Shell Plc, in a statement released by its Chief Executive Officer, Wael Sawan, announced that it returned $23 billion to shareholders in 2023.
The company’s cash flow from operations (CFFO) for the last quarter totaled $12.6 billion, marking a 2% increase from the previous quarter.
Sawan highlighted Shell’s commitment to its ‘progressive’ dividend policy by increasing dividends by four percent. The $23 billion shareholder distributions for 2023 exceeded 40% of the CFFO for the same year, amounting to $54.2 billion.
Despite the positive shareholder distributions, Shell reported that the total CFFO for 2023 was 21% lower than that of 2022, which stood at $68.4 billion. The company attributed this decrease to portfolio focus and organizational simplification efforts.
Shell also disclosed achieving $1 billion in pre-tax structural cost reductions compared to the full year 2022, primarily driven by divestment. These efforts aimed at streamlining operations and optimizing the company’s portfolio for sustained growth and efficiency.
Source: Punch