Shell plc fourth quarter 2021 results slides

#PoweringProgress
FOURTH QUARTER 2021 RESULTS
STRONG DELIVERY, ACCELERATED DISTRIBUTIONS
February 3, 2022
Shell plc

Shell plc | February 3, 2022 2
Adjusted Earnings is the income attributable to Shell plc shareholders for the period, adjusted for the after-tax effect of oil price changes on inventory and for identified items. In this presentation, “earnings” refers to “Adjusted Earnings” unless stated otherwise. Adjusted EBITDA
(FIFO basis) is the income/(loss) attributable to Shell plc shareholders adjusted for identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. Adjusted EBITDA on a CCS (current cost of supplies) basis is
used to remove the impact of price changes on our inventories in our Oil Products and Chemicals segments, therefore enabling comparisons over time. In this presentation, “operating expenses”, “costs” and “underlying costs” refer to “Underlying operating expenses” unless
stated otherwise. Underlying operating expenses represent “operating expenses excluding identified items”. Operating expenses consist of the following lines in the Consolidated Statement of Income: (i) production and manufacturing expenses; (ii) selling, distribution and
administrative expenses; and (iii) research and development expenses. Cash flow from operating activities excluding working capital movements is defined as “Cash flow from operating activities” less the sum of the following items in the Consolidated Statement of Cash Flows:
(i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables. In this presentation, “capex” refers to “Cash capital expenditure” unless stated otherwise. Cash capital expenditure comprises the following
lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities. Free cash flow is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.
Organic free cash flow is defined as free cash flow excluding inorganic cash capital expenditure, divestment proceeds and tax paid on divestments. In this presentation, “divestments” refers to “divestment proceeds” unless stated otherwise. Divestment proceeds are defined as
the sum of (i) proceeds from sale of property, plant and equipment and businesses, (ii) proceeds from sale of joint ventures and associates, and (iii) proceeds from sale of equity securities. Net debt is defined as 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 foreign exchange and interest rate risks relating to debt, and associated collateral balances. Reconciliations of the above non-GAAP measures are included in the Shell plc Unaudited
Condensed Financial Report for the full year ended December 31, 2021. Reserves: Our use of the term “reserves” in this presentation means United States Securities and Exchange Commission (SEC) proved oil and gas reserves. Resources: Our use of the term “resources” in this
presentation includes quantities of oil and gas not yet classified as SEC proved oil and gas reserves. Resources are consistent with the Society of Petroleum Engineers (SPE) 2P + 2C definitions.
This presentation contains certain following forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures
because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures 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 measures 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 calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “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 presentation 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. 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.
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, Shell’s operating plans, outlooks,
budgets and pricing assumptions do not reflect our net-zero emissions target. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans, outlooks, budgets and pricing assumptions to reflect this movement. Also, in this presentation we may
refer to Shell’s “Net Carbon Footprint”, 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 Footprint” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
This presentation 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 presentation, 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 presentation 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, 2020 (available at www.shell.com/investors and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this presentation and should be considered by the reader. Each forward-looking statement speaks
only as of the date of this presentation, February 3, 2022. 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 presentation. 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 presentation that the 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.
DEFINITIONS & CAUTIONARY NOTE

POWERING LIVES
GENERATING
SHAREHOLDER VALUE
ACHIEVING
NET-ZERO EMISSIONS
RESPECTING NATURE
UNDERPINNED BY
OUR CORE VALUES
AND OUR FOCUS
ON SAFETY
Growing value through a dynamic portfolio
and disciplined capital allocation
Working with our customers and sectors to accelerate
the energy transition to net-zero emissions
Powering lives through our products and activities,
and supporting an inclusive society
Protecting the environment, reducing waste and
making a positive contribution to biodiversity
Our strategy to accelerate the
transition to net-zero emissions,
purposefully and profitably
THE SHELL INVESTMENT CASE
POWERING
PROGRESS
3

Shell plc | February 3, 2022
 $8.5 billion buyback programme for H1,
including $5.5 billion from Permian proceeds
 ~4% dividend increase expected for Q1
 2022 cash capex expected to be at the
lower end of the $23 to 27 billion range
 New reporting segments to align with
Powering Progress strategy, separate R&ES
disclosures
2022 - Accelerated distributions
Very strong 2021 full year and Q4 results
 Reshaped organisation and portfolio,
Simplified corporate and share structure:
 >99% shareholder support for resolution
enabling assimilation of shares
 Focusing Refining and Upstream positions
 Reshape: Delivering $2.0 to $2.5 billion
sustainable cost savings by end-2022*
 $3.5 billion buybacks announced in 2021
Powering Progress strategy delivery
4
Q4 2021 KEY MESSAGES
*Compared to 2019
POWERING PROGRESS
 Adjusted Earnings of $6.4 billion in Q4, up
55% from Q3
 Sector-leading CFFO excluding WC of $55
billion in 2021
 Net debt of $53 billion, a $23 billion
reduction compared to 2020
 Cash capex below $20 billion in 2021

