NewzIntel.com

Category: Canada

  • MIL-OSI: Northfield Capital Announces Updates From Cornerstone Investment Juno Corp. and Forward Share Split

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Northfield Capital Corporation (TSX-V: NFD.A) (“Northfield” or the “Corporation”) is pleased to announce that Juno Corp., one of Northfield’s cornerstone investments and a leading explorer in the strategically important Ring of Fire region of northern Ontario, has announced successful results from its 2024 drilling campaign. This news underscores the potential of Northfield’s investment in Juno Corp., a private Ontario exploration company and the largest mineral claimholder in the Ring of Fire, a region which is expected to play a strategic role for Ontario and Canada in the coming electrification of the world. Northfield currently holds a 17% ownership interest in Juno Corp., valued at C$31.5 million. This strategic investment positions Northfield to benefit from the potential growth of this mineral resource hub. For further details, please refer to the news releases of Juno Corp. dated January 29, 2025, available on its website, at www.junocorp.com.

    Northfield is also pleased to announce that it is undertaking a forward share split (the “Share Split”) of the Class A restricted voting shares of the Corporation (the “Class A Shares”) and Class B multiple voting shares of the Corporation (the “Class B Shares”), in each case on the basis of five (5) new shares of the applicable class for each one (1) share of the applicable class currently issued outstanding, with a record date of February 6, 2025 and a payment date of February 11, 2025.

    Share Split

    The Share Split will be implemented on the basis of five (5) new shares of the applicable class for each one (1) share of the applicable class currently issued outstanding.

    Based on the Corporation’s discussions with the TSX Venture Exchange, on February 11, 2025 (the “Payment Date”), each shareholder of record of Northfield as of the close of business on February 6, 2025 (the “Record Date”) will receive, as applicable, four (4) additional Class A Shares for each Class A Share held on the Record Date, and four (4) additional Class B Shares for each Class B Share held on the Record Date.

    Based on the Corporation’s discussions with the TSX Venture Exchange, the Class A Shares are expected to trade on a due bill basis from February 6, 2025 (being the commencement of trading on the Record Date) to the close of trading on the Payment Date (i.e., February 11, 2025), inclusive. A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as the Share Split. In this instance, the entitlement is to the additional Class A Shares as a result of the Share Split. Any trades of Class A Shares that are executed during the due bill period will be flagged to ensure purchasers receive the entitlement to the additional Class A Shares issuable as a result of the Share Split. Subject to final regulatory approvals (including, the final acceptance of the TSX Venture Exchange), the Class A Shares are expected to commence trading on a split-adjusted basis on February 12, 2025 (the ex-distribution trading date), as of which date purchases of Class A Shares will no longer have the attaching entitlement to the additional Class A Shares. The due bill redemption date is expected to be February 12, 2025.

    As of the date hereof, Northfield has an aggregate of 2,834,032 Class A Shares and 3,720 Class B Shares issued and outstanding. Upon completion of the Share Split, there will be an aggregate of 14,170,160 Class A Shares and 18,600 Class B Shares issued and outstanding. The Corporation’s authorized share capital will remain unchanged upon completion of the Share Split. All outstanding stock options and share purchase warrants of Northfield will be adjusted accordingly in accordance with their terms in connection with the Share Split.

    There will be no change to the Corporation’s name, CUSIP/ISIN or its current trading symbol in connection with the Share Split.

    The Share Split is being undertaking to increase the number of outstanding Class A Shares and Class B Shares in an effort to improve market liquidity and the marketability of the shares. The Share Split was approved by the shareholders of Northfield at the annual and special meeting of shareholders held on June 27, 2024.

    Mechanics of the Share Split

    On the Payment Date (being, February 11, 2025), the additional Class A Shares and Class B Shares required to give effect to the Share Split will be issued to holders of record at the close of business on the Record Date. The Share Split will be conducted on a “push-out” basis, and therefore, no action is required by shareholders of Northfield. Existing share certificates and direct registration system advices (“DRS Advices”) representing Class A Shares and/or Class B Shares will continue to remain effective following completion of the Share Split, and accordingly, should be retained by shareholders and should not be forwarded to Northfield or TSX Trust Company (“TSX Trust”), the registrar and transfer agent of Northfield.

    Northfield will use the direct registration system to electronically register the Class A Shares and Class B Shares issued pursuant to the Share Split, rather than issuing physical share certificates. Accordingly, following completion of the Share Split, TSX Trust will issue and cause to be mailed out, to registered shareholders of Northfield, DRS Advice representing the number of additional Class A Shares and/or Class B Shares, as applicable, which they are entitled to receive as a result of the Share Split. Non-registered (beneficial) shareholders of Northfield who hold Class A Shares and/or Class B Shares in an account with their investment dealer or other intermediary will have their accounts automatically updated to reflect the Share Split in accordance with the applicable brokerage account providers’ usual procedures.

    About Northfield Capital Corporation

    Northfield Capital Corporation is a leading Canadian investment firm with deep roots in resources, mining, aviation, and alcoholic beverages. Founded in 1981, Northfield combines decades of experience with a forward-thinking ethos to unlock opportunities.

    For further information, please contact:

    Michael G. Leskovec, CPA, CA
    Chief Financial Officer
    Telephone: (416) 628-5940

    Forward-Looking Statements

    Forward-looking statements are included in this news release. These forward-looking statements are identified by the use of terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should” and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to, the anticipated timing for the completion of the Share Split (including, the anticipated Record Date, Payment Date, and due bill redemption date), the mechanics for the delivery of the new Class A Shares and Class B Shares to the shareholders of Northfield following the completion thereof, and associated information, as well as statements with respect to the Ring of Fire and its role for Ontario and Canada in the coming electrification of the world, and any potential benefits associated with Northfield’s strategic investment in Juno Corp. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts, predictions or forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the business and its corporate structure. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons. The forward-looking statements contained herein are subject to change. However, Northfield disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI Europe: Written question – Non-discrimination of diabetic pilots in the EU – E-000259/2025

    Source: European Parliament

    Question for written answer  E-000259/2025
    to the Commission
    Rule 144
    Peter Agius (PPE)

    For many commercial pilots in the EU, a diagnosis of Type 1 diabetes leads to the loss of their pilot licence, and hence their flying careers. This is not the case in the United States, Canada and Australia. It should not be in the EU, either!

    The medical assessment protocol of the EU Aviation Safety Agency (EASA) for pilots with diabetes, ARA.MED.330, provides for well-controlled diabetics to obtain aero-medical certification. This has, however, been adopted by only a few of the Member States and relies on outdated technology like finger-prick glucose monitoring.

    Beyond the EU, several countries have adopted updated protocols enabling diabetic pilots to fly safely. Advances in diabetes management, such as continuous glucose monitoring and insulin-delivering technology have transformed the lives of diabetics globally. Yet EU pilots remain unfairly grounded, facing barriers and discrimination.

    With the EASA’s research due in October 2025, action is urgently needed to update the protocol, integrate modern tools and ensure equal opportunities for diabetic pilots across the EU.

    Could the Commission:

    • 1.Provide an update on the EASA’s research and how it plans to incorporate technological advancements on diabetes into the protocol?
    • 2.Explain the steps taken to ensure all of the Member States adopt a standardised approach?
    • 3.Address how it will tackle the professional and emotional toll on diabetic pilots and ensure fair treatment across the EU?

    Submitted: 22.1.2025

    Last updated: 30 January 2025

    MIL OSI Europe News –

  • MIL-OSI: Real Matters Reports First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Real Matters Inc. (TSX: REAL) (“Real Matters” or the “Company”), a leading network management services platform for the mortgage and insurance industries, today announced its financial results for the first quarter ended December 31, 2024.

    “We reported consolidated revenue of $41.0 million in the first quarter, up 16% year-over-year, and consolidated Net Revenue(A) increased 12% led by growth in all three segments. Refinance origination volumes in our U.S. Title segment were up 46% year-over-year and Net Revenue(A) margins increased by 610 basis points,” said Real Matters Chief Executive Officer Brian Lang.

    “There are now 8.8 million outstanding mortgages with interest rates above 6%, which represents a sizeable pool of potential refinance candidates. We are encouraged by the market opportunity we saw as a result of a short-term rally in rates in September – adding to our conviction of the market potential for refinance going forward. As a result, we are seeing broad pipeline movement; we are confident that we will have new, active franchise title clients in the coming months,” added Lang.

    “We have a strong balance sheet, and we will continue to prudently manage our cost base to align with market conditions, ensuring we focus on growth as headwinds turn to tailwinds for our business. We are at a key inflection point for our title business,” concluded Lang.

    Q1 2025 Highlights

    • Consolidated revenue of $41.0 million –16% year-over-year increase
    • Consolidated Net Revenue(A) of $10.9 million – 12% year-over-year increase
    • Adjusted EBITDA(A) loss of $1.7 million compared with loss of $1.1 million in Q1’24
    • Net income of $2.3 million up from net loss of $3.6 million in Q1’24
    • Launched five new clients
    • Significant operating leverage in Canadian segment – converted 90% of the incremental Net Revenue(A) to Adjusted EBITDA(A) in Q1’25
    • Cash and cash equivalents of $49.0 million and no outstanding debt as at December 31, 2024

    Financial and Operational Summary

        Quarter ended      
      2025 2024 2024 2024 2024     % Change1
        Q1     Q4     Q3     Q2     Q1     Quarter
    over
    Quarter    		 Year
    over
    Year
    Consolidated                          
    Revenue $ 41.0   $ 45.6   $ 49.5   $ 42.2   $ 35.4     -10 % 16 %
    Net Revenue(A) $ 10.9   $ 12.0   $ 13.1   $ 11.5   $ 9.7     -10 % 12 %
    Adjusted EBITDA(A) $ (1.7 ) $ 0.6   $ 1.7   $ 0.7   $ (1.1 )   -395 % -54 %
    Net income (loss) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1   $ (3.6 )   1,562 % 163 %
    Net income (loss) per diluted share $ 0.03   $ 0.00   $ 0.02   $ 0.03   $ (0.05 )   0 % 160 %
    Adjusted Net (loss) income(A) $ (0.3 ) $ 0.9   $ 1.7   $ 1.3   $ (1.2 )   -129 % 75 %
    Adjusted Net (loss) income(A) per diluted share $ 0.00   $ 0.01   $ 0.02   $ 0.02   $ (0.02 )   -100 % 100 %
                               
    U.S. Appraisal segment                          
    Revenue $ 29.4   $ 33.8   $ 37.5   $ 32.6   $ 26.8     -13 % 9 %
    Net Revenue(A) $ 7.8   $ 9.0   $ 10.3   $ 9.2   $ 7.5     -14 % 4 %
    Net Revenue(A) margin   26.5 %   26.7 %   27.6 %   28.3 %   27.9 %      
    Adjusted EBITDA(A) $ 2.4   $ 4.1   $ 5.5   $ 4.4   $ 2.7     -41 % -10 %
    Adjusted EBITDA(A) margin   30.9 %   45.2 %   53.2 %   47.9 %   35.8 %      
                               
    U.S. Title segment                          
    Revenue $ 2.5   $ 2.4   $ 2.1   $ 2.0   $ 2.0     4 % 25 %
    Net Revenue(A) $ 1.4     1.2   $ 0.9     0.9   $ 1.0     12 % 41 %
    Net Revenue(A) margin   53.4 %   49.8 %   43.6 %   44.0 %   47.3 %      
    Adjusted EBITDA(A) $ (1.8 ) $ (1.6 ) $ (1.9 ) $ (1.7 ) $ (1.6 )   -13 % -11 %
    Adjusted EBITDA(A) margin   -132.3 %   -131.4 %   -209.8 %   -184.8 %   -167.9 %      
                               
    Canadian segment                          
    Revenue $ 9.1   $ 9.4   $ 9.9   $ 7.6   $ 6.6     -3 % 38 %
    Net Revenue(A) $ 1.7   $ 1.8   $ 1.9   $ 1.4   $ 1.2     -3 % 39 %
    Net Revenue(A) margin   18.9 %   18.9 %   19.0 %   18.9 %   18.8 %      
    Adjusted EBITDA(A) $ 1.1   $ 1.2   $ 1.3   $ 0.9   $ 0.7     -5 % 62 %
    Adjusted EBITDA(A) margin   66.1 %   67.7 %   69.3 %   62.3 %   56.8 %      
                               
    Corporate segment                          
    Adjusted EBITDA(A) $ (3.4 ) $ (3.1 ) $ (3.2 ) $ (2.9 ) $ (2.9 )   -8 % -20 %
    1. Percentage change is calculated based on figures disclosed in our MD&A which are rounded to the nearest thousands of dollars.

    Conference Call and Webcast
    A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, January 30, 2025, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor section of our website shortly before the call.

    To access the call:

    • Participant Local (Toronto): (289) 819-1520
    • Participant Toll Free Dial-In Number: 1-800-549-8228
    • Conference ID: 15714

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor section of our website following the call.

    (A)   Non-GAAP Measures
    The non-GAAP measures used in this news release, including Net Revenue, Adjusted EBITDA and Adjusted Net Income do not have a standardized meaning prescribed by IFRS® Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the Company’s MD&A for the three months ended December 31, 2024 under the heading “Non-GAAP measures”, which is incorporated by reference in this Press Release and available on SEDAR+ at www.sedarplus.ca.

    Real Matters financial results for the three months ended December 31, 2024 are included in the unaudited interim condensed consolidated financial statements and the accompanying MD&A, each of which are available on SEDAR+ at www.sedarplus.ca. In addition, supplemental information is available on our website at www.realmatters.com.

