checkAd

     277  0 Kommentare SHELL PLC 4th Quarter 2022 and Full year unaudited results

                                 
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
           
                                                         
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million   Full year
    Q4 2022 Q3 2022 Q4 2021   Reference 2022 2021 %
    10,409    6,743    11,461    +54 Income/(loss) attributable to Shell plc shareholders   42,309    20,101    +110
    9,814    9,454    6,391    +4 Adjusted Earnings A 39,870    19,289    +107
    20,600    21,512    16,349    -4 Adjusted EBITDA A 84,289    55,004    +53
    22,404    12,539    8,170    +79 Cash flow from operating activities   68,413    45,104    +52
    (6,918)   (5,049)   2,579      Cash flow from investing activities   (22,448)   (4,761)    
    15,486    7,490    10,749      Free cash flow G 45,965    40,343     
    7,319    5,426    6,500      Cash capital expenditure C 24,833    19,698     
    11,114    9,359    9,701    +19 Operating expenses F 39,477    35,964    +10
    11,037    9,893    9,386    +12 Underlying operating expenses F 39,456    35,309    +12
    16.7% 17.3% 8.8%   ROACE on a Net income basis D 16.7% 8.8%  
    15.8% 14.7% 8.5%   ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis D 15.8% 8.5%  
    44,838    48,343    52,556      Net debt E 44,838    52,556     
    18.9% 20.3% 23.1%   Gearing E 18.9% 23.1%  
    2,831    2,766    3,142    +2 Total production available for sale (thousand boe/d)   2,864    3,237    -12
    1.47    0.93    1.49 +58 Basic earnings per share ($)   5.76    2.59    +122
    1.39    1.30    0.83    +7 Adjusted Earnings per share ($) B 5.43    2.49    +118
    0.2875    0.2500    0.2400    +15 Dividend per share ($)   1.0375    0.8935    +16
                                                                             

    1.Q4 on Q3 change

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the third quarter 2022, mainly reflected higher LNG trading and optimisation results, favourable deferred tax movements, partly offset by lower realised oil and gas prices, and higher operating expenses.

    Fourth quarter 2022 income attributable to Shell plc shareholders also included net gains of $4.2 billion due to the fair value accounting of commodity derivatives, partly offset by charges of $1.9 billion related to the EU solidarity contribution and the UK Energy Profits Levy, and impairment charges of $0.7 billion. These gains and losses are included in identified items amounting to a net gain of $1.5 billion in the quarter. This compares with identified items in the third quarter 2022 which amounted to a net charge of $1.4 billion.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.9 billion.

    Cash flow from operating activities for the fourth quarter 2022 was $22.4 billion, and included working capital inflows of $10.4 billion, and tax payments of $4.4 billion. The working capital inflows were mainly driven by higher initial margin inflows, lower prices on crude inventories, a decrease in accounts receivable, and cash relating to joint ventures.
    Cash flow from investing activities for the quarter was an outflow of $6.9 billion and included capital expenditure of $6.4 billion.

    Net debt and Gearing: At the end of the fourth quarter 2022, net debt was $44.8 billion, compared with $48.3 billion at the end of the third quarter 2022, mainly reflecting higher free cash flow. Gearing was 18.9% at the end of the fourth quarter 2022, compared with 20.3% at the end of the third quarter 2022, driven by net debt reduction and higher income which resulted in higher equity.



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $6.3 billion. Dividends declared to Shell plc shareholders for the fourth quarter 2022 amount to $0.2875 per share. Shell has now completed the $4 billion of share buybacks announced in the third quarter 2022 results announcement. Today, Shell announces a share buyback programme of $4 billion which is expected to be completed by the first quarter 2023 results announcement.

    Full Year Analysis1

    Full year income attributable to Shell plc shareholders, compared with the full year 2021, reflected higher realised prices, higher refining margins, and higher trading and optimisation results (mainly related to Integrated Gas, Chemicals and Products and Renewables and Energy Solutions), partly offset by lower volumes, and lower chemicals margins.

    Full year 2022 income attributable to Shell plc shareholders also included net gains of $3.4 billion due to the fair value accounting of commodity derivatives, charges of $2.3 billion related to the EU solidarity contribution and the UK Energy Profits Levy, and net impairment reversals of $0.7 billion. These gains and losses are included in identified items amounting to a net gain of $1.2 billion in the full year 2022. This compares with identified items in the full year 2021 which amounted to a net charge of $2.2 billion.

    Adjusted Earnings and Adjusted EBITDA2 for the full year 2022 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of negative $1.2 billion.
    Cash flow from operating activities for the full year 2022 was $68.4 billion, and reflected working capital outflows of $5.4 billion, and tax payments of $13.1 billion.

    Cash flow from investing activities for the full year 2022 was an outflow of $22.4 billion and included capital expenditure of $22.6 billion.

    This announcement, together with supplementary financial and operational disclosure and a separate press release for this quarter, is available at www.shell.com/investors3.

    1. All earnings amounts are shown post-tax, unless stated otherwise.
    2. Adjusted EBITDA is without taxation.
    3. Not incorporated by reference.

    FOURTH QUARTER 2022 PORTFOLIO DEVELOPMENTS

    Withdrawal from Russian oil and gas activities

    We refer to Note 8 to the Condensed Consolidated Financial Statements.

    Integrated Gas

    In October 2022, QatarEnergy selected us as a partner in the North Field South LNG project in Qatar. Shell will obtain a 9.375% participating interest in the 16 mtpa project.
    Upstream

    In November 2022, we completed the sale of our 100% shareholding in Shell Philippines Exploration B.V. to Malampaya Energy XP Pte Ltd.

    In December 2022, we announced that Sarawak Shell Berhad, a subsidiary of Shell plc, had agreed to sell its stake in two offshore production-sharing contracts in the Baram Delta to Petroleum Sarawak Exploration & Production Sdn. Bhd.

    Marketing

    In November 2022, we agreed to acquire 100% shareholding of Nature Energy Biogas A/S for nearly $2 billion. The transaction is subject to regulatory approvals and is expected to close in the first quarter 2023.

    Chemicals and Products

    In October 2022, we announced that Shell USA, Inc. and Shell Midstream Partners, L.P. had completed the definitive agreement and plan of merger announced in July 2022, pursuant to which Shell USA, Inc. acquired all of the common units representing limited partner interests in Shell Midstream Partners, L.P. not held by Shell USA, Inc. or its affiliates.

    In November 2022, we announced the commencement of operations at our Pennsylvania Chemical project, Shell Polymers Monaca.

    Renewables and Energy Solutions

    In December 2022, we announced that Shell and Eneco had won the tender to develop a 760 MW offshore wind farm at Hollandse Kust (west) VI in the Netherlands.

             Page 2



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                                         
     
    INTEGRATED GAS        
    Quarters $ million   Full year
    Q4 2022 Q3 2022 Q4 2021   Reference 2022 2021 %
    5,293    5,736    4,771    -8 Segment earnings   22,212    8,060    +176
    (675)   3,417    735      Of which: Identified items A 6,075    (988)    
    5,968    2,319    4,036    +157 Adjusted Earnings A 16,137    9,048    +78
    8,332    5,393    6,091    +55 Adjusted EBITDA A 26,569    16,754    +59
    6,409    6,664    6,542    -4 Cash flow from operating activities   27,692    13,210    +110
    1,527    956    1,014      Cash capital expenditure C 4,265    3,502     
    123    123    154    0 Liquids production available for sale (thousand b/d)   128    169    -25
    4,607    4,645    4,777    -1 Natural gas production available for sale (million scf/d)   4,600    4,842    -5
    917    924    978    -1 Total production available for sale (thousand boe/d)   921    1,004    -8
    6.78    7.24    7.94    -6 LNG liquefaction volumes (million tonnes)   29.68    30.98    -4
    16.82    15.66    16.72    +7 LNG sales volumes (million tonnes)   65.98    64.20    +3

    1.Q4 on Q3 change

    The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. The segment includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver gas and liquids to market as well as the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2022, reflected the net effect of higher contributions from trading and optimisation and realised prices (increase of $2,855 million), and favourable deferred tax movements (increase of $516 million), partly offset by lower volumes (decrease of $363 million) mainly reflecting longer than expected maintenance at Prelude and operational issues at QGC. The trading and optimisation contributions were driven by seasonality combined with capturing optimisation opportunities generated through the scale and scope of our LNG trading portfolio.

    Fourth quarter 2022 segment earnings also included charges of $708 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases and sales. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These charges are part of identified items and compare with the third quarter 2022 which included gains of $3,419 million due to the fair value accounting of commodity derivatives.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by net cash outflows related to derivatives (outflow of $949 million), and tax payments (outflow of $712 million).

    Total oil and gas production, compared with the third quarter 2022, decreased by 1% mainly due to longer maintenance at Prelude, and operational issues at QGC, partly offset by a comparative gain related to "Protected Industrial Actions" at Prelude in the third quarter. LNG liquefaction volumes decreased by 6% mainly due to higher unplanned maintenance, and lower feedgas supply, partly offset by a comparative gain related to "Protected Industrial Actions" at Prelude in the third quarter.

    Full Year Analysis1

    Segment earnings, compared with the full year 2021, reflected the combined effect of higher realised prices and higher contributions from trading and optimisation (increase of $8,588 million), partly offset by lower volumes (decrease of $1,295 million) and higher operating expenses (increase of $478 million).

