Quarterly Results
On Friday May 2nd 2025 Shell plc released its first quarter results and first quarter interim dividend announcement for 2025.
Shell plc Q1 2025 results
Download our latest quarterly results
Quarterly results Q&A session
Quarterly Results Presentation
Title: Q1 25 Results Presentation
Duration: 00:06:50
Description:
Video footage of the presentation of the result of the Q1 2025
[Background music begins]
[Video footage]
A white background with the Shell logo in the bottom-left corner. A grey outline ripples outwards from the Shell logo. The ripples continue as the logo fades in, becoming more solid and colourful and grey on-screen text appears.
[Text Displays]
First Quarter 2025
Results
[Video footage]
The Shell logo fades away, leaving only the ripples, the title is underlined by a yellow line as further text appears.
[Text Displays]
Solid Results; Resilient Balance Sheet; Consistent Distributions
Shell plc
2nd May 2025
#PoweringProgress
[Video footage]
The image fades to reveal Sinead Gorman from the waist up, who speaks directly to the camera in front of a space with a shelving unit and a wood-panelled wall behind her.
Sinead Gorman
Welcome to Shell’s first quarter 2025 results.
[Video footage]
Close up shot of Sinead from the shoulders upwards in the same space. A yellow and white text box with grey text appears in the bottom-left corner.
[Text Displays]
Sinead Gorman. Shell CFO.
Sinead Gorman
Just over 5 weeks ago at our Capital Markets Day in New York…
[Video footage]
Footage of a number of SUVs outside the New York Stock Exchange. A flag with the Shell logo flies alongside two American flags.
Sinead Gorman
…Wael and I outlined the Shell Investment Case…
[Video footage]
Footage of the Capital Markets Day presentation being given from a stage inside the New York Stock Exchange. The shot changes to show Sinead Gorman speaking to the audience, Wael Sawan stands behind her.
Sinead Gorman
… and our longer-term vision for the company.
[Video footage]
Footage of the trading floor within the New York Stock Exchange, several of the closest monitors are displaying the Shell logo along with information on the company’s trading value on the exchange.
Sinead Gorman
Our aim is to continue to deliver…
[Video footage]
Footage of the upper displays in the New York Stock Exchange displaying the listing title.
[Text Displays]
SHEL
LISTED
NYSE
Sinead Gorman
…more value with less emissions…
[Video footage]
Footage of the trading floor from above, the Shell listing screen is displayed on all the larger, higher-up monitors.
Sinead Gorman
…whilst rewarding our shareholders with consistency.
[Video footage]
Footage of the Shell team at the New York Stock Exchange, posing for a photo.
Sinead Gorman
Delivering both competitive…
[Video footage]
A zoomed-in shot of Sinead Gorman and Wael Sawan in the middle of the team.
Sinead Gorman
…and resilient returns…
[Video footage]
The close-up shot of Sinead again.
Sinead Gorman
…and in Q1 we continue to make good progress…
[Video footage]
Sinead Gorman in the same space, from the waist up.
Sinead Gorman
…and as we look forward, we remain confident due to both our portfolio’s strength…
[Video footage]
The close-up of Sinead again.
Sinead Gorman
…and an organisation which continues to deliver, guided…
[Video footage]
Sinead’s position in the footage shifts to the left and a grey text box appears in the space beside her, filling line by line with white text, underlined in yellow.
[Text displays]
Performance
Discipline
Simplification
Sinead Gorman
…by our principles of Performance Discipline and Simplification.
[Video footage]
Sinead from the waist up again.
Sinead Gorman
What we hope is now clear is that we do what we say.
[Video footage]
Close-up of Sinead again.
Sinead Gorman
As we said at Capital Markets Day, we met our CMD23 financial targets for 2025 almost a year early…
[Video footage]
The screen turns white, and the Shell financial targets appear in boxes on the screen with icons representing each, beneath a header.
[Text displays]
MORE VALUE
>10% nFCF per share growth p.a. through 2030¹
Distributing 40-50% of CFFO to shareholders through the cycle
$5-7 billion structural cost reductions by end 2028²
Cash Capex $20-22 billion p.a. 2025-2028
¹2024 to 2030, price normalised (refer to CMD 25 materials for price assumptions).
