0001306965-24-000026 | 20-F | XBRL Viewer

Summary of Remuneration of Directors of the Company

Employees


Employee costs


	$ million
	2023	2022	2021
Remuneration	10,648	10,509	9,038
Social security contributions	957	860	819
Retirement benefits (see Note 23)	1,324	1,795	1,696
Share-based compensation (see Note 27)	700	807	539
Total [A]	13,629	13,971	12,092

[A]Excludes employees seconded to joint ventures and associates.


Average employee numbers [A]


	Thousand
	2023	2022	2021
Integrated Gas	6	6	6
Upstream	11	12	13
Marketing	26	17	14
Chemicals and Products	22	21	22
Renewables and Energy Solutions	5	4	3
Corporate	30	27	25
- of which Shell Business Service Centre (SBSC)	23	20	19
Total [B]	100	87	83

[A]Employee numbers are based on headcount.

[B]Excludes employees seconded to joint ventures and associates (2023: 2,000 employees; 2022: 2,000 employees; 2021: 2,000 employees).

Capital management (Details) - Forecast - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Capital management [Line Items]
Dividend per share growth rate	4.00%	4.00%
Bottom of range
Capital management [Line Items]
Shareholder distribution percentage	30.00%	20.00%
Cash capital expenditure	$ 22	$ 23
Top of range
Capital management [Line Items]
Shareholder distribution percentage	40.00%	30.00%
Cash capital expenditure	$ 25	$ 27

Taxation - Expected expiration of tax losses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Disclosure Of Income Taxes [Line Items]
Unused tax losses for which no deferred tax asset recognised	$ 74,680		$ 76,323
Australia
Disclosure Of Income Taxes [Line Items]
Unused tax losses for which no deferred tax asset recognised		$ 46,220		$ 43,832
Less than one year
Disclosure Of Income Taxes [Line Items]
Unused tax losses for which no deferred tax asset recognised	1,496		1,034
Between 1 and 5 years
Disclosure Of Income Taxes [Line Items]
Unused tax losses for which no deferred tax asset recognised	1,475		3,257
5 years and later
Disclosure Of Income Taxes [Line Items]
Unused tax losses for which no deferred tax asset recognised	$ 71,709		$ 72,032

Dividends - Summary of Interim Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Dividends [Line Items]
Dividends paid per share (in usd per share)	$ 1.237	$ 0.99	$ 0.82
Dividends paid	$ 8,389	$ 7,283	$ 6,321
March
Disclosure Of Dividends [Line Items]
Dividends paid per share (in usd per share)	$ 0.2875	$ 0.24	$ 0.1665
Dividends paid	$ 2,030	$ 1,829	$ 1,290
June
Disclosure Of Dividends [Line Items]
Dividends paid per share (in usd per share)	$ 0.2875	$ 0.25	$ 0.1735
Dividends paid	$ 1,984	$ 1,850	$ 1,331
September
Disclosure Of Dividends [Line Items]
Dividends paid per share (in usd per share)	$ 0.3310	$ 0.25	$ 0.24
Dividends paid	$ 2,179	$ 1,818	$ 1,854
December
Disclosure Of Dividends [Line Items]
Dividends paid per share (in usd per share)	$ 0.3310	$ 0.25	$ 0.24
Dividends paid	$ 2,196	$ 1,786	$ 1,846
A shares
Disclosure Of Dividends [Line Items]
Dividends paid		3,330
B shares
Disclosure Of Dividends [Line Items]
Dividends paid		$ 2,991

Directors and senior management (Tables)

12 Months Ended

Dec. 31, 2023

Related Party [Abstract]


	$ million
	2023	2022	2021
Emoluments	12	12	12
Value of released awards under long-term incentive plans	4	7	5
Employer contributions to pension plans	1	1	1

Summary of Directors and Senior Management Expense


	$ million
	2023	2022	2021
Short-term benefits	31	33	27
Retirement benefits	2	2	3
Share-based compensation	17	17	16
Termination and related amounts	7	1	2
Total	57	53	48

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Goodwill	$ 16,660	$ 16,039
Other intangible assets	10,253	9,662
Property, plant and equipment	194,835	198,642
Joint ventures and associates	24,457	23,864
Investments in securities	3,246	3,362
Deferred tax	6,454	7,815
Retirement benefits	9,151	10,200
Trade and other receivables	6,298	6,920
Derivative financial instruments	801	582
Non-current assets	272,155	277,086
Current assets
Inventories	26,019	31,894
Trade and other receivables	53,273	66,510
Derivative financial instruments	15,098	24,437
Cash and cash equivalents	38,774	40,246
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners	133,164	163,087
Assets classified as held for sale	951	2,851
Current assets	134,115	165,938
Total assets	406,270	443,024
Non-current liabilities
Debt	71,610	74,794
Trade and other payables	3,103	3,432
Derivative financial instruments	2,301	3,563
Deferred tax	15,347	16,186
Retirement benefits	7,549	7,296
Decommissioning and other provisions	22,531	23,845
Non-current liabilities	122,441	129,116
Current liabilities
Debt	9,931	9,001
Trade and other payables	68,237	79,357
Derivative financial instruments	9,529	23,779
Income taxes payable	3,422	4,869
Decommissioning and other provisions	4,041	2,910
Total current liabilities other than liabilities included in disposal groups classified as held for sale	95,160	119,916
Liabilities directly associated with assets classified as held for sale	307	1,395
Current liabilities	95,467	121,311
Total liabilities	217,908	250,427
Equity
Share capital	544	584
Shares held in trust	(997)	(726)
Other reserves	21,145	21,132
Retained earnings	165,915	169,482
Equity attributable to Shell plc shareholders	186,607	190,472
Non-controlling interest	1,755	2,125
Total equity	188,362	192,597
Total liabilities and equity	$ 406,270	$ 443,024

Segment information

12 Months Ended

Dec. 31, 2023

Operating Segments [Abstract]

Segment Information

Segment information

General information

Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.

The Integrated Gas segment 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. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.

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.

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, and agricultural sectors.

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 and optimisation 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).

The Renewables and Energy Solutions segment 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. The segment also includes 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.

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.

7. Segment information continued

Basis of segmental reporting

Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure is provided for the UK as this is the Company's country of domicile.

Segment earnings are presented on a current cost of supplies basis (CCS earnings). 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 making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather than in the earnings of the business segments.

Information by segment on a current cost of supplies basis is as follows:


2023


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	37,645	6,475	108,858	118,781	44,819	42	316,620	[A]
Inter-segment	11,560	41,230	624	2,252	4,707	—	60,373
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,951	768	548	590	(96)	(3)	3,758
Interest and other income, of which:	137	671	76	61	75	1,818	2,838
Interest income	6	27	9	57	12	2,202	2,313
Net gains/(losses) on sale and revaluation of non-current assets and businesses	(22)	209	16	(61)	110	5	257
Other	153	435	51	65	(47)	(389)	268
Third-party and inter-segment purchases (CCS basis)	27,356	7,890	94,614	102,396	40,170	15	272,441
Operating expenses, of which:	4,823	9,845	9,336	11,483	3,831	642	39,960
Production and manufacturing expenses	4,529	9,186	949	7,908	2,610	58	25,240
Selling, distribution and administrative expenses	168	163	8,137	3,323	1,058	584	13,433
Research and development expenses	126	496	250	252	163	—	1,287
Exploration expenses	216	1,534	—	—	—	—	1,750
Depreciation, depletion and amortisation charge, of which:	8,903	12,463	2,335	6,411	1,159	19	31,290
Impairment losses	3,472	1,360	420	2,787	908	—	8,947	[B]
Impairment reversals	(324)	(206)	(1)	(90)	(141)	—	(762)	[C]
Interest expense	146	507	52	62	4	3,902	4,673
Taxation charge/(credit) (CCS basis)	2,803	8,377	819	(198)	1,303	90	13,194
CCS earnings	7,046	8,528	2,950	1,530	3,038	(2,811)	20,281

[A]Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior gains of $4,689 million related to sales contracts and prior losses of $2,074 million related to purchase contracts that were previously recognised and where physical settlement has taken place during 2023.

[B]Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).

[C]Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).

7. Segment information continued


2022


								$ million
	Integrated Gas		Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	54,751		8,352	120,638	144,342	53,190	41	381,314	[A]
Inter-segment	18,412		52,285	606	2,684	6,791	—	80,778
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,219		2,111	237	374	(7)	(4)	3,930
Interest and other income, of which:	(714)		726	(104)	244	57	706	915
Interest income	43		22	—	24	(2)	959	1,046
Net gains on sale and revaluation of non-current assets and businesses	101		437	(186)	282	8	—	642
Other	(858)	[B]	267	82	(62)	51	(253)	(773)
Third-party and inter-segment purchases (CCS basis)	37,785		10,666	108,012	127,521	57,024	(28)	340,980
Operating expenses, of which:	5,237		10,365	8,383	11,362	3,590	539	39,476
Production and manufacturing expenses	4,907		9,676	810	7,583	2,520	22	25,518
Selling, distribution and administrative expenses	218		233	7,351	3,592	972	517	12,883
Research and development expenses	112		456	222	187	98	—	1,075
Exploration expenses	240		1,472	—	—	—	—	1,712
Depreciation, depletion and amortisation charge, of which:	2,211		10,334	1,900	3,289	777	18	18,529
Impairment losses	115		950	480	356	412	—	2,313	[C]
Impairment reversals	(3,449)		(2,504)	(151)	(73)	—	—	(6,177)	[D]
Interest expense	84		345	46	22	2	2,682	3,181
Taxation charge/(credit) (CCS basis)	5,899		14,070	903	935	(303)	(7)	21,497
CCS earnings	22,212		16,222	2,133	4,515	(1,059)	(2,461)	41,562

[A]Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior losses of $9,815 million related to sales contracts and prior gains of $7,201 million related to purchase contracts that were previously recognised and where physical settlement had taken place during 2022.

[B]Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.

[C]Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).

[D]Impairment reversals fully comprise Property, plant and equipment. (See Note 12).

7. Segment information continued


2021


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	29,922	9,182	83,494	116,448	22,415	43	261,504	[A]
Inter-segment	8,072	35,789	254	1,890	4,675	—	50,680
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,933	632	385	989	(27)	1	3,913
Interest and other income, of which:	1,596	4,592	278	37	200	353	7,056
Interest income	—	37	3	36	4	431	511
Net gains on sale and revaluation of non-current assets and businesses	1,610	4,130	285	(24)	(6)	—	5,995
Other	(14)	425	(10)	25	202	(78)	550
Third-party and inter-segment purchases (CCS basis)	20,188	9,094	70,745	103,294	26,048	(5)	229,364
Operating expenses, of which:	4,526	10,322	7,501	10,347	2,745	524	35,965
Production and manufacturing expenses	4,194	9,797	950	6,815	2,098	(32)	23,822
Selling, distribution and administrative expenses	231	186	6,384	3,375	596	556	11,328
Research and development expenses	101	339	167	157	51	—	815
Exploration expenses	122	1,301	—	—	—	—	1,423
Depreciation, depletion and amortisation charge, of which:	5,908	13,485	1,700	5,485	326	17	26,921
Impairment losses	723	920	129	2,248	45	—	4,065	[B]
Impairment reversals	(204)	(9)	(1)	—	—	—	(214)	[C]
Interest expense	71	333	27	44	—	3,132	3,607
Taxation charge/(credit) (CCS basis)	2,648	6,057	903	(210)	(342)	(665)	8,391
CCS earnings	8,060	9,603	3,535	404	(1,514)	(2,606)	17,482

[A]Includes $126 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior losses of $4,824 million related to sales contracts and prior gains of $4,892 million related to purchase contracts that were previously recognised and where physical settlement had taken place during 2021.

[B]Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4 million). (See Note 12).

[C]Impairment reversals fully comprise Property, plant and equipment. (See Note 12).


Reconciliation of CCS earnings to income for the period


	$ million
	2023	2022	2021
Income attributable to Shell plc shareholders	19,359	42,309	20,101
Income attributable to non-controlling interest	277	565	529
Income for the period	19,636	42,874	20,630
Current cost of supplies adjustment:
Purchases	815	(1,714)	(3,772)
Taxation	(203)	444	808
Share of profit of joint ventures and associates	33	(42)	(184)
Current cost of supplies adjustment	645	(1,312)	(3,148)
Of which:
Attributable to Shell plc shareholders	650	(1,196)	(3,029)
Attributable to non-controlling interest	(5)	(116)	(119)
CCS earnings	20,281	41,562	17,482
Of which:
CCS earnings attributable to Shell plc shareholders	20,008	41,113	17,072
CCS earnings attributable to non-controlling interest	273	449	410

7. Segment information continued

Information by geographical area is as follows:


2023


						$ million
	Europe		Asia, Oceania, Africa	USA	Other Americas	Total
Third-party revenue, by origin	118,135	[A]	99,967	70,291	28,227	316,620
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	48,008	[B]	91,374	57,261	49,562	246,205

[A]Includes $44,815 million that originated from the UK.

[B]Includes $21,478 million located in the UK.


2022


						$ million
	Europe		Asia, Oceania, Africa	USA	Other Americas	Total
Third-party revenue, by origin	135,975	[A]	126,643	87,085	31,611	381,314
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	40,161	[B]	97,019	59,233	51,794	248,207

[A]Includes $50,236 million that originated from the UK.

[B]Includes $20,772 million located in the UK.


2021


						$ million
	Europe		Asia, Oceania, Africa	USA	Other Americas	Total
Third-party revenue, by origin	78,549	[A]	87,070	73,647	22,238	261,504
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	38,881	[B]	97,278	58,286	48,595	243,040

[A]Includes $21,846 million that originated from the UK.

[B]Includes $21,974 million located in the UK.

Cash capital expenditure

Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.


2023


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,491	8,249	5,563	3,106	2,314	270	22,993	[A]
Investments in joint ventures and associates	705	94	49	84	261	9	1,202	[A]
Investments in equity securities	—	—	—	2	106	89	197	[A]
Cash capital expenditure*	4,196	8,343	5,612	3,192	2,681	368	24,392

[A]See Consolidated Statements of Cash Flows.

* Non-GAAP measure (see page 329).

7. Segment information continued


2022


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,433	8,020	4,527	3,835	2,610	175	22,600	[A]
Investments in joint ventures and associates	832	123	304	2	703	9	1,973	[A]
Investments in equity securities	—	—	—	1	156	103	260	[A]
Cash capital expenditure*	4,265	8,143	4,831	3,838	3,469	287	24,833

[A]See Consolidated Statements of Cash Flows.


2021


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,306	6,277	2,122	5,091	2,069	135	19,000	[A]
Investments in joint ventures and associates	196	(109)	148	80	154	10	479	[A]
Investments in equity securities	—	—	3	4	136	75	218	[A]
Cash capital expenditure*	3,502	6,168	2,273	5,175	2,359	220	19,697

[A]See Consolidated Statements of Cash Flows.

Emissions schemes and related environmental programmes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Emissions And Related Environmental Schemes [Line Items]
Cost of environmental schemes and related environmental plans	$ 3,626	$ 4,005	$ 3,395
At January 1	9,662
At December 31	10,253	9,662
Current	(9,887)	(10,059)
Non-current	(2,835)	(3,148)
Emissions instruments
Disclosure Of Emissions And Related Environmental Schemes [Line Items]
At January 1	2,201	2,747
Additions	3,837	2,338
Settlements	(3,647)	(2,796)
Other movements	0	(88)
At December 31	2,391	2,201	2,747
Current	(3,853)	(4,232)	(3,805)
Non-current	(193)	(478)	(211)
Total obligations	(4,046)	(4,710)	(4,016)
Additions	(4,434)	(4,790)
Additions covered by government grants	762	776
Settlements	4,357	3,247
Other movements	(21)	73
Total increase (decrease)	664	(694)
ETS and related schemes
Disclosure Of Emissions And Related Environmental Schemes [Line Items]
Cost of environmental schemes and related environmental plans	493	493	331
At January 1	440	284
Additions	396	385
Settlements	(413)	(256)
Other movements	18	27
At December 31	441	440	284
Current	(498)	(458)	(270)
Non-current	0	0	0
Total obligations	(498)	(458)	(270)
Additions	(1,244)	(1,237)
Additions covered by government grants	762	776
Settlements	479	292
Other movements	(37)	(19)
Total increase (decrease)	(40)	(188)
Biofuels
Disclosure Of Emissions And Related Environmental Schemes [Line Items]
Cost of environmental schemes and related environmental plans	2,581	2,918	2,609
At January 1	1,601	2,362
Additions	2,955	1,485
Settlements	(2,783)	(2,142)
Other movements	32	(104)
At December 31	1,805	1,601	2,362
Current	(3,012)	(3,424)	(3,262)
Non-current	(105)	(422)	(182)
Total obligations	(3,117)	(3,846)	(3,444)
Additions	(2,593)	(2,916)
Settlements	3,386	2,456
Other movements	(64)	58
Total increase (decrease)	729	(402)
Renewable power
Disclosure Of Emissions And Related Environmental Schemes [Line Items]
Cost of environmental schemes and related environmental plans	552	594	455
At January 1	160	101
Additions	486	468
Settlements	(451)	(398)
Other movements	(50)	(11)
At December 31	145	160	101
Current	(343)	(350)	(273)
Non-current	(88)	(56)	(29)
Total obligations	(431)	(406)	$ (302)
Additions	(597)	(637)
Settlements	492	499
Other movements	80	34
Total increase (decrease)	$ (25)	$ (104)

Interest and other income - Summary of Interest and Other Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Interest income	$ 2,313	$ 1,046	$ 511
Dividend income (from investments in equity securities)	49	216	91
Net gains/(losses) on sale and revaluation of non-current assets and businesses	257	642	5,995
Net foreign exchange (losses)/gains on financing activities	(458)	(340)	118
Other	677	(649)	341
Interest and other income, of which:	$ 2,838	$ 915	$ 7,056

Goodwill and other intangible assets - Summary of Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other intangible assets
At January 1	$ 9,662
At December 31	10,253	$ 9,662
Goodwill
At January 1	(16,039)
Additions	1,436
Charge for the year	635	361	$ 167
At December 31	(16,660)	(16,039)
Cost
Other intangible assets
At January 1	20,192	19,259
Additions	5,558	3,601
Sales, retirements and other movements	(4,189)	(2,290)
Currency translation differences	206	(378)
At December 31	21,767	20,192	19,259
Goodwill
At January 1	(17,557)	(16,117)
Additions	1,436	1,954
Sales, retirements and other movements	(506)	(351)
Currency translation differences	55	(163)
At December 31	(18,542)	(17,557)	(16,117)
Depreciation, depletion and amortisation, including impairments
Other intangible assets
At January 1	(10,530)	(9,486)
Currency translation differences	(73)	144
Charge for the year	1,232	1,325
Sales, retirements and other movements	(321)	(137)
At December 31	(11,514)	(10,530)	(9,486)
Goodwill
At January 1	1,518	1,197
Sales, retirements and other movements	296	0
Currency translation differences	(25)	39
Charge for the year	635	360
At December 31	1,882	1,518	1,197
LNG off-take and sales contracts
Other intangible assets
At January 1	3,773
At December 31	2,983	3,773
LNG off-take and sales contracts \| Cost
Other intangible assets
At January 1	9,833	9,833
Additions	0	0
Sales, retirements and other movements	(99)	0
Currency translation differences	0	0
At December 31	9,734	9,833	9,833
LNG off-take and sales contracts \| Depreciation, depletion and amortisation, including impairments
Other intangible assets
At January 1	(6,060)	(5,267)
Currency translation differences	0	0
Charge for the year	790	793
Sales, retirements and other movements	(99)	0
At December 31	(6,751)	(6,060)	(5,267)
Environmental certificates
Other intangible assets
At January 1	2,201
At December 31	2,391	2,201
Environmental certificates \| Cost
Other intangible assets
At January 1	2,201	2,747
Additions	3,837	2,338
Sales, retirements and other movements	(3,714)	(2,749)
Currency translation differences	67	(135)
At December 31	2,391	2,201	2,747
Environmental certificates \| Depreciation, depletion and amortisation, including impairments
Other intangible assets
At January 1
Currency translation differences
Charge for the year
Sales, retirements and other movements
At December 31
Other
Other intangible assets
At January 1	3,688
At December 31	4,879	3,688
Other \| Cost
Other intangible assets
At January 1	8,158	6,679
Additions	1,721	1,263
Sales, retirements and other movements	(376)	459
Currency translation differences	139	(243)
At December 31	9,642	8,158	6,679
Other \| Cost \| Marketing & Renewables and Energy Solutions
Other intangible assets
Additions		1,010
Other \| Depreciation, depletion and amortisation, including impairments
Other intangible assets
At January 1	(4,470)	(4,219)
Currency translation differences	(73)	144
Charge for the year	442	532
Sales, retirements and other movements	(222)	(137)
At December 31	(4,763)	(4,470)	$ (4,219)
Software
Other intangible assets
At January 1	583
At December 31	829	$ 583
Software \| Cost
Other intangible assets
Additions	357
Intellectual property rights \| Cost
Other intangible assets
Additions	$ 948

Financial instruments

12 Months Ended

Dec. 31, 2023

Financial Instruments

Financial instruments

Financial instruments in the Consolidated Balance Sheet include investments in securities (see Note 14), cash and cash equivalents (see Note 17), debt (see Note 20) and derivative contracts.

Risks

In the normal course of business, financial instruments of various kinds are used for the purposes of managing exposure to interest rate, foreign exchange and commodity price movements.

Treasury standards are applicable to all subsidiaries and each subsidiary is required to adopt a treasury policy consistent with these standards. These policies cover: financing structure; interest rate and foreign exchange risk management; insurance; counterparty risk management; and use of derivative contracts. Wherever possible, treasury operations are carried out through specialist regional organisations without removing from each subsidiary the responsibility to formulate and implement appropriate treasury policies.

Apart from forward foreign exchange contracts to meet known commitments, the use of derivative contracts by most subsidiaries is not permitted by their treasury policy.

Other than in exceptional cases, the use of external derivative contracts is confined to specialist trading and central treasury organisations that have appropriate skills, experience, supervision, control and reporting systems.

Shell's operations expose it to market, credit and liquidity risk, as described below.

Market risk

Market risk is the possibility that changes in interest rates, foreign exchange rates or the prices of crude oil, natural gas, LNG, refined products, chemical feedstocks, power and environmental certificates will adversely affect the value of assets, liabilities or expected future cash flows.

Interest rate risk

Most debt is raised from central borrowing programmes. Shell's policy continues to be to have debt principally denominated in dollars and to maintain a largely floating interest rate exposure profile. However, Shell has issued a significant amount of fixed rate debt in recent years, taking advantage of historically low interest rates available in debt markets. As a result, the majority of the debt portfolio at December 31, 2023, is at fixed rates and this reduces Shell's adverse exposure to rising floating dollar interest rates (see Note 2).

The financing of most subsidiaries is structured on a floating-rate basis, and any further interest rate risk management is only applied under exceptional circumstances.

On the basis of the floating-rate net cash position at December 31, 2023, (both issued and hedged), and assuming other factors (principally foreign exchange rates and commodity prices) remained constant and that no further interest rate management action was taken, an increase in interest rates of 1% would have increased 2023 income before taxation by $226 million (2022: $234 million increase).

The carrying amounts and maturities of debt and borrowing facilities are presented in Note 20. Interest expense is presented in Note 9.

Foreign exchange risk

Many of the markets in which Shell operates are priced, directly or indirectly, in dollars. As a result, the functional currency of most Integrated Gas and Upstream entities and those with significant cross-border business is the dollar. For Chemicals and Products entities, the functional currency is typically the local currency. Consequently, Shell is exposed to varying levels of foreign exchange risk: when an entity enters into transactions that are not denominated in its functional currency; when foreign currency monetary assets and liabilities are translated at the balance sheet date; and as a result of holding net investments in operations that are not dollar-functional. Each entity is required to adopt treasury policies that are designed to measure and manage its foreign exchange exposures by reference to its functional currency.

25. Financial instruments continued

Foreign exchange gains and losses arise in the normal course of business from the recognition of receivables and payables and other monetary items in currencies other than an entity's functional currency. Foreign exchange risk may also arise in connection with capital expenditure. For major projects, an assessment is made at the final investment decision stage of whether to hedge any resulting exposure.

Assuming other factors (principally interest rates and commodity prices) remained constant and that no further foreign exchange risk management actions were taken, a 10% appreciation against the dollar at December 31 of the main currencies to which Shell is exposed would have the following effects:


	$ million
	Increase/(decrease) in income before taxation		Increase in net assets
	2023	2022	2023	2022
10% appreciation against the dollar of:
Sterling	(270)	(168)	1,022	894
Euro	(46)	124	2,434	1,486
Malaysian ringgit	49	65	279	313
Australian dollar	(129)	(65)	780	837
Canadian dollar	9	(44)	1,392	1,575

The above sensitivity information was calculated by reference to carrying amounts of assets and liabilities at December 31 only. The effect on income before taxation arises in connection with monetary balances denominated in currencies other than an entity's functional currency; the effect on net assets arises principally from the translation of assets and liabilities of entities that are not dollar-functional.

Foreign exchange gains and losses included in income are presented in Note 8.

Commodity price risk

Certain subsidiaries have a mandate to trade crude oil, natural gas, LNG, refined products, chemical feedstocks, power and environmental certificates, and to use commodity derivative contracts (forwards, futures, swaps and options) as a means of managing price and timing risks arising from this trading activity. In effecting these transactions, the entities concerned operate within procedures and policies designed to ensure that risks, including those relating to the default of counterparties, are managed within authorised limits. A department that is independent from Shell's traders monitors market risk exposures daily.

Value-at-risk (VAR) techniques based on variance/covariance or Monte Carlo simulation models are used to make a statistical assessment of the market risk arising from possible future changes in market values for commodity positions held by these subsidiaries over a 1-day holding period and within a 95% confidence level. The calculation of potential changes in fair value takes into account positions, the history of price movements and the correlation of these price movements. Models are regularly reviewed against actual fair value movements to ensure integrity is maintained. The VAR average and year-end positions in respect of commodities traded in active markets, which are presented in the table below, are calculated on a diversified basis in order to reflect the effect of offsetting risk within combined portfolios.


Value-at-risk (pre-tax)


				$ million
		2023		2022
	Average	Year-end	Average	Year-end
Global oil	43	25	72	56
North America gas and power	13	10	18	23
Europe gas and power	31	12	54	40
Australia gas and power	4	2	12	12
Environmental certificates	9	4	10	13

Furthermore, commodity derivative hedge contracts are used to partially mitigate price volatility on future LNG sales and purchases.

As contracts to buy and sell physical LNG are accounted for on an accrual basis (see Note 2) and commodity derivatives are accounted for on a fair-value basis, this creates an accounting mismatch over periods. The fair value accounting of commodity derivatives can result in gains or losses in the Consolidated Statement of Income.

These derivative contracts are based on a mix of European and North American gas price indices, global crude price indices and Asian LNG price indices. In previous years, Shell has seen high volatility in these markets. On that basis, a sensitivity analysis has been performed for a 50% price increase or decrease of this basket of derivative contracts at year-end 2023, which would result in a gain or loss of $1.5 billion (pre-tax) in the Consolidated Statement of Income (2022: $2.7 billion), whereas the same sensitivity analysis applied to the average exposures for the period was $0.8 billion (2022: $2.5 billion).

25. Financial instruments continued

Credit risk

Policies are in place to ensure that sales of products are made to customers with appropriate creditworthiness. These policies include credit analysis and monitoring of trading partners against counterparty credit limits. Credit information is regularly shared between business and finance functions, with dedicated teams in place to quickly identify and respond to cases of credit deterioration. Mitigation measures are defined and implemented for higher-risk business partners and customers, and include shortened payment terms, collateral or other security posting and vigorous collections. In addition, policies limit the amount of credit exposure to any individual financial institution.

A defined portfolio credit risk appetite is in place to manage credit risk concentrations. It includes a set of thresholds and alerts set at different portfolio levels (e.g. country, industry sector, creditworthiness). Utilisation against these thresholds is actively monitored, and actions are taken to ensure compliance where appropriate. In 2023, there were no material concentrations of credit risk, with individual customers or geographically. In 2022, elevated commodity prices, mainly in relation to strategic long-term contracts in the gas portfolios resulted in a material concentration of risk representing around 25% of total Shell net credit exposure after offsetting for cash collateral and other instruments held.

Surplus cash is invested in a range of short-dated, secure and liquid instruments including short-term bank deposits, money market funds, reverse repos and similar instruments. The portfolio of these investments is diversified to avoid concentrating risk in any one instrument, country or counterparty. Management monitors the investments regularly and adjusts the investment portfolio in light of new market information where necessary to ensure credit risk is effectively diversified.

In commodity trading, counterparty credit risk is managed within a framework approved by the CEO and CFO, and for which delegations are in place to other executives in the business. Credit limits are defined and their utilisation is regularly reviewed. Credit risk exposure is continuously monitored and the acceptable level of credit exposure is determined in accordance with the approved delegations. Credit checks are performed by a department independent of traders, and are undertaken before contractual commitment. Where appropriate, netting arrangements, credit insurance, prepayments and collateral are used to manage specific risks.

Shell routinely enters into offsetting, master netting and similar arrangements with trading and other counterparties to manage credit risk. Where there is a legally enforceable right of offset under such arrangements and Shell has the intention to settle on a net basis or realise the asset and settle the liability simultaneously, the net asset or liability is recognised in the Consolidated Balance Sheet, otherwise assets and liabilities are presented gross. These amounts, as presented net and gross within trade and other receivables, trade and other payables and derivative financial instruments in the Consolidated Balance Sheet at December 31, were as follows:


2023


						$ million
			Amounts offset		Amounts not offset
	Gross amounts before offset	Amounts offset	Net amounts as presented	Cash collateral received/pledged	Other offsetting instruments	Net amounts
Assets:
Within trade receivables	20,810	12,350	8,460	18	356	8,086
Within derivative financial instruments	26,166	13,140	13,026	1,688	2,616	8,722
Liabilities:
Within trade payables	18,423	12,351	6,072	69	356	5,647
Within derivative financial instruments	23,037	13,163	9,874	2,040	2,636	5,198


2022


						$ million
			Amounts offset		Amounts not offset
	Gross amounts before offset	Amounts offset	Net amounts as presented	Cash collateral received/pledged	Other offsetting instruments	Net amounts
Assets:
Within trade receivables	28,259	17,200	11,059	292	495	10,272
Within derivative financial instruments	56,154	34,685	21,469	1,904	4,563	15,002
Liabilities:
Within trade payables	29,981	17,200	12,781	608	495	11,678
Within derivative financial instruments	58,991	34,710	24,281	4,788	3,364	16,129

Amounts not offset principally relate to contracts where the intention to settle on a net basis was not clearly established at December 31.

25. Financial instruments continued

The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities at December 31, 2023, presented within trade and other receivables, was $3,437 million (2022: $11,133 million). The decrease in financial assets pledged as collateral is driven by the reduction in overall derivative exposure, mainly due to the decline in gas and power forward prices. The carrying amount of collateral held at December 31, 2023, presented within trade and other payables, was $1,404 million (2022: $1,648 million). Collateral mainly relates to initial margins held with commodity exchanges and over-the-counter counterparty variation margins. Some derivative contracts are fully cash collateralised, thereby eliminating both counterparty risk and the Group's own non-performance risk.

Liquidity risk

Liquidity risk is the risk that suitable sources of funding for Shell's business activities may not be available. Management believes that it has access to sufficient cash and cash equivalents, debt funding sources (capital markets) and to undrawn committed borrowing facilities to meet foreseeable requirements. Information about borrowing facilities is presented in Note 20.

Derivative contracts and hedges

Derivative contracts are used principally as hedging instruments. However, because hedge accounting is not always applied, movements in the carrying amounts of derivative contracts that are recognised in income may not be matched in the same period by the recognition of the income effects of the related hedged items.

Carrying amounts, maturities and hedges

The carrying amounts of derivative contracts at December 31, designated and not designated as hedging instruments for hedge accounting purposes, were as follows:


2023


							$ million
	Assets			Liabilities
	Designated	Not designated	Total	Designated	Not designated	Total	Net
Interest rate swaps	14	2	16	98	—	98	(82)
Forward foreign exchange contracts	—	697	697	—	592	592	105
Currency swaps and options	177	—	177	1,959	13	1,972	(1,795)
Commodity derivatives	—	14,783	14,783	—	9,161	9,161	5,622
Other contracts	—	226	226	—	7	7	219
Total	191	15,708	15,899	2,057	9,773	11,830	4,069


2022


							$ million
	Assets			Liabilities
	Designated	Not designated	Total	Designated	Not designated	Total	Net
Interest rate swaps	—	1	1	169	—	169	(168)
Forward foreign exchange contracts	—	907	907	—	996	996	(89)
Currency swaps and options	31	24	55	2,925	5	2,930	(2,875)
Commodity derivatives	—	23,676	23,676	—	22,858	22,858	818
Other contracts	—	380	380	—	389	389	(9)
Total	31	24,988	25,019	3,094	24,248	27,342	(2,323)

25. Financial instruments continued

As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of future purchases, sales and inventory. Net gains before tax on derivative contracts, excluding those designed as hedges, were $5,189 million in 2023 (2022: $1,331 million gains; 2021: $8,377 million losses).

Certain contracts, mainly to hedge price risk relating to forecast commodity transactions, were designated in cash flow hedging relationships and are presented after the offset of related margin balances with exchanges. Contracts to hedge foreign exchange risks were also designated in cash flow hedging relationships and the net carrying amount of these contracts at December 31, 2023, was a liability of $373 million (2022: $828 million liability). See Note 28 for the accumulated balance recognised within other comprehensive income.

Certain interest rate and currency swaps were designated in fair value hedges, principally in respect of debt for which the net carrying amount of the related derivative contracts, net of accrued interest, at December 31, 2023, was a liability of $1,441 million (2022: $2,191 million liability).

At December 31, 2023, no debt instruments (2022: €3 billion) were designated as hedges of net investments in foreign operations, relating to the foreign exchange risk arising between certain intermediate holding companies and their subsidiaries. See Note 28 for the accumulated balance recognised within other comprehensive income.

In the course of trading operations, certain contracts are entered into for delivery of commodities that are accounted for as derivatives. The resulting price exposures are managed by entering into related derivative contracts. These contracts are managed on a fair value basis and the maximum exposure to liquidity risk is the undiscounted fair value of derivative liabilities.

For a minority of commodity derivatives contracts, carrying amounts cannot be derived from quoted market prices or other observable inputs, in which case fair value is estimated using valuation techniques, such as Black-Scholes; option spread models; and extrapolation, using quoted spreads with assumptions developed internally based on observable market activity.

Other contracts include certain contracts that are held to sell or purchase commodities and others containing embedded derivatives, which are required to be recognised at fair value because of pricing or delivery conditions, even though they were entered into to meet operational requirements. These contracts are expected to mature in 2024-2025, with certain contracts having early termination rights (for either party). Valuations are derived from other observable inputs.

The contractual maturities of derivative liabilities at December 31 compare with their carrying amounts in the Consolidated Balance Sheet as follows:


2023


									$ million
	Contractual maturities
	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 4 years	Between 4 and 5 years	5 years and later	Total	Difference from carrying amount [A]	Carrying amount
Interest rate swaps	78	9	3	3	5	—	98	—	98
Forward foreign exchange contracts	465	77	25	1	—	(3)	565	27	592
Currency swaps and options	551	609	521	392	186	859	3,118	(1,146)	1,972
Commodity derivatives	5,767	1,902	799	381	225	597	9,671	(510)	9,161
Other contracts	2	4	2	—	—	—	8	(1)	7
Total	6,863	2,601	1,350	777	416	1,453	13,460	(1,630)	11,830

[A]Mainly related to the effect of discounting.

25. Financial instruments continued


2022


									$ million
	Contractual maturities
	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 4 years	Between 4 and 5 years	5 years and later	Total	Difference from carrying amount [A]	Carrying amount
Interest rate swaps	120	50	2	1	1	1	175	(6)	169
Forward foreign exchange contracts	629	294	18	(1)	(2)	(3)	935	61	996
Currency swaps and options	582	554	750	588	507	1,353	4,334	(1,404)	2,930
Commodity derivatives	17,273	3,678	1,203	515	270	793	23,732	(874)	22,858
Other contracts	212	148	22	1	1	—	384	5	389
Total	18,816	4,724	1,995	1,104	777	2,144	29,560	(2,218)	27,342

[A]Mainly related to the effect of discounting.

Fair value measurements

The net carrying amounts of derivative contracts held at December 31 categorised according to the predominant source and nature of inputs used in determining the fair value of each contract were as follows:


2023


				$ million
	Prices in active markets for identical assets/liabilities	Other observable inputs	Unobservable inputs	Total
Interest rate swaps	—	(82)	—	(82)
Forward foreign exchange contracts	—	105	—	105
Currency swaps and options	—	(1,795)	—	(1,795)
Commodity derivatives	(39)	3,191	2,470	5,622
Other contracts	—	223	(4)	219
Total	(39)	1,642	2,466	4,069


2022


				$ million
	Prices in active markets for identical assets/liabilities	Other observable inputs	Unobservable inputs	Total
Interest rate swaps	—	(168)	—	(168)
Forward foreign exchange contracts	—	(89)	—	(89)
Currency swaps and options	—	(2,875)	—	(2,875)
Commodity derivatives	68	(1,161)	1,911	818
Other contracts	—	(7)	(2)	(9)
Total	68	(4,300)	1,909	(2,323)

25. Financial instruments continued


Net carrying amounts of derivative contracts measured using predominantly unobservable inputs


		$ million
	2023	2022
At January 1	1,909	389
Net gains recognised in revenue	576	1,190
Purchases	271	886
Sales	(185)	(623)
Settlements	(125)	46
Recategorisations (net)	25	17
Currency translation differences	(5)	4
At December 31	2,466	1,909

Included in net gains recognised in revenue in 2023 were unrealised net gains totalling $797 million relating to assets and liabilities held at December 31, 2023 (2022: $449 million gains).

Unrecognised day one gains or losses

Certain long-term commodity contracts extend to periods where observable pricing data are limited and their value may include estimates. Where this is more than an insignificant part of the overall contract valuation, any gains or losses will be deferred. Valuation techniques are further described in Note 2. The unrecognised gains on these derivative contracts at December 31, 2023, were as follows:


		$ million
	2023	2022
At January 1	1,620	1,024
Movements	(13)	596
At December 31	1,607	1,620

Trade and other receivables - Summary of Trade and Other Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade receivables	$ 36,273	$ 39,334
Lease receivables, current	188	206
Other receivables, current	9,642	9,737
Amounts due from joint ventures and associates, current	1,014	2,722
Prepayments and deferred charges, current	6,156	14,511
Total, current	53,273	66,510
Lease receivables, non-current	1,032	1,090
Other receivables, non-current	2,801	3,247
Amounts due from joint ventures and associates, non-current	278	423
Prepayments and deferred charges, non-current	2,187	2,160
Total, non-current	6,298	6,920
Current income tax receivable	558	363
Non-current income tax receivable	$ 568	$ 469

Inventories - Summary of Detailed Information of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Oil, gas and chemicals	$ 22,232	$ 27,823
Environmental certificates	2,108	2,557
Materials	1,679	1,514
Total	$ 26,019	$ 31,894

Interest and other income - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Decrease through write-off, financial assets		$ 1,126
Income from subleasing right-of-use assets	$ 418	$ 319	$ 313

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Borrowing Facilities and Amounts Undrawn

Schedule of Debt


Debt


	$ million
	Dec 31, 2023			Dec 31, 2022
	Debt (excluding lease liabilities)	Lease liabilities [A]	Total	Debt (excluding lease liabilities)	Lease liabilities [A]	Total
Current debt:	5,288	4,643	9,931	4,620	4,381	9,001
Short-term debt	845		845	1,026		1,026
Long-term debt due within 1 year	4,443	4,643	9,086	3,594	4,381	7,975
Non-current debt	48,544	23,066	71,610	51,532	23,262	74,794
Total	53,832	27,709	81,541	56,152	27,643	83,795

[A]Further analysis of lease liabilities is provided in Note 21.

Schedule of Net Debt


Net debt


					$ million
	(Asset)/liability
	Current debt	Non-current debt	Derivative financial instruments	Cash and cash equivalents (see Note 17)	Net debt*
At January 1, 2023	9,001	74,794	1,288	(40,246)	44,837
Cash flow	(9,617)	(215)	723	1,778	(7,331)
Lease additions [A]	1,021	3,321			4,342
Other movements	9,619	(7,184)	(481)	—	1,954
Currency translation differences and foreign exchange (gains)/losses	(93)	894	(755)	(306)	(260)
At December 31, 2023	9,931	71,610	775	(38,774)	43,542
At January 1, 2022	8,218	80,868	440	(36,970)	52,556
Cash flow	(7,618)	(254)	(1,799)	(4,012)	(13,683)
Lease additions [A]	1,111	4,077			5,188
Other movements	7,560	(7,883)	1,393	—	1,070
Currency translation differences and foreign exchange (gains)/losses	(270)	(2,014)	1,254	736	(294)
At December 31, 2022	9,001	74,794	1,288	(40,246)	44,837

[A]Further analysis of lease liabilities is provided in Note 21.

$ million

Facility

Amount undrawn

Dec 31, 2023

Dec 31, 2022

Dec 31, 2023

Dec 31, 2022

CP programmes

20,000

EMTN programme

unlimited

N/A

US shelf registration

unlimited

N/A

Committed credit facilities

9,920

* Non-GAAP measure (see page 329).

Schedule of Difference in Contractual Cash Flows for Debt Excluding Lease Liabilities with the Carrying Amount


	$ million
	Contractual payments
	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 4 years	Between 4 and 5 years	5 years and later	Total	Difference from carrying amount	Carrying amount

Bonds	4,292	6,194	3,856	2,489	5,442	30,049	52,322	(567)	51,755
EMTN	3,042	3,444	1,106	2,489	3,942	7,649	21,672	(414)	21,258
US shelf	1,250	2,750	2,750	—	1,500	22,400	30,650	(153)	30,497
Bank and other borrowings	1,060	230	73	346	53	316	2,078	(1)	2,077
Total (excluding interest)	5,352	6,424	3,929	2,835	5,495	30,365	54,400	(568)	53,832
Interest	1,569	1,452	1,285	1,207	1,177	13,366	20,056


2022


	$ million
	Contractual payments
	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 4 years	Between 4 and 5 years	5 years and later	Total	Difference from carrying amount	Carrying amount

Bonds	3,365	4,184	6,054	3,817	2,400	35,005	54,825	(1,210)	53,615
EMTN	865	2,934	3,304	1,067	2,400	11,105	21,675	(936)	20,739
US shelf	2,500	1,250	2,750	2,750	—	23,900	33,150	(274)	32,876
Bank and other borrowings	1,229	335	64	156	63	704	2,551	(14)	2,537
Total (excluding interest)	4,594	4,519	6,118	3,973	2,463	35,709	57,376	(1,224)	56,152
Interest	1,669	1,574	1,463	1,314	1,233	14,757	22,010

Emissions schemes and related environmental programmes (Tables)

12 Months Ended

Dec. 31, 2023

Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]

Summary of Cost Environmental Schemes and Related Environmental Plans


Cost of emission schemes and related environmental programmes recognised in the Consolidated Statement of Income


	$ million
	2023	2022	2021
ETS and related schemes	493	493	331
Biofuels [A]	2,581	2,918	2,609
Renewable power	552	594	455
Total	3,626	4,005	3,395

[A]Represents the cost of biofuel certificates required for compliance purposes over and above those generated from self-blending activities.

Summary of Emission Schemes and Related Environmental Plans


Purchased environmental certificates (presented under Other intangible assets, see Note 10) [A]


	$ million
	ETS and related schemes	Biofuels	Renewable power	Total
At January 1, 2023	440	1,601	160	2,201
Additions	396	2,955	486	3,837
Settlements	(413)	(2,783)	(451)	(3,647)
Other movements	18	32	(50)	—
At December 31, 2023	441	1,805	145	2,391
At January 1, 2022	284	2,362	101	2,747
Additions	385	1,485	468	2,338
Settlements	(256)	(2,142)	(398)	(2,796)
Other movements	27	(104)	(11)	(88)
At December 31, 2022	440	1,601	160	2,201

[A]Relates to environmental certificates held for compliance purposes.

Summary of Obligations


	$ million
	ETS and related schemes		Biofuels	Renewable power	Total
At January 1, 2023
Current	(458)		(3,424)	(350)	(4,232)
Non-current	—		(422)	(56)	(478)
	(458)		(3,846)	(406)	(4,710)
Additions	(1,244)		(2,593)	(597)	(4,434)
Additions covered by government grants	762	[A]			762
Settlements	479		3,386	492	4,357
Other movements	(37)		(64)	80	(21)
	(40)		729	(25)	664

At December 31, 2023
Current	(498)		(3,012)	(343)	(3,853)
Non-current	—		(105)	(88)	(193)
	(498)		(3,117)	(431)	(4,046)
At January 1, 2022
Current	(270)		(3,262)	(273)	(3,805)
Non-current	—		(182)	(29)	(211)
	(270)		(3,444)	(302)	(4,016)
Additions	(1,237)		(2,916)	(637)	(4,790)
Additions covered by government grants	776	[A]			776
Settlements	292		2,456	499	3,247
Other movements	(19)		58	34	73
	(188)		(402)	(104)	(694)

At December 31, 2022
Current	(458)		(3,424)	(350)	(4,232)
Non-current	—		(422)	(56)	(478)
	(458)		(3,846)	(406)	(4,710)

[A]Emission certificates that were allocated free of charge at an equivalent fair value at grant date.

Impairment of property, plant and equipment, goodwill, and other intangible assets (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of impairment loss and reversal of impairment loss [abstract]

Summary of Impairments


	$ million
	2023	2022	2021
Impairment losses
Goodwill	635	361	167
Intangible assets other than goodwill	130	153	4
Property, plant and equipment, of which [A]	8,182	1,799	3,894
Exploration and production	4,820	868	1,533
Manufacturing, supply and distribution	2,785	474	2,340
Other	577	457	21
Total [B]	8,947	2,313	4,065
Impairment reversals
Intangible assets other than goodwill	135	—	—
Property, plant and equipment, of which [A]	627	6,177	214
Exploration and production	528	5,954	213
Manufacturing, supply and distribution	91	72	—
Other	8	151	1
Total [B]	762	6,177	214

[A]Includes right-of-use assets under leases. (See Note 21).

[B]See Note 7.

Summary of commodity price assumptions applied in impairment testing

The near-term commodity price assumptions applied in impairment testing were as follows:


Commodity price assumptions [A]


2023	2024	2025	2026	2027
Brent crude oil ($/b)	70	70	70	74
Henry Hub natural gas ($/MMBtu)	4.00	4	4	4


2022	2023	2024	2025	2026
Brent crude oil ($/b)	80	70	70	71
Henry Hub natural gas ($/MMBtu)	4.00	3.50	3.50	3.98

[A]Money of the day.

