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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 20-F
(Mark one)
    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
    SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-32575
Shell plc
(Exact name of registrant as specified in its charter)
England and Wales
(Jurisdiction of incorporation or organization)
Shell Centre
London, SE1 7NA
United Kingdom
(Address of principal executive offices)
Linda M. Coulter, Company Secretary
Shell Centre
London, SE1 7NA
United Kingdom
Telephone Number: 0044-20-7934-1234
E-mail Address: linda.coulter@shell.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered pursuant to Section 12(b) of the Act
1


Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
American Depositary Shares representing two ordinary shares
of the issuer with a nominal value of €0.07 each
SHELNew York Stock Exchange
0.375% Guaranteed Notes due 2023SHEL/23BNew York Stock Exchange
3.5% Guaranteed Notes due 2023SHEL/23New York Stock Exchange
Floating Rate Guaranteed Notes due 2023SHEL/23ANew York Stock Exchange
2% Guaranteed Notes due 2024SHEL/24New York Stock Exchange
3.25% Guaranteed Notes due 2025SHEL/25New York Stock Exchange
2.5% Guaranteed Notes due 2026SHEL/26New York Stock Exchange
2.875% Guaranteed Notes due 2026SHEL/26ANew York Stock Exchange
3.875% Guaranteed Notes due 2028SHEL/28New York Stock Exchange
2.375% Guaranteed Notes due 2029SHEL/29New York Stock Exchange
2.75% Guaranteed Notes due 2030SHEL/30New York Stock Exchange
4.125% Guaranteed Notes due 2035SHEL/35New York Stock Exchange
6.375% Guaranteed Notes due 2038SHEL/38New York Stock Exchange
5.5% Guaranteed Notes due 2040SHEL/40New York Stock Exchange
2.875% Guaranteed Notes due 2041SHEL/41New York Stock Exchange
3.625% Guaranteed Notes due 2042SHEL/42New York Stock Exchange
4.55% Guaranteed Notes due 2043SHEL/43New York Stock Exchange
4.375% Guaranteed Notes due 2045SHEL/45New York Stock Exchange
3.75% Guaranteed Notes due 2046SHEL/46New York Stock Exchange
4.00% Guaranteed Notes due 2046SHEL/46ANew York Stock Exchange
3.125% Guaranteed Notes due 2049SHEL/49New York Stock Exchange
3.25% Guaranteed Notes due 2050SHEL/50New York Stock Exchange
3.00% Guaranteed Notes due 2051SHEL/51New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: none
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: none
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
Outstanding as of December 31, 2021:
4,101,239,499 A ordinary shares with a nominal value of €0.07 each.
3,582,892,954 B ordinary shares with a nominal value of €0.07 each.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.þYesNo
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.YesþNo
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.þYesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).þYesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.
See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filerNon-accelerated filer
Emerging growth company
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.
2


† The term “new or revised financial accounting standards” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment on the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issues its audit report.þ
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:U.S. GAAP
International Financial Reporting Standards as issued by the International Accounting Standards Board.
þOther
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.Item 17Item 18 
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesþNo
Copies of notices and communications from the Securities and Exchange Commission should be sent to:
Shell plc
Shell Centre
London, SE1 7NA
United Kingdom
Attn: Linda M. Coulter
3


TABLE OF CONTENTS
Cover
Cross reference to Form 20-F
Terms and abbreviations
About this Report
Shell Powering Progress
Strategy and outlook
Risk factors
Summary of results
Performance indicators
Liquidity and capital resources
Market overview
Integrated gas
Upstream
Oil and gas information
Oil Products
Chemicals
Corporate
Climate change and energy transition
Environment and society
Our people
The Board of Shell plc
Senior Management
Governance
Governance framework
Governance
Nomination and Succession Committee
Safety, Environment and Sustainability Committee
Audit Committee Report
Directors' Remuneration Report
Annual Report on Remuneration
Directors' Remuneration Policy
Governance
Report of Independent Registered Public Accounting Firm (ID: 13020134)
Consolidated Statement of Income
Consolidated Statement of Comprehensive Income
Consolidated Balance Sheet
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
1.Basis of preparation
2.Significant accounting policies, judgements and estimates
3.Changes to IFRS not yet adopted
4.Climate change and energy transition
4


