked a decline from the record-setting $9.8 billion recorded in the same period the previous year. The company credited robust results in liquefied natural gas (LNG) trading for offsetting the weaker outcomes in refining and oil trading.

In a strategic move, Shell increased its quarterly dividend by 4%, reaching $0.344 per share. Additionally, the company announced a share repurchase program amounting to $3.5 billion over the next three months, maintaining a pace similar to the previous quarter.

In 2023, Shell distributed nearly $23 billion in share distributions, constituting more than 10% of the company's market value and over 40% of its cash flow from operations.

Looking ahead to 2024, Chief Executive Officer Wael Sawan emphasized the company's commitment to simplifying its organization, with a specific focus on delivering increased value while reducing emissions. Photo by Christine Matthews, Wikimedia commons.