    Net Revenue represents the difference between revenues and transaction costs. Net Revenue margin is calculated as Net Revenue divided by Revenues. The reconciling items between net income or loss and Net Revenue were as follows:

                Quarter ended
        Q1 2025     Q4 2024     Q3 2024     Q2 2024     Q1 2024
                         
    Net income (loss) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1   $ (3.6)
    Operating expenses   12.7     12.6     11.8     11.2     11.6
    Amortization   0.7     0.8     0.8     0.8     0.8
    Restructuring expenses   0.4     –     –     –     –
    Interest expense   0.1     0.1     0.1     0.1     0.1
    Interest income   (0.5 )   (0.5 )   (0.5 )   (0.4 )   (0.4)
    Net foreign exchange (gain) loss   (6.1 )   1.3     (0.9 )   (2.2 )   2.0
    Loss (gain) on fair value of derivatives   1.7     (1.9 )   (0.1 )   0.1     (0.2)
    Income tax (recovery) expense   (0.4 )   (0.2 )   0.2     (0.2 )   (0.6)
    Net Revenue $ 10.9   $ 12.0   $ 13.1   $ 11.5   $ 9.7

    Adjusted EBITDA represents net income or loss before stock-based compensation expense, amortization, restructuring expenses, interest expense, interest income, net foreign exchange gain or loss, gain or loss on fair value of derivatives and income tax expense or recovery. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Net Revenue. The reconciling items between net income or loss and Adjusted EBITDA were as follows:

                Quarter ended
        Q1 2025     Q4 2024     Q3 2024     Q2 2024     Q1 2024
                         
    Net income (loss) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1   $ (3.6)
    Stock-based compensation expense   0.1     1.2     0.4     0.4     0.8
    Amortization   0.7     0.8     0.8     0.8     0.8
    Restructuring expenses   0.4     –     –     –     –
    Interest expense   0.1     0.1     0.1     0.1     0.1
    Interest income   (0.5 )   (0.5 )   (0.5 )   (0.4 )   (0.4)
    Net foreign exchange (gain) loss   (6.1 )   1.3     (0.9 )   (2.2 )   2.0
    Loss (gain) on fair value of derivatives   1.7     (1.9 )   (0.1 )   0.1     (0.2)
    Income tax (recovery) expense   (0.4 )   (0.2 )   0.2     (0.2 )   (0.6)
    Adjusted EBITDA $ (1.7 ) $ 0.6   $ 1.7   $ 0.7   $ (1.1)

    The reconciling items between net income or loss and Adjusted Net Income or Loss were as follows:

                Quarter ended
        Q1 2025     Q4 2024     Q3 2024     Q2 2024     Q1 2024
                         
    Net income (loss) $ 2.3   $ (0.2 ) $ 1.7   $ 2.1   $ (3.6)
    Stock-based compensation expense   0.1     1.2     0.4     0.4     0.8
    Amortization of intangibles   0.4     0.5     0.4     0.4     0.4
    Restructuring expenses   0.4     –     –     –     –
    Net foreign exchange (gain) loss   (6.1 )   1.3     (0.9 )   (2.2 )   2.0
    Loss (gain) on fair value of derivatives   1.7     (1.9 )   (0.1 )   0.1     (0.2)
    Related tax effects   0.9     –     0.2     0.5     (0.6)
    Adjusted Net (Loss) Income $ (0.3 ) $ 0.9   $ 1.7   $ 1.3   $ (1.2)

    Forward-Looking Information
    This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

    The forward-looking information in this Press Release includes statements which reflect the current expectations of management with respect to our business and the industry in which we operate and is based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes appropriate and reasonable in the circumstances. The forward-looking information reflects management’s beliefs based on information currently available to management, including information obtained from third party sources, and should not be read as a guarantee of the occurrence or timing of any future events, performance or results.

    The forward-looking information in this Press Release is subject to risks, uncertainties and other factors that are difficult to predict and that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2024, which is available on SEDAR+ at www.sedarplus.ca.

    Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network –

  • MIL-OSI Africa: Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last

    Source: The Conversation – Africa – By Alan Hirsch, Research Fellow New South Institute, Emeritus Professor at The Nelson Mandela School of Public Governance, University of Cape Town

    Donald Trump, America’s new president, has cut back massively on US commitments to asylum seekers, blocked all asylum processes and started to remove irregular immigrants.

    Trump’s new measures are far reaching. They include the suspension of the US refugee admissions programme. Flights booked for refugees to the US have been cancelled. Arrests and deportations have begun.

    Strongly anti-immigrant policies were also pursued under the Biden administration, though Trump’s dramatic steps take them much further. Other countries in the global north have also introduced tougher policies. The 2024 EU Pact on Migration and Asylum sets out tougher border controls, quicker assessment of asylum seekers and swifter removal of those who did not qualify. In the UK, Labour prime minister Keir Starmer has promised to bring down the net migration rate and treat people-smugglers like terrorists.

    Based on my research into migration over the past 30 years I believe that these measures are unlikely to last. There are two linked trends that make closing the borders of the global north impractical and destined for revision.

    The first is that populations in most of the global north are ageing fast (on average) and the fertility rate, or natural population growth rate, has plummeted. There are many more older people as a percentage of the population.

    Secondly, with a workforce shrinking and the dependency ratio (the proportion of non-working to working people) rising rapidly, closing borders to potential labourers from other countries, without any other change, would lead to declining living standards in the global north. Economic growth and government revenues would slow or stagnate, undermining infrastructure maintenance and social service provision.

    There are several possible strategies that could be alternatives to anti-immigration measures. Some older people could migrate south, robots and AI could do more work, workers in the global south could perform remote work for the north, and arrangements could be made to allow migrants into the north either permanently or as circulating migrants.

    All these strategies are already in use, if modestly. Their application would have to expand considerably.

    Misplaced panic

    The responses of governments in the global north are exaggerated. Governments putting in place tough anti-immigrant measures have done so on the back of a narrative that there’s been a significant rise in the number of migrants worldwide.

    This isn’t true. Some countries, such as the US, Germany and Colombia, have seen a spike in refugees and other migrants. But for the rest of the world the picture remains much the same as it has done for decades.

    Foreign-born residents (the most widely used definition of migrants) rose as a proportion of residents worldwide from 2.3% in 1970 to 3.6% in 2020. But in 1960 the number was over 3%, and in the late 1800s migrants made up somewhere between 3% and 5% of the global population.

    So, 3.6% is nothing new.

    As for refugees, in 2023 there were about 38 million, of whom 69% sought refuge in neighbouring countries and 75% in middle- and low-income countries.

    In general, therefore, rich countries have not been carrying the greatest burden.

    The real reason behind these tougher measures is that living standards have stagnated in many countries in the Organization for Economic Cooperation and Development. The cost and availability of housing have worsened; inequality has grown since the 1980s; the quality and availability of public services have deteriorated since the global financial crisis of 2008 and COVID-19; and the quality of employment has shifted to precarious work and poorly paid service sector occupations.

    This has contributed to the rise of populism, including anti-foreigner sentiment and even xenophobia.

    Trump’s actions are the most extreme yet. They include an order to block “aliens involved in the invasion” using “appropriate measures” that give the security forces further powers. The prohibition of southern border asylum hearings in the US and the instruction to “remain in Mexico” means that prospective asylum seekers from third countries may not cross the border to make their applications at the port of entry. They must apply remotely.

    Trump has also ordered that birthright citizenship must be limited to the children of certain categories of residents, essentially citizens or those with residence rights in the form of a “green card”. This move has been temporarily blocked in some states by judges as unconstitutional.

    In addition, the acting head of the Homeland Security Department gave Immigration and Customs Enforcement officials the power to deport migrants admitted temporarily into the US under several programmes of the Biden administration, targeting refugees from Cuba, Nicaragua, Venezuela and Haiti, and possibly Afghan and Ukrainian refugees too.

    The very first bill to receive final approval from the US Congress under Trump’s second term, the Laken-Riley Act, would require the detention and deportation of migrants who enter the country without authorisation and are charged with certain crimes. This bill was passed with 263 votes and 156 votes against, meaning that 46 House Democrats supported the Republican bill.

    In contrast, in the global south, as I have discussed elsewhere, the trend has been in the opposite direction. South American regional communities liberalised migration most extensively in recent decades, but African regional communities have made progress too, as has the Association of Southeast Asian Nations.

    The way forward

    Some alternative strategies are leading the way.

    In Canada, the Temporary Foreign Worker programme has expanded steadily since 1973, increasingly including long-term circulating migrating lower-skilled workers for key occupations like catering, care, construction and agriculture. Though it is currently under political scrutiny because of the panic in the north over migration, and because of housing shortages in Canada, it is likely to survive and evolve. Similar systems are emerging across the global north.

    In the EU, Talent Partnerships are now encouraged. Germany, for example, has talent partnerships with Kenya and Morocco, where they train health workers and IT technicians in those countries to work and live in Germany. Spain has various partnerships in Latin America and Africa. Prime minister Pedro Sanchez has chosen to be upfront on the choices. In October last year he told the Spanish people:

    Spain needs to choose between being an open and prosperous country or a closed off poor country.

    The current fashion for population protectionism in the global north is increasingly nasty, but it is unlikely to stand the test of time. Several constructive responses to the rising dependency ratio are feasible, but being open to more migration, possibly in new forms and through new channels. is an inevitable part of the solution.

    New formal pathways for working migrants and reasonable systems for asylum seekers, along with full enforcement of rules against irregular migrants, could be the combination that works politically and economically.

    – Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last
    – https://theconversation.com/anti-immigration-policies-why-harsh-new-rules-put-in-place-by-trump-and-other-rich-countries-wont-last-248359

    MIL OSI Africa –

  • MIL-OSI Global: Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last

    Source: The Conversation – Africa – By Alan Hirsch, Research Fellow New South Institute, Emeritus Professor at The Nelson Mandela School of Public Governance, University of Cape Town

    Donald Trump, America’s new president, has cut back massively on US commitments to asylum seekers, blocked all asylum processes and started to remove irregular immigrants.

    Trump’s new measures are far reaching. They include the suspension of the US refugee admissions programme. Flights booked for refugees to the US have been cancelled. Arrests and deportations have begun.

    Strongly anti-immigrant policies were also pursued under the Biden administration, though Trump’s dramatic steps take them much further. Other countries in the global north have also introduced tougher policies. The 2024 EU Pact on Migration and Asylum sets out tougher border controls, quicker assessment of asylum seekers and swifter removal of those who did not qualify. In the UK, Labour prime minister Keir Starmer has promised to bring down the net migration rate and treat people-smugglers like terrorists.

    Based on my research into migration over the past 30 years I believe that these measures are unlikely to last. There are two linked trends that make closing the borders of the global north impractical and destined for revision.

    The first is that populations in most of the global north are ageing fast (on average) and the fertility rate, or natural population growth rate, has plummeted. There are many more older people as a percentage of the population.

    Secondly, with a workforce shrinking and the dependency ratio (the proportion of non-working to working people) rising rapidly, closing borders to potential labourers from other countries, without any other change, would lead to declining living standards in the global north. Economic growth and government revenues would slow or stagnate, undermining infrastructure maintenance and social service provision.

    There are several possible strategies that could be alternatives to anti-immigration measures. Some older people could migrate south, robots and AI could do more work, workers in the global south could perform remote work for the north, and arrangements could be made to allow migrants into the north either permanently or as circulating migrants.

    All these strategies are already in use, if modestly. Their application would have to expand considerably.

    Misplaced panic

    The responses of governments in the global north are exaggerated. Governments putting in place tough anti-immigrant measures have done so on the back of a narrative that there’s been a significant rise in the number of migrants worldwide.

    This isn’t true. Some countries, such as the US, Germany and Colombia, have seen a spike in refugees and other migrants. But for the rest of the world the picture remains much the same as it has done for decades.

    Foreign-born residents (the most widely used definition of migrants) rose as a proportion of residents worldwide from 2.3% in 1970 to 3.6% in 2020. But in 1960 the number was over 3%, and in the late 1800s migrants made up somewhere between 3% and 5% of the global population.

    So, 3.6% is nothing new.

    As for refugees, in 2023 there were about 38 million, of whom 69% sought refuge in neighbouring countries and 75% in middle- and low-income countries.

    In general, therefore, rich countries have not been carrying the greatest burden.

    The real reason behind these tougher measures is that living standards have stagnated in many countries in the Organization for Economic Cooperation and Development. The cost and availability of housing have worsened; inequality has grown since the 1980s; the quality and availability of public services have deteriorated since the global financial crisis of 2008 and COVID-19; and the quality of employment has shifted to precarious work and poorly paid service sector occupations.

    This has contributed to the rise of populism, including anti-foreigner sentiment and even xenophobia.

    Trump’s actions are the most extreme yet. They include an order to block “aliens involved in the invasion” using “appropriate measures” that give the security forces further powers. The prohibition of southern border asylum hearings in the US and the instruction to “remain in Mexico” means that prospective asylum seekers from third countries may not cross the border to make their applications at the port of entry. They must apply remotely.

    Trump has also ordered that birthright citizenship must be limited to the children of certain categories of residents, essentially citizens or those with residence rights in the form of a “green card”. This move has been temporarily blocked in some states by judges as unconstitutional.

    In addition, the acting head of the Homeland Security Department gave Immigration and Customs Enforcement officials the power to deport migrants admitted temporarily into the US under several programmes of the Biden administration, targeting refugees from Cuba, Nicaragua, Venezuela and Haiti, and possibly Afghan and Ukrainian refugees too.

    The very first bill to receive final approval from the US Congress under Trump’s second term, the Laken-Riley Act, would require the detention and deportation of migrants who enter the country without authorisation and are charged with certain crimes. This bill was passed with 263 votes and 156 votes against, meaning that 46 House Democrats supported the Republican bill.

    In contrast, in the global south, as I have discussed elsewhere, the trend has been in the opposite direction. South American regional communities liberalised migration most extensively in recent decades, but African regional communities have made progress too, as has the Association of Southeast Asian Nations.

    The way forward

    Some alternative strategies are leading the way.

    In Canada, the Temporary Foreign Worker programme has expanded steadily since 1973, increasingly including long-term circulating migrating lower-skilled workers for key occupations like catering, care, construction and agriculture. Though it is currently under political scrutiny because of the panic in the north over migration, and because of housing shortages in Canada, it is likely to survive and evolve. Similar systems are emerging across the global north.

    In the EU, Talent Partnerships are now encouraged. Germany, for example, has talent partnerships with Kenya and Morocco, where they train health workers and IT technicians in those countries to work and live in Germany. Spain has various partnerships in Latin America and Africa. Prime minister Pedro Sanchez has chosen to be upfront on the choices. In October last year he told the Spanish people:

    Spain needs to choose between being an open and prosperous country or a closed off poor country.

    The current fashion for population protectionism in the global north is increasingly nasty, but it is unlikely to stand the test of time. Several constructive responses to the rising dependency ratio are feasible, but being open to more migration, possibly in new forms and through new channels. is an inevitable part of the solution.

    New formal pathways for working migrants and reasonable systems for asylum seekers, along with full enforcement of rules against irregular migrants, could be the combination that works politically and economically.

    Alan Hirsch receives funding from the New South Institute for research and the University of Cape Town for advice and supervision.

    – ref. Anti-immigration policies: why harsh new rules put in place by Trump and other rich countries won’t last – https://theconversation.com/anti-immigration-policies-why-harsh-new-rules-put-in-place-by-trump-and-other-rich-countries-wont-last-248359

    MIL OSI – Global Reports –

  • MIL-OSI Security: West Africa: INTERPOL border operation nets 45 arrests, seizures worth millions

    Source: Interpol (news and events)

    30 January 2025

    Operation Screen targets international crime networks threatening regional security

    LYON, France – An INTERPOL-coordinated border security operation in West Africa has resulted in 45 arrests and the seizure of drugs, counterfeit medicines, and stolen vehicles worth millions of dollars.

    Held from 21 October to 24 November, Operation Screen West Africa 2024 brought together law enforcement agencies from 12 West African countries to strengthen border security and disrupt transnational organized crime networks.

    The operation notably led to the detection of a suspected Islamic State member at the Mali-Niger-Burkina Faso tri-border area and thwarted the plans of a North African suspect planning to transit through Europe to join ISIS in Syria.

    Frontline officers at land, air and sea border points were provided with INTERPOL Mobile Devices (IMDs) to access INTERPOL’s critical global intelligence, enabling them to conduct in real time over 1.3 million checks against INTERPOL’s databases.

    Checks against INTERPOL’s Stolen and Lost Travel Documents database detected 82 individuals travelling on stolen and irregular passports. Mauritanian authorities also launched an investigation into the international trafficking of French and Spanish passports.

     

    Over 1.3 million checks against INTERPOL’s databases were carried out by frontline officers, including in Togo.

    Weapons and ammunitions were seized in Côte d’Ivoire during the operation.

    Senegalese sea patrols participated in the INTERPOL-coordinated border security operation.

    Additionally, 11 suspects wanted internationally under INTERPOL Red Notices were arrested during the operation.