    Full year 2022 segment earnings also included gains of $6,273 million due to the fair value accounting of commodity derivatives and net impairment reversals of $779 million, partly offset by other impacts of $608 million, which mainly comprised loan write-downs, and charges of $387 million due to provisions for onerous contracts. These gains and losses are part of identified items and compare with the full year 2021 which included losses of $1,423 million due to the fair value accounting of commodity derivatives and impairment charges of $395 million, partly offset by gains of $1,097 million related to the sale of assets.

             Page 3



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the full year 2022 was primarily driven by Adjusted EBITDA and net cash inflows related to derivatives (inflow of $6,104 million), partly offset by tax payments (outflow of $2,824 million) and working capital movements (outflow of $1,412 million).

    Total oil and gas production, compared with the full year 2021, decreased by 8% mainly due to derecognition of Sakhalin-related volumes, production-sharing contract effects, partly offset by new field ramp-up in Trinidad and Tobago. LNG liquefaction volumes decreased by 4% mainly due to the derecognition of Sakhalin-related volumes, and lower feedgas supply, partly offset by lower maintenance.

    1. All earnings amounts are shown post-tax, unless stated otherwise.
    2. Adjusted EBITDA is without taxation.

             Page 4



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                                         
     
    UPSTREAM          
    Quarters $ million   Full year
    Q4 2022 Q3 2022 Q4 2021   Reference 2022 2021 %
    1,380    5,357    4,914    -74 Segment earnings   16,223    9,603    +69
    (1,681)   (539)   2,077      Of which: Identified items A (1,096)   1,587     
    3,061    5,896    2,838    -48 Adjusted Earnings A 17,319    8,015    +116
    9,418    12,539    8,446    -25 Adjusted EBITDA A 42,100    27,170    +55
    7,224    8,343    6,974    -13 Cash flow from operating activities   29,641    21,562    +37
    1,845    1,733    1,504      Cash capital expenditure C 8,143    6,168     
    1,331    1,273    1,456    +5 Liquids production available for sale (thousand b/d)   1,333    1,515    -12
    3,067    2,995    3,799    +2 Natural gas production available for sale (million scf/d)   3,272    3,845    -15
    1,859    1,789    2,110    +4 Total production available for sale (thousand boe/d)   1,897    2,178    -13
                                                               

    1.Q4 on Q3 change
    The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2022, were mainly driven by lower oil and gas prices (decrease of $1,849 million) and the comparative adverse impacts of the one-off non-cash provision release (decrease of $503 million) and storage transfer effects, included in the share of profit of joint ventures and associates (decrease of $609 million), in the third quarter.
    Fourth quarter 2022 segment earnings also included charges of $1,385 million relating to the EU solidarity contribution and $441 million relating to the UK Energy Profits Levy, partly offset by gains of $304 million due to the fair value accounting of commodity derivatives. These gains and losses are part of identified items, and compare with the third quarter 2022 which included a gain of $312 million due to the impact of the discount rate change on provisions and charges of $361 million relating to the UK Energy Profits Levy and an impairment charge of $303 million.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $3,364 million.

    Total production, compared with the third quarter 2022, increased mainly due to lower scheduled maintenance and lower unscheduled deferment.

    Full Year Analysis1

    Segment earnings, compared with the full year 2021, mainly reflected higher realised oil and gas prices (increase of $8,838 million) and a gain of $1,066 million relating to storage and working gas transfer effects, partly offset by lower volumes (reduction of $2,458 million), mainly as a result of divestments.

    Full year 2022 segment earnings also included a gain from net impairment reversals of $853 million and charges of $1,385 million relating to the EU solidarity contribution and $802 million relating to the UK Energy Profits Levy. These gains and losses are part of identified items, and compare with the full year 2021 which included a net gain of $3,261 million related to the sale of assets (mainly related to the sale of the Permian business in the USA), partly offset by impairment charges of $633 million, losses of $393 million due to the fair value accounting of commodity derivatives, and legal provisions of $287 million.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the full year 2022 was primarily driven by Adjusted EBITDA, partly offset by the timing impact of dividends from joint ventures and associates of $2,650 million and tax payments of $9,423 million.

    Total production, compared with the full year 2021, decreased due to the impact of divestments and scheduled maintenance. The impact of field decline was more than offset by growth from new fields.

    1. All earnings amounts are shown post-tax, unless stated otherwise.
    2. Adjusted EBITDA is without taxation.

             Page 5



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                                         
     
    MARKETING        
    Quarters $ million   Full year
    Q4 2022 Q3 2022 Q4 2021   Reference 2022 2021 %
    375    757    471    -51 Segment earnings²   2,133    3,536    -40
    (72)   (63)   (140)     Of which: Identified items A (622)   68     
    446    820    611    -46 Adjusted Earnings² A 2,754    3,468    -21
    1,045    1,505    1,125    -31 Adjusted EBITDA2 A 5,324    6,021    -12
    1,062    2,299    1,218    -54 Cash flow from operating activities   2,376    5,019    -53
    1,993    746    829      Cash capital expenditure C 4,831    2,273     
    2,543    2,581    2,522    -1 Marketing sales volumes (thousand b/d)   2,503    2,433    +3
                                                               
    1. Q4 on Q3 change
    2. Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).

    The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, shipping, commercial road transport and agricultural sectors.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2022, reflected lower Marketing margins (decrease of $201 million) mainly driven by seasonal impacts in Mobility, and higher operating expenses (increase of $177 million).

    Fourth quarter 2022 segment earnings also included impairment charges of $85 million. These charges are part of identified items.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $231 million, and dividends from joint ventures and associates of $108 million, partly offset by tax payments of $160 million and non-cash cost-of-sales adjustments of $123 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the third quarter 2022, decreased mainly due to seasonal effects.

    Full Year Analysis1

    Segment earnings, compared with the full year 2021, reflected higher operating expenses (increase of $704 million) including the effects of higher volumes, partly offset by higher Marketing margins (increase of $171 million).
    Full year 2022 segment earnings also included net losses of $321 million from impairments, net losses of $135 million related to the sale of assets, and provisions for onerous contracts of $62 million. These net losses are part of identified items and compare with the full year 2021 which included gains of $290 million mainly related to the dilution of Shell's interest in the Raizen joint venture, charges of $109 million related to redundancy and restructuring costs, and impairment charges of $106 million.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the full year 2022 was primarily driven by Adjusted EBITDA, and non-cash cost-of-sales adjustments of $568 million, partly offset by working capital outflows of $3,074 million, and tax payments of $494 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the full year 2021, increased mainly due to demand recovery in Aviation (within Sectors & Decarbonisation).

    1. All earnings amounts are shown post-tax, unless stated otherwise.
    2. Adjusted EBITDA is without taxation.

             Page 6



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Full year
    Q4 2022 Q3 2022 Q4 2021   Reference 2022 2021 %
    332    980    (3)   -66 Segment earnings²   4,515    404    +1018
    (412)   208    127      Of which: Identified items A (204)   (1,712)    
    744    772    (130)   -4 Adjusted Earnings² A 4,719    2,115    +123
    1,574    1,797    741    -12 Adjusted EBITDA2 A 8,561    5,635    +52
    3,119    3,385    (1,572)   -8 Cash flow from operating activities   12,906    3,709    +248
    786    828    1,410      Cash capital expenditure C 3,838    5,175     
    1,434    1,434    1,348    0 Refinery processing intake (thousand b/d)   1,402    1,639    -14
    1,800    1,803    1,929    0 Refining & Trading sales volumes (thousand b/d)   1,700    2,026    -16
    3,017    2,879    3,475    +5 Chemicals sales volumes (thousand tonnes)   12,281    14,216    -14
                                                               
    1. Q4 on Q3 change
    2. Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).

    The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the Pipeline business, Trading of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2022, reflected higher operating expenses (increase of $213 million), and higher depreciation charges (increase of $101 million), with both operating expenses and depreciation including the start-up of operations at Shell Polymers Monaca. These increases were partly offset by favourable deferred tax movements (increase of $230 million). Margins were in line with the third quarter 2022, with higher Refining margins offset by lower contributions from trading and optimisation.

    Fourth quarter 2022 segment earnings also included losses of $214 million due to the fair value accounting of commodity derivatives, legal provisions of $86 million, impairment charges of $84 million and tax charges relating to the EU solidarity contribution of $74 million. These charges are part of identified items, and compare with the third quarter 2022 which included gains of $226 million due to the fair value accounting of commodity derivatives.
    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Adjusted Earnings for the fourth quarter were a loss of $688 million for Chemicals and earnings of $1,432 million for Products.

    Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $3,074 million, Adjusted EBITDA, and dividends from joint ventures and associates of $176 million, partly offset by non-cash cost-of-sales adjustments of $1,108 million, the timing of payments relating to emissions and biofuel programmes of $384 million, and tax payments of $217 million.

    Chemicals manufacturing plant utilisation was 75% (previous methodology: 69%) compared with 76% (previous methodology: 70%) in the third quarter 2022.

    Refinery utilisation was 90% (previous methodology: 77%) compared with 88% (previous methodology: 79%) in the third quarter 2022, due to lower unplanned maintenance.

