SHELL PLC

2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



SUMMARY OF UNAUDITED RESULTS
Quarters				$ million		Half year
Q2 2024	Q1 2024	Q2 2023	%¹		Reference	2024	2023	%
3,517	7,358	3,134	-52	Income/(loss) attributable to Shell plc shareholders		10,874	11,843	-8
6,293	7,734	5,073	-19	Adjusted Earnings	A	14,027	14,720	-5
16,806	18,711	14,435	-10	Adjusted EBITDA	A	35,517	35,867	-1
13,508	13,330	15,130	+1	Cash flow from operating activities		26,838	29,289	-8
(3,338)	(3,528)	(3,015)		Cash flow from investing activities		(6,866)	(7,253)
10,170	9,802	12,116		Free cash flow	G	19,972	22,037
4,719	4,493	5,130		Cash capital expenditure	C	9,211	11,631
8,950	8,997	9,653	-1	Operating expenses	F	17,947	18,964	-5
8,651	9,054	9,607	-4	Underlying operating expenses	F	17,704	18,900	-6
12.8%	12.0%	15.2%		ROACE2	D	12.8%	15.2%
75,468	79,931	84,366		Total debt	E	75,468	84,366
38,314	40,513	40,310		Net debt	E	38,314	40,310
17.0%	17.7%	17.3%		Gearing	E	17.0%	17.3%
2,817	2,911	2,731	-3	Oil and gas production available for sale (thousand boe/d)		2,864	2,816	+2
0.55	1.14	0.46	-52	Basic earnings per share ($)		1.70	1.73	-2
0.99	1.20	0.75	-18	Adjusted Earnings per share ($)	B	2.19	2.15	+2
0.3440	0.3440	0.3310	—	Dividend per share ($)		0.6880	0.6185	+11

1.Q2 on Q1 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 first quarter 2024, reflected lower LNG trading and optimisation margins, lower refining margins, lower margins from crude and oil products trading and optimisation, and lower Integrated Gas and Upstream volumes, partly offset by higher Marketing margins and volumes.

Second quarter 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals, and reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures. These items are included in identified items amounting to a net loss of $2.7 billion in the quarter. This compares with identified items in the first quarter 2024 which amounted to a net loss of $0.6 billion.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items and the cost of supplies adjustment of positive $0.1 billion.

Cash flow from operating activities for the second quarter 2024 was $13.5 billion, and primarily driven by Adjusted EBITDA, and derivatives inflow, partly offset by tax payments of $3.4 billion, and working capital outflow of $0.3 billion.

Cash flow from investing activities for the quarter was an outflow of $3.3 billion, and included cash capital expenditure of $4.7 billion, and divestment proceeds of $0.8 billion.

Net debt and Gearing: At the end of the second quarter 2024, net debt was $38.3 billion, compared with $40.5 billion at the end of the first quarter 2024, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, interest payments, and lease additions. Gearing was 17.0% at the end of the second quarter 2024, compared with 17.7% at the end of the first quarter 2024, mainly driven by lower net debt.

Shareholder distributions

Total shareholder distributions in the quarter amounted to $6.1 billion comprising repurchases of shares of $4.0 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the second



SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the first quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the third quarter 2024 results announcement.

Half Year Analysis1

Half year 2024 income attributable to Shell plc shareholders, compared with the first half 2023, reflected lower LNG trading and optimisation margins, lower realised LNG and gas prices, lower trading and optimisation margins of power and pipeline gas, and lower refining margins, partly offset by lower operating expenses, higher Chemicals margins, and higher Integrated Gas and Upstream volumes.

By focusing the portfolio and simplifying the organisation, $1.7 billion of pre-tax structural cost reductions3 were delivered up to the second quarter 2024 compared with 2022 levels, with $0.7 billion in the first half 2024.

First half 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals of $1.9 billion, reclassifications of $1.1 billion from equity to profit and loss of cumulative currency translation differences related to funding structures, and unfavourable movements of $0.6 billion due to the fair value accounting of commodity derivatives. These charges, reclassifications and unfavourable movements are included in identified items amounting to a net loss of $3.3 billion. This compares with identified items in the first half 2023 which amounted to a net loss of $2.1 billion.

Adjusted Earnings and Adjusted EBITDA2 for the first half 2024 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for identified items and the cost of supplies adjustment of negative $0.2 billion.

Cash flow from operating activities for the first half 2024 was $26.8 billion, and primarily driven by Adjusted EBITDA, and derivatives inflow of $1.0 billion, partly offset by tax payments of $6.1 billion, and working capital outflow of $3.0 billion.

Cash flow from investing activities for the first half 2024 was an outflow of $6.9 billion and included cash capital expenditure of $9.2 billion, net other investing cash outflows of $0.7 billion, divestment proceeds of $1.8 billion, and interest received of $1.2 billion.

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 4 .

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

3.Structural cost reductions describe decreases in underlying operating expenses as a result of operational efficiencies, divestments, workforce reductions and other cost-saving measures that are expected to be sustainable compared with 2022 levels.

4.Not incorporated by reference.

SECOND QUARTER 2024 PORTFOLIO DEVELOPMENTS

Integrated Gas

In June 2024, we reached an agreement with Carne Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek, to acquire 100% of the shares in Pavilion Energy Pte. Ltd. Pavilion Energy includes a global LNG trading business with a contracted supply volume comprising of about 6.5 million tonnes per annum (mtpa).

