Blog

Source: GlobeNewswire (MIL-OSI)

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

SUMMARY OF UNAUDITED RESULTS
Quarters												$ million						Nine months
Q3 2024			Q2 2024			Q3 2023			%¹						Reference			2024			2023			%
4,291			3,517			7,044			+22			Income/(loss) attributable to Shell plc shareholders						15,166			18,887			-20
6,028			6,293			6,224			-4			Adjusted Earnings			A			20,055			20,944			-4
16,005			16,806			16,336			-5			Adjusted EBITDA			A			51,523			52,204			-1
14,684			13,508			12,332			+9			Cash flow from operating activities						41,522			41,622			—
(3,857)			(3,338)			(4,827)						Cash flow from investing activities						(10,723)			(12,080)
10,827			10,170			7,505						Free cash flow			G			30,799			29,542
4,950			4,719			5,649						Cash capital expenditure			C			14,161			17,280
9,570			8,950			10,097			+7			Operating expenses			F			27,517			29,062			-5
8,864			8,651			9,735			+2			Underlying operating expenses			F			26,569			28,635			-7
12.8%			12.8%			13.9%						ROACE2			D			12.8%			13.9%
76,613			75,468			82,147						Total debt			E			76,613			82,147
35,234			38,314			40,470						Net debt			E			35,234			40,470
15.7%			17.0%			17.3%						Gearing			E			15.7%			17.3%
2,801			2,817			2,706			-1			Oil and gas production available for sale (thousand boe/d)						2,843			2,779			+2
0.69			0.55			1.06			+25			Basic earnings per share ($)						2.39			2.78			-14
0.96			0.99			0.93			-3			Adjusted Earnings per share ($)			B			3.16			3.08			+3
0.3440			0.3440			0.3310			—			Dividend per share ($)						1.0320			0.9495			+9

1.Q3 on Q2 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 second quarter 2024, reflected lower refining margins, lower realised oil prices and higher operating expenses partly offset by favourable tax movements, and higher Integrated Gas volumes.

Third quarter 2024 income attributable to Shell plc shareholders also included unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, charges related to redundancy and restructuring, and net impairment charges and reversals. These items are included in identified items amounting to a net loss of $1.3 billion in the quarter. This compares with identified items in the second quarter 2024 which amounted to a net loss of $2.7 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 $0.5 billion.

Cash flow from operating activities for the third quarter 2024 was $14.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.7 billion partly offset by tax payments of $3.0 billion. The working capital inflow mainly reflected inventory movements due to lower oil prices and lower volumes.

Cash flow from investing activities for the quarter was an outflow of $3.9 billion, and included cash capital expenditure of $4.9 billion.

Net debt and Gearing: At the end of the third quarter 2024, net debt was $35.2 billion, compared with $38.3 billion at the end of the second quarter 2024, mainly reflecting free cash flow, partly offset by share buybacks, cash dividends paid to Shell plc shareholders, lease additions and interest payments. Gearing was 15.7% at the end of the third quarter 2024, compared with 17.0% at the end of the second quarter 2024, mainly driven by lower net debt.

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Shareholder distributions

Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.5 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the third quarter 2024 amount to $0.3440 per share. Shell has now completed $3.5 billion of share buybacks announced in the second quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the fourth quarter 2024 results announcement.

Nine Months Analysis1

Income attributable to Shell plc shareholders, compared with the first nine months 2023, reflected lower refining margins, lower LNG trading and optimisation margins, lower realised LNG and gas prices as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, higher Marketing margins and volumes, higher realised Chemicals margins, and higher Integrated Gas and Upstream volumes.

First nine months 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals, reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, unfavourable movements relating to an accounting mismatch due to fair value accounting of commodity derivatives, and charges related to redundancy and restructuring, partly offset by favourable differences in exchange rates and inflationary adjustments on deferred tax. These charges, reclassifications and movements are included in identified items amounting to a net loss of $4.6 billion. This compares with identified items in the first nine months 2023 which amounted to a net loss of $2.2 billion.

Adjusted Earnings and Adjusted EBITDA2 for the first nine months 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 positive $0.3 billion.

Cash flow from operating activities for the first nine months 2024 was $41.5 billion, and primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $1.2 billion and cash inflows relating to commodity derivatives of $1.2 billion, partly offset by tax payments of $9.1 billion, and working capital outflow of $0.3 billion.

Cash flow from investing activities for the first nine months 2024 was an outflow of $10.7 billion and included cash capital expenditure of $14.2 billion, partly offset by divestment proceeds of $2.0 billion, and interest received of $1.8 billion.

This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3 .

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

2.Adjusted EBITDA is without taxation.

3.Not incorporated by reference.

THIRD QUARTER 2024 PORTFOLIO DEVELOPMENTS

Integrated Gas

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.

In August 2024, Arrow Energy, an incorporated joint venture between Shell (50%) and PetroChina (50%), announced plans to develop Phase 2 of Arrow Energy’s Surat Gas Project in Queensland, Australia. The gas from the project will flow to the Shell-operated QCLNG LNG (joint venture between Shell (73.75%), CNOOC (25%) and MidOcean Energy (1.25%)) facility on Curtis Island, near Gladstone.

Upstream

In July 2024, the operator of the Jerun field in Malaysia, SapuraOMV Upstream Sdn Bhd, 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%).

In August 2024, we announced the FID on a ‘waterflood’ project at our Vito asset in the US Gulf of Mexico. Water will be injected into the reservoir formation to displace additional oil.

         Page 2

---

SHELL PLC 3rd QUARTER 2024 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.

Renewables and Energy Solutions

In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The transaction is subject to regulatory approvals and is expected to close in the first quarter 2025.

         Page 2

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

PERFORMANCE BY SEGMENT

INTEGRATED GAS
Quarters												$ million						Nine months
Q3 2024			Q2 2024			Q3 2023			%¹						Reference			2024			2023			%
2,631			2,454			2,156			+7			Segment earnings						7,846			5,325			+47
(240)			(220)			(375)						Of which: Identified items			A			(1,379)			(4,625)
2,871			2,675			2,531			+7			Adjusted Earnings			A			9,225			9,951			-7
5,234			5,039			4,874			+4			Adjusted EBITDA			A			16,410			17,189			-5
3,623			4,183			4,009			-13			Cash flow from operating activities			A			12,518			13,923			-10
1,236			1,151			1,099						Cash capital expenditure			C			3,429			3,000
136			137			122			-1			Liquids production available for sale (thousand b/d)						137			134			+2
4,669			4,885			4,517			-4			Natural gas production available for sale (million scf/d)						4,835			4,744			+2
941			980			900			-4			Total production available for sale (thousand boe/d)						971			952			+2
7.50			6.95			6.88			+8			LNG liquefaction volumes (million tonnes)						22.03			21.23			+4
17.04			16.41			16.01			+4			LNG sales volumes (million tonnes)						50.32			49.01			+3

1.Q3 on Q2 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 second quarter 2024, reflected higher LNG liquefaction volumes (increase of $237 million).

Third quarter 2024 segment earnings also included unfavourable movements of $213 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included a charge of $122 million due to unrecoverable indirect tax receivables, and unfavourable movements of $98 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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 $814 million, net cash outflows related to derivatives of $373 million and working capital outflows of $247 million.

Total oil and gas production, compared with the second quarter 2024, decreased by 4% mainly due to production-sharing contract effects, and higher maintenance in Trinidad and Tobago. LNG liquefaction volumes increased by 8% mainly due to higher feedgas supply in Nigeria, and Trinidad and Tobago.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $1,787 million), partly offset by higher volumes (increase of $513 million), lower operating expenses (decrease of $171 million), and favourable deferred tax movements ($168 million).

First nine months 2024 segment earnings also included unfavourable movements of $1,198 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the first nine months 2023 which included unfavourable movements of $2,821 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $1,700 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.

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

         Page 3

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,320 million and net cash outflows related to derivatives of $1,586 million.

Total oil and gas production, compared with the first nine months 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia, and lower maintenance in Australia. LNG liquefaction volumes increased by 4% 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.