    With effect from the second quarter 2022, the methodology applied in calculating both Chemicals manufacturing plant utilisation and Refinery utilisation has been revised to further align with industry disclosures. The revisions include moving from stream days capacity (defined as the maximum throughput, excluding the impact of maintenance or operational outages) to calendar days capacity (defined as the throughput including typical limitations such as maintenance over an extended period of time). Furthermore, Refinery utilisation is now specific to the capacity of the crude distillation unit (except for Scotford Refinery which uses the capacity of the hydrocracker), and no longer the capacity across all refinery units.
    Full Year Analysis1

    Segment earnings, compared with the full year 2021, reflected higher Products margins (increase of $5,721 million) reflecting higher Refining margins and higher contributions from trading and optimisation, lower tax charges (decrease of $300 million), as well as lower depreciation charges (decrease of $175 million). These were partly offset by lower Chemicals margins (decrease of $2,705 million) and higher operating expenses (increase of $822 million).

             Page 7



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Full year 2022 segment earnings also included impairment charges of $226 million, legal provisions of $149 million, losses of $147 million related to the fair value accounting of commodity derivatives, tax charges relating to the EU solidarity contribution of $74 million, gains of $223 million related to the sale of assets, and gains of $104 million related to the remeasurement of redundancy and restructuring costs. These gains and losses are part of identified items, and compare with the full year 2021 which included impairment charges of $1,814 million, charges of $82 million related to provisions for onerous contracts, and gains of $160 million related to the fair value accounting of commodity derivatives.
    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Adjusted Earnings for the full year 2022 were a loss of $1,371 million for Chemicals and earnings of $6,090 million for Products.

    Cash flow from operating activities for the full year 2022 was primarily driven by Adjusted EBITDA, non-cash cost-of-sales adjustments of $1,187 million, the timing of payments relating to emissions and biofuel programmes of $1,169 million, working capital inflows of $757 million, dividends from joint ventures and associates of $694 million, and a long-term payable for a volume purchase contract of $507 million.

    Chemicals manufacturing plant utilisation was 79% (previous methodology: 72%) compared with 85% (previous methodology: 78%) in the full year 2021, due to higher turnarounds and optimisation for the low-margin environment during the full year 2022.

    Refinery utilisation was 86% (previous methodology: 74%) compared with 80% (previous methodology: 72%) in the full year 2021, due to lower unplanned maintenance, and lower turnarounds.

    1. All earnings amounts are shown post-tax, unless stated otherwise.
    2. Adjusted EBITDA is without taxation.

             Page 8



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                                         
     
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million   Full year
    Q4 2022 Q3 2022 Q4 2021   Reference 2022 2021 %
    4,673    (4,023)   1,894    +216 Segment earnings   (1,059)   (1,514)   +30
    4,379    (4,406)   1,851      Of which: Identified items A (2,805)   (1,272)    
    293    383    43    -23 Adjusted Earnings A 1,745    (243)   +819
    396    530    80    -25 Adjusted EBITDA A 2,459    (21)   +11923
    2,674    (8,051)   (5,236)   +133 Cash flow from operating activities   (6,394)   451    -1518
    1,076    1,086    1,617      Cash capital expenditure C 3,469    2,359     
    66    67    59    -2 External power sales (terawatt hours)2   243    247    -2
    241    157    249    +53 Sales of pipeline gas to end-use customers (terawatt hours)3   843    899    -6
                                                               

    1.Q4 on Q3 change
    2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.
    3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.
    The Renewables and Energy Solutions segment includes Shell’s Integrated Power activities, comprising electricity generation, marketing, trading and optimisation of power and pipeline gas, and digitally enabled customer solutions. The segment also includes production and marketing of hydrogen, development of commercial carbon capture & storage hubs, trading of carbon credits and investment in nature-based projects that avoid or reduce carbon.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2022, reflected higher trading and optimisation results mainly driven by the European market, partly offset by the American market as significant price volatility continued. The fourth quarter 2022 also included higher operating expenses.
    Fourth quarter 2022 segment earnings also included net gains of $4,748 million due to the fair value accounting of commodity derivatives, and impairment charges of $361 million mainly in Europe. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These net gains are part of identified items and compare with the third quarter 2022 which included net losses of $4,414 million due to the fair value accounting of commodity derivatives.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

    Cash flow from operating activities for the quarter was primarily driven by working capital movements (inflow of $3,579 million), and Adjusted EBITDA, partly offset by net cash outflows related to derivatives (outflow of $1,322 million).

    Full Year Analysis1

    Segment earnings, compared with the full year 2021, reflected higher trading and optimisation results for gas and power mainly in Europe driven by price volatility, partly offset by higher operating expenses as a result of business growth and acquisitions.

    Full year 2022 segment earnings also included net losses of $2,443 million due to the fair value accounting of commodity derivatives, and impairment charges of $361 million mainly in Europe. These losses are part of identified items and compare with the full year 2021 which included net losses of $1,219 million due to the fair value accounting of commodity derivatives.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.
    Cash flow from operating activities for the full year 2022 was primarily driven by net cash outflows related to derivatives (outflow of $4,998 million), and working capital movements (outflow of $3,676 million), partly offset by Adjusted EBITDA.

    1. All earnings amounts are shown post-tax, unless stated otherwise.
    2. Adjusted EBITDA is without taxation.

             Page 9



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Additional Growth Measures

                                                         
    Quarters     Full year
    Q4 2022 Q3 2022 Q4 2021     2022 2021 %
            Renewable power generation capacity (gigawatt):        
    2.2    2.2    0.7    +2 – In operation2   2.2    0.7    +220
    4.2    3.0    2.3    +38 – Under construction and/or committed for sale3   4.2    2.3    +85
    1. Q4 on Q3 change
    2. Shell's equity share of renewable generation capacity post commercial operation date. It excludes Shell's equity share of associates where information cannot be obtained and prior period comparatives have been revised accordingly.
    3. Shell's equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell's equity share of associates where information cannot be obtained and prior period comparatives have been revised accordingly.
                                             
     
    CORPORATE      
    Quarters $ million   Full year
    Q4 2022 Q3 2022 Q4 2021   Reference 2022 2021
    (654)   (543)   (859)   Segment earnings   (2,461)   (2,606)  
    (28)   28    30    Of which: Identified items A (90)   81   
    (626)   (571)   (889)   Adjusted Earnings A (2,371)   (2,686)  
    (164)   (251)   (133)   Adjusted EBITDA A (725)   (554)  
    1,916    (100)   245    Cash flow from operating activities   2,192    1,154   

    The Corporate segment covers the non-operating activities supporting Shell, comprising Shell’s holdings and treasury organisation, its self-insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

    Quarter Analysis1

    Segment earnings, compared with the third quarter 2022, reflected unfavourable movements in the net interest expense, partly offset by favourable currency exchange rate effects.

    Adjusted EBITDA2 was mainly driven by favourable currency exchange effects.
    Full Year Analysis1

    Segment earnings, compared with the full year 2021, reflected by favourable movements in the net interest expense, partly offset by lower tax credits and unfavourable currency exchange rate effects.

    Adjusted EBITDA was mainly driven by unfavourable currency exchange effects.

    1. All earnings amounts are shown post-tax, unless stated otherwise.
    2. Adjusted EBITDA is without taxation.

    PRELIMINARY RESERVES UPDATE

    When final volumes are reported in the 2022 Annual Report and Accounts and 2022 Form 20-F, Shell expects that SEC proved oil and gas reserves additions before taking into account production will be approximately 1.3 billion boe, and that 2022 production will be approximately 1.1 billion boe. As a result, total proved reserves on an SEC basis are expected to be approximately 9.6 billion boe. Acquisitions and divestments of 2022 reserves are expected to account for a net increase of approximately 1.0 billion boe.

    The proved Reserves Replacement Ratio on an SEC basis is expected to be 120% for the year and 58% for the 3-year average. Excluding the impact of acquisitions and divestments, the proved Reserves Replacement Ratio is expected to be 26% for the year and 39% for the 3-year average.

    Further information will be provided in the 2022 Annual Report and Accounts and 2022 Form 20-F, which are expected to be filed in March 2023.

    OUTLOOK FOR THE FIRST QUARTER 2023

    Cash capital expenditure is expected to be within the $23 - 27 billion range for the full year.

             Page 10



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Integrated Gas production is expected to be approximately 910 - 970 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.6 - 7.2 million tonnes.

    Upstream production is expected to be approximately 1,750 - 1,950 thousand boe/d.

    Marketing sales volumes are expected to be approximately 2,150 - 2,650 thousand b/d.

    Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 68% - 76%. The utilisation ranges presented use the revised methodology (please refer to 'Chemicals and Products' in the 'Performance by Segment' section).

    Corporate Adjusted Earnings are expected to be a net expense of approximately $400 - $600 million in the first quarter 2023 and a net expense of approximately $1,700 - $2,300 million for the full year 2023. This excludes the impact of currency exchange rate effects.

    FORTHCOMING EVENTS

    The “Shell LNG Outlook 2023” event is scheduled on February 16, 2023. The “Annual ESG Update” event is scheduled on March 22, 2023. First quarter 2023 results and dividends are scheduled to be announced on May 4, 2023. The Annual General Meeting is scheduled on May 23, 2023. The “Capital Markets Day 2023” event is scheduled on June 14, 2023. Second quarter 2023 and half year results and dividends are scheduled to be announced on July 27, 2023. Third quarter 2023 results and dividends are scheduled to be announced on November 2, 2023.