MoU signed to jointly produce
and supply hydrogen from renewable
electricity in hubs centred around Hydro
and Shell’s own business.
First energy anchor partner in their
Catalyst programme. Backed by Bill
Gates and other leading organisations,
focused on commercialisation of green
hydrogen, SAF, long-duration energy
storage and direct air capture.
Signed a broad strategic collaboration
agreement to accelerate the global
energy transition by helping each other
achieve their respective commitments for
net-zero carbon emissions.
Collaborate and accelerate
decarbonisation with mutual partners and
customers by advancing standards and
transparency in GHG emissions.
MoU signed to work together
to explore and develop renewable
hydrogen projects at BlueScope’s Port
Kembla Steelworks in Australia.
Identify projects for the production, use
and distribution of green hydrogen and
decarbonise RWE gas and biomass-fired
power plants in northwest Europe.
Extended partnership to develop high-
performance E-transmission fluids and
showcase Shell E-Mobility solutions in the
all-electric Formula E racing.
Strategic collaboration to optimise
warehouse inventory levels bringing in
operational efficiency by reducing time,
labour, costs and wastage of raw
materials.
Signed a MoU to collaborate and
accelerate the decarbonisation of
McDermott’s global operations across
fabrication facilities and construction
vessels.
Signed a strategic cooperation
agreement to improve the charging
experience for electric vehicle customers
around the world.
5
BUILDING STRONG PARTNERSHIPS TO MOVE TO NET ZERO
SAF – Sustainable Aviation Fuel
POWERING PROGRESS
Previously announced partnerships in 2021
Q4 2021

PROGRESS AS OF 2021
Actuals are rounded off. *excluding Permian.
EV charge points include charge points at Shell forecourts and new locations as well as Shell operated charge points owned by customers and third parties.
STRATEGY DAY 2021
40 million
Customers served at
retail service stations
daily by 2025
> 500,000
EV charge points
by 2025
Eliminate
Upstream routine
flaring by 2030
12,400
46,000
Eliminate
routine
flaring by
2025
~20%
Integrated Gas
Opex reduction
by 2022 vs 2019
15%
lower
in 2021 vs
2019
< $5/MMBtu
Integrated Gas
Unit Technical Cost
$4.8/
MMBtu
average
5
Core energy
and chemicals
parks
8 refinery
divestments
announced
~1-2% p.a.
Oil production
decline to 2030
~1-2%
average
reduction from
2021*
~80%
Cash capex to
core positions in
Upstream
~20-30%
Opex reduction
by 2025 vs 2019
in Upstream
~$30/boe
average for
FIDs in 2021
~8%
lower
in 2021 vs
2019
Biofuels FID
Rotterdam
~$30/boe
Average break-
even price in
Upstream
~80%
3 mtpa
Develop new LNG
markets by 2025
On track
~55%
Gas share of
hydrocarbon
production by 2030
~45%
~55 mtpa
Reduction in
traditional fuel
production by
2030
Halved crude
capacity at
Bukom
Customer Growth Energy Transition
Operation Excellence
32 million
daily
average
86,700
55,000
Shell-branded
retail service stations
by 2025
15,000
Convenience stores
by 2025
Focused Portfolio
~2 mtpa
SAF production
by 2025

1/8
Machines and engines
protected by Shell Lubricants
40 million
Customers served at retail
service stations daily
55,000
Shell-branded retail
service stations
15,000
Convenience stores
7
PROFITABLY DECARBONISING WITH OUR CUSTOMERS
MARKETING
2025 targets
>500,000
EV charge points
Q4 progress examples
Grow base
 Premium growth: V-PowerTM + Lubricants
 New locations
Resilient sectors
 Fleet Solutions
 Industrial Lubricants
New customers
 Market share growth in China, India,
Indonesia, Mexico, Russia
 New locations
New revenues
 New convenience stores
 Digital and Services
Decarbonise mobility & sectors
 EV charging leadership
 Aviation, Marine, Road Transport
Strategic levers
EV charge points include charge points at Shell forecourts and new locations as well as Shell operated charge points owned by customers and third parties.
1New Mobility licence markets: Croatia, Paraguay, Uruguay, Ecuador, Colombia, Armenia, Italy
 Serving ~2 million more customers daily at retail stations, added
over 25,000 EV charge points and 400 convenience stores in 2021
 Decarbonising road transport in Europe – network of 43 LNG sites
ready for conversion to BioLNG; volume growth x3 vs 2020
 Growing profitable customer access in Lubricants Indonesia –
volume growth of 16% vs 2019
 Mobility entering new markets – 7 new market entries1 in 2021 with
over 500 new sites expected by end of 2022 (e.g. Colombia)
 Expanding EV charging – opening the first EV charging hub in
London/UK, a Shell retail service station converted to 100% EV
 Growing Auto OEM partnerships in EV charging
– NIO, Porsche Asia, Mercedes, Volkswagen Brazil
 Improving EV efficiency – renewal of partnership with Nissan
e.dams to develop high-performance E-transmission fluids for
Formula E racing team and EV users on the road