         Page 4

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

UPSTREAM
Quarters												$ million						Nine months
Q3 2024			Q2 2024			Q3 2023			%¹						Reference			2024			2023			%
2,289			2,179			1,999			+5			Segment earnings						6,741			6,388			+6
(153)			(157)			(238)						Of which: Identified items			A			28			(357)
2,443			2,336			2,237			+5			Adjusted Earnings			A			6,712			6,746			—
7,871			7,829			7,433			+1			Adjusted EBITDA			A			23,588			22,750			+4
5,268			5,739			5,336			-8			Cash flow from operating activities			A			16,734			15,663			+7
1,974			1,829			2,007						Cash capital expenditure			C			5,813			5,906
1,321			1,297			1,311			+2			Liquids production available for sale (thousand b/d)						1,316			1,313			—
2,844			2,818			2,564			+1			Natural gas production available for sale (million scf/d)						2,933			2,687			+9
1,811			1,783			1,753			+2			Total production available for sale (thousand boe/d)						1,822			1,776			+3

1.Q3 on Q2 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 second quarter 2024, reflected lower well write-offs (decrease of $139 million), favourable tax movements ($96 million), lower operating expenses (decrease of $63 million), and lower depreciation charges (decrease of $57 million), partly offset by lower realised liquids prices (decrease of $304 million).

Third quarter 2024 segment earnings also included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions. These charges are part of identified items, and compare with the second quarter 2024 which 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.

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 $2,074 million.

Total production, compared with the second quarter 2024, increased mainly due to new oil production.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected unfavourable tax movements ($351 million), higher well write-offs (increase of $327 million) and the net impact of lower realised gas and higher realised liquids prices (decrease of $278 million), partly offset by the comparative favourable impact of $910 million mainly relating to gas storage effects.

First nine months 2024 segment earnings also included gains of $676 million related to the impact of inflationary adjustments in Argentina on a deferred tax position, partly offset by charges of $179 million related to redundancy and restructuring, net impairment charges and reversals of $171 million and a loss of $164 million related to the impact of the weakening Brazilian real on a deferred tax position. These gains and charges are part of identified items, and compare with the first nine months 2023 which included charges of $188 million from impairments, legal provisions of $169 million and deferred tax charges of $132 million due to amendments to IAS 12, partly offset by favourable movements of $106 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.

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 nine months 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $5,832 million.

Total production, compared with the first nine months 2023, increased mainly due to new oil production, partly offset by field decline.

         Page 5

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

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

2.Adjusted EBITDA is without taxation.

         Page 6

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

MARKETING
Quarters												$ million						Nine months
Q3 2024			Q2 2024			Q3 2023			%¹						Reference			2024			2023			%
760			257			629			+196			Segment earnings2						1,791			2,832			-37
(422)			(825)			(12)						Of which: Identified items2			A			(1,255)			314
1,182			1,082			641			+9			Adjusted Earnings2			A			3,046			2,518			+21
2,081			1,999			1,453			+4			Adjusted EBITDA2			A			5,767			4,837			+19
2,722			1,958			397			+39			Cash flow from operating activities2			A			5,999			3,794			+58
525			644			959						Cash capital expenditure2			C			1,634			4,406
2,945			2,868			3,138			+3			Marketing sales volumes (thousand b/d)2						2,859			3,062			-7

1.Q3 on Q2 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 second quarter 2024, reflected higher Marketing margins (increase of $139 million) mainly driven by improved Mobility unit margins and impact of seasonally higher volumes partly offset by lower lubricants and Sectors and Decarbonisation margins. Segment earnings also reflected favourable tax movements ($55 million). These were partly offset by higher operating expenses (increase of $63 million).

Third quarter 2024 segment earnings also included impairment charges of $179 million, charges of $98 million related to redundancy and restructuring, and net losses of $84 million related to sale of assets. These charges and unfavourable movements are part of identified items, and compare with the second quarter 2024 impairment charges of $783 million mainly relating to an asset in the Netherlands, and charges of $50 million related to redundancy and restructuring.

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 $792 million, and the timing impact of payments relating to emission certificates and biofuel programmes of $427 million. These inflows were partly offset by non-cash cost of supplies adjustment of $334 million and tax payments of $241 million.

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

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected higher Marketing margins (increase of $582 million) including higher unit margins in Mobility, Lubricants and higher Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $170 million). These were partly offset by higher depreciation charges (increase of $128 million) mainly due to asset acquisitions, and unfavourable tax movements ($94 million).

First nine months 2024 segment earnings also included impairment charges of $965 million mainly relating to an asset in the Netherlands, charges of $163 million related to redundancy and restructuring, and net losses of $140 million related to the sale of assets. These charges are part of identified items and compare with the first nine months 2023 which included gains of $298 million related to indirect tax credits, and favourable movements of $60 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.

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

         Page 7

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $966 million, and working capital inflows of $153 million. These inflows were partly offset by tax payments of $432 million, and non-cash cost of supplies adjustment of $256 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the first nine months 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.

         Page 8

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

CHEMICALS AND PRODUCTS
Quarters												$ million						Nine months
Q3 2024			Q2 2024			Q3 2023			%¹						Reference			2024			2023			%
341			587			1,250			-42			Segment earnings2						2,085			3,310			-37
(122)			(499)			(213)						Of which: Identified items2			A			(1,078)			(278)
463			1,085			1,463			-57			Adjusted Earnings2			A			3,163			3,588			-12
1,240			2,242			2,661			-45			Adjusted EBITDA2			A			6,308			6,819			-7
3,321			2,249			2,862			+48			Cash flow from operating activities2			A			5,221			6,364			-18
761			638			837						Cash capital expenditure2			C			1,898			2,027
1,305			1,429			1,334			-9			Refinery processing intake (thousand b/d)						1,388			1,360			+2
3,015			3,052			2,998			-1			Chemicals sales volumes (thousand tonnes)						8,950			8,656			+3

1.Q3 on Q2 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 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 second quarter 2024, reflected lower Products margins (decrease of $492 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $189 million) mainly due to lower utilisation and lower realised prices. In addition, the third quarter 2024 reflected higher operating expenses (increase of $88 million). These were partly offset by favourable tax movements ($133 million).

Third quarter 2024 segment earnings also included charges of $101 million related to redundancy and restructuring, and net impairment charges and reversals of $92 million, partly offset by favourable movements of $95 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and favourable movements are part of identified items, and compare with the second quarter 2024 which included net impairment charges and reversals of $708 million mainly relating to assets in Singapore, partly offset by favourable movements of $156 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the third quarter 2024, Chemicals had negative Adjusted Earnings of $111 million and Products had positive Adjusted Earnings of $573 million.

Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $2,131 million, Adjusted EBITDA, cash inflows relating to commodity derivatives of $88 million and dividends (net of profits) from joint ventures and associates of $63 million. These inflows were partly offset by non-cash cost of supplies adjustment of $331 million.

Chemicals manufacturing plant utilisation was 76% compared with 80% in the second quarter 2024, due to higher planned and unplanned maintenance.

Refinery utilisation was 81% compared with 92% in the second quarter 2024, due to higher planned and unplanned maintenance.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected lower Products margins (decrease of $1,458 million) mainly driven by lower refining margins and lower margins from trading and optimisation. Segment earnings also included unfavourable tax movements ($106 million). These were partly offset by higher Chemicals margins (increase of $516 million) due to higher realised prices and higher utilisation. In addition, the first nine months 2024 reflected lower operating expenses (decrease of $658 million).

First nine months 2024 segment earnings also included net impairment charges and reversals of $952 million mainly relating to assets in Singapore, charges of $139 million related to redundancy and restructuring, and unfavourable

         Page 9

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

movements of $69 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These charges and unfavourable movements are part of identified items, and compare with the first nine months 2023 which included losses of $227 million from net impairments and reversals, legal provisions of $74 million and favourable movements of $75 million related to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as the segment earnings and adjusted for identified items. In the first nine months 2024, Chemicals had negative Adjusted Earnings of $174 million and Products had positive Adjusted Earnings of $3,337 million.

Cash flow from operating activities for the first nine months 2024 was primarily driven by Adjusted EBITDA, the timing impact of payments relating to emission certificates and biofuel programmes of $257 million, and dividends (net of profits) from joint ventures and associates of $165 million. These inflows were partly offset by working capital outflows of $869 million, cash outflows relating to legal provisions of $203 million, tax payments of $182 million, and non-cash cost of supplies adjustment of $182 million.

Chemicals manufacturing plant utilisation was 77% compared with 70% in the first nine months 2023, mainly due to economic optimisation in the first nine months 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the first nine months 2024.

Refinery utilisation was 88% compared with 87% in the first nine months 2023.

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

2.Adjusted EBITDA is without taxation.

