Shell Plc 1st Quarter 2024 Unaudited Results

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SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

SUMMARY OF UNAUDITED RESULTS

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023
%

Reference

7,358

474

8,709

+1,453
Income/(loss) attributable to Shell plc shareholders

7,734

7,306

9,646

+6
Adjusted Earnings
A

18,711

16,335

21,432

+15
Adjusted EBITDA
A

13,330

12,575

14,159

+6
Cash flow from operating activities

(3,528)

(5,657)

(4,238)

Cash flow from investing activities

9,802

6,918

9,921

Free cash flow
G

4,493

7,113

6,501

Cash capital expenditure
C

8,997

10,897

9,312

-17
Operating expenses
F

9,054

10,565

9,293

-14
Underlying operating expenses
F

12.0%
12.8%
18.1%

ROACE2
D

79,931

81,541

85,142

Total debt
E

40,513

43,542

44,224

Net debt
E

17.7%
18.8%
18.4%

Gearing
E

2,911

2,827

2,902

+3
Oil and gas production available for sale (thousand boe/d)

1.14

0.07

1.26
+1,529
Basic earnings per share ($)

1.20

1.11

1.39

+8
Adjusted Earnings per share ($)
B

0.3440

0.2875

–
Dividend per share ($)

1.Q1 on Q4 change

2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the fourth quarter 2023, reflected lower operating expenses, higher margins from crude and oil products trading and optimisation, and higher refining margins, partly offset by lower LNG trading and optimisation margins, and unfavourable tax movements in comparison to the fourth quarter 2023.

First quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements due to the fair value accounting of commodity derivatives, and favourable differences in exchange rates and inflationary adjustments on deferred tax. These items are included in identified items amounting to a net loss of $0.6 billion in the quarter. This compares with identified items in the fourth quarter 2023 which amounted to a net loss of $6.0 billion, and included net impairment charges and reversals ($3.9 billion), and unfavourable movements due to the fair value accounting of commodity derivatives.

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 negative $0.3 billion.

Cash flow from operating activities for the first quarter 2024 was $13.3 billion, and primarily driven by Adjusted EBITDA, partly offset by a working capital outflow of $2.8 billion, and tax payments of $2.6 billion. The working capital outflow mainly reflected accounts receivable and payable movements, and inventory movements due to higher crude and oil products prices.

Cash flow from investing activities for the quarter was an outflow of $3.5 billion, and included cash capital expenditure of $4.5 billion, and divestment proceeds of $1.0 billion.

Net debt and Gearing: At the end of the first quarter 2024, net debt was $40.5 billion, compared with $43.5 billion at the end of the fourth quarter 2023, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, interest payments, and lease additions. Gearing was 17.7% at the end of the first quarter 2024, compared with 18.8% at the end of the fourth quarter 2023, driven by lower net debt.

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

Shareholder distributions

Total shareholder distributions in the quarter amounted to $5.0 billion comprising repurchases of shares of $2.8 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the first quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the fourth quarter 2023 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the second quarter 2024 results announcement.

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

3.Not incorporated by reference.

FIRST QUARTER 2024 PORTFOLIO DEVELOPMENTS

Upstream

In January 2024, we reached an agreement to sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance. Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

Chemicals and Products

In January 2024, we announced the final investment decision to convert the hydrocracker of the Wesseling site at the Energy and Chemicals Park Rheinland in Germany into a production unit for Group III base oils, used in making high-quality lubricants such as engine and transmission oils. Crude oil processing will end at the Wesseling site by 2025 but will continue at the Godorf site.

Page 2

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

PERFORMANCE BY SEGMENT

INTEGRATED GAS

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023
%

Reference

2,761

1,733

2,412

+59
Segment earnings2

(919)

(2,235)

(2,506)

Of which: Identified items
A

3,680

3,968

4,919

-7
Adjusted Earnings2
A

6,136

6,584

7,484

-7
Adjusted EBITDA2
A

4,712

3,597

6,286

+31
Cash flow from operating activities
A

1,041

1,196

813

Cash capital expenditure
C

137

113

138

+22
Liquids production available for sale (thousand b/d)

4,954

4,570

4,825

+8
Natural gas production available for sale (million scf/d)

992

901

970

+10
Total production available for sale (thousand boe/d)

7.58

7.06

7.19

+7
LNG liquefaction volumes (million tonnes)

16.87

18.09

16.97

-7
LNG sales volumes (million tonnes)

1.Q1 on Q4 change

2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).

Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

Quarter Analysis1

Segment earnings, compared with the fourth quarter 2023, reflected the net effect of lower contributions from trading and optimisation and higher realised prices (decrease of $1,153 million), partly offset by favourable deferred tax movements ($327 million), higher volumes (increase of $276 million), and lower operating expenses (decrease of $213 million).

First quarter 2024 segment earnings also included unfavourable movements of $887 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 unfavourable movements are part of identified items and compare with the fourth quarter 2023 which included unfavourable movements of $1,587 million due to the fair value accounting of commodity derivatives, and impairment charges of $547 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 and working capital inflows of $275 million, partly offset by net cash outflows related to derivatives of $1,080 million, and tax payments of $467 million.

Total oil and gas production compared with the fourth quarter 2023 increased by 10% mainly due to lower maintenance at Prelude and Pearl GTL. LNG liquefaction volumes increased by 7% mainly due to lower maintenance at Prelude.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

Page 3

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

UPSTREAM

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023
%

Reference

2,272

2,151

2,789

+6
Segment earnings2

339

(909)

(21)

Of which: Identified items
A

1,933

3,060

2,810

-37
Adjusted Earnings2
A

7,888

7,872

8,849

–
Adjusted EBITDA2
A

5,727

5,787

5,808

-1
Cash flow from operating activities
A

2,010

2,436

1,870

Cash capital expenditure
C

1,331

1,361

1,346

-2
Liquids production available for sale (thousand b/d)

3,136

2,952

3,078

+6
Natural gas production available for sale (million scf/d)

1,872

1,870

1,877

–
Total production available for sale (thousand boe/d)

1.Q1 on Q4 change

2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).