Clean Hydrogen
 Aiming to replicate the scale, flexibility and
success of our LNG market position
Integrated Power
 Becoming a leading provider of clean
Power-as-a-Service
Double-digit
Share of global clean
hydrogen sales by 2035
25 million
Tonnes of CO2 stored per
annum by 2035
8
INTEGRATED CLEAN ENERGY SYSTEMS: HIGHER FUTURE RETURNS
Clean hydrogen includes green hydrogen and hydrogen made from fossil fuels with carbon capture.
RENEWABLES AND ENERGY SOLUTIONS
Targets
>560 TWh
Sales to customers by 2030
~120 mtpa
Compensated through
carbon credits by 2030
Nature-based solutions
 An ambition to invest around $100 million
per year in quality nature-based projects
Carbon capture and storage
 Develop commercial CCS hubs that enable
decarbonisation of customers
 Shell and ScottishPower win bids to develop 5 GW of floating wind
power in the UK
 Acquisition of solar and energy storage developer Savion in USA,
further expanding Shell’s global renewable power business
 Tetraspar, the world’s first fully industrialised floating wind offshore
foundation in Norway, is in operation
 Signed agreement with Simply Blue Group to acquire 51% share of
their Western Star venture, which seeks to develop a floating wind
farm offshore Ireland
 Mayflower Wind JV granted right to power Massachusetts residents
with additional renewable wind energy
 Dedicated $1.4 billion fund for Shell Ventures to invest over the next
six years to further increase support to innovative companies
 Start up of hydrogen electrolyser in China with 20MW production
capacity

A WORLD LEADER IN LNG: RESILIENT CASH GENERATION
INTEGRATED GAS
Targets
~20%
Opex reduction by 2022 vs
2019
>7 mtpa
New LNG capacity
onstream by middle of the
decade
>20%
Market share in LNG
bunkering sales by 2030
Run the business
 Unmatched portfolio optionality and
resilience
 Aiming to grow value from GTL products
Lead the market
 Grow market footprint by creating new
markets and embracing new customers
 Build material LNG for transport business
Grow the business
 Selective investment in competitive LNG
assets
 Greater value, volume and optionality with
diversified sources of supply
 First liquefied biomethane (BioLNG) bunkering trial in Rotterdam,
together with CMA CGM container shipping
 Shell and Keppel LNG bunkering JV in Singapore won the
‘Outstanding Contribution to the LNG Industry in 2021 Award’ at
the World LNG Summit in Rome
 Committed to first pilot under the new GIIGNL, the International
Group of Liquefied Natural Gas Importers, GHG Neutrality
framework
 Announced a new gas trading operation in Nigeria to provide
wholesale customers with more and cleaner energy solutions in the
country
 Underlying opex has reduced by 15% in 2021 since 2019

Reduce commodity exposure
 Transforming to reduce emissions (Scope 3)
from the products we sell
Transition to Energy and
Chemicals Parks
 Delivering synergies, bringing customers
and assets together
Grow chemicals as an enabler
 Increasing margins through intermediate
and performance chemicals investments
Focus on sustainable
chemicals
 Developing sustainable product offering
~55 mtpa
Reduction in traditional fuel
production by 2030
1 mtpa
Plastic waste processed by
2025
10
INTEGRATED ENERGY AND CHEMICALS PARKS DELIVERING LOWER-
CARBON PRODUCTS
CHEMICALS AND PRODUCTS
Targets
~70%
Reduction in commodity
exposure by 2030
5
Core energy and chemicals
parks
 Progressing the right-sizing of refinery footprint:
 Completed divestment of Shell Deer Park refinery, Texas, USA to
PEMEX. Shell retains ownership of the chemical assets at Deer
Park
 Completed divestment of Puget Sound refinery, Washington, USA
to HollyFrontier
 Investment in plastic waste processing with decision to build
pyrolysis upgrader unit at Shell Energy and Chemicals Park
Singapore; capacity of 50,000 tonnes per year, expected start-up
in 2023
 Signed first circular chemicals agreement in Asia with Asahi Kasei
 Announced plan to build a 58 MW solar farm adjacent to Shell
Energy and Chemicals Park Scotford, Alberta, Canada. All power
generation capacity dedicated to Scotford for the next 25 years

DELIVERING THE ENERGY OF TODAY WHILE FUNDING
THE ENERGY OF TOMORROW
UPSTREAM
 Completed the Permian divestment for $9.5 billion, accelerating
cash delivery and shareholder distributions
 Focus on core positions:
 80% of cash capex to core positions
 Announced Blacktip North exploration discovery in the Perdido
corridor, US Gulf of Mexico
 Successful bid for working interest in Atapu block in Brazil’s Transfer
of Rights regimen
 Successful recovery from Hurricane Ida
 Underlying opex has reduced by 8% in 2021 since 2019
 Oil production declined by around 8% from 2019 to 2021;
Excluding impact from the Permian divestment, oil production
expected to decline on average by 1-2% a year until 2030
 External benchmarking has shown that our capital projects are
cheaper, faster, better by substantial margins
Targets
<0.2%
Maintaining methane
emissions intensity
20-30%
Opex reduction by 2025
vs 2019
~80%
Cash capex to core positions
Operating responsibly
 Actively reducing GHG emissions from our
operations
Focusing the portfolio
 Maximising value from lean positions:
develop into core, harvest for cash or divest
 Focusing exploration on core positions
Delivering competitively
 Leading developer and resilient pre-FID
projects portfolio
 Maximising value through industry-leading
integration

