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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2022
Commission File Number: 1-32575
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 office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form
40-F.
Form 20-F þ Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨



Shell plc (the “Registrant”) is filing the following exhibits on this Report on Form 6-K, each of which is hereby incorporated by reference:
Exhibit
No.Description
Regulatory release.
Shell plc – Three and six month periods ended June 30, 2022 Unaudited Condensed Interim Financial Report.
This Unaudited Condensed Interim Financial Report contains the Unaudited Condensed Consolidated Financial Statements of the Registrant and its subsidiaries for the three and six month periods ended June 30, 2022, and Business Review in respect of such period. This Report on Form 6-K contains the Unaudited Condensed Interim Financial Report.
This Report on Form 6-K is incorporated by reference into:
a) the Registration Statement on Form F-3 of Shell plc and Shell International Finance B.V. (Registration Numbers 333-254137 and 333-254137-01); and

b) the Registration Statement on Form S-8 of Shell plc (Registration Number 333-262396).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Shell plc
(Registrant)
By:/s/ Anthony Clarke
Name: Anthony Clarke
Title: Deputy Company Secretary
Date: July 28, 2022


Document

Exhibit 99.1
Regulatory release
Three and six month periods ended June 30, 2022
Unaudited Condensed Interim Financial Report
On July 28, 2022, Shell plc released the Unaudited Condensed Interim Financial Report for the three and six month periods ended June 30, 2022, of Shell plc and its subsidiaries (collectively, “Shell”).
Contact – Investor Relations
International: +31 (0)70 377 4540
North America: +1 832 337 2034
Contact – Media
International: +44 (0) 207 934 5550
USA: +1 832 337 4355


shel-20220630_d2

Exhibit 99.2
Shell plc
Three and six month periods ended June 30, 2022
Unaudited Condensed Interim Financial Report


Shell plc            Unaudited Condensed Interim Financial Report            1


SHELL PLC
2nd QUARTER 2022 AND HALF YEAR UNAUDITED RESULTS

SUMMARY OF UNAUDITED RESULTS
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 2021Reference20222021%
18,0407,116 3,428 +154Income/(loss) attributable to Shell plc shareholders25,1569,087 +177
11,472 9,130 5,534 +26Adjusted EarningsA20,601 8,768 +135
23,150 19,028 13,623 +22
Adjusted EBITDA2
A42,17725,195+67
18,655 14,815 12,617 +26Cash flow from operating activities33,47020,910+60
(6,207)(4,273)(2,946)Cash flow from investing activities(10,481)(3,535)
12,448 10,542 9,671 Free cash flowG22,989 17,375 
7,024 5,064 4,383 Cash capital expenditureC12,088 8,357 
9,547 9,457 8,470 +1Operating expensesF19,004 17,905 +6
9,270 9,256 8,505 Underlying operating expensesF18,526 17,228 +8
14.3%9.3%3.2%ROACE on a Net income basisD14.3%3.2%
12.4%10.6%4.9%ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basisD12.4%4.9%
46,35748,489 65,735 Net debtE46,35765,735
19.3%21.3%27.7%GearingE19.3%27.7%
2,898 2,962 3,254 -2Total production available for sale (thousand boe/d)2,930 3,371 -13
2.420.940.44+157Basic earnings per share ($)3.34 1.17+185
1.541.200.71+28Adjusted Earnings per share ($)B2.741.13+142
0.250.250.24Dividend per share ($)0.500.41+21
1. Q2 on Q1 change.
2.With effect from Q3 2021, Adjusted EBITDA includes the non-controlling interest component of Adjusted Earnings. Prior period comparatives have been revised.
Quarter Analysis
Income attributable to Shell plc shareholders, compared with the first quarter 2022, mainly reflected higher realised prices, higher refining margins, and higher gas and power trading and optimisation results, partly offset by lower LNG trading and optimisation results.
Second quarter 2022 income attributable to Shell plc shareholders included post-tax net impairment reversals of $4.3 billion following the revision of Shell's mid- and long-term commodity price assumptions reflecting the current energy market demand and supply fundamentals (see Note 8 to the Condensed Consolidated Interim Financial Statements), and net mark-to-market gains of $1.0 billion. These are included in identified items amounting to $5.2 billion in the quarter.
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items of $5.2 billion and the cost of supplies adjustment of $1.4 billion.
Cash flow from operating activities for the second quarter 2022 was $18.7 billion, and reflected working capital outflow of $4.2 billion, tax payments of $3.2 billion, and net derivative outflows of $0.7 billion. Working capital outflow is driven by an increase in inventory due to price and volumes (increase of $6.8 billion), and an increase in current receivables, partly offset by an increase in current payables.
Cash flow from investing activities for the quarter was an outflow of $6.2 billion.
Shell plc            Unaudited Condensed Interim Financial Report            2


