报告公司投资评级 壳牌(SHEL US)的投资评级为优于大市 [10]。 报告的核心观点 上游和营销部门表现强劲 - 壳牌报告的调整后净收入为62.93亿美元,高于市场预期,这得益于其上游和营销部门的盈利能力高于预期 [3] - 上游部门调整后的净收入为23.36亿美元,环比增长21%,比市场预期高出12%,原因是油井注销量环比增加 [5] - 营销调整后的净收入为10.82亿美元,环比增长39%,比市场预期高出30%,这得益于移动部门利润率的提高和季节性销量的增加 [6] 综合天然气和化学品业务表现一般 - 综合天然气调整后净收入为26.75亿美元,环比下降27%,原因是价格和产量下降,以及交易和优化结果下降 [4] - 化学品和产品调整后的净收入为10.85亿美元,环比下降33%,原因是全球市场稳定性提高导致炼油利润率下降 [7] 可再生能源和能源解决方案业务亏损 - 可再生能源和能源解决方案调整后的净收入亏损为1.87亿美元,环比下降超过100%,原因是季节性需求下降和波动导致交易和优化结果下降 [8] 其他要点 - 壳牌重申其2024财年资本支出指引为220-250亿美元,与市场预期228亿美元相符 [2] - 壳牌宣布将再次启动35亿美元的回购计划,预计将于2024年第三季度完成 [2]

财务数据和关键指标变化 - 公司在第二季度取得了强劲的业绩表现,调整后收益达到63亿美元,经营活动产生的现金流为135亿美元 [9] - 集成气体业务再次实现了高可控可用性,特别是澳大利亚的QGC资产表现出色 [9] - 化工业务方面,Shell Polymers Monaca工厂的利用率大幅提高,三条聚乙烯生产线现已全部投产 [9] - 产品业务也取得了强劲的经营表现,交易和优化业务再次交出了一份不错的成绩单 [9] 各条业务线数据和关键指标变化 - 集成气体业务继续扩大LNG组合,通过增加自有液化能力和获取第三方供应量来实现增长 [5][6] - 上游业务方面,公司已成功投产多个新项目,如墨西哥湾的Vito和Rydberg、巴西的Mero-2、阿曼的Block 10以及马来西亚的Timi和Jerun [6] - 下游和可再生能源与解决方案业务方面,公司出售了新加坡的能源化工园区和德国的PCK炼油厂股权,专注于价值驱动和高端燃料增长 [7][8] 各个市场数据和关键指标变化 - 公司在澳大利亚、卡塔尔、马来西亚等地的主要资产表现出色,如QGC、Pearl GTL和Prelude [5][6] - 公司在墨西哥湾、巴西和阿曼等地的深水和常规油气项目也取得了良好的运营表现 [6] 公司战略和发展方向及行业竞争 - 公司正在执行"绩效、纪律和简化"的指导原则,推动组织文化转变,取得了良好进展 [5][8] - 公司将继续专注于提高运营表现、维持资本纪律和成本削减,成为能源转型中的投资标的 [8][9] - 公司在集成气体、上游和下游等业务领域都有明确的发展计划,如扩大LNG组合、维持液体产量、高度资产组合等 [5][6][7] - 公司正在采取更加有选择性和纪律性的方法来部署可再生能源和解决方案业务 [7][8] 管理层对经营环境和未来前景的评论 - 管理层对公司的整体表现和未来前景表示乐观,认为公司正在朝着正确的方向发展 [8][11] - 管理层强调要保持警惕,不能放松对成本、资本纪律和组织文化转变的关注,确保取得的进展能够持续 [15][16] - 管理层认为,未来能源系统将需要液体燃料、天然气以及其他能源形式的组合,公司有信心在这个过程中保持竞争优势 [26][33] 其他重要信息 - 公司宣布启动新一轮35亿美元的股票回购计划,这是连续第11个季度宣布30亿美元及以上的回购 [10] - 公司在2025年前将实现20%-30%的LNG产量增长,并将维持约140万桶/日的液体产量至2030年 [6][33] - 公司已完成1.7亿美元的结构性运营成本削减,占2025年目标2-3亿美元的85%左右 [8][9] 问答环节重要的提问和回答 问题1 **Lydia Rainforth 提问** 过去一年来,公司的执行情况是否完全按计划进行,哪些方面超出预期,哪些方面需要更多关注? [14] **Wael Sawan 回答** 公司在过去一年取得了良好的进展,特别是在提高运营表现、降低成本和维持资本纪律等方面 [15][16] 未来仍需要继续保持警惕和专注,确保这些改革成为公司的新常态,而不是一次性的 [16] 问题2 **Biraj Borkhataria 提问** 公司在生物气业务方面的收购和表现如何,未来是否仍是公司的重点发展方向 [20][21] **Wael Sawan 回答** 公司仍然看好生物气和生物燃料的前景,认为它们将在未来10-20年内发挥重要作用,特别是在海运和卡车运输领域 [20][21] 公司将继续投资建设生物气平台,但需要确保能够达到公司的投资回报率目标 [21] 问题3 **Giacomo Romeo 提问** 出售新加坡化工园区对公司化工和炼油业务的收益有何影响,以及对2-3亿美元成本削减目标的贡献 [29][30] **Sinead Gorman 回答** 新加坡化工园区的出售不符合公司的战略,但对买家而言是合适的资产 [30] 出售事项将有助于公司实现2-3亿美元的成本削减目标,但目前尚未体现在数字中 [30]