5.Segment information
6.Interest and other income
7.Interest expense
8.Intangible assets
9.Property, plant and equipment
10.Joint ventures and associates
11.Investments in securities
12.Trade and other receivables
13.Inventories
14.Cash and cash equivalents
15.Debt and lease arrangements
16.Trade and other payables
17.Taxation
18.Retirement benefits
19.Decommissioning and other provisions
20.Financial instruments
21.Share capital
22.Share-based compensation plans and shares held in trust
23.Other reserves
24.Dividends
25.Earnings per share
26.Legal proceedings and other contingencies
27.Employees
28.Directors and Senior Management
29.Auditor's remuneration
30.Non-current assets held for sale
31.Emission schemes and related environmental plans
32.Post-balance sheet events
Supplementary information - oil and gas (unaudited)
Supplementary information - EU Taxonomy disclosure
Report of Independent Registered Public Accounting Firm (ID: 13020134)
Statement of Income
Statement of Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Statement of Cash Flows
Notes to the RDS Dividend Access Trust Financial Statements
1.The Trust
2.Basis of preparation
3.Significant accounting policies
4.Unclaimed dividends
5.Capital account
6.Distributions made
7.Related parties
8.Auditor's remuneration
5


9.Subsequent events
Shareholder information
Section 13(r) of the US Securities Exchange Act of 1934 disclosure
Non-GAAP measures reconciliations
Index to the exhibits
Signatures
Financial calendar
6



CROSS REFERENCE TO FORM 20-F
Part IPages
Item 1.Identity of Directors, Senior Management and AdvisersN/A
Item 2.Offer Statistics and Expected TimetableN/A
Item 3.Key Information
A.[Reserved]
B.Capitalization and indebtednessN/A
C.Reasons for the offer and use of proceedsN/A
D.Risk factors22-31
Item 4.Information on the Company
A.History and development of the company11,12-13, 16-21, 32-33, 36-39, 43-54, 63-72, 285, 292-296
B.Business overview12-33, 43-72, 97-111, 261-281, 286
C.Organizational structure15-17, Exhibit 8.1
D.Property, plants and equipment15-17, 22-33, 43-72, 97-111, 261-278
Item 4A.Unresolved Staff CommentsN/A
Item 5.Operating and Financial Review and Prospects
A.Operating results22-39, 43-72, 245-250
B.Liquidity and capital resources25, 32-33, 36-39, 43-44, 48-49, 63-64, 69-70, 72, 213-214, 231-236, 238-243
C.Research and development, patents and licences, etc.203, 208
D.Trend information22-54, 63-67, 69-71, 73-111
E.Critical Accounting EstimatesN/A
Item 6.Directors, Senior Management and Employees
A.Directors and senior management118-126, 189-191
B.Compensation161-167, 173, 177, 185-186, 257
C.Board practices118-177, 188-195
D.Employees112-117, 257
E.Share ownership117, 170, 189, 251, 286
Item 7.Major Shareholders and Related Party Transactions
A.Major shareholders287 
B.Related party transactions188, 211, 231, 257, 285
C.Interests of experts and counselN/A
Item 8.Financial Information
A.Consolidated Statements and Other Financial Information36-39, 196-260, 282-285
B.Significant Changes260, 285
Item 9.The Offer and Listing
A.Offer and listing details188-194, 283-285
B.Plan of distributionN/A
C.Markets286 
D.Selling shareholdersN/A
E.DilutionN/A
7