In July 2024, we announced the final investment decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

In July 2024, we signed an agreement to invest in the Abu Dhabi National Oil Company's (ADNOC) Ruwais LNG project in Abu Dhabi through a 10% participating interest. The Ruwais LNG project will consist of two 4.8 mtpa LNG liquefaction trains with a total capacity of 9.6 mtpa.

Upstream

In May 2024, the Atapu consortium announced the FID for the Atapu-2 project, a second floating production, storage and offloading (FPSO) vessel to be deployed at the Atapu field, within the offshore Santos basin in Brazil. The Atapu consortium includes Petrobras (65.7% - Operator), Shell (16.7%), TotalEnergies (15%), Petrogal Brasil (1.7%) and PPSA (0.9%).

In July 2024, the operator of the Jerun field in Malaysia, SapuraOMV Upstream Sdn Bhd, has announced that first gas has been achieved. Jerun is operated by SapuraOMV Upstream (40%) in partnership with Sarawak Shell Berhad (30%) and PETRONAS Carigali Sdn Bhd (30%).

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

Marketing

In July 2024, we announced that we are temporarily pausing on-site construction work at our 820,000 tonnes a year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands to address project delivery and ensure future competitiveness given current market conditions.

Chemicals and Products

In May 2024, we reached an agreement to sell our Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture company between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd. The transaction will transfer all of Shell's interest in Shell Energy and Chemicals Park Singapore to CAPGC.

In June 2024, we announced the FID for Polaris, a carbon capture project at the Shell Energy and Chemicals Park, Scotford in Alberta, Canada. Polaris is designed to capture approximately 650,000 tonnes of CO2 annually from the Shell-owned Scotford refinery and chemicals complex.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters				$ million		Half year
Q2 2024	Q1 2024	Q2 2023	%¹		Reference	2024	2023	%
2,454	2,761	757	-11	Segment earnings		5,215	3,169	+65
(220)	(919)	(1,744)		Of which: Identified items	A	(1,139)	(4,250)
2,675	3,680	2,501	-27	Adjusted Earnings	A	6,354	7,419	-14
5,039	6,136	4,831	-18	Adjusted EBITDA	A	11,175	12,315	-9
4,183	4,712	3,628	-11	Cash flow from operating activities	A	8,895	9,914	-10
1,151	1,041	1,089		Cash capital expenditure	C	2,192	1,901
137	137	142	—	Liquids production available for sale (thousand b/d)		137	140	-2
4,885	4,954	4,895	-1	Natural gas production available for sale (million scf/d)		4,919	4,860	+1
980	992	985	-1	Total production available for sale (thousand boe/d)		986	978	+1
6.95	7.58	7.17	-8	LNG liquefaction volumes (million tonnes)		14.53	14.35	+1
16.41	16.87	16.03	-3	LNG sales volumes (million tonnes)		33.28	33.00	+1

1.Q2 on Q1 change

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 first quarter 2024, reflected the combined effect of lower contributions from trading and optimisation due to seasonality and realised prices (decrease of $531 million), lower volumes (decrease of $209 million), and unfavourable deferred tax movements ($149 million).

Second quarter 2024 segment earnings also included a charge of $122 million due to unrecoverable indirect tax receivables, and unfavourable movements of $98 million relating to an accounting mismatch due to 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. These charges and unfavourable movements are part of identified items and compare with the first quarter 2024 which included unfavourable movements of $887 million due to the fair value accounting of commodity derivatives.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA and working capital inflows of $324 million, partly offset by tax payments of $1,039 million.

Total oil and gas production, compared with the first quarter 2024 decreased by 1% mainly due to higher maintenance, partly offset by production-sharing contract effects. LNG liquefaction volumes decreased by 8% mainly due to higher maintenance.

Half Year Analysis1

Segment earnings, compared with the first half 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $1,609 million), partly offset by higher volumes (increase of $230 million), lower operating expenses (decrease of $181 million), and favourable deferred tax movements ($148 million).

First half 2024 segment earnings also included unfavourable movements of $985 million relating to an accounting mismatch due to 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. These unfavourable movements are part of identified items and compare with the first half 2023 which included unfavourable movements of $2,481 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $1,700 million.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

Cash flow from operating activities for the first half 2024 was primarily driven by Adjusted EBITDA, and a working capital inflow of $599 million, partly offset by tax payments of $1,506 million and net cash outflows related to derivatives of $1,213 million.

