Shell said it expects to complete the share repurchase in second-quarter 2024, before it announces results on Aug. 1. (Source: Shutterstock)
Coming off first-quarter adjusted earnings of $7.7 billion, Shell will commence a $3.5 billion share buyback program, the company said on May 2.
The past four quarters, Shell paid out total shareholder distributions of 41% of cash flow from operating activities (CFFO). In the first quarter, Shell reported $13.3 billion in CFFO. For the quarter, income attributable to shareholders was $7.4 billion, the company said.
Shell said the repurchase program is intended to reduce the issued share capital of the company, with the company cancelling all of the shares it buys. The company said it expects to complete the share repurchase in second-quarter 2024, before it announces results on Aug. 1.
Shell entered into an arrangement with a single broker consisting of three irrevocable, non-discretionary contracts, to enable the purchase of ordinary shares on both London and Netherlands exchanges for a period up to and including July 26. In the London exchange, the aggregate maximum consideration for repurchasing shares under the London contracts is $2 billion. In the Netherlands exchange, the maximum consideration under contract is $1.5 billion.
Recommended Reading
Colonial’s Line 1 Gasoline Service Restored, Company Says
2025-01-17 - Colonial Pipeline Co. stopped flows on the gasoline transport line following reports of a leak in Georgia.
Trinity Gas Storage Adds Texas Greenfield Gas Storage Complex
2025-01-17 - Trinity Gas Storage has opened a 24-Bcf gas storage facility in Anderson County, Texas, to support the state’s power grid.
Bracewell: Many Await Updates to Existing CO2 Pipeline Safety Regulations
2025-01-15 - Pipeline proponents are facing challenges and have been hampered by the lack of clarity regarding CO2 pipeline safety regulations.
Colonial Shuts Pipeline Due to Potential Gasoline Leak
2025-01-14 - Colonial Pipeline, the largest refined products pipeline operator in the United States, said on Jan. 14 it was responding to a report of a potential gasoline leak in Paulding County, Georgia and that one of its mainlines was temporarily shut down.
Panama Canal Traffic Rose in Dec, but Waterway Still Has Empty Slots
2025-01-13 - Some vessels, including LNG tankers, have continued using alternative routes due to the canal's increase in passage fees in the last decade.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.