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EX-99.2 3 q32024exhibit992.htm EX-99.2 Document

展覽99.2

壳牌公司

2024年9月30日結束的三個月和九個月期間
未經審核的簡明中期財務報告

Shell plc 未經審計的簡明中期財務報告 1


SHELL PLC 3樓層：33 2024年第四季未經審核的業績結果

未經審核結果摘要


Quarters				$ 百萬		九個月
Q3 2024	Q2 2024	Q3 2023	%¹		參考	2024	2023	%
4,291	3,517	7,044	+22	歸屬於謝爾公司股東的淨利（損）		15,166	18,887	-20


6,028	6,293	6,224	-4	調整後盈利	A	20,055	20,944	-4
16,005	16,806	16,336	-5	調整後的稅前利潤減除折舊及攤銷後的費用	A	51,523	52,204	-1
14,684	13,508	12,332	+9	來自營運活動的現金流量		41,522	41,622	—
(3,857)	(3,338)	(4,827)		投資活動產生的現金流量。		(10,723)	(12,080)
10,827	10,170	7,505		自由現金流	G	30,799	29,542

4,950	4,719	5,649		現金資本支出	C	14,161	17,280

9,570	8,950	10,097	+7	營業費用	F	27,517	29,062	-5
8,864	8,651	9,735	+2	Underlying operating expenses	F	26,569	28,635	-7

12.8%	12.8%	13.9%		ROACE2	D	12.8%	13.9%
76,613	75,468	82,147		總負債	E	76,613	82,147

35,234	38,314	40,470		淨負債	E	35,234	40,470
15.7%	17.0%	17.3%		2025年9月24日	E	15.7%	17.3%
2,801	2,817	2,706	-1	Oil and gas production available for sale (thousand boe/d)		2,843	2,779	+2
0.69	0.55	1.06	+25	每股基本盈利（$）		2.39	2.78	-14
0.96	0.99	0.93	-3	每股調整後盈利（$）	B	3.16	3.08	+3
0.3440	0.3440	0.3310	—	每股股息（$）		1.0320	0.9495	+9

1.Q3對Q2的變化

2.有效日期為2024年第一季，已修訂定義並修訂了比較資訊。參見參考資料D。

季度分析1

屬於Shell plc股東的收入與2024年第二季相比，反映較低的煉油邊際利潤、較低的實現油價和較高的營業費用，部分抵銷了有利的稅務動向和較高的整體燃料幣量。

2024年第三季度歸屬於Shell plc股東的收入，也包括由於商品衍生品公允價值計價不符而產生的不利波動、與減少員工和重組有關的費用以及淨減值和迴轉的費用。這些項目計入特定項目中，本季度淨損為13億美元。與2024年第二季度的特定項目相比，當時的淨損為27億美元。

調整後盈利及調整後EBITDA2 受到與Shell plc股東應佔淨利相同因素的拉動，並且經調整以考慮上述標示的項目和正向5億美元的供應成本調整。

來自營運活動的現金流量 2024年第三季度的現金流入達147億美元，主要來自調整後的EBITDA和27億美元的工作資本流入，部分抵銷了30億美元的稅金支付。工作資本流入主要反映了由於石油價格下降和產量減少而導致的存貨變動。

投資活動產生的現金流量。該季度流出了39億美元，其中包括49億美元的現金資本支出。

淨負債和 2025年9月24日 : 2024年第三季結束時，淨債務為352億美元，較2024年第二季結束時的383億美元低，主要反映自由現金流，部分被股份回購、分紅派息給Shell plc股東、租賃增加和利息支付所抵銷。槓桿率於2024年第三季結束時為15.7%，較2024年第二季結束時的17.0%低，主要受較低淨債務驅動。

殼牌有限公司未經審核簡明中期財務報告 2

股東分配

本季度股東總分紅派息金額為57億美元，包括35億美元的股票回購和22億美元支付給Shell plc股東的現金股息。2024年第三季度宣布向Shell plc股東每股分紅0.3440美元。Shell目前已完成在2024年第二季度業績公告中宣布的35億美元股票回購計劃。今日，Shell宣布一項35億美元的股票回購計劃，預計將在2024年第四季度業績公告前完成。

九個月分析1

屬於Shell plc股東的收入與2023年前九個月相比，再生能源和能源解決方案部門的營業費用較低，市場營銷利潤和產量較高，化學品實現利潤較高，整合氣體和上游產量較高，卻反映出較低的精煉邊際利潤、較低的液化天然氣交易和優化利潤、較低的實現液化天然氣和燃料幣價格，以及下降的電力和管道天然氣的交易和優化利潤部分抵銷。

2024年前九個月歸屬於Shell plc股東的收入中還包括淨減值費用和逆轉、從權益重分類至損益的與資金結構相關的累積匯率變動差異、因商品衍生工具公平價值會計造成的會計差異帶來的不利變動、以及與裁員和重組相關的費用，這些部分被利好的匯率差異和推遲稅項的通脹調整部分抵銷。這些費用、重分類和變動包括在確定項目中，共計淨損失46億美元。這與2023年前九個月確定項目淨損失22億美元相比。

調整後盈利及調整後EBITDA2 2024年前九個月的業績受到了相同因素的驅動，該業績歸屬於Shell plc股東的收入經調整後，經確定項目及供應成本調整后為正值3億美元。

來自營運活動的現金流量 2024年前九個月營收達到415億美元，主要受調整後息稅折舊及攤銷前除去稅前利益（Adjusted EBITDA）的推動，加上涉及排放證書和生質燃料計畫的付款時間影響12億美元以及與商品衍生工具相關的現金流入12億美元，部分抵銷了91億美元的稅款支出以及3億美元的工作資本流出。

投資活動的現金流量在2024年前九個月，投資活動的現金流出為107億美元，包括142億美元的現金資本支出，部分被20億美元的創業收益和18億美元的利息收入抵消。

此未經審核的簡明中期財務報告，連同本季補充的財務和運營披露，可在www.shell.com/investors取得 3 .

1.所有收益金額均為稅後顯示，除非另有說明。

2.調整後的EBITDA不包括稅收。

3.不透過參考納入。

2024年第三季投資組合進展

整合式燃料幣

2024年7月，我們宣布對特立尼達和多巴哥東海岸海域的Manatee計劃（一個未開發燃料幣田）作出最終投資決定（FID）。

2024年7月，我們簽署了一項協議，通過參與10%的股權，投資於阿布達比國家石油公司(ADNOC)在阿布達比的魯瓦斯液化天然氣(Ruwais LNG)項目。魯瓦斯液化天然氣項目將包括兩個每年產能4.8百萬公噸的LNG液化列車，總產能為9.6百萬公噸。

2024年8月，Arrow Energy宣布了由Shell（50%）和中國石油（50%）合資成立的創業公司，計劃開發澳洲昆士蘭州Arrow Energy Surat Gas項目的第2期。該項目的燃料幣將流向位於格拉德斯通附近柯蒂斯島的Shell運營的QCLNG LNG設施（由Shell（73.75%）、中國海洋石油（25%）和MidOcean Energy（1.25%）合資成立）。

上游

2024年7月，馬來西亞Jerun油田的運營商SapuraOMV Upstream私人有限公司宣佈已經實現首次燃料幣開採。 Jerun由SapuraOMV Upstream（40%）、砂拉越Shell有限公司（30%）和PETRONAS Carigali私人有限公司（30%）合作運營。

2024年8月，我們宣佈在美國墨西哥灣的維託資產上進行「注水」項目的最終投資決策。將注入水到油藏層，以驅趕額外的原油。

Shell plc 未經審計的中期財務報告 3

市場營銷

2024年7月，我們宣佈暫停在荷蘭Shell能源和化工園區820,000噸/年生物燃料設施上的現場施工工作，以解決項目交付並確保未來競爭力，考慮到當前市場情況。

可再生能源和能源解決方案

2024年10月，我們簽署了一項協議，收購了RISEC控股有限公司（RISEC）100%的股權，該公司擁有美國羅得島州的一個609兆瓦（MW）的雙機組聯合循環燃氣輪機發電廠。該交易需獲得監管機構批准，預計將於2025年第一季度結束。

Shell公司未經審計的中期財務報告4

各板塊表現

綜合燃料幣


季度				美元		九個月
Q3 2024	Q2 2024	Q3 2023	%¹		來源Sengenics	2024	2023	%
2,631	2,454	2,156	+7	部分收益		7,846	5,325	+47
(240)	(220)	(375)		已識別的項目：	A	(1,379)	(4,625)
2,871	2,675	2,531	+7	調整後的收益	A	9,225	9,951	-7
5,234	5,039	4,874	+4	調整後的EBITDA	A	16,410	17,189	-5
3,623	4,183	4,009	-13	經營活動現金流量	A	12,518	13,923	-10
1,236	1,151	1,099		現金資本支出	C	3,429	3,000
136	137	122	-1	可出售液體產量（千桶/日）		137	134	+2
4,669	4,885	4,517	-4	可出售的天然氣產量（百萬立方英尺/日）		4,835	4,744	+2
941	980	900	-4	可出售的總產量（千桶當量/日）		971	952	+2
7.50	6.95	6.88	+8	液化天然氣產量（百萬噸）		22.03	21.23	+4
17.04	16.41	16.01	+4	液化天然氣銷售量（百萬噸）		50.32	49.01	+3

1.第三季度對第二季度的變化

綜合燃料幣包括液化天然氣（LNG）、將天然氣轉化成燃料和其他產品的加工。它包括天然氣和液體的勘探和採集，以及爲將其輸送到市場所必需的上游和中游-腦機設施的運營。綜合燃料幣還包括LNG的營銷、交易和優化。

