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What are the European oil and gas majors doing with their cash?
Accela tracks investments and distributions and updates them here as quarterly results are released. Our analysis below includes results up to 1Q24 for TotalEnergies, Eni, Shell, BP and Equinor.
Last updated: 13 May 2024
Distributions to shareholders $9bn less than capital expenditure in 1Q22 to 1Q24.
Between 1Q22 to 1Q24 results, shareholder distributions were US$166 bn, compared to US$178 bn in capital expenditure, and 7x greater than the ~US$24 bn invested in low carbon over the same period.
European majors spent ~$2.6bn more on low-carbon in FY23 compared to FY22. Forward-looking guidance for FY24 indicates stable (BP, Shell, Eni) or slightly higher (TotalEnergies, Equinor) capital expenditure; however, this has not been translated to low-carbon capex across all majors.
We see potential pressure on capital expenditure as pressure to maintain high distributions continues, which may present barriers to increasing low carbon investment.
Definitions
Distributions = dividends and buybacks
Investment = capital expenditure‘Low Carbon’ capital expenditure definitions are aligned with numbers used in our Quarterly Snapshot reports and refer to the following segments: BP: Low carbon energy, Shell: Renewable & Energy Solutions, TotalEnergies: Integrated Power, Equinor: Renewables, and Eni: Plenitude and Power.
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