         Page 10

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

RENEWABLES AND ENERGY SOLUTIONS
Quarters												$ million						Nine months
Q3 2024			Q2 2024			Q3 2023			%¹						Reference			2024			2023			%
(481)			(75)			616			-538			Segment earnings						(3)			3,361			-100
(319)			112			667						Of which: Identified items			A			183			2,778
(162)			(187)			(51)			+13			Adjusted Earnings			A			(186)			583			-132
(75)			(91)			101			+18			Adjusted EBITDA			A			101			1,229			-92
(364)			847			(34)			-143			Cash flow from operating activities			A			2,948			4,249			-31
409			425			659						Cash capital expenditure			C			1,272			1,655
79			74			76			+7			External power sales (terawatt hours)2						230			211			+9
148			148			170			0			Sales of pipeline gas to end-use customers (terawatt hours)3						487			563			-14

1.Q3 on Q2 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 second quarter 2024, reflected lower margins (decrease of $86 million) mainly due to lower trading and optimisation in the Americas, partly offset by slightly higher trading and optimisation in Europe.

Third quarter 2024 segment earnings also included unfavourable movements of $279 million relating to an accounting mismatch due to fair value accounting of commodity derivatives. These unfavourable movements are part of identified items and compare with the second quarter 2024 which included favourable movements of $223 million due to the 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.

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 working capital outflows of $136 million, net cash outflows related to derivatives of $107 million, and Adjusted EBITDA.

Nine Months Analysis1

Segment earnings, compared with the first nine months 2023, reflected lower margins (decrease of $1,236 million) mainly from trading and optimisation primarily in Europe due to lower volatility and lower prices, partly offset by lower operating expenses (decrease of $427 million).

First nine months 2024 segment earnings also included favourable movements of $250 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by net impairment charges and reversals of $89 million. These favourable movements and charges are part of identified items and compare with the first nine months 2023 which included favourable movements of $2,632 million due to the fair value accounting of commodity derivatives. As part of Shell’s normal business, commodity derivative hedge contracts are entered into for mitigation of economic exposures on future purchases, sales and inventory.

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 nine months 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

Cash flow from operating activities for the first nine months 2024 was primarily driven by net cash inflows related to derivatives of $2,479 million, working capital inflows of $570 million, and Adjusted EBITDA, partly offset by tax payments of $415 million.

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

         Page 11

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

2.Adjusted EBITDA is without taxation.

Additional Growth Measures

Quarters																		Nine months
Q3 2024			Q2 2024			Q3 2023			%¹									2024			2023			%
												Renewable power generation capacity (gigawatt):
3.4			3.3			2.5			+2			– In operation2						3.4			2.5			+37
3.9			3.8			4.9			+3			– Under construction and/or committed for sale3						3.9			4.9			-20

1.Q3 on Q2 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						Nine months
Q3 2024			Q2 2024			Q3 2023						Reference			2024			2023
(647)			(1,656)			(497)			Segment earnings1						(2,656)			(2,315)
(3)			(1,080)			22			Of which: Identified items			A			(1,069)			(50)
(643)			(576)			(519)			Adjusted Earnings1			A			(1,588)			(2,266)
(346)			(213)			(186)			Adjusted EBITDA1			A			(650)			(619)
115			(1,468)			(238)			Cash flow from operating activities			A			(1,898)			(2,372)

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 second quarter 2024, reflected unfavourable movements in currency exchange rate effects, partly offset by favourable tax movements.

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.

Nine Months Analysis1

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

First nine months 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 unfavourable currency exchange rate effects.

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

2.Adjusted EBITDA is without taxation.

OUTLOOK FOR THE FOURTH QUARTER 2024

For Full year 2023 cash capital expenditure was $24 billion. Cash capital expenditure for full year 2024 is expected to be below $22 billion.

Integrated Gas production is expected to be approximately 900 – 960 thousand boe/d. Fourth quarter 2024 outlook reflects scheduled maintenance at Pearl GTL in Qatar. LNG liquefaction volumes are expected to be approximately 6.9 – 7.5 million tonnes.

         Page 12

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Upstream production is expected to be approximately 1,750 – 1,950 thousand boe/d.

Marketing sales volumes are expected to be approximately 2,550 – 3,050 thousand b/d.

Refinery utilisation is expected to be approximately 75% – 83%. Chemicals manufacturing plant utilisation is expected to be approximately 72% – 80%.

In the fourth quarter 2023, Corporate Adjusted Earnings were a net expense of $609 million1. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $600 – $800 million in the fourth quarter 2024.

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.

2.For the definition of Adjusted Earnings and the most comparable GAAP measure please see reference A.

FORTHCOMING EVENTS

Date			Event
January 30, 2025			Fourth quarter 2024 results and dividends
March 13, 2025			Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
May 2, 2025			First quarter 2025 results and dividends
July 31, 2025			Second quarter 2025 results and dividends
October 30, 2025			Third quarter 2025 results and dividends

         Page 13

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME
Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
71,089			74,463			76,350			Revenue1			218,031			237,888
933			898			747			Share of profit/(loss) of joint ventures and associates			3,150			2,957
440			(305)			913			Interest and other income/(expenses)2			1,042			2,207
72,462			75,057			78,011			Total revenue and other income/(expenses)			222,222			243,052
48,225			49,417			49,144			Purchases			144,509			158,138
6,138			5,593			6,384			Production and manufacturing expenses			17,541			18,433
3,139			3,094			3,447			Selling, distribution and administrative expenses			9,208			9,811
294			263			267			Research and development			768			817
305			496			436			Exploration			1,551			1,283
5,916			7,555			5,911			Depreciation, depletion and amortisation2			19,352			20,069
1,174			1,235			1,131			Interest expense			3,573			3,507
65,190			67,653			66,720			Total expenditure			196,502			212,058
7,270			7,404			11,291			Income/(loss) before taxation			25,717			30,993
2,879			3,754			4,115			Taxation charge/(credit)2			10,237			11,891
4,391			3,650			7,176			Income/(loss) for the period			15,480			19,102
100			133			132			Income/(loss) attributable to non-controlling interest			314			215
4,291			3,517			7,044			Income/(loss) attributable to Shell plc shareholders			15,166			18,887
0.69			0.55			1.06			Basic earnings per share ($)3			2.39			2.78
0.68			0.55			1.05			Diluted earnings per share ($)3			2.36			2.75

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			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
4,391			3,650			7,176			Income/(loss) for the period			15,480			19,102
									Other comprehensive income/(loss) net of tax:
									Items that may be reclassified to income in later periods:
2,947			698			(1,460)			– Currency translation differences1			1,651			(1,174)
35			(12)			1			– Debt instruments remeasurements			16			13
(75)			14			141			– Cash flow hedging gains/(losses)			(7)			61
—			—			—			– Net investment hedging gains/(losses)			—			(44)
(2)			(6)			(39)			– Deferred cost of hedging			(22)			(94)
35			(50)			(72)			– Share of other comprehensive income/(loss) of joint ventures and associates			(27)			(118)
2,940			644			(1,429)			Total			1,610			(1,357)
									Items that are not reclassified to income in later periods:
419			310			180			– Retirement benefits remeasurements			1,169			125
80			(81)			(38)			– Equity instruments remeasurements			77			(15)
(53)			44			17			– Share of other comprehensive income/(loss) of joint ventures and associates			1			(15)
446			273			159			Total			1,247			95
3,386			917			(1,270)			Other comprehensive income/(loss) for the period			2,857			(1,262)
7,777			4,567			5,906			Comprehensive income/(loss) for the period			18,337			17,840
177			123			149			Comprehensive income/(loss) attributable to non-controlling interest			357			217
7,600			4,443			5,757			Comprehensive income/(loss) attributable to Shell plc shareholders			17,981			17,622

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

         Page 14

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

CONDENSED CONSOLIDATED BALANCE SHEET
$ million
			September 30, 2024			December 31, 2023
Assets
Non-current assets
Goodwill			16,600			16,660
Other intangible assets			8,188			10,253
Property, plant and equipment			191,721			194,835
Joint ventures and associates			25,764			24,457
Investments in securities			3,062			3,246
Deferred tax			6,114			6,454
Retirement benefits1			10,564			9,151
Trade and other receivables			6,883			6,298
Derivative financial instruments²			498			801
			269,394			272,155
Current assets
Inventories			24,143			26,019
Trade and other receivables			46,782			53,273
Derivative financial instruments²			10,233			15,098
Cash and cash equivalents			42,252			38,774
			123,411			133,164
Assets classified as held for sale1			2,144			951
			125,555			134,115
Total assets			394,949			406,270
Liabilities
Non-current liabilities
Debt			64,597			71,610
Trade and other payables			3,864			3,103
Derivative financial instruments²			1,749			2,301
Deferred tax			15,487			15,347
Retirement benefits1			7,110			7,549
Decommissioning and other provisions			22,979			22,531
			115,786			122,441
Current liabilities
Debt			12,015			9,931
Trade and other payables			61,076			68,237
Derivative financial instruments²			6,775			9,529
Income taxes payable			4,289			3,422
Decommissioning and other provisions			4,171			4,041
			88,327			95,160
Liabilities directly associated with assets classified as held for sale1			1,298			307
			89,625			95,467
Total liabilities			205,411			217,908
Equity attributable to Shell plc shareholders			187,673			186,607
Non-controlling interest			1,865			1,755
Total equity			189,538			188,362
Total liabilities and equity			394,949			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”.

