REG-Shell Plc 1st Quarter 2025 Unaudited Results
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SHELL PLC 1st QUARTER 2025 UNAUDITED RESULTS
SUMMARY OF UNAUDITED RESULTS
Quarters $ million
Q1 2025 Q4 2024 Q1 2024 %¹ Reference
4,780 928 7,358 +415 Income/(loss) attributable to Shell plc shareholders
5,577 3,661 7,734 +52 Adjusted Earnings A
15,250 14,281 18,711 +7 Adjusted EBITDA A
9,281 13,162 13,330 -29 Cash flow from operating activities
(3,959) (4,431) (3,528) Cash flow from investing activities
5,322 8,731 9,802 Free cash flow G
4,175 6,924 4,493 Cash capital expenditure C
8,575 9,401 8,997 -9 Operating expenses F
8,453 9,138 9,054 -7 Underlying operating expenses F
10.4% 11.3% 12.0% ROACE D
76,511 77,078 79,931 Total debt E
41,521 38,809 40,513 Net debt E
18.7% 17.7% 17.7% Gearing E
2,838 2,815 2,911 +1 Oil and gas production available for sale (thousand boe/d)
0.79 0.15 1.14 +427 Basic earnings per share ($)
0.92 0.60 1.20 +53 Adjusted Earnings per share ($) B
0.3580 0.3580 0.3440 — Dividend per share ($)
1.Q1 on Q4 change
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the fourth
quarter 2024, reflected lower exploration well write-offs, lower operating
expenses and higher Products margins.
First quarter 2025 income attributable to Shell plc shareholders also included
a charge of $0.5 billion related to the UK Energy Profits Levy and impairment
charges. These items are included in identified items amounting to a net loss
of $0.8 billion in the quarter. This compares with identified items in the
fourth quarter 2024 which amounted to a net loss of $2.8 billion.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as
income attributable to Shell plc shareholders and adjusted for the above
identified items.
Cash flow from operating activities for the first quarter 2025 was
$9.3 billion and primarily driven by Adjusted EBITDA, partly offset by tax
payments of $2.9 billion and working capital outflows of $2.7 billion. The
working capital outflows mainly reflected accounts receivable and payable
movements.
Cash flow from investing activities for the first quarter 2025 was an outflow
of $4.0 billion, and included cash capital expenditure of $4.2 billion, and
net other investing cash outflows of $0.9 billion which included the drawdowns
on loan facilities provided at completion of the sale of The Shell Petroleum
Development Company of Nigeria Limited (SPDC) in Nigeria, partly offset by
divestment proceeds of $0.6 billion.
Net debt and Gearing: At the end of the first quarter 2025, net debt was $41.5
billion, compared with $38.8 billion at the end of the fourth quarter 2024.
This reflects free cash flow of $5.3 billion, which included working capital
outflows of $2.7 billion, more than offset by share buybacks of $3.3 billion,
cash dividends paid to Shell plc shareholders of $2.2 billion, lease additions
of $1.3 billion including those related to the Pavilion Energy Pte. Ltd.
acquisition and interest payments of $0.8 billion. Gearing was 18.7% at the
end of the first quarter 2025, compared with 17.7% at the end of the fourth
quarter 2024, mainly driven by higher net debt.
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Shareholder distributions
Total shareholder distributions in the quarter amounted to $5.5 billion
comprising repurchases of shares of $3.3 billion and cash dividends paid to
Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc
shareholders for the first quarter 2025 amount to $0.3580 per share. Shell has
now completed $3.5 billion of share buybacks announced in the fourth quarter
2024 results announcement. Today, Shell announces a share buyback programme of
$3.5 billion which is expected to be completed by the second quarter 2025
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 interest, taxation, exploration well write-offs
and depreciation, depletion and amortisation (DD&A) expenses.
3.Not incorporated by reference.
PORTFOLIO DEVELOPMENTS
Integrated Gas
In March 2025, we completed the previously announced acquisition of 100% of
the shares in Pavilion Energy Pte. Ltd. (Pavilion Energy). Pavilion Energy,
headquartered in Singapore, operates a global LNG trading business with
contracted supply volume of approximately 6.5 million tonnes per annum (mtpa).
Upstream
In January 2025, we announced the start of production at the Shell-operated
Whale floating production facility in the Gulf of America. The Whale
development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).
In February 2025, we announced production restart at the Penguins field in the
UK North Sea with a modern floating, production, storage and offloading (FPSO)
facility (Shell 50%, operator; NEO Energy 50%). The previous export route for
this field was via the Brent Charlie platform, which ceased production in 2021
and is being decommissioned.
In February 2025, we signed an agreement to acquire a 15.96% working interest
from ConocoPhillips Company in the Shell-operated Ursa platform in the Gulf of
America. The transaction completed on May 1, 2025 which increases Shell's
working interest in the Ursa platform from 45.3884% to 61.3484%.
In March 2025, we completed the sale of SPDC to Renaissance, as announced in
January 2024.
In March 2025, we announced the Final Investment Decision (FID) for Gato do
Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore
Brazil. The Gato do Mato Consortium includes Shell (operator, 50%), Ecopetrol
(30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the
manager of the production sharing contract (PSC).
Chemicals and Products
In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a
50:50 joint venture between Shell and CNOOC Petrochemicals Investment Ltd,
took an FID to expand its petrochemical complex in Daya Bay, Huizhou, south
China.
In April 2025, we completed the previously announced sale of our Energy and
Chemicals Park in Singapore to CAPGC Pte. Ltd. (CAPGC), a joint venture
between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.
In April 2025, we agreed to sell our 16.125% interest in Colonial Enterprises,
Inc. (“Colonial”) to Colossus AcquireCo LLC, a wholly owned subsidiary of
Brookfield Infrastructure Partners L.P. and its institutional partners
(collectively, “Brookfield”), for $1.45 billion. The transaction is
subject to regulatory approvals and is expected to close in the fourth quarter
of 2025.
Renewables and Energy Solutions
In January 2025, we completed the previously announced acquisition of a 100%
equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit
combined-cycle gas turbine power plant in Rhode Island, USA.
Page 2
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters $ million
Q1 2025 Q4 2024 Q1 2024 %¹ Reference
2,789 1,744 2,761 +60 Income/(loss) for the period
306 (421) (919) Of which: Identified items A
2,483 2,165 3,680 +15 Adjusted Earnings A
4,735 4,568 6,136 +4 Adjusted EBITDA A
3,463 4,391 4,712 -21 Cash flow from operating activities A
1,116 1,337 1,041 Cash capital expenditure C
126 116 137 +9 Liquids production available for sale (thousand b/d)
4,644 4,574 4,954 +2 Natural gas production available for sale (million scf/d)
927 905 992 +2 Total production available for sale (thousand boe/d)
6.60 7.06 7.58 -6 LNG liquefaction volumes (million tonnes)
16.49 15.50 16.87 +6 LNG sales volumes (million tonnes)
1.Q1 on Q4 change
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
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected lower
exploration well write-offs ($277 million), partly offset by lower LNG
liquefaction volumes (decrease of $68 million). The net effect of
contributions from trading and optimisation and realised prices was in line
with the fourth quarter 2024 despite higher unfavourable (non-cash) impact of
expiring hedging contracts.
