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The Fund normally invests at least 80 percent of its total assets in securities that comprise the Funds benchmark index. The Natural Resources Index is a global index that tracks the performance of Natural Resources Companies. Natural Resources Companies are companies principally engaged in activities related to raw materials and commodities, including metals, energy sources and agricultural products, together natural resources activities. To be initially eligible for inclusion in the Index, a company must generate at least 50 percent of their revenue from natural resources activities or have mining projects with the potential to generate at least 50 percent of its revenue from natural resources activities when developed and must have a market capitalization of greater than dollar 500 million. The Index selects Natural Resources Companies from the following sub-themes: agriculture, energy, renewable energy, industrial metals, precious metals, and forest and paper products. These sub-themes are subject to change at the discretion of MarketVector Indexes GmbH (the Index Provider or MarketVector). The Index is weighted by modified market capitalization and is published by the Index Provider, an indirectly wholly owned subsidiary of the Adviser. The Index is currently reconstituted semi-annually and rebalanced quarterly.

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Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher on Tuesday. The oil giant disclosed it resumed production at the Penguins field in the North Sea off the U.K. using a new floating production, storage <a href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2025/shell-starts-up-new-facility-in-uk-north-sea-restoring-production-from-the-penguins-field.html#:~:text=London%20%E2%88%92%20Shell%20has%20restarted%20production,operator%3B%20NEO%20Energy%2050%25" target="_blank" rel="noreferrer noopener">and </a>offloading (FPSO) facility.
The Penguins FPSO is Shell's first newly operated facility in the North Sea in over 20 years. Shell operates the field with a 50% stake, alongside NEO Energy (50%).
Previously, the field exported via the Brent Charlie platform, which ceased production in 2021 and is now being decommissioned.
The company targets peak production at the Penguins field to reach approximately 45,000 barrels of oil equivalent per day (boe/d), with estimated recoverable resources of around 100 million boe.
The new FPSO is designed to reduce operational emissions by around 30% compared to the Brent Charlie platform and is expected to extend the field's lifespan by up to 20 years.
Shell Integrated Gas and Upstream Director Zoë Yujnovich said, "The Penguins field is a source of the secure domestic energy production people need today, and the FPSO is a demonstration of our investment in competitive projects that create more value with less emissions."
Last week, Shell reported fourth-quarter revenue of&nbsp;$66.28&nbsp;billion missed the&nbsp;consensus of&nbsp;$71.82 billion and adjusted earnings per ADS for the quarter of $1.20,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/buybacks/25/01/43332871/shell-q4-lower-earnings-cost-reductions-dividend-boost-and-more" rel="noreferrer noopener">missing the consensus of&nbsp;$1.49</a>.
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
SHEL Price Action: Shell shares are up 2.18% at $66.59 at publication Tuesday.
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</ul>
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First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF

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Market Vectors RVE Hard Assets Producers ETF

SHEL

Shell Resumes North Sea Production With First New FPSO In Over 20 Years

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g43327844/shell-plc-publishes-fourth-quarter-2024-press-release" rel="noreferrer noopener">following fourth-quarter results</a>.
Revenue of&nbsp;$66.28&nbsp;billion&nbsp;missed the<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g43327822/shell-plc-4th-quarter-2024-and-full-year-unaudited-results" rel="noreferrer noopener"> consensus of&nbsp;$71.82 billion</a>.&nbsp;
Total&nbsp;production&nbsp;at Integrated Gas fell&nbsp;4%&nbsp;quarter over quarter (Q/Q) to 905&nbsp;kboe/d, and Upstream rose&nbsp;3% Q/Q at&nbsp;1,859&nbsp;kboe/d.&nbsp;
This compares to guidance for Integrated Gas production of 880 – 920 kboe/d <a target="_blank" href="https://www.benzinga.com/news/guidance/25/01/42870812/shell-lowers-integrated-gas-production-outlook-shares-slide" rel="noreferrer noopener">oil-equivalent barrels per day</a>.
Meanwhile, sales volumes&nbsp;at&nbsp;Marketing declined 5%&nbsp;Q/Q to 2,795&nbsp;thousand b/d, and Refinery processing intake at Chemical &amp; Products declined&nbsp;7%&nbsp;Q/Q to 1,215&nbsp;kb/d.
Related:&nbsp;<a target="_blank" href="https://www.benzinga.com/trading-ideas/technicals/25/01/43316488/shell-q4-earnings-preview-stock-faces-bearish-signals-ahead-of-results" rel="noreferrer noopener">Shell Q4 Earnings Preview: Stock Faces Bearish Signals Ahead Of Results</a>
Adjusted earnings decreased&nbsp;39%&nbsp;Q/Q to&nbsp;$3.66&nbsp;billion and Adj. EBITDA fell&nbsp;11%&nbsp;Q/Q to&nbsp;$14.3&nbsp;billion.
Net income attributable to Shell plc shareholders declined to&nbsp;$928 million&nbsp;from&nbsp;$4.29&nbsp;billion&nbsp;in the third quarter of 2024.
This decline was due to increased exploration well write-offs, reduced margins in crude and oil products trading and optimization, lower Marketing margins and volumes, decreased LNG trading and optimization margins, lower realized oil prices, and adverse tax impacts.
Adjusted earnings per ADS for the quarter was&nbsp;$1.20,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">missing the consensus of&nbsp;$1.49</a>.
Cash flow from operating activities stood at&nbsp;$13.16&nbsp;billion&nbsp;in the quarter. At the end of the&nbsp;second quarter, net debt was&nbsp;$38.81&nbsp;billion, with a gearing ratio of&nbsp;17.7%.&nbsp;
Dividend: Shell increased&nbsp;its fourth-quarter dividend per share by 4% to&nbsp;$0.358&nbsp;(from&nbsp;$0.344), payable on March 24, 2025, to shareholders of<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g43327850/shell-plc-fourth-quarter-2024-interim-dividend" rel="noreferrer noopener"> record&nbsp;as of&nbsp;February 14, 2025</a>.
Buyback:&nbsp;The company announced the start of a share buyback program worth&nbsp;$3.5 billion&nbsp;for a&nbsp;contract&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g43327858/shell-announces-commencement-of-a-share-buyback-programme" rel="noreferrer noopener">term of around three months</a>.
The program is expected to be completed prior to the&nbsp;first-quarter&nbsp;2025 results announcement, scheduled for May 2, 2025.
Shell plc Chief Executive Officer, Wael Sawan stated, &#8220;2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment.&#8221;
&#8221;Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets.&#8221;
Guidance: The company expects 2025 cash capital&nbsp;expenditure&nbsp;to be lower than $21 billion in 2024.
For the&nbsp;first quarter, it expects&nbsp;production at Integrated Gas of approximately&nbsp;930 &#8211; 990 thousand boe/d and Upstream of about 1,750 &#8211; 1,950 thousand boe/d.
Shell anticipates refinery utilization to be around&nbsp;80% &#8211; 88% and chemical manufacturing plant utilization to be between&nbsp;78% &#8211; 86%.
The company projects Marketing sales volumes of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">approximately 2,500 – 3,000 thousand b/d</a>.&nbsp;
Shell expects corporate adjusted earnings to be a net expense of ~$400&nbsp;million&nbsp;–&nbsp;$600&nbsp;million in the first quarter 2025.
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 1.08% at $65.48 premarket at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/01/43013634/opecs-optimism-clashes-with-ieas-conservative-2025-oil-growth-projections" target="_blank" rel="noreferrer noopener">OPEC&#8217;s Optimism Clashes With IEA&#8217;s Conservative 2025 Oil Growth Projections</a></li>
</ul>
Image by siam.pukkato via Shutterstock.