    Operational seizures included:

    • 1.6 tonnes of cocaine worth over USD 50 million in Cabo Verde

    • 10 tonnes of amphetamines in Burkina Faso

    • 33 types of counterfeit medicines in Benin and Togo

    • 40 tonnes of substandard pharmaceuticals in Côte d’Ivoire

    Over 100 luxury vehicles stolen in Canada and European countries were also recovered, exposing a network that trafficked stolen cars to West Africa. Almost 50 per cent of the stolen vehicles originated from Canada, where data sharing via INTERPOL’s database has helped identify over 1,500 stolen Canadian vehicles worldwide since February 2024.

    The proceeds from these stolen vehicles often fund organized crime activities, including arms smuggling, drug trafficking, and terror networks.

    Côte d’Ivoire’s Police Commissaire Divisionnaire Ami Flora Savane Fanny said:

    “By addressing critical challenges that transcend borders, Operation Screen has demonstrated the power of international collaboration in combating the scourges of organized crime and terrorism which undermine the security of our populations and weaken the foundations of our institutions.”

    Mohamed Moussa, INTERPOL’s Operation Screen Coordinator, added:

    “This operation marks a critical step in disrupting transnational organized crime networks that threaten regional stability and undermine efforts to build peace and foster development across West Africa.”

    Note to Editors

    The 12 participating countries were Benin, Burkina Faso, Cabo Verde, Côte d’Ivoire, the Gambia, Ghana, Liberia, Mauritania, Nigeria, Senegal, Sierra Leone and Togo.

    The operation fell under Project I-CT Shield, funded by the German Foreign Federal Office.

    MIL Security OSI –

  • MIL-OSI: SHELL PLC 4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS    		        
                                                         
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    928    4,291    474    -78 Income/(loss) attributable to Shell plc shareholders   16,093    19,359    -17
    3,661    6,028    7,306    -39 Adjusted Earnings A 23,716    28,250    -16
    14,281    16,005    16,335    -11 Adjusted EBITDA A 65,803    68,538    -4
    13,162    14,684    12,575    -10 Cash flow from operating activities   54,684    54,191    +1
    (4,431)   (3,857)   (5,657)     Cash flow from investing activities   (15,154)   (17,734)    
    8,731    10,827    6,918      Free cash flow G 39,530    36,457     
    6,924    4,950    7,113      Cash capital expenditure C 21,084    24,392     
    9,401    9,570    10,897    -2 Operating expenses F 36,918    39,960    -8
    9,138    8,864    10,565    +3 Underlying operating expenses F 35,707    39,201    -9
    11.3% 12.8% 12.8%   ROACE2 D 11.3% 12.8%  
    77,078    76,613    81,541      Total debt E 77,078    81,541     
    38,809    35,234    43,542      Net debt E 38,809    43,542     
    17.7% 15.7% 18.8%   Gearing E 17.7% 18.8%  
    2,815    2,801    2,827    +1 Oil and gas production available for sale (thousand boe/d)   2,836    2,791    +2
    0.15    0.69    0.07 -78 Basic earnings per share ($)   2.55    2.88    -11
    0.60    0.96    1.11    -38 Adjusted Earnings per share ($) B 3.76    4.20    -10
    0.3580    0.3440    0.3440    +4 Dividend per share ($)   1.3900    1.2935    +7

    1.Q4 on Q3 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 third quarter 2024, reflected higher exploration well write-offs, lower margins from crude and oil products trading and optimisation, lower Marketing margins and volumes, lower LNG trading and optimisation margins, lower realised oil prices, and unfavourable tax movements.

    Fourth quarter 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals of $2.2 billion, and net losses related to sale of assets. These items are included in identified items amounting to a net loss of $2.8 billion in the quarter. This compares with identified items in the third quarter 2024 which amounted to a net loss of $1.3 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.

    Cash flow from operating activities for the fourth quarter 2024 was $13.2 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.4 billion partly offset by tax payments of $2.9 billion, and outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $1.4 billion. The working capital inflows mainly reflected accounts receivable and payable movements, and initial margin inflow.

    Cash flow from investing activities for the quarter was an outflow of $4.4 billion, and included cash capital expenditure of $6.9 billion, partly offset by net other investing cash inflows of $1.1 billion, and divestment proceeds of $0.8 billion.

    Net debt and Gearing: At the end of the fourth quarter 2024, net debt was $38.8 billion, compared with $35.2 billion at the end of the third quarter 2024, mainly reflecting lease additions of $5.4 billion, share buybacks, cash dividends paid to Shell plc shareholders, and interest payments, partly offset by free cash flow. Gearing was 17.7% at the end of the fourth quarter 2024, compared with 15.7% at the end of the third quarter 2024, mainly driven by higher net debt.

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.7 billion comprising repurchases of shares of $3.6 billion and cash dividends paid to Shell plc shareholders of $2.1 billion. Dividends declared to Shell plc shareholders for the fourth quarter 2024 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the third quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the first quarter 2025 results announcement.

    Full Year Analysis1

    Income attributable to Shell plc shareholders, compared with the full year 2023, reflected lower LNG trading and optimisation margins, lower realised prices, lower refining margins, as well as lower trading and optimisation margins of power and pipeline gas in Renewables and Energy Solutions, partly offset by lower operating expenses, and higher realised Chemicals margins.

    By focusing the portfolio and simplifying the organisation, $3.1 billion of pre-tax structural cost reductions3 were delivered through 2024 compared with 2022 levels, with $2.1 billion in the full year 2024.

    Full year 2024 income attributable to Shell plc shareholders also included net impairment charges and reversals of $4.4 billion, 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. These charges, reclassifications and movements are included in identified items amounting to a net loss of $7.4 billion. This compares with identified items in the full year 2023 which amounted to a net loss of $8.2 billion.

    Adjusted Earnings and Adjusted EBITDA2 for the full year 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 full year 2024 was $54.7 billion, and primarily driven by Adjusted EBITDA, and working capital inflows of $2.1 billion, partly offset by tax payments of $12.0 billion.

    Cash flow from investing activities for the full year 2024 was an outflow of $15.2 billion and included cash capital expenditure of $21.1 billion, partly offset by divestment proceeds of $2.8 billion, and interest received of $2.4 billion.

    This Unaudited Condensed Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 4 . Details of progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at https://www.shell.com/progress-on-cmd24.html 4.

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

    2.Adjusted EBITDA is without taxation.

    3.See Reference J.

    4.Not incorporated by reference.

    FOURTH QUARTER 2024 PORTFOLIO DEVELOPMENTS

    Upstream

    In October 2024, we announced the start of production of the floating production storage and offloading facility (FPSO) Marechal Duque de Caxias in the Mero field, in the pre-salt area of the Santos Basin, offshore Brazil. Also known as Mero-3, the FPSO has an operational capacity of 180,000 barrels of oil per day (Shell share 19.3%).

    In December 2024, we, along with Equinor ASA, announced the combination of our UK offshore oil and gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%). Completion of the transaction remains subject to approvals and is expected by the end of 2025.

    In December 2024, we announced a final investment decision (FID) on Bonga North, a deep-water project off the coast of Nigeria. Shell (55%) operates the Bonga field in partnership with Esso Exploration and Production Nigeria Ltd. (20%), Nigerian Agip Exploration Ltd. (12.5%), and TotalEnergies Exploration and Production Nigeria Ltd. (12.5%), on behalf of the Nigerian National Petroleum Company Limited.

    In January 2025, we announced the start of production at the Shell-operated Whale floating production facility in the Gulf of Mexico. The Whale development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Chemicals and Products

    In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a 50:50 joint venture between Shell and CNOOC Petrochemicals Investment Ltd, has taken a FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.

    Renewables and Energy Solutions

    In October 2024, we signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. The deal was completed in January 2025.

             Page 2

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                                         
     
    INTEGRATED GAS        
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    1,744    2,631    1,733    -34 Segment earnings   9,590    7,058    +36
    (421)   (240)   (2,235)     Of which: Identified items A (1,800)   (6,861)    
    2,165    2,871    3,968    -25 Adjusted Earnings A 11,390    13,919    -18
    4,568    5,234    6,584    -13 Adjusted EBITDA A 20,978    23,773    -12
    4,391    3,623    3,597    +21 Cash flow from operating activities A 16,909    17,520    -3
    1,337    1,236    1,196      Cash capital expenditure C 4,766    4,196     
    116    136    113    -15 Liquids production available for sale (thousand b/d)   132    128    +2
    4,574    4,669    4,570    -2 Natural gas production available for sale (million scf/d)   4,769    4,700    +1
    905    941    901    -4 Total production available for sale (thousand boe/d)   954    939    +2
    7.06    7.50    7.06    -6 LNG liquefaction volumes (million tonnes)   29.09    28.29    +3
    15.50    17.04    18.09    -9 LNG sales volumes (million tonnes)   65.82    67.09    -2

    1.Q4 on Q3 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 third quarter 2024, reflected the net effect of lower contributions from trading and optimisation mainly driven by the comparative (non-cash) impact of expiring hedging contracts and slightly higher realised prices (decrease of $340 million), lower volumes (decrease of $283 million), and higher exploration well write-offs (increase of $275 million), partly offset by lower operating expenses (decrease of $97 million).

    Fourth quarter 2024 segment earnings also included impairment charges of $339 million and a loss of $96 million related to sale of assets, partly offset by favourable movements of $109 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 third quarter 2024 which included unfavourable movements of $213 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, net cash inflows related to derivatives of $120 million and working capital inflows of $114 million, partly offset by tax payments of $635 million.

    Total oil and gas production, compared with the third quarter 2024, decreased by 4% mainly due to planned maintenance in Pearl GTL (Qatar). LNG liquefaction volumes decreased by 6% mainly due to lower feedgas supply and fewer cargoes due to the timing of liftings.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected the combined effect of lower contributions from trading and optimisation and lower realised prices (decrease of $3,819 million), partly offset by higher volumes (increase of $514 million), lower operating expenses (decrease of $478 million), and favourable deferred tax movements ($399 million).

    Full year 2024 segment earnings also included unfavourable movements of $1,088 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, impairment charges of $363 million, and a net loss of $96 million related to sale of assets. These unfavourable movements and charges are part of identified items and compare with the full year 2023 which included unfavourable movements of $4,407 million due to the fair value accounting of commodity derivatives, and net impairment charges and reversals of $2,247 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.

             Page 3

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    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 full year 2024 was primarily driven by Adjusted EBITDA, and working capital inflows of $467 million, partly offset by tax payments of $2,955 million and net cash outflows related to derivatives of $1,466 million.

    Total oil and gas production, compared with the full year 2023, increased by 2% mainly due to ramp-up of fields in Oman and Australia. LNG liquefaction volumes increased by 3% mainly due to lower maintenance in Australia.

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

    2.Adjusted EBITDA is without taxation.

             Page 4

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    UPSTREAM          
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    1,031    2,289    2,151    -55 Segment earnings   7,772    8,539    -9
    (651)   (153)   (909)     Of which: Identified items A (623)   (1,267)    
    1,682    2,443    3,060    -31 Adjusted Earnings A 8,395    9,806    -14
    7,676    7,871    7,872    -2 Adjusted EBITDA A 31,264    30,622    +2
    4,509    5,268    5,787    -14 Cash flow from operating activities A 21,244    21,450    -1
    2,076    1,974    2,436      Cash capital expenditure C 7,890    8,343     
    1,332    1,321    1,361    +1 Liquids production available for sale (thousand b/d)   1,320    1,325    —
    3,056    2,844    2,952    +7 Natural gas production available for sale (million scf/d)   2,964    2,754    +8
    1,859    1,811    1,870    +3 Total production available for sale (thousand boe/d)   1,831    1,800    +2

    1.Q4 on Q3 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 third quarter 2024, reflected higher operating expenses (increase of $291 million), higher exploration well write-offs (increase of $283 million), unfavourable tax movements ($245 million) and lower realised liquids prices (decrease of $227 million), partly offset by higher volumes (increase of $370 million).

    Fourth quarter 2024 segment earnings also included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and net impairment charges and reversals of $152 million. These charges are part of identified items, and compare with the third quarter 2024 which included charges of $138 million related to redundancy and restructuring and charges of $104 million related to decommissioning provisions.

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

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, partly offset by tax payments of $2,019 million and working capital outflows of $611 million.

    Total production, compared with the third quarter 2024, increased mainly due to new oil production and lower scheduled maintenance.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected unfavourable tax movements ($1,289 million), lower realised prices (decrease of $949 million) and higher exploration well write-offs (increase of $541 million), partly offset by the comparative favourable impact of $962 million mainly relating to gas storage effects.

    Full year 2024 segment earnings also included a loss of $325 million related to the impact of the weakening Brazilian real on a deferred tax position, net impairment charges and reversals of $323 million and charges of $214 million related to redundancy and restructuring, partly offset by gains of $638 million related to the impact of inflationary adjustments in Argentina on a deferred tax position. These charges and gains are part of identified items, and compare with the full year 2023 which included net impairment charges and reversals of $642 million, and net charges of $295 million related to the impact of the weakening Argentine peso and strengthening Brazilian real on a deferred tax position.

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

    Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $7,851 million and the timing impact of dividends (net of profits) from joint ventures and associates of $946 million.

    Total production, compared with the full year 2023, increased mainly due to new oil production, partly offset by field decline.

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

    2.Adjusted EBITDA is without taxation.

             Page 5

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    MARKETING        
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    103    760    226    -86 Segment earnings2   1,894    3,058    -38
    (736)   (422)   (567)     Of which: Identified items2 A (1,991)   (254)    
    839    1,182    794    -29 Adjusted Earnings2 A 3,885    3,312    +17
    1,709    2,081    1,500    -18 Adjusted EBITDA2 A 7,476    6,337    +18
    1,363    2,722    1,767    -50 Cash flow from operating activities2 A 7,363    5,561    +32
    811    525    1,385      Cash capital expenditure2 C 2,445    5,790     
    2,795    2,945    2,997    -5 Marketing sales volumes (thousand b/d)2   2,843    3,045    -7

    1.Q4 on Q3 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 third quarter 2024, reflected lower Marketing margins (decrease of $395 million) mainly due to seasonal impact of lower volumes and lower Mobility unit margins as well as lower Sectors and Decarbonisation and Lubricants margins. These were partly offset by lower operating expenses (decrease of $118 million).

    Fourth quarter 2024 segment earnings also included impairment charges of $458 million, and net losses of $247 million related to sale of assets. These charges are part of identified items, and compare with the third quarter 2024 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.

    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 $845 million, and dividends (net of profits) from joint ventures and associates of $172 million. These inflows were partly offset by outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $1,187 million and tax payments of $130 million.

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

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected higher Marketing margins (increase of $483 million) including higher unit margins in Lubricants and Mobility partly offset by lower Sectors and Decarbonisation margins. Segment earnings also reflected lower operating expenses (decrease of $449 million). These were partly offset by unfavourable tax movements ($157 million) and higher depreciation charges (increase of $142 million).

    Full year 2024 segment earnings also included impairment charges of $1,423 million mainly relating to an asset in the Netherlands, net losses of $386 million related to the sale of assets and charges of $215 million related to redundancy and restructuring. These charges are part of identified items and compare with the full year 2023 which included net impairment charges and reversals of $466 million, and charges of $113 million related to redundancy and restructuring partly offset by gains of $298 million related to indirect tax credits.

