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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 2023
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 ¨




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, 2023 Unaudited Condensed Interim Financial Report.
This Report on Form 6-K contains the Unaudited Condensed Interim Financial Report. This Unaudited Condensed Interim Financial Report contains the Unaudited Condensed Interim Consolidated Financial Statements of the Registrant and its subsidiaries for the three and six month periods ended June 30, 2023, and Business Review in respect of such period.
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 Statements on Form S-8 of Shell plc (Registration Numbers 333-262396 and 333-272192).


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/ Caroline J.M. Omloo
Name: Caroline J.M. Omloo
Title: Company Secretary
Date: July 27, 2023


Document

Exhibit 99.1
Regulatory release

Three and six month periods ended June 30, 2023
Unaudited Condensed Interim Financial Report
On July 27, 2023, Shell plc released the Unaudited Condensed Interim Financial Report for the three and six month periods ended June 30, 2023, of Shell plc and its subsidiaries (collectively, “Shell”).
Contact – Media
International: +44 (0) 207 934 5550
USA: +1 832 337 4355


shel-20230630_d2

Exhibit 99.2
Shell plc
Three and six month periods ended June 30, 2023
Unaudited Condensed Interim Financial Report

Shell plc            Unaudited Condensed Interim Financial Report            1


SHELL PLC
2nd QUARTER 2023 AND HALF YEAR UNAUDITED RESULTS
SUMMARY OF UNAUDITED RESULTS
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 2022Reference20232022%
3,1348,709 18,040 -64Income/(loss) attributable to Shell plc shareholders11,84325,156 -53
5,073 9,646 11,472 -47Adjusted EarningsA14,720 20,601 -29
14,435 21,432 23,150 -33Adjusted EBITDAA35,86742,177-15
15,130 14,159 18,655 +7Cash flow from operating activities29,28933,470-12
(3,015)(4,238)(6,207)Cash flow from investing activities(7,253)(10,481)
12,116 9,921 12,448 Free cash flowG22,037 22,989 
5,130 6,501 7,024 Cash capital expenditureC11,631 12,088 
9,653 9,312 9,547 +4Operating expensesF18,964 19,004 
9,607 9,293 9,270 +3Underlying operating expensesF18,900 18,526 +2
11.6%17.2%14.3%ROACE on a Net income basisD11.6%14.3%
13.4%15.9%12.4%ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basisD13.4%12.4%
40,31044,224 46,357 Net debtE40,31046,357
17.3%18.4%19.3%GearingE17.3%19.3%
2,731 2,902 2,898 -6Total production available for sale (thousand boe/d)2,816 2,930 -4
0.461.262.42-63Basic earnings per share ($)1.73 3.34-48
0.751.391.54-46Adjusted Earnings per share ($)B2.152.74-22
0.33100.28750.2500+15Dividend per share ($)0.61850.5000+24
1.Q2 on Q1 change
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the first quarter 2023, mainly reflected lower LNG trading and optimisation results, lower realised oil and gas prices, lower refining margins, and lower volumes.
Second quarter 2023 income attributable to Shell plc shareholders also included net impairment charges and reversals of $1.7 billion. These charges are included in identified items amounting to a net loss of $1.6 billion in the quarter. This compares with identified items in the first quarter 2023 which amounted to a net loss of $0.5 billion.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.3 billion.
Cash flow from operating activities for the second quarter 2023 was $15.1 billion, and included a working capital inflow of $4.8 billion, and tax payments of $3.8 billion. The working capital inflow mainly reflected lower prices on inventories, initial margin inflow, a decrease in over-the-counter collateral, and other accounts receivable and payable movements.
Cash flow from investing activities for the quarter was an outflow of $3.0 billion, and included capital expenditure of $4.6 billion, net other investing cash inflows of $1.1 billion, and divestment proceeds of $0.5 billion.
Net debt and Gearing: At the end of the second quarter 2023, net debt was $40.3 billion, compared with $44.2 billion at the end of the first quarter 2023. Gearing was 17.3% at the end of the second quarter 2023, compared with 18.4% at the end of the first quarter 2023, mainly driven by net debt reduction.
Shell plc            Unaudited Condensed Interim Financial Report            2


