1、Shell plc|February 1,2024Fourth quarter and full year 2023 resultsDelivering strong resultsand shareholder distributionsShell plcFebruary 1,2024Shell plc|February 1,20242Definitions&cautionary note This presentation includes certain measures that are calculated and presented on the basis of methodol

2、ogies other than in accordance with generally 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 mea

3、sures,is useful to investors because it 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 evaluatin

4、g the business performance.This presentation 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

5、 reconcile the non-GAAP measure to the most 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

6、 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 estimated in a manner which is consistent with the account

7、ing policies applied in Shell plcs consolidated 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-controlli

8、ng 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 charge/(credit);depreciation,amortisation and depletion;exploration well write-offs and n

9、et 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.Underlying operating expenses represent“operating expenses excluding identified items”.Ope

10、rating 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 expenses.Cash flow from operating activities excluding working capital movements is de

11、fined 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(iii)increase/(decrease)in current payables.In this presentation,“capex”refers to“Cash

12、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 Investments in equity securities.Free cash flow is defined as the sum of“Cash flow fro

13、m 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 presentation,“divestments”refers to“divestment proceeds”unless stated otherwise.Div

14、estment 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.Net debt is defined as the sum of current and non-current debt,less cash and cash equ

15、ivalents,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-GAAP measures are included in the Shell plc Unaudited Condensed Financial Report for th

16、e fourth quarter and the full year ended December 31,2023.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 term“resources”in this presentation includes quantities of oil and gas

17、not yet classified as SEC proved oil and gas reserves.Resources are consistent with the Society of Petroleum Engineers(SPE)2P+2C definitions.The companies in which Shell plc directly and indirectly owns investments are separate legal entities.In this presentation“Shell”,“Shell Group”and“Group”are so

18、metimes 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 iden

19、tifying the particular entity or entities.“Subsidiaries”,“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 ref

20、erred 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 u

21、sed 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.This presentation contains forward-looking statements(within the meaning of the U.S.Private Securities Litigation R

22、eform 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 manageme

23、nts 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 th

24、e 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”,“anticipate”,“believe”,“could”,“estimate”

25、,“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 mate

26、rially 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 results;(e)reserves estimates;(f)l

27、oss 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 a

28、nd 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

29、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 ass

30、urance 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 section.Readers should not place undu

31、e 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(available at and www.sec.gov).These risk factors also expressly qualify all forward-looking statements contained in this presentat

32、ion and should be considered by the reader.Each forward-looking statement speaks only as of the date of this presentation,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,f

33、uture 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.All amounts shown throughout this presentation are unaudited.The numbers presented throughout this presen

34、tation 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 Shells“Net Carbon Intensity”,which includes Shells carbon emissions from the production of our energy products,our suppliers ca

35、rbon 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 Intensity”is for convenience only and not intended to suggest these emissions

36、 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 next ten years.Accordingly,they reflect our Scope 1,Sc

37、ope 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 targets are currently outside our planning period.In the future,as society moves towards net-zero emissions,we expect Shell

38、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.The content of websites referred to in this presentation does not form part of this presentation.We may have used certain terms,such a

39、s 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 closely the disclosure in our Form 20-F,File No 1-32575,available on the SEC website www.sec.gov.The financi

40、al 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 for the year ended December 31,2022,were published in Shells Annual Report and Accounts,a copy of which was delivered to th

41、e 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 the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections

42、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 fourth quarter 2023 unaudited results available on 207 934 5550;USA+1 832 337 4355Shell plc|February 1,2024NYSE3Fourth quarter an

43、d full year 2023 Key messages Performance$7.3 billionQ4 Adjusted Earnings1$12.6 billionQ4 CFFORobust operational performance with exceptional LNG trading and optimisation results in Q4 2023Continued strong cash delivery,supported by working capital releaseFull year 2023:Adjusted Earnings1$28 billion

44、,CFFO$54 billionDiscipline$24.4 billion2023 Cash capex$43.5 billion2023 Net debt2023 cash capex at lower end of$2327 billion range$2225 billion cash capex outlook for 2024Structural cost reduction of$1 billion achievedBalance sheet strength maintainedShareholder returns$0.344Dividend per share$3.5 b

