《荷兰皇家壳牌石油公司(Royal Dutch Shell)2023年第一季度财报(英文版)(13页).pdf》由会员分享,可在线阅读,更多相关《荷兰皇家壳牌石油公司(Royal Dutch Shell)2023年第一季度财报(英文版)(13页).pdf(13页珍藏版)》请在三个皮匠报告上搜索。
1、#PoweringProgressFIRST QUARTER 2023 RESULTSStrong results underpinned by robust performanceMay 4,2023Shell plcShell plc|May 4,20232This presentation includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting p
2、rinciples(GAAP)such as IFRS,including Adjusted Earnings,Adjusted EBITDA,CFFO excluding working capital movements,Cash capital expenditure,free cash flow,Divestment proceeds and Net debt.This information,along with comparable GAAP measures,is useful to investors because it provides a basis for measur
3、ing Shell plcs operating performance and ability to retire debt and invest in new business opportunities.Shell plcs management uses these financial measures,along with the most directly comparable GAAP financial measures,in evaluating the business performance.This presentation contains a forward-loo
4、king non-GAAP measure for cash capital expenditure and divestments.We are unable to provide a reconciliation of this forward-looking non-GAAP measure to the most comparable GAAP financial measure because certain information needed to reconcile the non-GAAP measure to the most comparable GAAP financi
5、al measure is dependent on future events some of which are outside the control of the company,such as oil and gas prices,interest rates and exchange rates.Moreover,estimating such GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and cou
6、ld 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 estimated in a manner which is consistent with the accounting policies applied in Shell plcs consolidated financial statement
7、s.“Adjusted Earnings”is the income attributable to Shell plc shareholders for the period,adjusted for the after-tax effect of oil price changes on inventory and for identified items,and excludes earnings attributable to non-controlling interest.In this presentation,“earnings”refers to“Adjusted Earni
8、ngs”unless stated otherwise.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
9、component.In this presentation,“operating expenses”,“costs”and“underlying costs”refer to“Underlying operating expenses”unless stated otherwise.Underlying operating expenses represent“operating expenses excluding identified items”.Operating expenses consist of the following lines in the Consolidated
10、Statement of Income:(i)production and manufacturing expenses;(ii)selling,distribution and administrative expenses;and(iii)research and development expenses.Cash flow from operating activities excluding working capital movements is defined as“Cash flow from operating activities”less the sum of the fo
11、llowing 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.In this presentation,“capex”refers to“Cash capital expenditure”unless stated otherwise.Cash capital expenditur
12、e comprises the following lines from the Consolidated Statement of Cash Flows:Capital expenditure,Investments in joint ventures and associates and Investments in equity securities.Free cash flow is defined as the sum of“Cash flow from operating activities”and“Cash flow from investing activities”.Org
13、anic free cash flow is defined as free cash flow excluding inorganic cash capital expenditure,divestment proceeds,and tax paid on divestments.In this presentation,“divestments”refers to“divestment proceeds”unless stated otherwise.Divestment proceeds are defined as the sum of(i)proceeds from sale of
14、property,plant and equipment and businesses,(ii)proceeds from sale of joint ventures and associates,and(iii)proceeds from sale of equity securities.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 instru
15、ments used to hedge foreign exchange and interest rate risks relating to debt,and associated collateral balances.Reconciliations of the above non-GAAP measures are included in the Shell plc Unaudited Condensed Financial Report for the first quarter ended March 31,2023.The companies in which Shell pl
16、c 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 made to Shell plc and its subsidiaries in general.Likewise,the words“we”,“us”and“our”are also used to refer to Shell plc a
17、nd 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 presentation refer to entities over which Shell plc either
18、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 S
19、hell 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-pa
20、rty interest.This presentation 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 dee
21、med to be,forward-looking statements.Forward-looking statements are statements of future expectations 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 fr
22、om 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 managements expectations,beliefs,estimates,forecasts,projections and assumptions.These forward-looki
23、ng 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 phr
24、ases.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 presentation,including(without limitation):(a)price fluctuations in crude oil and natural gas