F.Expenses of the issueN/A
Item 10.Additional Information
A.Share capitalN/A
B.Memorandum and articles of association190-195
C.Material contractsN/A
D.Exchange controls290 
E.Taxation290-291
F.Dividends and paying agentsN/A
G.Statement by expertsN/A
H.Documents on display11 
I.Subsidiary InformationN/A
Item 11.Quantitative and Qualitative Disclosures About Market Risk36, 231, 245-250
Item 12.Description of Securities Other than Equity Securities
A.Debt SecuritiesExhibit 2.5
B.Warrants and RightsN/A
C.Other SecuritiesN/A
D.American Depositary Shares286, 289-290, Exhibit 2.5
Part II
Item 13.Defaults, Dividend Arrearages and DelinquenciesN/A
Item 14.Material Modifications to the Rights of Security Holders and Use of ProceedsN/A
Item 15.Controls and Procedures187, 202, 282
Item 16.[Reserved]
Item 16A.Audit committee financial expert124, 143, 189
Item 16B.Code of Ethics189
Item 16C.Principal Accountant Fees and Services154, 258, 285
Item 16D.Exemptions from the Listing Standards for Audit Committees189 
Item 16E.Purchases of Equity Securities by the Issuer and Affiliated Purchasers39, 187
Item 16F.Change in Registrant’s Certifying AccountantN/A
Item 16G.Corporate Governance189-195
Item 16H.Mine Safety DisclosureN/A
Item 16I.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsN/A
Part III
Item 17.Financial StatementsN/A
Item 18.Financial Statements196-260, 282-285
Item 19.Exhibits297-298

8


TERMS AND ABBREVIATIONS
Currencies
$US dollar
euro
£sterling
Units of measurement
acreapproximately 0.004 square kilometres
b(/d)barrels (per day)
boe(/d)barrels of oil equivalent (per day); natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel
kboe(/d)thousand barrels of oil equivalent (per day); natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel
MMBtumillion British thermal units
megajoulea unit of energy equal to one million joules
mtpamillion tonnes per annum
per dayvolumes are converted into a daily basis using a calendar year
scf(/d)standard cubic feet (per day)
Products
GTLgas-to-liquids
LNGliquefied natural gas
LPGliquefied petroleum gas
NGLnatural gas liquids


Miscellaneous
ADSAmerican Depositary Share
AGMAnnual General Meeting
APIAmerican Petroleum Institute
CCScarbon capture and storage
CCS earningsearnings on a current cost of supplies basis
CO2
carbon dioxide
EMTNEuro medium-term note
EPSearnings per share
FCFfree cash flow
FIDfinal investment decision
GAAPgenerally accepted accounting principles
GHGgreenhouse gas
HSSEhealth, safety, security and environment
IASInternational Accounting Standards
IEAInternational Energy Agency
IFRSInternational Financial Reporting Standard(s)
IOGPInternational Association of Oil & Gas Producers
IPIECAInternational Petroleum Industry Environmental Conservation Association
LTIPLong-term Incentive Plan
OECDOrganisation for Economic Co-operation and Development
OMLoil mining lease
OPECOrganization of the Petroleum Exporting Countries
OPLoil prospecting licence
PSCproduction-sharing contract
PSPPerformance Share Plan
REMCORemuneration Committee
SECUS Securities and Exchange Commission
TRCFtotal recordable case frequency
TSRtotal shareholder return
WTIWest Texas Intermediate
9