Earnings

Guidance

Dividends

Buybacks

Shell Q4: Lower Earnings, Cost Reductions, Dividend Boost And More

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), along with CNOOC Petrochemicals Investment Ltd., disclosed a final investment decision for the expansion of the petrochemical complex at <a target="_blank" href="http://shell.com/news-and-insights/newsroom/news-and-media-releases/2025/cspc-a-shell-cnooc-jv-invests-in-petrochemical-complex-expansion-in-china.html" rel="noreferrer noopener">Daya </a>Bay, Huizhou, in southern China.
The project is part of the joint venture, CNOOC and Shell Petrochemicals Company Limited (CSPC), a partnership between Shell Nanhai B.V. and CNOOC Petrochemicals.
The expansion will add a third ethylene cracker at the Daya Bay complex, with an annual capacity of 1.6 million tonnes of ethylene, along with downstream units producing chemicals like linear alpha olefins.
Additionally, a new facility will manufacture 320,000 tonnes of high-performance specialty chemicals annually, including polycarbonates and carbonate solvents.
The new facilities are designed to cater to the growing domestic demand in China, producing chemicals used across sectors such as agriculture, industrial, construction, healthcare, and consumer goods.
This investment will enhance CSPC&#8217;s competitiveness by extending its value chains, integrating with the existing site, and fostering innovation to meet the increasing demand in the rapidly expanding Chinese market.
Last week, Shell&#8217;s subsidiary,&nbsp;Shell Offshore Inc., started production at the Whale floating production <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/01/42916217/whats-going-on-with-shell-shares-on-friday" rel="noreferrer noopener">facility&nbsp;in the Gulf of Mexico</a>.
Investors can gain exposure to the stock via&nbsp;VanEck Natural Resources ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>) and&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>).
Price Action: SHEL shares are up 0.52% at $66.25 at the last check Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/general/travel/25/01/42992007/trump-cabinet-confirmation-hearings-on-wednesday-departments-of-transportation-energy-state-attorney-general-cia-director" target="_blank" rel="noreferrer noopener">Trump Cabinet Confirmation Hearings On Wednesday: Departments Of Transportation, Energy, State; Attorney General, CIA Director</a></li>
</ul>
Photo courtesy: Shutterstock.

PWER

Shell & CNOOC Greenlight Major Petrochemical Expansion In Southern China

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher on Friday after the company&#8217;s subsidiary, Shell Offshore Inc., started production at the Whale floating production facility <a href="https://www.benzinga.com/25/01/42900932/chevrons-whale-platform-achieves-first-oil-aiming-for-300000-boeday-by-2026">in the Gulf of Mexico</a>.
The Whale project utilizes a streamlined, cost-effective design modeled after the Vito platform, which launched operations in early 2023.
The development is a joint venture between Shell Offshore, holding a 60% operating stake, and Chevron U.S.A. Inc., which owns the remaining 40%.
See Also: <a href="https://www.benzinga.com/25/01/42912208/delta-stock-jumps-after-record-q4-earnings-and-strong-2025-outlook">Delta Takes Flight As Q4 Earnings Beat Expectations, Fueled By Premium Travel Demand And Efficiency Gains</a>
The Whale facility is expected to produce up to 100,000 barrels of oil equivalent per day. That includes an estimated 480 million barrels of oil equivalent in recoverable resources.
Whale claims to operate with 30% lower greenhouse gas intensity than Vito. 
The project is expected to contribute to a combined peak production of over 500,000 <a href="https://www.benzinga.com/calendars/guidance" target="_blank" rel="noreferrer noopener">boe per day between 2023 and 2025</a>.
The company also expects fourth-quarter results in its Integrated Gas division to be significantly lower sequentially, driven by the <a href="https://www.benzinga.com/news/guidance/25/01/42870812/shell-lowers-integrated-gas-production-outlook-shares-slide" target="_blank" rel="noreferrer noopener">impact of expiring hedging contracts</a>.
The oil giant lowered its guidance for integrated gas production for the quarter, expecting to produce between 880 – 920 kboe/d oil-equivalent barrels per day, down from the prior outlook of 900 – 960 boe/d.
Investors can gain exposure to the stock via&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>) and Octane All-Cap Value Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCTA#NASDAQ">OCTA</a>).
Price Action: Shell shares are up 1.76% at $65.86 premarket at the last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com/news/contracts/25/01/42881961/shell-awards-schlumberger-three-year-multi-region-deepwater-contracts-details" target="_blank" rel="noreferrer noopener">Shell Awards Schlumberger Three-Year, Multi-Region Deepwater Contracts: Details</a></li>
</ul>
Image: Shutterstock

OCTA

What's Going On With Shell Shares On Friday?