²Cumulative from 2022 levels.
Sinead Gorman
…and as a result, we’ve set new financial targets…
[Video footage]
The financial target boxes shift to the left and four more boxes appear containing further icons and text regarding carbon targets.
[Text displays]
Halve Scope 1 and 2 emissions under operational control by 2040, on a net basis³
Achieve near-zero methane emissions intensity by 2030⁴
Reduce the net carbon intensity (NCI) of the products we sell by 15-20% by 2030³
Ambition to reduce customer emissions from the use of our oil products by 15-20% by 2030⁵
³2016 reference year.
⁴On an intensity basis.
⁵Compared with 2021.
Sinead Gorman
…whilst we were staying firm on our carbon targets and ambition.
[Video footage]
Sined from the waist up again.
Sinead Gorman
Repositioning the portfolio is a key step towards achieving our targets and we have made meaningful progress in the first few months of 2025.
[Video footage]
The close-up of Sinead again.
Sinead Gorman
We’ve completed our divestments of the energy and chemicals park in Singapore and in onshore Nigeria…
[Video footage]
Sinead from the waist up again.
Sinead Gorman
…and as we said we would, we are growing but in a disciplined way.
[Video footage]
Footage of the Brassavola oil tanker at sea, with a smaller vessel alongside.
Sinead Gorman
We completed the acquisition of Pavillion Energy…
[Video footage]
The Brassavola from a closer angle, showing more of the pipes on deck.
Sinead Gorman
…strengthening our integrated gas portfolio…
[Video footage]
The Brassavola docked, connected to cranes and pumps on the dock.
Sinead Gorman
…by further expanding our LNG trading and optimisation capabilities.
[Video footage]
Sinead from the waist up again.
Sinead Gorman
In upstream we signed an agreement to increase our working interest in Ursa in the Gulf
of America.
[Video footage]
Footage of two helmeted workers, with an oil rig in the distance behind them. One points off-camera as they speak.
Sinead Gorman
We already operate this asset…
[Video footage]
A woman wearing a white Shell safety helmet, walking up a metal staircase. The camera rotates around her.
Sinead Gorman
…and we’re pleased to be able…
[Video footage]
The shot changes, showing another woman standing next to a series of monitors.
Sinead Gorman
…to further consolidate our leading deep-water position.
[Video footage]
Two oil rigs out at sea, multiple large cranes extending from some of the corners. The shot changes, showing Sinead once again from the waist up.
Sinead Gorman
On projects we took two key final investment decisions.
[Video footage]
The screen turns white, leaving a shot of the Gato de Mato in the centre of the screen, framed by white.
Sinead Gorman
The first is Gato de Mato in Brazil. This will be a Shell operated asset in the Santos basin…
[Video footage]
The close-up shot of Sinead again.
Sinead Gorman
…where we are the largest foreign producer.
[Video footage]
C
Sinead Gorman
The second is phase two…
[Video footage]
Aerial footage of an LNG tanker with a city skyline in the background. The shot changes to show a closer angle of the deck with many workers moving around wearing blue jumpsuits and safety helmets.
Sinead Gorman
…of the Northern Lights carbon capture and storage development…
[Video footage]
Aerial footage of a storage facility with large metal structures and works vehicles around.
Sinead Gorman
…in Norway. This will increase…
[Video footage]
The close-up of Sinead again.
Sinead Gorman
…the project’s capacity from 1.5 million tonnes to more than 5 million tonnes of CO2 a year by 2028.
[Video footage]
Sinead from the waist up again.
Sinead Gorman
And on Operations in the first few months of 2025, we’ve achieved significant milestones.
[Video footage]
The close-up shot once again, then video footage of a coastline with wind turbines and several ships moving across the water.
Sinead Gorman
I want to highlight just two of them.
[Video footage]
Footage of the 鶹ý FPSO, the camera rotates around it.
Sinead Gorman
First, our 鶹ý FPSO in the 鶹ý…
[Video footage]
A man standing in front of several computer monitors, moving the mouse with his right hand and leaning on the desk with his left.
Sinead Gorman
…North Sea is now online and supplying…
[Video footage]
Panning footage of computer monitors attached to the wall.
Sinead Gorman
…much needed natural gas to the region.
