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SHELL PLC 4TH QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


               
SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS
    

 

                           
 
SUMMARY OF UNAUDITED RESULTS
Quarters$ million Full year
Q4 2023Q3 2023Q4 2022 Reference20232022%
474  7,044  10,409  -93Income/(loss) attributable to Shell plc shareholders 19,360  42,309  -54
7,306  6,224  9,814  +17Adjusted EarningsA28,250  39,870  -29
16,335  16,336  20,600  Adjusted EBITDAA68,538  84,289  -19
12,575  12,332  22,404  +2Cash flow from operating activities 54,196  68,414  -21
(5,657) (4,827) (6,918)  Cash flow from investing activities (17,737) (22,448)  
6,918  7,505  15,486   Free cash flowG36,460  45,965   
7,113  5,649  7,319   Cash capital expenditureC24,393  24,833   
10,897  10,097  11,114  +8Operating expensesF39,959  39,477  +1
10,565  9,735  11,037  +9Underlying operating expensesF39,201  39,456  -1
8.4%12.0%16.7% ROACE on a Net income basisD8.4%16.7% 
11.6%12.5%15.8% ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basisD11.6%15.8% 
81,541  82,147  83,795   Total debtE81,541  83,795   
43,541  40,470  44,837   Net debtE43,541  44,837   
18.8%17.3%18.9% GearingE18.8%18.9% 
2,827  2,706  2,831  +4Total production available for sale (thousand boe/d) 2,791  2,864  -3
0.07  1.06  1.47-93Basic earnings per share ($) 2.88  5.76  -50
1.11  0.93  1.39  +19Adjusted Earnings per share ($)B4.20  5.43  -23
0.3440  0.3310  0.2875  +4Dividend per share ($) 1.2935  1.0375  +25

1.Q4 on Q3 change


 

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the third quarter 2023, reflected higher LNG trading and optimisation margins, favourable deferred tax movements, and higher production, offset by lower refining margins, lower margins from crude and oil products trading and optimisation, and higher operating expenses.

Fourth quarter 2023 income attributable to Shell plc shareholders also included net impairment charges and reversals ($3.9 billion), and unfavourable movements due to the fair value accounting of commodity derivatives. These charges and unfavourable movements are included in identified items amounting to a net loss of $6.0 billion in the quarter. This compares with identified items in the third quarter 2023 which amounted to a net loss of $0.1 billion, and mainly related to impairment charges, largely offset by favourable movements due to the fair value accounting of commodity derivatives.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.8 billion.

Cash flow from operating activities for the fourth quarter 2023 was $12.6 billion, and primarily driven by Adjusted EBITDA, and a working capital inflow of $3.3 billion, partly offset by tax payments of $3.6 billion, and a derivatives outflow of $1.0 billion and the timing impact of payments relating to emission certificates and biofuel programmes of $0.9 billion. The working capital inflow mainly reflected inventory movements due to lower prices.

Cash flow from investing activities for the quarter was an outflow of $5.7 billion, and included cash capital expenditure of $7.1 billion, and divestment proceeds of $0.6 billion.

Net debt and Gearing: At the end of the fourth quarter 2023, net debt was $43.5 billion, compared with $40.5 billion at the end of the third quarter 2023, mainly reflecting share buybacks, cash dividends paid to Shell plc shareholders, lease






 



   
 
SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


additions, and interest payments, partly offset by free cash flow. Gearing was 18.8% at the end of the fourth quarter 2023, compared with 17.3% at the end of the third quarter 2023, driven by higher net debt and lower equity.

Shareholder distributions

Total shareholder distributions in the quarter amounted to $6.2 billion comprising repurchases of shares of $4.0 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the fourth quarter 2023 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the third quarter 2023 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the first quarter 2024 results announcement.

 

Full Year Analysis1

Full year 2023 income attributable to Shell plc shareholders, compared with the full year 2022, reflected lower realised oil and gas prices, lower volumes, and lower refining margins, partly offset by higher LNG trading and optimisation margins, and higher Marketing margins. By focusing the portfolio and simplifying the organisation, $1.0 billion of pre-tax structural cost reductions4 were delivered compared with the full year 2022, mainly driven by divestments.

Full year 2023 income attributable to Shell plc shareholders also included net impairment charges and reversals of $6.2 billion, and unfavourable movements of $1.3 billion due to the fair value accounting of commodity derivatives. These charges and unfavourable movements are included in identified items amounting to a net loss of $8.2 billion. This compares with identified items in the full year 2022 which amounted to a net gain of $1.2 billion.

Adjusted Earnings and Adjusted EBITDA2 for the full year 2023 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.6 billion.

Cash flow from operating activities for the full year 2023 was $54.2 billion, and primarily driven by Adjusted EBITDA, and a working capital inflow of $7.8 billion, partly offset by tax payments of $13.7 billion, and a derivatives outflow of $6.1 billion.

Cash flow from investing activities for the full year 2023 was an outflow of $17.7 billion and included cash capital expenditure of $24.4 billion, divestment proceeds of $3.1 billion, interest received of $2.1 billion, and net other investing cash inflows of $1.4 billion.

 

This Unaudited Condensed Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors3. Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at www.shell.com/investors/results-and-reporting/progress-on-cmd23.html3.

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

2.Adjusted EBITDA is without taxation.

3.Not incorporated by reference.

4.Structural cost reductions describe decreases in underlying operating expenses as a result of operational efficiencies, divestments, workforce reductions and other cost-saving measures that are expected to be sustainable compared with 2022 levels.

 

FOURTH QUARTER 2023 PORTFOLIO DEVELOPMENTS

 

Integrated Gas

In October 2023, we completed the previously announced sale of our participating interest of 35% in Indonesia’s Masela production-sharing contract to Indonesia’s PT Pertamina Hulu Energi and PETRONAS Masela Sdn. Bhd. The participating interest includes the Abadi gas project.

In October 2023, we and our partners in the Oman LNG LLC venture signed an amended shareholders’ agreement for Oman LNG LLC (Oman LNG) extending the business beyond 2024. We will remain the largest private shareholder in Oman LNG, with a 30% shareholding.

 

Upstream

In December 2023, we announced the start of production of the FPSO Sepetiba in the Mero field, offshore Santos Basin in Brazil. We hold a 19.3% stake in the Mero Unitized Field.

In December 2023, we announced the final investment decision for Sparta, a deep-water development in the US Gulf of Mexico. We hold a 51% interest.

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



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


Chemicals and Products

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



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


PERFORMANCE BY SEGMENT

 

                           
 
INTEGRATED GAS    
Quarters$ million Full year
Q4 2023Q3 2023Q4 2022 Reference20232022%
1,728  2,154  5,293  -20Segment earnings2 7,046  22,212  -68
(2,235) (375) (675)  Of which: Identified itemsA(6,861) 6,075   
3,963  2,529  5,968  +57Adjusted Earnings2A13,907  16,137  -14
6,578  4,871  8,332  +35Adjusted EBITDA2A23,759  26,569  -11
3,597  4,009  6,409  -10Cash flow from operating activitiesA17,520  27,692  -37
1,196  1,099  1,527   Cash capital expenditureC4,196  4,265   
113  122  123  -7Liquids production available for sale (thousand b/d) 128  128  +1
4,570  4,517  4,607  +1Natural gas production available for sale (million scf/d) 4,700  4,600  +2
901  900  917  Total production available for sale (thousand boe/d) 939  921  +2
7.06  6.88  6.78  +3LNG liquefaction volumes (million tonnes) 28.29  29.68  -5
18.09  16.01  16.82  +13LNG sales volumes (million tonnes) 67.09  65.98  +2

1.Q4 on Q3 change

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

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

Quarter Analysis1

Segment earnings, compared with the third quarter 2023, reflected the net effect of higher contributions from trading and optimisation, and realised prices (increase of $1,559 million), and higher volumes (increase of $81 million), partly offset by higher operating expenses (increase of $146 million), and unfavourable deferred tax movements ($140 million). Trading and optimisation results reflect seasonality and a high number of optimisation opportunities.

Fourth quarter 2023 segment earnings also included unfavourable movements of $1,587 million due to the fair value accounting of commodity derivatives, and impairment charges of $547 million. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases and sales. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These unfavourable movements and impairment charges are part of identified items and compare with the third quarter 2023 which included unfavourable movements of $340 million due to the fair value accounting of commodity derivatives.

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

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by net cash outflows related to derivatives of $1,596 million, tax payments of $731 million and working capital outflows of $654 million.

Total oil and gas production was in line with the third quarter 2023. LNG liquefaction volumes increased by 3% mainly due to lower maintenance.

