Shell Reports Lower Q4 Profit Amid Lower Realized Prices, Sets $3.5B Share Buyback Plan

Shell Reports Lower Q4 Profit Amid Lower Realized Prices, Sets $3.5B Share Buyback Plan

Shell reported a profit of $3.66 billion in the fourth quarter of 2024 results, a drop from $7.31 billion in the same period last year due to lower refining margins, and lower liquefied natural gas (LNG) trading.

“2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery remained solid, and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment,” said Shell plc CEO, Wael Sawan.

Shell announced a 4% increase in dividends to $0.358 per share and initiated a $3.5 billion share buyback program.

Since taking over as CEO two years back, Wael Sawan has focused on cutting costs and realigning Shell with its most profitable sectors, oil, gas and biofuels, and shifting away from renewable power generation.

“Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets,” Sawan said.

 

Avatar photo

Doaa Ashraf 733 Posts

Doaa is a staff writer with a Bachelor's Degree in Mass Communication, majoring Journalism from Ahram Canadian University. She has 2-3 years of experience in copywriting, and content creation.

Login

Welcome! Login in to your account

Remember me Lost your password?

Lost Password