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 fourth quarter 2023, reflected deferred tax help in the fourth quarter 2023 resulting in unfavourable tax movements ($852 million) and higher well write-offs (increase of $383 million).

Furthermore, the first quarter 2024 segment earnings included a gain of $460 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by net impairment charges and reversals of $102 million. These gains and charges are part of identified items, and compare with the fourth quarter 2023 which included net impairment charges and reversals of $454 million, charges of $424 million related to the impact of the weakening Argentine peso on a deferred tax position, and legal provisions of $358 million, partly offset by a gain of $182 million due to the impact of the discount rate change on provisions.

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 $1,802 million.

Total production was in line with the fourth quarter 2023. Higher scheduled maintenance was fully offset by improved performance and new oil delivery.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

Page 4

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

MARKETING

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023
%

Reference

774

226

1,184

+242
Segment earnings2,3

(7)

(567)

238

Of which: Identified items3
A

781

794

946

-2
Adjusted Earnings2,3
A

1,686

1,500

1,714

+12
Adjusted EBITDA2,3
A

1,319

1,767

2,101

-25
Cash flow from operating activities3
A

465

1,385

2,737

Cash capital expenditure3
C

2,763

2,997

2,945

-8
Marketing sales volumes (thousand b/d)3

1.Q1 on Q4 change

2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).

3.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

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

Quarter Analysis1

Segment earnings, compared with the fourth quarter 2023, reflected lower operating expenses (decrease of $234 million), offset by higher tax charges (increase of $160 million) due to incidental tax helps in the fourth quarter 2023. Marketing margins were in line with the fourth quarter 2023 and included higher Lubricants margins due to seasonality offset by lower Mobility margins due to seasonality and lower Sectors and Decarbonisation margins.

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, the timing impact of payments relating to emission certificates and biofuel programmes of $427 million, non-cash cost-of-sales (CCS) adjustments of $153 million and dividends (net of profits) from joint ventures and associates of $93 million. These inflows were partly offset by working capital outflows of $792 million and tax payments of $175 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2023, decreased mainly due to seasonality.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

Page 5

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

CHEMICALS AND PRODUCTS

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023
%

Reference

1,157

(1,828)

1,753

+163
Segment earnings2,3

(458)

(1,857)

Of which: Identified items3
A

1,615

1,707

+5,476
Adjusted Earnings2,3
A

2,826

670

2,915

+322
Adjusted EBITDA2,3
A

(349)

1,150

1,275

-130
Cash flow from operating activities3
A

500

986

561

Cash capital expenditure3
C

1,430

1,315

1,413

+9
Refinery processing intake (thousand b/d)

2,883

2,588

2,831

+11
Chemicals sales volumes (thousand tonnes)

1.Q1 on Q4 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 and optimisation 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 fourth quarter 2023, reflected higher Products margins (increase of $1,197 million) mainly driven by higher margins from trading and optimisation and higher refining margins due to higher utilisation and global supply disruptions. Segment earnings also reflected higher Chemicals margins (increase of $291 million) due to improved margin environment and utilisation and also included higher income from joint ventures and associates. In addition, the first quarter 2024 reflected lower operating expenses (decrease of $174 million).

First quarter 2024 segment earnings also included unfavourable movements of $319 million due to the fair value accounting of commodity derivatives and impairment charges of $152 million. These unfavourable movements and charges are part of identified items, and compare with the fourth quarter 2023 which included net impairment charges and reversals of $1,968 million mainly relating to the Chemicals assets in Singapore, and charges of $78 million related to redundancy and restructuring partly offset by favourable movements of $138 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. In the first quarter 2024, Chemicals had negative Adjusted Earnings of $113 million and Products had positive Adjusted Earnings of $1,729 million.

Cash flow from operating activities for the quarter was primarily driven by outflows relating to working capital of $2,639 million, commodity derivatives of $402 million, the timing impact of payments relating to emission certificates and biofuel programmes of $185 million, and legal provisions of $180 million. These outflows were partly offset by Adjusted EBITDA, and non-cash cost-of-sales (CCS) adjustments of $207 million.

Chemicals manufacturing plant utilisation was 73% compared with 62% in the fourth quarter 2023, due to lower planned and unplanned maintenance in North America.

Refinery utilisation was 91% compared with 81% in the fourth quarter 2023, due to lower planned maintenance in North America.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

Page 6

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

RENEWABLES AND ENERGY SOLUTIONS

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023
%

Reference

553

(272)

2,205

+303
Segment earnings2

390

(445)

1,810

Of which: Identified items
A

163

173

395

-6
Adjusted Earnings2
A

267

253

676

+6
Adjusted EBITDA2
A

2,466

(1,265)

1,091

+295
Cash flow from operating activities
A

438

1,026

440

Cash capital expenditure
C

+14
External power sales (terawatt hours)3

190

175

221

+9
Sales of pipeline gas to end-use customers (terawatt hours)4

1.Q1 on Q4 change

2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).

3.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

4.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.

Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

Quarter Analysis1

Segment earnings, compared with the fourth quarter 2023, reflected lower margins (decrease of $233 million) mainly due to trading and optimisation, partly offset by lower operating expenses (decrease of $231 million).

First quarter 2024 segment earnings also included favourable movements of $306 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, sales and inventory. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These favourable movements are part of identified items and compare with the fourth quarter 2023 which included impairment charges of $551 million, partly offset by favourable movements of $125 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. Loss-making Renewables and Energy Solutions activities were more than offset by the positive Adjusted Earnings from trading and optimisation.

Cash flow from operating activities for the quarter was primarily driven by net cash inflows related to derivatives of $1,979 million, working capital inflows of $481 million, and Adjusted EBITDA, partly offset by tax payments of $244 million.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

Additional Growth Measures

Quarters

Q1 2024
Q4 2023
Q1 2023
%

Renewable power generation capacity (gigawatt):

3.2

2.5

2.3

+28
– In operation2

3.5

4.1

4.0

-13
– Under construction and/or committed for sale3

1.Q1 on Q4 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.

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.