 

Full Year Analysis1

Segment earnings, compared with the full year 2022, reflected the net effect of lower realised prices and higher contributions from trading and optimisation (decrease of $1,143 million), lower volumes (decrease of $466 million), and unfavourable deferred tax movements ($728 million).

Full year 2023 segment earnings also included unfavourable movements of $4,407 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $2,247 million. These unfavourable movements and net impairment charges and reversals are part of identified items and compare with the full year 2022 which included favourable movements of $6,273 million due to the fair value accounting of commodity derivatives, and net impairment reversals of $779 million, partly offset by other impacts of $608 million, which mainly comprised loan write-downs, as well as charges of $387 million due to provisions for onerous contracts.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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 full year 2023 was primarily driven by Adjusted EBITDA, and a working capital inflow of $2,023 million, partly offset by net cash outflows related to derivatives of $4,668 million, and tax payments of $3,574 million.

Total oil and gas production, compared with the full year 2022, increased by 2% mainly due to ramp-up of new fields in Oman, Canada, Australia, and Trinidad and Tobago, and lower maintenance in Pearl GTL (Qatar) and Trinidad and Tobago, partly offset by derecognition of Sakhalin-related volumes, and production-sharing contract effects in Egypt and Pearl GTL (Qatar). LNG liquefaction volumes decreased by 5% mainly due to the derecognition of Sakhalin-related volumes.

 

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

2.Adjusted EBITDA is without taxation.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                                   
         
UPSTREAM             
Quarters$ million Full year        
Q4 2023Q3 2023Q4 2022 Reference20232022%        
2,179  1,983  1,380  +10Segment earnings2 8,528  16,222  -47        
(909) (238) (1,681)  Of which: Identified itemsA(1,267) (1,096)          
3,088  2,221  3,061  +39Adjusted Earnings2A9,794  17,319  -43        
7,910  7,412  9,418  +7Adjusted EBITDA2A30,607  42,100  -27        
5,787  5,336  7,224  +8Cash flow from operating activitiesA21,450  29,641  -28        
2,436  2,007  1,845   Cash capital expenditureC8,343  8,143           
1,361  1,311  1,331  +4Liquids production available for sale (thousand b/d) 1,325  1,333  -1        
2,952  2,564  3,067  +15Natural gas production available for sale (million scf/d) 2,754  3,272  -16        
1,870  1,753  1,859  +7Total production available for sale (thousand boe/d) 1,800  1,897  -5        

1.Q4 on Q3 change

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

The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

Quarter Analysis1

Segment earnings, compared with the third quarter 2023, mainly reflected favourable movements in deferred tax positions ($628 million) and higher volumes (increase of $185 million).

Fourth quarter 2023 segment earnings also included net impairment charges and reversals of $454 million, charges of $424 million related to the impact of the weakening Argentine peso on a deferred tax position, and legal provisions of $358 million, partly offset by a gain of $182 million due to the impact of the discount rate change on provisions. These charges and gains are part of identified items, and compare with the third quarter 2023 which included legal provisions of $169 million and charges of $62 million related to the impact of the weakening Brazilian real on a deferred tax position.

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

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,015 million.

Total production, compared with the third quarter 2023, increased mainly due to lower scheduled maintenance and growth from new fields.

 

Full Year Analysis1

Segment earnings, compared with the full year 2022, mainly reflected lower realised oil and gas prices (decrease of $5,696 million) and lower volumes (decrease of $2,001 million).

Full year 2023 segment earnings also included net impairment charges and reversals of $642 million, and net charges of $295 million related to the impact of the weakening Argentine peso and strengthening Brazilian real on a deferred tax position. These charges and gains are part of identified items, and compare with the full year 2022 which included net impairment reversals and charges of $853 million, and charges of $1,385 million relating to the EU solidarity contribution and $802 million relating to the UK Energy Profits Levy.

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 full year 2023 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $8,470 million.

Total production, compared with the full year 2022, decreased mainly due to the impact of divestments. The impact of field decline was more than offset by growth from new fields.

 

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

2.Adjusted EBITDA is without taxation.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                           
 
MARKETING    
Quarters$ million Full year
Q4 2023Q3 2023Q4 2022 Reference20232022%
143  702  375  -80Segment earnings² 2,951  2,133  +38
(549) (18) (72) 
 
Of which: Identified items A(229) (622)  
692  720  446  -4Adjusted Earnings²A3,180  2,754  +15
1,337  1,519  1,045  -12Adjusted EBITDA2A6,037  5,324  +13
2,709  880  1,062  +208Cash flow from operating activitiesA6,088  2,376 ��+156
1,339  917  1,993   Cash capital expenditureC5,612  4,831   
2,508  2,654  2,543  -5Marketing sales volumes (thousand b/d) 2,554  2,503  +2

1.Q4 on Q3 change

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

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

Quarter Analysis1

Segment earnings, compared with the third quarter 2023, reflected lower Marketing margins (decrease of $101 million) including lower Lubricants margins due to higher feedstock costs and impact of seasonality on Mobility margins, partly offset by higher Sectors & Decarbonisation margins. Fourth quarter 2023 segment earnings also included lower tax charges (decrease of $121 million) mainly due to one-off tax helps.

Fourth quarter 2023 segment earnings also included impairment charges of $406 million, and charges of $97 million related to redundancy and restructuring. These charges are part of identified items.

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

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA and working capital inflows of $1,843 million. These inflows were partly offset by tax payments of $280 million and non-cash cost-of-sales (CCS) adjustments of $81 million.

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

 

Full Year Analysis1

Segment earnings, compared with the full year 2022, reflected higher Marketing margins (increase of $1,465 million) including higher unit margins in Mobility, higher margins in Lubricants due to lower feedstock costs and higher volumes in Sectors & Decarbonisation. These were partly offset by higher operating expenses (increase of $703 million) and higher depreciation charges (increase of $264 million) mainly due to asset acquisitions.

Full year 2023 segment earnings also included net impairment charges and reversals of $457 million, and charges of $111 million related to redundancy and restructuring partly offset by gains of $298 million related to indirect tax credits. These charges and gains are part of identified items and compare with the full year 2022 which included net impairment charges and reversals of $321 million, net losses of $135 million related to the sale of assets, and provisions for onerous contracts of $62 million.

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

Cash flow from operating activities for the full year 2023 was primarily driven by Adjusted EBITDA, working capital inflows of $873 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $296 million. These inflows were partly offset by tax payments of $744 million, and non-cash cost-of-sales (CCS) adjustments of $221 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the full year 2022, increased mainly due to improved demand in Aviation.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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

2.Adjusted EBITDA is without taxation.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                           
 
CHEMICALS AND PRODUCTS    
Quarters$ million Full year
Q4 2023Q3 2023Q4 2022 Reference20232022%
(1,792) 1,173  332  -253Segment earnings² 1,530  4,515  -66
(1,875) (207) (412)  Of which: Identified itemsA(2,160) (204)  
83  1,380  744  -94Adjusted Earnings²A3,690  4,719  -22
770  2,591  1,574  -70Adjusted EBITDA2A7,710  8,561  -10
207  2,379  3,119  -91Cash flow from operating activitiesA6,987  12,906  -46
1,031  879  786   Cash capital expenditureC3,192  3,838   
1,315  1,334  1,434  -1Refinery processing intake (thousand b/d) 1,349  1,402  -4
1,560  1,548  1,800  +1Refining & Trading sales volumes (thousand b/d) 1,570  1,700  -8
2,588  2,998  3,017  -14Chemicals sales volumes (thousand tonnes) 11,245  12,281  -8

1.Q4 on Q3 change

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

The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

Quarter Analysis1

Segment earnings, compared with the third quarter 2023, reflected lower Products margins (decrease of $1,193 million) mainly driven by lower refining margins due to lower global product demand and lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $150 million) including the impact of continuing global oversupply as well as weak demand and lower income from joint ventures and associates. In addition, the fourth quarter 2023 reflected higher operating expenses (increase of $76 million). These were partly offset by favourable deferred tax movements (increase of $123 million).

Fourth quarter 2023 segment earnings also included net impairment charges and reversals of $1,977 million mainly relating to the Chemicals assets in Singapore, and charges of $78 million related to redundancy and restructuring partly offset by favourable movements of $130 million due to the fair value accounting of commodity derivatives. These charges and gains are part of identified items, and compare with the third quarter 2023 which included net impairment charges and reversals of $79 million, legal provisions of $74 million, and unfavourable movements of $53 million due to the fair value accounting of commodity derivatives.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the fourth quarter 2023, Chemicals had negative Adjusted Earnings of $492 million and Products had positive Adjusted Earnings of $576 million.

Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $1,353 million, Adjusted EBITDA, cash inflows relating to commodity derivatives of $294 million, and dividends (net of profits) from joint ventures and associates of $222 million. These inflows were partly offset by non-cash cost-of-sales (CCS) adjustments of $1,028 million, the timing impact of payments relating to emission certificates and biofuel programmes of $970 million, and tax payments of $273 million.

Chemicals manufacturing plant utilisation was 62% compared with 70% in the third quarter 2023, due to higher planned and unplanned maintenance in North America and economic optimisation.

Refinery utilisation was 81% compared with 84% in the third quarter 2023, due to planned maintenance in North America.

 

Full Year Analysis1

Segment earnings, compared with the full year 2022, reflected lower Products margins (decrease of $1,528 million) mainly driven by lower refining margins partly offset by higher margins from trading and optimisation. The segment earnings also reflected higher depreciation charges (increase of $546 million) due to start-up of operations at Shell Polymers Monaca in the USA. These were partly offset by higher Chemicals margins (increase of $612 million).

Full year 2023 segment earnings also included net impairment charges and reversals of $2,204 million mainly relating to the Chemicals assets in Singapore, and charges of $84 million related to redundancy and restructuring partly offset by



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


favourable movements of $213 million due to the fair value accounting of commodity derivatives. These charges and gains are part of identified items, and compare with the full year 2022 which included net impairment charges and reversals of $226 million, legal provisions of $149 million, unfavourable movements of $147 million related to the fair value accounting of commodity derivatives, tax charges relating to the EU solidarity contribution of $74 million partly offset by gains of $223 million related to the sale of assets, and gains of $104 million related to the remeasurement of redundancy and restructuring costs.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the full year 2023, Chemicals had negative Adjusted Earnings of $1,622 million and Products had positive Adjusted Earnings of $5,313 million.

Cash flow from operating activities for the full year 2023 was primarily driven by Adjusted EBITDA, working capital inflows of $609 million, cash inflows relating to commodity derivatives of $529 million, and dividends (net of profits) from joint ventures and associates of $300 million. These inflows were partly offset by the timing impact of payments relating to emission certificates and biofuel programmes of $1,224 million, non-cash cost-of-sales (CCS) adjustments of $627 million, and tax payments of $484 million.

Chemicals manufacturing plant utilisation was 68% compared with 79% in the full year 2022, mainly due to planned and unplanned maintenance and economic optimisation during the full year 2023.

Refinery utilisation was 85% compared with 86% in the full year 2022.

 

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

2.Adjusted EBITDA is without taxation.



 

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RENEWABLES AND ENERGY SOLUTIONS    
Quarters$ million Full year
Q4 2023Q3 2023Q4 2022 Reference20232022%
(291) 600  4,673  -148Segment earnings2 3,038  (1,059) +387
(445) 667  4,379   Of which: Identified itemsA2,333  (2,805)  
155  (67) 293  +331Adjusted Earnings2A705  1,745  -60
228  79  396  +187Adjusted EBITDA2A1,413  2,459  -43
(1,265) (34) 2,674  -3655Cash flow from operating activitiesA2,984  (6,394) +147
1,026  659  1,076   Cash capital expenditureC2,681  3,469   
68  76  66  -11External power sales (terawatt hours)3 279  243  +15
175  170  241  +3Sales of pipeline gas to end-use customers (terawatt hours)4 738  843  -12

1.Q4 on Q3 change

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

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

4.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

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

Quarter Analysis1

Segment earnings, compared with the third quarter 2023, reflected higher margins (increase of $118 million) mainly due to trading and optimisation primarily in Europe and the Americas as a result of market volatility and seasonality, and favourable tax movements ($110 million), partly offset by higher operating expenses (increase of $38 million).

Fourth quarter 2023 segment earnings also included impairment charges of $551 million, partly offset by favourable movements of $125 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These charges and favourable movements are part of identified items and compare with the third quarter 2023 which included favourable movements of $506 million due to the fair value accounting of commodity derivatives.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Most Renewables and Energy Solutions activities were loss-making in the fourth quarter 2023, more than offset by positive adjusted earnings from trading and optimisation.

Cash flow from operating activities for the quarter was primarily driven by working capital outflows of $970 million, tax payments of $413 million, and net cash outflows related to derivatives of $268 million, partly offset by Adjusted EBITDA.

 

Full Year Analysis1

Segment earnings, compared with the full year 2022, reflected lower margins (decrease of $684 million) mainly from trading and optimisation due to lower gas and power prices in 2023, unfavourable tax movements ($218 million), and higher operating expenses (increase of $186 million).

Full year 2023 segment earnings also included favourable movements of $2,756 million due to the fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $669 million. These favourable movements and charges are part of identified items and compare with the full year 2022 which included unfavourable movements of $2,444 million due to the fair value accounting of commodity derivatives, and impairment charges of $361 million.

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 full year 2023, more than offset by positive adjusted earnings from trading and optimisation.

Cash flow from operating activities for the full year 2023 was primarily driven by working capital inflows of $3,723 million, and Adjusted EBITDA, partly offset by net cash outflows related to derivatives of $1,988 million, and tax payments of $762 million.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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

2.Adjusted EBITDA is without taxation.

Additional Growth Measures

                         
Quarters  Full year
Q4 2023Q3 2023Q4 2022  20232022%
    Renewable power generation capacity (gigawatt):    
2.5  2.5  2.2  +2– In operation2 2.5  2.2  +13
4.1  4.9  4.2  -17– Under construction and/or committed for sale3 4.1  4.2  -3

1.Q4 on Q3 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.

 

                     
 
CORPORATE   
Quarters$ million Full year
Q4 2023Q3 2023Q4 2022 Reference20232022
(586) (460) (654) Segment earnings1 (2,811) (2,461) 
(19) 22  (28) Of which: Identified itemsA(69) (90) 
(567) (482) (626) Adjusted Earnings1A(2,742) (2,371) 
(488) (136) (164) Adjusted EBITDA1A(987) (725) 
1,540  (238) 1,916  Cash flow from operating activitiesA(832) 2,192  

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

The Corporate segment covers the non-operating activities supporting Shell, comprising Shell’s holdings and treasury organisation, its self-insurance activities and its headquarters and central functions. All finance expense and 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 third quarter 2023, reflected unfavourable movements in currency exchange rate effects and net interest expense, partly offset by a favourable movement in tax credits.

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

 

Full Year Analysis1

Segment earnings, compared with the full year 2022, were primarily driven by unfavourable movements in currency exchange rate effects and tax credits.

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.

 

PRELIMINARY RESERVES UPDATE

When final volumes are reported in the 2023 Annual Report and Accounts and 2023 Form 20-F, Shell expects that SEC proved oil and gas reserves additions before taking into account production will be approximately 1.3 billion boe, and that 2023 production will be approximately 1.1 billion boe. As a result, total proved reserves on an SEC basis are expected to be approximately 9.8 billion boe. Acquisitions and divestments of 2023 reserves are expected to account for a net increase of approximately 0.2 billion boe.

The proved Reserves Replacement Ratio on an SEC basis is expected to be 120% for the year and 120% for the 3-year average. Excluding the impact of acquisitions and divestments, the proved Reserves Replacement Ratio is expected to be 99% for the year and 90% for the 3-year average.

Further information will be provided in the 2023 Annual Report and Accounts and 2023 Form 20-F.

 

OUTLOOK FOR THE FIRST QUARTER 2024

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



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


Integrated Gas production is expected to be approximately 930 - 990 thousand boe/d. LNG liquefaction volumes are expected to be approximately 7.0 - 7.6 million tonnes. Outlook reflects Prelude back in operation after a major turnaround.

 

Upstream production is expected to be approximately 1,730 - 1,930 thousand boe/d. Production outlook reflects the planned maintenance in deep-water assets.

 

Marketing sales volumes are expected to be approximately 2,150 - 2,650 thousand b/d.

 

Refinery utilisation is expected to be approximately 83% - 91%, higher due to completion of planned maintenance activities in North America. Chemicals manufacturing plant utilisation is expected to be approximately 68% - 76%.

 

Corporate Adjusted Earnings are expected to be a net expense of approximately $400 - $600 million in the first quarter and a net expense of approximately $1,500 - $2,100 million for the full year 2024. This excludes the impact of currency exchange rate and fair value accounting effects.

Energy Transition Strategy Update: As Shell progresses towards its goal of achieving net-zero emissions by 2050 in an evolving energy marketplace serving a dynamic world, Shell continuously evaluates and updates its energy transition strategy, including its interim targets to reduce the carbon intensity of the energy products it sells. Shell expects to publish its 2024 Energy Transition Strategy on March 14, 2024. This publication will update shareholders and wider society on Shell’s energy transition strategy in line with its Capital Markets Day 2023 communications and set out Shell’s climate targets and ambitions for the future.