Total oil and gas production, compared with the first half 2023, increased by 1% mainly due to ramp-up of fields in Oman and Australia, partly offset by higher maintenance. LNG liquefaction volumes increased by 1% mainly due to lower unplanned maintenance in Australia.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



UPSTREAM
Quarters				$ million		Half year
Q2 2024	Q1 2024	Q2 2023	%¹		Reference	2024	2023	%
2,179	2,272	1,601	-4	Segment earnings		4,451	4,390	+1
(157)	339	(98)		Of which: Identified items	A	182	(120)
2,336	1,933	1,700	+21	Adjusted Earnings	A	4,270	4,509	-5
7,829	7,888	6,467	-1	Adjusted EBITDA	A	15,717	15,317	+3
5,739	5,727	4,519	—	Cash flow from operating activities	A	11,466	10,327	+11
1,829	2,010	2,029		Cash capital expenditure	C	3,839	3,899
1,297	1,331	1,283	-3	Liquids production available for sale (thousand b/d)		1,314	1,314	—
2,818	3,136	2,425	-10	Natural gas production available for sale (million scf/d)		2,977	2,749	+8
1,783	1,872	1,701	-5	Total production available for sale (thousand boe/d)		1,828	1,788	+2

1.Q2 on Q1 change

The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

Quarter Analysis1

Segment earnings, compared with the first quarter 2024, reflected lower well write-offs (decrease of $313 million), and lower operating expenses (decrease of $149 million), partly offset by lower volumes (decrease of $149 million).

Second quarter 2024 segment earnings also included a loss of $143 million related to the impact of the weakening Brazilian real on a deferred tax position, and a loss of $122 million related to a tax settlement in Brazil, partly offset by a gain of $139 million related to the impact of inflationary adjustments in Argentina on a deferred tax position. These losses and gains are part of identified items, and compare with the first quarter 2024 which 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.

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 $1,955 million.

Total production, compared with the first quarter 2024, decreased mainly due to higher scheduled maintenance, partly offset by new oil delivery.

Half Year Analysis1

Segment earnings, compared with the first half 2023, reflected unfavourable movements in deferred tax positions ($415 million), and higher well write-offs (increase of $366 million), partly offset by the net impact of higher realised oil and lower realised gas prices (increase of $197 million).

First half 2024 segment earnings also included gains of $599 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by a loss of $191 million related to the impact of the weakening Brazilian real on a deferred tax position and net impairment charges and reversals of $169 million. These gains and charges are part of identified items, and compare with the first half 2023 which included charges of $176 million from impairments, and charges of $127 million relating to Brazil Oil export tax, partly offset by gains of $140 million related to the impact of the strengthening Brazilian real on a deferred tax position.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the first half 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $3,757 million.

Total production, compared with the first half 2023, increased mainly due to new oil delivery in Deep Water, partly offset by field decline.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



MARKETING
Quarters				$ million		Half year
Q2 2024	Q1 2024	Q2 2023	%¹		Reference	2024	2023	%
257	774	1,019	-67	Segment earnings2		1,031	2,203	-53
(825)	(7)	87		Of which: Identified items2	A	(832)	326
1,082	781	931	+39	Adjusted Earnings2	A	1,863	1,877	-1
1,999	1,686	1,670	+19	Adjusted EBITDA2	A	3,686	3,384	+9
1,958	1,319	1,296	+48	Cash flow from operating activities2	A	3,277	3,397	-4
644	465	709		Cash capital expenditure2	C	1,109	3,446
2,868	2,763	3,099	+4	Marketing sales volumes (thousand b/d)2		2,816	3,023	-7

1.Q2 on Q1 change

2.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 first quarter 2024, reflected higher Marketing margins (increase of $187 million) mainly driven by improved Mobility unit margins and seasonal impact of higher volumes and higher Sectors and Decarbonisation margins. Lubricants margins were in line with the first quarter 2024. Segment earnings also reflected favourable tax movements ($63 million).

Second quarter 2024 segment earnings also included impairment charges of $783 million mainly relating to an asset in the Netherlands, and charges of $50 million related to redundancy and restructuring. These charges are part of identified items.

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, working capital inflows of $153 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $112 million. These inflows were partly offset by non-cash cost-of-sales adjustments of $74 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first quarter 2024, increased mainly due to seasonality.

Half Year Analysis1

Segment earnings, compared with the first half 2023, reflected unfavourable tax movements ($181 million), and higher depreciation charges (increase of $101 million) mainly due to asset acquisitions. These were partly offset by higher Marketing margins (increase of $203 million) including higher margins in Lubricants, Mobility and Sectors and Decarbonisation. Segment earnings also reflected lower operating expenses (decrease of $53 million).

First half 2024 segment earnings also included impairment charges of $786 million mainly relating to an asset in the Netherlands, charges of $65 million related to redundancy and restructuring, and net losses of $56 million related to the sale of assets, partly offset by favourable movements of $50 million relating to an accounting mismatch due to 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. These charges and favourable movements are part of identified items and compare with the first half 2023 which included gains of $298 million related to indirect tax credits, and favourable movements of $60 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.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

adjustments of $79 million. These inflows were partly offset by working capital outflows of $639 million, and tax payments of $191 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first half 2023, decreased mainly in Mobility including increased focus on value over volume.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



CHEMICALS AND PRODUCTS
Quarters				$ million		Half year
Q2 2024	Q1 2024	Q2 2023	%¹		Reference	2024	2023	%
587	1,157	307	-49	Segment earnings2		1,744	2,060	-15
(499)	(458)	(112)		Of which: Identified items2	A	(956)	(66)
1,085	1,615	419	-33	Adjusted Earnings2	A	2,700	2,126	+27
2,242	2,826	1,243	-21	Adjusted EBITDA2	A	5,068	4,157	+22
2,249	(349)	2,226	+745	Cash flow from operating activities2	A	1,900	3,502	-46
638	500	630		Cash capital expenditure2	C	1,138	1,190
1,429	1,430	1,335	—	Refinery processing intake (thousand b/d)		1,429	1,374	+4
3,052	2,883	2,828	+6	Chemicals sales volumes (thousand tonnes)		5,934	5,658	+5

1.Q2 on Q1 change

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 first quarter 2024, reflected lower Products margins (decrease of $637 million) mainly driven by lower refining margins due to increased supply and lower margins from trading and optimisation. Segment earnings also reflected unfavourable tax movements ($92 million). These were partly offset by higher Chemicals margins (increase of $123 million) due to higher utilisation and improved margin environment. In addition, the second quarter 2024 reflected lower operating expenses (decrease of $101 million).

