Category: Press Releases

London, July 27, 2023                                                                                                                             

“Shell delivered strong operational performance and cash flows in the second quarter, despite a lower commodity price environment.
Today we are delivering on our Capital Markets Day commitment of a 15% dividend increase. We are going further on our buyback guidance by commencing a $3 billion programme for the next three months and, subject to Board approval, at least $2.5 billion at the Q3 2023 results. As we deliver more value with less emissions, we will continue to prioritise share buybacks, given the value that our shares represent.”

Shell plc Chief Executive Officer, Wael Sawan

STRONG OPERATIONAL AND CASH PERFORMANCE, ENHANCED DISTRIBUTIONS

• Q2 2023 Adjusted Earnings of $5.1 billion, with lower oil and gas prices and refining margins, lower volumes and lower LNG trading & optimisation results. CFFO of $15.1 billion for the quarter, with a $4.8 billion working capital inflow offsetting tax payments.
• $3 billion share buybacks announced, expected to be completed by Q3 2023 results announcement. Quarterly dividend increase of 15% to $0.331 per share.
• Cash capex outlook range for 2023 lowered to $23 – 26 billion.

$ million		Adj. Earnings1	Adj. EBITDA1	CFFO	Cash capex
Integrated Gas		2,498	4,827	3,628	1,089
Upstream		1,684	6,447	4,519	2,029
Marketing		894	1,604	1,412	670
Mobility		518	1,036		402
Lubricants		312	448		72
Sectors & Decarbonisation		66	120		196
Chemicals & Products		450	1,300	2,110	669
Chemicals		(468)	(143)		230
Products		917	1,443		439
Renewables & Energy Solutions		228	438	3,192	556
Corporate		(654)	(180)	269	117
Less: Non-controlling interest (NCI)		27
Shell	Q2 2023	5,073	14,435	15,130	5,130
	Q1 2023	9,646	21,432	14,159	6,501

¹Income/(loss) attributable to shareholders for Q2 2023 is $3.1 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

• CFFO of $15.1 billion for Q2 2023, with a working capital inflow of $4.8 billion offset by tax paid of $3.8 billion reflecting regular payment phasing. Working capital release mainly due to lower prices, inflows from initial margin and favourable accounts receivable movement (including lower over-the-counter collaterals). Net debt decreased to $40.3 billion at the end of Q2 2023.

$ billion	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023
Divestment proceeds	0.8	0.3	0.2	1.7	0.5
Free cash flow	12.4	7.5	15.5	9.9	12.1
Net debt	46.4	48.3	44.8	44.2	40.3

Q2 2023 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q1 2023	Q2 2023	Q3 2023 outlook
Realised liquids price ($/bbl)	70	60	—
Realised gas price ($/mscf)	10	8	—
Production (kboe/d)	970	985	870 – 930
LNG liquefaction volumes (MT)	7.2	7.2	6.3 – 6.9
LNG sales volumes (MT)	17.0	16.0	—

                              

• Adjusted Earnings lower than in Q1 2023 due to lower prices and trading & optimisation results. Trading & optimisation results significantly lower, driven by seasonality and fewer optimisation opportunities, compared with a strong Q1 2023.
• Q3 2023 production and liquefaction outlook reflects scheduled maintenance (including Prelude and Trinidad & Tobago).

UPSTREAM

Key data	Q1 2023	Q2 2023	Q3 2023 outlook
Realised liquids price ($/bbl)	74	72	—
Realised gas price ($/mscf)	13	5	—
Liquids production (kboe/d)	1,346	1,283	—
Gas production (mscf/d)	3,078	2,425	—
Total production (kboe/d)	1,877	1,701	1,600 – 1,800

• Production lower than in Q1 2023, mainly driven by scheduled maintenance and completed divestments.
• Adjusted Earnings lower compared with Q1 2023 due to lower prices and production volumes.
• Q3 2023 production outlook reflects scheduled maintenance across the portfolio.

MARKETING

Key data	Q1 2023	Q2 2023	Q3 2023 outlook
Marketing sales volumes (kb/d)	2,446	2,607	2,450 – 2,950
Mobility (kb/d)	1,609	1,727	—
Lubricants (kb/d)	85	83	—
Sectors & Decarbonisation (kb/d)	752	797	—

• Marketing margins higher than Q1 2023 driven by improved Mobility unit margins and seasonal impact on volumes partly offset by higher opex.

CHEMICALS & PRODUCTS

Key data	Q1 2023	Q2 2023	Q3 2023 outlook
Refining & Trading sales volumes (kb/d)	1,706	1,466	—
Chemicals sales volumes (kT)	2,831	2,828	—
Refinery utilisation (%)	91	85	82 – 90
Chemicals manufacturing plant utilisation (%)	71	70	67 – 75
Global indicative refining margin ($/bbl)	15	9	—
Global indicative chemical margin ($/t)	138	153	—

* Products covers refining and trading

• Lower Products margins driven by a fall in prices, lower trading & optimisation results and higher maintenance.
• Lower Chemicals margins driven by continued weak demand and lower utilisation.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q1 2023	Q2 2023
External power sales (TWh)	68	67
Sales of natural gas to end-use customers (TWh)	221	172
Renewables power generation capacity*	6.4	7.1
in operation (GW)	2.3	2.5
under construction and/or committed for sale (GW)	4.0	4.6

*Excluding Shell’s equity share of associates where information cannot be obtained

• Adjusted Earnings lower than Q1 2023 driven by lower trading & optimisation results, primarily in the Americas due to seasonally lower demand, decreased volatility, and higher opex.

