Document

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

For the month of May 2024
Commission File Number: 1-32575
Shell plc
(Exact name of registrant as specified in its charter)
England and Wales
(Jurisdiction of incorporation or organization)
Shell Centre
London, SE1 7NA
United Kingdom
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form
40-F.
Form 20-F þ Form 40-F ¨




Shell plc (the “Registrant”) is filing the following exhibits on this Report on Form 6-K, each of which is hereby incorporated by reference:
Exhibit
No.Description
Regulatory release.
Shell plc – Three month period ended March 31, 2024 Unaudited Condensed Interim Financial Report.
This Report on Form 6-K contains the Unaudited Condensed Interim Financial Report. This Unaudited Condensed Interim Financial Report contains the Unaudited Condensed Interim Consolidated Financial Statements of the Registrant and its subsidiaries for the three month period ended March 31, 2024, and Business Review in respect of such period.
This Report on Form 6-K is incorporated by reference into:
(a) the Registration Statement on Form F-3 of Shell plc, Shell Finance US Inc. and Shell International Finance B.V. (Registration Numbers 333-276068, 333-276068-01 and 333-276068-02); and

b) the Registration Statements on Form S-8 of Shell plc (Registration Numbers 333-262396 and 333-272192).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Shell plc
(Registrant)
By:/s/ Caroline J.M. Omloo
Name: Caroline J.M. Omloo
Title: Company Secretary
Date: May 2, 2024


Document

Exhibit 99.1
Regulatory release

Three month period ended March 31, 2024
Unaudited Condensed Interim Financial Report
On May 2, 2024, Shell plc released the Unaudited Condensed Interim Financial Report for the three month period ended March 31, 2024, of Shell plc and its subsidiaries (collectively, “Shell”).
Contact – Media
International: +44 (0) 207 934 5550
USA: +1 832 337 4355


Document

Exhibit 99.2
Shell plc
Three month period ended March 31, 2024
Unaudited Condensed Interim Financial Report
Shell plc            Unaudited Condensed Interim Financial Report            1


SHELL PLC
1st QUARTER 2024 UNAUDITED RESULTS
SUMMARY OF UNAUDITED RESULTS
Quarters$ million
Q1 2024Q4 2023Q1 2023Reference
7,358474 8,709 +1,453Income/(loss) attributable to Shell plc shareholders
7,734 7,306 9,646 +6Adjusted EarningsA
18,711 16,335 21,432 +15Adjusted EBITDAA
13,330 12,575 14,159 +6Cash flow from operating activities
(3,528)(5,657)(4,238)Cash flow from investing activities
9,802 6,918 9,921 Free cash flowG
4,493 7,113 6,501 Cash capital expenditureC
8,997 10,897 9,312 -17Operating expensesF
9,054 10,565 9,293 -14Underlying operating expensesF
12.0%12.8%18.1%
ROACE2
D
79,931 81,541 85,142 Total debtE
40,51343,542 44,224 Net debtE
17.7%18.8%18.4%GearingE
2,911 2,827 2,902 +3Oil and gas production available for sale (thousand boe/d)
1.140.071.26+1,529Basic earnings per share ($)
1.201.111.39+8Adjusted Earnings per share ($)B
0.34400.34400.2875Dividend per share ($)
1.Q1 on Q4 change
2.Effective first quarter 2024, the definition has been amended and comparative information has been revised. See Reference D.
Quarter Analysis1
Income attributable to Shell plc shareholders, compared with the fourth quarter 2023, reflected lower operating expenses, higher margins from crude and oil products trading and optimisation, and higher refining margins, partly offset by lower LNG trading and optimisation margins, and unfavourable tax movements in comparison to the fourth quarter 2023.
First quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements due to the fair value accounting of commodity derivatives, and favourable differences in exchange rates and inflationary adjustments on deferred tax. These items are included in identified items amounting to a net loss of $0.6 billion in the quarter. This compares with identified items in the fourth quarter 2023 which amounted to a net loss of $6.0 billion, and included net impairment charges and reversals ($3.9 billion), and unfavourable movements due to the fair value accounting of commodity derivatives.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of negative $0.3 billion.
Cash flow from operating activities for the first quarter 2024 was $13.3 billion, and primarily driven by Adjusted EBITDA, partly offset by a working capital outflow of $2.8 billion, and tax payments of $2.6 billion. The working capital outflow mainly reflected accounts receivable and payable movements, and inventory movements due to higher crude and oil products prices.
Cash flow from investing activities for the quarter was an outflow of $3.5 billion, and included cash capital expenditure of $4.5 billion, and divestment proceeds of $1.0 billion.
Net debt and Gearing: At the end of the first quarter 2024, net debt was $40.5 billion, compared with $43.5 billion at the end of the fourth quarter 2023, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, interest payments, and lease additions. Gearing was 17.7% at the end of the first quarter 2024, compared with 18.8% at the end of the fourth quarter 2023, driven by lower net debt.
Shell plc            Unaudited Condensed Interim Financial Report            2


Shareholder distributions
Total shareholder distributions in the quarter amounted to $5.0 billion comprising repurchases of shares of $2.8 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the first quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the fourth quarter 2023 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the second quarter 2024 results announcement.
This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
3.Not incorporated by reference.
FIRST QUARTER 2024 PORTFOLIO DEVELOPMENTS
Upstream
In January 2024, we reached an agreement to sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance. Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.
Chemicals and Products
In January 2024, we announced the final investment decision to convert the hydrocracker of the Wesseling site at the Energy and Chemicals Park Rheinland in Germany into a production unit for Group III base oils, used in making high-quality lubricants such as engine and transmission oils. Crude oil processing will end at the Wesseling site by 2025 but will continue at the Godorf site.
Shell plc            Unaudited Condensed Interim Financial Report            3