25、;(b)changes in demand for Shells 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 an
26、d 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)econom
27、ic 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)ri
28、sks 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 presentation are expressly
29、 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 plcs Form 20-F for the year ended December 31,2022(av
30、ailable at and www.sec.gov).These risk factors also expressly qualify all forward-looking statements contained in this presentation and should be considered by the reader.Each forward-looking statement speaks only as of the date of this presentation,May 4,2023.Neither Shell plc nor any of its subsid
31、iaries 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
32、this presentation.All amounts shown throughout this presentation are unaudited.The numbers presented throughout this presentation may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures,due to rounding.Also,in this presentation we may refer to Shel
33、ls“Net Carbon Intensity”,which includes Shells 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 em
34、issions.The use of the term Shells“Net Carbon Intensity”is for convenience 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 ec
35、onomic 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,Shells operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target,as these
36、targets are currently outside our planning period.In the future,as society 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.The content
37、 of websites referred to in this presentation does 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 urg
38、ed to consider closely the disclosure in our Form 20-F,File No 1-32575,available on the SEC website www.sec.gov.The financial information presented in this presentation does not constitute statutory accounts within the meaning of section 434(3)of the Companies Act 2006(“the Act”).Statutory accounts
39、for the year ended December 31,2022,were published in Shells Annual Report and Accounts,a copy of which was delivered to the Registrar of Companies for England and Wales,and in Shells Form 20-F.The auditors report on those accounts was unqualified,did not include a reference to any matters to which
40、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 information in this presentation does not constitute the unaudited condensed consolidated financial statements which are contained in Shells first
41、quarter 2023 unaudited results available on 207 934 5550;USA+1 832 337 4355Definitions&cautionary note Shell plc|May 4,2023Shell plc|May 4,20233Key messages 1Income attributable to shareholders is$8.7 billion in Q1 2023Q1 2023 PerformanceDisciplineShareholder returnsAdjusted Earnings1of$9.6 billion,
42、Adjusted EBITDA of$21.4 billion and CFFO of$14.2 billion Controllable availability in Gulf of Mexico equaling best in a decade and higher uptime at Prelude,AustraliaHigher Products margins,supported by lower refining unplanned downtimeUnchanged 2023 cash capex outlook:$23-27 billion,including inorga
43、nicAera Energy,USA and Baram Delta,Malaysia divestments completedStable net debt:$44 billion Share buybacks:$4 billion programme announcedDividend$0.2875 per shareShareholder distributions well over 30%of CFFOShell plc|May 4,2023Shell plc|May 4,20234Disciplined focus on value creationFINANCIAL FRAME
44、WORK Significant shareholder distributionsResilient balance sheet Capital discipline4%annual growth in dividend per share,subject to Board approval2023 cash capex within$23-27 billionIncludes inorganic capexTargeting AA credit metrics through the cycleContinued focus on net debt reduction in upcycle
45、Divest for value Sustainable progressive dividendTotal shareholder distributions 20-30%of CFFOTotal shareholder distributions(dividends+share buybacks)based on cash generation,macro-outlook and balance sheet trajectory$4 billion share buybacks announced,expected to be completed by Q2 2023 results an
46、nouncementShell plc|May 4,2023Shell plc|May 4,20235Delivering strong resultsAPM reconciliations available in the Q1 2023 Quarterly Databook Q1 2023 Quarterly Databook here.Q1 2023 FINANCIAL RESULTSAdjusted EBITDACash flow from operationsCash capital expenditureFree cash flow Income attributable to S
47、hell plc shareholdersAdjusted EarningsNet debt$21.4 billion$14.2 billion$6.5 billion$9.9 billion$8.7 billion$9.6 billion$44.2 billionQ1 2023Q4 2022$20.6 billion$22.4 billion$7.3 billion$15.5 billion$10.4 billion$9.8 billion$44.8 billionShell plc|May 4,2023Shell plc|May 4,2023Lower prices offset by i
48、mproved performance 9.621.414.2048Cash conversion Q1 2023$billion1Non-controlling interest2AR/AP&Other includes initial margin.Q1 2023 reflects outflow from temporary deposits by JVs received in Q4 2022.Q1 2023 FINANCIAL RESULTS9.89.6024681012Adjusted Earnings Q4 2022 to Q1 2023$billion0.