季度分析1

部分收益與2024年第二季度相比，反映出更高的LNG液化量（增加23700萬美元）。

2024年第三季度業務部分收益還包括不利的21300萬美元的運動，該運動與商品衍生品的公允價值會計不匹配有關。這些不利的運動是確定事項的一部分，與2024年第二季度相比，後者包括因稅收間接應收款項無法收回而產生的12200萬美元費用，以及因商品衍生品的公允價值會計而產生的9800萬美元的不利運動。作爲殼牌正常業務的一部分，商品衍生品對沖合同用於減少未來採購、銷售和庫存的經濟暴露。

調整後利潤和調整後的EBITDA2 受相同因素驅動，與部門收益相同並調整已識別項目。

淨變動前 3155萬歐元 -1.7%本季度主要由調整後的EBITDA推動，部分抵消了81400萬美元的稅收支出，37300萬美元的衍生品淨現金流出和24700萬美元的營運資金流出。

石油和燃料幣總產量與2024年第二季度相比，主要由於生產分享合同影響和特立尼達和多巴哥的更高維護支出，石油液化天然氣產量增加8%，主要由於尼日利亞和特立尼達和多巴哥的更高飼料氣供應。

九個月的分析1

部分收益與2023年前九個月相比，反映了來自交易和優化貢獻減少以及實現價格降低的綜合效應（減少了$178700萬），部分抵消了體積增加（增加了$51300萬），營業費用降低（減少了$17100萬）以及有利的遞延稅款變動（$16800萬）的增長。

2024年前九個月段營收中還包括119800萬美元不利波動，這是由於商品衍生工具的公允價值會計不匹配而產生的。這些不利波動是已確定事項的一部分，與2023年前九個月的282100萬美元不利波動，以及淨減值和逆轉的170000萬美元相比。作爲殼牌正常經營的一部分

殼牌有限公司未經審計的簡明中期財務報告5

爲了減輕未來購買、銷售和庫存的經濟風險，進入商品衍生對沖合同。

調整後利潤和調整後的EBITDA2 受相同因素驅動，與部門收益相同並調整已識別項目。

淨變動前 3155萬歐元 -1.7%2024年前9個月主要由調整後的EBITDA推動，部分抵消了232000萬美元的稅款和與衍生品相關的淨現金流出158600萬美元。

石油和燃料幣總產量與2023年前九個月相比，主要由於阿曼和澳洲油田開發加快以及澳洲維護減少，總產量增加了2%。液化天然氣產量增加了4%，主要是由於澳大利亞計劃外維護減少。

1.所有收益金額均已扣除稅款後顯示，除非另有說明。

2.調整後的EBITDA不包含稅收。

Shell plc 未經審計的摘要中期財務報告 6

上游


宿舍				百萬美元		九個月
Q3 2024	Q2 2024	Q3 2023	%¹		參考	2024	2023	%
2,289	2,179	1,999	+5	分部收益		6,741	6,388	+6
(153)	(157)	(238)		其中：已識別的物品	A	28	(357)
2,443	2,336	2,237	+5	調整後收益	A	6,712	6,746	0
7,871	7,829	7,433	+1	調整後 EBITDA	A	23,588	22,750	+4
5,268	5,739	5,336	-8	經營活動產生的現金流	A	16,734	15,663	+7
1,974	1,829	2,007		現金資本支出	C	5,813	5,906
1,321	1,297	1,311	+2	可供出售的液體產量（千桶/日）		1,316	1,313	—
2,844	2,818	2,564	+1	可供出售的天然氣產量（百萬立方英尺/日）		2,933	2,687	+9
1,811	1,783	1,753	+2	可供出售的總產量（千桶/日）		1,822	1,776	+3

1.第三季度關於第二季度的變化

上游板塊包括原油、天然氣和天然氣液的勘探和開採。它還營銷和運輸石油和天然氣，並運營必要的基礎設施將它們輸送到市場。

季度分析1

利潤段收益相比 2024年第二季度，反映了較低的充公金額（減少了13900萬美元），有利的稅收動向（9600萬美元），較低的營業費用（減少了6300萬美元）和較低的折舊費用（減少了5700萬美元），部分抵消了較低的已實現液體價格（減少了30400萬美元）。

2024年第三季度 s營業額還包括13800萬美元的與裁員和重組相關的費用，以及10400萬美元的與停產準備相關的費用。這些費用屬於已識別項目的一部分，與 2024年第二季度還包括損失14300萬美元，與巴西雷亞爾貶值對遞延稅位的影響有關，以及適度抵消了巴西稅務和解引起的損失的12200萬美元，同時還有阿根廷的通脹調整對遞延稅位的影響產生的13900萬美元的收益。

調整後利潤和調整後的EBITDA2 受相同因素驅動，與部門收益相同並調整已識別項目。

淨變動前 3155萬歐元 -1.7%本季度主要由調整後的EBITDA推動，部分抵消了207400萬美元的稅款。

全部產量2024年第二季度相比主要增加由於新的石油生產。

九個月分析1

部分收益與2023年前9個月相比，反映了不利的稅收變動（35100萬美元），更高的註銷損失（增加了32700萬美元）以及較低的實現燃料幣價格和更高的實現液體價格的淨影響（減少27800萬美元），部分抵消了91000萬美元的有利影響，主要與燃料幣儲存效應有關。

Fi2024年前九個月的業務部門收入也包括因阿根廷通貨膨脹調整對遞延稅位產生影響而獲得的67600萬美元的收益，部分抵消了與冗餘和重組相關的17900萬美元的費用，淨減值費用和減值調整的17100萬美元，以及與巴西雷亞爾貶值對遞延稅位造成的損失16400萬美元。這些收益和費用是已確認項目的一部分，與2023年前九個月的包括18800萬美元的減值費用、16900萬美元的法律準備金和因對IAS 12的修訂而產生的13200萬美元的遞延稅費用相比，部分被10600萬美元的有利變動抵消，這是由於商品衍生工具的公允價值會計造成的會計錯配。作爲殼牌正常的業務的一部分，商品衍生工具對沖合約是爲了減輕未來採購、銷售和庫存的經濟敞口而簽訂的。

調整後利潤和調整後的EBITDA2 受相同因素驅動，與部門收益相同並調整已識別項目。

經營活動現金流量 2024年頭九個月的主要推動因素是調整後的EBITDA，部分抵消了583200萬美元的稅金支出.

全部產量與2023年前九個月相比，主要是由於新的石油產量增加，部分抵消了田野產量下降。

Shell plc 未經審計的簡明中期財務報告 7

1.所有收益金額均已扣除稅款後顯示，除非另有說明。

2.調整後的息稅折舊攤銷前利潤不含稅。

Shell股份有限公司未經審計的簡明中期財務報告8

營銷


季度				美元		九個月
Q3 2024	Q2 2024	Q3 2023	%¹		來源Sengenics	2024	2023	%
760	257	629	+196	部分收益2		1,791	2,832	-37
(422)	(825)	(12)		已識別的項目：2	A	(1,255)	314
1,182	1,082	641	+9	調整後的收益2	A	3,046	2,518	+21
2,081	1,999	1,453	+4	調整後的EBITDA2	A	5,767	4,837	+19
2,722	1,958	397	+39	經營活動現金流量2	A	5,999	3,794	+58
525	644	959		現金資本支出2	C	1,634	4,406
2,945	2,868	3,138	+3	市場銷售量（千桶/日）2		2,859	3,062	-7

1.第三季度對第二季度的變化

2.批發商業燃料，以前在化學品和產品部門報告，現在將在市場營銷部門（移動性）報告，自2024年第一季度生效。市場營銷部門和化學品和產品部門的比較信息已經修訂。

市場板塊包括移動、潤滑和行業以及減碳業務。移動業務運營殼牌的零售網絡，包括電動汽車充電服務，以及提供運輸、行業和取暖燃料的批發商業燃料業務。潤滑業務生產、推廣和銷售公路運輸、製造業、採礦、發電、農業和建築中使用的潤滑油。行業和減碳業務向廣泛的商業客戶銷售燃料、特種產品和服務，包括低碳能源解決方案，涵蓋航空、海運和農業等行業。

季度分析1

部分收益與2024年第二季度相比，營銷利潤率較高（增加13900萬美元），主要受到改善的移動業務利潤率和季節性較高的銷量的影響，部分抵消了較低的潤滑油、部門和減碳利潤率。部門收益還受到有利稅務調整的影響（5500萬美元）。這些部分被營業費用增加（增加6300萬美元）部分抵消了。

2024年第三季度的業務部門收入還包括17900萬美元的減值損失，與重複和重組相關的9800萬美元費用，以及與資產出售相關的8400萬美元淨虧損。這些費用和不利變動屬於已識別項目的一部分，並與第二季度2024年的減值費用78300萬美元（主要涉及荷蘭的一個資產）以及與重複和重組相關的5000萬美元費用進行比較。

調整後利潤和調整後的EBITDA2 受相同因素驅動，與部門收益相同並調整已識別項目。

經營活動現金流量本季度的業績主要由經調整後的息稅折舊攤銷前置息稅折舊攤銷盈餘、79200萬美元的營運資金流入以及與排污證書和生物燃料項目相關的支付時機產生的42700萬美元的影響所推動。這些資金流入部分被33400萬美元的非現金供應成本調整和24100萬美元的稅金支付所抵消。

營銷銷量（包括碳氫銷售）與2024年第二季度相比，主要是由於季節性因素增加。

九個月的分析1

部分收益與2023年前九個月相比，營銷利潤率較高（增加58200萬美元），包括Mobility、潤滑油及其他部門和減碳利潤率較高。分部收益也反映出營業費用較低（減少17000萬美元）。部分抵消了較高的折舊費用（增加12800萬美元），主要是由於資產收購，以及不利的稅收變動（9400萬美元）。 Mobility部門利潤率提高，潤滑油部門和其他部門以及減碳利潤率也有所提高。分部收益也反映出營業費用較低（減少17000萬美元）。部分抵消了較高的折舊費用（增加12800萬美元），主要是由於資產收購，以及不利的稅收變動（9400萬美元）。