PERFORMANCE BY SEGMENT
INTEGRATED GAS
Quarters$ million
Q1 2024Q4 2023Q1 2023Reference
2,761 1,733 2,412 +59
Segment earnings2
(919)(2,235)(2,506)Of which: Identified itemsA
3,680 3,968 4,919 -7
Adjusted Earnings2
A
6,136 6,584 7,484 -7
Adjusted EBITDA2
A
4,712 3,597 6,286 +31Cash flow from operating activitiesA
1,041 1,196 813 Cash capital expenditureC
137 113 138 +22Liquids production available for sale (thousand b/d)
4,954 4,570 4,825 +8Natural gas production available for sale (million scf/d)
992 901 970 +10Total production available for sale (thousand boe/d)
7.58 7.06 7.19 +7LNG liquefaction volumes (million tonnes)
16.87 18.09 16.97 -7LNG sales volumes (million tonnes)
1.Q1 on Q4 change
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.
Quarter Analysis1
Segment earnings, compared with the fourth quarter 2023, reflected the net effect of lower contributions from trading and optimisation and higher realised prices (decrease of $1,153 million), partly offset by favourable deferred tax movements ($327 million), higher volumes (increase of $276 million), and lower operating expenses (decrease of $213 million).
First quarter 2024 segment earnings also included unfavourable movements of $887 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases and sales. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These unfavourable movements are part of identified items and compare with the fourth quarter 2023 which included unfavourable movements of $1,587 million due to the fair value accounting of commodity derivatives, and impairment charges of $547 million.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA and working capital inflows of $275 million, partly offset by net cash outflows related to derivatives of $1,080 million, and tax payments of $467 million.
Total oil and gas production compared with the fourth quarter 2023 increased by 10% mainly due to lower maintenance at Prelude and Pearl GTL. LNG liquefaction volumes increased by 7% mainly due to lower maintenance at Prelude.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            4


UPSTREAM
Quarters$ million
Q1 2024Q4 2023Q1 2023Reference
2,272 2,1512,789 +6
Segment earnings2
339 (909)(21)Of which: Identified itemsA
1,933 3,060 2,810 -37
Adjusted Earnings2
A
7,888 7,872 8,849 
Adjusted EBITDA2
A
5,727 5,787 5,808 -1Cash flow from operating activitiesA
2,010 2,436 1,870 
Cash capital expenditure
C
1,331 1,361 1,346 -2Liquids production available for sale (thousand b/d)
3,136 2,952 3,078 +6Natural gas production available for sale (million scf/d)
1,872 1,870 1,877 Total production available for sale (thousand boe/d)
1.Q1 on Q4 change
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.
Quarter Analysis1
Segment earnings, compared with the fourth quarter 2023, reflected deferred tax help in the fourth quarter 2023 resulting in unfavourable tax movements ($852 million) and higher well write-offs (increase of $383 million).
Furthermore, the first quarter 2024 segment earnings included a gain of $460 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by net impairment charges and reversals of $102 million. These gains and charges are part of identified items, and compare with the fourth quarter 2023 which included net impairment charges and reversals of $454 million, charges of $424 million related to the impact of the weakening Argentine peso on a deferred tax position, and legal provisions of $358 million, partly offset by a gain of $182 million due to the impact of the discount rate change on provisions.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,802 million.
Total production was in line with the fourth quarter 2023. Higher scheduled maintenance was fully offset by improved performance and new oil delivery.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            5


MARKETING
Quarters$ million
Q1 2024Q4 2023Q1 2023
%¹
Reference
774 226 1,184 +242
Segment earnings2,3
(7)(567)238 
Of which: Identified items3
A
781 794 946 -2
Adjusted Earnings2,3
A
1,686 1,500 1,714 +12
Adjusted EBITDA2,3
A
1,319 1,767 2,101 -25
Cash flow from operating activities3
A
465 1,385 2,737 
Cash capital expenditure3
C
2,763 2,997 2,945 -8
Marketing sales volumes (thousand b/d)3
1.Q1 on Q4 change
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
3.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and 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.
Quarter Analysis1
Segment earnings, compared with the fourth quarter 2023, reflected lower operating expenses (decrease of $234 million), offset by higher tax charges (increase of $160 million) due to incidental tax helps in the fourth quarter 2023. Marketing margins were in line with the fourth quarter 2023 and included higher Lubricants margins due to seasonality offset by lower Mobility margins due to seasonality and lower Sectors and Decarbonisation margins.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.
Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $427 million, non-cash cost-of-sales (CCS) adjustments of $153 million and dividends (net of profits) from joint ventures and associates of $93 million. These inflows were partly offset by working capital outflows of $792 million and tax payments of $175 million.
Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2023, decreased mainly due to seasonality.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            6


CHEMICALS AND PRODUCTS
Quarters$ million
Q1 2024Q4 2023Q1 2023Reference
1,157 (1,828)1,753 +163
Segment earnings2,3
(458)(1,857)46 
Of which: Identified items3
A
1,615 29 1,707 +5,476
Adjusted Earnings2,3
A
2,826 670 2,915 +322
Adjusted EBITDA2,3
A
(349)1,150 1,275 -130
Cash flow from operating activities3
A
500 986 561 
Cash capital expenditure3
C
1,430 1,315 1,413 +9Refinery processing intake (thousand b/d)
2,883 2,588 2,831 11Chemicals sales volumes (thousand tonnes)
1.Q1 on Q4 change
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
3.Wholesale commercial fuels, previously reported in the Chemicals and Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024. Comparative information for the Marketing segment and the Chemicals and Products segment has been revised.