Shareholder distributions
Total shareholder distributions in the quarter amounted to $5.6 billion comprising repurchases of shares of $3.6 billion and cash dividends paid to Shell plc shareholders of $2.0 billion. Dividends declared to Shell plc shareholders for the second quarter 2023 amount to $0.3310 per share. Shell has now completed the $4 billion of share buybacks announced in the first quarter 2023 results announcement. Today, Shell announces a share buyback programme of $3 billion which is expected to be completed by the third quarter 2023 results announcement. Subject to Board approval, a share buyback programme of at least $2.5 billion is expected to be announced at the third quarter 2023 results announcement.
Half Year Analysis1
Income attributable to Shell plc shareholders, compared with the first half 2022, reflected lower realised oil and gas prices, lower volumes, and lower refining margins, partly offset by higher Mobility margins.
First half 2023 income attributable to Shell plc shareholders also included net impairment charges and reversals of $2.1 billion which are included in identified items amounting to a net loss of $2.1 billion. This compares with identified items in the first half 2022 which amounted to a net gain of $1.1 billion.
Adjusted Earnings and Adjusted EBITDA2 for the first half 2023 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of positive $0.8 billion.
Cash flow from operating activities for the first half 2023 was $29.3 billion, and included working capital inflows of $4.1 billion, and tax payments of $6.9 billion.
Cash flow from investing activities for the first half 2023 was an outflow of $7.3 billion and included capital expenditure of $10.8 billion, divestment proceeds of $2.2 billion, and net other investing cash inflows of $1.2 billion.
This announcement, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors3.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
3.Not incorporated by reference.
SECOND QUARTER 2023 PORTFOLIO DEVELOPMENTS
Integrated Gas
In July 2023, we agreed to sell our participating interest of 35% in Indonesia's Masela Production Sharing Contract to Indonesia’s PT Pertamina Hulu Energi and PETRONAS Masela Sdn. Bhd. The participating interest includes the Abadi gas project.
Upstream
In April 2023, we completed the restart of operations at the Pierce field in the UK North Sea after a major redevelopment to enable gas production, after years of the field producing only oil. Pierce is a joint arrangement between Shell (92.52%) and Ithaca Energy (UK) Limited (7.48%).
Shell plc            Unaudited Condensed Interim Financial Report            3


PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 2022Reference20232022%
754 2,410 8,103 -69
Segment earnings2
3,16411,183 -72
(1,744)(2,506)4,346 Of which: Identified itemsA(4,250)3,332
2,498 4,917 3,758 -49Adjusted Earnings²A7,415 7,850 -6
4,827 7,482 6,529 -35
Adjusted EBITDA2
A12,309 12,844 -4
3,628 6,286 8,176 -42Cash flow from operating activitiesH9,914 14,619 -32
1,089 813 919 Cash capital expenditureC1,901 1,782 
142 138 144 +2Liquids production available for sale (thousand b/d)140 132 +6
4,895 4,825 4,642 +1Natural gas production available for sale (million scf/d)4,860 4,573 +6
985 970 944 +2Total production available for sale (thousand boe/d)978 920 +6
7.17 7.19 7.66 LNG liquefaction volumes (million tonnes)14.35 15.66 -8
16.03 16.97 15.21 -6LNG sales volumes (million tonnes)33.00 33.50 -2
1.Q2 on Q1 change
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
Quarter Analysis1
Segment earnings, compared with the first quarter 2023, reflected the effect of lower contributions from trading and optimisation due to seasonality and fewer optimisation opportunities and lower realised prices (decrease of $2,413 million), and unfavourable deferred tax movements (decrease of $90 million), partly offset by higher volumes (increase of $55 million).
Second quarter 2023 segment earnings also included net impairment charges and reversals of $1,438 million mainly in North America, and unfavourable movements of $293 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 and sales. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These unfavourable movements and net impairment charges are part of identified items and compare with the first quarter 2023 which included unfavourable movements of $2,188 million due to the fair value accounting of commodity derivatives and impairment charges of $262 million in Australia.
Adjusted Earnings and Adjusted EBITDA2 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, and working capital inflows of $208 million, partly offset by tax payments of $1,279 million, and net cash outflows related to derivatives of $201 million.
Total oil and gas production, compared with the first quarter 2023, increased by 2% mainly due to the ramp-up of new fields, and lower maintenance.
Half Year Analysis1
Segment earnings, compared with the first half 2022, reflected the net effect of lower realised prices and higher contributions from trading and optimisation (decrease of $433 million) and lower volumes (decrease of $132 million), partly offset by lower operating expenses (decrease of $82 million).
Half year 2023 segment earnings also included unfavourable movements of $2,481 million due to the fair value accounting of commodity derivatives and net impairment charges and reversals of $1,700 million. These losses are part of identified items and compare with the first half 2022 which included favourable movements of $3,562 million due to the fair value accounting of commodity derivatives, and gains of $780 million from net impairment charges and reversals, partly offset by charges of $387 million due to provisions for onerous contracts.
Shell plc            Unaudited Condensed Interim Financial Report            4


Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the first half 2023 was primarily driven by Adjusted EBITDA and working capital inflow of $2,329 million, partly offset by net cash outflows related to derivatives of $2,618 million, and tax payments of $2,163 million.
Total oil and gas production, compared with the first half 2022, increased by 6% mainly due to lower maintenance in Pearl GTL, Prelude, Trinidad and Tobago, and ramp-up of new fields in Oman and Canada, partly offset by derecognition of Sakhalin-related volumes and production-sharing contract effects. LNG liquefaction volumes decreased by 8% mainly due to the derecognition of Sakhalin-related volumes.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            5