2024年前九個月部門收益還包括9500萬美元的減值損失，主要涉及荷蘭一項資產，16300萬美元的與人員裁減和重組相關的費用，以及與資產銷售有關的14000萬美元的淨損失。這些費用是確定的項目的一部分，並與2023年前九個月包括的與間接稅收抵免有關的29800萬美元的收益以及與商品衍生品公允價值會計不匹配導致的6000萬美元的有利變動相比。作爲殼牌正常業務的一部分，商品衍生品對沖合同用於減輕未來購買、銷售和庫存的經濟風險。

調整後利潤和調整後的EBITDA2 受相同因素驅動，與部門收益相同並調整已識別項目。

淨變動前 3155萬歐元 -1.7%2024年前九個月的主要推動力來自調整後的EBITDA，與排放證書和生物燃料項目相關的支付時間影響爲96600萬美元，以及工作資金流入

Shell plc 未經審計的簡明中期財務報告 9

$15300萬美元。這些流入部分被43200萬美元的稅收支出和25600萬美元的非現金供應成本調整所抵消。

營銷銷售成交量（包括碳氫化合物銷售），與2023年前九個月相比，在移動性方面主要下降，包括更加註重價值而非成交量。

1.所有收益金額均已扣除稅款後顯示，除非另有說明。

2.調整後的EBITDA不包含稅收。

Shell plc 未經審計的簡明中期財務報告 10

化學品和產品


宿舍				百萬美元		九個月
Q3 2024	Q2 2024	Q3 2023	%¹		參考	2024	2023	%
341	587	1,250	-42	分部收益2		2,085	3,310	-37
(122)	(499)	(213)		其中：已識別的物品2	A	(1,078)	(278)
463	1,085	1,463	-57	調整後收益2	A	3,163	3,588	-12
1,240	2,242	2,661	-45	調整後 EBITDA2	A	6,308	6,819	-7
3,321	2,249	2,862	+48	經營活動產生的現金流2	A	5,221	6,364	-18
761	638	837		現金資本支出2	C	1,898	2,027
1,305	1,429	1,334	-9	煉油廠加工攝入量（千桶/日）		1,388	1,360	+2

3,015	3,052	2,998	-1	化學品銷量（千噸）		8,950	8,656	+3

1.第三季度對第二季度的變化

2.批發商業燃料，以往在化學品和產品部門報告，從2024年第一季度起在營銷部門（移動性）報告。已修訂了營銷部門和化學品產品部門的比較信息。

化學品和產品部門包括擁有自己營銷網絡的化學制造廠和將原油和其他原材料轉化爲適用於國內、工業和交通領域的各種油製品的煉油廠，這些油製品在全球範圍內移動和銷售。該部門還包括管道業務、原油、油製品和石油與天然氣的交易和優化，以及油砂活動（從採掘油砂中提取瀝青並將其轉化爲合成原油）。

季度分析1

部分收益與2024年第二季度相比，主要受到產品利潤率下降（減少49200萬美元）的影響，主要是由於精煉利潤和貿易及優化利潤率降低。部門收入也反映出了化學品利潤下降（減少18900萬美元），主要是由於利用率降低和實現價格降低。此外，2024年第三季度的營業費用增加（增加8800萬美元）。這些部分被有利的稅收變動（13300萬美元）部分抵消。

2024年第三季度業務部門收益還包括與冗餘和重組相關的10100萬美元的費用，以及淨減值損失和逆轉的9200萬美元，部分抵消了因商品衍生品的公允價值會計不匹配而產生的9500萬美元的有利變動。這些費用和有利變動屬於特定項目的一部分，與2024年第二季度相比，後者包括淨減值損失和逆轉的70800萬美元，主要涉及新加坡的資產，部分抵消了因商品衍生品的公允價值會計而產生的15600萬美元的有利變動。作爲殼牌正常業務的一部分，商品衍生品對沖合約用於減緩未來採購、銷售和庫存的經濟風險。

調整後利潤和框架。有關詳細信息，請參閱UBS集團報酬報告調整後的EBITDA2 受到與部門收入相同的因素驅動，並對已識別項目進行調整。2024年第三季度，化學品的調整收益爲負11100萬美元，產品的調整收益爲正57300萬美元。

經營活動現金流量本季度主要受213100萬元的營運資本流入驅動，調整後的EBITDA、8800萬元商品衍生品現金流入以及來自合營企業和聯營企業的6300萬元分紅派息（扣除利潤）。這些資金流入部分被33百萬元的非現金供應成本調整部分抵消。

化學品製造業工廠利用率與2024年第二季度的80%相比，由於計劃內和計劃外維護較高，利用率爲76%。

Refinery utilisation was 81% compared with 92% in the second quarter 2024, due to higher planned and unplanned maintenance.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected lower Products margins (decrease of $1,458 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($106 million). These were partly offset by higher Chemicals margins (increase of $516 million) due to higher realised prices and higher utilisation. In addition, the first nine months 2024 reflected lower operating expenses (decrease of $658 million).

Shell plc Unaudited Condensed Interim Financial Report 11

First nine months 2024 segment earnings also included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable movements of $69 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and unfavourable movements are part of identified items, and compare with the first nine months 2023 which included losses of $227 million from net impairments and reversals, legal provisions of $74 million and favourable movements of $75 million related to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first nine months 2024, Chemicals had negative Adjusted Earnings of $174 million and Products had positive Adjusted Earnings of $3,337 million.

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $257 million, and dividends (net of profits) from joint ventures and associates of $165 million. These inflows were partly offset by working capital outflows of $869 million, cash outflows relating to legal provisions of $203 million, tax payments of $182 million, and non-cash cost of supplies adjustment of $182 million.

Chemicals manufacturing plant utilisation was 77% compared with 70% in the first nine months 2023, mainly due to economic optimisation in the first nine months 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the first nine months 2024.

Refinery utilisation was 88% compared with 87% in the first nine months 2023.

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

2.Adjusted EBITDA is without taxation.

Shell plc Unaudited Condensed Interim Financial Report 12

RENEWABLES AND ENERGY SOLUTIONS


Quarters				$ million		Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		Reference	2024	2023	%
(481)	(75)	616	-538	Segment earnings		(3)	3,361	-100
(319)	112	667		Of which: Identified items	A	183	2,778
(162)	(187)	(51)	+13	Adjusted Earnings	A	(186)	583	-132
(75)	(91)	101	+18	Adjusted EBITDA	A	101	1,229	-92
(364)	847	(34)	-143	Cash flow from operating activities	A	2,948	4,249	-31
409	425	659		Cash capital expenditure	C	1,272	1,655
79	74	76	+7	External power sales (terawatt hours)2		230	211	+9
148	148	170	0	Sales of pipeline gas to end-use customers (terawatt hours)3		487	563	-14

1.Q3 on Q2 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

Segment earnings, compared with the second quarter 2024, reflected lower margins (decrease of $86 million) mainly due to lower trading and optimisation in the Americas, partly offset by slightly higher trading and optimisation in Europe.

Third quarter 2024 segment earnings also included unfavourable movements of $279 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included favourable movements of $223 million due to the fair value accounting of commodity derivatives and impairment charges of $155 million. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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

Cash flow from operating activities for the quarter was primarily driven by working capital outflows of $136 million, net cash outflows related to derivatives of $107 million, and Adjusted EBITDA.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected lower margins (decrease of $1,236 million) mainly from trading and optimisation primarily in Europe due to lower volatility and lower prices, partly offset by lower operating expenses (decrease of $427 million).

First nine months 2024 segment earnings also included favourable movements of $250 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $89 million. These favourable movements and charges are part of identified items and compare with the first nine months 2023 which included favourable movements of $2,632 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making for the first nine months 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

Cash flow from operating activities for the first nine months 2024 was primarily driven by net cash inflows related to derivatives of $2,479 million, working capital inflows of $570 million, and Adjusted EBITDA, partly offset by tax payments of $415 million.

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

Shell plc Unaudited Condensed Interim Financial Report 13

2.Adjusted EBITDA is without taxation.

Additional Growth Measures


Quarters					Nine months
Q3 2024	Q2 2024	Q3 2023	%¹		2024	2023	%
				Renewable power generation capacity (gigawatt):
3.4	3.3	2.5	+2	– In operation2	3.4	2.5	+37
3.9	3.8	4.9	+3	– Under construction and/or committed for sale3	3.9	4.9	-20

1.Q3 on Q2 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.

Shell plc Unaudited Condensed Interim Financial Report 14

CORPORATE


Quarters			$ million		Nine months
Q3 2024	Q2 2024	Q3 2023		Reference	2024	2023
(647)	(1,656)	(497)	Segment earnings1		(2,656)	(2,315)
(3)	(1,080)	22	Of which: Identified items	A	(1,069)	(50)
(643)	(576)	(519)	Adjusted Earnings1	A	(1,588)	(2,266)
(346)	(213)	(186)	Adjusted EBITDA1	A	(650)	(619)
115	(1,468)	(238)	Cash flow from operating activities	A	(1,898)	(2,372)

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

The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

Quarter Analysis1

Segment earnings, compared with the second quarter 2024, reflected unfavourable movements in currency exchange rate effects, partly offset by favourable tax movements.

Second quarter 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income. This non-cash reclassification is part of identified items.

Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects and higher operating expenses.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, were primarily driven by favourable tax movements and favourable net interest movements.

First nine months 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These reclassifications are included in identified items.

Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects.

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

2.Adjusted EBITDA is without taxation.

OUTLOOK FOR THE FOURTH QUARTER 2024

For Full year 2023 cash capital expenditure was $24 billion. Cash capital expenditure for full year 2024 is expected to be below $22 billion.