[Video footage]
Aerial footage of the helipad on the 鶹ý FPSO.
Sinead Gorman
This modern FPSO…
[Video footage]
An aerial shot of the 鶹ý FPSO from further away.
Sinead Gorman
…is expected to extend the life of the field by up to 20 years. And second…
[Video footage]
The close-up of Sinead again.
Sinead Gorman
…Dover in the Gulf of America has started production.
[Video footage]
Footage of someone operating machinery using a joystick control. A monitor is illuminated in the background.
Sinead Gorman
This is the second…
[Video footage]
The camera starts just above the surface of water before plunging underwater.
Sinead Gorman
…sub-sea tieback to our Appomatix Hub…
[Video footage]
The shot changes to show the Dover device on the ocean floor.
Sinead Gorman
…after Rydberg which came online last year.
[Video footage]
The close-up of Sinead again.
Sinead Gorman
Now let’s move the financial results of the quarter.
[Video footage]
Sinead from the waist up.
Sinead Gorman
We delivered solid results in a price environment that was relatively stable compared with last quarter.
[Video footage]
The screen turns white, showing the rippling Shell logo once again, a grey text box appears with white text.
[Text Displays]
Q1 2025 Adjusted Earnings
$5.6 BILLION
Sinead Gorman
Our adjusted earnings were $5.6 billion, up 52% compared with Q4. And we generated…
[Video footage]
The text inside the box changes.
[Text Displays]
Q1 2025 CFFO
Excluding working capital
$11.9 BILLION
Sinead Gorman
…$11.9 billion of cash flow from operations excluding working capital.
[Video footage]
The close-up of Sinead again.
Sinead Gorman
Consistent with outflow seen in the first quarter of recent years working capital in Q1 was an outflow of $2.7 billion.
[Video footage]
Sinead from the waist up.
Sinead Gorman
Now turning to our businesses.
[Video footage]
Horizontally panning footage of a facility, with many interconnected pipes and tanks.
Sinead Gorman
Integrated gas production was higher than in Q4…
[Video footage]
Vertical panning footage of a structure made up of many pipes and gangways.
Sinead Gorman
…as the turnaround of Pearl GTL…
[Video footage]
A man walking through an office space, attached to the ceiling is a large lighting unit with text on the side and the Shell and Qatar Petroleum logos beneath.
[Text Displays]
Pearl GTL Production.
Sinead Gorman
…was completed.
[Video footage]
Sinead from the waist up again.
Sinead Gorman
However, liquefaction volumes were lower because of unplanned outages in Australia.
[Video footage]
The close-up of Sinead.
Sinead Gorman
Our LNG trading and optimisation results were in line with Q4 and that’s despite the higher non-cash paper losses recorded, which we highlighted would be seen across the first three quarters of the year.
[Video footage]
Sinead from the waist up.
Sinead Gorman
Upstream had a strong Q1…
[Video footage]
Footage of a facility at night, with many lights illuminating the pipes and structures.
Sinead Gorman
…with continued high controllable availability.
[Video footage]
A facility during the day, two workers in orange jumpsuits are walking across a gangway towards the camera. The shot returns to the close-up of Sinead.
Sinead Gorman
Norway, Nigeria offshore and Kazakhstan all delivered above 98%.
[Video footage]
Footage of a Formula 1 car, emblazoned with Shell sponsorship logos races past and into a garage with the Shell logo on it.
Sinead Gorman
…In Marketing, Mobility & Lubricants performed very well…
[Video footage]
A 3-image split screen view of a Shell Lubricants tanker, and Shell Helix products in use.
Sinead Gorman
…as both continued to further increase premium product margins.
[Video footage]
The close-up of Sinead again.
Sinead Gorman
However, the low carbon option businesses continue to operate in a difficult macro environment which we highlighted at CMD.
[Video footage]
Sinead from the waist up.
Sinead Gorman
Chemicals also continue to see low margins this quarter but with the divestment in Singapore, we expect that the Chemicals earning contribution will improve.
[Video footage]
An aerial, top-down shot of ocean LNG tanker.
Sinead Gorman
In Products the contribution from Trading & Supply…
[Video footage]
The same tanker from the side, the camera swoops alongside the vessel.
Sinead Gorman
…improved relative to the previous quarter…
[Video footage]
Sinead from the waist up again.