Retirement benefits - Summary of Defined Benefit Plan Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ (2,904)
Actuarial losses	2,375	$ (27,943)	$ (2,001)
Other movements	44	(349)	5
Ending balance	(1,602)	(2,904)
Defined benefit plan obligation
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	73,481	107,336
Current service cost	759	1,145
Interest expense	3,238	1,704
Actuarial losses	2,375	(27,943)
Benefit payments	(3,847)	(4,103)
Other movements	189	296
Currency translation differences	1,829	(4,954)
Ending balance	78,024	73,481	107,336
Defined benefit plan obligation \| The Netherlands
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	24,608	35,340
Current service cost	184	286
Interest expense	904	298
Actuarial losses	929	(8,806)
Benefit payments	(1,032)	(942)
Other movements	252	374
Currency translation differences	901	(1,942)
Ending balance	26,746	24,608	35,340
Defined benefit plan obligation \| UK
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	17,791	29,913
Current service cost	145	259
Interest expense	881	489
Actuarial losses	257	(9,793)
Benefit payments	(1,014)	(1,124)
Other movements	0	130
Currency translation differences	1,014	(2,083)
Ending balance	19,074	17,791	29,913
Defined benefit plan obligation \| USA
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	14,793	19,003
Current service cost	215	282
Interest expense	695	417
Actuarial losses	832	(3,730)
Benefit payments	(956)	(1,088)
Other movements	0	(91)
Currency translation differences	0	0
Ending balance	15,579	14,793	19,003
Defined benefit plan obligation \| Rest of the world
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	13,410	18,213
Current service cost	179	261
Interest expense	592	380
Actuarial losses	285	(3,582)
Benefit payments	(757)	(771)
Other movements	(63)	(154)
Currency translation differences	(122)	(937)
Ending balance	13,524	13,410	18,213
Defined benefit plan obligation \| Germany
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	3,477
Ending balance	3,647	3,477
Defined benefit plan obligation \| Canada (Federal)
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	3,482
Ending balance	3,930	3,482
Defined benefit plan obligation \| Pensions \| Funded pension plans
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	67,265
Ending balance	$ 71,473	$ 67,265
Duration of defined benefit obligation	14 years	15 years
Defined benefit plan obligation \| Pensions \| Funded pension plans \| The Netherlands
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 24,608
Ending balance	$ 26,746	$ 24,608
Duration of defined benefit obligation	16 years	17 years
Defined benefit plan obligation \| Pensions \| Funded pension plans \| UK
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 17,474
Ending balance	$ 18,734	$ 17,474
Duration of defined benefit obligation	15 years	15 years
Defined benefit plan obligation \| Pensions \| Funded pension plans \| USA
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 13,925
Ending balance	$ 14,695	$ 13,925
Duration of defined benefit obligation	11 years	12 years
Defined benefit plan obligation \| Pensions \| Funded pension plans \| Rest of the world
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 11,258
Ending balance	$ 11,298	$ 11,258
Duration of defined benefit obligation	13 years	13 years
Defined benefit plan obligation \| Pensions \| Unfunded pension plans
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 3,337
Ending balance	$ 3,450	$ 3,337
Duration of defined benefit obligation	11 years	11 years
Defined benefit plan obligation \| Pensions \| Unfunded pension plans \| UK
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 317
Ending balance	$ 340	$ 317
Duration of defined benefit obligation	16 years	15 years
Defined benefit plan obligation \| Pensions \| Unfunded pension plans \| USA
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 868
Ending balance	$ 884	$ 868
Duration of defined benefit obligation	8 years	9 years
Defined benefit plan obligation \| Pensions \| Unfunded pension plans \| Rest of the world
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 2,152
Ending balance	$ 2,226	$ 2,152
Duration of defined benefit obligation	11 years	12 years
Defined benefit plan obligation \| OPEB
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ 2,879	$ 4,867
Current service cost	36	57
Interest expense	166	120
Actuarial losses	72	(2,032)
Benefit payments	(88)	(178)
Other movements	0	37
Currency translation differences	36	8
Ending balance	3,101	2,879	4,867
Defined benefit plan obligation \| OPEB \| Unfunded pension plans
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	2,879
Ending balance	$ 3,101	$ 2,879
Duration of defined benefit obligation	13 years	14 years
Defined benefit plan assets
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	$ (76,756)	$ (104,495)
Interest expense	(3,417)	(1,732)
Benefit payments	3,706	3,889
Other movements	18	58
Currency translation differences	(1,531)	5,675
Ending balance	(79,961)	(76,756)	(104,495)
Defined benefit plan assets \| The Netherlands
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	(27,986)	(37,096)
Interest expense	(1,035)	(314)
Benefit payments	1,032	942
Other movements	6	9
Currency translation differences	(1,020)	2,136
Ending balance	(30,266)	(27,986)	(37,096)
Defined benefit plan assets \| UK
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	(21,963)	(33,720)
Interest expense	(1,094)	(552)
Benefit payments	1,014	1,124
Other movements	16	(150)
Currency translation differences	(1,242)	2,723
Ending balance	(22,320)	(21,963)	(33,720)
Defined benefit plan assets \| USA
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	(14,243)	(18,055)
Interest expense	(679)	(406)
Benefit payments	957	1,088
Other movements	13	15
Currency translation differences	0	0
Ending balance	(14,835)	(14,243)	(18,055)
Defined benefit plan assets \| Rest of the world
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	(12,564)	(15,624)
Interest expense	(609)	(460)
Benefit payments	703	735
Other movements	(17)	184
Currency translation differences	731	816
Ending balance	(12,540)	(12,564)	$ (15,624)
Defined benefit plan assets \| Germany
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	(2,538)
Ending balance	(2,730)	(2,538)
Defined benefit plan assets \| Canada (Federal)
Disclosure of net defined benefit liability (asset) [line items]
Beginning balance	(3,497)
Ending balance	$ (3,504)	$ (3,497)

Segment information - Summary of Information by Geographical Area (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of geographical areas [line items]
Third-party revenue, by origin	$ 316,620	$ 381,314	$ 261,504
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	246,205	248,207	243,040
Europe
Disclosure of geographical areas [line items]
Third-party revenue, by origin	118,135	135,975	78,549
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	48,008	40,161	38,881
Asia, Oceania, Africa
Disclosure of geographical areas [line items]
Third-party revenue, by origin	99,967	126,643	87,070
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	91,374	97,019	97,278
USA
Disclosure of geographical areas [line items]
Third-party revenue, by origin	70,291	87,085	73,647
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	57,261	59,233	58,286
Other Americas
Disclosure of geographical areas [line items]
Third-party revenue, by origin	28,227	31,611	22,238
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	49,562	51,794	48,595
UK
Disclosure of geographical areas [line items]
Third-party revenue, by origin	44,815	50,236	21,846
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	$ 21,478	$ 20,772	$ 21,974

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Joint ventures and associates - Summary of Shell Share of Comprehensive Income of Joint Ventures and Associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Joint Ventures And Associates [Line Items]
Income for the period	$ 3,725	$ 3,972	$ 4,097
Other comprehensive (loss)/income for the period	(183)	21	(106)
Comprehensive income for the period	3,542	3,993	3,991
Impairment losses	8,947	2,313	4,065
Associates
Disclosure Of Joint Ventures And Associates [Line Items]
Income for the period	2,106	1,383	2,142
Other comprehensive (loss)/income for the period	0	0	0
Comprehensive income for the period	2,106	1,383	2,142
Joint ventures
Disclosure Of Joint Ventures And Associates [Line Items]
Income for the period	1,619	2,589	1,955
Other comprehensive (loss)/income for the period	(183)	21	(106)
Comprehensive income for the period	$ 1,436	2,610	$ 1,849
Joint ventures \| Russia
Disclosure Of Joint Ventures And Associates [Line Items]
Impairment losses		$ 1,614

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Summary of Cash and Cash Equivalents


	$ million
	Dec 31, 2023	Dec 31, 2022
Cash	5,886	6,608
Short-term bank deposits	6,590	5,147
Money market funds, reverse repos and other cash equivalents	26,298	28,491
Total	38,774	40,246

Interest expense - Summary of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Interest incurred and similar charges	$ 2,669	$ 1,971	$ 2,086
Interest expense related to leases	1,772	1,724	1,987
Less: interest capitalised	(532)	(950)	(917)
Other net losses/(gains) on fair value and cash flow hedges of debt	45	(71)	1
Accretion expense	719	507	450
Total	$ 4,673	$ 3,181	$ 3,607

Auditor's remuneration (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Auditor's Remuneration


	$ million
	2023	2022	2021
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements, including audit of consolidation returns	42	45	39
Other audit fees, principally in respect of audits of accounts of subsidiaries	19	18	18
Total audit fees	61	63	57
Audit-related fees	3	3	3
Fees in respect of other non-audit services	2	3	3
Total	66	69	63

Taxation - Summary of Taxation Charge (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax:
Charge in respect of current period	$ 13,066	$ 16,383	$ 7,254
Adjustments in respect of prior periods	(422)	(947)	(719)
Total	12,644	15,436	6,535
Deferred tax:
Relating to the origination and reversal of temporary differences, tax losses and credits	(305)	5,196	2,971
Relating to changes in tax rates and legislation	242	785	10
Adjustments in respect of prior periods	410	524	(317)
Total	347	6,505	2,664
Total taxation charge	$ 12,991	$ 21,941	$ 9,199

Property, plant and equipment - Summary of Exploration Drilling Costs Capitalised for Periods Greater Than One Year (Details) $ in Millions	Dec. 31, 2023 USD ($) project well
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items]
Projects, number \| project	23
Projects, value	$ 1,618
Wells, number \| well	64
Wells, value	$ 1,618
Between 1 and 5 years
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items]
Projects, number \| project	13
Projects, value	$ 721
Wells, number \| well	14
Wells, value	$ 353
Between 6 and 10 years
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items]
Projects, number \| project	6
Projects, value	$ 704
Wells, number \| well	22
Wells, value	$ 708
Between 11 and 15 years
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items]
Projects, number \| project	2
Projects, value	$ 69
Wells, number \| well	20
Wells, value	$ 390
Between 16 and 20 years
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items]
Projects, number \| project	2
Projects, value	$ 124
Wells, number \| well	8
Wells, value	$ 167

Debt - Schedule of Net Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Net Debt [Line Items]
Beginning balance	$ 44,837	$ 52,556
Cash flow	(7,331)	(13,683)
Lease additions	4,342	5,188
Other movements	1,954	1,070
Currency translation differences and foreign exchange (gains)/losses	(260)	(294)
End balance	43,542	44,837
Current debt
Disclosure Of Net Debt [Line Items]
Beginning balance	9,001	8,218
Cash flow	(9,617)	(7,618)
Lease additions	1,021	1,111
Other movements	9,619	7,560
Currency translation differences and foreign exchange (gains)/losses	(93)	(270)
End balance	9,931	9,001
Non-current debt
Disclosure Of Net Debt [Line Items]
Beginning balance	74,794	80,868
Cash flow	(215)	(254)
Lease additions	3,321	4,077
Other movements	(7,184)	(7,883)
Currency translation differences and foreign exchange (gains)/losses	894	(2,014)
End balance	71,610	74,794
Derivative financial instruments
Disclosure Of Net Debt [Line Items]
Beginning balance	1,288	440
Cash flow	723	(1,799)
Lease additions
Other movements	(481)	1,393
Currency translation differences and foreign exchange (gains)/losses	(755)	1,254
End balance	775	1,288
Cash and cash equivalents (see Note 17)
Disclosure Of Net Debt [Line Items]
Beginning balance	(40,246)	(36,970)
Cash flow	1,778	(4,012)
Lease additions
Other movements	0	0
Currency translation differences and foreign exchange (gains)/losses	(306)	736
End balance	$ (38,774)	$ (40,246)

Goodwill and other intangible assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Goodwill	$ 16,660	$ 16,039
Additions	1,436
Cost
Disclosure of detailed information about intangible assets [line items]
Goodwill	18,542	17,557	$ 16,117
Additions	1,436	1,954
Integrated Gas
Disclosure of detailed information about intangible assets [line items]
Goodwill	4,900	4,900
Upstream
Disclosure of detailed information about intangible assets [line items]
Goodwill	5,400	5,300
Marketing
Disclosure of detailed information about intangible assets [line items]
Goodwill	4,400	$ 3,300
Additions	1,304
Renewables and Energy Solutions
Disclosure of detailed information about intangible assets [line items]
Additions	132
BG Group Plc \| Integrated Gas
Disclosure of detailed information about intangible assets [line items]
Goodwill	4,945
BG Group Plc \| Upstream
Disclosure of detailed information about intangible assets [line items]
Goodwill	5,294
BG Group Plc \| Oil Products
Disclosure of detailed information about intangible assets [line items]
Goodwill	$ 1,665

Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Earnings Per Share

Earnings per share


	2023	2022	2021
Income attributable to Shell plc shareholders ($ million)	19,359	42,309	20,101

Weighted average number of shares used as the basis for determining:
Basic earnings per share (million of shares)	6,733.5	7,347.5	7,761.7
Diluted earnings per share (million of shares)	6,799.8	7,410.5	7,806.8

Basic earnings per share are calculated by dividing the income attributable to Shell plc shareholders for the year by the weighted average number of shares outstanding during the year. The weighted average number of shares outstanding excludes shares held in trust.

Diluted earnings per share are based on the same income figures. The weighted average number of shares outstanding during the year is increased by dilutive shares related to share-based compensation plans. If the inclusion of potentially issuable shares could decrease diluted loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share.

Taxation (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Summary of Taxation Charge


	$ million
	2023	2022	2021
Current tax:
Charge in respect of current period	13,066	16,383	7,254
Adjustments in respect of prior periods	(422)	(947)	(719)
Total	12,644	15,436	6,535
Deferred tax:
Relating to the origination and reversal of temporary differences, tax losses and credits	(305)	5,196	2,971
Relating to changes in tax rates and legislation	242	785	10
Adjustments in respect of prior periods	410	524	(317)
Total	347	6,505	2,664
Total taxation charge	12,991	21,941	9,199

Summary of Reconciliation of Applicable Tax Charge at Statutory Tax Rates to Taxation Charge


Reconciliation of applicable tax charge at statutory tax rates to taxation charge


			$ million
	2023	2022	2021
Income before taxation	32,627	64,815	29,829
Less: share of profit of joint ventures and associates	(3,725)	(3,972)	(4,097)
Income before taxation and share of profit of joint ventures and associates	28,902	60,843	25,732
Applicable tax charge at standard statutory tax rates	11,921	22,170	10,097
Adjustments in respect of prior periods	(12)	(424)	(1,036)
Tax effects of:
Expenses not deductible for tax purposes	1,225	849	893
Incentives for investment and development	(553)	(1,388)	(467)
Derecognition/(recognition) of deferred tax assets	243	(457)	(113)
Changes in tax rates and legislation	242	785	10
Income not subject to tax at standard statutory rates	(213)	234	90
Disposals	(113)	39	(328)
Exchange rate differences	89	(102)	53
Other reconciling items	162	235	—
Taxation charge	12,991	21,941	9,199
Weighted average of statutory tax rates [A]	41%	36%	39%
Effective tax rate based on income before taxation [B]	40%	34%	31%
Effective tax rate based on income before taxation excluding share of profit of joint ventures and associates [C]	45%	36%	36%

[A]The weighted average of statutory tax rates is calculated by dividing the applicable tax charge at standard statutory tax rates by Income before taxation and share of profit of joint ventures and associates.

[B]The effective tax rate based on income before taxation is calculated by dividing Taxation charge by Income before taxation.

[C]The effective tax rate based on income before taxation excluding share of profit of joint ventures and associates is calculated by dividing Taxation charge by Income before taxation and share of profit of joint ventures and associates.

Summary of Deferred Tax


								$ million
Deferred tax asset	Decommissioning and other provisions		Property, plant and equipment		Tax losses and credits carried forward	Retirement benefits	Other	Total
At January 1, 2023	6,049		4,290		6,446	1,977	4,827	23,589
(Charge)/credit to income	61		(680)		(2,025)	27	557	(2,060)
Currency translation differences	89		18		66	28	(11)	190
Other comprehensive income	—		—		(5)	104	23	122
Other movements	1,378	[A]	(2,044)	[A]	(202)	(386)	(964)	(2,218)
At December 31, 2023	7,577		1,584		4,280	1,750	4,432	19,623
Deferred tax liability
At January 1, 2023			(24,818)			(3,189)	(3,953)	(31,960)
Credit/(charge) to income			2,109			(228)	(168)	1,713
Currency translation differences			(173)			227	—	54
Other comprehensive income			(3)			(90)	(3)	(96)
Other movements			889			400	484	1,773
At December 31, 2023			(21,996)			(2,880)	(3,640)	(28,516)
Net deferred tax liability at December 31, 2023								(8,893)
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2023
Deferred tax asset								6,454
Deferred tax liability								(15,347)

[A]Includes the impact of the IAS 12 amendments Deferred Tax related to Assets and Liabilities arising from a Single Transaction. (See Note 2).


2022 – Deferred tax


						$ million
Deferred tax asset	Decommissioning and other provisions	Property, plant and equipment	Tax losses and credits carried forward	Retirement benefits	Other	Total
At January 1, 2022	6,562	4,993	10,518	2,744	4,545	29,362
(Charge)/credit to income	(217)	(1,261)	(3,434)	(66)	160	(4,818)
Currency translation differences	(303)	(63)	(426)	(40)	(109)	(941)
Other comprehensive income	—	—	18	(618)	70	(530)
Other movements	7	621	(230)	(43)	161	516
At December 31, 2022	6,049	4,290	6,446	1,977	4,827	23,589
Deferred tax liability
At January 1, 2022		(23,144)		(2,736)	(3,603)	(29,483)
(Charge)/credit to income		(1,503)		93	(277)	(1,687)
Currency translation differences		380		287	170	837
Other comprehensive income		4		(870)	18	(848)
Other movements		(555)		37	(261)	(779)
At December 31, 2022		(24,818)		(3,189)	(3,953)	(31,960)
Net deferred tax asset at December 31, 2022						(8,371)
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2022
Deferred tax asset						7,815
Deferred tax liability						(16,186)

Disclosure of unrecognised temporary difference, unused tax losses and tax credits


Expected expiration of unused tax losses, unrecognised deductible temporary differences and tax credits


		$ million
Expected expiration	Dec 31, 2023	Dec 31, 2022

Less than one year	1,496	1,034
Between 1 and 5 years	1,475	3,257
5 years and later [A]	71,709	72,032
Total	74,680	76,323

[A]Includes unrecognised losses for Petroleum Resource Rent Tax (PRRT) in Australia which, due to the annual augmentation, increased to $46,220 million as at the end of the most recent PRRT fiscal year, June 30, 2023 (June 30, 2022: $43,832 million).

Trade and other payables - Summary of Detailed Information About Trade and Other Payables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Emissions And Related Environmental Schemes [Line Items]
Trade payables, current	$ 34,591	$ 42,632
Other payables, current	9,887	10,059
Sales taxes, excise duties and similar levies, current	3,105	3,270
Amounts due to joint ventures and associates, current	7,519	8,441
Accruals and deferred income, current	13,135	14,955
Total, current	68,237	79,357
Trade payables, non-current	0	0
Other payables, non-current	2,835	3,148
Sales taxes, excises duties and similar duties, non-current	0	0
Amounts due to joint ventures and associates, non-current	33	31
Accruals and deferred income, non-current	235	253
Total, non-current	3,103	3,432
Emissions instruments
Disclosure Of Emissions And Related Environmental Schemes [Line Items]
Other payables, current	3,853	4,232	$ 3,805
Other payables, non-current	193	478	211
Obligation under both environmental schemes	$ 4,046	$ 4,710	$ 4,016

Leases - Summary of Right-of-use Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	$ 198,642
At December 31	194,835	$ 198,642
Impairment losses on property, plant and equipment	8,182	1,799	$ 3,894
Impairment reversals	627	6,177	214
Exploration and evaluation
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	6,403	7,000	9,000
At December 31	5,312	6,403	7,000
Production
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	117,354
At December 31	110,697	117,354
Manufacturing, supply and distribution
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	49,884
At December 31	49,243	49,884
Impairment losses on property, plant and equipment	2,785	474	2,340
Impairment reversals	91	72	0
Cost
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	434,961	436,769
Additions	25,831	28,254
Reclassifications	0
Currency translation differences	2,998	(10,262)
At December 31	455,070	434,961	436,769
Cost \| Exploration and evaluation
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	11,565	12,679
Additions	2,161	1,564
Reclassifications	0
Currency translation differences	73	(209)
At December 31	8,635	11,565	12,679
Cost \| Production
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	277,016	285,903
Additions	10,731	11,954
Reclassifications	(2,779)
Currency translation differences	1,855	(6,300)
At December 31	285,670	277,016	285,903
Cost \| Manufacturing, supply and distribution
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	106,785	104,182
Additions	5,910	6,928
Reclassifications	527
Currency translation differences	863	(1,777)
At December 31	113,069	106,785	104,182
Depreciation, depletion and amortisation, including impairments
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	(236,319)	(241,837)
Reclassifications	0
Charge for the year	29,915	17,310
Currency translation differences	(2,087)	6,406
At December 31	(260,235)	(236,319)	(241,837)
Depreciation, depletion and amortisation, including impairments \| Exploration and evaluation
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	(5,162)	(5,580)
Reclassifications	0
Charge for the year	731	397
Currency translation differences	(39)	50
At December 31	(3,323)	(5,162)	(5,580)
Depreciation, depletion and amortisation, including impairments \| Production
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	(159,662)	(167,530)
Reclassifications	2,217
Charge for the year	18,202	9,709
Currency translation differences	(1,326)	4,370
At December 31	(174,973)	(159,662)	(167,530)
Depreciation, depletion and amortisation, including impairments \| Manufacturing, supply and distribution
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	(56,901)	(55,131)
Reclassifications	(63)
Charge for the year	8,295	5,149
Currency translation differences	(650)	1,325
At December 31	(63,826)	(56,901)	(55,131)
Right-of-use assets
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	23,117
At December 31	24,079	23,117
Impairment losses on property, plant and equipment	72	160
Impairment reversals	2	206
Right-of-use assets \| Exploration and evaluation
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	0
At December 31	0	0
Right-of-use assets \| Production
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	6,400
At December 31	5,451	6,400
Right-of-use assets \| Manufacturing, supply and distribution
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	9,768
At December 31	11,436	9,768
Right-of-use assets \| Other
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	6,949
At December 31	7,192	6,949
Right-of-use assets \| Cost
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	41,037	38,106
Additions	4,540	5,504
Sales, retirements and other movements	(1,127)	(1,785)
Reclassifications	0	0
Currency translation differences	(217)	(788)
At December 31	44,233	41,037	38,106
Right-of-use assets \| Cost \| Exploration and evaluation
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	0	5
Additions	0	0
Sales, retirements and other movements	0	(5)
Reclassifications	0	0
Currency translation differences	0	0
At December 31	0	0	5
Right-of-use assets \| Cost \| Production
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	14,675	14,322
Additions	790	1,088
Sales, retirements and other movements	(116)	(569)
Reclassifications	(2,779)	(2,217)
Currency translation differences	27	(166)
At December 31	12,597	14,675	14,322
Right-of-use assets \| Cost \| Manufacturing, supply and distribution
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	16,463	15,748
Additions	2,442	2,305
Sales, retirements and other movements	29	(1,530)
Reclassifications	527	63
Currency translation differences	24	(60)
At December 31	19,485	16,463	15,748
Right-of-use assets \| Cost \| Other
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	9,899	8,031
Additions	1,308	2,111
Sales, retirements and other movements	(1,040)	319
Reclassifications	2,252	2,154
Currency translation differences	(268)	(562)
At December 31	12,151	9,899	8,031
Right-of-use assets \| Depreciation, depletion and amortisation, including impairments
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	(17,920)	(16,154)
Sales, retirements and other movements	2,494	2,172
Charge for the year	4,808	4,202
Currency translation differences	(80)	(264)
At December 31	(20,154)	(17,920)	(16,154)
Right-of-use assets \| Depreciation, depletion and amortisation, including impairments \| Exploration and evaluation
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	0	0
Sales, retirements and other movements	0	0
Charge for the year	0	0
Currency translation differences	0	0
At December 31	0	0	0
Right-of-use assets \| Depreciation, depletion and amortisation, including impairments \| Production
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	(8,275)	(7,935)
Sales, retirements and other movements	303	751
Charge for the year	1,382	1,182
Currency translation differences	9	(91)
At December 31	(7,146)	(8,275)	(7,935)
Right-of-use assets \| Depreciation, depletion and amortisation, including impairments \| Manufacturing, supply and distribution
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	(6,695)	(5,946)
Sales, retirements and other movements	1,149	1,444
Charge for the year	2,428	2,223
Currency translation differences	12	(30)
At December 31	(8,049)	(6,695)	(5,946)
Right-of-use assets \| Depreciation, depletion and amortisation, including impairments \| Other
Disclosure of quantitative information about right-of-use assets [line items]
At January 1	(2,950)	(2,273)
Sales, retirements and other movements	1,042	(23)
Charge for the year	998	797
Currency translation differences	(101)	(143)
At December 31	$ (4,959)	$ (2,950)	$ (2,273)

Assets held for sale (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Analysis of Assets Held For Sale [Line Items]
Intangible assets	$ 10,253	$ 9,662
Property, plant and equipment	194,835	198,642
Joint ventures and associates	24,457	23,864
Investments in securities	3,246	3,362
Deferred tax	6,454	7,815
Retirement benefit assets	9,151	10,200
Trade and other current receivables	53,273	66,510
Trade and other non-current receivables	6,298	6,920
Inventories	26,019	31,894
Current assets	134,115	165,938
Non-current assets	272,155	277,086
Total assets	406,270	443,024
Current debt	9,931	9,001
Non-current debt	71,610	74,794
Total	81,541	83,795
Trade and other current payables	68,237	79,357
Trade and other non-current payables	3,103	3,432
Retirement benefit liabilities	7,549	7,296
Decommissioning and other provisions, current	4,041	2,910
Decommissioning and other provisions, non-current	22,531	23,845
Income taxes payable	3,422	4,869
Current liabilities	95,467	121,311
Non-current liabilities	122,441	129,116
Total liabilities	217,908	250,427
Assets and liabilities classified as held for sale
Disclosure of Analysis of Assets Held For Sale [Line Items]
Intangible assets	71	0
Property, plant and equipment	250	2,526
Joint ventures and associates	19	94
Investments in securities	0	128
Deferred tax	10	0
Current net defined benefit asset	0	0
Retirement benefit assets	1	0
Assets of benefit plan	1	0
Trade and other current receivables	103	44
Trade and other non-current receivables	34	51
Trade and other receivables	137	95
Inventories	463	8
Current assets	566	52
Non-current assets	385	2,799
Total assets	951	2,851
Current debt	2	3
Non-current debt	82	1
Total	84	4
Trade and other current payables	94	256
Trade and other non-current payables	0	22
Trade and other payables	94	278
Retirement benefit liabilities	53	0
Decommissioning and other provisions, current	7	134
Decommissioning and other provisions, non-current	68	971
Other provisions	75	1,105
Income taxes payable	1	8
Current liabilities	104	401
Non-current liabilities	203	994
Total liabilities	$ 307	$ 1,395

Post-Balance Sheet Events (Details) $ in Millions	Feb. 01, 2024 USD ($) contract	Jan. 30, 2024 USD ($)	Jan. 16, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Other receivables, non-current				$ 2,801	$ 3,247
Net defined benefit liability (asset)				(1,602)	(2,904)
Defined benefit plan obligation
Disclosure of non-adjusting events after reporting period [line items]
Net defined benefit liability (asset)				78,024	73,481	$ 107,336
Defined benefit plan assets
Disclosure of non-adjusting events after reporting period [line items]
Net defined benefit liability (asset)				(79,961)	(76,756)	(104,495)
USA \| Defined benefit plan obligation
Disclosure of non-adjusting events after reporting period [line items]
Net defined benefit liability (asset)				15,579	14,793	19,003
USA \| Defined benefit plan assets
Disclosure of non-adjusting events after reporting period [line items]
Net defined benefit liability (asset)				$ (14,835)	$ (14,243)	$ (18,055)
Settlement of pension liabilities \| USA \| Defined benefit plan obligation
Disclosure of non-adjusting events after reporting period [line items]
Net defined benefit liability (asset)		$ 5,052
Settlement of pension liabilities \| USA \| Defined benefit plan assets
Disclosure of non-adjusting events after reporting period [line items]
Net defined benefit liability (asset)		$ 4,920
Major ordinary share transactions
Disclosure of non-adjusting events after reporting period [line items]
Authorized amount for share buy back	$ 3,500
Stock repurchase program, contract term	3 months
Stock repurchase program, number of contracts \| contract	3
Forecast \| Disposal of subsidiary \| The Shell Petroleum Development Company Of Nigeria Limited
Disclosure of non-adjusting events after reporting period [line items]
Consideration receivable			$ 1,300
Cash payments receivable			1,100
Loans to corporate entities			1,200
Other receivables, non-current			$ 1,300

Legal proceedings and contingencies (Details) - cases	1 Months Ended	12 Months Ended
Legal proceedings and contingencies (Details) - cases	Mar. 31, 2017	Dec. 31, 2023
Disclosure of legal proceedings and other contingencies [Line Items]
Decommissioning term		50 years
NAM
Disclosure of legal proceedings and other contingencies [Line Items]
Proportion of ownership interest in joint venture		50.00%
NAM \| ExxonMobil
Disclosure of legal proceedings and other contingencies [Line Items]
Proportion of ownership interest in joint venture		50.00%
Pesticide
Disclosure of legal proceedings and other contingencies [Line Items]
Number of cases pending		24
Number of claims filed		4
NAM (Groningen gas field)
Disclosure of legal proceedings and other contingencies [Line Items]
Number of claims received (more than)		80,000
Nigerian
Disclosure of legal proceedings and other contingencies [Line Items]
Number of cases pending	2
Kazakhstan
Disclosure of legal proceedings and other contingencies [Line Items]
Number of cases pending		2
USA \| Climate change
Disclosure of legal proceedings and other contingencies [Line Items]
Number of cases pending		24
Number of claims filed		3
Number of petitions pending		1
The Netherlands \| Climate change
Disclosure of legal proceedings and other contingencies [Line Items]
Percentage reduction of emissions by 2030		45.00%

Trade and other payables (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Summary of Detailed Information about Trade and other Payables


	$ million
	Dec 31, 2023		Dec 31, 2022
	Current	Non-current	Current	Non-current
Trade payables	34,591	—	42,632	—
Other payables [A]	9,887	2,835	10,059	3,148
Sales taxes, excise duties and similar levies	3,105	—	3,270	—
Amounts due to joint ventures and associates	7,519	33	8,441	31
Accruals and deferred income	13,135	235	14,955	253
Total	68,237	3,103	79,357	3,432

[A]Includes obligations under environmental compliance schemes of $4,046 million as at December 31, 2023 (2022: $4,710 million). (See Note 5).

Trade and other receivables (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Summary of Trade and Other Receivables


	$ million
	Dec 31, 2023		Dec 31, 2022
	Current	Non-current	Current	Non-current
Trade receivables	36,273	—	39,334	—
Lease receivables	188	1,032	206	1,090
Other receivables	9,642	2,801	9,737	3,247
Amounts due from joint ventures and associates	1,014	278	2,722	423
Prepayments and deferred charges	6,156	2,187	14,511	2,160
Total	53,273	6,298	66,510	6,920

Summary of Maturity Analysis of Finance Lease Receivables

Lease contracts where Shell is the lessor are classified as finance leases or operating leases. Receivables for lease contracts classified as finance leases are as follows:


		$ million
	Dec 31, 2023	Dec 31, 2022
Less than one year	238	257
Between 1 and 5 years	848	792
5 years and later	453	532
Total undiscounted lease payments receivable	1,539	1,581
Unearned finance income	260	270
Net investment in leases	1,279	1,311

Share capital - Narrative (Details) - EUR (€) € / shares in Units, € in Millions	May 24, 2022	Dec. 31, 2023	May 23, 2023
Disclosure of classes of share capital [line items]
Par value per share (in eur per share)		€ 0.07	€ 0.07
Stock repurchase program, shares authorized (in shares)	692,000,000
Ordinary shares issue mandate
Disclosure of classes of share capital [line items]
Common stock, value authorised			€ 161.0
Common stock, shares authorised (in shares)			2,307,000,000
Ordinary shares issue mandate \| Bottom of range
Disclosure of classes of share capital [line items]
Percentage of average market value	5.00%

Cash and cash equivalents - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Restricted cash and cash equivalents	$ 460	$ 156

Interest and other income

12 Months Ended

Dec. 31, 2023

Interest and Other Income

Interest and other income


$ million
	2023	2022	2021
Interest income	2,313	1,046	511
Dividend income (from investments in equity securities)	49	216	91
Net gains on sale and revaluation of non-current assets and businesses	257	642	5,995
Net foreign exchange (losses)/gains on financing activities	(458)	(340)	118
Other	677	(649)	341
Total	2,838	915	7,056

Other includes amounts recognised in respect of sublease income from partners in joint operations (2023: $418 million, 2022: $319 million, 2021: $313 million).

In 2022, Other included the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of Shell's withdrawal from Russian oil and gas activities. In 2021, net gains on sale of non-current assets and businesses arose mainly in respect of gains on the sale of Integrated Gas assets in Australia and Norway, and Upstream assets in the USA and Nigeria

Climate change and energy transition (Tables)

12 Months Ended

Dec. 31, 2023

Climate Change and Energy Transition [Abstract]

Summary of carrying value of assets by segment


2023
					$ billion
	Goodwill	Other intangible assets	Property, plant and equipment	Joint ventures and associates	Total
Integrated Gas	4.9	3.2	57.7	6.1	71.9
Upstream	5.4	0.3	70.9	7.6	84.2
Chemicals and Products	0.3	2.4	36.9	4.0	43.6
Marketing	4.4	2.9	22.2	4.7	34.2
Renewables and Energy Solutions	1.7	1.5	4.8	2.0	10.0
Corporate	—	—	2.3	0.1	2.4
Total	16.7	10.3	194.8	24.5	246.3

4. Climate change and energy transition continued


2022
					$ billion
	Goodwill	Other intangible assets	Property, plant and equipment	Joint ventures and associates	Total
Integrated Gas	4.9	3.9	60.8	5.6	75.2
Upstream	5.3	0.2	74.5	7.7	87.7
Chemicals and Products	0.3	2.1	38.1	4.2	44.7
Marketing	3.3	1.8	19.1	4.4	28.6
Renewables and Energy Solutions	2.2	1.6	3.2	1.9	8.9
Corporate	—	0.1	2.9	0.1	3.1
Total	16.0	9.7	198.6	23.9	248.2

Information by segment on a current cost of supplies basis is as follows:


2023


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	37,645	6,475	108,858	118,781	44,819	42	316,620	[A]
Inter-segment	11,560	41,230	624	2,252	4,707	—	60,373
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,951	768	548	590	(96)	(3)	3,758
Interest and other income, of which:	137	671	76	61	75	1,818	2,838
Interest income	6	27	9	57	12	2,202	2,313
Net gains/(losses) on sale and revaluation of non-current assets and businesses	(22)	209	16	(61)	110	5	257
Other	153	435	51	65	(47)	(389)	268
Third-party and inter-segment purchases (CCS basis)	27,356	7,890	94,614	102,396	40,170	15	272,441
Operating expenses, of which:	4,823	9,845	9,336	11,483	3,831	642	39,960
Production and manufacturing expenses	4,529	9,186	949	7,908	2,610	58	25,240
Selling, distribution and administrative expenses	168	163	8,137	3,323	1,058	584	13,433
Research and development expenses	126	496	250	252	163	—	1,287
Exploration expenses	216	1,534	—	—	—	—	1,750
Depreciation, depletion and amortisation charge, of which:	8,903	12,463	2,335	6,411	1,159	19	31,290
Impairment losses	3,472	1,360	420	2,787	908	—	8,947	[B]
Impairment reversals	(324)	(206)	(1)	(90)	(141)	—	(762)	[C]
Interest expense	146	507	52	62	4	3,902	4,673
Taxation charge/(credit) (CCS basis)	2,803	8,377	819	(198)	1,303	90	13,194
CCS earnings	7,046	8,528	2,950	1,530	3,038	(2,811)	20,281

[B]Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).

[C]Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).

7. Segment information continued


2022


								$ million
	Integrated Gas		Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	54,751		8,352	120,638	144,342	53,190	41	381,314	[A]
Inter-segment	18,412		52,285	606	2,684	6,791	—	80,778
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,219		2,111	237	374	(7)	(4)	3,930
Interest and other income, of which:	(714)		726	(104)	244	57	706	915
Interest income	43		22	—	24	(2)	959	1,046
Net gains on sale and revaluation of non-current assets and businesses	101		437	(186)	282	8	—	642
Other	(858)	[B]	267	82	(62)	51	(253)	(773)
Third-party and inter-segment purchases (CCS basis)	37,785		10,666	108,012	127,521	57,024	(28)	340,980
Operating expenses, of which:	5,237		10,365	8,383	11,362	3,590	539	39,476
Production and manufacturing expenses	4,907		9,676	810	7,583	2,520	22	25,518
Selling, distribution and administrative expenses	218		233	7,351	3,592	972	517	12,883
Research and development expenses	112		456	222	187	98	—	1,075
Exploration expenses	240		1,472	—	—	—	—	1,712
Depreciation, depletion and amortisation charge, of which:	2,211		10,334	1,900	3,289	777	18	18,529
Impairment losses	115		950	480	356	412	—	2,313	[C]
Impairment reversals	(3,449)		(2,504)	(151)	(73)	—	—	(6,177)	[D]
Interest expense	84		345	46	22	2	2,682	3,181
Taxation charge/(credit) (CCS basis)	5,899		14,070	903	935	(303)	(7)	21,497
CCS earnings	22,212		16,222	2,133	4,515	(1,059)	(2,461)	41,562

[B]Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.

[C]Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).

[D]Impairment reversals fully comprise Property, plant and equipment. (See Note 12).

7. Segment information continued


2021


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	29,922	9,182	83,494	116,448	22,415	43	261,504	[A]
Inter-segment	8,072	35,789	254	1,890	4,675	—	50,680
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,933	632	385	989	(27)	1	3,913
Interest and other income, of which:	1,596	4,592	278	37	200	353	7,056
Interest income	—	37	3	36	4	431	511
Net gains on sale and revaluation of non-current assets and businesses	1,610	4,130	285	(24)	(6)	—	5,995
Other	(14)	425	(10)	25	202	(78)	550
Third-party and inter-segment purchases (CCS basis)	20,188	9,094	70,745	103,294	26,048	(5)	229,364
Operating expenses, of which:	4,526	10,322	7,501	10,347	2,745	524	35,965
Production and manufacturing expenses	4,194	9,797	950	6,815	2,098	(32)	23,822
Selling, distribution and administrative expenses	231	186	6,384	3,375	596	556	11,328
Research and development expenses	101	339	167	157	51	—	815
Exploration expenses	122	1,301	—	—	—	—	1,423
Depreciation, depletion and amortisation charge, of which:	5,908	13,485	1,700	5,485	326	17	26,921
Impairment losses	723	920	129	2,248	45	—	4,065	[B]
Impairment reversals	(204)	(9)	(1)	—	—	—	(214)	[C]
Interest expense	71	333	27	44	—	3,132	3,607
Taxation charge/(credit) (CCS basis)	2,648	6,057	903	(210)	(342)	(665)	8,391
CCS earnings	8,060	9,603	3,535	404	(1,514)	(2,606)	17,482

[B]Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4 million). (See Note 12).

[C]Impairment reversals fully comprise Property, plant and equipment. (See Note 12).

Cash capital expenditure

Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.


2023


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,491	8,249	5,563	3,106	2,314	270	22,993	[A]
Investments in joint ventures and associates	705	94	49	84	261	9	1,202	[A]
Investments in equity securities	—	—	—	2	106	89	197	[A]
Cash capital expenditure*	4,196	8,343	5,612	3,192	2,681	368	24,392

[A]See Consolidated Statements of Cash Flows.

* Non-GAAP measure (see page 329).

7. Segment information continued


2022


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,433	8,020	4,527	3,835	2,610	175	22,600	[A]
Investments in joint ventures and associates	832	123	304	2	703	9	1,973	[A]
Investments in equity securities	—	—	—	1	156	103	260	[A]
Cash capital expenditure*	4,265	8,143	4,831	3,838	3,469	287	24,833

[A]See Consolidated Statements of Cash Flows.


2021


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,306	6,277	2,122	5,091	2,069	135	19,000	[A]
Investments in joint ventures and associates	196	(109)	148	80	154	10	479	[A]
Investments in equity securities	—	—	3	4	136	75	218	[A]
Cash capital expenditure*	3,502	6,168	2,273	5,175	2,359	220	19,697

[A]See Consolidated Statements of Cash Flows.

Summary of PPE


Carrying amount of Integrated Gas and Upstream assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
Integrated Gas	95	94	91	93	79	75	75	72
Upstream	136	128	123	119	106	91	88	84
Total at December 31	231	222	214	212	185	166	163	156

4. Climate change and energy transition continued


Carrying amount of production assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
At December 31	169	154	149	141	125	112	111	105
Right of use assets				9	7	6	6	6
Total at December 31	169	154	149	150	132	118	117	111


Carrying amount of exploration and evaluation assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
At December 31	19	19	18	15	9	7	6	5


Carrying amount of Chemicals and Production assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
Chemicals	15	16	18	22	25	27	28	25
Refineries	10	14	14	13	7	6	6	6
Other	1	8	7	12	11	11	11	13
Total at December 31	26	38	39	47	43	44	45	44


Carrying amount of Marketing assets


							$ billion
	2017	2018	2019	2020	2021	2022	2023
At December 31	15	15	20	23	25	29	34


Carrying amount of Renewables and Energy Solutions assets


							$ billion
	2017	2018	2019	2020	2021	2022	2023
At December 31	1	1	3	3	5	9	10


2023 [A]


	$ million
	Exploration and production
	Exploration and evaluation	Production	Manufacturing, supply and distribution	Other	Total
Cost
At January 1	11,565	277,016	106,785	39,595	434,961
Additions	2,161	10,731	5,910	7,029	25,831
Sales, retirements and other movements [B]	(5,164)	(1,153)	(1,016)	(1,387)	(8,720)
Reclassifications [C]	—	(2,779)	527	2,252	—
Currency translation differences	73	1,855	863	207	2,998
At December 31	8,635	285,670	113,069	47,696	455,070
Depreciation, depletion and amortisation, including impairments
At January 1	5,162	159,662	56,901	14,594	236,319
Charge for the year [D]	731	18,202	8,295	2,687	29,915
Sales, retirements and other movements [B]	(2,609)	(2,000)	(2,083)	(1,394)	(8,086)
Reclassifications [C]	—	(2,217)	63	2,154	—
Currency translation differences	39	1,326	650	72	2,087
At December 31	3,323	174,973	63,826	18,113	260,235
Carrying amount at December 31	5,312	110,697	49,243	29,583	194,835

[A]Includes right-of-use assets under leases. (See Note 21).

[B]Includes the reclassification of assets classified as held for sale. (See Note 18).

[C]Reclassifications of right-of-use assets. (See Note 21).

[D]Includes impairment losses and reversals. (See Note 12).


2022 [A]


	$ million
	Exploration and production
	Exploration and evaluation	Production	Manufacturing, supply and distribution	Other	Total
Cost
At January 1	12,679	285,903	104,182	34,005	436,769
Additions	1,564	11,954	6,928	7,808	28,254
Sales, retirements and other movements [B]	(2,469)	(14,541)	(2,548)	(242)	(19,800)
Currency translation differences	(209)	(6,300)	(1,777)	(1,976)	(10,262)
At December 31	11,565	277,016	106,785	39,595	434,961
Depreciation, depletion and amortisation, including impairments
At January 1	5,580	167,530	55,131	13,596	241,837
Charge for the year [C]	397	9,709	5,149	2,055	17,310
Sales, retirements and other movements [B]	(765)	(13,207)	(2,054)	(396)	(16,422)
Currency translation differences	(50)	(4,370)	(1,325)	(661)	(6,406)
At December 31	5,162	159,662	56,901	14,594	236,319
Carrying amount at December 31	6,403	117,354	49,884	25,001	198,642

[A]Includes right-of-use assets under leases. (See Note 21).

[B]Includes the reclassification of assets classified as held for sale. (See Note 18).

[C]Includes impairment losses and reversals. (See Note 12).

Climate change and energy transition summary of mid-price


						RT23 $/b
	2024	2025	2030	2035	2040	2050
Shell mid-price	69	67	70	70	70	70
Average prices from four 1.5-2 degrees Celsius external climate change scenarios	94	80	50	39	37	40
IEA NZE50	86	79	43	39	34	26
NGFS GCAM NZE 2050	74	75	77	81	83	112
IEA APS	94	91	76	72	68	61

Sensitivity analysis climate change and energy transition


Sensitivity + 10% to the mid-price outlook


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	2	4	2	3
Upstream	84	88	—	1	—	1
Total	156	163	2	5	2	4


Sensitivity averaged from three below-two-degrees-Celsius external climate scenarios


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	(12)	(16)	(4)	(6)
Upstream	84	88	(3)	(5)	(1)	(2)
Total	156	163	(15)	(21)	(5)	(8)


Sensitivity IEA NZE50


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	(15)	(20)	(9)	(12)
Upstream	84	88	(3)	(5)	(8)	(11)
Total	156	163	(18)	(25)	(17)	(23)


Sensitivity - 10% to the mid-price outlook


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	(4)	(6)	(2)	(4)
Upstream	84	88	(1)	(2)	—	(1)
Total	156	163	(5)	(8)	(2)	(5)


Sensitivity Hybrid Shell Plan + IEA NZE50


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	(8)	(10)	(4)	(6)
Upstream	84	88	(1)	(3)	(1)	(2)
Total	156	163	(9)	(13)	(5)	(8)


Sensitivity IEA NZE 2050 carbon price scenario


				$ billion
	Carrying amount			Sensitivity
	Dec 31, 2023	Dec 31, 2022		2023		2022
Integrated Gas	72	75		(2)	(4)	(2)	(5)
Upstream	84	88		—	(1)	—	—
Chemicals and Products [A]	44			(3)	(4)
Total	200	163	[A]	(5)	(9)

[A]Excludes Chemicals and Products for 2022 for which from 2023 sensitivity to IEA NZE 2050 carbon prices has been included.

Summary of information about carbon prices

For the key regions and countries the following carbon prices per tonne (RT23) have been assumed in the Operating Plan:


	Operating plan period	Subsequent period
Region	2024-2033	2034-2050
European Union [A]	$87-$132	$134-$170
Norway	$97-$226	$226-$226
United Kingdom	$94-$145	$146-$170
Canada (Federal)	$59-$113	$113-$125
United States of America (Federal)	$0-$42	$47-$125
Australia	$29-$61	$65-$125
All other countries	$0-$55	$25-$125

[A]Except for the Netherlands where the ranges are $87-159 per tonne (2024-2033) and $163-220 per tonne (2034-2050).


					RT23 $/tonne
	2024	2025	2030	2035	2040	2050
Shell mid-price	96	87	125	136	148	170

IEA NZE50	103	110	143	176	209	255

Trade and other receivables

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Trade and Other Receivables

Trade and other receivables


	$ million
	Dec 31, 2023		Dec 31, 2022
	Current	Non-current	Current	Non-current
Trade receivables	36,273	—	39,334	—
Lease receivables	188	1,032	206	1,090
Other receivables	9,642	2,801	9,737	3,247
Amounts due from joint ventures and associates	1,014	278	2,722	423
Prepayments and deferred charges	6,156	2,187	14,511	2,160
Total	53,273	6,298	66,510	6,920

The fair value of financial assets included above approximates the carrying amount and was determined from predominantly unobservable inputs.

Other receivables at December 31, 2023, included receivables from certain governments in their capacity as joint arrangement partners of $296 million (2022: $717 million), after provisions for impairments, that are overdue in part or in full. Recoverability and timing thereof are subject to uncertainty, however, the ultimate risk of default on the carrying amount is considered to be low. Other receivables at December 31, 2023, also included current income tax receivables of $558 million (2022: $363 million) and non-current income tax receivables of $568 million (2022: $469 million).

Current prepayments and deferred charges at December 31, 2023, mainly decreased compared to prior year due to lower gas and power prices and a lower outstanding collateral position.

Provisions for impairments deducted from trade and other receivables amounted to $1,251 million at December 31, 2023 (2022: $1,510 million).

Allowance for expected credit losses - trade receivables

Shell uses a provision matrix to calculate expected credit losses (ECLs) for trade receivables. The provision matrix is initially based on Shell's historical observed default rates. Shell calculates the ECL to adjust the historical credit loss experienced with forward-looking information.
The ECL at December 31, 2023, was $185 million (2022: $214 million), which represents 0.51-0.54% (2022: 0.45-0.54%) of all trade receivables.

A loss allowance provision of $415 million (2022: $841 million) was established in addition to all other impairments to trade receivables
as at December 31, 2023, that are outside of the provision matrix calculations.


Lease receivables

Lease contracts where Shell is the lessor are classified as finance leases or operating leases. Receivables for lease contracts classified as finance leases are as follows:


		$ million
	Dec 31, 2023	Dec 31, 2022
Less than one year	238	257
Between 1 and 5 years	848	792
5 years and later	453	532
Total undiscounted lease payments receivable	1,539	1,581
Unearned finance income	260	270
Net investment in leases	1,279	1,311

In addition, at December 31, 2023, Shell is entitled to future contractual payments under operating leases of $312 million (2022: $389 million).

Basis of preparation	12 Months Ended
Basis of preparation	Dec. 31, 2023
Disclosure Of Basis Of Preparation Of Financial Statements [Abstract]
Basis of Preparation	Basis of preparation The Consolidated Financial Statements of Shell plc (the "Company") and its subsidiaries (collectively referred to as "Shell") have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the UK Companies Act 2006 as applicable to companies reporting under those standards. As applied to Shell, there are no material differences from International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); therefore, the Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB. As described in the accounting policies in Note 2, the Consolidated Financial Statements have been prepared under the historical cost convention except for certain items measured at fair value. Those accounting policies have been applied consistently in all periods. The Consolidated Financial Statements were approved and authorised for issue by the Board of Directors on March 13, 2024. Going concern These Consolidated 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 March 31, 2025 (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, further potential downside pressures on commodity prices and long-term demand, and cash preservation measures, including reduced future 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 the audited Consolidated Financial Statements.

Joint ventures and associates (Tables)

12 Months Ended

Dec. 31, 2023

Interests In Other Entities [Abstract]

Summary of Shell Share of Comprehensive Income of Joint Ventures and Associates


									$ million
	2023			2022					2021
	Joint ventures	Associates	Total		Joint ventures	Associates		Total		Joint ventures	Associates	Total
Income for the period	1,619	2,106	3,725		2,589	1,383	[A]	3,972		1,955	2,142	4,097
Other comprehensive (loss)/income for the period	(183)	—	(183)		21	—		21		(106)	—	(106)
Comprehensive income for the period	1,436	2,106	3,542		2,610	1,383		3,993		1,849	2,142	3,991

[A]Includes an impairment charge of $1,614 million related to Sakhalin-2. (See Note 14).

Summary of Carrying Amount of Interests in Joint Ventures and Associates

$ million

Dec 31, 2023

Dec 31, 2022

Joint
ventures

Associates

Total

Joint
ventures

Associates

Total

Net assets

17,382

7,075

24,457

17,056

6,808

23,864

Summary of Transactions with Joint Ventures and Associates


	$ million
	2023	2022	2021
Sales and charges to joint ventures and associates	10,223	12,230	8,509
Purchases and charges from joint ventures and associates	15,084	22,286	13,584

[A]Includes 25% (2022: 29%) of sales and 19% (2022: 16%) purchases in transactions with one joint venture operating in the oil trading business.

Summary of Other Arrangements in Respect of Joint Ventures and Associates


	$ million
	Dec 31, 2023	Dec 31, 2022
Commitments to make purchases from joint ventures and associates [A]	1,397	1,234
Commitments to provide debt or equity funding to joint ventures and associates	405	567

[A]Commitments to make purchases from joint ventures and associates mainly relate to contracts associated with LNG processing fees and transportation capacity. Shell has other purchase obligations related to joint ventures and associates that are not fixed or determinable and are principally intended to be resold in a short period of time through sales agreements with third parties. These include long-term LNG and natural gas purchase commitments and commitments to purchase refined products or crude oil at market prices.

Directors and senior management - Summary of Directors and Senior Management Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Directors And Senior Management Expense [Line Items]
Share-based compensation	$ 700	$ 807	$ 539
Total	13,629	13,971	12,092
Directors and Senior Management
Disclosure Of Directors And Senior Management Expense [Line Items]
Short-term benefits	31	33	27
Retirement benefits	2	2	3
Share-based compensation	17	17	16
Termination and related amounts	7	1	2
Total	$ 57	$ 53	$ 48

Taxation - Summary of Deferred Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, Beginning balance	$ 23,589	$ 29,362
(Charge)/credit to income	(2,060)	(4,818)
Currency translation differences	190	(941)
Other comprehensive income	122	(530)
Other movements	(2,218)	516
Deferred tax asset, Ending balance	19,623	23,589
Deferred tax liability, Beginning Balance	(31,960)	(29,483)
Credit/(charge) to income	1,713	(1,687)
Currency translation differences	54	837
Other comprehensive income	(96)	(848)
Other movements	1,773	(779)
Deferred tax liability, Ending Balance	(28,516)	(31,960)
Deferred tax liability (asset)	(8,893)	(8,371)
Deferred tax asset	6,454	7,815
Deferred tax liability	(15,347)	(16,186)
Decommissioning and other provisions
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, Beginning balance	6,049	6,562
(Charge)/credit to income	61	(217)
Currency translation differences	89	(303)
Other comprehensive income	0	0
Other movements	1,378	7
Deferred tax asset, Ending balance	7,577	6,049
Property, plant and equipment
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, Beginning balance	4,290	4,993
(Charge)/credit to income	(680)	(1,261)
Currency translation differences	18	(63)
Other comprehensive income	0	0
Other movements	(2,044)	621
Deferred tax asset, Ending balance	1,584	4,290
Deferred tax liability, Beginning Balance	(24,818)	(23,144)
Credit/(charge) to income	2,109	(1,503)
Currency translation differences	(173)	380
Other comprehensive income	(3)	4
Other movements	889	(555)
Deferred tax liability, Ending Balance	(21,996)	(24,818)
Tax losses and credits carried forward
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, Beginning balance	6,446	10,518
(Charge)/credit to income	(2,025)	(3,434)
Currency translation differences	66	(426)
Other comprehensive income	(5)	18
Other movements	(202)	(230)
Deferred tax asset, Ending balance	4,280	6,446
Retirement benefits
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, Beginning balance	1,977	2,744
(Charge)/credit to income	27	(66)
Currency translation differences	28	(40)
Other comprehensive income	104	(618)
Other movements	(386)	(43)
Deferred tax asset, Ending balance	1,750	1,977
Deferred tax liability, Beginning Balance	(3,189)	(2,736)
Credit/(charge) to income	(228)	93
Currency translation differences	227	287
Other comprehensive income	(90)	(870)
Other movements	400	37
Deferred tax liability, Ending Balance	(2,880)	(3,189)
Other
Reconciliation of changes in deferred tax liability (asset) [abstract]
Deferred tax asset, Beginning balance	4,827	4,545
(Charge)/credit to income	557	160
Currency translation differences	(11)	(109)
Other comprehensive income	23	70
Other movements	(964)	161
Deferred tax asset, Ending balance	4,432	4,827
Deferred tax liability, Beginning Balance	(3,953)	(3,603)
Credit/(charge) to income	(168)	(277)
Currency translation differences	0	170
Other comprehensive income	(3)	18
Other movements	484	(261)
Deferred tax liability, Ending Balance	$ (3,640)	$ (3,953)

Share-based compensation plans and shares held in trust

12 Months Ended

Dec. 31, 2023

Share-based Payment Arrangements [Abstract]

Share-Based Compensation Plans and Shares Held in Trust

Share-based compensation plans and shares held in trust


Share-based compensation expense


	$ million
	2023	2022	2021
Equity-settled [A]	700	807	539

[A]On an incidental basis awards may be cash-settled, where an equity settlement is not possible under local regulations.

The principal share-based employee compensation plans are the PSP and LTIP. Awards of shares and American Depositary Shares (ADS) of the Company under the PSP and LTIP are granted upon certain conditions to eligible employees. The actual number of shares that may vest ranges from 0% to 200% of the awards, depending on the outcomes of prescribed performance conditions over a three-year period beginning on January 1 of the award year.