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).
Quarter Analysis1
Segment earnings, compared with the fourth quarter 2023, reflected higher Products margins (increase of $1,197 million) mainly driven by higher margins from trading and optimisation and higher refining margins due to higher utilisation and global supply disruptions. Segment earnings also reflected higher Chemicals margins (increase of $291 million) due to improved margin environment and utilisation and also included higher income from joint ventures and associates. In addition, the first quarter 2024 reflected lower operating expenses (decrease of $174 million).
First quarter 2024 segment earnings also included unfavourable movements of $319 million due to the fair value accounting of commodity derivatives and impairment charges of $152 million. These unfavourable movements and charges are part of identified items, and compare with the fourth quarter 2023 which included net impairment charges and reversals of $1,968 million mainly relating to the Chemicals assets in Singapore, and charges of $78 million related to redundancy and restructuring partly offset by favourable movements of $138 million due to the fair value accounting of commodity derivatives.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first quarter 2024, Chemicals had negative Adjusted Earnings of $113 million and Products had positive Adjusted Earnings of $1,729 million.
Cash flow from operating activities for the quarter was primarily driven by outflows relating to working capital of $2,639 million, commodity derivatives of $402 million, the timing impact of payments relating to emission certificates and biofuel programmes of $185 million, and legal provisions of $180 million. These outflows were partly offset by Adjusted EBITDA, and non-cash cost-of-sales (CCS) adjustments of $207 million.
Chemicals manufacturing plant utilisation was 73% compared with 62% in the fourth quarter 2023, due to lower planned and unplanned maintenance in North America.
Refinery utilisation was 91% compared with 81% in the fourth quarter 2023, due to lower planned maintenance in North America.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Shell plc            Unaudited Condensed Interim Financial Report            7


RENEWABLES AND ENERGY SOLUTIONS
Quarters$ million
Q1 2024Q4 2023Q1 2023Reference
553 (272)2,205 +303
Segment earnings2
390 (445)1,810 Of which: Identified itemsA
163 173 395 -6
Adjusted Earnings2
A
267 253 676 +6
Adjusted EBITDA2
A
2,466 (1,265)1,091 +295Cash flow from operating activitiesA
438 1,026 440 
Cash capital expenditure
C
77 68 68 +14
External power sales (terawatt hours)3
190 175 221 +9
Sales of pipeline gas to end-use customers (terawatt hours)4
1.Q1 on Q4 change
2.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
3.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.
4.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.
Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
Quarter Analysis1
Segment earnings, compared with the fourth quarter 2023, reflected lower margins (decrease of $233 million) mainly due to trading and optimisation, partly offset by lower operating expenses (decrease of $231 million).
First quarter 2024 segment earnings also included favourable movements of $306 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory. As these commodity derivatives are measured at fair value, this creates an accounting mismatch over periods. These favourable movements are part of identified items and compare with the fourth quarter 2023 which included impairment charges of $551 million, partly offset by favourable movements of $125 million due to the fair value accounting of commodity derivatives.
Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. Loss-making Renewables and Energy Solutions activities were more than offset by the positive Adjusted Earnings from trading and optimisation.
Cash flow from operating activities for the quarter was primarily driven by net cash inflows related to derivatives of $1,979 million, working capital inflows of $481 million, and Adjusted EBITDA, partly offset by tax payments of $244 million.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
Additional Growth Measures
Quarters
Q1 2024Q4 2023Q1 2023
Renewable power generation capacity (gigawatt):
3.2 2.5 2.3 +28
– In operation2
3.5 4.1 4.0 -13
– Under construction and/or committed for sale3
1.Q1 on Q4 change
2.Shell's equity share of renewable generation capacity post commercial operation date. It excludes Shell's equity share of associates where information cannot be obtained.
3.Shell's equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell's equity share of associates where information cannot be obtained.

Shell plc            Unaudited Condensed Interim Financial Report            8


CORPORATE
Quarters$ million
Q1 2024Q4 2023Q1 2023Reference
(354)(629)(1,082)
Segment earnings1,2
14 (19)(24)Of which: Identified itemsA
(368)(609)(1,058)
Adjusted Earnings1,2
A
(92)(544)(207)
Adjusted EBITDA1,2
A
(545)1,540 (2,403)Cash flow from operating activitiesA
1.Segment earnings, Adjusted Earnings and Adjusted EBITDA are presented on a CCS basis (see Note 2).
2.From the first quarter 2024, Shell's longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments.
The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.
Quarter Analysis1
Segment earnings, compared with the fourth quarter 2023, reflected favourable movements in currency exchange rate effects and lower operating expenses, partly offset by an unfavourable movement in tax credits.
Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects and lower operating expenses.
1.All earnings amounts are shown post-tax, unless stated otherwise.
2.Adjusted EBITDA is without taxation.
OUTLOOK FOR THE SECOND QUARTER 2024
Cash capital expenditure for full year 2024 is expected to be within $22 - $25 billion.
Integrated Gas production is expected to be approximately 920 - 980 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.8 - 7.4 million tonnes. Production and LNG liquefaction outlook reflects seasonality (higher maintenance).
Upstream production is expected to be approximately 1,630 - 1,830 thousand boe/d. Production outlook reflects the scheduled maintenance across the portfolio.
Marketing sales volumes are expected to be approximately 2,700 - 3,200 thousand b/d.
Refinery utilisation is expected to be approximately 87% - 95%. Chemicals manufacturing plant utilisation is expected to be approximately 72% - 80%.
Corporate Adjusted Earnings are expected to be a net expense of approximately $400 - $600 million in the second quarter and a net expense of approximately $1,700 - $2,300 million for the full year 2024. This excludes the impact of currency exchange rate and fair value accounting effects.
FORTHCOMING EVENTS
DateEvent
May 21, 2024Annual General Meeting
August 1, 2024Second quarter 2024 results and dividends
October 31, 2024Third quarter 2024 results and dividends
Shell plc            Unaudited Condensed Interim Financial Report            9


UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters$ million
Q1 2024Q4 2023Q1 2023
72,478 78,732 86,959 
Revenue1
1,318 768 1,581 Share of profit/(loss) of joint ventures and associates
907 631 481 
Interest and other income/(expenses)2
74,703 80,131 89,021 Total revenue and other income/(expenses)
46,867 54,745 57,502 Purchases
5,810 6,807 6,008 Production and manufacturing expenses
2,975 3,621 3,051 Selling, distribution and administrative expenses
212 469 253 Research and development
750 467 404 Exploration
5,881 11,221 6,285 
Depreciation, depletion and amortisation2
1,164 1,166 1,165 Interest expense
63,659 78,496 74,667 Total expenditure
11,044 1,635 14,354 Income/(loss) before taxation
3,604 1,099 5,582 
Taxation charge/(credit)2
7,439 536 8,772 
Income/(loss) for the period
82 62 64 Income/(loss) attributable to non-controlling interest
7,358 474 8,709 Income/(loss) attributable to Shell plc shareholders
1.140.07 1.26 
Basic earnings per share ($)3
1.130.07 1.25 
Diluted earnings per share ($)3
1.    See Note 2 “Segment information”.
2.    See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
3    See Note 4 “Earnings per share”.
Shell plc            Unaudited Condensed Interim Financial Report            10


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters$ million
Q1 2024Q4 2023Q1 2023
7,439 536 8,772 Income/(loss) for the period
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later periods:
(1,995)2,571 553 – Currency translation differences
(6)29 18 – Debt instruments remeasurements
53 11 (180)
– Cash flow hedging gains/(losses)
— — (52)
– Net investment hedging gains/(losses)
(14)(53)(2)– Deferred cost of hedging
(12)135 (35)– Share of other comprehensive income/(loss) of joint ventures and associates
(1,974)2,692 302 Total
Items that are not reclassified to income in later periods:
439 (1,207)(32)– Retirement benefits remeasurements
78 (84)– Equity instruments remeasurements
10 (186)(8)– Share of other comprehensive income/(loss) of joint ventures and associates
528 (1,477)(33)Total
(1,445)1,215 269 Other comprehensive income/(loss) for the period
5,994 1,750 9,041 Comprehensive income/(loss) for the period
56 96 84 Comprehensive income/(loss) attributable to non-controlling interest
5,937 1,654 8,958 Comprehensive income/(loss) attributable to Shell plc shareholders

Shell plc            Unaudited Condensed Interim Financial Report            11


CONDENSED CONSOLIDATED BALANCE SHEET
$ million
March 31, 2024December 31, 2023
Assets
Non-current assets
Goodwill16,554 16,660 
Other intangible assets9,999 10,253 
Property, plant and equipment
191,952 194,835 
Joint ventures and associates25,113 24,457 
Investments in securities3,033 3,246 
Deferred tax
6,217 6,454 
Retirement benefits
9,151 9,151 
Trade and other receivables6,548 6,298 
Derivative financial instruments²
381 801 
268,948 272,155 
Current assets
Inventories26,471 26,019 
Trade and other receivables53,178 53,273 
Derivative financial instruments²
12,730 15,098 
Cash and cash equivalents39,949 38,774 
132,329 133,164 
Assets classified as held for sale1
762 951 
133,091 134,115 
Total assets402,039 406,270 
Liabilities
Non-current liabilities
Debt68,886 71,610 
Trade and other payables3,909 3,103 
Derivative financial instruments²
2,338 2,301 
Deferred tax
15,179 15,347 
Retirement benefits
7,101 7,549 
Decommissioning and other provisions
22,412 22,531 
119,824 122,441 
Current liabilities
Debt11,046 9,931 
Trade and other payables65,997 68,237 
Derivative financial instruments²
8,919 9,529 
Income taxes payable3,940 3,422 
Decommissioning and other provisions3,714 4,041 
93,615 95,160 
Liabilities directly associated with assets classified as held for sale1
296 307 
93,911 95,467 
Total liabilities213,735 217,908 
Equity attributable to Shell plc shareholders186,565 186,607 
Non-controlling interest1,739 1,755 
Total equity188,304 188,362 
Total liabilities and equity402,039 406,270 
1.    See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
2.    See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

Shell plc            Unaudited Condensed Interim Financial Report            12


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell plc shareholders
$ million
Share capital1
Shares held in trustOther reserves²Retained earningsTotalNon-controlling interestTotal equity
At January 1, 2024544 (997)21,145 165,915 186,607 1,755 188,362 
Comprehensive income/(loss) for the period— — (1,420)7,358 5,937 56 5,994 
Transfer from other comprehensive income— — 138 (138)— — — 
Dividends³— — — (2,210)(2,210)(68)(2,278)
Repurchases of shares4
(7)— (3,502)(3,502)— (3,502)
Share-based compensation— 543 (426)(392)(275)— (275)
Other changes— — — 