ABOUT THIS REPORT
This Form 20-F as filed with the US Securities and Exchange Commission for the year ended December 31, 2021 (this Report) presents the Consolidated Financial Statements of Shell plc (the Company) and its subsidiaries (collectively referred to as Shell) (pages 204-261) and the Financial Statements of the Royal Dutch Shell Dividend Access Trust (pages 284-286). Except for these Financial Statements, the numbers presented throughout this Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding. Cross-references to Form 20-F are set out on pages 7 of this Report.
The Financial Statements contained in this Report have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). IFRS as defined above includes interpretations issued by the IFRS Interpretations Committee. Financial reporting terms used in this Report are in accordance with IFRS.
This Report contains certain forward-looking non-GAAP measures such as cash capital 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 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 measures with the required precision necessary to 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 calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The companies in which Shell plc directly or indirectly owns investments are separate legal entities. In addition to the term “Shell”, in this Report “Shell Group”, “we”, “us” and “our” are also used to refer to the Company 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” and “Shell subsidiaries” refer to those entities over which the Company has control, either directly or indirectly. 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 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 arrangement, after exclusion of all third-party interest. Shell subsidiaries’ data include their interests in joint operations.
As used in this Report, “Accountable” is intended to mean: required or expected to justify actions or decisions. The Accountable person does not necessarily implement the action or decision (implementation is usually carried out by the person who is Responsible) but must organise the implementation and verify that the action has been carried out as required. This includes obtaining requisite assurance from Shell companies that the framework is operating effectively. “Responsible” is intended to mean: required or expected to implement actions or decisions. Each Shell company and Shell-operated venture is responsible for its operational performance and compliance with the Shell General Business Principles, Code of Conduct, Statement on Risk Management and Risk Manual, and Standards and Manuals. This includes responsibility for the operationalisation and implementation of Shell Group strategies and policies.
This Report references Shell’s Sky 1.5 scenarios, specifically within the "Climate change and energy transition" section (pages 74-97). Unlike Shell’s previously published Mountains and Oceans exploratory scenarios, the Sky scenario is based on the assumption that society reaches the Paris Agreement’s goal of holding the rise in global average temperatures this century to well below two degrees Celsius (2°C) above pre-industrial levels. Unlike Shell’s Mountains and Oceans scenarios which unfolded in an open-ended way based upon plausible assumptions and quantifications, the Sky scenario was specifically designed to reach the Paris Agreement’s goal in a technically possible manner.
Sky 1.5 scenario starts with data from Shell’s Sky scenario but is more aggressive and challenging in its assumptions about energy transitions as the pace of change is accelerated. As in Sky, this scenario is normative, meaning we assumed that society achieves the 1.5 degrees Celsius stretch goal of the Paris Agreement, and we worked back in designing how this could occur. Of course, there are many possible paths that society could take to achieve this goal. This will be extremely challenging, but as of today, we believe there is still a technically possible path while maintaining a growing global economy. However, we believe the window for success is quickly closing.
These scenarios are a part of an ongoing process used in Shell for over 40 years to challenge executives’ perspectives on the future business environment. They are designed to stretch management to consider even events that may only be remotely possible. Scenarios, therefore, are not intended to be predictions of likely future events or outcomes. Shell’s scenarios also are not intended to be projections or forecasts of the future. Shell’s scenarios, including the scenarios referenced in this Report, are not Shell’s strategy or business plan. When developing Shell’s strategy, our scenarios are one of many variables that we consider. Ultimately, whether society meets its goals to decarbonise is not within Shell’s control. While we intend to travel this journey in step with society, only governments can create the framework for success.
Shell’s operating plan, outlook and budgets are forecasted for a 10-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, Scope 2 and NCF targets over the next 10 years. However, Shell’s 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 society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement.
Shell’s “Net Carbon Footprint” or "net carbon intensity" referred to in this Report include Shell’s 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 emissions. The use of the term "Net Carbon Footprint” or "net carbon intensity" is for convenience only and not intended to suggest these emissions are those of Shell or its subsidiaries.
Except where indicated, the figures shown in the tables in this Report are in respect of subsidiaries only, without deduction of any non-controlling interest. However, the term “Shell share” is used for convenience to refer to the volumes of hydrocarbons that are produced, processed or sold through subsidiaries, joint ventures and associates. All of a subsidiary’s production, processing or sales volumes (including the share of joint operations) are included in the Shell share, even if Shell owns less than 100% of the subsidiary. In the case of joint ventures and associates, however, Shell-share figures are limited only to Shell’s entitlement. In all cases, royalty payments in kind are deducted from the Shell share.
10