Share awards [A]


	Number of A shares (million)	Number of B shares (million)	Number of ordinary shares (million) [B]	Number of ADSs (million)	Weighted average remaining contractual life (years)
At January 1, 2023			58	10	1.1
Granted			19	3
Vested			(17)	(3)
Forfeited			(2)	—
At December 31, 2023			58	10	0.9
At January 1, 2022	38	12		9	1.2
Assimilation of ordinary A and B shares into ordinary shares	(38)	(12)	50
Granted	—	—	28	4
Vested	—	—	(13)	(2)
Forfeited	—	—	(7)	(1)
At December 31, 2022	—	—	58	10	1.1

[A]As revised, includes notional dividends.

[B]On January 29, 2022, as part of the Simplification announced on December 20, 2021, the Company's A and B shares were assimilated into a single line of ordinary shares.

Other plans offer eligible employees opportunities to acquire shares and ADSs of the Company or receive cash benefits measured by reference to the Company's share price.

Shell employee share ownership trusts and trust-like entities purchase the Company's shares in the open market to meet delivery commitments under employee share plans. At December 31, 2023, they held a total of 24.2 million ordinary shares (2022: 23.9 million) and 6.8 million ADSs (2022: 4.5 million).

Material accounting policies, judgements and estimates (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) cases
Disclosure of detailed information about property, plant and equipment [Line Items]
Main competitors \| cases	4
Share price volatility period	3 years
Dividend yield period	10 years
Self-generated biofuel certificates, value recognized \| $	$ 0
Chemical plants
Disclosure of detailed information about property, plant and equipment [Line Items]
Useful lives of tangible assets	20 years
Retail service stations
Disclosure of detailed information about property, plant and equipment [Line Items]
Useful lives of tangible assets	15 years
Power infrastructure \| Bottom of range
Disclosure of detailed information about property, plant and equipment [Line Items]
Major inspection costs useful economic life	30 years
Power infrastructure \| Top of range
Disclosure of detailed information about property, plant and equipment [Line Items]
Major inspection costs useful economic life	35 years
Wind assets \| Bottom of range
Disclosure of detailed information about property, plant and equipment [Line Items]
Major inspection costs useful economic life	25 years
Wind assets \| Top of range
Disclosure of detailed information about property, plant and equipment [Line Items]
Major inspection costs useful economic life	30 years
Upgraders \| Bottom of range
Disclosure of detailed information about property, plant and equipment [Line Items]
Major inspection costs useful economic life	3 years
Upgraders \| Top of range
Disclosure of detailed information about property, plant and equipment [Line Items]
Major inspection costs useful economic life	5 years

Decommissioning and other provisions - Maturity analysis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosures Of Decommissioning And Other Provisions [Line Items]
Amount of provisions expected to be utilized	$ 19,453	$ 20,000
Between 1 and 5 years
Disclosures Of Decommissioning And Other Provisions [Line Items]
Amount of provisions expected to be utilized	4,766
Between 6 to 10 years
Disclosures Of Decommissioning And Other Provisions [Line Items]
Amount of provisions expected to be utilized	5,102
11 years and later
Disclosures Of Decommissioning And Other Provisions [Line Items]
Amount of provisions expected to be utilized	$ 9,585

Material accounting policies, judgements and estimates

12 Months Ended

Dec. 31, 2023

Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]

Material accounting policies, judgements and estimates

This Note describes Shell's material accounting policies. It allows for an understanding as to how material transactions, other events and conditions are reported. It also describes: (a) judgements, apart from those involving estimations, that management makes in applying the policies that have the most significant effect on the amounts recognised in the Consolidated Financial Statements; and (b) estimations, including assumptions about the future, that management makes in applying the policies. The sources of estimation uncertainty that have a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year are specifically identified as a significant estimate.

The accounting policies applied are consistent with those of the previous financial year except for the adoption as from January 1, 2023, of IFRS 17 Insurance contracts (IFRS 17) and IAS 12 Income taxes (IAS 12) amendments.

The transition to the accounting pronouncements as listed below has no material impact on Shell's financial reporting.

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 IFRS 17 model combines a current balance sheet measurement of insurance contracts with recognition of profit over the period that services are provided. The general model in IFRS 17 requires insurance contract liabilities to be measured using probability-weighted current estimates of future cash flows, an adjustment to reflect the time value of money and financial and non-financial risk, and a contractual service margin representing the profit expected from fulfilling the contracts. Effects of changes in the estimates of future cash flows and the risk adjustment relating to future services are recognised over the period services are provided rather than immediately in profit or loss.

The adoption of IFRS 17 has no significant impact on Shell's financial reporting.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

IAS 12 amendments, published in May 2021, were adopted as from January 1, 2023 (see Note 22). These amendments require companies to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments typically apply to transactions where assets and liabilities are recognised from a single transaction, such as leases for the lessee and decommissioning and restoration provisions.

The adoption of these IAS 12 amendments has no significant impact on Shell's financial reporting.

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)

In May 2023, amendments to IAS 12 were published and adopted from that date. The amendments introduce a temporary mandatory relief from accounting for deferred taxes arising from the jurisdictional implementation of the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two Model Rules (Pillar Two or Pillar Two income taxes). On June 20, 2023, the UK substantively enacted Pillar Two. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to have a significant impact (see Note 22). 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.

Nature of the Consolidated Financial Statements

The Consolidated Financial Statements are presented in US dollars (dollars) and comprise the financial statements of the Company and its subsidiaries, being those entities over which the Company has control, either directly or indirectly, through exposure or rights to their variable returns and the ability to affect those returns through its power over the entities. Information about subsidiaries at December 31, 2023, can be found in "Exhibit 8.1: Significant subsidiaries and other related undertakings (audited)".

2. Material accounting policies, judgements and estimates continued

Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases, using consistent accounting policies. All inter-company balances and transactions, including unrealised profits arising from such transactions, are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interest represents the proportion of income, other comprehensive income and net assets in subsidiaries that is not attributable to the Company's shareholders.

Currency translation

Foreign currency transactions are translated using the exchange rate at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at quarter-end exchange rates of monetary assets and liabilities denominated in foreign currencies (including those in respect of inter-company balances, unless related to loans of a long-term investment nature) are recognised in income unless when recognised in other comprehensive income in respect of cash flow or net investment hedges. Foreign exchange gains and losses in income are presented within interest and other income or within purchases where not related to financing. Share capital issued in currencies other than the dollar is translated at the exchange rate at the date of issue.

On consolidation, assets and liabilities of non-dollar entities are translated to dollars at year-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at monthly average rates. Prior to January 1, 2023, these currency translations were performed at quarterly average rates. This change has no significant impact on Shell's financial reporting. The resulting translation differences are recognised as currency translation differences within other comprehensive income. Upon sale of all or part of an interest in, or upon liquidation of, an entity, the appropriate portion of cumulative currency translation differences related to that entity is generally recognised in income.

Revenue recognition

Revenue from sales of oil, natural gas, chemicals and other products is recognised at the transaction price to which Shell expects to be entitled, after deducting sales taxes, excise duties and similar levies. For contracts that contain separate performance obligations, the transaction price is allocated to those separate performance obligations by reference to their relative stand-alone selling prices.

Revenue is recognised when control of the products has been transferred to the customer. For sales by Integrated Gas and Upstream operations, this generally occurs when the product is physically transferred into a vessel, pipe or other delivery mechanism; for sales by refining operations, it is either when the product is placed onboard a vessel or offloaded from the vessel, depending on the contractually agreed terms; and for sales of oil products and chemicals, it is either at the point of delivery or the point of receipt, depending on contractual conditions.

Revenue resulting from hydrocarbon production from properties in which Shell has an interest with partners in joint arrangements is recognised on the basis of Shell's volumes lifted and sold. Revenue resulting from the production of oil and natural gas under production-sharing contracts (PSCs) is recognised for those amounts relating to Shell's cost recoveries and Shell's share of the remaining production. Gains and losses on derivative contracts and the revenue and costs associated with other contracts that are classified as held primarily for the purpose of being traded are reported on a net basis in the Consolidated Statement of Income. Purchases and sales of hydrocarbons under exchange contracts that are necessary to obtain or reposition feedstocks for the refinery operations are presented net in the Consolidated Statement of Income.

Revenue resulting from arrangements that are not considered contracts with customers is presented as revenue from other sources.

Research and development

Development costs that are expected to generate probable future economic benefits are capitalised as intangible assets. All other research and development expenditure is recognised in the Consolidated Statement of Income as incurred.

Exploration costs

Hydrocarbon exploration costs are accounted for under the successful efforts method: exploration costs are recognised in the Consolidated Statement of Income when incurred, except that exploratory drilling costs, including in respect of the recapitalisation of depreciation, are included in property, plant and equipment pending determination of proved reserves. Exploration costs capitalised in respect of exploration wells that are more than 12 months old are written off unless: (a) proved reserves are booked; or (b) (i) they have found commercially producible quantities of reserves; and (ii) they are subject to further exploration or appraisal activity in that either drilling of additional exploratory wells is under way or firmly planned for the near future or other activities are being undertaken to sufficiently progress the assessing of reserves and the economic and operating viability of the project.

Property, plant and equipment and intangible assets other than goodwill

Recognition

Property, plant and equipment comprise assets owned by Shell, assets held by Shell under lease contracts, and assets operated by Shell as contractor in PSCs. They include rights and concessions in respect of properties with proved reserves ("proved properties") and with no proved reserves ("unproved properties"). Property, plant and equipment, including expenditure on major inspections, and intangible assets are initially recognised in the Consolidated Balance Sheet at cost where it is probable that they will generate future economic benefits. This includes capitalisation of decommissioning and restoration costs associated with provisions for asset retirement (see "provisions"), certain development costs (see "research and development") and the effects of associated cash flow hedges (see "financial instruments") as applicable. Interest is capitalised as an increase in property, plant and equipment, on major capital projects during construction. The accounting for exploration costs is described separately (see "exploration costs"). Intangible assets other than goodwill include liquefied natural gas (LNG) off-take and sales contracts, environmental certificates, power purchase agreements, software costs, retail customer relationships and trademarks.

Property, plant and equipment and intangible assets other than goodwill are subsequently carried at cost less accumulated depreciation, depletion and amortisation (including any impairment). Gains and losses on sale are determined by comparing the proceeds with the carrying amounts of assets sold and are recognised in the Consolidated Statement of Income, within interest and other income.

2. Material accounting policies, judgements and estimates continued

An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, which is when the sale is highly probable, and it is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Assets classified as held for sale are measured at the lower of the carrying amount upon classification and the fair value less costs to sell. Assets classified as held for sale and the associated liabilities are presented separately from other assets and liabilities in the Consolidated Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets other than goodwill are no longer subject to depreciation or amortisation.

Depreciation, depletion and amortisation

Property, plant and equipment related to hydrocarbon production activities are in principle depreciated on a unit-of-production basis over the proved developed reserves of the field concerned, other than assets whose useful lives differ from the lifetime of the field which are depreciated applying the straight-line method. For certain Integrated Gas and Upstream assets, the use of proved developed reserves, which are determined using the Securities and Exchange Commission (SEC) mandated yearly average oil and gas prices, could result in depreciation charges for these assets which do not reflect the pattern in which their future economic benefits are expected to be consumed as, for example, it may result in assets with long-term expected lives having accelerated or being fully depreciated within one year. Therefore, in these instances, other approaches are applied to determine a reserves base for the purpose of calculating depreciation, such as using management's expectations of future oil and gas prices rather than yearly average prices and using total proved reserves to provide a phasing of periodic depreciation charges that more appropriately reflects the expected utilisation of the assets concerned. (See Note 11)

Rights and concessions in respect of proved properties are depleted on the unit-of-production basis over the total proved reserves of the relevant area. Where individually insignificant, unproved properties may be grouped and depreciated based on factors such as the average concession term and past experience of recognising proved reserves.

Property, plant and equipment held under lease contracts, capitalised LNG off-take and sales contracts and power purchase agreements are depreciated or amortised over the term of the respective contract. Other property, plant and equipment and intangible assets other than goodwill are depreciated or amortised on a straight-line basis over their estimated useful lives. They include energy and chemicals parks (for which the useful life is generally 20 years), retail service stations (for which the useful life is generally 15 years), onshore power infrastructure (for which the useful life is generally 30-35 years), offshore wind assets (for which the useful life is generally 25-30 years) and major inspection costs, which are depreciated over the estimated period before the next planned major inspection (three to five years).

On classification of an asset as held for sale, depreciation ceases.

Estimates of the useful lives and residual values of property, plant and equipment and intangible assets other than goodwill are reviewed annually and adjusted if appropriate.

Impairment

Intangible assets other than goodwill and assets other than unproved properties (see "Exploration costs") are tested for impairment whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. If any such indication of impairment exists, the carrying amounts of those assets are written down to their recoverable amount, which is the higher of fair value less
costs of disposal (see "Fair value measurements") and value in use.

Value in use is determined as the amount of estimated risk-adjusted discounted future cash flows. For this purpose, assets are grouped into cash-generating units based on separately identifiable and largely independent cash inflows. Estimates of future cash flows used in the evaluation of impairment of assets are made using management's forecasts of commodity prices, market supply and demand, potential costs associated with operational greenhouse gas (GHG) emissions, mainly related to CO₂, and forecast product, refining and chemical margins. In addition, management takes into consideration the expected useful lives of the manufacturing facilities, exploration and production assets, and expected production volumes. The latter takes into account assessments of field and reservoir performance and includes expectations about both proved reserves and volumes that are expected to constitute proved reserves in the future (unproved volumes), which are risk-weighted utilising geological, production, recovery and economic projections. Cash flow projections are based on management's most recent Operating Plan that represents management's best estimate and are risked as appropriate. The discount rate is based on a nominal post-tax weighted average cost of capital (WACC). Using a
post-tax discount rate to calculate value in use does not result in a materially different outcome than using a pre-tax discount rate. (See Note 12).

Impairments are reversed as applicable to the extent that the events or circumstances that triggered the original impairment have changed.

Impairment losses and reversals are reported within depreciation, depletion and amortisation.

Upon classification of an asset as held for sale, the carrying amount is impaired if this exceeds the fair value less costs to sell.

2. Material accounting policies, judgements and estimates continued



			Judgements and estimates Proved oil and gas reserves Unit-of-production depreciation, depletion and amortisation charges are principally measured based on management's estimates of proved developed oil and gas reserves. Also, exploration drilling costs are capitalised pending the results of further exploration or appraisal activity (successful efforts method), which may take place for several years before the final investment decision on a development project is taken and before any related proved reserves can be booked. Proved reserves are estimated by internal qualified professionals. The proved reserves are estimated with reasonable certainty by analysis of available geological and engineering data at the time of the estimation, and only include volumes for which access to market is assured with reasonable expectation. Yearly average oil and gas prices are used for the estimation of proved reserves unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. Proved reserves are subject to regular revision, both upward or downward, based on new information from the drilling of additional wells, observation of long-term reservoir performance under producing conditions, updates of development plans and changes in economic factors, including product prices, contract terms, legislation or development plans. Changes to estimates of proved developed reserves affect prospectively the amounts of depreciation, depletion and amortisation charged and, consequently, the carrying amounts of exploration and production assets. Generally, in the normal course of business the diversity of the asset portfolio will limit the net effect of such revisions. The outcome of, or assessment of plans for, exploration or appraisal activity may result in the related capitalised exploration drilling costs being recognised in the Consolidated Statement of Income in that period. Judgement is involved in determining when to use an alternative reserves base in order to appropriately reflect the expected utilisation of the assets concerned (see "Depreciation, depletion and amortisation"). Information about the carrying amounts of exploration and production assets and the amounts charged to the Consolidated Statement of Income, including depreciation, depletion and amortisation and the quantitative impact of the use of an alternative reserves base, is presented in Note 11. Impairment For the purposes of determining whether impairment of assets has occurred, and the extent of any impairment loss or its reversal, the key assumptions management uses in estimating risk-adjusted future cash flows for value in use measures are future oil and gas prices and product margins including refining and chemical margins. In addition, management uses other assumptions such as potential costs associated with operational GHG emissions, market supply and demand, expected production volumes and forecast expenditure. These assumptions and the judgements of management that are based on them are subject to change as new information becomes available. Changes in assumptions could affect the carrying amounts of assets, and any impairment losses and reversals will affect income. Changes in economic conditions can affect the rate used to discount future cash flow estimates or the risk adjustment in the future cash flows. Judgement is applied to conclude whether changes in assumptions or economic conditions are an indicator that an asset may be impaired or that an impairment loss recognised in prior periods may no longer exist, or may have decreased. Expected production volumes, which comprise proved reserves and unproved volumes, are used for impairment testing because management believes this to be the most appropriate indicator of expected future cash flows. Reserves estimates are inherently imprecise. Furthermore, projections about unproved volumes are based on information that is necessarily less robust than that available for mature reservoirs. Estimation is involved with respect to the expected life of energy and chemicals parks, including management's view on the future development of refining margins. The determination of cash-generating units requires judgement. Changes in this determination could impact the calculation of value in use and therefore the conclusion on the recoverability of assets' carrying amounts when performing an impairment test. Judgement, which is subject to change as new information becomes available, can be required in determining when an asset is classified as held for sale. A change in that judgement could result in impairment charges affecting income, depending on whether classification requires a write-down of the asset to its fair value less costs to sell. In assessing the value in use, the estimated risk-adjusted future post-tax cash flows are discounted to their present value using a post-tax discount rate that reflects Shell's post-tax WACC. (See Note 12). The level of risking reflected in the cash flow assumptions is a consideration in management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in calculating value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows. Significant estimates Assumptions about future commodity prices and refining and chemical margins used in the impairment testing in, respectively, Integrated Gas and Upstream and Chemicals and Products (see Note 12) are regularly assessed by management, noting that management does not necessarily consider short-term increases or decreases in prices as being indicative of long-term levels. The price methodology applied is based on Shell management's understanding and interpretation of demand and supply fundamentals in the near term, taking into account various other factors such as industry rationalisation and energy transition in the long term. Future commodity prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to in paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125). Information about the carrying amounts of assets and impairments and their sensitivity to changes in significant estimates is presented in Note 12.

2. Material accounting policies, judgements and estimates continued

Goodwill

Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the amount recognised for any non-controlling interest over the fair value of the identifiable assets acquired and liabilities assumed in a business combination at the acquisition date. The amount recognised for any non-controlling interest is measured as a percentage of the identified net assets of the acquiree based on the present ownership's proportionate share. At the acquisition date, acquired goodwill is allocated to each cash-generating unit (CGU), or groups of CGUs, expected to benefit from the combination's synergies. The CGU to which goodwill is allocated represents the lowest level at which the goodwill will be monitored and managed.

Goodwill is not amortised and is subsequently measured at the initial amount recognised less any accumulated impairment losses. (See Note 12).

Impairment

The carrying amount of goodwill is tested for impairment at least annually. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. An impairment loss is recognised when the CGU's recoverable amount is lower than its carrying amount.

Previously recognised impairment losses of goodwill are not reversed subsequently.

Leases

A contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for payments to be made to the owners (lessors) is accounted for as a lease. Contracts are assessed to determine whether a contract is, or contains, a lease at the inception of a contract or when the terms and conditions of a contract are significantly changed. The lease term is the non-cancellable period of a lease, together with contractual options to extend or to terminate the lease early, where it is reasonably certain that an extension option will be exercised or a termination option will not be exercised.

At the commencement of a lease contract, a lease liability and a corresponding right-of-use asset are recognised, unless the lease term is 12 months or less. The commencement date of a lease is the date on which the underlying asset is made available for use. The lease liability is measured at an amount equal to the present value of the lease payments during the lease term that are not paid at that date. The lease liability includes contingent rentals and variable lease payments that depend on an index, rate, or where they are fixed payments in substance. The lease liability is remeasured when the contractual cash flows of variable lease payments change due to a change in an index or rate when the lease term changes following a reassessment.

Lease payments are discounted using the interest rate implicit in the lease. If that rate is not readily available, the incremental borrowing rate is applied. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment.

In general, a corresponding right-of-use asset is recognised for an amount equal to each lease liability, adjusted by the amount of any pre-paid lease payment relating to the specific lease contract. The depreciation on right-of-use assets is recognised in the Consolidated Statement of Income unless capitalised as exploration drilling cost (see "exploration cost") or capitalised when the right-of-use asset is used to construct another asset.

Where Shell is the lessor in a lease arrangement at inception, the lease arrangement will be classified as a finance lease or an operating lease. Classification is based on the extent to which the risks and rewards incidental to ownership of the underlying asset lie with the lessor or the lessee.

Where Shell, usually in its capacity as operator, has entered into a lease contract on behalf of a joint arrangement, a lease liability is recognised to the extent that Shell has primary responsibility for the lease liability. A finance sublease is subsequently recognised if the related right-of-use asset is subleased to the joint arrangement. This is usually the case when the joint arrangement has the right to direct the use and obtains substantially all of the economic benefits from using the asset.

Impairment of the right-of-use asset

Right-of-use assets are subject to existing impairment requirements as set out in "Property, plant and equipment", above, and as presented
in Note 12.



			Judgements and estimates A lease term includes optional lease periods where it is reasonably certain Shell will exercise the option to extend or not exercise the option to terminate the lease. Determination of the lease term is subject to judgement and has an impact on the measurement of the lease liability and related right-of-use asset. When assessing the lease term at the commencement date, Shell takes into consideration the broader economics of the contract. Reassessment of the lease term is performed upon changes in circumstances that may affect the probability that an option to extend or to terminate the lease will be exercised. Where the rate implicit in the lease is not readily available, an incremental borrowing rate is applied. This incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment. Determination of the incremental borrowing rate requires estimation.

2. Material accounting policies, judgements and estimates continued

Joint arrangements and associates

Arrangements under which Shell has contractually agreed to share control (see "Nature of the Consolidated Financial Statements" for the definition of control) with another party or parties are joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations for the liabilities relating to the arrangement. Investments in entities over which Shell has significant influence but neither control nor joint control are classified as associates. Information about incorporated joint arrangements and associates at December 31, 2023, can be found in "Exhibit 8.1: Significant subsidiaries and other related undertakings (audited)".

Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognised at cost and subsequently adjusted for the Shell share of post-acquisition income less dividends received and the Shell share of other comprehensive income and other movements in equity, together with any loans of a long-term investment nature. Where necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Shell. In an exchange of assets and liabilities for an interest in a joint venture, the non-Shell share of any excess of the fair value of the assets and liabilities transferred over the pre-exchange carrying amounts is recognised in the Consolidated Statement of Income. Unrealised gains on other transactions between Shell and its joint ventures and associates are eliminated to the extent of Shell's interest in them; unrealised losses are treated similarly but may also result in an assessment of whether the asset transferred is impaired.

Shell recognises its assets and liabilities relating to its interests in joint operations, including its share of assets held jointly and liabilities incurred jointly with other partners.

Inventories

Inventories are stated at cost or net realisable value, whichever is lower. Cost comprises direct purchase costs (including transportation), and associated costs incurred in bringing inventories to their present condition and location, and is determined using the first-in, first-out (FIFO) method for oil, gas and chemicals and by the weighted average cost method for materials.

Taxation

The charge for current tax is calculated based on the income reported by the Company and its subsidiaries, as adjusted for items that are
non-taxable or disallowed and using rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is determined, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Balance Sheet and on unused tax losses and credits carried forward.

Deferred tax assets and liabilities are calculated using the enacted or substantively enacted rates that are expected to apply when an asset is realised or a liability is settled. They are not recognised where they arise on the initial recognition of goodwill or of an asset or liability in a transaction (other than in a business combination) that, at the time of the transaction, affects neither accounting nor taxable profit, or in respect of taxable temporary differences associated with subsidiaries, joint ventures and associates where the reversal of the respective temporary difference can be controlled by Shell and it is probable that it will not reverse in the foreseeable future.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences, unused tax losses and credits carried forward can be utilised.

Income tax receivables and payables as well as deferred tax assets and liabilities include provisions for uncertain income tax positions/treatments.

Income taxes are recognised in income except when they relate to items recognised in other comprehensive income, in which case the tax is recognised in other comprehensive income. Income tax assets and liabilities are presented separately in the Consolidated Balance Sheet except where there is a right of offset within fiscal jurisdictions and an intention to settle such balances on a net basis.



			Judgements and estimates Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority. In such cases, provision is made for the amount that is expected to be settled, where this can be reasonably estimated. Provisions for uncertain income tax positions/treatments are measured at the most likely amount or the expected value, whichever method is more appropriate. Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. It is assumed that taxing authorities will examine positions taken if they have the right to do so and that they have full knowledge of the relevant information. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled would be recognised in income in the period in which the change occurs. This requires the application of judgement as to the ultimate outcome, which can change over time depending on facts and circumstances. Judgements mainly relate to transfer pricing, including inter-company financing, interpretation of PSCs, expenditure deductible for tax purposes and taxation arising on disposal.

2. Material accounting policies, judgements and estimates continued



			Judgements and estimates continued Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognised in respect of deferred tax assets as well as in the amounts recognised in income in the period in which the change occurs. Taxation information, including charges and deferred tax assets and liabilities, is presented in Note 22. Income taxes include taxes at higher rates levied on income from certain Integrated Gas and Upstream activities.

Retirement benefits

Benefits in the form of retirement pensions and health care and life insurance are provided to certain employees and retirees under defined benefit and defined contribution plans.

Obligations under defined benefit plans are calculated annually by independent actuaries using the projected unit credit method, which takes into account employees' years of service and, for pensions, average or final pensionable remuneration, and are discounted to their present value using interest rates of high-quality corporate bonds denominated in the currency in which the benefits will be paid and of a duration consistent with the plan obligations. Where plans are funded, payments are made to independently managed trusts; assets held by those trusts are measured at fair value. Defined benefit plan surpluses are recognised as assets to the extent that they are considered recoverable, which is generally by way of a refund or lower future employer contributions.

The amounts recognised in income in respect of defined benefit plans mainly comprise service cost and net interest. Service cost comprises principally the increase in the present value of the obligation for benefits resulting from employee service during the period (current service cost) and also amounts relating to past service and settlements or amendments of plans. Plan amendments are changes to benefits and are generally recognised when all legal and regulatory approvals have been received and the effects have been communicated to members. Net interest is calculated using the net defined benefit liability or asset matched against the discount rate yield curve at the beginning of each year for each plan. Remeasurements of the net defined benefit liability or asset resulting from actuarial gains and losses, and the return on plan assets excluding the amount recognised in income, are recognised in other comprehensive income.

For defined contribution plans, pension expense represents the amount of employer contributions payable for the period.



			Significant judgements and estimates Defined benefit obligations and plan assets, and the resulting liabilities and assets that are recognised, require significant estimation as these are subject to volatility as (actuarial) assumptions regarding future outcomes and market values change. Substantial judgement is required in determining the actuarial assumptions, which vary for the different plans to reflect local conditions but are determined under a common process in consultation with independent actuaries. The assumptions applied in respect of each plan are reviewed annually and adjusted where necessary to reflect changes in experience and actuarial recommendations. Actuarial assumptions applied in determining defined benefit obligations provide a source of estimation uncertainty as referred to in IAS 1.125. Information about the amounts reported in respect of defined benefit pension plans, assumptions applicable to the principal plans and their sensitivity to changes in significant estimates is presented in Note 23.

Provisions

Provisions are recognised at the balance sheet date at management's best estimate of the expenditure required to settle the present obligation. Non-current amounts are discounted at a rate intended to reflect the time value of money. The carrying amounts of provisions and the discount rate applied are regularly reviewed and adjusted for new facts or changes in law, technology or financial markets.

2. Material accounting policies, judgements and estimates continued

Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities, oil products manufacturing facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the assets. The liability is recognised (together with a corresponding amount as part of the related property, plant and equipment) once a legal or constructive obligation arises to dismantle an item of property, plant and equipment and to restore the site on which it is located and when a reasonable estimate can be made. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the carrying amount of the related property, plant and equipment. However, where there is no related asset, or the change reduces the carrying amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognised in income.

Shell reviews its energy and chemicals parks on a regular basis to determine whether any changes in assumptions, including expected life, trigger the need to recognise a provision for decommissioning and restoration.

Redundancy provisions are recognised when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and the employees affected have been notified of the plan's main features.

An onerous contract provision is recognised when the unavoidable cost of meeting the obligations under the contract exceeds the economic benefits expected to be received under it. The unavoidable cost under a contract is the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract. Before an onerous provision is recognised Shell first recognises any impairment loss that has occurred on assets dedicated to that contract.

Other provisions are recognised in the Consolidated Statement of Income in the period in which an obligation arises and the amount can be reasonably estimated. Provisions are measured based on current legal requirements and existing technology where applicable. Recognition of any joint and several liability is based on management's best estimate of the final pro rata share of the liability. Provisions are determined independently of expected insurance recoveries. Recoveries are recognised when virtually certain of realisation.



			Estimates Estimates of provisions for future decommissioning and restoration costs are recognised and based on current legal and constructive requirements, technology and price levels. Because actual cash outflows can differ from estimates due to changes in laws, regulations, public expectations, technology, prices and conditions, and can take place many years in the future, the carrying amounts of provisions are regularly reviewed and adjusted to take account of such changes. Significant estimate The discount rate applied to reflect the time value of money in the carrying amount of provisions requires estimation. The discount rate used in the calculation of provisions is the pre-tax rate that reflects current market assessments of the time value of money. Generally, the market assessments of the time value of money can be reflected in the risk-free rate and given the long-term investment nature of oil and gas business, Shell considers it appropriate to use the 20-year US Treasury bond yield return as the risk-free rate. The discount rate applied is reviewed regularly and adjusted following changes in market rates. The discount rate applied to determine the carrying amount of provisions provides a source of estimation uncertainty as referred to in IAS 1.125. Information about decommissioning and restoration provisions and their sensitivity to changes in estimates is presented in Note 24.

Financial instruments

Financial assets and liabilities are presented separately in the Consolidated Balance Sheet except where there is a legally enforceable right of offset and Shell has the intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Financial assets

Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss. The classification of financial assets is determined by the contractual cash flows and where applicable the business model for managing the financial assets.

Debt instruments are measured at amortised cost, if the objective of the business model is to hold the financial asset in order to collect contractual cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. It is initially recognised at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, the financial asset is measured using the effective interest method less any impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

All equity instruments and other debt instruments are recognised at fair value. For equity instruments, on initial recognition, an irrevocable election (on an instrument-by-instrument basis) can be made to designate these as at fair value through other comprehensive income instead of fair value through profit or loss. Dividends received on equity instruments are recognised as other income in profit or loss when the right of payment has been established, except when Shell benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case such gains are recorded in other comprehensive income.

2. Material accounting policies, judgements and estimates continued

Investments in securities

Investments in securities ("securities") comprise equity and debt securities. Equity securities are carried at fair value. Generally, unrealised holding gains and losses are recognised in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive income are transferred to retained earnings. Debt securities are generally carried at fair value with unrealised holding gains and losses recognised in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive income are recognised in income.

Impairment of financial assets

The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortised cost or at fair value through other comprehensive income. The expected credit loss model is also applied for financial guarantee contracts to which IFRS 9 applies and which are not accounted for at fair value through profit or loss. The loss allowance for the financial asset is measured at an amount equal to the 12-month expected credit losses. If the credit risk on the financial asset has increased significantly since initial recognition, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are recognised in profit or loss. For trade receivables, a simplified impairment approach is applied recognising expected lifetime losses from initial recognition.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, including offsetting bank overdrafts, short-term bank deposits, money market funds, reverse repos and similar instruments that generally have a maturity of three months or less at the date of purchase.

Financial liabilities

Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss, such as instruments held for trading, or Shell has opted to measure them at fair value through profit or loss. Debt and trade payables are recognised initially at fair value based on amounts exchanged, net of transaction costs, and subsequently at amortised cost except for fixed rate debt subject to fair value hedging which is remeasured for the hedged risk (see below). Interest expense on debt is accounted for using the effective interest method, and other than interest capitalised, is recognised in income. For financial liabilities that are measured under the fair value option, the change in the fair value related to own credit risk is recognised in other comprehensive income. The remaining fair value change is recognised at fair value through profit or loss.

Derivative contracts and hedges

Derivative contracts are used in the management of interest rate risk, foreign exchange risk, commodity price risk, and foreign currency cash balances. Derivatives that are not closely related to the host contract in terms of economic characteristics and risks and the host contract of which is not a financial asset are separated from their host contract and recognised at fair value with the associated gains and losses recognised in income.

Contracts to buy or sell a non-financial item that can be settled net in cash are accounted for as financial instruments, with the exception of those contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Shell's expected purchase, sale or usage requirements. Gains or losses arising from changes in the fair value of derivatives that are not designated as effective hedging instruments are recognised in income.

Certain derivative contracts qualify and are designated either: as a fair value hedge of the change in fair value of a recognised asset or liability or an unrecognised firm commitment; or as a cash flow hedge for the change in cash flows to be received or paid relating to a recognised asset or liability or a highly probable forecast transaction; or as a net investment hedge of the change in foreign exchange rates associated with net investments in foreign operations with a different functional currency than Shell's functional currency.

A change in the fair value of a hedging instrument designated as a fair value hedge is recognised in income, together with the consequential adjustment to the carrying amount of the hedged item. The effective portion of a change in fair value of a derivative contract designated as a cash flow hedge is recognised in other comprehensive income until the hedged transaction occurs; any ineffective portion is recognised in income. Where the hedged item is a non-financial asset or liability, the amount in accumulated other comprehensive income is transferred to the initial carrying amount of the asset or liability (reclassified to the balance sheet); a net investment hedge is accounted for similarly to a cash flow hedge. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the Consolidated Statement of Income. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in other comprehensive income is reclassified to the Consolidated Statement of Income.

The effective portion of a change due to retranslation at quarter-end exchange rates in the carrying amount of debt and the principal amount of derivative contracts used to hedge net investments in foreign operations is recognised in other comprehensive income until the related investment is sold or liquidated; any ineffective portion is recognised in income.

All relationships between hedging instruments and hedged items are documented, as well as risk management objectives and strategies for undertaking hedge transactions. The effectiveness of hedges is also continually assessed and hedge accounting is discontinued when there is a change in the risk management strategy.

Unless designated as hedging instruments, contracts to sell or purchase non-financial items that can be settled net as if the contracts were financial instruments and that do not meet expected own-use requirements (typically, forward sale and purchase contracts for commodities in trading operations), and contracts that are or contain written options, are recognised at fair value; associated gains and losses are recognised in income.

Derivatives that are held primarily for the purpose of trading are presented as current in the Consolidated Balance Sheet.

2. Material accounting policies, judgements and estimates continued



			Judgement Judgement is required to determine whether contracts to buy or sell LNG are capable of being settled on a net basis. Due to the limited liquidity in the LNG market and the lack of net settlement history, contracts to buy or sell LNG are not considered capable of being settled on a net basis. As a result, these contracts are accounted for on an accrual basis and not as a financial instrument.

Fair value measurements

Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use into account.



			Estimate Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs. For derivative contracts where publicly available information is not available, fair value estimations are generally determined using models and other valuation methods, the key inputs for which include future prices, volatility, price correlation, counterparty credit risk and market liquidity, as appropriate; for other assets and liabilities, fair value estimations are generally based on the net present value of expected future cash flows.

Share-based compensation plans

The fair value of share-based compensation expense arising from the Performance Share Plan (PSP) and the Long-term Incentive Plan (LTIP) - Shell's main equity-settled plans - is estimated using the average Monte Carlo fair values and is recognised in income from the date of grant over the vesting period with a corresponding increase directly in equity. The model projects and averages the results for a range of potential outcomes for the vesting conditions, the principal assumptions for which are the share price volatility and dividend yields for Shell and four of its main competitors using respectively three years and 10 years of historical data.

Shares held in trust

Shares in the Company, which are held by employee share ownership trusts and trust-like entities, are not included in assets but are reflected at cost as a deduction from equity as shares held in trust.

Acquisitions and sales of interests in a business

Assets acquired and liabilities assumed when control is obtained over a business, and when an interest or an additional interest is acquired in a joint operation which is a business, are recognised at their fair value at the date of the acquisition; the amount of the purchase consideration above this value is recognised as goodwill. When control is obtained, any non-controlling interest is recognised as the proportionate share of the identifiable net assets. The acquisition of a non-controlling interest in a subsidiary and the sale of an interest while retaining control are accounted for as transactions within equity. The difference between the purchase consideration or sale proceeds after tax and the relevant proportion of the non-controlling interest, measured by reference to the carrying amount of the interest's net assets at the date of acquisition or sale, is recognised in retained earnings as a movement in equity attributable to Shell plc shareholders.

Emission schemes and related environmental programmes

Emission certificates, biofuel certificates and renewable power certificates (together "environmental certificates") held for trading purposes are recognised at cost or net realisable value, whichever is lower, and classified under inventory.

Emission trading schemes

Emission certificates acquired for compliance purposes are initially recognised at cost and classified under intangible assets. In the schemes where a cap is set for emissions, the associated emission certificates granted are recognised at cost, which may be zero. An emission liability is recognised under other liabilities when actual emissions occur that give rise to an obligation. To the extent the liability is covered by emission certificates held for compliance purposes, the liability is measured with reference to the value of these emission certificates held and for the remaining uncovered portion at market value. The associated expense is presented under "Production and manufacturing expenses". Both the emission certificates and the emission liability are derecognised upon settling the liability with the respective regulator.

Biofuel programmes

Biofuel certificates acquired that are held for compliance purposes are initially recognised at cost under intangible assets. Self-generated biofuel certificates are recognised at nil value, as they primarily offset the obligation. A biofuel liability is recognised under other liabilities when the obligation arises under local regulations. To the extent covered by biofuel certificates held for compliance purposes, the liability is measured with reference to the value of these certificates held and for the remaining uncovered portion at market value. The associated expense is presented under "purchases". Biofuel certificates and the biofuel liability are both derecognised upon settling the liability with the respective regulator.

2. Material accounting policies, judgements and estimates continued

Renewable power programmes

Renewable power certificates acquired for compliance purposes are initially recognised at cost as an intangible asset. Self-generated renewable power certificates are generally transferred to the customer upon sales of electricity. A renewable power liability is recognised under other liabilities when electricity sales take place that give rise to an obligation to retire renewable power certificates. The associated cost is recognised in "purchases" in the income statement. If the obligation relates to power consumed in business operations, it is presented in other liabilities with cost reflected in "Production and manufacturing expenses". To the extent covered by renewable power certificates held for compliance purposes, the liability is measured with reference to the value of these renewable power certificates and for the remaining uncovered portion at market value. Renewable power certificates and the renewable power liability are derecognised upon settling the liability with the respective regulator.

Consolidated Statement of Income presentation

Purchases reflect all costs related to the acquisition of inventories and the effects of the changes therein, and include associated costs incurred in conversion into finished or intermediate products. Production and manufacturing expenses are the costs of operating, maintaining and managing production and manufacturing assets. Selling, distribution and administrative expenses include direct and indirect costs of marketing and selling products.

Property, plant and equipment - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) project	Dec. 31, 2022 USD ($)
Property, plant and equipment [abstract]
Carrying amount of assets under construction	$ 28,135	$ 27,277
Carrying amount of rights and concessions in respect of proved and unproved properties	6,097	$ 7,662
Contractual commitments for purchase and lease of property, plant and equipment	12,419
Exploration drilling costs capitalised	$ 273
Number of projects where drilling activities were underway \| project	5
Projects awaiting development concepts	$ 1,345
Number of projects awaiting further development concepts \| project	18

Climate change and energy transition

12 Months Ended

Dec. 31, 2023

Climate Change and Energy Transition [Abstract]

Climate change and energy transition

This note describes how Shell has considered climate-related impacts in key areas of the financial statements and how this translates into the valuation of assets and measurement of liabilities as Shell makes progress in the energy transition. The note is structured as follows:

Climate change and energy transition

4. Climate change and energy transition continued

Note 2 Material accounting policies, judgements and estimates describes uncertainties, including those that have the potential to have a material effect on the Consolidated Balance Sheet in the next 12 months. This note describes the key areas of climate impacts that potentially have short-, medium- and longer-term effects on amounts recognised in the Consolidated Balance Sheet at December 31, 2023. Where relevant, this note contains references to other notes to the Consolidated Financial Statements and aims to provide an overarching summary of the energy transition impact.

In 2021, Shell launched its Powering Progress strategy to become a net-zero emissions energy business by 2050. The strategy aims to deliver more value with less emissions. Targets include reduction of absolute emissions from operations and the energy Shell buys to run them, compared with 2016 baseline. Shell's targets include reducing Scope 1 and 2 emissions on a net basis under operational control by 50% by 2030, compared with 2016 baseline, achieving near-zero methane emissions for operated oil and gas assets by 2030 and eliminating routine gas flaring from Shell's upstream-operated assets by 2025 (subject to the completion of the divestment of Shell's interest in The Shell Petroleum Development Company of Nigeria Limited (SPDC)). Shell's target is to reduce the net carbon intensity of energy products sold by 9-12% by 2024, 9-13% by 2025, 15-20% by 2030 and 100% by 2050, compared to a 2016 baseline. In March 2024, Shell set a new ambition to reduce customer emissions (Scope 3, Category 11) related to the use of oil products sold by 15-20% by 2030, compared with 2021.

Financial planning and assumptions

This section provides an overview of key assumptions used for financial planning related to climate change and the energy transition. These assumptions that underpin the amounts recognised in these financial statements -- such as future oil and gas prices, future chemical and refining margins, discount rates, future costs of decommissioning and restoration, carbon emission cost and deferred tax assets - take climate change and energy transition into account and are similarly used for impairment testing of carrying amounts of assets. The areas described focus on those most pertinent to Shell's business and how financial planning and assumptions interact with scenarios. Subsequently, the sensitivity of carrying amounts to commodity prices, carbon emission costs, chemical and refining margins, discount rates and demand, if different assumptions were applied, is described.

There is no one single scenario that underpins the financial statements. Shell scenarios are designed to challenge management's perspectives on the future business environment and stretch management to consider events that may be only remotely possible. As a result, these scenarios are not intended to be predictions of likely future events or outcomes and are not the basis for Shell's financial statements and Operating Plans.

Shell scenarios and the range of possible outcomes inform the development of Shell's strategy and Shell's view on future oil and gas price outlooks, refining margins and chemical margins. The oil and gas price outlooks are one of the key assumptions that underpin Shell's financial statements. Shell's scenarios inform high-, mid- and low-price outlooks. The mid-price outlook represents management's reasonable best estimate and is the basis for Shell's financial statements, Operating Plans and impairment testing. Impairment testing applies management's reasonable best estimates across the full life cycle of assets, which may go beyond the operating plan period.

Shell's targets including to reduce absolute Scope 1 and 2 emissions on a net basis [A] by 50% by 2030, compared with 2016 baseline, and a 15-20% reduction of net carbon intensity [B] by 2030 have been included in Shell's Operating Plan. The Operating Plan also includes expected costs for evolving carbon regulations (see section "Carbon price sensitivities" below) based on a forecast of Shell's equity share of emissions from operated and non-operated assets, also taking into account the estimated impact of free allowances. For impairment testing purposes key assumptions that underpin the amounts recognised in the Consolidated Balance Sheet, such as future oil and gas prices, refining margins, chemical margins, discount rates, future costs of decommissioning and restoration, carbon emission cost and tax rates, all go beyond the planning horizon in the Operating Plan and do take climate change and energy transition into account.

[A]Operational control boundary.

[B]GHG emissions based on the energy product sales included in the net carbon intensity (NCI) using equity boundary.

Goodwill, other intangible assets, property, plant and equipment, and joint ventures and associates

The carrying value of goodwill, other intangible assets, property plant and equipment, and joint ventures and associates by segment as at December 31 was as follows:


2023
					$ billion
	Goodwill	Other intangible assets	Property, plant and equipment	Joint ventures and associates	Total
Integrated Gas	4.9	3.2	57.7	6.1	71.9
Upstream	5.4	0.3	70.9	7.6	84.2
Chemicals and Products	0.3	2.4	36.9	4.0	43.6
Marketing	4.4	2.9	22.2	4.7	34.2
Renewables and Energy Solutions	1.7	1.5	4.8	2.0	10.0
Corporate	—	—	2.3	0.1	2.4
Total	16.7	10.3	194.8	24.5	246.3

4. Climate change and energy transition continued


2022
					$ billion
	Goodwill	Other intangible assets	Property, plant and equipment	Joint ventures and associates	Total
Integrated Gas	4.9	3.9	60.8	5.6	75.2
Upstream	5.3	0.2	74.5	7.7	87.7
Chemicals and Products	0.3	2.1	38.1	4.2	44.7
Marketing	3.3	1.8	19.1	4.4	28.6
Renewables and Energy Solutions	2.2	1.6	3.2	1.9	8.9
Corporate	—	0.1	2.9	0.1	3.1
Total	16.0	9.7	198.6	23.9	248.2

For Integrated Gas and Upstream, sensitivity to commodity prices and carbon prices has been tested (see below) covering the carrying amount of goodwill, other intangible assets, property, plant and equipment, and joint ventures and associates. Sensitivity testing was performed applying alternative price scenarios to the forecasted cash flows for the whole period until the end of life of the asset tested. For Chemicals and Products, sensitivity to chemical margins, refining margins and carbon prices has been tested (see below). Marketing and Renewables and Energy Solutions are expected to be resilient through the energy transition with limited exposure of stranded assets.

In addition, sensitivity to changes in the discount rate applied in impairment testing has also been tested (see below).

In calculating recoverable value, key assumptions are not determined in isolation, to ensure relevant interdependencies are appropriately reflected. In particular, management considers the relationship between discount rates, forecast commodity prices and cash flow risking to ensure impairment testing assumptions result in an implicit expected return which is balanced and appropriate for the asset under review. Each of the sensitivities described above has been tested under a ceteris paribus assumption where all other factors remain unchanged, and as such do not reflect the potential offsetting effects of corresponding changes in other assumptions.

Carrying value of Integrated Gas and Upstream assets


Carrying value of Integrated Gas and Upstream assets $ billion as at December 31

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-Carrying_value_IG_Upstream.jpg


Carrying value of production assets $ billion as at December 31

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-Carrying_amount_production_assets.jpg


Carrying value of exploration and evaluation assets $ billion as at December 31

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-Carrying_amount_exploration_and_evaluation_assets.jpg


Carrying amount of Integrated Gas and Upstream assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
Integrated Gas	95	94	91	93	79	75	75	72
Upstream	136	128	123	119	106	91	88	84
Total at December 31	231	222	214	212	185	166	163	156

4. Climate change and energy transition continued


Carrying amount of production assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
At December 31	169	154	149	141	125	112	111	105
Right of use assets				9	7	6	6	6
Total at December 31	169	154	149	150	132	118	117	111


Carrying amount of exploration and evaluation assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
At December 31	19	19	18	15	9	7	6	5

Within Integrated Gas and Upstream, the assets potentially most sensitive to the energy transition are production assets and exploration and evaluation assets. Both production assets of $111 billion and exploration and evaluation assets of $5 billion are recognised within Property, plant and equipment within Integrated Gas and Upstream.

Portfolio composition and changes

Since 2016, the carrying amount of production assets in Integrated Gas and Upstream decreased from $169 billion as at December 31, 2016, to$111 billion as at December 31, 2023. Over this period, depreciation was higher than additions for each year, and disposals of property, plant and equipment with a carrying amount of $26 billion occurred. The carrying amount of capitalised exploration and evaluation expenses decreased from $19 billion as at December 31, 2016, to $5 billion at December 31, 2023. This is the result of final investment decisions, reclassifications to production assets and amounts charged to expenses exceeding additions.

Estimated useful life

The energy transition and the pace at which it progresses may impact the remaining life of assets. Integrated Gas and Upstream assets are generally depreciated using a unit-of-production methodology where depreciation generally depends on production of SEC proved reserves (see Note 2). Based on production plans of existing assets, 43%, 7% and 1% of SEC proved reserves as at December 31, 2023, would currently be left by 2030, 2040 and 2050, respectively. Based on the unit-of-production depreciation methodology applied, carrying amounts for individual assets are depreciated to nil in the same pattern as the depletion of reserves towards nil. An analysis of Integrated Gas and Upstream production assets of $111 billion as at December 31, 2023, based on planned reserves depletion shows that these assets would be significantly further depreciated under the unit-of-production method by 2030 and nearly fully depreciated by 2050. This provides a further perspective on the risk of stranded assets carried in the Consolidated Balance Sheet as at December 31, 2023.

Price sensitivities using climate pricelines

As noted, in accordance with IFRS, Shell's financial statements are based on reasonable and supportable assumptions that represent management's current best estimate of the range of economic conditions that may exist in the foreseeable future. The mid-price outlook informed by Shell's scenario planning represents management's best estimate. A change of -10% or +10% to the mid-price outlook, as an average percentage over the whole life cycle of assets, would result in around $5-8 billion (2022: $2-5 billion) impairment or $2-5 billion
(2022: $2-4 billion) impairment reversal respectively in Integrated Gas and Upstream (see Note 12). Compared with the prior year, the higher impact of a 10% decrease in commodity prices is mainly driven by lower headroom for certain assets between carrying value and recoverable value at December 31, 2023.

The energy transition will continue to bring volatility and there is significant uncertainty as to how commodity prices will develop over the next decades. Some pricelines see a structurally lower price during the transition period, while other pricelines see structurally higher commodity prices as a result of changes in supply and demand. As the risk of stranded assets is prevalent with downside price risk in energy transition scenarios, sensitivities have only been undertaken for such downside scenarios. If different price outlooks from external and often normative climate change scenarios were used, this would impact the recoverability of certain assets recognised in the Consolidated Balance Sheet as at December 31, 2023. These external scenarios are not representative of management's mid-price reasonable best estimate.

Sensitivity of carrying amounts to commodity prices described below is under the assumption that all other factors in the models used -- such as cost levels, volumes, mid-price CO2 assumptions and the discount rate -- to calculate recoverability of carrying amounts remain unchanged. Sensitivity testing has been performed by applying the alternative commodity price scenarios to cash flows for the whole period until the end of life of the assets tested, which may extend beyond the operating plan period. The alternative commodity prices were applied in the local cash flow models and thereafter aggregated by segment. Changes to commodity prices are applied because of the significant impact on Shell's business. It should be noted that a significant decrease in long-term forecasted commodity prices would probably lead to further changes, such as in portfolio choices and cost levels.

Sensitivity to changes in commodity prices in value in use calculations has been tested as follows:

Priceline 1 – Average prices from three 1.5-2 degrees Celsius external climate change scenarios: in view of the broad range of price outlooks across the various scenarios, the average of three external price outlooks was taken.

4. Climate change and energy transition continued

￮IHS Markit/ACCS 2023 – under this scenario oil prices (real terms 2023 (RT23)) gradually decrease towards $25 per barrel (/b) in 2037, gradually recovering to $63/b in 2045 with subsequent levels until 2050 ranging between $62/b and $69/b. Gas prices (RT23) are around $3 per million British thermal units (/MMBtu) until 2050 for Henry Hub. For Europe, prices decrease from $17/MMBtu in 2024 towards around $3/MMBtu in 2030, remaining around that level until 2050. For Asia, prices decrease from $18/MMBtu in 2024 towards around $3/MMBtu in 2031, staying at a level between $3 and $4/MMBtu until 2050.

￮Woodmac WM AET-1.5 degree – under this scenario oil prices (RT23) gradually decrease towards $28/b in 2050. Gas prices (RT23) are around $3/MMBtu until 2033 and subsequently some $4/MMBtu until 2046, thereafter some $3/MMBtu until 2050 for Henry Hub. For Europe, gas prices (RT23) decrease gradually from around $15/MMBtu in 2024 to some $5/MMBtu in 2050. For Asia, gas prices decrease from$15/MMBtu in 2024 to $7/MMBtu in 2031, subsequently ranging between $6/MMBtu and $10/MMBtu until 2050.

￮IEA NZE50 – under this scenario oil prices (RT23) gradually decrease towards some $26/b in 2050. Gas prices (RT23) decrease from some$5/MMBtu in 2024 to around $2/MMBtu for Henry Hub in 2030, remaining slightly below that level until 2050. For Europe and Asia, gas prices (RT23) decrease from some $26/MMBtu and $14/MMBtu respectively in 2024 to some $4/MMBtu and $6/MMBtu respectively around 2030 staying at that level until 2050.