Second quarter 2024 segment earnings also included net impairment charges and reversals of $708 million mainly relating to assets in Singapore, partly offset by favourable movements of $156 million relating to an accounting mismatch due to 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. These charges and favourable movements are part of identified items, and compare with the first quarter 2024 which included unfavourable movements of $319 million due to the fair value accounting of commodity derivatives and impairment charges of $152 million.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the second quarter 2024, Chemicals had positive Adjusted Earnings of $50 million and Products had positive Adjusted Earnings of $1,035 million.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, the timing of payments relating to emissions and biofuel programmes of $417 million, and cash inflows relating to commodity derivatives of $304 million. These inflows were partly offset by working capital outflows of $361 million, tax payments of $186 million and non-cash cost-of sales adjustments of $59 million.

Chemicals manufacturing plant utilisation was 80% compared with 73% in the first quarter 2024, due to lower unplanned maintenance in North America.

Refinery utilisation was 92% compared with 91% in the first quarter 2024.

Half Year Analysis1

Segment earnings, compared with the first half 2023, reflected higher Chemicals margins (increase of $439 million) due to higher utilisation and improved margin environment. Segment earnings also reflected lower operating expenses (decrease of $473 million). These were partly offset by lower Products margins (decrease of $164 million) mainly driven by lower refining margins partly offset by higher margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($126 million).

First half 2024 segment earnings also included net impairment charges and reversals of $860 million mainly relating to assets in Singapore, and unfavourable movements of $163 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivative hedge contracts are

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

entered into for mitigation of economic exposures on future purchases, sales and inventory. These charges are part of identified items, and compare with the first half 2023 which included net impairment charges and reversals of $148 million, partly offset by favourable movements of $135 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 half 2024, Chemicals had negative Adjusted Earnings of $63 million and Products had positive Adjusted Earnings of $2,764 million.

Cash flow from operating activities for the first half 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $232 million, non-cash cost-of-sales adjustments of $148 million, and dividends (net of profits) from joint ventures and associates of $102 million. These inflows were partly offset by working capital outflows of $3,000 million, tax payments of $205 million, cash outflows relating to legal provisions of $180 million, and commodity derivatives of $98 million.

Chemicals manufacturing plant utilisation was 77% compared with 71% in the first half 2023, mainly due to higher economic optimisation in the first half 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the first half 2024.

Refinery utilisation was 92% compared with 88% in the first half 2023, mainly due to lower planned and unplanned maintenance.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



RENEWABLES AND ENERGY SOLUTIONS
Quarters				$ million		Half year
Q2 2024	Q1 2024	Q2 2023	%¹		Reference	2024	2023	%
(75)	553	540	-114	Segment earnings		478	2,745	-83
112	390	301		Of which: Identified items	A	501	2,112
(187)	163	239	-215	Adjusted Earnings	A	(24)	634	-104
(91)	267	452	-134	Adjusted EBITDA	A	175	1,128	-84
847	2,466	3,192	-66	Cash flow from operating activities	A	3,313	4,283	-23
425	438	556		Cash capital expenditure	C	863	996
74	77	67	-5	External power sales (terawatt hours)2		151	135	+12
148	190	172	-22	Sales of pipeline gas to end-use customers (terawatt hours)3		338	393	-14

1.Q2 on Q1 change

2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

3.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 first quarter 2024, reflected lower margins (decrease of $200 million) mainly due to trading and optimisation primarily in Europe as a result of lower seasonal demand and volatility as well as lower generation and energy marketing margins, and unfavourable tax movements ($94 million), partly offset by lower operating expenses (decrease of $52 million).

Second quarter 2024 segment earnings also included favourable movements of $223 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, and impairment charges of $155 million. 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. These favourable movements and charges are part of identified items and compare with the first quarter 2024 which included favourable movements of $306 million due to the fair value accounting of commodity derivatives.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items.

Cash flow from operating activities for the quarter was primarily driven by net cash inflows related to derivatives of $607 million, and working capital inflows of $225 million, partly offset by tax payments of $138 million, and Adjusted EBITDA.

Half Year Analysis1

Segment earnings, compared with the first half 2023, reflected lower margins (decrease of $831 million) mainly from trading and optimisation primarily in Europe due to lower volatility and declining prices, partly offset by lower operating expenses (decrease of $184 million).