Identified items in the first quarter 2025 included favourable movements of
$362 million due to the fair value accounting of commodity derivatives, that
as part of Shell's normal business are entered into as hedges for mitigation
of economic exposures on future purchases, sales and inventory. These
favourable movements compare with the fourth quarter 2024 which included
impairment charges of $339 million and a loss of $96 million related to sale
of assets, partly offset by favourable movements of $109 million due to the
fair value accounting of commodity derivatives.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the quarter was primarily driven by
Adjusted EBITDA, and net cash inflows related to derivatives of $542 million,
partly offset by tax payments of $773 million and working capital outflows of
$687 million.
Total oil and gas production, compared with the fourth quarter 2024, increased
by 2% mainly due to lower planned maintenance in Pearl GTL (Qatar), partly
offset by unplanned maintenance and weather constraints in Australia. LNG
liquefaction volumes decreased by 6% mainly due to unplanned maintenance and
weather constraints in Australia.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs
and DD&A expenses.
Page 3
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
UPSTREAM
Quarters $ million
Q1 2025 Q4 2024 Q1 2024 %¹ Reference
2,080 1,031 2,272 +102 Income/(loss) for the period
(257) (651) 339 Of which: Identified items A
2,337 1,682 1,933 +39 Adjusted Earnings A
7,387 7,676 7,888 -4 Adjusted EBITDA A
3,945 4,509 5,727 -13 Cash flow from operating activities A
1,923 2,076 2,010 Cash capital expenditure C
1,335 1,332 1,331 — Liquids production available for sale (thousand b/d)
3,020 3,056 3,136 -1 Natural gas production available for sale (million scf/d)
1,855 1,859 1,872 — Total production available for sale (thousand boe/d)
1.Q1 on Q4 change
The Upstream segment includes exploration and extraction of crude oil, natural
gas and natural gas liquids. It also markets and transports oil and gas, and
operates the infrastructure necessary to deliver them to the market.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected lower
exploration well write-offs ($346 million), lower depreciation, depletion and
amortisation expenses (decrease of $330 million), lower operating expenses
($194 million) and comparative favourable tax movements ($179 million), partly
offset by lower volumes (decrease of $359 million).
Identified items in the first quarter 2025 included a charge of $509 million
related to the UK Energy Profits Levy, partly offset by gains of $159 million
from disposal of assets and gains of $95 million related to the impact of the
strengthening Brazilian real on a deferred tax position. These charges and
favourable movements compare with the fourth quarter 2024 which included a
loss of $161 million related to the impact of the weakening Brazilian real on
a deferred tax position, and impairment charges of $152 million.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2025 was primarily
driven by Adjusted EBITDA, partly offset by tax payments of $1,999 million and
working capital outflows of $913 million.
Total production, compared with the fourth quarter 2024, decreased mainly due
to the SPDC divestment, largely offset by new oil production.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs
and DD&A expenses.
Page 4
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
MARKETING
Quarters $ million
Q1 2025 Q4 2024 Q1 2024 %¹ Reference
814 103 896 +688 Income/(loss) for the period
(49) (736) (7) Of which: Identified items A
900 839 781 +7 Adjusted Earnings A
1,869 1,709 1,686 +9 Adjusted EBITDA A
1,907 1,363 1,319 +40 Cash flow from operating activities A
256 811 465 Cash capital expenditure C
2,674 2,795 2,763 -4 Marketing sales volumes (thousand b/d)
1.Q1 on Q4 change
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
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected lower
operating expenses (decrease of $69 million), and higher Marketing margins
(increase of $54 million) mainly due to higher Lubricants unit margins and
seasonal impact of higher volumes partly offset by lower Mobility margins due
to seasonal impact of lower volumes and lower Sectors and Decarbonisation
margins. These net gains were partly offset by unfavourable tax movements
($109 million).
Identified items in the first quarter 2025 included net losses of $61 million
related to sale of assets. These losses compare with the fourth quarter 2024
which included impairment charges of $458 million, and net losses of $247
million related to sale of assets.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2025 was primarily
driven by Adjusted EBITDA, inflows relating to the timing impact of payments
related to emission certificates and biofuel programmes of $540 million, and
dividends (net of profits) from joint ventures and associates of $203 million.
These inflows were partly offset by working capital outflows of $344 million
and tax payments of $174 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the
fourth quarter 2024, decreased mainly due to seasonality.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs
and DD&A expenses.
Page 5
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
CHEMICALS AND PRODUCTS
Quarters $ million
Q1 2025 Q4 2024 Q1 2024 %¹ Reference
(77) (276) 1,311 +72 Income/(loss) for the period
(581) (99) (458) Of which: Identified items A
449 (229) 1,615 +296 Adjusted Earnings A
1,410 475 2,826 +197 Adjusted EBITDA A
130 2,032 (349) -94 Cash flow from operating activities A
458 1,392 500 Cash capital expenditure C
1,362 1,215 1,430 +12 Refinery processing intake (thousand b/d)
2,813 2,926 2,883 -4 Chemicals sales volumes (thousand tonnes)
1.Q1 on Q4 change
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
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected higher
Products margins (increase of $546 million) mainly driven by higher margins
from trading and optimisation and higher refining margins. Adjusted Earnings
also reflected higher Chemicals margins (increase of $115 million). In
addition, the first quarter 2025 reflected lower operating expenses (decrease
of $134 million). These net gains were partly offset by comparative
unfavourable tax movements ($96 million).
In the first quarter 2025, Chemicals had negative Adjusted Earnings of $137
million and Products had positive Adjusted Earnings of $586 million.
Identified items in the first quarter 2025 included impairment charges of $277
million, and unfavourable movements of $202 million due to the fair value
accounting of commodity derivatives, that as part of Shell's normal business
are entered into as hedges for mitigation of economic exposures on future
purchases, sales and inventory. These charges and unfavourable movements
compare with the fourth quarter 2024 which included impairment charges of $224
million, partly offset by favourable deferred tax movements of $114 million..
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2025 was primarily
driven by Adjusted EBITDA, and inflows relating to the timing impact of
payments relating to emission certificates and biofuel programmes of $125
million. These inflows were partly offset by working capital outflows of
$1,081 million, and net cash outflows relating to commodity derivatives of
$508 million.
Chemicals manufacturing plant utilisation was 81% compared with 75% in the
fourth quarter 2024, mainly due to lower planned and unplanned maintenance.
Refinery utilisation was 85% compared with 76% in the fourth quarter 2024,
mainly due to lower planned maintenance.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs
and DD&A expenses.
Page 6
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
RENEWABLES AND ENERGY SOLUTIONS
Quarters $ million
Q1 2025 Q4 2024 Q1 2024 %¹ Reference
(247) (1,226) 553 +80 Income/(loss) for the period
(205) (914) 390 Of which: Identified items A
(42) (311) 163 +87 Adjusted Earnings A
111 (123) 267 +190 Adjusted EBITDA A
367 850 2,466 -57 Cash flow from operating activities A
403 1,277 438 Cash capital expenditure C
76 76 77 +1 External power sales (terawatt hours)2
184 165 190 +12 Sales of pipeline gas to end-use customers (terawatt hours)3
1.Q1 on Q4 change
2.Physical power sales to third parties; excluding financial trades and
physical trade with brokers, investors, financial institutions, trading
platforms, and wholesale traders.