BHP Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) faced a class action filed in Australia&#8217;s Federal <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/811809/000119312524280788/d839550d6k.htm" rel="noreferrer noopener">Court </a>alleging sexual harassment and sex discrimination.
The claim represents all women who worked at BHP&#8217;s Australian workplaces between November 12, 2003, and March 11, 2024, and were affected by the alleged conduct.
The case is in its early stages, with no specified damages sought. BHP emphasizes its zero-tolerance policy for harassment and prioritizes the safety and well-being of its people.
This claim against BHP follows a recent report from rival Rio Tinto, which revealed an increase in employee reports of attempted sexual assault or rape at its operations over the past two years, despite measures to address such behavior, <a target="_blank" href="https://www.ft.com/content/b09156c9-6e9e-4a9c-ad9a-8a0d7d6ad220" rel="noreferrer noopener">reported </a>Financial Times.
A 2022 Rio Tinto report revealed that 21 women had reported experiencing actual or attempted rape or sexual assault over five years.
According to the report, BHP disclosed in 2021 during a parliamentary inquiry in Western Australia that it had terminated 48 employees for sexual harassment at its &#8220;fly-in, fly-out&#8221; mines since 2019, including six confirmed cases of sexual assault.
Investors can gain exposure to the stock via Exchange Traded Concepts Trust Optica Rare Earths &amp; Critical Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: BHP shares are down 0.47% at $50.76 at the last check Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/news/global/24/12/42482377/australian-opposition-goes-nuclear-211-billion-plan-could-open-doors-for-uranium-miners" target="_blank" rel="noreferrer noopener">Australian Opposition Goes Nuclear, $211 Billion Plan Could Open Doors For Uranium Miners</a></li>
</ul>
Photo by Vitalii Vodolazskyi on Shutterstock.

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Exchange Traded Concepts Trust Optica Rare Earths & Critical Materials ETF

CRIT

BHP Accused of Workplace Harassment and Discrimination in Australia In Class Action Lawsuit

Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) shares are trading relatively flat in the <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">premarket session on Wednesday.</a>
The company announced today that it renewed its multi-year enterprise agreement with the mining giant Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), extending the partnership <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b41933059/palantir-and-rio-tinto-renew-enterprise-contract-and-extend-access-to-palantirs-ai-platform" rel="noreferrer noopener">for an additional four years</a>.
This agreement ensures Rio Tinto&#8217;s continued access to Palantir&#8217;s Artificial Intelligence Platform (AIP), further enhancing the company&#8217;s operational efficiency and AI capabilities.
As an early adopter of Palantir Foundry, Rio Tinto has already built a robust digital twin, or &#8220;Ontology,&#8221; which serves as a unified data model for critical operations.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/11/41891026/palantir-overtakes-lockheed-martin-in-market-cap-how-does-the-messi-of-ai-stack-up-against-the-traditional-defense-player" rel="noreferrer noopener">Palantir Overtakes Lockheed Martin In Market Cap, How Does The &#8216;Messi Of AI&#8217; Stack Up Against The Traditional Defense Player</a>
The Ontology enables Rio Tinto to leverage AIP to rapidly develop, test, and deploy AI-driven solutions, addressing challenges in areas like plant operations, geotechnical risk management, and the coordination of unmanned trains.
&#8220;The Foundry Ontology has made our structured data accessible, and AIP is doing the same for our unstructured data while enabling us to attack with pace problems previously deemed too complex,&#8221;&nbsp;said Bold Bataar, Rio Tinto&#8217;s Chief Commercial Officer.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, RIO stock has lost over 6% in the past year. Investors can gain exposure to the stock via&nbsp;VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and&nbsp;Gabelli ETFs Trust Gabelli Financial Services Opportunities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GABF#NYSE">GABF</a>) and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
For instance, in Western Australia&#8217;s Pilbara region, Foundry integrates real-time data from hundreds of systems, allowing operators to optimize the routing of 53 driverless trains transporting iron ore. This has led to improved safety and throughput on the rail network.
Meanwhile, in Mongolia&#8217;s Oyu Tolgoi mine, the Ontology provides dynamic risk management for one of the world&#8217;s most challenging mining environments.
Palantir&#8217;s AIP will enhance Rio Tinto&#8217;s ability to manage complex workflows and accelerate innovation across its operations. Both companies expect the AI platform to drive continued improvements in performance, safety, and decision-making in Rio Tinto&#8217;s high-stakes environments.
Ted Mabrey, Palantir&#8217;s Head of Commercial, highlighted the potential of AIP to address Rio Tinto&#8217;s most pressing challenges, including risk identification and asset management, ensuring safe and efficient AI deployment.
PLTR stock has gained over 200% in the past year. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIPI#NASDAQ">AIPI</a>) and Global X Funds Global X Defense Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHLD#NYSE">SHLD</a>).
Price Action: PLTR shares are trading higher by 1.02% to $60.46 premarket at last check Wednesday, whie RIO shares are trading lower by 0.46% to $60.92.
Image via Shutterstock
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</ul>

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AIPI

Gabelli ETFs Trust Gabelli Financial Services Opportunities ETF

GABF

PLTR

SHLD

What's Going On With Palantir Stock After Renewing Collaboration With Rio Tinto?

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher&nbsp;after it reported&nbsp;third-quarter results.
Revenue of&nbsp;$71.09 billion beat the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41645206/shell-plc-3rd-quarter-2024-unaudited-results" rel="noreferrer noopener">consensus of&nbsp;$61.34 billion</a>.&nbsp;
Total&nbsp;production&nbsp;at Integrated Gas fell&nbsp;4% quarter over quarter (Q/Q) to 941 kboe/d, and Upstream rose 2%&nbsp;Q/Q at&nbsp;1,811 kboe/d.&nbsp;
Meanwhile, sales volumes&nbsp;at&nbsp;Marketing rose 3% Q/Q to 2,945 thousand b/d, and Refinery processing intake at Chemical &amp; Products declined 9% Q/Q to 1,305 kb/d.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41207230/shell-raises-q3-upstream-production-outlook-revises-integrated-gas-guidance" rel="noreferrer noopener">Shell Raises Q3 Upstream Production Outlook, Revises Integrated Gas Guidance</a>
Adjusted earnings decreased&nbsp;4% Q/Q to&nbsp;$<a target="_blank" href="https://www.shell.com/investors/results-and-reporting/quarterly-results/_jcr_content/root/main/section/promo_1962010312_cop/links/item0.stream/1730342645584/8f14407c6184835cdd7bfaf0a3c156c4fefbc446/q3-2024-quarterly-press-release.pdf" rel="noreferrer noopener">6.03 </a>billion and Adj. EBITDA fell&nbsp;5% Q/Q to&nbsp;$16.01 billion. This decline was due to lower refining margins, the decline in realized oil prices, and higher operating expenses.
Net income attributable to Shell plc shareholders rose to&nbsp;$4.29 billion from&nbsp;$3.52 billion a quarter ago.&nbsp;
Adjusted earnings per ADS for the quarter was&nbsp;$1.92,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">above the consensus of&nbsp;$1.66.</a>
Cash flow from operating activities stood at&nbsp;$14.68 billion in the quarter. At the end of the&nbsp;second quarter, net debt was&nbsp;$35.23 billion, with a gearing ratio of&nbsp;15.7%.&nbsp;
Dividend: Shell disclosed&nbsp;a&nbsp;third-quarter&nbsp;dividend per share of&nbsp;$0.344, payable on December 19, 2024, to shareholders of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41645222/shell-plc-third-quarter-2024-interim-dividend" rel="noreferrer noopener">record&nbsp;as of&nbsp;November 15, 2024</a>.
Buyback:&nbsp;The company announced the start of a share buyback program worth&nbsp;$3.5 billion for a&nbsp;contract&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41645223/shell-announces-commencement-of-a-share-buyback-programme" rel="noreferrer noopener">term of around three months</a>.
The program is expected to be completed prior to the fourth-quarter 2024 results announcement, scheduled for January 30, 2025.
Guidance: The company now expects cash capital&nbsp;expenditure&nbsp;of&nbsp;below $22 billion (from <a target="_blank" href="https://www.benzinga.com//node/40098587" rel="noreferrer noopener">$22 billion –&nbsp;$25 billion earlier)</a>.
For the fourth quarter, it expects&nbsp;production at Integrated Gas of approximately 900 &#8211; 960 thousand boe/d and Upstream of about 1,750 &#8211; 1,950 thousand boe/d.
Shell anticipates refinery utilization to be around&nbsp;75% &#8211; 83%&nbsp;and chemical manufacturing plant utilization to be between&nbsp;72% &#8211; 80%.
The company projects Marketing sales volumes of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">approximately 2,550 – 3,050 thousand b/d</a>.&nbsp;
Shell expects corporate adjusted earnings to be a net expense of ~$600 million &#8211; $800 million.
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 1.11% at $66.31 premarket at the last check Thursday.
Image by siam.pukkato via Shutterstock
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Shell's Solid Q3 Performance: Strong Revenue, $3.5 Billion Buyback, And Refined Capex Guidance

Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) disclosed a multi-year renewal of its partnership with Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>).
This agreement, effective January 1, 2026, will cover Scuderia Ferrari HP, Ferrari Hypercar, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41491165/ferrari-and-shell-renew-their-partnership" rel="noreferrer noopener">and the Ferrari Challenge Series.</a>
Apart from this, Shell&#8217;s subsidiary inked a deal to acquire a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) combined-cycle gas turbine power plant in Rhode Island for an <a target="_blank" href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-to-acquire-combined-cycle-power-plant-in-priority-us-trading-market.html" rel="noreferrer noopener">undisclosed </a>amount.
This acquisition secures long-term supply and capacity offtake for Shell in the deregulated Independent System Operator New England (ISO New England) power market.
Since 2019, the North American subsidiary has maintained a contract with RISEC under an energy conversion agreement for 100% of the plant&#8217;s energy offtake.
The transaction is pending regulatory approvals and is anticipated to close in the first quarter of 2025.
Huibert Vigeveno, Shell Downstream, Renewables &amp; Energy Solutions Director, stated, &#8220;Shell has had a successful integrated gas and power business in the growing ISO New England market for over 20 years, and this acquisition secures valuable trading opportunities by guaranteeing SENA&#8217;s position in the market.&#8221;&nbsp;
&#8220;Our strong understanding of this plant&#8217;s performance positions Shell to capitalise on its value within our existing trading portfolio.&#8221;
This month, Shell raised its third-quarter upstream production outlook to 1,740-1,840 thousand boe/d<a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41207230/shell-raises-q3-upstream-production-outlook-revises-integrated-gas-guidance" rel="noreferrer noopener">, boosting investor confidence</a>.
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are down 0.99% at $66.35 at the last check Wednesday.
Image by The Image Engine via Shutterstock
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RACE

Shell Fuels The Future: New Deal with Ferrari And Power Plant Acquisition On The Horizon

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher premarket today. The British energy company updated its operational&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/g41200551/shell-third-quarter-2024-update-note" rel="noreferrer noopener">outlook&nbsp;for the&nbsp;third quarter&nbsp;of FY24</a>.
Outlook&nbsp;Revised:&nbsp;For Integrated Gas, the company updated the production&nbsp;outlook&nbsp;to 920 &#8211; 960 (from 920 – 980 thousand boe/d expected earlier) and LNG liquefaction volumes to 7.3 &#8211; 7.7 MT (<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40089887/shell-plc-publishes-second-quarter-2024-press-release" rel="noreferrer noopener">vs. 6.8 &#8211; 7.4 MT prior</a>).
The&nbsp;outlook&nbsp;reflects that Trading and optimization results are expected to be in line <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">with&nbsp;the second-quarter&nbsp;FY24</a>.
For Upstream, Shell raised production&nbsp;guidance&nbsp;to 1,740 &#8211; 1,840 thousand boe/d earlier (from 1,580 – 1,780 thousand boe/d earlier), with shares of profit / (loss) of joint ventures and associates expected to be ~$0.1 billion&nbsp;and exploration well-write offs projected to be ~$0.1 billion.
Also Read: <a target="_blank" href="https://www.benzinga.com//node/41050216" rel="noreferrer noopener">Shell, TotalEnergies, Equinor Complete Carbon Storage Project: Exec Says Joint Venture Plays &#8216;Vital&#8217; Environmental Role</a>
For Marketing, the company tightened the outlook for sales volume&nbsp;guidance, with the revised range at 2,750 &#8211; 3,150 thousand b/d (vs. 2,700 &#8211; 3,200 projected earlier).
For Chemicals &amp; Products, Shell currently sees refinery utilization of&nbsp;79% &#8211; 83%&nbsp;(vs.&nbsp;83% &#8211; 91%&nbsp;earlier) and Chemicals utilization of&nbsp;73% &#8211; 77%&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40098587/shells-mixed-bag-q2-revenue-beats-expectations-but-profit-and-production-decline-sequentially" rel="noreferrer noopener">(vs.&nbsp;73% &#8211; 81%&nbsp;prior)</a>.
In August, Shell reported second-quarter FY24 revenue of $74.46 billion, beating consensus of $61.33 billion. Adjusted earnings per ADS of $1.98 beat the consensus of $1.82.
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 1.01% at $69.20 premarket at the last check Monday.
Image by siam.pukkato via Shutterstock
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Shell Raises Q3 Upstream Production Outlook, Revises Integrated Gas Guidance

