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1、#PoweringProgressFOURTH QUARTER AND FULL YEAR 2022 RESULTSStrong results,disciplined capital allocationFebruary 2,2023Shell plcShell plc|February 2,20232“Adjusted Earnings”is the income attributable to Shell plc shareholders for the period,adjusted for the after-tax effect of oil price changes on in

2、ventory and for identified items,and excludes earnings attributable to non-controlling interest.In this presentation,“earnings”refers to“Adjusted Earnings”unless stated otherwise.We define“Adjusted EBITDA“as“Income/(loss)for the period“adjusted for current cost of supplies;identified items;tax charg

3、e/(credit);depreciation,amortisation and depletion;exploration well write-offs and net interest expense.All items include the non-controlling interest component.In this presentation,“operating expenses”,“costs”and“underlying costs”refer to“Underlying operating expenses”unless stated otherwise.Underl

4、ying operating expenses represent“operating expenses excluding identified items”.Operating expenses consist of the following lines in the Consolidated Statement of Income:(i)production and manufacturing expenses;(ii)selling,distribution and administrative expenses;and(iii)research and development ex

5、penses.Cash flow from operating activities excluding working capital movements is defined as“Cash flow from operating activities”less 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(ii

6、i)increase/(decrease)in current payables.In this presentation,“capex”refers to“Cash capital expenditure”unless stated otherwise.Cash capital expenditure comprises the following lines from the Consolidated Statement of Cash Flows:Capital expenditure,Investments in joint ventures and associates and In

7、vestments in equity securities.Free cash flow is defined as the sum of“Cash flow from operating activities”and“Cash flow from investing activities”.Organic free cash flow is defined as free cash flow excluding inorganic cash capital expenditure,divestment proceeds and tax paid on divestments.In this

8、 presentation,“divestments”refers to“divestment proceeds”unless stated otherwise.Divestment proceeds are defined as the sum of(i)proceeds from sale of property,plant and equipment and businesses,(ii)proceeds from sale of joint ventures and associates,and(iii)proceeds from sale of equity securities.N

9、et 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.Reconciliations of the above non-GAA

10、P measures are included in the Shell plc Unaudited Condensed Interim Financial Report for the full year ended December 31,2022.Reserves:Our use of the term“reserves”in this presentation means United States Securities and Exchange Commission(SEC)proved oil and gas reserves.Resources:Our use of the te

11、rm“resources”in this presentation includes quantities of oil and gas not yet classified as SEC proved oil and gas reserves.Resources are consistent with the Society of Petroleum Engineers(SPE)2P+2C definitions.This presentation may contain certain forward-looking non-GAAP measures such as cash capit

12、al 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 fu

13、ture 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 unr

14、easonable 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 plcs consolidated financial statements.The contents of websites referr

15、ed to in this presentation do not form part of this presentation.We may have used certain terms,such as resources,in this presentation 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 closel

16、y the disclosure in our Form 20-F,File No 1-32575,available on the SEC website www.sec.gov.The companies in which Shell plc directly and indirectly owns investments are separate legal entities.In this presentation“Shell”,“Shell Group”and“Group”are sometimes used for convenience where references are

17、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.“Subsidi

18、aries“,“Shell subsidiaries”and“Shell companies”as used in this presentation 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”,r

19、espectively.“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

20、indirect ownership interest held by Shell in an entity or unincorporated joint arrangement,after exclusion of all third-party interest.Also,in this presentation we may refer to Shells“Net Carbon Footprint”or“Net Carbon Intensity”,which include Shells carbon emissions from the production of our energ

21、y 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 Shells“Net Carbon Footprint”or“Net Carbon Intensity”is for convenien

22、ce only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.Shells 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 nex

23、t ten years.Accordingly,they reflect our Scope 1,Scope 2 and Net Carbon Footprint(NCF)targets over the next ten years.However,Shells operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCF target,as these targets are currently outside our planning period.In the future,as socie

24、ty moves towards net-zero emissions,we expect Shells 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.This presentation contains forward-looking statements(within the meaning of the U.S

25、.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 expecta

26、tions that are based on managements 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

27、 things,statements concerning the potential exposure of Shell to market risks and statements expressing managements expectations,beliefs,estimates,forecasts,projections and assumptions.These forward-looking statements are identified by their use of terms and phrases such as“aim”,“ambition”,“anticipa

28、te”,“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 ca

29、use those results to differ materially from those expressed in the forward-looking statements included in this presentation,including(without limitation):(a)price fluctuations in crude oil and natural gas;(b)changes in demand for Shells products;(c)currency fluctuations;(d)drilling and production re