 

FORTHCOMING EVENTS

      
 
DateEvent
February 14, 2024Shell LNG Outlook 2024
March 14, 2024Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2023
March 14, 2024Publication of Energy Transition Strategy 2024
March 27, 2024Annual ESG Update
May 2, 2024First quarter 2024 results and dividends
May 21, 2024Annual General Meeting
August 1, 2024Second quarter 2024 results and dividends
October 31, 2024Third quarter 2024 results and dividends



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

                  
 
CONSOLIDATED STATEMENT OF INCOME  
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
78,732  76,350  101,303  Revenue1316,620  381,314  
768  747  (268) Share of profit/(loss) of joint ventures and associates3,725  3,972  
631  913  160  Interest and other income/(expenses)22,838  915  
80,131  78,011  101,195  Total revenue and other income/(expenses)323,183  386,201  
54,745  49,144  65,489  Purchases212,883  258,488  
6,807  6,384  7,220  Production and manufacturing expenses25,240  25,518  
3,621  3,447  3,491  Selling, distribution and administrative expenses13,433  12,883  
469  267  403  Research and development1,287  1,075  
467  436  649  Exploration1,750  1,712  
11,221  5,911  6,459  Depreciation, depletion and amortisation231,290  18,529  
1,166  1,131  1,040  Interest expense4,673  3,181  
78,496  66,720  84,752  Total expenditure290,555  321,386  
1,635  11,291  16,443  Income/(loss) before taxation32,628  64,815  
1,099  4,115  5,975  Taxation charge/(credit)12,991  21,941  
536  7,176  10,469  Income/(loss) for the period¹19,638  42,874  
62  132  59  Income/(loss) attributable to non-controlling interest277  565  
474  7,044  10,409  Income/(loss) attributable to Shell plc shareholders19,360  42,309  
0.07  1.06  1.47  Basic earnings per share ($)32.88  5.76  
0.07  1.05  1.46  Diluted earnings per share ($)32.85  5.71  

1.    See Note 2 “Segment information”.

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

3.    See Note 4 “Earnings per share”.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                  
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME  
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
536  7,176  10,469  Income/(loss) for the period19,638  42,874  
   Other comprehensive income/(loss) net of tax:  
   Items that may be reclassified to income in later periods:  
2,571  (1,460) 2,855  – Currency translation differences1,397  (2,986) 
29   12  – Debt instruments remeasurements41  (78) 
11  141  (345) – Cash flow hedging gains/(losses)71  (232) 
—  —  (264) – Net investment hedging gains/(losses)(44) 180  
(53) (39) (32) – Deferred cost of hedging(148) 200  
135  (72) 77  – Share of other comprehensive income/(loss) of joint ventures and associates18  274  
2,692  (1,429) 2,303  Total1,335  (2,642) 
   Items that are not reclassified to income in later periods:  
(1,207) 180  (2,090) – Retirement benefits remeasurements(1,083) 5,466  
(84) (38) (37) – Equity instruments remeasurements(99) (491) 
(186) 17  (227) – Share of other comprehensive income/(loss) of joint ventures and associates(201) (253) 
(1,477) 159  (2,354) Total(1,383) 4,722  
1,215  (1,270) (51) Other comprehensive income/(loss) for the period(47) 2,080  
1,750  5,906  10,417  Comprehensive income/(loss) for the period19,590  44,954  
96  149  114  Comprehensive income/(loss) attributable to non-controlling interest314  621  
1,654  5,757  10,303  Comprehensive income/(loss) attributable to Shell plc shareholders19,277  44,333  



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


         
 
CONDENSED CONSOLIDATED BALANCE SHEET
$ million  
 December 31, 2023December 31, 2022
Assets  
Non-current assets  
Goodwill16,660  16,039  
Other intangible assets10,253  9,662  
Property, plant and equipment194,835  198,642  
Joint ventures and associates24,457  23,864  
Investments in securities3,246  3,362  
Deferred tax16,454  7,815  
Retirement benefits9,151  10,200  
Trade and other receivables6,298  6,920  
Derivative financial instruments²801  582  
 272,154  277,086  
Current assets  
Inventories26,019  31,894  
Trade and other receivables53,273  66,510  
Derivative financial instruments²15,098  24,437  
Cash and cash equivalents38,774  40,246  
 133,164  163,087  
Assets classified as held for sale1951  2,851  
 134,115  165,938  
Total assets406,269  443,024  
Liabilities  
Non-current liabilities  
Debt71,610  74,794  
Trade and other payables3,103  3,432  
Derivative financial instruments²2,301  3,563  
Deferred tax115,347  16,186  
Retirement benefits17,549  7,296  
Decommissioning and other provisions122,531  23,845  
 122,440  129,116  
Current liabilities  
Debt9,931  9,001  
Trade and other payables68,237  79,357  
Derivative financial instruments²9,529  23,779  
Income taxes payable3,422  4,869  
Decommissioning and other provisions4,041  2,910  
 95,161  119,916  
Liabilities directly associated with assets classified as held for sale1307  1,395  
 95,468  121,311  
Total liabilities217,908  250,427  
Equity attributable to Shell plc shareholders186,606  190,472  
Non-controlling interest11,755  2,125  
Total equity188,361  192,597  
Total liabilities and equity406,269  443,024  

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

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


 



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                           
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
 Equity attributable to Shell plc shareholders   
$ millionShare capital1Shares held in trustOther reserves²Retained earningsTotalNon-controlling interest Total equity
At January 1, 2023584  (726) 21,132  169,482  190,472  2,125   192,597  
Comprehensive income/(loss) for the period—  —  (83) 19,359  19,277  314   19,590  
Transfer from other comprehensive income—  —  (112) 112  —  —   —  
Dividends³—  —  —  (8,389) (8,389) (764)  (9,153) 
Repurchases of shares4(40) —  40  (14,571) (14,571) —   (14,571) 
Share-based compensation—  (271) 168  (85) (188) —   (188) 
Other changes—  —  —    80   86  
At December 31, 2023544  (998) 21,145  165,915  186,606  1,755   188,361  
At January 1, 2022641  (610) 18,909  153,026  171,966  3,360   175,326  
Comprehensive income/(loss) for the period—  —  2,024  42,309  44,333  621   44,954  
Transfer from other comprehensive income—  —  (34) 34  —  —   —  
Dividends3—  —  —  (7,283) (7,283) (206)  (7,489) 
Repurchases of shares4(57) —  57  (18,547) (18,547) —   (18,547) 
Share-based compensation—  (116) 176  131  191  —   191  
Other changes—  —  —  (188) (188) (1,650)  (1,838) 
At December 31, 2022584  (726) 21,132  169,482  190,472  2,125   192,597  

1.    See Note 5 “Share capital”.

2.    See Note 6 “Other reserves”.

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

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



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                     
 
CONSOLIDATED STATEMENT OF CASH FLOWS  
Quarters$ millionFull year
Q4 2023 Q3 2023Q4 2022 20232022
1,635   11,291  16,443  Income before taxation for the period32,628  64,815  
    Adjustment for:  
571   513  596  – Interest expense (net)2,360  2,135  
11,221   5,911  6,459  – Depreciation, depletion and amortisation131,290  18,529  
243   186  395  – Exploration well write-offs868  881  
(222)  74  (21) – Net (gains)/losses on sale and revaluation of non-current assets and businesses (246) (642) 
(768)  (747) 268  – Share of (profit)/loss of joint ventures and associates(3,725) (3,972) 
1,145   749  1,413  – Dividends received from joint ventures and associates3,674  4,398  
4,088   (3,151) 2,902  – (Increase)/decrease in inventories6,325  (8,360) 
(704)  (1,126) 5,179  – (Increase)/decrease in current receivables12,401  (8,989) 
(47)  4,711  2,308  – Increase/(decrease) in current payables(10,888) 11,915  
328   (2,807) (7,669) – Derivative financial instruments(5,723) (2,619) 
(68)   135  – Retirement benefits(37) 417  
(223)  70  218  – Decommissioning and other provisions(473) 35  
(1,021)  (150) (1,850) – Other1(548) 2,991  
(3,604)  (3,191) (4,372) Tax paid(13,712) (13,120) 
12,575   12,332  22,404  Cash flow from operating activities54,196  68,414  
(6,960)  (5,259) (6,417) Capital expenditure(22,993) (22,600) 
(109)  (350) (860) Investments in joint ventures and associates(1,202) (1,973) 
(44)  (40) (42) Investments in equity securities(197) (260) 
540   184  52  Proceeds from sale of property, plant and equipment and businesses2,565  1,431  
49   68  119  Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans474  511  
24    65  Proceeds from sale of equity securities51  117  
568   586  401  Interest received2,124  906  
960   701  518  Other investing cash inflows4,269  2,060  
(685)  (724) (754) Other investing cash outflows(2,825) (2,640) 
(5,657)  (4,827) (6,918) Cash flow from investing activities(17,737) (22,448) 
(27)  88  (248) Net increase/(decrease) in debt with maturity period within three months(211) 318  
    Other debt:  
64   187  31  – New borrowings1,029  269  
(4,054)  (3,368) (2,217) – Repayments(10,650) (8,459) 
(1,366)  (1,049) (1,183) Interest paid(4,441) (3,677) 
702   (26) 356  Derivative financial instruments723  (1,799) 
(1) 
 