(4)
At March 31, 2024537 (455)19,445 167,038 186,565 1,739 188,304 
At January 1, 2023584 (726)21,132 169,482 190,472 2,125 192,597 
Comprehensive income/(loss) for the period— — 250 8,708 8,958 84 9,041 
Transfer from other comprehensive income— — (114)114 — — — 
Dividends3
— — — (2,030)(2,030)(10)(2,040)
Repurchases of shares4
(12)— 12 (4,018)(4,018)— (4,018)
Share-based compensation— 501 (372)(191)(62)— (62)
Other changes— — — (2)(2)14 12 
At March 31, 2023572 (227)20,908 172,063 193,317 2,214 195,530 
1.    See Note 5 “Share capital”.
2.    See Note 6 “Other reserves”.
3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.
4.     Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

Shell plc            Unaudited Condensed Interim Financial Report            13


CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters$ million
Q1 2024Q4 2023Q1 2023
11,044 1,635 14,354 
Income before taxation for the period
Adjustment for:
576 571 664 – Interest expense (net)
5,881 11,221 6,285 
– Depreciation, depletion and amortisation1
554 243 236 – Exploration well write-offs
(10)(222)(45)– Net (gains)/losses on sale and revaluation of non-current assets and businesses
(1,318)(768)(1,581)– Share of (profit)/loss of joint ventures and associates
738 1,145 896 – Dividends received from joint ventures and associates
(608)4,088 4,217 – (Increase)/decrease in inventories
(195)(704)5,943 – (Increase)/decrease in current receivables
(1,949)(701)(10,806)
– Increase/(decrease) in current payables2
1,386 328 (2,336)– Derivative financial instruments
(61)(68)15 
– Retirement benefits
(600)430 (210)
– Decommissioning and other provisions2
509 (1,021)(330)
– Other1
(2,616)(3,604)(3,144)Tax paid
13,330 12,575 14,159 Cash flow from operating activities
(3,980)(6,960)(6,161)   Capital expenditure
(500)(109)(307)   Investments in joint ventures and associates
(13)(44)(33)
   Investments in equity securities
(4,493)(7,113)(6,501)Cash capital expenditure
323 540 1,479 Proceeds from sale of property, plant and equipment and businesses
133 49 257 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
569 24 
Proceeds from sale of equity securities
577 568 448 Interest received
857 960 700 
Other investing cash inflows
(1,494)(685)(623)
Other investing cash outflows1
(3,528)(5,657)(4,238)Cash flow from investing activities
(107)(27)(86)
Net increase/(decrease) in debt with maturity period within three months
Other debt:
167 64 415 
– New borrowings
(1,532)(4,054)(1,453)– Repayments
(911)(1,366)(869)Interest paid
(297)702 200 
Derivative financial instruments
(4)

(1)(30)Change in non-controlling interest
Cash dividends paid to:
(2,210)(2,201)(2,029)– Shell plc shareholders
(68)(128)(10)– Non-controlling interest
(2,824)(3,977)(4,291)Repurchases of shares
(462)(714)(232)Shares held in trust: net sales/(purchases) and dividends received
(8,248)(11,703)(8,385)Cash flow from financing activities
(379)529 293 Effects of exchange rate changes on cash and cash equivalents
1,175 (4,256)1,829 Increase/(decrease) in cash and cash equivalents
38,774 43,031 40,246 Cash and cash equivalents at beginning of period
39,949 38,774 42,074 Cash and cash equivalents at end of period
1. See Note 8 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.
2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in 'Decommissioning and other provisions' instead of 'Increase/(decrease) in current payables'. Comparatives for the fourth quarter 2023 and first quarter 2023 have been reclassified accordingly by $653 million and $126 million respectively to conform with current period presentation.
Shell plc            Unaudited Condensed Interim Financial Report            14


NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1.    Basis of preparation
These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023 as will be filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 217 to 290) for the year ended December 31, 2023 as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.
The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2023 were published in Shell's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell's Form 20-F. The auditor's report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.
2.    Segment information
REVENUE AND CCS EARNINGS BY SEGMENT
Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.
From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). The change in segmentation reflects the increasing alignment between the economic characteristics of wholesale commercial fuels and other Mobility businesses, and is consistent with changes in the information provided to the Chief Operating Decision Maker. Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between the Marketing and the Chemicals and Products segment (see below). Also, from the first quarter 2024, Shell's longer-term innovation portfolio is managed centrally and hence reported as part of the Corporate segment (previously all other segments). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact on all the other segments (see below).