Page 7

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

CORPORATE

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

Reference

(354)

(629)

(1,082)

Segment earnings1,2

(19)

(24)

Of which: Identified items
A

(368)

(609)

(1,058)

Adjusted Earnings1,2
A

(92)

(544)

(207)

Adjusted EBITDA1,2
A

(545)

1,540

(2,403)

Cash flow from operating activities
A

1.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).

2.From the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.

The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, 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 fourth quarter 2023, reflected favourable movements in currency exchange rate effects and lower operating expenses, partly offset by an unfavourable movement in tax credits.

Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects and lower operating expenses.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

OUTLOOK FOR THE SECOND QUARTER 2024

Cash capital expenditure for full year 2024 is expected to be within $22 – $25 billion.

Integrated Gas production is expected to be approximately 920 – 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 – 7.4 million tonnes. Production and LNG liquefaction outlook reflects seasonality (higher maintenance).

Upstream production is expected to be approximately 1,630 – 1,830 thousand boe/d. Production outlook reflects the scheduled maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,700 – 3,200 thousand b/d.

Refinery utilisation is expected to be approximately 87% – 95%. Chemicals manufacturing plant utilisation is expected to be approximately 72% – 80%.

Corporate Adjusted Earnings are expected to be a net expense of approximately $400 – $600 million in the second quarter and a net expense of approximately $1,700 – $2,300 million for the full year 2024. This excludes the impact of currency exchange rate and fair value accounting effects.

FORTHCOMING EVENTS

Date
Event

May 21, 2024
Annual General Meeting

August 1, 2024
Second quarter 2024 results and dividends

October 31, 2024
Third quarter 2024 results and dividends

Page 8

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

72,478

78,732

86,959

Revenue1

1,318

768

1,581

Share of profit/(loss) of joint ventures and associates

907

631

481

Interest and other income/(expenses)2

74,703

80,131

89,021

Total revenue and other income/(expenses)

46,867

54,745

57,502

Purchases

5,810

6,807

6,008

Production and manufacturing expenses

2,975

3,621

3,051

Selling, distribution and administrative expenses

212

469

253

Research and development

750

467

404

Exploration

5,881

11,221

6,285

Depreciation, depletion and amortisation2

1,164

1,166

1,165

Interest expense

63,659

78,496

74,667

Total expenditure

11,044

1,635

14,354

Income/(loss) before taxation

3,604

1,099

5,582

Taxation charge/(credit)2

7,439

536

8,772

Income/(loss) for the period

Income/(loss) attributable to non-controlling interest

7,358

474

8,709

Income/(loss) attributable to Shell plc shareholders

1.14

0.07

1.26

Basic earnings per share ($)3

1.13

0.07

1.25

Diluted earnings per share ($)3

1.See Note 2 “Segment information”.

2.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

3.See Note 4 “Earnings per share”.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

7,439

536

8,772

Income/(loss) for the period

Other comprehensive income/(loss) net of tax:

Items that may be reclassified to income in later periods:

(1,995)

2,571

553

– Currency translation differences

(6)

– Debt instruments remeasurements

(180)

– Cash flow hedging gains/(losses)

–

(52)

– Net investment hedging gains/(losses)

(14)

(53)

(2)

– Deferred cost of hedging

(12)

135

(35)

– Share of other comprehensive income/(loss) of joint ventures and associates

(1,974)

2,692

302

Total

Items that are not reclassified to income in later periods:

439

(1,207)

(32)

– Retirement benefits remeasurements

(84)

– Equity instruments remeasurements

(186)

(8)

– Share of other comprehensive income/(loss) of joint ventures and associates

528

(1,477)

(33)

Total

(1,445)

1,215

269

Other comprehensive income/(loss) for the period

5,994

1,750

9,041

Comprehensive income/(loss) for the period

Comprehensive income/(loss) attributable to non-controlling interest

5,937

1,654

8,958

Comprehensive income/(loss) attributable to Shell plc shareholders

Page 9

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

CONDENSED CONSOLIDATED BALANCE SHEET

$ million

March 31, 2024
December 31, 2023

Assets

Non-current assets

Goodwill
16,554

16,660

Other intangible assets
9,999

10,253

Property, plant and equipment
191,952

194,835

Joint ventures and associates
25,113

24,457

Investments in securities
3,033

3,246

Deferred tax
6,217

6,454

Retirement benefits
9,151

9,151

Trade and other receivables
6,548

6,298

Derivative financial instruments
381

801

268,948

272,155

Current assets

Inventories
26,471

26,019

Trade and other receivables
53,178

53,273

Derivative financial instruments
12,730

15,098

Cash and cash equivalents
39,949

38,774

132,329

133,164

Assets classified as held for sale1
762

951

133,091

134,115

Total assets
402,039

406,270

Liabilities

Non-current liabilities

Debt
68,886

71,610

Trade and other payables
3,909

3,103

Derivative financial instruments
2,338

2,301

Deferred tax
15,179

15,347

Retirement benefits
7,101

7,549

Decommissioning and other provisions
22,412

22,531

119,824

122,441

Current liabilities

Debt
11,046

9,931

Trade and other payables
65,997

68,237

Derivative financial instruments
8,919

9,529

Income taxes payable
3,940

3,422

Decommissioning and other provisions
3,714

4,041

93,615

95,160

Liabilities directly associated with assets classified as held for sale1
296

307

93,911

95,467

Total liabilities
213,735

217,908

Equity attributable to Shell plc shareholders
186,565

186,607

Non-controlling interest
1,739

1,755

Total equity
188,304

188,362

Total liabilities and equity
402,039

406,270

1. See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

2. See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

Page 10

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Equity attributable to Shell plc shareholders

$ million
Share capital1
Shares held in trust
Other reserves
Retained earnings
Total
Non-controlling interest

Total equity

At January 1, 2024
544

(997)

21,145

165,915

186,607

1,755

188,362

Comprehensive income/(loss) for the period
–

–

(1,420)

7,358

5,937

5,994

Transfer from other comprehensive income
–

–

138

(138)

–

Dividends
–

–

(2,210)

(68)

(2,278)

Repurchases of shares4
(7)

–

(3,502)

–

(3,502)

Share-based compensation
–

543

(426)

(392)

(275)

–

(275)

Other changes
–

–

(4)

At March 31, 2024
537

(455)