 (1,974) Change in non-controlling interest(22) (1,965) 
    Cash dividends paid to:  
(2,201)  (2,179) (1,785) – Shell plc shareholders(8,393) (7,405) 
(128)  (51) (42) – Non-controlling interest(764) (206) 
(3,977)  (2,725) (4,474) Repurchases of shares(14,617) (18,437) 
(714)  (30) (542) Shares held in trust: net sales/(purchases) and dividends received(889) (593) 
(11,703)  (9,147) (12,078) Cash flow from financing activities(38,238) (41,954) 
529   (421) 860  Effects of exchange rate changes on cash and cash equivalents307  (736) 
(4,256)  (2,063) 4,268  Increase/(decrease) in cash and cash equivalents(1,471) 3,276  
43,031   45,094  35,978  Cash and cash equivalents at beginning of period40,246  36,970  
38,774   43,031  40,246  Cash and cash equivalents at end of period38,774  40,246  

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



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1. Basis of preparation

These unaudited Condensed Consolidated Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 237 to 307) for the year ended December 31, 2022 as filed with the Registrar of Companies for England and Wales and the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 216 to 287) for the year ended December 31, 2022 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 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, 2022 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. The statutory accounts for the year ended December 31, 2023 will be delivered to the Registrar of Companies for England and Wales in due course.

On consolidation, assets and liabilities of non-dollar entities are translated to dollars at period-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at average rates. Until the end of 2022 this translation was performed at quarterly average rates. As from January 1, 2023 this translation is performed at monthly average rates. This change had no significant impact on Shell's financial reporting.

New standards adopted in 2023

IFRS 17 Insurance contracts (IFRS 17) as issued in 2017, with amendments published in 2020 and 2021, was adopted as from January 1, 2023. The adoption of IFRS 17 had no significant effect on Shell's financial reporting.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income taxes (IAS 12)), published in May 2021, was adopted as from January 1, 2023. The adoption of these amendments had no significant effect on Shell's financial reporting.

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) as issued on May 23, 2023, was adopted as from that date. The amendments to IAS 12 introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation implementing OECD Pillar Two. On June 20, 2023, the United Kingdom substantively enacted Pillar Two. The adoption of the Pillar Two Model Rules by the jurisdictions in which Shell operates is not expected to have a significant impact on Shell. As required by the amendments to IAS 12, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Key accounting considerations, significant judgements and estimates

Future long-term commodity price assumptions and management’s view on the future development of refining margins represent a significant estimate. Future long-term commodity price assumptions were subject to change in the second quarter 2023. These assumptions continued to apply for impairment testing purposes in the fourth quarter 2023.

The discount rate applied in assessing value in use represents a significant estimate. The discount rate applied was subject to change in the second quarter 2023.

The discount rate applied to provisions is reviewed on a regular basis. The discount rate was reviewed and adjusted in the fourth quarter 2023. See Note 8.

 

2. Segment information

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



 

         Page 18



   
 
SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                  
 
REVENUE AND CCS EARNINGS BY SEGMENT  
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
   Third-party revenue  
10,437  8,338  13,802  Integrated Gas37,645  54,751  
1,263  1,617  2,945  Upstream6,475  8,352  
26,429  29,577  28,417  Marketing108,858  120,638  
30,290  27,779  33,480  Chemicals and Products118,780  144,342  
10,302  9,032  22,656  Renewables and Energy Solutions44,819  53,190  
11    Corporate42  41  
78,732  76,350  101,303  Total third-party revenue1316,620  381,314  
   Inter-segment revenue  
2,614  2,472  5,038  Integrated Gas11,560  18,412  
10,948  10,277  13,229  Upstream41,231  52,285  
185  154  183  Marketing624  606  
610  569  602  Chemicals and Products2,252  2,684  
1,567  894  2,035  Renewables and Energy Solutions4,707  6,791  
—  —  —  Corporate—  —  
   CCS earnings  
1,728  2,154  5,293  Integrated Gas7,046  22,212  
2,179  1,983  1,380  Upstream8,528  16,222  
143  702  375  Marketing2,951  2,133  
(1,792) 1,173  332  Chemicals and Products1,530  4,515  
(291) 600  4,673  Renewables and Energy Solutions3,038  (1,059) 
(586) (460) (654) Corporate(2,811) (2,461) 
1,381  6,152  11,399  Total CCS earnings220,283  41,562  

1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. Fourth quarter 2023 included income of $3,021 million (third quarter 2023: $3,530 million income; fourth quarter 2022: $10,371 million income). This amount includes both the reversal of prior gains of $711 million (third quarter 2023: $2,583 million gains; fourth quarter 2022: $621 million losses) related to sales contracts and prior losses of $248 million (third quarter 2023: $965 million losses; fourth quarter 2022: $1,032 million losses) related to purchase contracts that were previously recognised and where physical settlement took place in the fourth quarter 2023.

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



 

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4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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.

                  
 
CASH CAPITAL EXPENDITURE BY SEGMENT
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
   Capital expenditure  
1,034  958  818  Integrated Gas3,491  3,432  
2,547  2,013  1,951  Upstream8,249  8,020  
1,337  893  1,825  Marketing5,563  4,527  
1,029  803  786  Chemicals and Products3,106  3,835  
932  523  955  Renewables and Energy Solutions2,314  2,609  
81  68  82  Corporate271  175  
6,960  5,259  6,417  Total capital expenditure22,993  22,600  
   Add: Investments in joint ventures and associates  
162  141  709  Integrated Gas705  833  
(111) (6) (106) Upstream94  123  
 24  168  Marketing49  304  
 76   Chemicals and Products84   
56  114  86  Renewables and Energy Solutions261  703  
(2)   Corporate  
109  350  860  Total investments in joint ventures and associates1,202  1,973  
   Add: Investments in equity securities  
—  —  —  Integrated Gas—  —  
—  —  —  Upstream—  —  
—  —  —  Marketing—  —  
—  —  —  Chemicals and Products  
38  21  35  Renewables and Energy Solutions106  157  
 19   Corporate90  103  
44  40  42  Total investments in equity securities197  260  
   Cash capital expenditure  
1,196  1,099  1,527  Integrated Gas4,196  4,265  
2,436  2,007  1,845  Upstream8,343  8,143  
1,339  917  1,993  Marketing5,612  4,831  
1,031  879  786  Chemicals and Products3,192  3,838  
1,026  659  1,076  Renewables and Energy Solutions2,681  3,469  
85  87  91  Corporate370  287  
7,113  5,649  7,319  Total Cash capital expenditure24,393  24,833  



 

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4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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

                  
 
RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS  
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
474  7,044  10,409  Income/(loss) attributable to Shell plc shareholders19,360  42,309  
62  132  59  Income/(loss) attributable to non-controlling interest277  565  
536  7,176  10,469  Income/(loss) for the period19,638  42,874  
   Current cost of supplies adjustment:  
1,089  (1,304) 1,210  Purchases815  (1,714) 
(263) 327  (301) Taxation(203) 444  
19  (47) 22  Share of profit/(loss) of joint ventures and associates33  (42) 
846  (1,024) 930  Current cost of supplies adjustment645  (1,312) 
   Of which:  
811  (969) 904  Attributable to Shell plc shareholders649  (1,196)
34  (55) 27  Attributable to non-controlling interest(5) (116)
1,381  6,152  11,399  CCS earnings20,283  41,562  
   Of which:  
1,285  6,075  11,313  CCS earnings attributable to Shell plc shareholders20,010  41,113  
97  77  86  CCS earnings attributable to non-controlling interest273  449  


                  
 
RECONCILIATION OF OPERATING EXPENSES   
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
6,807  6,384  7,220  Production and manufacturing expenses25,240  25,518  
3,621  3,447  3,491  Selling, distribution and administrative expenses13,433  12,883  
469  267  403  Research and development1,287  1,075  
10,897  10,097  11,114  Operating expenses39,959  39,477  


