Results
Robust performance in a turbulent economic environment with lower crude prices and higher gas prices compared with Q2 2022. Adjusted earnings of US$9.5 billion in Q3 2022, with Adjusted EBITDA of US$21.5 billion.
Strengthening and simplifying the portfolio through the energy transition with completion of the Sprng Energy (India) acquisition, participation in the North Field South LNG expansion (Qatar) in October, the Rosmari-Marjoram field FID (Malaysia), the announced Aera Energy divestment (California, USA) and the acquisition of Shell Midstream Partners (USA).
Disciplined cash CAPEX: expected to be in the US$23 - 27 billion range in 2022, evenly split between Growth, Transition and Upstream pillars.
US$4 billion share buybacks announced, expected to be completed by Q4 2022 results announcement; total distributions in excess of 30% of CFFO for the last four quarters. Subject to Board approval, intention to increase DPS by an expected 15% for the fourth quarter, which will be paid in March 2023. Announced 2022 shareholder distributions ~US$26 billion.
Wael Sawan to succeed Ben van Beurden as Chief Executive Officer, effective 01 January 2023.
Upstream
Strong operational performance in Deep Water, resulting in Upstream benefiting from high-value barrels in Q3 production mix.
Adjusted Earnings benefited from non-cash provision releases and gains related to storage transfer effects in a joint venture.
Production was lower than in Q2 2022, mainly driven by the derecognition of Salym in Russia, along with unscheduled deferments, partly offset by higher scheduled maintenance in Q2.