SHELL ENERGY AND CHEMICALS PARK SINGAPORE
AT THE HEART OF ASIA-PACIFIC REGION
* Pre-FID
Map not to scale
CHEMICALS AND PRODUCTS
 Crude processing capacity reduced by about
half in 2021 at Bukom
 A 550,000 tpa biofuels facility* is being
explored to produce low-carbon products
 Investing in the growth and production of
circular chemicals using plastic waste in the
region
 Building a new pyrolysis oil upgrader unit
with a capacity of 50,000 tpa, the largest in
Asia
 Exploring Semakau Solar*, a large-scale solar
project to power site operations
 Exploring a regional carbon capture and
storage hub* to enable Shell’s low-carbon and
sustainable products offerings and renewable
power import
 Enhanced value delivery through trading and
optimisation
 Shell Singapore will cut emissions from its
operations by half in 2030 from 2016 levels
ENERGY & CHEMICALS
PARK SINGAPORE
HEFA*
SEMAKAU SOLAR*
SAF
RENEWABLE DIESEL
Plastic waste
to chemicals
BITUMEN
CO2
Power
Low-carbon Fuels
K E Y
Non-energy products
Export products
INDIA
CHINA
SINGAPORE
AUSTRALIA
CHEMICALS
PARK JURONG
USA
CCS*
RENEWABLE
CHEMICALS
GROUP II BASE OIL*
LUBRICANTS

PROFITABLY DECARBONISING WITH OUR CUSTOMERS SECTOR BY SECTOR
1 United Nations Climate Challenge – Race to Zero: https://unfccc.int/climate-action/race-to-zero-campaign
VALUE GENERATION THROUGH INTEGRATION
Our Customers across Sectors.
>5000 Businesses are committed to Net Zero Emissions by 20501
Mobility offers on the go
Fuel-efficient
lubricants &
E-fluids
Circular and low-
carbon chemicals
Biogenic
feedstock
Gas/GTL &
process oils
Energy provision
Telematics &
digital solutions
Carbon
offsetting
Energy-efficient
lubricants &
maintenance solutions
CCS as a
service
Energy
management
Energy provision
LOGISTICS
FEEDSTOCK OPERATIONS
Alternative &
conventional
fuels
EV
charging
Sustainable
aviation
fuel

 Commissioning for Gangarri solar development
has commenced; 120 MW generation capacity
to power the equivalent of 50,000 homes
 ESCO Pacific surpasses 2.0 GW of solar
development pipeline
 Consortium with ICG provides access to
renewable capacity to enable our customer
solutions
 Powershop transaction to add 430 MW of
annual contracted supply to the portfolio
through renewable energy offtake agreements
 Award of a 10-year, 1.8 TWh per annum
electricity retailing contract by the NSW
government coupled with the development of a
100 MW battery facility in partnership with
Edify
 Launch of sonnenBatterie Evo with proprietary
digital Battery Management System that
connects customers to sonnen’s virtual power
plant, provides grid stability and manages
demand
 Powershop acquisition to broaden Shell’s
customer portfolio to include Australian
households, adding over 185,000 customers
 sonnen launches EV subscription service,
sonnenDrive, allowing its customers to further
reduce their carbon footprint
 Supplying >20% of Australia’s electricity to
commercial and industrial customers while
achieving the highest customer satisfaction score
10 years running
 Exploring options to use hydrogen as a pathway
towards low-emissions steelmaking at
BlueScope’s Port Kembla Steelworks
14
BECOMING A LEADING PROVIDER OF CLEAN POWER-AS-A-SERVICE IN
AUSTRALIA
RENEWABLES & ENERGY SOLUTIONS
Targeted renewables assets strategy
Managing green electrons
Offering integrated energy solutions

DELIVERING DIVESTMENT PROCEEDS OF $15 BILLION IN 2021
*Deer Park refinery sale completed on 20 January 2022.
PORTFOLIO
Egypt Western Desert
QGC infrastructure
Duvernay shales
OML 17
Gasnor
Completed divestments
Announced divestments, not yet completed
Fredericia refinery
Deer Park refinery*
Malampaya
Mobile refinery
Puget Sound
PCK Schwedt refinery
Permian

1st
P R I O R I T Y
2nd
P R I O R I T Y
3rd
P R I O R I T Y
4th
P R I O R I T Y
Base Cash capex
Ordinary progressive dividend
AA credit metrics through the cycle
Additional shareholder distributions
Additional Cash capex
Continued balance sheet strengthening
Clear capital allocation framework Operationalising the framework
 Net debt level to target AA credit metrics
 Total shareholder distributions of 20-30% of CFFO comprise dividend and share
buybacks
 Amount based on cash generation, macro-outlook and balance sheet trajectory
 Measured, disciplined Cash capex spend to execute our strategy at pace
 Further reduce net debt to achieve firm long-term AA credit metrics
TARGET SHAREHOLDER DISTRIBUTIONS
OF 20-30% OF CFFO
First cash priority also includes interest paid (CFFF). Base Cash capex includes spend on asset integrity and to sustain and grow value. Additional Cash capex includes further growth.
CAPITAL ALLOCATION
 $19-22 billion Cash capex per annum to sustain our strategy
 Inorganic capex included in the range
 ~4% dividend per share growth annually, subject to Board approval

STEPPING UP SHAREHOLDER DISTRIBUTIONS
CAPITAL ALLOCATION
 $8.5 billion share buyback programme announced for H1 2022,
including $5.5 billion from the Permian proceeds, with intended
completion by Q2 2022 results announcement subject to market
conditions
 First tranche of up to $4 billion (out of the $8.5 billion programme)
expected to be completed by the Q1 2022 results announcement,
subject to market conditions
 Stepped-up distributions announced for H1 2022, excluding Permian
buybacks, are expected to be at the higher end of the 20-30%
range of CFFO from the previous four quarters
 Stepped-up total distributions announced for H1 2022 are expected
to be around half of the CFFO over the previous two quarters
Shareholder
distributions
2021
announcements
2022
announcements
Ordinary progressive
dividend
Rebased to $0.24 per
share in July 2021
Expect a ~4% increase in
dividend per share to
$0.25 per share for Q1
2022
Share buyback –
ordinary course
$2 billion for H2 2021 $3 billlion for H1 2022
Share buyback –
Permian divestment
proceeds
$1.5 billion $5.5 billion