Net debt and Gearing: At the end of the second quarter 2022, net debt was $46.4 billion, compared with $48.5 billion at the end of the first quarter 2022, mainly driven by free cash flow, partly offset by dividends, share buybacks, and lease additions. Gearing was 19.3% at the end of the second quarter 2022, compared with 21.3% at the end of the first quarter 2022, driven by net debt reduction and higher equity.
Shareholder distributions
Total shareholder distributions in the quarter amounted to $7.4 billion. The $8.5 billion share buyback programme for the first half of 2022 was completed on July 5, 2022. Dividends declared to Shell plc shareholders for the second quarter 2022 amount to $0.25 per share. Today, Shell announces a share buyback programme of $6 billion which is expected to be completed by the third quarter 2022 results announcement. With the current energy sector outlook and subject to Board approval, shareholder distributions are expected to remain in excess of 30% of cash flow from operating activities.
Half Year Analysis
Income attributable to Shell plc shareholders, compared with the first half 2021, mainly reflected higher realised prices, higher refining margins, higher trading and optimisation results, partly offset by lower volumes, and lower Chemicals margins.
First half 2022 income attributable to Shell plc shareholders included post-tax net impairment reversals of $1.7 billion and provisions for onerous contracts of $0.5 billion. These are included in identified items amounting to $1.1 billion in the half year.
Adjusted Earnings and Adjusted EBITDA for the first half 2022 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items of positive $1.1 billion and the cost of supplies adjustment of $3.5 billion.
Cash flow from operating activities for the first half 2022 was $33.5 billion, and reflected working capital outflow of $11.7 billion, and tax payments of $5.3 billion.
Cash flow from investing activities for the first half 2022 was an outflow of $10.5 billion.
This announcement, together with supplementary financial and operational disclosure and a separate press release for this quarter, is available at www.shell.com/investors1.
1.Not incorporated by reference.
SECOND QUARTER 2022 PORTFOLIO DEVELOPMENTS
Withdrawal from Russian oil and gas activities
We refer to Note 9 to the Condensed Consolidated Interim Financial Statements.
Integrated Gas
In May 2022, we announced that Shell Australia Pty Ltd and its joint venture partner, SGH Energy, have taken a final investment decision to approve the development of the Crux natural gas field, off the coast of Western Australia.
In July 2022, we were selected by QatarEnergy as a partner in the North Field expansion project in Qatar.
Upstream
In April 2022, we announced that we have signed the production-sharing contract (PSC) to formally acquire a 25% stake in the Atapu Field in Brazil.
In May 2022, we announced the start of production of the FPSO Guanabara in the Mero field, in the offshore Santos Basin in Brazil.
In July 2022, we announced the final investment decision to develop the Jackdaw gas field in the UK North Sea, following regulatory approval earlier this year.
Marketing
In May 2022, we completed the sale of Shell Neft LLC, Shell’s retail stations and lubricants business in Russia, to PJSC LUKOIL.
In June 2022, we completed the acquisition of certain company-owned fuel and convenience retail sites from the Landmark group of companies in the USA, including supply agreements for the independently operated fuel and convenience sites.
Shell plc            Unaudited Condensed Interim Financial Report            3


Chemicals and Products
In July 2022, we announced that Shell USA, Inc. and Shell Midstream Partners, L.P. had executed a definitive agreement and plan of merger, pursuant to which Shell USA, Inc. will acquire all of the common units representing limited partner interests in Shell Midstream Partners, L.P. held by the public.
Renewables and Energy Solutions
In April 2022, we signed an agreement with Actis Solenergi Limited to acquire 100% of Solenergi Power Private Limited and with it, the Sprng Energy group of companies in India.
In July 2022, we announced the final investment decision to build Holland Hydrogen I, which will be Europe's largest renewable hydrogen plant once operational in 2025.
Shell plc            Unaudited Condensed Interim Financial Report            4


PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 2021Reference20222021%
8,103 3,079 969 +163
Segment earnings
11,1833,421 +227
4,346 (1,013)(636)Identified itemsA3,332245
3,758 4,093 1,605 -8Adjusted EarningsA7,850 3,176 +147
6,529 6,315 3,318 +3Adjusted EBITDAA12,844 6,741 +91
8,176 6,443 2,191 +27Cash flow from operating activities14,619 4,753 +208
919 863 765 Cash capital expenditureC1,782 1,662 
144 120 165 +20Liquids production available for sale (thousand b/d)132 179 -26
4,642 4,504 4,817 +3Natural gas production available for sale (million scf/d)4,573 4,918 -7
944 896 995 +5Total production available for sale (thousand boe/d)920 1,026 -10
7.66 8.00 7.49 -4LNG liquefaction volumes (million tonnes)15.66 15.65 
15.21 18.29 15.92 -17LNG sales volumes (million tonnes)33.50 32.30 +4
1.     Q2 on Q1 change.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. The segment includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver gas and liquids to market as well as the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
Quarter Analysis
Segment earnings, compared with the first quarter 2022, mainly reflected higher production (increase of $109 million, post-tax), more than offset by the net of lower trading and optimisation results and assets realising higher prices (decrease of $296 million, post-tax).
Second quarter 2022 segment earnings included impairment reversals of $2,508 million (see Note 8 to the Condensed Consolidated Interim Financial Statements), gains of $1,979 million due to the fair value accounting of commodity derivatives primarily due to gas price developments, partly offset by charges of $326 million due to provisions for onerous contracts. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases and sales. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These gains and losses are part of identified items (see Reference A).
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, variation margins cash inflows, the positive impact of timing differences between cash flows of derivatives and physical transactions, and working capital inflows, partly offset by tax payments.
Total oil and gas production, compared with the first quarter 2022, increased by 5% due to lower maintenance in Pearl GTL and Prelude, partly offset by the derecognition of Sakhalin-related volumes. LNG liquefaction volumes decreased by 4% mainly due to the derecognition of Sakhalin-related volumes, partly offset by lower maintenance.
Half Year Analysis
Segment earnings, compared with the first half 2021, mainly reflected higher margins (increase of $5,623 million, post-tax) reflecting higher realised prices and higher trading and optimisation results, partly offset by lower total oil and gas production (decrease of $612 million, post-tax).
First half 2022 segment earnings included gains of $3,562 million due to the fair value accounting of commodity derivatives, and net gains of $780 million from impairments and impairment reversals, partly offset by charges of $387 million due to provisions for onerous contracts. These gains and losses are part of identified items (see Reference A).
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items.
Shell plc            Unaudited Condensed Interim Financial Report            5


Cash flow from operating activities for the first half 2022 was primarily driven by Adjusted EBITDA, and the positive impact of derivatives, partly offset by tax payments.
Total oil and gas production, compared with the first half 2021, decreased by 10% due to higher maintenance in Pearl GTL and Prelude, the derecognition of Sakhalin-related volumes, and a divestment in Canada.
Shell plc            Unaudited Condensed Interim Financial Report            6


UPSTREAM
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 2021Reference20222021%
6,391 3,0952,458 +106
Segment earnings
9,486 3,370 +181
1,479 (355)(53)Identified itemsA1,124 (74)
4,912 3,450 2,511 +42Adjusted EarningsA8,362 3,444 +143
11,167 8,977 6,696 +24Adjusted EBITDAA20,144 11,956 +68
8,110 5,964 4,972 +36Cash flow from operating activities14,074 8,864 +59
2,858 1,707 1,693 
Cash capital expenditure
C4,565 3,174 
1,325 1,403 1,555 -6Liquids production available for sale (thousand b/d)1,364 1,556 -12
3,428 3,606 3,767 -5Natural gas production available for sale (million scf/d)3,517 4,248 -17
1,917 2,025 2,205 -5Total production available for sale (thousand boe/d)1,970 2,289 -14
1.Q2 on Q1 change.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.
Quarter Analysis
Segment earnings, compared with the first quarter 2022, mainly reflected higher realised oil and gas prices (increase of $1,417 million, post-tax), and share of profit of joint ventures and associated gain relating to storage and working gas transfer effects ($480 million, post-tax).
Second quarter 2022 segment earnings included a net gain from impairments and impairment reversals of $1,682 million (see Note 8 to the Condensed Consolidated Interim Financial Statements), partly offset by a $252 million charge related to the impact of the weakening Brazilian real on a deferred tax position. These gains and losses are part of identified items (see Reference A).
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by the timing impact of dividends from joint ventures and associates and tax payments.
Total production, compared with the first quarter 2022, decreased mainly due to scheduled maintenance.
Half Year Analysis
Segment earnings, compared with the first half 2021, mainly reflected higher realised oil and gas prices (increase of $5,930 million, post-tax), partly offset by lower volumes (reduction of $1,823 million, post-tax), mainly as a result of divestments.
First half 2022 segment earnings included a net gain from impairments and impairment reversals of $1,285 million, partly offset by losses of $346 million due to the fair value accounting of commodity derivatives. These gains and losses are included in identified items (see Reference A).
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the first half of 2022 was primarily driven by Adjusted EBITDA, partly offset by the timing impact of dividends from joint ventures and associates and tax payments.
Total production, compared with the first half 2021, decreased due to the impact of divestments and scheduled maintenance. The impact of field decline was offset by growth from new fields.
Shell plc            Unaudited Condensed Interim Financial Report            7