3.Physical natural gas sales to third parties; excluding financial trades and
physical trade with brokers, investors, financial institutions, trading
platforms, and wholesale traders. Excluding sales of natural gas by other
segments and LNG sales.
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
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected higher
margins (increase of $99 million) mainly due to higher trading and
optimisation in the Americas as a result of higher seasonal demand and
volatility, lower operating expenses (decrease of $90 million) and comparative
favourable tax movements ($89 million). Most Renewables and Energy Solutions
activities were loss-making in the first quarter 2025, which was partly offset
by positive Adjusted Earnings from trading and optimisation.
Identified items in the first quarter 2025 included a charge of $143 million
related to the disposal of assets. These charges compare with the fourth
quarter 2024 which included impairment charges of $996 million mainly relating
to renewable generation assets in North America, partly offset by favourable
movements of $50 million due to the fair value accounting of commodity
derivatives, that as part of Shell's normal business are entered into as
hedges for mitigation of economic exposures on future purchases, sales and
inventory.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
Cash flow from operating activities for the first quarter 2025 was primarily
driven by net cash inflows relating to working capital of $380 million and
Adjusted EBITDA, partially offset by outflows related to derivatives of $169
million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs
and DD&A expenses.
Additional Growth Measures
Quarters
Q1 2025 Q4 2024 Q1 2024 %¹
Renewable power generation capacity (gigawatt):
3.5 3.4 3.2 +4 – In operation2
4.0 4.0 3.5 -1 – 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 2025 UNAUDITED RESULTS
CORPORATE
Quarters $ million
Q1 2025 Q4 2024 Q1 2024 Reference
(483) (335) (354) Income/(loss) for the period
(26) 45 14 Of which: Identified items A
(457) (380) (368) Adjusted Earnings A
(261) (24) (92) Adjusted EBITDA A
(531) 16 (545) Cash flow from operating activities A
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 Adjusted Earnings rather than in the earnings of
business segments.
Quarter Analysis1
Income/(loss) for the period was driven by the same factors as Adjusted
Earnings and includes identified items.
Adjusted Earnings, compared with the fourth quarter 2024, reflected
unfavourable currency exchange rate effects, partly offset by lower operating
expenses.
Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without interest, taxation, exploration well write-offs
and DD&A expenses.
Page 8
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
OUTLOOK FOR THE SECOND QUARTER 2025
Full year 2024 cash capital expenditure was $21 billion. Our cash capital
expenditure range for the full year 2025 is expected to be within $20 - $22
billion.
Integrated Gas production is expected to be approximately 890 - 950 thousand
boe/d. LNG liquefaction volumes are expected to be approximately 6.3 - 6.9
million tonnes. Second quarter 2025 outlook reflects scheduled maintenance
across the portfolio.
Upstream production is expected to be approximately 1,560 - 1,760 thousand
boe/d. Production outlook reflects the SPDC divestment in March 2025 and the
scheduled maintenance across the portfolio.
Marketing sales volumes are expected to be approximately 2,600 - 3,100
thousand b/d.
Refinery utilisation is expected to be approximately 87% - 95%. Chemicals
manufacturing plant utilisation is expected to be approximately 74% - 82%.
Second quarter 2025 utilisation outlook reflects the sale of the Energy and
Chemicals Park in Singapore which was completed in April 2025.
Corporate Adjusted Earnings1 were a net expense of $457 million for the first
quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of
approximately $400 - $600 million in the second quarter 2025.
1.For the definition of Adjusted Earnings and the most comparable GAAP measure
see reference A.
FORTHCOMING EVENTS
Date Event
May 20, 2025 Annual General Meeting
July 31, 2025 Second quarter 2025 results and dividends
October 30, 2025 Third quarter 2025 results and dividends
Page 9
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
69,234 66,281 72,478 Revenue1
615 (156) 1,318 Share of profit/(loss) of joint ventures and associates
302 683 907 Interest and other income/(expenses)2
70,152 66,807 74,703 Total revenue and other income/(expenses)
45,849 43,610 46,867 Purchases
5,549 5,839 5,810 Production and manufacturing expenses
2,840 3,231 2,975 Selling, distribution and administrative expenses
185 331 212 Research and development
210 861 750 Exploration
5,441 7,520 5,881 Depreciation, depletion and amortisation2
1,120 1,213 1,164 Interest expense
61,194 62,605 63,659 Total expenditure
8,959 4,205 11,044 Income/(loss) before taxation
4,083 3,164 3,604 Taxation charge/(credit)2
4,875 1,041 7,439 Income/(loss) for the period
95 113 82 Income/(loss) attributable to non-controlling interest
4,780 928 7,358 Income/(loss) attributable to Shell plc shareholders
0.79 0.15 1.14 Basic earnings per share ($)3
0.79 0.15 1.13 Diluted earnings per share ($)3
1.See Note 2 “Segment information”.
2.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim
Financial Statements”.
3.See Note 3 “Earnings per share”.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
4,875 1,041 7,439 Income/(loss) for the period
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
1,711 (4,899) (1,995) – Currency translation differences1
6 (11) (6) – Debt instruments remeasurements
(25) 224 53 – Cash flow hedging gains/(losses)
(42) (50) (14) – Deferred cost of hedging
74 (91) (12) – Share of other comprehensive income/(loss) of joint ventures and associates
1,723 (4,827) (1,974) Total
Items that are not reclassified to income in later periods:
306 239 439 – Retirement benefits remeasurements
(16) (50) 78 – Equity instruments remeasurements
(36) 46 10 – Share of other comprehensive income/(loss) of joint ventures and associates
254 235 528 Total
1,977 (4,592) (1,445) Other comprehensive income/(loss) for the period
6,852 (3,552) 5,994 Comprehensive income/(loss) for the period
105 50 56 Comprehensive income/(loss) attributable to non-controlling interest
6,748 (3,602) 5,937 Comprehensive income/(loss) attributable to Shell plc shareholders
1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim
Financial Statements”.
