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1、Shell plc|November 2,2023Consistent performance,supporting enhanced distributions Third quarter 2023 resultsShell plcNovember 2,2023Shell plc|November 2,20232This presentation includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with gene
2、rally 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
3、provides 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 presenta
4、tion 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 m
5、ost 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
6、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 estimated in a manner which is consistent with the accounting policies applied in Shell plcs conso
7、lidated 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,“earnin
8、gs”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 th
9、e 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
10、 lines 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 activi
11、ties”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 otherw
12、ise.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 fro
13、m 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
14、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.Net debt is defined as the sum of current and non-current debt,less cash and cash equivalents,adjusted for the fair value of
15、derivative 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 thirdquarter and nine months ended Sep
16、tember 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
17、”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 presentation
18、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 t
19、o 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 joi
20、nt arrangement,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 s
21、tatements 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
22、,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 managements expectations,beliefs,estimates,forecasts,p
23、rojections 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”,“sh
24、ould”,“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)p
25、rice fluctuations 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 o
26、f 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 regulator
27、y 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 dela
28、ys 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 statement
29、s contained 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 Fo
30、rm 20-F 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,Nove
31、mber 2,2023.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 inferre
32、d from the 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 roun
33、ding.Also,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 ene
34、rgy products 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
35、 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,Shells operating plans cannot reflect our 2050 net-
36、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 Shells operating plans to reflect this movement.However,if society is not net zero in 2050,as of today,there would be significant r
37、isk that Shell 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 incl
38、uding 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.The financial information presented in this presentation does not constitute statutory accounts within the meaning of section 434(3)of th
39、e Companies 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,d
40、id 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 information in this presentation does not constitute the unaudited condensed consolidated financ
41、ial statements which are contained in Shells third quarter 2023 unaudited results available on 207 934 5550;USA+1 832 337 4355Definitions&cautionary note Shell plc|November 2,20233Key messages 1Income attributable to shareholders is$7.0 billion in Q3 2023.APM reconciliations are available in the Q3
42、2023 Quarterly Databook here.2For the next three monthsQ3 2023 PerformanceHigher oil prices and refining marginsRobust operational performance across Upstream and Integrated GasSolid cash performance,with working capital inflowDisciplineShareholder returns$6.2 billionAdjusted Earnings1$12.3 billionC
43、FFO$2325 billion2023 Cash capex$40.5 billionNet debt$0.331Dividend per share$3.5 billionBuyback programme2Lower cash capex outlook,including inorganicUK Power B2C and Pakistan divestments agreedStrong balance sheet32%higher dividend per share than Q3 2022Announced total shareholder distributions of$
44、23 billion for 2023NYSEShell plc|November 2,20234A pragmatic approach to capital allocation1 1Subject to Board approvalFinancial framework3040%of CFFO through the cycle4%progressive dividend annually1 1Balanced Capital AllocationEnhanced Shareholder DistributionsDisciplinedInvestmentStrong Balance S
45、heetCash capex:$2225 billion p.a.for 2024 and 2025AA credit metricsthrough the cycleTotal shareholder distributions of$23 billion announced for 2023Cash capex outlook of$2325 billion for 2023Shell plc|November 2,20235Higher oil prices and refining marginsData based on monthly averages.Macro608010012
46、0140BrentJCC-3020406080Henry HubEU TTF-IRMICM(RHS)$/bbl$/MMBtu$/tonne$/bblOilShell Indicative Refining Margin(IRM)and Indicative Chemical Margin(ICM)GasShell plc|November 2,20236Strong financial performanceAPM reconciliations are available in the Q3 2023 Quarterly Databoo
47、k here.Financial resultsIncome attributable to Shell plc shareholdersAdjusted EarningsAdjusted EBITDACash flow from operationsCash capital expenditureFree cash flow Net debt$3.1 billion$5.1 billion$14.4 billion$15.1 billion$5.1 billion$12.1 billion$40.3 billionQ2 2023$7.0 billion$6.2 billion$16.3 bi