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) disclosed yesterday that it is closely monitoring Tropical Disturbance 35 for potential impacts on its Gulf of Mexico operations.
Hence, as a <a href="https://www.shell.us/media/us-storm-center/shell-us-storm-updates/2024-storm-updates/storm-center-disturbance-35-update-1.html" target="_blank" rel="noreferrer noopener">precaution</a>, the company plans to shut down production at the Stones and Appomattox fields.
Also, the company will evacuate non-essential personnel from the Mars Corridor.
Shell stated that it is in process of pausing some drilling operations safely, with no current impact on other production across the Gulf of Mexico.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40822108/hurricane-francine-approaches-louisiana-coast-may-become-category-2-storm" rel="noreferrer noopener">Hurricane Francine Approaches Louisiana Coast With Category 2 Storm Potential, Local Oil Refineries Cut Production</a>
As per Reuters, the U.S. National Hurricane Center reported that the system near the Gulf of Mexico has a 50% chance of developing into a cyclone within the next 48 hours.
Last month, Shell reportedly planned a 20% cut in its oil and gas <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40633899/shell-considers-job-cuts-in-oil-and-gas-workforce-report" rel="noreferrer noopener">workforce to extend cost-saving measures</a>.
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 0.93% at $69.36 at the last check Monday.
Image by siam.pukkato via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Shell Braces For Tropical Storm 35: Prepares Major Gulf Of Mexico Oil Fields For Shut Down

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) is reportedly facing claims from Nigerian communities for 505 billion naira ($310 million) in damages.
The communities are alleging that the company violated a court order by agreeing to sell its onshore assets in the Niger Delta, reported Reuters.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38299595/shell-defends-climate-goals-rejects-shareholder-resolution-as-damaging" rel="noreferrer noopener">Shell Defends Climate Goals, Rejects Shareholder Resolution As Damaging</a>
However, over 1,200 representatives from Ilaje communities in the Niger Delta have petitioned the Federal High Court in Abuja to halt the deal, arguing that Shell is violating a December 2023 ruling that suspended any asset sales until a compensation lawsuit is resolved.
The community has a pending lawsuit against Shell, accusing the company of causing an oil spill that damaged waterways and farms.
In January 2024, the company agreed to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC),<a target="_blank" href="https://www.benzinga.com//node/36642310" rel="noreferrer noopener"> to Renaissance, a consortium of five companies.</a>
The consideration payable to Shell as part of the transaction is $1.3 billion, and the buyer will make additional cash payments of up to $1.1 billion, mainly related to prior receivables and cash balances in the business.
In the court papers, the community said Shell should be penalised for going ahead with asset sale &#8220;when the plaintiffs and the host of their community members have remained in perpetual suffering over the failure of the defendants to obey the preservative orders of a competent court.&#8221;
Investors can gain exposure to Shell via&nbsp;First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIPX#NYSE">EIPX</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are up 0.87% at $67.56 premarket at the last check Friday.
Photo courtesy: Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Nigerian Communities Seek Compensation From Shell: Report

Shell PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), along with ENI S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>), reportedly have spearheaded an initial funding round for Boston-based climate technology start-up Mantel Capture.
Mantel Capture is developing a method to use molten salts to capture carbon dioxide emissions from refineries, factories, and other industrial sites, reported Reuters.
Mantel aims to extract 95% of carbon from smokestack emissions using molten salts.
The company claims this method is particularly cost-effective, leveraging the high temperatures within industrial furnaces and boilers to minimize the additional energy needed compared to other capture technologies.
As per the report, the $30 million secured in the Series A round will enable Mantel to construct a demonstration project at a paper mill capable of capturing 1,800 metric tons of emissions annually—about ten times the half ton per day achieved in their laboratory tests.
The report quoted Mantel CEO Cameron Halliday saying in an interview, &#8220;This is a technology that could radically change the energy industry, but there is still risk to what we&#8217;re doing.&#8221;
Halliday added, &#8220;At a scale of hundreds of thousands to millions of tons, Mantel could theoretically capture carbon at about $30 to $50 a ton, making it economically viable in many countries offering either incentives for carbon capture or taxing emissions, and far below competing systems.&#8221;
As per the report, Hector MacQuarrie, a principal at Shell Ventures, noted that Shell will monitor pilot projects before fully committing to the technology.
However, he also mentioned that this technology could significantly advance carbon capture for industries that are difficult to decarbonize.
Investors can gain exposure to Shell via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are down 0.28% at $68.32 at the last check Thursday.
Photo courtesy: Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Shell Backs Climate Technology Start-up for Emissions Reduction: Report

Talos Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TALO#NYSE">TALO</a>) shares are trading lower on Thursday. The company disclosed that its Ewing Bank 953 well has successfully discovered commercial <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n40726122/talos-energy-announces-new-discovery-and-adds-additional-2024-prospect-in-the-gulf-of-mexico" rel="noreferrer noopener">quantities of oil and natural gas</a>.
Additionally, Talos has agreed to participate in the Sebastian prospect, which is currently being drilled in the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.
Talos holds a 33.3% working interest, with Walter Oil &amp; Gas Corp. holding 56.7% and Gordy Oil Company 10%.
The EW 953 well has discovered approximately 127 feet of net pay at 19,000 feet TVD, with an estimated gross recoverable potential of 15–25 million barrels of oil equivalent (MMBoe).
Initial production is expected at 8–10 thousand barrels of oil equivalent per day (MBoe/d) by mid-2026. The well will be tied back to the South Timbalier 311 Megalodon platform.
Drilling at the Sebastian prospect, started in late August 2024, targets the Upper Miocene K-1 reservoir at about 12,000 feet TVD. It is estimated to hold 9–16 MMBoe, with an initial production rate of 6–10 MBoe/d. Results are expected by the late fourth quarter of 2024.
Talos Interim President and Chief Executive Officer&nbsp;Joe Mills&nbsp;said, &#8220;This discovery follows a series of successful single-well subsea exploitation wells tied back to Talos-owned existing infrastructure, like&nbsp;Venice&nbsp;and Lime Rock, Sunspear, and Claiborne sidetrack.&#8221;
&#8220;Additionally, we were able to include the Sebastian prospect in our second-half 2024 drilling portfolio without requiring updates to our capital expenditures guidance for the year.&#8221;
Last month, Talos Energy announced that Tim Duncan has resigned as President and Chief Executive Officer,&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40653266/why-talos-energy-shares-are-falling-today" rel="noreferrer noopener">effective August 29, 2024</a>.
According to&nbsp;Benzinga Pro, TALO stock has lost over&nbsp;37%&nbsp;in the past year. Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Price Action: TALO shares are down 0.42% at $10.77 at the last check Thursday.
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Small Cap

