Shell revenues drop to 30% in ’23

Shell reported 2023 revenues of $28 billion, down 30 per cent from the previous year’s record, due to the decline in oil and gas prices, Reuters reported on Thursday.

In addition to announcing the repurchase of an additional $3.5 billion of its shares over the next three months, at a rate comparable to that of the previous quarter, Shell raised its dividend by 4 per cent quarterly to $0.344 per share.

In 2023, the company distributed almost $23 billion worth of shares, which accounted for over 40 per cent of its operating cash flow and over 10 per cent of Shell’s market value. Yet, the company was able to increase its dividend by 4 per cent and extend its share repurchases.

“As we enter 2024 we are continuing to simplify our organisation with a focus on delivering more value with less emissions,” Wael Sawan, Chief Executive Officer said.

Shell reported adjusted earnings, or net profit, for the fourth quarter of $7.3 billion, which was less than the $6 billion profit analysts had predicted but still higher than the $9.8 billion profit recorded the previous year.

Refining and oil trading reported weak results. On the other hand, liquefied natural gas (LNG) trading results made up for the losses.