2021 DELIVERY AND OUTLOOK
2022 Cash capex split by business is rounded and will be managed within the overall 2022 range.
CAPITAL ALLOCATION – NEXT PHASE
Net debt end-2021:
$53 billion
Shell Marketing
Renewables
and Energy
Solutions
Integrated
Gas
Chemicals and
Products
Upstream
Cash capex
Base Cash Capex $19-22 billion ~$3 billion $2-3 billion ~$4 billion $4-5 billion ~$8 billion
2021 Actuals $20 billion $5 billion $9 billion $6 billion
2022 Outlook
Lower end of
$23-27 billion
~$5-6 billion ~$3 billion $4-5 billion $4-5 billion ~$8 billion
Beyond 2025 35-40% 30-40% 25-30%
Underlying
Opex
Net debt >$65 billion <$35 billion p.a.
2021 Actuals $35 billion
Divestments
$4 billion p.a. on
average
2021 Actuals $15 billion
CFFO
2021 Actuals ~10% ~40% ~50%
Beyond 2025 ~25% ~45% ~30%
GROWTH PILLAR:
THE FUTURE OF ENERGY
TRANSITION PILLAR:
ENABLING OUR STRATEGY
UPSTREAM PILLAR:
FUNDING OUR STRATEGY

Opex Capex
19
ENERGY TRANSITION SPEND
Energy Transition Spend as presented consists of Underlying opex and Cash capex to support the decarbonisation of our customers
(e.g., electric vehicle charging, low-carbon fuels, Renewable & Energy Solutions) as well as spend to provide non-energy products (e.g.,
Chemicals, Lubricants, Convenience Retail) that have no Scope 3 carbon emissions. Classification deviates from EU Taxonomy
definitions, which will be subject to separate disclosures. Opex = Underlying opex, Capex = Cash capex
NON-ENERGY PRODUCTS & DECARBONISATION OF CUSTOMERS
Growth Transition Upstream
$55 bln total
expenditure
ET Opex ET Capex
~ 2/3rd of $55 bln
in Opex
~ 1/3rd Energy
Transition Spend
Opex is an important value
driver in less capital-intensive
Growth businesses
Energy Transition Spend:
 Expected to be up by ~20% in 2022 vs 2021
 In 2025,~50% of total expenditure expected
to be driving Energy Transition
2021 2021 2022

Injuries (TRCF) per million working hours Million working hours
Operational spills
Thousand tonnes # of spills
GHG emissions
Million tonnes CO2e Million tonnes CO2e
Goal Zero on safety
HSSE PERFORMANCE
2021
TRCF Working hours (RHS) Volume of spills Number of spills (RHS)
0
400
800
0
1
2
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
0
100
200
300
0
1
2
3
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
0
2
4
0
50
100
2016 2017 2018 2019 2020 2021
Scope 1 Scope 1 - Methane only (RHS)
Scope 2
Process safety
# of incidents
Tier 1 Tier 2
0
200
400
2013 2014 2015 2016 2017 2018 2019 2020 2021

OUR CLIMATE TARGETS
1Measured by our Net Carbon Footprint (NCF) methodology, available on our website.
2 A range of levers enable achievement of the target including portfolio activity, efficiency gains, asset transformation/repurpose, carbon capture and storage, and Nature-based solutions.
CARBON
Net-zero emissions energy business by 2050
including all emissions (Scopes 1, 2 and 3)
in step with society
NET ZERO BY 2050
Covers emissions associated with the production, processing,
transport and end use of our products
We believe Shell’s total carbon emissions from
energy sold peaked in 2018 at around 1.7
Gtpa and will be brought down to 0 by 2050
FROM 1.7 GTPA TO ZERO
UN PARIS AGREEMENT
Strategy aligns with goal to limit the increase in
the global average temperature to 1.5 degrees
Celsius above pre-industrial levels
Intensity targets (Scopes 1, 2 and 3)
-6-8%
2023 2050
2030 2035
Carbon intensity1
-20%
-45%
-100%
2016 baseline
gCO
2
e/MJ
79
2016 2021 2030E 2050E
41
0
83
mtpa
CO
2
e
68
Covers all Scope 1 and 2 emissions under Shell’s operational control
Absolute target 2 (Scope 1 & 2)
Scope 1 Scope 2

Adjusted EBITDA (CCS)
Cash flow from operations
excluding working capital
Cash capital expenditure
Free cash flow
Income attributable to Shell plc
shareholders
Adjusted Earnings
Net debt
22
$16.3 billion
$11.1 billion
$6.5 billion
$10.7 billion
$11.5 billion
$6.4 billion
 Includes non-cash gains of $3.2 billion due to the fair value accounting of commodity derivatives,
net gains of $3.0 billion on asset sales, partly offset by post-tax impairment charges of $0.8 billion
STRONG RESULTS DRIVEN BY ROBUST
OPERATIONS AND RESILIENT PORTFOLIO
Q4 2021 average Brent price:
$80/bbl
Q4 2021 FINANCIAL RESULTS
$52.6 billion
 Net debt reduction of $4.9 billion in the fourth quarter. ~$23 billion reduction in 2021
 Lowest level of net debt since the beginning of 2016
 Helped by higher commodity prices and significantly higher LNG trading and optimisation
margins
 $2.7 billion outflow from commodity derivatives
 CFFO of $8.2 billion impacted by WC outflow of $3 billion
 Disciplined cash capex of $20 billion in 2021
 Divestment proceeds of $9.1 billion
Historical comparisons available in Quarterly Databook.

