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1、Shell plc|May 2,2024First quarter 2024 resultsDelivering strong results Shell plcMay 2,2024Shell plc|May 2,20242Definitions&cautionary note This presentation includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted acc

2、ounting principles(GAAP)such as IFRS,including Adjusted Earnings,Adjusted EBITDA,CFFO excluding working capital movements,Cash capital expenditure,free cash flow,Divestment proceeds and Net debt.This information,along with comparable GAAP measures,is useful to investors because it provides a basis f

3、or measuring Shell plcs operating performance and ability to retire debt and invest in new business opportunities.Shell plcs management uses these financial measures,along with the most directly comparable GAAP financial measures,in evaluating the business performance.This presentation may contain c

4、ertain forward-looking non-GAAP measures such as capital expenditure and divestments.We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcilethose non-GAAP measures to the most

5、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 ameaningful reconciliation is extremely

6、 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 policiesapplied in Shell plcs consolidated f

7、inancial statements.“Adjusted Earnings”is the income attributable to Shell plc shareholders for the period,adjusted for the after-tax effect of oil price changes on inventory and for identified items,and excludes earnings attributable to non-controlling interest.In this presentation,“earnings”refers

8、 to“Adjusted Earnings”unless stated otherwise.We define“Adjusted EBITDA“as“Income/(loss)for the period“adjusted for current cost of supplies;identified items;tax charge/(credit);depreciation,amortisation and depletion;exploration well write-offs and net interest expense.All items include the non-con

9、trolling interest component.In this presentation,“operating expenses”,“costs”and“underlying costs”refer to“Underlying operating expenses”unless stated otherwise.Underlying operating expenses represent“operating expenses excluding identified items”.Operating expenses consist of the following lines in

10、 the Consolidated Statement of Income:(i)production and manufacturing expenses;(ii)selling,distribution and administrative expenses;and(iii)research and development expenses.Cash flow from operating activities excluding working capital movements is defined as“Cash flow from operating activities”less

11、 the sum of the following items in the Consolidated Statement of Cash Flows:(i)(increase)/decrease in inventories,(ii)(increase)/decrease in current receivables,and(iii)increase/(decrease)in current payables.In this presentation,“capex”refers to“Cash capital expenditure”unless stated otherwise.Cash

12、capital expenditure comprises the following lines from the Consolidated Statement of Cash Flows:Capital expenditure,Investments in joint ventures and associates and Investments in equity securities.Free cash flow is defined as the sum of“Cash flow from operating activities”and“Cash flow from investi

13、ng activities”.Organic free cash flow is defined as free cash flow excluding inorganic cash capital expenditure,divestment proceeds,and tax paid on divestments.In this presentation,“divestments”refers to“divestment proceeds”unless stated otherwise.Divestment proceeds are defined as the sum of(i)proc

14、eeds from sale of property,plant and equipment and businesses,(ii)proceeds from sale of joint ventures and associates,and(iii)proceeds from sale of equity securities.Net debt is defined as the sum of current and non-current debt,less cash and cash equivalents,adjusted for the fair value of derivativ

15、e financial instruments used to hedge foreign exchange and interest rate risks relating to debt,and associated collateral balances.Reconciliations of the above non-GAAP measures are included in the Shell plc Unaudited Condensed Financial Report for the first quarter ended March 31,2024.The companies

16、 in which Shell plc directly and indirectly owns investments are separate legal entities.In this presentation“Shell”,“Shell Group”and“Group”are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general.Likewise,the words“we”,“us”and“our”are also used to re

17、fer to Shell plc and its subsidiaries in general or to those who work for them.These terms are also used where no useful purpose is served by identifying the particular entity or entities.Subsidiaries,“Shell subsidiaries”and“Shell companies”as used in this presentation refer to entities over which S

18、hell plc either directly or indirectly has control.The term“joint venture”,“joint operations”,“joint arrangements”,and“associates”may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties.The term“Shell interest”is used

19、for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement,after exclusion of all third-party interest.This presentation contains forward-looking statements(within the meaning of the U.S.Private Securities Litigation Refor

20、m 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 managements

21、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 po

22、tential exposure of Shell to market risks and statements expressing managements expectations,beliefs,estimates,forecasts,projections and assumptions.These forward-looking statements are identified by their use of terms and phrases such as“aim”;“ambition”;anticipate;believe;“commit”;“commitment”;coul

23、d;estimate;expect;goals;intend;may;“milestones”;objectives;outlook;plan;probably;project;risks;“schedule”;seek;should;target;will;“would”and similar terms and phrases.There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially fro

