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1、Shell plc|July 27,2023Strong operational and cash performance,enhanced distributions Second quarter 2023 resultsShell plcJuly 27,2023Shell plc|July 27,20232This presentation includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with genera
2、lly accepted accounting principles(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 pr
3、ovides a basis for measuring 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 presentati
4、on contains a forward-looking 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 mos
5、t comparable GAAP financial 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 ex
6、tremely 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 estimated in a manner which is consistent with the accounting policies applied in Shell plcs consoli
7、dated financial statements.“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
8、”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 charge/(credit);depreciation,amortisation and depletion;exploration well write-offs and net interest expense.All items include the
9、non-controlling interest 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 l
10、ines in the Consolidated 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 activiti
11、es”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(iii)increase/(decrease)in current payables.In this presentation,“capex”refers to“Cash capital expenditure”unless stated otherwis
12、e.Cash capital expenditure 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
13、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 presentation,“divestments”refers to“divestment proceeds”unless stated otherwise.Divestment proceeds are defined as the sum of
14、(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.Net debt is defined as the sum of current and non-current debt,less cash and cash equivalents,adjusted for the fair value of de
15、rivative financial instruments 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 second quarter and half year ended June
16、30,2023.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 made to Shell plc and its subsidiaries in general.Likewise,the words“we”,“us”and“ou
17、r”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 presentation refer t
18、o 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“jo
19、int 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 arra
20、ngement,after exclusion of all third-party 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 statemen
21、ts 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 managements current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results,perfor
22、mance 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 managements expectations,beliefs,estimates,forecasts,projecti
23、ons 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”,“
24、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 presentation,including(without limitation):(a)price fl
25、uctuations in crude oil and natural gas;(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 suita
26、ble 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 measu
27、res 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 t
28、he 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 conta
29、ined in this presentation 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 plcs Form 20-F
30、 for the year ended December 31,2022(available 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,July 27,202
31、3.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
32、 forward-looking statements contained in 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,
33、in this presentation we may refer to Shells“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 produc
34、ts we sell.Shell only controls its own emissions.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 updat
35、ed 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,Shells operating plans cannot reflect our 2050 net-zero emiss
36、ions 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 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 S
37、hell may not meet this target.The content 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 o
38、ur 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.The financial information presented in this presentation does not constitute statutory accounts within the meaning of section 434(3)of the Companie
39、s Act 2006(“the Act”).Statutory accounts 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 inc
40、lude 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 information in this presentation does not constitute the unaudited condensed consolidated financial statem