First half 2024 segment earnings also included favourable movements of $529 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $78 million. 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. These favourable movements and charges are part of identified items and compare with the first half 2023 which included favourable movements of $2,125 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. Most Renewables and Energy Solutions activities were loss-making for the first half 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

Cash flow from operating activities for the first half 2024 was primarily driven by net cash inflows related to derivatives of $2,585 million, working capital inflows of $706 million, and Adjusted EBITDA, partly offset by tax payments of $382 million.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

Additional Growth Measures


Quarters					Half year
Q2 2024	Q1 2024	Q2 2023	%¹		2024	2023	%
				Renewable power generation capacity (gigawatt):
3.3	3.2	2.5	+3	– In operation2	3.3	2.5	+35
3.8	3.5	4.6	+9	– Under construction and/or committed for sale3	3.8	4.6	-17

1.Q2 on Q1 change

2.Shell's equity share of renewable generation capacity post commercial operation date. It excludes Shell's equity share of associates where information cannot be obtained.

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.



CORPORATE
Quarters			$ million		Half year
Q2 2024	Q1 2024	Q2 2023		Reference	2024	2023
(1,656)	(354)	(736)	Segment earnings1		(2,010)	(1,818)
(1,080)	14	(48)	Of which: Identified items	A	(1,066)	(72)
(576)	(368)	(689)	Adjusted Earnings1	A	(944)	(1,746)
(213)	(92)	(227)	Adjusted EBITDA1	A	(304)	(434)
(1,468)	(545)	269	Cash flow from operating activities	A	(2,013)	(2,134)

1.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 first quarter 2024, reflected unfavourable tax movements and unfavourable movements in currency exchange rate effects.

Second quarter 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These currency translation differences were previously recognised in other comprehensive income and accumulated in equity as part of accumulated other comprehensive income. This non-cash reclassification is part of identified items.

Adjusted EBITDA2 was mainly driven by unfavourable currency exchange rate effects and higher operating expenses.

Half Year Analysis1

Segment earnings, compared with the first half 2023, were primarily driven by favourable tax movements and favourable net interest movements.

First half 2024 segment earnings also included reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures resulting in unfavourable movements of $1,122 million. These reclassifications are included in identified items.

Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects.

1.All earnings amounts are shown post-tax, unless stated otherwise.

2.Adjusted EBITDA is without taxation.

OUTLOOK FOR THE THIRD QUARTER 2024

Cash capital expenditure for full year 2024 is expected to be within $22 - $25 billion.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

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. Third quarter 2024 outlook reflects scheduled maintenance across the portfolio.

Upstream production is expected to be approximately 1,580 - 1,780 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 83% - 91%. Chemicals manufacturing plant utilisation is expected to be approximately 73% - 81%.

Corporate Adjusted Earnings are expected to be a net expense of approximately $500 - $700 million in the third quarter and a net expense of approximately $1,900 - $2,300 million for the full year 2024. This excludes the impact of currency exchange rate and fair value accounting effects.

FORTHCOMING EVENTS



Date			Event
October 31, 2024			Third quarter 2024 results and dividends

Page 12



SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME
Quarters			$ million	Half year
Q2 2024	Q1 2024	Q2 2023		2024	2023
74,463	72,478	74,578	Revenue1	146,942	161,538
898	1,318	629	Share of profit/(loss) of joint ventures and associates	2,216	2,210
(305)	907	813	Interest and other income/(expenses)2	602	1,294
75,057	74,703	76,020	Total revenue and other income/(expenses)	149,760	165,041
49,417	46,867	51,492	Purchases	96,284	108,994
5,593	5,810	6,041	Production and manufacturing expenses	11,403	12,049
3,094	2,975	3,314	Selling, distribution and administrative expenses	6,069	6,365
263	212	297	Research and development	475	550
496	750	444	Exploration	1,246	847
7,555	5,881	7,872	Depreciation, depletion and amortisation2	13,436	14,157
1,235	1,164	1,211	Interest expense	2,399	2,375
67,653	63,659	70,671	Total expenditure	131,312	145,339
7,404	11,044	5,348	Income/(loss) before taxation	18,447	19,702
3,754	3,604	2,195	Taxation charge/(credit)2	7,358	7,776
3,650	7,439	3,154	Income/(loss) for the period	11,089	11,926
133	82	20	Income/(loss) attributable to non-controlling interest	215	83
3,517	7,358	3,134	Income/(loss) attributable to Shell plc shareholders	10,874	11,843
0.55	1.14	0.46	Basic earnings per share ($)3	1.70	1.73
0.55	1.13	0.46	Diluted earnings per share ($)3	1.68	1.71

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".



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters			$ million	Half year
Q2 2024	Q1 2024	Q2 2023		2024	2023
3,650	7,439	3,154	Income/(loss) for the period	11,089	11,926
			Other comprehensive income/(loss) net of tax:
			Items that may be reclassified to income in later periods:
698	(1,995)	(267)	– Currency translation differences1	(1,296)	286
(12)	(6)	(7)	– Debt instruments remeasurements	(19)	12
14	53	100	– Cash flow hedging gains/(losses)	67	(80)
—	—	8	– Net investment hedging gains/(losses)	—	(44)
(6)	(14)	(53)	– Deferred cost of hedging	(20)	(55)
(50)	(12)	(10)	– Share of other comprehensive income/(loss) of joint ventures and associates	(62)	(46)
644	(1,974)	(229)	Total	(1,330)	73
			Items that are not reclassified to income in later periods:
310	439	(24)	– Retirement benefits remeasurements	749	(55)
(81)	78	16	– Equity instruments remeasurements	(3)	23
44	10	(24)	– Share of other comprehensive income/(loss) of joint ventures and associates	55	(32)
273	528	(32)	Total	801	(65)
917	(1,445)	(261)	Other comprehensive income/(loss) for the period	(529)	8
4,567	5,994	2,893	Comprehensive income/(loss) for the period	10,560	11,934
123	56	(15)	Comprehensive income/(loss) attributable to non-controlling interest	180	68
4,443	5,937	2,908	Comprehensive income/(loss) attributable to Shell plc shareholders	10,381	11,866