             Page 11



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                       
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    101,303    95,749    85,280    Revenue1, 4 381,314    261,504   
    (268)   2,512    975    Share of profit/(loss) of joint ventures and associates4 3,972    4,097   
    160    498    3,968    Interest and other income/(expenses)2, 4 915    7,056   
    101,195    98,759    90,223    Total revenue and other income/(expenses) 386,201    272,657   
    65,489    70,684    56,566    Purchases 258,488    174,912   
    7,220    5,910    6,530    Production and manufacturing expenses 25,518    23,822   
    3,491    3,229    2,867    Selling, distribution and administrative expenses4 12,883    11,328   
    403    220    304    Research and development 1,075    815   
    649    424    280    Exploration 1,712    1,423   
    6,459    6,124    6,445    Depreciation, depletion and amortisation2, 4 18,529    26,921   
    1,040    734    963    Interest expense 3,181    3,607   
    84,752    87,324    73,954    Total expenditure 321,387    242,828   
    16,443    11,435    16,269    Income/(loss) before taxation 64,814    29,829   
    5,975    4,587    4,665    Taxation charge/(credit) 21,941    9,199   
    10,469    6,848    11,604    Income/(loss) for the period¹ 42,873    20,630   
    59    104    144    Income/(loss) attributable to non-controlling interest 565    529   
    10,409    6,743    11,461    Income/(loss) attributable to Shell plc shareholders 42,309    20,101   
    1.47    0.93    1.49    Basic earnings per share ($)3 5.76    2.59   
    1.46    0.92    1.48    Diluted earnings per share ($)3 5.71    2.57   

    1.    See Note 2 “Segment information”.
    2.    See Note 7 “Other notes to the unaudited Condensed Consolidated Financial Statements”.
    3.    See Note 3 “Earnings per share”.
    4.    See Note 8 “Withdrawal from Russian oil and gas activities”.

                                       
     
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    10,469    6,848    11,604    Income/(loss) for the period 42,873    20,630   
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    2,855    (3,456)   (193)   – Currency translation differences (2,986)   (1,413)  
    12    (25)   (11)   – Debt instruments remeasurements (78)   (28)  
    (345)   (57)   (129)   – Cash flow hedging gains/(losses) (232)   21   
    (264)   183    86    – Net investment hedging gains/(losses) 180    295   
    (32)   11    (1)   – Deferred cost of hedging 200    (39)  
    77    30    59    – Share of other comprehensive income/(loss) of joint ventures and associates 274    (109)  
    2,303    (3,315)   (190)   Total (2,642)   (1,273)  
          Items that are not reclassified to income in later periods:    
    (2,090)   126    604    – Retirement benefits remeasurements 5,466    7,198   
    (37)   (21)   121    – Equity instruments remeasurements (491)   145   
    (227)   12    30    – Share of other comprehensive income/(loss) of joint ventures and associates (253)    
    (2,354)   117    755    Total 4,722    7,346   
    (51)   (3,198)   564    Other comprehensive income/(loss) for the period 2,080    6,073   
    10,417    3,649    12,169    Comprehensive income/(loss) for the period 44,953    26,703   
    114    (38)   118    Comprehensive income/(loss) attributable to non-controlling interest 621    468   
    10,303    3,687    12,051    Comprehensive income/(loss) attributable to Shell plc shareholders 44,333    26,235   

             Page 12



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      December 31, 2022 December 31, 2021
    Assets    
    Non-current assets    
    Intangible assets 25,701    24,693   
    Property, plant and equipment 198,642    194,932   
    Joint ventures and associates 23,864    23,415   
    Investments in securities 3,362    3,797   
    Deferred tax1 7,815    12,426   
    Retirement benefits1 10,200    8,471   
    Trade and other receivables 6,920    7,065   
    Derivative financial instruments² 582    815   
      277,087    275,614   
    Current assets    
    Inventories 31,894    25,258   
    Trade and other receivables 66,510    53,208   
    Derivative financial instruments² 24,437    11,369   
    Cash and cash equivalents 40,246    36,970   
      163,087    126,805   
    Assets classified as held for sale1 2,850    1,960   
      165,937    128,765   
    Total assets 443,024    404,379   
    Liabilities    
    Non-current liabilities    
    Debt 74,794    80,868   
    Trade and other payables 3,432    2,075   
    Derivative financial instruments² 3,563    887   
    Deferred tax1 16,186    12,547   
    Retirement benefits1 7,296    11,325   
    Decommissioning and other provisions1 23,845    25,804   
      129,117    133,506   
    Current liabilities    
    Debt 9,001    8,218   
    Trade and other payables 79,357    63,173   
    Derivative financial instruments² 23,779    16,311   
    Income taxes payable 4,869    3,254   
    Decommissioning and other provisions 2,910    3,338   
      119,916    94,294   
    Liabilities directly associated with assets classified as held for sale1 1,395    1,253   
      121,310    95,547   
    Total liabilities 250,427    229,053   
    Equity attributable to Shell plc shareholders 190,471    171,966   
    Non-controlling interest1 2,126    3,360   
    Total equity 192,597    175,326   
    Total liabilities and equity 443,024    404,379   
                           
    1.     See Note 7 “Other notes to the unaudited Condensed Consolidated Financial Statements”.
    2.     See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.

             Page 13



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2022 641    (610)   18,909    153,026    171,966    3,360      175,326   
    Comprehensive income/(loss) for the period —    —    2,024    42,309    44,333    621      44,953   
    Transfer from other comprehensive income —    —    (34)   34    —    —      —   
    Dividends³ —    —    —    (7,283)   (7,283)   (206)     (7,489)  
    Repurchases of shares4 (57)   —    57    (18,547)   (18,547)   —      (18,547)  
    Share-based compensation —    (116)   176    131    190    —      190   
    Other changes —    —    —    (187)   (187)   (1,650)   5 (1,838)  
    At December 31, 2022 584    (727)   21,131    169,482    190,471    2,126      192,597   
    At January 1, 2021 651    (709)   12,752    142,616    155,310    3,227      158,537   
    Comprehensive income/(loss) for the period —    —    6,134    20,101    26,235    468      26,703   
    Transfer from other comprehensive income —    —    (45)   45    —    —      —   
    Dividends3 —    —    —    (6,321)   (6,321)   (348)     (6,669)  
    Repurchases of shares (10)   —    10    (3,513)   (3,513)   —      (3,513)  
    Share-based compensation —    99    58    93    250    —      250   
    Other changes —    —    —        13      18   
    At December 31, 2021 641    (610)   18,909    153,026    171,966    3,360      175,326   
                                                             
    1.     See Note 4 “Share capital”.
    2.     See Note 5 “Other reserves”.
    3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.
    4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.
    5. See Note 7 “Other notes to the unaudited Condensed Consolidated Financial Statements”.

             Page 14



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                             
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million Full year
    Q4 2022   Q3 2022 Q4 2021   2022 2021
    16,443      11,435    16,269    Income before taxation for the period 64,814    29,829   
            Adjustment for:    
    596      389    819    – Interest expense (net) 2,135    3,096   
    6,459      6,124    6,445    – Depreciation, depletion and amortisation1 18,529    26,921   
    395      218    72    – Exploration well write-offs 881    639   
    (21)     (93)   (3,679)   – Net (gains)/losses on sale and revaluation of non-current assets and businesses (642)   (5,995)  
    268      (2,512)   (975)   – Share of (profit)/loss of joint ventures and associates (3,972)   (4,097)  
    1,413      814    1,611    – Dividends received from joint ventures and associates 4,398    3,929   
    2,902      484    (860)   – (Increase)/decrease in inventories (8,360)   (7,319)  
    5,179      (98)   (6,799)   – (Increase)/decrease in current receivables (8,989)   (20,567)  
    2,308      (4,544)   4,688    – Increase/(decrease) in current payables 11,915    17,519   
    (7,669)     3,334    (6,592)   – Derivative financial instruments (2,619)   5,882   
    135      (87)   (27)   – Retirement benefits 417    16   
    218      (744)   176    – Decommissioning and other provisions 35    (76)  
    (1,850)     1,258    (1,236)   – Other1 2,991    803   
    (4,372)     (3,438)   (1,743)   Tax paid (13,120)   (5,476)  
    22,404      12,539    8,170    Cash flow from operating activities 68,413    45,104   
    (6,417)     (5,268)   (6,236)   Capital expenditure (22,600)   (19,000)  
    (860)     (95)   (145)   Investments in joint ventures and associates (1,973)   (479)  
    (42)     (63)   (120)   Investments in equity securities (261)   (218)  
    52      39    8,843    Proceeds from sale of property, plant and equipment and businesses 1,431    14,233   
    119      203    137    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 511    584   
    65      36    151    Proceeds from sale of equity securities 117    296   
    401      253    121    Interest received 906    423   
    518      496    489    Other investing cash inflows 2,060    2,928   
    (754)     (650)   (662)   Other investing cash outflows (2,641)   (3,528)  
    (6,918)     (5,049)   2,579    Cash flow from investing activities (22,448)   (4,761)  
    (248)     (206)   (32)   Net increase/(decrease) in debt with maturity period within three months 318    14   
            Other debt:    
    31      103    1,602    – New borrowings 269    1,791   
    (2,217)     (1,171)   (7,850)   – Repayments (8,460)   (21,534)  
    (1,183)     (747)   (1,258)   Interest paid (3,677)   (4,014)  
    356      (843)   (391)   Derivative financial instruments (1,799)   (1,165)  
    (1,974)   1   —    Change in non-controlling interest (1,965)   19   
            Cash dividends paid to:    
    (1,785)     (1,818)   (1,838)   – Shell plc shareholders2 (7,405)   (6,253)  
    (42)     (54)   (42)   – Non-controlling interest (206)   (348)  
    (4,474)     (4,950)   (1,703)   Repurchases of shares (18,437)   (2,889)  
    (542)     (25)   (254)   Shares held in trust: net sales/(purchases) and dividends received (593)   (285)  
    (12,078)     (9,707)   (11,764)   Cash flow from financing activities (41,954)   (34,664)  
    860      (774)   (87)   Effects of exchange rate changes on cash and cash equivalents (736)   (539)  
    4,268      (2,992)   (1,102)   Increase/(decrease) in cash and cash equivalents 3,275    5,140   
    35,978      38,970    38,073    Cash and cash equivalents at beginning of period 36,970    31,830   
    40,246      35,978    36,970    Cash and cash equivalents at end of period 40,246    36,970   
                                                   
    1. See Note 7 “Other notes to the unaudited Condensed Consolidated Financial Statements”.
    2. Cash dividends paid represents the payment of net dividends (after deduction of withholding taxes where applicable) and payment of withholding taxes on dividends paid in the previous quarter.

