{"id":105567,"date":"2025-01-30T04:12:00","date_gmt":"2025-01-30T07:12:00","guid":{"rendered":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/shell-plc-publishes-fourth-quarter-2024-press-release\/"},"modified":"2025-01-30T04:12:00","modified_gmt":"2025-01-30T07:12:00","slug":"shell-plc-publishes-fourth-quarter-2024-press-release","status":"publish","type":"post","link":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/releases\/releases-geral\/shell-plc-publishes-fourth-quarter-2024-press-release\/","title":{"rendered":"Shell plc publishes fourth quarter 2024 press release"},"content":{"rendered":"<p><b>Shell plc<\/b><\/p>\n<p><b><b><strong><b><b>London, January 30, 2025<\/b><\/b><\/strong><\/b><\/b><\/p>\n<p>&#8220;2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment. Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets<sup>1<\/sup>. <\/p>\n<p>Today, we announce a 4% increase in our dividends and another $3.5 billion buyback programme, making this the 13th consecutive quarter of at least $3 billion of buybacks, all whilst further strengthening our balance sheet this year to position us well for the future.<\/p>\n<p>We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March.&#8221;<\/p>\n<p><strong><b><b>Shell plc Chief Executive Officer, Wael Sawan<\/b><\/b><\/strong><\/p>\n<p><strong><b><br \/><\/b><\/strong><strong><b><b><b>SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS<\/b><\/b><\/b><\/strong><\/p>\n<ul>\n<li>Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year 2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.<\/li>\n<li>Q4 2024 Adjusted Earnings<sup>2<\/sup> of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-cash impact of expiring hedging contracts on LNG trading and optimisation results.<\/li>\n<li>Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a year early, with significant progress against the other CMD23 financial targets<sup>1<\/sup>.<\/li>\n<li>Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.<\/li>\n<li>Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2025 results announcement.\u00a0<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse;margin-left:40.5pt;width:646px;border-collapse:collapse\">\n<tr>\n<td colspan=\"2\" style=\"width:198.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>$ million<sup>2<\/sup><\/strong><\/td>\n<td style=\"width:103.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Adj. Earnings<\/strong><\/td>\n<td style=\"width:119.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Adj. EBITDA<\/strong><\/td>\n<td style=\"width:113.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>CFFO<\/strong><\/td>\n<td style=\"width:113.00px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Cash capex<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Integrated Gas<\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,165<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">4,568<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">4,391<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,337<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Upstream<\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,682<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">7,676<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">4,509<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,076<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198.00px;border-left: solid black 1pt\">Marketing<\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-left: solid black 1pt;text-align: center;vertical-align: middle\">839<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,709<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,363<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">811<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198.00px;border-top: solid black 1pt;border-left: solid black 1pt\">Chemicals &amp; Products<sup>3<\/sup><\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(229)<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">475<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,032<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,392<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\">Renewables &amp; Energy Solutions<\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(311)<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(123)<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">850<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,277<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Corporate<\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(380)<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(24)<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">16<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">30<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"width:198.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Less: Non-controlling interest (NCI)<\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">106<\/td>\n<td style=\"width:119.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:113.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:113.00px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\" style=\"width:83.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Shell<\/td>\n<td style=\"width:115.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">3,661<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">14,281<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">13,162<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">6,924<\/td>\n<\/tr>\n<tr>\n<td style=\"width:115.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">6,028<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">16,005<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">14,684<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">4,950<\/td>\n<\/tr>\n<tr>\n<td style=\"width:115.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>FY 2024<\/strong><\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">23,716<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">65,803<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">54,684<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">21,084<\/td>\n<\/tr>\n<tr>\n<td style=\"width:115.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>FY 2023<\/strong><\/td>\n<td style=\"width:103.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">28,250<\/td>\n<td style=\"width:119.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">68,538<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">54,191<\/td>\n<td style=\"width:113.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">24,392<\/td>\n<\/tr>\n<\/table>\n<p><sup>1<\/sup>Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=jXTBy6nw-hOuJY1OIUJs8KxwPeToiPklvaI1p5S5_oVD93G7KSY2IXZaQL-ikvkfhiWzm-OHxw-pnzwTMlxnFEsoe7FvfkExzqtzRaR0smTeDBOBCpeH0kz8FYdtqkL85DGuIaOmYcPgow_taUg-UrqJA04JNy-kpenLtI497sI=\" rel=\"nofollow\" target=\"_blank\">www.shell.com\/2024-progress-on-cmd23.html<\/a>.<\/p>\n<p><sup>2<\/sup>Income\/(loss) attributable to shareholders for Q4 2024 is $0.9 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=jXTBy6nw-hOuJY1OIUJs8C976Z1ESGhD3LE1mmLVXndzvU9Bvb3ZBl2Q6cBBVCxr6d81rBCm-8NWcGGzrCroFsD35hKHh209UW6iYoHYRMU=\" rel=\"nofollow\" target=\"_blank\">www.shell.com\/investors<\/a>.<\/p>\n<p><sup>3<\/sup>Chemicals &amp; Products Adjusted Earnings at a subsegment level are as follows &#8211; Chemicals $(0.3) billion and Products $0.0 billion.