    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 full year 2024 was primarily driven by Adjusted EBITDA, working capital inflows of $998 million, and dividends (net of profits) from joint ventures and associates of $262 million. These inflows

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    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    were partly offset by tax payments of $562 million, non-cash cost of supplies adjustment of $254 million, and outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $221 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the full year 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 7

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    CHEMICALS AND PRODUCTS        
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    (328)   341    (1,828)   -196 Segment earnings2   1,757    1,482    +19
    (99)   (122)   (1,857)     Of which: Identified items2 A (1,177)   (2,135)    
    (229)   463    29    -150 Adjusted Earnings2 A 2,934    3,617    -19
    475    1,240    670    -62 Adjusted EBITDA2 A 6,783    7,489    -9
    2,032    3,321    1,150    -39 Cash flow from operating activities2 A 7,253    7,513    -3
    1,392    761    986      Cash capital expenditure2 C 3,290    3,013     
    1,215    1,305    1,315    -7 Refinery processing intake (thousand b/d)   1,344    1,349    —
    2,926    3,015    2,588    -3 Chemicals sales volumes (thousand tonnes)   11,875    11,245    +6

    1.Q4 on Q3 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 third quarter 2024, reflected lower Products margins (decrease of $442 million) mainly driven by lower margins from trading and optimisation. Segment earnings also reflected lower Chemicals margins (decrease of $138 million) mainly due to lower realised prices. In addition, the fourth quarter 2024 reflected unfavourable tax movements ($67 million).

    Fourth quarter 2024 segment earnings also included net impairment charges and reversals of $224 million, partly offset by favourable deferred tax movements of $114 million. These charges and favourable movements are part of identified items, and compare with the third quarter 2024 which 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. 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 fourth quarter 2024, Chemicals had negative Adjusted Earnings of $258 million and Products had positive Adjusted Earnings of $29 million.

    Cash flow from operating activities for the quarter was primarily driven by working capital inflows of $1,394 million, Adjusted EBITDA, net cash inflows relating to commodity derivatives of $230 million, dividends (net of profits) from joint ventures and associates of $139 million, and non-cash cost of supplies adjustment of $73 million. These inflows were partly offset by outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $371 million.

    Chemicals manufacturing plant utilisation was 75% compared with 76% in the third quarter 2024.

    Refinery utilisation was 76% compared with 81% in the third quarter 2024, mainly due to higher planned maintenance.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected lower Products margins (decrease of $1,832 million), mainly driven by lower refining margins, and unfavourable tax movements ($248 million). These were partly offset by lower operating expenses (decrease of $812 million) and higher Chemicals margins (increase of $602 million).

    Full year 2024 segment earnings also included net impairment charges and reversals of $1,176 million mainly relating to assets in Singapore, charges of $142 million related to redundancy and restructuring, and unfavourable movements of $86 million relating to an accounting mismatch due to fair value accounting of commodity derivatives, partly offset by favourable deferred tax movements of $114 million. These charges and movements are part of identified items, and compare with the full year 2023 which included net impairment charges and reversals of $2,195 million mainly relating to

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    the Chemicals assets in Singapore, and charges of $82 million related to redundancy and restructuring partly offset by favourable movements of $214 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. In the full year 2024, Chemicals had negative Adjusted Earnings of $432 million and Products had positive Adjusted Earnings of $3,366 million.

    Cash flow from operating activities for the full year 2024 was primarily driven by Adjusted EBITDA, working capital inflows of $524 million, dividends (net of profits) from joint ventures and associates of $304 million and net cash inflows relating to commodity derivatives of $219 million. These inflows were partly offset by cash outflows relating to legal provisions of $215 million, tax payments of $146 million, cash outflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $114 million, and non-cash cost of supplies adjustment of $109 million.

    Chemicals manufacturing plant utilisation was 76% compared with 68% in the full year 2023, mainly due to economic optimisation in the full year 2023. The increase was also driven by ramp-up of Shell Polymers Monaca and lower unplanned maintenance in the full year 2024.

    Refinery utilisation was 85% compared with 85% in the full year 2023.

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million   Full year
    Q4 2024 Q3 2024 Q4 2023 %¹   Reference 2024 2023 %
    (1,226)   (481)   (272)   -155 Segment earnings   (1,229)   3,089    -140
    (914)   (319)   (445)     Of which: Identified items A (732)   2,333     
    (311)   (162)   173    -92 Adjusted Earnings A (497)   756    -166
    (123)   (75)   253    -64 Adjusted EBITDA A (22)   1,481    -101
    850    (364)   (1,265)   +333 Cash flow from operating activities A 3,798    2,984    +27
    1,277    409    1,026      Cash capital expenditure C 2,549    2,681     
    76    79    68    -4 External power sales (terawatt hours)2   306    279    +10
    165    148    175    +11 Sales of pipeline gas to end-use customers (terawatt hours)3   652    738    -12

    1.Q4 on Q3 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 third quarter 2024, reflected unfavourable one-off tax movements ($107 million), and higher operating expenses (increase of $71 million).

    Fourth quarter 2024 segment earnings also included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 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 third quarter 2024 which included unfavourable movements of $279 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 in the fourth quarter 2024.

    Cash flow from operating activities for the quarter was primarily driven by net cash inflows related to derivatives of $533 million, and working capital inflows of $353 million, partly offset by Adjusted EBITDA.

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, reflected lower margins (decrease of $1,719 million) mainly from trading and optimisation primarily in Europe due to lower volatility, partly offset by lower operating expenses (decrease of $632 million).

    Full year 2024 segment earnings also included net impairment charges and reversals of $1,085 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $300 million relating to an accounting mismatch due to fair value accounting of commodity derivatives and a net gain on sale of assets of $94 million. These net charges and favourable movements are part of identified items and compare with the full year 2023 which included favourable movements of $2,756 million due to the fair value accounting of commodity derivatives partly offset by net impairment charges and reversals of $669 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. Most Renewables and Energy Solutions activities were loss-making for the full year 2024, which was partly offset by positive Adjusted Earnings from trading and optimisation.

             Page 10

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    Cash flow from operating activities for the full year 2024 was primarily driven by net cash inflows related to derivatives of $3,012 million, and working capital inflows of $923 million, partly offset by tax payments of $457 million and Adjusted EBITDA.

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

    2.Adjusted EBITDA is without taxation.

    Additional Growth Measures

                                                         
    Quarters     Full year
    Q4 2024 Q3 2024 Q4 2023 %¹     2024 2023 %
            Renewable power generation capacity (gigawatt):        
    3.4    3.4    2.5    — – In operation2   3.4    2.5    +34
    4.0    3.9    4.1    +2 – Under construction and/or committed for sale3   4.0    4.1    -1

    1.Q4 on Q3 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   Full year
    Q4 2024 Q3 2024 Q4 2023   Reference 2024 2023
    (335)   (647)   (629)   Segment earnings1   (2,992)   (2,944)  
    45    (3)   (19)   Of which: Identified items A (1,024)   (69)  
    (380)   (643)   (609)   Adjusted Earnings1 A (1,968)   (2,875)  
    (24)   (346)   (544)   Adjusted EBITDA1 A (675)   (1,164)  
    16    115    1,540    Cash flow from operating activities A (1,882)   (832)  

    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 third quarter 2024, reflected favourable tax movements and favourable currency exchange rate effects.

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

    Full Year Analysis1

    Segment earnings, compared with the full year 2023, were primarily driven by favourable tax movements, favourable net interest movements and favourable currency exchange rate effects.

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

    Adjusted EBITDA2 was mainly driven by favourable currency exchange rate effects and lower operating expenses.

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

    2.Adjusted EBITDA is without taxation.

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    PRELIMINARY RESERVES UPDATE

    When final volumes are reported in the 2024 Annual Report and Accounts and 2024 Form 20-F, Shell expects that SEC proved oil and gas reserves additions before taking into account production will be approximately 0.9 billion boe, and that 2024 production will be approximately 1.1 billion boe. As a result, total proved reserves on an SEC basis are expected to be approximately 9.6 billion boe1, 2, 3. Acquisitions and divestments of 2024 reserves are expected to account for a net increase of approximately 0.05 billion boe.

    The proved Reserves Replacement Ratio on an SEC basis is expected to be 85% for the year (106% without debooking Groundbirch because of the low average AECO price in 2024) and 108% for the 3-year average. Excluding the impact of acquisitions and divestments, the proved Reserves Replacement Ratio is expected to be 80% (102% without debooking Groundbirch) for the year and 68% for the 3-year average.

    Further information will be provided in the 2024 Annual Report and Accounts and 2024 Form 20-F.

    1.Pursuant to our 2017 agreement with Canadian Natural Resources Limited, our remaining mining interest and associated synthetic crude oil reserves will be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS project. The transaction is expected to close by the end of the first quarter 2025, subject to regulatory approvals. The associated proved reserves at December 31, 2024 are 0.7 billion barrels (of which 50% attributable to non-controlling interest).

    2.On January 16, 2024, we announced an agreement to sell our Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited (SPDC) which holds a 30% interest in the SPDC JV to Renaissance, subject to various conditions. As of December 31, 2024, we had proved reserves of 0.5 billion boe in SPDC.

    3.In December 2024, we, along with Equinor ASA, announced the combination of our UK offshore oil and gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer. On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%) and 0.16 billion boe (as of December 31, 2024) of Shell’s proved reserves will be contributed to the new joint venture alongside proved reserves contributed by Equinor. Subsequently, Shell will report 50% of the proved reserves of the new joint venture as part of Shell’s share of proved reserves from joint ventures and associates.

             Page 12

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    OUTLOOK FOR THE FIRST QUARTER 2025

    Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day 2025.

    Integrated Gas production is expected to be approximately 930 – 990 thousand boe/d. First quarter 2025 outlook reflects Pearl GTL back in operation after a major turnaround. LNG liquefaction volumes are expected to be approximately 6.6 – 7.2 million tonnes.

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

    Marketing sales volumes are expected to be approximately 2,500 – 3,000 thousand b/d.

    Refinery utilisation is expected to be approximately 80% – 88%. Chemicals manufacturing plant utilisation is expected to be approximately 78% – 86%.

    Corporate Adjusted Earnings were a net expense of $380 million1 for the fourth quarter 2024. Corporate Adjusted Earnings2 are expected to be a net expense of approximately $400 – $600 million in the first quarter 2025.

    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
    February 25, 2025 Shell LNG Outlook 2025 publication
       
    March 25, 2025 Publication of Annual Report and Accounts and filing of Form 20-F for the year ended December 31, 2024
    March 25, 2025 Capital Markets Day 2025
    May 2, 2025 First quarter 2025 results and dividends
    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

             Page 13

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                       
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    66,281    71,089    78,732    Revenue1 284,312    316,620   
    (156)   933    768    Share of profit/(loss) of joint ventures and associates 2,993    3,725   
    683    440    631    Interest and other income/(expenses)2 1,724    2,838   
    66,807    72,462    80,131    Total revenue and other income/(expenses) 289,029    323,183   
    43,610    48,225    54,745    Purchases 188,120    212,883   
    5,839    6,138    6,807    Production and manufacturing expenses 23,379    25,240   
    3,231    3,139    3,621    Selling, distribution and administrative expenses 12,439    13,433   
    331    294    469    Research and development 1,099    1,287   
    861    305    467    Exploration 2,411    1,750   
    7,520    5,916    11,221    Depreciation, depletion and amortisation2 26,872    31,290   
    1,213    1,174    1,166    Interest expense 4,787    4,673   
    62,605    65,190    78,496    Total expenditure 259,107    290,556   
    4,205    7,270    1,635    Income/(loss) before taxation 29,922    32,627   
    3,164    2,879    1,099    Taxation charge/(credit)2 13,401    12,991   
    1,041    4,391    536    Income/(loss) for the period 16,521    19,636   
    113    100    62    Income/(loss) attributable to non-controlling interest 427    277   
    928    4,291    474    Income/(loss) attributable to Shell plc shareholders 16,093    19,359   
    0.15    0.69    0.07    Basic earnings per share ($)3 2.55    2.88   
    0.15    0.68    0.07    Diluted earnings per share ($)3 2.53    2.85   

    1.See Note 2 “Segment information”.

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

    3.See Note 4 “Earnings per share”.

                                       
     
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    1,041    4,391    536    Income/(loss) for the period 16,521    19,636   
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    (4,899)   2,947    2,571    – Currency translation differences1 (3,248)   1,397   
    (11)   35    29    – Debt instruments remeasurements 5    41   
    224    (75)   11    – Cash flow hedging gains/(losses) 216    71   
    —    —    —    – Net investment hedging gains/(losses) —    (44)  
    (50)   (2)   (53)   – Deferred cost of hedging (73)   (148)  
    (91)   35    135    – Share of other comprehensive income/(loss) of joint ventures and associates (118)   18   
    (4,827)   2,940    2,692    Total (3,217)   1,335   
          Items that are not reclassified to income in later periods:    
    239    419    (1,207)   – Retirement benefits remeasurements 1,407    (1,083)  
    (50)   80    (84)   – Equity instruments remeasurements 28    (99)  
    46    (53)   (186)   – Share of other comprehensive income/(loss) of joint ventures and associates 47    (201)  
    235    446    (1,477)   Total 1,482    (1,383)  
    (4,592)   3,386    1,215    Other comprehensive income/(loss) for the period (1,735)   (48)  
    (3,552)   7,777    1,750    Comprehensive income/(loss) for the period 14,786    19,588   
    50    177    96    Comprehensive income/(loss) attributable to non-controlling interest 407    312   
    (3,602)   7,600    1,654    Comprehensive income/(loss) attributable to Shell plc shareholders 14,379    19,276   

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

             Page 14

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      December 31, 2024 December 31, 2023
    Assets    
    Non-current assets    
    Goodwill 16,032    16,660   
    Other intangible assets 9,480    10,253   
    Property, plant and equipment 185,219    194,835   
    Joint ventures and associates 23,445    24,457   
    Investments in securities 2,255    3,246   
    Deferred tax 6,857    6,454   
    Retirement benefits1 10,003    9,151   
    Trade and other receivables 6,018    6,298   
    Derivative financial instruments² 374    801   
      259,681    272,155   
    Current assets    
    Inventories 23,426    26,019   
    Trade and other receivables 45,860    53,273   
    Derivative financial instruments² 9,673    15,098   
    Cash and cash equivalents 39,110    38,774   
      118,069    133,164   
    Assets classified as held for sale1 9,857    951   
      127,926    134,115   
    Total assets 387,607    406,270   
    Liabilities    
    Non-current liabilities    
    Debt 65,448    71,610   
    Trade and other payables 3,290    3,103   
    Derivative financial instruments² 2,185    2,301   
    Deferred tax 13,505    15,347   
    Retirement benefits1 6,752    7,549   
    Decommissioning and other provisions 21,227    22,531   
      112,408    122,441   
    Current liabilities    
    Debt 11,630    9,931   
    Trade and other payables 60,693    68,237   
    Derivative financial instruments² 7,391    9,529   
    Income taxes payable 4,648    3,422   
    Decommissioning and other provisions 4,469    4,041   
      88,831    95,160   
    Liabilities directly associated with assets classified as held for sale1 6,203    307   
      95,034    95,467   
    Total liabilities 207,442    217,908   
    Equity attributable to Shell plc shareholders 178,303    186,607   
    Non-controlling interest 1,861    1,755   
    Total equity 180,165    188,362   
    Total liabilities and equity 387,607    406,270   