             Page 15



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 228 to 283) and Form 20-F (pages 204 to 261) for the year ended December 31, 2021 as filed with the Registrar of Companies for England and Wales, the Autoriteit Financiële Markten (the Netherlands) and the US Securities and Exchange Commission, and should be read in conjunction with these filings.

    The financial information presented in the unaudited Condensed Consolidated Financial Statements 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, 2021 were published in Shell’s Annual 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 statutory accounts for the year ended December 31, 2022 will be delivered to the Registrar of Companies for England and Wales in due course.

    Key accounting considerations, significant judgements and estimates

    Future long-term commodity price assumptions and management’s view on the future development of refining margins represent a significant estimate. Future long-term commodity price assumptions were subject to change in the second quarter 2022. These assumptions continue to apply for impairment testing purposes in the fourth quarter 2022.

    The discount rate applied to provisions is reviewed on a regular basis. The discount rate was reviewed and adjusted in the third quarter 2022. See Note 7.
    Changes to IFRS not yet adopted

    IFRS 17 Insurance contracts was issued in 2017, with amendments published in 2020 and 2021, and is required to be adopted for annual reporting periods beginning on or after January 1, 2023. Shell is in the process of implementing the standard. The standard is not expected to have a significant effect on future financial reporting.

    2. Segment information

    As from January 1, 2022, onwards reporting segments are aligned with Shell’s Powering Progress strategy. The Renewables and Energy Solutions business is now reported separately from Integrated Gas. Oil Products and Chemicals were reorganised into two segments – Marketing and Chemicals and Products. The shales assets in Canada are now reported as part of the Integrated Gas segment instead of the Upstream segment. Prior period comparatives have been revised to conform with current year presentation. The reporting segment changes have no impact at a Shell Group level.

    Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

             Page 16



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                       
     
    INFORMATION BY SEGMENT    
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
          Third-party revenue    
    13,802    14,471    12,702    Integrated Gas 54,751    29,922   
    2,945    1,623    2,605    Upstream 8,352    9,182   
    28,417    31,965    23,964    Marketing 120,639    83,494   
    33,480    37,649    33,801    Chemicals and Products 144,342    116,448   
    22,656    10,031    12,200    Renewables and Energy Solutions 53,190    22,416   
      10      Corporate 41    43   
    101,303    95,749    85,280    Total third-party revenue¹ 381,314    261,504   
          Inter-segment revenue    
    5,038    5,666    2,874    Integrated Gas 18,412    8,072   
    13,229    13,164    10,838    Upstream 52,285    35,789   
    183    169    69    Marketing 606    253   
    602    696    491    Chemicals and Products 2,684    1,890   
    2,035    1,992    2,010    Renewables and Energy Solutions 6,791    4,675   
    —    —    —    Corporate —    —   
          CCS earnings    
    5,293    5,736    4,771    Integrated Gas 22,212    8,060   
    1,380    5,357    4,914    Upstream 16,223    9,603   
    375    757    471    Marketing 2,133    3,536   
    332    980    (3)   Chemicals and Products 4,515    404   
    4,673    (4,023)   1,894    Renewables and Energy Solutions (1,059)   (1,514)  
    (654)   (543)   (859)   Corporate (2,461)   (2,606)  
    11,399    8,264    11,187    Total CCS earnings 41,562    17,482   
                                             

    1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. Fourth quarter 2022 included income of $10,371 million (Q3 2022: $440 million loss; Q4 2021: $4,287 million income). This amount includes both the reversal of prior losses of $621 million (Q3 2022: $4,233 million losses; Q4 2021: $2,860 million losses) related to sales contracts and prior losses of $1,032 million (Q3 2022: $4,114 million gains; Q4 2021: $2,476 million gains) related to purchase contracts that were previously recognised and where physical settlement took place in the fourth quarter 2022.

                                       
     
    RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS    
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    10,409    6,743    11,461    Income/(loss) attributable to Shell plc shareholders 42,309    20,101   
    59    104    144    Income/(loss) attributable to non-controlling interest 565    529   
    10,469    6,848    11,604    Income/(loss) for the period 42,873    20,630   
          Current cost of supplies adjustment:    
    1,210    1,800    (481)   Purchases (1,714)   (3,772)  
    (301)   (433)   106    Taxation 444    808   
    22    51    (42)   Share of profit/(loss) of joint ventures and associates (41)   (184)  
    930    1,417    (417)   Current cost of supplies adjustment (1,311)   (3,148)  
          of which:    
    904    1,354    (380)   Attributable to Shell plc shareholders (1,196)   (3,029)
    27    62    (37)   Attributable to non-controlling interest (116)   (119)
    11,399    8,264    11,187    CCS earnings 41,562    17,482   
          of which:    
    11,313    8,098    11,081    CCS earnings attributable to Shell plc shareholders 41,113    17,072   
    86    167    106    CCS earnings attributable to non-controlling interest 449    410   

             Page 17



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    3. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    10,409    6,743    11,461    Income/(loss) attributable to Shell plc shareholders ($ million) 42,309    20,101   
               
          Weighted average number of shares used as the basis for determining:    
    7,063.9    7,276.7    7,701.9    Basic earnings per share (million) 7,347.5    7,761.7   
    7,127.2    7,341.3    7,744.3    Diluted earnings per share (million) 7,410.5    7,806.8   

    4. Share capital

                                                         
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH1
      Number of shares   Nominal value ($ million)
      A B Ordinary shares   A B Ordinary shares Total
    At January 1, 2022 4,101,239,499    3,582,892,954        345    296      641   
    Repurchases of shares before assimilation —    (34,106,548)       —    (3)     (3)  
    Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022 (4,101,239,499)   (3,548,786,406)   7,650,025,905      (345)   (293)   638    —   
    Repurchases of B shares on January 27 and 28, 2022, cancelled as ordinary shares on February 2 and 3, 2022     (507,742)         —    —   
    Repurchases of shares after assimilation     (646,014,770)         (54)   (54)  
    At December 31, 2022     7,003,503,393          584    584   
    At January 1, 2021 4,101,239,499    3,706,183,836        345    306      651   
    Repurchases of shares —    (123,290,882)       —    (10)     (10)  
    At December 31, 2021 4,101,239,499    3,582,892,954        345    296      641   

    1. Share capital at December 31, 2022 also included 50,000 issued and fully paid sterling deferred shares of £1 each.
    On January 29, 2022, as part of the simplification announced on December 20, 2021, the Company's A shares and B shares assimilated into a single line of ordinary shares. This is reflected in the above table.

    At Shell plc’s Annual General Meeting on May 24, 2022, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of €177 million (representing 2,530 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 24, 2023, and the end of the Annual General Meeting to be held in 2023, unless previously renewed, revoked or varied by Shell plc in a general meeting.

             Page 18



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    5. Other reserves

                                             
     
    OTHER RESERVES
    $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
    At January 1, 2022 37,298    154    139    964    (19,646)   18,909   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    2,024    2,024   
    Transfer from other comprehensive income —    —    —    —    (34)   (34)  
    Repurchases of shares —    —    57    —    —    57   
    Share-based compensation —    —    —    176    —    176   
    At December 31, 2022 37,298    154    197    1,139    (17,655)   21,131   
    At January 1, 2021 37,298    154    129    906    (25,735)   12,752   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    6,134    6,134   
    Transfer from other comprehensive income —    —    —    —    (45)   (45)  
    Repurchases of shares —    —    10    —    —    10   
    Share-based compensation —    —    —    58    —    58   
    At December 31, 2021 37,298    154    139    964    (19,646)   18,909   

    The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

    6. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2021, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at December 31, 2022, are consistent with those used in the year ended December 31, 2021, though the carrying amounts of derivative financial instruments measured using predominantly unobservable inputs have changed since that date.