Shell plc            Unaudited Condensed Interim Financial Report            15


Quarters$ million
Q1 2024Q4 2023Q1 2023
Third-party revenue
9,195 10,437 10,932 Integrated Gas
1,759 1,263 2,062 Upstream
30,041 31,761 32,045 
Marketing2
23,735 24,957 26,290 
Chemicals and Products2
7,737 10,302 15,619 Renewables and Energy Solutions
11 11 12 Corporate
72,478 78,732 86,959 
Total third-party revenue1
Inter-segment revenue
2,404 2,614 3,534 Integrated Gas
10,287 10,948 11,146 Upstream
1,355 1,243 1,327 
Marketing2
10,312 10,163 10,793 
Chemicals and Products2
1,005 1,567 1,475 Renewables and Energy Solutions
— — — Corporate
CCS earnings
2,761 1,733 2,412 Integrated Gas
2,272 2,151 2,789 Upstream
774 226 1,184 
Marketing2
1,157 (1,828)1,753 
Chemicals and Products2
553 (272)2,205 Renewables and Energy Solutions
(354)(629)(1,082)
Corporate3
7,163 1,381 9,262 
Total CCS earnings4
1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. First quarter 2024 included income of $1,643 million (fourth quarter 2023: $3,021 million income; first quarter 2023: $4,809 million income). This amount includes both the reversal of prior gains of $257 million (fourth quarter 2023: $711 million gains; first quarter 2023: $1,369 million gains) related to sales contracts and prior losses of $235 million (fourth quarter 2023: $248 million losses; first quarter 2023: $772 million losses) related to purchase contracts that were previously recognised and where physical settlement took place in the first quarter 2024.
2.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the first quarter 2023 have been reclassified accordingly, by $5,333 million and $5,766 million respectively for Third-party revenue and by $82 million and $47 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the fourth quarter 2023 and the first quarter 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,058 million and $1,164 million respectively and an increase in the Chemicals and Products segment of $9,553 million and $10,228 million respectively.
3.From January 1, 2024, onwards costs for Shell's centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the fourth quarter 2023 and the first quarter 2023 have been revised by $42 million and $18 million respectively, with a net offsetting impact in all other segments to conform with current period presentation.
4.See Note 3 "Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt".


CASH CAPITAL EXPENDITURE BY SEGMENT
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Shell plc            Unaudited Condensed Interim Financial Report            16


Quarters$ million
Q1 2024Q4 2023Q1 2023
Capital expenditure
858 1,034 697 Integrated Gas
1,766 2,547 1,752 Upstream
427 1,383 2,728 
Marketing1
474 983 559 
Chemicals and Products1
421 932 375 Renewables and Energy Solutions
34 81 50 Corporate
3,980 6,960 6,161 Total capital expenditure
Add: Investments in joint ventures and associates
184 162 116 Integrated Gas
244 (111)118 Upstream
38 Marketing
26 Chemicals and Products
56 46 Renewables and Energy Solutions
– (2)16 Corporate
500 109 307 Total investments in joint ventures and associates
Add: Investments in equity securities
– – – Integrated Gas
– – – Upstream
– – – Marketing
– – – Chemicals and Products
10 38 19 Renewables and Energy Solutions
14 Corporate
13 44 33 Total investments in equity securities
Cash capital expenditure
1,041 1,196 813 Integrated Gas
2,010 2,436 1,870 Upstream
465 1,385 2,737 
Marketing1
500 986 561 
Chemicals and Products1
438 1,026 440 Renewables and Energy Solutions
37 85 81 Corporate
4,493 7,113 6,501 Total Cash capital expenditure
1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the first quarter 2023 have been reclassified accordingly by $46 million and $52 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.
Shell plc            Unaudited Condensed Interim Financial Report            17


3.Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt
RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS
Quarters$ million
Q1 2024Q4 2023Q1 2023
7,358 474 8,709 Income/(loss) attributable to Shell plc shareholders
82 62 64 Income/(loss) attributable to non-controlling interest
7,439 536 8,772 Income/(loss) for the period
Current cost of supplies adjustment:
(332)1,089 647 Purchases
84 (263)(171)Taxation
(28)19 13 Share of profit/(loss) of joint ventures and associates
(276)846 489 
Current cost of supplies adjustment
Of which:
(264)811 481 Attributable to Shell plc shareholders
(12)34 Attributable to non-controlling interest
7,163 1,381 9,262 CCS earnings
Of which:
7,093 1,285 9,190 CCS earnings attributable to Shell plc shareholders
70 97 72 CCS earnings attributable to non-controlling interest
RECONCILIATION OF OPERATING EXPENSES
Quarters$ million
Q1 2024Q4 2023Q1 2023
5,810 6,807 6,008 Production and manufacturing expenses
2,975 3,621 3,051 Selling, distribution and administrative expenses
212 469 253 Research and development
8,997 10,897 9,312 Operating expenses
RECONCILIATION OF TOTAL DEBT
Quarters$ million
Q1 2024Q4 2023Q1 2023
March 31, 2024December 31, 2023March 31, 2023
11,046 9,931 9,044 Current debt
68,886 71,610 76,098 Non-current debt
79,931 81,541 85,142 Total debt
4.    Earnings per share
EARNINGS PER SHARE
Quarters
Q1 2024Q4 2023Q1 2023
7,358 474 8,709 Income/(loss) attributable to Shell plc shareholders ($ million)
Weighted average number of shares used as the basis for determining:
6,440.1 6,558.3 6,918.9 Basic earnings per share (million)
6,504.3 6,631.1 6,982.1 Diluted earnings per share (million)
Shell plc            Unaudited Condensed Interim Financial Report            18