                   
  
RECONCILIATION OF TOTAL DEBT   
Quarters$ million  
Q4 2023Q3 2023Q4 2022    
December 31, 2023September 30, 2023December 31, 2022 December 31, 2023December 31, 2022 
9,931  10,119  9,001  Current debt9,931  9,001   
71,610  72,028  74,794  Non-current debt71,610  74,794   
81,541  82,147  83,795  Total debt81,541  83,795   


 

 

4. Earnings per share

                  
 
EARNINGS PER SHARE
Quarters Full year
Q4 2023Q3 2023Q4 2022 20232022
474  7,044  10,409  Income/(loss) attributable to Shell plc shareholders ($ million)19,360  42,309  
      
   Weighted average number of shares used as the basis for determining:  
6,558.3  6,668.1  7,063.9  Basic earnings per share (million)6,733.5  7,347.5  
6,631.1  6,736.7  7,127.2  Diluted earnings per share (million)6,799.8  7,410.5  



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


5. Share capital

                           
 
ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH1
 Number of shares Nominal value ($ million)
 ABOrdinary shares ABOrdinary sharesTotal
At January 1, 2023  7,003,503,393     584  584  
Repurchases of shares  (479,394,344)    (40) (40) 
At December 31, 2023  6,524,109,049     544  544  
At January 1, 20224,101,239,499  3,582,892,954    345  296   641  
Repurchases of shares before assimilation—  (34,106,548)   —  (3)  (3) 
Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022(4,101,239,499) (3,548,786,406) 7,650,025,905   (345) (293) 638  —  
Repurchases of B shares on January 27 and 28, 2022, cancelled as ordinary shares on February 2 and 3, 2022   (507,742)    —  —  
Repurchases of shares after assimilation  (646,014,770)    (54) (54) 
At December 31, 2022  7,003,503,393     584  584  

 

1.Share capital at December 31, 2022, also included 50,000 issued and fully paid sterling deferred shares of £1 each, which were redeemed on March 27, 2023. Upon redemption, the sterling deferred shares were treated as cancelled and the Company's issued share capital was reduced by the nominal value of the shares redeemed in accordance with section 688 of the UK Companies Act 2006.

On January 29, 2022, as part of the simplification announced on December 20, 2021, the Company's A shares and B shares assimilated into a single line of ordinary shares. This is reflected in the above table.

At Shell plc’s Annual General Meeting on May 23, 2023, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €161 million (representing approximately 2,307 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 22, 2024, or the end of the Annual General Meeting to be held in 2024, unless previously renewed, revoked or varied by Shell plc in a general meeting.

 

6. Other reserves

                     
 
OTHER RESERVES
$ millionMerger reserveShare premium reserveCapital redemption reserveShare plan reserveAccumulated other comprehensive incomeTotal
At January 1, 202337,298  154  196  1,140  (17,656) 21,132  
Other comprehensive income/(loss) attributable to Shell plc shareholders—  —  —  —  (83) (83) 
Transfer from other comprehensive income—  —  —  —  (112) (112) 
Repurchases of shares—  —  40  —  —  40  
Share-based compensation—  —  —  168  —  168  
At December 31, 202337,298  154  236  1,308  (17,851) 21,145  
At January 1, 202237,298  154  139  964  (19,646) 18,909  
Other comprehensive income/(loss) attributable to Shell plc shareholders—  —  —  —  2,024  2,024  
Transfer from other comprehensive income—  —  —  —  (34) (34) 
Repurchases of shares—  —  57  —  —  57  
Share-based compensation—  —  —  176  —  176  
At December 31, 202237,298  154  196  1,140  (17,656) 21,132  

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



 

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4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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, 2022, 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 December 31, 2023, are consistent with those used in the year ended December 31, 2022, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2022 and December 31, 2023 is a decrease of $9,339 million for the current assets and a decrease of $14,250 million for the current liabilities.

The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

         
 
DEBT EXCLUDING LEASE LIABILITIES
$ millionDecember 31, 2023December 31, 2022
Carrying amount53,832  56,152  
Fair value¹50,866  51,959  

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

 

8. Other notes to the unaudited Condensed Consolidated Financial Statements

Consolidated Statement of Income

Interest and other income

                  
 
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
631  913  160  Interest and other income/(expenses)2,838  915  
   Of which:  
595  618  445  Interest income2,313  1,046  
14   15  Dividend income (from investments in equity securities)50  216  
222  (75) 21  Net gains/(losses) on sales and revaluation of non-current assets and businesses257  642  
(398) 168  (510) Net foreign exchange gains/(losses) on financing activities(458) (340) 
199  195  189  Other677  (649) 

Depreciation, depletion and amortisation

                  
 
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
11,221  5,911  6,459  Depreciation, depletion and amortisation31,290  18,529  
   Of which:  
5,9865,7165,731Depreciation23,106  22,393  
5,508359788Impairments8,946  2,313  
(273)(163)(60)Impairment reversals(762) (6,177) 


 

Impairments recognised in the fourth quarter 2023 of $5,508 million pre-tax ($4,044 million post-tax) relate to various assets in Chemicals and Products ($2,490 million), Upstream ($1,161 million), Integrated Gas ($873 million), Renewables and Energy Solutions ($614 million) and Marketing ($370 million). Impairments in Chemicals and Products principally relate to the impairment of chemicals assets in Singapore triggered by lower expected chemicals margins and linked to portfolio choices. Impairments recognised in Upstream principally relate to projects in North America, Nigeria and the UK



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


triggered by factors including revised reserves estimates and portfolio choices. Impairments recognised in Integrated Gas principally relate to a project in Australia triggered by factors including revised production estimates and regulatory changes. Impairments recognised in Renewables and Energy Solutions mainly relate to an asset in North America triggered by annual goodwill impairment testing reflecting factors including the impact of the deteriorated macro environment.


 

Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly related to various assets in Renewables and Energy Solutions and Chemicals and Products. Impairments in the fourth quarter 2022 mainly related to Renewables and Energy Solutions, Chemicals and Products and Upstream.

Condensed Consolidated Balance Sheet

Deferred tax

         
 
$ million  
 December 31, 2023December 31, 2022
Non-current assets  
Deferred tax6,454  7,815  
Non-current liabilities  
Deferred tax15,347  16,186
Net deferred liability(8,893) (8,371) 

The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities.

Shell's net deferred tax position was a liability of $8,893 million at December 31, 2023 (December 31, 2022: $8,371 million). The net increase in the net deferred tax liability is mainly driven by a reduction of the deferred tax asset due to the utilisation of tax losses partly offset by an increase of the deferred tax asset due to impairments.

Assets classified as held for sale

          
  
$ million   
 December 31, 2023December 31, 2022 
Assets classified as held for sale951  2,851   
Liabilities directly associated with assets classified as held for sale307  1,395   

Assets classified as held for sale and associated liabilities at December 31, 2023, principally relate to an asset in Chemicals and Products in Europe, a Renewables and Energy Solutions project in North America and an asset in Marketing in Asia. The major classes of assets and liabilities classified as held for sale at December 31, 2023, are Inventories ($463 million; December 31, 2022: $8 million) and Property, plant and equipment ($250 million; December 31, 2022: $2,526 million).

Retirement benefits

         
 
$ million  
 December 31, 2023December 31, 2022
Non-current assets  
Retirement benefits9,151  10,200  
Non-current liabilities  
Retirement benefits7,549  7,296  
Surplus/(deficit)1,602  2,904  

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 of the net retirement benefit liability is mainly driven by a decrease of the market yield on high-quality corporate bonds, a decrease in long-term inflation rate expectations, experience losses due to high short-term inflation and returns on plan assets.



 

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4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS



 

Decommissioning and other provisions

         
 
$ million  
Non-current liabilitiesDecember 31, 2023December 31, 2022
Decommissioning and other provisions22,531  23,845  

The discount rate applied at December 31, 2023 was 4.5% (September 30, 2023: 3.25%, December 31, 2022: 3.25%). Besides movements such as additions, utilisation, accretion and the effect of currency translation, the change in non-current decommissioning and other provisions includes a decrease of $2,916 million as a result of the change in the discount rate, partly offset by an increase of $1,340 million resulting from changes in cost estimates for decommissioning & restoration provisions.

Non-controlling interest

          
  
$ million   
 December 31, 2023December 31, 2022 
Non-controlling interest1,755  2,125   

The change in non-controlling interest is mainly driven by dividend payments to non-controlling shareholders during the second quarter 2023.