    The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million December 31, 2022 December 31, 2021
    Carrying amount 56,153    61,579   
    Fair value¹ 51,959    67,066   

    1.    Mainly determined from the prices quoted for these securities.

             Page 19



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    7. Other notes to the unaudited Condensed Consolidated Financial Statements

    Consolidated Statement of Income

    Interest and other income

                                       
     
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    160    498    3,968    Interest and other income/(expenses) 915    7,056   
          of which:    
    445    346    144    Interest income 1,046    511   
    15      48    Dividend income (from investments in equity securities) 216    91   
    21    93    3,679    Net gains on sales and revaluation of non-current assets and businesses 642    5,995   
    (510)   (12)   70    Net foreign exchange gains/(losses) on financing activities (340)   118   
    189    69    28    Other (648)   341   

    For the full year 2022, Other includes the write-down of the loan to Nord Stream 2 amounting to $1,126 million. See Note 8.
    Depreciation, depletion and amortisation

                                       
     
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    6,459    6,124    6,445    Depreciation, depletion and amortisation 18,529    26,921   
          of which:    
    5,731 5,665 5,364 Depreciation 22,393    23,070   
    788 466 1,090 Impairments 2,313    4,065   
    (60) (8) (9) Impairment reversals (6,177)   (214)  

    Impairments in the fourth quarter 2022 mainly relate to Renewables and Energy Solutions, Chemicals and Products and Upstream. Impairments in the full year 2022 mainly related to the withdrawal from Russian oil and gas activities (see Note 8) and Upstream. Gains in 2022 from reversals of impairments mainly related to Integrated Gas and Upstream.

    Condensed Consolidated Balance Sheet

    Application of IAS 29 Financial Reporting in Hyperinflationary Economies

    As from the second quarter 2022, Shell applies IAS 29 Financial Reporting in Hyperinflationary Economies (IAS 29) for its Turkish lira functional currency entities. The application of IAS 29 had no significant impact.

    Taxation

                     
     
    $ million    
      December 31, 2022 December 31, 2021
    Non-current assets    
    Deferred tax 7,815    12,426   
    Non-current liabilities    
    Deferred tax 16,186    12,547   
    Net deferred liability (8,371)   (121)  

    The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities.

    Shell's net deferred tax position was a liability of $8,371 million at December 31, 2022 (December 31, 2021: $121 million). The increase in the net liability since December 31, 2021, was mainly driven by a reduction of the deferred tax asset due to the utilisation of tax losses ($4,406 million), impairment reversals ($1,740 million), an increase of deferred tax liabilities on

             Page 20



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    pensions ($1,223 million) and remeasurement of deferred tax liabilities due to a tax rate change ($802 million), partly offset by recognition of deferred tax assets based on future profit forecast ($1,045 million).
    On July 14, 2022, the Energy (Oil & Gas) Profits Levy Act 2022 (EPL) was enacted in the UK which applies an additional tax of 25% on the profits earned by oil and gas companies from the production of oil and gas on the United Kingdom Continental Shelf. In the fourth quarter 2022, the EPL percentage was increased to 35% and the end date was extended from December 31, 2025 to March 31, 2028. The enactment of the EPL principally led to remeasurement of deferred tax positions resulting in a charge of $441 million in the fourth quarter 2022 (third quarter 2022: $361 million).

    On August 16, 2022, the Inflation Reduction Act (IRA) was enacted in the USA. As from 2023, under the IRA a Corporate Minimum Tax on Book Earnings (BMT) applies a 15% tax on adjusted financial statement income. The enactment of the IRA had no impact in 2022.

    In the fourth quarter 2022, EU member states transposed the "Council Regulation on an emergency intervention to address high energy prices" (EU solidarity contribution) into national laws. This resulted in a charge of $1,468 million in the fourth quarter recognised in the income statement in Share of profit/(loss) of joint ventures and associates and in the taxation charge.

    Assets classified as held for sale

                     
     
    $ million    
      December 31, 2022 December 31, 2021
    Assets classified as held for sale 2,850    1,960   
    Liabilities directly associated with assets classified as held for sale 1,395    1,253   

    Assets classified as held for sale and associated liabilities at December 31, 2022 principally relate to three Upstream projects held for sale. The major classes of assets and liabilities classified as held for sale are Property, plant and equipment ($2,526 million; December 31, 2021: $896 million), Decommissioning and other provisions ($1,105 million; December 31, 2021: $229 million) and Trade and other payables ($278 million; December 31, 2021: $375 million).

    Retirement benefits

                     
     
    $ million    
      December 31, 2022 December 31, 2021
    Non-current assets    
    Retirement benefits 10,200    8,471   
    Non-current liabilities    
    Retirement benefits 7,296    11,325   
    Surplus/(deficit) 2,904    (2,854)  

    Amounts recognised in the balance sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change of the net retirement benefit liability as at December 31, 2021, into the net retirement benefit asset as at December 31, 2022, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone, partly offset by an increase in long-term Eurozone inflation rate expectations, experience losses due to high short-term inflation and losses on plan assets.

    Decommissioning and other provisions

                     
     
    $ million    
    Non-current liabilities December 31, 2022 December 31, 2021
    Decommissioning and other provisions 23,845    25,804   

    The discount rate applied since September 30, 2022 was 3.25% (June 30, 2022: 2.0%, December 31, 2021: 2.0%). Non-current decommissioning and other provisions decreased by $3,383 million at September 30, 2022 as a result of the change in the discount rate.

             Page 21



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Non-controlling interest

                     
     
    $ million    
      December 31, 2022 December 31, 2021
    Non-controlling interest 2,126    3,360   

    The decrease in the non-controlling interest is mainly attributable to the acquisition of the non-controlling interest in Shell Midstream Partners, L.P. for a cash consideration of $1,974 million in the fourth quarter 2022.

    Consolidated Statement of Cash Flows

    Cash flow from operating activities - Other

                                       
     
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    (1,850)   1,258    (1,236)   Other 2,991    803   

    Cash flow from operating activities - Other for the fourth quarter 2022 includes $541 million of net outflows (third quarter 2022: $625 million net inflows; fourth quarter 2021: $1,129 million net outflows) due to the timing of payments relating to emissions and biofuel programmes in Europe and North America and $683 million in relation to reversal of currency gains on Cash and cash equivalents (third quarter 2022: $478 million reversal of currency losses; fourth quarter 2021: $66 million reversal of currency losses). In the first quarter 2022, it also included $1,126 million for the write-down of the Nord Stream 2 loan (see Note 8).
    8. Withdrawal from Russian oil and gas activities

    Following the invasion of Ukraine by Russia, Shell announced in the first quarter 2022 its intent to:
    a.withdraw from its ventures in Russia with Gazprom and related entities, and to end its involvement in the Nord Stream 2 pipeline project;
    b.withdraw from its service station and lubricants operations in Russia; and
    c.withdraw in a phased manner from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and LNG, aligned with new government guidance.

    Since these announcements:
    •Shell stopped all spot purchases of Russian crude, liquefied natural gas, and of cargoes of refined products directly exported from Russia. Shell has not renewed any long-term contracts for Russian crude, but was still legally obliged to take delivery of crude bought under contracts that were signed before the invasion.
    •All of Shell's long-term 3rd party purchases of Russian crude have stopped (when contractually allowed and all by the end of 2022).
    •All of Shell's contracts to purchase refined products exported from Russia have also ended.
    •Shell's two pipeline gas contracts terminated by the end of 2022.
    •Shell still holds two long-term LNG offtake contracts with Russian entities, accounted for as regular sales and purchase contracts. The counterparty in one of these contracts stopped delivering cargoes to Shell in the third quarter 2022.
    •Shell sold its service station and lubricants operations in Russia in the second quarter 2022.

    These actions led to recognition of net pre-tax charges of $4,235 million (post-tax: $3,894 million) in the first quarter 2022, net pre-tax negative charges of $111 million (post-tax: $136 million) in the second quarter 2022, net pre-tax negative charges of $55 million (post-tax: $55 million) in the third quarter 2022 and net pre-tax charges of $101 million (post-tax: $101 million) in the fourth quarter 2022. These were recognised in:

             Page 22



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                 
     
      Q4 2022   Q3 2022 Full year 2022
    Revenue —      —    (468)  
    Share of profit of joint ventures and associates —      —    (1,614)  
    Interest and other income/(expenses) —      81    (1,116)  
    Selling, distribution and administrative expenses —      —    (104)  
    Depreciation, depletion and amortisation —      —    (695)  
    Other (101)   1 (26)   (173)  
    Income/(loss) before taxation (101)     55    (4,170)  
    Taxation charge/(credit) —      —    (366)  
    Income/(loss) for the period (101)     55    (3,804)  
                                     

    1.Mainly relating to a provision.

    In relation to the assets with a potential exposure to Shell's intended withdrawal from all Russian hydrocarbons, including those assets for which the above charges were recognised during the year, there is a $0.1 billion balance sheet carrying amount as at December 31, 2022 (September 30, 2022: $0 billion, June 30, 2022: $0.2 billion; March 31, 2022: $1 billion).

    Further details are provided below.

    Integrated Gas

    Sakhalin-2
    Shell holds a 27.5% (minus one share) interest in Sakhalin Energy Investment Company Ltd. (SEIC). Other ownership interests were Gazprom 50% (plus one share), Mitsui 12.5% and Mitsubishi 10%. Up to March 31, 2022, this investment was accounted for as an associate applying the equity method. Following the first quarter announcements, the recoverable amount of the investment was estimated as the risk-adjusted dividends declared on Sakhalin's 2021 results, of which the first part was received in April 2022. This resulted in recognition of an impairment charge of $1,614 million in the first quarter 2022. Significant influence over the Sakhalin-2 investment was lost from April 1, 2022, with the resignation of Shell's executive directors and withdrawal of managerial and technical staff, leading to recognition, without financial impact, of the investment as a financial asset accounted for at fair value from that date, with subsequent changes in fair value recognised in other comprehensive income.

    On June 30, 2022, a Russian Presidential Decree was passed requiring the transfer of all licences, rights and obligations of SEIC into a newly-created Russian company (LLC) that would assume the rights and obligations of SEIC. The decree stated that the foreign shareholders would be invited to apply for shares in that entity equivalent to their shareholding in SEIC. Following the receipt of dividends in the second quarter 2022 and the Presidential Decree, appropriate fair value adjustments to the investment value have been recognised, against other comprehensive income.