48、llion$12.3 billion$5.6 billion$7.5 billion$40.5 billionQ3 2023Shell plc|November 2,20237Strong financial performance1Non-controlling interestAPM reconciliations are available in the Q3 2023 Quarterly Databook here.Financial resultsAdjusted EarningsAdjusted EBITDACFFO$billionQ3 2023Q2 2023Q3 2023Q2 2
49、023Q3 2023Q2 2023Integrated Gas2.52.54.94.84.03.6Upstream2.21.77.46.45.34.5Marketing0.70.91.51.60.91.4Chemicals&Products1.40.42.61.32.42.1R&ES(0.1)0.20.10.4(0.0)3.2Corporate&NCI1(0.6)(0.7)(0.1)(0.2)(0.2)0.3Total6.25.15.116.314.414.412.315.115.1Additional information available in the Q3 2023 Quarterl
50、y Press ReleaseShell plc|November 2,2023Solid cash generation6.216.312.30481216208Cash conversion Q3 2023$billion1Non-controlling interest2AR/AP&Other includes initial margin.Financial results5.16.20246810Adjusted Earnings Q2 2023 to Q3 2023$billion0.55.93.7(0.0)(2.5)(1.9)(2.5)(0.7)3.60.00.5(0.2)0.9
51、(0.3)0.1Prices&margins:$1.7 billion Volume&mix:$0.1 billion Other:$(0.7)billion$0.4 billionworking capital movement Shell plc|November 2,20239Portfolio updatesClick on the icons on map for further details on the deal/project.2023 deliveryGrowthFor additional portfolio information visit our investors
52、 page on Volta acquisitionVito start-upAera Energy divestmentShell home energy retail businesses(UK,NL and Germany)exit announcedPierce redevelopmentNature Energy acquisition Shell Pakistan Limited(SPL)divestment agreedQatarEnergy LNG NFS(2)Strategic review of Singapore Energy&Chemicals ParkBaram De
53、lta divestmentLongevityHigh-gradingMap not to scaleSprng Energy investment funnelSavion investment funnel Masela PSC/Abadi divestmentTimi start-upEV growthShell plc|November 2,2023Corporate reports:Annual Report 2022Energy Transition Progress Report 2022 Payments to Governments Report 2022Sustainabi
54、lity Report 2022Nigeria briefing notes 2022Useful links:Capital Markets DayAnnual and Quarterly DatabookShell Energy Transition StrategyESG performance dataWar in Ukraine:Shells ResponseUpcoming events:Feb 1,2024Q4 2023 resultsMay 2,2024Q1 2024 resultsAug 1,2024Q2 2024 resultsOct 31,2024Q3 2024 resu
55、ltsShell plc|November 2,202312Performing with purposeGeneratingshareholder valuePoweringlivesAchieving net-zeroemissionsRespectingnatureUnderpinned by our core values and our focus on safetyOur purpose is topower progress together by providing more and cleaner energy solutionsPowering ProgressShell
56、plc|November 2,202313The investment case through the energy transition 1 12023-2025 2 2Includes infrastructure&assets($20 billion)and low-carbon energy solutions($10-15 billion)3 32022 to 2025,for price assumptions see CMD 23 materials4 4Subject to Board approval 5 5Share buyback programmes for the
57、second half of 2023 are expected to be completed by the Q4 2023 results announcement.Providing Energy SecurityEnabling the Energy TransitionPerformance,Discipline,Simplification Committed to Enhancing Shareholder ReturnsReduce structural cost by$2-3 billion by end-2025&lower capital spend to$22-25 b
58、illion p.a.in 2024 and 2025Grow FCF/share 10%p.a.through 20253 3Shareholder returns increased to 30-40%of CFFO through the cycleDividend per share increase of 15%at Q2 2023&second half 2023 buybacks of at least$5 billion4,5;actual announced buybacks$6.5 billion5Providing molecules to decarbonise the
59、 transport and industry sectors,while high-grading the Downstream businessInvesting$35 billion1,21,2into Downstream and Renewables&Energy Solutions,of which$10-15 billion1 1is directly into low-carbon energy solutionsCommitted to oil and gas,with a focus on LNG growthInvesting$40 billion1 1in Leadin
60、g Integrated Gas&Advantaged Upstream Shell plc|November 2,202314Pipeline of major projects KEYLow-carbon fuelsMap not to scaleProjects under constructionPeak production/Capacity/ProductsShell share%CountryStart-up 2023-2024Mero 2 A180 kboe/d19.3BrazilMero 3 A180 kboe/d19.3BrazilWhale100 kboe/d60USAS
61、prng Energy(multiple)B1,168 MW100IndiaSavion(multiple)B591 MW100USACrosswind/HKN B759 MW79.9NetherlandsShell Bovarius400,000 MMBtu RNG100USAShell Friesian350,000 MMBtu RNG100USANorthern Lights JV(Phase 1)1.5 mtpa CO2captured and/or stored33.3NorwayStart-up 2025+Mero 4 A180 kboe/d19.3 BrazilMarjoram/
62、Rosmari100 kboe/d80MalaysiaLNG Canada T1-214 mtpa40CanadaNLNG T77.6 mtpa26NigeriaQatarEnergy LNG NFE(2)8 mtpa25*QatarQatarEnergy LNG NFS(2)6 mtpa25*QatarHEFA Biofuels Plant Rotterdam820,000 tonnes of renewable fuels 100NetherlandsHolland Hydrogen I200 MW100NetherlandsEcowende/HKW B760 MW60Netherland
63、sSouthCoast Wind Project 1 B1,209 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/or committed for sale,with mul
64、tiple start-up dates.*A 25%share in a JV company which will own 25%of the QatarEnergy LNG NFE(2)expansion project and a 25%share in a JV company which will own 37.5%of the QatarEnergy LNG NFS(2)expansion projectFurther details are available on our investors page on Q3 2023 updates:First gas from the
65、 Timi platform in MalaysiaShell plc|November 2,202315Start-up of Razens second E2G plant1non-operated JV;Dotted arrows indicate optional marketsGrowing our Low Carbon Fuels businessShell and Razen partnership with an integrated value offerRazen sugarcane fields 2,000 km away from the Amazon forest,0
66、%deforestation,Bonsucro certifiedProprietary E2G TechnologyCarbon Intensity of 18gCO2e/MJ(vs gasoline 94gCO2e/MJ)Shell-branded service stations#2 market position in Brazil&Argentina;#1 in Paraguay 2 E2G plants completed,7 under construction75%Shell offtake across plantsRazen(a listed company with a
67、44%Shell interest)1is a leading second-generation ethanol(E2G)producer globally,transforming waste into a high-value product with low emissions.BrazilTogether one of the worlds largest producers&distributors of advanced biofuels&EthanolMap not to scaleKey E2G markets AutomotiveSAF/Alcohol to JetSolventsCosmetics/PharmaBeveragesBioplasticsAsia