This average priceline provides an external view of the development of commodity prices under 1.5-2 degrees Celsius external climate change scenarios over the whole period under review.

Applying this priceline to Integrated Gas assets of $72 billion (2022: $75 billion) and Upstream assets of $84 billion (2022: $88 billion) as at December 31, 2023, shows recoverable amounts that are $12-16 billion (2022: $4-6 billion) and $3-5 billion (2022: $1-2 billion) lower, respectively, than the carrying amounts as at December 31, 2023. For Integrated Gas the change in sensitivity compared with 2022 reflects lower near-term gas prices applied in the priceline for Europe and Asia, alongside lower headroom for certain assets between carrying value and recoverable value at December 31, 2023. For Upstream the change in sensitivity compared with 2022 reflects lower oil prices applied in the priceline alongside lower headroom for certain assets between carrying value and recoverable value at December 31, 2023

Priceline–2 - Hybrid Shell Plan and IEA NZE50: this priceline applies Shell's mid-price outlook for the next 10 years (see Note 12). Because of the greater uncertainty for the period after 10 years, the International Energy Agency (IEA) normative Net Zero Emissions scenario is applied. This gives less weight to the price-risk uncertainty in the first 10 years reflected in the operating plan period and applies more risk to the more uncertain subsequent periods.

Applying this priceline to Integrated Gas assets of $72 billion (2022: $75 billion) and Upstream assets of $84 billion (2022: $88 billion) as at December 31, 2023, shows recoverable amounts that are $8-10 billion (2022: $4-6 billion) and $1-3 billion (2022: $1-2 billion) lower, respectively, than the carrying amounts as at December 31, 2023. For Integrated Gas the change in sensitivity compared with 2022 is largely driven by lower near-term Shell mid-prices applied, an increased differential between the Shell mid-price and the gas prices applied in sensitivity testing for Europe and Asia from 2034 onwards and lower headroom for certain assets between carrying value and recoverable value at December 31, 2023.

Priceline–3 - IEA NZE50: this priceline applies the IEA normative Net Zero Emissions scenario over the whole period under review. This priceline has been applied in order to also reflect the sensitivity to a pure net-zero emissions scenario from the IEA.

Applying this priceline to Integrated Gas assets of $72 billion (2022: $75 billion) and Upstream assets of $84 billion (2022: $88 billion) as at December 31, 2023, shows recoverable amounts that are $15-20 billion (2022: $9-12 billion) and $3-5 billion (2022: $8-11 billion) lower, respectively, than the carrying amounts as at December 31, 2023. For Integrated Gas the change in sensitivity compared with 2022 is largely driven by an increased differential between the Shell mid-price and the gas prices applied in sensitivity testing for Europe and Asia from 2030 onwards and lower headroom for certain assets between carrying value and recoverable value at December 31, 2023. For Upstream the change in sensitivity compared with 2022 is largely driven by higher near-term oil prices applied in the priceline, partly offset by lower headroom for certain assets between carrying value and recoverable value at December 31, 2023.

4. Climate change and energy transition continued


Oil price assumptions

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-Oil_price_assumptions.jpg

[A]The Network for Greening the Financial System (NGFS) is a group of 127 central banks and supervisors and 20 observers committed to sharing best practices, contributing to the development of climate– and environment–related risk management in the financial sector and mobilising mainstream finance to support the transition toward a sustainable economy. This scenario results from the NGFS GCAM model. This model embodies certain assumptions on the relationships between economic and energy output and climate interactions. This NGFS scenario shows a decline in world oil demand relative to the current policies baseline, in part a response to substitution away from fossil fuels. At the same time prices increase due to supply constraints.

[B]All figures are presented on RT23 basis unless noted differently.

The graph above shows the oil pricelines on a real-terms basis applied for the period until 2050 for Shell's mid-price outlook in comparison with the IEA announced pledges (IEA APS) scenario, the NGFS GCAM NZE 2050 scenario, the average prices from three 1.5-2 degrees Celsius external climate change scenarios (Priceline 1, above) and the IEA Net Zero Emissions by 2050 scenario (IEA NZE50, Priceline 3 above). The development of future oil prices is uncertain and oil prices have been subject to significant volatility in the past. Future oil prices may be impacted by future changes in macroeconomic factors, available supply, demand, geopolitical and other factors. The pricelines as per the scenarios NGFS GCAM NZE 2050, IEA APS, the average prices from three 1.5-2 degrees Celsius external climate change scenarios and IEA NZE50 differ from Shell's best estimate and view of the future oil price.


						RT23 $/b
	2024	2025	2030	2035	2040	2050
Shell mid-price	69	67	70	70	70	70
Average prices from four 1.5-2 degrees Celsius external climate change scenarios	94	80	50	39	37	40
IEA NZE50	86	79	43	39	34	26
NGFS GCAM NZE 2050	74	75	77	81	83	112
IEA APS	94	91	76	72	68	61

4. Climate change and energy transition continued


Sensitivity + 10% to the mid-price outlook


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	2	4	2	3
Upstream	84	88	—	1	—	1
Total	156	163	2	5	2	4


Sensitivity averaged from three below-two-degrees-Celsius external climate scenarios


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	(12)	(16)	(4)	(6)
Upstream	84	88	(3)	(5)	(1)	(2)
Total	156	163	(15)	(21)	(5)	(8)


Sensitivity IEA NZE50


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	(15)	(20)	(9)	(12)
Upstream	84	88	(3)	(5)	(8)	(11)
Total	156	163	(18)	(25)	(17)	(23)


Sensitivity - 10% to the mid-price outlook


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	(4)	(6)	(2)	(4)
Upstream	84	88	(1)	(2)	—	(1)
Total	156	163	(5)	(8)	(2)	(5)


Sensitivity Hybrid Shell Plan + IEA NZE50


			$ billion
	Carrying amount		Sensitivity
	Dec 31, 2023	Dec 31, 2022	2023		2022
Integrated Gas	72	75	(8)	(10)	(4)	(6)
Upstream	84	88	(1)	(3)	(1)	(2)
Total	156	163	(9)	(13)	(5)	(8)

Carbon price sensitivities

Carbon costs in the Operating Plan

The Operating Plan includes capital expenditure and operating costs to achieve Scope 1 and 2 emission reduction targets (see above). These include asset level abatement project costs that drive efficiencies and reduce emissions, expected costs for evolving carbon regulations based on a forecast of Shell's equity share of emissions and costs of offsets for any residual amounts.

The total capital expenditure for abatement projects in relation to efficiency improvements, energy and chemicals parks transformations and use of renewable power included in the Operating Plan is in excess of $5 billion (2022: $4 billion). Total yearly carbon emission costs in Shell's Operating Plan gradually increase from $1 billion in 2024 to $4 billion in 2033 using the mid-price scenario. The sensitivity of carrying values of assets to changes in carbon prices is described in the section below.

Methods for estimating costs vary, depending on the nature of the cost. Abatement projects costs to improve efficiencies and reduce emissions are estimated by applying a bottom-up approach where individual opportunities on an asset-level, project-by-project basis are identified.

Costs for evolving carbon regulations are based on a forecast of Shell's equity share of emissions and are included in the Operating Plan at Shell's
mid-price outlook on a country-by-country basis and represent management's best estimate. In the short and near term, up to around 2030, costs for carbon emissions estimates are largely policy driven, through emission trading schemes or taxation levied by governments which currently vary significantly on a country-by-country basis. Beyond 2030, where policy predictions are more challenging, the costs for carbon emissions are estimated based on the expected costs of abatement technologies required for 2050. The estimated costs are trending towards $125 or $170 per tonne (RT23), depending on the country [A], in 2050. This outlook used for the Operating Plan sits within the middle of abatement costs range of $100-200 which incorporates a broad range of technologies.

[A] Except for the Netherlands and Norway where the estimated mid-price assumption is around $220 per tonne in 2050.

4. Climate change and energy transition continued

Sensitivity to changes in carbon price assumptions

There is significant uncertainty as to how carbon costs will develop over the next decades. These will depend on policies set by countries and the pace of the energy transition. In accordance with IFRS, Shell's financial statements are based on reasonable and supportable assumptions that represent management's current best estimate, which is policy based up to 2030 and then based on the mid-price outlook beyond 2030. As the risk of stranded assets is prevalent with higher carbon emission prices than anticipated, sensitivity analyses have only been undertaken for such a downside scenario. If the IEA NZE 2050 outlook is applied, this would impact the recoverability of certain assets recognised in the Consolidated Balance Sheet as at December 31, 2023. This scenario is not representative of management's mid-price reasonable best estimate.

Sensitivity of carrying amounts to carbon emission costs as described below is under the assumption that all other factors in the value in use models used to calculate recoverability of carrying amounts remain unchanged. Changes to carbon emission costs are applied for Integrated Gas, Upstream and Chemicals and Products because of the potential impact on Shell's business.

Applying the IEA NZE 2050 carbon price scenario to Integrated Gas assets of $72 billion (2022: $75 billion) and Upstream assets of $84 billion (2022: $88 billion), up to the end of life of these assets, shows recoverable amounts that are $2-4 billion (2022: $2-5 billion) lower for Integrated Gas and up to $1 billion lower for Upstream than the carrying amounts as at December 31, 2023.

Applying the IEA NZE 2050 carbon price scenario to Chemicals and Products assets of $44 billion shows recoverable amounts that are $3-4 billion lower than the carrying amounts as at December 31, 2023. For Chemicals and Products, increased carbon cost could however potentially be recovered partially through increased product sale prices.


Sensitivity IEA NZE 2050 carbon price scenario


				$ billion
	Carrying amount			Sensitivity
	Dec 31, 2023	Dec 31, 2022		2023		2022
Integrated Gas	72	75		(2)	(4)	(2)	(5)
Upstream	84	88		—	(1)	—	—
Chemicals and Products [A]	44			(3)	(4)
Total	200	163	[A]	(5)	(9)

[A]Excludes Chemicals and Products for 2022 for which from 2023 sensitivity to IEA NZE 2050 carbon prices has been included.

For the key regions and countries the following carbon prices per tonne (RT23) have been assumed in the Operating Plan:


	Operating plan period	Subsequent period
Region	2024-2033	2034-2050
European Union [A]	$87-$132	$134-$170
Norway	$97-$226	$226-$226
United Kingdom	$94-$145	$146-$170
Canada (Federal)	$59-$113	$113-$125
United States of America (Federal)	$0-$42	$47-$125
Australia	$29-$61	$65-$125
All other countries	$0-$55	$25-$125

[A]Except for the Netherlands where the ranges are $87-159 per tonne (2024-2033) and $163-220 per tonne (2034-2050).

4. Climate change and energy transition continued

The graph below shows the carbon pricelines per tonne for the European Union on an RT23 basis under Shell's mid-price outlook that represents the best estimate as required to be applied under IFRS, in comparison with the IEA NZE 2050 scenario. The IEA NZE 2050 scenario differs from Shell's best estimate and view of future CO2 prices. Sensitivity of carrying amounts to the IEA NZE 2050 carbon price scenario is provided above.


CO2 prices - European Union RT23 $/tonne

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-CO2_prices.jpg


					RT23 $/tonne
	2024	2025	2030	2035	2040	2050
Shell mid-price	96	87	125	136	148	170

IEA NZE50	103	110	143	176	209	255


Carrying value of Chemicals and Products assets $ billion as at December 31

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-Carrying_value_Chemicals_and_Products.jpg


Carrying amount of Chemicals and Production assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
Chemicals	15	16	18	22	25	27	28	25
Refineries	10	14	14	13	7	6	6	6
Other	1	8	7	12	11	11	11	13
Total at December 31	26	38	39	47	43	44	45	44

4. Climate change and energy transition continued

Within Chemicals and Products, the assets potentially most sensitive to the energy transition are refineries.

Portfolio composition and changes

Since 2016, Shell's Chemicals and Products portfolio has evolved, shifting from 15 refineries at the end of 2016 to eight at the end of 2023. During that period, Shell assumed the sole ownership of two refineries through the dissolution of the Motiva joint venture, and disposed of, converted or closed nine refineries. Further, during 2023 Shell agreed to sell one refinery (under assets held for sale at the end of 2023, see Note 18), announced the intention to sell the Singapore refining and chemicals assets and subsequently announced plans to repurpose the Rheinland refinery in Germany into a base oil manufacturing plant. The carrying amount of refineries decreased from $10 billion as at December 31, 2016, to less than $6 billion as at December 31, 2023. In line with Shell's strategy, Shell's refining footprint continues its transformation into energy and chemicals parks that will provide feedstocks for the chemicals and lubricants business, as well as other low-carbon energy products, including biofuels and hydrogen. This transformation will involve investments in assets within these energy and chemicals parks that will be recognised as separate cash-generating units and are expected to be resilient in the energy transition, and hence their carrying amounts may increase.

Estimated useful life

Refineries in the Chemicals and Products segment (carrying amount as at December 31, 2023, $6 billion (2022: $6 billion)) may be impacted under a two-degrees-Celsius or less external climate scenario.

For refineries in Chemicals and Products, depreciation of assets is on a straight-line basis over the life of the assets, starting at the date the asset becomes available for use, over a period of 20 years (see Note 2). Over the course of the energy transition, the current carrying amount of refineries will be fully depreciated, offset by anticipated investments in assets that are expected to be resilient in the energy transition as described above. Based on current depreciation of the carrying amounts as at December 31, 2023, and assuming no further investment, all refineries would be fully depreciated between four and 11 years.

In addition to refineries, further assets of $38 billion include $25 billion of assets in relation to Chemicals. This includes $15 billion for the new Pennsylvania chemical plant, which started operations in November 2022 and being a more efficient plant, it is expected to be more resilient in the energy transition. Chemical products are not produced with the aim to combust and consequently do not generate GHG emissions. Under the IEA NZE 2050 scenario chemical production volumes are not expected to decrease towards 2050, compared with current levels and hence chemical assets are expected to be resilient through the energy transition.

Other assets of $13 billion include $8 billion of assets mainly related to storage tanks, vessels, terminals and depots in trading and supply that are also expected to be resilient in the energy transition. Another $3 billion of assets relates to oil sands. Based on production plans for oil sands assets, 82%, 57% and 32% of SEC proved reserves for oil sands as at December 31, 2023, would currently be left by 2030, 2040 and 2050, respectively. Taking into consideration the carrying amount as at December 31, 2023 and depreciation under the unit-of-production methodology, this provides a further perspective on the risk of stranded oil sands assets carried in the Consolidated Balance Sheet as at December 31, 2023.

Price sensitivities

Where available Shell uses external climate scenarios for sensitivity testing. In relation to chemical and refining margin forecasts, no credible climate scenarios have been identified and consequently sensitivity testing is performed by providing sensitivity to changes in margins.

Chemical margins applied for impairment testing by reference to value in use are at an average of $252/tonne (20-year average). A change of -$30/tonne or +$30/tonne in long-term chemical margins over the entire cash flow projection period would ceteris paribus result in up to $2 billion impairment or no impairment reversal, respectively, in Chemicals and Products (see Note 12).

Refining margins applied for impairment testing by reference to value in use are at an average of $7.6/bbl (20-year). A change of -$1/bbl or +$1/bbl to the refining margin outlook over the entire cash flow projection period would ceteris paribus result in $1-2 billion impairment or up to $1 billion impairment reversal respectively in Chemicals and Products (see Note 12).

Sensitivities to carbon prices are described in the section above.

4. Climate change and energy transition continued

Carrying value of Marketing assets


Carrying value of Marketing assets $ billion as at December 31

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-Carrying_value_Marketing.jpg


Carrying amount of Marketing assets


							$ billion
	2017	2018	2019	2020	2021	2022	2023
At December 31	15	15	20	23	25	29	34

Portfolio composition and changes

Assets in the Marketing segment are expected to be resilient through the energy transition with a change in the product mix as the energy transition progresses. The demand for products sold — such as chemicals, lubricants, biofuels, bitumen, electric vehicle charging and convenience retail -- is not expected to decrease and is expected to increase for a variety of these products in many markets. Shell is expanding networks of refuelling stations offering low-carbon fuels, including biofuels and various gaseous fuels, such as LNG and bio-LNG. As a result, the carrying value of these assets is not expected to be impacted by the energy transition or lower commodity price scenarios.

Carrying value of Renewables and Energy Solutions assets


Carrying value of Renewables and Energy Solutions assets $ billion as at December 31

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-Carrying_value_RES.jpg


Carrying amount of Renewables and Energy Solutions assets


							$ billion
	2017	2018	2019	2020	2021	2022	2023
At December 31	1	1	3	3	5	9	10

Portfolio composition and changes

Assets in the Renewables and Energy Solutions segment are expected to be resilient through the energy transition.

4. Climate change and energy transition continued

Other energy transition considerations

Discount rate sensitivity

The discount rate applied for value in use impairment testing is based on a nominal post-tax weighted average cost of capital (WACC) and is determined at 7.5% except for the power activities in the Renewables and Energy Solutions segment where 6% is applied. The discount rate includes generic systematic risk for energy transition risk. In addition, cash flow projections applied in individual assets include specific asset risks, including risk of transition. An increase in systematic climate risk could lead to a higher WACC and consequently to a higher discount rate to be applied in impairment testing. An increase of the discount rate applied for impairment testing of 1% under the assumption that all other factors (such as commodity prices, product margins and carbon prices) in the models used to calculate recoverability of carrying amounts remain unchanged would lead to a change in the carrying amount of $2-4 billion in Integrated Gas and Upstream, and up to $1 billion in Chemicals and Products, and no significant impairment in other segments.

Global oil and gas demand considerations

A decrease in global demand and unchanged supply of oil and gas would likely lead to a decrease in price (see price sensitivity above). During 2023 Shell's production of oil and gas accounted for 1.5% and 2% of total global production of oil and gas respectively. Changes in global oil and gas demand are therefore not expected to directly impact the ability to sell volumes of oil and gas produced by Shell at market prices.

Deferred tax assets

In general, it is expected that sufficient deferred tax liabilities and forecasted taxable profits within the planning period of 10 years are available for recovery of the deferred tax assets recognised at December 31, 2023. Integrated Gas and Upstream deferred tax assets recognised are expected to be recovered within the period of production of each asset. For deferred tax assets of $241 million as at December 31, 2023 (2022: $303 million) this period extends beyond 10 years. Deferred tax assets in Chemicals and Products and in Marketing expected to be recovered in more than 10 years (between 11 and 20 years) are $455 million as at December 31, 2023 (2022: $382 million) for which the forecasted taxable profits to determine recoverability have been risked. (See Note 22).

Decommissioning and other provisions

The energy transition may result in decommissioning and restoration occurring earlier than expected. The risk on the timing of decommissioning and restoration activities for Integrated Gas and Upstream fields is limited, supported by production plans in the foreseeable future (see "Estimated useful life" above). Acceleration of decommissioning and restoration activities has also been reflected in the assessment of the appropriate discount rate. In 2021, the discount rate was revised from a 30-year to a 20-year term in line with the average remaining life of Integrated Gas and Upstream assets. On an undiscounted basis the provision for decommissioning and restoration as at December 31, 2023 was $33 billion (2022: $33 billion), recognised on a discounted basis in the Consolidated Balance Sheet as at December 31, 2023 at $19 billion (2022: $20 billion). Sensitivity to changes in the discount rate is provided in Note 24.

Historically, in Chemicals and Products, it was industry practice not to recognise decommissioning and restoration provisions associated with manufacturing facilities. This was on the basis that these assets were considered to have indefinite lives, so it was considered remote that an outflow of economic benefits would be required. In 2020, Shell considered the changed macroeconomic fundamentals, together with Shell's plans to rationalise the Group's manufacturing portfolio. Shell also reconsidered whether it remained appropriate not to recognise decommissioning and restoration provisions for manufacturing facilities. Since 2020, decommissioning and restoration provisions are recognised for certain shorter-lived manufacturing facilities (see Notes 24 and 31). The energy and chemicals parks are considered longer-lived facilities that are expected to be resilient in the energy transition, and decommissioning would generally be more than 50 years away.

Onerous contracts

Closure or early termination of activities may lead to supply contracts becoming onerous. Onerous contract provisions (see Note 24) have been recognised as at December 31, 2023, to reflect changes in expected future utilisation of certain assets. These include contracts in relation to unused terminals and refineries. The total carrying amount of the provision for onerous contracts as at December 31, 2023 was $1.1 billion (2022: $1.5 billion) principally related to contracts in relation to unused terminals and refineries.

Dividend resilience

External stakeholders have requested disclosures on how climate change affects dividend-paying capacity. If a further impairment had been recognised in 2023 using any of the climate change scenarios described above, this would not have impacted the ability to pay dividends in this financial year because of strong cash flow generation and financial reserves. Had Shell applied the IEA NZE50 scenario (see above), and if this had led to a decrease in the recoverable amount of Integrated Gas and Upstream assets of $18-25 billion and recognition of an equivalent impairment, this would not have impacted the distributable reserves available to Shell from which to pay dividends in 2023. This is on the basis that such impairment would have resulted in part-realisation of the merger reserve recognised by the Company of $234 billion
as at December 31, 2023.

A forward-looking statement regarding future dividend-paying capacity cannot be provided because of unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.

4. Climate change and energy transition continued

Physical risks

Mitigation of physical risks, whether or not related to climate change, is considered and embedded in the design and construction of Shell's projects, and/or operation of Shell's assets to minimise the risk of adverse incidents to Shell's employees and contractors, the communities where Shell operates, and Shell's equipment. The potential impact of physical changes comes from both acute and chronic physical risks. Acute risks, such as flooding and droughts, wildfires and more severe tropical storms, and chronic risks, such as rising temperatures and rising sea levels, could potentially impact some of Shell's facilities, operations and supply chains. The frequency of these hazards and impacts is expected to increase in certain high-risk locations. Extreme weather events, whether or not related to climate change, could have a negative impact on Shell's earnings, cash flows and financial condition.

In 2023 Shell carried out a detailed review to assess the impact of a range of changing climatic conditions including changes in temperature, precipitation, wind and sea levels across segments and geographies for our significant assets. Shell used IPCC climate modelling data covering three future climate scenarios (RCP2.6, RCP4.5 and RCP8.5) across the time-horizons 2025, 2030 and 2050. In the short to medium term, the risks were found to be related to factors that Shell is already aware of (whether or not related to climate change) and the assets are actively managing to mitigate, e.g. hurricane impacts in the US Gulf Coast, rising air temperatures in the Middle East and water scarcity in Europe and Asia. As an example, in recent years the Rhine river in Europe has seen historic lows during the summer months leading to challenges in the use of barges for transportation of our products. Dredging of harbours and investment in shallower-draft barges have helped to mitigate the risk. In the long term, the results of the exercise indicated that while we have evaluated against current known risk factors and our current asset portfolio, the frequency and severity of the identified risk factors may increase by 2050. The level of predictability is such that the need for investment in climate adaptation measures at the assets is not immediate and the results mean we are in a position to monitor the assets and determine whether there is any need for adaptation action, e.g. the impact of potential water scarcity on various assets. Shell tested over 70% of the carrying amount of Shell's physical assets as at December 31, 2022, to assess the potential impact of climate-related changes on Shell's significant assets. 13% (based on the carrying value) of physical assets tested are considered to be exposed to climate-related physical risks in the short to medium term which the assets are already actively managing to mitigate. In addition, we reviewed significant acquisitions made in 2023 of which none are considered to be exposed to climate-related physical risks in the short to medium term. Shell's plan reflects the impact of mitigating actions in the short to medium term. Shell will continue to monitor and assess the future exposure of Shell's assets in the longer term to changing climatic conditions to establish the need for any further adaptation actions and related metrics.

Additionally, the impact of physical climate change on Shell's operations is unlikely to be limited to the boundaries of Shell's assets. The overall impact, including how supply chains, resource availability and markets may be affected, also needs to be considered for a holistic assessment of this risk. Shell's assets manage this risk as part of broad risk and threat management processes as required by Shell's HSSE & SP Control Framework part of the wider Shell Performance Framework.

Joint ventures and associates - Summary of Transactions With Joint Ventures and Associates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Joint Ventures And Associates [Line Items]
Sales and charges to joint ventures and associates	$ 10,223	$ 12,230	$ 8,509
Purchases and charges from joint ventures and associates	$ 15,084	$ 22,286	$ 13,584
Joint ventures \| Oil Products
Disclosure Of Joint Ventures And Associates [Line Items]
Percentage of entity's revenue	25.00%	29.00%
Percent of entity's purchases	19.00%	16.00%

Impairment of property, plant and equipment, goodwill, and other intangible assets - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / bbl $ / MMBTU $ / Tonne $ / Boe	Dec. 31, 2022 USD ($) $ / bbl $ / MMBTU project	Dec. 31, 2021 USD ($) numberOfRefineries
Disclosure of impairment loss and reversal of impairment loss [line items]
Goodwill	$ 635	$ 361	$ 167
Impairment losses on property, plant and equipment	8,182	1,799	3,894
Impairment reversals	$ 627	6,177	$ 214
Number of refineries, impaired \| numberOfRefineries			3
Refining margin (USD per BBL) \| $ / Boe	7.6
Decrease in long-term refining margin assumptions (USD per BBL) \| $ / Boe	1
Increase in long-term refining margin assumptions (USD per BBL) \| $ / Boe	1
Average chemical margin (USD per ton) \| $ / Tonne	252
Decrease in long-term chemical margin assumptions (USD per ton) \| $ / Tonne	30
Increase in long-term chemical margin assumptions (USD per ton) \| $ / Tonne	30
Percentage increase in discounting factor assumptions	1.00%
Contractual commitments for purchase and lease of property, plant and equipment	$ 12,419
Contractual commitments for lease of property, plant and equipment	$ 8,594
Integrated Gas and Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Percentage decrease in commodity price assumptions	(10.00%)
Percentage increase in commodity price assumptions	10.00%
Integrated Gas and Upstream \| Bottom of range
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss due to decrease in commodity price assumptions	$ 5,000
Impairment reversal due to increase in commodity price assumptions	2,000
Impairment loss due to increase in discount rates	2,000
Integrated Gas and Upstream \| Top of range
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss due to decrease in commodity price assumptions	8,000
Impairment reversal due to increase in commodity price assumptions	5,000
Impairment loss due to increase in discount rates	$ 4,000
Chemicals and Products
Disclosure of impairment loss and reversal of impairment loss [line items]
Decrease in long-term refining margin assumptions (USD per BBL) \| $ / Boe	(1)
Increase in long-term refining margin assumptions (USD per BBL) \| $ / Boe	1
Chemicals and Products \| Bottom of range
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss due to decrease in long-term refining margin assumptions	$ 1,000
Chemicals and Products \| Top of range
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment loss due to decrease in long-term refining margin assumptions	2,000
Impairment reversal due to increase in long-term refining margin assumptions	1,000
Impairment loss due to decrease in long-term chemical margin assumptions	2,000
Impairment loss due to increase in discount rates	1,000
Russia
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment		$ 854
Brazil
Disclosure of impairment loss and reversal of impairment loss [line items]
Number of projects \| project		2
Exploration and production
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment	4,820	$ 868	$ 1,533
Impairment reversals	528	5,954	213
Manufacturing, supply and distribution
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment	2,785	474	2,340
Impairment reversals	$ 91	72	0
Other PPE
Disclosure of impairment loss and reversal of impairment loss [line items]
Nominal post-tax discount rate	6.00%
Impairment losses on property, plant and equipment	$ 577	457	21
Impairment reversals	$ 8	$ 151	1
Brent crude oil ($/b)
Disclosure of impairment loss and reversal of impairment loss [line items]
Commodity price after year 4 \| $ / bbl	70	65
Henry Hub natural gas ($/MMBtu)
Disclosure of impairment loss and reversal of impairment loss [line items]
Commodity price after year 4 \| $ / MMBTU	4.00	4.00
Renewables and Energy Solutions
Disclosure of impairment loss and reversal of impairment loss [line items]
Nominal pre-tax discount rate	9.90%
Nominal post-tax discount rate	6.00%	5.00%
PPE and intangible assets	$ 2,600
Discount rate used in current measurement of fair value less costs of disposal	12.00%
Renewables and Energy Solutions \| Other PPE
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment	$ 273
All other segments
Disclosure of impairment loss and reversal of impairment loss [line items]
Nominal pre-tax discount rate	12.90%
Nominal post-tax discount rate	7.50%	6.50%
Chemicals and Products
Disclosure of impairment loss and reversal of impairment loss [line items]
PPE and intangible assets	$ 2,500
Discount rate used in current measurement of fair value less costs of disposal	10.00%
Impairment losses on property, plant and equipment		$ 257
Integrated Gas
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment reversals	$ 325	3,449
Integrated Gas \| Exploration and production
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment	3,472		600
Upstream
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment		320
Impairment reversals	203	$ 2,504
Upstream \| Exploration and production
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment	1,348		373
Marketing \| Other PPE
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment	$ 292
Oil Products \| Non-current assets held for sale
Disclosure of impairment loss and reversal of impairment loss [line items]
Impairment losses on property, plant and equipment			$ 1,537

Trade and other payables

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Trade and Other Payables

Trade and other payables


	$ million
	Dec 31, 2023		Dec 31, 2022
	Current	Non-current	Current	Non-current
Trade payables	34,591	—	42,632	—
Other payables [A]	9,887	2,835	10,059	3,148
Sales taxes, excise duties and similar levies	3,105	—	3,270	—
Amounts due to joint ventures and associates	7,519	33	8,441	31
Accruals and deferred income	13,135	235	14,955	253
Total	68,237	3,103	79,357	3,432

[A]Includes obligations under environmental compliance schemes of $4,046 million as at December 31, 2023 (2022: $4,710 million). (See Note 5).

The fair value of financial liabilities included above approximates the carrying amount and was determined from predominantly
unobservable inputs.

Other payables include amounts due to joint arrangement partners and in respect of other project-related items.

Information about offsetting, collateral and liquidity risk is presented in Note 25.

Other reserves - Summary of Accumulated Other Comprehensive Income Attributable to Royal Dutch Shell plc Shareholders (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance		$ (19,646)
Reclassified to income		(106)
Reclassified to retained earnings		(2)
Share of joint ventures and associates	$ (183)	21	$ (106)
Other comprehensive (loss)/income for the period	(48)	2,080	6,073
Less: non-controlling interest	312	621	468
Ending balance			(19,646)
Total
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(17,656)	(19,646)	(25,735)
Recognised in other comprehensive income	(242)	3,616	8,745
Reclassified to income	233		417
Reclassified to the balance sheet	117	(81)	(13)
Reclassified to retained earnings	(112)	(34)	(45)
Tax on amounts recognised/reclassified	27	(1,370)	(2,970)
Total, net of tax	23	2,025	6,134
Share of joint ventures and associates	(183)	21	(106)
Other comprehensive (loss)/income for the period	(160)	2,046	6,028
Less: non-controlling interest	(35)	(56)	61
Attributable to Shell plc shareholders	(195)	1,990	6,089
Ending balance	(17,851)	(17,656)	(19,646)
Currency translation differences
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(12,590)	(9,563)	(8,175)
Recognised in other comprehensive income	1,393	(3,422)	(1,841)
Reclassified to income	1	437	368
Tax on amounts recognised/reclassified	3	(1)	60
Total, net of tax	1,397	(2,986)	(1,413)
Share of joint ventures and associates	16	30	(36)
Other comprehensive (loss)/income for the period	1,413	(2,956)	(1,449)
Less: non-controlling interest	(36)	(71)	61
Attributable to Shell plc shareholders	1,377	(3,027)	(1,388)
Ending balance	(11,213)	(12,590)	(9,563)
Equity instruments remeasurements
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	487	1,294	1,144
Recognised in other comprehensive income	(67)	(524)	180
Reclassified to retained earnings	(112)	(32)	(45)
Tax on amounts recognised/reclassified	(32)	33	(35)
Total, net of tax	(211)	(523)	100
Share of joint ventures and associates	(202)	(283)	50
Other comprehensive (loss)/income for the period	(413)	(806)	150
Less: non-controlling interest	(1)	(1)
Attributable to Shell plc shareholders	(414)	(807)	150
Ending balance	73	487	1,294
Debt instruments remeasurements
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(75)	3	31
Recognised in other comprehensive income	33	(90)	(23)
Reclassified to income	9	12	(5)
Reclassified to the balance sheet	(1)
Total, net of tax	41	(78)	(28)
Other comprehensive (loss)/income for the period	41	(78)	(28)
Attributable to Shell plc shareholders	41	(78)	(28)
Ending balance	(34)	(75)	3
Cash flow hedging (losses)/gains
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(524)	(536)	(485)
Recognised in other comprehensive income	(196)	426	88
Reclassified to income	162	(636)	(38)
Reclassified to the balance sheet	117	(81)	(13)
Tax on amounts recognised/reclassified	(12)	59	(16)
Total, net of tax	71	(232)	21
Share of joint ventures and associates	2	244	(72)
Other comprehensive (loss)/income for the period	73	12	(51)
Attributable to Shell plc shareholders	73	12	(51)
Ending balance	(451)	(524)	(536)
Net investment hedging (losses)/gains
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(1,964)	(2,144)	(2,439)
Recognised in other comprehensive income	(44)	180	295
Total, net of tax	(44)	180	295
Other comprehensive (loss)/income for the period	(44)	180	295
Attributable to Shell plc shareholders	(44)	180	295
Ending balance	(2,008)	(1,964)	(2,144)
Deferred cost of hedging
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(26)	(226)	(187)
Recognised in other comprehensive income	(273)	64	(145)
Reclassified to income	61	81	92
Reclassified to the balance sheet	1
Tax on amounts recognised/reclassified	63	55	14
Total, net of tax	(148)	200	(39)
Other comprehensive (loss)/income for the period	(148)	200	(39)
Attributable to Shell plc shareholders	(148)	200	(39)
Ending balance	(174)	(26)	(226)
Retirement benefits remeasurements
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance	(2,964)	(8,474)	(15,624)
Recognised in other comprehensive income	(1,088)	6,982	10,191
Reclassified to retained earnings			0
Tax on amounts recognised/reclassified	5	(1,516)	(2,993)
Total, net of tax	(1,083)	5,464	7,198
Share of joint ventures and associates	1	30
Other comprehensive (loss)/income for the period	(1,082)	5,494	7,150
Less: non-controlling interest	2	16
Attributable to Shell plc shareholders	(1,080)	5,510	7,150
Ending balance	$ (4,044)	$ (2,964)	$ (8,474)

Share capital

12 Months Ended

Dec. 31, 2023

Share Capital, Reserves And Other Equity Interest [Abstract]

Share Capital

Share capital

Issued and fully paid ordinary shares of €0.07 each [A]


	Number of shares			Nominal value			$ million
	A	B	Ordinary shares	A	B	Ordinary shares	Total
At January 1, 2023			7,003,503,393			584	584
Repurchases of shares			(479,394,344)			(40)	(40)
At December 31, 2023			6,524,109,049			544	544
At January 1, 2022	4,101,239,499	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	(4,101,239,499)	(3,548,786,406)	7,650,025,905	(345)	(293)	638	—
Repurchases of B shares on January 27 and 28, 2022, cancelled as ordinary shares on February 2 and 3, 2022			(507,742)			—	—
Repurchases of shares after assimilation			(646,014,770)			(54)	(54)
At December 31, 2022			7,003,503,393			584	584

[A]Share capital at December 31, 2022, also included 50,000 issued and fully paid sterling deferred shares of £1 each, which were redeemed on March 27, 2023. Upon redemption, the sterling deferred shares were treated as cancelled and the Company's issued share capital was reduced by the nominal value of the shares redeemed in accordance with section 688 of the UK Companies Act 2006.

On January 29, 2022, as part of the Simplification announced on December 20, 2021, the Company's A and B shares were assimilated into a single line of ordinary shares. This is reflected in the above table.

At the Company's Annual General Meeting (AGM) on May 23, 2023, the Board was authorised to allot ordinary shares in the Company, and to grant rights to subscribe for or to convert any security into ordinary shares in the Company, up to an aggregate nominal amount of approximately €161 million (representing approximately 2,307 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 22, 2024, and the end of the AGM to be held in 2024, unless previously renewed, revoked or varied by the Company in a general meeting.

26. Share capital continued

At the May 23, 2023, AGM, shareholders granted the Company the authority to repurchase (i) up to 692 million ordinary shares "on-market" (excluding any treasury shares), less the number of ordinary shares purchased or committed to be purchased in terms of the buyback contracts ("off-market"), made under the authority in (ii); and (ii) up to 692 million ordinary shares off-market, less any on-market purchases made under the authority in (i).

In the case of both on-market and off-market purchases of the ordinary shares, the minimum price, exclusive of expenses, which may be paid for an ordinary share is €0.07 and the maximum price, exclusive of expenses, which may be paid for an ordinary share is the higher of: (i) an amount equal to 5% above the average market value for an ordinary share for the five business days immediately preceding the date of the purchase; and (ii) the higher of the price of the last independent trade and the highest current independent bid in relation to ordinary shares on the trading venues where the purchase is carried out. The authorities for both on-market and off-market purchases of the ordinary shares will expire at the earlier of the close of business on August 22, 2024, and the end of the AGM of the Company to be held in 2024. Ordinary shares purchased by the Company pursuant to these authorities will either be cancelled or held in treasury. Treasury shares are shares in the Company which are owned by the Company itself.

Employees - Summary of Average Employee Numbers (Details) - employee employee in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of average number of employees [Line Items]
Average employee numbers	100	87	83
Average employee numbers seconded to joint ventures and associates	2	2	2
Integrated Gas
Disclosure of average number of employees [Line Items]
Average employee numbers	6	6	6
Upstream
Disclosure of average number of employees [Line Items]
Average employee numbers	11	12	13
Marketing
Disclosure of average number of employees [Line Items]
Average employee numbers	26	17	14
Chemicals and Products
Disclosure of average number of employees [Line Items]
Average employee numbers	22	21	22
Renewables and Energy Solutions
Disclosure of average number of employees [Line Items]
Average employee numbers	5	4	3
Corporate
Disclosure of average number of employees [Line Items]
Average employee numbers	30	27	25
- of which Shell Business Service Centre (SBSC)
Disclosure of average number of employees [Line Items]
Average employee numbers	23	20	19

Debt - Narrative (Details) $ in Millions	12 Months Ended
Debt - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) program	Dec. 31, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
CP programmes \| program	2
Debt issued	$ 81,541	$ 83,795
Fair value of debt excluding finance lease liabilities	$ 50,866	51,959
Long term commercial paper programme
Disclosure of detailed information about borrowings [line items]
Debt maturity period, long-term debt	397 days
Maximum issuance of debt, long-term	$ 10,000
Short term commercial paper programme
Disclosure of detailed information about borrowings [line items]
Maximum issuance of debt, short-term	$ 10,000
Short term commercial paper programme \| Bottom of range
Disclosure of detailed information about borrowings [line items]
Debt maturity period, long-term debt	183 days
Short term commercial paper programme \| Top of range
Disclosure of detailed information about borrowings [line items]
Debt maturity period, long-term debt	364 days
EMTN
Disclosure of detailed information about borrowings [line items]
Debt issued	$ 0	0
US shelf registration
Disclosure of detailed information about borrowings [line items]
Debt issued	$ 0	0
Frequency of updates to borrowings	3 years
Committed credit facility, due in 2023
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 1,920
Committed credit facility, due in 2025
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity		320
Extension period	1 year
Committed credit facility, due In 2026
Disclosure of detailed information about borrowings [line items]
Maximum borrowing capacity	$ 8,000	$ 7,680

Impairment of property, plant and equipment, goodwill, and other intangible assets - Commodity Price Assumptions (Details)	12 Months Ended
	Dec. 31, 2023 $ / bbl $ / MMBTU	Dec. 31, 2022 $ / bbl $ / MMBTU
Brent crude oil ($/b)
Explanation Of Inputs Assumptions And Estimation Techniques Used To Apply Impairment Requirements Explanatory [Line Items]
2024 \| $ / bbl	70	80
2025 \| $ / bbl	70	70
2026 \| $ / bbl	70	70
2027 \| $ / bbl	74	71
Henry Hub natural gas ($/MMBtu)
Explanation Of Inputs Assumptions And Estimation Techniques Used To Apply Impairment Requirements Explanatory [Line Items]
2024 \| $ / MMBTU	4.00	4.00
2025 \| $ / MMBTU	4	3.50
2026 \| $ / MMBTU	4	3.50
2027 \| $ / MMBTU	4	3.98

Trade and other receivables - Maturity Analysis of Finance Lease Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total undiscounted lease payments receivable	$ 1,539	$ 1,581
Unearned finance income	260	270
Net investment in leases	1,279	1,311
Less than one year
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total undiscounted lease payments receivable	238	257
Between 1 and 5 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total undiscounted lease payments receivable	848	792
5 years and later
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total undiscounted lease payments receivable	$ 453	$ 532

Climate change and energy transition - Additional information 4 (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Climate Change and Energy Transition [Line Items]
Global oil production %	1.50%
Global gas production %	2.00%
Planning horizon	10 years
Deferred tax	$ 6,454	$ 7,815
Provision for decommissioning and restoration, undiscounted	33,000	33,000
Amount of provisions expected to be utilized	$ 19,453	20,000
Decommissioning term	50 years
Onerous contracts provision	$ 1,100	1,500
Assets tested for exposure to climate related risks	70.00%
Assets exposed to climate related risks	13.00%
Forecast \| Retained earnings
Disclosure of Climate Change and Energy Transition [Line Items]
Increase through realisation of merger reserve	$ 234,000
Brazil, Malaysia and Australia
Disclosure of Climate Change and Energy Transition [Line Items]
Deferred tax	$ 241	$ 303
All other segments
Disclosure of Climate Change and Energy Transition [Line Items]
Nominal post-tax discount rate	7.50%	6.50%
Chemical & products and Marketing
Disclosure of Climate Change and Energy Transition [Line Items]
Deferred tax	$ 455	$ 382
Bottom of range \| Integrated Gas and Upstream segments \| IEA NZE50 \| Forecast
Disclosure of Climate Change and Energy Transition [Line Items]
Decrease in recoverable amount of assets	18,000
Top of range \| Integrated Gas and Upstream segments \| IEA NZE50 \| Forecast
Disclosure of Climate Change and Energy Transition [Line Items]
Decrease in recoverable amount of assets	$ 25,000
Actuarial assumption of discount rates
Disclosure of Climate Change and Energy Transition [Line Items]
Range of assumptions, possible increase	1.00%
Actuarial assumption of discount rates \| Chemicals and Products
Disclosure of Climate Change and Energy Transition [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ 1,000
Actuarial assumption of discount rates \| All other segments
Disclosure of Climate Change and Energy Transition [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	0
Actuarial assumption of discount rates \| Bottom of range \| Integrated Gas and Upstream segments
Disclosure of Climate Change and Energy Transition [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	2,000
Actuarial assumption of discount rates \| Top of range \| Integrated Gas and Upstream segments
Disclosure of Climate Change and Energy Transition [Line Items]
Increase (decrease) in fair value measurement due to reasonably possible increase in unobservable input, assets	$ 4,000
Power infrastructure
Disclosure of Climate Change and Energy Transition [Line Items]
Nominal post-tax discount rate	7.50%
Other PPE
Disclosure of Climate Change and Energy Transition [Line Items]
Nominal post-tax discount rate	6.00%

Interest expense - Narrative (Details)	12 Months Ended
Interest expense - Narrative (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Percentage of interest capitalised	4.00%	4.00%	4.00%

Material accounting policies, judgements and estimates (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]

Changes in accounting policies, accounting estimates and errors

IFRS 17 Insurance contracts

The adoption of IFRS 17 has no significant impact on Shell's financial reporting.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

The adoption of these IAS 12 amendments has no significant impact on Shell's financial reporting.

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)

Nature of the Consolidated Financial Statements

2. Material accounting policies, judgements and estimates continued

Currency translation

Revenue recognition

Revenue resulting from arrangements that are not considered contracts with customers is presented as revenue from other sources.

Research and development

Exploration costs

Property, plant and equipment and intangible assets

Property, plant and equipment and intangible assets other than goodwill

Recognition

2. Material accounting policies, judgements and estimates continued

Depreciation, depletion and amortisation

On classification of an asset as held for sale, depreciation ceases.

Estimates of the useful lives and residual values of property, plant and equipment and intangible assets other than goodwill are reviewed annually and adjusted if appropriate.

Impairment

Impairments are reversed as applicable to the extent that the events or circumstances that triggered the original impairment have changed.

Impairment losses and reversals are reported within depreciation, depletion and amortisation.

Upon classification of an asset as held for sale, the carrying amount is impaired if this exceeds the fair value less costs to sell.

2. Material accounting policies, judgements and estimates continued



			Judgements and estimates Proved oil and gas reserves Unit-of-production depreciation, depletion and amortisation charges are principally measured based on management's estimates of proved developed oil and gas reserves. Also, exploration drilling costs are capitalised pending the results of further exploration or appraisal activity (successful efforts method), which may take place for several years before the final investment decision on a development project is taken and before any related proved reserves can be booked. Proved reserves are estimated by internal qualified professionals. The proved reserves are estimated with reasonable certainty by analysis of available geological and engineering data at the time of the estimation, and only include volumes for which access to market is assured with reasonable expectation. Yearly average oil and gas prices are used for the estimation of proved reserves unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. Proved reserves are subject to regular revision, both upward or downward, based on new information from the drilling of additional wells, observation of long-term reservoir performance under producing conditions, updates of development plans and changes in economic factors, including product prices, contract terms, legislation or development plans. Changes to estimates of proved developed reserves affect prospectively the amounts of depreciation, depletion and amortisation charged and, consequently, the carrying amounts of exploration and production assets. Generally, in the normal course of business the diversity of the asset portfolio will limit the net effect of such revisions. The outcome of, or assessment of plans for, exploration or appraisal activity may result in the related capitalised exploration drilling costs being recognised in the Consolidated Statement of Income in that period. Judgement is involved in determining when to use an alternative reserves base in order to appropriately reflect the expected utilisation of the assets concerned (see "Depreciation, depletion and amortisation"). Information about the carrying amounts of exploration and production assets and the amounts charged to the Consolidated Statement of Income, including depreciation, depletion and amortisation and the quantitative impact of the use of an alternative reserves base, is presented in Note 11. Impairment For the purposes of determining whether impairment of assets has occurred, and the extent of any impairment loss or its reversal, the key assumptions management uses in estimating risk-adjusted future cash flows for value in use measures are future oil and gas prices and product margins including refining and chemical margins. In addition, management uses other assumptions such as potential costs associated with operational GHG emissions, market supply and demand, expected production volumes and forecast expenditure. These assumptions and the judgements of management that are based on them are subject to change as new information becomes available. Changes in assumptions could affect the carrying amounts of assets, and any impairment losses and reversals will affect income. Changes in economic conditions can affect the rate used to discount future cash flow estimates or the risk adjustment in the future cash flows. Judgement is applied to conclude whether changes in assumptions or economic conditions are an indicator that an asset may be impaired or that an impairment loss recognised in prior periods may no longer exist, or may have decreased. Expected production volumes, which comprise proved reserves and unproved volumes, are used for impairment testing because management believes this to be the most appropriate indicator of expected future cash flows. Reserves estimates are inherently imprecise. Furthermore, projections about unproved volumes are based on information that is necessarily less robust than that available for mature reservoirs. Estimation is involved with respect to the expected life of energy and chemicals parks, including management's view on the future development of refining margins. The determination of cash-generating units requires judgement. Changes in this determination could impact the calculation of value in use and therefore the conclusion on the recoverability of assets' carrying amounts when performing an impairment test. Judgement, which is subject to change as new information becomes available, can be required in determining when an asset is classified as held for sale. A change in that judgement could result in impairment charges affecting income, depending on whether classification requires a write-down of the asset to its fair value less costs to sell. In assessing the value in use, the estimated risk-adjusted future post-tax cash flows are discounted to their present value using a post-tax discount rate that reflects Shell's post-tax WACC. (See Note 12). The level of risking reflected in the cash flow assumptions is a consideration in management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in calculating value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows. Significant estimates Assumptions about future commodity prices and refining and chemical margins used in the impairment testing in, respectively, Integrated Gas and Upstream and Chemicals and Products (see Note 12) are regularly assessed by management, noting that management does not necessarily consider short-term increases or decreases in prices as being indicative of long-term levels. The price methodology applied is based on Shell management's understanding and interpretation of demand and supply fundamentals in the near term, taking into account various other factors such as industry rationalisation and energy transition in the long term. Future commodity prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to in paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125). Information about the carrying amounts of assets and impairments and their sensitivity to changes in significant estimates is presented in Note 12.

Goodwill

Goodwill is not amortised and is subsequently measured at the initial amount recognised less any accumulated impairment losses. (See Note 12).

Impairment

Previously recognised impairment losses of goodwill are not reversed subsequently.

Leases

Impairment of the right-of-use asset

Right-of-use assets are subject to existing impairment requirements as set out in "Property, plant and equipment", above, and as presented
in Note 12.



			Judgements and estimates A lease term includes optional lease periods where it is reasonably certain Shell will exercise the option to extend or not exercise the option to terminate the lease. Determination of the lease term is subject to judgement and has an impact on the measurement of the lease liability and related right-of-use asset. When assessing the lease term at the commencement date, Shell takes into consideration the broader economics of the contract. Reassessment of the lease term is performed upon changes in circumstances that may affect the probability that an option to extend or to terminate the lease will be exercised. Where the rate implicit in the lease is not readily available, an incremental borrowing rate is applied. This incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment. Determination of the incremental borrowing rate requires estimation.

Joint arrangements and associates

Shell recognises its assets and liabilities relating to its interests in joint operations, including its share of assets held jointly and liabilities incurred jointly with other partners.

Inventories

Taxation

Income tax receivables and payables as well as deferred tax assets and liabilities include provisions for uncertain income tax positions/treatments.



			Judgements and estimates Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority. In such cases, provision is made for the amount that is expected to be settled, where this can be reasonably estimated. Provisions for uncertain income tax positions/treatments are measured at the most likely amount or the expected value, whichever method is more appropriate. Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. It is assumed that taxing authorities will examine positions taken if they have the right to do so and that they have full knowledge of the relevant information. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled would be recognised in income in the period in which the change occurs. This requires the application of judgement as to the ultimate outcome, which can change over time depending on facts and circumstances. Judgements mainly relate to transfer pricing, including inter-company financing, interpretation of PSCs, expenditure deductible for tax purposes and taxation arising on disposal.

2. Material accounting policies, judgements and estimates continued



			Judgements and estimates continued Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognised in respect of deferred tax assets as well as in the amounts recognised in income in the period in which the change occurs. Taxation information, including charges and deferred tax assets and liabilities, is presented in Note 22. Income taxes include taxes at higher rates levied on income from certain Integrated Gas and Upstream activities.

Retirement benefits

Benefits in the form of retirement pensions and health care and life insurance are provided to certain employees and retirees under defined benefit and defined contribution plans.

For defined contribution plans, pension expense represents the amount of employer contributions payable for the period.



			Significant judgements and estimates Defined benefit obligations and plan assets, and the resulting liabilities and assets that are recognised, require significant estimation as these are subject to volatility as (actuarial) assumptions regarding future outcomes and market values change. Substantial judgement is required in determining the actuarial assumptions, which vary for the different plans to reflect local conditions but are determined under a common process in consultation with independent actuaries. The assumptions applied in respect of each plan are reviewed annually and adjusted where necessary to reflect changes in experience and actuarial recommendations. Actuarial assumptions applied in determining defined benefit obligations provide a source of estimation uncertainty as referred to in IAS 1.125. Information about the amounts reported in respect of defined benefit pension plans, assumptions applicable to the principal plans and their sensitivity to changes in significant estimates is presented in Note 23.