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

    2.    See Note 7 “Derivative financial instruments and debt excluding lease liabilities”.

             Page 15

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    (1,715)   16,093    14,378    407      14,785   
    Transfer from other comprehensive income —    —    193    (193)   —    —      —   
    Dividends³ —    —    —    (8,669)   (8,669)   (308)     (8,976)  
    Repurchases of shares4 (34)   —    34    (14,057)   (14,057)   —      (14,057)  
    Share-based compensation —    194    109    (354)   (52)   —      (52)  
    Other changes —    —    —    96    96    7      103   
    At December 31, 2024 510    (804)   19,766    158,832    178,303    1,861      180,165   
    At January 1, 2023 584    (726)   21,132    169,482    190,472    2,125      192,597   
    Comprehensive income/(loss) for the period —    —    (83)   19,359    19,276    312      19,588   
    Transfer from other comprehensive income —    —    (112)   112    —    —      —   
    Dividends3 —    —    —    (8,389)   (8,389)   (764)     (9,153)  
    Repurchases of shares4 (40)   —    40    (14,571)   (14,571)   —      (14,571)  
    Share-based compensation —    (271)   168    (85)   (188)   —      (188)  
    Other changes —    —    —    7    7    82      89   
    At December 31, 2023 544    (997)   21,145    165,915    186,607    1,755      188,362   

    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
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                             
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million Full year
    Q4 2024   Q3 2024 Q4 2023   2024 2023
    4,205      7,270    1,635    Income before taxation for the period 29,922    32,627   
            Adjustment for:    
    665      554    571    – Interest expense (net) 2,415    2,360   
    7,520      5,916    11,221    – Depreciation, depletion and amortisation1 26,872    31,290   
    649      150    243    – Exploration well write-offs 1,622    868   
    288      154    (222)   – Net (gains)/losses on sale and revaluation of non-current assets and businesses 288    (246)  
    156      (933)   (768)   – Share of (profit)/loss of joint ventures and associates (2,993)   (3,725)  
    1,241      860    1,145    – Dividends received from joint ventures and associates 3,632    3,674   
    131      2,705    4,088    – (Increase)/decrease in inventories 1,273    6,325   
    751      4,057    (704)   – (Increase)/decrease in current receivables 6,578    12,401   
    1,524      (4,096)   (701)   – Increase/(decrease) in current payables2 (5,789)   (11,581)  
    111      735    328    – Derivative financial instruments 2,484    (5,723)  
    (58)     125    (68)   – Retirement benefits (326)   (37)  
    (256)     359    430    – Decommissioning and other provisions2 (828)   220   
    (856)     (144)   (1,021)   – Other1 1,536    (550)  
    (2,910)     (3,028)   (3,604)   Tax paid (12,002)   (13,712)  
    13,162      14,684    12,575    Cash flow from operating activities 54,684    54,191   
    (6,486)     (4,690)   (6,960)      Capital expenditure (19,601)   (22,993)  
    (421)     (222)   (109)      Investments in joint ventures and associates (1,404)   (1,202)  
    (17)     (38)   (44)      Investments in equity securities (80)   (197)  
    (6,924)     (4,950)   (7,113)   Cash capital expenditure (21,084)   (24,392)  
    493      94    540    Proceeds from sale of property, plant and equipment and businesses 1,621    2,565   
    305      94    49    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 590    474   
    6      6    24    Proceeds from sale of equity securities 582    51   
    581      593    568    Interest received 2,399    2,124   
    1,762      1,074    960    Other investing cash inflows1 4,576    4,269   
    (655)     (769)   (685)   Other investing cash outflows (3,838)   (2,825)  
    (4,431)     (3,857)   (5,657)   Cash flow from investing activities (15,154)   (17,734)  
    65      (89)   (27)   Net increase/(decrease) in debt with maturity period within three months (310)   (211)  
            Other debt:    
    (13)     78    64    – New borrowings 363    1,029   
    (2,664)     (1,322)   (4,054)   – Repayments (9,672)   (10,650)  
    (1,379)     (979)   (1,366)   Interest paid (4,557)   (4,441)  
    (833)     652    702    Derivative financial instruments (594)   723   
    (10)     —    (1)   Change in non-controlling interest (15)   (22)  
            Cash dividends paid to:    
    (2,114)     (2,167)   (2,201)   – Shell plc shareholders (8,668)   (8,393)  
    (53)     (92)   (128)   – Non-controlling interest (295)   (764)  
    (3,579)     (3,537)   (3,977)   Repurchases of shares (13,898)   (14,617)  
    (309)     6    (714)   Shares held in trust: net sales/(purchases) and dividends received (789)   (889)  
    (10,889)     (7,452)   (11,703)   Cash flow from financing activities (38,434)   (38,235)  
    (985)     729    529    Effects of exchange rate changes on cash and cash equivalents (761)   306   
    (3,142)     4,105    (4,256)   Increase/(decrease) in cash and cash equivalents 336    (1,472)  
    42,252      38,148    43,031    Cash and cash equivalents at beginning of period 38,774    40,246   
    39,110      42,252    38,774    Cash and cash equivalents at end of period 39,110    38,774   

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

    2.To further enhance consistency between working capital and the Balance Sheet and the Statement of Cash Flows, from January 1, 2024, onwards movements in current other provisions are recognised in ‘Decommissioning and other provisions’ instead of ‘Increase/(decrease) in current payables’. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $653 million and $693 million respectively to conform with current period presentation.

             Page 17

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared 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 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. The statutory accounts for the year ended December 31, 2024, will be delivered to the Registrar of Companies for England and Wales in due course.

    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
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                       
     
    REVENUE AND CCS EARNINGS BY SEGMENT    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
          Third-party revenue    
    9,294    9,748    10,437    Integrated Gas 37,290    37,645   
    1,652    1,605    1,263    Upstream 6,606    6,475   
    27,524    30,519    31,761    Marketing2 120,088    130,560   
    19,992    22,608    24,957    Chemicals and Products2 90,918    97,079   
    7,808    6,599    10,302    Renewables and Energy Solutions 29,366    44,819   
    10    10    11    Corporate 43    42   
    66,281    71,089    78,732    Total third-party revenue1 284,312    316,620   
          Inter-segment revenue    
    2,024    2,131    2,614    Integrated Gas 8,715    11,560   
    9,931    9,618    10,948    Upstream 39,939    41,230   
    984    1,235    1,243    Marketing2 4,937    5,299   
    8,656    9,564    10,163    Chemicals and Products2 38,381    42,816   
    1,879    1,131    1,567    Renewables and Energy Solutions 4,971    4,707   
    —    —    —    Corporate —    —   
          CCS earnings    
    1,744    2,631    1,733    Integrated Gas 9,590    7,058   
    1,031    2,289    2,151    Upstream 7,772    8,539   
    103    760    226    Marketing2 1,894    3,058   
    (328)   341    (1,828)   Chemicals and Products2 1,757    1,482   
    (1,226)   (481)   (272)   Renewables and Energy Solutions (1,229)   3,089   
    (335)   (647)   (629)   Corporate3 (2,992)   (2,944)  
    989    4,894    1,381    Total CCS earnings4 16,792    20,281   

    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 fourth quarter 2023 and the full year 2023 have been reclassified accordingly, by $5,332 million and $21,702 million respectively for Third-party revenue and by $82 million and $104 million respectively for CCS earnings to conform with current period presentation. For Inter-segment revenue the reallocation and revision of comparative figures for the fourth quarter 2023 and the full year 2023 led to an increase in inter-segment revenue in the Marketing segment of $1,058 million and $4,675 million respectively and an increase in the Chemicals and Products segment of $9,553 million and $40,564 million respectively.

    3.From January 1, 2024, onwards costs for Shell’s centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Prior period comparatives for Corporate for the fourth quarter 2023 and the full year 2023 have been revised by $43 million and $133 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
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

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

                                       
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
          Capital expenditure    
    1,123    1,090    1,034    Integrated Gas 4,095    3,491   
    2,205    1,998    2,547    Upstream 7,738    8,249   
    798    488    1,383    Marketing1 2,357    5,741   
    1,121    748    983    Chemicals and Products1 2,943    2,928   
    1,214    327    932    Renewables and Energy Solutions 2,338    2,314   
    25    39    81    Corporate 129    270   
    6,486    4,690    6,960    Total capital expenditure 19,601    22,993   
          Add: Investments in joint ventures and associates    
    214    147    162    Integrated Gas 671    705   
    (117)   (37)   (111)   Upstream 150    94   
    13    37    2    Marketing 88    49   
    271    13    2    Chemicals and Products 347    84   
    36    59    56    Renewables and Energy Solutions 138    261   
    4    3    (2)   Corporate 9    9   
    421    222    109    Total investments in joint ventures and associates 1,404    1,202   
          Add: Investments in equity securities    
    —    —    —    Integrated Gas —    —   
    (11)   12    —    Upstream 1    —   
    —    —    —    Marketing —    —   
    —    —    —    Chemicals and Products —    2   
    28    23    38    Renewables and Energy Solutions 73    106   
    —    3    6    Corporate 6    89   
    17    38    44    Total investments in equity securities 80    197   
          Cash capital expenditure    
    1,337    1,236    1,196    Integrated Gas 4,766    4,196   
    2,076    1,974    2,436    Upstream 7,890    8,343   
    811    525    1,385    Marketing1 2,445    5,790   
    1,392    761    986    Chemicals and Products1 3,290    3,013   
    1,277    409    1,026    Renewables and Energy Solutions 2,549    2,681   
    30    45    85    Corporate 144    368   
    6,924    4,950    7,113    Total Cash capital expenditure 21,084    24,392   

    1.From January 1, 2024, onwards Wholesale commercial fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $46 million and $178 million respectively for capital expenditure and cash capital expenditure to conform with current period presentation.

             Page 20

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    3. Reconciliation of income for the period to CCS Earnings, Operating expenses and Total Debt

                                       
     
    RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    928    4,291    474    Income/(loss) attributable to Shell plc shareholders 16,093    19,359   
    113    100    62    Income/(loss) attributable to non-controlling interest 427    277   
    1,041    4,391    536    Income/(loss) for the period 16,521    19,636   
          Current cost of supplies adjustment:    
    (84)   668    1,089    Purchases 389    815   
    23    (162)   (263)   Taxation (91)   (203)  
    9    (2)   19    Share of profit/(loss) of joint ventures and associates (26)   33   
    (52)   503    846    Current cost of supplies adjustment 272    645   
          Of which:    
    (45)   477    811    Attributable to Shell plc shareholders 257    650
    (7)   26    34    Attributable to non-controlling interest 14    (5)
    989    4,894    1,381    CCS earnings 16,792    20,281   
          Of which:    
    883    4,768    1,285    CCS earnings attributable to Shell plc shareholders 16,351    20,008   
    106    126    97    CCS earnings attributable to non-controlling interest 442    273   
                                       
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    5,839    6,138    6,807    Production and manufacturing expenses 23,379    25,240   
    3,231    3,139    3,621    Selling, distribution and administrative expenses 12,439    13,433   
    331    294    469    Research and development 1,099    1,287   
    9,401    9,570    10,897    Operating expenses 36,918    39,960   
                                       
     
    RECONCILIATION OF TOTAL DEBT    
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    11,630    12,015    9,931    Current debt 11,630    9,931   
    65,448    64,597    71,610    Non-current debt 65,448    71,610   
    77,078    76,613    81,541    Total debt 77,078    81,541   

    4. Earnings per share

                                       
     
    EARNINGS PER SHARE
    Quarters   Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    928    4,291    474    Income/(loss) attributable to Shell plc shareholders ($ million) 16,093    19,359   
               
          Weighted average number of shares used as the basis for determining:    
    6,148.4    6,256.5    6,558.3    Basic earnings per share (million) 6,299.6    6,733.5   
    6,213.9    6,320.9    6,631.1    Diluted earnings per share (million) 6,363.7    6,799.8   

             Page 21

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    5. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (409,077,891)     (34)    
    At December 31, 2024 6,115,031,158      510     
    At January 1, 2023 7,003,503,393      584     
    Repurchases of shares (479,394,344)     (40)    
    At December 31, 2023 6,524,109,049      544     

    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 —    —    —    —    (1,715)   (1,715)  
    Transfer from other comprehensive income —    —    —    —    193    193   
    Repurchases of shares —    —    34    —    —    34   
    Share-based compensation —    —    —    109    —    109   
    At December 31, 2024 37,298    154    270    1,416    (19,373)   19,766   
    At January 1, 2023 37,298    154    196    1,140    (17,656)   21,132   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (83)   (83)  
    Transfer from other comprehensive income —    —    —    —    (112)   (112)  
    Repurchases of shares —    —    40    —    —    40   
    Share-based compensation —    —    —    168    —    168   
    At December 31, 2023 37,298    154    236    1,308    (17,851)   21,145   

    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 December 31, 2024, are consistent with those used in the year ended December 31, 2023, though the carrying amounts of derivative financial instruments have changed since that

             Page 22

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    date. The movement of the derivative financial instruments between December 31, 2023 and December 31, 2024 is a decrease of $5,425 million for the current assets and a decrease of $2,138 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 December 31, 2024 December 31, 2023
    Carrying amount1 48,376    53,832   
    Fair value2 44,119    50,866   

    1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the year 2024.

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

    8. Other notes to the unaudited Condensed Consolidated Financial Statements

    Consolidated Statement of Income

    Interest and other income

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    683    440    631    Interest and other income/(expenses) 1,724    2,838   
          Of which:    
    548    619    595    Interest income 2,372    2,313   
    25    4    14    Dividend income (from investments in equity securities) 83    49   
    (288)   (154)   222    Net gains/(losses) on sales and revaluation of non-current assets and businesses (288)   257   
    267    (189)   (398)   Net foreign exchange gains/(losses) on financing activities (1,025)   (458)  
    131    159    199    Other 582    677   

    Depreciation, depletion and amortisation

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    7,520    5,916    11,221    Depreciation, depletion and amortisation 26,872    31,290   
          Of which:    
    5,829 5,578 5,986 Depreciation 22,703    23,106   
    1,797 340 5,508 Impairments 4,502    8,947   
    (106) (2) (273) Impairment reversals (333)   (762)  

    Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax ($2,245 million post-tax), of which $1,797 million recognised in depreciation, depletion and amortisation and $863 million recognised in share of profit of joint ventures and associates, mainly relate to Renewables and Energy Solutions ($1,068 million pre-tax; $1,000 million post-tax), Integrated Gas ($532 million pre-tax; $345 million post-tax), Marketing ($495 million pre-tax; $459 million post-tax), Chemicals and Products ($315 million pre-tax; $247 million post-tax) and Upstream ($248 million pre-tax; $194 million post-tax). The impairment in Renewables and Energy Solutions was principally triggered by a portfolio choice regarding renewable generation assets in North America. The impairments in other segments relate to various smaller impairments.

    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 fourth quarter 2023 of $5,508 million pre-tax ($4,044 million post-tax) relate to various

    assets in Chemicals and Products ($2,490 million), Upstream ($1,161 million), Integrated Gas ($873 million), Renewables

    and Energy Solutions ($614 million) and Marketing ($370 million).