24、m those expressed in the forward-looking statements included in this presentation including(without limitation):(a)price fluctuations in crude oil and natural gas;(b)changes in demand for Shells products;(c)currency fluctuations;(d)drilling and production results;(e)reserves estimates;(f)loss of mar

25、ket 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 countri

26、es 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 renegotiat

27、ion of the terms of contracts with governmental entities,delays or advancements in the approval of projects and delays in the reimbursement for shared costs;(m)risks associated with the impact of pandemics,such as the COVID-19(coronavirus)outbreak,regional conflicts,such as the Russia-Ukraine war,an

28、d a significant cybersecurity breach;and(n)changes in trading conditions.No assurance is provided that future dividend payments will match or exceed previous dividend payments.All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary st

29、atements 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 plcs Form 20-F for the year ended December 31,2023(available at https:/ and www.sec.gov).These risk fa

30、ctors also expressly qualify all forward-looking statements contained in this presentation and should be considered by the reader.Each forward-looking statement speaks only as of the date of this presentation-May 2,2024.Neither Shell plc nor any of its subsidiaries undertake any obligation to public

31、ly update or revise any forward-looking statement as a result of new information,future events or other information.In light of these risks,results could differ materially from those stated,implied or inferred from the forward-looking statements contained in this presentation.All amounts shown throu

32、ghout this presentation are unaudited.The numbers presented throughout this presentation may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures,due to rounding.Also,in this presentation we may refer to Shells“Net Carbon Intensity”(NCI),which inclu

33、des Shells 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.Shells NCI also includes the emissions associated with the product

34、ion and use of energy products produced by others which Shell purchases for resale.Shell only controls its own emissions.The use of the terms Shells“Net Carbon Intensity”or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.Shells oper

35、ating plan,outlook and budgets are forecasted for a ten-year period and are updated every year.They reflect the current economic environment and what we can reasonably expect to see over the next ten years.Accordingly,they reflect our Scope 1,Scope 2 and NCI targets over the next ten years.However,S

36、hells operating plans cannot reflect our 2050 net-zero emissions target,as this target is currently outside our planning period.In the future,as society moves towards net-zero emissions,we expect Shells operating plans to reflect this movement.However,if society is not net zero in 2050,as of today,t

37、here would be significant risk that Shell may not meet this target.The contents of websites referred to in this presentation do not form part of this presentation.We may have used certain terms,such as resources,in this presentation that the United States Securities and Exchange Commission(SEC)stric

38、tly 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.The financial information presented in this presentation does not constitute statutory accounts within the mean

39、ing of section 434(3)of the Companies Act 2006(“the Act”).Statutory accounts for the year ended December 31,2023,were published in Shells Annual Report and Accounts,a copy of which was delivered to the Registrar of Companies for England and Wales,and in Shells Form 20-F.The auditors report on those

40、accounts was unqualified,did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2)or 498(3)of the Act.The information in this presentation does not constitute the unaudited con

41、densed consolidated financial statements which are contained in Shells first quarter 2024 unaudited results available on 207 934 5550;USA+1 832 337 4355Shell plc|May 2,20243Key messages APM reconciliations are available in the Q1 2024 Quarterly Databook here.1Income attributable to shareholders is$7

42、.4 billion in Q1 2024.2Total debt$79.9 billion 3Q2 2023 to Q1 2024 4Expected to be completed by Q2 2024 results announcement.5Cash dividends paid to Shell plc shareholders$2.2 billion,repurchases of shares$2.8 billion.First quarter 2024 results Providing energy security,Enabling the energy transitio

43、n$7.7 billionAdjusted Earnings1$13.3 billionCFFO$0.344Dividend per share$3.5 billionBuyback programme4Strong operational performance across the business$2225 billion cash capex outlook for 2024Strong balance sheet,net debt$40.5 billion2$13.2 billion buybacks executed over the last twelve months320%h

44、igher dividend per share than Q1 2023Total shareholder distributions in Q1 2024-$5.0 billion5Enhancing shareholder returnsPerformance DisciplineSimplificationShell plc|May 2,20244First quarter 2024 results Continued strong financial performanceIncome attributable to Shell plc shareholdersAdjusted Ea

45、rningsAdjusted EBITDACash flow from operationsCash capital expenditureFree cash flow Net debtAPM reconciliations are available in the Q1 2024 Quarterly Databook here.Q1 2024$7.4 billion$7.7 billion$18.7 billion$13.3 billion$4.5 billion$9.8 billion$40.5 billionQ4 2023$0.5 billion$7.3 billion$16.3 bil