Provisions

2. Material accounting policies, judgements and estimates continued



			Estimates Estimates of provisions for future decommissioning and restoration costs are recognised and based on current legal and constructive requirements, technology and price levels. Because actual cash outflows can differ from estimates due to changes in laws, regulations, public expectations, technology, prices and conditions, and can take place many years in the future, the carrying amounts of provisions are regularly reviewed and adjusted to take account of such changes. Significant estimate The discount rate applied to reflect the time value of money in the carrying amount of provisions requires estimation. The discount rate used in the calculation of provisions is the pre-tax rate that reflects current market assessments of the time value of money. Generally, the market assessments of the time value of money can be reflected in the risk-free rate and given the long-term investment nature of oil and gas business, Shell considers it appropriate to use the 20-year US Treasury bond yield return as the risk-free rate. The discount rate applied is reviewed regularly and adjusted following changes in market rates. The discount rate applied to determine the carrying amount of provisions provides a source of estimation uncertainty as referred to in IAS 1.125. Information about decommissioning and restoration provisions and their sensitivity to changes in estimates is presented in Note 24.

Financial instruments

Financial assets

2. Material accounting policies, judgements and estimates continued

Investments in securities

Impairment of financial assets

Cash and cash equivalents

Financial liabilities

Derivative contracts and hedges

Derivatives that are held primarily for the purpose of trading are presented as current in the Consolidated Balance Sheet.

2. Material accounting policies, judgements and estimates continued



			Judgement Judgement is required to determine whether contracts to buy or sell LNG are capable of being settled on a net basis. Due to the limited liquidity in the LNG market and the lack of net settlement history, contracts to buy or sell LNG are not considered capable of being settled on a net basis. As a result, these contracts are accounted for on an accrual basis and not as a financial instrument.

Fair value measurements



			Estimate Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs. For derivative contracts where publicly available information is not available, fair value estimations are generally determined using models and other valuation methods, the key inputs for which include future prices, volatility, price correlation, counterparty credit risk and market liquidity, as appropriate; for other assets and liabilities, fair value estimations are generally based on the net present value of expected future cash flows.

Share-based compensation plans

Shares held in trust

Acquisitions and sales of interests in a business

Emission schemes and related environmental programmes

Emission trading schemes

Biofuel programmes

2. Material accounting policies, judgements and estimates continued

Renewable power programmes

Consolidated Statement of Income Presentation

Consolidated Statement of Income presentation

Assets held for sale - Narrative (Details)	12 Months Ended
Assets held for sale - Narrative (Details)	Dec. 31, 2022 project
Assets and liabilities classified as held for sale \| Upstream
Disclosure of analysis of non-current assets held for sale [Line Items]
Number of projects	3

Decommissioning and other provisions - Summary of Decommissioning and Other Provisions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in other provisions [abstract]
Current beginning balance	$ 2,910	$ 3,338
Non-current beginning balance	23,845	25,804
Decommissioning and other provision beginning balance	26,755	29,142
Additions	2,934	2,788
Amounts charged against provisions	(1,907)	(2,521)
Accretion expense	714	530
Disposals and liabilities classified as held for sale	(79)	(1,324)
Remeasurements and other movements	(2,114)	(952)
Currency translation differences	269	(908)
Change in decommissioning and other provisions	(183)	(2,387)
Current ending balance	4,041	2,910
Non-current ending balance	22,531	23,845
Decommissioning and other provision ending balance	26,572	26,755
Decommissioning and restoration
Reconciliation of changes in other provisions [abstract]
Current beginning balance	856	871
Non-current beginning balance	19,429	21,213
Decommissioning and other provision beginning balance	20,285	22,084
Additions	617	618
Amounts charged against provisions	(777)	(672)
Accretion expense	643	483
Disposals and liabilities classified as held for sale	(60)	(1,228)
Remeasurements and other movements	(1,499)	(182)
Currency translation differences	244	(818)
Change in decommissioning and other provisions	(832)	(1,799)
Current ending balance	1,296	856
Non-current ending balance	18,157	19,429
Decommissioning and other provision ending balance	19,453	20,285
Onerous contracts provision
Reconciliation of changes in other provisions [abstract]
Current beginning balance	277	653
Non-current beginning balance	1,207	1,029
Decommissioning and other provision beginning balance	1,484	1,682
Additions	26	620
Amounts charged against provisions	(345)	(661)
Accretion expense	24	13
Disposals and liabilities classified as held for sale	0	(66)
Remeasurements and other movements	(83)	(139)
Currency translation differences	(2)	35
Change in decommissioning and other provisions	(380)	(198)
Current ending balance	224	277
Non-current ending balance	880	1,207
Decommissioning and other provision ending balance	1,104	1,484
Legal
Reconciliation of changes in other provisions [abstract]
Current beginning balance	224	270
Non-current beginning balance	1,177	1,141
Decommissioning and other provision beginning balance	1,401	1,411
Additions	853	314
Amounts charged against provisions	(195)	(272)
Accretion expense	21	16
Disposals and liabilities classified as held for sale	(1)	(21)
Remeasurements and other movements	(24)	(44)
Currency translation differences	1	(3)
Change in decommissioning and other provisions	655	(10)
Current ending balance	508	224
Non-current ending balance	1,548	1,177
Decommissioning and other provision ending balance	2,056	1,401
Environmental
Reconciliation of changes in other provisions [abstract]
Current beginning balance	321	332
Non-current beginning balance	730	847
Decommissioning and other provision beginning balance	1,051	1,179
Additions	208	178
Amounts charged against provisions	(233)	(211)
Accretion expense	13	12
Disposals and liabilities classified as held for sale	(16)	(2)
Remeasurements and other movements	(74)	(78)
Currency translation differences	7	(27)
Change in decommissioning and other provisions	(95)	(128)
Current ending balance	318	321
Non-current ending balance	638	730
Decommissioning and other provision ending balance	956	1,051
Redundancy
Reconciliation of changes in other provisions [abstract]
Current beginning balance	171	410
Non-current beginning balance	153	235
Decommissioning and other provision beginning balance	324	645
Additions	424	226
Amounts charged against provisions	(154)	(372)
Accretion expense	4	1
Disposals and liabilities classified as held for sale	(1)	0
Remeasurements and other movements	(113)	(155)
Currency translation differences	6	(21)
Change in decommissioning and other provisions	166	(321)
Current ending balance	367	171
Non-current ending balance	123	153
Decommissioning and other provision ending balance	490	324
Other
Reconciliation of changes in other provisions [abstract]
Current beginning balance	1,061	802
Non-current beginning balance	1,149	1,339
Decommissioning and other provision beginning balance	2,210	2,141
Additions	806	832
Amounts charged against provisions	(203)	(333)
Accretion expense	9	5
Disposals and liabilities classified as held for sale	(1)	(7)
Remeasurements and other movements	(321)	(354)
Currency translation differences	13	(74)
Change in decommissioning and other provisions	303	69
Current ending balance	1,328	1,061
Non-current ending balance	1,185	1,149
Decommissioning and other provision ending balance	$ 2,513	$ 2,210

Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2023

Intangible Assets [Abstract]

Goodwill and other intangible assets


2023


	$ million
		Other intangible assets
	Goodwill	LNG off-take and sales contracts	Environmental certificates	Other		Total
Cost
At January 1	17,557	9,833	2,201	8,158		20,192
Additions	1,436	—	3,837	1,721	[C]	5,558
Sales, retirements and other movements [A]	(506)	(99)	(3,714)	(376)		(4,189)
Currency translation differences	55	—	67	139		206
At December 31	18,542	9,734	2,391	9,642		21,767
Depreciation, depletion and amortisation, including impairments
At January 1	1,518	6,060		4,470		10,530
Charge for the year [B]	635	790		442		1,232
Sales, retirements and other movements [A]	(296)	(99)		(222)		(321)
Currency translation differences	25	—		73		73
At December 31	1,882	6,751		4,763		11,514
Carrying amount at December 31	16,660	2,983	2,391	4,879	[D]	10,253

[A]Includes the reclassification of assets classified as held for sale. (See Note 18).

[B]Includes impairment losses and reversals. (See Note 12).

[C]Includes feedstock supply contracts and intellectual property rights ($948 million) from an acquisition in Marketing and software ($357 million) primarily in Integrated Gas and Marketing.

[D]Includes software ($829 million), power purchase agreements, retail customer relationships and trademarks.


2022


	$ million
		Other intangible assets
	Goodwill	LNG off-take and sales contracts	Environmental certificates	Other		Total
Cost
At January 1	16,117	9,833	2,747	6,679		19,259
Additions	1,954	—	2,338	1,263	[C]	3,601
Sales, retirements and other movements [A]	(351)	—	(2,749)	459	[D]	(2,290)
Currency translation differences	(163)	—	(135)	(243)		(378)
At December 31	17,557	9,833	2,201	8,158		20,192
Depreciation, depletion and amortisation, including impairments
At January 1	1,197	5,267		4,219		9,486
Charge for the year [B]	360	793		532		1,325
Sales, retirements and other movements [A]	—	—		(137)		(137)
Currency translation differences	(39)	—		(144)		(144)
At December 31	1,518	6,060		4,470		10,530
Carrying amount at December 31	16,039	3,773	2,201	3,688	[E]	9,662

[A]Includes the reclassification of assets classified as held for sale. (See Note 18).

[B]Includes impairment losses and reversals. (See Note 12).

[C]Includes other intangible assets ($1,010 million) mainly acquired through acquisitions in Marketing and Renewables and Energy Solutions.

[D]Includes the reclassification from goodwill following the completion of a purchase price allocation in Renewables and Energy Solutions.

[E]Includes software ($583 million), power purchase agreements, retail customer relationships and trademarks.

Goodwill at December 31, 2023, related principally to the acquisition of BG Group plc in 2016, allocated to Integrated Gas ($4,945 million) and Upstream ($5,294 million) at the operating segment level, and to Pennzoil-Quaker State Company ($1,665 million), a lubricants business in the Marketing segment based largely in North America.

Additions to goodwill in 2023 of $1,436 million mainly related to goodwill recognised from acquisitions in Marketing ($1,304 million) and Renewables and Energy Solutions ($132 million).

Investments in securities - Schedule of Investments in Securities Using Predominantly Unobservable Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Investments In Securities [Line Items]
Investments in securities, at beginning of period	$ 443,024
Investments in securities, at end of period	406,270	$ 443,024
Measured using predominantly unobservable inputs \| Debt and equity securities
Disclosure Of Investments In Securities [Line Items]
Investments in securities, at beginning of period	1,299	1,707
Losses recognised in other comprehensive income	(126)	(206)
Purchases	146	142
Sales	(207)	(37)
Other movements	31	(307)
Investments in securities, at end of period	$ 1,143	$ 1,299

Retirement benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 30, 2024	Dec. 31, 2022	Dec. 31, 2021
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		$ (1,602)		$ (2,904)
Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		78,024		73,481	$ 107,336
Defined benefit plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		(79,961)		(76,756)	(104,495)
The Netherlands
Disclosure of defined benefit plans [line items]
Surplus (deficit)		$ 3,520		$ 3,378
Percentage of defined benefit liability related to active members		23.00%		23.00%
The Netherlands \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		$ 26,746		$ 24,608	35,340
The Netherlands \| Defined benefit plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		$ (30,266)		$ (27,986)	(37,096)
UK
Disclosure of defined benefit plans [line items]
Percentage of defined benefit liability related to active members		16.00%		17.00%
Actuarial funding valuation, frequency		3 years
Actuarial funding valuation, funding ratio		103.00%
UK \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		$ 19,074		$ 17,791	29,913
UK \| Defined benefit plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		(22,320)		(21,963)	(33,720)
UK \| Funded pension plans
Disclosure of defined benefit plans [line items]
Surplus (deficit)		3,246		4,172
UK \| Unfunded pension plans
Disclosure of defined benefit plans [line items]
Surplus (deficit)		340		317
USA
Disclosure of defined benefit plans [line items]
Surplus (deficit)		$ 140		$ 318
Percentage of defined benefit liability related to active members		23.00%		24.00%
USA \| Settlement of pension liabilities
Disclosure of defined benefit plans [line items]
Gain on settlement of defined benefit liabilities	$ 101
USA \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		$ 15,579		$ 14,793	19,003
USA \| Defined benefit plan obligation \| Settlement of pension liabilities
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)			$ 5,052
USA \| Defined benefit plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		(14,835)		(14,243)	(18,055)
USA \| Defined benefit plan assets \| Settlement of pension liabilities
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)			$ 4,920
USA \| Unfunded pension plans
Disclosure of defined benefit plans [line items]
Surplus (deficit)		(884)		(868)
Pensions
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period		480
Pensions \| Funded pension plans \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		71,473		67,265
Pensions \| Unfunded pension plans \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		$ 3,450		3,337
Pensions \| The Netherlands \| Top of range
Disclosure of defined benefit plans [line items]
Percentage of average local funding requirement for additional payments		105.00%
Pensions \| The Netherlands \| Funded pension plans \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		$ 26,746		24,608
Pensions \| UK \| Funded pension plans \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		18,734		17,474
Pensions \| UK \| Unfunded pension plans \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		340		317
Pensions \| USA \| Funded pension plans \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		14,695		13,925
Pensions \| USA \| Unfunded pension plans \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		884		868
OPEB \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		3,101		2,879	$ 4,867
OPEB \| Unfunded pension plans \| Defined benefit plan obligation
Disclosure of defined benefit plans [line items]
Net defined benefit liability (asset)		3,101		2,879
OPEB \| USA
Disclosure of defined benefit plans [line items]
Surplus (deficit)		$ (2,267)		$ (2,135)

Segment information - Information by Segment on Current Cost of Supplies Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Revenue	$ 316,620	$ 381,314	$ 261,504
Share of profit/(loss) of joint ventures and associates (CCS basis)	3,758	3,930	3,913
Interest and other income, of which:	2,838	915	7,056
Interest income	2,313	1,046	511
Net gains/(losses) on sale and revaluation of non-current assets and businesses	257	642	5,995
Other	268	(773)	550
Total expenditure	290,556	321,386	242,828
Production and manufacturing expenses	25,240	25,518	23,822
Selling, distribution and administrative expenses	13,433	12,883	11,328
Research and development expenses	1,287	1,075	815
Exploration expenses	1,750	1,712	1,423
Depreciation, depletion and amortisation charge, of which:	31,290	18,529	26,921
Impairment losses	8,947	2,313	4,065
Impairment reversals	(762)	(6,177)	(214)
Interest expense	4,673	3,181	3,607
Taxation charge/(credit) (CCS basis)	13,194	21,497	8,391
Other revenue	15,607	11,708	126
Impairment losses on property, plant and equipment	8,182	1,799	3,894
Goodwill	635	361	167
Intangible assets other than goodwill	130	153	4
Reversal of impairment loss recognised in profit or loss, property, plant and equipment	627	6,177	214
Intangible assets other than goodwill	135	0	0
Decrease through write-off, financial assets		1,126
Purchase contract
Disclosure of operating segments [line items]
Reversal of losses (gains) on sales contracts	2,074	7,201	4,892
Sales contract
Disclosure of operating segments [line items]
Reversal of losses (gains) on sales contracts	(4,689)	(9,815)	(4,824)
CCS earnings
Disclosure of operating segments [line items]
Taxation charge/(credit) (CCS basis)	203	(444)	(808)
CCS earnings	20,281	41,562	17,482
Inter-segment
Disclosure of operating segments [line items]
Revenue	60,373	80,778	50,680
Operating segments
Disclosure of operating segments [line items]
Third-party and inter-segment purchases (CCS basis)	272,441	340,980	229,364
Total expenditure	39,960	39,476	35,965
Production and manufacturing expenses	25,240	25,518	23,822
Selling, distribution and administrative expenses	13,433	12,883	11,328
Research and development expenses	1,287	1,075	815
Exploration expenses	1,750	1,712	1,423
Depreciation, depletion and amortisation charge, of which:	31,290	18,529	26,921
Impairment losses	8,947	2,313	4,065
Impairment reversals	(762)	(6,177)	(214)
Interest expense	4,673	3,181	3,607
Integrated Gas
Disclosure of operating segments [line items]
Revenue	37,645	54,751	29,922
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,951	1,219	1,933
Interest and other income, of which:	137	(714)	1,596
Interest income	6	43	0
Net gains/(losses) on sale and revaluation of non-current assets and businesses	(22)	101	1,610
Other	153	(858)	(14)
Taxation charge/(credit) (CCS basis)	2,803	5,899	2,648
Reversal of impairment loss recognised in profit or loss, property, plant and equipment	325	3,449
Integrated Gas \| CCS earnings
Disclosure of operating segments [line items]
CCS earnings	7,046	22,212	8,060
Integrated Gas \| Inter-segment
Disclosure of operating segments [line items]
Revenue	11,560	18,412	8,072
Integrated Gas \| Operating segments
Disclosure of operating segments [line items]
Third-party and inter-segment purchases (CCS basis)	27,356	37,785	20,188
Total expenditure	4,823	5,237	4,526
Production and manufacturing expenses	4,529	4,907	4,194
Selling, distribution and administrative expenses	168	218	231
Research and development expenses	126	112	101
Exploration expenses	216	240	122
Depreciation, depletion and amortisation charge, of which:	8,903	2,211	5,908
Impairment losses	3,472	115	723
Impairment reversals	(324)	(3,449)	(204)
Interest expense	146	84	71
Upstream
Disclosure of operating segments [line items]
Revenue	6,475	8,352	9,182
Share of profit/(loss) of joint ventures and associates (CCS basis)	768	2,111	632
Interest and other income, of which:	671	726	4,592
Interest income	27	22	37
Net gains/(losses) on sale and revaluation of non-current assets and businesses	209	437	4,130
Other	435	267	425
Taxation charge/(credit) (CCS basis)	8,377	14,070	6,057
Impairment losses on property, plant and equipment		320
Reversal of impairment loss recognised in profit or loss, property, plant and equipment	203	2,504
Upstream \| CCS earnings
Disclosure of operating segments [line items]
CCS earnings	8,528	16,222	9,603
Upstream \| Inter-segment
Disclosure of operating segments [line items]
Revenue	41,230	52,285	35,789
Upstream \| Operating segments
Disclosure of operating segments [line items]
Third-party and inter-segment purchases (CCS basis)	7,890	10,666	9,094
Total expenditure	9,845	10,365	10,322
Production and manufacturing expenses	9,186	9,676	9,797
Selling, distribution and administrative expenses	163	233	186
Research and development expenses	496	456	339
Exploration expenses	1,534	1,472	1,301
Depreciation, depletion and amortisation charge, of which:	12,463	10,334	13,485
Impairment losses	1,360	950	920
Impairment reversals	(206)	(2,504)	(9)
Interest expense	507	345	333
Marketing
Disclosure of operating segments [line items]
Revenue	108,858	120,638	83,494
Share of profit/(loss) of joint ventures and associates (CCS basis)	548	237	385
Interest and other income, of which:	76	(104)	278
Interest income	9	0	3
Net gains/(losses) on sale and revaluation of non-current assets and businesses	16	(186)	285
Other	51	82	(10)
Taxation charge/(credit) (CCS basis)	819	903	903
Marketing \| CCS earnings
Disclosure of operating segments [line items]
CCS earnings	2,950	2,133	3,535
Marketing \| Inter-segment
Disclosure of operating segments [line items]
Revenue	624	606	254
Marketing \| Operating segments
Disclosure of operating segments [line items]
Third-party and inter-segment purchases (CCS basis)	94,614	108,012	70,745
Total expenditure	9,336	8,383	7,501
Production and manufacturing expenses	949	810	950
Selling, distribution and administrative expenses	8,137	7,351	6,384
Research and development expenses	250	222	167
Exploration expenses	0	0	0
Depreciation, depletion and amortisation charge, of which:	2,335	1,900	1,700
Impairment losses	420	480	129
Impairment reversals	(1)	(151)	(1)
Interest expense	52	46	27
Chemicals and Products
Disclosure of operating segments [line items]
Revenue	118,781	144,342	116,448
Share of profit/(loss) of joint ventures and associates (CCS basis)	590	374	989
Interest and other income, of which:	61	244	37
Interest income	57	24	36
Net gains/(losses) on sale and revaluation of non-current assets and businesses	(61)	282	(24)
Other	65	(62)	25
Taxation charge/(credit) (CCS basis)	(198)	935	(210)
Impairment losses on property, plant and equipment		257
Chemicals and Products \| CCS earnings
Disclosure of operating segments [line items]
CCS earnings	1,530	4,515	404
Chemicals and Products \| Inter-segment
Disclosure of operating segments [line items]
Revenue	2,252	2,684	1,890
Chemicals and Products \| Operating segments
Disclosure of operating segments [line items]
Third-party and inter-segment purchases (CCS basis)	102,396	127,521	103,294
Total expenditure	11,483	11,362	10,347
Production and manufacturing expenses	7,908	7,583	6,815
Selling, distribution and administrative expenses	3,323	3,592	3,375
Research and development expenses	252	187	157
Exploration expenses	0	0	0
Depreciation, depletion and amortisation charge, of which:	6,411	3,289	5,485
Impairment losses	2,787	356	2,248
Impairment reversals	(90)	(73)	0
Interest expense	62	22	44
Renewables and Energy Solutions
Disclosure of operating segments [line items]
Revenue	44,819	53,190	22,415
Share of profit/(loss) of joint ventures and associates (CCS basis)	(96)	(7)	(27)
Interest and other income, of which:	75	57	200
Interest income	12	(2)	4
Net gains/(losses) on sale and revaluation of non-current assets and businesses	110	8	(6)
Other	(47)	51	202
Taxation charge/(credit) (CCS basis)	1,303	(303)	(342)
Renewables and Energy Solutions \| CCS earnings
Disclosure of operating segments [line items]
CCS earnings	3,038	(1,059)	(1,514)
Renewables and Energy Solutions \| Inter-segment
Disclosure of operating segments [line items]
Revenue	4,707	6,791	4,675
Renewables and Energy Solutions \| Operating segments
Disclosure of operating segments [line items]
Third-party and inter-segment purchases (CCS basis)	40,170	57,024	26,048
Total expenditure	3,831	3,590	2,745
Production and manufacturing expenses	2,610	2,520	2,098
Selling, distribution and administrative expenses	1,058	972	596
Research and development expenses	163	98	51
Exploration expenses	0	0	0
Depreciation, depletion and amortisation charge, of which:	1,159	777	326
Impairment losses	908	412	45
Impairment reversals	(141)	0	0
Interest expense	4	2	0
Corporate
Disclosure of operating segments [line items]
Revenue	42	41	43
Share of profit/(loss) of joint ventures and associates (CCS basis)	(3)	(4)	1
Interest and other income, of which:	1,818	706	353
Interest income	2,202	959	431
Net gains/(losses) on sale and revaluation of non-current assets and businesses	5	0	0
Other	(389)	(253)	(78)
Taxation charge/(credit) (CCS basis)	90	(7)	(665)
Corporate \| CCS earnings
Disclosure of operating segments [line items]
CCS earnings	(2,811)	(2,461)	(2,606)
Corporate \| Inter-segment
Disclosure of operating segments [line items]
Revenue	0	0	0
Corporate \| Operating segments
Disclosure of operating segments [line items]
Third-party and inter-segment purchases (CCS basis)	15	(28)	(5)
Total expenditure	642	539	524
Production and manufacturing expenses	58	22	(32)
Selling, distribution and administrative expenses	584	517	556
Research and development expenses	0	0	0
Exploration expenses	0	0	0
Depreciation, depletion and amortisation charge, of which:	19	18	17
Impairment losses	0	0	0
Impairment reversals	0	0	0
Interest expense	$ 3,902	$ 2,682	$ 3,132

Financial instruments - Schedule of Carrying Amounts of Derivative Contracts Designated and Not Designated as Hedging Instruments for Hedge Accounting (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about hedging instruments [line items]
Assets Designated	$ 191	$ 31
Assets Not designated	15,708	24,988
Assets, Total	15,899	25,019
Liabilities Designated	2,057	3,094
Liabilities Not designated	9,773	24,248
Liabilities, Total	11,830	27,342
Net	4,069	(2,323)
Interest rate swaps
Disclosure of detailed information about hedging instruments [line items]
Assets Designated	14	0
Assets Not designated	2	1
Assets, Total	16	1
Liabilities Designated	98	169
Liabilities Not designated	0	0
Liabilities, Total	98	169
Net	(82)	(168)
Forward foreign exchange contracts
Disclosure of detailed information about hedging instruments [line items]
Assets Designated	0	0
Assets Not designated	697	907
Assets, Total	697	907
Liabilities Designated	0	0
Liabilities Not designated	592	996
Liabilities, Total	592	996
Net	105	(89)
Currency swaps and options
Disclosure of detailed information about hedging instruments [line items]
Assets Designated	177	31
Assets Not designated	0	24
Assets, Total	177	55
Liabilities Designated	1,959	2,925
Liabilities Not designated	13	5
Liabilities, Total	1,972	2,930
Net	(1,795)	(2,875)
Commodity derivatives
Disclosure of detailed information about hedging instruments [line items]
Assets Designated	0	0
Assets Not designated	14,783	23,676
Assets, Total	14,783	23,676
Liabilities Designated	0	0
Liabilities Not designated	9,161	22,858
Liabilities, Total	9,161	22,858
Net	5,622	818
Other contracts
Disclosure of detailed information about hedging instruments [line items]
Assets Designated	0	0
Assets Not designated	226	380
Assets, Total	226	380
Liabilities Designated	0	0
Liabilities Not designated	7	389
Liabilities, Total	7	389
Net	$ 219	$ (9)

Post-Balance Sheet Events	12 Months Ended
Post-Balance Sheet Events	Dec. 31, 2023
Events After Reporting Period [Abstract]
Post-Balance Sheet Events	Post-balance sheet events

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Presentation of leases for lessee [abstract]

Summary of Right-of-use Assets

Right-of-use assets are included in property, plant and equipment for the following amounts:


2023


	$ million
	Exploration and production		Manufacturing, supply and distribution
	Exploration and evaluation	Production		Other [D]	Total
Cost
At January 1	—	14,675	16,463	9,899	41,037
Additions	—	790	2,442	1,308	4,540
Sales, retirements and other movements [A]	—	(116)	29	(1,040)	(1,127)
Reclassifications [B]	—	(2,779)	527	2,252	—
Currency translation differences	—	27	24	(268)	(217)
At December 31	—	12,597	19,485	12,151	44,233
Depreciation, depletion and amortisation, including impairments
At January 1	—	8,275	6,695	2,950	17,920
Charge for the year [C]	—	1,382	2,428	998	4,808
Sales, retirements and other movements [A]	—	(303)	(1,149)	(1,042)	(2,494)
Reclassifications [B]	—	(2,217)	63	2,154	—
Currency translation differences	—	9	12	(101)	(80)
At December 31	—	7,146	8,049	4,959	20,154
Carrying amount at December 31	—	5,451	11,436	7,192	24,079

[A]Includes the reclassification of right-of-use assets to assets held for sale. (See Note 18).

[B]Reclassification from Production to Manufacturing, supply and distribution and Other.

[C]Includes impairment losses ($72 million) and reversals ($2 million). (See Note 12).

[D]Other mainly includes lease contracts for retail sites, land and buildings in Marketing, Renewables and Energy Solutions and Corporate.


2022


	$ million
	Exploration and production		Manufacturing, supply and distribution
	Exploration and evaluation	Production		Other [C]	Total
Cost


At January 1	5	14,322	15,748	8,031	38,106
Additions	—	1,088	2,305	2,111	5,504
Sales, retirements and other movements [A]	(5)	(569)	(1,530)	319	(1,785)
Currency translation differences	—	(166)	(60)	(562)	(788)
At December 31	—	14,675	16,463	9,899	41,037
Depreciation, depletion and amortisation, including impairments
At January 1	—	7,935	5,946	2,273	16,154
Charge for the year [B]	—	1,182	2,223	797	4,202
Sales, retirements and other movements [A]	—	(751)	(1,444)	23	(2,172)
Currency translation differences	—	(91)	(30)	(143)	(264)
At December 31	—	8,275	6,695	2,950	17,920
Carrying amount at December 31	—	6,400	9,768	6,949	23,117

[A]Includes the reclassification of right-of-use assets to assets held for sale. (See Note 18).

[B]Includes impairment losses ($160 million) and reversals ($206 million). (See Note 12).

[C]Other mainly includes lease contracts for retail sites, land and buildings in Marketing, Renewables and Energy Solutions and Corporate.

Schedule of Lease Expenses not Included in the Measurement of Lease Liability

Shell also has certain lease contracts of items with lease terms of 12 months or less. For these lease contracts, Shell applies the short-term lease recognition exemption. Lease expenses not included in the measurement of lease liability are:


Lease expenses not included in the measurement of lease liability


		$ million
	2023	2022
Expense relating to short-term leases	495	552
Expense relating to variable lease payments	1,415	1,251

Schedule of Future Lease Payments Under Lease Contracts

The future lease payments under lease contracts and the carrying amounts at December 31, by payment date are as follows:


2023


	$ million
	Contractual lease payments		Interest	Lease liabilities
Less than 1 year	6,182		1,539	4,643
Between 1 and 5 years	16,105		4,443	11,662
5 years and later	16,794		5,390	11,404
Total	39,081	[A]	11,372	27,709

[A]Future cash outflows in respect of leases may differ from lease liabilities recognised due to future decisions that may be taken by Shell in respect of the use of leased assets. These decisions may result in variable lease payments being made. In addition, Shell may reconsider whether it will exercise extension options or termination options, which are not reflected in the lease liabilities. There is no exposure to these potential additional payments in excess of the recognised lease liabilities until these decisions have been taken by Shell.


2022


	$ million
	Contractual lease payments	Interest	Lease liabilities
Less than 1 year	5,914	1,533	4,381
Between 1 and 5 years	15,624	4,655	10,969
5 years and later	17,935	5,642	12,293
Total	39,473	11,830	27,643

Climate change and energy transition - Additional Information 1 (Details) $ in Millions	1 Months Ended	12 Months Ended		84 Months Ended
	Mar. 31, 2024	Dec. 31, 2023 USD ($) outlook	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment		$ 194,835	$ 198,642	$ 194,835
Impairment sensitivity to change in commodity prices		10.00%
Priceline 1
Disclosure of Climate Change and Energy Transition [Line Items]
Number of external price outlooks \| outlook		3
2030
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve		43.00%
2040
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve		7.00%
2050
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve		1.00%
Integrated Gas and Upstream segments
Disclosure of Climate Change and Energy Transition [Line Items]
Disposals of property, plant and equipment				26,000
Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment		$ 57,700	60,800	57,700
Integrated Gas \| Priceline 1
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment			75,000
Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment		70,900	74,500	70,900
Upstream \| Priceline 1
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment			88,000
Production assets
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment		111,000	117,000	111,000	$ 118,000	$ 132,000	$ 150,000	$ 149,000	$ 154,000	$ 169,000
Production assets \| Integrated Gas and Upstream segments
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment		111,000		111,000						169,000
Carrying amount of exploration and evaluation assets
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment		$ 5,312	6,403	$ 5,312	$ 7,000	$ 9,000	$ 15,000	$ 18,000	$ 19,000	$ 19,000
Minimum
Disclosure of Climate Change and Energy Transition [Line Items]
Impairment sensitivity to mid-price outlook		(10.00%)
Minimum \| Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Expected impairment loss with change in measurement input		$ 5,000	2,000
Minimum \| Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Expected impairment loss with change in measurement input		$ 2,000	2,000
Maximum
Disclosure of Climate Change and Energy Transition [Line Items]
Impairment sensitivity to mid-price outlook		10.00%
Maximum \| Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Expected impairment loss with change in measurement input		$ 8,000	5,000
Maximum \| Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Expected impairment loss with change in measurement input		$ 5,000	$ 4,000
2025
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in Scope 1 and 2 emissions		50.00%
2025 \| Minimum
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)		15.00%
2025 \| Minimum \| Revision of carbon emissions targets
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)	15.00%
2025 \| Maximum
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)		20.00%
2025 \| Maximum \| Revision of carbon emissions targets
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)	20.00%
2023 \| Minimum
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)		9.00%
2023 \| Maximum
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)		12.00%
2024 \| Minimum
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)		9.00%
2024 \| Maximum
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)		13.00%
2030
Disclosure of Climate Change and Energy Transition [Line Items]
Reduction in carbon intensity energy products emission (in percent)		100.00%

Employees - Summary of Employee Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Remuneration	$ 10,648	$ 10,509	$ 9,038
Social security contributions	957	860	819
Retirement benefits (see Note 23)	1,324	1,795	1,696
Share-based compensation (see Note 27)	700	807	539
Total	$ 13,629	$ 13,971	$ 12,092

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor [Line Items]
Auditor Name	Ernst & Young LLP
Auditor Location	London, United Kingdom
Auditor Firm ID	1438

Property, plant and equipment

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Property, Plant and Equipment

Property, plant and equipment


2023 [A]


	$ million
	Exploration and production
	Exploration and evaluation	Production	Manufacturing, supply and distribution	Other	Total
Cost
At January 1	11,565	277,016	106,785	39,595	434,961
Additions	2,161	10,731	5,910	7,029	25,831
Sales, retirements and other movements [B]	(5,164)	(1,153)	(1,016)	(1,387)	(8,720)
Reclassifications [C]	—	(2,779)	527	2,252	—
Currency translation differences	73	1,855	863	207	2,998
At December 31	8,635	285,670	113,069	47,696	455,070
Depreciation, depletion and amortisation, including impairments
At January 1	5,162	159,662	56,901	14,594	236,319
Charge for the year [D]	731	18,202	8,295	2,687	29,915
Sales, retirements and other movements [B]	(2,609)	(2,000)	(2,083)	(1,394)	(8,086)
Reclassifications [C]	—	(2,217)	63	2,154	—
Currency translation differences	39	1,326	650	72	2,087
At December 31	3,323	174,973	63,826	18,113	260,235
Carrying amount at December 31	5,312	110,697	49,243	29,583	194,835

[A]Includes right-of-use assets under leases. (See Note 21).

[B]Includes the reclassification of assets classified as held for sale. (See Note 18).

[C]Reclassifications of right-of-use assets. (See Note 21).

[D]Includes impairment losses and reversals. (See Note 12).


2022 [A]


	$ million
	Exploration and production
	Exploration and evaluation	Production	Manufacturing, supply and distribution	Other	Total
Cost
At January 1	12,679	285,903	104,182	34,005	436,769
Additions	1,564	11,954	6,928	7,808	28,254
Sales, retirements and other movements [B]	(2,469)	(14,541)	(2,548)	(242)	(19,800)
Currency translation differences	(209)	(6,300)	(1,777)	(1,976)	(10,262)
At December 31	11,565	277,016	106,785	39,595	434,961
Depreciation, depletion and amortisation, including impairments
At January 1	5,580	167,530	55,131	13,596	241,837
Charge for the year [C]	397	9,709	5,149	2,055	17,310
Sales, retirements and other movements [B]	(765)	(13,207)	(2,054)	(396)	(16,422)
Currency translation differences	(50)	(4,370)	(1,325)	(661)	(6,406)
At December 31	5,162	159,662	56,901	14,594	236,319
Carrying amount at December 31	6,403	117,354	49,884	25,001	198,642

[A]Includes right-of-use assets under leases. (See Note 21).

[B]Includes the reclassification of assets classified as held for sale. (See Note 18).

[C]Includes impairment losses and reversals. (See Note 12).

11. Property, plant and equipment continued

The carrying amount of property, plant and equipment at December 31, 2023, included $28,135 million (2022: $27,277 million) of assets under construction. This amount excludes exploration and evaluation assets.

The carrying amount of exploration and production assets at December 31, 2023, included rights and concessions in respect of proved and unproved properties of $6,097 million (2022: $7,662 million). Exploration and evaluation assets principally comprise rights and concessions in respect of unproved properties and capitalised exploration drilling costs.

The total contractual commitments for the purchase and lease of property, plant and equipment at December 31, 2023, amounted to $12,419 million of which $8,594 million related to lease commitments.


Capitalised exploration drilling costs


	$ million
	2023	2022	2021
At January 1	2,911	3,015	3,654
Additions pending determination of proved reserves	1,967	1,298	1,024
Amounts charged to expense	(868)	(881)	(639)
Reclassifications to productive wells on determination of proved reserves	(874)	(531)	(577)
Other movements	—	10	(447)
At December 31	3,136	2,911	3,015


	Projects		Wells
	Number	$ million	Number	$ million
Between 1 and 5 years	13	721	14	353
Between 6 and 10 years	6	704	22	708
Between 11 and 15 years	2	69	20	390
Between 16 and 20 years	2	124	8	167
Total	23	1,618	64	1,618

Exploration drilling costs capitalised for periods greater than one year at December 31, 2023, analysed according to the most recent year of activity, are presented in the table above. These comprise $273 million relating to five projects where drilling activities were under way or firmly planned for the future, and $1,345 million relating to 18 projects awaiting development concepts.

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Presentation of leases for lessee [abstract]
Cash outflow for leases	$ 7,512	$ 6,280

Financial instruments - Schedule of Value at Risk Pre-tax (Details) - Commodity price risk - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Global oil
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	$ 25	$ 56
Global oil \| Average
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	43	72
North America gas and power
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	10	23
North America gas and power \| Average
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	13	18
Europe gas and power
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	12	40
Europe gas and power \| Average
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	31	54
Environmental certificates
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	4	13
Environmental certificates \| Average
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	9	10
Australia gas and power
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	2	12
Australia gas and power \| Average
Disclosure of risk management strategy related to hedge accounting [line items]
Value at risk	$ 4	$ 12

Climate change and energy transition - Carrying amounts of assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	$ 194,835	$ 198,642
Fixed assets	246,300	248,200
Production assets
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	111,000	117,000	$ 118,000	$ 132,000	$ 150,000	$ 149,000	$ 154,000	$ 169,000
Carrying amount of exploration and evaluation assets
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	5,312	6,403	7,000	9,000	15,000	18,000	19,000	19,000
Refineries
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	6,000							10,000
Property, plant and equipment not subject to operating leases \| Production assets
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	105,000	111,000	112,000	125,000	141,000
Right of use assets \| Production assets
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	6,000	6,000	6,000	7,000	9,000
Integrated Gas and Upstream segments
Disclosure of Climate Change and Energy Transition [Line Items]
Fixed assets	156,000	163,000	166,000	185,000	212,000	214,000	222,000	231,000
Integrated Gas and Upstream segments \| Production assets
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	111,000							169,000
Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	57,700	60,800
Fixed assets	71,900	75,200	75,000	79,000	93,000	91,000	94,000	95,000
Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	70,900	74,500
Fixed assets	84,200	87,700	91,000	106,000	119,000	123,000	128,000	136,000
Chemicals and Products
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	36,900	38,100
Fixed assets	43,600	44,700	44,000	43,000	47,000	39,000	38,000	26,000
Chemicals and Products \| Chemicals
Disclosure of Climate Change and Energy Transition [Line Items]
Fixed assets	25,000	28,000	27,000	25,000	22,000	18,000	16,000	15,000
Chemicals and Products \| Refineries
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment		6,000
Fixed assets	6,000	6,000	6,000	7,000	13,000	14,000	14,000	10,000
Chemicals and Products \| Other
Disclosure of Climate Change and Energy Transition [Line Items]
Fixed assets	13,000	11,000	11,000	11,000	12,000	7,000	8,000	$ 1,000
Marketing
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	22,200	19,100
Fixed assets	34,200	28,600	25,000	23,000	20,000	15,000	15,000
Renewables and Energy Solutions
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment	4,800	3,200
Fixed assets	$ 10,000	$ 8,900	$ 5,000	$ 3,000	$ 3,000	$ 1,000	$ 1,000

Share-based compensation plans and shares held in trust (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Payment Arrangements [Abstract]

Summary of Share-based Compensation Expense


	$ million
	2023	2022	2021
Equity-settled [A]	700	807	539

[A]On an incidental basis awards may be cash-settled, where an equity settlement is not possible under local regulations.

Schedule of Share Awards Under the PSP and LTIP


	Number of A shares (million)	Number of B shares (million)	Number of ordinary shares (million) [B]	Number of ADSs (million)	Weighted average remaining contractual life (years)
At January 1, 2023			58	10	1.1
Granted			19	3
Vested			(17)	(3)
Forfeited			(2)	—
At December 31, 2023			58	10	0.9
At January 1, 2022	38	12		9	1.2
Assimilation of ordinary A and B shares into ordinary shares	(38)	(12)	50
Granted	—	—	28	4
Vested	—	—	(13)	(2)
Forfeited	—	—	(7)	(1)
At December 31, 2022	—	—	58	10	1.1

[A]As revised, includes notional dividends.

[B]On January 29, 2022, as part of the Simplification announced on December 20, 2021, the Company's A and B shares were assimilated into a single line of ordinary shares.

Property, plant and equipment - Summary of Capitalised Exploration Drilling Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment [abstract]
At January 1	$ 2,911	$ 3,015	$ 3,654
Additions pending determination of proved reserves	1,967	1,298	1,024
Amounts charged to expense	(868)	(881)	(639)
Reclassifications to productive wells on determination of proved reserves	(874)	(531)	(577)
Other movements	0	10	(447)
At December 31	$ 3,136	$ 2,911	$ 3,015

Share-based compensation plans and shares held in trust - Schedule of Share Awards Under the PSP and LTIP (Details) - Share awards under PSP and LTIP - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Share Based Compensation Expense [Line Items]
Weighted Average remaining contractual life (years)	10 months 24 days	1 year 1 month 6 days	1 year 2 months 12 days
A class shares
Disclosure Of Share Based Compensation Expense [Line Items]
Beginning balance (in shares)	0	38
Assimilation of ordinary A and B shares into ordinary shares (in shares)		(38)
Granted (in shares)		0
Forfeited (in shares)		0
Ending balance (in shares)		0	38
B class shares
Disclosure Of Share Based Compensation Expense [Line Items]
Beginning balance (in shares)	0	12
Assimilation of ordinary A and B shares into ordinary shares (in shares)		(12)
Granted (in shares)		0
Forfeited (in shares)		0
Ending balance (in shares)		0	12
Ordinary shares
Disclosure Of Share Based Compensation Expense [Line Items]
Beginning balance (in shares)	58
Assimilation of ordinary A and B shares into ordinary shares (in shares)		50
Granted (in shares)	19	28
Vested (in shares)	(17)	(13)
Forfeited (in shares)	(2)	(7)
Ending balance (in shares)	58	58
A class American Depositary Shares
Disclosure Of Share Based Compensation Expense [Line Items]
Beginning balance (in shares)	10	9
Granted (in shares)	3	4
Vested (in shares)	(3)	(2)
Forfeited (in shares)	0	(1)
Ending balance (in shares)	10	10	9

Segment information - Summary of Reconciliation of CCS Earnings to Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Reconciliation Of Ccs Earnings To Income [Line Items]
Income attributable to Shell plc shareholders	$ 19,359	$ 42,309	$ 20,101
Income attributable to non-controlling interest	277	565	529
Income for the period	19,636	42,874	20,630
Current cost of supplies adjustment:
Taxation	(13,194)	(21,497)	(8,391)
CCS earnings
Current cost of supplies adjustment:
Purchases	815	(1,714)	(3,772)
Taxation	(203)	444	808
Share of profit of joint ventures and associates	33	(42)	(184)
Current cost of supplies adjustment	645	(1,312)	(3,148)
Of which:
Attributable to Shell plc shareholders	650	(1,196)	(3,029)
Attributable to non-controlling interest	(5)	(116)	(119)
CCS earnings	20,281	41,562	17,482
Of which:
CCS earnings attributable to Shell plc shareholders	20,008	41,113	17,072
CCS earnings attributable to non-controlling interest	$ 273	$ 449	$ 410

Assets held for sale

12 Months Ended

Dec. 31, 2023

Non-current assets held-for-sale [Abstract]

Assets Held For Sale

Assets held for sale


			$ million
		Dec 31, 2023			Dec 31, 2022
	Current	Non-current	Total	Current	Non-current	Total
Intangible assets	—	71	71	—	—	—
Property, plant and equipment	—	250	250	—	2,526	2,526
Joint ventures and associates	—	19	19	—	94	94
Investments in securities	—	—	—	—	128	128
Deferred tax	—	10	10	—	—	—
Retirement benefits	—	1	1	—	—	—
Trade and other receivables	103	34	137	44	51	95
Inventories	463	—	463	8	—	8
Assets classified as held for sale	566	385	951	52	2,799	2,851
Debt	2	82	84	3	1	4
Trade and other payables	94	—	94	256	22	278

Retirement benefits	—	53	53	—	—	—
Decommissioning and other provisions	7	68	75	134	971	1,105
Income taxes payable	1	—	1	8	—	8
Liabilities directly associated with assets classified as held for sale	104	203	307	401	994	1,395

At December 31, 2023, assets held for sale mainly related to an asset in Chemicals and Products in Europe, a Renewables and Energy Solutions project in North America and an asset within Marketing in Asia. All transactions that resulted in the reclassification of assets held for sale at December 31, 2023, are expected to be completed in 2024.

At December 31, 2022, assets held for sale mainly related to three Upstream projects. All transactions that resulted in assets held for sale reclassification at December 31, 2022, were completed in 2023.

Auditor's remuneration - Summary of Auditor's Remuneration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements, including audit of consolidation returns	$ 42	$ 45	$ 39
Other audit fees, principally in respect of audits of accounts of subsidiaries	19	18	18
Total audit fees	61	63	57
Audit-related fees	3	3	3
Fees in respect of other non-audit services	2	3	3
Total	$ 66	$ 69	$ 63

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Millions

Total

Share capital

Shares held in trust

Other reserves

Retained earnings

Non- controlling interest

Beginning balance at Dec. 31, 2020

$ 158,537

$ 155,310

$ 651

$ (709)

$ 12,752

$ 142,616

$ 3,227

Comprehensive income for the period

26,703

26,235

6,134

20,101

468

(45)

^[1]

(6,669)

(6,321)

(348)

(3,513)

(10)

(3,513)

Ending balance at Dec. 31, 2021

250

Other changes

175,326

171,966

641

(610)

18,909

153,026

3,360

Comprehensive income for the period

44,954

44,333

2,024

42,309

621

(34)

^[1]

(7,489)

(7,283)

(206)

(18,547)

(57)

(18,547)

Ending balance at Dec. 31, 2022

191

(116)

176

131

Other changes

(1,838)

(188)

(1,650)

192,597

190,472

584

(726)

21,132

169,482

2,125

Comprehensive income for the period

19,588

19,276

(83)

19,359

312

(112)

112

^[1]

(9,153)

(8,389)

(764)

^[2]

(14,571)

(40)

(14,571)

Ending balance at Dec. 31, 2023

(188)

(271)

168

(85)

Other changes

$ 188,362

$ 186,607

$ 544

$ (997)

$ 21,145

$ 165,915

$ 1,755

[1]	The amount charged to retained earnings is based on prevailing exchange rates on payment date.
[2]	Includes shares committed to repurchase under irrevocable contracts and repurchases subject to settlement at the end of the year. (See Note 26)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References + Details

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

Directors and senior management - Summary of Remuneration of Directors of the Company (Details) - Directors - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Directors Remuneration [Line Items]
Emoluments	$ 12	$ 12	$ 12
Value of released awards under long-term incentive plans	4	7	5
Employer contributions to pension plans	$ 1	$ 1	$ 1

Other reserves (Tables)

12 Months Ended

Dec. 31, 2023

Share Capital, Reserves And Other Equity Interest [Abstract]

Summary of Other Reserves Attributable to Royal Dutch Shell plc Shareholders


	$ million
	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2023	37,298	154	196	1,140	(17,656)	21,132
Other comprehensive income attributable to Shell plc shareholders	—	—	—	—	(83)	(83)
Transfer from other comprehensive income	—	—	—	—	(112)	(112)
Repurchases of shares	—	—	40	—	—	40
Share-based compensation	—	—	—	168	—	168
At December 31, 2023	37,298	154	236	1,308	(17,851)	21,145
At January 1, 2022	37,298	154	139	964	(19,646)	18,909
Other comprehensive income attributable to Shell plc shareholders	—	—	—	—	2,024	2,024
Transfer from other comprehensive income	—	—	—	—	(34)	(34)
Repurchases of shares	—	—	57	—	—	57
Share-based compensation	—	—	—	176	—	176
At December 31, 2022	37,298	154	196	1,140	(17,656)	21,132
At January 1, 2021	37,298	154	129	906	(25,735)	12,752
Other comprehensive loss attributable to Shell plc shareholders	—	—	—	—	6,134	6,134
Transfer from other comprehensive income	—	—	—	—	(45)	(45)
Repurchases of shares	—	—	10	—	—	10
Share-based compensation	—	—	—	58	—	58
At December 31, 2021	37,298	154	139	964	(19,646)	18,909

Summary of Accumulated Other Comprehensive Income Attributable to Royal Dutch Shell plc Shareholders

Accumulated other comprehensive income comprises the following:


Accumulated other comprehensive income attributable to Shell plc shareholders


								$ million
	Currency translation differences	Equity instruments remeasurements	Debt instruments remeasurements	Cash flow hedging (losses)/gains	Net investment hedging (losses)/gains	Deferred cost of hedging	Retirement benefits remeasurements	Total
At January 1, 2023	(12,590)	487	(75)	(524)	(1,964)	(26)	(2,964)	(17,656)
Recognised in other comprehensive income	1,393	(67)	33	(196)	(44)	(273)	(1,088)	(242)
Reclassified to income	1	—	9	162	—	61	—	233
Reclassified to the balance sheet	—	—	(1)	117	`	1	—	117
Reclassified to retained earnings	—	(112)	—	—	—	—	—	(112)
Tax on amounts recognised/reclassified	3	(32)	—	(12)	—	63	5	27
Total, net of tax	1,397	(211)	41	71	(44)	(148)	(1,083)	23
Share of joint ventures and associates	16	(202)	—	2	—	—	1	(183)
Other comprehensive (loss)/income for the period	1,413	(413)	41	73	(44)	(148)	(1,082)	(160)
Less: non-controlling interest	(36)	(1)	—	—	—	—	2	(35)
Attributable to Shell plc shareholders	1,377	(414)	41	73	(44)	(148)	(1,080)	(195)
At December 31, 2023	(11,213)	73	(34)	(451)	(2,008)	(174)	(4,044)	(17,851)
At January 1, 2022	(9,563)	1,294	3	(536)	(2,144)	(226)	(8,474)	(19,646)
Recognised in other comprehensive income	(3,422)	(524)	(90)	426	180	64	6,982	3,616
Reclassified to income	437	—	12	(636)	—	81	—	(106)
Reclassified to the balance sheet	—	—	—	(81)	—	—	—	(81)
Reclassified to retained earnings	—	(32)	—	—	—	—	(2)	(34)
Tax on amounts recognised/reclassified	(1)	33	—	59	—	55	(1,516)	(1,370)
Total, net of tax	(2,986)	(523)	(78)	(232)	180	200	5,464	2,025
Share of joint ventures and associates	30	(283)	—	244	—	—	30	21
Other comprehensive income/(loss) for the period	(2,956)	(806)	(78)	12	180	200	5,494	2,046
Less: non-controlling interest	(71)	(1)	—	—	—	—	16	(56)
Attributable to Shell plc shareholders	(3,027)	(807)	(78)	12	180	200	5,510	1,990
At December 31, 2022	(12,590)	487	(75)	(524)	(1,964)	(26)	(2,964)	(17,656)
At January 1, 2021	(8,175)	1,144	31	(485)	(2,439)	(187)	(15,624)	(25,735)
Recognised in other comprehensive income	(1,841)	180	(23)	88	295	(145)	10,191	8,745
Reclassified to income	368	—	(5)	(38)	—	92	—	417
Reclassified to the balance sheet	—	—	—	(13)	—	—	—	(13)
Reclassified to retained earnings	—	(45)	—	—	—	—	—	(45)
Tax on amounts recognised/reclassified	60	(35)	—	(16)	—	14	(2,993)	(2,970)
Total, net of tax	(1,413)	100	(28)	21	295	(39)	7,198	6,134
Share of joint ventures and associates	(36)	50	—	(72)	—	—	(48)	(106)
Other comprehensive income/(loss) for the period	(1,449)	150	(28)	(51)	295	(39)	7,150	6,028
Less: non-controlling interest	61	—	—	—	—	—	—	61
Attributable to Shell plc shareholders	(1,388)	150	(28)	(51)	295	(39)	7,150	6,089
At December 31, 2021	(9,563)	1,294	3	(536)	(2,144)	(226)	(8,474)	(19,646)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of comprehensive income [abstract]
Income for the period	$ 19,636	$ 42,874	$ 20,630
Items that may be reclassified to income in later periods:
Currency translation differences	1,397	(2,986)	(1,413)
Debt instruments remeasurements	41	(78)	(28)
Cash flow hedging gains/(losses)	71	(232)	21
Net investment hedging (losses)/gains	(44)	180	295
Deferred cost of hedging	(148)	200	(39)
Share of other comprehensive income/(loss) of joint ventures and associates	18	274	(109)
Total	1,335	(2,642)	(1,273)
Items that are not reclassified to income in later periods:
Retirement benefits remeasurements	(1,083)	5,466	7,198
Equity instruments remeasurements	(99)	(491)	145
Share of other comprehensive (loss)/income of joint ventures and associates	(201)	(253)	3
Total	(1,383)	4,722	7,346
Other comprehensive (loss)/income for the period	(48)	2,080	6,073
Comprehensive income for the period	19,588	44,954	26,703
Comprehensive income attributable to non-controlling interest	312	621	468
Comprehensive income attributable to Shell plc shareholders	$ 19,276	$ 44,333	$ 26,235

Retirement benefits - Summary of Retirement Benefits by Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of net defined benefit liability (asset) [line items]
Net defined benefit liability (asset)	$ 1,602	$ 2,904
Non-current assets	9,151	10,200
Non-current liabilities:	(7,549)	(7,296)
Pensions
Disclosure of net defined benefit liability (asset) [line items]
Non-current liabilities:	(4,448)	(4,417)
OPEB
Disclosure of net defined benefit liability (asset) [line items]
Non-current liabilities:	(3,101)	(2,879)
Obligations
Disclosure of net defined benefit liability (asset) [line items]
Net defined benefit liability (asset)	(78,024)	(73,481)	$ (107,336)
Obligations \| OPEB
Disclosure of net defined benefit liability (asset) [line items]
Net defined benefit liability (asset)	(3,101)	(2,879)	(4,867)
Plan assets
Disclosure of net defined benefit liability (asset) [line items]
Net defined benefit liability (asset)	79,961	76,756	$ 104,495
Asset ceilings
Disclosure of net defined benefit liability (asset) [line items]
Net defined benefit liability (asset)	$ (335)	$ (371)

Cash and cash equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Cash	$ 5,886	$ 6,608
Short-term bank deposits	6,590	5,147
Money market funds, reverse repos and other cash equivalents	26,298	28,491
Total	$ 38,774	$ 40,246	$ 36,970	$ 31,830

Other reserves

12 Months Ended

Dec. 31, 2023

Share Capital, Reserves And Other Equity Interest [Abstract]

Other Reserves

Other reserves


Other reserves attributable to Shell plc shareholders


	$ million
	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2023	37,298	154	196	1,140	(17,656)	21,132
Other comprehensive income attributable to Shell plc shareholders	—	—	—	—	(83)	(83)
Transfer from other comprehensive income	—	—	—	—	(112)	(112)
Repurchases of shares	—	—	40	—	—	40
Share-based compensation	—	—	—	168	—	168
At December 31, 2023	37,298	154	236	1,308	(17,851)	21,145
At January 1, 2022	37,298	154	139	964	(19,646)	18,909
Other comprehensive income attributable to Shell plc shareholders	—	—	—	—	2,024	2,024
Transfer from other comprehensive income	—	—	—	—	(34)	(34)
Repurchases of shares	—	—	57	—	—	57
Share-based compensation	—	—	—	176	—	176
At December 31, 2022	37,298	154	196	1,140	(17,656)	21,132
At January 1, 2021	37,298	154	129	906	(25,735)	12,752
Other comprehensive loss attributable to Shell plc shareholders	—	—	—	—	6,134	6,134
Transfer from other comprehensive income	—	—	—	—	(45)	(45)
Repurchases of shares	—	—	10	—	—	10
Share-based compensation	—	—	—	58	—	58
At December 31, 2021	37,298	154	139	964	(19,646)	18,909

The merger reserve and share premium reserve were established as a consequence of the Company becoming the single parent company of Royal Dutch Petroleum Company and The "Shell" Transport and Trading Company, plc, now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc.