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    Taxation charge/credit

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    3,164    2,879    1,099    Taxation charge/(credit) 13,401    12,991   
          Of which:    
    3,125 2,834 1,099 Income tax excluding Pillar Two income tax 13,150    12,991   
    39 45 — Income tax related to Pillar Two income tax 251    —

    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 Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    (4,899)   2,947    2,571    Currency translation differences (3,248)   1,397   
          Of which:    
    (5,028) 2,912 2,578 Recognised in Other comprehensive income (4,504)   1,396   
    129 35 (7) (Gain)/loss reclassified to profit or loss 1,256    1

    Condensed Consolidated Balance Sheet

    Retirement benefits

                     
     
    $ million    
      December 31, 2024 December 31, 2023
    Non-current assets    
    Retirement benefits 10,003    9,151   
    Non-current liabilities    
    Retirement benefits 6,752    7,549   
    Surplus/(deficit) 3,251    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 December 31, 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      
      December 31, 2024 December 31, 2023  
    Assets classified as held for sale 9,857    951     
    Liabilities directly associated with assets classified as held for sale 6,203    307     

    Assets classified as held for sale and associated liabilities at December 31, 2024 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada in Chemicals and Products and an energy and chemicals park in Chemicals and Products in Singapore. Upon completion of the sale, Shell’s UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.

    The major classes of assets and liabilities classified as held for sale at December 31, 2024, are Property, plant and equipment ($8,283 million; December 31, 2023: $250 million), Inventories ($1,180 million; December 31, 2023:

             Page 24

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    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    $463 million), Decommissioning and other provisions ($3,053 million; December 31, 2023: $75 million), deferred tax liabilities ($2,042 million; December 31, 2023: nil) and Debt ($624 million; December 31, 2023: $84 million).

    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    (856)   (144)   (1,021)   Other 1,536    (550)  

    ‘Cash flow from operating activities – Other’ for the fourth quarter 2024 includes $1,447 million of net outflows (third quarter 2024: $432 million net inflows; fourth quarter 2023: $875 million net outflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $672 million in relation to reversal of currency exchange losses on Cash and cash equivalents (third quarter 2024: $539 million gains; fourth quarter 2023: $398 million gains).

    Cash flow from investing activities – Other investing cash inflows

                                       
     
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    1,762    1,074    960    Other investing cash inflows 4,576    4,269   

    ‘Cash flow from investing activities – Other investing cash inflows’ for the fourth quarter 2024 mainly relates to the sale of pension-related debt securities and repayments of short-term loans.

    9. Post-balance sheet events

    On January 23, 2025, Shell announced changes to the Executive Committee. In line with the company’s ongoing transformation, Shell will continue to evolve its structure to enable Shell’s strategy to deliver more value with less emissions. As a result, Trading and Supply will move up to the Executive Committee and out of the Downstream, Renewables and Energy Solutions directorate with effect from April 1, 2025. These changes will not affect Shell’s financial reporting segments.

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    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 Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    928    4,291    474    Income/(loss) attributable to Shell plc shareholders 16,093    19,359   
    113    100    62    Income/(loss) attributable to non-controlling interest 427    277   
    (45)   477    811    Add: Current cost of supplies adjustment attributable to Shell plc shareholders 257    650   
    (7)   26    34    Add: Current cost of supplies adjustment attributable to non-controlling interest 14    (5)  
    989    4,894    1,381    CCS earnings 16,792    20,281   
                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 989 1,744 1,031 103 (328) (1,226) (335)
    Less: Identified items (2,778) (421) (651) (736) (99) (914) 45
    Less: CCS earnings attributable to non-controlling interest 106            
    Add: Identified items attributable to non-controlling interest —            
    Adjusted Earnings 3,661            
    Add: Non-controlling interest 106            
    Adjusted Earnings plus non-controlling interest 3,766 2,165 1,682 839 (229) (311) (380)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,371 635 2,618 266 (198) 97 (46)
    Add: Depreciation, depletion and amortisation excluding impairments 5,829 1,440 2,803 587 896 96 8
    Add: Exploration well write-offs 649 277 372        
    Add: Interest expense excluding identified items 1,213 54 201 17 16 2 923
    Less: Interest income 548 3 — — 10 7 529
    Adjusted EBITDA 14,281 4,568 7,676 1,709 475 (123) (24)
    Less: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Joint ventures and associates (dividends received less profit) 451 110 (22) 172 139 51 —
    Derivative financial instruments 319 120 (28) (8) 230 533 (527)
    Taxation paid (2,910) (635) (2,019) (130) 36 (41) (120)
    Other (1,461) 114 (486) (1,227) (313) 77 375
    (Increase)/decrease in working capital 2,407 114 (611) 845 1,394 353 312
    Cash flow from operating activities 13,162 4,391 4,509 1,363 2,032 850 16

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    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
                                                   
     
    Q4 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 1,381 1,733 2,151 226 (1,828) (272) (629)
    Less: Identified items (6,033) (2,235) (909) (567) (1,857) (445) (19)
    Less: CCS earnings attributable to non-controlling interest 97            
    Add: Identified items attributable to non-controlling interest (11)            
    Adjusted Earnings 7,306            
    Add: Non-controlling interest 108            
    Adjusted Earnings plus non-controlling interest 7,414 3,968 3,060 794 29 173 (609)
    Add: Taxation charge/(credit) excluding tax impact of identified items 2,121 1,065 1,560 128 (271) (4) (358)
    Add: Depreciation, depletion and amortisation excluding impairments 5,986 1,457 2,951 569 915 89 6
    Add: Exploration well write-offs 243 63 180 — — — —
    Add: Interest expense excluding identified items 1,165 36 135 10 21 1 961
    Less: Interest income 595 4 14 1 24 7 544
    Adjusted EBITDA 16,335 6,584 7,872 1,500 670 253 (544)
    Less: Current cost of supplies adjustment before taxation 1,109     572 537    
    Joint ventures and associates (dividends received less profit) 246 208 (250) 32 225 29 1
    Derivative financial instruments (1,030) (1,596) 52 4 293 (268) 487
    Taxation paid (3,604) (731) (2,015) (282) (270) (413) 108
    Other (947) (229) 388 (508) (422) 146 (322)
    (Increase)/decrease in working capital 2,683 (639) (260) 1,593 1,191 (1,012) 1,810
    Cash flow from operating activities 12,575 3,597 5,787 1,767 1,150 (1,265) 1,540

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    Full year 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 16,792 9,590 7,772 1,894 1,757 (1,229) (2,992)
    Less: Identified items (7,347) (1,800) (623) (1,991) (1,177) (732) (1,024)
    Less: CCS earnings attributable to non-controlling interest 442            
    Add: Identified items attributable to non-controlling interest 18            
    Adjusted Earnings 23,716            
    Add: Non-controlling interest 424            
    Adjusted Earnings plus non-controlling interest 24,139 11,390 8,395 3,885 2,934 (497) (1,968)
    Add: Taxation charge/(credit) excluding tax impact of identified items 15,013 3,520 9,865 1,305 364 87 (128)
    Add: Depreciation, depletion and amortisation excluding impairments 22,703 5,594 10,971 2,235 3,495 383 25
    Add: Exploration well write-offs 1,622 291 1,331        
    Add: Interest expense excluding identified items 4,697 189 720 52 70 6 3,660
    Less: Interest income 2,372 8 18 1 79 2 2,265
    Adjusted EBITDA 65,803 20,978 31,264 7,476 6,783 (22) (675)
    Less: Current cost of supplies adjustment before taxation 363     254 109    
    Joint ventures and associates (dividends received less profit) (328) (137) (946) 262 304 190 —
    Derivative financial instruments 1,472 (1,466) 24 59 219 3,012 (376)
    Taxation paid (12,002) (2,955) (7,851) (562) (146) (457) (31)
    Other (1,961) 23 (1,464) (616) (321) 152 264
    (Increase)/decrease in working capital 2,062 467 216 998 524 923 (1,065)
    Cash flow from operating activities 54,684 16,909 21,244 7,363 7,253 3,798 (1,882)
                                                   
     
    Full year 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    CCS earnings 20,281 7,058 8,539 3,058 1,482 3,089 (2,944)
    Less: Identified items (8,252) (6,861) (1,267) (254) (2,135) 2,333 (69)
    Less: CCS earnings attributable to non-controlling interest 273            
    Add: Identified items attributable to non-controlling interest (11)            
    Adjusted Earnings 28,250            
    Add: Non-controlling interest 284            
    Adjusted Earnings plus non-controlling interest 28,534 13,919 9,806 3,312 3,617 756 (2,875)
    Add: Taxation charge/(credit) excluding tax impact of identified items 13,674 3,837 8,280 936 287 341 (8)
    Add: Depreciation, depletion and amortisation excluding impairments 23,106 5,756 11,309 2,048 3,582 392 19
    Add: Exploration well write-offs 867 121 746 — — — —
    Add: Interest expense excluding identified items 4,669 146 507 50 60 4 3,902
    Less: Interest income 2,313 6 27 9 57 12 2,201
    Adjusted EBITDA 68,538 23,773 30,622 6,337 7,489 1,481 (1,164)
    Less: Current cost of supplies adjustment before taxation 848     478 370    
    Joint ventures and associates (dividends received less profit) 79 241 (692) 117 310 102 3
    Derivative financial instruments (6,142) (4,668) 51 (14) 518 (1,988) (41)
    Taxation paid (13,712) (3,574) (8,470) (760) (467) (762) 322
    Other (865) (313) (142) (486) (138) 450 (237)
    (Increase)/decrease in working capital 7,145 2,061 82 845 172 3,701 284
    Cash flow from operating activities 54,191 17,520 21,450 5,561 7,513 2,984 (832)

    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.

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    Q4 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) (288) (99) (66) (216) 42 51 —
    Impairment reversals/(impairments) (2,554) (523) (183) (493) (288) (1,065) (1)
    Redundancy and restructuring (175) (27) (62) (70) (5) (11) (1)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 209 136 (14) 58 (38) 67 —
    Other (200) — (165) (33) (2) — —
    Total identified items included in Income/(loss) before taxation (3,008) (514) (491) (753) (291) (958) (2)
    Less: total identified items included in Taxation charge/(credit) (230) (92) 160 (17) (191) (43) (47)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (321) (96) (51) (247) 33 40 —
    Impairment reversals/(impairments) (2,170) (339) (152) (458) (224) (996) (1)
    Redundancy and restructuring (115) (16) (34) (52) (3) (8) (1)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts 184 109 (4) 46 (17) 50 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (210) (57) (199) — — — 46
    Other (147) (22) (212) (25) 113 — —
    Impact on CCS earnings (2,778) (421) (651) (736) (99) (914) 45
    Impact on CCS earnings attributable to non-controlling interest — — — — — — —
    Impact on CCS earnings attributable to Shell plc shareholders (2,778) (421) (651) (736) (99) (914) 45

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    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) —
    Other1 (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)

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    Q4 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) 222 (21) 134 (30) (33) 168 5
    Impairment reversals/(impairments) (5,348) (873) (988) (460) (2,391) (636) —
    Redundancy and restructuring (275) (1) (11) (128) (102) (31) (2)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,357) (1,708) 60 (47) 199 138 —
    Other (33) 57 (170) 2 77 — —
    Total identified items included in Income/(loss) before taxation (6,792) (2,545) (974) (664) (2,250) (361) 2
    Less: total identified items included in Taxation charge/(credit) (759) (309) (65) (96) (394) 84 22
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 227 (13) 128 (23) (26) 158 3
    Impairment reversals/(impairments) (3,935) (547) (454) (415) (1,968) (551) —
    Redundancy and restructuring (206) — (6) (96) (78) (24) (1)
    Provisions for onerous contracts — — — — — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,336) (1,587) 21 (34) 138 125 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (363) 31 (373) — — — (21)
    Other (419) (119) (225) 2 77 (154) —
    Impact on CCS earnings (6,033) (2,235) (909) (567) (1,857) (445) (19)
    Impact on CCS earnings attributable to non-controlling interest (11) — — (11) — — —
    Impact on CCS earnings attributable to Shell plc shareholders (6,022) (2,235) (909) (556) (1,857) (445) (19)

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    Full year 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) (288) (100) 89 (400) 6 119 (3)
    Impairment reversals/(impairments) (5,051) (555) (362) (1,747) (1,205) (1,181) (1)
    Redundancy and restructuring (1,012) (106) (320) (296) (195) (97) 2
    Provisions for onerous contracts (24) (3) (14) (7) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,012) (1,286) (58) 49 (117) 399 —
    Other1 (1,481) (126) (436) (1) 146 39 (1,103)
    Total identified items included in Income/(loss) before taxation (8,867) (2,176) (1,100) (2,402) (1,364) (720) (1,105)
    Less: total identified items included in Taxation charge/(credit) (1,521) (376) (477) (411) (187) 12 (81)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (319) (96) 67 (386) 4 94 (2)
    Impairment reversals/(impairments) (4,371) (363) (323) (1,423) (1,176) (1,085) (1)
    Redundancy and restructuring (712) (71) (214) (215) (142) (71) 1
    Provisions for onerous contracts (19) (3) (11) (5) — — —
    Fair value accounting of commodity derivatives and certain gas contracts (849) (1,088) (14) 40 (86) 300 —
    Impact of exchange rate movements and inflationary adjustments on tax balances 363 (49) 313 — — — 99
    Other1 (1,440) (130) (440) (1) 223 30 (1,122)
    Impact on CCS earnings (7,347) (1,800) (623) (1,991) (1,177) (732) (1,024)
    Impact on CCS earnings attributable to non-controlling interest 18 — — — 18 — —
    Impact on CCS earnings attributable to Shell plc shareholders (7,365) (1,800) (623) (1,991) (1,195) (732) (1,024)

    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.