1.See Note 8 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



CONDENSED CONSOLIDATED BALANCE SHEET
$ million
	June 30, 2024	December 31, 2023
Assets
Non-current assets
Goodwill	16,538	16,660
Other intangible assets	9,387	10,253
Property, plant and equipment	189,656	194,835
Joint ventures and associates	25,098	24,457
Investments in securities	2,972	3,246
Deferred tax	5,888	6,454
Retirement benefits1	9,454	9,151
Trade and other receivables	6,808	6,298
Derivative financial instruments²	348	801
	266,150	272,155
Current assets
Inventories	26,449	26,019
Trade and other receivables	50,619	53,273
Derivative financial instruments²	11,724	15,098
Cash and cash equivalents	38,148	38,774
	126,940	133,164
Assets classified as held for sale1	1,692	951
	128,632	134,115
Total assets	394,783	406,270
Liabilities
Non-current liabilities
Debt	64,619	71,610
Trade and other payables	4,471	3,103
Derivative financial instruments²	2,438	2,301
Deferred tax	15,293	15,347
Retirement benefits1	6,701	7,549
Decommissioning and other provisions	22,574	22,531
	116,096	122,441
Current liabilities
Debt	10,849	9,931
Trade and other payables	63,943	68,237
Derivative financial instruments²	8,138	9,529
Income taxes payable	4,087	3,422
Decommissioning and other provisions	3,622	4,041
	90,639	95,160
Liabilities directly associated with assets classified as held for sale1	857	307
	91,496	95,467
Total liabilities	207,592	217,908
Equity attributable to Shell plc shareholders	185,407	186,607
Non-controlling interest	1,783	1,755
Total equity	187,190	188,362
Total liabilities and equity	394,783	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".

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
	Equity attributable to Shell plc shareholders
$ million	Share capital1	Shares held in trust	Other reserves²	Retained earnings	Total	Non-controlling interest	Total equity
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	(494)	10,874	10,381	180	10,560
Transfer from other comprehensive income	—	—	170	(170)	—	—	—
Dividends³	—	—	—	(4,387)	(4,387)	(150)	(4,537)
Repurchases of shares4	(17)	—	17	(7,020)	(7,020)	—	(7,020)
Share-based compensation	—	544	(213)	(406)	(76)	—	(76)
Other changes	—	—	—	(96)	(96)	(1)	(98)
At June 30, 2024	528	(454)	20,625	164,709	185,407	1,783	187,190
At January 1, 2023	584	(726)	21,132	169,482	190,472	2,125	192,597
Comprehensive income/(loss) for the period	—	—	24	11,842	11,866	68	11,934
Transfer from other comprehensive income	—	—	(121)	121	—	—	—
Dividends3	—	—	—	(4,014)	(4,014)	(585)	(4,599)
Repurchases of shares4	(22)	—	22	(8,054)	(8,054)	—	(8,054)
Share-based compensation	—	500	(203)	(105)	192	—	192
Other changes	—	—	—	1	1	24	25
At June 30, 2023	562	(227)	20,854	169,272	190,461	1,633	192,094