         Page 15

---

SHELL PLC 3rd QUARTER 2024 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			—			—			2,815			15,166			17,981			357						18,337
Transfer from other comprehensive income			—			—			166			(166)			—			—						—
Dividends³			—			—			—			(6,556)			(6,556)			(242)						(6,798)
Repurchases of shares4			(25)			—			25			(10,536)			(10,536)			—						(10,536)
Share-based compensation			—			542			(24)			(400)			119			—						119
Other changes			—			—			—			60			60			(5)						55
At September 30, 2024			519			(456)			24,127			163,482			187,673			1,865						189,538
At January 1, 2023			584			(726)			21,132			169,482			190,472			2,125						192,597
Comprehensive income/(loss) for the period			—			—			(1,263)			18,886			17,622			217						17,840
Transfer from other comprehensive income			—			—			(111)			111			—			—						—
Dividends3			—			—			—			(6,193)			(6,193)			(636)						(6,829)
Repurchases of shares4			(30)			—			30			(11,058)			(11,058)			—						(11,058)
Share-based compensation			—			466			(18)			(100)			349			—						349
Other changes			—			—			—			8			8			37						45
At September 30, 2023			555			(261)			19,769			171,136			191,199			1,745						192,943

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.

         Page 16

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters												$ million			Nine months
Q3 2024						Q2 2024			Q3 2023						2024			2023
7,270						7,404			11,291			Income before taxation for the period			25,717			30,993
												Adjustment for:
554						619			513			– Interest expense (net)			1,749			1,789
5,916						7,555			5,911			– Depreciation, depletion and amortisation1			19,352			20,069
150						269			186			– Exploration well write-offs			973			626
154						(143)			74			– Net (gains)/losses on sale and revaluation of non-current assets and businesses			—			(24)
(933)						(898)			(747)			– Share of (profit)/loss of joint ventures and associates			(3,150)			(2,957)
860						792			749			– Dividends received from joint ventures and associates			2,390			2,529
2,705						(954)			(3,151)			– (Increase)/decrease in inventories			1,143			2,237
4,057						1,965			(1,126)			– (Increase)/decrease in current receivables			5,827			13,105
(4,096)						(1,269)			4,498			– Increase/(decrease) in current payables2			(7,314)			(10,881)
735						253			(2,807)			– Derivative financial instruments			2,373			(6,050)
125						(332)			1			– Retirement benefits			(267)			31
359						(332)			282			– Decommissioning and other provisions2			(572)			(210)
(144)						2,027			(150)			– Other1			2,392			474
(3,028)						(3,448)			(3,191)			Tax paid			(9,092)			(10,108)
14,684						13,508			12,332			Cash flow from operating activities			41,522			41,622
(4,690)						(4,445)			(5,259)			Capital expenditure			(13,114)			(16,033)
(222)						(261)			(350)			Investments in joint ventures and associates			(983)			(1,093)
(38)						(13)			(40)			Investments in equity securities			(63)			(154)
(4,950)						(4,719)			(5,649)			Cash capital expenditure			(14,161)			(17,280)
94						710			184			Proceeds from sale of property, plant and equipment and businesses			1,128			2,024
94						57			68			Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans			284			425
6						2			7			Proceeds from sale of equity securities			576			28
593						648			586			Interest received			1,818			1,555
1,074						883			701			Other investing cash inflows			2,814			3,308
(769)						(920)			(724)			Other investing cash outflows			(3,183)			(2,141)
(3,857)						(3,338)			(4,827)			Cash flow from investing activities			(10,723)			(12,080)
(89)						(179)			88			Net increase/(decrease) in debt with maturity period within three months			(375)			(185)
												Other debt:
78						132			187			– New borrowings			377			964
(1,322)						(4,154)			(3,368)			– Repayments			(7,008)			(6,596)
(979)						(1,287)			(1,049)			Interest paid			(3,177)			(3,076)
652						(115)			(26)			Derivative financial instruments			239			22
—						(1)			6			Change in non-controlling interest			(5)			(22)
												Cash dividends paid to:
(2,167)						(2,177)			(2,179)			– Shell plc shareholders			(6,554)			(6,192)
(92)						(82)			(51)			– Non-controlling interest			(242)			(636)
(3,537)						(3,958)			(2,725)			Repurchases of shares			(10,319)			(10,640)
6						(24)			(30)			Shares held in trust: net sales/(purchases) and dividends received			(480)			(176)
(7,452)						(11,846)			(9,147)			Cash flow from financing activities			(27,545)			(26,535)
729						(126)			(421)			Effects of exchange rate changes on cash and cash equivalents			224			(222)
4,105						(1,801)			(2,063)			Increase/(decrease) in cash and cash equivalents			3,478			2,785
38,148						39,949			45,094			Cash and cash equivalents at beginning of period			38,774			40,246
42,252						38,148			43,031			Cash and cash equivalents at end of period			42,252			43,031

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 third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

         Page 17

---

SHELL PLC 3rd QUARTER 2024 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.

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).

         Page 18

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

REVENUE AND CCS EARNINGS BY SEGMENT
Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
									Third-party revenue
9,748			9,052			8,338			Integrated Gas			27,996			27,208
1,605			1,590			1,617			Upstream			4,954			5,212
30,519			32,005			35,236			Marketing2			92,564			98,799
22,608			24,583			22,119			Chemicals and Products2			70,926			72,121
6,599			7,222			9,032			Renewables and Energy Solutions			21,558			34,517
10			11			7			Corporate			33			31
71,089			74,463			76,350			Total third-party revenue1			218,031			237,888
									Inter-segment revenue
2,131			2,157			2,472			Integrated Gas			6,691			8,946
9,618			10,102			10,277			Upstream			30,008			30,282
1,235			1,363			1,456			Marketing2			3,953			4,056
9,564			9,849			11,942			Chemicals and Products2			29,725			32,653
1,131			957			894			Renewables and Energy Solutions			3,093			3,140
—			—			—			Corporate			—			—
									CCS earnings
2,631			2,454			2,156			Integrated Gas			7,846			5,325
2,289			2,179			1,999			Upstream			6,741			6,388
760			257			629			Marketing2			1,791			2,832
341			587			1,250			Chemicals and Products2			2,085			3,310
(481)			(75)			616			Renewables and Energy Solutions			(3)			3,361
(647)			(1,656)			(497)			Corporate3			(2,656)			(2,315)
4,894			3,747			6,152			Total CCS earnings4			15,804			18,901

1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

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 third quarter 2023 and the nine months 2023 have been reclassified accordingly, by $5,659 million and $16,369 million respectively for Third-party revenue and by $(73) million and $22 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the third quarter 2023 and the nine months 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,302 million and $3,616 million respectively and an increase in the Chemicals and Products segment of $11,373 million and $31,011 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 third quarter 2023 and the nine months 2023 have been revised by $37 million and $91 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”.