MARKETING
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 2021
%¹
Reference20222021%
836 165 977 +408
Segment earnings²
1,000 1,633 -39
85 (572)22 Identified items A(487)(125)
751 737 955 +2
Adjusted Earnings²
A1,488 1,757 -15
1,452 1,323 1,710 +10
Adjusted EBITDA2
A2,775 3,136 -12
(454)(530)1,133 +14Cash flow from operating activities(984)1,959 -150
1,620 473 467 Cash capital expenditureC2,092 850 
2,515 2,372 2,406 +6Marketing sales volumes (thousand b/d)2,444 2,313 +6
1.Q2 on Q1 change.
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, shipping, commercial road transport and agricultural sectors.
Quarter Analysis
Segment earnings, compared with the first quarter 2022, reflected higher Marketing margins (increase of $127 million, post-tax) including higher Mobility sales volumes due to seasonality, partly offset by lower Lubricants margins due to higher feedstock costs. These were partly offset by tax charges mainly linked to hyperinflation (increase of $96 million, post-tax).
Second quarter 2022 segment earnings included a net gain of $128 million from impairments and impairment reversals, and reversals of provisions for expected credit losses of $103 million. These net gains were partly offset by net losses of $99 million related to the sale of assets and a loss of $60 million due to the fair value accounting of commodity derivatives. These gains and losses are part of identified items (see Reference A).
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the quarter was primarily driven by working capital outflows of $2,272 million, partly offset by Adjusted EBITDA, and non-cash cost-of-sales adjustments of $396 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the first quarter 2022, increased mainly due to seasonal effects in Mobility, and Sectors & Decarbonisation.
Half Year Analysis
Segment earnings, compared with the first half 2021, mainly reflected higher operating expenses (increase of $338 million, post-tax), with Marketing margins in line with the first half 2021.
Half year 2022 segment earnings included net losses of $230 million from impairments and impairment reversals, net losses of $98 million related to the sale of assets, provisions for onerous contracts of $62 million, provisions for expected credit losses of $57 million and losses of $42 million due to the fair value accounting of commodity derivatives. These losses are part of identified items (see Reference A).
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the half year 2022 was primarily driven by working capital outflows of $4,215 million, and tax payments of $222 million, partly offset by Adjusted EBITDA, and non-cash cost-of-sales adjustments of $664 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the first half 2021, increased mainly due to demand recovery in Aviation (within Sectors & Decarbonisation).
Shell plc            Unaudited Condensed Interim Financial Report            8