Integrated Gas production is expected to be approximately 900 - 960 thousand boe/d. Fourth quarter 2024 outlook reflects scheduled maintenance at Pearl GTL in Qatar. LNG liquefaction volumes are expected to be approximately 6.9 - 7.5 million tonnes.

預計上游生產量將達到約175 - 195萬桶油當量/日。

預計市場銷量將約爲255 - 305萬桶/天。

預計煉油廠利用率約爲75% - 83%。化學品製造業工廠利用率預計約爲72% - 80%。

2023年第四季度，企業調整後的收益爲淨支出6,0900萬美元1企業調整後的收益2 預計2024年第四季度企業調整後的收益約爲淨支出6,000 - 8,0000萬美元。

1.從2024年第一季度開始，殼牌的長期創新組合由中央管理，因此作爲企業板塊的一部分進行報告（之前是所有其他板塊）。以前的期間數據已經根據當前年度的報告進行了調整，對所有其他板塊產生了抵消影響。

2.有關調整後盈利的定義和最相近的GAAP指標，請參閱參考資料A。

Shell公司未經審計的中期財務報告15

即將舉行的活動


日期			2024年6月4日發佈的新聞稿。








2025年1月30日			2024年第四季度業績和分紅派息
2025年3月13日			2024年12月31日年度報告和賬目的發佈以及20-F表格的申報
2025年5月2日			2025年第一季度業績和分紅派息
7月31日，2025年美國國債到期。			2025年第二季度業績和分紅派息
2025年10月30日			2025年第三季度業績和分紅派息

Shell plc 未經審計的簡化中期財務報告 16

未經審計的簡明合併中期財務報表

合併損益表


宿舍			百萬美元	九個月
Q3 2024	Q2 2024	Q3 2023		2024	2023
71,089	74,463	76,350	收入1	218,031	237,888
933	898	747	合資企業和聯營企業的利潤/（虧損）份額	3,150	2,957
440	(305)	913	利息和其他收入/（支出）2	1,042	2,207
72,462	75,057	78,011	總收入和其他收入/（支出）	222,222	243,052
48,225	49,417	49,144	購買	144,509	158,138
6,138	5,593	6,384	生產和製造費用	17,541	18,433
3,139	3,094	3,447	銷售、分銷和管理費用	9,208	9,811
294	263	267	研究和開發	768	817
305	496	436	探索	1,551	1,283
5,916	7,555	5,911	折舊、損耗和攤銷2	19,352	20,069
1,174	1,235	1,131	利息支出	3,573	3,507
65,190	67,653	66,720	支出總額	196,502	212,058
7,270	7,404	11,291	稅前收入/（虧損）	25,717	30,993
2,879	3,754	4,115	稅收費用/（貸款）2	10,237	11,891
4,391	3,650	7,176	該期間的收入/（虧損）	15,480	19,102
100	133	132	歸因於非控股權益的收入/（虧損）	314	215
4,291	3,517	7,044	歸屬於殼牌公司股東的收入/（虧損）	15,166	18,887
0.69	0.55	1.06	每股基本收益 ($)3	2.39	2.78
0.68	0.55	1.05	攤薄後每股收益 (美元)3	2.36	2.75

1. 請參閱註記2「業務段信息」。

2. 請查看第8注「基本報表未經審計的彙總中期財務報表中的其他注」。

3 請參見注釋4「每股收益」。

Shell plc 未審計的簡明中期財務報告 17

綜合利潤表


季度			美元	九個月
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,391	3,650	7,176	本期收益/(虧損)	15,480	19,102
			淨其他綜合收益/(虧損)
			可能在以後的時期重新分類爲收入的項目:
2,947	698	(1,460)	– 貨幣翻譯差異1	1,651	(1,174)
35	(12)	1	– 應計債務重估	16	13
(75)	14	141	– 現金流量套期收益/(損失)	(7)	61
—	—	—	– 淨投資套期收益/(損失)	—	(44)
(2)	(6)	(39)	– 套期成本的延遲折銷	(22)	(94)
35	(50)	(72)	– 合營企業和聯營企業其他綜合收益/(虧損)的股份	(27)	(118)
2,940	644	(1,429)	總費用	1,610	(1,357)
			在後期不會重新分類至收益的項目：
419	310	180	– 養老金福利重估	1,169	125
80	(81)	(38)	– 權益工具重估	77	(15)
(53)	44	17	– 合營企業和聯營企業其他綜合收益/(虧損)的股份	1	(15)
446	273	159	總費用	1,247	95
3,386	917	(1,270)	本期其他綜合收益/(虧損)	2,857	(1,262)
7,777	4,567	5,906	本期綜合收益/(虧損)	18,337	17,840
177	123	149	歸屬於非控股權益的綜合收益/(虧損)	357	217
7,600	4,443	5,757	歸屬於Shell plc股東的綜合收益/(虧損)	17,981	17,622

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

Shell plc Unaudited Condensed Interim Financial Report 18

CONDENSED CONSOLIDATED BALANCE SHEET


$ million
	September 30, 2024	December 31, 2023
Assets
Non-current assets
Goodwill	16,600	16,660
Other intangible assets	8,188	10,253
Property, plant and equipment	191,721	194,835
Joint ventures and associates	25,764	24,457
Investments in securities	3,062	3,246
Deferred tax	6,114	6,454
Retirement benefits1	10,564	9,151
Trade and other receivables	6,883	6,298
Derivative financial instruments²	498	801
	269,394	272,155
Current assets
Inventories	24,143	26,019
Trade and other receivables	46,782	53,273
Derivative financial instruments²	10,233	15,098
Cash and cash equivalents	42,252	38,774
	123,411	133,164
Assets classified as held for sale1	2,144	951
	125,555	134,115
Total assets	394,949	406,270
Liabilities
Non-current liabilities
Debt	64,597	71,610
Trade and other payables	3,864	3,103
Derivative financial instruments²	1,749	2,301
Deferred tax	15,487	15,347
Retirement benefits1	7,110	7,549
Decommissioning and other provisions	22,979	22,531
	115,786	122,441
Current liabilities
Debt	12,015	9,931
Trade and other payables	61,076	68,237
Derivative financial instruments²	6,775	9,529
Income taxes payable	4,289	3,422
Decommissioning and other provisions	4,171	4,041
	88,327	95,160
Liabilities directly associated with assets classified as held for sale1	1,298	307
	89,625	95,467
Total liabilities	205,411	217,908
Equity attributable to Shell plc shareholders	187,673	186,607
Non-controlling interest	1,865	1,755
Total equity	189,538	188,362
Total liabilities and equity	394,949	406,270

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

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

Shell plc Unaudited Condensed Interim Financial Report 19

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY


	Equity attributable to Shell plc shareholders
$ million	Share capital1	Shares held in trust	Other reserves²	Retained earnings	Total	Non-controlling interest	Total equity
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	2,815	15,166	17,981	357	18,337
Transfer from other comprehensive income	—	—	166	(166)	—	—	—
Dividends³	—	—	—	(6,556)	(6,556)	(242)	(6,798)
Repurchases of shares4	(25)	—	25	(10,536)	(10,536)	—	(10,536)
Share-based compensation	—	542	(24)	(400)	119	—	119
Other changes	—	—	—	60	60	(5)	55
At September 30, 2024	519	(456)	24,127	163,482	187,673	1,865	189,538
At January 1, 2023	584	(726)	21,132	169,482	190,472	2,125	192,597
Comprehensive income/(loss) for the period	—	—	(1,263)	18,886	17,622	217	17,840
Transfer from other comprehensive income	—	—	(111)	111	—	—	—
Dividends3	—	—	—	(6,193)	(6,193)	(636)	(6,829)
Repurchases of shares4	(30)	—	30	(11,058)	(11,058)	—	(11,058)
Share-based compensation	—	466	(18)	(100)	349	—	349
Other changes	—	—	—	8	8	37	45
At September 30, 2023	555	(261)	19,769	171,136	191,199	1,745	192,943

1. See Note 5 “Share capital”.

2. See Note 6 “Other reserves”.

3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.