<\/p>\n<ul>\n<li>CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of $2.9 billion, and a $1.4 billion outflow<sup>1<\/sup> related to the timing impact of payments for emissions certificates and biofuel programmes.<\/li>\n<li>Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.\n<p><\/li>\n<\/ul>\n<table style=\"border-collapse: collapse;margin-left:40.5pt;width:600px;border-collapse:collapse\">\n<tr>\n<td style=\"width:165.00px;border-top: solid black 1pt;vertical-align: bottom\"><strong>$ billion<sup>2<\/sup><\/strong><\/td>\n<td style=\"width:87.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">Q4 2023<\/td>\n<td style=\"width:87.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">Q1 2024<\/td>\n<td style=\"width:87.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">Q2 2024<\/td>\n<td style=\"width:87.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">Q3 2024<\/td>\n<td style=\"width:87.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">Q4 2024<\/td>\n<\/tr>\n<tr>\n<td style=\"width:165.00px;border-bottom: solid black 1pt\">Divestment proceeds<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">0.6<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1.0<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">0.8<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">0.2<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">0.8<\/td>\n<\/tr>\n<tr>\n<td style=\"width:165.00px;border-bottom: solid black 1pt\">Free cash flow <\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">6.9<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">9.8<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">10.2<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">10.8<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">8.7<\/td>\n<\/tr>\n<tr>\n<td style=\"width:165.00px;border-bottom: solid black 1pt\">Net debt<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">43.5<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">40.5<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">38.3<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">35.2<\/td>\n<td style=\"width:87.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">38.8<\/td>\n<\/tr>\n<\/table>\n<p><em><br \/><\/em><sup>1 <\/sup>Includes payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.<\/p>\n<p><sup>2 <\/sup>Reconciliation of non-GAAP measures can be found in the unaudited results, available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=jXTBy6nw-hOuJY1OIUJs8C976Z1ESGhD3LE1mmLVXnc9dnAG49a_8HAigD6VXxGSrm_pqCVWuc7JHeqYqFbHyZBLb9GfiTLC-oFtNbL4R-DO06NGp0GB_qQPAyLwghWA\" rel=\"nofollow\" target=\"_blank\">www.shell.com\/investor<sup>s<\/sup><\/a>.<\/p>\n<p><em><b><br \/><\/b><\/em><\/p>\n<p style=\"padding-left:40px\"><b>Q4 2024 FINANCIAL PERFORMANCE DRIVERS<\/b><\/p>\n<table style=\"border-collapse: collapse;margin-left:33.65pt;width:747px;border-collapse:collapse\">\n<tr>\n<td style=\"width:747.00px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>INTEGRATED GAS<\/b><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:576px;border-collapse:collapse\">\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt\"><strong>Key data<\/strong><\/td>\n<td style=\"width:107.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width:121.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width:121.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q1 2025 outlook<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Realised liquids price ($\/bbl)<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">63<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">63<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Realised gas price ($\/thousand scf)<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">7.9<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">8.1<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Production (kboe\/d)<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">941<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">905<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">930 &#8211; 990<\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">LNG liquefaction volumes (MT)<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">7.5<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">7.1<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">6.6 &#8211; 7.2<\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">LNG sales volumes (MT)<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">17.0<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">15.5<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><\/td>\n<\/tr>\n<\/table>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:6pt\">Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts, and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.<\/li>\n<li style=\"margin-top:0cm;margin-bottom:6pt\">Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by lower feedgas supply.<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse;margin-left:27pt;width:747px;border-collapse:collapse\">\n<tr>\n<td style=\"width:747.00px;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>UPSTREAM<\/b><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:602px;border-collapse:collapse\">\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt\"><strong>Key data<\/strong><\/td>\n<td style=\"width:125.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width:125.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width:125.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q1 2025 outlook<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Realised liquids price ($\/bbl)<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">75<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">71<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Realised gas price ($\/thousand scf)<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">6.6<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">7.0<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Liquids production (kboe\/d)<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,321<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,332<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Gas production (million scf\/d)<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,844<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">3,056<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Total production (kboe\/d)<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,811<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,859<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">1,750 &#8211; 1,950<\/td>\n<\/tr>\n<\/table>\n<ul>\n<li>Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.<\/li>\n<li>First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.<\/li>\n<\/ul>\n<p><\/p>\n<table style=\"border-collapse: collapse;margin-left:27pt;width:747px;border-collapse:collapse\">\n<tr>\n<td style=\"width:747.00px;border-top: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>MARKETING<\/b><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:602px;border-collapse:collapse\">\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt\"><strong>Key data<\/strong><\/td>\n<td style=\"width:125.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width:125.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width:125.