Except where indicated, the figures shown in this Report are stated in US dollars. As used herein all references to “dollars” or “$” are to the US currency.
This Report contains forward-looking statements (within the meaning of the US 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 expectations that are based on management’s 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 the potential exposure of Shell to market risks and statements expressing management’s 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”, “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 materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s 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 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 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 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. Also see “Risk factors” on pages 23-32 for additional risks and further discussion. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Report 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. Each forward-looking statement speaks only as of the date of this Report. Neither the Company 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 forward-looking statements contained in this Report.
Past performance cannot be relied on as a guide to future performance.
This Report contains references to Shell’s website, the Shell Sustainability Report, Tax Contribution Report, Industry Associations Climate Review and our report on Payments to Governments. These references are for the readers’ convenience only. Shell is not incorporating by reference into this Report any information posted on www.shell.com or in the Shell Sustainability Report, Tax Contribution Report, Industry Associations Climate Review or our report on Payments to Governments. The content of any other websites referred to in this Report does not form part of this Report..
With effect from January 29, 2022, Shell’s A shares and B shares were assimilated into a single line of ordinary shares. Shell’s A and B American Depositary Shares (ADSs) were assimilated into a single line of ADSs on the same date. This Report continues to refer to A shares, B shares, A ADSs and B ADSs when describing the position prior to January 29, 2022.
Shell V-Power and Shell LiveWire are Shell trademarks.
DOCUMENTS ON DISPLAY
The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. All of the SEC filings made electronically by Shell are available to the public on the SEC website at www.sec.gov (commission file number 001-32575).
This Report is also available, free of charge, at www.shell.com/investors/financial-reporting/sec-filings or at the offices of Shell in London, United Kingdom and The Hague, the Netherlands. Copies of this Report also may be obtained, free of charge, by mail.

11


SHELL POWERING PROGRESS
WHO
WE ARE
Overview
Shell is a global group of energy and petrochemical companies with 82,000 employees and operations in more than 70 countries.
We use advanced technologies and take an innovative approach to help build a sustainable energy future. Shell is a customer-focused organisation, serving more than
1 million commercial and industrial customers, and around 32 million customers at 46,000 retail service stations daily.
Our strategy is to accelerate the transition of our business to net-zero emissions, purposefully and profitably, in step with society.
OUR CONTEXT
The rising standard of living of a growing global population is likely to continue to drive demand for energy, including oil and gas, for years to come. At the same time, technological changes and the need to tackle climate change mean there is a transition under way to a lower-carbon, multi-source energy system with increasing customer choice.
Our Powering Progress strategy combines our ambitions under four goals: generating shareholder value, achieving net-zero emissions, powering lives and respecting nature.
This will help accelerate our progress towards becoming a net-zero emissions energy business by 2050, in step with society. We are building a strong resilient business
by putting customers at the centre of our strategy, innovating the products and solutions customers need
on their journey to net zero.
We aim to deliver value through our integrated assets and supply chains, optimising value and managing risk for Shell and our customers as we produce, buy, trade, transport and sell energy products and solutions across the world.
OUR STAKEHOLDERS
Our investor community
Our customers
Our employees/workforce/pensioners
Our strategic partners/suppliers
Communities
NGOs/civil society stakeholders/academia/think-tanks
Governments/regulators
See “Environment and society”, “Our people” and “Governance”
OUR PURPOSE
We power progress together by providing more and cleaner energy solutions.
See “Strategy and outlook”
OUR CORE VALUES
Honesty
Integrity
Respect for people
See “Our people”


12



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13


SHELL POWERING PROGRESS continued
HOW WE
CREATE VALUE
OUR INPUTS [A]

