The earnings call reflects a strong quarter for Shell, with significant achievements in cash flow performance, cost reduction, and portfolio optimization. However, challenges in refining throughput and chemical margins, along with ongoing issues in LNG agreements, were noted. Overall, the positive highlights outweigh the concerns.

Company Guidance

During the Q3 2024 earnings call for SHEL.L, executives provided guidance highlighting several key metrics and strategic directions. The company reported strong cash flow growth despite a declining commodity environment, emphasizing a focus on cost savings and operational resilience. Capital expenditure for 2024 is expected to fall below $22 billion, with guidance for 2025 remaining at $22 billion to $25 billion, indicating potential flexibility in capital allocation. Shell continues to leverage its competitive strength in LNG, with recent acquisitions such as Pavilion expanding its portfolio by 6.5 million tonnes. The company also maintains a robust balance sheet, allowing it to navigate macroeconomic challenges and prioritize shareholder returns, evidenced by the announcement of $3.5 billion in share buybacks for the quarter. Notably, Shell is committed to reducing its greenhouse gas emissions, achieving significant reductions in methane and flaring since 2016. The executives also addressed operational strategies, such as divestments in Shell Pakistan and ongoing exploration opportunities, while reiterating their commitment to the energy transition, albeit with a strategic focus on areas where they hold competitive advantages.

Strong Cash Flow Performance

The company reported impressive cash flow growth despite a declining commodity environment, showcasing resilience and effective cost management.

Capital Cost Reduction

Shell achieved significant reductions in capital costs for 2024, coming in below the low end of the guidance range. This was driven by strategic decisions and efficiency improvements.

Positive Portfolio Developments

Key portfolio updates include the start-up of Mero-3 in Brazil and the completion of the Shell Pakistan divestment, aligning with efforts to high-grade the portfolio.

Strong Performance in Upstream and Integrated Gas

The combined performance of Upstream and Integrated Gas businesses exceeded consensus expectations, driven by increased feed gas from Nigeria and improved production efficiency.

Commitment to Energy Transition

Shell continues to focus on competitive strengths in the energy transition, maintaining a high bar for capital allocation and optimizing investment in LNG and deepwater projects.

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Shell (SHEL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SHEL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 26, 2018	2018 (Q2)	- / 1.12	0.88	27.27% (+0.24)	―	―
Nov 01, 2018	2018 (Q3)	- / 1.36	0.986	37.93% (+0.37)	―	―
Jan 31, 2019	2018 (Q4)	- / 1.38	1.04	32.69% (+0.34)	―	―
May 02, 2019	2019 (Q1)	- / 1.30	1.28	1.56% (+0.02)	―	―
Aug 01, 2019	2019 (Q2)	- / 0.86	1.12	-23.21% (-0.26)	―	―
Oct 31, 2019	2019 (Q3)	- / 1.18	1.36	-13.24% (-0.18)	―	―
Jan 30, 2020	2019 (Q4)	- / 0.74	1.38	-46.38% (-0.64)	―	―
Apr 30, 2020	2020 (Q1)	- / 0.74	1.3	-43.08% (-0.56)	―	―
Jul 30, 2020	2020 (Q2)	- / 0.16	0.86	-80.93% (-0.70)	―	―
Oct 29, 2020	2020 (Q3)	- / 0.24	1.18	-79.32% (-0.94)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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SHEL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 31, 2024	$64.89	$66.84	+3.01%
Aug 01, 2024	$71.77	$71.50	-0.38%
May 02, 2024	$68.90	$70.02	+1.63%
Feb 01, 2024	$60.42	$61.55	+1.87%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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