Shell PLC

SHELL: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€54.00	Hnlv	Jtmrhjfmk

Shell Earnings: Strong Results, Continued Shareholder Returns Should Build Investor Confidence

Allen Good

Feb 1, 2024

No-moat Shell's adjusted fourth-quarter earnings surpassed market expectations, falling to $7.3 billion from $9.8 billion the year before on weaker results in the integrated gas segment. Total production volumes were largely flat from the year before. Our fair value estimate is unchanged.

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