         Page 19

---

SHELL PLC 3rd QUARTER 2024 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			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
									Capital expenditure
1,090			1,024			958			Integrated Gas			2,971			2,458
1,998			1,769			2,013			Upstream			5,533			5,701
488			644			935			Marketing1			1,559			4,358
748			601			761			Chemicals and Products1			1,822			1,944
327			377			523			Renewables and Energy Solutions			1,124			1,382
39			30			68			Corporate			104			190
4,690			4,445			5,259			Total capital expenditure			13,114			16,033
									Add: Investments in joint ventures and associates
147			127			141			Integrated Gas			457			543
(37)			60			(6)			Upstream			268			205
37			—			25			Marketing			75			48
13			37			76			Chemicals and Products			76			81
59			35			114			Renewables and Energy Solutions			103			205
3			1			1			Corporate			5			11
222			261			350			Total investments in joint ventures and associates			983			1,093
									Add: Investments in equity securities
—			—			—			Integrated Gas			—			—
12			—			—			Upstream			12			—
—			—			—			Marketing			—			—
—			—			—			Chemicals and Products			—			2
23			13			21			Renewables and Energy Solutions			45			68
3			—			19			Corporate			6			84
38			13			40			Total investments in equity securities			63			154
									Cash capital expenditure
1,236			1,151			1,099			Integrated Gas			3,429			3,000
1,974			1,829			2,007			Upstream			5,813			5,906
525			644			959			Marketing1			1,634			4,406
761			638			837			Chemicals and Products1			1,898			2,027
409			425			659			Renewables and Energy Solutions			1,272			1,655
45			32			87			Corporate			114			285
4,950			4,719			5,649			Total Cash capital expenditure			14,161			17,280

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 third quarter 2023 and the nine months 2023 have been reclassified accordingly by $42 million and $133 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

         Page 20

---

SHELL PLC 3rd QUARTER 2024 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			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
4,291			3,517			7,044			Income/(loss) attributable to Shell plc shareholders			15,166			18,887
100			133			132			Income/(loss) attributable to non-controlling interest			314			215
4,391			3,650			7,176			Income/(loss) for the period			15,480			19,102
									Current cost of supplies adjustment:
668			137			(1,304)			Purchases			473			(275)
(162)			(36)			327			Taxation			(114)			60
(2)			(5)			(47)			Share of profit/(loss) of joint ventures and associates			(35)			14
503			97			(1,024)			Current cost of supplies adjustment			324			(201)
									Of which:
477			89			(969)			Attributable to Shell plc shareholders			302			(162)
26			7			(55)			Attributable to non-controlling interest			22			(39)
4,894			3,747			6,152			CCS earnings			15,804			18,901
									Of which:
4,768			3,606			6,075			CCS earnings attributable to Shell plc shareholders			15,468			18,725
126			140			77			CCS earnings attributable to non-controlling interest			336			176

RECONCILIATION OF OPERATING EXPENSES
Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
6,138			5,593			6,384			Production and manufacturing expenses			17,541			18,433
3,139			3,094			3,447			Selling, distribution and administrative expenses			9,208			9,811
294			263			267			Research and development			768			817
9,570			8,950			10,097			Operating expenses			27,517			29,062

RECONCILIATION OF TOTAL DEBT
Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
September 30, 2024			June 30, 2024			September 30, 2023						September 30, 2024			September 30, 2023
12,015			10,849			10,119			Current debt			12,015			10,119
64,597			64,619			72,028			Non-current debt			64,597			72,028
76,613			75,468			82,147			Total debt			76,613			82,147

4. Earnings per share

EARNINGS PER SHARE
Quarters												Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
4,291			3,517			7,044			Income/(loss) attributable to Shell plc shareholders ($ million)			15,166			18,887
									Weighted average number of shares used as the basis for determining:
6,256.5			6,355.4			6,668.1			Basic earnings per share (million)			6,350.3			6,792.5
6,320.9			6,417.6			6,736.7			Diluted earnings per share (million)			6,414.0			6,856.7

         Page 21

---

SHELL PLC 3rd QUARTER 2024 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			(299,830,201)						(25)
At September 30, 2024			6,224,278,848						519
At January 1, 2023			7,003,503,393						584
Repurchases of shares			(357,368,014)						(30)
At September 30, 2023			6,646,135,379						555

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			—			—			—			—			2,815			2,815
Transfer from other comprehensive income			—			—			—			—			166			166
Repurchases of shares			—			—			25			—			—			25
Share-based compensation			—			—			—			(24)			—			(24)
At September 30, 2024			37,298			154			261			1,284			(14,870)			24,127
At January 1, 2023			37,298			154			196			1,140			(17,656)			21,132
Other comprehensive income/(loss) attributable to Shell plc shareholders			—			—			—			—			(1,263)			(1,263)
Transfer from other comprehensive income			—			—			—			—			(111)			(111)
Repurchases of shares			—			—			30			—			—			30
Share-based compensation			—			—			—			(18)			—			(18)
At September 30, 2023			37,298			154			227			1,121			(19,029)			19,769

The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

7. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2023, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

         Page 22

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

date. The movement of the derivative financial instruments between December 31, 2023 and September 30, 2024 is a decrease of $4,865 million for the current assets and a decrease of $2,754 million for the current liabilities.

The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

DEBT EXCLUDING LEASE LIABILITIES
$ million			September 30, 2024			December 31, 2023
Carrying amount			51,022			53,832
Fair value¹			48,489			50,866

1.    Mainly determined from the prices quoted for these securities.

8. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

Consolidated Statement of Income

Interest and other income

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
440			(305)			913			Interest and other income/(expenses)			1,042			2,207
									Of which:
619			616			618			Interest income			1,824			1,718
4			30			7			Dividend income (from investments in equity securities)			58			36
(154)			143			(75)			Net gains/(losses) on sales and revaluation of non-current assets and businesses			0			35
(189)			(1,169)			168			Net foreign exchange gains/(losses) on financing activities			(1,292)			(60)
159			74			195			Other			452			478

Net foreign exchange gains/(losses) on financing activities in the second quarter 2024 includes a loss of $1,104 million related to cumulative currency translation differences that were reclassified to profit and loss. The reclassification of these cumulative currency translation differences was principally triggered by changes in the funding structure of some of Shell’s businesses in the United Kingdom. These currency translation differences were previously directly recognised in equity as part of accumulated other comprehensive income.

Depreciation, depletion and amortisation

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
5,916			7,555			5,911			Depreciation, depletion and amortisation			19,352			20,069
									Of which:
5,578			5,642			5,716			Depreciation			16,874			17,120
340			1,984			359			Impairments			2,706			3,438
(2)			(71)			(163)			Impairment reversals			(228)			(489)

Impairments recognised in the third quarter 2024 of $340 million pre-tax ($290 million post-tax) mainly relate to various assets in Marketing and Chemicals and Products. Impairments recognised in the second quarter 2024 of $1,984 million pre-tax ($1,778 million post-tax) mainly relate to Marketing ($1,055 million), Chemicals and Products ($690 million) and Renewables and Energy Solutions ($141 million). The impairment in Marketing principally relates to a biofuels facility located in the Netherlands, triggered by a temporary pause of on-site construction work. The impairment in Chemicals and Products relates to an Energy and Chemicals Park located in Singapore, due to remeasurement of the fair value less costs of disposal triggered by a sales agreement reached. Impairments recognised in the third quarter 2023 of $359 million pre-tax ($299 million post-tax) mainly relate to various assets in Renewables and Energy Solutions and Chemicals and Products.

         Page 23

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Taxation charge/credit

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
2,879			3,754			4,115			Taxation charge/(credit)			10,237			11,891
									Of which:
2,834			3,666			4,115			Income tax excluding Pillar Two income tax			10,026			11,891
45			88			—			Income tax related to Pillar Two income tax			212			—

On June 20, 2023, the UK substantively enacted Pillar Two Model Rules, effective as from January 1, 2024.

As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
2,947			698			(1,460)			Currency translation differences			1,651			(1,174)
									Of which:
2,912			(406)			(1,469)			Recognised in Other comprehensive income			524			(1,181)
35			1,104			9			(Gain)/loss reclassified to profit or loss			1,127			7

Amounts reclassified to profit and loss in the second quarter 2024 relate to cumulative currency translation differences that were reclassified to income (refer to Interest and other income above).

Condensed Consolidated Balance Sheet

Retirement benefits

$ million
			September 30, 2024			December 31, 2023
Non-current assets
Retirement benefits			10,564			9,151
Non-current liabilities
Retirement benefits			7,110			7,549
Surplus/(deficit)			3,454			1,602

Amounts recognised in the Balance Sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change in the net retirement benefit asset as at September 30, 2024, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone since December 31, 2023, partly offset by losses on plan assets.

Assets classified as held for sale

$ million
			September 30, 2024			December 31, 2023
Assets classified as held for sale			2,144			951
Liabilities directly associated with assets classified as held for sale			1,298			307

Assets classified as held for sale and associated liabilities at September 30, 2024 relate to an energy and chemicals park asset in Chemicals and Products in Singapore and various smaller assets. The major classes of assets and liabilities classified as held for sale at September 30, 2024, are Inventories ($1,273 million; December 31, 2023: $463 million), Property, plant and equipment ($544 million; December 31, 2023: $250 million), Decommissioning and other provisions ($634 million; December 31, 2023: $75 million) and Debt ($425 million; December 31, 2023: $84 million).

         Page 24

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
(144)			2,027			(150)			Other			2,392			474

‘Cash flow from operating activities – Other’ for the third quarter 2024 includes $432 million of net inflows (second quarter 2024: $620 million net inflows; third quarter 2023: $630 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $539 million in relation to reversal of currency exchange gains on Cash and cash equivalents (second quarter 2024: $96 million losses; third quarter 2023: $336 million losses). For the second quarter 2024 ‘Cash flow from operating activities – Other’ also includes $1,104 million inflow representing reversal of the non-cash recycling of currency translation losses from other comprehensive income (refer to Interest and other income above).