    Shell understands that pursuant to the Presidential Decree, all licences, assets, rights and obligations of SEIC were purportedly transferred to the LLC on August 17, 2022. On September 1, 2022, Shell formally advised the Russian Federation (RFG) that it would not apply for shares in the LLC, that it objected to the purported transfers from SEIC to the LLC and that it reserved all rights and remedies. Shell understands the RFG has commenced a process to sell those shares in the LLC which Shell did not apply for. This process was expected to be completed in the first quarter 2023, but the decree was amended in January 2023 to remove the timeline. Pursuant to the Presidential Decree, the RFG is also expected to conduct an audit of 'the activities of foreign shareholders in SEIC and/or individuals', based on which the RFG will determine the 'amount of damage caused' and 'persons liable to indemnify it'. The carrying value of the investment is zero as at December 31, 2022 (September 30, 2022: zero).

    Nord Stream 2
    Shell is one of five energy companies which each committed to provide financing and guarantees for up to 10% of the total cost of the project, with the final loan instalments having been made in the second quarter 2020. Following the first quarter 2022 announcements, Shell assessed the recoverability of the loan to Nord Stream 2, leading to a full write-down in the first quarter 2022 of the loan amounting to $1,126 million. On September 26, 2022, one of the two Nord Stream 2 pipelines ruptured resulting in a gas leak and significant damage. Investigations are now under way to determine the cause of the rupture. The rupture had no financial impact in the third quarter 2022, following the full write-down of the loan in the first quarter 2022.

    Upstream

    Salym

             Page 23



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Shell has a 50% interest in Salym Petroleum Development N.V. (Salym), a joint operation with GazpromNeft (GPN) that is developing the Salym fields in the Khanty Mansiysk Autonomous District of western Siberia. Shell consolidated its share in the joint operation. Following the first quarter announcements, Shell assessed the recoverability of the Salym carrying amounts, leading to full impairment amounting to $233 million in the first quarter 2022. In July 2022, the Shell directors of Salym resigned. Joint control was lost early in the third quarter 2022 and from that date Salym was accounted for as a financial asset at fair value, with a carrying value of zero. Pursuant to Russian legislative changes and court decisions in the second and third quarter 2022, the Russian branch of Salym has purportedly been transformed into a Russian LLC (Salym Petroleum Development Limited Liability Company). All assets, rights and obligations of the Russian branch of Salym have purportedly been transferred to that entity, of which Shell, purportedly, automatically holds 50%. On December 22, 2022, Shell signed transaction documents with GPN to sell its 50% interest in Salym Petroleum Development Limited Liability Company. Completion is subject to a number of approvals in the Russian Federation.

    Gydan
    Shell had a 50% interest in LLC Gydan Energy, a joint operation with GazpromNeft to explore and develop blocks in the Gydan peninsula, in north-western Siberia. This project is in the exploration phase, with no production. Following the first quarter announcements, Shell assessed the recoverability of the Gydan carrying amounts, leading to full impairment amounting to $153 million and other charges of $35 million in the first quarter 2022. During the second quarter 2022, all rights and obligations for Shell’s 50% interest were transferred to GazpromNeft with an insignificant impact on the income statement.

    Marketing

    Shell Neft’s retail network consisted of 240 sites owned by Shell Neft and 171 sites owned by dealers and Shell Neft operated a lubricant blending plant. Shell Neft was a 100% Shell-owned subsidiary and was fully consolidated until the date of the disposal. Following the first quarter announcements, Shell assessed the recoverability of Shell Neft carrying amounts, resulting in an impairment of non-current assets of $358 million and other charges of $236 million. In the second quarter 2022, Shell transferred all shares of Shell Neft to Lukoil leading to net charges of $83 million, including the release of currency translation losses ($343 million).

    Other

    Marked-to-market risk adjustments of $335 million related to long-term offtake natural gas contracts, an impairment of right-of-use assets of $114 million and other charges of $36 million were recognised in the first quarter 2022. In the second quarter 2022, further marked-to-market risk adjustments of $133 million were recognised following changes demanded to the contractual payment mechanism leading to the suspension by Gazprom of gas deliveries under these long-term offtake contracts. Finally, $140 million was recognised in income in the second quarter 2022 from the derecognition of lease liabilities following the termination of lease arrangements for which the right-of-use assets were impaired in the first quarter 2022.
    9. Post-balance sheet events

    On January 30, 2023, Shell announced to reduce the size of its Executive Committee from nine to seven members. Under the changes, which are expected to take effect on July 1, 2023, Shell’s Integrated Gas and Upstream businesses will be combined to form a new Integrated Gas and Upstream Directorate and the Downstream business will be combined with Renewables and Energy Solutions to form a new Downstream and Renewables Directorate. Separately, the Strategy, Sustainability and Corporate Relations Directorate will be discontinued. The changes announced do not affect Shell’s financial reporting segments, which remain unchanged.

             Page 24



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

    A.Adjusted Earnings and Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA)

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

    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. Management uses this measure to evaluate Shell's performance in the period and over time.

                                       
     
    ADJUSTED EARNINGS
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    10,409    6,743    11,461    Income/(loss) attributable to Shell plc shareholders 42,309    20,101   
    904    1,354    (380)   Add: Current cost of supplies adjustment attributable to Shell plc shareholders (Note 2) (1,196)   (3,029)  
    1,498    (1,356)   4,690    Less: Identified items attributable to Shell plc shareholders 1,243    (2,216)  
    9,814    9,454    6,391    Adjusted Earnings 39,870    19,289   
          Of which:    
    5,968    2,319    4,036    Integrated Gas 16,137    9,048   
    3,061    5,896    2,838    Upstream 17,319    8,015   
    446    820    611    Marketing 2,754    3,468   
    744    772    (130)   Chemicals and Products 4,719    2,115   
    293    383    43    Renewables and Energy Solutions 1,745    (243)  
    (626)   (571)   (889)   Corporate (2,371)   (2,686)  
    (73)   (165)   (117)   Less: Non-controlling interest (434)   (429)  
                                       
     
    ADJUSTED EBITDA
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    9,814    9,454    6,391    Adjusted Earnings 39,870    19,289   
    73    165    117    Add: Non-controlling interest 434    429   
    3,991    5,621    3,586    Add: Taxation charge/(credit) excluding tax impact of identified items 18,578    8,482   
    5,732    5,665    5,364    Add: Depreciation, depletion and amortisation excluding impairments 22,393    23,071   
    395    218    72    Add: Exploration well write-offs 881    639   
    1,040    734    963    Add: Interest expense excluding identified items 3,180    3,607   
    445    346    144    Less: Interest income 1,046    510   
    20,600    21,512    16,349    Adjusted EBITDA 84,289    55,004   
          Of which:    
    8,332    5,393    6,091    Integrated Gas 26,569    16,754   
    9,418    12,539    8,446    Upstream 42,100    27,170   
    1,045    1,505    1,125    Marketing 5,324    6,021   
    1,574    1,797    741    Chemicals and Products 8,561    5,635   
    396    530    80    Renewables and Energy Solutions 2,459    (21)  
    (164)   (251)   (133)   Corporate (725)   (554)  

             Page 25



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Identified items

    Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements on certain deferred tax balances, and other items. Identified items in the table below are presented on a net basis.

                                                   
     
    IDENTIFIED ITEMS
    Quarters $ million Full year
    Q4 2022   Q3 2022 Q4 2021   2022   2021
            Identified items included in Income/(loss) before taxation      
    21      92    3,661    Divestment gains/(losses) 657      5,996   
    (778)     (458)   (1,115)   Impairment reversals/(impairments) 2,260      (3,884)  
    23      (26)   131    Redundancy and restructuring 44      (227)  
    —      29    (233)   Provisions for onerous contracts (508)     (340)  
    5,618      (2,199)   3,845    Fair value accounting of commodity derivatives and certain gas contracts 3,244      (3,249)  
    (1,087)   1 608    (638)   Other (1,519)   1 (621)  
    3,796      (1,955)   5,653    Total identified items included in Income/(loss) before taxation 4,178      (2,326)  
    (2,285)   2 601    (973)   Total identified items included in Taxation charge/(credit) (2,919)   2 91   
            Identified items included in Income/(loss) for the period      
    (46)     99    3,003    Divestment gains/(losses) 418      4,632   
    (659)     (363)   (838)   Impairments 725      (2,993)  
    17      (29)   97    Redundancy and restructuring 43      (140)  
    —      17    (217)   Provisions for onerous contracts (487)     (299)  
    4,181      (998)   3,216    Fair value accounting of commodity derivatives and certain gas contracts 3,421      (2,764)  
    74      (81)   (18)   Impact of exchange rate movements on tax balances (57)     (128)  
    (2,056)   3   (564)   Other (2,804)   3 (543)  
    1,512      (1,354)   4,679    Impact on CCS earnings 1,259      (2,235)  
            Of which:      
    (675)     3,417    735    Integrated Gas 6,075      (988)  
    (1,681)     (539)   2,077    Upstream (1,096)     1,587   
    (72)     (63)   (140)   Marketing (622)     68   
    (412)     208    127    Chemicals and Products (204)     (1,712)  
    4,379      (4,406)   1,851    Renewables and Energy Solutions (2,805)     (1,272)  
    (28)     28    30    Corporate (90)     81   
    13        (11)   Impact on CCS earnings attributable to non-controlling interest 15      (19)  
    1,498      (1,356)   4,690    Impact on CCS earnings attributable to Shell plc shareholders 1,243      (2,216)  
    1. Includes $(940) million related to the EU solidarity contribution.
    2. Includes $(528) million related to the EU solidarity contribution and $(441) million related to the UK Energy Profits Levy. The third quarter 2022 includes $(361) million related to the UK Energy Profits Levy.
    3. Includes $(2,270) million related to the EU solidarity contribution and to the UK Energy Profits Levy. The third quarter 2022 includes $(361) million related to the UK Energy Profits Levy.