UPSTREAM
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 2022Reference20232022%
1,586 2,7796,391 -43
Segment earnings2
4,365 9,486 -54
(98)(21)1,479 Of which: Identified itemsA(120)1,124 
1,684 2,801 4,912 -40Adjusted Earnings²A4,485 8,362 -46
6,447 8,837 11,167 -27
Adjusted EBITDA2
A15,284 20,144 -24
4,519 5,808 8,110 -22Cash flow from operating activitiesH10,327 14,074 -27
2,029 1,870 2,858 
Cash capital expenditure
C3,899 4,565 
1,283 1,346 1,325 -5Liquids production available for sale (thousand b/d)1,314 1,364 -4
2,425 3,078 3,428 -21Natural gas production available for sale (million scf/d)2,749 3,517 -22
1,701 1,877 1,917 -9Total production available for sale (thousand boe/d)1,788 1,970 -9
1.Q2 on Q1 change
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
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 Analysis1
Segment earnings, compared with the first quarter 2023, mainly reflected lower prices (decrease of $741 million) and lower volumes (decrease of $718 million), partly offset by lower operating expenses (decrease of $116 million) and lower depreciation, depletion and amortisation charges (decrease of $54 million).
Second quarter 2023 segment earnings also included charges of $127 million due to Brazil Oil export tax and a $65 million charge relating to impairments, partly offset by gains of $92 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains and losses are part of identified items, and compare with the first quarter 2023 which amounted to a net loss of $21 million.
Adjusted Earnings and Adjusted EBITDA2 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, and working capital inflows of $772 million, partly offset by tax payments of $2,346 million.
Total production, compared with the first quarter 2023, decreased mainly due to scheduled maintenance and divestments, partly offset by growth from new fields.
Half Year Analysis1
Segment earnings, compared with the first half 2022, mainly reflected lower realised oil and gas prices (decrease of $3,077 million) and lower volumes (reduction of $844 million) mainly as a result of divestments.
First half 2023 segment earnings also included charges of $176 million from impairments, and charges of $127 million relating to Brazil Oil export tax, partly offset by gains of $140 million related to the impact of the strengthening Brazilian real on a deferred tax position. These gains and losses are part of identified items, and compare with the first half 2022 which included a net gain from impairments and impairment reversals of $1,285 million, partly offset by unfavourable movements of $346 million due to the fair value accounting of commodity derivatives.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the first half 2023 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $4,364 million and the timing impact of dividends from joint ventures and associates of $486 million.
Total production, compared with the first half 2022, decreased mainly due to the impact of divestments, partly offset by growth from new fields.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            6


MARKETING
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 2022
%¹
Reference20232022%
970 1,137 836 -15
Segment earnings²
2,107 1,000 +111
76 262 85 Of which: Identified items A338 (487)
894 874 751 +2
Adjusted Earnings²
A1,768 1,488 +19
1,604 1,578 1,452 +2
Adjusted EBITDA2
A3,181 2,775 +15
1,412 1,086 (454)+30Cash flow from operating activitiesH2,498 (984)+354
670 2,685 1,620 Cash capital expenditureC3,355 2,092 
2,607 2,446 2,515 +7Marketing sales volumes (thousand b/d)2,527 2,444 +3
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, marine, commercial road transport and agricultural sectors.
Quarter Analysis1
Segment earnings, compared with the first quarter 2023, reflected higher Marketing margins (increase of $153 million) mainly driven by seasonal effects and improved unit margins in Mobility, partly offset by lower margins in Lubricants and Sectors & Decarbonisation. The second quarter 2023 also included lower taxes (decrease of $41 million). These net gains were partly offset by higher operating expenses (increase of $173 million).
Second quarter 2023 segment earnings also included a gain of $88 million related to indirect tax credits. This gain is part of identified items, and compares with the first quarter 2023 which included a gain of $210 million related to similar indirect tax credits.
Adjusted Earnings and Adjusted EBITDA2 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, and the timing of payments relating to emissions and biofuel programmes of $103 million. These inflows were partly offset by tax payments of $169 million, working capital outflows of $83 million, and non-cash cost-of-sales (CCS) adjustments of $54 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the first quarter 2023, increased mainly due to seasonal effects.
Half Year Analysis1
Segment earnings, compared with the first half 2022, reflected higher Marketing margins (increase of $830 million) due to higher volumes in Mobility and Aviation and higher margins in Lubricants and Sectors & Decarbonisation. These were partly offset by higher operating expenses (increase of $363 million) including the impact of higher volumes, and higher depreciation charges (increase of $95 million).
First half 2023 segment earnings also included gains of $298 million related to indirect tax credits, and favourable movements of $58 million due to the fair value accounting of commodity derivatives. These gains are part of identified items and compare with the first half 2022 which included losses of $230 million from net impairments and 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 unfavourable movements of $42 million due to the fair value accounting of commodity derivatives.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the first half 2023 was primarily driven by Adjusted EBITDA, the timing of payments relating to emissions and biofuel programmes of $189 million, and dividends from joint ventures and associates of $106 million. These inflows were partly offset by working capital outflows of $438 million, tax payments of $240 million and non-cash cost-of-sales (CCS) adjustments of $210 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the first half 2022, increased mainly due to Mobility asset acquisitions and improved demand in Aviation.
Shell plc            Unaudited Condensed Interim Financial Report            7