41、ents which are contained in Shells second quarter 2023 and half year 2023 unaudited results available on 207 934 5550;USA+1 832 337 4355Definitions&cautionary note Shell plc|July 27,20233Key messages 1Income attributable to shareholders is$3.1 billion in Q2 2023.APM reconciliations available in the
42、Q2 2023 Quarterly Databook here.2Subject to Board approval,expected to be completed by the Q4 2023 results announcement.3For the next three monthsQ2 2023 PerformanceStrong operational performance Lower margins with lower oil and gas prices,refining margins and LNG trading seasonalityStrong cash perf
43、ormance,with$4.8 billion working capital inflow Lower 2023 Cash capex outlook,including inorganicStrong balance sheet$0.331 dividend per share for Q2 2023Buyback programme of at least$2.5 billion at the Q3 2023 results announcement2NYSE$23-26 billion2023 Cash capex$40.3 billionNet debt$5.1 billionAd
44、justed Earnings1$15.1 billionCFFO+15%Dividend per share$3 billionBuyback programme3DisciplineShareholder returnsShell plc|July 27,20234Performing with purposeGeneratingshareholder valuePoweringlivesAchieving net-zeroemissionsRespectingnatureUnderpinned by our core values and our focus on safetyOur p
45、urpose is topower progress together by providing more and cleaner energy solutionsPowering ProgressShell plc|July 27,20235The investment case through the energy transition 1 12023-2025 2 2Includes infrastructure&assets($20 billion)and lowcarbon energy solutions($10-15 billion)3 32022 to 2025,for pri
46、ce assumptions see CMD 23 materials4 4Subject to Board approval 5 5Share buyback programmes for the second half of 2023 will be announced at the Q2 and Q3 results announcements and are expected to be completed by the Q4 2023 results announcement.Providing Energy SecurityEnabling the Energy Transitio
47、nPerformance,Discipline,Simplification Committed to Enhancing Shareholder ReturnsReduce structural cost by$2-3 billion by end-2025&lower capital spend to$22-25 billion p.a.in 2024 and 2025Grow FCF/share 10%p.a.through 20253 3Shareholder returns increased to 30-40%of CFFO through the cycleDividend pe
48、r share increase of 15%at Q2 2023&second half 2023 buybacks of at least$5 billion4,5Providing molecules to decarbonise the transport and industry sectors,while high-grading the Downstream businessInvesting$35 billion1,21,2into Downstream and Renewable&Energy Solutions,of which$10-15 billion1 1is dir
49、ectly into low-carbon energy solutions.Committed to oil and gas,with a focus on LNG growthInvesting$40 billion1 1in Leading Integrated Gas&Advantaged Upstream Shell plc|July 27,20236A pragmatic approach to capital allocation1 1Subject to Board approvalFinancial framework3040%of CFFO through the cycl
50、e4%progressive dividend annually1 1Balanced Capital AllocationEnhanced Shareholder DistributionsDisciplinedInvestmentStrong Balance SheetCash capex:$2225 billion p.a.for 2024 and 2025AA credit metricsthrough the cycleShell plc|July 27,20237Enhanced shareholder distributions 1 1Subject to Board appro
51、val,expected to be completed by the Q4 2023 results announcement.Financial framework$4 billion dividend paid$8 billion buybacks completed$0.331 Dividend per share for Q2$3 billion buyback programme announced for the next three monthsDividend per shareincrease of 15%A minimum of$5 billion buybacks fo
52、r H2 20231 1H1 2023H2 2023CMD 2023announcements Distributing 3040%of CFFO through the cycleBuyback programme of at least$2.5 billion at the Q3 2023 results announcement1 1Shell plc|July 27,20238Lower commodity pricesData based on monthly averages.Macro6080100120140BrentJCC-3020406080Henry HubEU TTF-
53、IRMICM(RHS)$/bbl$/MMBtu$/tonne$/bblOilShell Indicative Refining Margin(IRM)and Indicative Chemical Margin(ICM)GasShell plc|July 27,20239Resilient financial performanceAPM reconciliations available in the Q2 2023 Quarterly Databook here.Financial results$3.1 billionIncome
54、attributable to Shell plc shareholdersAdjusted EarningsAdjusted EBITDACash flow from operationsCash capital expenditureFree cash flow Net debt$11.8 billion$5.1 billion$14.7 billion$14.4 billion$35.9 billion$15.1 billion$29.3 billion$5.1 billion$11.6 billion$12.1 billion$22.0 billion$40.3 billion$40.
55、3 billionQ2 2023H1 2023Shell plc|July 27,202310Resilient financial performance1Non-controlling interestAPM reconciliations available in the Q2 2023 Quarterly Databook here.Financial resultsAdjusted EarningsAdjusted EBITDACFFO$billionQ2 2023Q1 2023Q2 2023Q1 2023Q2 2023Q1 2023Integrated Gas2.54.94.87.