    The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within "Share of profit of joint ventures and associates" in the Consolidated Statement of Income, and fully reported as identified items included in Income / (loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

             Page 26



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

    Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

    Impacts of exchange rate movements on tax balances represent the impact on tax balances of exchange rate movements arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

    Other identified items represent other credits or charges that based on Shell management's assessment hinder the comparative understanding of Shell's financial results from period to period, including charges relating to the EU solidarity contribution and the deferred tax impact of the UK Energy Profits Levy.

    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).

    C.    Cash capital expenditure

    Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

                                       
     
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    6,417    5,268    6,236    Capital expenditure 22,600    19,000   
    860    95    145    Investments in joint ventures and associates 1,973    479   
    42    63    120    Investments in equity securities 261    218   
    7,319    5,426    6,500    Cash capital expenditure 24,833    19,698   
          Of which:    
    1,527    956    1,014    Integrated Gas 4,265    3,502   
    1,845    1,733    1,504    Upstream 8,143    6,168   
    1,993    746    829    Marketing 4,831    2,273   
    786    828    1,410    Chemicals and Products 3,838    5,175   
    1,076    1,086    1,617    Renewables and Energy Solutions 3,469    2,359   
    91    78    127    Corporate 287    221   

    D.    Return on average capital employed

    Return on average capital employed ("ROACE") measures the efficiency of Shell’s utilisation of the capital that it employs. Shell uses two ROACE measures: ROACE on a Net income basis and ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis, both adjusted for after-tax interest expense.

    Both measures refer to Capital employed which consists of total equity, current debt and non-current debt.

             Page 27



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    ROACE on a Net income basis
    In this calculation, the sum of income for the current and previous three quarters, adjusted for after-tax interest expense, is expressed as a percentage of the average capital employed for the same period.

                           
     
    $ million Quarters
      Q4 2022 Q3 2022 Q4 2021
    Income - current and previous three quarters 42,873 44,009 20,630
    Interest expense after tax - current and previous three quarters 2,290 2,273 2,741
    Income before interest expense - current and previous three quarters 45,164 46,282 23,371
    Capital employed – opening 264,413 262,074 266,551
    Capital employed – closing 276,392 272,227 264,413
    Capital employed – average 270,402 267,150 265,482
    ROACE on a Net income basis 16.7% 17.3% 8.8%

    ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis

    In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense, is expressed as a percentage of the average capital employed for the same period.

                           
     
    $ million Quarters
      Q4 2022 Q3 2022 Q4 2021
    Adjusted Earnings - current and previous three quarters (Reference A) 39,870 36,446 19,289
    Add: Income/(loss) attributable to NCI - current and previous three quarters 565 649 529
    Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters (116) (180) (119)
    Less: Identified items attributable to NCI (Reference A) - current and previous three quarters 15 (9) (19)
    Adjusted Earnings plus NCI excluding identified items - current and previous three quarters 40,303 36,924 19,718
    Add: Interest expense after tax - current and previous three quarters 2,290 2,273 2,741
    Adjusted Earnings plus NCI excluding identified items before interest expense - current and previous three quarters 42,593 39,197 22,459
    Capital employed - average 270,402 267,150 265,482
    ROACE on an Adjusted Earnings plus NCI basis 15.8% 14.7% 8.5%

    E.    Gearing

    Gearing is a measure of Shell’s capital structure and is defined as net debt as a percentage of total capital. 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. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

             Page 28



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                           
     
    $ million Quarters
      December 31, 2022 September 30, 2022 December 31, 2021
    Current debt 9,001 8,046 8,218
    Non-current debt 74,794 73,944 80,868
    Total debt 83,796 81,990 89,086
    Of which lease liabilities 27,643 26,560 27,507
    Add: Debt-related derivative financial instruments: net liability/(asset) 3,071 4,470 424
    Add: Collateral on debt-related derivatives: net liability/(asset) (1,783) (2,139) 16
    Less: Cash and cash equivalents (40,246) (35,978) (36,970)
    Net debt 44,838 48,343 52,556
    Add: Total equity 192,597 190,237 175,326
    Total capital 237,434 238,581 227,882
    Gearing 18.9  % 20.3  % 23.1  %
                               

    F.    Operating expenses

    Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

                                       
     
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    7,220    5,910    6,530    Production and manufacturing expenses 25,518    23,822   
    3,491    3,229    2,867    Selling, distribution and administrative expenses 12,883    11,328   
    403    220    304    Research and development 1,075    815   
    11,114    9,359    9,701    Operating expenses 39,477    35,964   
          Of which identified items:    
    23    (26)   131    Redundancy and restructuring (charges)/reversal 46    (226)  
    (100)   561    (238)   (Provisions)/reversal 77    (254)  
    —    —    (208)   Other (143)   (175)  
    (77)   535    (314)     (21)   (655)  
    11,037    9,893    9,386    Underlying operating expenses 39,456    35,309   

    G.    Free cash flow

    Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

    Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

             Page 29



           
       
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS
     
                                       
     
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    22,404    12,539    8,170    Cash flow from operating activities 68,413    45,104   
    (6,918)   (5,049)   2,579    Cash flow from investing activities (22,448)   (4,761)  
    15,486    7,490    10,749    Free cash flow 45,965    40,343   
    235    278    9,132    Less: Divestment proceeds (Reference I) 2,059    15,113   
    17    —    164    Add: Tax paid on divestments (reported under "Other investing cash outflows") 17    188   
    971    661    1,385    Add: Cash outflows related to inorganic capital expenditure1 4,205    1,658   
    16,238    7,872    3,166    Organic free cash flow2 48,128    27,076   
                                             
    1. Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell's activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.
    2. Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

    H.    Cash flow from operating activities excluding working capital movements

    Working capital movements are defined as 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.

    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

                                       
     
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    22,404    12,539    8,170    Cash flow from operating activities 68,413    45,104   
    2,902    484    (860)   (Increase)/decrease in inventories (8,360)   (7,319)  
    5,179    (98)   (6,799)   (Increase)/decrease in current receivables (8,989)   (20,567)  
    2,308    (4,544)   4,688    Increase/(decrease) in current payables 11,915    17,519   
    10,390    (4,157)   (2,971)   (Increase)/decrease in working capital (5,435)   (10,366)  
    12,014    16,696    11,140    Cash flow from operating activities excluding working capital movements 73,848    55,471   

    I.    Divestment proceeds

    Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver sustainable cash flow.

                                       
     
    Quarters $ million Full year
    Q4 2022 Q3 2022 Q4 2021   2022 2021
    52    39 8,843 Proceeds from sale of property, plant and equipment and businesses 1,431 14,233
    119    203 137 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 511 584
    65    36 151 Proceeds from sale of equity securities 117 296
    235    278 9,132 Divestment proceeds 2,059 15,113

             Page 30



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

    All amounts shown throughout this announcement are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Financial Report, “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 Unaudited Condensed Financial Report refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. 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.

    Forward-Looking Statements

    This Unaudited Condensed Financial Report 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’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ 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 Unaudited Condensed Financial Report, 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; 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 Unaudited Condensed Financial Report 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, 2021 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Financial Report, February 2, 2023. 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 Unaudited Condensed Financial Report.
    Shell’s net carbon footprint

    Also, in this Unaudited Condensed Financial Report we may refer to Shell’s “Net Carbon Footprint” or “Net Carbon Intensity”, which include 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 only controls its own emissions. The use of the term Shell’s “Net Carbon Footprint” or “Net Carbon Intensity” are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target

    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 Net Carbon Footprint (NCF) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCF target, as these targets are 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.

    Forward-Looking Non-GAAP measures

    This Unaudited Condensed Financial Report may contain certain forward-looking non-GAAP measures such as cash 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.

    The contents of websites referred to in this Unaudited Condensed Financial Report do not form part of this Unaudited Condensed Financial Report.
    We may have used certain terms, such as resources, in this Unaudited Condensed Financial Report 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 www.sec.gov.
    This announcement contains inside information.

    February 2, 2023

         
    The information in this announcement reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

             Page 31



         
     
    SHELL PLC

    4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS

    Contacts:

    - Caroline Omloo, Company Secretary
    - Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

    LEI number of Shell plc: 21380068P1DRHMJ8KU70
    Classification: Inside Information

             Page 32




    globenewswire
    0 Follower
    Autor folgen

    Verfasst von globenewswire
    SHELL PLC 4th Quarter 2022 and Full year unaudited results                SHELL PLC4th QUARTER 2022 AND FULL YEAR UNAUDITED RESULTS                                SUMMARY OF UNAUDITED RESULTSQuarters$ million Full yearQ4 2022Q3 2022Q4 2021%¹ Reference20222021%10,409  6,743  11,461  +54Income/(loss) …

    Schreibe Deinen Kommentar

    Disclaimer