Financial capital
Equity attributable to Shell plc shareholders ($ billion) [B]:
172 2020: 155
Non-current debt ($ billion) [B]:
81 2020: 91
Net debt ($ billion) [B][C]:
53 2020: 75
Average capital employed ($ billion) [B]:
265 2020: 277
Cash capital expenditure ($ billion) [C]:
20 2020: 18
Operations
Refining and chemicals availability:
96% 2020: 96%
Oil & gas production available for sale (kboe/d):
3,237 2020: 3,386
LNG liquefaction volumes (million tonnes):
31 2020: 33
Human capital
Number of employees (thousands) [B]:
82 2020: 87
Number of training days (thousands):
271 2020: 234
Relationships
Customers, joint arrangements,
Government relations, suppliers.
Operating countries [B]
>70 2020: >70
Intellectual capital
Research and development expenses ($ million):
815 2020: 907
Number of patents [B]:
8,532 2020: 8,480
Natural resources
Proved oil and gas reserves (million boe) [B]:
9,365 2020: 9,124
Energy consumed (million MWh):
223 2020: 241
[A] In 2021 unless stated otherwise
[B] At December 31.
[C] See "Non-GAAP measures reconciliations" on pages 294-297.
We aim to meet the world’s growing need for more and cleaner energy solutions in ways that are economically, environmentally and socially responsible. Our Powering Progress strategy is designed to create value for our shareholders, customers and wider society.

OUR OUTCOMES AND IMPACTS [A]

Cash flow from operating activities ($ billion):
45 2020: 34
Adjusted earnings ($ billion) [C]:
19 2020: 5
Adjusted EBITDA (CCS basis –
$ billion) [C]:
55 2020: 37
Shareholder distributions ($ billion) [C]:
9 2020: 9

Absolute emissions
(Scope 1 and 2 – million tonnes of CO₂ equivalent):
68 2020: 72 | 2016: 83
Net carbon intensity
(Scope 1, 2 and 3 – grams of CO₂ equivalent per megajoule):
77 2020: 75 | 2016: 79

Women in senior leadership positions [B]:
30% 2020: 28%
Taxes paid and collected
($ billion):
59 2020: 47
Total spend on goods and services ($ billion):
38 2020: 39

Fresh water consumed
in our facilities (million m³):
22 2020: 22 | 2018: 25
Waste disposed (million tonnes):
2 2020: 2
14



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15


SHELL POWERING PROGRESS continued
OUR
ORGANISATION
Delivering our Powering Progress strategy
INTEGRATED GAS, RENEWABLES AND ENERGY SOLUTIONS
Integrated Gas manages liquefied natural gas (LNG) activities and the conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas exploration and extraction, and the operation of upstream and midstream infrastructure necessary to deliver gas to market.
In Renewables and Energy Solutions (R&ES), we are exploring emerging opportunities and investing in those where we believe sufficient commercial value is available. R&ES includes Shell’s production and marketing of hydrogen, nature and environmental solutions as well as our integrated power activities.
UPSTREAM
Upstream manages the exploration for and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates infrastructure necessary to deliver them to market.
While the Upstream business delivers the energy of today, it is also funding the energy of tomorrow and will play a fundamental role in supporting Shell’s ambitious transformation.
DOWNSTREAM
Downstream manages different Oil Products and Chemicals activities as part of an integrated value chain that trades and refines crude oil and other feedstocks into a range of products which are moved and marketed around the world for domestic, industrial and transport use. The products we sell include gasoline, diesel, heating oil, aviation fuel, marine fuel, biofuel, lubricants, bitumen and sulphur. We also produce and sell petrochemicals for industrial use worldwide.
Our Downstream organisation also manages Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
PROJECTS & TECHNOLOGY
Our Projects & Technology organisation manages the delivery of our major projects and drives research and innovation to develop new technology solutions. It provides technical services and technology capability for our Integrated Gas, Upstream and Downstream activities. It is also responsible for providing functional leadership across Shell in the areas of safety and environment, contracting and procurement, wells activities and greenhouse gas management.
Technology and innovation are essential to our efforts to meet the world’s energy needs in a competitive way. If we do not develop the right technology, do not have access to it or do not deploy it effectively, this could have a material adverse effect on the delivery of our strategy and our licence to operate (see “Risk factors” on pages 23-32). Our Chief Technology Officer, who is p