Sinead Gorman
…almost at similar levels to Q2 and Q3 of last year.
[Video footage]
The close-up of Sinead.
Sinead Gorman
So, overall, a solid set of results in the first quarter of 2025.
[Video footage]
Sinead from the waist up.
Sinead Gorman
We are now into the second quarter and there are significant macro uncertainties…
[Video footage]
The New York Stock Exchange trading floor from above, with the large monitors showing the Shell listing.
Sinead Gorman
…but our approach remains the same.
[Video footage]
Sinead and Wael being interviewed, the shot zooms in to focus on Sinead.
Sinead Gorman
We’re following through on the long-term direction…
[Video footage]
The shot changes to focus on Wael being interviewed, then returns to Sinead.
Sinead Gorman
…we set at Capital Markets Day.
[Video footage]
Sinead from the waist up again.
Sinead Gorman
At times like this the importance of a strong balance sheet, and a robust financial framework are critical, and we have consciously positioned the company over the last few years, leaving us well placed.
[Video footage]
The close-up of Sinead.
Sinead Gorman
In Q1 our net debt position increased, reflecting lease additions from Pavillion and a drawdown from the loan facilities provided at the completion of the Nigeria onshore divestment.
[Video footage]
Sinead from the waist up.
Sinead Gorman
These are all known items, and our balance sheet continues to be one of the strongest in the industry.
[Video footage]
The close-up of Sinead.
Sinead Gorman
Moving on to shareholder distributions.
[Video footage]
Sinead’s position in the footage shifts to the left and a grey text box appears in the space beside her, filling line by line with white text, underlined in yellow.
[Text Displays]
Share buyback programme
$3.5 BILLION
Sinead Gorman
Today we have announced a $3.5 billion share buyback programme, which we expect to complete by the time of our Q2 results announcement.
[Video footage]
The screen turns white and a bar chart showing year-on-year growth of announced buybacks appears with a header.
[Text Displays]
Cumulative announced buybacks over
14 QUARTERS
[Video footage]
The Y axis of the chart shows billions of dollars, ranging from 0 to 60, in increments of 20. The X axis shows the years 2022 to 2025, with a marker showing Q1 and four segments between each year. A yellow line starts on the bottom left of the chart and extends gradually and evenly to the top right.
Sinead Gorman
This makes it the 14th consecutive quarter in which we have announced $3 billion or more in buybacks.
[Video footage]
The close-up of Sinead again.
Sinead Gorman
With this new $3.5 billion share buyback programme…
[Video footage]
Sinead’s position in the footage shifts to the left and a white text box appears in the space beside her, inside which is the icon and text regarding CFFO distributions.
Distributing 40-50% of CFFO to shareholders through the cycle.
Sinead Gorman
…we are well within our enhanced shareholder distribution range of 40-50% of CFFO.
[Video footage]
The first box disappears and is replaced by a dark grey box with white and yellow text.
[Text Displays]
Break-evens
Dividends at
~$40 per barrel
Buybacks continue at
~$50 per barrel
Sinead Gorman
A range that you can expect us to deliver on through the cycle given our low distributions break-evens. $40 Brent for dividends and buybacks continuing at $50.
[Video footage]
Sinead from the waist up again.
Sinead Gorman
To summarise, in Q1 we delivered a solid set of results in a relatively stable price environment.
[Video footage]
The close-up of Sinead.
Sinead Gorman
Our portfolio transformation is progressing with several major achievements during the first few months of 2025.
[Video footage]
A close-up shot of Sinead and Wael speaking at Capital Markets Day. The angle changes as Sinead speaks to the audience, Wael Sawan and Mohammed Hamid in the background, listening.
Sinead Gorman
Looking ahead we are confident in…
[Video footage]
Sweeping aerial footage of a facility with large drum shaped towers, with turbines inside.
Sinead Gorman
…the direction we have set and the strength of Shell…
[Video footage]
A Formula 1 car driving on a track. A person wearing ear defenders inside a vehicle.
Sinead Gorman
…to deliver for our shareholders…
[Video footage]
An aerial shot of the facility at night, illuminated by lights.
Sinead Gorman
…through an uncertain macro.