4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

Shell plc Unaudited Condensed Interim Financial Report 20

CONSOLIDATED STATEMENT OF CASH FLOWS


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
7,270	7,404	11,291	Income before taxation for the period	25,717	30,993
			Adjustment for:
554	619	513	– Interest expense (net)	1,749	1,789
5,916	7,555	5,911	– Depreciation, depletion and amortisation1	19,352	20,069
150	269	186	– Exploration well write-offs	973	626
154	(143)	74	– Net (gains)/losses on sale and revaluation of non-current assets and businesses	—	(24)
(933)	(898)	(747)	– Share of (profit)/loss of joint ventures and associates	(3,150)	(2,957)
860	792	749	– Dividends received from joint ventures and associates	2,390	2,529
2,705	(954)	(3,151)	– (Increase)/decrease in inventories	1,143	2,237
4,057	1,965	(1,126)	– (Increase)/decrease in current receivables	5,827	13,105
(4,096)	(1,269)	4,498	– Increase/(decrease) in current payables2	(7,314)	(10,881)
735	253	(2,807)	– Derivative financial instruments	2,373	(6,050)
125	(332)	1	– Retirement benefits	(267)	31
359	(332)	282	– Decommissioning and other provisions2	(572)	(210)
(144)	2,027	(150)	– Other1	2,392	474
(3,028)	(3,448)	(3,191)	Tax paid	(9,092)	(10,108)
14,684	13,508	12,332	Cash flow from operating activities	41,522	41,622
(4,690)	(4,445)	(5,259)	Capital expenditure	(13,114)	(16,033)
(222)	(261)	(350)	Investments in joint ventures and associates	(983)	(1,093)
(38)	(13)	(40)	Investments in equity securities	(63)	(154)
(4,950)	(4,719)	(5,649)	Cash capital expenditure	(14,161)	(17,280)
94	710	184	Proceeds from sale of property, plant and equipment and businesses	1,128	2,024
94	57	68	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	284	425
6	2	7	Proceeds from sale of equity securities	576	28
593	648	586	Interest received	1,818	1,555
1,074	883	701	Other investing cash inflows	2,814	3,308
(769)	(920)	(724)	Other investing cash outflows	(3,183)	(2,141)
(3,857)	(3,338)	(4,827)	Cash flow from investing activities	(10,723)	(12,080)
(89)	(179)	88	Net increase/(decrease) in debt with maturity period within three months	(375)	(185)
			Other debt:
78	132	187	– New borrowings	377	964
(1,322)	(4,154)	(3,368)	– Repayments	(7,008)	(6,596)
(979)	(1,287)	(1,049)	Interest paid	(3,177)	(3,076)
652	(115)	(26)	Derivative financial instruments	239	22
—	(1)	6	Change in non-controlling interest	(5)	(22)
			Cash dividends paid to:
(2,167)	(2,177)	(2,179)	– Shell plc shareholders	(6,554)	(6,192)
(92)	(82)	(51)	– Non-controlling interest	(242)	(636)
(3,537)	(3,958)	(2,725)	Repurchases of shares	(10,319)	(10,640)
6	(24)	(30)	Shares held in trust: net sales/(purchases) and dividends received	(480)	(176)
(7,452)	(11,846)	(9,147)	Cash flow from financing activities	(27,545)	(26,535)
729	(126)	(421)	Effects of exchange rate changes on cash and cash equivalents	224	(222)
4,105	(1,801)	(2,063)	Increase/(decrease) in cash and cash equivalents	3,478	2,785
38,148	39,949	45,094	Cash and cash equivalents at beginning of period	38,774	40,246
42,252	38,148	43,031	Cash and cash equivalents at end of period	42,252	43,031

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

Shell plc Unaudited Condensed Interim Financial Report 21

2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in 'Decommissioning and other provisions' instead of 'Increase/(decrease) in current payables'. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

Shell plc Unaudited Condensed Interim Financial Report 22

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 244 to 316) for the year ended December 31, 2023, 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 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023, were published in Shell's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell's Form 20-F. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

2. Segment information

REVENUE AND CCS EARNINGS BY SEGMENT

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

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

Shell plc Unaudited Condensed Interim Financial Report 23


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
			Third-party revenue
9,748	9,052	8,338	Integrated Gas	27,996	27,208
1,605	1,590	1,617	Upstream	4,954	5,212
30,519	32,005	35,236	Marketing2	92,564	98,799
22,608	24,583	22,119	Chemicals and Products2	70,926	72,121
6,599	7,222	9,032	Renewables and Energy Solutions	21,558	34,517
10	11	7	Corporate	33	31
71,089	74,463	76,350	Total third-party revenue1	218,031	237,888
			Inter-segment revenue
2,131	2,157	2,472	Integrated Gas	6,691	8,946
9,618	10,102	10,277	Upstream	30,008	30,282
1,235	1,363	1,456	Marketing2	3,953	4,056
9,564	9,849	11,942	Chemicals and Products2	29,725	32,653
1,131	957	894	Renewables and Energy Solutions	3,093	3,140
—	—	—	Corporate	—	—
			CCS earnings
2,631	2,454	2,156	Integrated Gas	7,846	5,325
2,289	2,179	1,999	Upstream	6,741	6,388
760	257	629	Marketing2	1,791	2,832
341	587	1,250	Chemicals and Products2	2,085	3,310
(481)	(75)	616	Renewables and Energy Solutions	(3)	3,361
(647)	(1,656)	(497)	Corporate3	(2,656)	(2,315)
4,894	3,747	6,152	Total CCS earnings4	15,804	18,901

1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly, by $5,659 million and $16,369 million respectively for Third-party revenue and by $(73) million and $22 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the third quarter 2023 and the nine months 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,302 million and $3,616 million respectively and an increase in the Chemicals and Products segment of $11,373 million and $31,011 million respectively.

3.From January 1, 2024, onwards costs for Shell's centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the third quarter 2023 and the nine months 2023 have been revised by $37 million and $91 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.

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

CASH CAPITAL EXPENDITURE BY SEGMENT

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

Shell plc Unaudited Condensed Interim Financial Report 24


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
			Capital expenditure
1,090	1,024	958	Integrated Gas	2,971	2,458
1,998	1,769	2,013	Upstream	5,533	5,701
488	644	935	Marketing1	1,559	4,358
748	601	761	Chemicals and Products1	1,822	1,944
327	377	523	Renewables and Energy Solutions	1,124	1,382
39	30	68	Corporate	104	190
4,690	4,445	5,259	Total capital expenditure	13,114	16,033
			Add: Investments in joint ventures and associates
147	127	141	Integrated Gas	457	543
(37)	60	(6)	Upstream	268	205
37	–	25	Marketing	75	48
13	37	76	Chemicals and Products	76	81
59	35	114	Renewables and Energy Solutions	103	205
3	1	1	Corporate	5	11
222	261	350	Total investments in joint ventures and associates	983	1,093
			Add: Investments in equity securities
–	–	–	Integrated Gas	–	–
12	–	–	Upstream	12	–
–	–	–	Marketing	–	–
–	–	–	Chemicals and Products	–	2
23	13	21	Renewables and Energy Solutions	45	68
3	–	19	Corporate	6	84
38	13	40	Total investments in equity securities	63	154
			Cash capital expenditure
1,236	1,151	1,099	Integrated Gas	3,429	3,000
1,974	1,829	2,007	Upstream	5,813	5,906
525	644	959	Marketing1	1,634	4,406
761	638	837	Chemicals and Products1	1,898	2,027
409	425	659	Renewables and Energy Solutions	1,272	1,655
45	32	87	Corporate	114	285
4,950	4,719	5,649	Total Cash capital expenditure	14,161	17,280

1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $42 million and $133 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

Shell plc Unaudited Condensed Interim Financial Report 25

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

RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
4,391	3,650	7,176	Income/(loss) for the period	15,480	19,102
			Current cost of supplies adjustment:
668	137	(1,304)	Purchases	473	(275)
(162)	(36)	327	Taxation	(114)	60
(2)	(5)	(47)	Share of profit/(loss) of joint ventures and associates	(35)	14
503	97	(1,024)	Current cost of supplies adjustment	324	(201)
			Of which:
477	89	(969)	Attributable to Shell plc shareholders	302	(162)
26	7	(55)	Attributable to non-controlling interest	22	(39)
4,894	3,747	6,152	CCS earnings	15,804	18,901
			Of which:
4,768	3,606	6,075	CCS earnings attributable to Shell plc shareholders	15,468	18,725
126	140	77	CCS earnings attributable to non-controlling interest	336	176

RECONCILIATION OF OPERATING EXPENSES


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
6,138	5,593	6,384	Production and manufacturing expenses	17,541	18,433
3,139	3,094	3,447	Selling, distribution and administrative expenses	9,208	9,811
294	263	267	Research and development	768	817
9,570	8,950	10,097	Operating expenses	27,517	29,062

RECONCILIATION OF TOTAL DEBT


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
September 30, 2024	June 30, 2024	September 30, 2023		September 30, 2024	September 30, 2023
12,015	10,849	10,119	Current debt	12,015	10,119
64,597	64,619	72,028	Non-current debt	64,597	72,028
76,613	75,468	82,147	Total debt	76,613	82,147

4. Earnings per share

EARNINGS PER SHARE


Quarters				Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders ($ million)	15,166	18,887

			Weighted average number of shares used as the basis for determining:
6,256.5	6,355.4	6,668.1	Basic earnings per share (million)	6,350.3	6,792.5
6,320.9	6,417.6	6,736.7	Diluted earnings per share (million)	6,414.0	6,856.7

Shell plc Unaudited Condensed Interim Financial Report 26

5. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH


	Number of shares	Nominal value ($ million)

At January 1, 2024	6,524,109,049	544
Repurchases of shares	(299,830,201)	(25)
At September 30, 2024	6,224,278,848	519
At January 1, 2023	7,003,503,393	584
Repurchases of shares	(357,368,014)	(30)
At September 30, 2023	6,646,135,379	555

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.

6. Other reserves

OTHER RESERVES


$ million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2024	37,298	154	236	1,308	(17,851)	21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	2,815	2,815
Transfer from other comprehensive income	—	—	—	—	166	166
Repurchases of shares	—	—	25	—	—	25
Share-based compensation	—	—	—	(24)	—	(24)
At September 30, 2024	37,298	154	261	1,284	(14,870)	24,127
At January 1, 2023	37,298	154	196	1,140	(17,656)	21,132
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(1,263)	(1,263)
Transfer from other comprehensive income	—	—	—	—	(111)	(111)
Repurchases of shares	—	—	30	—	—	30
Share-based compensation	—	—	—	(18)	—	(18)
At September 30, 2023	37,298	154	227	1,121	(19,029)	19,769

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

7. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2023 and September 30, 2024 is a decrease of $4,865 million for the current assets and a decrease of $2,754 million for the current liabilities.

Shell plc Unaudited Condensed Interim Financial Report 27

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
	September 30, 2024	December 31, 2023
Carrying amount	51,022	53,832
Fair value¹	48,489	50,866

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

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

Consolidated Statement of Income

Interest and other income


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
440	(305)	913	Interest and other income/(expenses)	1,042	2,207
			Of which:
619	616	618	Interest income	1,824	1,718
4	30	7	Dividend income (from investments in equity securities)	58	36
(154)	143	(75)	Net gains/(losses) on sales and revaluation of non-current assets and businesses	—	35
(189)	(1,169)	168	Net foreign exchange gains/(losses) on financing activities	(1,292)	(60)
159	74	195	Other	452	478

Net foreign exchange gains/(losses) on financing activities in the second quarter 2024 includes a loss of $1,104 million related to cumulative currency translation differences that were reclassified to profit and loss. The reclassification of these cumulative currency translation differences was principally triggered by changes in the funding structure of some of Shell's businesses in the United Kingdom. These currency translation differences were previously directly recognised in equity as part of accumulated other comprehensive income.