46、lion$12.6 billion$7.1 billion$6.9 billion$43.5 billionShell plc|May 2,20247.37.702468105First quarter 2024 results Strong operational and financial performanceAdjusted Earnings Q4 2023 to Q1 2024$billionPrices&margins1:$(1.5)billion Volume&mix1:$0.2 billion Other2:$1.7 billion(0.3)(1.1)(0.0)1.6(0.0)

47、0.3Cash conversion Q1 2024$billion7.718.713.30481216206.20.64.2(0.6)0.3(2.4)(1.2)0.6(2.1)1Integrated Gas and Upstream.2Mainly higher Chemicals and Products margins.3Non-controlling interest.4AR/AP&other includes initial margin.Working capital movement$(2.8)billionShell plc|May 2,20246Strong operatio

48、nal and financial performanceAPM reconciliations are available in the Q1 2024 Quarterly Databook here.1The wholesale commercial fuels business,previously reported in Chemicals&Products,is reported in the Marketing segment(Mobility)with effect from Q1 2024.Comparative information for Marketing and Ch

49、emicals&Products has been revised.2Non-controlling interest.First quarter 2024 results Adjusted EarningsAdjusted EBITDACFFO$billionQ1 2024Q4 2023Q1 2024Q4 2023Q1 2024Q4 2023Integrated Gas3.74.06.16.64.73.6Upstream1.93.17.97.95.75.8Marketing10.80.81.71.51.31.8Chemicals&Products11.60.02.80.7(0.3)1.2R&

50、ES0.20.20.30.32.5(1.3)Corporate&NCI2(0.4)(0.7)(0.1)(0.5)(0.5)1.5Total7.77.318.716.313.312.6Shell plc|May 2,2024A pragmatic approach to capital allocation1Subject to Board approval.2Expected to be completed by Q2 2024 results announcement.Financial framework3040%of CFFO through the cycle4%progressive

51、 dividend annually1Enhanced Shareholder DistributionsDisciplined InvestmentCash capex:$2225 billion p.a.for 2024 and 2025AA credit metricsthrough the cycleBalanced Capital AllocationStrong Balance SheetNet Debt Net debt of$40.5 billion at the end of Q1,includes$26.9 billion of lease liabilities.Enha

52、nced distributions$3.5 billion of share buybacks for the next 3 months27Shell plc|May 2,2024Upcoming events:Corporate reports:Annual Report 2023Energy Transition Strategy 2024Payments to Governments Report 2023Sustainability Report 2023Nigeria Briefing Notes 2022Useful links:Capital Markets DayAnnua

53、l and Quarterly DatabookShell Energy Transition StrategyESG Performance DataWar in Ukraine:Shells ResponseAug 1,2024Q2 2024 resultsOct 31,2024Q3 2024 resultsMay 21,2024Annual General Meeting8Shell plc|May 2,202410Volatility continuesData based on monthly averages.Macro environment6080100120140BrentJ

54、CC-3020406080Henry HubEU TTF-1000100200300400-10010203040IRMICM(RHS)$/bbl$/MMBtu$/tonne$/bblOilShell Indicative Refining Margin(IRM)and Indicative Chemical Margin(ICM)GasIRM:Q124:$1223FY:$12ICM:Q124:$15023FY:$133Henry Hub:Q124:$2.223FY:$2.5EU TTF:Q124:$8.723FY:$13.0Brent:Q124:$8323FY:$83JCC-3:Q124:$

55、9223FY:$89Shell plc|May 2,2024Performing with purposeGeneratingshareholder valuePoweringlivesAchieving net-zeroemissionsRespectingnatureUnderpinned by our core values and our focus on safetyOur purpose is topower progress together by providing more and cleaner energy solutionsPowering Progress11Shel

56、l plc|May 2,202412The investment case through the energy transition 12023-2025.2Includes infrastructure&assets($20 billion)and low-carbon energy solutions($10-15 billion).32022 to 2025,for price assumptions see CMD materials.Providing Energy SecurityEnabling the Energy TransitionPerformance,Discipli

57、ne,Simplification Committed to Enhancing Shareholder ReturnsReduce structural cost by$2-3 billion by end-2025&lower capital spend to$22-25 billion p.a.in 2024 and 2025Grow FCF/share 10%p.a.through 20253Shareholder returns increased to 30-40%of CFFO through the cycleDelivered dividend per share incre

58、ase of 20%and$13.2 billion of buybacks completed over last twelve monthsProviding molecules to decarbonise the transport and industry sectors,while high-grading the Downstream businessInvesting$35 billion1,2 into Downstream and Renewables&Energy Solutions,of which$10-15 billion1 1 is directly into l

