GCTAF - Shell after the call - stock trades in line with peers after outperforming ~10% ytd

Shell (NYSE:SHEL) performed in line with peers today, following solid cash flow results and a constructive conference call:  Buyback - here Ben was very upbeat, indicating the financial framework was established in a lower commodity price environment, and that management is rethinking the "upper limit" of the 20-30% CFO payout range; management thinks $4b/q is the max "on market" buyback, but the Company is investigating the ability to do off-market purchases of stock. Inflation - rather than flagging supply chain inflation in short-cycle fossil fuel basins, the CEO indicated that wind turbines and battery costs are the Company's largest source of inflation at the moment, a view that is in line with comments from turbine producers Siemens Gamesa (OTCPK:GCTAF) and GE (NYSE:GE). Prelude - the event at prelude during Q4 was an equipment failure, not a process or wider operational issue; management will take time to work through restart safely, but

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Shell after the call - stock trades in line with peers after outperforming ~10% ytd