Page 10
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
March 31, 2025 December 31, 2024
Assets
Non-current assets
Goodwill 16,072 16,032
Other intangible assets1 11,365 9,480
Property, plant and equipment 183,712 185,219
Joint ventures and associates 24,236 23,445
Investments in securities 2,284 2,255
Deferred tax 6,989 6,857
Retirement benefits 10,266 10,003
Trade and other receivables 7,269 6,018
Derivative financial instruments² 400 374
262,593 259,683
Current assets
Inventories 22,984 23,426
Trade and other receivables 48,247 45,860
Derivative financial instruments² 8,941 9,673
Cash and cash equivalents 35,601 39,110
115,773 118,069
Assets classified as held for sale1 10,881 9,857
126,654 127,926
Total assets 389,248 387,609
Liabilities
Non-current liabilities
Debt 65,120 65,448
Trade and other payables 5,487 3,290
Derivative financial instruments² 1,565 2,185
Deferred tax 13,257 13,505
Retirement benefits 6,756 6,752
Decommissioning and other provisions 20,313 21,227
112,498 112,407
Current liabilities
Debt 11,391 11,630
Trade and other payables 60,870 60,693
Derivative financial instruments² 6,371 7,391
Income taxes payable 4,343 4,648
Decommissioning and other provisions 5,104 4,469
88,079 88,831
Liabilities directly associated with assets classified as held for sale1 8,001 6,203
96,080 95,034
Total liabilities 208,578 207,441
Equity attributable to Shell plc shareholders 178,813 178,307
Non-controlling interest 1,856 1,861
Total equity 180,670 180,168
Total liabilities and equity 389,248 387,609
1. See Note 7 “Other notes to the unaudited Condensed Consolidated
Interim Financial Statements”.
2. See Note 6 “Derivative financial instruments and debt excluding
lease liabilities”.
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1st QUARTER 2025 UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
$ million Share capital 1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest Total equity
At January 1, 2025 510 (803) 19,766 158,834 178,307 1,861 180,168
Comprehensive income/(loss) for the period — — 1,967 4,780 6,748 105 6,852
Transfer from other comprehensive income — — 11 (11) — — —
Dividends³ — — — (2,179) (2,179) (86) (2,265)
Repurchases of shares4 (8) — 8 (3,513) (3,513) — (3,513)
Share-based compensation — 500 (663) (405) (567) — (567)
Other changes — — — 23 22 (24) (2)
At March 31, 2025 502 (304) 21,090 157,527 178,813 1,856 180,670
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 56 5,994
Transfer from other comprehensive income — — 138 (138) — — —
Dividends3 — — — (2,210) (2,210) (68) (2,278)
Repurchases of shares4 (7) — 7 (3,502) (3,502) — (3,502)
Share-based compensation — 543 (426) (392) (275) — (275)
Other changes — — — 8 8 (4) 4
At March 31, 2024 537 (455) 19,445 167,038 186,565 1,739 188,304
1. See Note 4 “Share capital”.
2. See Note 5 “Other reserves”.
3. The amount charged to retained earnings is based on prevailing
exchange rates on payment date.
4. Includes shares committed to repurchase under an irrevocable
contract and repurchases subject to settlement at the end of the quarter.
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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
8,959 4,205 11,044 Income before taxation for the period
Adjustment for:
636 665 576 – Interest expense (net)
5,441 7,520 5,881 – Depreciation, depletion and amortisation1
28 649 554 – Exploration well write-offs
127 288 (10) – Net (gains)/losses on sale and revaluation of non-current assets and businesses
(615) 156 (1,318) – Share of (profit)/loss of joint ventures and associates
523 1,241 738 – Dividends received from joint ventures and associates
854 131 (608) – (Increase)/decrease in inventories
(2,610) 751 (195) – (Increase)/decrease in current receivables
(907) 1,524 (1,949) – Increase/(decrease) in current payables
(244) 111 1,386 – Derivative financial instruments
(100) (58) (61) – Retirement benefits
(480) (256) (600) – Decommissioning and other provisions
570 (856) 509 – Other1
(2,900) (2,910) (2,616) Tax paid
9,281 13,162 13,330 Cash flow from operating activities
(3,748) (6,486) (3,980) Capital expenditure
(413) (421) (500) Investments in joint ventures and associates
(15) (17) (13) Investments in equity securities
(4,175) (6,924) (4,493) Cash capital expenditure
559 493 323 Proceeds from sale of property, plant and equipment and businesses
33 305 133 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
5 6 569 Proceeds from sale of equity securities
508 581 577 Interest received
506 1,762 857 Other investing cash inflows
(1,394) (655) (1,494) Other investing cash outflows1
(3,959) (4,431) (3,528) Cash flow from investing activities
80 65 (107) Net increase/(decrease) in debt with maturity period within three months
Other debt:
139 (13) 167 – New borrowings
(2,514) (2,664) (1,532) – Repayments
(846) (1,379) (911) Interest paid
326 (833) (297) Derivative financial instruments
(25) (10) (4) Change in non-controlling interest
Cash dividends paid to:
(2,179) (2,114) (2,210) – Shell plc shareholders
(86) (53) (68) – Non-controlling interest
(3,311) (3,579) (2,824) Repurchases of shares
(768) (309) (462) Shares held in trust: net sales/(purchases) and dividends received
(9,183) (10,889) (8,248) Cash flow from financing activities
353 (985) (379) Effects of exchange rate changes on cash and cash equivalents
(3,509) (3,142) 1,175 Increase/(decrease) in cash and cash equivalents
39,110 42,252 38,774 Cash and cash equivalents at beginning of period
35,601 39,110 39,949 Cash and cash equivalents at end of period
1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim
Financial Statements”.
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SHELL PLC
1st QUARTER 2025 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 adopted by the UK, and on the basis of the same accounting principles as
those used in the Company's Annual Report and Accounts (pages 240 to 312) for
the year ended December 31, 2024, as filed with the Registrar of Companies for
England and Wales and as filed with the Autoriteit Financiële Markten (the
Netherlands) and Form 20-F (pages 223 to 296) for the year ended December 31,
2024, 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, 2024, were published in Shell's
Annual Report and Accounts, a copy of which was delivered to the Registrar of
Companies for England and Wales. 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.
Key accounting considerations, significant judgements and estimates
Future commodity price assumptions and management's view on the future
development of refining and chemicals margins represent a significant estimate
and were subject to change in 2024. These assumptions continue to apply for
impairment testing purposes in the first quarter 2025. As per the normal
process outlined in the 2024 Annual Report and Accounts and Form 20-F, these
assumptions are subject to review later this year.
The discount rates applied for impairment testing and the discount rate
applied to provisions are reviewed on a regular basis. Both discount rates
applied in the first quarter 2025 remain unchanged compared with 2024.
2. Segment information
With effect from January 1, 2025, segment earnings are presented on an
Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure
used by the Chief Executive Officer, who serves as the Chief Operating
Decision Maker, for the purposes of making decisions about allocating
resources and assessing performance. This aligns with Shell's focus on
performance, discipline and simplification.
The Adjusted Earnings measure is presented on a current cost of supplies (CCS)
basis and 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.
Identified 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.
The segment earnings measure used until December 31, 2024 was CCS earnings.
The difference between CCS earnings and Adjusted Earnings are the identified
items. Comparative periods are presented below on an Adjusted Earnings basis.