45、illionBuyback programme2Progressive 4%dividend per share increase announced20%higher dividend per share than Q4 20222023 shareholder distributions 42%of CFFO1Income attributable to shareholders is$0.5 billion in Q4 2023 and$19.4 billion in full year 2023.APM reconciliations are available in the Q4 2

46、023 Quarterly Databook here.2Expected to be completed by Q1 2024 results announcement.Shell plc|February 1,202420222023203030-40%2022202342%202320254Progress on CMD 2023 targetsMore value,enhancing shareholder returns Shareholder distributions 30-40%of CFFO through the cycle%$billionPrice-normalised

47、 FCF growth16%p.a.through 2030$billionStructural cost reduction$2-3 billion by end-2025$/sharePrice-normalised FCF growth/share110%p.a.through 20251For price-normalised FCF and FCF/share assumptions see appendix.7%reduction in shares outstanding in 2023 vs 2022.202220232025$2-3 billion$1 billionShel

48、l plc|February 1,20245Progress on CMD 2023 targetsDisciplined structural cost reductionUnderlying operating expenses$billion39.539.21.0 Top-down:$0.8 billion reduction in 2023 through divestments(e.g.,Aera Energy JV(California),Baram Delta(Malaysia),Shell home energy retail businesses(UK and Germany

49、)and disciplined growth with sharper portfolio choices focused on value creation.Bottom-up:$0.2 billion reduction in 2023 through a staggered and tailored approach for value in each of the businesses,with faster decision making supported by a leaner corporate centre.1Growth reflects inorganic growth

50、 like the Sprng,Landmark and Nature Energy acquisitions.Shell plc|February 1,20246Financial results Robust financial performanceIncome attributable to Shell plc shareholdersAdjusted EarningsAdjusted EBITDACash flow from operationsCash capital expenditureFree cash flow Net debtQ4 2023$0.5 billion$7.3

51、 billion$16.3 billion$12.6 billion$7.1 billion$6.9 billion$43.5 billionFull year 2023$19.4 billion$28.3 billion$68.5 billion$54.2 billion$24.4 billion$36.5 billion$43.5 billionAPM reconciliations are available in the Q4 2023 Quarterly Databook here.Shell plc|February 1,20247Financial results Q4 2023

52、Strong results driven by LNG trading&optimisationAdjusted Earnings Q3 2023 to Q4 2023$billionPrices&margins1:$1.5 billion Volume&mix1:$0.3 billion Other:$(0.7)billion 6.27.302468101.40.9(0.0)(1.3)0.2(0.1)Cash conversion Q4 2023$billion7.316.312.60481216206.20.62.20.2(1.0)(6.3)3.60.5(0.8)1Integrated

53、Gas and Upstream 2Non-controlling interest 3AR/AP&other includes initial margin.Working capital movement$3.3 billion Shell plc|February 1,20248Financial results 2023Delivering in a volatile macro environmentAdjusted Earnings 2022 to 2023$billionPrices&margins1:$(6.8)billion Volume&mix1:$(2.5)billion

54、 Other:$(2.3)billion 39.928.301020304050(2.2)(7.5)0.4(1.0)(1.0)(0.2)Cash conversion full year 2023$billionWorking capital movement$7.8 billion28.368.554.202040608024.02.414.00.1(6.1)(16.1)4.71.71.51Integrated Gas and Upstream 2Non-controlling interest 3AR/AP&other includes initial margin.Shell plc|F

55、ebruary 1,2024Shareholder distributions:42%of CFFONet debt:$43.5 billion3(Gearing 18.8%)Cash capex:$24.4 billionEnhanced distributions 4%progressive dividend increase for Q4 2023$3.5 billion of share buybacks for the next 3 months2A pragmatic approach to capital allocation1Subject to Board approval.