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    Full year 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) 257 (22) 209 1 (46) 109 5
    Impairment reversals/(impairments) (8,300) (3,147) (1,187) (509) (2,690) (767) —
    Redundancy and restructuring (329) (1) (21) (150) (106) (32) (18)
    Provisions for onerous contracts (24) — — — (24) — —
    Fair value accounting of commodity derivatives and certain gas contracts (419) (4,755) 447 20 276 3,593 —
    Other 82 32 (615) 300 (43) 408 —
    Total identified items included in Income/(loss) before taxation (8,732) (7,892) (1,166) (339) (2,632) 3,311 (14)
    Less: total identified items included in Taxation charge/(credit) (481) (1,031) 100 (85) (497) 978 55
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) 277 (14) 208 1 (35) 113 3
    Impairment reversals/(impairments) (6,219) (2,247) (642) (466) (2,195) (669) —
    Redundancy and restructuring (241) — (9) (113) (82) (24) (12)
    Provisions for onerous contracts (18) — — — (18) — —
    Fair value accounting of commodity derivatives and certain gas contracts (1,284) (4,407) 127 26 214 2,756 —
    Impact of exchange rate movements and inflationary adjustments on tax balances (355) — (295) — — — (60)
    Other (412) (193) (656) 298 (19) 158 —
    Impact on CCS earnings (8,252) (6,861) (1,267) (254) (2,135) 2,333 (69)
    Impact on CCS earnings attributable to non-controlling interest (11) — — (11) — — —
    Impact on CCS earnings attributable to Shell plc shareholders (8,240) (6,861) (1,267) (242) (2,135) 2,333 (69)

    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
    4th QUARTER 2024 AND FULL YEAR 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
      Q4 2024 Q3 2024 Q4 2023
    Current debt 9,931 10,119 9,001
    Non-current debt 71,610 72,028 74,794
    Total equity 188,362 192,943 192,597
    Less: Cash and cash equivalents (38,774) (43,031) (40,246)
    Capital employed – opening 231,128 232,059 236,146
    Current debt 11,630 12,015 9,931
    Non-current debt 65,448 64,597 71,610
    Total equity 180,165 189,538 188,362
    Less: Cash and cash equivalents (39,110) (42,252) (38,774)
    Capital employed – closing 218,132 223,898 231,128
    Capital employed – average 224,630 227,979 233,637

             Page 34

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                           
     
    $ million Quarters
      Q4 2024 Q3 2024 Q4 2023
    Adjusted Earnings – current and previous three quarters (Reference A) 23,716 27,361 28,250
    Add: Income/(loss) attributable to NCI – current and previous three quarters 427 376 277
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 14 56 (5)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 18 7 (11)
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 24,139 27,787 28,534
    Add: Interest expense after tax – current and previous three quarters 2,701 2,698 2,728
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,389 1,392 1,287
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 25,452 29,093 29,975
    Capital employed – average 224,630 227,979 233,637
    ROACE on an Adjusted Earnings plus NCI basis 11.3% 12.8% 12.8%

    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  
      December 31, 2024 September 30, 2024 December 31, 2023
    Current debt 11,630    12,015    9,931   
    Non-current debt 65,448    64,597    71,610   
    Total debt 77,078    76,613    81,541   
    Of which lease liabilities 28,702    25,590    27,709   
    Add: Debt-related derivative financial instruments: net liability/(asset) 2,469    1,694    1,835   
    Add: Collateral on debt-related derivatives: net liability/(asset) (1,628)   (821)   (1,060)  
    Less: Cash and cash equivalents (39,110)   (42,252)   (38,774)  
    Net debt 38,809    35,234    43,542   
    Total equity 180,165    189,538    188,362   
    Total capital 218,974    224,772    231,902   
    Gearing 17.7  % 15.7  % 18.8  %

    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
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,839 982 2,470 270 1,632 480 5
    Selling, distribution and administrative expenses 3,231 39 96 2,258 471 241 126
    Research and development 331 40 69 73 46 37 66
    Operating expenses 9,401 1,061 2,635 2,602 2,149 757 196
                                                   
     
    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
                                                   
     
    Q4 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 6,807 1,187 2,595 433 1,815 732 44
    Selling, distribution and administrative expenses1 3,621 39 109 2,520 530 271 153
    Research and development1 469 42 102 67 52 93 112
    Operating expenses 10,897 1,268 2,806 3,021 2,397 1,096 309
                                                   
     
    Full year 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 23,379 4,153 9,351 1,322 6,605 1,934 14
    Selling, distribution and administrative expenses 12,439 164 176 9,149 1,637 887 426
    Research and development 1,099 125 263 209 151 94 257
    Operating expenses 36,918 4,441 9,791 10,681 8,392 2,915 698
                                                   
     
    Full year 2023 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 25,240 4,529 9,186 1,463 7,394 2,610 58
    Selling, distribution and administrative expenses1 13,433 154 325 9,426 2,023 1,058 446
    Research and development1 1,287 126 318 252 181 96 314
    Operating expenses 39,960 4,808 9,829 11,141 9,598 3,763 818

    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
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

                                       
         
    Quarters $ million Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    9,401    9,570    10,897    Operating expenses 36,918    39,960   
    (174)   (552)   (274)   Redundancy and restructuring (charges)/reversal (1,009)   (325)  
    (88)   (154)   (58)   (Provisions)/reversal (454)   (434)  
    —    —    —    Other 252    —   
    (262)   (706)   (332)   Total identified items (1,210)   (758)  
    9,138    8,864    10,565    Underlying operating expenses 35,707    39,201   

    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 Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    13,162    14,684    12,575    Cash flow from operating activities 54,684    54,191   
    (4,431)   (3,857)   (5,657)   Cash flow from investing activities (15,154)   (17,734)  
    8,731    10,827    6,918    Free cash flow 39,530    36,457   
    805    194    612    Less: Divestment proceeds (Reference I) 2,793    3,091   
    1    —    —    Add: Tax paid on divestments (reported under “Other investing cash outflows”) 1    —   
    525    —    206    Add: Cash outflows related to inorganic capital expenditure1 776    2,522   
    8,453    10,633    6,511    Organic free cash flow2 37,514    35,888   

    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 Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    13,162    14,684    12,575    Cash flow from operating activities 54,684    54,191   
    131    2,705    4,088    (Increase)/decrease in inventories 1,273    6,325   
    751    4,057    (704)   (Increase)/decrease in current receivables 6,578    12,401   
    1,524    (4,096)   (701)   Increase/(decrease) in current payables1 (5,789)   (11,581)  
    2,407    2,665    2,683    (Increase)/decrease in working capital 2,062    7,145   
    10,755    12,019    9,891    Cash flow from operating activities excluding working capital movements 52,622    47,052   

    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 fourth quarter 2023 and the full year 2023 have been reclassified accordingly by $653 million and $693 million respectively to conform with current period presentation.

             Page 37

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR 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 Full year
    Q4 2024 Q3 2024 Q4 2023   2024 2023
    493    94 540 Proceeds from sale of property, plant and equipment and businesses 1,621 2,565
    305    94 49 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 590 474
    6    6 24 Proceeds from sale of equity securities 582 51
    805    194 612 Divestment proceeds 2,793 3,091

    J.    Structural cost reduction

    The structural cost reduction target is used for the purpose of demonstrating how management drives cost discipline across the entire organisation, simplifying our processes and portfolio, and streamlining the way we work.

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

    The total change between periods in underlying operating expenses will reflect both structural cost reductions and other changes in spend, including market factors, such as inflation and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations.

    Structural cost reductions are stewarded internally to support management’s oversight of spending over time. 2025 target reflects annualised saving achieved by end-2025.

                           
     
    $ million
      2024 2023 Total1
    Underlying Operating expenses current year 35,707    39,201     
    Underlying Operating expenses previous year 39,201    39,456     
    Total decrease in Underlying operating expenses (3,494)   (255)   (3,749)  
    Of which:      
    Structural cost reduction (2,132)   (987)   (3,119)  
    (Decrease)/Increase of underlying operating expenses except structural cost reduction (1,362)   732    (630)  

    1.Structural cost reductions up to 2024 compared with 2022.

             Page 38

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

    CAUTIONARY STATEMENT

    All amounts shown throughout this Unaudited Condensed Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed 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 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 Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The terms “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 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 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 cyber security 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 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 Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Financial Report, January 30, 2025. 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 Financial Report.

    Shell’s Net Carbon Intensity

    Also, in this Unaudited Condensed 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 is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target

    Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and 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 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 Financial Report do not form part of this Unaudited Condensed Financial Report.

    We may have used certain terms, such as resources, in this Unaudited Condensed 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 Financial Report contains inside information.

    January 30, 2025

             Page 39

    SHELL PLC
    4th QUARTER 2024 AND FULL YEAR UNAUDITED RESULTS

         
    The information in this Unaudited Condensed Financial Report reflects the unaudited consolidated 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 –

  • MIL-OSI: Shell plc publishes fourth quarter 2024 press release

    Source: GlobeNewswire (MIL-OSI)

    London, January 30, 2025

    “2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price environment. Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets1.

    Today, we announce a 4% increase in our dividends and another $3.5 billion buyback programme, making this the 13th consecutive quarter of at least $3 billion of buybacks, all whilst further strengthening our balance sheet this year to position us well for the future.

    We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March.”

    Shell plc Chief Executive Officer, Wael Sawan


    SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS

    • Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year 2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.
    • Q4 2024 Adjusted Earnings2 of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-cash impact of expiring hedging contracts on LNG trading and optimisation results.
    • Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a year early, with significant progress against the other CMD23 financial targets1.
    • Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year 2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.
    • Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback programme, expected to be completed by Q1 2025 results announcement. 
    $ million2 Adj. Earnings Adj. EBITDA CFFO Cash capex
    Integrated Gas 2,165 4,568 4,391 1,337
    Upstream 1,682 7,676 4,509 2,076
    Marketing 839 1,709 1,363 811
    Chemicals & Products3 (229) 475 2,032 1,392
    Renewables & Energy Solutions (311) (123) 850 1,277
    Corporate (380) (24) 16 30
    Less: Non-controlling interest (NCI) 106      
    Shell Q4 2024 3,661 14,281 13,162 6,924
    Q3 2024 6,028 16,005 14,684 4,950
    FY 2024 23,716 65,803 54,684 21,084
    FY 2023 28,250 68,538 54,191 24,392

    1Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at www.shell.com/2024-progress-on-cmd23.html.

    2Income/(loss) attributable to shareholders for Q4 2024 is $0.9 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

    3Chemicals & Products Adjusted Earnings at a subsegment level are as follows – Chemicals $(0.3) billion and Products $0.0 billion.

    • CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of $2.9 billion, and a $1.4 billion outflow1 related to the timing impact of payments for emissions certificates and biofuel programmes.
    • Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.
    $ billion2 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Divestment proceeds 0.6 1.0 0.8 0.2 0.8
    Free cash flow 6.9 9.8 10.2 10.8 8.7
    Net debt 43.5 40.5 38.3 35.2 38.8


    1 Includes payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.

    2 Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

    Q4 2024 FINANCIAL PERFORMANCE DRIVERS

    INTEGRATED GAS

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Realised liquids price ($/bbl) 63 63 —
    Realised gas price ($/thousand scf) 7.9 8.1 —
    Production (kboe/d) 941 905 930 – 990
    LNG liquefaction volumes (MT) 7.5 7.1 6.6 – 7.2
    LNG sales volumes (MT) 17.0 15.5 —
    • Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts, and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.
    • Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by lower feedgas supply.

    UPSTREAM

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Realised liquids price ($/bbl) 75 71 —
    Realised gas price ($/thousand scf) 6.6 7.0 —
    Liquids production (kboe/d) 1,321 1,332 —
    Gas production (million scf/d) 2,844 3,056 —
    Total production (kboe/d) 1,811 1,859 1,750 – 1,950
    • Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.
    • First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.

    MARKETING

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Marketing sales volumes (kb/d) 2,945 2,795 2,500 – 3,000
    Mobility (kb/d) 2,119 2,041 —
    Lubricants (kb/d) 81 77 —
    Sectors & Decarbonisation (kb/d) 745 678 —

    Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
    Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

    • Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.
    • 2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex.

    CHEMICALS & PRODUCTS

    Key data Q3 2024 Q4 2024 Q1 2025 outlook1
    Refinery processing intake (kb/d) 1,305 1,215 —
    Chemicals sales volumes (kT) 3,015 2,926 —
    Refinery utilisation (%) 81 76 80 – 88
    Chemicals manufacturing plant utilisation (%) 76 75 78 – 86
    Global indicative refining margin ($/bbl) 5.5 5.5 —
    Global indicative chemical margin ($/t) 164 138 —

    1Oil sands production: In Q1 2025, Shell’s remaining interest in the Canadian oil sands is expected to be swapped for an additional 10% interest in the Scotford upgrader and Quest CCS projects.

    Wholesale commercial fuels, previously reported in the Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.
    Comparative information for the Marketing segment and the Chemicals & Products segment has been revised.

    • Adjusted Earnings reflect significantly lower contribution from trading and optimisation, including seasonality effects, and continued weak chemicals margin environment.

    RENEWABLES & ENERGY SOLUTIONS

    Key data Q3 2024 Q4 2024
    External power sales (TWh) 79 76
    Sales of pipeline gas to end-use customers (TWh) 148 165
    Renewables power generation capacity (GW)* 7.3 7.4
    • in operation (GW)
    		 3.4 3.4
    • under construction and/or committed for sale (GW)
    		 3.9 4.0

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

    • Adjusted Earnings were lower than in Q3 2024, largely driven by one-off tax charges in the quarter.
    • Acquired a 609 MW combined-cycle gas turbine power plant in Rhode Island, USA.

    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.

    CORPORATE

    Key data Q3 2024 Q4 2024 Q1 2025 outlook
    Adjusted Earnings ($ billion) (0.6) (0.4) (0.6) – (0.4)

    2024 FULL YEAR

    $ billion Adj. Earnings CFFO excl. WC CFFO Cash capex Free cash flow
    FY 2024 23.7 52.6 54.7 21.1 39.5
    FY 2023 28.3 47.1 54.2 24.4 36.5
    Operational performance FY 2023 FY 2024 % change
    Oil and gas production (kboe/d) 2,791 2,836 2%
    LNG liquefaction volumes (MT) 28.3 29.1 3%
    Marketing sales volumes (kb/d) 3,045 2,843 (7)%
    Refinery processing intake (kb/d) 1,349 1,344 (0)%
    Chemicals sales volumes (kT) 11,245 11,875 6%
    Macro indicators FY 2023 FY 2024 % change
    Brent ($/bbl) 83 81 (2)%
    Henry Hub ($/MMBtu) 2.5 2.2 (13)%
    EU TTF ($/MMBtu) 13.0 11.0 (16)%
    Indicative refining margin ($/bbl) 12.5 7.7 (38)%
    Indicative chemicals margin ($/t) 133 152 14%

    UPCOMING INVESTOR EVENTS

    February 25, 2025 Shell LNG Outlook 2025 publication
    March 25, 2025 Capital Markets Day 2025
    May 2, 2025 First quarter 2025 results and dividends
    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

    USEFUL LINKS

    Results materials Q4 2024

    Quarterly Databook Q4 2024

    Webcast registration Q4 2024

    Dividend announcement Q4 2024

    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

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

    CAUTIONARY STATEMENT

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “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.

    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; “anticipate”; “believe”; “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 announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security 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 announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 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 announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

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

    Shell’s Net Carbon Intensity

    Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (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 is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s Net-Zero Emissions Target

    Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and 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.

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

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

    The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 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. The statutory accounts for the year ended December 31, 2024 will be delivered to the Registrar of Companies for England and Wales in due course.

    The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2024 and full year 2024 unaudited results available on www.shell.com/investors.

    CONTACTS

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

    The MIL Network –

  • MIL-OSI China: Chinese New Year celebrated across world

    Source: People’s Republic of China – State Council News

    Chinese New Year celebrated across world

    Updated: January 30, 2025 10:21 Xinhua
    A participant tries on a traditional Chinese costume during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. The Confucius Institute of Far Eastern Federal University of Russia hosted a Chinese New Year cultural experience event, attracting many participants. [Photo/Xinhua]
    Participants try Chinese calligraphy during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. [Photo/Xinhua]
    Participants paint Beijing Opera masks during an event in celebration of the Chinese New Year at the Confucius Institute of Far Eastern Federal University of Russia, in Vladivostok, Russia, Jan. 29, 2025. [Photo/Xinhua]
    People watch a lion dance performance during the Chinese New Year celebration in the departure hall of Vancouver International Airport in Richmond, British Columbia, Canada, on Jan. 29, 2025. [Photo/Xinhua]
    People watch a lion dance performance during the Chinese New Year celebration in the departure hall of Vancouver International Airport in Richmond, British Columbia, Canada, on Jan. 29, 2025. [Photo/Xinhua]
    Performers present a lion dance during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. The 2025 “Happy Chinese New Year” celebrations kicked off here recently, and will last till Feb. 12. [Photo/Xinhua]
    Local Chinese language learners perform Chinese crosstalk during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. [Photo/Xinhua]
    A local martial arts lover performs during a Spring Festival gala at the Chinese Cultural Center in Cotonou, Benin, Jan. 25, 2025. [Photo/Xinhua]
    Artists of China Conservatory of Music stage a performance in Brussels, Belgium, Jan. 29, 2025. A concert celebrating the Spring Festival was held at Bozar Art Center in Brussels on Wednesday. [Photo/Xinhua]
    Zhang Qianyuan of China Conservatory of Music performs the Suona Concerto “A Hundred Birds Paying Homage to the Phoenix” in Brussels, Belgium, Jan. 29, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Canada: Province pays tribute to Lieutenant Governor Janet Austin

    Premier David Eby praised Lieutenant Governor Janet Austin, OBC, for her service to the people and the Province of British Columbia over the past six years and nine months.

