Shell plc (NYSE:SHEL) Q2 2024 Results Conference Call August 1, 2024 9:30 AM ET
Company Participants
Wael Sawan - CEO
Sinead Gorman - CFO
Conference Call Participants
Lydia Rainforth - Barclays
Biraj Borkhataria - RBC Capital Markets
Paul Cheng - Scotiabank
Giacomo Romeo - Jefferies
Roger Read - Wells Fargo
Michele Della Vigna - Goldman Sachs
Christopher Kuplent - Bank of America
Matt Lofting - JPMorgan
Lucas Hermann - BNP
Irene Himona - Societe General
Peter Low - Redburn Atlantic
Josh Stone - UBS
Kim Fustier - HSBC
Operator
Welcome to Shell's Second Quarter 2024 Financial Results Announcement. Shell's CEO, Wael Sawan will present the results, then host a Q&A session alongside Shell's CFO, Sinead Gorman. [Operator Instructions] We will now begin the presentation.
Wael Sawan
Welcome, everyone, and thank you for joining us today. Before going into our second quarter results for 2024, I'd like to update you on our Capital Markets Day progress, which, together with our recent energy transition strategy update shows how we intend to generate more value with less emissions. If I take you back to June of last year, we committed to our guiding principles of performance, discipline and simplification. The aim was to drive a culture shift in our organization and we are seeing the results play out. We set four financial targets and we're making solid progress against each and every single one of them. We also talked about the importance of establishing a track record of delivery. And today, I hope you can see this track record developing and gathering momentum. In short, we're turning our words into actions. Now let me give you some examples. In our Integrated Gas business, we said we would continue to grow our LNG portfolio by increasing both our liquefaction and access to third party volumes, and that is what we have done. We've extended existing valued partnerships like in Oman and entered into new ones, such as the ADNOC Ruwais LNG project in Abu Dhabi. We've also invested in backfill such as in Manatein Trinidad and Tobago and we've agreed to acquire Pavilion Energy in Singapore to increase our portfolio length. At the same time, we're working hard to achieve first production from our large LNG joint venture project in Canada by middle of next year. These investments add significant volumes and flexibility to our leading global LNG portfolio. We also saw operational performance improved across our Integrated Gas business. Prelude, for example, significantly increased its controllable availability since its turn around last year, while Pearl GTL in Qatar continues to build on its impressive track record.