1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            8


CHEMICALS AND PRODUCTS
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 2022Reference20232022%
349 1,799 2,131 -81
Segment earnings²
2,1483,203-33
(100)22 96 Of which: Identified items A(78)1
450 1,777 2,035 -75Adjusted Earnings²A2,2263,203-30
1,300 3,050 3,184 -57
Adjusted EBITDA2
A4,3505,191-16
2,110 2,290 2,728 -8Cash flow from operating activitiesH4,4016,402-31
669 613 1,226 Cash capital expenditureC1,2812,224
1,335 1,413 1,342 -6Refinery processing intake (thousand b/d)1,3741,370
1,466 1,706 1,596 -14Refining & Trading sales volumes (thousand b/d)1,5851,597-1
2,828 2,831 3,054 Chemicals sales volumes (thousand tonnes)5,6586,384-11
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 Analysis1
Segment earnings, compared with the first quarter 2023, reflected lower Products margins (decrease of $1,099 million) mainly driven by lower refining margins and lower contributions from trading and optimisation, and lower Chemicals margins (decrease of $80 million) including weaker demand and lower income from joint ventures and associates. Segment earnings also reflected higher operating expenses (increase of $122 million) due to higher maintenance spend and provisions for site restoration.
Second quarter 2023 segment earnings also included impairment charges of $76 million. These losses are part of identified items, and compare with the first quarter 2023 which included favourable movements of $134 million due to the fair value accounting of commodity derivatives, and impairment charges of $72 million.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the second quarter 2023, Chemicals had negative adjusted earnings of $468 million and Products had positive adjusted earnings of $917 million.
Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, working capital inflows of $679 million, the timing of payments relating to emissions and biofuel programmes of $574 million, and dividends from joint ventures and associates of $112 million. These inflows were partly offset by non-cash cost-of-sales (CCS) adjustments of $376 million, cash outflows relating to commodity derivatives of $206 million, and tax payments of $113 million.
Chemicals manufacturing plant utilisation was 70% compared with 71% in the first quarter 2023.
Refinery utilisation was 85% compared with 91% in the first quarter 2023 due to higher planned and unplanned maintenance.
Half Year Analysis1
Segment earnings, compared with the first half 2022, reflected lower Products margins (decrease of $773 million) mainly driven by lower refining margins, as well as higher depreciation charges (increase of $286 million) and higher operating expenses (increase of $129 million).
First half 2023 segment earnings also included impairment charges of $148 million, and favourable movements of $137 million related to the fair value accounting of commodity derivatives. These gains and losses are part of identified items, and compare with the first half 2022 which included gains of $172 million related to the sale of assets, gains of $94 million related to the remeasurement of redundancy and restructuring costs, unfavourable movements of $159 million related to the fair value accounting of commodity derivatives, and impairment charges of $87 million.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first half 2023, Chemicals had negative adjusted earnings of $801 million and Products had positive adjusted earnings of $3,027 million.
Shell plc            Unaudited Condensed Interim Financial Report            9


Cash flow from operating activities for the first half 2023 was primarily driven by Adjusted EBITDA, cash inflows relating to commodity derivatives of $607 million, the timing of payments relating to emissions and biofuel programmes of $380 million, and dividends from joint ventures and associates of $101 million. These inflows were partly offset by non-cash cost-of-sales (CCS) adjustments of $880 million, tax payments of $263 million and working capital outflows of $125 million.
Chemicals manufacturing plant utilisation was 71% compared with 82% in the first half 2022, mainly due to economic optimisation in the first half 2023.
Refinery utilisation was 88% compared with 82% in the first half 2022, due to lower planned maintenance partly offset by portfolio activities.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            10