PSCE

TALO

Talos Energy's Major Offshore Discovery: Oil And Gas Found In Gulf Of Mexico

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading lower premarket Tuesday. The company inked a 10-year LNG agreement with Turkey&#8217;s Petrol Taşıma AŞ (BOTAŞ).
As per the deal, Shell will supply BOTAŞ with up to 4 billion cubic meters of liquefied natural gas (<a target="_blank" href="https://www.botas.gov.tr/Icerik/botas-and-shell-sign-long-term/1008" rel="noreferrer noopener">LNG</a>) annually from its U.S. and global portfolios, starting in 2027.
The agreement will enable BOTAŞ to broaden its LNG access and leverage its extensive terminal and pipeline infrastructure, aiding Türkiye in diversifying its gas resources and positioning itself as a significant regional gas hub.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40633899/shell-considers-job-cuts-in-oil-and-gas-workforce-report" rel="noreferrer noopener">Shell Considers Job Cuts In Oil And Gas Workforce: Report</a>
Alparslan BAYRAKTAR, the Republic of Türkiye's Minister of Energy and Natural Resources, said, &#8220;Our goal in natural gas, 99% of which we imported until the discovery of Black Sea Gas, is to diversify the supply side and offer natural gas to our citizens and industry in a more competitive and affordable rate. In this context, we have strengthened our infrastructure with international pipelines, LNG terminals and underground storage projects.&#8221;
According to Reuters calculations, Turkey has the flexibility to meet a significant portion of its national gas consumption with liquefied natural gas (LNG) instead of pipeline gas, thanks to a gasification capacity of approximately 0.16 bcm per day.
Notably, Shell&nbsp;is committed to expanding its LNG capacity by 20-30% by 2030 from its 2022 levels, which is in line with its outlined targets <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39372721/shell-secures-major-lng-deal-with-temaseks-pavilion-energy-details" rel="noreferrer noopener">during the 2023 Capital Markets Day</a>.
Last month, Shell USA, Inc. subsidiaries agreed to sell their 100% stake in the Sinco pipeline system and Colex terminal to a <a target="_blank" href="https://www.shell.us/media/2024-media-releases/shell-to-sell-sinco-pipeline-system-and-colex-terminal-to-edgewater-midstream.html" rel="noreferrer noopener">subsidiary</a> of Edgewater Midstream LLC, pending regulatory approval.
Shell stock has gained&nbsp;around&nbsp;16% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares are down 2.40% at $69.94 premarket at the last check Tuesday.
Image by siam.pukkato via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With Shell Shares Premarket Tuesday?

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) reportedly plans to reduce its oil and gas exploration and development workforce by 20%.
This move follows significant reductions in the renewables and low-carbon businesses, reported Reuters.
As per the report, the proposed 20% reduction is contingent upon consultations with employee representative bodies.
The restructuring of Shell&#8217;s exploration, wells development, and subsurface units will result in hundreds of job cuts globally, with notable impacts on its offices in Houston, The Hague, and, to a lesser extent, Britain.
The report quoted Shell as saying, &#8220;Shell aims to create more value with less emissions by focusing on performance, discipline, and simplification across the business. That includes delivering structural operating cost reductions of $2-3 billion by the end of 2025.&#8221;&nbsp;
Recently, Shell has reduced operations in offshore wind, solar, and hydrogen, and has sold off retail power businesses, refineries, and certain oil and gas production assets, including those in Nigeria.
Shell and&nbsp;PetroChina joint venture, Arrow Energy, recently revealed plans to develop&nbsp;Phase&nbsp;2 of the Surat <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40307821/shell-and-petrochina-to-develop-phase-2-of-surat-gas-project-details" rel="noreferrer noopener">Gas Project in Queensland, Australia</a>.
This month, the company reported second-quarter revenue of $74.46 billion, <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40098587/shells-mixed-bag-q2-revenue-beats-expectations-but-profit-and-production-decline-sequentially" rel="noreferrer noopener">beating consensus of $61.33 billion.</a>
Shell stock has gained&nbsp;around&nbsp;16%&nbsp;in the last 12 months. Investors can gain exposure to the stock via&nbsp;Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWER#NYSE">PWER</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
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Price Action: SHEL shares are up 0.60% at $72.38 at the last check Thursday.
Photo courtesy: Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Shell Considers Job Cuts In Oil And Gas Workforce: Report

Shell plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) and PetroChina joint venture, Arrow Energy, plans to develop <a href="https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2024/shell-invests-in-phase-two-of-surat-gas-project-in-australia.html" target="_blank" rel="noreferrer noopener">Phase</a> 2 of the Surat Gas Project in Queensland, Australia.
The gas will be routed to Shell's QCLNG facility on Curtis Island to meet long-term contracts and domestic demand.
Phase 2, part of a 27-year agreement with QGC, is expected to add about 22,400 barrels of oil equivalent per day (130 million standard cubic feet per day) at peak production. The companies project its first gas in 2026.
Zoë Yujnovich, Shell's Integrated Gas and Upstream Director said, "QCLNG marked its 1000th&nbsp;cargo at the end of last year, reflecting its significance as a gas supplier for Australia and the region. This investment will enable us to sustain and grow this important, secure energy source that offers a lower emissions alternative to options like coal."
Notably, Shell and PetroChina established the Arrow Energy joint venture in 2010.
In 2017, Arrow secured a 27-year gas sales agreement to supply Shell's QCLNG joint venture, with phase 1 of the Surat Gas Project, approved in April 2020, including over 600 wells.
Last week, the units of&nbsp;Shell and&nbsp;BP p.l.c.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) in South Africa are reportedly expected to pay about $15 million to the state-run Central Energy Fund for operational costs at the Sapref refinery,&nbsp;which they are <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40213508/shell-and-bp-to-fund-south-africas-sapref-restart-as-government-takes-over-report" rel="noreferrer noopener">selling to the government</a>.
Shell stock has gained&nbsp;around 16% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: SHEL shares closed higher by 0.74% at $71.88 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image by siam.pukkato via Shutterstock
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</ul>