Adjusted Earnings Q3 2021 to Q4 2021 Cash conversion Q4 2021
$ billion $ billion
STRONG CASH CONVERSION
Left graph: information presented on a CCS basis, excluding identified items and after tax. Right graph: information presented on a CCS basis, excluding identified items and
before tax. COSA represents cost of sales adjustment before tax.*Non-controlling interest
4.1
6.4
0
2
4
6
8
6.4
16.3 16.9
11.1
0
4
8
12
16
20
0.8
5.4
3.7 0.5 0.3
(2.7)
(3.3)
2.6
(0.0)
(0.6)
0.5 0.2
(0.3) (0.1)

Net debt Q3 2021 to Q4 2021 Net debt 2016 to 2021 (incl. leases)
$ billion
$ billion
STRONG CASH FLOW GENERATION RESULTING IN NET DEBT
REDUCTION
*Dividend paid to Shell shareholders. Gearing shown as reported without restatement for IFRS 16.
57.5
52.6
0
20
40
60
(3.0)
-4
-2
0
(1.3)
0.5
(2.1)
(11.1)
3.0
(9.1)
6.5
1.9
1.3 0.9 1.9
Working capital movements Q4 2021
52.6
0%
10%
20%
30%
40%
40
60
80
100
2016 2017 2018 2019 2020 2021
$ billion Net debt before IFRS 16 Net debt post IFRS 16
+$16 billion
(IFRS 16)
Gearing (RHS)

Upstream
Integrated Gas & R&ES
Downstream Shell
Peer range
25
Balanced CFFO excluding working capital Track record of strong CFFO
$ billion
INTEGRATED BUSINESS MODEL DELIVERING VALUE
Right graph: Peer range comprises ExxonMobil, Chevron, BP and Total, CFFO for Shell corrected for interest received (in CFFI) and interest paid (CFFF).
CASH POTENTIAL
$ billion
0
10
20
30
40
50
60
2015 2016 2017 2018 2019 2020 2021
0
10
20
30
40
50
60
2015 2016 2017 2018 2019 2020 2021

 Production is expected to be approximately
760 - 820 thousand boe/d.
 LNG liquefaction volumes are expected to be
approximately 7.7 - 8.3 million tonnes.
Adjusted Earnings Cash conversion Q4 Q1 2022 outlook
INTEGRATED GAS,
RENEWABLES AND ENERGY SOLUTIONS
Quarterly Databook available on
www.shell.com/investors
*WWO = well write-offs
 Adjusted Earnings benefited from higher realised prices and significantly higher trading and optimisation margins, overcoming supply issues and capturing unique
optimisation opportunities generated through the large scale and scope of our LNG trading portfolio in a high LNG spot price environment.
 CFFO excluding working capital of $2.4 billion, mainly impacted by derivative outflows of $3.8 billion.

 Adjusted Earnings higher by $1.1 billion compared to Q3 2021, mainly driven by higher prices. Permian divestment completed in Q4, lowering DD&A.
 Continued strong cash conversion, with CFFO excluding working capital of $6.6 billion, $0.7 billion above Q3 2021.
27
 Production is expected to be approximately
2,000 - 2,200 thousand boe/d.
UPSTREAM Quarterly Databook available on
*WWO = well write-offs

 Refinery utilisation and realised margins impacted by extended turnaround at Scotford, Hurricane Ida recovery efforts at Norco and a smaller portfolio due to
ongoing divestments.
 Trading and optimisation contribution to earnings was lower compared with Q3 2021.
 Marketing Adjusted Earnings impacted due to seasonal trends and foreign exchange impacts in Turkey.
 CFFO excluding working capital of $2.0 billion includes the timing impact of payments for emission certificates relating to German BEHG and US Biofuel
programmes, which was offset by derivatives inflows of $1.0 billion.
28
 Refinery utilisation is expected to be approximately
71% - 79%.
 Sales volumes are expected to be approximately
4,100 - 5,400 thousand b/d of which Refining &
Trading is 1,800 - 2,600 and Marketing is 2,300 -
2,800.
OIL PRODUCTS Quarterly Databook available on

 Adjusted Earnings around break-even, reflect lower base chemicals spreads resulting in lower margins and JV earnings.
 Manufacturing plant utilisation impacted by Hurricane Ida recovery efforts in US Gulf Coast and an extended turnaround at Scotford.
 Cash conversion helped by timing of dividends from JVs.
29
 Manufacturing plant utilisation is expected to be
approximately 78% - 86%.
 Sales volumes are expected to be approximately
3,300 - 3,700 thousand tonnes.
CHEMICALS Quarterly Databook available on