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.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters			$ million	Half year
Q2 2024	Q1 2024	Q2 2023		2024	2023
7,404	11,044	5,348	Income before taxation for the period	18,447	19,702
			Adjustment for:
619	576	612	– Interest expense (net)	1,195	1,276
7,555	5,881	7,872	– Depreciation, depletion and amortisation1	13,436	14,157
269	554	204	– Exploration well write-offs	823	440
(143)	(10)	(53)	– Net (gains)/losses on sale and revaluation of non-current assets and businesses	(154)	(98)
(898)	(1,318)	(629)	– Share of (profit)/loss of joint ventures and associates	(2,216)	(2,210)
792	738	884	– Dividends received from joint ventures and associates	1,530	1,780
(954)	(608)	1,171	– (Increase)/decrease in inventories	(1,562)	5,389
1,965	(195)	8,289	– (Increase)/decrease in current receivables	1,770	14,231
(1,269)	(1,949)	(4,573)	– Increase/(decrease) in current payables2	(3,218)	(15,379)
253	1,386	(907)	– Derivative financial instruments	1,638	(3,244)
(332)	(61)	14	– Retirement benefits	(392)	30
(332)	(600)	(282)	– Decommissioning and other provisions2	(931)	(492)
2,027	509	954	– Other1	2,536	624
(3,448)	(2,616)	(3,773)	Tax paid	(6,064)	(6,917)
13,508	13,330	15,130	Cash flow from operating activities	26,838	29,289
(4,445)	(3,980)	(4,614)	Capital expenditure	(8,424)	(10,774)
(261)	(500)	(436)	Investments in joint ventures and associates	(761)	(743)
(13)	(13)	(80)	Investments in equity securities	(25)	(114)
(4,719)	(4,493)	(5,130)	Cash capital expenditure	(9,211)	(11,631)
710	323	362	Proceeds from sale of property, plant and equipment and businesses	1,033	1,841
57	133	100	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans	190	357
2	569	18	Proceeds from sale of equity securities	570	20
648	577	522	Interest received	1,224	970
883	857	1,908	Other investing cash inflows	1,740	2,607
(920)	(1,494)	(794)	Other investing cash outflows	(2,414)	(1,417)
(3,338)	(3,528)	(3,015)	Cash flow from investing activities	(6,866)	(7,253)
(179)	(107)	(186)	Net increase/(decrease) in debt with maturity period within three months	(286)	(272)
			Other debt:
132	167	362	– New borrowings	299	777
(4,154)	(1,532)	(1,774)	– Repayments	(5,686)	(3,228)
(1,287)	(911)	(1,158)	Interest paid	(2,198)	(2,027)
(115)	(297)	(152)	Derivative financial instruments	(412)	48
(1)	(4)	2	Change in non-controlling interest	(5)	(27)
			Cash dividends paid to:
(2,177)	(2,210)	(1,983)	– Shell plc shareholders	(4,387)	(4,013)
(82)	(68)	(575)	– Non-controlling interest	(150)	(585)
(3,958)	(2,824)	(3,624)	Repurchases of shares	(6,782)	(7,915)
(24)	(462)	86	Shares held in trust: net sales/(purchases) and dividends received	(486)	(146)
(11,846)	(8,248)	(9,003)	Cash flow from financing activities	(20,094)	(17,388)
(126)	(379)	(93)	Effects of exchange rate changes on cash and cash equivalents	(505)	199
(1,801)	1,175	3,020	Increase/(decrease) in cash and cash equivalents	(627)	4,848
39,949	38,774	42,074	Cash and cash equivalents at beginning of period	38,774	40,246
38,148	39,949	45,094	Cash and cash equivalents at end of period	38,148	45,094

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 second quarter 2023 and the half year 2023 have been reclassified accordingly by $46 million and $172 million respectively to conform with current period presentation.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

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 adopted by the UK, and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 244 to 316) for the year ended December 31, 2023, as 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.

Going Concern

These unaudited Condensed Consolidated Interim Financial Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the going concern assumption over the period to December 31, 2025 (the ‘going concern period'), management have stress tested Shell's most recent financial projections to incorporate a range of potential future outcomes by considering Shell's principal risks, potential downside pressures on commodity prices and long-term demand, and cash preservation measures, including reduced cash capital expenditure and shareholder distributions. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these unaudited Condensed Consolidated Interim Financial Statements.

2. Segment information

Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after 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).

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS



REVENUE AND CCS EARNINGS BY SEGMENT
Quarters			$ million	Half year
Q2 2024	Q1 2024	Q2 2023		2024	2023
			Third-party revenue
9,052	9,195	7,938	Integrated Gas	18,247	18,869
1,590	1,759	1,533	Upstream	3,349	3,595
32,005	30,041	31,517	Marketing2	62,045	63,562
24,583	23,735	23,712	Chemicals and Products2	48,319	50,002
7,222	7,737	9,866	Renewables and Energy Solutions	14,959	25,485
11	11	12	Corporate	22	24
74,463	72,478	74,578	Total third-party revenue1	146,942	161,538
			Inter-segment revenue
2,157	2,404	2,940	Integrated Gas	4,560	6,474
10,102	10,287	8,859	Upstream	20,390	20,005
1,363	1,355	1,273	Marketing2	2,718	2,600
9,849	10,312	9,918	Chemicals and Products2	20,161	20,711
957	1,005	771	Renewables and Energy Solutions	1,962	2,246
—	—	—	Corporate	—	—
			CCS earnings
2,454	2,761	757	Integrated Gas	5,215	3,169
2,179	2,272	1,601	Upstream	4,451	4,390
257	774	1,019	Marketing2	1,031	2,203
587	1,157	307	Chemicals and Products2	1,744	2,060
(75)	553	540	Renewables and Energy Solutions	478	2,745
(1,656)	(354)	(736)	Corporate3	(2,010)	(1,818)
3,747	7,163	3,488	Total CCS earnings4	10,910	12,749

1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. Second quarter 2024 included income of $3,194 million (first quarter 2024: $1,643 million income; second quarter 2023: $4,247 million income). This amount includes both the reversal of prior losses of $73 million (first quarter 2024: $257 million gains; second quarter 2023: $27 million gains) related to sales contracts and prior losses of $227 million (first quarter 2024: $235 million losses; second quarter 2023: $88 million losses) related to purchase contracts that were previously recognised and where physical settlement took place in the second 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 second quarter 2023 and the half year 2023 have been reclassified accordingly, by $4,944 million and $10,710 million respectively for Third-party revenue and by $48 million and $95 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the second quarter 2023 and the half year 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,150 million and $2,314 million respectively and an increase in the Chemicals and Products segment of $9,410 million and $19,638 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 second quarter 2023 and the half year 2023 have been revised by $35 million and $53 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".