30、sults;(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 bu

31、siness 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

32、 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)chan

33、ges 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 presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this secti

34、on.Readers should not place undue reliance on forward-looking statements.Additional risk factors that may affect future results are contained in Shell plcs Form 20-F for the year ended December 31,2021(available at and www.sec.gov).These risk factors also expressly qualify all forward-looking statem

35、ents contained in this presentation and should be considered by the reader.Each forward-looking statement speaks only as of the date of this presentation,February 2,2023.Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement

36、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 presentation.Definitions&cautionary note Shell plc|February 2,2023Shell plc|February 2

37、,20232023 outlook:disciplined capital allocationEnhanced shareholder distributionsStrong results financial&carbon 3Key messages 1Income attributable to shareholders is$10.4 billion in Q4 2022 and$42 billion in full year 2022.Q4 2022 Q4 2022Adjusted Earnings1of$9.8 billionCFFO of$22.4 billionFull yea

38、r 2022Adjusted Earnings1of$40 billion,CFFO of$68 billionCash capex$25 billion(including inorganic capex)within the$23-27 billion rangeCarbonScope 1&2 emissions:57 mtpa CO2e(preliminiary)30%lower Scope 1&2 emissions in 2022 vs 2016Total shareholder distributions$26 billion in 2022 35%of CFFODividends

39、15%increase in dividend for Q4 2022$0.2875 dividend per share,payable in March 2023Share buybacks$4 billion share buyback programme announcedExpected to be completed by the Q1 2023 results announcement,subject to market conditionsCash capex$23-27 billion in 2023 Including inorganic capex,like Nature

40、 Energy biogasLow-carbon energy,Non-energy productsMore than 1/3rd of cash capex and opex expected to be spent towards energy transitionCash capex split by pillarsGrowth1/3rdTransition 1/3rdUpstream1/3rdPOWERING LIVESGENERATINGSHAREHOLDER VALUEACHIEVING NET-ZERO EMISSIONSRESPECTING NATUREUNDERPINNED

41、 BY OUR CORE VALUES AND OUR FOCUS ON SAFETYGrowing value through a dynamic portfolio and disciplined capital allocation Working with our customers and sectors to accelerate the energy transition to net-zero emissionsPowering lives through our products and activities,and supporting an inclusive socie

42、tyProtecting the environment,reducing waste and making a positive contribution to biodiversityOur strategy to accelerate the transition to net-zero emissions,purposefully and profitably THE SHELL INVESTMENT CASEPOWERINGPROGRESS4Shell plc|February 2,2023Shell plc|February 2,20235Disciplined focus on

43、value creation2023 cash capex split by business is rounded and will be managed within the overall 2023 range.FINANCIAL FRAMEWORK Significant shareholder distributionsResilient balance sheet Capital disciplineMinimum 4%annual growth in dividend per share,subject to Board approval2023 cash capex withi

44、n$23-27 billionIncludes inorganic capexTargeting AA credit metrics through the cycleContinued focus on Net debt reduction in upcycleDivest for value Sustainable progressive dividendTotal shareholder distributions 20-30%of CFFOMarketing$6 billionR&ES$2-4 billionIntegrated Gas$5 billionC&P$3-4 billion

45、Upstream$8 billionTotal shareholder distributions(dividends+share buybacks)based on cash generation,macro-outlook and balance sheet trajectoryShell plc|February 2,2023Shell plc|February 2,20232016baseline2022420252030203520502016 baseline20212022E*2030E2050E4106Our progress*Preliminary re

46、sults1Measured by our Net Carbon Footprint(NCF)methodology,available on our website.CARBONNet-zero emissions energy business by 2050 including all emissions(Scopes 1,2 and 3)NET ZERO BY 2050Covers emissions associated with the production,processing,transport and end-use of our productsWe believe She

47、lls total carbon emissions from energy sold peaked in 2018 at around 1.7 gtpa and will be brought down to net-zero by 2050.In 2021 the total emissions were 1.4 gtpaFROM 1.7 GTPA TO ZEROUN PARIS AGREEMENTStrategy aligns with goal to limit the increase in the global average temperature to 1.5 degrees

48、Celsius above pre-industrial levelsNet Carbon Intensity1(Scope 1,2 and 3)Net Carbon Intensity1targetActualsCovers all Scope 1 and 2 emissions under Shells operational controlAbsolute emissions(Scope 1 and 2)83mtpa CO2e68Scope 1Scope 257gCO2e/MJ-6-8%-20%-45%-100%-9-12%-3-4%-2.5%79-9-13%Shell plc|Febr

