• Q3 2023 Adjusted Earnings of $6.2 billion, reflecting robust operational performance and higher oil prices and refining margins. CFFO of $12.3 billion for the quarter, with a $0.4 billion working capital inflow, despite higher oil prices.
• Enhancing shareholder distributions with $3.5 billion share buybacks announced, expected to be completed by Q4 2023 results announcement. Total announced distributions for 2023 ~$23 billion, with dividend per share this quarter being 32% higher than in Q3 2022.
• Demonstrating capital discipline with cash capex outlook for 2023 of $23 - 25 billion.

Shell plc Chief Executive Officer, Wael Sawan, commented:
"Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. We continue to simplify our portfolio while delivering more value with less emissions.

Shell is commencing a $3.5 billion buyback programme for the next three months, bringing the buybacks for the second half of 2023 to $6.5 billion, well in excess of the $5 billion announced at Capital Markets Day in June. This takes total announced shareholder distributions for 2023 to ~$23 billion." 

Financial

• CFFO of $12.3 billion for Q3 2023 includes a working capital inflow of $0.4 billion, with the impact of higher prices on inventory offset by favourable timing effects of accounts payable / receivable. Stable net debt, $40.5 billion at the end of Q3 2023.
• Adjusted Earnings similar to Q2 2023, reflecting favourable trading and optimisation results combined with higher realised liquids prices offset by lower volumes. Trading and optimisation results were higher than in Q2 2023, benefiting from stable supply and capturing additional optimisation opportunities.
• Q4 2023 outlook reflects ongoing maintenance at Prelude and lower expected liquefaction volumes from Egypt.

Upstream

• Adjusted Earnings higher in Q3 2023 due to higher oil prices and higher production volumes. Production was higher, with strong performance in Deep Water.
• Q4 2023 production outlook reflects the closure of the Groningen gas field.
• In August 2023, Shell announced that gas production has started at the Timi platform in Malaysia under the SK318 production-sharing contract (Shell interest 75%). 
• Total oil and gas production, compared with the first nine months 2022, increased by 3% mainly due to lower maintenance in Pearl GTL, Trinidad and Tobago, and ramp-up of new fields in Oman and Canada, partly offset by derecognition of Sakhalin-related volumes, and production-sharing contract effects in Pearl GTL. LNG liquefaction volumes decreased by 7% mainly due to the derecognition of Sakhalin-related volumes.

 KeyFacts Energy: Shell UK country profile