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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
REVENUE AND ADJUSTED EARNINGS BY SEGMENT
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
Third-party revenue
9,602 9,294 9,195 Integrated Gas
1,510 1,652 1,759 Upstream
27,083 27,524 30,041 Marketing
21,610 19,992 23,735 Chemicals and Products
9,417 7,808 7,737 Renewables and Energy Solutions
12 10 11 Corporate
69,234 66,281 72,478 Total third-party revenue 1
Inter-segment revenue
2,675 2,024 2,404 Integrated Gas
9,854 9,931 10,287 Upstream
1,849 984 1,355 Marketing
8,255 8,656 10,312 Chemicals and Products
1,164 1,879 1,005 Renewables and Energy Solutions
— — — Corporate
Adjusted Earnings
2,483 2,165 3,680 Integrated Gas
2,337 1,682 1,933 Upstream
900 839 781 Marketing
449 (229) 1,615 Chemicals and Products
(42) (311) 163 Renewables and Energy Solutions
(457) (380) (368) Corporate
5,670 3,766 7,804 Total Adjusted Earnings 2
5,577 3,661 7,734 Adjusted Earnings attributable to Shell plc shareholders
94 106 70 Adjusted Earnings attributable to non-controlling interest
1.Includes revenue from sources other than from contracts with customers,
which mainly comprises the impact of fair value accounting of commodity
derivatives.
2.See Reconciliation of income for the period to Adjusted Earnings below.
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SHELL PLC
1st QUARTER 2025 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 2025 Q4 2024 Q1 2024
Capital expenditure
943 1,123 858 Integrated Gas
1,727 2,205 1,766 Upstream
252 798 427 Marketing
451 1,121 474 Chemicals and Products
358 1,214 421 Renewables and Energy Solutions
17 25 34 Corporate
3,748 6,486 3,980 Total capital expenditure
Add: Investments in joint ventures and associates
174 214 184 Integrated Gas
197 (117) 244 Upstream
4 13 38 Marketing
7 271 26 Chemicals and Products
30 36 8 Renewables and Energy Solutions
1 4 — Corporate
413 421 500 Total investments in joint ventures and associates
Add: Investments in equity securities
— — — Integrated Gas
— (11) — Upstream
— — — Marketing
— — — Chemicals and Products
14 28 10 Renewables and Energy Solutions
— — 3 Corporate
15 17 13 Total investments in equity securities
Cash capital expenditure
1,116 1,337 1,041 Integrated Gas
1,923 2,076 2,010 Upstream
256 811 465 Marketing
458 1,392 500 Chemicals and Products
403 1,277 438 Renewables and Energy Solutions
19 30 37 Corporate
4,175 6,924 4,493 Total Cash capital expenditure
Page 16
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
RECONCILIATION OF INCOME FOR THE PERIOD TO ADJUSTED EARNINGS
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
4,780 928 7,358 Income/(loss) attributable to Shell plc shareholders
95 113 82 Income/(loss) attributable to non-controlling interest
4,875 1,041 7,439 Income/(loss) for the period
(15) (75) (360) Add: Current cost of supplies adjustment before taxation
(2) 23 84 Add: Tax on current cost of supplies adjustment
(510) (3,008) (1,244) Less: Identified items adjustment before taxation
301 (230) (604) Add: Tax on identified items adjustment
5,670 3,766 7,804 Adjusted Earnings
5,577 3,661 7,734 Adjusted Earnings attributable to Shell plc shareholders
94 106 70 Adjusted Earnings attributable to non-controlling interest
Identified items
The objective of identified items is to remove material impacts on net
income/loss arising from transactions which are generally uncontrollable and
unusual (infrequent or non-recurring) in nature or giving rise to a mismatch
between accounting and economic results, or certain transactions that are
generally excluded from underlying results in the industry.
Identified items comprise: divestment gains and losses, impairments and
impairment reversals, redundancy and restructuring, fair value accounting of
commodity derivatives and certain gas contracts that gives rise to a mismatch
between accounting and economic results, the impact of exchange rate movements
and inflationary adjustments on certain deferred tax balances, and other
items.
Q1 2025 $ 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) (106) (1) 154 (57) (15) (187) —
Impairment reversals/(impairments) (341) — (21) 10 (293) (38) —
Redundancy and restructuring (44) (1) (15) (9) (13) (9) 4
Fair value accounting of commodity derivatives and certain gas contracts1 194 420 (1) 12 (258) 20 —
Other2 (212) (70) 4 — (101) (46) —
Total identified items included in Income/(loss) before taxation (510) 348 121 (44) (679) (260) 4
Less: Total identified items included in Taxation charge/(credit) 301 43 378 4 (99) (54) 29
Identified items included in Income/(loss) for the period
Divestment gains/(losses) (208) — 8 (61) (12) (143) —
Impairment reversals/(impairments) (317) — (15) 6 (277) (31) —
Redundancy and restructuring (24) (1) (5) (1) (12) (7) 2
Fair value accounting of commodity derivatives and certain gas contracts1 187 362 — 7 (202) 20 —
Impact of exchange rate movements and inflationary adjustments on tax balances3 108 4 132 — — — (28)
Other2 (558) (59) (377) — (77) (45) —
Impact on Adjusted Earnings (811) 306 (257) (49) (581) (205) (26)
Impact on Adjusted Earnings attributable to non-controlling interest — — — — — — —
Impact on Adjusted Earnings attributable to Shell plc shareholders (811) 306 (257) (49) (581) (205) (26)
1.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
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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
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.
2.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.
3.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
recognised tax losses (this primarily impacts the Integrated Gas and Upstream
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).
Q4 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) (288) (99) (66) (216) 42 51 —
Impairment reversals/(impairments) (2,554) (523) (183) (493) (288) (1,065) (1)
Redundancy and restructuring (175) (27) (62) (70) (5) (11) (1)
Fair value accounting of commodity derivatives and certain gas contracts1 209 136 (14) 58 (38) 67 —
Other1 (200) — (165) (33) (2) — —
Total identified items included in Income/(loss) before taxation (3,008) (514) (491) (753) (291) (958) (2)
Less: Total identified items included in Taxation charge/(credit) (230) (92) 160 (17) (191) (43) (47)
Identified items included in Income/(loss) for the period
Divestment gains/(losses) (321) (96) (51) (247) 33 40 —
Impairment reversals/(impairments) (2,170) (339) (152) (458) (224) (996) (1)
Redundancy and restructuring (115) (16) (34) (52) (3) (8) (1)
Fair value accounting of commodity derivatives and certain gas contracts1 184 109 (4) 46 (17) 50 —
Impact of exchange rate movements and inflationary adjustments on tax balances1 (210) (57) (199) — — — 46
Other1 (147) (22) (212) (25) 113 — —
Impact on Adjusted Earnings (2,778) (421) (651) (736) (99) (914) 45
Impact on Adjusted Earnings attributable to non-controlling interest — — — — — — —
Impact on Adjusted Earnings attributable to Shell plc shareholders (2,778) (421) (651) (736) (99) (914) 45
1.For a detailed description, see the corresponding footnotes to the Q1 2025
identified items table above.
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SHELL PLC
1st QUARTER 2025 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)
Fair value accounting of commodity derivatives and certain gas contracts1 (1,079) (1,068) (2) 6 (416) 400 —
Other1 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)
Fair value accounting of commodity derivatives and certain gas contracts1 (896) (887) — 5 (319) 306 —
Impact of exchange rate movements and inflationary adjustments on tax balances1 403 (27) 412 — — — 18
Other1 95 3 28 17 34 12 —
Impact on Adjusted Earnings (641) (919) 339 (7) (458) 390 14
Impact on Adjusted Earnings attributable to non-controlling interest — — — — — — —
Impact on Adjusted Earnings attributable to Shell plc shareholders (641) (919) 339 (7) (458) 390 14
1.For a detailed description, see the corresponding footnotes to the Q1 2025
identified items table above.