Depreciation, depletion and amortisation


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
5,916	7,555	5,911	Depreciation, depletion and amortisation	19,352	20,069
			Of which:
5,578	5,642	5,716	Depreciation	16,874	17,120
340	1,984	359	Impairments	2,706	3,438
(2)	(71)	(163)	Impairment reversals	(228)	(489)

Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Impairments recognised in the second quarter 2024 of $1,984 million pre-tax ($1,778 million post-tax) mainly relate to Marketing ($1,055 million), Chemicals and Products ($690 million) and Renewables and Energy Solutions ($141 million). The impairment in Marketing principally relates to a biofuels facility located in the Netherlands, triggered by a temporary pause of on-site construction work. The impairment in Chemicals and Products relates to an Energy and Chemicals Park located in Singapore, due to remeasurement of the fair value less costs of disposal triggered by a sales agreement reached. Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly relate to various assets in Renewables and Energy Solutions and Chemicals and Products.

Shell plc Unaudited Condensed Interim Financial Report 28

Taxation charge/credit


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
2,879	3,754	4,115	Taxation charge/(credit)	10,237	11,891
			Of which:
2,834	3,666	4,115	Income tax excluding Pillar Two income tax	10,026	11,891
45	88	—	Income tax related to Pillar Two income tax	212	—

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

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	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
2,947	698	(1,460)	Currency translation differences	1,651	(1,174)
			Of which:
2,912	(406)	(1,469)	Recognised in Other comprehensive income	524	(1,181)
35	1,104	9	(Gain)/loss reclassified to profit or loss	1,127	7

Amounts reclassified to profit and loss in the second quarter 2024 relate to cumulative currency translation differences that were reclassified to income (refer to Interest and other income above).

Condensed Consolidated Balance Sheet

Retirement benefits


$ million
	September 30, 2024	December 31, 2023
Non-current assets
Retirement benefits	10,564	9,151
Non-current liabilities
Retirement benefits	7,110	7,549
Surplus/(deficit)	3,454	1,602

Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at September 30, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

Assets classified as held for sale


$ million
	September 30, 2024	December 31, 2023
Assets classified as held for sale	2,144	951
Liabilities directly associated with assets classified as held for sale	1,298	307

Assets classified as held for sale and associated liabilities at September 30, 2024 relate to an energy and chemicals park asset in Chemicals and Products in Singapore and various smaller assets. The major classes of assets and liabilities classified as held for sale at September 30, 2024, are Inventories ($1,273 million; December 31, 2023: $463 million), Property, plant and equipment ($544 million; December 31, 2023: $250 million), Decommissioning and other provisions ($634 million; December 31, 2023: $75 million) and Debt ($425 million; December 31, 2023: $84 million).

Shell plc Unaudited Condensed Interim Financial Report 29

Consolidated Statement of Cash Flows

Cash flow from operating activities - Other


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
(144)	2,027	(150)	Other	2,392	474

'Cash flow from operating activities - Other' for the third quarter 2024 includes $432 million of net inflows (second quarter 2024: $620 million net inflows; third quarter 2023: $630 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $539 million in relation to reversal of currency exchange gains on Cash and cash equivalents (second quarter 2024: $96 million losses; third quarter 2023: $336 million losses). For the second quarter 2024 'Cash flow from operating activities - Other' also includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income (refer to Interest and other income above).

Shell plc Unaudited Condensed Interim Financial Report 30

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell's performance in the period and over time.


Quarters				Nine months
Q3 2024	Q2 2024	Q3 2023	$ million	2024	2023
4,291	3,517	7,044	Income/(loss) attributable to Shell plc shareholders	15,166	18,887
100	133	132	Income/(loss) attributable to non-controlling interest	314	215
477	89	(969)	Add: Current cost of supplies adjustment attributable to Shell plc shareholders	302	(162)
26	7	(55)	Add: Current cost of supplies adjustment attributable to non-controlling interest	22	(39)
4,894	3,747	6,152	CCS earnings	15,804	18,901


Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	4,894	2,631	2,289	760	341	(481)	(647)
Less: Identified items	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)
Less: CCS earnings attributable to non-controlling interest	126
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,028
Add: Non-controlling interest	126
Adjusted Earnings plus non-controlling interest	6,153	2,871	2,443	1,182	463	(162)	(643)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,571	949	2,413	322	(73)	(1)	(39)
Add: Depreciation, depletion and amortisation excluding impairments	5,578	1,369	2,691	564	862	86	6
Add: Exploration well write-offs	150	2	148
Add: Interest expense excluding identified items	1,173	49	183	13	14	2	912
Less: Interest income	619	5	8	—	25	—	581
Adjusted EBITDA	16,005	5,234	7,871	2,081	1,240	(75)	(346)
Less: Current cost of supplies adjustment before taxation	665			334	331
Joint ventures and associates (dividends received less profit)	(62)	(146)	(90)	51	63	61	—
Derivative financial instruments	133	(373)	47	98	88	(106)	380
Taxation paid	(3,028)	(814)	(2,074)	(241)	23	(33)	112
Other	(365)	(32)	(406)	275	107	(75)	(234)
(Increase)/decrease in working capital	2,665	(247)	(78)	792	2,131	(136)	204
Cash flow from operating activities	14,684	3,623	5,268	2,722	3,321	(364)	115

Shell plc Unaudited Condensed Interim Financial Report 31


Q2 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	3,747	2,454	2,179	257	587	(75)	(1,656)
Less: Identified items	(2,669)	(220)	(157)	(825)	(499)	112	(1,080)
Less: CCS earnings attributable to non-controlling interest	140
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	6,293
Add: Non-controlling interest	122
Adjusted Earnings plus non-controlling interest	6,415	2,675	2,336	1,082	1,085	(187)	(576)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,947	940	2,312	359	297	(10)	49
Add: Depreciation, depletion and amortisation excluding impairments	5,642	1,375	2,750	548	867	95	6
Add: Exploration well write-offs	269	5	264	—	—	—	—
Add: Interest expense excluding identified items	1,149	44	166	10	23	1	904
Less: Interest income	616	—	(1)	—	30	(9)	595
Adjusted EBITDA	16,806	5,039	7,829	1,999	2,242	(91)	(213)
Less: Current cost of supplies adjustment before taxation	133			74	59
Joint ventures and associates (dividends received less profit)	(135)	96	(288)	(54)	46	64	—
Derivative financial instruments	713	(133)	9	7	304	607	(79)
Taxation paid	(3,448)	(1,039)	(1,955)	(17)	(186)	(138)	(113)
Other	(38)	(104)	(341)	(57)	263	180	20
(Increase)/decrease in working capital	(258)	324	484	153	(361)	225	(1,083)
Cash flow from operating activities	13,508	4,183	5,739	1,958	2,249	847	(1,468)

Shell plc Unaudited Condensed Interim Financial Report 32


Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	6,152	2,156	1,999	629	1,250	616	(497)
Less: Identified items	(149)	(375)	(238)	(12)	(213)	667	22
Less: CCS earnings attributable to non-controlling interest	77
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	6,224
Add: Non-controlling interest	77
Adjusted Earnings plus non-controlling interest	6,302	2,531	2,237	641	1,463	(51)	(519)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,621	845	2,160	269	253	70	24
Add: Depreciation, depletion and amortisation excluding impairments	5,716	1,413	2,771	528	918	82	4
Add: Exploration well write-offs	186	35	151	—	—	—	—
Add: Interest expense excluding identified items	1,130	51	119	23	41	1	895
Less: Interest income	618	1	5	8	13	1	590
Adjusted EBITDA	16,336	4,874	7,433	1,453	2,661	101	(186)
Less: Current cost of supplies adjustment before taxation	(1,351)			(624)	(727)
Joint ventures and associates (dividends received less profit)	(13)	(40)	43	(19)	(19)	21	—
Derivative financial instruments	(2,549)	(454)	(20)	10	(375)	(1,407)	(304)
Taxation paid	(3,191)	(679)	(2,090)	(226)	54	(258)	8
Other	177	(44)	(57)	(485)	167	327	269
(Increase)/decrease in working capital	221	352	28	(960)	(354)	1,182	(27)
Cash flow from operating activities	12,332	4,009	5,336	397	2,862	(34)	(238)

Shell plc Unaudited Condensed Interim Financial Report 33


Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	15,804	7,846	6,741	1,791	2,085	(3)	(2,656)
Less: Identified items	(4,569)	(1,379)	28	(1,255)	(1,078)	183	(1,069)
Less: CCS earnings attributable to non-controlling interest	336
Add: Identified items attributable to non-controlling interest	18
Adjusted Earnings	20,055
Add: Non-controlling interest	318
Adjusted Earnings plus non-controlling interest	20,373	9,225	6,712	3,046	3,163	(186)	(1,588)
Add: Taxation charge/(credit) excluding tax impact of identified items	11,642	2,885	7,247	1,039	562	(10)	(81)
Add: Depreciation, depletion and amortisation excluding impairments	16,874	4,154	8,169	1,647	2,599	287	18
Add: Exploration well write-offs	973	14	959
Add: Interest expense excluding identified items	3,485	136	518	35	54	4	2,737
Less: Interest income	1,824	5	17	1	69	(5)	1,736
Adjusted EBITDA	51,523	16,410	23,588	5,767	6,308	101	(650)
Less: Current cost of supplies adjustment before taxation	438			256	182
Joint ventures and associates (dividends received less profit)	(779)	(247)	(924)	89	165	138	—
Derivative financial instruments	1,153	(1,586)	53	66	(10)	2,479	152
Taxation paid	(9,092)	(2,320)	(5,832)	(432)	(182)	(415)	89
Other	(500)	(90)	(978)	612	(8)	75	(111)
(Increase)/decrease in working capital	(344)	352	827	153	(869)	570	(1,377)
Cash flow from operating activities	41,522	12,518	16,734	5,999	5,221	2,948	(1,898)