19,445

167,038

186,565

1,739

188,304

At January 1, 2023
584

(726)

21,132

169,482

190,472

2,125

192,597

Comprehensive income/(loss) for the period
–

–

250

8,708

8,958

9,041

Transfer from other comprehensive income
–

–

(114)

114

–

Dividends3
–

–

(2,030)

(10)

(2,040)

Repurchases of shares4
(12)

–

(4,018)

–

(4,018)

Share-based compensation
–

501

(372)

(191)

(62)

–

(62)

Other changes
–

–

(2)

At March 31, 2023
572

(227)

20,908

172,063

193,317

2,214

195,530

1. See Note 5 “Share capital”.

2. See Note 6 “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.

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SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

CONSOLIDATED STATEMENT OF CASH FLOWS

Quarters
$ million

Q1 2024

Q4 2023
Q1 2023

11,044

1,635

14,354

Income before taxation for the period

Adjustment for:

576

571

664

– Interest expense (net)

5,881

11,221

6,285

– Depreciation, depletion and amortisation1

554

243

236

– Exploration well write-offs

(10)

(222)

(45)

– Net (gains)/losses on sale and revaluation of non-current assets and businesses

(1,318)

(768)

(1,581)

– Share of (profit)/loss of joint ventures and associates

738

1,145

896

– Dividends received from joint ventures and associates

(608)

4,088

4,217

– (Increase)/decrease in inventories

(195)

(704)

5,943

– (Increase)/decrease in current receivables

(1,949)

(701)

(10,806)

– Increase/(decrease) in current payables2

1,386

328

(2,336)

– Derivative financial instruments

(61)

(68)

– Retirement benefits

(600)

430

(210)

– Decommissioning and other provisions2

509

(1,021)

(330)

– Other1

(2,616)

(3,604)

(3,144)

Tax paid

13,330

12,575

14,159

Cash flow from operating activities

(3,980)

(6,960)

(6,161)

Capital expenditure

(500)

(109)

(307)

Investments in joint ventures and associates

(13)

(44)

(33)

Investments in equity securities

(4,493)

(7,113)

(6,501)

Cash capital expenditure

323

540

1,479

Proceeds from sale of property, plant and equipment and businesses

133

257

Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans

569

Proceeds from sale of equity securities

577

568

448

Interest received

857

960

700

Other investing cash inflows

(1,494)

(685)

(623)

Other investing cash outflows1

(3,528)

(5,657)

(4,238)

Cash flow from investing activities

(107)

(27)

(86)

Net increase/(decrease) in debt with maturity period within three months

Other debt:

167

415

– New borrowings

(1,532)

(4,054)

(1,453)

– Repayments

(911)

(1,366)

(869)

Interest paid

(297)

702

200

Derivative financial instruments

(4)

(1)

(30)

Change in non-controlling interest

Cash dividends paid to:

(2,210)

(2,201)

(2,029)

– Shell plc shareholders

(68)

(128)

(10)

– Non-controlling interest

(2,824)

(3,977)

(4,291)

Repurchases of shares

(462)

(714)

(232)

Shares held in trust: net sales/(purchases) and dividends received

(8,248)

(11,703)

(8,385)

Cash flow from financing activities

(379)

529

293

Effects of exchange rate changes on cash and cash equivalents

1,175

(4,256)

1,829

Increase/(decrease) in cash and cash equivalents

38,774

43,031

40,246

Cash and cash equivalents at beginning of period

39,949

38,774

42,074

Cash and cash equivalents at end of period

1.See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the fourth quarter 2023 and first quarter 2023 have been reclassified accordingly by $653 million and $126 million respectively to conform with current period presentation.

Page 12

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023 as will be filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financile Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

The financial information presented in the unaudited Condensed Consolidated Interim 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, 2023 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.

2. Segment information

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.

From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

Page 13

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

REVENUE AND CCS EARNINGS BY SEGMENT

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

Third-party revenue

9,195

10,437

10,932

Integrated Gas

1,759

1,263

2,062

Upstream

30,041

31,761

32,045

Marketing2

23,735

24,957

26,290

Chemicals and Products2

7,737

10,302

15,619

Renewables and Energy Solutions

Corporate

72,478

78,732

86,959

Total third-party revenue1

Inter-segment revenue

2,404

2,614

3,534

Integrated Gas

10,287

10,948

11,146

Upstream

1,355

1,243

1,327

Marketing2

10,312

10,163

10,793

Chemicals and Products2

1,005

1,567

1,475

Renewables and Energy Solutions

–

Corporate

CCS earnings

2,761

1,733

2,412

Integrated Gas

2,272

2,151

2,789

Upstream

774

226

1,184

Marketing2

1,157

(1,828)

1,753

Chemicals and Products2

553

(272)

2,205

Renewables and Energy Solutions

(354)

(629)

(1,082)

Corporate3

7,163

1,381

9,262

Total CCS earnings4

1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. First quarter 2024 included income of $1,643 million (fourth quarter 2023: $3,021 million income; first quarter 2023: $4,809 million income). This amount includes both the reversal of prior gains of $257 million (fourth quarter 2023: $711 million gains; first quarter 2023: $1,369 million gains) related to sales contracts and prior losses of $235 million (fourth quarter 2023: $248 million losses; first quarter 2023: $772 million losses) related to purchase contracts that were previously recognised and where physical settlement took place in the first quarter 2024.

2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the first quarter 2023 have been reclassified accordingly, by $5,333 million and $5,766 million respectively for Third-party revenue and by $82 million and $47 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the fourth quarter 2023 and the first quarter 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,058 million and $1,164 million respectively and an increase in the Chemicals and Products segment of $9,553 million and $10,228 million respectively.

3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the fourth quarter 2023 and the first quarter 2023 have been revised by $42 million and $18 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

4.See Note 3 “Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt”.