49、75.95.2(0.5)$(0.8)billionworking capital movement(1.8)(4.2)2.12.2(5.0)(1.1)(0.3)0.41.00.1(0.4)Shell plc|May 4,2023Shell plc|May 4,20237IG Adjusted Earnings trending with LNG price markersOptimizing portfolio for demand in Northern Hemisphere winter$billion$/bblNet Term VolumesDelivering results from
50、 leading LNG portfolioNet Term Volumes(Term Purchases-Term Sales)excludes JV marketed volumes.INTEGRATED GAS020406080Adjusted EarningsAvg 4Q rolling,Adjusted Earnings70%JCC-3/30%JKM(RHS)Leading global portfolio in a growing LNG market Record results with Adjusted Earnings of$11 billion ov
51、er the last 2 quarters,during the winter seasonImproved performance at Prelude with a continued focus on feedgas supply and operational performance across the portfolioShell plc|May 4,2023Shell plc|May 4,20238Focused portfolio,value over volume2023 DeliveryHigh-gradingGrowthFor additional portfolio
52、information visit our investors page on Baram Delta divestment(Malaysia)Simplifying the Upstream portfolioAera Energy divestment(USA)Focusing on positions with high growth potential and a strong integrated value chainNature Energy acquisition(Denmark)Building an integrated Renewable Natural Gas valu
53、e chain at a global scale EV charging growthAcquisition of Volta(USA)and evpass(Switzerland)LongevityVito start-up(USA)Our first deep-water platform to employ a simplified,cost-efficient host designPierce redevelopment(UK)Helping to meet the UK energy demands of today and tomorrowShell plc|May 4,202
54、3Shell plc|May 4,202310Strong results,differentiated portfolio1Non-controlling interestAPM reconciliations available in the Q1 2023 Quarterly Databook Q1 2023 Quarterly Databook here.Q1 2023 FINANCIAL RESULTSAdjusted EarningsAdjusted EBITDACFFO$billionQ1 2023Q4 2022Q1 2023Q4 2022Q1 2023Q4 2022Integr
55、ated Gas4.96.07.58.36.36.4Upstream2.83.18.89.45.87.2Marketing0.90.41.61.01.11.1Chemicals&Products1.80.73.11.62.33.1R&ES0.40.30.70.41.12.7Corporate&NCI1(1.1)(0.7)(0.2)(0.2)(2.4)1.9Total9.69.89.821.420.620.614.222.422.4Additional information available in the Q1 2023 Quarterly Press ReleaseShell plc|Ma
56、y 4,2023Shell plc|May 4,20232016baseline2022420252030203520502016 baseline202120222030E2050E41011Our progress1Measured 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
57、 2050Covers emissions associated with the production,processing,transport and end-use of our productsWe believe Shells 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 2022 the total emissions were 1.2 gtpaFROM 1.7 GTPA TO ZERO
58、UN PARIS AGREEMENTStrategy aligns with goal to limit the increase in the global average temperature to 1.5 degrees 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 em
59、issions(Scope 1 and 2)83mtpa CO2e68Scope 1Scope 258gCO2e/MJ-6-8%-20%-45%-100%-9-12%-3.8%-2.5%79-9-13%Shell plc|May 4,2023Shell plc|May 4,202312Pipeline of major projects KEYLow-carbon fuelsMap not to scaleProjects under constructionPeak production/Capacity/ProductsShell share%CountryStart-up 2023-20
60、24Mero 2 A180 kboe/d19.3BrazilMero 3 A180 kboe/d19.3BrazilWhale100 kboe/d60USASprng Energy(multiple)B456 MW100IndiaCrosswind/HKN B760 MW80The NetherlandsShell Bovarius400,000 MMBtu RNG100USAShell Galloway500,000 MMBtu RNG100USANorthern Lights JV(Phase 1)1.5 mtpa CO2captured and/or stored33.3NorwaySt
61、art-up 2025+Mero 4 A180 kboe/d19.3 BrazilMarjoram/Rosmari100 kboe/d80MalaysiaLNG Canada T1-214 mtpa40CanadaNLNG T77.6 mtpa26NigeriaNorth Field East Expansion32 mtpa6.25*QatarBiofuels Plant Rotterdam820,000 tonnes of renewable diesel 100The NetherlandsHolland Hydrogen I200 MW100The NetherlandsEcowend
62、e/HKW B794 MW60The NetherlandsSouthCoast Wind Project 1 B1,200 MW50USAAtlantic Shores-Project 1 B1,509 MW50USAUpstreamLiquefaction plantsHydrogen electrolyser.CCSSolarOffshore wind.A Subject to unitisation agreements,data shown as per operator.B Renewable generation capacity under construction and/o
63、r 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 interest.Further details available on our investors pa
64、ge on 2023 updates:Vito(USA)and Pierce(UK)start-ups,driving resource longevityShell plc|May 4,2023Shell plc|May 4,202313Upcoming events:Corporate Reports:Annual Report 2022Energy Transition Progress Report 2022 Payments to Governments Report 2022Sustainability Report 2022Nigeria briefing notes 2022Useful links:Annual and Quarterly DatabookShell Energy Transition StrategyESG performance dataWar in Ukraine:Shells ResponseJul 27,2023Q2 2023 resultsNov 2,2023Q3 2023 resultsJun 14,2023Capital Markets Day 2023May 23,2023Annual General Meeting