The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this news update 鈥淪hell鈥, 鈥淪hell Group鈥 and 鈥淕roup鈥 are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words 鈥渨e鈥, 鈥渦s鈥 and 鈥渙ur鈥 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. 鈥樷楽ubsidiaries鈥欌, 鈥淪hell subsidiaries鈥 and 鈥淪hell companies鈥 as used in this news update refer to entities over which Shell plc either directly or indirectly has control. The terms 鈥渏oint venture鈥, 鈥渏oint operations鈥, 鈥渏oint arrangements鈥, and 鈥渁ssociates鈥 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 鈥淪hell interest鈥 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.
Forward-Looking statements
This news update 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鈥檚 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鈥檚 expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as 鈥渁im鈥; 鈥渁mbition鈥; 鈥樷榓nticipate鈥欌; 鈥渁spire鈥, 鈥渁spiration鈥, 鈥樷榖elieve鈥欌; 鈥渃ommit鈥; 鈥渃ommitment鈥; 鈥樷榗ould鈥欌; 鈥渄esire鈥; 鈥樷榚stimate鈥欌; 鈥樷榚xpect鈥欌; 鈥樷榞oals鈥欌; 鈥樷榠ntend鈥欌; 鈥樷榤ay鈥欌; 鈥渕ilestones鈥; 鈥樷榦bjectives鈥欌; 鈥樷榦utlook鈥欌; 鈥樷榩lan鈥欌; 鈥樷榩robably鈥欌; 鈥樷榩roject鈥欌; 鈥樷榬isks鈥欌; 鈥渟chedule鈥; 鈥樷榮eek鈥欌; 鈥樷榮hould鈥欌; 鈥樷榯arget鈥欌; 鈥渧ision鈥; 鈥樷榳ill鈥欌; 鈥渨ould鈥 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 news update, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell鈥檚 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, including climate change; (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 tariffs and 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, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) 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 news update 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鈥檚 Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and ). These risk factors also expressly qualify all forward-looking statements contained in this news update and should be considered by the reader. Each forward-looking statement speaks only as of the date of this news update, May 21, 2025. 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 news update.
Shell鈥檚 net carbon intensity
Also, in this news update we may refer to Shell鈥檚 鈥渘et carbon intensity鈥 (NCI), which includes Shell鈥檚 carbon emissions from the production of our energy products, our suppliers鈥 carbon emissions in supplying energy for that production and our customers鈥 carbon emissions associated with their use of the energy products we sell. Shell鈥檚 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鈥檚 鈥渘et carbon intensity鈥 or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell鈥檚 net-zero emissions target
Shell鈥檚 operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell鈥檚 operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell鈥檚 operating plans and outlooks 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.
Forward-Looking non-GAAP measures
This news update may contain certain forward-looking non-GAAP measures such as [adjusted earnings] 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鈥檚 consolidated financial statements.
The contents of websites referred to in this news update do not form part of this news update.
We may have used certain terms, such as resources, in this news update 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 .
