Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
Shell (SHEL): The firm announced quarterly revenues of $78.7 billion, exceeding consensus estimates of $75.66 billion. EPS of $1.39 fell short of consensus estimates of $1.77 per share. Shell announced today that it will increase its dividend by 4%. It plans to execute a $3.5 billion share buyback program over the next three months. SHEL will continue to focus on operational efficiencies in 2024.
N.B.: The earnings decline was largely due to lower hydrocarbon prices compared to the previous year. In 2023, oil averaged $82 per barrel versus $100 in 2022.
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