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q1 2025 outlook<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Marketing sales volumes (kb\/d)<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,945<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,795<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">2,500 &#8211; 3,000<\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Mobility (kb\/d)<\/td>\n<td style=\"width:125.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,119<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,041<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Lubricants (kb\/d)<\/td>\n<td style=\"width:125.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">81<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">77<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:227.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;vertical-align: bottom\">Sectors &amp; Decarbonisation (kb\/d)<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">745<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">678<\/td>\n<td style=\"width:125.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><\/td>\n<\/tr>\n<\/table>\n<p>Wholesale commercial fuels, previously reported in the Chemicals &amp; Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. <br \/>Comparative information for the Marketing segment and the Chemicals &amp; Products segment has been revised.<\/p>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:6pt\">Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.<\/li>\n<\/ul>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:6pt\">2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex. <\/li>\n<\/ul>\n<p><\/p>\n<table style=\"border-collapse: collapse;margin-left:29.15pt;width:747px;border-collapse:collapse\">\n<tr>\n<td style=\"width:747.00px;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>CHEMICALS &amp; PRODUCTS<\/b><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:620px;border-collapse:collapse\">\n<tr>\n<td style=\"width:257.00px;border-bottom: solid black 1pt\"><strong>Key data<\/strong><\/td>\n<td style=\"width:121.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width:121.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width:121.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q1 2025 outlook<sup>1<\/sup><\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:257.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Refinery processing intake (kb\/d)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,305<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,215<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:257.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Chemicals sales volumes (kT)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">3,015<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">2,926<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:257.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Refinery utilisation (%)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">81<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">76<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">80 &#8211; 88<\/td>\n<\/tr>\n<tr>\n<td style=\"width:257.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Chemicals manufacturing plant utilisation (%)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">76<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">75<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">78 &#8211; 86<\/td>\n<\/tr>\n<tr>\n<td style=\"width:257.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Global indicative refining margin ($\/bbl)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">5.5<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">5.5<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<tr>\n<td style=\"width:257.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Global indicative chemical margin ($\/t)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">164<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">138<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><\/td>\n<\/tr>\n<\/table>\n<p><sup>1<\/sup>Oil sands production: In Q1 2025, Shell&#8217;s remaining interest in the Canadian oil sands is expected to be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS projects.<\/p>\n<p>Wholesale commercial fuels, previously reported in the Chemicals &amp; Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. <br \/>Comparative information for the Marketing segment and the Chemicals &amp; Products segment has been revised.<\/p>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:6pt\">Adjusted Earnings reflect significantly lower contribution from trading and optimisation, including seasonality effects, and continued weak chemicals margin environment.<\/li>\n<\/ul>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:747px;border-collapse:collapse\">\n<tr>\n<td style=\"width:747.00px;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>RENEWABLES &amp; ENERGY SOLUTIONS<\/b><\/p>\n<table style=\"border-collapse: collapse;margin-left:29.7pt;width:561px;border-collapse:collapse\">\n<tr>\n<td style=\"width:347.00px;border-bottom: solid black 1pt\"><strong>Key data<\/strong><\/td>\n<td style=\"width:107.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width:107.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q4 2024<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:347.00px;border-bottom: solid black 1pt;vertical-align: bottom\">External power sales (TWh)<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">79<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">76<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Sales of pipeline gas to end-use customers (TWh)<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">148<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">165<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Renewables power generation capacity (GW)*<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">7.3<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">7.4<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347.00px;border-bottom: solid black 1pt;vertical-align: bottom\">\n<ul>\n<li style=\"margin-top:1.65pt;margin-bottom:1.5pt\">in operation (GW)<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">3.4<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">3.4<\/td>\n<\/tr>\n<tr>\n<td style=\"width:347.00px;border-bottom: solid black 1pt;vertical-align: bottom\">\n<ul>\n<li style=\"margin-top:1.65pt;margin-bottom:1.5pt\">under construction and\/or committed for sale (GW)<\/li>\n<\/ul>\n<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">3.9<\/td>\n<td style=\"width:107.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">4.0<\/td>\n<\/tr>\n<\/table>\n<p>\u00a0 *Excludes Shell&#8217;s equity share of associates where information cannot be obtained.<\/p>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:6pt\">Adjusted Earnings were lower than in Q3 2024, largely driven by one-off tax charges in the quarter.<\/li>\n<\/ul>\n<ul>\n<li style=\"margin-top:0cm;margin-bottom:6pt\">Acquired a 609 MW combined-cycle gas turbine power plant in Rhode Island, USA.<\/li>\n<\/ul>\n<p align=\"justify\">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. <\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:747px;border-collapse:collapse\">\n<tr>\n<td style=\"width:747.00px;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>CORPORATE<\/b><\/p>\n<table style=\"border-collapse: collapse;margin-left:31.5pt;width:531px;border-collapse:collapse\">\n<tr>\n<td style=\"width:168.00px;border-bottom: solid black 1pt\"><strong>Key data<\/strong><\/td>\n<td style=\"width:121.