The capital redemption reserve was established in connection with repurchases of shares of the Company.

The share plan reserve is in respect of equity-settled share-based compensation plans (see Note 27). The movement comprises the net of the charge for the year and the release as a result of vested awards.

28. Other reserves continued

Accumulated other comprehensive income comprises the following:


Accumulated other comprehensive income attributable to Shell plc shareholders


								$ million
	Currency translation differences	Equity instruments remeasurements	Debt instruments remeasurements	Cash flow hedging (losses)/gains	Net investment hedging (losses)/gains	Deferred cost of hedging	Retirement benefits remeasurements	Total
At January 1, 2023	(12,590)	487	(75)	(524)	(1,964)	(26)	(2,964)	(17,656)
Recognised in other comprehensive income	1,393	(67)	33	(196)	(44)	(273)	(1,088)	(242)
Reclassified to income	1	—	9	162	—	61	—	233
Reclassified to the balance sheet	—	—	(1)	117	`	1	—	117
Reclassified to retained earnings	—	(112)	—	—	—	—	—	(112)
Tax on amounts recognised/reclassified	3	(32)	—	(12)	—	63	5	27
Total, net of tax	1,397	(211)	41	71	(44)	(148)	(1,083)	23
Share of joint ventures and associates	16	(202)	—	2	—	—	1	(183)
Other comprehensive (loss)/income for the period	1,413	(413)	41	73	(44)	(148)	(1,082)	(160)
Less: non-controlling interest	(36)	(1)	—	—	—	—	2	(35)
Attributable to Shell plc shareholders	1,377	(414)	41	73	(44)	(148)	(1,080)	(195)
At December 31, 2023	(11,213)	73	(34)	(451)	(2,008)	(174)	(4,044)	(17,851)
At January 1, 2022	(9,563)	1,294	3	(536)	(2,144)	(226)	(8,474)	(19,646)
Recognised in other comprehensive income	(3,422)	(524)	(90)	426	180	64	6,982	3,616
Reclassified to income	437	—	12	(636)	—	81	—	(106)
Reclassified to the balance sheet	—	—	—	(81)	—	—	—	(81)
Reclassified to retained earnings	—	(32)	—	—	—	—	(2)	(34)
Tax on amounts recognised/reclassified	(1)	33	—	59	—	55	(1,516)	(1,370)
Total, net of tax	(2,986)	(523)	(78)	(232)	180	200	5,464	2,025
Share of joint ventures and associates	30	(283)	—	244	—	—	30	21
Other comprehensive income/(loss) for the period	(2,956)	(806)	(78)	12	180	200	5,494	2,046
Less: non-controlling interest	(71)	(1)	—	—	—	—	16	(56)
Attributable to Shell plc shareholders	(3,027)	(807)	(78)	12	180	200	5,510	1,990
At December 31, 2022	(12,590)	487	(75)	(524)	(1,964)	(26)	(2,964)	(17,656)
At January 1, 2021	(8,175)	1,144	31	(485)	(2,439)	(187)	(15,624)	(25,735)
Recognised in other comprehensive income	(1,841)	180	(23)	88	295	(145)	10,191	8,745
Reclassified to income	368	—	(5)	(38)	—	92	—	417
Reclassified to the balance sheet	—	—	—	(13)	—	—	—	(13)
Reclassified to retained earnings	—	(45)	—	—	—	—	—	(45)
Tax on amounts recognised/reclassified	60	(35)	—	(16)	—	14	(2,993)	(2,970)
Total, net of tax	(1,413)	100	(28)	21	295	(39)	7,198	6,134
Share of joint ventures and associates	(36)	50	—	(72)	—	—	(48)	(106)
Other comprehensive income/(loss) for the period	(1,449)	150	(28)	(51)	295	(39)	7,150	6,028
Less: non-controlling interest	61	—	—	—	—	—	—	61
Attributable to Shell plc shareholders	(1,388)	150	(28)	(51)	295	(39)	7,150	6,089
At December 31, 2021	(9,563)	1,294	3	(536)	(2,144)	(226)	(8,474)	(19,646)

Investments in securities

12 Months Ended

Dec. 31, 2023

Fair Value Measurement [Abstract]

Investments in Securities

Investments in securities


Investments in securities


	$ million
	Dec 31, 2023	Dec 31, 2022
Equity securities:	1,605	1,533
Equity securities at fair value through other comprehensive income	1,605	1,533
Debt securities:	1,641	1,829
Debt securities at amortised cost	28	21
Debt securities at fair value through other comprehensive income	1,285	1,308
Debt securities at fair value through profit or loss	328	500
Total	3,246	3,362
At fair value
Measured by reference to prices in active markets for identical assets	1,983	1,884
Measured by reference to other observable inputs	92	158
Measured using predominantly unobservable inputs	1,143	1,299
Total	3,218	3,341
At cost	28	21
Total	3,246	3,362

As at December 31, 2023, investments included equity securities comprising interests in which Shell has no significant influence; debt securities, principally comprising a portfolio required to be held by the Company's internal insurance entities as security for their activities; and assets held in escrow in relation to the Group's UK pension arrangements.

Equity securities at fair value through other comprehensive income include a 27.5% (minus one share) interest in Sakhalin Energy Investment Company Ltd. (SEIC). Up to March 31, 2022, this investment was accounted for as an associate applying the equity method. Significant influence over the Sakhalin-2 investment was lost from April 1, 2022, leading to recognition, without financial impact, of the investment as a financial asset accounted for at fair value from that date, with subsequent changes in fair value recognised in other comprehensive income. The carrying value of the investment is zero as at December 31, 2023 (2022: zero).


Investments in securities measured using predominantly unobservable inputs [A]


	$ million
	2023	2022
At January 1	1,299	1,707
Losses recognised in other comprehensive income	(126)	(206)
Purchases	146	142
Sales	(207)	(37)
Other movements	31	(307)
At December 31	1,143	1,299

[A]Based on expected dividend flows, adjusted for country and other risks as appropriate and discounted to their present value.

Other movements in 2022 includes a reclassification to Property, plant and equipment, as a result of obtaining title to assets in a project in Asia.

Decommissioning and other provisions - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
(Decrease) increase in provision as a result of the change in discount rate	$ 2,916
Decommissioning and restoration
Disclosure of other provisions [line items]
Discount rate applied to provision	4.50%	3.25%
Percentage increase in discount rate assumption	0.50%
Percentage decrease in discount rate assumption		0.50%
Decrease in provision due to increase in discount rate assumption	$ 900	$ 1,200
(Decrease) increase in provision as a result of the change in discount rate	2,777
Increase (decrease) in provision as a result of the changes in cost estimates	1,340
Onerous contracts provision
Disclosure of other provisions [line items]
Increase in provision due to decrease in discount rate assumption	$ 1,000	$ 1,300

Other reserves - Summary of Other Reserves Attributable to Royal Dutch Shell plc Shareholders (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]

Comprehensive income attributable to Shell plc shareholders

$ 21,132

19,276

$ 44,333

$ 26,235

(14,571)

^[1]

(18,547)

(3,513)

Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]

21,145

21,132

Total

Comprehensive income attributable to Shell plc shareholders

21,132

18,909

12,752

(83)

2,024

6,134

(112)

(34)

(45)

^[1]

168

176

Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]

21,145

21,132

18,909

Merger reserve

37,298

Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]

37,298

Share premium reserve

154

Capital redemption reserve

154

Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]

196

139

129

Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]

236

196

139

Share plan reserve

1,140

964

906

168

176

Accumulated other comprehensive income

1,308

1,140

964

Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items]

Comprehensive income attributable to Shell plc shareholders

(17,656)

(19,646)

(25,735)

(83)

2,024

6,134

(112)

(34)

(45)

Share Capital, Reserves And Other Equity Interest [Abstract]

$ (17,851)

$ (17,656)

$ (19,646)

[1]	Includes shares committed to repurchase under irrevocable contracts and repurchases subject to settlement at the end of the year. (See Note 26)

Dividends (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Interim Dividends


	$ per share			$ million
	2023	2022	2021 [A]	2023	2022	2021 [B]

Cash:
March	0.2875	0.24	0.1665	2,030	1,829	1,290
June	0.2875	0.25	0.1735	1,984	1,850	1,331
September	0.3310	0.25	0.24	2,179	1,818	1,854
December	0.3310	0.25	0.24	2,196	1,786	1,846
Total	1.237	0.99	0.82	8,389	7,283	6,321

[A]In 2021 Shell plc declared equal amounts of dividends per A and B share as presented.

[B]Dividends paid on A shares totalled in 2021: $3,330 million and dividends paid on B shares totalled in 2021: $2,991 million

Changes to IFRS not yet adopted	12 Months Ended
Changes to IFRS not yet adopted	Dec. 31, 2023
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract]
Changes to IFRS Not Yet Adopted	Changes to IFRS not yet adopted As from January 1, 2024, various amendments to IFRS standards will apply that do not have a material impact on Shell.

Retirement benefits - Summary of Defined Benefit Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of net defined benefit liability (asset) [line items]
At January 1	$ 2,904
Return on plan assets in excess of interest income	(1,243)	$ 20,612	$ (8,185)
Other movements	(44)	349	(5)
At December 31	1,602	2,904
Defined benefit plan assets
Disclosure of net defined benefit liability (asset) [line items]
At January 1	76,756	104,495
Return on plan assets in excess of interest income	1,243	(20,612)
Interest income	3,417	1,732
Employer contributions	704	731
Plan participants' contributions	34	32
Benefit payments	(3,706)	(3,889)
Other movements	(18)	(58)
Currency translation differences	1,531	(5,675)
At December 31	79,961	76,756	104,495
Defined benefit plan assets \| The Netherlands
Disclosure of net defined benefit liability (asset) [line items]
At January 1	27,986	37,096
Return on plan assets in excess of interest income	833	(6,576)
Interest income	1,035	314
Employer contributions	419	228
Plan participants' contributions	11	11
Benefit payments	(1,032)	(942)
Other movements	(6)	(9)
Currency translation differences	1,020	(2,136)
At December 31	30,266	27,986	37,096
Defined benefit plan assets \| UK
Disclosure of net defined benefit liability (asset) [line items]
At January 1	21,963	33,720
Return on plan assets in excess of interest income	(999)	(8,682)
Interest income	1,094	552
Employer contributions	34	54
Plan participants' contributions	16	16
Benefit payments	(1,014)	(1,124)
Other movements	(16)	150
Currency translation differences	1,242	(2,723)
At December 31	22,320	21,963	33,720
Defined benefit plan assets \| USA
Disclosure of net defined benefit liability (asset) [line items]
At January 1	14,243	18,055
Return on plan assets in excess of interest income	609	(3,523)
Interest income	679	406
Employer contributions	274	408
Plan participants' contributions	0	0
Benefit payments	(957)	(1,088)
Other movements	(13)	(15)
Currency translation differences	0	0
At December 31	14,835	14,243	18,055
Defined benefit plan assets \| Rest of the world
Disclosure of net defined benefit liability (asset) [line items]
At January 1	12,564	15,624
Return on plan assets in excess of interest income	800	(1,831)
Interest income	609	460
Employer contributions	(23)	41
Plan participants' contributions	7	5
Benefit payments	(703)	(735)
Other movements	17	(184)
Currency translation differences	(731)	(816)
At December 31	12,540	12,564	$ 15,624
Contributions received from the captive structure in relation to the pension plans reinsurred	225
Defined benefit plan assets \| Germany
Disclosure of net defined benefit liability (asset) [line items]
At January 1	2,538
At December 31	2,730	2,538
Defined benefit plan assets \| Canada (Federal)
Disclosure of net defined benefit liability (asset) [line items]
At January 1	3,497
At December 31	$ 3,504	$ 3,497
Level 1 \| Equities
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	12.00%	13.00%
Level 1 \| Debt securities
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	71.00%	70.00%
Level 1 \| Real estate
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	1.00%	0.00%
Level 1 \| Other
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	0.00%	1.00%
Level 2 and 3
Disclosure of net defined benefit liability (asset) [line items]
Cash	1.00%	4.00%
Level 2 and 3 \| Equities
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	12.00%	13.00%
Level 2 and 3 \| Debt securities
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	4.00%	2.00%
Level 2 and 3 \| Real estate
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	7.00%	7.00%
Level 2 and 3 \| Investment funds
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	3.00%	4.00%
Level 2 and 3 \| Debt repurchase agreements
Disclosure of net defined benefit liability (asset) [line items]
Defined benefit plan asset allocation percentage	(11.00%)	(14.00%)

Retirement benefits - Summary of Retirement Benefit Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined benefit plans:
Interest income on plan assets	$ (3,417)	$ (1,732)	$ (1,160)
Other	262	246	(343)
Total	850	1,375	1,293
Defined contribution plans	474	420	403
Total retirement benefit expense	1,324	1,795	1,696
Pensions
Defined benefit plans:
Current service cost, defined benefit plans	731	1,100	1,385
Interest expense, defined benefit plans	3,072	1,584	1,223
OPEB
Defined benefit plans:
Current service cost, defined benefit plans	36	57	60
Interest expense, defined benefit plans	$ 166	$ 120	$ 128

Financial instruments (Tables)

12 Months Ended

Dec. 31, 2023

Summary of 10% Appreciation Against the Dollar of Main Currencies


	$ million
	Increase/(decrease) in income before taxation		Increase in net assets
	2023	2022	2023	2022
10% appreciation against the dollar of:
Sterling	(270)	(168)	1,022	894
Euro	(46)	124	2,434	1,486
Malaysian ringgit	49	65	279	313
Australian dollar	(129)	(65)	780	837
Canadian dollar	9	(44)	1,392	1,575

Schedule of Value at Risk Pre-tax

The VAR average and year-end positions in respect of commodities traded in active markets, which are presented in the table below, are calculated on a diversified basis in order to reflect the effect of offsetting risk within combined portfolios.


Value-at-risk (pre-tax)


				$ million
		2023		2022
	Average	Year-end	Average	Year-end
Global oil	43	25	72	56
North America gas and power	13	10	18	23
Europe gas and power	31	12	54	40
Australia gas and power	4	2	12	12
Environmental certificates	9	4	10	13

Schedule of Trade and Other Receivables, Other Payables and Derivative Financial Instruments

These amounts, as presented net and gross within trade and other receivables, trade and other payables and derivative financial instruments in the Consolidated Balance Sheet at December 31, were as follows:


2023


						$ million
			Amounts offset		Amounts not offset
	Gross amounts before offset	Amounts offset	Net amounts as presented	Cash collateral received/pledged	Other offsetting instruments	Net amounts
Assets:
Within trade receivables	20,810	12,350	8,460	18	356	8,086
Within derivative financial instruments	26,166	13,140	13,026	1,688	2,616	8,722
Liabilities:
Within trade payables	18,423	12,351	6,072	69	356	5,647
Within derivative financial instruments	23,037	13,163	9,874	2,040	2,636	5,198


2022


						$ million
			Amounts offset		Amounts not offset
	Gross amounts before offset	Amounts offset	Net amounts as presented	Cash collateral received/pledged	Other offsetting instruments	Net amounts
Assets:
Within trade receivables	28,259	17,200	11,059	292	495	10,272
Within derivative financial instruments	56,154	34,685	21,469	1,904	4,563	15,002
Liabilities:
Within trade payables	29,981	17,200	12,781	608	495	11,678
Within derivative financial instruments	58,991	34,710	24,281	4,788	3,364	16,129

Disclosure of detailed information about hedging instruments

The carrying amounts of derivative contracts at December 31, designated and not designated as hedging instruments for hedge accounting purposes, were as follows:


2023


							$ million
	Assets			Liabilities
	Designated	Not designated	Total	Designated	Not designated	Total	Net
Interest rate swaps	14	2	16	98	—	98	(82)
Forward foreign exchange contracts	—	697	697	—	592	592	105
Currency swaps and options	177	—	177	1,959	13	1,972	(1,795)
Commodity derivatives	—	14,783	14,783	—	9,161	9,161	5,622
Other contracts	—	226	226	—	7	7	219
Total	191	15,708	15,899	2,057	9,773	11,830	4,069


2022


							$ million
	Assets			Liabilities
	Designated	Not designated	Total	Designated	Not designated	Total	Net
Interest rate swaps	—	1	1	169	—	169	(168)
Forward foreign exchange contracts	—	907	907	—	996	996	(89)
Currency swaps and options	31	24	55	2,925	5	2,930	(2,875)
Commodity derivatives	—	23,676	23,676	—	22,858	22,858	818
Other contracts	—	380	380	—	389	389	(9)
Total	31	24,988	25,019	3,094	24,248	27,342	(2,323)

Contractual Maturities of Derivative Liabilities

The contractual maturities of derivative liabilities at December 31 compare with their carrying amounts in the Consolidated Balance Sheet as follows:


2023


									$ million
	Contractual maturities
	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 4 years	Between 4 and 5 years	5 years and later	Total	Difference from carrying amount [A]	Carrying amount
Interest rate swaps	78	9	3	3	5	—	98	—	98
Forward foreign exchange contracts	465	77	25	1	—	(3)	565	27	592
Currency swaps and options	551	609	521	392	186	859	3,118	(1,146)	1,972
Commodity derivatives	5,767	1,902	799	381	225	597	9,671	(510)	9,161
Other contracts	2	4	2	—	—	—	8	(1)	7
Total	6,863	2,601	1,350	777	416	1,453	13,460	(1,630)	11,830

[A]Mainly related to the effect of discounting.

25. Financial instruments continued


2022


									$ million
	Contractual maturities
	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 4 years	Between 4 and 5 years	5 years and later	Total	Difference from carrying amount [A]	Carrying amount
Interest rate swaps	120	50	2	1	1	1	175	(6)	169
Forward foreign exchange contracts	629	294	18	(1)	(2)	(3)	935	61	996
Currency swaps and options	582	554	750	588	507	1,353	4,334	(1,404)	2,930
Commodity derivatives	17,273	3,678	1,203	515	270	793	23,732	(874)	22,858
Other contracts	212	148	22	1	1	—	384	5	389
Total	18,816	4,724	1,995	1,104	777	2,144	29,560	(2,218)	27,342

[A]Mainly related to the effect of discounting.

Summary of Net Carrying Amounts of Derivative Contracts Held


2023


				$ million
	Prices in active markets for identical assets/liabilities	Other observable inputs	Unobservable inputs	Total
Interest rate swaps	—	(82)	—	(82)
Forward foreign exchange contracts	—	105	—	105
Currency swaps and options	—	(1,795)	—	(1,795)
Commodity derivatives	(39)	3,191	2,470	5,622
Other contracts	—	223	(4)	219
Total	(39)	1,642	2,466	4,069


2022


				$ million
	Prices in active markets for identical assets/liabilities	Other observable inputs	Unobservable inputs	Total
Interest rate swaps	—	(168)	—	(168)
Forward foreign exchange contracts	—	(89)	—	(89)
Currency swaps and options	—	(2,875)	—	(2,875)
Commodity derivatives	68	(1,161)	1,911	818
Other contracts	—	(7)	(2)	(9)
Total	68	(4,300)	1,909	(2,323)

Summary of Net Carrying Amounts of Derivative Contracts Measured Using Predominantly Unobservable Inputs


		$ million
	2023	2022
At January 1	1,909	389
Net gains recognised in revenue	576	1,190
Purchases	271	886
Sales	(185)	(623)
Settlements	(125)	46
Recategorisations (net)	25	17
Currency translation differences	(5)	4
At December 31	2,466	1,909

Reconciliation of Derivative Contracts with Unrecognized Day One Gains or Losses

The unrecognised gains on these derivative contracts at December 31, 2023, were as follows:


		$ million
	2023	2022
At January 1	1,620	1,024
Movements	(13)	596
At December 31	1,607	1,620

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings per share [abstract]
Income attributable to Shell plc shareholders	$ 19,359	$ 42,309	$ 20,101
Weighted average number of shares used as the basis for determining:
Basic earnings per share (in shares)	6,733.5	7,347.5	7,761.7
Diluted earnings per share (in shares)	6,799.8	7,410.5	7,806.8

Trade and other receivables - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of provision matrix [line items]
Current income tax receivable	$ 558	$ 363
Non-current income tax receivable	568	469
Provisions for impairments deducted from trade and other receivables	1,251	1,510
Loss allowance provisions, trade receivables	415	841
Contractual payments under operating leases	312	389
Allowance for credit losses
Disclosure of provision matrix [line items]
Trade and other receivables	$ 185	$ 214
Bottom of range
Disclosure of provision matrix [line items]
Expected credit loss rate	0.51%	0.45%
Top of range
Disclosure of provision matrix [line items]
Expected credit loss rate	0.54%	0.54%
Loans to government
Disclosure of provision matrix [line items]
Other receivables	$ 296	$ 717

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Debt [Line Items]
Current debt:	$ 9,931	$ 9,001
Short-term debt	845	1,026
Long-term debt due within 1 year	9,086	7,975
Non-current debt	71,610	74,794
Total	81,541	83,795
Debt (excluding lease liabilities)
Disclosure Of Debt [Line Items]
Current debt:	5,288	4,620
Short-term debt	845	1,026
Long-term debt due within 1 year	4,443	3,594
Non-current debt	48,544	51,532
Total	53,832	56,152
Lease liabilities
Disclosure Of Debt [Line Items]
Current debt:	4,643	4,381
Short-term debt
Long-term debt due within 1 year	4,643	4,381
Non-current debt	23,066	23,262
Total	$ 27,709	$ 27,643

Impairment of property, plant and equipment, goodwill, and other intangible assets

12 Months Ended

Dec. 31, 2023

Disclosure of impairment loss and reversal of impairment loss [abstract]

Impairment of property, plant and equipment, goodwill, and other intangible assets

Impairment of property, plant and equipment, goodwill and other intangible assets


Impairments


	$ million
	2023	2022	2021
Impairment losses
Goodwill	635	361	167
Intangible assets other than goodwill	130	153	4
Property, plant and equipment, of which [A]	8,182	1,799	3,894
Exploration and production	4,820	868	1,533
Manufacturing, supply and distribution	2,785	474	2,340
Other	577	457	21
Total [B]	8,947	2,313	4,065
Impairment reversals
Intangible assets other than goodwill	135	—	—
Property, plant and equipment, of which [A]	627	6,177	214
Exploration and production	528	5,954	213
Manufacturing, supply and distribution	91	72	—
Other	8	151	1
Total [B]	762	6,177	214

[A]Includes right-of-use assets under leases. (See Note 21).

[B]See Note 7.

Discount rate and other assumptions

The discount rates applied in determining value in use reflect a current market assessment of the time value of money, adjusted for risks not included in forecast cash flows. The discount rate applied is based on a nominal post-tax weighted average cost of capital (WACC), derived from the following key assumptions:

https://cdn.kscope.io/29e48a8c45cf6c66c69649e6afd49494-Note_12_WACC.jpg

[A]The peer group of comparable energy companies is tailored to reflect relevant integrated power companies (for power activities in the Renewables and Energy Solutions segment) and integrated oil and gas companies (for the rate applied to all other assets). The proportion of debt and equity in the WACC calculation reflects a target gearing ratio, tailored for power activities and oil and gas activities as appropriate.

This rate is reassessed throughout the reporting period, with adjustments made when changes in assumptions applied would lead to a change in an investor's expected rate of return on a portfolio of similar assets. This assessment considers a range of factors, including macroeconomic forecasts, the historical volatility of key assumptions and the level of risking reflected in cash flow forecasts, including the extent to which systemic risks have been reflected in Shell's Operating Plan, which forms the basis of forecast cash flows in determining value in use.

Cash flow projections used in the determination of value in use were made using management's forecasts of commodity prices, market supply and demand, forecast expenditures, potential costs associated with operational GHG emissions, product margins including forecast refining margins, chemical margins and expected production volumes (see Note 2). The level of risking reflected in these assumptions is a consideration in management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in calculating value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows.

The discount rate increased in 2023, predominantly as a result of sustained increases in US Treasury yields. The discount rate applied was a nominal post-tax WACC of 6% (2022: 5%) for the power activities in the Renewables and Energy Solutions segment and a nominal post-tax WACC of 7.5% (2022: 6.5%) for all other businesses.

12. Impairment of property, plant and equipment, goodwill and other intangible assets continued

Recoverable value was predominantly assessed by reference to value in use. The pre-tax discount rates applied for value in use impairment testing vary according to the characteristics of the asset, including its useful life and cash flow profiles. The weighted average pre-tax discount rate applied in the recognition of impairment charges during the year was 9.9% for the Renewables and Energy Solutions segment and 12.9% for all other businesses. Prior year impairment charges were predominantly related to the withdrawal from Russia where value in use calculations were not applicable.

The near-term commodity price assumptions applied in impairment testing were as follows:


Commodity price assumptions [A]


2023	2024	2025	2026	2027
Brent crude oil ($/b)	70	70	70	74
Henry Hub natural gas ($/MMBtu)	4.00	4	4	4


2022	2023	2024	2025	2026
Brent crude oil ($/b)	80	70	70	71
Henry Hub natural gas ($/MMBtu)	4.00	3.50	3.50	3.98

[A]Money of the day.

For periods after 2027, the real-terms price assumptions applied were: $70 per barrel (/b) (2022: $65/b) for Brent crude oil, $4.00 per million British thermal units (/MMBtu) (2022: $4.00/MMBtu) for Henry Hub natural gas.

Oil and gas price assumptions applied for impairment testing are reviewed and, where necessary, adjusted on a periodic basis. Reviews include comparison with available market data and forecasts that reflect developments in demand such as global economic growth, technology efficiency, policy measures and, in supply, consideration of investment and resource potential, cost of development of new supply, and behaviour of major resource holders.

For certain assets in the Chemicals and Products and Renewables and Energy Solutions segments, the recoverable value was determined by reference to fair value less costs of disposal. In determining fair value, adjustments are made to forecast cash flows to reflect assumptions used by market participants. These adjustments predominantly relate to the discount rate applied and commodity price assumptions. For certain assets in the Renewables and Energy Solutions segment, the valuation methodology incorporates other adjustments to reflect comparable transactions.

The total carrying value of property, plant and equipment, goodwill and other intangible assets at December 31, 2023 for which recoverable value was determined by reference to fair value less costs of disposal was $2.6 billion related to assets in Renewables and Energy Solutions and $2.5 billion in Chemicals and Products. The weighted average post-tax discount rate applied to impairments recognised during the year is 12% for Renewables and Energy Solutions and 10% for Chemicals and Products.

Goodwill

Goodwill impairments of $635 million in 2023 are mainly recognised in Renewables and Energy Solutions primarily related to an asset in North America, triggered by annual goodwill impairment testing reflecting factors including the impact of the deteriorated macro environment.

Property, plant and equipment

Exploration and production

Impairment losses recognised in Exploration and production in 2023 of $4,820 million related to various assets in Integrated Gas ($3,472 million) and Upstream ($1,348 million). Impairments recognised in Integrated Gas mainly related to an asset located in North America, triggered by a change in the discount rate applied, and a project in Australia, triggered by factors including revised production estimates and regulatory changes. Impairment losses recognised in Upstream principally relate to projects in North America, Nigeria and the UK triggered by factors including revised reserves estimates and portfolio choices.

Manufacturing, supply and distribution

Impairment losses recognised in Manufacturing, supply and distribution in 2023 of $2,785 million mainly related to chemical assets in Singapore in Chemicals and Products, triggered by lower expected chemical margins and associated with portfolio choices.

Other

Other impairment losses in 2023 of $577 million related to various assets in Marketing ($292 million) and assets in Renewables and Energy Solutions mainly in Europe ($273 million).

Impairment reversals in 2023 of $627 million are mainly triggered by the reassessment of fair value less costs of disposal in Integrated Gas
($325 million) and revised reserves estimates in Upstream ($203 million).

Impairment losses in 2022 mainly related to the withdrawal from Russia ($854 million), the classification of an Upstream asset as held for sale ($320 million) and an impairment of capital expenditure additions in fully impaired sites in Chemicals and Products ($257 million).

12. Impairment of property, plant and equipment, goodwill and other intangible assets continued

The recognition of impairment reversals in 2022 was mainly triggered by the revision of Shell's mid- and long-term commodity price assumptions reflecting the energy market demand and supply fundamentals. They are related to: i) Integrated Gas for $3,449 million, mainly relating to the Queensland Curtis LNG asset; and ii) Upstream for $2,504 million, mainly related to two offshore projects in Brazil and an asset in the US Gulf of Mexico.

Impairment losses in 2021 were predominantly triggered by reclassifications of assets held for sale and portfolio developments. They were mainly related to three refineries in the USA within Chemicals and Products impaired on classification as held for sale ($1,537 million), and exploration and evaluation assets both within Integrated Gas ($600 million) and Upstream ($373 million).

Sensitivities

The main sensitivities in relation to value in use impairment assessment are the commodity price assumptions in Integrated Gas and Upstream, refining and chemical margins in Chemicals and Products, and discount rates in all segments.

Commodity price assumptions

A change of -10% or +10% in the commodity price assumptions over the entire cash flow projection period would ceteris paribus result in $5-8 billion impairments or $2-5 billion impairment reversal, respectively, in Integrated Gas and Upstream.

Refining margins

Refining margins applied for impairment testing by reference to value in use are at an average of $7.6/bbl. A change of -$1/bbl or +$1/bbl
in long-term refining margins over the entire cash flow projection period would ceteris paribus result in $1-2 billion impairments or up to $1 billion impairment reversal, respectively, in Chemicals and Products.

Chemical margins

Chemicals margins applied for impairment testing by reference to value in use are at an average of $252/tonne. A change of -$30/tonne or +$30/tonne in long-term chemical margins over the entire cash flow projection period would ceteris paribus result in up to $2 billion impairments or no impairment reversal, respectively, in Chemicals and Products.

Discount rates

A change of +1% in the discount rate would ceteris paribus result in $2-4 billion impairments in Integrated Gas and Upstream, and up to
$1 billion in Chemicals and Products, and would have no significant impact in other segments.

Where carrying values have been supported by reference to fair value less costs of disposal, recoverable amounts are less sensitive to Shell's planning assumptions. This is on the basis that key assumptions (including discount rates and commodity prices) have been adjusted to reflect those used by market participants.

In calculating recoverable value, key assumptions are not determined in isolation, to ensure relevant interdependencies are appropriately reflected. In particular, management considers the relationship between discount rates, forecast commodity prices and cash flow risking to ensure impairment testing assumptions result in an implicit expected return which is balanced and appropriate for the asset under review. Each of the sensitivities described above have been tested under a ceteris paribus assumption where all other factors remain unchanged, and as such do not reflect the potential offsetting effects of corresponding changes in other assumptions.

Cash and cash equivalents

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Cash and Cash Equivalents

Cash and cash equivalents


	$ million
	Dec 31, 2023	Dec 31, 2022
Cash	5,886	6,608
Short-term bank deposits	6,590	5,147
Money market funds, reverse repos and other cash equivalents	26,298	28,491
Total	38,774	40,246

In 2023, cash continued to be invested with an emphasis on capital preservation. Information about credit risk is presented in Note 25. Included in cash and cash equivalents at December 31, 2023, were amounts totalling $460 million (2022: $156 million) subject to currency controls or other legal restrictions.

Segment information (Tables)

12 Months Ended

Dec. 31, 2023

Operating Segments [Abstract]

Disclosure of detailed information about operating segments


2023
					$ billion
	Goodwill	Other intangible assets	Property, plant and equipment	Joint ventures and associates	Total
Integrated Gas	4.9	3.2	57.7	6.1	71.9
Upstream	5.4	0.3	70.9	7.6	84.2
Chemicals and Products	0.3	2.4	36.9	4.0	43.6
Marketing	4.4	2.9	22.2	4.7	34.2
Renewables and Energy Solutions	1.7	1.5	4.8	2.0	10.0
Corporate	—	—	2.3	0.1	2.4
Total	16.7	10.3	194.8	24.5	246.3

4. Climate change and energy transition continued


2022
					$ billion
	Goodwill	Other intangible assets	Property, plant and equipment	Joint ventures and associates	Total
Integrated Gas	4.9	3.9	60.8	5.6	75.2
Upstream	5.3	0.2	74.5	7.7	87.7
Chemicals and Products	0.3	2.1	38.1	4.2	44.7
Marketing	3.3	1.8	19.1	4.4	28.6
Renewables and Energy Solutions	2.2	1.6	3.2	1.9	8.9
Corporate	—	0.1	2.9	0.1	3.1
Total	16.0	9.7	198.6	23.9	248.2

Information by segment on a current cost of supplies basis is as follows:


2023


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	37,645	6,475	108,858	118,781	44,819	42	316,620	[A]
Inter-segment	11,560	41,230	624	2,252	4,707	—	60,373
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,951	768	548	590	(96)	(3)	3,758
Interest and other income, of which:	137	671	76	61	75	1,818	2,838
Interest income	6	27	9	57	12	2,202	2,313
Net gains/(losses) on sale and revaluation of non-current assets and businesses	(22)	209	16	(61)	110	5	257
Other	153	435	51	65	(47)	(389)	268
Third-party and inter-segment purchases (CCS basis)	27,356	7,890	94,614	102,396	40,170	15	272,441
Operating expenses, of which:	4,823	9,845	9,336	11,483	3,831	642	39,960
Production and manufacturing expenses	4,529	9,186	949	7,908	2,610	58	25,240
Selling, distribution and administrative expenses	168	163	8,137	3,323	1,058	584	13,433
Research and development expenses	126	496	250	252	163	—	1,287
Exploration expenses	216	1,534	—	—	—	—	1,750
Depreciation, depletion and amortisation charge, of which:	8,903	12,463	2,335	6,411	1,159	19	31,290
Impairment losses	3,472	1,360	420	2,787	908	—	8,947	[B]
Impairment reversals	(324)	(206)	(1)	(90)	(141)	—	(762)	[C]
Interest expense	146	507	52	62	4	3,902	4,673
Taxation charge/(credit) (CCS basis)	2,803	8,377	819	(198)	1,303	90	13,194
CCS earnings	7,046	8,528	2,950	1,530	3,038	(2,811)	20,281

[B]Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).

[C]Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).

7. Segment information continued


2022


								$ million
	Integrated Gas		Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	54,751		8,352	120,638	144,342	53,190	41	381,314	[A]
Inter-segment	18,412		52,285	606	2,684	6,791	—	80,778
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,219		2,111	237	374	(7)	(4)	3,930
Interest and other income, of which:	(714)		726	(104)	244	57	706	915
Interest income	43		22	—	24	(2)	959	1,046
Net gains on sale and revaluation of non-current assets and businesses	101		437	(186)	282	8	—	642
Other	(858)	[B]	267	82	(62)	51	(253)	(773)
Third-party and inter-segment purchases (CCS basis)	37,785		10,666	108,012	127,521	57,024	(28)	340,980
Operating expenses, of which:	5,237		10,365	8,383	11,362	3,590	539	39,476
Production and manufacturing expenses	4,907		9,676	810	7,583	2,520	22	25,518
Selling, distribution and administrative expenses	218		233	7,351	3,592	972	517	12,883
Research and development expenses	112		456	222	187	98	—	1,075
Exploration expenses	240		1,472	—	—	—	—	1,712
Depreciation, depletion and amortisation charge, of which:	2,211		10,334	1,900	3,289	777	18	18,529
Impairment losses	115		950	480	356	412	—	2,313	[C]
Impairment reversals	(3,449)		(2,504)	(151)	(73)	—	—	(6,177)	[D]
Interest expense	84		345	46	22	2	2,682	3,181
Taxation charge/(credit) (CCS basis)	5,899		14,070	903	935	(303)	(7)	21,497
CCS earnings	22,212		16,222	2,133	4,515	(1,059)	(2,461)	41,562

[B]Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.

[C]Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).

[D]Impairment reversals fully comprise Property, plant and equipment. (See Note 12).

7. Segment information continued


2021


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party	29,922	9,182	83,494	116,448	22,415	43	261,504	[A]
Inter-segment	8,072	35,789	254	1,890	4,675	—	50,680
Share of profit/(loss) of joint ventures and associates (CCS basis)	1,933	632	385	989	(27)	1	3,913
Interest and other income, of which:	1,596	4,592	278	37	200	353	7,056
Interest income	—	37	3	36	4	431	511
Net gains on sale and revaluation of non-current assets and businesses	1,610	4,130	285	(24)	(6)	—	5,995
Other	(14)	425	(10)	25	202	(78)	550
Third-party and inter-segment purchases (CCS basis)	20,188	9,094	70,745	103,294	26,048	(5)	229,364
Operating expenses, of which:	4,526	10,322	7,501	10,347	2,745	524	35,965
Production and manufacturing expenses	4,194	9,797	950	6,815	2,098	(32)	23,822
Selling, distribution and administrative expenses	231	186	6,384	3,375	596	556	11,328
Research and development expenses	101	339	167	157	51	—	815
Exploration expenses	122	1,301	—	—	—	—	1,423
Depreciation, depletion and amortisation charge, of which:	5,908	13,485	1,700	5,485	326	17	26,921
Impairment losses	723	920	129	2,248	45	—	4,065	[B]
Impairment reversals	(204)	(9)	(1)	—	—	—	(214)	[C]
Interest expense	71	333	27	44	—	3,132	3,607
Taxation charge/(credit) (CCS basis)	2,648	6,057	903	(210)	(342)	(665)	8,391
CCS earnings	8,060	9,603	3,535	404	(1,514)	(2,606)	17,482

[B]Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4 million). (See Note 12).

[C]Impairment reversals fully comprise Property, plant and equipment. (See Note 12).

Cash capital expenditure

Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.


2023


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,491	8,249	5,563	3,106	2,314	270	22,993	[A]
Investments in joint ventures and associates	705	94	49	84	261	9	1,202	[A]
Investments in equity securities	—	—	—	2	106	89	197	[A]
Cash capital expenditure*	4,196	8,343	5,612	3,192	2,681	368	24,392

[A]See Consolidated Statements of Cash Flows.

* Non-GAAP measure (see page 329).

7. Segment information continued


2022


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,433	8,020	4,527	3,835	2,610	175	22,600	[A]
Investments in joint ventures and associates	832	123	304	2	703	9	1,973	[A]
Investments in equity securities	—	—	—	1	156	103	260	[A]
Cash capital expenditure*	4,265	8,143	4,831	3,838	3,469	287	24,833

[A]See Consolidated Statements of Cash Flows.


2021


							$ million
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	3,306	6,277	2,122	5,091	2,069	135	19,000	[A]
Investments in joint ventures and associates	196	(109)	148	80	154	10	479	[A]
Investments in equity securities	—	—	3	4	136	75	218	[A]
Cash capital expenditure*	3,502	6,168	2,273	5,175	2,359	220	19,697

[A]See Consolidated Statements of Cash Flows.

Summary of reconciliation of CCS earnings to income


Reconciliation of CCS earnings to income for the period


	$ million
	2023	2022	2021
Income attributable to Shell plc shareholders	19,359	42,309	20,101
Income attributable to non-controlling interest	277	565	529
Income for the period	19,636	42,874	20,630
Current cost of supplies adjustment:
Purchases	815	(1,714)	(3,772)
Taxation	(203)	444	808
Share of profit of joint ventures and associates	33	(42)	(184)
Current cost of supplies adjustment	645	(1,312)	(3,148)
Of which:
Attributable to Shell plc shareholders	650	(1,196)	(3,029)
Attributable to non-controlling interest	(5)	(116)	(119)
CCS earnings	20,281	41,562	17,482
Of which:
CCS earnings attributable to Shell plc shareholders	20,008	41,113	17,072
CCS earnings attributable to non-controlling interest	273	449	410

Summary of information by geographical area

Information by geographical area is as follows:


2023


						$ million
	Europe		Asia, Oceania, Africa	USA	Other Americas	Total
Third-party revenue, by origin	118,135	[A]	99,967	70,291	28,227	316,620
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	48,008	[B]	91,374	57,261	49,562	246,205

[A]Includes $44,815 million that originated from the UK.

[B]Includes $21,478 million located in the UK.


2022


						$ million
	Europe		Asia, Oceania, Africa	USA	Other Americas	Total
Third-party revenue, by origin	135,975	[A]	126,643	87,085	31,611	381,314
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	40,161	[B]	97,019	59,233	51,794	248,207

[A]Includes $50,236 million that originated from the UK.

[B]Includes $20,772 million located in the UK.


2021


						$ million
	Europe		Asia, Oceania, Africa	USA	Other Americas	Total
Third-party revenue, by origin	78,549	[A]	87,070	73,647	22,238	261,504
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31	38,881	[B]	97,278	58,286	48,595	243,040

[A]Includes $21,846 million that originated from the UK.

[B]Includes $21,974 million located in the UK.

Auditor's remuneration - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Analysis of income and expense [abstract]
Remuneration for audit services to retirement benefit plans for employees of subsidiaries	$ 1	$ 1	$ 1

Retirement benefits (Tables)

12 Months Ended

Dec. 31, 2023

Employee Benefits [Abstract]

Summary of Retirement Benefits by Financial Position


	$ million
	Dec 31, 2023	Dec 31, 2022
Obligations	(78,024)	(73,481)
Plan assets	79,961	76,756
Asset ceilings	(335)	(371)
Surplus	1,602	2,904
Retirement benefits in the Consolidated Balance Sheet:
Non-current assets	9,151	10,200
Non-current liabilities:	(7,549)	(7,296)
Non-current liabilities - Pensions	(4,448)	(4,417)
Non-current liabilities - OPEB	(3,101)	(2,879)
Total	1,602	2,904

Summary of Retirement Benefit Expense


	$ million
	2023	2022	2021
Defined benefit plans:
Current service cost, net of plan participants' contributions	731	1,100	1,385
Interest expense on defined pension benefit obligations	3,072	1,584	1,223
Interest income on plan assets	(3,417)	(1,732)	(1,160)
Interest expense on OPEB obligations	166	120	128
Current OPEB service cost	36	57	60
Other [A]	262	246	(343)
Total	850	1,375	1,293
Defined contribution plans	474	420	403
Total retirement benefit expense	1,324	1,795	1,696

[A]Mainly related to plan amendments and curtailments on pension and OPEB plans.

Summary of Remeasurements


	$ million
	2023	2022		2021
Actuarial (losses)/gains on obligations:
Due to changes in financial assumptions on pensions [A]	(1,513)	28,840		1,915
Due to changes in financial assumptions on OPEB [A]	(264)	527		59
Due to experience adjustments on pensions [B]	(491)	(2,956)		136
Due to experience adjustments on OPEB [B]	230	1,480	[C]	322
Due to changes in demographic assumptions on pensions [D]	(299)	27		(320)
Due to changes in demographic assumptions on OPEB [D]	(38)	25		(111)
Total	(2,375)	27,943		2,001
Return on plan assets in excess/(shortage) of interest income	1,243	(20,612)		8,185
Other movements	44	(349)		5
Total remeasurements	(1,088)	6,982		10,191

[A]Mainly relates to changes in the discount rate and inflation assumptions.

[B]Experience adjustments arise from differences between the actuarial assumptions made in respect of the year and actual outcomes.

[C]Includes $782 million to reflect the impact of prescription drug rebates.

[D]Mainly relates to updates in mortality assumptions.

Summary of Defined Benefit Plan Obligations and Assets

Defined benefit plan obligations


2023


	$ million, except where indicated
	Pension benefits					Other post-employment benefits
	The Netherlands	UK	USA	Rest of the world		OPEB [A]	Total
At January 1	24,608	17,791	14,793	13,410		2,879	73,481
Current service cost	184	145	215	179		36	759
Interest expense	904	881	695	592		166	3,238
Actuarial losses	929	257	832	285		72	2,375
Benefit payments	(1,032)	(1,014)	(956)	(757)		(88)	(3,847)
Other movements	252	—	—	(63)		—	189
Currency translation differences	901	1,014	—	(122)		36	1,829
At December 31	26,746	19,074	15,579	13,524	[B]	3,101	78,024
Comprising:
Funded pension plans	26,746	18,734	14,695	11,298			71,473
Weighted average duration	16 years	15 years	11 years	13 years			14 years
Unfunded pension plans		340	884	2,226		—	3,450
Weighted average duration		16 years	8 years	11 years			11 years
Unfunded OPEB plans						3,101	3,101
Weighted average duration						13 years	13 years

[A]Mainly related to post-retirement medical benefits in the USA.

[B]Rest of the world includes pension plans in Germany ($3,647 million) and Canada ($3,930 million) which are the largest pension plans in this category.


2022


	$ million, except where indicated
	Pension benefits					Other post-employment benefits
	The Netherlands	UK	USA	Rest of the world		OPEB [A]	Total
At January 1	35,340	29,913	19,003	18,213		4,867	107,336
Current service cost	286	259	282	261		57	1,145
Interest expense	298	489	417	380		120	1,704
Actuarial gains	(8,806)	(9,793)	(3,730)	(3,582)		(2,032)	(27,943)
Benefit payments	(942)	(1,124)	(1,088)	(771)		(178)	(4,103)
Other movements	374	130	(91)	(154)		37	296
Currency translation differences	(1,942)	(2,083)	—	(937)		8	(4,954)
At December 31	24,608	17,791	14,793	13,410	[B]	2,879	73,481
Comprising:
Funded pension plans	24,608	17,474	13,925	11,258			67,265
Weighted average duration	17 years	15 years	12 years	13 years			15 years
Unfunded pension plans		317	868	2,152			3,337
Weighted average duration		15 years	9 years	12 years			11 years
Unfunded OPEB plans						2,879	2,879
Weighted average duration						14 years	14 years

[A]Mainly related to post-retirement medical benefits in the USA.

[B]Rest of the world includes pension plans in Germany ($3,477 million) and Canada ($3,482 million) which are the largest pension plans in this category.

23. Retirement benefits continued

Defined benefit plan assets


2023


	$ million, except where indicated
	Pension benefits
	The Netherlands	UK	USA	Rest of the world		Total
At January 1	27,986	21,963	14,243	12,564		76,756
Return on plan assets in excess of interest income	833	(999)	609	800		1,243
Interest income	1,035	1,094	679	609		3,417
Employer contributions [A]	419	34	274	(23)		704
Plan participants' contributions	11	16	—	7		34

Benefit payments	(1,032)	(1,014)	(957)	(703)		(3,706)
Other movements	(6)	(16)	(13)	17		(18)
Currency translation differences	1,020	1,242	—	(731)		1,531
At December 31	30,266	22,320	14,835	12,540	[B]	79,961

[A]Includes the netted amount of $225 million received from the captive structure in relation to pension plans reinsured in Rest of the world.

[B]Rest of the world includes pension plans in Germany ($2,730 million) and Canada ($3,504 million) which are the largest pension plans in this category.


2022


	$ million, except where indicated
	Pension benefits
	The Netherlands	UK	USA	Rest of the world		Total
At January 1	37,096	33,720	18,055	15,624		104,495
Return on plan assets in excess of interest income	(6,576)	(8,682)	(3,523)	(1,831)		(20,612)
Interest income	314	552	406	460		1,732
Employer contributions	228	54	408	41		731
Plan participants' contributions	11	16	—	5		32

Benefit payments	(942)	(1,124)	(1,088)	(735)		(3,889)
Other movements	(9)	150	(15)	(184)		(58)
Currency translation differences	(2,136)	(2,723)	—	(816)		(5,675)
At December 31	27,986	21,963	14,243	12,564	[A]	76,756

[A]Rest of the world includes pension plans in Germany ($2,538 million) and Canada ($3,497 million) which are the largest pension plans in this category.