Page 14

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

CASH CAPITAL EXPENDITURE BY SEGMENT

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

Capital expenditure

858

1,034

697

Integrated Gas

1,766

2,547

1,752

Upstream

427

1,383

2,728

Marketing1

474

983

559

Chemicals and Products1

421

932

375

Renewables and Energy Solutions

Corporate

3,980

6,960

6,161

Total capital expenditure

Add: Investments in joint ventures and associates

184

162

116

Integrated Gas

244

(111)

118

Upstream

Marketing

Chemicals and Products

Renewables and Energy Solutions

–

(2)

Corporate

500

109

307

Total investments in joint ventures and associates

Add: Investments in equity securities

–

Integrated Gas

–

Upstream

–

Marketing

–

Chemicals and Products

Renewables and Energy Solutions

Corporate

Total investments in equity securities

Cash capital expenditure

1,041

1,196

813

Integrated Gas

2,010

2,436

1,870

Upstream

465

1,385

2,737

Marketing1

500

986

561

Chemicals and Products1

438

1,026

440

Renewables and Energy Solutions

Corporate

4,493

7,113

6,501

Total Cash capital expenditure

1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the first quarter 2023 have been reclassified accordingly by $46 million and $52 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

Page 15

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt

RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

7,358

474

8,709

Income/(loss) attributable to Shell plc shareholders

Income/(loss) attributable to non-controlling interest

7,439

536

8,772

Income/(loss) for the period

Current cost of supplies adjustment:

(332)

1,089

647

Purchases

(263)

(171)

Taxation

(28)

Share of profit/(loss) of joint ventures and associates

(276)

846

489

Current cost of supplies adjustment

Of which:

(264)

811

481

Attributable to Shell plc shareholders

(12)

Attributable to non-controlling interest

7,163

1,381

9,262

CCS earnings

Of which:

7,093

1,285

9,190

CCS earnings attributable to Shell plc shareholders

CCS earnings attributable to non-controlling interest

RECONCILIATION OF OPERATING EXPENSES

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

5,810

6,807

6,008

Production and manufacturing expenses

2,975

3,621

3,051

Selling, distribution and administrative expenses

212

469

253

Research and development

8,997

10,897

9,312

Operating expenses

RECONCILIATION OF TOTAL DEBT

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

March 31, 2024
December 31, 2023
March 31, 2023

11,046

9,931

9,044

Current debt

68,886

71,610

76,098

Non-current debt

79,931

81,541

85,142

Total debt

4. Earnings per share

EARNINGS PER SHARE

Quarters

Q1 2024
Q4 2023
Q1 2023

7,358

474

8,709

Income/(loss) attributable to Shell plc shareholders ($ million)

Weighted average number of shares used as the basis for determining:

6,440.1

6,558.3

6,918.9

Basic earnings per share (million)

6,504.3

6,631.1

6,982.1

Diluted earnings per share (million)

Page 16

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

5. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

Number of shares

Nominal value
($ million)

At January 1, 2024
6,524,109,049

544

Repurchases of shares
(88,893,999)

(7)

At March 31, 2024
6,435,215,050

537

At January 1, 2023
7,003,503,393

584

Repurchases of shares
(146,672,469)

(12)

At March 31, 2023
6,856,830,924

572

At Shell plc’s Annual General Meeting on May 23, 2023, 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 approximately €161 million (representing approximately 2,307 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 22, 2024, or the end of the Annual General Meeting to be held in 2024, unless previously renewed, revoked or varied by Shell plc in a general meeting.

6. Other reserves

OTHER RESERVES

$ million
Merger reserve
Share premium reserve
Capital redemption reserve
Share plan reserve
Accumulated other comprehensive income
Total

At January 1, 2024
37,298

154

236

1,308

(17,851)

21,145

Other comprehensive income/(loss) attributable to Shell plc shareholders
–

–

(1,420)

Transfer from other comprehensive income
–

–

138

Repurchases of shares
–

–

Share-based compensation
–

–

(426)

–

(426)

At March 31, 2024
37,298

154

244

882

(19,132)

19,445

At January 1, 2023
37,298

154

196

1,140

(17,656)

21,132

Other comprehensive income/(loss) attributable to Shell plc shareholders
–

–

250

Transfer from other comprehensive income
–

–

(114)

Repurchases of shares
–

–

Share-based compensation
–

–

(372)

–

(372)

At March 31, 2023
37,298

154

209

767

(17,519)

20,908

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.

7. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, 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 March 31, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that date.

Page 17

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

The movement of the derivative financial instruments between December 31, 2023 and March 31, 2024 is a decrease of $2,368 million for the current assets and a decrease of $610 million for the current liabilities.

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
March 31, 2024
December 31, 2023

Carrying amount
53,046

53,832

Fair value
49,744

50,866

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

8. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

Consolidated Statement of Income

Interest and other income

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

907

631

481

Interest and other income/(expenses)

Of which:

588

595

500

Interest income

–

Dividend income (from investments in equity securities)

222

Net gains/(losses) on sales and revaluation of non-current assets and businesses

(398)

(236)

Net foreign exchange gains/(losses) on financing activities

219

199

171

Other

Depreciation, depletion and amortisation

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

5,881

11,221

6,285

Depreciation, depletion and amortisation

Of which:

5,654
5,986
5,697
Depreciation

382
5,508
589
Impairments

(154)
(273)
–
Impairment reversals

Impairments recognised in the first quarter 2024 of $382 million pre-tax ($332 million post-tax) include various smaller impairments in various segments. Impairments recognised in the fourth quarter 2023 of $5,508 million pre-tax ($4,044 million post-tax) related to various assets in Chemicals and Products ($2,490 million), Upstream ($1,161 million), Integrated Gas ($873 million), Renewables and Energy Solutions ($614 million) and Marketing ($370 million). Impairments in the first quarter 2023 mainly related to an asset in Integrated Gas.

Taxation charge/credit

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

3,604

1,099

5,582

Taxation charge/(credit)

Of which:

3,525
1,099
5,582
Income tax excluding Pillar Two income tax

79
–
–
Income tax related to Pillar Two income tax

On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

Page 18

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Condensed Consolidated Balance Sheet

Assets classified as held for sale

$ million

March 31, 2024
December 31, 2023

Assets classified as held for sale
762

951

Liabilities directly associated with assets classified as held for sale
296

307

Assets classified as held for sale and associated liabilities at March 31, 2024 principally relate to an asset in Chemicals and Products in Europe, a Renewables and Energy Solutions project in North America and an asset in Marketing in Asia. The major classes of assets and liabilities classified as held for sale at March 31, 2024, are Inventories ($380 million; December 31, 2023: $463 million) and Property, plant and equipment ($228 million; December 31, 2023: $250 million).