RENEWABLES AND ENERGY SOLUTIONS
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 2022Reference20232022%
530 2,200 (173)-76
Segment earnings2
2,729(1,709)+260
301 1,810 (898)Of which: Identified itemsA2,112(2,778)
228 389 725 -41
Adjusted Earnings2
A6171,069-42
438 668 1,013 -35
Adjusted EBITDA2
A1,1061,534-28
3,192 1,091 (558)+193Cash flow from operating activitiesH4,283(1,017)+521
556 440 321 
Cash capital expenditure
C9961,307
67 68 54 -2
External power sales (terawatt hours)3
135110+23
172 221 188 -22
Sales of pipeline gas to end-use customers (terawatt hours)4
393445-12
1.Q2 on Q1 change
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
3.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.
4.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.
Renewables and Energy Solutions includes renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
Quarter Analysis1
Segment earnings, compared with the first quarter 2023, reflected higher operating expenses (increase of $99 million), and lower margins (decrease of $75 million) mainly from trading and optimisation results in the Americas due to seasonally lower demand and decreased volatility, partly offset by lower taxes (decrease of $63 million).
Second quarter 2023 segment earnings also included favourable movements of $310 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. These favourable movements are part of identified items and compare with the first quarter 2023 which included favourable movements of $1,815 million due to the fair value accounting of commodity derivatives.
Adjusted Earnings and Adjusted EBITDA2 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 inflows of $2,958 million, and Adjusted EBITDA, partly offset by net cash outflows related to derivatives of $170 million, and tax payments of $86 million.
Half Year Analysis1
Segment earnings, compared with the first half 2022, reflected higher operating expenses (increase of $207 million), and lower margins (decrease of $170 million) mainly from trading and optimisation results for gas and power in the Americas and Australia, partly offset by Marketing in Europe.
Half year 2023 segment earnings also included favourable movements of $2,125 million due to the fair value accounting of commodity derivatives. These favourable movements are part of identified items and compare with the first half 2022 which included unfavourable movements of $2,778 million due to the fair value accounting of commodity derivatives.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the first half 2023 was primarily driven by working capital inflows of $3,505 million, and Adjusted EBITDA, partly offset by net cash outflows related to derivatives of $313 million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            11


Additional Growth Measures
QuartersHalf year
Q2 2023Q1 2023Q2 202220232022%
Renewable power generation capacity (gigawatt):
2.5 2.3 0.5 +6
– In operation2
2.5 0.5 +413
4.6 4.0 2.4 +14
– Under construction and/or committed for sale3
4.6 2.4 +89
1.Q2 on Q1 change
2.Shell's equity share of renewable generation capacity post commercial operation date. It excludes Shell's equity share of associates where information cannot be obtained and prior period comparatives have been revised accordingly.
3.Shell's equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell's equity share of associates where information cannot be obtained and prior period comparatives have been revised accordingly.

Shell plc            Unaudited Condensed Interim Financial Report            12


CORPORATE
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 2022Reference20232022
(701)(1,064)(529)
Segment earnings1
(1,765)(1,264)
(48)(24)97 Of which: Identified itemsA(72)(90)
(654)(1,039)(626)
Adjusted Earnings1
A(1,693)(1,174)
(180)(183)(197)
Adjusted EBITDA1
A(363)(310)
269 (2,403)652 Cash flow from operating activitiesH(2,134)375 
1.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
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 Analysis1
Segment earnings, compared with the first quarter 2023, reflected favourable movements in tax credits and lower net interest expense.
Adjusted EBITDA2 was in line with the previous quarter.
Half Year Analysis1
Segment earnings, compared with the first half 2022, reflected unfavourable movements in tax credits and unfavourable currency exchange rate effects.
Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
OUTLOOK FOR THE THIRD QUARTER 2023
Cash capital expenditure range for the full year has been lowered and is expected to be within $23 - 26 billion.
Integrated Gas production is expected to be approximately 870 - 930 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.3 - 6.9 million tonnes. Production and LNG liquefaction outlook reflects scheduled maintenance (including Prelude and Trinidad and Tobago).
Upstream production is expected to be approximately 1,600 - 1,800 thousand boe/d. Production outlook reflects scheduled maintenance across the portfolio.
Marketing sales volumes are expected to be approximately 2,450 - 2,950 thousand b/d.
Refinery utilisation is expected to be approximately 82% - 90%. Chemicals manufacturing plant utilisation is expected to be approximately 67% - 75%.
Corporate Adjusted Earnings are expected to be a net expense of approximately $500 - $700 million in the third quarter 2023 and a net expense of approximately $2,400 - $2,800 million for the full year 2023. This excludes the impact of hedge effectiveness and currency exchange rate effects.
FORTHCOMING EVENTS
Third quarter 2023 results and dividends are scheduled to be announced on November 2, 2023.
Shell plc            Unaudited Condensed Interim Financial Report            13


UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 202220232022
74,578 86,959 100,059 
Revenue1
161,538 184,263 
629 1,581 2,031 Share of profit/(loss) of joint ventures and associates2,210 1,728 
813 481 993 
Interest and other income/(expenses)2
1,294 257 
76,020 89,021 103,083 Total revenue and other income/(expenses)165,041 186,247 
51,492 57,502 66,658 Purchases108,994 122,315 
6,041 6,008 6,359 Production and manufacturing expenses12,049 12,389 
3,314 3,051 2,924 Selling, distribution and administrative expenses6,365 6,163 
297 253 264 Research and development550 452 
444 404 370 Exploration847 639 
7,872 6,285 (348)
Depreciation, depletion and amortisation2
14,157 5,947 
1,211 1,165 695 Interest expense2,375 1,406 
70,671 74,667 76,923 Total expenditure145,339 149,311 
5,348 14,354 26,160 Income/(loss) before taxation19,702 36,936 
2,195 5,582 7,922 Taxation charge/(credit)7,776 11,379 
3,154 8,772 18,238 
Income/(loss) for the period¹
11,926 25,557 
20 64 198 Income/(loss) attributable to non-controlling interest83 401 
3,134 8,709 18,040 Income/(loss) attributable to Shell plc shareholders11,843 25,156 
0.461.26 2.42 
Basic earnings per share ($)3
1.733.34 
0.461.25 2.40 
Diluted earnings per share ($)3
1.713.31 
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”.
Shell plc            Unaudited Condensed Interim Financial Report            14


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 202220232022
3,154 8,772 18,238 Income/(loss) for the period11,926 25,557 
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
(267)553 (2,644)– Currency translation differences286 (2,385)
(7)18 (24)– Debt instruments remeasurements12 (65)
100 (180)(98)
– Cash flow hedging gains/(losses)
(80)169 
8 (52)211 
– Net investment hedging gains/(losses)
(44)261 
(53)(2)9 – Deferred cost of hedging(55)222 
(10)(35)(22)– Share of other comprehensive income/(loss) of joint ventures and associates(46)168 
(229)302 (2,567)Total73 (1,630)
Items that are not reclassified to income in later periods:
(24)(32)5,712 – Retirement benefits remeasurements(55)7,430 
16 8 (457)– Equity instruments remeasurements23 (433)
(24)(8)36 – Share of other comprehensive income/(loss) of joint ventures and associates(32)(38)
(32)(33)5,291 Total(65)6,959 
(261)269 2,724 Other comprehensive income/(loss) for the period8 5,330 
2,893 9,041 20,962 Comprehensive income/(loss) for the period11,934 30,887 
(15)84 327 Comprehensive income/(loss) attributable to non-controlling interest68 545 
2,908 8,958 20,635 Comprehensive income/(loss) attributable to Shell plc shareholders11,866 30,342 

Shell plc            Unaudited Condensed Interim Financial Report            15


CONDENSED CONSOLIDATED BALANCE SHEET
$ million
June 30, 2023December 31, 2022
Assets
Non-current assets
Goodwill1
17,655 16,039 
Other intangible assets8,642 9,662 
Property, plant and equipment
197,177 198,642 
Joint ventures and associates24,434 23,864 
Investments in securities3,431 3,362 
Deferred tax1
6,238 7,815 
Retirement benefits
10,398 10,200 
Trade and other receivables6,031 6,920 
Derivative financial instruments²
541 582 
274,547 277,086 
Current assets
Inventories26,975 31,894 
Trade and other receivables52,383 66,510 
Derivative financial instruments²
15,616 24,437 
Cash and cash equivalents45,094 40,246 
140,068 163,087 
Assets classified as held for sale1
417 2,851 
140,486 165,938 
Total assets415,033 443,024 
Liabilities
Non-current liabilities
Debt72,252 74,794 
Trade and other payables4,440 3,432 
Derivative financial instruments²
3,080 3,563 
Deferred tax1
15,955 16,186 
Retirement benefits
7,491 7,296 
Decommissioning and other provisions
23,592 23,845 
126,810 129,116 
Current liabilities
Debt12,114 9,001 
Trade and other payables63,996 79,357 
Derivative financial instruments²
12,513 23,779 
Income taxes payable4,462 4,869 
Decommissioning and other provisions3,037 2,910 
96,123 119,916 
Liabilities directly associated with assets classified as held for sale1
6 1,395 
96,129 121,311 
Total liabilities222,939 250,427 
Equity attributable to Shell plc shareholders190,461 190,472 
Non-controlling interest1
1,633 2,125 
Total equity192,094 192,597 
Total liabilities and equity415,033 443,024 
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”.