Shell plc Unaudited Condensed Interim Financial Report 34


Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
CCS earnings	18,901	5,325	6,388	2,832	3,310	3,361	(2,315)
Less: Identified items	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)
Less: CCS earnings attributable to non-controlling interest	176
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	20,944
Add: Non-controlling interest	176
Adjusted Earnings plus non-controlling interest	21,120	9,951	6,746	2,518	3,588	583	(2,266)
Add: Taxation charge/(credit) excluding tax impact of identified items	11,553	2,773	6,720	808	558	345	349
Add: Depreciation, depletion and amortisation excluding impairments	17,120	4,300	8,358	1,479	2,667	303	13
Add: Exploration well write-offs	625	59	566	—	—	—	—
Add: Interest expense excluding identified items	3,504	110	372	40	39	3	2,941
Less: Interest income	1,718	2	13	8	33	5	1,657
Adjusted EBITDA	52,204	17,189	22,750	4,837	6,819	1,229	(619)
Less: Current cost of supplies adjustment before taxation	(261)			(94)	(167)
Joint ventures and associates (dividends received less profit)	(167)	32	(443)	85	85	72	2
Derivative financial instruments	(5,112)	(3,071)	—	(18)	225	(1,719)	(528)
Taxation paid	(10,108)	(2,843)	(6,455)	(478)	(197)	(350)	214
Other	82	(84)	(530)	23	284	304	85
(Increase)/decrease in working capital	4,462	2,700	342	(748)	(1,019)	4,713	(1,526)
Cash flow from operating activities	41,622	13,923	15,663	3,794	6,364	4,249	(2,372)

Shell plc Unaudited Condensed Interim Financial Report 35

Identified Items

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


Q3 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)	(154)	1	(2)	(110)	(19)	(20)	(3)
Impairment reversals/(impairments)	(338)	(6)	(3)	(195)	(120)	(14)	—
Redundancy and restructuring	(552)	(69)	(189)	(136)	(141)	(26)	10
Provisions for onerous contracts	(7)	—	—	(7)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(602)	(252)	(13)	(78)	126	(385)	—
Other	(136)	—	(141)	(1)	(11)	16	—
Total identified items included in Income/(loss) before taxation	(1,789)	(327)	(348)	(526)	(165)	(430)	7
Less: total identified items included in Taxation charge/(credit)	(530)	(87)	(195)	(104)	(43)	(111)	10
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(129)	1	(6)	(84)	(15)	(23)	(2)
Impairment reversals/(impairments)	(288)	(4)	(2)	(179)	(92)	(10)	—
Redundancy and restructuring	(397)	(48)	(138)	(98)	(101)	(19)	7
Provisions for onerous contracts	(5)	—	—	(5)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(456)	(213)	(3)	(56)	95	(279)	—
Impact of exchange rate movements and inflationary adjustments on tax balances	120	24	104	—	—	—	(8)
Other	(105)	—	(108)	—	(8)	12	—
Impact on CCS earnings	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(1,259)	(240)	(153)	(422)	(122)	(319)	(3)

Shell plc Unaudited Condensed Interim Financial Report 36


Q2 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)	143	2	131	(60)	(8)	79	—
Impairment reversals/(impairments)	(1,932)	(18)	(80)	(1,055)	(619)	(161)	—
Redundancy and restructuring	(211)	(9)	(56)	(69)	(30)	(45)	(2)
Provisions for onerous contracts	(17)	(3)	(14)	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	461	(102)	(29)	63	211	318	—
Other1	(1,271)	(130)	(168)	10	113	7	(1,103)
Total identified items included in Income/(loss) before taxation	(2,826)	(260)	(215)	(1,111)	(333)	198	(1,105)
Less: total identified items included in Taxation charge/(credit)	(157)	(40)	(58)	(286)	165	87	(25)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	135	1	114	(45)	(6)	71	—
Impairment reversals/(impairments)	(1,728)	(15)	(67)	(783)	(708)	(155)	—
Redundancy and restructuring	(147)	(6)	(33)	(50)	(23)	(33)	(1)
Provisions for onerous contracts	(14)	(3)	(11)	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	319	(98)	(7)	45	156	223	—
Impact of exchange rate movements and inflationary adjustments on tax balances	49	10	(4)	—	—	—	43
Other1	(1,284)	(111)	(148)	7	83	5	(1,122)
Impact on CCS earnings	(2,669)	(220)	(157)	(825)	(499)	112	(1,080)
Impact on CCS earnings attributable to non-controlling interest	18	—	—	—	18	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(2,687)	(220)	(157)	(825)	(517)	112	(1,080)

1.Corporate includes reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income.

Shell plc Unaudited Condensed Interim Financial Report 37


Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	(75)	6	23	(10)	3	(98)	—
Impairment reversals/(impairments)	(196)	—	(15)	(2)	(103)	(76)	—
Redundancy and restructuring	(20)	(3)	(4)	(5)	(4)	(2)	(3)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	258	(350)	38	(2)	(88)	659	—
Other	50	(25)	(236)	—	(97)	408	—
Total identified items included in Income/(loss) before taxation	17	(371)	(194)	(18)	(288)	891	(3)
Less: total identified items included in Taxation charge/(credit)	166	4	44	(6)	(75)	225	(25)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(68)	4	8	(7)	2	(76)	—
Impairment reversals/(impairments)	(167)	—	(12)	(1)	(79)	(75)	—
Redundancy and restructuring	(14)	(2)	(2)	(4)	(3)	(1)	(2)
Provisions for onerous contracts	—	—	—	—	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	121	(340)	13	—	(59)	506	—
Impact of exchange rate movements and inflationary adjustments on tax balances	(51)	(13)	(62)	—	—	—	24
Other	29	(25)	(184)	—	(74)	312	—
Impact on CCS earnings	(149)	(375)	(238)	(12)	(213)	667	22
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(149)	(375)	(238)	(12)	(213)	667	22

Shell plc Unaudited Condensed Interim Financial Report 38


Nine months 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)	—	—	155	(185)	(35)	68	(3)
Impairment reversals/(impairments)	(2,498)	(32)	(179)	(1,254)	(917)	(116)	—
Redundancy and restructuring	(837)	(79)	(258)	(226)	(190)	(86)	3
Provisions for onerous contracts	(24)	(3)	(14)	(7)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,221)	(1,421)	(44)	(9)	(79)	332	—
Other1	(1,281)	(126)	(271)	32	148	39	(1,103)
Total identified items included in Income/(loss) before taxation	(5,859)	(1,663)	(609)	(1,649)	(1,073)	238	(1,104)
Less: total identified items included in Taxation charge/(credit)	(1,290)	(284)	(638)	(394)	5	55	(35)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	2	—	118	(140)	(28)	54	(2)
Impairment reversals/(impairments)	(2,201)	(24)	(171)	(965)	(952)	(89)	—
Redundancy and restructuring	(597)	(55)	(179)	(163)	(139)	(63)	2
Provisions for onerous contracts	(19)	(3)	(11)	(5)	—	—	—
Fair value accounting of commodity derivatives and certain gas contracts	(1,032)	(1,198)	(11)	(6)	(69)	250	—
Impact of exchange rate movements and inflationary adjustments on tax balances	573	8	512	—	—	—	53
Other1	(1,293)	(107)	(228)	24	110	30	(1,122)
Impact on CCS earnings	(4,569)	(1,379)	28	(1,255)	(1,078)	183	(1,069)
Impact on CCS earnings attributable to non-controlling interest	18	—	—	—	18	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(4,587)	(1,379)	28	(1,255)	(1,096)	183	(1,069)

Shell plc Unaudited Condensed Interim Financial Report 39


Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)	35	(1)	76	32	(12)	(59)	—
Impairment reversals/(impairments)	(2,952)	(2,274)	(199)	(49)	(300)	(130)	—
Redundancy and restructuring	(54)	—	(10)	(22)	(4)	(1)	(16)
Provisions for onerous contracts	(24)	—	—	—	(24)	—	—
Fair value accounting of commodity derivatives and certain gas contracts	939	(3,047)	387	66	77	3,455	—
Other	116	(25)	(445)	298	(119)	408	—
Total identified items included in Income/(loss) before taxation	(1,941)	(5,347)	(192)	324	(382)	3,672	(16)
Less: total identified items included in Taxation charge/(credit)	278	(722)	165	11	(104)	894	34
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	50	—	80	24	(9)	(45)	—
Impairment reversals/(impairments)	(2,284)	(1,700)	(188)	(50)	(227)	(119)	—
Redundancy and restructuring	(35)	—	(3)	(17)	(3)	(1)	(11)
Provisions for onerous contracts	(18)	—	—	—	(18)	—	—
Fair value accounting of commodity derivatives and certain gas contracts	52	(2,821)	106	60	75	2,632	—
Impact of exchange rate movements and inflationary adjustments on tax balances	8	(31)	78	—	—	—	(39)
Other	7	(74)	(431)	297	(96)	312	—
Impact on CCS earnings	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)
Impact on CCS earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on CCS earnings attributable to Shell plc shareholders	(2,219)	(4,625)	(357)	314	(278)	2,778	(50)

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

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

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

Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b)

Shell plc Unaudited Condensed Interim Financial Report 40

the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

Other identified items represent other credits or charges that based on Shell management's assessment hinder the comparative understanding of Shell's financial results from period to period.

