The Lemon Fool

The Board of Shell plc (“Shell”) today announced the pounds sterling and euro equivalent dividend payments in respect of the third quarter 2022 interim dividend, which was announced on October 27, 2022 at US$0.25 per ordinary share.

Shareholders have been able to elect to receive their dividends in US dollars, euros or pounds sterling. Holders of ordinary shares who have validly submitted US dollars, euros or pounds sterling currency elections by November 25, 2022 will be entitled to a dividend of US$0.25, €0.2398 or 20.61p per ordinary share, respectively.

Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros at the euro rate per ordinary share shown above. Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling, at the pound sterling rate per ordinary share shown above.

Euro and pounds sterling dividends payable in cash have been converted from US dollars based on an average of market exchange rates over the three dealing days from November 30 to December 2, 2022. This dividend will be payable on December 19, 2022 to those members whose names were on the Register of Members on November 11, 2022.

Taxation - cash dividend

With Shell’s tax residence moved to the UK, dividends paid to shareholders on their ordinary shares will not attract Dutch dividend withholding tax. This means that holders of the former A shares receive their dividends in full as Dutch dividend withholding tax is no longer withheld on these dividends. Holders of the former B shares receive their dividends directly from Shell as these dividends will no longer be paid through the Dividend Access Mechanism.

UK power supplier Octopus Energy said it has signed a power purchase agreement with Shell Energy for up to 2.4 terawatt hours (TWh) per year from the Dogger Bank offshore wind farm project.

The following is an update to the fourth quarter 2022 outlook and gives an overview of our current expectations for the fourth quarter. Impacts presented may vary from the actual fourth quarter 2022 results and are subject to finalisation of those results, which are scheduled to be published on February 2, 2023. Unless otherwise indicated, all outlook statements exclude identified items.

TheMotorcycleBoy wrote:LONDON, Jan 26 (Reuters) - Shell (SHEL.L) is considering exiting its home energy retail businesses in Britain, the Netherlands and Germany in the wake of "tough market conditions", it said on Thursday.

European energy suppliers have struggled over the past year with soaring wholesale prices and efforts by governments to shield consumers from rising bills.

Shell said it had launched a strategic review of the three businesses which is likely to take a few months, but that no decision had been taken yet on their future.

Shell injected nearly $1.5 billion in cash and credit into its British energy retail business in 2022 to help it weather huge volatility in power prices that caused the collapse of several rival UK utilities.

Shell Energy Retail, its UK business, has 1.4 million customers, while its German business has 110,000 and the Dutch business 15,000.

Shell said its wholesale and business-to-business (B2B) energy supply businesses were not part of the strategic review, and neither were its home energy supply businesses in the United States and Australia.


https://www.reuters.com/business/energy ... 023-01-26/

Would such a move reduce their gas profits, or would they be able to divert their sales elsewhere?

Matt

Dod101 wrote:

TheMotorcycleBoy wrote:LONDON, Jan 26 (Reuters) - Shell (SHEL.L) is considering exiting its home energy retail businesses in Britain, the Netherlands and Germany in the wake of "tough market conditions", it said on Thursday.

European energy suppliers have struggled over the past year with soaring wholesale prices and efforts by governments to shield consumers from rising bills.

Shell said it had launched a strategic review of the three businesses which is likely to take a few months, but that no decision had been taken yet on their future.

Shell injected nearly $1.5 billion in cash and credit into its British energy retail business in 2022 to help it weather huge volatility in power prices that caused the collapse of several rival UK utilities.

Shell Energy Retail, its UK business, has 1.4 million customers, while its German business has 110,000 and the Dutch business 15,000.

Shell said its wholesale and business-to-business (B2B) energy supply businesses were not part of the strategic review, and neither were its home energy supply businesses in the United States and Australia.


https://www.reuters.com/business/energy ... 023-01-26/

Would such a move reduce their gas profits, or would they be able to divert their sales elsewhere?

Matt

I would be very surprised if it had any effect on their gas profits but I do not know. Maybe just too much trouble and they are making no profits in this business anyway.

Dod

Shell plc is to reduce the size of its Executive Committee (EC) from nine to seven members in a decisive move designed to simplify the organisation further and improve performance as we deliver our Powering Progress strategy.

Under the changes, which are expected to take effect on 1 July 2023, Shell’s Integrated Gas and Upstream businesses will be combined to form a new Integrated Gas and Upstream Directorate led by current Upstream Director, Zoe Yujnovich. The Downstream business will be combined with Renewables & Energy Solutions to form a new Downstream and Renewables Directorate led by current Downstream Director, Huibert Vigeveno.

Separately, the Strategy, Sustainability and Corporate Relations (SSCR) Directorate will be discontinued and its Director, Ed Daniels, will step down from the EC effective 1 July 2023, and leave Group service thereafter. Strategy will be brought together with New Business Development and, alongside Sustainability, will report direct to Sinead Gorman, Chief Financial Officer, enabling more streamlined planning and better capital allocation decisions. Corporate Relations will report direct to Wael Sawan, Chief Executive Officer. We thank Ed for his distinguished service over more than 34 years and wish him well for the future.

