London, January 30, 2025

"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. 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 targets1.

Today, we announce a 4% increase in our dividends and another $3.5 billion buyback programme, making this the 13th consecutive quarter of at least $3 billion of buybacks, all whilst further strengthening our balance sheet this year to position us well for the future.

We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March."

Shell plc Chief Executive Officer, Wael Sawan


SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS

  • Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year 2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.
  • Q4 2024 Adjusted Earnings2 of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-cash impact of expiring hedging contracts on LNG trading and optimisation results.
  • Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a year early, with significant progress against the other CMD23 financial targets1.
  • Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.
  • Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2025 results announcement. 
$ million2 Adj. Earnings Adj. EBITDA CFFO Cash capex
Integrated Gas 2,165 4,568 4,391 1,337
Upstream 1,682 7,676 4,509 2,076
Marketing 839 1,709 1,363 811
Chemicals & Products3 (229) 475 2,032 1,392
Renewables & Energy Solutions (311) (123) 850 1,277
Corporate (380) (24) 16 30
Less: Non-controlling interest (NCI) 106      
Shell Q4 2024 3,661 14,281 13,162 6,924
Q3 2024 6,028 16,005 14,684 4,950
FY 2024 23,716 65,803 54,684 21,084
FY 2023 28,250 68,538 54,191 24,392

1Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at www.shell.com/2024-progress-on-cmd23.html.

2Income/(loss) attributable to shareholders for Q4 2024 is $0.9 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

3Chemicals & Products Adjusted Earnings at a subsegment level are as follows - Chemicals $(0.3) billion and Products $0.0 billion.

  • CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of $2.9 billion, and a $1.4 billion outflow1 related to the timing impact of payments for emissions certificates and biofuel programmes.
  • Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.

     
$ billion2 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Divestment proceeds 0.6 1.0 0.8 0.2 0.8
Free cash flow 6.9 9.8 10.2 10.8 8.7
Net debt 43.5 40.5 38.3 35.2 38.8


1 Includes payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.

2 Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

 

Q4 2024 FINANCIAL PERFORMANCE DRIVERS

 

INTEGRATED GAS

Key data Q3 2024 Q4 2024 Q1 2025 outlook
Realised liquids price ($/bbl) 63 63 —
Realised gas price ($/thousand scf) 7.9 8.1 —
Production (kboe/d) 941 905 930 - 990
LNG liquefaction volumes (MT) 7.5 7.1 6.6 - 7.2
LNG sales volumes (MT) 17.0 15.5 —
  • Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts, and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.
  • Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by lower feedgas supply.
 

UPSTREAM

Key data Q3 2024 Q4 2024 Q1 2025 outlook
Realised liquids price ($/bbl) 75 71 —
Realised gas price ($/thousand scf) 6.6 7.0 —
Liquids production (kboe/d) 1,321 1,332 —
Gas production (million scf/d) 2,844 3,056 —
Total production (kboe/d) 1,811 1,859 1,750 - 1,950
  • Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.
  • First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.

 

 

MARKETING

Key data Q3 2024 Q4 2024 Q1 2025 outlook
Marketing sales volumes (kb/d) 2,945 2,795 2,500 - 3,000
Mobility (kb/d) 2,119 2,041 —
Lubricants (kb/d) 81 77 —
Sectors & Decarbonisation (kb/d) 745 678 —

Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

  • Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.
  • 2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex.

 

 

CHEMICALS & PRODUCTS

Key data Q3 2024 Q4 2024 Q1 2025 outlook1
Refinery processing intake (kb/d) 1,305 1,215 —
Chemicals sales volumes (kT) 3,015 2,926 —
Refinery utilisation (%) 81 76 80 - 88
Chemicals manufacturing plant utilisation (%) 76 75 78 - 86
Global indicative refining margin ($/bbl) 5.5 5.5 —
Global indicative chemical margin ($/t) 164 138 —

1Oil sands production: In Q1 2025, Shell's remaining interest in the Canadian oil sands is expected to be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS projects.

Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

  • Adjusted Earnings reflect significantly lower contribution from trading and optimisation, including seasonality effects, and continued weak chemicals margin environment.
 

RENEWABLES & ENERGY SOLUTIONS

Key data Q3 2024 Q4 2024
External power sales (TWh) 79 76
Sales of pipeline gas to end-use customers (TWh) 148 165
Renewables power generation capacity (GW)* 7.3 7.4
  • in operation (GW)
 3.4 3.4
  • under construction and/or committed for sale (GW)
 3.9 4.0

  *Excludes Shell's equity share of associates where information cannot be obtained.

  • Adjusted Earnings were lower than in Q3 2024, largely driven by one-off tax charges in the quarter.
  • Acquired a 609 MW combined-cycle gas turbine power plant in Rhode Island, USA.

Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
 

 

CORPORATE

Key data Q3 2024 Q4 2024 Q1 2025 outlook
Adjusted Earnings ($ billion) (0.6) (0.4) (0.6) - (0.4)

 

 

 

2024 FULL YEAR

$ billion Adj. Earnings CFFO excl. WC CFFO Cash capex Free cash flow
FY 2024 23.7 52.6 54.7 21.1 39.5
FY 2023 28.3 47.1 54.2 24.4 36.5

 

Operational performance FY 2023 FY 2024 % change
Oil and gas production (kboe/d) 2,791 2,836 2%
LNG liquefaction volumes (MT) 28.3 29.1 3%
Marketing sales volumes (kb/d) 3,045 2,843 (7)%
Refinery processing intake (kb/d) 1,349 1,344 (0)%
Chemicals sales volumes (kT) 11,245 11,875 6%

 

Macro indicators FY 2023 FY 2024 % change
Brent ($/bbl) 83 81 (2)%
Henry Hub ($/MMBtu) 2.5 2.2 (13)%
EU TTF ($/MMBtu) 13.0 11.0 (16)%
Indicative refining margin ($/bbl) 12.5 7.7 (38)%
Indicative chemicals margin ($/t) 133 152 14%


 

 

 

UPCOMING INVESTOR EVENTS

February 25, 2025 Shell LNG Outlook 2025 publication
March 25, 2025 Capital Markets Day 2025
May 2, 2025 First quarter 2025 results and dividends
May 20, 2025 Annual General Meeting
July 31, 2025 Second quarter 2025 results and dividends
October 30, 2025 Third quarter 2025 results and dividends

USEFUL LINKS

Results materials Q4 2024

Quarterly Databook Q4 2024

Webcast registration Q4 2024

Dividend announcement Q4 2024

 

To view full press release, please visit:

https://www.globenewswire.com/news-release/2025/01/30/3017731/0/en/Shell-plc-publishes-fourth-quarter-2024-press-release.html