Shell first quarter 2021 update note - Seite 2

• Refinery utilisation is expected to be between 71% and 75%. Latest refinery crude distillation capacities are provided in the 2020 Annual Report, replacing calendar-day with stream day.
• Refining indicative margin is around $2.6/bbl, slightly improved from $1.6/bbl in the fourth quarter 2020. Definition and formula are provided at the end of this release.
• Trading and optimisation results are expected to be average and higher than the fourth quarter 2020.
• Sales volumes are expected to be between 3,700 and 4,700 thousand barrels per day.
• Marketing results are expected to be higher compared with the fourth quarter 2020, as higher margins and lower costs are more than offsetting lower sales volumes.
• Pre-tax depreciation is expected to be between $0.9 and $1.1 billion.
• Total Adjusted Earnings are expected to be adversely impacted by up to $80 million due to operational impacts of the Texas winter storm.
• Working capital outflows are expected due to the higher commodity price environment.
• CFFO excluding working capital is expected to be positively impacted by the lower cash cost of sales.

 CHEMICALS

• Chemicals Adjusted Earnings are expected to be positively impacted by improved base margins and slightly higher intermediate margins compared with the fourth quarter 2020.
• Chemicals manufacturing plant utilisation is expected to be between 77% and 81%.
• Chemicals sales volumes are expected to be between 3,500 and 3,700 thousand tonnes.
• Pre-tax depreciation is expected to be between $250 and $350 million.
• Total Adjusted Earnings are expected to be adversely impacted by around $60 million due to operational impacts of the Texas winter storm.
• CFFO is expected to be negatively impacted by $150 to $250 million due to timing effect of dividends received from Joint Ventures & Associates.

 CORPORATE

• Corporate segment Adjusted Earnings are expected to be a net expense of $600 to $700 million for the first quarter. This excludes the impact of currency exchange effects.

Shell enhancing financial disclosures

At our first quarter 2021 results announcement we are planning to provide enhanced voluntary disclosures in a Quarterly Databook, to be available on www.shell.com/investors. The disclosures will cover Integrated Gas, Upstream, Refining & Trading, Marketing and Chemicals. The publication of the enhanced disclosures will be followed by a webcast on the 4th of May 2021, with an opportunity for Q&A.