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, 2023584 (726)21,132 169,482 190,472 2,125 192,597 
Comprehensive income/(loss) for the period— — 24 11,842 11,866 68 11,934 
Transfer from other comprehensive income— — (121)121  —  
Dividends³— — — (4,014)(4,014)(585)(4,599)
Repurchases of shares4
(22)— 22 (8,054)(8,054)— (8,054)
Share-based compensation— 500 (203)(105)192 — 192 
Other changes— — — 1 

1 

24 25 
At June 30, 2023562 (227)20,854 169,272 190,461 1,633 192,094 
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 
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 2023Q1 2023Q2 202220232022
5,348 14,354 26,160 
Income before taxation for the period
19,702 36,936 
Adjustment for:
612 664 551 – Interest expense (net)1,276 1,150 
7,872 6,285 (348)
– Depreciation, depletion and amortisation1
14,157 5,947 
204 236 189 – Exploration well write-offs440 268 
(53)(45)(334)– Net (gains)/losses on sale and revaluation of non-current assets and businesses (98)(527)
(629)(1,581)(2,031)– Share of (profit)/loss of joint ventures and associates(2,210)(1,728)
884 896 1,245 – Dividends received from joint ventures and associates1,780 2,171 
1,171 4,217 (6,833)– (Increase)/decrease in inventories5,389 (11,747)
8,289 5,943 (4,066)– (Increase)/decrease in current receivables14,231 (14,071)
(4,619)(10,932)6,656 – Increase/(decrease) in current payables(15,552)14,150 
(907)(2,336)(1,779)– Derivative financial instruments(3,244)1,716 
14 15 123 
– Retirement benefits
30 370 
(236)(84)571 
– Decommissioning and other provisions
(320)562 
954 (330)1,706 
– Other1
624 3,582 
(3,773)(3,144)(3,155)Tax paid(6,917)(5,310)
15,130 14,159 18,655 Cash flow from operating activities29,289 33,470 
(4,614)(6,161)(6,677)Capital expenditure(10,774)(10,914)
(436)(307)(264)Investments in joint ventures and associates(743)(1,019)
(80)(33)(83)
Investments in equity securities
(114)(156)
362 1,479 783 Proceeds from sale of property, plant and equipment and businesses1,841 1,340 
100 257 51 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans357 190 
18 2 4 
Proceeds from sale of equity securities
20 16 
522 448 160 Interest received970 252 
1,908 700 293 
Other investing cash inflows1
2,607 1,046 
(794)(623)(474)
Other investing cash outflows
(1,417)(1,236)
(3,015)(4,238)(6,207)Cash flow from investing activities(7,253)(10,481)
(186)(86)640 
Net increase/(decrease) in debt with maturity period within three months
(272)772 
Other debt:
362 415 35 
– New borrowings
777 135 
(1,774)(1,453)(2,531)– Repayments(3,228)(5,072)
(1,158)(869)(1,090)Interest paid(2,027)(1,747)
(152)200 (828)
Derivative financial instruments
48 (1,311)
2 

(30)2 Change in non-controlling interest(27)5 
Cash dividends paid to:
(1,983)(2,029)(1,851)– Shell plc shareholders(4,013)(3,802)
(575)(10)(63)– Non-controlling interest(585)(110)
(3,624)(4,291)(5,541)Repurchases of shares(7,915)(9,013)
86 (232)78 Shares held in trust: net sales/(purchases) and dividends received(146)(25)
(9,003)(8,385)(11,150)Cash flow from financing activities(17,388)(20,168)
(93)293 (688)Effects of exchange rate changes on cash and cash equivalents199 (822)
3,020 1,829 609 Increase/(decrease) in cash and cash equivalents4,848 1,999 
42,074 40,246 38,360 Cash and cash equivalents at beginning of period40,246 36,970 
45,094 42,074 38,970 Cash and cash equivalents at end of period45,094 38,970 
1. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

Shell plc            Unaudited Condensed Interim Financial Report            18


NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1.    Basis of preparation
These unaudited Condensed Consolidated Interim Financial Statements (“Interim Statements”) of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and adopted by the UK, and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 237 to 307) for the year ended December 31, 2022 as filed with the Registrar of Companies for England and Wales and the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 216 to 287) for the year ended December 31, 2022 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.
The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements 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 Shell's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell's Form 20-F. The auditor’s 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 498(2) or 498(3) of the Act.
On consolidation, assets and liabilities of non-dollar entities are translated to dollars at period-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at average rates. Until the end of 2022 this translation was performed at quarterly average rates. As from January 1, 2023 this translation is performed at monthly average rates. This change had no significant impact on Shell's financial reporting.
New standards adopted in 2023
IFRS 17 Insurance contracts (IFRS 17) as issued in 2017, with amendments published in 2020 and 2021, was adopted as from January 1, 2023. The adoption of IFRS 17 had no significant effect on Shell's financial reporting.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income taxes (IAS 12)), published in May 2021, was adopted as from January 1, 2023. The adoption of these amendments had no significant effect on Shell's financial reporting.
International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12) as issued on May 23, 2023, was adopted as from that date. The amendments to IAS 12 introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation implementing OECD Pillar Two. On June 20, 2023, the United Kingdom substantively enacted Pillar Two. As required by the amendments to IAS 12, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Going concern
These unaudited Condensed Consolidated Interim Financial Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the going concern assumption over the period to December 31, 2024 (the ‘going concern period’), management have stress tested Shell’s most recent financial projections to incorporate a range of potential future outcomes by considering Shell’s principal risks, potential downside pressures on commodity prices and long-term demand, and cash preservation measures, including reduced capital expenditure and shareholder distributions. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these unaudited Condensed Consolidated Interim Financial Statements.
Key accounting considerations, significant judgements and estimates
Future long-term commodity price assumptions and management’s view on the future development of refining margins represent a significant estimate. Future long-term commodity price assumptions were subject to change in the second quarter 2023 (see Note 7).
The discount rate applied in assessing value in use represents a significant estimate. The discount rate applied was subject to change in the second quarter 2023 (see Note 7).
2.    Segment information
Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after
Shell plc            Unaudited Condensed Interim Financial Report            19