49、uary 2,2023Shell plc|February 2,20237Strong financial performance continuesAPM reconciliations available in the Q4 2022 Quarterly Databook Q4 2022 Quarterly Databook here.FINANCIAL RESULTS Q4 AND FULL YEAR 2022Adjusted EBITDACash flow from operationsCash capital expenditureFree cash flow Income attr

50、ibutable to Shell plc shareholdersAdjusted EarningsNet debt$84.3 billion$68.4 billion$24.8 billion$46.0 billion$42.3 billion$39.9 billion$44.8 billionFull year 2022Q4 2022$20.6 billion$22.4 billion$7.3 billion$15.5 billion$10.4 billion$9.8 billion$44.8 billionShell plc|February 2,2023Shell plc|Febru

51、ary 2,20239.820.622.4048Cash conversion Q4 2022$billion1Non-controlling interest2AR/AP&Other includes initial margin.Q4 2022 FINANCIAL RESULTS9.59.802468101214Adjusted Earnings Q3 2022 to Q4 2022$billion0.66.14.10.6$10.4 billionworking capital movement(2.1)(7.2)2.40.57.5Strong performance

52、 mainly driven by Integrated Gas3.6(2.8)(0.4)(0.0)(0.1)0.0Shell plc|February 2,2023Shell plc|February 2,202339.984.368.40204060801009Cash conversion full year 2022$billion1Non-controlling interestFULL YEAR 2022 FINANCIAL RESULTS19.339.901020304050Adjusted Earnings 2021 to 2022$billion2.123.319.0(2.2

53、)0.6(8.9)(5.4)Strong performance in volatile times7.19.3(0.7)2.62.00.3Shell plc|February 2,2023Shell plc|February 2,2023Disciplined capital expenditure across segmentsTotal 2022 capex includes Corporate.2022 DELIVERYC&P$3.8 billionUpstream$8.1 billionIntegrated Gas$4.3 billionMarketing$4.8 billionR&

54、ES$3.5 billion2022$25 billion139,000EV charge points+62%vs 2021Growth(Marketing&R&ES)$8.3 billionTransition(IG&C&P)$8.1 billionUpstream$8.1 billion2x increase vs 20216.4 GW of renewable power generation capacity in operation and under construction8.8 yearsreserves-to-production ratio+16%vs 202110She

55、ll plc|February 2,2023Shell plc|February 2,2023ET opexET capexOther11Investing purposefully in energy transition LOW-CARBON ENERGY&NON-ENERGY PRODUCTSGrowthTransitionUpstream$64 billion30%in Energy Transition spend 1/3rdin Energy Transition spend2022 total expenditure 2022 share of Energy Transition

56、 spend2023 Energy Transition spendET spend allocation based on valueET spend up by 21%in 2022 vs 202161%in opex and 39%in capexEnergy Transition(ET)spend reflects spend on low-carbon energy and non-energy products.It consists of operating expenses(opex)and cash capital expenditure(capex)for the belo

57、w.Low-carbon energy:Marketing(E-Mobility,EV charging services,low-carbon fuels)and R&ES(all business activities excluding trading and optimisation of power and pipeline gas).Non-energy products:Marketing(Convenience retailing and,lubricants production and sales)and C&P(chemicals production and sales

58、).Classification deviates from the EU Taxonomy,which is subject to separate disclosure.ET opex and capexOtherShell plc|February 2,2023Shell plc|February 2,202313Strong performance mainly driven by Integrated Gas1Non-controlling interestQuarterly Databook available here.Q4 2022 FINANCIAL RESULTSAdjus

59、ted EarningsAdjusted EBITDACFFO$billionQ4 2022Q3 2022Q4 2022Q3 2022Q4 2022Q3 2022Integrated Gas6.02.38.35.46.46.7Upstream3.15.99.412.57.28.3Marketing0.40.81.01.51.12.3Chemicals&Products0.70.81.61.83.13.4R&ES0.30.40.40.52.7(8.1)Corporate&NCI1(0.7)(0.7)(0.2)(0.3)1.9(0.1)Total9.89.59.520.621.521.522.41

60、2.512.5Additional information available in the Q4 2022 Quarterly Press ReleaseShell plc|February 2,2023Shell plc|February 2,2023141Non-controlling interestQuarterly Databook available here.FULL YEAR 2022 FINANCIAL RESULTSAdjusted EarningsAdjusted EBITDACFFO$billion2022202222021Integrated