B. Adjusted Earnings per share

Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

C. Cash capital expenditure

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

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

D. 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. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

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

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

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


$ million	Quarters
	Q3 2024	Q2 2024	Q3 2023
Current debt	10,119	12,114	8,046
Non-current debt	72,028	72,252	73,944
Total equity	192,943	192,094	190,237
Less: Cash and cash equivalents	(43,031)	(45,094)	(35,978)
Capital employed – opening	232,059	231,366	236,250
Current debt	12,015	10,849	10,119
Non-current debt	64,597	64,619	72,028
Total equity	189,538	187,190	192,943
Less: Cash and cash equivalents	(42,252)	(38,148)	(43,031)
Capital employed – closing	223,898	224,511	232,059
Capital employed – average	227,979	227,939	234,154

Shell plc Unaudited Condensed Interim Financial Report 41


$ million	Quarters
	Q3 2024		Q2 2024		Q3 2023
Adjusted Earnings - current and previous three quarters (Reference A)	27,361		27,558		30,758
Add: Income/(loss) attributable to NCI - current and previous three quarters	376		409		275
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters	56		(25)		(12)
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters	7		7		13
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters	27,787		27,935		31,008
Add: Interest expense after tax - current and previous three quarters	2,698		2,650		2,685
Less: Interest income after tax on cash and cash equivalents - current and previous three quarters	1,392		1,395		1,179
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income - current and previous three quarters	29,093		29,190		32,514


Capital employed – average	227,979		227,939		234,154
ROACE on an Adjusted Earnings plus NCI basis	12.8	%	12.8	%	13.9	%

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
	September 30, 2024		June 30, 2024		September 30, 2023
Current debt	12,015		10,849		10,119
Non-current debt	64,597		64,619		72,028
Total debt	76,613		75,468		82,147
Of which lease liabilities	25,590		25,600		27,854
Add: Debt-related derivative financial instruments: net liability/(asset)	1,694		2,460		3,116
Add: Collateral on debt-related derivatives: net liability/(asset)	(821)		(1,466)		(1,762)
Less: Cash and cash equivalents	(42,252)		(38,148)		(43,031)
Net debt	35,234		38,314		40,470
Total equity	189,538		187,190		192,943
Total capital	224,772		225,505		233,414
Gearing	15.7	%	17.0	%	17.3	%

Shell plc Unaudited Condensed Interim Financial Report 42

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.


Q3 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,138	1,164	2,394	367	1,766	453	(6)
Selling, distribution and administrative expenses	3,139	(1)	(39)	2,408	453	209	110
Research and development	294	27	75	55	34	22	81
Operating expenses	9,570	1,190	2,430	2,830	2,253	684	185


Q2 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	5,593	1,050	2,219	320	1,573	422	10
Selling, distribution and administrative expenses	3,094	64	62	2,295	293	279	101
Research and development	263	32	61	47	37	24	62
Operating expenses	8,950	1,146	2,341	2,662	1,902	725	173


Q3 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	6,384	1,125	2,266	335	1,900	760	(1)
Selling, distribution and administrative expenses1	3,447	50	42	2,448	501	286	121
Research and development1	267	30	77	60	44	(26)	81
Operating expenses	10,097	1,204	2,384	2,843	2,444	1,021	201


Nine months 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	17,541	3,170	6,881	1,052	4,973	1,454	10
Selling, distribution and administrative expenses	9,208	125	80	6,891	1,166	646	300
Research and development	768	85	194	136	104	58	192
Operating expenses	27,517	3,380	7,156	8,079	6,243	2,158	501


Nine months 2023	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	18,433	3,341	6,591	1,030	5,579	1,878	14
Selling, distribution and administrative expenses1	9,811	114	217	6,906	1,494	787	293
Research and development1	817	84	216	184	129	2	202
Operating expenses	29,062	3,540	7,024	8,120	7,201	2,667	509

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

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	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
9,570	8,950	10,097	Operating expenses	27,517	29,062
(552)	(210)	(19)	Redundancy and restructuring (charges)/reversal	(834)	(51)
(154)	(212)	(343)	(Provisions)/reversal	(366)	(376)
—	123	—	Other	252	—
(706)	(299)	(362)	Total identified items	(948)	(426)
8,864	8,651	9,735	Underlying operating expenses	26,569	28,635

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.


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
14,684	13,508	12,332	Cash flow from operating activities	41,522	41,622
(3,857)	(3,338)	(4,827)	Cash flow from investing activities	(10,723)	(12,080)
10,827	10,170	7,505	Free cash flow	30,799	29,542
194	769	259	Less: Divestment proceeds (Reference I)	1,988	2,477
—	—	(3)	Add: Tax paid on divestments (reported under "Other investing cash outflows")	—	—
—	189	3	Add: Cash outflows related to inorganic capital expenditure1	251	2,316
10,633	9,590	7,246	Organic free cash flow2	29,062	29,381

1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell's activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

H. Cash flow from operating activities and cash flow from operating activities excluding working capital movements

Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

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


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
14,684	13,508	12,332	Cash flow from operating activities	41,522	41,622







2,705	(954)	(3,151)	(Increase)/decrease in inventories	1,143	2,237
4,057	1,965	(1,126)	(Increase)/decrease in current receivables	5,827	13,105
(4,096)	(1,269)	4,498	Increase/(decrease) in current payables1	(7,314)	(10,881)
2,665	(258)	221	(Increase)/decrease in working capital	(344)	4,462
12,019	13,766	12,111	Cash flow from operating activities excluding working capital movements	41,867	37,160

1.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in 'Decommissioning and other provisions' instead of 'Increase/(decrease) in current payables'. Comparatives for the third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

I. Divestment proceeds

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


Quarters			$ million	Nine months
Q3 2024	Q2 2024	Q3 2023		2024	2023
94	710	184	Proceeds from sale of property, plant and equipment and businesses	1,128	2,024
94	57	68	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	284	425
6	2	7	Proceeds from sale of equity securities	576	28
194	769	259	Divestment proceeds	1,988	2,477

CAUTIONARY STATEMENT

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

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 31, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

Shell’s Net Carbon Intensity

Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell

purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-Looking Non-GAAP measures

This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

This Unaudited Condensed Interim Financial Report contains inside information.

October 31, 2024

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

Contacts:

- Sean Ashley, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

APPENDIX

LIQUIDITY AND CAPITAL RESOURCES FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024

▪Cash and cash equivalents increased to $42.3 billion at September 30, 2024, from $38.1 billion at June 30, 2024.

▪Cash flow from operating activities was an inflow of $14.7 billion for the third quarter 2024, which included a positive working capital movement of $2.7 billion.

▪Cash flow from investing activities was an outflow of $3.9 billion for the third quarter 2024, mainly driven by capital expenditure of $4.7 billion.

▪Cash flow from financing activities was an outflow of $7.5 billion for the third quarter 2024, mainly driven by repurchases of shares of $3.5 billion, dividend payments to Shell plc shareholders of $2.2 billion and debt repayments of $1.3 billion.

▪Total current and non-current debt increased to $76.6 billion at September 30, 2024, compared with $75.5 billion at June 30, 2024. Total debt excluding lease liabilities increased by $1.2 billion. In the third quarter 2024, Shell issued no debt under the US shelf registration or under the Euro medium-term note programmes.

▪Cash dividends paid to Shell plc shareholders were $2.2 billion in the third quarter 2024, compared with $2.2 billion in the third quarter 2023.

▪Dividends of $0.3440 per share are announced on October 31, 2024, in respect of the third quarter 2024. These dividends are payable on December 19, 2024.

LIQUIDITY AND CAPITAL RESOURCES FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

▪Cash and cash equivalents increased to $42.3 billion at September 30, 2024, from $43.0 billion at September 30, 2023.

▪Cash flow from operating activities was an inflow of $41.5 billion for the nine months ended September 30, 2024, which included a negative working capital movement of $0.3 billion.

▪Cash flow from investing activities was an outflow of $10.7 billion for the nine months ended September 30, 2024, mainly driven by capital expenditure of $13.1 billion, interest received of $1.8 billion and proceeds from sale of property, plant and equipment and businesses of $1.1 billion.

▪Cash flow from financing activities was an outflow of $27.5 billion for the nine months ended September 30, 2024, mainly driven by repurchases of shares of $10.3 billion, debt repayments of $7.0 billion, and dividend payments to Shell plc shareholders of $6.6 billion.

▪Total current and non-current debt decreased to $76.6 billion at September 30, 2024, compared with $82.1 billion at September 30, 2023. Total debt excluding lease liabilities decreased by $3.3 billion and the carrying amount of lease liabilities decreased by $2.3 billion. In the nine months ended September 30, 2024, Shell issued no debt under the US shelf registration or under the Euro medium-term note programmes.

▪Cash dividends paid to Shell plc shareholders were $6.6 billion in the nine months ended September 30, 2024, compared with $6.2 billion in the nine months ended September 30, 2023.

CAPITALISATION AND INDEBTEDNESS

The following table sets out the unaudited consolidated combined capitalisation and indebtedness of Shell at September 30, 2024. This information is derived from the Unaudited Condensed Consolidated Interim Financial Statements.


CAPITALISATION AND INDEBTEDNESS			$ million
			September 30, 2024
Equity attributable to Shell plc shareholders			187,673

Current debt			12,015
Non-current debt			64,597
Total debt[A]			76,613
Total capitalisation			264,286

[A] Of the total carrying amount of debt at September 30, 2024, $50.7 billion was unsecured, $25.9 billion was secured. $45.5 billion was issued by Shell International Finance B.V., a 100%-owned subsidiary of Shell plc with its debt guaranteed by Shell plc (December 31, 2023: $48.4 billion) and $3.9 billion (December 31, 2023: $3.8 billion) was issued by BG Energy Capital Plc, a 100%-owned subsidiary of Shell plc with $3.0 billion (December 31, 2023: $2.9 billion) of its debt guaranteed by Shell plc.