30 January 2025
If you are covering Shell’s fourth quarter 2024 results, please find commentary from Maurizio Carulli, an energy analyst at Quilter Cheviot:
"Shell's fourth quarter 2024 results presented a mixed picture. While earnings fell below expectations, the company's cash flow performance exceeded consensus estimates. Seasonal factors, alongside lower prices and margins, impacted earnings negatively. However, these concerns are mitigated by Shell's robust cash flow generation.
“The announcement of a 4% dividend increase and an additional $3.5 billion buyback for Q1 2025 are significant positives. We also like the very disciplined approach to capital expenditure.
“Overall, Shell continues to demonstrate strong cash flow generation and a strategic focus on shareholder returns, operational improvements, and targeted capital expenditure under the capable leadership of Wael Sawan."