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

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



CASH CAPITAL EXPENDITURE BY SEGMENT
Quarters			$ million	Half year
Q2 2024	Q1 2024	Q2 2023		2024	2023
			Capital expenditure
1,024	858	803	Integrated Gas	1,882	1,500
1,769	1,766	1,936	Upstream	3,535	3,688
644	427	695	Marketing1	1,071	3,423
601	474	624	Chemicals and Products1	1,074	1,183
377	421	483	Renewables and Energy Solutions	797	858
30	34	72	Corporate	64	122
4,445	3,980	4,614	Total capital expenditure	8,424	10,774
			Add: Investments in joint ventures and associates
127	184	286	Integrated Gas	310	401
60	244	93	Upstream	304	211
—	38	14	Marketing	38	23
37	26	3	Chemicals and Products	63	5
35	8	46	Renewables and Energy Solutions	43	91
1	—	(6)	Corporate	2	10
261	500	436	Total investments in joint ventures and associates	761	743
			Add: Investments in equity securities
—	—	—	Integrated Gas	—	—
—	—	—	Upstream	—	—
—	—	—	Marketing	—	—
—	—	2	Chemicals and Products	—	2
13	10	27	Renewables and Energy Solutions	22	46
—	3	51	Corporate	3	65
13	13	80	Total investments in equity securities	25	114
			Cash capital expenditure
1,151	1,041	1,089	Integrated Gas	2,192	1,901
1,829	2,010	2,029	Upstream	3,839	3,899
644	465	709	Marketing1	1,109	3,446
638	500	630	Chemicals and Products1	1,138	1,190
425	438	556	Renewables and Energy Solutions	863	996
32	37	117	Corporate	69	198
4,719	4,493	5,130	Total Cash capital expenditure	9,211	11,631

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 second quarter 2023 and the half year 2023 have been reclassified accordingly by $39 million and $91 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

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	Half year
Q2 2024	Q1 2024	Q2 2023		2024	2023
3,517	7,358	3,134	Income/(loss) attributable to Shell plc shareholders	10,874	11,843
133	82	20	Income/(loss) attributable to non-controlling interest	215	83
3,650	7,439	3,154	Income/(loss) for the period	11,089	11,926
			Current cost of supplies adjustment:
137	(332)	383	Purchases	(194)	1,030
(36)	84	(96)	Taxation	48	(267)
(5)	(28)	47	Share of profit/(loss) of joint ventures and associates	(33)	60
97	(276)	334	Current cost of supplies adjustment	(179)	823
			Of which:
89	(264)	326	Attributable to Shell plc shareholders	(175)	807
7	(12)	8	Attributable to non-controlling interest	(4)	16
3,747	7,163	3,488	CCS earnings	10,910	12,749
			Of which:
3,606	7,093	3,460	CCS earnings attributable to Shell plc shareholders	10,700	12,650
140	70	27	CCS earnings attributable to non-controlling interest	210	99



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million	Half year
Q2 2024	Q1 2024	Q2 2023		2024	2023
5,593	5,810	6,041	Production and manufacturing expenses	11,403	12,049
3,094	2,975	3,314	Selling, distribution and administrative expenses	6,069	6,365
263	212	297	Research and development	475	550
8,950	8,997	9,653	Operating expenses	17,947	18,964

RECONCILIATION OF TOTAL DEBT

Quarters

$ million

Half year

Q2 2024

Q1 2024

Q2 2023

2024

2023

June 30, 2024

March 31, 2024

June 30, 2023

June 30, 2024

June 30, 2023

10,849

11,046

12,114

Current debt

10,849

12,114

64,619

68,886

72,252

Non-current debt

64,619

72,252

75,468

79,931

84,366

Total debt

75,468

84,366

4. Earnings per share



EARNINGS PER SHARE
Quarters				Half year
Q2 2024	Q1 2024	Q2 2023		2024	2023
3,517	7,358	3,134	Income/(loss) attributable to Shell plc shareholders ($ million)	10,874	11,843

			Weighted average number of shares used as the basis for determining:
6,355.4	6,440.1	6,793.4	Basic earnings per share (million)	6,397.7	6,855.8
6,417.6	6,504.3	6,854.2	Diluted earnings per share (million)	6,461.0	6,917.8

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SHELL PLC 2nd QUARTER 2024 AND HALF YEAR UNAUDITED RESULTS

5. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

Number of shares

Nominal value

($ million)

At January 1, 2024

6,524,109,049

544

Repurchases of shares

(199,993,563)

(17)

At June 30, 2024

6,324,115,486

528

At January 1, 2023

7,003,503,393

584

Repurchases of shares

(268,292,487)

(22)

At June 30, 2023

6,735,210,906

562

At Shell plc's Annual General Meeting on May 21, 2024, 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 €150 million (representing approximately 2,147 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 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

6. Other reserves



OTHER RESERVES
$ million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2024	37,298	154	236	1,308	(17,851)	21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(494)	(494)
Transfer from other comprehensive income	—	—	—	—	170	170
Repurchases of shares	—	—	17	—	—	17
Share-based compensation	—	—	—	(213)	—	(213)
At June 30, 2024	37,298	154	253	1,095	(18,175)	20,625
At January 1, 2023	37,298	154	196	1,140	(17,656)