Type of pension assets


	2023	2022
Quoted in active markets:
Equities	12%	13%
Debt securities	71%	70%
Real estate	1%	—%
Other	—%	1%
Unquoted
Equities	12%	13%
Debt securities	4%	2%
Real estate	7%	7%
Investment funds	3%	4%
Debt repurchase agreements [A]	(11)%	(14)%
Cash	1%	4%

[A]Debt repurchase agreements are mainly related to UK member defined pension plans to fund liability-driven investments. In addition to these contracts, derivatives including interest rate and inflation swaps are used in the principal defined benefit plan in the Netherlands for liability matching strategies.

Summary of Assumptions for Sensitivity Analysis


			$ million, except where indicated
			Effect of using alternative assumptions
	Assumptions used at nominal rates		Increase/(decrease) in defined benefit obligations
	Dec 31, 2023	Dec 31, 2022	Range of assumptions	Dec 31, 2023		Dec 31, 2022
Rate of increase in pensionable remuneration [A]	3.9%	4.0%	-1% to +1%	(828)	915	(833)	921
of which the Netherlands	3.3%	3.3%
of which UK	4.1%	4.1%
of which USA	4.6%	4.6%
Rate of increase in pensions in payment	1.9%	2.1%	-1% to +1%	(5,599)	6,713	(5,542)	6,657
of which the Netherlands	2.4%	2.6%
of which UK	2.8%	3.0%
of which USA	—%	—%
Discount rate for pension plans	4.1%	4.5%	-1% to +1%	10,560	(8,472)	10,522	(8,328)
of which the Netherlands	3.3%	3.7%
of which UK	4.6%	4.8%
of which USA	4.9%	5.0%
Inflation rate for defined benefit obligation [B]	2.0%	2.2%	-1% to +1%	(6,034)	7,300	(6,002)	7,271
of which the Netherlands	2.4%	2.6%
of which UK	2.9%	3.1%

Expected age at death for persons aged 60:
Men	88 years	87 years	-1 year to +1 year	(1,166)	1,143	(1,130)	1,103
of which the Netherlands	88 years	88 years
of which UK	87 years	87 years
of which USA	87 years	85 years
Women	89 years	89 years	-1 year to +1 year	(1,006)	1,041	(993)	1,077
of which the Netherlands	90 years	89 years
of which UK	89 years	90 years
of which USA	89 years	86 years
Rate of increase in health-care costs [C]	7.0%	6.4%	-1% to +1%	(338)	422	(298)	372
Discount rate for health-care plans [C]	5.6%	5.7%	-1% to +1%	457	(358)	401	(309)

[A]Based on active members.

[B]Excluding US funds in the weighted average inflation rate, because of the insignificant impact on the defined benefit obligation.

[C]Mainly related to post-retirement health-care benefits in the USA.

Joint ventures and associates - Summary of Other Arrangements in Respect of Joint Ventures and Associates (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Interests In Other Entities [Abstract]
Commitments to make purchases from joint ventures and associates	$ 1,397	$ 1,234
Commitments to provide debt or equity funding to joint ventures and associates	$ 405	$ 567

Dividends - Narrative (Details) - Major ordinary share transactions $ / shares in Units, $ in Millions	Feb. 03, 2022 USD ($) $ / shares
Disclosure Of Dividends [Line Items]
Dividend declared per share (in usd per share) \| $ / shares	$ 0.3440
Dividend declared \| $	$ 2,230

Interest expense

12 Months Ended

Dec. 31, 2023

Non-current assets held-for-sale [Abstract]

Interest Expense

Interest expense


$ million
	2023	2022	2021
Interest incurred and similar charges	2,669	1,971	2,086
Interest expense related to leases	1,772	1,724	1,987
Less: interest capitalised	(532)	(950)	(917)
Other net losses/(gains) on fair value and cash flow hedges of debt	45	(71)	1
Accretion expense	719	507	450
Total	4,673	3,181	3,607

The rate applied in determining the amount of interest capitalised in 2023 was 4.0% (2022: 4.0%; 2021: 4.0%).

* Non-GAAP measure (see page 329).

Climate change and energy transition - Additional Information 3 (Details) $ in Millions	12 Months Ended									84 Months Ended
	Dec. 31, 2050 $ / t	Dec. 31, 2040 $ / t	Dec. 31, 2035 $ / t	Dec. 31, 2033 USD ($)	Dec. 31, 2030 $ / t	Dec. 31, 2025 $ / t	Dec. 31, 2024 USD ($) $ / t	Dec. 31, 2023 USD ($) $ / Tonne $ / Boe	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) numberOfRefineries	Dec. 31, 2016 USD ($) refinery
Disclosure of Climate Change and Energy Transition [Line Items]
Capital expenditure, renewable power								$ 5,000	$ 4,000
Property, plant and equipment								194,835	198,642	$ 194,835
Number of assets \| refinery											15
Number of refineries assumed \| numberOfRefineries										2
Number of closed refineries \| numberOfRefineries										9
Other assets								$ 13,000		$ 13,000
Chemical margin, per crude oil barrel \| $ / Boe								252
Cash flow projection period								20 years
Reasonably possible decrease in long-term chemical margin assumptions, per crude oil barrel \| $ / Boe								30
Reasonably possible increase in long-term chemical margin assumptions, per crude oil barrel \| $ / Boe								30
Impairment loss due to reasonably possible increase in long-term chemical margin assumptions								$ 2,000
Refining margin (USD per BBL) \| $ / Boe								7.6
Decrease in long-term refining margin assumptions (USD per BBL) \| $ / Boe								1
Increase in long-term refining margin assumptions (USD per BBL) \| $ / Boe								1
Top of range
Disclosure of Climate Change and Energy Transition [Line Items]
Impairment reversal due to decrease in long-term chemical margin assumptions								$ 0
Impairment loss due to increase in long-term refining margin assumptions								2,000
Impairment reversal due to decrease in long-term refining margin assumptions								1,000
Bottom of range
Disclosure of Climate Change and Energy Transition [Line Items]
Impairment loss due to increase in long-term refining margin assumptions								$ 1,000
2030
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve								43.00%
2040
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve								7.00%
2050
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve								1.00%
Refineries
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								$ 6,000		6,000	$ 10,000
PPE other than refineries
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								38,000		38,000
Chemicals segment
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								25,000		25,000
Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								57,700	60,800	57,700
Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								70,900	74,500	70,900
Chemicals and Products
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								$ 36,900	38,100	36,900
Chemicals and Products \| Refineries
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment									6,000
Useful lives of tangible assets								20 years
Trading and Supply
Disclosure of Climate Change and Energy Transition [Line Items]
Other assets								$ 8,000		8,000
Oil Products
Disclosure of Climate Change and Energy Transition [Line Items]
Other assets								$ 3,000		3,000
Oil Products \| 2030
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve								82.00%
Oil Products \| 2040
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve								57.00%
Oil Products \| 2050
Disclosure of Climate Change and Energy Transition [Line Items]
Proportion of SEC proved reserve								32.00%
Pennsylvania \| Chemicals segment
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								$ 15,000		15,000
Minimum \| Refineries
Disclosure of Climate Change and Energy Transition [Line Items]
Useful lives of tangible assets								4 years
Maximum \| Refineries
Disclosure of Climate Change and Energy Transition [Line Items]
Useful lives of tangible assets								11 years
Shell mid-price \| Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								$ 72,000	75,000	72,000
Shell mid-price \| Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								$ 84,000	88,000	84,000
Shell mid-price \| Norway
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne) \| $ / Tonne								220
Shell mid-price \| The Netherlands
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne) \| $ / Tonne								220
Shell mid-price \| Minimum
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne) \| $ / Tonne								100
Shell mid-price \| Maximum
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne) \| $ / Tonne								200
IEA NZE 2050 \| Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								$ 72,000	75,000	72,000
IEA NZE 2050 \| Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								84,000	88,000	84,000
IEA NZE 2050 \| Chemicals and Products
Disclosure of Climate Change and Energy Transition [Line Items]
Property, plant and equipment								44,000		44,000
IEA NZE 2050 \| Minimum \| Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Recoverable amount								2,000	2,000	2,000
IEA NZE 2050 \| Minimum \| Chemicals and Products
Disclosure of Climate Change and Energy Transition [Line Items]
Recoverable amount								3,000		3,000
IEA NZE 2050 \| Maximum \| Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Recoverable amount								4,000	$ 5,000	4,000
IEA NZE 2050 \| Maximum \| Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Recoverable amount								1,000		1,000
IEA NZE 2050 \| Maximum \| Chemicals and Products
Disclosure of Climate Change and Energy Transition [Line Items]
Recoverable amount								$ 4,000		$ 4,000
Forecast
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon emission expense				$ 4,000			$ 1,000
Forecast \| Shell mid-price
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne) \| $ / t	170	148	136		125	87	96
Forecast \| Shell mid-price \| Minimum
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne) \| $ / Tonne								125
Forecast \| Shell mid-price \| Maximum
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne) \| $ / Tonne								170

Assets held for sale (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Non-current Assets Held For Sale


			$ million
		Dec 31, 2023			Dec 31, 2022
	Current	Non-current	Total	Current	Non-current	Total
Intangible assets	—	71	71	—	—	—
Property, plant and equipment	—	250	250	—	2,526	2,526
Joint ventures and associates	—	19	19	—	94	94
Investments in securities	—	—	—	—	128	128
Deferred tax	—	10	10	—	—	—
Retirement benefits	—	1	1	—	—	—
Trade and other receivables	103	34	137	44	51	95
Inventories	463	—	463	8	—	8
Assets classified as held for sale	566	385	951	52	2,799	2,851
Debt	2	82	84	3	1	4
Trade and other payables	94	—	94	256	22	278

Retirement benefits	—	53	53	—	—	—
Decommissioning and other provisions	7	68	75	134	971	1,105
Income taxes payable	1	—	1	8	—	8
Liabilities directly associated with assets classified as held for sale	104	203	307	401	994	1,395

Share capital - Summary of Issued and Fully Paid Ordinary Shares (Details)
$ in Millions

1 Months Ended

11 Months Ended

12 Months Ended

Feb. 03, 2022

USD ($)

Jan. 29, 2022

USD ($)

Jan. 26, 2022

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2022

€ / shares

Dec. 31, 2021

USD ($)

Disclosure of classes of share capital [line items]

Deferred share (in gbp per share) | € / shares

$ (14,571)

^[1]

$ (18,547)

$ (3,513)

€ 1

Share capital

Disclosure of classes of share capital [line items]

Beginning balance (in shares) | shares

7,003,503,393

Repurchases of shares (in shares) | shares

(507,742)

(646,014,770)

(479,394,344)

Assimilation of ordinary A and B shares into ordinary shares (in shares) | shares

7,650,025,905

Ending balance (in shares) | shares

7,003,503,393

6,524,109,049

7,003,503,393

$ 641

$ 584

$ 641

Assimilation of ordinary A and B shares into ordinary shares

$ 0

$ (3)

$ (54)

(40)

^[1]

(57)

(10)

$ 0

Share capital | Ordinary shares

584

544

584

$ 641

Disclosure of classes of share capital [line items]

584

Assimilation of ordinary A and B shares into ordinary shares

$ 0

(54)

(40)

$ 638

Class A Shares | Share capital

$ 584

$ 544

$ 584

Disclosure of classes of share capital [line items]

Beginning balance (in shares) | shares

4,101,239,499

Repurchases of shares (in shares) | shares

Assimilation of ordinary A and B shares into ordinary shares (in shares) | shares

(4,101,239,499)

Ending balance (in shares) | shares

4,101,239,499

$ 345

Assimilation of ordinary A and B shares into ordinary shares

$ (345)

Class B Shares | Share capital

$ 345

Disclosure of classes of share capital [line items]

Beginning balance (in shares) | shares

3,582,892,954

Repurchases of shares (in shares) | shares

(34,106,548)

Assimilation of ordinary A and B shares into ordinary shares (in shares) | shares

(3,548,786,406)

Ending balance (in shares) | shares

3,582,892,954

$ 296

Assimilation of ordinary A and B shares into ordinary shares

$ (3)

$ (293)

Deferred shares | Share capital

$ 296

Disclosure of classes of share capital [line items]

Issued and fully paid ordinary shares (in shares) | shares

50,000

[1]	Includes shares committed to repurchase under irrevocable contracts and repurchases subject to settlement at the end of the year. (See Note 26)

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Schedule of Earnings Per Share


	2023	2022	2021
Income attributable to Shell plc shareholders ($ million)	19,359	42,309	20,101

Weighted average number of shares used as the basis for determining:
Basic earnings per share (million of shares)	6,733.5	7,347.5	7,761.7
Diluted earnings per share (million of shares)	6,799.8	7,410.5	7,806.8

Climate change and energy transition - Fixed assets by segment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Climate Change and Energy Transition [Line Items]
Goodwill	$ 16,660	$ 16,039
Other intangible assets	10,253	9,662
Property, plant and equipment	194,835	198,642
Joint ventures and associates	24,457	23,864
Non-current assets	246,300	248,200
Integrated Gas
Disclosure of Climate Change and Energy Transition [Line Items]
Goodwill	4,900	4,900
Other intangible assets	3,200	3,900
Property, plant and equipment	57,700	60,800
Joint ventures and associates	6,100	5,600
Non-current assets	71,900	75,200	$ 75,000	$ 79,000	$ 93,000	$ 91,000	$ 94,000	$ 95,000
Upstream
Disclosure of Climate Change and Energy Transition [Line Items]
Goodwill	5,400	5,300
Other intangible assets	300	200
Property, plant and equipment	70,900	74,500
Joint ventures and associates	7,600	7,700
Non-current assets	84,200	87,700	91,000	106,000	119,000	123,000	128,000	136,000
Chemicals and Products
Disclosure of Climate Change and Energy Transition [Line Items]
Goodwill	300	300
Other intangible assets	2,400	2,100
Property, plant and equipment	36,900	38,100
Joint ventures and associates	4,000	4,200
Non-current assets	43,600	44,700	44,000	43,000	47,000	39,000	38,000	$ 26,000
Marketing
Disclosure of Climate Change and Energy Transition [Line Items]
Goodwill	4,400	3,300
Other intangible assets	2,900	1,800
Property, plant and equipment	22,200	19,100
Joint ventures and associates	4,700	4,400
Non-current assets	34,200	28,600	25,000	23,000	20,000	15,000	15,000
Renewables and Energy Solutions
Disclosure of Climate Change and Energy Transition [Line Items]
Goodwill	1,700	2,200
Other intangible assets	1,500	1,600
Property, plant and equipment	4,800	3,200
Joint ventures and associates	2,000	1,900
Non-current assets	10,000	8,900	$ 5,000	$ 3,000	$ 3,000	$ 1,000	$ 1,000
Corporate
Disclosure of Climate Change and Energy Transition [Line Items]
Goodwill	0	0
Other intangible assets	0	100
Property, plant and equipment	2,300	2,900
Joint ventures and associates	100	100
Non-current assets	$ 2,400	$ 3,100

Dividends

12 Months Ended

Dec. 31, 2023

Share Capital, Reserves And Other Equity Interest [Abstract]

Subclassifications of assets, liabilities and equities [abstract]


Interim dividends


	$ per share			$ million
	2023	2022	2021 [A]	2023	2022	2021 [B]

Cash:
March	0.2875	0.24	0.1665	2,030	1,829	1,290
June	0.2875	0.25	0.1735	1,984	1,850	1,331
September	0.3310	0.25	0.24	2,179	1,818	1,854
December	0.3310	0.25	0.24	2,196	1,786	1,846
Total	1.237	0.99	0.82	8,389	7,283	6,321

[A]In 2021 Shell plc declared equal amounts of dividends per A and B share as presented.

[B]Dividends paid on A shares totalled in 2021: $3,330 million and dividends paid on B shares totalled in 2021: $2,991 million.

On February 1, 2024, the Directors announced a further interim dividend in respect of 2023 of $0.3440 per ordinary share. The total dividend is estimated to be $2,230 million and is payable on March 25, 2024, to shareholders on the register at February 16, 2024.

Shareholders will be able to elect to receive their dividends in US dollars, sterling or euros.

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Detailed Information of Inventories


	$ million
	Dec 31, 2023	Dec 31, 2022
Oil, gas and chemicals	22,232	27,823
Environmental certificates	2,108	2,557
Materials	1,679	1,514
Total	26,019	31,894

Inventories

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Inventories


	$ million
	Dec 31, 2023	Dec 31, 2022
Oil, gas and chemicals	22,232	27,823
Environmental certificates	2,108	2,557
Materials	1,679	1,514
Total	26,019	31,894

Inventories at December 31, 2023, included write-downs to net realisable value of $1,567 million (2022: $2,705 million).

Segment information - Cash capital expenditure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments [line items]
Capital expenditure	$ 22,993	$ 22,600	$ 19,000
Investments in joint ventures and associates	1,202	1,973	479
Investments in equity securities	197	260	218
Cash capital expenditure	24,392	24,833	19,697
Integrated Gas
Disclosure of operating segments [line items]
Capital expenditure	3,491	3,433	3,306
Investments in joint ventures and associates	705	832	196
Investments in equity securities	0	0	0
Cash capital expenditure	4,196	4,265	3,502
Upstream
Disclosure of operating segments [line items]
Capital expenditure	8,249	8,020	6,277
Investments in joint ventures and associates	94	123	(109)
Investments in equity securities	0	0	0
Cash capital expenditure	8,343	8,143	6,168
Marketing
Disclosure of operating segments [line items]
Capital expenditure	5,563	4,527	2,122
Investments in joint ventures and associates	49	304	148
Investments in equity securities	0	0	3
Cash capital expenditure	5,612	4,831	2,273
Chemicals and Products
Disclosure of operating segments [line items]
Capital expenditure	3,106	3,835	5,091
Investments in joint ventures and associates	84	2	80
Investments in equity securities	2	1	4
Cash capital expenditure	3,192	3,838	5,175
Renewables and Energy Solutions
Disclosure of operating segments [line items]
Capital expenditure	2,314	2,610	2,069
Investments in joint ventures and associates	261	703	154
Investments in equity securities	106	156	136
Cash capital expenditure	2,681	3,469	2,359
Corporate
Disclosure of operating segments [line items]
Capital expenditure	270	175	135
Investments in joint ventures and associates	9	9	10
Investments in equity securities	89	103	75
Cash capital expenditure	$ 368	$ 287	$ 220

CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit or loss [abstract]
Revenue	$ 316,620	$ 381,314	$ 261,504
Share of profit of joint ventures and associates	3,725	3,972	4,097
Interest and other income	2,838	915	7,056
Total revenue and other income	323,183	386,201	272,657
Purchases	212,883	258,488	174,912
Production and manufacturing expenses	25,240	25,518	23,822
Selling, distribution and administrative expenses	13,433	12,883	11,328
Research and development	1,287	1,075	815
Exploration	1,750	1,712	1,423
Depreciation, depletion and amortisation	31,290	18,529	26,921
Interest expense	4,673	3,181	3,607
Total expenditure	290,556	321,386	242,828
Income before taxation	32,627	64,815	29,829
Taxation charge	12,991	21,941	9,199
Income for the period	19,636	42,874	20,630
Income attributable to non-controlling interest	277	565	529
Income attributable to Shell plc shareholders	$ 19,359	$ 42,309	$ 20,101
Basic earnings per share ($ per share)	$ 2.88	$ 5.76	$ 2.59
Diluted earnings per share ($ per share)	$ 2.85	$ 5.71	$ 2.57

Leases - Lease Expenses not Included in the Measurement of Lease Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Presentation of leases for lessee [abstract]
Expense relating to short-term leases	$ 495	$ 552
Expense relating to variable lease payments	$ 1,415	$ 1,251

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-32575
Entity Registrant Name	Shell plc
Entity Address, Address Line One	Shell Centre
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SE1 7NA
Entity Incorporation, State or Country Code	X0
Entity Address, Country	GB
Entity Common Stock, Shares Outstanding	6,486,295,984
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001306965
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Shell Centre
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SE1 7NA
Contact Personnel Name	Caroline J.M. Omloo, Company Secretary
Entity Address, Country	GB
City Area Code	0044-20
Local Phone Number	7934-1234
Contact Personnel Email Address	c.omloo@shell.com
American Depository Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares representing two ordinary sharesof the issuer with a nominal value of €0.07 each
Trading Symbol	SHEL
Security Exchange Name	NYSE
2% Guaranteed Notes Due 2024
Document Information [Line Items]
Title of 12(b) Security	2% Guaranteed Notes due 2024
Trading Symbol	SHEL/24
Security Exchange Name	NYSE
3.25% Guaranteed Notes Due 2025
Document Information [Line Items]
Title of 12(b) Security	3.25% Guaranteed Notes due 2025
Trading Symbol	SHEL/25
Security Exchange Name	NYSE
2.5% Guaranteed Notes Due 2026
Document Information [Line Items]
Title of 12(b) Security	2.5% Guaranteed Notes due 2026
Trading Symbol	SHEL/26
Security Exchange Name	NYSE
2.875% Guaranteed Notes Due 2026
Document Information [Line Items]
Title of 12(b) Security	2.875% Guaranteed Notes due 2026
Trading Symbol	SHEL/26A
Security Exchange Name	NYSE
3.875% Guaranteed Notes Due 2028
Document Information [Line Items]
Title of 12(b) Security	3.875% Guaranteed Notes due 2028
Trading Symbol	SHEL/28
Security Exchange Name	NYSE
2.375% Guaranteed Notes Due 2029
Document Information [Line Items]
Title of 12(b) Security	2.375% Guaranteed Notes due 2029
Trading Symbol	SHEL/29
Security Exchange Name	NYSE
2.75% Guaranteed Notes Due 2030
Document Information [Line Items]
Title of 12(b) Security	2.75% Guaranteed Notes due 2030
Trading Symbol	SHEL/30
Security Exchange Name	NYSE
4.125% Guaranteed Notes Due 2035
Document Information [Line Items]
Title of 12(b) Security	4.125% Guaranteed Notes due 2035
Trading Symbol	SHEL/35
Security Exchange Name	NYSE
6.375% Guaranteed Notes Due 2038
Document Information [Line Items]
Title of 12(b) Security	6.375% Guaranteed Notes due 2038
Trading Symbol	SHEL/38
Security Exchange Name	NYSE
5.5% Guaranteed Notes Due 2040
Document Information [Line Items]
Title of 12(b) Security	5.5% Guaranteed Notes due 2040
Trading Symbol	SHEL/40
Security Exchange Name	NYSE
2.875% Guaranteed Notes Due 2041
Document Information [Line Items]
Title of 12(b) Security	2.875% Guaranteed Notes due 2041
Trading Symbol	SHEL/41
Security Exchange Name	NYSE
3.625% Guaranteed Notes Due 2042
Document Information [Line Items]
Title of 12(b) Security	3.625% Guaranteed Notes due 2042
Trading Symbol	SHEL/42
Security Exchange Name	NYSE
4.55% Guaranteed Notes Due 2043
Document Information [Line Items]
Title of 12(b) Security	4.55% Guaranteed Notes due 2043
Trading Symbol	SHEL/43
Security Exchange Name	NYSE
4.375% Guaranteed Notes due 2045
Document Information [Line Items]
Title of 12(b) Security	4.375% Guaranteed Notes due 2045
Trading Symbol	SHEL/45
Security Exchange Name	NYSE
3.75% Guaranteed Notes Due 2046
Document Information [Line Items]
Title of 12(b) Security	3.75% Guaranteed Notes due 2046
Trading Symbol	SHEL/46
Security Exchange Name	NYSE
4.00% Guaranteed Notes Due 2046
Document Information [Line Items]
Title of 12(b) Security	4.00% Guaranteed Notes due 2046
Trading Symbol	SHEL/46A
Security Exchange Name	NYSE
3.125% Guaranteed Notes Due 2049
Document Information [Line Items]
Title of 12(b) Security	3.125% Guaranteed Notes due 2049
Trading Symbol	SHEL/49
Security Exchange Name	NYSE
3.25% Guaranteed Notes Due 2050
Document Information [Line Items]
Title of 12(b) Security	3.25% Guaranteed Notes due 2050
Trading Symbol	SHEL/50
Security Exchange Name	NYSE
3.00% Guaranteed Notes Due 2051
Document Information [Line Items]
Title of 12(b) Security	3.00% Guaranteed Notes due 2051
Trading Symbol	SHEL/51
Security Exchange Name	NYSE

Legal proceedings and contingencies	12 Months Ended
Legal proceedings and contingencies	Dec. 31, 2023
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Legal proceedings and other contingencies	Legal proceedings and other contingencies General In the ordinary course of business, Shell subsidiaries are subject to a number of contingencies arising from litigation and claims brought by governmental authorities, including tax authorities, and private parties. The operations and earnings of Shell subsidiaries continue, from time to time, to be affected to varying degrees by political, legislative, fiscal and regulatory developments, including those relating to the protection of the environment and indigenous groups in the countries where they operate. The industries in which Shell subsidiaries are engaged are also subject to physical risks of various types. The amounts claimed in relation to such events and, if such claims against Shell were successful, the costs of implementing the remedies sought in the various cases could be substantial. Based on information available to date and taking into account that in some cases it is not practicable to estimate the possible magnitude or timing of any resultant payments, management believes that the foregoing are not expected to have a material adverse impact on Shell's Consolidated Financial Statements. However, there remains a high degree of uncertainty around these contingencies, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition. In certain divestment transactions, liabilities related to decommissioning and restoration are de-recognised upon transfer of these obligations to the buyer. For certain of these obligations Shell has issued guarantees to third parties and continues to be liable in case the primary obligor is not able to meet its obligation. These potential obligations arising from issuance of these guarantees are assessed to be remote. Decommissioning and restoration of manufacturing facilities For long-lived manufacturing facilities, where decommissioning would generally be more than 50 years away, while there is a present obligation that has arisen from past events, the amount of the obligation cannot be reliably measured. This is because the settlement dates are indeterminate; and other estimates, such as extremely long-term discount rates for which there is no observable measure, cannot be reliably determined. Consequently, the decommissioning and restoration obligation that exists for such long-lived manufacturing facilities cannot be reliably quantified and is disclosed as a contingent liability. There remains a high degree of uncertainty concerning such obligations and their potential effects on future operations, earnings, cash flows, reputation and Shell's financial condition. 31. Legal proceedings and other contingencies continued Pesticide litigation Shell USA, Inc. (Shell USA), along with another agricultural chemical pesticide manufacturer and several distributors, has been sued by public and quasi-public water purveyors, water storage districts and private landowners alleging responsibility for groundwater contamination caused by applications of chemical pesticides. There are approximately 24 such cases currently pending, four claims made but not yet filed, and an active subpoena for records. These matters assert various theories of strict liability and negligence, seeking to recover actual damages, including drinking well treatment and remediation costs. Most assert claims for punitive damages. While Shell USA continues to vigorously defend these actions, in January 2018 an environmental regulatory standard became effective in the State of California, where a majority of the suits are pending. The 2018 standard requires public water systems state-wide to perform quarterly or monthly sampling of their drinking water sources for a chemical contained in certain pesticides. Water systems deemed out of compliance with the regulatory standard must take corrective action to resolve the exceedance or take the potable water source out of service. In response to this regulatory standard, Shell USA monitors the sampling results to determine the number of wells potentially impacted. Based on the claims asserted and Shell USA's history with regard to amounts paid to resolve varying actions, management does not expect the outcome of the matters pending at December 31, 2023, to have a material adverse impact on Shell. However, there remains a high degree of uncertainty regarding the potential outcome of some of these pending lawsuits, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition. Climate change litigation In the USA, energy companies (including Shell), industry associations, and others have been named in several matters alleging responsibility for the impacts of climate change due to the use of fossil fuels. These matters assert a number of different theories of liability for a wide variety of harms, including but not limited to, impacts to public and private infrastructure, natural resources, and public health and services. As of December 31, 2023, 24 lawsuits naming Shell as a defendant were pending, three claims were filed but not yet served, and one petition to preserve testimony was pending. In the Netherlands, in a case against Shell brought by a group of environmental non-governmental organisations (eNGOs) and individual claimants, the Court found that while Shell is not currently acting unlawfully, Shell must reduce the aggregate annual volume of CO2 emissions of Shell operations and energy-carrying products sold across Scopes 1, 2 and 3 by 45% (net) by the end of 2030 relative to its 2019 emissions levels (the "Dutch Court Order"). For Scopes 2 and 3, this is a significant best-efforts obligation. Shell appealed that ruling and a hearing is scheduled to take place before the Dutch Court of Appeal of The Hague in April 2024. Management believes the outcome of these matters should be resolved in a manner favourable to Shell, but there remains a high degree of uncertainty regarding the ultimate outcome of these lawsuits, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition. NAM (Groningen gas field) litigation Since 1963, NAM – a joint venture between Shell and ExxonMobil (50%:50%) – has been producing gas from the Groningen field, the largest gas field in Western Europe. After smaller tremors in the 1990s and the late 2000s, an earthquake measuring 3.6 on the Richter scale occurred in 2012, causing damage to properties in the affected area, and the area continues to experience tremor/earthquake-type events. NAM has successfully settled close to 80,000 claims for physical damage to property. The Dutch State has taken over the damage-claim-handling from NAM for all claim categories, and the strengthening operation in the region, while NAM remains financially responsible insofar as the costs corresponded to NAM's liability. In 2022, NAM started arbitrations with the Dutch government to have its financial liability determined for costs which the Dutch government compensated to claimants and subsequently charged to NAM. These claims include but are not limited to physical damage to property, housing value loss, emotional damage and loss of living enjoyment. Shell and ExxonMobil seek to reach a final, all-encompassing settlement with the Dutch government on the new design of the Dutch "Gasgebouw" and the wind-down of natural gas production in Groningen. Shell, ExxonMobil and the Dutch government reached agreements in 2018 (Heads of Agreement) and 2019 (Interim Agreement) and subsequently have been engaged in discussions on the interpretation and implementation of these agreements and on a final and all-encompassing settlement. As these discussions have not led to such a settlement, in December 2023, the NAM shareholders asked an independent arbitration panel to rule on the interpretation and implementation of the agreements made in 2018/2019. The purpose of this arbitration is for a neutral third party to assess the situation and provide clarity. The arbitration is expected to take several years and the judgement will be binding. The arbitration does not preclude a final and all-encompassing settlement, provided Shell, ExxonMobil and the Dutch government agree to pursue such a settlement. There remains a high degree of uncertainty concerning the ultimate outcome of these disputes and their potential effect on future operations, earnings, cash flows, reputation and Shell's financial condition. 31. Legal proceedings and other contingencies continued Kazakhstan Shell has several matters in dispute involving the Republic of Kazakhstan. One litigation matter involving a Shell NOV relates to a Sulphur permitting inspection outcome. An unfavourable ruling was issued by the Administrative Collegium of Astana City Court in February 2024. The Shell NOV is assessing its next steps, including filing an appeal to the Kazakhstan Supreme Court. The other matters are two Shell NOVs concerning disputes as to cost recovery for the period 2010 to 2019 under the applicable production sharing contracts. In March 2023, the Republic of Kazakhstan appointed its arbitrator in each of the disputes, formally starting the arbitration process. No Statement of Claim has been filed in either matter. Accordingly, at this time, it is not possible to reliably estimate the magnitude and timing of any possible obligations or payments in respect of the matters above or whether any payments will be due. There remains a high degree of uncertainty regarding the ultimate outcomes, as well as the potential effect on future operations, earnings, cash flows and Shell's financial condition. Nigerian litigation Shell subsidiaries and associates operating in Nigeria are parties to various environmental, non-environmental and contractual disputes brought in the courts of Nigeria and England. These disputes are at different stages in litigation, including at the appellate stage, where judgements have been rendered against Shell entities in some of these disputes. If taken at face value, the aggregate amount of these judgements could be seen as material. Management, however, believes that the outcomes of these disputes, once determined, will be favourable to Shell. However, there remains a high degree of uncertainty regarding these cases, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition. OPL 245 On January 27, 2017, the Nigeria Federal High Court issued an Interim Order of Attachment for Oil Prospecting Licence 245 (OPL 245), pending the conclusion of the investigation of Shell Nigeria Exploration and Production Company Ltd.'s (SNEPCO's) investment in the Nigeria oil block OPL 245 and the 2011 settlement of litigation pertaining to that block with regard to potential anti-bribery, anti-corruption and anti-money laundering laws. SNEPCO applied for and was granted a discharge of this order on constitutional and procedural grounds. Also in Nigeria, in March 2017, criminal charges alleging official corruption and conspiracy to commit official corruption were filed against SNEPCO, one then current now former Shell employee and third parties including ENI SpA and one of its subsidiaries. Those proceedings are in abeyance. In January 2020, criminal charges alleging disobeying direction of law related to tax waivers were filed in Nigeria against Shell Nigeria Ultra Deep Ltd., SNEPCO, and third parties including Nigeria Agip Exploration Limited (NAE). Those proceedings are ongoing. In March 2017, parties alleging to be shareholders of Malabu Oil and Gas Company Ltd. (Malabu) filed two actions to challenge the 2011 settlement and the award of OPL 245 to SNEPCO and an ENI SpA subsidiary by the Federal Government of Nigeria. Both actions are currently stayed awaiting the outcome of appeals filed against procedural decisions. Those appeal proceedings are ongoing. On May 8, 2018, Human Environmental Development Agenda (HEDA) sought permission from the Federal High Court of Nigeria to apply for an order to direct the Attorney General of the Federation to revoke OPL 245 on grounds that the entire Malabu transaction in relation to the OPL is unconstitutional, illegal and void as it was obtained through fraudulent and corrupt practice. On July 3, 2019, the Nigerian Federal High Court upheld objections from SNEPCO and NAE and struck the lawsuit filed by HEDA. The suit was struck because of the statute of limitations and lack of jurisdiction to hear the matter. HEDA has appealed the judgement, which is ongoing. On a separate OPL 245 matter, pre-trial criminal proceedings are pending against an individual who also did not work for or on behalf of Shell. On July 21, 2022, the Dutch Public Prosecutor's office announced it had dismissed its investigation into bribery allegations related to OPL 245. On October 24, 2022, Re:Common, HEDA and The Corner House announced that they filed a complaint at the Court of Appeal in The Hague, pursuant to Article 12 of the Dutch Code for Criminal Procedure, challenging the decision by the Dutch Public Prosecutor to dismiss its investigation. There remains a high degree of uncertainty around the OPL 245 matters and contingencies discussed above, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition. Accordingly, at this time, it is not possible to reliably estimate the possible obligations and timing of any payments. Any violation of anti-bribery, anti-corruption or anti-money laundering legislation could have a material adverse effect on Shell plc's earnings, cash flows and financial condition.

Climate change and energy transition - Carbon cost forecast (Details) - Forecast - $ / t	12 Months Ended
	Dec. 31, 2050	Dec. 31, 2040	Dec. 31, 2035	Dec. 31, 2030	Dec. 31, 2025	Dec. 31, 2024
Shell mid-price
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne)	170	148	136	125	87	96
IEA NZE50
Disclosure of Climate Change and Energy Transition [Line Items]
Carbon cost forecast (per tonne)	255	209	176	143	110	103

Joint ventures and associates - Summary of Carrying Amount of Interests in Joint Ventures and Associates (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Interests In Other Entities [Abstract]
Carrying amount of interests in joint ventures	$ 17,382	$ 17,056
Carrying amount of interests in associates	7,075	6,808
Joint ventures and associates	$ 24,457	$ 23,864

Capital management

12 Months Ended

Dec. 31, 2023

Capital Management [Abstract]

Capital management

Shell manages its businesses to deliver strong cash flows to sustain its strategy and for profitable growth. Management's current priorities for applying Shell's cash are:

Balanced Capital Allocation

Enhanced shareholder distributions [A]

Targeting total shareholder distributions of 30-40% of cash flow from operating activities through the cycle (2022: 20-30%)

Around 4% annual growth
in dividend per share, subject
to Board approval (2022: 4%)

Strong balance sheet

Targeting AA credit metrics through the cycle

￮Continued focus on Net debt reduction in upcycle

￮Divest for value

￮Invest for value

Disciplined investment

Cash capital expenditure (see Note 7) within $22-25 billion
per annum for 2024 and 2025 (2022: $23-27 billion)

￮Includes inorganic capex

[A] Total shareholder distributions (dividends + share buybacks) based on cash generation, macro-outlook and balance sheet trajectory.

Financial instruments - Summary of 10% Appreciation Against the Dollar of Main Currencies (Details) - 10% percentage appreciation - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sterling
Disclosure Of Foreign Exchange Risk [Line Items]
Increase/(decrease) in income before taxation	$ (270)	$ (168)
Increase in net assets	1,022	894
Euro
Disclosure Of Foreign Exchange Risk [Line Items]
Increase/(decrease) in income before taxation	(46)	124
Increase in net assets	2,434	1,486
Malaysian ringgit
Disclosure Of Foreign Exchange Risk [Line Items]
Increase/(decrease) in income before taxation	49	65
Increase in net assets	279	313
Australian dollar
Disclosure Of Foreign Exchange Risk [Line Items]
Increase/(decrease) in income before taxation	(129)	(65)
Increase in net assets	780	837
Canadian dollar
Disclosure Of Foreign Exchange Risk [Line Items]
Increase/(decrease) in income before taxation	9	(44)
Increase in net assets	$ 1,392	$ 1,575

Investments in securities (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurement [Abstract]

Schedule of Investments in Securities


	$ million
	Dec 31, 2023	Dec 31, 2022
Equity securities:	1,605	1,533
Equity securities at fair value through other comprehensive income	1,605	1,533
Debt securities:	1,641	1,829
Debt securities at amortised cost	28	21
Debt securities at fair value through other comprehensive income	1,285	1,308
Debt securities at fair value through profit or loss	328	500
Total	3,246	3,362
At fair value
Measured by reference to prices in active markets for identical assets	1,983	1,884
Measured by reference to other observable inputs	92	158
Measured using predominantly unobservable inputs	1,143	1,299
Total	3,218	3,341
At cost	28	21
Total	3,246	3,362

Schedule of Investments in Securities Using Predominantly Unobservable Inputs


	$ million
	2023	2022
At January 1	1,299	1,707
Losses recognised in other comprehensive income	(126)	(206)
Purchases	146	142
Sales	(207)	(37)
Other movements	31	(307)
At December 31	1,143	1,299

[A]Based on expected dividend flows, adjusted for country and other risks as appropriate and discounted to their present value.

Leases

12 Months Ended

Dec. 31, 2023

Presentation of leases for lessee [abstract]

Leases

Shell has lease contracts in Integrated Gas and Upstream, principally for floating production storage and offloading units, subsea equipment, drilling and ancillary equipment, service vessels, LNG vessels and land and buildings; in Marketing, principally for land and retail sites; in Chemicals and Products, principally for plant pipeline and machinery, tankers and storage capacity; in Renewables and Energy Solutions, principally for power generation assets, storage capacity and land; and in Corporate, principally for land and buildings. Shell's obligations under its leases are secured on the leased assets.

Right-of-use assets

Right-of-use assets are included in property, plant and equipment for the following amounts:


2023


	$ million
	Exploration and production		Manufacturing, supply and distribution
	Exploration and evaluation	Production		Other [D]	Total
Cost
At January 1	—	14,675	16,463	9,899	41,037
Additions	—	790	2,442	1,308	4,540
Sales, retirements and other movements [A]	—	(116)	29	(1,040)	(1,127)
Reclassifications [B]	—	(2,779)	527	2,252	—
Currency translation differences	—	27	24	(268)	(217)
At December 31	—	12,597	19,485	12,151	44,233
Depreciation, depletion and amortisation, including impairments
At January 1	—	8,275	6,695	2,950	17,920
Charge for the year [C]	—	1,382	2,428	998	4,808
Sales, retirements and other movements [A]	—	(303)	(1,149)	(1,042)	(2,494)
Reclassifications [B]	—	(2,217)	63	2,154	—
Currency translation differences	—	9	12	(101)	(80)
At December 31	—	7,146	8,049	4,959	20,154
Carrying amount at December 31	—	5,451	11,436	7,192	24,079

[A]Includes the reclassification of right-of-use assets to assets held for sale. (See Note 18).

[B]Reclassification from Production to Manufacturing, supply and distribution and Other.

[C]Includes impairment losses ($72 million) and reversals ($2 million). (See Note 12).

[D]Other mainly includes lease contracts for retail sites, land and buildings in Marketing, Renewables and Energy Solutions and Corporate.


2022


	$ million
	Exploration and production		Manufacturing, supply and distribution
	Exploration and evaluation	Production		Other [C]	Total
Cost


At January 1	5	14,322	15,748	8,031	38,106
Additions	—	1,088	2,305	2,111	5,504
Sales, retirements and other movements [A]	(5)	(569)	(1,530)	319	(1,785)
Currency translation differences	—	(166)	(60)	(562)	(788)
At December 31	—	14,675	16,463	9,899	41,037
Depreciation, depletion and amortisation, including impairments
At January 1	—	7,935	5,946	2,273	16,154
Charge for the year [B]	—	1,182	2,223	797	4,202
Sales, retirements and other movements [A]	—	(751)	(1,444)	23	(2,172)
Currency translation differences	—	(91)	(30)	(143)	(264)
At December 31	—	8,275	6,695	2,950	17,920
Carrying amount at December 31	—	6,400	9,768	6,949	23,117

[A]Includes the reclassification of right-of-use assets to assets held for sale. (See Note 18).

[B]Includes impairment losses ($160 million) and reversals ($206 million). (See Note 12).

[C]Other mainly includes lease contracts for retail sites, land and buildings in Marketing, Renewables and Energy Solutions and Corporate.

21. Leases continued

Lease arrangements


Lease expenses not included in the measurement of lease liability


		$ million
	2023	2022
Expense relating to short-term leases	495	552
Expense relating to variable lease payments	1,415	1,251

The total cash outflow in respect of leases representing repayment of principal and payment of interest in 2023 was $7,512 million (2022: $6,280 million), recognised in the Consolidated Statement of Cash Flows within Cash flows from financing activities.

The future lease payments under lease contracts and the carrying amounts at December 31, by payment date are as follows:


2023


	$ million
	Contractual lease payments		Interest	Lease liabilities
Less than 1 year	6,182		1,539	4,643
Between 1 and 5 years	16,105		4,443	11,662
5 years and later	16,794		5,390	11,404
Total	39,081	[A]	11,372	27,709


2022


	$ million
	Contractual lease payments	Interest	Lease liabilities
Less than 1 year	5,914	1,533	4,381
Between 1 and 5 years	15,624	4,655	10,969
5 years and later	17,935	5,642	12,293
Total	39,473	11,830	27,643

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of cash flows [abstract]
Income before taxation for the period	$ 32,627	$ 64,815	$ 29,829
Adjustment for:
Interest expense (net)	2,360	2,135	3,096
Depreciation, depletion and amortisation	31,290	18,529	26,921
Exploration well write-offs	868	881	639
Net gains on sale and revaluation of non-current assets and businesses	(246)	(642)	(5,995)
Share of profit of joint ventures and associates	(3,725)	(3,972)	(4,097)
Dividends received from joint ventures and associates	3,674	4,398	3,929
Decrease/(increase) in inventories	6,325	(8,360)	(7,319)
Decrease/(increase) in current receivables	12,401	(8,989)	(20,567)
(Decrease)/increase in current payables	(10,888)	11,915	17,519
Derivative financial instruments	(5,723)	(2,619)	5,882
Retirement benefits	(37)	417	16
Decommissioning and other provisions	(473)	35	(76)
Other	(550)	2,991	803
Tax paid	(13,712)	(13,120)	(5,476)
Cash flow from operating activities	54,191	68,414	45,104
Capital expenditure	(22,993)	(22,600)	(19,000)
Investments in joint ventures and associates	(1,202)	(1,973)	(479)
Investment in equity securities	(197)	(260)	(218)
Proceeds from sale of property, plant and equipment and businesses	2,565	1,431	14,233
Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	474	511	584
Proceeds from sale of equity securities	51	117	296
Interest received	2,124	906	423
Other investing cash inflows	4,269	2,060	2,928
Other investing cash outflows	(2,825)	(2,640)	(3,528)
Cash flow from investing activities	(17,734)	(22,448)	(4,761)
Net (decrease)/increase in debt with maturity period within three months	(211)	318	14
Other debt:
New borrowings	1,029	269	1,791
Repayments	(10,650)	(8,459)	(21,534)
Interest paid	(4,441)	(3,677)	(4,014)
Derivative financial instruments	723	(1,799)	(1,165)
Change in non-controlling interest	(22)	(1,965)	19
Cash dividends paid to:
Shell plc shareholders	(8,393)	(7,405)	(6,253)
Non-controlling interest	(764)	(206)	(348)
Repurchases of shares	(14,617)	(18,437)	(2,889)
Shares held in trust: net purchases and dividends received	(889)	(593)	(285)
Cash flow from financing activities	(38,235)	(41,954)	(34,664)
Effects of exchange rate changes on cash and cash equivalents	306	(736)	(539)
(Decrease)/increase in cash and cash equivalents	(1,472)	3,276	5,140
Cash and cash equivalents at beginning of year	40,246	36,970	31,830
Cash and cash equivalents at end of year	$ 38,774	$ 40,246	$ 36,970

Emissions schemes and related environmental programmes

12 Months Ended

Dec. 31, 2023

Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]

Emissions Schemes and Related Environmental Programmes

Emission schemes and related environmental programmes

Emission trading and related schemes

In general, emission trading schemes (ETS) are mandated governmental schemes to control emission levels and enhance clean energy transition, allowing for the trading of emission certificates. In most ETS, governments set an emission cap for one or more sectors. Generally, entities in scope of the scheme are allowed to buy emission certificates to cover shortages or sell surplus emission certificates. In certain countries, emissions are priced through a carbon tax. For Shell, the most significant carbon pricing mechanisms are established in Europe, Canada and Singapore.

Biofuel programmes

Biofuel programmes are mandated governmental schemes that set binding national targets on the share of renewables in fuel consumption or measures on reducing GHG emissions by fuel suppliers. Biofuels are blended with existing fuels, such as gasoline and diesel, to reduce net emissions. The share of biofuels in the total sales mix of fuel is used to comply with regulatory requirements. This can be achieved by the blending of biofuels in refineries and/or distribution depots (self-blending), through import of biofuels (for jurisdictions that grant biofuels certificates at the point of import) or by the purchasing of certificates from third parties (for jurisdictions that have a tradable biofuel certificates mechanism). Biofuel programmes also include regulatory requirements to pay a levy for the combustion of fossil fuels, based on CO₂ emitted – mainly related to the German Fuel Emissions Trading Act (BEHG) which has applied since January 1, 2021.

Renewable power programmes

Renewable power programmes create a financial incentive to consume power that is sourced from renewable origins or require that a minimum percentage of power sold meets the green definition of the relevant standard. These regulations are typically accompanied by schemes supporting investments in the renewable technology. Renewable power programmes generally use certificates to monitor compliance, where renewable power certificates are granted for each MWh of energy generated that meets the predefined renewable criteria. Shell's compliance obligation under renewable power programmes comes primarily from energy supply and results from regulations applying in Europe, North America and Australia.


Cost of emission schemes and related environmental programmes recognised in the Consolidated Statement of Income


	$ million
	2023	2022	2021
ETS and related schemes	493	493	331
Biofuels [A]	2,581	2,918	2,609
Renewable power	552	594	455
Total	3,626	4,005	3,395

[A]Represents the cost of biofuel certificates required for compliance purposes over and above those generated from self-blending activities.


Purchased environmental certificates (presented under Other intangible assets, see Note 10) [A]


	$ million
	ETS and related schemes	Biofuels	Renewable power	Total
At January 1, 2023	440	1,601	160	2,201
Additions	396	2,955	486	3,837
Settlements	(413)	(2,783)	(451)	(3,647)
Other movements	18	32	(50)	—
At December 31, 2023	441	1,805	145	2,391
At January 1, 2022	284	2,362	101	2,747
Additions	385	1,485	468	2,338
Settlements	(256)	(2,142)	(398)	(2,796)
Other movements	27	(104)	(11)	(88)
At December 31, 2022	440	1,601	160	2,201

[A]Relates to environmental certificates held for compliance purposes.

5. Emission schemes and related environmental programmes continued


Obligation (presented under Other payables, see Note 19)


	$ million
	ETS and related schemes		Biofuels	Renewable power	Total
At January 1, 2023
Current	(458)		(3,424)	(350)	(4,232)
Non-current	—		(422)	(56)	(478)
	(458)		(3,846)	(406)	(4,710)
Additions	(1,244)		(2,593)	(597)	(4,434)
Additions covered by government grants	762	[A]			762
Settlements	479		3,386	492	4,357
Other movements	(37)		(64)	80	(21)
	(40)		729	(25)	664

At December 31, 2023
Current	(498)		(3,012)	(343)	(3,853)
Non-current	—		(105)	(88)	(193)
	(498)		(3,117)	(431)	(4,046)
At January 1, 2022
Current	(270)		(3,262)	(273)	(3,805)
Non-current	—		(182)	(29)	(211)
	(270)		(3,444)	(302)	(4,016)
Additions	(1,237)		(2,916)	(637)	(4,790)
Additions covered by government grants	776	[A]			776
Settlements	292		2,456	499	3,247
Other movements	(19)		58	34	73
	(188)		(402)	(104)	(694)

At December 31, 2022
Current	(458)		(3,424)	(350)	(4,232)
Non-current	—		(422)	(56)	(478)
	(458)		(3,846)	(406)	(4,710)

[A]Emission certificates that were allocated free of charge at an equivalent fair value at grant date.

Environmental certificates acquired that are held for compliance purposes are recognised at cost under other intangible assets (see Note 10). In addition, a portfolio of environmental certificates is held for trading purposes and classified under inventory (see Note 2 and Note 16). Environmental certificates held for trading purposes can be redesignated for compliance purposes and then used to settle compliance obligations.

Cost recognised in the Consolidated Statement of Income represents the compliance cost associated with emissions or with products sold during the year. The liability at year-end represents the compliance cost recognised over current and past compliance periods to the extent not settled to date. Liabilities are settled in line with compliance periods, which depend on the scheme and may not coincide with the calendar year.

The figures present compliance schemes only, excluding voluntary activities.

Debt

12 Months Ended

Dec. 31, 2023

Debt


Debt


	$ million
	Dec 31, 2023			Dec 31, 2022
	Debt (excluding lease liabilities)	Lease liabilities [A]	Total	Debt (excluding lease liabilities)	Lease liabilities [A]	Total
Current debt:	5,288	4,643	9,931	4,620	4,381	9,001
Short-term debt	845		845	1,026		1,026
Long-term debt due within 1 year	4,443	4,643	9,086	3,594	4,381	7,975
Non-current debt	48,544	23,066	71,610	51,532	23,262	74,794
Total	53,832	27,709	81,541	56,152	27,643	83,795

[A]Further analysis of lease liabilities is provided in Note 21.

Net debt is the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge the volatility caused by fluctuations in foreign exchange and interest rates relating to debt, and associated collateral balances. Net debt is a non-GAAP measure, providing additional information to help demonstrate the economic impacts of debt, associated hedges, and cash and cash equivalents.


Net debt


					$ million
	(Asset)/liability
	Current debt	Non-current debt	Derivative financial instruments	Cash and cash equivalents (see Note 17)	Net debt*
At January 1, 2023	9,001	74,794	1,288	(40,246)	44,837
Cash flow	(9,617)	(215)	723	1,778	(7,331)
Lease additions [A]	1,021	3,321			4,342
Other movements	9,619	(7,184)	(481)	—	1,954
Currency translation differences and foreign exchange (gains)/losses	(93)	894	(755)	(306)	(260)
At December 31, 2023	9,931	71,610	775	(38,774)	43,542
At January 1, 2022	8,218	80,868	440	(36,970)	52,556
Cash flow	(7,618)	(254)	(1,799)	(4,012)	(13,683)
Lease additions [A]	1,111	4,077			5,188
Other movements	7,560	(7,883)	1,393	—	1,070
Currency translation differences and foreign exchange (gains)/losses	(270)	(2,014)	1,254	736	(294)
At December 31, 2022	9,001	74,794	1,288	(40,246)	44,837

[A]Further analysis of lease liabilities is provided in Note 21.