61、Gas16.19.026.616.827.713.2Upstream17.38.042.127.229.621.6Marketing2.83.55.36.02.45.0Chemicals&Products4.72.18.65.612.93.7R&ES1.7(0.2)2.5(0.0)(6.4)0.5Corporate&NCI1(2.8)(3.1)(0.7)(0.6)2.21.2Total39.919.319.384.355.055.068.445.145.1Strong performance in volatile timesShell plc|February 2,2023Shell plc

62、|February 2,202315Injuries(TRCF)per million working hoursMillion working hoursOperational spillsThousand tonnes#of spillsGHG emissions(preliminary)Million tonnes CO2eMillion tonnes CO2eGoal Zero on safetyHSSE performancePRELIMINARY RESULTSTRCFWorking hours(RHS)Volume of spillsNumber of spills(RHS)04

63、008000.51.520000203000200020202200212022Scope 1Scope 1-Methane only(RHS)Scope 2Process safety#of incidentsTier 1 Tier 2020040020000212022Shell plc|February 2

64、,2023Shell plc|February 2,202316Reserves performance in 2022Proved reserves 2022 vs 2021billion boeSEC proved reserves positionPRELIMINARY RESULTS9.49.6024681012billion boe202020212022Production1.31.21.1SEC proved reserves9.19.49.6Reserves/Production(years)7.17.68.8RRR-53%+120%+120%RRR(excl.A&D)+26%

65、RRR 3-year average(excl.A&D)+39%RRR 3-year average+120%+58%Reserves/Production+16%vs 20218.8 yearsRRR(1.1)1.00.3Shell plc|February 2,2023Shell plc|February 2,202317Portfolio high-grading2022 DELIVERYMap not to scaleClick on the icons on map for further details on the deal/project.Project start-upsAt

66、apu acquisitionPowerNapHydrogen electrolyserColibriShell Polymers Monaca MalampayaMobile refineryPCK Schwedt refineryDeer Park refinerySakhalin-2SalymShell NeftNigeria onshoreAera EnergyNature EnergySprng EnergyPowershop AustraliaLandmark fuel and convenience storeBaram DeltaCompleted divestmentsAnn

67、ounced intent to divest/withdrawCompleted/announced acquisitions Mero-1 start-upQatars LNG expansion participationsShell plc|February 2,2023Shell plc|February 2,202318Pipeline of major projects KEYLow-carbon fuelsMap not to scaleProjects under constructionCountryShell share%Peak production/Capacity/

68、ProductsShell-operatedStart-up 2023-2024Mero 2 ABrazil19.3180 kboe/dMero 3 ABrazil19.3180 kboe/dVitoUSA63100 kboe/d WhaleUSA60100 kboe/d Sprng Energy(multiple)BIndia100575 MW Crosswind/HKN BThe Netherlands80760 MWShell BovariusUSA100400,000 MMBtu RNG Shell GallowayUSA100500,000 MMBtu RNG Northern Li

69、ghts JV(Phase 1)Norway33.31.5 mtpa CO2captured and/or storedStart-up 2025+Mero 4 ABrazil19.3 180 kboe/dMarjoram/RosmariMalaysia80100 kboe/d LNG Canada T1-2Canada4014 mtpaNLNG T7Nigeria267.6 mtpaNorth Field East ExpansionQatar6.25*32 mtpaBiofuels Plant RotterdamThe Netherlands100820,000 tonnes of ren

70、ewable diesel Holland Hydrogen IThe Netherlands100200 MW HKW BThe Netherlands60759 MWMayflower-Project 1&ITC BUSA501,200 MWAtlantic Shores-Project 1 BUSA501,509 MWUpstreamLiquefaction plantsHydrogen electrolyser.CCSSolarOffshore wind.A Subject to unitisation agreements,data shown as per operator.B R

71、enewable generation capacity under construction and/or committed for sale.*25%share in a JV company which will own 25%of the North Field East expansion project.On October 23,2022,Shell announced its selection as partner in the 16 mtpa North Field South LNG project in Qatar with 9.375%participating i

72、nterest.Further details available on our investors page on Shell plc|February 2,2023Shell plc|February 2,202319Upcoming events:May 4,2023Q1 2023 resultsFeb 16,2023Shell LNG Outlook 2023Corporate Reports:Sustainability Report 2021Payments to Governments Report 2021Annual Report 2021Energy Transition

73、Progress Report 2021 Useful links:Annual and Quarterly DatabookShell Energy Transition StrategyNigeria briefing notes 2021 ESG performance dataWar in Ukraine:Shells ResponseJul 27,2023Q2 2023 resultsNov 2,2023Q3 2023 resultsJun 14,2023Capital Markets Day 2023May 23,2023Annual General MeetingMar 22,2023Annual ESG Update