[Video footage]
A time lapse of many people walking past a building. A bus passes on the road. The shot changes showing a man in front of a large monitor, looking at the screen which displays an image of machinery. The shot changes to show a hand operating a joystick control in front of a monitor.
Sinead Gorman
We will continue to focus on operational performance…
[Video footage]
A panning shot of monitors, displaying technical information.
Sinead Gorman
…be disciplined with cost…
[Video footage]
Four people wearing yellow safety helmets, standing on the gangway of an offshore oil rig.
Sinead Gorman
…and Capex spend…
[Video footage]
A man wearing sunglasses, holding a phone handset up to his ear.
Sinead Gorman
…and drive competitive…
[Video footage]
A Shell Lubricants oil tanker driving along a road. The shot changes showing a Shell fuel garage at night, the forecourt illuminated by lights.
Sinead Gorman
…and resilient returns.
[Video footage]
A Shell fuel garage during the day, a female Shell employee wearing a uniform is talking with a man.
Sinead Gorman
And most importantly…
[Video footage]
The close-up of Sinead again.
Sinead Gorman
…deliver on what we say.
[Video footage]
Sinead from the waist up.
Sinead Gorman
And finally…
[Video footage]
A pale grey text box appears at the bottoms of the screen containing white text.
[Text Displays]
鶹ý General Meeting 2025: May 20th
Sinead Gorman
…we hope that shareholders who are able to attend either virtually or in person, will join us for our 2025 鶹ý General Meeting which will take place on May 20th. Thank you.
[Video footage]
A white background fills the screen and grey text appears.
[Text Displays]
Thank you for your interest in Shell plc. Please understand that an investment in Shell plc securities carries with it the risk that you could sustain losses as a result of your investment. Therefore, an investment in Shell plc securities may not be appropriate for all investors. Accordingly, before investing in our securities we urge you to read our Annua Report and Form 20-F and consider the risk discussed within. You can find our full disclaimer on the next slide in this presentation. You can download the full presentation slides, including the disclaimer, and our 鶹ý Report and Form 20-F at
[Shell logo] Shell plc | May 2nd, 2025
[Disclaimer]
This presentation includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.
This presentation may contain certain forward-looking non-GAAP measures such as capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
“Adjusted Earnings” is the income attributable to Shell plc shareholders for the period, adjusted for the after-tax effect of oil price changes on inventory and for identified items, and excludes earnings attributable to non-controlling interest. In this presentation, “earnings” refers to “Adjusted Earnings” unless stated otherwise. We define “Adjusted EBITDA“ as “Income/(loss) for the period“ adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. In this presentation, “operating expenses”, “costs” and “underlying costs” refer to “Underlying operating expenses” unless stated otherwise. Underlying operating expenses represent “operating expenses excluding identified items”. Operating expenses consist of the following lines in the Consolidated Statement of Income: (i) production and manufacturing expenses; (ii) selling, distribution and administrative expenses; and (iii) research and development expenses. Cash flow from operating activities excluding working capital movements is defined as “Cash flow from operating activities” less the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables. In this presentation, “capex” refers to “Cash capital expenditure” unless stated otherwise. Cash capital expenditure comprises the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities. Free cash flow is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”. Organic free cash flow is defined as free cash flow excluding inorganic cash capital expenditure, divestment proceeds, and tax paid on divestments. In this presentation, “divestments” refers to “divestment proceeds” unless stated otherwise. Divestment proceeds are defined as the sum of (i) proceeds from sale of property, plant and equipment and businesses, (ii) proceeds from sale of joint ventures and associates, and (iii) proceeds from sale of equity securities. Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances. Reconciliations of the above non-GAAP measures are included in the Shell plc Unaudited Condensed Financial Report for the first quarter ended March 31, 2024.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.
This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at and ). These risk factors also expressly qualify all forward-looking statements contained in this presentation and should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation - May 2, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation.
All amounts shown throughout this presentation are unaudited. The numbers presented throughout this presentation may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.
Also, in this presentation we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
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We may have used certain terms, such as resources, in this presentation that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website .
The financial information presented in this presentation does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell’s 鶹ý Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.
The information in this presentation does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s first quarter 2024 unaudited results available on www.shell.com/investors.
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[Shell logo] Shell plc | May 2nd, 2025
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