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q3 2024<\/strong><\/td>\n<td style=\"width:121.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q4 2024<\/strong><\/td>\n<td style=\"width:121.00px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Q1 2025 outlook<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:168.00px;border-bottom: solid black 1pt;vertical-align: bottom\">Adjusted Earnings ($ billion)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(0.6)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(0.4)<\/td>\n<td style=\"width:121.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(0.6) &#8211; (0.4)<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<p><\/p>\n<table style=\"border-collapse: collapse;margin-left:29.15pt;width:747px;border-collapse:collapse\">\n<tr>\n<td style=\"width:747.00px;border-bottom: solid black 1pt;vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p><b>2024 FULL YEAR<\/b><\/p>\n<table style=\"border-collapse: collapse;margin-left:33.65pt;width:702px;border-collapse:collapse\">\n<tr>\n<td style=\"width:117.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>$ billion<\/strong><\/td>\n<td style=\"width:117.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Adj. Earnings<\/strong><\/td>\n<td style=\"width:117.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>CFFO excl. WC<\/strong><\/td>\n<td style=\"width:117.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>CFFO<\/strong><\/td>\n<td style=\"width:117.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Cash capex<\/strong><\/td>\n<td style=\"width:117.00px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>Free cash flow<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:117.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>FY 2024<\/strong><\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">23.7<\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">52.6<\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">54.7<\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">21.1<\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">39.5<\/td>\n<\/tr>\n<tr>\n<td style=\"width:117.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>FY 2023<\/strong><\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">28.3<\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">47.1<\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">54.2<\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">24.4<\/td>\n<td style=\"width:117.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">36.5<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;margin-left:29.15pt;width:400px;border-collapse:collapse\">\n<tr>\n<td style=\"width:186.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>Operational performance<\/strong><\/td>\n<td style=\"width:53.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>FY 2023<\/strong><\/td>\n<td style=\"width:53.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>FY 2024<\/strong><\/td>\n<td style=\"width:56.00px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>% change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Oil and gas production (kboe\/d)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,791<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,836<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">LNG liquefaction volumes (MT)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">28.3<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">29.1<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">3%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Marketing sales volumes (kb\/d)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">3,045<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2,843<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(7)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Refinery processing intake (kb\/d)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,349<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">1,344<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(0)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Chemicals sales volumes (kT)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">11,245<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">11,875<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">6%<\/td>\n<\/tr>\n<\/table>\n<p><\/p>\n<table style=\"border-collapse: collapse;margin-left:27pt;width:400px;border-collapse:collapse\">\n<tr>\n<td style=\"width:186.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt\"><strong>Macro indicators<\/strong><\/td>\n<td style=\"width:53.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>FY 2023<\/strong><\/td>\n<td style=\"width:53.00px;border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>FY 2024<\/strong><\/td>\n<td style=\"width:56.00px;border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\"><strong>% change<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Brent ($\/bbl)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">83<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">81<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(2)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Henry Hub ($\/MMBtu)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2.5<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">2.2<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(13)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">EU TTF ($\/MMBtu)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">13.0<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">11.0<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(16)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Indicative refining margin ($\/bbl)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">12.5<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">7.7<\/td>\n<td style=\"width:56.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">(38)%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:186.00px;border-bottom: solid black 1pt;border-left: solid black 1pt\">Indicative chemicals margin ($\/t)<\/td>\n<td style=\"width:53.00px;vertical-align: middle;text-align: left;padding-left: 10.0px;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle\">133<\/td>\n<p>&lt;td style=&quot;width:53.00px;;vertical-align: middle;text-align: left;padding-left: <\/p>\n","protected":false},"excerpt":{"rendered":"London, January 30, 2025\n&#8220;2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cas","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-105567","post","type-post","status-publish","format-standard","hentry","category-releases-geral"],"acf":[],"_links":{"self":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts\/105567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/comments?post=105567"}],"version-history":[{"count":0,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/posts\/105567\/revisions"}],"wp:attachment":[{"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/media?parent=105567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/categories?post=105567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluestudio.estadao.com.br\/agencia-de-comunicacao\/wp-json\/wp\/v2\/tags?post=105567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}