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

509

(1,021)

(330)

Other

‘Cash flow from operating activities – Other’ for the first quarter 2024 includes $188 million of net inflows (fourth quarter 2023: $875 million net outflows; first quarter 2023: $69 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America. It also includes net inflows of $253 million in relation to reversal of currency exchange losses on Cash and cash equivalents (fourth quarter 2023: net outflows of $398 million; first quarter 2023: net outflows of $288 million).

Cash flow from investing activities – Other investing cash outflows

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

(1,494)

(685)

(623)

Other investing cash outflows

‘Other investing cash outflows’ for the first quarter 2024 includes $645 million of debt securities acquired in the Corporate segment.

Legal proceedings and other contingencies

Shell has several matters in dispute involving Shell non-operated ventures and the Republic of Kazakhstan, including court proceedings in respect of a Sulphur permitting inspection outcome and arbitrations under the applicable production-sharing contracts. Statements of Claim have been filed in the arbitration matters, however it is not possible to reliably estimate the magnitude and timing of any possible obligations or payments in respect of the matters above or whether any payments will be due. There remains a high degree of uncertainty regarding the ultimate outcomes, as well as the potential effect on future operations, earnings, cash flows and Shell’s financial condition.

Page 19

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

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.

$ million
Quarters

Q1 2024
Q4 2023
Q1 2023

Income/(loss) attributable to Shell plc shareholders
7,358

474

8,709

Income/(loss) attributable to non-controlling interest
82

Add: Current cost of supplies adjustment attributable to Shell plc shareholders
(264)

811

481

Add: Current cost of supplies adjustment attributable to non-controlling interest
(12)

CCS earnings
7,163

1,381

9,262

Q1 2024
$ million

Total
Integrated Gas
Upstream
Marketing
Chemicals and Products
Renewables and Energy Solutions
Corporate

CCS earnings
7,163
2,761
2,272
774
1,157
553
(354)

Less: Identified items
(641)
(919)
339
(7)
(458)
390
14

Less: CCS earnings attributable to non-controlling interest
70

Add: Identified items attributable to non-controlling interest
–

Adjusted Earnings
7,734

Add: Non-controlling interest
70

Adjusted Earnings plus non-controlling interest
7,804
3,680
1,933
781
1,615
163
(368)

Add: Taxation charge/(credit) excluding tax impact of identified items
4,124
996
2,522
358
338
–
(91)

Add: Depreciation, depletion and amortisation excluding impairments
5,654
1,410
2,727
535
870
106
6

Add: Exploration well write-offs
554
8
546

Add: Interest expense excluding identified items
1,163
42
169
12
17
1
922

Less: Interest income
588
–
10
–
14
4
560

Adjusted EBITDA
18,711
6,136
7,888
1,686
2,826
267
(92)

Less: Current cost of supplies adjustment before taxation
(360)

(153)
(207)

Joint ventures and associates (dividends received less profit)
(582)
(197)
(546)
93
56
13
–

Derivative financial instruments
306
(1,080)
(3)
(39)
(402)
1,978
(149)

Taxation paid
(2,616)
(467)
(1,802)
(175)
(19)
(244)
91

Other
(97)
45
(231)
393
(378)
(30)
104

(Increase)/decrease in working capital
(2,752)
275
421
(792)
(2,639)
481
(499)

Cash flow from operating activities
13,330
4,712
5,727
1,319
(349)
2,466
(545)

Page 20

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

Q4 2023
$ million

Total
Integrated Gas
Upstream
Marketing
Chemicals and Products
Renewables and Energy Solutions
Corporate

CCS earnings
1,381
1,733
2,151
226
(1,828)
(272)
(629)

Less: Identified items
(6,033)
(2,235)
(909)
(567)
(1,857)
(445)
(19)

Less: CCS earnings attributable to non-controlling interest
97

Add: Identified items attributable to non-controlling interest
(11)

Adjusted Earnings
7,306

Add: Non-controlling interest
108

Adjusted Earnings plus non-controlling interest
7,414
3,968
3,060
794
29
173
(609)

Add: Taxation charge/(credit) excluding tax impact of identified items
2,121
1,065
1,560
128
(271)
(4)
(358)

Add: Depreciation, depletion and amortisation excluding impairments
5,986
1,457
2,951
569
915
89
6

Add: Exploration well write-offs
243
63
180
–
–
–
–

Add: Interest expense excluding identified items
1,165
36
135
10
21
1
961

Less: Interest income
595
4
14
1
24
7
544

Adjusted EBITDA
16,335
6,584
7,872
1,500
670
253
(544)

Less: Current cost of supplies adjustment before taxation
1,109

572
537

Joint ventures and associates (dividends received less profit)
246
208
(250)
32
225
29
1

Derivative financial instruments
(1,030)
(1,596)
52
4
293
(268)
487

Taxation paid
(3,604)
(731)
(2,015)
(282)
(270)
(413)
108

Other
(947)
(229)
388
(508)
(422)
146
(322)

(Increase)/decrease in working capital
2,683
(639)
(260)
1,593
1,191
(1,012)
1,810

Cash flow from operating activities
12,575
3,597
5,787
1,767
1,150
(1,265)
1,540

Q1 2023
$ million

Total
Integrated Gas
Upstream
Marketing
Chemicals and Products
Renewables and Energy Solutions
Corporate

CCS earnings
9,262
2,412
2,789
1,184
1,753
2,205
(1,082)

Less: Identified items
(456)
(2,506)
(21)
238
46
1,810
(24)

Less: CCS earnings attributable to non-controlling interest
72

Add: Identified items attributable to non-controlling interest
–

Adjusted Earnings
9,646

Add: Non-controlling interest
72

Adjusted Earnings plus non-controlling interest
9,718
4,919
2,810
946
1,707
395
(1,058)

Add: Taxation charge/(credit) excluding tax impact of identified items
5,118
1,096
2,867
298
348
170
339