Consolidated Statement of Cash Flows

Cash flow from operating activities - Other

                  
 
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
(1,021) (150) (1,850) Other(548) 2,991  

Cash flow from operating activities - Other for the fourth quarter 2023 includes $875 million of net outflows (third quarter 2023: $630 million net outflows; fourth quarter 2022: $541 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $398 million in relation to reversal of currency exchange gains on Cash and cash equivalents (third quarter 2023: $336 million losses; fourth quarter 2022: $683 million gains).


 

 

9. Post-balance sheet events

On January 16, 2024, Shell reached an agreement to sell its Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion with additional cash payments up to $1.1 billion as well as further contingent payments. Under the agreed deal structure, economic performance accrues to the buyer with effect from December 31, 2021, however, Shell will continue to consolidate SPDC until control transfers at completion. At completion Shell will provide secured term loans of up to $1.2 billion and additional financing of up to $1.3 billion over future years. Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.


 

On January 30, 2024, the principal defined benefit pension plan in the USA, Shell Pension Plan, entered into a contract with an external party to settle $5,052 million of pension liabilities. The settlement price consisted of $4,920 million of pension assets. As a result of this transaction, all legal and constructive obligations for a tranche of benefits provided by the Shell Pension Plan have been eliminated. No significant impact is expected on the Group income statement, balance sheet or cashflow statement.


 



 

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4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

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

                  
 
ADJUSTED EARNINGS
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
474  7,044  10,409  Income/(loss) attributable to Shell plc shareholders19,360  42,309  
811  (969) 904  Add: Current cost of supplies adjustment attributable to Shell plc shareholders1649  (1,196) 
   Of which:  
63  (56) 96  Marketing175  (420) 
748  (913) 808  Chemicals and Products475  (776) 
1,285  6,075  11,313  CCS earnings attributable to Shell plc shareholders120,010  41,113  
   Of which:  
1,728  2,154  5,293  Integrated Gas7,046  22,212  
2,179  1,983  1,380  Upstream8,528  16,222  
143  702  375  Marketing2,951  2,133  
(1,792) 1,173  332  Chemicals and Products1,530  4,515  
(291) 600  4,673  Renewables and Energy Solutions3,038  (1,059) 
(586) (460) (654) Corporate(2,811) (2,461) 
97  77  86  Less: Non-controlling interest273  449  
(6,022) (149) 1,498  Less: Identified items attributable to Shell plc shareholders(8,240) 1,243  
   Of which:  
(2,235) (375) (675) Integrated Gas(6,861) 6,075  
(909) (238) (1,681) Upstream(1,267) (1,096) 
(549) (18) (72) Marketing(229) (622) 
(1,875) (207) (412) Chemicals and Products(2,160) (204) 
(445) 667  4,379  Renewables and Energy Solutions2,333  (2,805) 
(19) 22  (28) Corporate(69) (90) 
(11) —  13  Less: Non-controlling interest(11) 15  
7,306  6,224  9,814  Adjusted Earnings28,250  39,870  
   Of which:  
3,963  2,529  5,968  Integrated Gas13,907  16,137  
3,088  2,221  3,061  Upstream9,794  17,319  
692  720  446  Marketing3,180  2,754  
83  1,380  744  Chemicals and Products3,690  4,719  
155  (67) 293  Renewables and Energy Solutions705  1,745  
(567) (482) (626) Corporate(2,742) (2,371) 
108  77  73  Less: Non-controlling interest284  434  

1. See Note 2 “Segment information”.



 

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4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                  
 
ADJUSTED EBITDA
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
7,306  6,224  9,814  Adjusted Earnings28,250  39,870  
108  77  73  Add: Non-controlling interest284  434  
2,121  3,621  3,991  Add: Taxation charge/(credit) excluding tax impact of identified items13,674  18,578  
   Of which:  
1,064  845  940  Integrated Gas3,834  4,704  
1,570  2,155  2,921  Upstream8,277  11,831  
104  288  161  Marketing900  952  
(262) 232  (19) Chemicals and Products303  841  
(10) 65  (3) Renewables and Energy Solutions324  346  
(344) 37  (9) Corporate35  (96) 
5,986  5,716  5,732  Add: Depreciation, depletion and amortisation excluding impairments23,106  22,393  
   Of which:  
1,457  1,413  1,414  Integrated Gas5,756  5,544  
2,951  2,771  2,944  Upstream11,309  11,889  
533  495  417  Marketing1,916  1,573  
951  951  848  Chemicals and Products3,714  3,004  
89  82  104  Renewables and Energy Solutions392  365  
   Corporate19  18  
243  186  395  Add: Exploration well write-offs867  881  
   Of which:  
63  35   Integrated Gas121  142  
180  151  385  Upstream746  738  
1,165  1,130  1,040  Add: Interest expense excluding identified items4,669  3,181  
   Of which:  
36  51  27  Integrated Gas146  84  
135  119  111  Upstream507  345  
 23  20  Marketing49  45  
22  41   Chemicals and Products61  22  
   Renewables and Energy Solutions  
961  895  871  Corporate3,902  2,683  
595  618  445  Less: Interest income2,313  1,046  
   Of which:  
  27  Integrated Gas 43  
14    Upstream27  22  
  —  Marketing —  
24  13   Chemicals and Products57  24  
   Renewables and Energy Solutions12  (2) 
544  590  404  Corporate2,201  959  
16,335  16,336  20,600  Adjusted EBITDA68,538  84,289  
   Of which:  
6,578  4,871  8,332  Integrated Gas23,759  26,569  
7,910  7,412  9,418  Upstream30,607  42,100  
1,337  1,519  1,045  Marketing6,037  5,324  
770  2,591  1,574  Chemicals and Products7,710  8,561  
228  79  396  Renewables and Energy Solutions1,413  2,459  
(488) (136) (164) Corporate(987) (725) 
1,109  (1,351) 1,231  Less: Current cost of supplies adjustment before taxation848  (1,755) 



 

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4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                  
   Of which:  
81  (70) 123  Marketing221  (568) 
1,028  (1,280) 1,108  Chemicals and Products627  (1,187) 
246  (13) 643  Joint ventures and associates (dividends received less profit)79  (2,157) 
   Of which:  
208  (40) 88  Integrated Gas241  (522) 
(250) 43  192  Upstream(692) (2,650) 
35  (15) 108  Marketing126  233  
222  (23) 176  Chemicals and Products300  694  
29  21  77  Renewables and Energy Solutions102  85  
 —   Corporate  
(1,030) (2,549) (2,051) Derivative financial instruments(6,142) 624  
   Of which:  
(1,596) (454) (949) Integrated Gas(4,668) 6,104  
52  (20) —  Upstream51  (35) 
  52  Marketing(25)  
294  (372) 23  Chemicals and Products529  (219) 
(268) (1,407) (1,322) Renewables and Energy Solutions(1,988) (4,998) 
487  (304) 145  Corporate(41) (230) 
(3,604) (3,191) (4,372) Tax paid(13,712) (13,120) 
   Of which:  
(731) (679) (712) Integrated Gas(3,574) (2,824) 
(2,015) (2,090) (3,364) Upstream(8,470) (9,423) 
(280) (224) (160) Marketing(744) (494) 
(273) 52  (217) Chemicals and Products(484) (288) 
(413) (258) 24  Renewables and Energy Solutions(762) (27) 
108   57  Corporate322  (64) 
(1,601) (35) (1,575) Other(1,558) 2,456  
   Of which:  
(208) (38) (417) Integrated Gas(261) (223) 
135  (87) 203  Upstream(374) 486  
(148) 55  (90) Marketing42  (185) 
(1,132) (531) (403) Chemicals and Products(1,052) 2,212  
128  342  (79) Renewables and Energy Solutions496  (237) 
(376) 223  (788) Corporate(410) 403  
3,336  433  10,390  (Increase)/decrease in working capital7,838  (5,435) 
   Of which:  
(654) 348  67  Integrated Gas2,023  (1,412) 
(45) 78  775  Upstream329  (835) 
1,843  (533) 231  Marketing873  (3,074) 
1,353  (619) 3,074  Chemicals and Products609  757  
(970) 1,188  3,579  Renewables and Energy Solutions3,723  (3,676) 
1,808  (30) 2,664  Corporate281  2,805  
12,575  12,332  22,404  Cash flow from operating activities54,196  68,414  
   Of which:  
3,597  4,009  6,409  Integrated Gas17,520  27,692  
5,787  5,336  7,224  Upstream21,450  29,641  
2,709  880  1,062  Marketing6,088  2,376  
207  2,379  3,119  Chemicals and Products6,987  12,906  
(1,265) (34) 2,674  Renewables and Energy Solutions2,984  (6,394) 
1,540  (238) 1,916  Corporate(832) 2,192  



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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

                     
 