56、2Expected to be completed by Q1 2024 results announcement.3Includes$27.7 billion of lease liabilities.Financial framework3040%of CFFO through the cycle4%progressive dividend annually1Enhanced Shareholder DistributionsDisciplinedInvestmentCash capex:$2225 billion p.a.for 2024 and 2025AA credit metric

57、sthrough the cycle2023Balanced Capital AllocationStrong Balance SheetShell plc|February 1,202410Investing in the energy transitionA Products for which usage does not cause Scope 3,Category 11 emissions:Lubricants,Chemicals,Convenience Retailing,Agriculture&Forestry,Construction&Road.BE-Mobility and

58、Electric Vehicle Charging Services,Low-Carbon Fuels,Renewable Power Generation,Environmental Solutions,Hydrogen,CCS.We define low-carbon energy products as those that have an average carbon intensity that is lower than conventional hydrocarbon products,assessed on a life-cycle basis.C LNG Production

59、&Trading,Gas&Power Trading,and Energy Marketing.D Upstream segment,GTL,Refining&Trading,Marketing fuel and hydrocarbon sales,Shell Ventures,Corporate segment.Capital expenditure$24.4 billionTotal cash capital expenditure in 2023in low-carbon energy solutions from 2023-2025$10-15 billionLNG,gas and p

60、ower marketing and trading C$4.0 billionOil,oil products and other D$12.6 billionNon-energy products A$2.3 billionLow-carbon energy solutions B$5.6 billionShell plc|February 1,202411Portfolio updatesClick on the icons on map for further details on the deal/project.2023 deliveryGrowthFor additional p

61、ortfolio information visit our investors page on Volta acquisitionVito start-upAera Energy divestmentShell home energy retail businesses(UK and Germany)divestmentPierce redevelopmentNature Energy acquisition Shell Pakistan Limited divestment agreedQatarEnergy LNG NFS(2)Aspired divestment of Singapor

62、e Energy&Chemicals ParkBaram Delta divestmentLongevityHigh-gradingMap not to scaleSprng Energy investment funnelSavion investment funnel Masela PSC/Abadi divestmentTimi start-upEV growthMero-2 start-upSparta FIDNigerian onshore(SPDC)divestment agreedDeliver 500 kboe/d new peak production by 2025 in

63、Integrated Gas and Upstream2023:New projects on stream with over 200 kboe/d peak productionFID to repurpose Rheinland Energy and Chemicals ParkShell plc|February 1,2024Upcoming events:Corporate reports:Annual Report 2022Energy Transition Progress Report 2022 Payments to Governments Report 2022Sustai

64、nability Report 2022Nigeria briefing notes 2022Useful links:Capital Markets DayAnnual and Quarterly DatabookShell Energy Transition StrategyESG performance dataWar in Ukraine:Shells ResponseFeb 14,2024Shell LNG Outlook 2024Mar 27,2024Annual ESG Update Aug 1,2024Q2 2024 resultsOct 31,2024Q3 2024 resu

65、ltsMay 21,2024Annual General MeetingMay 2,2024Q1 2024 resultsMar 14,2024Publication of Energy Transition Strategy 2024 Shell plc|February 1,2024Performing with purposeGeneratingshareholder valuePoweringlivesAchieving net-zeroemissionsRespectingnatureUnderpinned by our core values and our focus on sa

66、fetyOur purpose is topower progress together by providing more and cleaner energy solutionsPowering ProgressShell plc|February 1,202415The investment case through the energy transition 12023-2025 2Includes infrastructure&assets($20 billion)and low-carbon energy solutions($10-15 billion).32022 to 202

67、5,for price assumptions see appendix.4Compared with“at least$5 billion”announced at CMD 2023.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

68、$22-25 billion p.a.in 2024 and 2025Grow FCF/share 10%p.a.through 20253Shareholder returns increased to 30-40%of CFFO through the cycleDividend per share increased by 15%at Q2 2023&second half 2023 buybacks of$6.5 billion4completedProviding molecules to decarbonise the transport and industry sectors,

69、while high-grading the Downstream businessInvesting$35 billion1,2into 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 Leading Integrated Gas&Advantaged Upstrea

70、m Shell plc|February 1,202416Continued volatilityData based on monthly averages.Macro environment6080100120140BrentJCC-3020406080Henry HubEU TTF-IRMICM(RHS)$/bbl$/MMBtu$/tonne$/bblOilShell Indicative Refining Margin(IRM)and Indicative Chemical Margin(ICM)GasIRM:2023:$1220

71、22:$18ICM:2023:$1332022:$48Henry Hub:2023:$2.52022:$6.4EU TTF:2023:$132022:$40Brent:2023:$832022:$101JCC-3:2023:$892022:$98Shell plc|February 1,202417Fourth quarter 20231Non-controlling interestAPM reconciliations are available in the Q4 2023 Quarterly Databook here.Financial resultsAdjusted Earning