Add: Depreciation, depletion and amortisation excluding impairments
5,697
1,440
2,809
465
866
112
4

Add: Exploration well write-offs
235
–
235
–
–
–
–

Add: Interest expense excluding identified items
1,164
30
133
5
3
1
991

Less: Interest income
500
–
5
–
9
1
485

Adjusted EBITDA
21,432
7,484
8,849
1,714
2,915
676
(207)

Less: Current cost of supplies adjustment before taxation
660

334
326

Joint ventures and associates (dividends received less profit)
(481)
(46)
(514)
79
(11)
10
1

Derivative financial instruments
(1,786)
(2,417)
10
(5)
799
(143)
(30)

Taxation paid
(3,144)
(884)
(2,019)
(73)
(148)
(6)
(14)

Other
(556)
(37)
(14)
64
(194)
(23)
(352)

(Increase)/decrease in working capital
(646)
2,186
(505)
656
(1,759)
577
(1,800)

Cash flow from operating activities
14,159
6,286
5,808
2,101
1,275
1,091
(2,403)

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 and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

Page 21

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

Q1 2024
$ million

Total
Integrated Gas
Upstream
Marketing
Chemicals and Products
Renewables and Energy Solutions
Corporate

Identified items included in Income/(loss) before taxation

Divestment gains/(losses)
10
(3)
27
(15)
(9)
10
–

Impairment reversals/(impairments)
(227)
(8)
(96)
(4)
(178)
59
–

Redundancy and restructuring
(74)
(1)
(13)
(20)
(18)
(15)
(6)

Provisions for onerous contracts
–
–
–
–
–
–
–

Fair value accounting of commodity derivatives and certain gas contracts
(1,079)
(1,068)
(2)
6
(416)
400
–

Other
126
4
38
23
45
16
–

Total identified items included in Income/(loss) before taxation
(1,244)
(1,075)
(46)
(11)
(575)
469
(6)

Less: total identified items included in Taxation charge/(credit)
(604)
(157)
(385)
(4)
(118)
80
(20)

Identified items included in Income/(loss) for the period

Divestment gains/(losses)
(4)
(2)
10
(11)
(7)
6
–

Impairment reversals/(impairments)
(186)
(5)
(102)
(3)
(152)
77
–

Redundancy and restructuring
(53)
(1)
(9)
(15)
(14)
(11)
(4)

Provisions for onerous contracts
–
–
–
–
–
–
–

Fair value accounting of commodity derivatives and certain gas contracts
(896)
(887)
–
5
(319)
306
–

Impact of exchange rate movements and inflationary adjustments on tax balances
403
(27)
412
–
–
–
18

Other
95
3
28
17
34
12
–

Impact on CCS earnings
(641)
(919)
339
(7)
(458)
390
14

Impact on CCS earnings attributable to non-controlling interest
–
–
–
–
–
–
–

Impact on CCS earnings attributable to Shell plc shareholders
(641)
(919)
339
(7)
(458)
390
14

Page 22

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

Q4 2023
$ million

Total
Integrated Gas
Upstream
Marketing
Chemicals and Products
Renewables and Energy Solutions
Corporate

Identified items included in Income/(loss) before taxation

Divestment gains/(losses)
222
(21)
134
(30)
(33)
168
5

Impairment reversals/(impairments)
(5,348)
(873)
(988)
(460)
(2,391)
(636)
–

Redundancy and restructuring
(275)
(1)
(11)
(128)
(102)
(31)
(2)

Provisions for onerous contracts
–
–
–
–
–
–
–

Fair value accounting of commodity derivatives and certain gas contracts
(1,357)
(1,708)
60
(47)
199
138
–

Other
(33)
57
(170)
2
77
–
–

Total identified items included in Income/(loss) before taxation
(6,792)
(2,545)
(974)
(664)
(2,250)
(361)
2

Less: total identified items included in Taxation charge/(credit)
(759)
(309)
(65)
(96)
(394)
84
22

Identified items included in Income/(loss) for the period

Divestment gains/(losses)
227
(13)
128
(23)
(26)
158
3

Impairment reversals/(impairments)
(3,935)
(547)
(454)
(415)
(1,968)
(551)
–

Redundancy and restructuring
(206)
–
(6)
(96)
(78)
(24)
(1)

Provisions for onerous contracts
–
–
–
–
–
–
–

Fair value accounting of commodity derivatives and certain gas contracts
(1,336)
(1,587)
21
(34)
138
125
–

Impact of exchange rate movements and inflationary adjustments on tax balances
(363)
31
(373)
–
–
–
(21)

Other
(419)
(119)
(225)
2
77
(154)
–

Impact on CCS earnings
(6,033)
(2,235)
(909)
(567)
(1,857)
(445)
(19)

Impact on CCS earnings attributable to non-controlling interest
(11)
–
–
(11)
–
–
–

Impact on CCS earnings attributable to Shell plc shareholders
(6,022)
(2,235)
(909)
(556)
(1,857)
(445)
(19)

Page 23

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

Q1 2023
$ million

Total
Integrated Gas
Upstream
Marketing
Chemicals and Products
Renewables and Energy Solutions
Corporate

Identified items included in Income/(loss) before taxation

Divestment gains/(losses)
45
9
48
(7)
(12)
6
–

Impairment reversals/(impairments)
(592)
(374)
(111)
1
(95)
(12)
–

Redundancy and restructuring
(10)
(3)
1
(7)
–
2
(3)

Provisions for onerous contracts
(24)
–
–
–
(24)
–
–

Fair value accounting of commodity derivatives and certain gas contracts
551
(2,367)
293
44
183
2,398
–

Other
208
–
(2)
210
–
–
–

Total identified items included in Income/(loss) before taxation
178
(2,735)
228
241
52
2,395
(3)

Less: total identified items included in Taxation charge/(credit)
635
(228)
249
2
6
584
21

Identified items included in Income/(loss) for the period

Divestment gains/(losses)
67
6
70
(6)
(9)
6
–

Impairment reversals/(impairments)
(457)
(262)
(111)
–
(72)
(12)
–

Redundancy and restructuring
(5)
(2)
3
(5)
–
2
(2)

Provisions for onerous contracts
(18)
–
–
–
(18)
–
–

Fair value accounting of commodity derivatives and certain gas contracts
(114)
(2,188)
73
41
145
1,815
–

Impact of exchange rate movements and inflationary adjustments on tax balances
14
(12)
48
–
–
–
(22)

Other
55
(49)
(105)
209
–
–
–

Impact on CCS earnings
(456)
(2,506)
(21)
238
46
1,810
(24)

Impact on CCS earnings attributable to non-controlling interest
–
–
–
–
–
–
–

Impact on CCS earnings attributable to Shell plc shareholders
(456)
(2,506)
(21)
238
46
1,810
(24)

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/(loss) 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).