5.    Share capital
ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
Number of shares Nominal value
($ million)
At January 1, 20246,524,109,049 544 
Repurchases of shares(88,893,999)(7)
At March 31, 20246,435,215,050 537 
At January 1, 20237,003,503,393 584 
Repurchases of shares(146,672,469)(12)
At March 31, 20236,856,830,924 572 
At Shell plc’s Annual General Meeting on May 23, 2023, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, 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, or the end of the Annual General Meeting to be held in 2024, unless previously renewed, revoked or varied by Shell plc in a general meeting.
6.    Other reserves
OTHER RESERVES
$ millionMerger reserveShare premium reserveCapital redemption reserveShare plan reserveAccumulated other comprehensive incomeTotal
At January 1, 202437,298 154 236 1,308 (17,851)21,145 
Other comprehensive income/(loss) attributable to Shell plc shareholders— — — — (1,420)(1,420)
Transfer from other comprehensive income— — — — 138 138 
Repurchases of shares— — — — 
Share-based compensation— — — (426)— (426)
At March 31, 202437,298 154 244 882 (19,132)19,445 
At January 1, 202337,298 154 196 1,140 (17,656)21,132 
Other comprehensive income/(loss) attributable to Shell plc shareholders— — — — 250 250 
Transfer from other comprehensive income— — — — (114)(114)
Repurchases of shares— — 12 — — 12 
Share-based compensation— — — (372)— (372)
At March 31, 202337,298 154 209 767 (17,519)20,908 
The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., 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 Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.
7.    Derivative financial instruments and debt excluding lease liabilities
As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at March 31, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that date. The movement of the derivative financial instruments between December 31, 2023 and March 31, 2024 is a decrease of $2,368 million for the current assets and a decrease of $610 million for the current liabilities.
Shell plc            Unaudited Condensed Interim Financial Report            19


The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.
DEBT EXCLUDING LEASE LIABILITIES
$ million
March 31, 2024December 31, 2023
Carrying amount53,04653,832
Fair value¹49,74450,866
1.    Mainly determined from the prices quoted for these securities.
8. Other notes to the unaudited Condensed Consolidated Interim Financial Statements
Consolidated Statement of Income

Interest and other income
Quarters$ million
Q1 2024Q4 2023Q1 2023
907631481Interest and other income/(expenses)
Of which:
588 595 500 Interest income
23 14 — Dividend income (from investments in equity securities)
10 222 45 Net gains/(losses) on sales and revaluation of non-current assets and businesses
66 (398)(236)Net foreign exchange gains/(losses) on financing activities
219 199 171 Other
Depreciation, depletion and amortisation
Quarters$ million
Q1 2024Q4 2023Q1 2023
5,881 11,221 6,285 Depreciation, depletion and amortisation
Of which:
5,654 5,986 5,697 Depreciation
382 5,508 589 Impairments
(154)(273)— Impairment reversals
Impairments recognised in the first quarter 2024 of $382 million pre-tax ($332 million post-tax) include various smaller impairments in various segments. Impairments recognised in the fourth quarter 2023 of $5,508 million pre-tax ($4,044 million post-tax) related to various assets in Chemicals and Products ($2,490 million), Upstream ($1,161 million), Integrated Gas ($873 million), Renewables and Energy Solutions ($614 million) and Marketing ($370 million). Impairments in the first quarter 2023 mainly related to an asset in Integrated Gas.
Taxation charge/credit
Quarters$ million
Q1 2024Q4 2023Q1 2023
3,604 1,099 5,582 Taxation charge/(credit)
Of which:
3,525 1,099 5,582 Income tax excluding Pillar Two income tax
79 — — Income tax related to Pillar Two income tax
On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.
As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Shell plc            Unaudited Condensed Interim Financial Report            20


Condensed Consolidated Balance Sheet
Assets classified as held for sale
$ million
March 31, 2024December 31, 2023
Assets classified as held for sale762 951 
Liabilities directly associated with assets classified as held for sale296307
Assets classified as held for sale and associated liabilities at March 31, 2024 principally relate to an asset in Chemicals and Products in Europe, a Renewables and Energy Solutions project in North America and an asset in Marketing in Asia. The major classes of assets and liabilities classified as held for sale at March 31, 2024, are Inventories ($380 million; December 31, 2023: $463 million) and Property, plant and equipment ($228 million; December 31, 2023: $250 million).
Consolidated Statement of Cash Flows
Cash flow from operating activities - Other
Quarters$ million
Q1 2024Q4 2023Q1 2023
509(1,021)(330)
Other
'Cash flow from operating activities - Other' for the first quarter 2024 includes $188 million of net inflows (fourth quarter 2023: $875 million net outflows; first quarter 2023: $69 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America. It also includes net inflows of $253 million in relation to reversal of currency exchange losses on Cash and cash equivalents (fourth quarter 2023: net outflows of $398 million; first quarter 2023: net outflows of $288 million).

Cash flow from investing activities - Other investing cash outflows
Quarters$ million
Q1 2024Q4 2023Q1 2023
(1,494)(685)(623)Other investing cash outflows
'Other investing cash outflows' for the first quarter 2024 includes $645 million of debt securities acquired in the Corporate segment.

Legal proceedings and other contingencies
Shell has several matters in dispute involving Shell non-operated ventures and the Republic of Kazakhstan, including court proceedings in respect of a Sulphur permitting inspection outcome and arbitrations under the applicable production-sharing contracts. Statements of Claim have been filed in the arbitration matters, however 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.
Shell plc            Unaudited Condensed Interim Financial Report            21


ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities
The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.
We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell's performance in the period and over time.
Quarters
$ millionQ1 2024Q4 2023Q1 2023
Income/(loss) attributable to Shell plc shareholders7,358 474 8,709 
Income/(loss) attributable to non-controlling interest82 62 64 
Add: Current cost of supplies adjustment attributable to Shell plc shareholders(264)811 481 
Add: Current cost of supplies adjustment attributable to non-controlling interest(12)34 
CCS earnings7,163 1,381 9,262 