SEC PROVED RESERVES POSITION
PRELIMINARY RESULTS
Reserves performance
billion boe
billion boe 2019 2020 2021
Production 1.4 1.3 1.2
SEC proved reserves 11.1 9.1 9.4
Reserves/ Production
(years)
~8.0 ~7.1 ~7.6
RRR 65% -53% +120%
Proved reserves 2021 vs 2020
 2021 RRR +120%
 2021 RRR (excl. A&D) +138%
 3-year average RRR +43%
 Reserves/Production at end-2021 ~7.6 years
9.1 9.4
0
2
4
6
8
10
(1.2)
(0.2)
1.7

2005 Unification: The
dual-share structure of RDS
was created in 2005 with
tax residency in the
Netherlands and legal
form of a UK plc.
December 2021: Board
proposal to enable the
simplification of shares received
99.77% of the votes in favour.
RDS sets out expected
timetable of simplification and
announced the change of name
to Shell plc.
January 2022: Name change, and
assimilation of shares implemented.
SHARE SIMPLIFICATION
SIMPLER. MORE FLEXIBLE. FASTER.
2005
Euronext LSE NYSE
Shares Shares ADS
SHELL SHEL SHEL
By managing our portfolio with greater agility
throughout the energy transition
ENHANCE COMPETITIVENESS
Establishing a conventional single-share structure
ACCELERATE SHARE BUYBACKS
REDUCE SHAREHOLDER RISKS
With a share structure in line with our competitors
and most other global companies
DELIVERING THE STRATEGY
2022
2021

MARKETS
32
NEW REPORTING SEGMENTS
ENHANCING DISCLOSURES AND IMPROVING TRANSPARENCY
Current segments Future segments
Marketing
Chemicals &
Products
Upstream
Renewables and
Energy Solutions
Corporate
Upstream
Corporate
Integrated Gas
(IG and R&ES)
Integrated Gas
Chemicals
Oil Products
(Marketing, Refining
and Trading)
Integrated Power
Reporting scope
Customer solutions, marketing
and trading of power,
renewable electricity
generation
Gas Marketing & Trading
Supply of natural gas to utility,
industrial and retail customers
Hydrogen
Production & supply
of decarbonised
hydrogen
Nature & Environmental Solutions
Trading of carbon credits and
investment in nature-based projects
that avoid or reduce carbon
Business activities for our retail network (includes e-
mobility and EV charging services) and Shell Fleet
Solutions fuel card business
Chemicals
Products – Refining
and Trading
Introduction of Quarterly Update Note
Q3
2019
Q2
2020
Quarterly Press Release
Q1
2021
Enhanced quarterly disclosures
Q1
2022
New reporting segments
Strategic pillars
Growth
Includes: low-carbon fuels, aviation, marine, Raízen
JV, commercial road transport, construction & road
and agriculture
ASSETS
Transition
RESOURCES
Upstream
Enhanced value delivery through trading and optimisation
Mobility Lubricants Sectors & Decarbonisation
LNG GTL
Carbon Capture &
Storage
Developing commercial CCS
hubs
Separately reported in the Quarterly Databook

MARKETING MAJOR PROJECTS
Biofuels Plant Rotterdam
Varennes Carbon
Recycling
Shell Bovarius
Shell Junction City
Shell Galloway
LanzaJet
KEY
Low-carbon fuels
Marketing major projects exclude M&A. [A] to be confirmed.
Project Country
Shell
share %
Products Shell-
operated
Under construction – Start-up 2022-2023
Shell Bovarius USA 100 Renewable Fuels – RNG 
Shell Galloway USA 100 Renewable Fuels – RNG 
LanzaJet USA 15.4 Renewable Fuels
Varennes Carbon Recycling Canada 40 Renewable Fuels
Under construction – Start-up 2024+
Biofuels Plant Rotterdam The Netherlands 100 Renewable Fuels 
Pre-FID options
NL Enerkem The Netherlands 100 Renewable Fuels 
Biofuels Plant Singapore Singapore 100 Renewable Fuels 
Biofuels Plant Convent USA 100 Renewable Fuels 
Shell Friesian USA 100 Renewable Fuels – RNG 
Shell Dexter USA 100 Renewable Fuels – RNG 
Bukom Group II Base Oil Singapore 100 Lubricants 

Projects listed are a selection of our project portfolio. Peak production and LNG capacity are 100%. [A] to be confirmed.
INTEGRATED GAS PORTFOLIO & MAJOR PROJECTS
KEY
NLNG
ELNG
QG4
OLNG
QLNG
Sakhalin
Prelude
NWS
Gorgon QCLNG
BLNG
ALNG
LNGC
PLNG
Pearl
SEI
Gibraltar
Dragon GATE
Costa Azul
Lake Charles
Singapore
Cove Point
Elba Island
SMDS
Changbei
Bolivia
Regasification terminals
Liquefaction plants GTL
Liquefaction plants under construction On-stream gas projects
Project Country
Shell
share %
Peak
production
kboe/d
LNG
capacity
mtpa
Shell-
operated
Arrow - Surat Gas Australia 50 backfill
Colibri Trinidad & Tobago 87 backfill 
Gorgon - Jansz Australia 25 backfill
Oman Gas* Oman 53 120 
Gorgon - Jansz compression Australia 25 backfill
LNG Canada T1-2 Canada 40 14
NLNG T7 Nigeria 26 7.6
Pre-FID options
Abadi Indonesia 35 245 9.5
East Med Egypt 35 backfill
LNG Canada Expansion Canada 40 14
Manatee Trinidad & Tobago 100 backfill 
NWS - Browse Australia 27 backfill
Prelude - Crux Australia 82 backfill 
QGC SW20+ Measure Australia 62 backfill 
Tanzania Tanzania 25 [A] 15 
*FID of the project subject to the issuance of a Royal Decree by the government of the Sultanate of Oman
confirming award of the Block 10 Concession Agreement.