HJEN

Shell And PetroChina To Develop Phase 2 Of Surat Gas Project: Details

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) shares are trading higher&nbsp;after it reported&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40089887/shell-plc-publishes-second-quarter-2024-press-release" rel="noreferrer noopener">second-quarter&nbsp;FY24 results</a>.
Revenue of&nbsp;$74.46 billion&nbsp;beat the consensus of&nbsp;$61.33 billion.&nbsp;Total <a target="_blank" href="https://www.shell.com/investors/results-and-reporting/quarterly-results/latest-results/_jcr_content/root/main/section/simple/call_to_action_copy_/links/item1.stream/1722473589922/71413c6e047d46eccf36956e045d2a6b01770bca/q2-2024-qra-document.pdf" rel="noreferrer noopener">production </a>at Integrated Gas fell 1%&nbsp;Q/Q to 980 kboe/d, and Upstream declined 5% Q/Q at&nbsp;1,783&nbsp;kboe/d.&nbsp;
Meanwhile, sales volumes&nbsp;at&nbsp;Marketing rose to 2,868 thousand b/d from 2,763 thousand b/d&nbsp;the previous&nbsp;quarter, and Refinery processing intake at Chemical &amp; Products remained broadly flat Q/Q at 1,429 kb/d.
Related: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39641372/shell-absorbs-charges-pauses-project-q2-outlook-dims-with-impairments-and-biofuels-halt" rel="noreferrer noopener">Shell Absorbs Charges, Pauses Project: Q2 Outlook Dims With Impairments and Biofuels Halt</a>
Adjusted earnings decreased&nbsp;19%&nbsp;Q/Q to&nbsp;$6.29 billion&nbsp;and Adj. EBITDA fell&nbsp;10%&nbsp;Q/Q to&nbsp;$16.81 billion. This decline was due to reduced trading and optimization contributions from seasonality and realized prices (down $531 million), lower volumes (down $209 million), and adverse deferred tax movements.
Net income attributable to Shell plc shareholders declined to&nbsp;$3.52 billion&nbsp;from&nbsp;$7.36 billion&nbsp;a quarter ago.&nbsp;Adjusted earnings per ADS for the quarter was $1.98,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">above the consensus of&nbsp;$1.82.</a>
Cash flow from operating activities stood at&nbsp;$13.51 billion&nbsp;in the quarter. At the end of the&nbsp;second quarter, net debt was&nbsp;$38.31 billion, with a gearing ratio of&nbsp;17.0%.&nbsp;
Dividend Boost: Shell disclosed&nbsp;a&nbsp;first-quarter dividend per share of&nbsp;$0.344, payable on September 23, 2024, to shareholders of&nbsp;record <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40089899/shell-plc-second-quarter-2024-interim-dividend" rel="noreferrer noopener">as of&nbsp;August 16, 2024</a>.
Buyback:&nbsp;The company announced a share buyback program worth&nbsp;$3.5 billion&nbsp;for a&nbsp;contract <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40089916/shell-announces-commencement-of-a-share-buyback-programme" rel="noreferrer noopener">term of around three months</a>.
FY24&nbsp;Outlook&nbsp;Reiterated: The company expects cash capital&nbsp;expenditure <a target="_blank" href="https://www.benzinga.com//node/38584564" rel="noreferrer noopener">of&nbsp;$22 billion&nbsp;–&nbsp;$25 billion</a>.
Q3 Guidance: It expects&nbsp;production at Integrated Gas of approximately 920 – 980 thousand boe/d and Upstream of about 1,580 &#8211; 1,780 thousand boe/d.
Shell anticipates refinery utilization to be around 83% to 91% and chemical manufacturing plant utilization to be between 73% and 81%. The company projects Marketing sales volumes of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">approximately 2,700 – 3,200 thousand b/d</a>.&nbsp;
Shell stock has gained 20%&nbsp;in the last 12 months. Investors can gain exposure to the stock via&nbsp;Direxion Hydrogen ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HJEN#NYSE">HJEN</a>)&nbsp;and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39683994/shell-requests-approval-for-exploration-wells-off-south-africas-coast-report" rel="noreferrer noopener">Shell Requests Approval for Exploration Wells Off South Africa&#8217;s Coast: Report</a>
Price Action: SHEL shares are up 0.76% at $73.78 premarket at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
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Shell's Mixed Bag: Q2 Revenue Beats Expectations, But Profit and Production Decline Sequentially

BHP Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) shares are trading lower today. The company and Lundin Mining Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>) have agreed to jointly acquire all outstanding shares of Filo Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FLMMF#OTC">FLMMF</a>) for a total consideration of <a href="https://www.benzinga.com//node/40026058">about C$4.1 billion, or C$33.00 per Filo share. </a>
The offer represents a 32.2% premium over Filo Corp.&#8217;s 30-day volume-weighted average price on the TSX as of July 11, 2024, the day before transaction rumors surfaced, and a 12.2% premium over the company&#8217;s last closing price on July 29, 2024.
BHP&#8217;s total cash payment for the proposed transaction is projected to be around $2.1 billion.
As part of the Filo acquisition, BHP and Lundin Mining will also purchase 3.48 million common shares of Filo at C$33.00 per share, totaling C$115 million in gross proceeds. This share placement is intended to provide interim financing to Filo.
Upon completion of the acquisition, BHP and Lundin Mining will each hold a 50% stake in Filo Corp. and the FDS project.
Filo shareholders can elect to receive cash, Lundin Mining shares, or a combination of both. BHP will contribute approximately C$1.908 billion ($1.377 billion) in cash, while Lundin Mining will provide around C$859 million in cash and C$1.289 billion in Lundin Mining shares.
BHP and Lundin Mining will also establish a 50/50 joint venture to manage the FDS and Josemaria projects in the Vicuña district of Argentina and Chile. Lundin Mining owns 100% of the Josemaria project.
Additionally, BHP will buy a 50% stake in the Josemaria project from Lundin Mining for around $690 million, subject to adjustments.
The company anticipates closing the deal in the first quarter of 2025, pending satisfaction of all closing conditions.
Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">Time Runs Out For BHP Deal: $49-Billion Acquisition Of Anglo American Proves Too Complex To Solve</a>
Mike Henry, BHP&#8217;s&nbsp;Chief Executive Officer, said, &#8220;This transaction aligns with BHP&#8217;s strategy to acquire attractive early-stage copper projects and enter into strategic partnerships with parties where complementary skills and experience can deliver long-term economic and social value.&#8221;
&#8220;The joint venture with Lundin Mining will advance the development of the Vicuña district, which offers the potential to become a major contributor to the economy of Argentina for decades to come. At the same time, by partnering with Lundin Mining, BHP is continuing to invest in the growth of a robust mining sector in Canada.&#8221;&nbsp;
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39725092/bhp-to-temporarily-shut-down-western-australia-nickel-operations-details" rel="noreferrer noopener">BHP To Temporarily Shut Down Western Australia Nickel Operations: Details</a>
This month, BHP reported second-quarter copper production of 504.9 Kt (+6% Y/Y), led by growth at Escondida (+6% Y/Y), Copper South <a target="_blank" href="https://www.benzinga.com//node/39816439" rel="noreferrer noopener">Australia (+17% Y/Y), and Antamina (+5% Y/Y).</a>
Investors can gain exposure to the stock via&nbsp;Exchange Traded&nbsp;Concepts Trust Optica Rare Earths &amp; Critical Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and&nbsp;VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40015779/bhps-escondida-mine-faces-potential-strike-over-contract-dispute-report" rel="noreferrer noopener">BHP&#8217;s Escondida Mine Faces Potential Strike Over Contract Dispute: Report</a>
Price Action: BHP shares are down 2.47% at $53.65 premarket at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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FLMMF