CHEMICALS AND PRODUCTS
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 2021Reference20222021%
2,131 1,072 (508)+99
Segment earnings²
3,203152+2002
96 (96)(1,496)Identified items A1(1,618)
2,035 1,168 989 +74Adjusted Earnings²A3,2031,770+81
3,184 2,006 1,909 +59
Adjusted EBITDA2
A5,1913,612+44
2,728 3,673 2,180 -26Cash flow from operating activities6,4022,557+150
1,226 998 1,311 Cash capital expenditureC2,2242,329
1,342 1,397 1,833 -4Refinery processing intake (thousand b/d)1,3701,792-24
1,596 1,598 2,145 Refining & Trading sales volumes (thousand b/d)1,5972,045-22
3,054 3,330 3,609 -8Chemicals sales volumes (thousand tonnes)6,3847,192-11
1.Q2 on Q1 change.
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the Pipeline business, Trading of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
Quarter Analysis
Segment earnings, compared with the first quarter 2022, reflected higher Products margins (increase of $1,096 million, post-tax) reflecting higher realised Refining margins including the effects of dislocation in product markets, partly offset by lower contributions from trading and optimisation, as well as lower operating expenses (decrease of $111 million, post-tax). These were partly offset by lower Chemicals margins (decrease of $160 million, post-tax) due to higher feedstock and utility costs as well as higher turnarounds.
Second quarter 2022 segment earnings included gains of $74 million due to the fair value accounting of commodity derivatives, and gains of $64 million related to the sale of assets. These gains were partly offset by impairment charges of $41 million. These gains and losses are part of identified items (see Reference A).
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items. Adjusted Earnings for the second quarter were a loss of $158 million for Chemicals and positive earnings of $2,193 million for Products.
Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, non-cash cost-of-sales adjustments of $1,579 million, the timing of payments relating to emissions and biofuel programmes of $557 million, a long-term payable for a volume purchase contract of $507 million, and dividends from joint ventures and associates of $462 million. These inflows were partly offset by working capital outflows of $3,673 million.
Chemicals manufacturing plant utilisation was 78% (previous methodology: 71%) compared with 85% (previous methodology: 78%) in the first quarter 2022, due to higher turnarounds.
Refinery utilisation was 84% (previous methodology: 69%) compared with 81% (previous methodology: 71%) in the first quarter 2022, due to turnaround completion in the second quarter 2022.
With effect from the second quarter 2022, the methodology applied in calculating both Chemicals manufacturing plant utilisation and Refinery utilisation has been revised to further align with industry disclosures. The revisions include moving from stream days capacity (defined as the maximum throughput, excluding the impact of maintenance or operational outages) to calendar days capacity (defined as the throughput including typical limitations such as maintenance over an extended period of time). Furthermore, Refinery utilisation is now specific to the capacity of the crude distillation unit (except for Scotford Refinery which uses the capacity of the hydrocracker), and no longer the capacity across all refinery units.
Half Year Analysis
Segment earnings, compared with the first half 2021, reflected higher Products margins (increase of $3,055 million, post-tax) reflecting higher realised Refining margins and higher contributions from trading and optimisation, as well as lower depreciation charges (decrease of $165 million, post-tax). These were partly offset by lower Chemicals margins (decrease of $1,447 million, post-tax) and higher operating expenses (increase of $331 million, post-tax).
Shell plc            Unaudited Condensed Interim Financial Report            9


Half year 2022 segment earnings included gains of $172 million related to the sale of assets, and gains of $94 million related to the remeasurement of redundancy and restructuring costs. These net gains were partly offset by charges of $159 million related to the fair value accounting of commodity derivatives, and impairment charges of $87 million. These gains and losses are part of identified items (see Reference A).
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items. Adjusted Earnings for the first half 2022 were a loss of $127 million for Chemicals and positive earnings of $3,330 million for Products.
Cash flow from operating activities for the half year 2022 was primarily driven by Adjusted EBITDA, non-cash cost-of-sales adjustments of $4,173 million, the timing of payments relating to emissions and biofuel programmes of $991 million, a long-term payable for a volume purchase contract of $507 million, and dividends from joint ventures and associates of $390 million. These inflows were partly offset by working capital outflows of $4,738 million, and cash outflows related to commodity derivatives of $653 million.
Chemicals manufacturing plant utilisation was 82% (previous methodology: 75%) compared with 88% (previous methodology: 81%) in the first half 2021, due to higher turnarounds.
Refinery utilisation was 82% (previous methodology: 70%) compared with 82% (previous methodology: 74%) in the first half 2021, due to the impact of divestments and turnarounds.
Shell plc            Unaudited Condensed Interim Financial Report            10