文章核心观点 - 壳牌公司第二季度调整后的每股收益高于预期,但炼油利润率较上一季度有所下降[1][2][3] - 公司公布了一项35亿美元的股票回购计划,预计将在第三季度业绩公布前完成[3] - 炼油利润率从第一季度的每桶12美元下降到第二季度的每桶8美元[3] - 油气行业整体受到炼油利润率下降的影响[4] 行业总结 - 油气巨头正面临炼油利润率下降的挑战,如BP和埃克森美孚也受到了类似影响[4] - 壳牌美国存托凭证股价下跌1%,但今年迄今上涨约10%[5]

The Shell logo is displayed outside a petrol station in Radstock in Somerset, England, on Feb. 17, 2024. British oil giant Shell on Thursday posted stronger-than-expected second-quarter profit despite lower refining margins and weaker liquified natural gas trading. The oil and gas major reported adjusted earnings of $6.3 billion for the three-month period through to the end of June, beating analyst expectations of $5.9 billion, according to estimates compiled by LSEG. Shell's second-quarter profits were dow ...

Shell plc Shell announces commencement of a share buyback programme August 1, 2024 Shell plc (the 'Company') today announces the commencement of a $3.5 billion share buyback programme covering an aggregate contract term of approximately three months (the 'programme'). The purpose of the programme is to reduce the issued share capital of the Company. All shares repurchased as part of the programme will be cancelled. It is intended that, subject to market conditions, the programme will be completed prior to t ...

Shell plc Shell announces commencement of a share buyback programme August 1, 2024 Shell plc (the 'Company') today announces the commencement of a $3.5 billion share buyback programme covering an aggregate contract term of approximately three months (the 'programme'). The purpose of the programme is to reduce the issued share capital of the Company. All shares repurchased as part of the programme will be cancelled. It is intended that, subject to market conditions, the programme will be completed prior to t ...

London, August 1, 2024 − The Board of Shell plc (the "Company") today announced an interim dividend in respect of the second quarter of 2024 of US$ 0.344 per ordinary share. Details relating to the second quarter 2024 interim dividend Per ordinary share Q2 2024 Shell Shares (US$) 0.344 Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling. Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive ...

London, August 1, 2024 − The Board of Shell plc (the "Company") today announced an interim dividend in respect of the second quarter of 2024 of US$ 0.344 per ordinary share. Details relating to the second quarter 2024 interim dividend Per ordinary share Q2 2024 Shell Shares (US$) 0.344 Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling. Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive ...

London, August 1, 2024 "Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 billion of structural cost reductions since 2022. Today, we have also announced a further $3.5 billion buyback programme for the next three months. We continue to demonstrate that we are delivering more value with less emissions." Shell plc Chief Executive Officer, W ...

London, August 1, 2024 "Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 billion of structural cost reductions since 2022. Today, we have also announced a further $3.5 billion buyback programme for the next three months. We continue to demonstrate that we are delivering more value with less emissions." Shell plc Chief Executive Officer, W ...