Shell reported for the year and announced a share repurchase for $3.5 billion – Kommersant
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British oil giant Shell published reporting for the fourth quarter and full year 2023. Full-year adjusted profit was $28.25 billion, down 29% from last year’s record of $39.9 billion but more than analysts had expected. Adjusted EBITDA for the year fell from $843 billion to $68.5 billion. Operating cash flow also declined for the year, from $68.4 billion to $54.2 billion. The results reflect the significant decline in oil and gas prices since mid-2022.
The situation improved somewhat towards the end of the year, with quarterly results showing slight growth driven by liquefied natural gas sales. Adjusted profit for the last three months of 2023 amounted to $7.3 billion, which was higher than analysts’ forecasts. In addition, by the end of the year, Shell’s net debt had decreased to $43.5 billion. At the end of 2022, it was $44.8 billion.
Shell announced a 4% increase in its fourth-quarter dividend and a new $3.5 billion share buyback program to be completed in the second quarter of this year. In 2023, within the framework of previous programs Shell’s share buyback returned $23 billion to shareholders. Shell shares are up 1.5% today on the London Stock Exchange. Over the past six months they have grown by 5.7%.
About how oil prices are growing based on statistics from the United States and the Houthis in the Red Sea – in the Kommersant publication “Easy to rise oil”.
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