IDENTIFIED ITEMS
Quarters$ millionFull year
Q4 2023 Q3 2023 Q4 2022 2023 2022
     Identified items included in Income/(loss) before taxation   
222   (75)  21  Divestment gains/(losses)257   657  
(5,348)  (196)  (778) Impairment reversals/(impairments)(8,300)  2,260  
(275)  (20)  23  Redundancy and restructuring(329)  44  
—   —   —  Provisions for onerous contracts(24)  (508) 
(1,357)  258   5,618  Fair value accounting of commodity derivatives and certain gas contracts(419)  3,244  
(33)  50   (1,087) Other82   (1,519) 
(6,792)  17   3,796  Total identified items included in Income/(loss) before taxation(8,732)  4,178  
(759)  167   2,285  Less: total identified items included in Taxation charge/(credit)(481)  2,919  
     Identified items included in Income/(loss) for the period   
227   (68)  (46) Divestment gains/(losses)277   418  
(3,935)  (167)  (659) Impairment reversals/(impairments)(6,219)  725  
(206)  (14)  17  Redundancy and restructuring(241)  43  
—   —   —  Provisions for onerous contracts(18)  (487) 
(1,336)  121   4,181  Fair value accounting of commodity derivatives and certain gas contracts(1,284)  3,421  
(363)  (51)  74  Impact of exchange rate movements on tax balances(355)  (57) 
(419)  29   (2,056) Other(412)  (2,804) 
(6,033)  (149)  1,512  Impact on CCS earnings(8,252)  1,259  
     Of which:   
(2,235)  (375)  (675) Integrated Gas(6,861)  6,075  
(909)  (238)  (1,681) Upstream(1,267)  (1,096) 
(549)  (18)  (72) Marketing(229)  (622) 
(1,875)  (207)  (412) Chemicals and Products(2,160)  (204) 
(445)  667   4,379  Renewables and Energy Solutions2,333   (2,805) 
(19)  22   (28) Corporate(69)  (90) 
(11)  —   13  Impact on CCS earnings attributable to non-controlling interest(11)  15  
(6,022)  (149)  1,498  Impact on CCS earnings attributable to Shell plc shareholders(8,240)  1,243  

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



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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.

Impacts of exchange rate movements on tax balances represent the impact on tax balances of exchange rate movements arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

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

B.    Adjusted Earnings per share

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

 

C.    Cash capital expenditure

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

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

D.    Return on average capital employed

Return on average capital employed ("ROACE") measures the efficiency of Shell’s utilisation of the capital that it employs. Shell uses two ROACE measures: ROACE on a Net income basis and ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis, both adjusted for after-tax interest expense.

Both measures refer to Capital employed which consists of total equity, current debt and non-current debt.

ROACE on a Net income basis

In this calculation, the sum of income for the current and previous three quarters, adjusted for after-tax interest expense, is expressed as a percentage of the average capital employed for the same period.

            
 
$ millionQuarters
 Q4 2023Q3 2023Q4 2022
Income - current and previous three quarters19,63829,57142,874
Interest expense after tax - current and previous three quarters3,2713,2042,290
Income before interest expense - current and previous three quarters22,90932,77545,164
Capital employed – opening276,392272,227264,413
Capital employed – closing269,902275,090276,392
Capital employed – average273,147273,659270,402
ROACE on a Net income basis8.4%12.0%16.7%



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis

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, is expressed as a percentage of the average capital employed for the same period.

            
 
$ millionQuarters
 Q4 2023Q3 2023Q4 2022
Adjusted Earnings - current and previous three quarters (Reference A)28,25030,75839,870
Add: Income/(loss) attributable to NCI - current and previous three quarters277275565
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters(5)(12)(116)
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters(11)1315
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters28,53431,00840,304
Add: Interest expense after tax - current and previous three quarters3,2713,2042,290
Adjusted Earnings plus NCI excluding identified items before interest expense - current and previous three quarters31,80534,21142,593
Capital employed - average273,147273,659270,402
ROACE on an Adjusted Earnings plus NCI basis11.6%12.5%15.8%

E.    Gearing and Net debt

Gearing is a measure of Shell’s capital structure and is defined as net debt as a percentage of total capital. Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

            
 
$ million 
 December 31, 2023September 30, 2023December 31, 2022
Current debt9,931  10,119  9,001  
Non-current debt71,610  72,028  74,794  
Total debt81,541  82,147  83,795  
Of which lease liabilities27,709  27,854  27,643  
Add: Debt-related derivative financial instruments: net liability/(asset)1,835  3,116  3,071  
Add: Collateral on debt-related derivatives: net liability/(asset)(1,060) (1,762) (1,783) 
Less: Cash and cash equivalents(38,774) (43,031) (40,246) 
Net debt43,541  40,470  44,837  
Add: Total equity188,361  192,943  192,597  
Total capital231,902  233,414  237,434  
Gearing18.8 %17.3 %18.9 %

F.    Operating expenses and Underlying operating expenses

Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                  
 
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
6,807  6,384  7,220  Production and manufacturing expenses25,240  25,518  
   Of which:  
1,187  1,125  1,211  Integrated Gas4,529  4,907  
2,595  2,266  2,736  Upstream9,186  9,676  
306  213  169  Marketing949  810  
1,943  2,021  2,177  Chemicals and Products7,908  7,583  
732  760  877  Renewables and Energy Solutions2,610  2,520  
44  (1) 50  Corporate58  22  
3,621  3,447  3,491  Selling, distribution and administrative expenses13,433  12,883  
   Of which:  
45  52  49  Integrated Gas168  218  
42   76  Upstream162  233  
2,167  2,123  2,046  Marketing8,137  7,351  
887  828  935  Chemicals and Products3,323  3,592  
271  286  301  Renewables and Energy Solutions1,058  972  
209  152  85  Corporate584  517  
469  267  403  Research and development1,287  1,075  
   Of which:  
42  30  36  Integrated Gas126  112  
130  135  168  Upstream496  456  
66  59  88  Marketing250  222  
113  47  67  Chemicals and Products252  187  
118  (4) 43  Renewables and Energy Solutions163  98  
—  —  —  Corporate—  —  
10,897  10,097  11,114  Operating expenses39,959  39,477  
   Of which identified items:  
(274) (19) 23  Redundancy and restructuring (charges)/reversal(325) 46  
(58) (343) (100) (Provisions)/reversal(434) 77  
—  —  —  Other—  (143) 
(332) (362) (77) Total identified items(758) (21) 
10,565  9,735  11,037  Underlying operating expenses39,201  39,456  

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.



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


                  
 
Quarters$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
12,575  12,332  22,404  Cash flow from operating activities54,196  68,414  
(5,657) (4,827) (6,918) Cash flow from investing activities(17,737) (22,448) 
6,918  7,505  15,486  Free cash flow36,460  45,965  
612  259  235  Less: Divestment proceeds (Reference I)3,089  2,059  
—  (3) 17  Add: Tax paid on divestments (reported under "Other investing cash outflows")—  17  
206   971  Add: Cash outflows related to inorganic capital expenditure12,522  4,205  
6,511  7,246  16,238  Organic free cash flow235,892  48,128  

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$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
12,575  12,332  22,404  Cash flow from operating activities54,196  68,414  
4,088  (3,151) 2,902  (Increase)/decrease in inventories6,325  (8,360) 
(704) (1,126) 5,179  (Increase)/decrease in current receivables12,401  (8,989) 
(47) 4,711  2,308  Increase/(decrease) in current payables(10,888) 11,915  
3,336  433  10,390  (Increase)/decrease in working capital7,838  (5,435) 
9,238  11,899  12,014  Cash flow from operating activities excluding working capital movements46,359  73,848  

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$ millionFull year
Q4 2023Q3 2023Q4 2022 20232022
540  18452Proceeds from sale of property, plant and equipment and businesses2,5651,431
49  68119Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans474511
24  765Proceeds from sale of equity securities51117
612  259235Divestment proceeds3,0892,059

 



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


CAUTIONARY STATEMENT

All amounts shown throughout this Unaudited Condensed Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed 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 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 Financial Report refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. 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 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”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” 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 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; 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 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, 2022 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Financial Report, February 1, 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 Financial Report.

Shell’s Net Carbon Intensity

Also, in this Unaudited Condensed Financial Report we may refer to Shell’s “Net Carbon Intensity”, 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 only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-Zero Emissions Target

Shell’s operating plan, 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 Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are 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 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 Financial Report do not form part of this Unaudited Condensed Financial Report.

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

February 1, 2024



 

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SHELL PLC
4th QUARTER 2023 AND FULL YEAR UNAUDITED RESULTS


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

Contacts:

- Caroline J.M. Omloo, Company Secretary

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

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information



 

         Page 35


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