72、sAdjusted EBITDACFFO$billionQ4 2023Q3 2023Q4 2023Q3 2023Q4 2023Q3 2023Integrated Gas4.02.56.64.93.64.0Upstream3.12.27.97.45.85.3Marketing0.70.71.31.52.70.9Chemicals&Products0.11.40.82.60.22.4R&ES0.2(0.1)0.20.1(1.3)(0.0)Corporate&NCI1(0.7)(0.6)(0.5)(0.1)1.5(0.2)Total7.36.216.316.312.612.3Shell plc|Fe

73、bruary 1,202418Full year 20231Non-controlling interestAPM reconciliations are available in the Q4 2023 Quarterly Databook here.Financial resultsAdjusted EarningsAdjusted EBITDACFFO$billion202320222023202220232022Integrated Gas13.916.123.826.617.527.7Upstream9.817.330.642.121.529.6Marketing3.22.86.05

74、.36.12.4Chemicals&Products3.74.77.78.67.012.9R&ES0.71.71.42.53.0(6.4)Corporate&NCI1(3.0)(2.8)(1.0)(0.7)(0.8)2.2Total28.339.968.584.354.268.4Shell plc|February 1,202419HSSE performance*Preliminary results.Final results will be available in the 2023 Annual Report/Energy Transition Strategy 2024 public

75、ation.All information on this slide relates to assets and activities under Shells operational control.2023Process safetyOperational spillsInjuries(TRCF)per million working hoursGoal Zero on safetyNumber of incidentsThousand tonnes0350700012Million working hours0100200Number of spills075150012TRCFWor

76、king hours(RHS)Tier 1 Tier 2Volume of spillsNumber of spills(RHS)Shell plc|February 1,202420Significant progress on our path to net zero*Preliminary results.Final results will be available in the 2023 Annual Report/Energy Transition Strategy 2024 publication.All information on this slide relates to

77、assets and activities under Shells operational control.GHG emissions for 2023 were calculated using global warming potential(GWP)factors from the IPCC Fifth Assessment Report(AR5).Methane emissions increased in 2023 due to using AR5 GWP factors and site-specific emission factors as well as annual ma

78、intenance and operational issues.Energy Transition Strategy 2024 will update on Shells energy transition strategy as communicated at Capital Markets Day 2023 and will set out Shells climate targets and ambitions for the future.CarbonNet-zero emissions energy business by 2050 including all emissions(

79、Scopes 1,2 and 3)NET ZERO BY 2050We 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 FROM 1.7 GTPA TO ZEROUN PARIS AGREEMENTStrategy aligns with goal to limit the increase in the global average temperature to 1.5 de

80、grees Celsius above pre-industrial levelsGHG emissions0360502002120222023E*Million tonnes CO2eMillion tonnes CO2e0.00.81.52000222023E*Million tonnes of hydrocarbons flaredScope 1Scope 1-Methane only(RHS)Scope 2Routine flaringShell plc|February 1,202421Rese

81、rves performance in 2023Proved reserves 2023 vs 2022billion boeSEC proved reserves positionPreliminary results9.69.8024681012billion boe202120222023Production1.21.11.1SEC proved reserves9.49.69.8Reserves/Production(years)7.68.89.2RRR+120%+120%+120%RRR(excl.A&D)+99%RRR 3-year average(excl.A&D)+90%RRR

82、 3-year average+120%+120%Reserves/Production+5%vs 20229.2 yearsRRR(1.1)0.21.1Shell plc|February 1,202422Disciplined,value-focused capital allocation1For price assumptions see appendix.2Includes acquisition of Nature Energy(nearly$2 billion).CMD 2023$billion2022actuals2023actuals24-25Power dilutions2

83、4-2520251CMD 2023Integrated Gas4455811%Upstream88881015%Integrated Gas and Upstream1213131317-18Marketing562334Marketing ex.LCF/EV 15%LCF 12%EV 12%Chemicals&Products433-43-4512%R&ES334-5(1-2)3(2)R&ES excl.power 10%Power generation 6-8%Downstream and Renewables&Energy Solutions121110-129-107-8Total25