         Page 25

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
4,291			3,517			7,044			Income/(loss) attributable to Shell plc shareholders			15,166			18,887
100			133			132			Income/(loss) attributable to non-controlling interest			314			215
477			89			(969)			Add: Current cost of supplies adjustment attributable to Shell plc shareholders			302			(162)
26			7			(55)			Add: Current cost of supplies adjustment attributable to non-controlling interest			22			(39)
4,894			3,747			6,152			CCS earnings			15,804			18,901

Q3 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
CCS earnings			4,894			2,631			2,289			760			341			(481)			(647)
Less: Identified items			(1,259)			(240)			(153)			(422)			(122)			(319)			(3)
Less: CCS earnings attributable to non-controlling interest			126
Add: Identified items attributable to non-controlling interest			—
Adjusted Earnings			6,028
Add: Non-controlling interest			126
Adjusted Earnings plus non-controlling interest			6,153			2,871			2,443			1,182			463			(162)			(643)
Add: Taxation charge/(credit) excluding tax impact of identified items			3,571			949			2,413			322			(73)			(1)			(39)
Add: Depreciation, depletion and amortisation excluding impairments			5,578			1,369			2,691			564			862			86			6
Add: Exploration well write-offs			150			2			148
Add: Interest expense excluding identified items			1,173			49			183			13			14			2			912
Less: Interest income			619			5			8			—			25			—			581
Adjusted EBITDA			16,005			5,234			7,871			2,081			1,240			(75)			(346)
Less: Current cost of supplies adjustment before taxation			665									334			331
Joint ventures and associates (dividends received less profit)			(62)			(146)			(90)			51			63			61			—
Derivative financial instruments			133			(373)			47			98			88			(106)			380
Taxation paid			(3,028)			(814)			(2,074)			(241)			23			(33)			112
Other			(365)			(32)			(406)			275			107			(75)			(234)
(Increase)/decrease in working capital			2,665			(247)			(78)			792			2,131			(136)			204
Cash flow from operating activities			14,684			3,623			5,268			2,722			3,321			(364)			115

         Page 26

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Q2 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
CCS earnings			3,747			2,454			2,179			257			587			(75)			(1,656)
Less: Identified items			(2,669)			(220)			(157)			(825)			(499)			112			(1,080)
Less: CCS earnings attributable to non-controlling interest			140
Add: Identified items attributable to non-controlling interest			18
Adjusted Earnings			6,293
Add: Non-controlling interest			122
Adjusted Earnings plus non-controlling interest			6,415			2,675			2,336			1,082			1,085			(187)			(576)
Add: Taxation charge/(credit) excluding tax impact of identified items			3,947			940			2,312			359			297			(10)			49
Add: Depreciation, depletion and amortisation excluding impairments			5,642			1,375			2,750			548			867			95			6
Add: Exploration well write-offs			269			5			264			—			—			—			—
Add: Interest expense excluding identified items			1,149			44			166			10			23			1			904
Less: Interest income			616			—			(1)			—			30			(9)			595
Adjusted EBITDA			16,806			5,039			7,829			1,999			2,242			(91)			(213)
Less: Current cost of supplies adjustment before taxation			133									74			59
Joint ventures and associates (dividends received less profit)			(135)			96			(288)			(54)			46			64			—
Derivative financial instruments			713			(133)			9			7			304			607			(79)
Taxation paid			(3,448)			(1,039)			(1,955)			(17)			(186)			(138)			(113)
Other			(38)			(104)			(341)			(57)			263			180			20
(Increase)/decrease in working capital			(258)			324			484			153			(361)			225			(1,083)
Cash flow from operating activities			13,508			4,183			5,739			1,958			2,249			847			(1,468)

Q3 2023			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
CCS earnings			6,152			2,156			1,999			629			1,250			616			(497)
Less: Identified items			(149)			(375)			(238)			(12)			(213)			667			22
Less: CCS earnings attributable to non-controlling interest			77
Add: Identified items attributable to non-controlling interest			—
Adjusted Earnings			6,224
Add: Non-controlling interest			77
Adjusted Earnings plus non-controlling interest			6,302			2,531			2,237			641			1,463			(51)			(519)
Add: Taxation charge/(credit) excluding tax impact of identified items			3,621			845			2,160			269			253			70			24
Add: Depreciation, depletion and amortisation excluding impairments			5,716			1,413			2,771			528			918			82			4
Add: Exploration well write-offs			186			35			151			—			—			—			—
Add: Interest expense excluding identified items			1,130			51			119			23			41			1			895
Less: Interest income			618			1			5			8			13			1			590
Adjusted EBITDA			16,336			4,874			7,433			1,453			2,661			101			(186)
Less: Current cost of supplies adjustment before taxation			(1,351)									(624)			(727)
Joint ventures and associates (dividends received less profit)			(13)			(40)			43			(19)			(19)			21			—
Derivative financial instruments			(2,549)			(454)			(20)			10			(375)			(1,407)			(304)
Taxation paid			(3,191)			(679)			(2,090)			(226)			54			(258)			8
Other			177			(44)			(57)			(485)			167			327			269
(Increase)/decrease in working capital			221			352			28			(960)			(354)			1,182			(27)
Cash flow from operating activities			12,332			4,009			5,336			397			2,862			(34)			(238)

         Page 27

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Nine months 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
CCS earnings			15,804			7,846			6,741			1,791			2,085			(3)			(2,656)
Less: Identified items			(4,569)			(1,379)			28			(1,255)			(1,078)			183			(1,069)
Less: CCS earnings attributable to non-controlling interest			336
Add: Identified items attributable to non-controlling interest			18
Adjusted Earnings			20,055
Add: Non-controlling interest			318
Adjusted Earnings plus non-controlling interest			20,373			9,225			6,712			3,046			3,163			(186)			(1,588)
Add: Taxation charge/(credit) excluding tax impact of identified items			11,642			2,885			7,247			1,039			562			(10)			(81)
Add: Depreciation, depletion and amortisation excluding impairments			16,874			4,154			8,169			1,647			2,599			287			18
Add: Exploration well write-offs			973			14			959
Add: Interest expense excluding identified items			3,485			136			518			35			54			4			2,737
Less: Interest income			1,824			5			17			1			69			(5)			1,736
Adjusted EBITDA			51,523			16,410			23,588			5,767			6,308			101			(650)
Less: Current cost of supplies adjustment before taxation			438									256			182
Joint ventures and associates (dividends received less profit)			(779)			(247)			(924)			89			165			138			—
Derivative financial instruments			1,153			(1,586)			53			66			(10)			2,479			152
Taxation paid			(9,092)			(2,320)			(5,832)			(432)			(182)			(415)			89
Other			(500)			(90)			(978)			612			(8)			75			(111)
(Increase)/decrease in working capital			(344)			352			827			153			(869)			570			(1,377)
Cash flow from operating activities			41,522			12,518			16,734			5,999			5,221			2,948			(1,898)

Nine months 2023			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
CCS earnings			18,901			5,325			6,388			2,832			3,310			3,361			(2,315)
Less: Identified items			(2,219)			(4,625)			(357)			314			(278)			2,778			(50)
Less: CCS earnings attributable to non-controlling interest			176
Add: Identified items attributable to non-controlling interest			—
Adjusted Earnings			20,944
Add: Non-controlling interest			176
Adjusted Earnings plus non-controlling interest			21,120			9,951			6,746			2,518			3,588			583			(2,266)
Add: Taxation charge/(credit) excluding tax impact of identified items			11,553			2,773			6,720			808			558			345			349
Add: Depreciation, depletion and amortisation excluding impairments			17,120			4,300			8,358			1,479			2,667			303			13
Add: Exploration well write-offs			625			59			566			—			—			—			—
Add: Interest expense excluding identified items			3,504			110			372			40			39			3			2,941
Less: Interest income			1,718			2			13			8			33			5			1,657
Adjusted EBITDA			52,204			17,189			22,750			4,837			6,819			1,229			(619)
Less: Current cost of supplies adjustment before taxation			(261)									(94)			(167)
Joint ventures and associates (dividends received less profit)			(167)			32			(443)			85			85			72			2
Derivative financial instruments			(5,112)			(3,071)			—			(18)			225			(1,719)			(528)
Taxation paid			(10,108)			(2,843)			(6,455)			(478)			(197)			(350)			214
Other			82			(84)			(530)			23			284			304			85
(Increase)/decrease in working capital			4,462			2,700			342			(748)			(1,019)			4,713			(1,526)
Cash flow from operating activities			41,622			13,923			15,663			3,794			6,364			4,249			(2,372)

Identified Items

Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items. Identified items in the tables below are presented on a net basis.