Renewables and Energy Solutions includes renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

CORPORATE

Key data	Q1 2023	Q2 2023	Q3 2023 outlook
Adjusted Earnings ($ billion)	(1.0)	(0.7)	(0.7) – (0.5)

• The Adjusted Earnings outlook is a net expense of $2.4 – 2.8 billion for the full year 2023.
  This excludes the impact of hedge effectiveness and currency exchange rate effects.

UPCOMING INVESTOR EVENTS

November 2, 2023

Third quarter 2023 results and dividends

USEFUL LINKS

Results materials Q2 2023

Quarterly Databook Q2 2023

Dividend announcement Q2 2023

Webcast registration Q2 2023

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement contains a forward-looking non-GAAP measure for cash capital expenditure and divestments. We are unable to provide a reconciliation of this forward-looking non-GAAP measure to the most comparable GAAP financial measure because certain information needed to reconcile the non-GAAP measure to the most comparable GAAP financial measure is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”.  Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest’ is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect’’, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2022 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, July 27, 2023. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Shell’s Net carbon intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2022 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s second quarter 2023 and half year unaudited results available on www.shell.com/investors.

CONTACTS

• Media: International +44 207 934 5550; USA +1 832 337 4355

GlobeNewswire Distribution ID 1000831778

PHILADELPHIA, PA, July 26, 2023 (GLOBE NEWSWIRE) — It’s been known since the 1960s that Epstein-Barr Virus (EBV) causes a variety of cancers, but research has overwhelmingly focused on its connection to lymphomas. Now, a multidisciplinary team of scientists led by The Wistar Institute has been awarded a more than $12 million National Cancer Institute (NCI) Program Project Grant (P01), a highly competitive five-year grant that includes a crosssection of researchers from various disciplines and institutions throughout the country. The multidisciplinary team led by Wistar scientists is exploring the role of Epstein-Barr Virus in epithelial cancers. Epithethelial cells form functional structures in organ tissue throughout the human body; they are often the site for solid organ cancers, including the most common cancers, which are known as carcinomas.

The new research will focus on basic questions about how EBV infection of normal epithelial cells transforms them into cancer-cells. Scientists also intend to build on this research to identify better and more selective therapeutic targets.

“We are investigating unexplored aspects of EBV and malignancies, potentially uncovering unique characteristics or pathways that can be targeted for therapeutic intervention,” said Italo Tempera, Ph.D., associate professor of the Gene Expression & Regulation Program of the Ellen and Ronald Caplan Cancer Center at The Wistar Institute. “This fresh perspective could lead to groundbreaking discoveries and innovative treatment strategies for EBV and epithelial malignancies.”

The project brings together scientists from The Wistar Institute and Harvard University, including experts in epigenetics, metabolomics and drug discovery. It’s the first time researchers from this variety of disciplines have combined their efforts to focus entirely on the EBV-epithelial cancer link.

“We’ve put together a new strategy, a new way of attacking the problem,” said Paul Lieberman, Ph.D., Hilary Koprowski, M.D., Endowed Professor and director of the Center for Chemical Biology and Translational Medicine at Wistar. “By working together across different modalities, there’s an opportunity for each of us to learn from the synergy and expertise of the other investigators.”

EBV is one of the most common human viruses, infecting an estimated 95% of people by the time they reach adulthood. Symptoms are usually mild, and most people recover within a few weeks. However, the virus can remain latent in the human body for years or even decades, and it causes some people to develop cancer later in life.

While research has historically focused on lymphomas, EBV-linked epithelial cancers are both more common and more deadly. Epithelial cancers represent 75% of the 200,000 EBV-related cancer cases diagnosed each year, and these cancers also have higher mortality rates and treatment failures.

“This grant put together a team that is now focused on this type of cancer that has been neglected, even though it’s the most common form of EBV cancers,” Lieberman said. The grant will fund three main research projects. The first will look at how EBV establishes a long-term infection within epithelial cells. The second will study how it causes genetic and metabolic changes to trigger cancer growth. Finally, researchers will use these findings to investigate new therapeutic strategies.

The research builds on past work by Lieberman’s lab, which has focused on developing small molecule inhibitors targeting EBV. He said the new project would focus on studying drugs that are already in development, and looking for ways to make them more targeted or use them in combination with other therapies.