Borrowing facilities and amounts undrawn

$ million

Facility

Amount undrawn

Dec 31, 2023

Dec 31, 2022

Dec 31, 2023

Dec 31, 2022

CP programmes

20,000

EMTN programme

unlimited

N/A

US shelf registration

unlimited

N/A

Committed credit facilities

9,920

* Non-GAAP measure (see page 329).

20. Debt continued

Shell has access to international debt capital markets via two commercial paper (CP) programmes, a Euro medium-term note (EMTN) programme and a US universal shelf (US shelf) registration. Issuances under the CP programmes are supported by a committed credit facility and cash.

Under the CP programmes, Shell can issue debt of up to $10,000 million with maximum maturities ranging between 183 days and 364 days depending on the form of the notes issued; and $10,000 million with maturities not exceeding 397 days.

The EMTN programme is updated each year, most recently in November 2023. During 2023, no debt was issued under this programme
(2022: no debt issued).

The US shelf registration provides Shell with the flexibility to issue debt securities, ordinary shares, preferred shares and warrants. The registration is updated once every three years and was last updated in December 2023. During 2023, no debt was issued under the US shelf registration (2022: no debt issued).

On December 13, 2019, Shell refinanced its revolving credit facilities (RCF), which are linked to the Secured Overnight Financing Rate (SOFR), at pre-agreed margins. In December 2023, Shell extended the short-dated tranche of the facility of $1,920 million until December 2024. The facility retains a further one-year bank extension option, taking final maturity to 2025. The additional RCF tranche is $8,000 million expiring in 2026 (2022: $320 million expiring in 2025 and $7,680 million expiring in 2026). The terms and availability are not conditional on Shell's financial ratios nor its financial credit ratings. The interest and fees related to these facilities are linked to Shell's progress towards reaching its short-term Net Carbon Intensity target.

The following tables compare contractual cash flows for debt, excluding lease liabilities at December 31, with the carrying amount in the Consolidated Balance Sheet. Contractual amounts reflect the effects of changes in foreign exchange rates; differences from carrying amounts reflect the effects of discounting, premiums and, where fair value hedge accounting is applied, fair value adjustments. Interest is estimated assuming that interest rates applicable to variable-rate debt remain constant and there is no change in aggregate principal amounts of debt other than repayment at scheduled maturity, as reflected in the table.


2023


	$ million
	Contractual payments
	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 4 years	Between 4 and 5 years	5 years and later	Total	Difference from carrying amount	Carrying amount

Bonds	4,292	6,194	3,856	2,489	5,442	30,049	52,322	(567)	51,755
EMTN	3,042	3,444	1,106	2,489	3,942	7,649	21,672	(414)	21,258
US shelf	1,250	2,750	2,750	—	1,500	22,400	30,650	(153)	30,497
Bank and other borrowings	1,060	230	73	346	53	316	2,078	(1)	2,077
Total (excluding interest)	5,352	6,424	3,929	2,835	5,495	30,365	54,400	(568)	53,832
Interest	1,569	1,452	1,285	1,207	1,177	13,366	20,056


2022


	$ million
	Contractual payments
	Less than 1 year	Between 1 and 2 years	Between 2 and 3 years	Between 3 and 4 years	Between 4 and 5 years	5 years and later	Total	Difference from carrying amount	Carrying amount

Bonds	3,365	4,184	6,054	3,817	2,400	35,005	54,825	(1,210)	53,615
EMTN	865	2,934	3,304	1,067	2,400	11,105	21,675	(936)	20,739
US shelf	2,500	1,250	2,750	2,750	—	23,900	33,150	(274)	32,876
Bank and other borrowings	1,229	335	64	156	63	704	2,551	(14)	2,537
Total (excluding interest)	4,594	4,519	6,118	3,973	2,463	35,709	57,376	(1,224)	56,152
Interest	1,669	1,574	1,463	1,314	1,233	14,757	22,010

Interest rate swaps have been entered into against certain fixed rate debt affecting the effective interest rate on these balances (see Note 25).
The fair value of debt excluding lease liabilities at December 31, 2023, was $50,866 million (2022: $51,959 million), mainly determined from
the prices quoted for those securities. The difference between the fair value of debt and the carrying amount is predominantly related to fixed rate debt.

Employees (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Employee Costs


	$ million
	2023	2022	2021
Remuneration	10,648	10,509	9,038
Social security contributions	957	860	819
Retirement benefits (see Note 23)	1,324	1,795	1,696
Share-based compensation (see Note 27)	700	807	539
Total [A]	13,629	13,971	12,092

[A]Excludes employees seconded to joint ventures and associates.

Summary of Average Employee Numbers


	Thousand
	2023	2022	2021
Integrated Gas	6	6	6
Upstream	11	12	13
Marketing	26	17	14
Chemicals and Products	22	21	22
Renewables and Energy Solutions	5	4	3
Corporate	30	27	25
- of which Shell Business Service Centre (SBSC)	23	20	19
Total [B]	100	87	83

[A]Employee numbers are based on headcount.

[B]Excludes employees seconded to joint ventures and associates (2023: 2,000 employees; 2022: 2,000 employees; 2021: 2,000 employees).

Debt - Schedule of Borrowing Facilities and Amounts Undrawn (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
CP programmes
Borrowing Facilities [Line Items]
Facility	$ 20,000	$ 20,000
Amount undrawn	20,000	20,000
Committed credit facilities
Borrowing Facilities [Line Items]
Facility	9,920	9,920
Amount undrawn	$ 9,920	$ 9,920

Debt - Schedule of Difference in Contractual Cash Flows for Debt Excluding Finance Lease Liabilities with the Carrying Amount (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	$ 52,322	$ 54,825
Bank and other borrowings	2,078	2,551
Total (excluding interest)	54,400	57,376
Interest	20,056	22,010
Carrying amount	81,541	83,795
EMTN
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	21,672	21,675
Carrying amount	0	0
US shelf
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	30,650	33,150
Carrying amount	0	0
Bonds
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Difference from carrying amount	(567)	(1,210)
Carrying amount	51,755	53,615
Bonds \| EMTN
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Difference from carrying amount	(414)	(936)
Carrying amount	21,258	20,739
Bonds \| US shelf
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Difference from carrying amount	(153)	(274)
Carrying amount	30,497	32,876
Bank and other borrowings
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Difference from carrying amount	(1)	(14)
Carrying amount	2,077	2,537
Total (excluding interest)
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Difference from carrying amount	(568)	(1,224)
Carrying amount	53,832	56,152
Less than one year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	4,292	3,365
Bank and other borrowings	1,060	1,229
Total (excluding interest)	5,352	4,594
Interest	1,569	1,669
Less than one year \| EMTN
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	3,042	865
Less than one year \| US shelf
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	1,250	2,500
Between 1 and 2 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	6,194	4,184
Bank and other borrowings	230	335
Total (excluding interest)	6,424	4,519
Interest	1,452	1,574
Between 1 and 2 years \| EMTN
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	3,444	2,934
Between 1 and 2 years \| US shelf
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	2,750	1,250
Between 2 and 3 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	3,856	6,054
Bank and other borrowings	73	64
Total (excluding interest)	3,929	6,118
Interest	1,285	1,463
Between 2 and 3 years \| EMTN
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	1,106	3,304
Between 2 and 3 years \| US shelf
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	2,750	2,750
Between 3 and 4 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	2,489	3,817
Bank and other borrowings	346	156
Total (excluding interest)	2,835	3,973
Interest	1,207	1,314
Between 3 and 4 years \| EMTN
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	2,489	1,067
Between 3 and 4 years \| US shelf
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	0	2,750
Between 4 and 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	5,442	2,400
Bank and other borrowings	53	63
Total (excluding interest)	5,495	2,463
Interest	1,177	1,233
Between 4 and 5 years \| EMTN
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	3,942	2,400
Between 4 and 5 years \| US shelf
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	1,500	0
5 years and later
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	30,049	35,005
Bank and other borrowings	316	704
Total (excluding interest)	30,365	35,709
Interest	13,366	14,757
5 years and later \| EMTN
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	7,649	11,105
5 years and later \| US shelf
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Bonds	$ 22,400	$ 23,900

Decommissioning and other provisions (Tables)

12 Months Ended

Dec. 31, 2023

Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]

Summary of Decommissioning and Other Provisions


	$ million
	Decommissioning and restoration	Legal	Onerous contracts	Environmental	Redundancy	Other	Total
At January 1, 2023
Current	856	224	277	321	171	1,061	2,910
Non-current	19,429	1,177	1,207	730	153	1,149	23,845
	20,285	1,401	1,484	1,051	324	2,210	26,755
Additions	617	853	26	208	424	806	2,934
Amounts charged against provisions	(777)	(195)	(345)	(233)	(154)	(203)	(1,907)
Accretion expense	643	21	24	13	4	9	714
Disposals and liabilities classified as held for sale	(60)	(1)	—	(16)	(1)	(1)	(79)
Remeasurements and other movements	(1,499)	(24)	(83)	(74)	(113)	(321)	(2,114)
Currency translation differences	244	1	(2)	7	6	13	269
	(832)	655	(380)	(95)	166	303	(183)
At December 31, 2023
Current	1,296	508	224	318	367	1,328	4,041
Non-current	18,157	1,548	880	638	123	1,185	22,531
	19,453	2,056	1,104	956	490	2,513	26,572

At January 1, 2022
Current	871	270	653	332	410	802	3,338
Non-current	21,213	1,141	1,029	847	235	1,339	25,804
	22,084	1,411	1,682	1,179	645	2,141	29,142
Additions	618	314	620	178	226	832	2,788
Amounts charged against provisions	(672)	(272)	(661)	(211)	(372)	(333)	(2,521)
Accretion expense	483	16	13	12	1	5	530
Disposals and liabilities classified as held for sale	(1,228)	(21)	(66)	(2)	—	(7)	(1,324)
Remeasurements and other movements	(182)	(44)	(139)	(78)	(155)	(354)	(952)
Currency translation differences	(818)	(3)	35	(27)	(21)	(74)	(908)
	(1,799)	(10)	(198)	(128)	(321)	69	(2,387)
At December 31, 2022
Current	856	224	277	321	171	1,061	2,910
Non-current	19,429	1,177	1,207	730	153	1,149	23,845
	20,285	1,401	1,484	1,051	324	2,210	26,755

Summary of expected maturity of Provisions

The decommissioning and restoration provision at December 31, 2023, is expected to be utilised within:


									$ million
									Dec 31, 2023
Between 1 to 5 years									4,766
Between 6 to 10 years									5,102
11 years and later									9,585
Total									19,453

Investments in securities - Narrative (Details)	12 Months Ended
Investments in securities - Narrative (Details)	Dec. 31, 2023
Sakhalin Energy Investment
Disclosure Of Investments In Securities [Line Items]
Interest in other entities	27.50%

Share-based compensation plans and shares held in trust - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period of share-based compensation	3 years
Ordinary shares \| Shares held by employee share trusts
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options outstanding (in shares)	24.2	23.9
A class American Depositary Shares \| Shares held by employee share trusts
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of share options outstanding (in shares)	6.8	4.5
Bottom of range \| Share awards under PSP and LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage of share-based compensation	0.00%
Top of range \| Share awards under PSP and LTIP
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting percentage of share-based compensation	200.00%

Retirement benefits - Summary of Assumptions for Sensitivity Analysis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Rate of increase in pensionable remuneration
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	3.90%	4.00%
Range of assumptions, possible decrease	1.00%
Range of assumptions, possible increase	1.00%
Rate of increase in pensionable remuneration \| of which the Netherlands
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	3.30%	3.30%
Rate of increase in pensionable remuneration \| of which UK
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	4.10%	4.10%
Rate of increase in pensionable remuneration \| of which USA
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	4.60%	4.60%
Rate of increase in pensionable remuneration \| Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ 828	$ 833
Rate of increase in pensionable remuneration \| Top of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ (915)	$ (921)
Rate of increase in pensions in payment
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	1.90%	2.10%
Range of assumptions, possible decrease	1.00%
Range of assumptions, possible increase	1.00%
Rate of increase in pensions in payment \| of which the Netherlands
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	2.40%	2.60%
Rate of increase in pensions in payment \| of which UK
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	2.80%	3.00%
Rate of increase in pensions in payment \| of which USA
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	0.00%	0.00%
Rate of increase in pensions in payment \| Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ 5,599	$ 5,542
Rate of increase in pensions in payment \| Top of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ (6,713)	$ (6,657)
Discount rate for pension plans
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	4.10%	4.50%
Range of assumptions, possible decrease	1.00%
Range of assumptions, possible increase	1.00%
Discount rate for pension plans \| of which the Netherlands
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	3.30%	3.70%
Discount rate for pension plans \| of which UK
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	4.60%	4.80%
Discount rate for pension plans \| of which USA
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	4.90%	5.00%
Discount rate for pension plans \| Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ (10,560)	$ (10,522)
Discount rate for pension plans \| Top of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ 8,472	$ 8,328
Inflation rate for defined benefit obligation
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Weighted average inflation rate used in the calculation of the defined benefit obligation	2.00%	2.20%
Range of assumptions, possible decrease	1.00%
Range of assumptions, possible increase	1.00%
Inflation rate for defined benefit obligation \| of which the Netherlands
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Weighted average inflation rate used in the calculation of the defined benefit obligation	2.40%	2.60%
Inflation rate for defined benefit obligation \| of which UK
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Weighted average inflation rate used in the calculation of the defined benefit obligation	2.90%	3.10%
Inflation rate for defined benefit obligation \| Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ 6,034	$ 6,002
Inflation rate for defined benefit obligation \| Top of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ (7,300)	$ (7,271)
Rate of increase in health-care costs
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	7.00%	6.40%
Range of assumptions, possible decrease	1.00%
Range of assumptions, possible increase	1.00%
Rate of increase in health-care costs \| Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ 338	$ 298
Rate of increase in health-care costs \| Top of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ (422)	$ (372)
Discount rate for health-care plans
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Percentage assumptions used	5.60%	5.70%
Range of assumptions, possible decrease	1.00%
Range of assumptions, possible increase	1.00%
Discount rate for health-care plans \| Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ (457)	$ (401)
Discount rate for health-care plans \| Top of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ 358	$ 309
Men
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Expected age at death assumptions used	88 years	87 years
Range of assumptions, expected age at death decrease	1 year
Range of assumptions, expected age at death increase	1 year
Men \| of which the Netherlands
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Expected age at death assumptions used	88 years	88 years
Men \| of which UK
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Expected age at death assumptions used	87 years	87 years
Men \| of which USA
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Expected age at death assumptions used	87 years	85 years
Men \| Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ 1,166	$ 1,130
Men \| Top of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ (1,143)	$ (1,103)
Women
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Expected age at death assumptions used	89 years	89 years
Range of assumptions, expected age at death decrease	1 year
Range of assumptions, expected age at death increase	1 year
Women \| of which the Netherlands
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Expected age at death assumptions used	90 years	89 years
Women \| of which UK
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Expected age at death assumptions used	89 years	90 years
Women \| of which USA
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Expected age at death assumptions used	89 years	86 years
Women \| Bottom of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ 1,006	$ 993
Women \| Top of range
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase/(decrease) in defined benefit obligations	$ (1,041)	$ (1,077)

Financial instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of risk management strategy related to hedge accounting [line items]
Foreign exchange risk management	10.00%
Percentage of value at risk statistical assessment	95.00%
Net (losses) gains on derivative contracts excluding realized commodity contracts, before tax	$ (5,189)	$ 1,331	$ (8,377)
Hedging instrument, liability	11,830	27,342
Unrealized net (losses) gains related to assets and liabilities	$ 797	(449)
Commodity price risk
Disclosure of risk management strategy related to hedge accounting [line items]
Increase in interest rate risk	50.00%
Gain due to a 50% change in derivative contracts	$ 1,500	2,700
Average exposures due to a 50% change in derivative contracts	800	$ 2,500
Credit risk
Disclosure of risk management strategy related to hedge accounting [line items]
Credit exposure		25.00%
Cash flow hedges \| Foreign exchange risk \| Forward foreign exchange contracts
Disclosure of risk management strategy related to hedge accounting [line items]
Hedging instrument, liability	373	$ 828
Fair value hedges \| Interest rate and currency swaps
Disclosure of risk management strategy related to hedge accounting [line items]
Hedging instrument, liability	1,441	2,191
Hedges of net investment in foreign operations \| Foreign exchange risk
Disclosure of risk management strategy related to hedge accounting [line items]
Hedging instrument, liability	0	3,000
Trade payables
Disclosure of risk management strategy related to hedge accounting [line items]
Carrying amount of collateral held	1,404	1,648
Trade receivables
Disclosure of risk management strategy related to hedge accounting [line items]
Carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities	$ 3,437	11,133
Floating interest rate
Disclosure of risk management strategy related to hedge accounting [line items]
Increase in interest rate risk	1.00%
Increase in income before taxation if there were a 1% increase in interest rates	$ 226	$ 234

Interest and other income (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Interest and Other Income


$ million
	2023	2022	2021
Interest income	2,313	1,046	511
Dividend income (from investments in equity securities)	49	216	91
Net gains on sale and revaluation of non-current assets and businesses	257	642	5,995
Net foreign exchange (losses)/gains on financing activities	(458)	(340)	118
Other	677	(649)	341
Total	2,838	915	7,056

Taxation

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Taxation


Taxation charge


	$ million
	2023	2022	2021
Current tax:
Charge in respect of current period	13,066	16,383	7,254
Adjustments in respect of prior periods	(422)	(947)	(719)
Total	12,644	15,436	6,535
Deferred tax:
Relating to the origination and reversal of temporary differences, tax losses and credits	(305)	5,196	2,971
Relating to changes in tax rates and legislation	242	785	10
Adjustments in respect of prior periods	410	524	(317)
Total	347	6,505	2,664
Total taxation charge	12,991	21,941	9,199

Adjustments in respect of prior periods relate to events in the current period and reflect the effects of changes in rules, facts or other factors compared with those used in establishing the current tax position or deferred tax balance in prior periods.

Adjustments in respect of changes in tax rates and legislation in 2022 principally relate to the introduction of the UK Energy Profits Levy Act 2022 (EPL) on July 14, 2022.

On December 20, 2021, the OECD/G20 Inclusive Framework on BEPS released the Pillar Two Model Rules aimed to address the tax challenges of the digitalisation of the economy. The Pillar Two rules are designed to ensure large multinational enterprises (meeting certain conditions) pay a minimum level of tax on the income arising in each jurisdiction where they operate. On June 20, 2023, the UK substantively enacted Pillar Two. Shell has established a Group-wide Pillar Two Project, with oversight from senior executives, to prepare and implement these new tax rules.

Shell has applied the exception, as set out in the amendments to IAS 12, to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to have a significant impact (see also Note 2).


Reconciliation of applicable tax charge at statutory tax rates to taxation charge


			$ million
	2023	2022	2021
Income before taxation	32,627	64,815	29,829
Less: share of profit of joint ventures and associates	(3,725)	(3,972)	(4,097)
Income before taxation and share of profit of joint ventures and associates	28,902	60,843	25,732
Applicable tax charge at standard statutory tax rates	11,921	22,170	10,097
Adjustments in respect of prior periods	(12)	(424)	(1,036)
Tax effects of:
Expenses not deductible for tax purposes	1,225	849	893
Incentives for investment and development	(553)	(1,388)	(467)
Derecognition/(recognition) of deferred tax assets	243	(457)	(113)
Changes in tax rates and legislation	242	785	10
Income not subject to tax at standard statutory rates	(213)	234	90
Disposals	(113)	39	(328)
Exchange rate differences	89	(102)	53
Other reconciling items	162	235	—
Taxation charge	12,991	21,941	9,199
Weighted average of statutory tax rates [A]	41%	36%	39%
Effective tax rate based on income before taxation [B]	40%	34%	31%
Effective tax rate based on income before taxation excluding share of profit of joint ventures and associates [C]	45%	36%	36%

[B]The effective tax rate based on income before taxation is calculated by dividing Taxation charge by Income before taxation.

22. Taxation continued

Compared with 2022, the increase in the weighted average of statutory tax rates reflects a higher proportion of earnings mainly in the Upstream segment subject to relatively higher tax rates.


2023 – Deferred tax


								$ million
Deferred tax asset	Decommissioning and other provisions		Property, plant and equipment		Tax losses and credits carried forward	Retirement benefits	Other	Total
At January 1, 2023	6,049		4,290		6,446	1,977	4,827	23,589
(Charge)/credit to income	61		(680)		(2,025)	27	557	(2,060)
Currency translation differences	89		18		66	28	(11)	190
Other comprehensive income	—		—		(5)	104	23	122
Other movements	1,378	[A]	(2,044)	[A]	(202)	(386)	(964)	(2,218)
At December 31, 2023	7,577		1,584		4,280	1,750	4,432	19,623
Deferred tax liability
At January 1, 2023			(24,818)			(3,189)	(3,953)	(31,960)
Credit/(charge) to income			2,109			(228)	(168)	1,713
Currency translation differences			(173)			227	—	54
Other comprehensive income			(3)			(90)	(3)	(96)
Other movements			889			400	484	1,773
At December 31, 2023			(21,996)			(2,880)	(3,640)	(28,516)
Net deferred tax liability at December 31, 2023								(8,893)
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2023
Deferred tax asset								6,454
Deferred tax liability								(15,347)

[A]Includes the impact of the IAS 12 amendments Deferred Tax related to Assets and Liabilities arising from a Single Transaction. (See Note 2).


2022 – Deferred tax


						$ million
Deferred tax asset	Decommissioning and other provisions	Property, plant and equipment	Tax losses and credits carried forward	Retirement benefits	Other	Total
At January 1, 2022	6,562	4,993	10,518	2,744	4,545	29,362
(Charge)/credit to income	(217)	(1,261)	(3,434)	(66)	160	(4,818)
Currency translation differences	(303)	(63)	(426)	(40)	(109)	(941)
Other comprehensive income	—	—	18	(618)	70	(530)
Other movements	7	621	(230)	(43)	161	516
At December 31, 2022	6,049	4,290	6,446	1,977	4,827	23,589
Deferred tax liability
At January 1, 2022		(23,144)		(2,736)	(3,603)	(29,483)
(Charge)/credit to income		(1,503)		93	(277)	(1,687)
Currency translation differences		380		287	170	837
Other comprehensive income		4		(870)	18	(848)
Other movements		(555)		37	(261)	(779)
At December 31, 2022		(24,818)		(3,189)	(3,953)	(31,960)
Net deferred tax asset at December 31, 2022						(8,371)
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2022
Deferred tax asset						7,815
Deferred tax liability						(16,186)

The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities.

22. Taxation continued

Other movements in deferred tax assets and liabilities relates to acquisitions, sales of non-current assets and businesses.

The deferred tax category Other primarily includes deferred tax positions in respect of leases, financial assets and liabilities, inventories, intangible assets other than goodwill and investments in subsidiaries, joint ventures and associates.

The deferred tax category Property, plant and equipment also includes deferred tax positions in respect of investments in partnerships in the USA which are considered pass-through entities by its parent for tax purposes.

Deferred tax assets of $6,454 million (2022: $7,815 million) are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those assets are likely to be recovered, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets. It is considered probable based on business forecasts that such taxable profits will be available. For Marketing, as well as Chemicals and Products, additional judgement is required; in some jurisdictions the assessment of forecasted taxable profits resulting in deferred tax asset recognition of $455 million (2022: $382 million) extends for an additional 10 years beyond Shell's regular 10-year planning horizon. In those situations, additional risking has been applied to the forecast of taxable profits. For Integrated Gas and Upstream, deferred tax assets recognised are expected to be recovered within the period of production of each asset. For deferred tax assets of $241 million (2022: $303 million) as at December 31, 2023, this period extends beyond 10 years.

The amount of deferred tax assets which are dependent on future taxable profits not arising from the reversal of existing deferred tax liabilities, and which relate to tax jurisdictions where Shell has suffered a loss in the current or preceding year, was $2,027 million at December 31, 2023 (2022: $4,202 million). The decrease compared with 2022 is primarily attributable to the utilisation of deferred tax assets in 2023 and a higher number of entities which have generated profit in both the current and preceding year.


Expected expiration of unused tax losses, unrecognised deductible temporary differences and tax credits


		$ million
Expected expiration	Dec 31, 2023	Dec 31, 2022

Less than one year	1,496	1,034
Between 1 and 5 years	1,475	3,257
5 years and later [A]	71,709	72,032
Total	74,680	76,323

Unrecognised taxable temporary differences associated with undistributed retained earnings of investments in subsidiaries, joint ventures and associates amounted to $5,311 million at December 31, 2023 (2022: $5,521 million). These retained earnings are subject to withholding tax upon distribution.

Excluding unrecognised tax losses for PRRT, the unrecognised deductible temporary differences, unused tax losses and credits carried forward amounted to $28,460 million at December 31, 2023 (2022: $32,491 million), and included amounts of $25,489 million (2022: $28,199 million) that are subject to time limits for utilisation of five years or later, or are not time limited.

Joint ventures and associates

12 Months Ended

Dec. 31, 2023

Interests In Other Entities [Abstract]

Joint Ventures and Associates

Joint ventures and associates


Shell share of comprehensive income of joint ventures and associates


									$ million
	2023			2022					2021
	Joint ventures	Associates	Total		Joint ventures	Associates		Total		Joint ventures	Associates	Total
Income for the period	1,619	2,106	3,725		2,589	1,383	[A]	3,972		1,955	2,142	4,097
Other comprehensive (loss)/income for the period	(183)	—	(183)		21	—		21		(106)	—	(106)
Comprehensive income for the period	1,436	2,106	3,542		2,610	1,383		3,993		1,849	2,142	3,991

[A]Includes an impairment charge of $1,614 million related to Sakhalin-2. (See Note 14).


Carrying amount of interests in joint ventures and associates

$ million

Dec 31, 2023

Dec 31, 2022

Joint
ventures

Associates

Total

Joint
ventures

Associates

Total

Net assets

17,382

7,075

24,457

17,056

6,808

23,864


Transactions with joint ventures and associates [A]


	$ million
	2023	2022	2021
Sales and charges to joint ventures and associates	10,223	12,230	8,509
Purchases and charges from joint ventures and associates	15,084	22,286	13,584

[A]Includes 25% (2022: 29%) of sales and 19% (2022: 16%) purchases in transactions with one joint venture operating in the oil trading business.

These transactions principally comprise sales and purchases of goods and services in the ordinary course of business. Related balances outstanding at December 31, 2023, and 2022, are presented in Notes 15 and 19.


Other arrangements in respect of joint ventures and associates


	$ million
	Dec 31, 2023	Dec 31, 2022
Commitments to make purchases from joint ventures and associates [A]	1,397	1,234
Commitments to provide debt or equity funding to joint ventures and associates	405	567

Investments in securities - Summary of Investments in Securities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Investments In Securities [Line Items]
Investments in securities	$ 3,246	$ 3,362
At fair value
Disclosure Of Investments In Securities [Line Items]
Investments in securities	3,218	3,341
At fair value \| Measured by reference to prices in active markets for identical assets
Disclosure Of Investments In Securities [Line Items]
Investments in securities	1,983	1,884
At fair value \| Measured by reference to other observable inputs
Disclosure Of Investments In Securities [Line Items]
Investments in securities	92	158
At fair value \| Measured using predominantly unobservable inputs
Disclosure Of Investments In Securities [Line Items]
Investments in securities	1,143	1,299
At cost
Disclosure Of Investments In Securities [Line Items]
Investments in securities	28	21
Equity securities
Disclosure Of Investments In Securities [Line Items]
Investments in securities	1,605	1,533
Equity securities at fair value through other comprehensive income	1,605	1,533
Debt securities
Disclosure Of Investments In Securities [Line Items]
Investments in securities	1,641	1,829
Equity securities at fair value through other comprehensive income	1,285	1,308
Debt securities at amortised cost	28	21
Debt securities at fair value through profit or loss	$ 328	$ 500

Interest expense (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Interest Expense


$ million
	2023	2022	2021
Interest incurred and similar charges	2,669	1,971	2,086
Interest expense related to leases	1,772	1,724	1,987
Less: interest capitalised	(532)	(950)	(917)
Other net losses/(gains) on fair value and cash flow hedges of debt	45	(71)	1
Accretion expense	719	507	450
Total	4,673	3,181	3,607

Retirement benefits - Summary of Remeasurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Actuarial (losses)/gains on obligations:
Total	$ (2,375)	$ 27,943	$ 2,001
Return on plan assets in excess/(shortage) of interest income	1,243	(20,612)	8,185
Other movements	44	(349)	5
Total remeasurements	(1,088)	6,982	10,191
Pensions
Actuarial (losses)/gains on obligations:
Due to changes in financial assumptions	(1,513)	28,840	1,915
Due to experience adjustments	(491)	(2,956)	136
Due to changes in demographic assumptions	(299)	27	(320)
OPEB
Actuarial (losses)/gains on obligations:
Due to changes in financial assumptions	(264)	527	59
Due to experience adjustments	230	1,480	322
Due to changes in demographic assumptions	(38)	$ 25	$ (111)
Adjustments for prescription drug rebates	$ 782

Financial instruments - Unrecognised Day One Gains or Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of aggregate difference between fair value at initial recognition and transaction price yet to be recognised in profit or loss [abstract]
Beginning balance	$ 1,620	$ 1,024
Movements	(13)	596
Ending balance	$ 1,607	$ 1,620

Financial instruments - Summary of Net Carrying Amounts of Derivative Contracts Measured Using Predominantly Unobservable Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Beginning balance	$ (2,323)
Ending balance	4,069	$ (2,323)
Unobservable inputs
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items]
Beginning balance	1,909	389
Net gains recognised in revenue	576	1,190
Purchases	271	886
Sales	(185)	(623)
Settlements	(125)	46
Recategorisations (net)	25	17
Currency translation differences	(5)	4
Ending balance	$ 2,466	$ 1,909

Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, plant and equipment [abstract]

Summary of PPE


Carrying amount of Integrated Gas and Upstream assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
Integrated Gas	95	94	91	93	79	75	75	72
Upstream	136	128	123	119	106	91	88	84
Total at December 31	231	222	214	212	185	166	163	156

4. Climate change and energy transition continued


Carrying amount of production assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
At December 31	169	154	149	141	125	112	111	105
Right of use assets				9	7	6	6	6
Total at December 31	169	154	149	150	132	118	117	111


Carrying amount of exploration and evaluation assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
At December 31	19	19	18	15	9	7	6	5


Carrying amount of Chemicals and Production assets


								$ billion
	2016	2017	2018	2019	2020	2021	2022	2023
Chemicals	15	16	18	22	25	27	28	25
Refineries	10	14	14	13	7	6	6	6
Other	1	8	7	12	11	11	11	13
Total at December 31	26	38	39	47	43	44	45	44


Carrying amount of Marketing assets


							$ billion
	2017	2018	2019	2020	2021	2022	2023
At December 31	15	15	20	23	25	29	34


Carrying amount of Renewables and Energy Solutions assets


							$ billion
	2017	2018	2019	2020	2021	2022	2023
At December 31	1	1	3	3	5	9	10


2023 [A]


	$ million
	Exploration and production
	Exploration and evaluation	Production	Manufacturing, supply and distribution	Other	Total
Cost
At January 1	11,565	277,016	106,785	39,595	434,961
Additions	2,161	10,731	5,910	7,029	25,831
Sales, retirements and other movements [B]	(5,164)	(1,153)	(1,016)	(1,387)	(8,720)
Reclassifications [C]	—	(2,779)	527	2,252	—
Currency translation differences	73	1,855	863	207	2,998
At December 31	8,635	285,670	113,069	47,696	455,070
Depreciation, depletion and amortisation, including impairments
At January 1	5,162	159,662	56,901	14,594	236,319
Charge for the year [D]	731	18,202	8,295	2,687	29,915
Sales, retirements and other movements [B]	(2,609)	(2,000)	(2,083)	(1,394)	(8,086)
Reclassifications [C]	—	(2,217)	63	2,154	—
Currency translation differences	39	1,326	650	72	2,087
At December 31	3,323	174,973	63,826	18,113	260,235
Carrying amount at December 31	5,312	110,697	49,243	29,583	194,835

[A]Includes right-of-use assets under leases. (See Note 21).

[B]Includes the reclassification of assets classified as held for sale. (See Note 18).

[C]Reclassifications of right-of-use assets. (See Note 21).

[D]Includes impairment losses and reversals. (See Note 12).


2022 [A]


	$ million
	Exploration and production
	Exploration and evaluation	Production	Manufacturing, supply and distribution	Other	Total
Cost
At January 1	12,679	285,903	104,182	34,005	436,769
Additions	1,564	11,954	6,928	7,808	28,254
Sales, retirements and other movements [B]	(2,469)	(14,541)	(2,548)	(242)	(19,800)
Currency translation differences	(209)	(6,300)	(1,777)	(1,976)	(10,262)
At December 31	11,565	277,016	106,785	39,595	434,961
Depreciation, depletion and amortisation, including impairments
At January 1	5,580	167,530	55,131	13,596	241,837
Charge for the year [C]	397	9,709	5,149	2,055	17,310
Sales, retirements and other movements [B]	(765)	(13,207)	(2,054)	(396)	(16,422)
Currency translation differences	(50)	(4,370)	(1,325)	(661)	(6,406)
At December 31	5,162	159,662	56,901	14,594	236,319
Carrying amount at December 31	6,403	117,354	49,884	25,001	198,642

[A]Includes right-of-use assets under leases. (See Note 21).

[B]Includes the reclassification of assets classified as held for sale. (See Note 18).

[C]Includes impairment losses and reversals. (See Note 12).

Summary of capitalised exploration drilling costs


	$ million
	2023	2022	2021
At January 1	2,911	3,015	3,654
Additions pending determination of proved reserves	1,967	1,298	1,024
Amounts charged to expense	(868)	(881)	(639)
Reclassifications to productive wells on determination of proved reserves	(874)	(531)	(577)
Other movements	—	10	(447)
At December 31	3,136	2,911	3,015


	Projects		Wells
	Number	$ million	Number	$ million
Between 1 and 5 years	13	721	14	353
Between 6 and 10 years	6	704	22	708
Between 11 and 15 years	2	69	20	390
Between 16 and 20 years	2	124	8	167
Total	23	1,618	64	1,618

Retirement benefits

12 Months Ended

Dec. 31, 2023

Employee Benefits [Abstract]

Retirement Benefits

Retirement benefits

Retirement benefits are provided in most of the countries where Shell has operational activities. Shell offers these benefits through funded and unfunded defined benefit plans and defined contribution plans. The most significant pension plans are in the Netherlands, UK and USA.

Other post-employment benefits (OPEB) comprising retirement health care and life insurance are also provided in certain countries. The most significant OPEB plan is in the USA.

23. Retirement benefits continued


Financial position


	$ million
	Dec 31, 2023	Dec 31, 2022
Obligations	(78,024)	(73,481)
Plan assets	79,961	76,756
Asset ceilings	(335)	(371)
Surplus	1,602	2,904
Retirement benefits in the Consolidated Balance Sheet:
Non-current assets	9,151	10,200
Non-current liabilities:	(7,549)	(7,296)
Non-current liabilities - Pensions	(4,448)	(4,417)
Non-current liabilities - OPEB	(3,101)	(2,879)
Total	1,602	2,904


Retirement benefit expense


	$ million
	2023	2022	2021
Defined benefit plans:
Current service cost, net of plan participants' contributions	731	1,100	1,385
Interest expense on defined pension benefit obligations	3,072	1,584	1,223
Interest income on plan assets	(3,417)	(1,732)	(1,160)
Interest expense on OPEB obligations	166	120	128
Current OPEB service cost	36	57	60
Other [A]	262	246	(343)
Total	850	1,375	1,293
Defined contribution plans	474	420	403
Total retirement benefit expense	1,324	1,795	1,696

[A]Mainly related to plan amendments and curtailments on pension and OPEB plans.

Retirement benefit expenses are presented principally within production and manufacturing expenses and selling, distribution and administrative expenses in the Consolidated Statement of Income. Interest income on plan assets is calculated using the same rate as that applied to the related defined benefit obligations for each plan to determine interest expense.


Remeasurements


	$ million
	2023	2022		2021
Actuarial (losses)/gains on obligations:
Due to changes in financial assumptions on pensions [A]	(1,513)	28,840		1,915
Due to changes in financial assumptions on OPEB [A]	(264)	527		59
Due to experience adjustments on pensions [B]	(491)	(2,956)		136
Due to experience adjustments on OPEB [B]	230	1,480	[C]	322
Due to changes in demographic assumptions on pensions [D]	(299)	27		(320)
Due to changes in demographic assumptions on OPEB [D]	(38)	25		(111)
Total	(2,375)	27,943		2,001
Return on plan assets in excess/(shortage) of interest income	1,243	(20,612)		8,185
Other movements	44	(349)		5
Total remeasurements	(1,088)	6,982		10,191

[A]Mainly relates to changes in the discount rate and inflation assumptions.

[B]Experience adjustments arise from differences between the actuarial assumptions made in respect of the year and actual outcomes.

[C]Includes $782 million to reflect the impact of prescription drug rebates.

[D]Mainly relates to updates in mortality assumptions.

23. Retirement benefits continued

Defined benefit plan obligations


2023


	$ million, except where indicated
	Pension benefits					Other post-employment benefits
	The Netherlands	UK	USA	Rest of the world		OPEB [A]	Total
At January 1	24,608	17,791	14,793	13,410		2,879	73,481
Current service cost	184	145	215	179		36	759
Interest expense	904	881	695	592		166	3,238
Actuarial losses	929	257	832	285		72	2,375
Benefit payments	(1,032)	(1,014)	(956)	(757)		(88)	(3,847)
Other movements	252	—	—	(63)		—	189
Currency translation differences	901	1,014	—	(122)		36	1,829
At December 31	26,746	19,074	15,579	13,524	[B]	3,101	78,024
Comprising:
Funded pension plans	26,746	18,734	14,695	11,298			71,473
Weighted average duration	16 years	15 years	11 years	13 years			14 years
Unfunded pension plans		340	884	2,226		—	3,450
Weighted average duration		16 years	8 years	11 years			11 years
Unfunded OPEB plans						3,101	3,101
Weighted average duration						13 years	13 years

[A]Mainly related to post-retirement medical benefits in the USA.

[B]Rest of the world includes pension plans in Germany ($3,647 million) and Canada ($3,930 million) which are the largest pension plans in this category.


2022


	$ million, except where indicated
	Pension benefits					Other post-employment benefits
	The Netherlands	UK	USA	Rest of the world		OPEB [A]	Total
At January 1	35,340	29,913	19,003	18,213		4,867	107,336
Current service cost	286	259	282	261		57	1,145
Interest expense	298	489	417	380		120	1,704
Actuarial gains	(8,806)	(9,793)	(3,730)	(3,582)		(2,032)	(27,943)
Benefit payments	(942)	(1,124)	(1,088)	(771)		(178)	(4,103)
Other movements	374	130	(91)	(154)		37	296
Currency translation differences	(1,942)	(2,083)	—	(937)		8	(4,954)
At December 31	24,608	17,791	14,793	13,410	[B]	2,879	73,481
Comprising:
Funded pension plans	24,608	17,474	13,925	11,258			67,265
Weighted average duration	17 years	15 years	12 years	13 years			15 years
Unfunded pension plans		317	868	2,152			3,337
Weighted average duration		15 years	9 years	12 years			11 years
Unfunded OPEB plans						2,879	2,879
Weighted average duration						14 years	14 years

[A]Mainly related to post-retirement medical benefits in the USA.

[B]Rest of the world includes pension plans in Germany ($3,477 million) and Canada ($3,482 million) which are the largest pension plans in this category.

23. Retirement benefits continued

Defined benefit plan assets


2023


	$ million, except where indicated
	Pension benefits
	The Netherlands	UK	USA	Rest of the world		Total
At January 1	27,986	21,963	14,243	12,564		76,756
Return on plan assets in excess of interest income	833	(999)	609	800		1,243
Interest income	1,035	1,094	679	609		3,417
Employer contributions [A]	419	34	274	(23)		704
Plan participants' contributions	11	16	—	7		34

Benefit payments	(1,032)	(1,014)	(957)	(703)		(3,706)
Other movements	(6)	(16)	(13)	17		(18)
Currency translation differences	1,020	1,242	—	(731)		1,531
At December 31	30,266	22,320	14,835	12,540	[B]	79,961

[A]Includes the netted amount of $225 million received from the captive structure in relation to pension plans reinsured in Rest of the world.

[B]Rest of the world includes pension plans in Germany ($2,730 million) and Canada ($3,504 million) which are the largest pension plans in this category.


2022


	$ million, except where indicated
	Pension benefits
	The Netherlands	UK	USA	Rest of the world		Total
At January 1	37,096	33,720	18,055	15,624		104,495
Return on plan assets in excess of interest income	(6,576)	(8,682)	(3,523)	(1,831)		(20,612)
Interest income	314	552	406	460		1,732
Employer contributions	228	54	408	41		731
Plan participants' contributions	11	16	—	5		32

Benefit payments	(942)	(1,124)	(1,088)	(735)		(3,889)
Other movements	(9)	150	(15)	(184)		(58)
Currency translation differences	(2,136)	(2,723)	—	(816)		(5,675)
At December 31	27,986	21,963	14,243	12,564	[A]	76,756

[A]Rest of the world includes pension plans in Germany ($2,538 million) and Canada ($3,497 million) which are the largest pension plans in this category.


Type of pension assets


	2023	2022
Quoted in active markets:
Equities	12%	13%
Debt securities	71%	70%
Real estate	1%	—%
Other	—%	1%
Unquoted
Equities	12%	13%
Debt securities	4%	2%
Real estate	7%	7%
Investment funds	3%	4%
Debt repurchase agreements [A]	(11)%	(14)%
Cash	1%	4%

Employer contributions to funded defined benefit pension plans are based on actuarial valuations in accordance with local regulations and are estimated to be $480 million in 2024.

23. Retirement benefits continued

Characteristics of significant defined benefit and defined contribution plans and regulatory framework

The Netherlands

The principal defined benefit pension plan in the Netherlands is a funded career-averaged pension arrangement with retired employees drawing benefits as an annuity, with a surplus of $3,520 million reported as at December 31, 2023, (2022: $3,378 million surplus). While the plan was closed to employees hired or rehired after July 1, 2013, it currently remains open for ongoing accrual for existing active members. Active members account for 23% (2022: 23%) of the total defined benefit liability in the Netherlands. From July 1, 2013 onwards, new employees in the Netherlands are entitled to membership of a defined contribution pension plan.

In line with Dutch regulations, the defined benefit pension plan has a joint Trustee Board with trustee representatives nominated by the Company, the Central Staff Council and retired members. The defined benefit pension plan also has an Accountability Council comprised of members nominated by the Company, the Central Staff Council and retired members. Furthermore, there is a Supervisory Committee, which includes external experts from the pension industry, to oversee management, compliance and operations of the fund. The defined contribution pension plan has a one-tier Trustee Board with an independent chair, trustee representatives nominated by the Company and the Central Staff Council, as well as two executive board members. The defined contribution fund also has an Accountability Council comprised of members nominated by the Company and the Central Staff Council. Both Trustee Boards are responsible for administering the plans in line with the Dutch "Pensioen Wet" (PW), including corporate governance, investment strategy for the pension plans' assets and paying member benefits, and are required to act in the best interests of the members.

As per July 1, 2023, new pension legislation ("Wet Toekomst Pensioenen") came into effect in the Netherlands which needs to be implemented latest January 2028. This legislation aims to create a more resilient and adaptable pensions system that can better accommodate demographic changes and economic fluctuations while providing adequate retirement income. The legislation requires all future pension accruals to be in a defined contribution framework and also intends that benefits accrued in pension funds are converted into a defined contribution framework. The new regulatory framework will have an impact on both the defined benefit pension plan and the defined contribution pension plan. The necessary changes to the pension plans require Central Staff Council consent and acceptance by the Trustee Boards of the pension plans. It is our expectation that consent will be obtained during 2024 and that following this, a transition plan will be offered to the Trustee Boards for acceptance. Shell will continue to monitor and take appropriate actions when and as necessary, as required by the law. There remains a degree of uncertainty regarding the potential outcome and impact on Shell's earnings, cash flows and financial position.

The three largest defined benefit pension plans for employees in the UK are funded final salary pension arrangements with retired employees mainly drawing benefits as an annuity with the option to take a portion as a lump sum. The three plans are separate and independent plans and cannot be netted against each other. In total, the plans reported a surplus of $3,246 million as at December 31, 2023 (2022: surplus of $4,172 million), which is after netting of unfunded plans of $340 million (2022: $317 million) which are reported as non-current liabilities on the balance sheet. All three plans were closed to new employees hired or rehired. However, two plans currently remain open for ongoing accrual for existing active members. Active members account for 16% (2022: 17%) of the total defined benefit liability in the UK. From March 1, 2013, onwards new employees in the UK are entitled to membership of a defined contribution pension plan.

In line with UK regulations, the principal defined benefit pension plan is governed by a corporate trustee whose board is comprised of four trustee directors nominated by the Company, including the chair and four member-nominated trustee directors. The defined contribution pension plan is governed by a corporate trustee whose board is comprised of three company-nominated directors, including the chair and two member-nominated trustee directors. The trustees are responsible for administering the plans in line with the Trust Deed and Regulations, including setting the investment strategy for the pension plans' assets and paying member benefits, and are required to act in the best interests of the members of the pension plans.

USA

The principal defined benefit pension plan in the USA is a funded final average pay pension plan with a surplus of $140 million reported as at December 31, 2023 (2022: $318 million surplus). After retirement, all retirees can choose to draw their benefits as an annuity, whereas others also have the choice to take their benefit in a lump sum. There is also an unfunded defined benefit pension plan with a deficit of $884 million (2022: $868 million deficit). The benefits under this plan are taken primarily in a lump sum. In addition, the Company provides a defined contribution benefit plan. The funded defined benefit, unfunded defined benefit, and Shell's defined contribution pension plans are subject to the provisions of the Employee Retirement Income Security Act (ERISA). Active members account for 23% (2022: 24%) of the total defined benefit liability in the USA.

Both the funded defined benefit pension plan and the defined contribution pension plan are governed by trustees who are appointed by the Plan Sponsor and are named fiduciaries with respect to the plans. The trustees are generally responsible for investment-related matters, appointing the Plan Administrator, maintaining general oversight and deciding appeals of participants.

In line with Shell group's strategic objectives and risk management, on January 30, 2024, the principal defined benefit pension plan in the USA, Shell Pension Plan, entered into a contract with "The Prudential Insurance Company of America" to settle $5,052 million of pension liabilities. The settlement price consisted of $4,920 million of pension assets. As a result of this transaction, all legal and constructive obligations for a tranche of benefits provided by the Shell Pension Plan have been eliminated. A gain on settlement of $101 million (after tax) will be recognised in Shell's Consolidated Statement of Income in 2024.

23. Retirement benefits continued

USA OPEB

The Company also sponsors "other post-retirement employee benefits" (OPEB), mainly in the USA. The OPEB plans in the USA provide medical, dental and vision benefits, as well as life insurance benefits to eligible retired employees. The plans are unfunded, and the Company and retirees share the costs with a deficit of $2,267 million reported as at December 31, 2023 (2022: $2,135 million deficit). The plan that provides post-retirement medical benefits in the USA is closed to employees hired or rehired on or after January 1, 2017. Certain life insurance benefits are paid by the Company.

Significant funding requirements:

￮Additional contributions to the Dutch defined benefit pension plan would be required if the 12-month rolling average local funding percentage falls below 105% for six months or more. At the most recent (2023) funding valuation, the local funding percentage was above this level.

￮There are no set minimum statutory funding requirements for the UK plans. A professional qualified independent actuary, appointed by the trustee board, undertakes a local funding valuation typically every three years. The most recent completed funding valuation for the principal defined benefit plan was undertaken as at December 31, 2020, and revealed a funding ratio of 103% and therefore no sponsor contributions (except for salary sacrifice contributions) were payable under the schedule of contributions.

￮Under the Pension Protection Act, US pension plans are subject to minimum required contribution levels based on the funding position.
No contributions are required based on the most recent funding valuation.

Associated risks to which retirement benefits are exposed

There are inherent risks associated with defined benefit pension and OPEB plans. These risks are related to various assumptions made on valuation of the liabilities and the cash funding requirement of the underlying plans. Volatility in capital markets or government policies, and the resulting consequences for investment performance, interest and inflation rates, as well as changes in assumptions for mortality, retirement age or pensionable remuneration at retirement, could result in significant changes to the funding level of future liabilities. In case of a shortfall, there could be a requirement to make substantial cash contributions (depending on the applicable local regulations).

These inherent risks are managed by a pension forum, chaired by the Chief Financial Officer, which oversees Shell's pension strategy, policy and operations. The forum is supported by a risk committee in reviewing the results of the assurance process with respect to pension risk.

Investment strategies

Long-term investment strategies of plans are generally determined by the relevant pension plan trustees using a structured asset/liability modelling approach to define the asset mix that best meets the objectives of optimising returns within agreed risk levels, while maintaining adequate funding levels.

Principal and actuarial assumptions

The principal assumptions applied in determining the present value of defined benefit obligations and their bases were as follows:

￮rates of increase in pensionable remuneration, pensions in payment and health-care costs: historical experience and management's
long-term expectation;

￮discount rates: prevailing long-term AA corporate bond yields, chosen to match the currency and duration of the relevant obligation; and

￮mortality rates: published standard mortality tables for the individual countries concerned adjusted for Shell experience where statistically significant.

The weighted averages for those assumptions and related sensitivity information as at December 31, 2023 are presented below. Sensitivity information indicates by how much the defined benefit obligations would increase or decrease if a given assumption were to increase or decrease with no change in other assumptions. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. The weighted averages are at nominal terms and based on market expectations at December 31, 2023.

23. Retirement benefits continued


			$ million, except where indicated
			Effect of using alternative assumptions
	Assumptions used at nominal rates		Increase/(decrease) in defined benefit obligations
	Dec 31, 2023	Dec 31, 2022	Range of assumptions	Dec 31, 2023		Dec 31, 2022
Rate of increase in pensionable remuneration [A]	3.9%	4.0%	-1% to +1%	(828)	915	(833)	921
of which the Netherlands	3.3%	3.3%
of which UK	4.1%	4.1%
of which USA	4.6%	4.6%
Rate of increase in pensions in payment	1.9%	2.1%	-1% to +1%	(5,599)	6,713	(5,542)	6,657
of which the Netherlands	2.4%	2.6%
of which UK	2.8%	3.0%
of which USA	—%	—%
Discount rate for pension plans	4.1%	4.5%	-1% to +1%	10,560	(8,472)	10,522	(8,328)
of which the Netherlands	3.3%	3.7%
of which UK	4.6%	4.8%
of which USA	4.9%	5.0%
Inflation rate for defined benefit obligation [B]	2.0%	2.2%	-1% to +1%	(6,034)	7,300	(6,002)	7,271
of which the Netherlands	2.4%	2.6%
of which UK	2.9%	3.1%

Expected age at death for persons aged 60:
Men	88 years	87 years	-1 year to +1 year	(1,166)	1,143	(1,130)	1,103
of which the Netherlands	88 years	88 years
of which UK	87 years	87 years
of which USA	87 years	85 years
Women	89 years	89 years	-1 year to +1 year	(1,006)	1,041	(993)	1,077
of which the Netherlands	90 years	89 years
of which UK	89 years	90 years
of which USA	89 years	86 years
Rate of increase in health-care costs [C]	7.0%	6.4%	-1% to +1%	(338)	422	(298)	372
Discount rate for health-care plans [C]	5.6%	5.7%	-1% to +1%	457	(358)	401	(309)

[A]Based on active members.

[B]Excluding US funds in the weighted average inflation rate, because of the insignificant impact on the defined benefit obligation.

[C]Mainly related to post-retirement health-care benefits in the USA.

Auditor's remuneration

12 Months Ended

Dec. 31, 2023