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.
3. Earnings per share
EARNINGS PER SHARE
Quarters
Q1 2025 Q4 2024 Q1 2024
4,780 928 7,358 Income/(loss) attributable to Shell plc shareholders ($ million)
Weighted average number of shares used as the basis for determining:
6,033.5 6,148.4 6,440.1 Basic earnings per share (million)
6,087.8 6,213.9 6,504.3 Diluted earnings per share (million)
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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
4. Share capital
ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
Number of shares Nominal value
($ million)
At January 1, 2025 6,115,031,158 510
Repurchases of shares (98,948,766) (8)
At March 31, 2025 6,016,082,392 502
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 Shell plc’s Annual General Meeting on May 21, 2024, 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 €150 million
(representing approximately 2,147 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 20, 2025, or the
end of the Annual General Meeting to be held in 2025, unless previously
renewed, revoked or varied by Shell plc in a general meeting.
5. Other reserves
OTHER RESERVES
$ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
At January 1, 2025 37,298 154 270 1,417 (19,373) 19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — 1,967 1,967
Transfer from other comprehensive income — — — — 11 11
Repurchases of shares — — 8 — — 8
Share-based compensation — — — (663) — (663)
At March 31, 2025 37,298 154 279 754 (17,394) 21,090
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) (1,420)
Transfer from other comprehensive income — — — — 138 138
Repurchases of shares — — 7 — — 7
Share-based compensation — — — (426) — (426)
At March 31, 2024 37,298 154 244 882 (19,132) 19,445
The merger reserve and share premium reserve were established as a consequence
of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent
company of Royal Dutch Petroleum Company and The “Shell” Transport and
Trading Company, p.l.c., now The Shell Transport and Trading Company Limited,
in 2005. The merger reserve increased in 2016 following the issuance of shares
for the acquisition of BG Group plc. The capital redemption reserve was
established in connection with repurchases of shares of Shell plc. The share
plan reserve is in respect of equity-settled share-based compensation plans.
6. Derivative financial instruments and debt excluding lease liabilities
As disclosed in the Consolidated Financial Statements for the year ended
December 31, 2024, 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, 2025, are consistent with those used in the year
ended December 31, 2024, though the carrying amounts of derivative financial
instruments have changed since that date.
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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
The movement of the derivative financial instruments between December 31, 2024
and March 31, 2025 is a decrease of $732 million for the current assets and a
decrease of $1,020 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, 2025 December 31, 2024
Carrying amount1 48,023 48,376
Fair value2 44,240 44,119
1. Shell issued no debt under the US shelf or under the Euro
medium-term note programmes during the first quarter 2025.
2. Mainly determined from the prices quoted for these securities.
7. Other notes to the unaudited Condensed Consolidated Interim Financial
Statements
Consolidated Statement of Income
Interest and other income
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
302 683 907 Interest and other income/(expenses)
Of which:
481 548 588 Interest income
1 25 23 Dividend income (from investments in equity securities)
(127) (288) 10 Net gains/(losses) on sales and revaluation of non-current assets and businesses
(137) 267 66 Net foreign exchange gains/(losses) on financing activities
85 131 219 Other
Depreciation, depletion and amortisation
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
5,441 7,520 5,881 Depreciation, depletion and amortisation
Of which:
5,130 5,829 5,654 Depreciation
311 1,797 382 Impairments
(1) (106) (154) Impairment reversals
Impairments recognised in the first quarter 2025 of $311 million pre-tax
($287 million post-tax) principally relate to Chemicals and Products.
Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax
($2,245 million post-tax), of which $1,797 million recognised in
depreciation, depletion and amortisation and $863 million recognised in share
of profit of joint ventures and associates, mainly relate to Renewables and
Energy Solutions ($1,068 million pre-tax; $1,000 million post-tax),
Integrated Gas ($532 million pre-tax; $345 million post-tax), Marketing
($495 million pre-tax; $459 million post-tax), Chemicals and Products
($315 million pre-tax; $247 million post-tax) and Upstream ($248 million
pre-tax; $194 million post-tax).
Impairments recognised in the first quarter 2024 of $382 million pre-tax
($332 million post-tax) include smaller
impairments in various segments.
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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Taxation charge/credit
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
4,083 3,164 3,604 Taxation charge/(credit)
Of which:
4,024 3,125 3,525 Income tax excluding Pillar Two income tax
59 39 79 Income tax related to Pillar Two income tax
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.
Consolidated Statement of Comprehensive Income
Currency translation differences
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
1,711 (4,899) (1,995) Currency translation differences
Of which:
1,618 (5,028) (1,983) Recognised in Other comprehensive income
92 129 (12) (Gain)/loss reclassified to profit or loss
Condensed Consolidated Balance Sheet
Other intangible assets
$ million
March 31, 2025 December 31, 2024
Other intangible assets 11,365 9,480
The increase in other intangible assets as at March 31, 2025 compared with
December 31, 2024 is mainly related to initial recognition at fair value of
favourable LNG, gas offtake and sales contracts. These were recognised
following completion of the acquisition of Pavilion Energy Pte. Ltd. during
the first quarter 2025. The fair value of unfavourable LNG, gas offtake and
sales contracts acquired was recognised under trade and other payables.
Assets classified as held for sale
$ million
March 31, 2025 December 31, 2024
Assets classified as held for sale 10,881 9,857
Liabilities directly associated with assets classified as held for sale 8,001 6,203
Assets classified as held for sale and associated liabilities at March 31,
2025 principally relate to Shell's UK offshore oil and gas assets in Upstream,
mining interests in Canada and an energy and chemicals park in Singapore, both
in Chemicals and Products. Upon completion of the sale, Shell's UK offshore
assets will be derecognised in exchange for a 50% interest in a newly formed
joint venture.
The major classes of assets and liabilities classified as held for sale at
March 31, 2025, are Property, plant and equipment ($8,866 million; December
31, 2024: $8,283 million), Inventories ($1,003 million; December 31, 2024:
$1,180 million), Decommissioning and other provisions ($3,228 million;
December 31, 2024: $3,053 million), deferred tax liabilities
($2,823 million; December 31, 2024: $2,042 million), Trade and other
payables ($1,000 million; December 31, 2024: $484 million) and Debt
($839 million; December 31, 2024: $624 million).
Page 22
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Consolidated Statement of Cash Flows
Cash flow from operating activities - Other
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
570 (856) 509 Other
'Cash flow from operating activities - Other' for the first quarter 2025
includes $652 million of net inflows (fourth quarter 2024: $1,447 million
net outflows; first quarter 2024: $188 million net inflows) due to the timing
of payments relating to emission certificates and biofuel programmes in Europe
and North America and $255 million in relation to reversal of currency
exchange gains on Cash and cash equivalents (fourth quarter 2024:
$672 million losses; first quarter 2024: $253 million losses).
