Shell’s half yearly results a disappointment to investors seeking value and emissions reduction.

Investors should seek more from Shell than its current strategic silence on low carbon. 

Key findings

• Results this quarter were down for Optimisation, Trading, LNG, and Strategic Oil and Gas Production, which were core elements of Shell’s plan to increase returns as outlined at its 2023 Capital Markets Day.  

• For the Integrated Gas segment alone, Trading and Optimisation contributed to a $2.4bn decrease in segment earnings this quarter. 

• Without vision for growth in low carbon segments, divestments continue to be the dominant lever for decarbonisation. Shell stated they had achieved a small 0.7% (0.4Mt CO2e) reduction in scope 1 and 2 emissions via abatement in 1H23 (ex-divestment).