From Morningstar:

British oil giant Shell has surpassed expectations, reporting adjusted earnings of $28.25 billion for 2023, beating analyst predictions of $27.5 billion. This is a 29% decrease from 2022 but still the highest since 2011. The company is also increasing its dividend by 4% and launching a $3.5 billion share buyback program over the next three months.

Shell’s strong adjusted earnings for the final quarter of 2023 were largely due to the trading of liquefied natural gas, which European countries used after being cut off from Russian natural gas supplies. However, the company saw a fall in profits due to lower oil and gas prices, muted trading volumes, and smaller refining margins for crude oil.

With the price of oil and gas surging after Russia’s invasion of Ukraine, Shell experienced positive returns. However, its chemicals unit was the worst performing part of the business, with adjusted earnings dropping to a mere $83 million in the last three months of 2023. The renewables and energy solutions division also saw limited adjusted earnings of $155 million.

Shell is currently trading at £25.15, representing a 2.78% increase.



Read more: Shell: Stock of the Week