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.

Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments 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.

Page 24

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

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 4).

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.

See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

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. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition.

Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

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 and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

$ million
Quarters

Q1 2024
Q4 2023
Q1 2023

Adjusted Earnings – current and previous three quarters (Reference A)
26,338
28,250
40,387

Add: Income/(loss) attributable to NCI – current and previous three quarters
295
277
426

Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters
(24)
(5)
(19)

Less: Identified items attributable to NCI (Reference A) – current and previous three quarters
(11)
(11)
15

Adjusted Earnings plus NCI excluding identified items – current and previous three quarters
26,620
28,534
40,778

Add: Interest expense after tax – current and previous three quarters
2,718
2,728
2,189

Less: Interest income after tax on cash and cash equivalents – current and previous three quarters
1,368
1,287
700

Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters
27,971
29,975
42,267

Capital employed – opening
238,598
236,146
227,221

Capital employed – closing
228,286
231,128
238,598

Capital employed – average
233,442
233,637
232,909

ROACE on an Adjusted Earnings plus NCI basis
12.0%
12.8%
18.1%

E. Gearing and Net debt

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

Page 25

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

$ million

March 31, 2024
December 31, 2023
March 31, 2023

Current debt
11,046

9,931

9,044

Non-current debt
68,886

71,610

76,098

Total debt
79,931

81,541

85,142

Of which lease liabilities
26,885

27,709

27,797

Add: Debt-related derivative financial instruments: net liability/(asset)
1,888

1,835

2,740

Add: Collateral on debt-related derivatives: net liability/(asset)
(1,357)

(1,060)

(1,583)

Less: Cash and cash equivalents
(39,949)

(38,774)

(42,074)

Net debt
40,513

43,542

44,224

Add: Total equity
188,304

188,362

195,530

Total capital
228,817

231,902

239,754

Gearing
17.7
%
18.8
%
18.4
%

F. Operating expenses and Underlying 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.

Page 26

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

5,810

6,807

6,008

Production and manufacturing expenses

Of which:

956

1,187

1,135

Integrated Gas

2,269

2,595

2,231

Upstream

366

433

374

Marketing

1,634

1,815

1,736

Chemicals and Products

579

732

519

Renewables and Energy Solutions

Corporate

2,975

3,621

3,051

Selling, distribution and administrative expenses

Of which:

Integrated Gas1

109

Upstream1

2,188

2,520

2,088

Marketing1

420

530

528

Chemicals and Products1

158

271

244

Renewables and Energy Solutions1

153

Corporate1

212

469

253

Research and development

Of which:

Integrated Gas1

102

Upstream1

Marketing1

Chemicals and Products1

Renewables and Energy Solutions1

112

Corporate1

8,997

10,897

9,312

Operating expenses

Of which identified items:

(73)

(274)

(9)

Redundancy and restructuring (charges)/reversal

–

(58)

(10)

(Provisions)/reversal

130

–

Other

(332)

(19)

Total identified items

9,054

10,565

9,293

Underlying operating expenses

1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). Also, from the first quarter 2024, Shell’s longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see Note 2).

G. Free cash flow and Organic 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 27

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

13,330

12,575

14,159

Cash flow from operating activities

(3,528)

(5,657)

(4,238)

Cash flow from investing activities

9,802

6,918

9,921

Free cash flow

1,025

612

1,738

Less: Divestment proceeds (Reference I)

–

Add: Tax paid on divestments (reported under “Other investing cash outflows”)

206

2,147

Add: Cash outflows related to inorganic capital expenditure1

8,839

6,511

10,331

Organic free cash flow2

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 and 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

Q1 2024
Q4 2023
Q1 2023

13,330

12,575

14,159

Cash flow from operating activities

(608)

4,088

4,217

(Increase)/decrease in inventories

(195)

(704)

5,943

(Increase)/decrease in current receivables

(1,949)

(701)

(10,806)

Increase/(decrease) in current payables1

(2,752)

2,683

(646)

(Increase)/decrease in working capital

16,082

9,891

14,805

Cash flow from operating activities excluding working capital movements

1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the fourth quarter 2023 and first quarter 2023 have been reclassified accordingly by $653 million and $126 million respectively to conform with current period presentation.

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 free cash flow.

Quarters
$ million

Q1 2024
Q4 2023
Q1 2023

323

540
1,479
Proceeds from sale of property, plant and equipment and businesses

133

49
257
Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans

569

24
2
Proceeds from sale of equity securities

1,025

612
1,738
Divestment proceeds

Page 28

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

CAUTIONARY STATEMENT

All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report 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 Interim 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 Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

This Unaudited Condensed Interim 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”; “commit”; “commitment”; “could”; “estimate”; “expect”; “goals”; “intend”; “may”; “milestones”; “objectives”; “outlook”; “plan”; “probably”; “project”; “risks”; “schedule”; “seek”; “should”; “target”; “will”; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim 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, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim 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, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, May 2, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

Shell’s Net Carbon Intensity

Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s 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 NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-Looking Non-GAAP measures

This Unaudited Condensed Interim 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 Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

We may have used certain terms, such as resources, in this Unaudited Condensed Interim 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 Unaudited Condensed Interim Financial Report contains inside information.

Page 29

SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS

May 2, 2024

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

Contacts:

– Caroline J.M. Omloo, Company Secretary

– Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

Source: Rbcrichardsonbarr.com

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Shell Plc 1st Quarter 2024 Unaudited Results

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