Projects listed are a selection of our project portfolio. Products capacity is 100%. [A] to be confirmed.
CHEMICALS AND PRODUCTS PORTFOLIO & MAJOR PROJECTS
Scotford
Rheinland
Nanhai
Moerdijk
Geismar
Pulau Bukom
Pennsylvania
Norco
Jurong Island
Mossmorran
KEY
Energy and chemicals parks –
Integrated refining and chemicals sites
Chemicals-only sites
Sites under construction
Project Country
Shell
share %
Products Shell-
operated
Under construction – Start-up 2022
Pennsylvania Petrochemicals
Complex
USA 100 1.5 mtpa Polyethylene 
Moerdijk energy efficiency The Netherlands 100 Olefins 
Pre-FID options
Chemicals derivatives USA 100 Derivatives 
Cracker & derivatives Iraq [A] [A] [A]
CSPC expansion project China 50
Olefins & performance
chemicals
CSPC Polycarbonate project China 50 Polycarbonates
Rotterdam

Projects listed are a selection of our project portfolio excluding short-cycle Shales activities. Peak production is 100%.
[A] Subject to unitisation agreements, production shown is FPSO oil capacity as per operator.
UPSTREAM PORTFOLIO & MAJOR PROJECTS
Project Country
Shell
share %
Peak production
kboe/d
Shell-
operated
Mero 1 [A] Brazil 20 180
Timi Malaysia 75 50 
Pierce post Depressurisation UK 93 30 
Penguins Redevelopment UK 50 45 
PowerNap USA 100 20 
Vito USA 63 100 
Jerun Malaysia 30 95
Whale USA 60 100 
Pre-FID options
Gato do Mato Brazil 50 70 
Sururu Main [A] Brazil 24 140
Kashagan Phase 2B Kazakhstan 17 190
Marjoram/Rosmari Malaysia 75 100 
Bonga South West Nigeria 43 150 
HI Development Nigeria 40 75 
Bonga Main Life Extension & Upgrade Nigeria 55 60 
Bonga North Tranche 1 Nigeria 55 120 
Jackdaw UK 74 40 
Dover USA 100 30 
Fort Sumter USA 100 30 
KEY
Total projects under construction Shell share > 500 kboe/d
Pre-FID options Shell share > 800 kboe/d
Core positions
UK
Oman
Brunei
Malaysia
Nigeria
Brazil
Gulf of Mexico
Kazakhstan

CO2
A CUSTOMER-LED INTEGRATED
ENERGY OFFERING
37
Shell offers integrated solutions to customers – from biofuels, to hydrogen, solar and wind – while using nature and
technology to capture emissions from hard-to-abate sectors.
CO2
CO2
37
EUROPE
UK
NL
CO2
CO2
Based on a selection of projects in our portfolio, including pre-FID projects.
KEY
Wind
Solar
Mobility
Energy solutions
Energy access
CCS
Nature-based solutions
Power trading & marketing
Hydrogen
Biofuels
CO2
`

Upcoming events
21 Feb 2022 Integrated Gas Business Update
5 May 2022 Q1 2022 results
10 May 2022 Annual ESG Update
24 May 2022 Annual General Meeting
Useful links:
Strategy Day 2021
Annual and Quarterly Databook
Shell Energy Transition Strategy
Annual reports and publications
Nigeria briefing notes 2021
ESG performance data
Simplified Share Structure

ADDITIONAL DEFINITIONS
Metric Definition
Break-even price The forward-looking breakeven price for a pre-FID project is calculated at FID based on all forward-looking costs associated with that project. Accordingly, this typically
excludes exploration & appraisal costs, lease bonuses, exploration seismic, exploration team overhead costs, etc. The forward-looking breakeven price for a pre-FID
project is calculated based on our estimate of resources volumes (2C). As these pre-FID projects are expected to be multidecade producing projects, projection will not
be reflected either in earnings or cash flow in the next five years.
Unit technical cost Present value of real terms capital and operating expenditure divided by the production profile discounted to the reference date.
Energy Transition Spend Underlying opex and Cash capex, excluding spend in JV and Associates, for activities that support the decarbonization of our customers, including electric vehicle
charging, low-carbon fuels (see Low carbon fuels | Shell Global), nature and environmental solutions, renewable electricity generation, decarbonised hydrogen,
marketing & trading of power & natural gas and developing commercial CCS hubs. It also includes spend to provide non-energy products including Chemicals,
Lubricants, Convenience Retail and road materials, that have no Scope 3 carbon emissions. It excludes all Refining, Upstream, LNG and GTL related spend, although
there will be spend on mitigating / improving energy efficiency in these segments.
Classification deviates from EU Taxonomy definitions, which will be subject to separate disclosures.

Shell plc fourth quarter 2021 results slides

Shell plc fourth quarter 2021 results slides

More Related Content

What's hot (20)

Similar to Shell plc fourth quarter 2021 results slides (20)

More from Shell plc (13)

Recently uploaded (15)

Shell plc fourth quarter 2021 results slides