Q1 2024$ million
TotalIntegrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporate
CCS earnings7,163 2,761 2,272 774 1,157 553 (354)
Less: Identified items(641)(919)339 (7)(458)390 14 
Less: CCS earnings attributable to non-controlling interest70 
Add: Identified items attributable to non-controlling interest— 
Adjusted Earnings7,734 
Add: Non-controlling interest70 
Adjusted Earnings plus non-controlling interest7,804 3,680 1,933 781 1,615 163 (368)
Add: Taxation charge/(credit) excluding tax impact of identified items4,124 996 2,522 358 338 — (91)
Add: Depreciation, depletion and amortisation excluding impairments5,654 1,410 2,727 535 870 106 
Add: Exploration well write-offs554 546 
Add: Interest expense excluding identified items1,163 42 169 12 17 922 
Less: Interest income588 — 10 — 14 560 
Adjusted EBITDA18,711 6,136 7,888 1,686 2,826 267 (92)
Less: Current cost of supplies adjustment before taxation(360)(153)(207)
Joint ventures and associates (dividends received less profit)(582)(197)(546)93 56 13 — 
Derivative financial instruments306 (1,080)(3)(39)(402)1,978 (149)
Taxation paid(2,616)(467)(1,802)(175)(19)(244)91 
Other(97)45 (231)393 (378)(30)104 
(Increase)/decrease in working capital(2,752)275 421 (792)(2,639)481 (499)
Cash flow from operating activities13,330 4,712 5,727 1,319 (349)2,466 (545)

Shell plc            Unaudited Condensed Interim Financial Report            22


Q4 2023$ million
TotalIntegrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporate
CCS earnings1,381 1,733 2,151 226 (1,828)(272)(629)
Less: Identified items(6,033)(2,235)(909)(567)(1,857)(445)(19)
Less: CCS earnings attributable to non-controlling interest97 
Add: Identified items attributable to non-controlling interest(11)
Adjusted Earnings7,306 
Add: Non-controlling interest108 
Adjusted Earnings plus non-controlling interest7,414 3,968 3,060 794 29 173 (609)
Add: Taxation charge/(credit) excluding tax impact of identified items2,121 1,065 1,560 128 (271)(4)(358)
Add: Depreciation, depletion and amortisation excluding impairments5,986 1,457 2,951 569 915 89 
Add: Exploration well write-offs243 63 180 — — — — 
Add: Interest expense excluding identified items1,165 36 135 10 21 961 
Less: Interest income595 14 24 544 
Adjusted EBITDA16,335 6,584 7,872 1,500 670 253 (544)
Less: Current cost of supplies adjustment before taxation1,109 572 537 
Joint ventures and associates (dividends received less profit)246 208 (250)32 225 29 
Derivative financial instruments(1,030)(1,596)52 293 (268)487 
Taxation paid(3,604)(731)(2,015)(282)(270)(413)108 
Other(947)(229)388 (508)(422)146 (322)
(Increase)/decrease in working capital2,683 (639)(260)1,593 1,191 (1,012)1,810 
Cash flow from operating activities12,575 3,597 5,787 1,767 1,150 (1,265)1,540 

Shell plc            Unaudited Condensed Interim Financial Report            23


Q1 2023$ million
TotalIntegrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporate
CCS earnings9,262 2,412 2,789 1,184 1,753 2,205 (1,082)
Less: Identified items(456)(2,506)(21)238 46 1,810 (24)
Less: CCS earnings attributable to non-controlling interest72 
Add: Identified items attributable to non-controlling interest— 
Adjusted Earnings9,646 
Add: Non-controlling interest72 
Adjusted Earnings plus non-controlling interest9,718 4,919 2,810 946 1,707 395 (1,058)
Add: Taxation charge/(credit) excluding tax impact of identified items5,118 1,096 2,867 298 348 170 339 
Add: Depreciation, depletion and amortisation excluding impairments5,697 1,440 2,809 465 866 112 
Add: Exploration well write-offs235 — 235 — — — — 
Add: Interest expense excluding identified items1,164 30 133 991 
Less: Interest income500 — — 485 
Adjusted EBITDA21,432 7,484 8,849 1,714 2,915 676 (207)
Less: Current cost of supplies adjustment before taxation660 334 326 
Joint ventures and associates (dividends received less profit)(481)(46)(514)79 (11)10 
Derivative financial instruments(1,786)(2,417)10 (5)799 (143)(30)
Taxation paid(3,144)(884)(2,019)(73)(148)(6)(14)
Other(556)(37)(14)64 (194)(23)(352)
(Increase)/decrease in working capital(646)2,186 (505)656 (1,759)577 (1,800)
Cash flow from operating activities14,159 6,286 5,808 2,101 1,275 1,091 (2,403)
Shell plc            Unaudited Condensed Interim Financial Report            24


Identified Items
Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.
Q1 2024$ million
TotalIntegrated GasUpstreamMarketingChemicals and ProductsRenewables and Energy SolutionsCorporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)10 (3)27 (15)(9)10 — 
Impairment reversals/(impairments)(227)(8)(96)(4)(178)59 — 
Redundancy and restructuring(74)(1)(13)(20)(18)(15)(6)
Provisions for onerous contracts— — — — — — — 
Fair value accounting of commodity derivatives and certain gas contracts(1,079)(1,068)(2)(416)400 — 
Other126 38 23 45 16 — 
Total identified items included in Income/(loss) before taxation(1,244)(1,075)(46)(11)