Tempera said the group’s integrated approach sets it apart.“Our project will study both metabolic and epigenetic vulnerabilities simultaneously,” he said. “Combining these two aspects can provide a comprehensive understanding of the role of EBV infection in cancer and its underlying mechanisms, leading to unique insights and therapeutic opportunities.”

Co-authors: Ben Gewurz of Harvard; Joseph Salvino, Samantha Soldan, Andrew Kossenkov, Louise Showe, and Qin Liu of Wistar.

Darien Sutton
The Wistar Institute
215-870-2048
dsutton@wistar.org

GlobeNewswire Distribution ID 8881269

คุนหมิง จีน, July 26, 2023 (GLOBE NEWSWIRE) — Yunnan Innyo Co., Ltd. และ @visityunnan ได้เปิดตัวชุดวิดีโอที่นำเสนอความงามอันน่าทึ่งของถนนชาม้าโบราณ การเปิดตัววิดีโอเหล่านี้ได้รับความสนใจจากผู้ชมทั่วโลก มรดกทางประวัติศาสตร์และวัฒนธรรมที่ลึกซึ้งของถนนชาม้าโบราณได้ดึงดูดจินตนาการของผู้ชมนับไม่ถ้วนที่มีความกระหายที่จะสำรวจเสน่ห์แห่งถนนสายนี้

เสน่ห์อย่างหนึ่งของถนนชาม้าโบราณนั้นอยู่ที่หมู่บ้านโบราณ ด้วยสถาปัตยกรรมที่ได้รับการอนุรักษ์ไว้เป็นอย่างดีและบรรยากาศที่มีเสน่ห์ ทำให้หมู่บ้านเหล่านี้มีกลิ่นอายของอดีต วิดีโอชุดนี้เน้นความสำคัญทางประวัติศาสตร์และความรุ่มรวยทางวัฒนธรรมของหมู่บ้านเหล่านี้ และนำผู้ชมไปสู่ยุคอดีตและดึงดูดผู้ชมด้วยเสน่ห์ที่ไร้กาลเวลา

ขุนเขาแห่งใบชาทั้งหกแห่งบนถนนชาม้าโบราณเป็นอีกแง่มุมหนึ่งที่น่าตื่นตาซึ่งดึงดูดความสนใจของผู้ชม วิดีโอชุดนี้แสดงภูมิประเทศที่สวยงามซึ่งประดับประดาไปด้วยไร่ชาอันเขียวขจี และให้ภาพอันสวยงามแก่ผู้ชม มรดกแห่งการปลูกชาและความงามตามธรรมชาติของภูเขาเหล่านี้ทำให้ผู้ชมประหลาดใจ และทำให้ผู้ชมรู้สึกชื่นชมในความมหัศจรรย์ของภูมิภาคที่ไม่เหมือนใครแห่งนี้

วิดีโอเกี่ยวกับอาหารและทิวทัศน์ตามเส้นทางของถนนชาม้าโบราณนั้นได้ดึงดูดผู้ชมจำนวนมาก อาหารบนถนนชาม้าโบราณได้นำเสนอรสชาติและประเพณีของภูมิภาคที่เย้ายวนใจ ตั้งแต่อาหารที่มีรสชาติของชาไปจนถึงอาหารพิเศษประจำภูมิภาค ความงดงามของธรรมชาติและภูมิทัศน์ที่น่าอัศจรรย์ตลอดเส้นทางของถนนชาม้าโบราณนั้นได้ดึงดูดผู้ชมด้วยความโชติช่วงที่ไม่มีใครเทียบได้

โรงแรมบันชานมอบตัวเลือกที่พักที่ไม่เหมือนใคร สำหรับผู้ที่แสวงหาประสบการณ์พิเศษ โรงแรมตั้งอยู่ท่ามกลางภูมิประเทศที่สวยงาม โดยให้บริการสถานที่พักผ่อนอันเงียบสงบและดื่มด่ำสำหรับนักเดินทางที่มาสำรวจถนนชาม้าโบราณ

ถนนชาม้าโบราณยังคงดึงดูดผู้ชมด้วยเสน่ห์เหนือกาลเวลา เพื่อเป็นสักขีพยานในความงามอันน่าทึ่งและความสำคัญทางวัฒนธรรมของเส้นทางประวัติศาสตร์นี้ เราขอเชิญคุณชมซีรีส์วิดีโอชุดนี้ได้บนแพลตฟอร์มโซเชียลมีเดีย ติดตาม @visityunnan บน TikTok, @GoYunnan.Official บน Facebook และ @visityunnan21 บน Youtube เพื่อสัมผัสความงามและความรุ่มรวยทางวัฒนธรรมของเส้นทางที่ไม่ธรรมดานี้ คอยติดตามในระหว่างที่เราเผยแพร่วิดีโอที่น่าดึงดูดเพิ่มเติม เพื่อให้ผู้ชมทั่วโลกได้เจาะลึกประวัติศาสตร์ของมณฑลยูนนาน วัฒนธรรมอันรุ่มรวย ทิวทัศน์อันน่าทึ่ง และการต้อนรับที่อบอุ่นของมณฑลยูนนาน

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