56、53.66.3Upstream1.72.86.48.84.55.8Marketing0.90.91.61.61.41.1Chemicals&Products0.41.81.33.12.12.3R&ES0.20.40.40.73.21.1Corporate&NCI1(0.7)(1.1)(0.2)(0.2)0.3(2.4)Total5.19.69.614.421.421.415.114.214.2Additional information available in the Q2 2023 Quarterly Press ReleaseShell plc|July 27,2023Strong ca
57、sh generation5.114.415.1Cash conversion Q2 2023$billion1Non-controlling interest2AR/AP&Other includes initial margin.Financial results9.65.10246810Adjusted Earnings Q1 2023 to Q2 2023$billion0.65.92.80.3(0.8)(3.7)1.5(0.3)3.7(2.4)(1.1)0.0(1.3)(0.2)0.4Prices&margins:$(4.1)billion Volume&mix
58、:$(0.9)billion Other:$0.3 billion$4.8 billionworking capital movement Shell plc|July 27,202312Higher Adjusted Earnings and FCFWith lower production and refinery intake$billion$/boekboe/dValue over volume1Total production(oil and gas)includes Integrated Gas,Upstream and Oil Sands.Financial results020
59、406080468101214Adjusted EarningsFCFBrent(RHS)05001,0001,5002,0002,5003,0003,5004,000Total productionRefinery intake-24%production and-49%refinery intake vs Q2 2019+47%Adjusted Earnings and+76%FCF vs Q2 20191Shell plc|July 27,202313Injuries(TRCF)per million working hoursMillion working hou
60、rsOperational spillsThousand tonnesNumber of spillsGHG emissionsMillion tonnes CO2eMillion tonnes CO2eProcess safetyNumber of incidentsGoal Zero on safetyHSSE performanceAll information on this slide relates to assets and activities under Shell operational control.Preliminary H1 2023 results TRCFWor
61、king hours(RHS)Volume of spillsNumber of spills(RHS)0400800000022H1 20230002020212022H1 2023024050200212022H1 2023EScope 1Scope 1-Methane only(RHS)Scope 2Tier 1 Tier 20000212022H1
62、 2023Shell plc|July 27,202314Portfolio updatesClick on the icons on map for further details on the deal/project.2023 deliveryGrowthFor additional portfolio information visit our investors page on Volta acquisitionVito start-upAera Energy divestmentShell home energy retail businesses(UK,NL and German
63、y)exit announcedPierce redevelopmentNature Energy acquisition Shell Pakistan Limited(SPL)divestment announcedQatar North Field South expansion Strategic review of Singapore Energy&Chemicals ParkBaram Delta divestmentLongevityHigh-gradingMap not to scaleSprng Energy investment funnelSavion investment
64、 funnel Masela PSC/Abadi divestment announced Shell plc|July 27,2023Corporate Reports:Annual Report 2022Energy Transition Progress Report 2022 Payments to Governments Report 2022Sustainability Report 2022Nigeria briefing notes 2022Useful links:Capital Markets DayAnnual and Quarterly DatabookShell En
65、ergy Transition StrategyESG performance dataWar in Ukraine:Shells ResponseUpcoming events:Nov 2,2023Q3 2023 resultsShell plc|July 27,202317Pipeline of major projects KEYLow-carbon fuelsMap not to scaleProjects under constructionPeak production/Capacity/ProductsShell share%CountryStart-up 2023-2024Me
66、ro 2 A180 kboe/d19.3BrazilMero 3 A180 kboe/d19.3BrazilWhale100 kboe/d60USASprng Energy(multiple)B1,045 MW100IndiaSavion(multiple)B616 MW100USACrosswind/HKN B759 MW79.9The NetherlandsShell Bovarius400,000 MMBtu RNG100USAShell Galloway500,000 MMBtu RNG100USANorthern Lights JV(Phase 1)1.5 mtpa CO2captu
67、red and/or stored33.3NorwayStart-up 2025+Mero 4 A180 kboe/d19.3 BrazilMarjoram/Rosmari100 kboe/d80MalaysiaLNG Canada T1-214 mtpa40CanadaNLNG T77.6 mtpa26NigeriaNorth Field East expansion JV8 mtpa25*QatarNorth Field South expansion JV6 mtpa25*QatarBiofuels Plant Rotterdam820,000 tonnes of renewable d
68、iesel 100The NetherlandsHolland Hydrogen I200 MW100The NetherlandsEcowende/HKW B760 MW60The NetherlandsSouthCoast Wind Project 1 B1,209 MW50USAAtlantic Shores-Project 1 B1,509 MW50USAUpstreamLiquefaction plantsHydrogen electrolyser.CCSSolarOffshore wind.A Subject to unitisation agreements,data shown
69、 as per operator.B Renewable generation capacity under construction and/or committed for sale,with multiple start-up dates.*A 25%share in a JV company which will own 25%of the North Field East(NFE)expansion project and a 25%share in a JV company which will own 37.5%of the North Field South(NFS)expan
70、sion projectFurther details available on our investors page on Q2 2023 updates:Participation in the Qatar North Field South expansion finalisedShell plc|July 27,20232016baseline2022420252030203520502016 baseline202120222030E2050E41018Our progress1Measured by our Net Carbon Footprint(NCF)m
71、ethodology,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 Shells total carbon emissions from energy sold peak
72、ed 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 ZEROUN 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 emissions(Scope 1 and 2)83mtpa CO2e68Scope 1Scope 258gCO2e/MJ-6-8%-20%-45%-100%-9-12%-3.8%-2.5%79-9-13%