making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.
INFORMATION BY SEGMENT
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 202220232022
Third-party revenue
7,938 10,932 12,403 Integrated Gas18,869 26,477 
1,533 2,062 2,253 Upstream3,595 3,784 
26,573 26,280 34,121 Marketing52,853 60,257 
28,656 32,056 39,793 Chemicals and Products60,712 73,213 
9,866 15,619 11,477 Renewables and Energy Solutions25,485 20,503 
12 12 12 Corporate24 28 
74,578 86,959 100,059 
Total third-party revenue1
161,538184,263
Inter-segment revenue
2,940 3,534 4,176 Integrated Gas6,474 7,708 
8,859 11,146 13,951 Upstream20,005 25,892 
123 163 153 Marketing286 254 
508 565 718 Chemicals and Products1,073 1,385 
771 1,475 1,522 Renewables and Energy Solutions2,246 2,764 
   Corporate  
CCS earnings
754 2,410 8,103 Integrated Gas3,164 11,183 
1,586 2,779 6,391 Upstream4,365 9,486 
970 1,137 836 Marketing2,107 1,000 
349 1,799 2,131 Chemicals and Products2,148 3,203 
530 2,200 (173)Renewables and Energy Solutions2,729 (1,709)
(701)(1,064)(529)Corporate(1,765)(1,264)
3,488 9,262 16,759 Total CCS earnings12,749 21,899 
1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. Second quarter 2023 included income of $4,247 million (first quarter 2023: $4,809 million income; second quarter 2022: $3,477 million income). This amount includes both the reversal of prior gains of $27 million (first quarter 2023: $1,369 million gains; second quarter 2022: $2,094 million losses) related to sales contracts and prior losses of $88 million (first quarter 2023: $772 million losses; second quarter 2022: $1,982 million gains) related to purchase contracts that were previously recognised and where physical settlement took place in the second quarter 2023.
Shell plc            Unaudited Condensed Interim Financial Report            20


RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS
Quarters$ millionHalf year
Q2 2023Q1 2023Q2 202220232022
3,134 8,709 18,040 Income/(loss) attributable to Shell plc shareholders11,843 25,156 
20 64 198 Income/(loss) attributable to non-controlling interest83 401 
3,154 8,772 18,238 Income/(loss) for the period11,926 25,557 
Current cost of supplies adjustment:
383 647 (1,929)Purchases1,030 (4,723)
(96)(171)496 Taxation(267)1,178 
47 13 (46)Share of profit/(loss) of joint ventures and associates60 (114)
334 489 (1,479)
Current cost of supplies adjustment
823 (3,659)
Of which:
326 481 (1,363)Attributable to Shell plc shareholders807 (3,453)
8 8 (116)Attributable to non-controlling interest16 (205)
3,488 9,262 16,759 CCS earnings12,749 21,899 
Of which:
3,460 9,190 16,677 CCS earnings attributable to Shell plc shareholders12,650 21,703 
27 72 82 CCS earnings attributable to non-controlling interest99 196 
3.    Earnings per share
EARNINGS PER SHARE
QuartersHalf year
Q2 2023Q1 2023Q2 202220232022
3,134 8,709 18,040 Income/(loss) attributable to Shell plc shareholders ($ million)11,843 25,156 
Weighted average number of shares used as the basis for determining:
6,793.4 6,918.9 7,453.2 Basic earnings per share (million)6,855.8 7,527.7 
6,854.2 6,982.1 7,518.5 Diluted earnings per share (million)6,917.8 7,589.6 
4.    Share capital
ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH1
Number of sharesNominal value ($ million)
ABOrdinary sharesABOrdinary sharesTotal
At January 1, 20237,003,503,393 584 584 
Repurchases of shares(268,292,487)(22)(22)
At June 30, 20236,735,210,906 562 562 
At January 1, 20224,101,239,499 3,582,892,954 345 296 641 
Repurchases of shares before assimilation (34,106,548) (3)(3)
Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022(4,101,239,499)(3,548,786,406)