         Page 28

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Q3 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			(154)			1			(2)			(110)			(19)			(20)			(3)
Impairment reversals/(impairments)			(338)			(6)			(3)			(195)			(120)			(14)			—
Redundancy and restructuring			(552)			(69)			(189)			(136)			(141)			(26)			10
Provisions for onerous contracts			(7)			—			—			(7)			—			—			—
Fair value accounting of commodity derivatives and certain gas contracts			(602)			(252)			(13)			(78)			126			(385)			—
Other			(136)			—			(141)			(1)			(11)			16			—
Total identified items included in Income/(loss) before taxation			(1,789)			(327)			(348)			(526)			(165)			(430)			7
Less: total identified items included in Taxation charge/(credit)			(530)			(87)			(195)			(104)			(43)			(111)			10
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			(129)			1			(6)			(84)			(15)			(23)			(2)
Impairment reversals/(impairments)			(288)			(4)			(2)			(179)			(92)			(10)			—
Redundancy and restructuring			(397)			(48)			(138)			(98)			(101)			(19)			7
Provisions for onerous contracts			(5)			—			—			(5)			—			—			—
Fair value accounting of commodity derivatives and certain gas contracts			(456)			(213)			(3)			(56)			95			(279)			—
Impact of exchange rate movements and inflationary adjustments on tax balances			120			24			104			—			—			—			(8)
Other			(105)			—			(108)			—			(8)			12			—
Impact on CCS earnings			(1,259)			(240)			(153)			(422)			(122)			(319)			(3)
Impact on CCS earnings attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on CCS earnings attributable to Shell plc shareholders			(1,259)			(240)			(153)			(422)			(122)			(319)			(3)

         Page 29

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Q2 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			143			2			131			(60)			(8)			79			—
Impairment reversals/(impairments)			(1,932)			(18)			(80)			(1,055)			(619)			(161)			—
Redundancy and restructuring			(211)			(9)			(56)			(69)			(30)			(45)			(2)
Provisions for onerous contracts			(17)			(3)			(14)			—			—			—			—
Fair value accounting of commodity derivatives and certain gas contracts			461			(102)			(29)			63			211			318			—
Other1			(1,271)			(130)			(168)			10			113			7			(1,103)
Total identified items included in Income/(loss) before taxation			(2,826)			(260)			(215)			(1,111)			(333)			198			(1,105)
Less: total identified items included in Taxation charge/(credit)			(157)			(40)			(58)			(286)			165			87			(25)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			135			1			114			(45)			(6)			71			—
Impairment reversals/(impairments)			(1,728)			(15)			(67)			(783)			(708)			(155)			—
Redundancy and restructuring			(147)			(6)			(33)			(50)			(23)			(33)			(1)
Provisions for onerous contracts			(14)			(3)			(11)			—			—			—			—
Fair value accounting of commodity derivatives and certain gas contracts			319			(98)			(7)			45			156			223			—
Impact of exchange rate movements and inflationary adjustments on tax balances			49			10			(4)			—			—			—			43
Other1			(1,284)			(111)			(148)			7			83			5			(1,122)
Impact on CCS earnings			(2,669)			(220)			(157)			(825)			(499)			112			(1,080)
Impact on CCS earnings attributable to non-controlling interest			18			—			—			—			18			—			—
Impact on CCS earnings attributable to Shell plc shareholders			(2,687)			(220)			(157)			(825)			(517)			112			(1,080)

1.Corporate includes 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.

         Page 30

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Q3 2023			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			(75)			6			23			(10)			3			(98)			—
Impairment reversals/(impairments)			(196)			—			(15)			(2)			(103)			(76)			—
Redundancy and restructuring			(20)			(3)			(4)			(5)			(4)			(2)			(3)
Provisions for onerous contracts			—			—			—			—			—			—			—
Fair value accounting of commodity derivatives and certain gas contracts			258			(350)			38			(2)			(88)			659			—
Other			50			(25)			(236)			—			(97)			408			—
Total identified items included in Income/(loss) before taxation			17			(371)			(194)			(18)			(288)			891			(3)
Less: total identified items included in Taxation charge/(credit)			166			4			44			(6)			(75)			225			(25)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			(68)			4			8			(7)			2			(76)			—
Impairment reversals/(impairments)			(167)			—			(12)			(1)			(79)			(75)			—
Redundancy and restructuring			(14)			(2)			(2)			(4)			(3)			(1)			(2)
Provisions for onerous contracts			—			—			—			—			—			—			—
Fair value accounting of commodity derivatives and certain gas contracts			121			(340)			13			—			(59)			506			—
Impact of exchange rate movements and inflationary adjustments on tax balances			(51)			(13)			(62)			—			—			—			24
Other			29			(25)			(184)			—			(74)			312			—
Impact on CCS earnings			(149)			(375)			(238)			(12)			(213)			667			22
Impact on CCS earnings attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on CCS earnings attributable to Shell plc shareholders			(149)			(375)			(238)			(12)			(213)			667			22

         Page 31

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Nine months 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			—			—			155			(185)			(35)			68			(3)
Impairment reversals/(impairments)			(2,498)			(32)			(179)			(1,254)			(917)			(116)			—
Redundancy and restructuring			(837)			(79)			(258)			(226)			(190)			(86)			3
Provisions for onerous contracts			(24)			(3)			(14)			(7)			—			—			—
Fair value accounting of commodity derivatives and certain gas contracts			(1,221)			(1,421)			(44)			(9)			(79)			332			—
Other1			(1,281)			(126)			(271)			32			148			39			(1,103)
Total identified items included in Income/(loss) before taxation			(5,859)			(1,663)			(609)			(1,649)			(1,073)			238			(1,104)
Less: total identified items included in Taxation charge/(credit)			(1,290)			(284)			(638)			(394)			5			55			(35)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			2			—			118			(140)			(28)			54			(2)
Impairment reversals/(impairments)			(2,201)			(24)			(171)			(965)			(952)			(89)			—
Redundancy and restructuring			(597)			(55)			(179)			(163)			(139)			(63)			2
Provisions for onerous contracts			(19)			(3)			(11)			(5)			—			—			—
Fair value accounting of commodity derivatives and certain gas contracts			(1,032)			(1,198)			(11)			(6)			(69)			250			—
Impact of exchange rate movements and inflationary adjustments on tax balances			573			8			512			—			—			—			53
Other1			(1,293)			(107)			(228)			24			110			30			(1,122)
Impact on CCS earnings			(4,569)			(1,379)			28			(1,255)			(1,078)			183			(1,069)
Impact on CCS earnings attributable to non-controlling interest			18			—			—			—			18			—			—
Impact on CCS earnings attributable to Shell plc shareholders			(4,587)			(1,379)			28			(1,255)			(1,096)			183			(1,069)

1.Corporate includes 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.

         Page 32

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Nine months 2023			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Identified items included in Income/(loss) before taxation
Divestment gains/(losses)			35			(1)			76			32			(12)			(59)			—
Impairment reversals/(impairments)			(2,952)			(2,274)			(199)			(49)			(300)			(130)			—
Redundancy and restructuring			(54)			—			(10)			(22)			(4)			(1)			(16)
Provisions for onerous contracts			(24)			—			—			—			(24)			—			—
Fair value accounting of commodity derivatives and certain gas contracts			939			(3,047)			387			66			77			3,455			—
Other			116			(25)			(445)			298			(119)			408			—
Total identified items included in Income/(loss) before taxation			(1,941)			(5,347)			(192)			324			(382)			3,672			(16)
Less: total identified items included in Taxation charge/(credit)			278			(722)			165			11			(104)			894			34
Identified items included in Income/(loss) for the period
Divestment gains/(losses)			50			—			80			24			(9)			(45)			—
Impairment reversals/(impairments)			(2,284)			(1,700)			(188)			(50)			(227)			(119)			—
Redundancy and restructuring			(35)			—			(3)			(17)			(3)			(1)			(11)
Provisions for onerous contracts			(18)			—			—			—			(18)			—			—
Fair value accounting of commodity derivatives and certain gas contracts			52			(2,821)			106			60			75			2,632			—
Impact of exchange rate movements and inflationary adjustments on tax balances			8			(31)			78			—			—			—			(39)
Other			7			(74)			(431)			297			(96)			312			—
Impact on CCS earnings			(2,219)			(4,625)			(357)			314			(278)			2,778			(50)
Impact on CCS earnings attributable to non-controlling interest			—			—			—			—			—			—			—
Impact on CCS earnings attributable to Shell plc shareholders			(2,219)			(4,625)			(357)			314			(278)			2,778			(50)

The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

         Page 33

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

B.    Adjusted Earnings per share

Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 4).