Cash flow from investing activities - Other investing cash outflows
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
(1,394) (655) (1,494) Other investing cash outflows
'Cash flow from investing activities - Other investing cash outflows' for the
first quarter 2025 includes $818 million secured term loans provided to The
Shell Petroleum Development Company of Nigeria Limited (SPDC) upon completion
of the sale of SPDC. The first quarter 2024 includes $645 million of debt
securities acquired in the Corporate segment.
8. Reconciliation of Operating expenses and Total Debt
RECONCILIATION OF OPERATING EXPENSES
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
5,549 5,839 5,810 Production and manufacturing expenses
2,840 3,231 2,975 Selling, distribution and administrative expenses
185 331 212 Research and development
8,575 9,401 8,997 Operating expenses
RECONCILIATION OF TOTAL DEBT
March 31, 2025 December 31, 2024 March 31, 2024 $ million
11,391 11,630 11,046 Current debt
65,120 65,448 68,886 Non-current debt
76,511 77,078 79,931 Total debt
Page 23
SHELL PLC
1st QUARTER 2025 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 when presenting the total Shell Group result but includes these items
when presenting individual segment Adjusted Earnings as set out in the table
below.
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.
Q1 2025 $ million
Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
Income/(loss) for the period 4,875 2,789 2,080 814 (77) (247) (483)
Add: Current cost of supplies adjustment before taxation (15) 52 (67)
Add: Tax on current cost of supplies adjustment (2) (14) 12
Less: Identified items (811) 306 (257) (49) (581) (205) (26)
Less: Income/(loss) attributable to non-controlling interest 95
Less: Current cost of supplies adjustment attributable to non-controlling interest (1)
Add: Identified items attributable to non-controlling interest —
Adjusted Earnings 5,577
Add: Non-controlling interest 94
Adjusted Earnings plus non-controlling interest 5,670 2,483 2,337 900 449 (42) (457)
Add: Taxation charge/(credit) excluding tax impact of identified items 3,784 803 2,619 391 99 63 (191)
Add: Depreciation, depletion and amortisation excluding impairments 5,130 1,404 2,213 566 852 90 6
Add: Exploration well write-offs 28 — 29
Add: Interest expense excluding identified items 1,119 51 200 12 14 2 841
Less: Interest income 481 4 11 — 4 2 461
Adjusted EBITDA 15,250 4,735 7,387 1,869 1,410 111 (261)
Less: Current cost of supplies adjustment before taxation (15) 52 (67)
Joint ventures and associates (dividends received less profit) (178) (286) (159) 203 54 10 —
Derivative financial instruments (38) 542 14 10 (508) (169) 73
Taxation paid (2,900) (773) (1,999) (174) 63 52 (68)
Other (206) (68) (386) 396 125 (17) (257)
(Increase)/decrease in working capital (2,663) (687) (913) (344) (1,081) 380 (19)
Cash flow from operating activities 9,281 3,463 3,945 1,907 130 367 (531)
Page 24
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Q4 2024 $ million
Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
Income/(loss) for the period 1,041 1,744 1,031 103 (276) (1,226) (335)
Add: Current cost of supplies adjustment before taxation (75) (2) (73)
Add: Tax on current cost of supplies adjustment 23 2 21
Less: Identified items (2,778) (421) (651) (736) (99) (914) 45
Less: Income/(loss) attributable to non-controlling interest 113
Less: Current cost of supplies adjustment attributable to non-controlling interest (7)
Add: Identified items attributable to non-controlling interest —
Adjusted Earnings 3,661
Add: Non-controlling interest 106
Adjusted Earnings plus non-controlling interest 3,766 2,165 1,682 839 (229) (311) (380)
Add: Taxation charge/(credit) excluding tax impact of identified items 3,371 635 2,618 266 (198) 97 (46)
Add: Depreciation, depletion and amortisation excluding impairments 5,829 1,440 2,803 587 896 96 8
Add: Exploration well write-offs 649 277 372 — — — —
Add: Interest expense excluding identified items 1,213 54 201 17 16 2 923
Less: Interest income 548 3 — — 10 7 529
Adjusted EBITDA 14,281 4,568 7,676 1,709 475 (123) (24)
Less: Current cost of supplies adjustment before taxation (75) (2) (73)
Joint ventures and associates (dividends received less profit) 451 110 (22) 172 139 51 —
Derivative financial instruments 319 120 (28) (8) 230 533 (527)
Taxation paid (2,910) (635) (2,019) (130) 36 (41) (120)
Other (1,461) 114 (486) (1,227) (313) 77 375
(Increase)/decrease in working capital 2,407 114 (611) 845 1,394 353 312
Cash flow from operating activities 13,162 4,391 4,509 1,363 2,032 850 16
Q1 2024 $ million
Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
Income/(loss) for the period 7,439 2,761 2,272 896 1,311 553 (354)
Add: Current cost of supplies adjustment before taxation (360) (153) (207)
Add: Tax on current cost of supplies adjustment 84 30 54
Less: Identified items (641) (919) 339 (7) (458) 390 14
Less: Income/(loss) attributable to non-controlling interest 82
Less: Current cost of supplies adjustment attributable to non-controlling interest (12)
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)
Identified items
The objective of identified items is to remove material impacts on net
income/loss arising from transactions which are generally uncontrollable and
unusual (infrequent or non-recurring) in nature or giving rise to a mismatch
between accounting and economic results, or certain transactions that are
generally excluded from underlying results in the industry.
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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Identified items comprise: divestment gains and losses, impairments and
impairment reversals, redundancy and restructuring, fair value accounting of
commodity derivatives and certain gas contracts that gives rise to a mismatch
between accounting and economic results, the impact of exchange rate movements
and inflationary adjustments on certain deferred tax balances, and other
items.
See Note 2 “Segment information” for details.
B. Adjusted Earnings per share
Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference
A), divided by the weighted average number of shares used as the basis for
basic earnings per share (see Note 3).
C. Cash capital expenditure
Cash capital expenditure represents cash spent on maintaining and developing
assets as well as on investments in the period. Management regularly monitors
this measure as a key lever to delivering sustainable cash flows. Cash capital
expenditure is the sum of the following lines from the Consolidated Statement
of Cash Flows: Capital expenditure, Investments in joint ventures and
associates and Investments in equity securities.
See Note 2 “Segment information” for the reconciliation of cash capital
expenditure.
D. Capital employed and Return on average capital employed
Return on average capital employed ("ROACE") measures the efficiency of
Shell’s utilisation of the capital that it employs.
The measure refers to Capital employed which consists of total equity, current
debt, and non-current debt reduced by cash and cash equivalents.