Wael Sawan said: “I’m making these changes as part of Shell’s natural, and continuous, evolution. Our core purpose is to provide energy to our customers, safely and profitably, while helping them, and us, to decarbonise. I believe that fewer interfaces mean greater co-operation, discipline and speed, enabling us to focus on strengthening performance across the businesses and generating strong returns for our investors.

“Shell is a great company and we’re changing to ensure we become a great investment too. Simplifying how the organisation works, in pursuit of higher performance, is critical to achieving that.”

Greenpeace has shared footage showing activists approaching a Shell vessel to occupy it in a protest against drilling.

The ship was making its way to a major oilfield in the North Sea when the activists used boats to reach it and climb onto the deck.

They used ropes to pull themselves up onto the 51,000-tonne heavy-lift vessel at around 8am on Tuesday, January 31.

In a tweet, Greenpeace said the vessel was delivering a piece of equipment Shell would use to pump 45,000 barrels of oil per day.

“Make shell pay,” they wrote.

London, February 2, 2023

"Our results in Q4 and across the full year demonstrate the strength of Shell's differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.
We believe that Shell is well positioned to be the trusted partner through the energy transition. As we continue to put our Powering Progress strategy into action, we will build on our core strengths, further simplify the organisation and focus on performance. We intend to remain disciplined while delivering compelling shareholder returns, as demonstrated by the 15% dividend increase and the $4 billion share buyback programme announced today."

Shell plc Chief Executive Officer, Wael Sawan

STRONG RESULTS, DISCIPLINED CAPITAL ALLOCATION

Strong performance in a continuing uncertain economic environment. Q4 2022 Adjusted Earnings of $9.8 billion, with Adjusted EBITDA of $20.6 billion, despite lower oil and gas prices compared with Q3 2022, with higher LNG trading and optimisation results.
15% dividend per share increase for the fourth quarter. $4 billion share buybacks announced, expected to be completed by Q1 2023 results announcement.
2022 full year shareholder distributions $26 billion. Total distributions in excess of 35% of CFFO for 2022.
Strengthening the portfolio with the announced acquisition of Nature Energy (Denmark), a renewable natural gas producer, winning the wind tender for Hollandse Kust (west) VI as part of the Ecowende joint venture and further simplifying the portfolio with the merger of Shell Midstream Partners (USA).
2023 cash capex outlook: $23 - 27 billion.

Shell Shares (US$) 0.2875ps.

Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.

Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros.

Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling.

The pound sterling and euro equivalent dividend payments will be announced on March 13, 2023.

Shell plc (the ‘company’) today announces the commencement of a $4 billion share buyback programme covering an aggregate contract term of approximately three months (the ‘programme’). The purpose of the programme is to reduce the issued share capital of the company. All shares repurchased as part of the programme will be cancelled. It is intended that, subject to market conditions, the programme will be completed prior to the company’s Q1 2023 results announcement, scheduled for May 4, 2023.

Dod101 wrote:Never sell Shell.

Profits up
Debt down
Dividend up 15%
Another share buyback programme

Dod

idpickering wrote:

Dod101 wrote:Never sell Shell.

Profits up
Debt down
Dividend up 15%
Another share buyback programme

Dod

Works for me Dod. Although I admit to selling a few a while back as they’d become to overweight in my HYP.

Ian.

Dod101 wrote:

idpickering wrote:

Dod101 wrote:Never sell Shell.

Profits up
Debt down
Dividend up 15%
Another share buyback programme

Dod

Works for me Dod. Although I admit to selling a few a while back as they’d become to overweight in my HYP.

Ian.

I sold a few in January when they were I think over £24. They are back there today.

Dod

Nimrod103 wrote:BP and Shell dropped sharply this afternoon, yet the ex divi data is 16th Feb. Any idea why this was?

Lootman wrote:

Nimrod103 wrote:BP and Shell dropped sharply this afternoon, yet the ex divi data is 16th Feb. Any idea why this was?

Increased talk of windfall taxes in the light of Shell's bumper earnings announcement?

Nimrod103 wrote:

Lootman wrote:

Nimrod103 wrote:BP and Shell dropped sharply this afternoon, yet the ex divi data is 16th Feb. Any idea why this was?

Increased talk of windfall taxes in the light of Shell's bumper earnings announcement?

But most of these companies profits are generated outside the UK, and presumably not subject to UK windfall taxes. Or do I misunderstand how windfall taxes are being levied?

Bouleversee wrote:Especially when many of us are still losing large sums on Centrica, for instance, and haven't had all that much in the way of dividends.
What are those without company pensions supposed to live on?

BullDog wrote:

Bouleversee wrote:Especially when many of us are still losing large sums on Centrica, for instance, and haven't had all that much in the way of dividends.
What are those without company pensions supposed to live on?

It's a shame you weren't doing the interview this evening with the idiot (Ed) Milliband who was almost foaming at the mouth when being asked about Shell. There's millions of pensioners and their pension funds absolutely dependent on Shell, BP etc..... for their income. Milliband appears to believe the company's world wide profits should be confiscated.