Shell plc (NYSE:SHEL) Q3 2024 Earnings Conference Call October 31, 2024 9:30 AM ET
Company Participants
Wael Sawan - CEO
Sinead Gorman - CFO
Conference Call Participants
Josh Stone - UBS
Ryan Todd - Piper Sandler
Lydia Rainforth - Barclays
Biraj Borkhataria - Royal Bank of Canada
Alastair Syme - Citi
Rodger Reed - Wells Fargo
Michele Della Vigna - Goldman Sachs
Irene Himona - Bernstein
Giacomo Romeo - Jefferies
Lucas Herrmann - BNP
Matt Lofting - JP Morgan
Doug Leggate - Wolfe Research
Kim Fustier - HSBC
Christopher Kuplent - Bank of America
Martijn Rats - Morgan Stanley
Wael Sawan
Thank you for joining us today. We hope that after watching this presentation, you've seen we delivered strong results in the quarter and how we are well-positioned to remain resilient throughout the cycle. Let me start with a few updates.
As you might have seen already, Mero-3 in Brazil has started up and we have just completed the divestment of Shell Pakistan, another important step in high grading our existing world-class portfolio.
Today Sinead and I will be answering your questions and now please could we have just one or two questions each so that everyone has the opportunity.
And with that could we have the first one please, Luke?
Question-and-Answer Session
Operator
Our first caller is Josh Stone from UBS.
Josh Stone
Hey good afternoon, thanks for having me on. Two questions please. First in your prepared remarks you talked about Shell playing to its strengths through the energy transition and as I sort of listen to that and reread it, I just want to sort of unpick what that really means because on one hand I could interpret that as a business which is going to keep investing on low carbon assets where it sees it has some natural advantages.
But on the other I could also interpret that as Shell's going to stick to doing what it does best. If I look at these results that would be integrated gas, upstream, a more profitable mobility business. So can you just clarify where do you see Shell's strengths today and what that really means. And then secondly on the cash flow, impressive result this quarter cash flow growth when in a declining commodity environment particularly versus the peer group. If I look over history, fourth quarter normally is when there's a weak cash flow performance in the year sort of the way costs are accrued. Is there any reason to think this time might be different just in the light of this sort of cost savings you're seeing inside the business? Thank you.