Shell (SHEL LN) Q1 (USD): Total Revenue 74.4bln (exp. 89.9bln), adj. EBITDA 18.71bln (exp. 16.82bln), adj. EPS 1.20 (exp. 1.09), Net Income 7.4bln (exp. 6.5bln), FCF 9.8bln

New share buyback programme of USD 3.5bln, expected to be completed by the Q2 2024 announcement (due August 1st).

Q2 Outlook

Cash capital expenditure for FY24 is expected to be within USD 22-25bln
Integrated Gas production is expected to be approximately 920 - 980k boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4mln/T. Production and LNG liquefaction outlook reflects seasonality (higher maintenance).
Upstream production is expected to be approximately 1,630 - 1,830k boe/d. Production outlook reflects the scheduled maintenance across the portfolio.
Marketing sales volumes are expected to be approximately 2,700 - 3,200k BPD.
Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 72% - 80%.