LUNMF

BHP To Unlock South American Copper Riches: Partners With Lundin For Filo Acquisition

The union at BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) Escondida mine in Chile, the largest copper mine globally, has reportedly urged its approximately 2,400 members to reject the company&#8217;s final contract offer and prepare for a potential strike.
Union President Patricio Tapia said that workers will cast their votes from Monday to Thursday, reported Reuters.
The union&#8217;s stance on the contract offer had not been previously reported. If the workers reject the deal, a strike could commence immediately, the report added.
However, Chilean law allows either party to request five days of government mediation, extendable by another five days if both parties agree.
Tapia mentioned that if the union members strike, the company would be unable to produce copper since replacement workers are not permitted by law.
The union represents 98.5% of frontline operational workers at Escondida. The report further noted that the last significant strike at the mine occurred in 2017, involving more than 2,300 union members for 44 days, which severely impacted production and increased global copper prices.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/07/39749321/bhp-halts-nickel-mine-were-not-able-to-overcome-economic-challenges-driven-by-oversupply" rel="noreferrer noopener">BHP Halts Nickel Mine: &#8216;We&#8217;re Not Able To Overcome Economic Challenges Driven By Oversupply</a>
Tapia stated, &#8220;We are much better prepared [for a strike] than before. We have a significant strike logistics fund, four times larger than the one from 2017. And we also have credit agreements to meet the basic needs of workers and their families for a long time.&#8221;
For fiscal 2023, BHP reported paying out $8.6 billion in dividends, which would translate to approximately $36,000 for each of Escondida&#8217;s 2,390 workers.
Details on BHP&#8217;s contract offer include a proposed 20 million Chilean peso ($21,044) bonus per worker. BHP stated that its offer would enhance existing benefits and introduce new ones.
The union is also seeking to improve conditions for workers affected by outsourcing and automation, in addition to enhanced health benefits and bonuses.
The ongoing disputes between the union and BHP have often resulted in work stoppages and complaints about worker safety.
Recently, the company reported copper production of 504.9 Kt (+6% Y/Y), led by growth at Escondida (+6% Y/Y), <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39816439/bhp-shares-trade-higher-as-mining-giant-confirms-record-outputs-for-copper-iron-ore" rel="noreferrer noopener">Copper South Australia (+17% Y/Y), and Antamina (+5% Y/Y).</a>
Investors can gain exposure to the stock via&nbsp;Exchange Traded&nbsp;Concepts Trust Optica Rare Earths &amp; Critical Materials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and VanEck Natural Resources ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: BHP shares are trading lower by 1.14% at $54.75 at last check Monday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

BHP's Escondida Mine Faces Potential Strike Over Contract Dispute: Report

BHP Group Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) shares are trading higher today after the company reported <a href="https://www.bhp.com/-/media/documents/media/reports-and-presentations/2024/240717_bhpoperationalreviewfortheyearended30june2024.pdf" target="_blank" rel="noreferrer noopener">fiscal year 2024 operational results</a>.
The company reported copper production of 504.9 Kt (+6% Y/Y), led by growth at Escondida (+6% Y/Y), Copper South Australia (+17% Y/Y), and Antamina (+5% Y/Y). 
The copper production beat Vuma consensus of 469.2 kt, as per Reuters.
BHP reported iron ore production of 69.2 Mt (+6% Y/Y) and Metallurgical coal production of 4.9 Mt (-42% Y/Y).
The company stated that FY24 production met guidance for all commodities, with metallurgical coal hitting the upper end of revised targets.
The company disclosed record outputs achieved at WAIO, Spence, and Carrapateena, as well as the highest production in four years at Escondida.
In FY24, total copper production increased by 9% and is projected to rise by another 4% in FY25.
BHP disclosed that average realized prices for copper and iron ore increased in FY24, while metallurgical coal prices stayed relatively stable, and nickel and energy coal prices decreased.
The company divested Blackwater and Daunia, started Jansen Stage 2 construction (with Stage 1 over 50% complete), ramped up South Flank to 80 Mtpa, and completed Carrapateena Crusher 2.
Outlook: BHP expects production for copper of 1,845 – 2,045 kt, iron ore of 255 – 265.5 Mt and <a href="https://www.benzinga.com/calendars/guidance">Metallurgical coal of 16.5 – 19 Mt in FY25</a>.
Mike Henry, CEO, said, &#8220;WAIO continued its strong performance, delivering a second consecutive year of record production on the back of ongoing incremental improvements along its supply chain as we progress toward our medium-term goal of increasing production to greater than 305 Mtpa.&#8221;
Read: <a href="https://www.benzinga.com/news/large-cap/24/06/39500608/bhp-group-anticipates-uptick-in-2024-carbon-emissions-remains-committed-to-30-reduction-by-2030" target="_blank" rel="noreferrer noopener">BHP Group Anticipates Uptick In 2024 Carbon Emissions, Remains Committed To 30% Reduction By 2030</a>
&#8220;We continued to execute against our strategy, progressing growth options in the commodities the world needs to meet the demands of the energy transition and population growth. This includes our Jansen potash mine in Canada, where construction of Stage 1 is now more than 50% complete and Stage 2 is underway. We will see first production in 2026 and will be a major global producer of potash by the end of the decade.&#8221;
This month, BHP&nbsp;stated the temporary suspension of its Nickel West operations and West Musgrave project in <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39725092/bhp-to-temporarily-shut-down-western-australia-nickel-operations-details" rel="noreferrer noopener">Western Australia starting October&nbsp;2024</a>.
Investors can gain exposure to the stock via&nbsp;Exchange Traded&nbsp;Concepts Trust Optica Rare Earths &amp; Critical Materials ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRIT#NYSE">CRIT</a>) and&nbsp;VanEck Natural Resources ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAP#NYSE">HAP</a>).
Price Action: BHP shares are up 0.42% at $57.44 at the last check Wednesday.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
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Image: Shutterstock

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