RENEWABLES AND ENERGY SOLUTIONS
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 2021Reference20222021%
(173)(1,536)(564)+89
Segment earnings
(1,709)(282)-507
(898)(1,880)(551)Identified itemsA(2,778)(167)
725 344 (13)+111Adjusted EarningsA1,069(115)+1030
1,013 521 89 +95Adjusted EBITDAA1,53423+6645
(558)(459)1,686 -22Cash flow from operating activities(1,017)1,846-155
321 985 117 
Cash capital expenditure
C1,307286
54 57 61 -5
External power sales (terawatt hours)2
111125-12
188 257 197 -27
Sales of pipeline gas to end-use customers (terawatt hours)3
445458-3
1.Q2 on Q1 change.
2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.
3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.
The Renewables and Energy Solutions segment includes Shell’s Integrated Power activities, comprising electricity generation, marketing, trading and optimisation of power and pipeline gas, and digitally enabled customer solutions. The segment also includes production and marketing of hydrogen, development of commercial carbon capture & storage hubs, trading of carbon credits and investment in nature-based projects that avoid or reduce carbon.
Quarter Analysis
Segment earnings, compared with the first quarter 2022, mainly reflected higher trading and optimisation results for gas and power, due to extraordinary gas and power price volatility, across North America, Europe and Australia, and favourable movements in joint venture earnings related to tax.
Identified items (post-tax): Second quarter 2022 segment earnings included net losses of $898 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. See Reference A.
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the second quarter 2022 was primarily driven by net cash outflows related to derivatives, partly offset by Adjusted EBITDA, and working capital inflows.
Half Year Analysis
Segment earnings, compared with the first half 2021, reflected higher trading and optimisation results for gas and power, due to the extraordinary market environment, and lower operating expenses.
Identified items (post-tax): First half 2022 segment earnings included net charges of $2,778 million due to the fair value accounting of commodity derivates.
Adjusted Earnings and Adjusted EBITDA were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the first half 2022 was primarily driven by working capital outflows, net cash outflows related to derivatives, partly offset by Adjusted EBITDA.
Additional Growth Measures
Shell plc            Unaudited Condensed Interim Financial Report            11


QuartersHalf year
Q2 2022Q1 2022Q2 202120222021%
Renewable power generation capacity (gigawatt):
1.11.01.2+5
– In operation2
1.11.2-10
4.63.63.1+28
– Under construction and/or committed for sale3
4.63.1+50
1.Q2 on Q1 change.
2.Shell's equity share of renewable generation capacity post commercial operation date.
3.Shell's equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA).
Shell plc            Unaudited Condensed Interim Financial Report            12


CORPORATE
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 2021Reference20222021
(529)(736)(592)
Segment earnings
(1,264)(1,124)
97 (187)(193)Identified itemsA(90)(59)
(626)(548)(399)Adjusted EarningsA(1,174)(1,065)
(197)(114)(101)Adjusted EBITDAA(310)(274)
652 (277)454 Cash flow from operating activities375 932 
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell’s holdings and treasury organisation, its self-insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.
Quarter Analysis
Segment earnings, compared with the first quarter 2022, reflected favourable movements in tax credits and lower net interest expense, partly offset by unfavourable currency exchange rate effects.
Second quarter 2022 segment earnings included a gain of $99 million from the deferred tax impact of the weakening Brazilian real on financing positions, which is part of identified items (see Reference A).
Adjusted Earnings are derived from segment earnings, adjusted for identified items. Adjusted EBITDA were mainly driven by unfavourable currency exchange effects.
Half Year Analysis
Segment earnings, compared with the first half 2021, reflected unfavourable movements in tax credits, partly offset by lower net interest expense.
First half 2022 segment earnings included a loss of $87 million from the deferred tax impact of the strengthening Brazilian real on financing positions, which is part of identified items (see Reference A).
Adjusted Earnings are derived from segment earnings, adjusted for identified items. Adjusted EBITDA were mainly driven by unfavourable currency exchange effects.
OUTLOOK FOR THE THIRD QUARTER 2022
Cash capital expenditure is expected to be in line with the $23 - $27 billion range for the full year.
Integrated Gas production is expected to be approximately 890 - 940 thousand boe/d.
LNG liquefaction volumes are expected to be approximately 6.9 - 7.5 million tonnes.
Third quarter 2022 outlook includes substantially more planned maintenance compared with second quarter 2022 and uncertainty around the impact of “Permitted Industrial Actions” at Prelude.
Upstream production is expected to be approximately 1,750 - 1,950 thousand boe/d in the third quarter 2022.
The third quarter production outlook reflects that Salym-related volumes in Russia are no longer recognised.
Marketing sales volumes are expected to be approximately 2,350 - 2,850 thousand b/d.
Refinery utilisation is expected to be approximately 90% - 98%.
Chemicals manufacturing plant utilisation is expected to be approximately 82% - 90%.
The utilisation ranges presented use the revised methodology (please refer to 'Chemicals and Products' in the 'Performance by Segment' section).
Chemicals sales volumes are expected to be approximately 3,100 - 3,600 thousand tonnes.
Corporate Adjusted Earnings are expected to be a net expense of approximately $450 - $650 million in the third quarter 2022 and a net expense of approximately $2,000 - $2,400 million for the full year 2022. This excludes the impact of currency exchange rate effects.
FORTHCOMING EVENTS
The “Shell Insights: Marketing Business Update” event is scheduled for October 6, 2022. Third quarter 2022 results and dividends are scheduled to be announced on October 27, 2022.
Shell plc            Unaudited Condensed Interim Financial Report            13


UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 202120222021
100,059 84,204 60,515 
Revenue1, 4
184,263 116,181 
2,031 (303)1,114 
Share of profit/(loss) of joint ventures and associates4
1,728 2,108 
993 (737)134 
Interest and other income/(expenses)2, 4
257 2,590 
103,083 83,164 61,764 Total revenue and other income/(expenses)186,247 120,879 
66,658 55,657 39,717 Purchases122,315 74,086 
6,359 6,029 5,162 Production and manufacturing expenses12,389 11,970 
2,924 3,239 3,107 
Selling, distribution and administrative expenses4
6,163 5,569 
264 189 201 Research and development452 366 
370 269 332 Exploration639 617 
(348)6,295 8,223 
Depreciation, depletion and amortisation4, 5
5,947 14,119 
695 711 893 Interest expense1,406 1,784 
76,923 72,388 57,634 Total expenditure149,311 108,512 
26,160 10,776 4,130 Income/(loss) before taxation36,936 12,367 
7,922 3,457 571 Taxation charge/(credit)11,379 3,024 
18,238 7,319 3,559 
Income/(loss) for the period¹
25,557 9,343 
198 203 131 Income/(loss) attributable to non-controlling interest401 255 
18,040 7,116 3,428 Income/(loss) attributable to Shell plc shareholders25,156 9,087 
2.420.94 0.44 
Basic earnings per share ($)3
3.341.17 
2.400.93 0.44 
Diluted earnings per share ($)3
3.311.16 
1.    See Note 2 “Segment information”.
2.    See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
3.    See Note 3 “Earnings per share”.
4.    See Note 9 “Withdrawal from Russian oil and gas activities”.
5.    See Note 8 “Impairments and reversals of impairments”.
Shell plc            Unaudited Condensed Interim Financial Report            14


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 202120222021
18,238 7,319 3,559 Income/(loss) for the period25,557 9,343 
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
(2,644)259 575 – Currency translation differences(2,385)(277)
(24)(41)(2)– Debt instruments remeasurements(65)(16)
(98)267 (84)
– Cash flow hedging gains/(losses)
169 48 
211 50 (51)
– Net investment hedging gains/(losses)
261 120 
9 212 (20)– Deferred cost of hedging222 (54)
(22)190 (7)– Share of other comprehensive income/(loss) of joint ventures and associates168 (63)
(2,567)938 410 Total(1,630)(242)
Items that are not reclassified to income in later periods:
5,712 1,718 1,675 – Retirement benefits remeasurements7,430 6,303 
(457)24 10 – Equity instruments remeasurements(433)50 
36 (74)(42)– Share of other comprehensive income/(loss) of joint ventures and associates(38)(67)
5,291 1,668 1,643 Total6,959 6,285 
2,724 2,606 2,053 Other comprehensive income/(loss) for the period5,330 6,044 
20,962 9,925 5,612 Comprehensive income/(loss) for the period30,887 15,386 
327 218 145 Comprehensive income/(loss) attributable to non-controlling interest545 266 
20,635 9,707 5,467 Comprehensive income/(loss) attributable to Shell plc shareholders30,342 15,121 