84、2422-2521-2324-26Cash Capex after power dilutionsCash CapexFCFIRR hurdle ratesShell plc|February 1,2024Gulf of Mexico23Deepwater:Decades of disciplined performance1References our US Gulf of Mexico(GoM)production having one of the lowest GHG intensity in the world in comparison to other IOGP(Internat

85、ional Association of Oil and Gas Producers)members(2022 IOGP report).2Pre-FIDUpstream VITO 23 WHALE 24 SPARTA 28Capital efficiency focusReplication focused on cycle timeReplication with learningsMaximising value through right-sizing and replicationMaking the most of our heartlands today and tomorrow

86、Major projects and tie-backs delivering material volumes by 2025Perdido Phase 3Mero-2Mero-3/4VitoWhaleRydbergConsistent performance,continuous improvementHighest production in more than a decade.Consistently delivering top-quartile wells,reservoir and facilities optimisation,along with strong availa

87、bility Amongst the lowest GHG intensity1in a growing portfolio,with equity deepening in advantaged basinsVito waterflood2Gato do Mato2Namibia2HeartlandsProducing Developing Exploring in Atlantic Margin BasinsSustaining liquids through 2030DoverWell positioned for 2030s+Funnel of opportunities into t

88、he next decadeSpartaGoM&Brazil InfillBrazilNote:indicates asset is currently operatingMap represents Shells deepwater portfolio and excludes additional deepwater activity in Malaysia Map not to scaleShell plc|February 1,202424Pipeline of major projects Further details are available on our investors

89、page on KEYLow-carbon fuelsMap not to scaleProjects under constructionPeak production/Capacity/Products(100%)Shell share%CountryStart-up 2024-2025Mero-3 A180 kboe/d19.3BrazilMero-4 A180 kboe/d19.3 BrazilWhale100 kboe/d60USALNG Canada T1-214 mtpa40CanadaSprng Energy(multiple)B1,118 MW100IndiaSavion(m

90、ultiple)B491 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 2026+Marjoram/Rosmari100 kboe/d80MalaysiaSparta 90 kboe/d51USANLNG T77.6 mtpa26NigeriaQat

91、arEnergy 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 MW60NetherlandsAtlantic Shores-Project 1 B1,509 MW50USAUpstreamLiquefaction plantsHydrogen electro

92、lyserCCSSolarOffshore windA Subject to unitisation agreements,production shown is FPSO oil capacity 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 QatarEnergy LNG NFE(2)exp

93、ansion project and a 25%share in a JV company which will own 37.5%of the QatarEnergy LNG NFS(2)expansion project.Q4 2023 updates:Mero-2 start-up,Sparta FIDShell plc|February 1,202425Additional definitionsAppendixMetricDefinitionPrice-normalised free cash flow(FCF)FCF 2022 has been normalised to pric

94、es of Brent$65/bbl,Henry Hub(and related gas markers)$4/MMBtu and historical average chemical and refining margins.FCF 2023 normalised to prices of$65/bbl Brent and$4/MMBtu Henry Hub(both real 2022),indicative chemical margins of$150 to$250 per tonne(nominal)and indicative refining margins of$4 to$6

95、 per barrel(nominal).2025/2030 projections$65/bbl Brent and$4/MMBtu Henry Hub(both real 2022),indicative chemical margins of$150 to$250 per tonne(nominal)and indicative refining margins of$4 to$6 per barrel(nominal).Price-normalised FCF/sharePrice-normalised FCF divided by shares outstanding at the

96、end of the period.The outstanding number of shares excludes shares held in trust.(2022:6,971 million shares,2023:6,486 million shares).Structural cost reductionStructural cost reduction describes decreases in underlying operating expenses as a result of operational efficiencies,divestments,workforce

97、 reductions and other cost saving measures that are expected to be sustainable compared with 2022 levels.The total change between periods in underlying operating expenses will reflect both structural cost reductions and other changes in spend,including market factors,such as inflation and foreign ex

98、change impacts,as well as changes in activity levels and costs associated with new operations.Estimates of cumulative annual structural cost reduction may be revised depending on whether cost reductions realised in prior periods are determined to be sustainable compared to 2022 levels.Structural cost reductions are stewarded internally to support managements oversight of spending over time.2025 target reflects annualised saving achieved by end-2025.