59、ow-carbon energy solutionsCommitted to oil and gas,with a focus on LNG growthInvesting$40 billion1 1 in Leading Integrated Gas&Advantaged Upstream More value with less emissionsShell plc|May 2,2024Profitably transitioning towards Net Zero by 20501FCF 2022 to 2025/2030,price-normalised(refer to CMD 2

60、3 materials for price assumptions).22016 reference year.3From upstream operations;subject to completion of the sale of Shell Petroleum Development Company of Nigeria Limited.4Compared to 2021.These emissions were 517 million tonnes CO2e in 2023 and 569 million tonnes CO2e in 2021.More value with les

61、s emissions6%p.a.absolute free cash flow growththrough 20301Shareholder distributions of 30-40%of CFFO through the cycle10%p.a.FCF/share growth through 20251Structural cost reduction of$2-3 billion by end-2025Halve Scope 1 and 2 emissions under operational control by 2030,on a net basis2Eliminate ro

62、utine flaring by 20253and achieve near-zero methane emissions by 2030Reduce the net carbon intensity(NCI)of the products we sell by 15-20%by 20302Ambition to reduce customer emissions from the use of our oil products by 15-20%by 20304(Scope 3,category 11)Emissions from our operations(Scope 1&2)Emiss

63、ions from the products we sell(Scope 3)13Shell plc|May 2,202414Reducing emissions 2016-2023 data period.1Covers all Scope 1 and 2 emissions under Shells operational control.2016 reference year.2Operational control boundary.3Covers Scope 1,2 and 3 emissions as measured by our Net Carbon Footprint(NCF

64、)methodology,available on our website.2016 reference year.More value with less emissionsScope 1&2 emissions1Methane emissions2Net carbon intensity3Routine flaring231%reduction(vs 2016)836858572016202120222023Scope 1Scope 2Million tonnes CO2e70%reduction(vs 2016)13855404120162021202220236.3%reduction

65、(vs 2016)91%reduction(vs 2016)1.10.20.10.12016202120222023797776742016202120222023Thousand tonnesgCO2e/MJMillion tonnes of hydrocarbons flaredShell plc|May 2,202415Portfolio updatesClick on the icons on map for further details on the deal/project.2024 deliveryGrowthFor additional portfolio informati

66、on visit our investors page on Shell Pakistan Limited divestment agreedAspired divestment of Singapore Energy&Chemicals ParkLongevityHigh-gradingMap not to scaleNigerian onshore(SPDC)divestment agreedEV growthFID to repurpose Rheinland Energy and Chemicals ParkSouthCoast Wind divestmentRydberg produ

67、ction startShell plc|May 2,202416Pipeline of major projects Further details are available on our investors page on KEYLow-carbon fuelsMap not to scaleProjects under constructionPeak production/Capacity/Products(100%)Shell share%CountryStart-up 2024-2025Mero-3 A180 kboe/d19.3BrazilMero-4 A180 kboe/d1

68、9.3 BrazilWhale100 kboe/d60USALNG Canada T1-214 mtpa40CanadaSprng Energy(multiple)B1,368 MW100IndiaSavion(multiple)B311 MW100USAShell Friesian350,000 MMBtu RNG100USANorthern Lights JV(Phase 1)1.5 mtpa CO2captured and/or stored33.3NorwayStart-up 2026+Marjoram/Rosmari100 kboe/d80MalaysiaSparta 90 kboe

69、/d51USANLNG T77.6 mtpa26NigeriaQatarEnergy LNG NFE(2)8 mtpa25*QatarQatarEnergy LNG NFS(2)6 mtpa25*QatarHEFA Biofuels Plant Rotterdam820,000 tonnes of renewable fuels 100NetherlandsHolland Hydrogen I200 MW100NetherlandsEcowende/HKW B760 MW60NetherlandsAtlantic Shores-Project 1 B1,509 MW50USARepurposi

70、ng Rheinland E&C Park300 ktpa100GermanyUpstreamLiquefaction plantsHydrogen electrolyserCCSSolarOffshore windA Subject to unitisation agreements,production shown is FPSO oil capacity as per operator.B Renewable generation capacity under construction and/or committed for sale,with multiple start-up da

71、tes.*A 25%share in a JV company which will own 25%of the QatarEnergy LNG NFE(2)expansion project and a 25%share in a JV company which will own 37.5%of the QatarEnergy LNG NFS(2)expansion project.Q1 2024 updates:Rydberg(Deepwater USA)and CrossWind(Offshore Netherlands)projects completed Chemicals conversion