Shell plc            Unaudited Condensed Interim Financial Report            15


CONDENSED CONSOLIDATED BALANCE SHEET
$ million
June 30, 2022December 31, 2021
Assets
Non-current assets
Intangible assets25,540 24,693 
Property, plant and equipment 3
200,122 194,932 
Joint ventures and associates23,264 23,415 
Investments in securities3,507 3,797 
Deferred tax1
8,575 12,426 
Retirement benefits1
14,973 8,471 
Trade and other receivables5,853 7,065 
Derivative financial instruments²
839 815 
282,674 275,614 
Current assets
Inventories36,087 25,258 
Trade and other receivables66,708 53,208 
Derivative financial instruments²
23,257 11,369 
Cash and cash equivalents38,970 36,970 
165,022 126,805 
Assets classified as held for sale1
203 1,960 
165,224 128,765 
Total assets447,898 404,379 
Liabilities
Non-current liabilities
Debt77,220 80,868 
Trade and other payables3,829 2,075 
Derivative financial instruments²
3,238 887 
Deferred tax1
16,145 12,547 
Retirement benefits1
8,693 11,325 
Decommissioning and other provisions25,798 25,804 
134,922 133,506 
Current liabilities
Debt6,521 8,218 
Trade and other payables75,445 63,173 
Derivative financial instruments²
28,881 16,311 
Income taxes payable4,506 3,254 
Decommissioning and other provisions2,943 3,338 
118,295 94,294 
Liabilities directly associated with assets classified as held for sale1
382 1,253 
118,678 95,547 
Total liabilities253,600 229,053 
Equity attributable to Shell plc shareholders190,500 171,966 
Non-controlling interest3,799 3,360 
Total equity194,299 175,326 
Total liabilities and equity447,898 404,379 
1.    See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
2.    See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.
3.    See Note 8 “Impairments and reversals of impairments”.
Shell plc            Unaudited Condensed Interim Financial Report            16


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
$ million
Share capital1
Shares held in trustOther reserves²Retained earningsTotalNon-controlling interestTotal equity
At January 1, 2022641 (610)18,909 153,026 171,966 3,360 175,326 
Comprehensive income/(loss) for the period— — 5,186 25,156 30,342 545 30,887 
Transfer from other comprehensive income— — 13 (13) —  
Dividends³— — — (3,680)(3,680)(110)(3,790)
Repurchases of shares4
(27)— 27 (8,544)(8,544)— (8,544)
Share-based compensation— 427 (137)175 465 — 465 
Other changes— — — (49)

(49)

3 (47)
At June 30, 2022614 (184)23,998 166,072 190,500 3,799 194,299 
At January 1, 2021651 (709)12,752 142,616 155,310 3,227 158,537 
Comprehensive income/(loss) for the period— — 6,033 9,087 15,121 266 15,386 
Transfer from other comprehensive income— — (15)15  —  
Dividends3
— — — (2,620)(2,620)(265)(2,886)
Share-based compensation— 350 (219)59 190 — 190 
Other changes— — — (2)(2)16 15 
At June 30, 2021651 (358)18,552 149,155 167,999 3,244 171,243 
1.    See Note 4 “Share capital”.
2.    See Note 5 “Other reserves”.
3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.
4.     Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.
Shell plc            Unaudited Condensed Interim Financial Report            17


CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters$ millionHalf year
Q2 2022Q1 2022Q2 202120222021
26,160 10,776 4,130 
Income before taxation for the period
36,936 12,367 
Adjustment for:
551 599 797 – Interest expense (net)1,150 1,554 
(348)6,295 8,223 
– Depreciation, depletion and amortisation3
5,947 14,119 
189 79 108 – Exploration well write-offs268 244 
(334)(193)55 – Net (gains)/losses on sale and revaluation of non-current assets and businesses(527)(2,018)
(2,031)303 (1,114)– Share of (profit)/loss of joint ventures and associates(1,728)(2,108)
1,245 926 782 – Dividends received from joint ventures and associates2,171 1,361 
(6,833)(4,914)(2,495)– (Increase)/decrease in inventories(11,747)(5,921)
(4,066)(10,005)(4,080)– (Increase)/decrease in current receivables(14,071)(10,909)
6,656 7,495 5,016 – Increase/(decrease) in current payables14,150 10,881 
(1,779)3,495 2,173 – Derivative financial instruments1,716 2,358 
123 247 47 
– Retirement benefits
370 156 
571 (9)(124)
– Decommissioning and other provisions
562 (46)
1,706 1,876 561 
– Other1
3,582 1,145 
(3,155)(2,155)(1,465)Tax paid(5,310)(2,274)
18,655 14,815 12,617 Cash flow from operating activities33,470 20,910 
(6,677)(4,237)(4,232)Capital expenditure(10,914)(8,117)
(264)(755)(115)Investments in joint ventures and associates(1,019)(184)
(83)