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 2025 Q4 2024 Q1 2024
Current debt 11,046 9,931 9,044
Non-current debt 68,886 71,610 76,098
Total equity 188,304 188,362 195,530
Less: Cash and cash equivalents (39,949) (38,774) (42,074)
Capital employed – opening 228,286 231,128 238,598
Current debt 11,391 11,630 11,046
Non-current debt 65,120 65,448 68,886
Total equity 180,670 180,168 188,304
Less: Cash and cash equivalents (35,601) (39,110) (39,949)
Capital employed – closing 221,580 218,134 228,286
Capital employed – average 224,933 224,630 233,442
Page 26
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
$ million Quarters
Q1 2025 Q4 2024 Q1 2024
Adjusted Earnings - current and previous three quarters (Reference A) 21,558 23,716 26,338
Add: Income/(loss) attributable to NCI - current and previous three quarters 441 427 295
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters 25 14 (24)
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters 18 18 (11)
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters 22,005 24,139 26,620
Add: Interest expense after tax - current and previous three quarters 2,639 2,701 2,718
Less: Interest income after tax on cash and cash equivalents - current and previous three quarters 1,329 1,389 1,368
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters 23,315 25,452 27,971
Capital employed – average 224,933 224,630 233,442
ROACE on an Adjusted Earnings plus NCI basis 10.4% 11.3% 12.0%
E. Net debt and gearing
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 risk relating to
debt, and associated collateral balances. Management considers this adjustment
useful because it reduces the volatility of net debt caused by fluctuations in
foreign exchange and interest rates, and eliminates the potential impact of
related collateral payments or receipts. Debt-related derivative financial
instruments are a subset of the derivative financial instrument assets and
liabilities presented on the balance sheet. Collateral balances are reported
under “Trade and other receivables” or “Trade and other payables” as
appropriate.
Gearing is a measure of Shell's capital structure and is defined as net debt
(total debt less cash and cash equivalents) as a percentage of total capital
(net debt plus total equity).
$ million
March 31, 2025 December 31, 2024 March 31, 2024
Current debt 11,391 11,630 11,046
Non-current debt 65,120 65,448 68,886
Total debt 76,511 77,078 79,931
Of which: Lease liabilities 28,488 28,702 26,885
Add: Debt-related derivative financial instruments: net liability/(asset) 1,905 2,469 1,888
Add: Collateral on debt-related derivatives: net liability/(asset) (1,295) (1,628) (1,357)
Less: Cash and cash equivalents (35,601) (39,110) (39,949)
Net debt 41,521 38,809 40,513
Total equity 180,670 180,168 188,304
Total capital 222,190 218,974 228,817
Gearing 18.7 % 17.7 % 17.7 %
F. Operating expenses and Underlying operating expenses
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.
Page 27
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Q1 2025 $ million
Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
Production and manufacturing expenses 5,549 947 2,139 349 1,621 486 8
Selling, distribution and administrative expenses 2,840 38 42 2,053 442 153 111
Research and development 185 22 32 42 25 21 43
Operating expenses 8,575 1,006 2,213 2,444 2,088 661 162
Q4 2024 $ million
Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
Production and manufacturing expenses 5,839 982 2,470 270 1,632 480 5
Selling, distribution and administrative expenses 3,231 39 96 2,258 471 241 126
Research and development 331 40 69 73 46 37 66
Operating expenses 9,401 1,061 2,635 2,602 2,149 757 196
Q1 2024 $ million
Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
Production and manufacturing expenses 5,810 956 2,269 366 1,634 579 5
Selling, distribution and administrative expenses 2,975 62 58 2,188 420 158 89
Research and development 212 26 58 34 34 12 49
Operating expenses 8,997 1,044 2,385 2,587 2,088 749 144
Underlying operating expenses
Underlying operating expenses is a measure aimed at facilitating a comparative
understanding of performance from period to period by removing the effects of
identified items, which, either individually or collectively, can cause
volatility, in some cases driven by external factors.
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
8,575 9,401 8,997 Operating expenses
(44) (174) (73) Redundancy and restructuring (charges)/reversal
(101) (88) — (Provisions)/reversal
23 — 130 Other
(121) (262) 57 Total identified items
8,453 9,138 9,054 Underlying operating expenses
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 28
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
9,281 13,162 13,330 Cash flow from operating activities
(3,959) (4,431) (3,528) Cash flow from investing activities
5,322 8,731 9,802 Free cash flow
597 805 1,025 Less: Divestment proceeds (Reference I)
45 1 — Add: Tax paid on divestments (reported under "Other investing cash outflows")
130 525 62 Add: Cash outflows related to inorganic capital expenditure1
4,899 8,453 8,839 Organic free cash flow 2
1.Cash outflows related to inorganic capital expenditure includes portfolio
actions which expand Shell's activities through acquisitions and restructuring
activities as reported in capital expenditure lines in the Consolidated
Statement of Cash Flows.
2.Free cash flow less divestment proceeds, adding back outflows related to
inorganic expenditure.
H. Cash flow from operating activities excluding working capital
movements
Working capital movements are defined as the sum of the following items in the
Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories,
(ii) (increase)/decrease in current receivables, and (iii) increase/(decrease)
in current payables.
Cash flow from operating activities excluding working capital movements is a
measure used by Shell to analyse its operating cash generation over time
excluding the timing effects of changes in inventories and operating
receivables and payables from period to period.
Quarters $ million
Q1 2025 Q4 2024 Q1 2024
9,281 13,162 13,330 Cash flow from operating activities
854 131 (608) (Increase)/decrease in inventories
(2,610) 751 (195) (Increase)/decrease in current receivables
(907) 1,524 (1,949) Increase/(decrease) in current payables
(2,663) 2,407 (2,752) (Increase)/decrease in working capital
11,944 10,755 16,082 Cash flow from operating activities excluding working capital movements
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 2025 Q4 2024 Q1 2024
559 493 323 Proceeds from sale of property, plant and equipment and businesses
33 305 133 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
5 6 569 Proceeds from sale of equity securities
597 805 1,025 Divestment proceeds
Page 29
SHELL PLC
1st QUARTER 2025 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 to reference 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 terms “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’’; “aspire”, “aspiration”, ‘‘believe’’;
“commit”; “commitment”; ‘‘could’’; “desire”;
‘‘estimate’’; ‘‘expect’’; ‘‘goals’’;
‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’;
‘‘outlook’’; ‘‘plan’’; ‘‘probably’’;
‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’;
‘‘should’’; ‘‘target’’; “vision”; ‘‘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,
including climate change; (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 tariffs and 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, regional conflicts, such as the
Russia-Ukraine war and the conflict in the Middle East, and a significant
cyber security, data privacy or IT incident; (n) the pace of the energy
transition; and (o) 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, 2024 (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, 2025.
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 is 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 and outlook are forecasted for a three-year period
and ten-year period, respectively, and are updated every year. They reflect
the current economic environment and what we can reasonably expect to see over
the next three and ten years. Accordingly, the outlook reflects our Scope 1,
Scope 2 and NCI targets over the next ten years. However, Shell’s operating
plan and outlook cannot reflect our 2050 net-zero emissions target, as this
target is outside our planning period. Such future operating plans and
outlooks could include changes to our portfolio, efficiency improvements and
the use of carbon capture and storage and carbon credits. In the future, as
society moves towards net-zero emissions, we expect Shell’s operating plans
and outlooks 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
Adjusted Earnings. 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.
Page 30
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
This announcement contains inside information.
May 2, 2025
The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.
Contacts:
- Sean Ashley, Company Secretary
- Media: International +44 (0) 207 934 5550; U.S. and Canada:
https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html
LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Inside Information
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