C.    Cash capital expenditure

Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

D.    Capital employed and Return on average capital employed

Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs. Effective first quarter 2024, the definition of capital employed has been amended to reflect the deduction of cash and cash equivalents. In addition, the numerator applied to ROACE on an Adjusted Earnings plus non-controlling interest basis has been amended to remove interest on cash and cash equivalents for consistency with the revised capital employed definition. Comparative information has been revised to reflect the updated definition. Also, the presentation of ROACE on a net income basis has been discontinued, as this measure is not routinely used by management in assessing the efficiency of capital employed.

The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

Management believes that the updated methodology better reflects Shell’s approach to managing capital employed, including the management of cash and cash equivalents alongside total debt and equity as part of the financial framework.

In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

$ million			Quarters
			Q3 2024			Q2 2024			Q3 2023
Current debt			10,119			12,114			8,046
Non-current debt			72,028			72,252			73,944
Total equity			192,943			192,094			190,237
Less: Cash and cash equivalents			(43,031)			(45,094)			(35,978)
Capital employed – opening			232,059			231,366			236,250
Current debt			12,015			10,849			10,119
Non-current debt			64,597			64,619			72,028
Total equity			189,538			187,190			192,943
Less: Cash and cash equivalents			(42,252)			(38,148)			(43,031)
Capital employed – closing			223,898			224,511			232,059
Capital employed – average			227,979			227,939			234,154

         Page 34

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

$ million			Quarters
			Q3 2024			Q2 2024			Q3 2023
Adjusted Earnings – current and previous three quarters (Reference A)			27,361			27,558			30,758
Add: Income/(loss) attributable to NCI – current and previous three quarters			376			409			275
Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters			56			(25)			(12)
Less: Identified items attributable to NCI (Reference A) – current and previous three quarters			7			7			13
Adjusted Earnings plus NCI excluding identified items – current and previous three quarters			27,787			27,935			31,008
Add: Interest expense after tax – current and previous three quarters			2,698			2,650			2,685
Less: Interest income after tax on cash and cash equivalents – current and previous three quarters			1,392			1,395			1,179
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters			29,093			29,190			32,514
Capital employed – average			227,979			227,939			234,154
ROACE on an Adjusted Earnings plus NCI basis			12.8%			12.8%			13.9%

E.    Net debt and gearing

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 risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).

$ million
			September 30, 2024			June 30, 2024			September 30, 2023
Current debt			12,015			10,849			10,119
Non-current debt			64,597			64,619			72,028
Total debt			76,613			75,468			82,147
Of which lease liabilities			25,590			25,600			27,854
Add: Debt-related derivative financial instruments: net liability/(asset)			1,694			2,460			3,116
Add: Collateral on debt-related derivatives: net liability/(asset)			(821)			(1,466)			(1,762)
Less: Cash and cash equivalents			(42,252)			(38,148)			(43,031)
Net debt			35,234			38,314			40,470
Total equity			189,538			187,190			192,943
Total capital			224,772			225,505			233,414
Gearing			15.7		%	17.0		%	17.3		%

F.    Operating expenses and Underlying operating expenses

Operating expenses

Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

         Page 35

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Q3 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Production and manufacturing expenses			6,138			1,164			2,394			367			1,766			453			(6)
Selling, distribution and administrative expenses			3,139			(1)			(39)			2,408			453			209			110
Research and development			294			27			75			55			34			22			81
Operating expenses			9,570			1,190			2,430			2,830			2,253			684			185

Q2 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Production and manufacturing expenses			5,593			1,050			2,219			320			1,573			422			10
Selling, distribution and administrative expenses			3,094			64			62			2,295			293			279			101
Research and development			263			32			61			47			37			24			62
Operating expenses			8,950			1,146			2,341			2,662			1,902			725			173

Q3 2023			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Production and manufacturing expenses			6,384			1,125			2,266			335			1,900			760			(1)
Selling, distribution and administrative expenses1			3,447			50			42			2,448			501			286			121
Research and development1			267			30			77			60			44			(26)			81
Operating expenses			10,097			1,204			2,384			2,843			2,444			1,021			201

Nine months 2024			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Production and manufacturing expenses			17,541			3,170			6,881			1,052			4,973			1,454			10
Selling, distribution and administrative expenses			9,208			125			80			6,891			1,166			646			300
Research and development			768			85			194			136			104			58			192
Operating expenses			27,517			3,380			7,156			8,079			6,243			2,158			501

Nine months 2023			$ million
			Total			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate
Production and manufacturing expenses			18,433			3,341			6,591			1,030			5,579			1,878			14
Selling, distribution and administrative expenses1			9,811			114			217			6,906			1,494			787			293
Research and development1			817			84			216			184			129			2			202
Operating expenses			29,062			3,540			7,024			8,120			7,201			2,667			509

1.From the first quarter 2024, Wholesale commercial fuels forms part of Mobility with inclusion in the Marketing segment (previously Chemicals and Products segment). Prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals and Products segments (see Note 2). 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 Note 2).

Underlying operating expenses

Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

         Page 36

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
9,570			8,950			10,097			Operating expenses			27,517			29,062
(552)			(210)			(19)			Redundancy and restructuring (charges)/reversal			(834)			(51)
(154)			(212)			(343)			(Provisions)/reversal			(366)			(376)
—			123			—			Other			252			—
(706)			(299)			(362)			Total identified items			(948)			(426)
8,864			8,651			9,735			Underlying operating expenses			26,569			28,635

G.    Free cash flow and Organic free cash flow

Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
14,684			13,508			12,332			Cash flow from operating activities			41,522			41,622
(3,857)			(3,338)			(4,827)			Cash flow from investing activities			(10,723)			(12,080)
10,827			10,170			7,505			Free cash flow			30,799			29,542
194			769			259			Less: Divestment proceeds (Reference I)			1,988			2,477
—			—			(3)			Add: Tax paid on divestments (reported under “Other investing cash outflows”)			—			—
—			189			3			Add: Cash outflows related to inorganic capital expenditure1			251			2,316
10,633			9,590			7,246			Organic free cash flow2			29,062			29,381

1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

H.    Cash flow from operating activities and cash flow from operating activities excluding working capital movements

Working capital movements are defined as 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.

Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
14,684			13,508			12,332			Cash flow from operating activities			41,522			41,622
2,705			(954)			(3,151)			(Increase)/decrease in inventories			1,143			2,237
4,057			1,965			(1,126)			(Increase)/decrease in current receivables			5,827			13,105
(4,096)			(1,269)			4,498			Increase/(decrease) in current payables1			(7,314)			(10,881)
2,665			(258)			221			(Increase)/decrease in working capital			(344)			4,462
12,019			13,766			12,111			Cash flow from operating activities excluding working capital movements			41,867			37,160

1.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 third quarter 2023 and the nine months 2023 have been reclassified accordingly by $212 million and $40 million respectively to conform with current period presentation.

         Page 37

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

I.    Divestment proceeds

Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.

Quarters									$ million			Nine months
Q3 2024			Q2 2024			Q3 2023						2024			2023
94			710			184			Proceeds from sale of property, plant and equipment and businesses			1,128			2,024
94			57			68			Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans			284			425
6			2			7			Proceeds from sale of equity securities			576			28
194			769			259			Divestment proceeds			1,988			2,477

         Page 38

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

CAUTIONARY STATEMENT

All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “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 Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. 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.

Forward-Looking Statements

This Unaudited Condensed Interim Financial Report 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’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” 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 Unaudited Condensed Interim Financial Report, 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, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; 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 Unaudited Condensed Interim Financial Report 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, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, October 31, 2024. 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 Unaudited Condensed Interim Financial Report.

Shell’s Net Carbon Intensity

Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “Net Carbon Intensity” (NCI), 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’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

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

Forward-Looking Non-GAAP measures

This Unaudited Condensed Interim Financial Report may contain certain 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 Shell, 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 contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

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

This Unaudited Condensed Interim Financial Report contains inside information.

         Page 39

---

SHELL PLC 3rd QUARTER 2024 UNAUDITED RESULTS

October 31, 2024

The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated interim financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

Contacts:

– Sean Ashley, Company Secretary

– Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

         Page 40

The MIL Network –