    “I thank Her Honour for her hard work on all our behalf,” said Premier David Eby. “She has been a steady and trusted hand through turbulent times, including a global pandemic and the passing of a beloved monarch. All British Columbians have benefited from her dedication.”

    Her Honour’s legacy includes the introduction of the Lieutenant Governor’s British Columbia Journalism Fellowship, which promotes democracy through a thriving journalism community.

    As well as fulfilling her essential constitutional role as vice-regal representative, she has also granted patronage and supported more than 100 worthy organizations. Such patronage reflects the Crown’s role as the source of the highest honours and awards granted by our society.

    Her Honour named reconciliation as one of the key priorities of her mandate. Her commitment included promoting awareness of this ongoing process. She took lessons in SENĆOŦEN, the language of the W̱SÁNEĆ people of southern Vancouver Island. She did so as a sign of respect and as a way to champion the revitalization of Indigenous language and culture, which her colonial predecessors had once sought to extinguish.

    In a ceremony in the Hall of Honour in the Parliament Buildings, Premier Eby announced the Province is making a $5,000 donation to the Lieutenant Governor’s B.C. Journalism Fellowship in gratitude for her service. Her Honour was also presented a pair of binoculars and two birdwatching books. The Vice-Regal Consort, His Honour Ashley Chester, also received gifts.

    Premier Eby also bestowed a certificate declaring Jan. 29 to be Vice-Regal Canine Consort Day in honour of MacDuff. Their Honours received a leash and collar featuring the official British Columbia tartan, a gift for their beloved, 14-year-old West Highland white terrier. The colourful patterned cloth includes green for the forests, blue for the ocean, red for the maple leaf, white for the Pacific dogwood, which is the province’s official flower, as well as gold to represent the sun and the Crown.

    “Arf,” said the amiable Westie.

    MIL OSI Canada News –

  • MIL-OSI: North American Construction Group Ltd. Announces Early Redemption of 5.5% Debentures Due June 30, 2028

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA/NYSE:NOA) announced today that it has delivered notice to the holders of the Company’s outstanding 5.5% convertible unsecured subordinated debentures due June 30, 2028 (the “Debentures”) that pursuant to Section 4.3 of the trust indenture governing the Debentures dated June 1, 2021 (the “Trust Indenture”), the Company will, effective February 28, 2025 (the “Redemption Date”), redeem all issued and outstanding Debentures, plus accrued interest thereon.

    In accordance with the Trust Indenture, holders of these Debentures may convert the outstanding Debentures into common shares of the Company at a price of $24.23 per share, which is at a discount to the closing price of NACG’s common shares of $28.45 per share on January 29, 2025, the date of this press release.

    The Company encourages individual holders of Debentures (“Debentureholders”) to review redemption instructions from their financial institution to ensure a request for conversion is submitted in advance of the cutoff time set by the Debentureholder’s financial institution. This can be several days in advance of the Redemption Date and is not controlled by the Company.

    As of the date hereof, there was $74,106,000 ($1,000 per Debenture) aggregate principal amount of Debentures issued and outstanding. Accordingly, on the Redemption Date, subject to compliance with the Trust Indenture, the holder of each Debenture (unless converted prior to the Redemption Date in accordance with the terms of the Trust Indenture) will receive a total payment of $1,008.86111 (the “Redemption Price”), comprised of a principal repayment of $1,000.00 and all accrued and unpaid interest thereon from the interest payment date of December 31, 2024 of $8.86111 until the Redemption Date. All interest on the Debentures shall cease from and after the Redemption Date.

    The Company intends to pay the Redemption Price in cash. Subject to regulatory approval, the Company intends to have the Debentures de-listed from the Toronto Stock Exchange following their redemption.

    About the Company

    NACG is one of Canada and Australia’s largest providers of heavy construction and mining services. For more than 70 years, NACG has provided services to the mining, resource, and infrastructure construction markets. For more information about North American Construction Group Ltd., visit www.nacg.ca.

    For further information contact:
    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 948-2009
    jveenstra@nacg.ca
    www.nacg.ca

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “will”, “intends”, “may”, “could” or similar expressions. In particular, this news release contains forward-looking statements and information relating to the redemption of the Debentures, the issuance of Common Shares as payment of the Redemption Price, the payment of cash in respect of interest and fractional shares and the anticipated de-listing of the Debentures. These forward-looking statements are being made by NACG based on certain assumptions that NACG has made in respect thereof as at the date of this news release, regarding, among other things that all required regulatory approvals will be obtained on the necessary terms in a timely manner; and that NACG will, on the Redemption Date, meet all of the required terms and conditions of the Debentures (including those set forth in the applicable debenture indentures) in order to effect the redemption on the terms currently contemplated (which includes assumptions respecting trading prices of the Common Shares). These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the risk that regulatory approvals will not be obtained in the timelines or on the terms required thereby delaying the redemption or causing it to not occur at all; the risk that NACG will not be able to meet the requirements for redemption on the Redemption Date, including with respect to the price of its Common Shares, which ability may be impacted by a number of risk factors. The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject are highlighted in the Company’s MD&A for the year ended December 31, 2023 and quarter ending September 30, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

    The MIL Network –

  • MIL-OSI: Hampton Financial Corporation Announces 1st Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

    TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) today announced its financial results for the 1st quarter ended November 30th, 2024.

    First Quarter ended November 30th, 2024.

    IFRS results highlights:

    • Q1 Revenue of $3,133,000; an increase of 80% year-over-year
    • Q1 Net Loss of $(799,000) or $(0.01) per share;

    Fiscal results (IFRS results adjusted for non-cash Items) highlights:

    • Q1 Adjusted Net Loss of $(505,000) or $(0.01) per share;
    • Q1 EBITDA of $240,000 vs $(249,000) in the comparative quarter last year

    Summary of Corporate Developments:

    Our 1st quarter results reflect the continued challenging environment across the Capital markets industry. Rising interest rates and global uncertainty continue to delay many corporate finance and broader financial decisions on the part of issuers. While 2025 is showing some signs of improvement, the year ahead for our core business remains unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management prorate and Capital Markets businesses. Our acquisition of Oxygen Working Capital in early 2024 has been integrated and we continue to explore opportunities to expand the landing book.

    “The first quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2024. Capital Markets activities have started to improve as interest rates have stabilized, so we are hopeful for a stronger second half of the year. We remain optimistic for the balance of the fiscal year,” said Hampton Executive Chairman & CEO Peter Deeb.

    Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the three months ended November 30, 2024, can be accessed on SEDAR+ at www.sedar.com.

    About Hampton Financial Corporation

    Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

    Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

    Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

    The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

    For more information, please contact:

    Olga Juravlev
    Chief Financial Officer
    Hampton Financial Corporation
    (416) 862-8701

    Or

    Peter M. Deeb
    Executive Chairman & CEO
    Hampton Financial Corporation
    (416) 862-8651

    The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

    No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

    Forward-Looking Statements

    This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

    The MIL Network –

  • MIL-OSI: Quick Custom Intelligence and Modulus Celebrate Success at ICE

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 29, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of cutting-edge business intelligence solutions for the casino industry, and Modulus, an innovator in advanced gaming system technology, are pleased to announce a successful showcase at the International Casino Expo (ICE). Throughout the event, both companies met with dozens of current customers and new prospects, demonstrating the latest in AI technology and data-driven business intelligence tools.

    By joining forces in the Modulus booth, QCI and Modulus underscored the synergy of their combined technologies, generating excitement among attendees. The live demos highlighted how these next-generation solutions can empower casinos to make data-driven decisions, enhance customer engagement, and streamline operations.

    “The energy at this year’s ICE was truly inspiring,” said Marc Attal, COO of Modulus. “Our newest technology received an exceptional response, and our digitalization strategy for slots and tables resonated deeply with clients who clearly saw the benefits of optimization it brings. Showcasing QCI’s solutions in our booth amplified our message and created an immersive experience that highlighted the potential of the cutting-edge AGI55 platform. The excitement and enthusiasm from both existing and prospective clients made this one of our most successful shows yet, reaffirming our commitment to innovation and excellence.”

    “It was fantastic to be part of the show,” remarked Andrew Cardno, CTO of QCI. “Meeting so many new customers and prospects has sparked a sense of excitement and optimism for what lies ahead for QCI in the global casino market. We are grateful to Modulus for the opportunity to partner in showcasing how our integrated solutions can help casinos operate more efficiently and profitably.”

    Both companies look forward to expanding their footprint in international gaming markets, fueled by the success and enthusiasm generated at ICE. QCI and Modulus remain committed to developing innovative technologies that drive real-world results for casino operators everywhere.

    ABOUT Quick Custom Intelligence
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI AGI Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Denver, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno

    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavours.

    ABOUT Modulus 

    As one of the world’s largest independent gaming management system providers, Modulus operates across 40 countries spanning Europe, Africa, South America, Canada, and Asia. Our multilingual suite of management software empowers gaming operators to optimize revenues and efficiently manage costs. With headquarters in Monaco and offices in France and Austria, along with partner offices in South Africa, Latin America, and Asia, our dedicated team of R&D and support professionals ensures the highest levels of customer engagement and product development. Explore the innovative technology of SYSTM Connect, enhancing player experiences and delivering fast, reliable network communication. Visit our website at www.modulusgroup.eu. 

    Contact:

    Laurel Kay, Quick Custom Intellligence

    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI Canada: Minister’s statement on RCMP investigation in Fairy Creek

    Ravi Parmar, Minister of Forests, has released the following statement in response to reported tree spiking in the Fairy Creek watershed:

    “Last week, I was notified that there are reports of tree spiking in the Fairy Creek area of southern Vancouver Island.

    “Spiking a tree, or even attempting to, is a dangerous criminal activity that puts the health and safety of B.C.’s forestry workers at risk. These reports are incredibly alarming and I condemn this criminal behaviour.

    “We immediately notified both the forestry licensee and the local First Nation. We have also referred this matter to the RCMP.  An investigation is ongoing.

    “If anyone has any information, I encourage them to contact the Nanaimo RCMP detachment at 250 754-2345 and reference this file number: NA25-2275.”

    MIL OSI Canada News –

  • MIL-OSI Security: General President of International Union of Operating Engineers Pleads Guilty and Agrees to Resign

    Source: Office of United States Attorneys

               WASHINGTON –James T. Callahan, the International President of the International Union of Operating Engineers, pleaded guilty to knowingly filing false annual reports with the United States Department of Labor. These reports, called LM-30s, are required by law and must be truthful and complete. 

               The plea was announced by U.S. Attorney Edward R. Martin Jr. for the District of Columbia.

               Callahan, of Lindenhurst, NY, appeared before U.S. District Court Judge Ana C. Reyes of the U.S. District Court for the District of the District of Columbia who accepted his plea of guilty.  Judge Reyes will determine any sentence for Callahan after considering the U.S. Sentencing Guidelines and other statutory factors. Judge Reyes scheduled sentencing for May 19, 2025. 

               The Operating Engineers represents nearly 400,000 heavy machinery operators on construction and industrial sites throughout the United States and Canada. From 2011 to the present, Callahan has served as General President of the Operating Engineers at its headquarters in Washington, D.C.

               In pleading guilty, Callahan admitted that he filed LM-30 reports that omitted his receipt of goods and services from an advertising firm that Callahan and the Union used to place ads. From 2015 through 2023, Callahan requested from the advertising firm and received free tickets to nearly 100 sports, concert, and theater events, as well as hospitality packages associated with those events. Those tickets and amenities were worth at least $315,000 and properly belonged to the Operating Engineers. Callahan did not reveal the existence of those tickets and did not obtain authorization from the Union’s Executive Board to use them. Callahan used many of those tickets personally and provided other tickets to members of his family and persons who were not members of the Operating Engineers. 

               As a condition of his plea, Callahan agreed to repay the Operating Engineers $315,000 for the tickets and resign as General President immediately.

              The United States Department of Labor (DOL), Office of Labor Management Standards and DOL-Office of Inspector General, are investigating the case. Assistant U.S. Attorney for the District of Columbia Brian Kelly and Trial Attorney Vincent Falvo of the Criminal Division’s Violent Crime and Racketeering section are prosecuting the case.

    ##

    24cr555 

    MIL Security OSI –

  • MIL-OSI Canada: Province extends Fairy Creek old-growth deferral

    Source: Government of Canada regional news

    The Province has approved a legal order to extend temporary protections in the Fairy Creek watershed until Sept. 30, 2026.

    The extension applies to the same forest lands as those deferred in June 2021.

    “I am working to put people and communities back at the heart of forestry,” said Ravi Parmar, Minister of Forests. “True, lasting and meaningful reconciliation begins with partnering and working with First Nations. Together, we can build a strong, robust and sustainable forest sector for the next 100 years.”

    These temporary protections will allow discussions on the long-term management of the Fairy Creek watershed to continue in partnership with Pacheedaht First Nation. This action is consistent with government’s commitments to reconciliation and to protecting British Columbia’s oldest and rarest forest ecosystems.

    The Fairy Creek deferral protects almost 1,200 hectares, which is all the Crown land in the Fairy Creek watershed. The entire watershed falls within the Pacheedaht First Nation’s territory.

    Work continues provincewide with First Nations rights and title holders to take unprecedented action to protect old-growth forests. Since the release of the 2020 Old Growth Strategic Review, action has been taken on all 14 of the review’s recommendations, which are highlighted in the 2024 update From Review to Action.

    A key part of the Province’s old-growth strategy is forest landscape planning (FLP) tables. FLP tables provide a vital opportunity for collaborative Indigenous and provincial government leadership in forest planning and meaningful engagement with local communities and stakeholders, ensuring local interests are addressed in forest management.

    Fifteen FLP projects are underway throughout the province, at various stages of development. Last month, government announced open houses for engagement on the Bulkley-Morice FLP, which are ongoing in the Skeena region.

    Learn More:

    For more information about approach to old growth:
    https://www2.gov.bc.ca/gov/content/industry/forestry/managing-our-forest-resources/old-growth-forests

    From Review to Action:
    https://www2.gov.bc.ca/assets/gov/farming-natural-resources-and-industry/forestry/stewardship/old-growth-forests/from_review_to_action.pdf

    Old Growth Strategic Review:
    https://www2.gov.bc.ca/assets/gov/farming-natural-resources-and-industry/forestry/stewardship/old-growth-forests/strategic-review-20200430.pdf

    MIL OSI Canada News –

  • MIL-OSI: Dundee Corporation Announces Acquisition of Shares of Odyssey Resources Limited

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — In accordance with regulatory requirements, Dundee Corporation (TSX: DC.A) (“Dundee”) announces that its wholly owned subsidiary, Dundee Resources Limited, has acquired 2,000,000 common shares of Odyssey Resources Limited (the “Issuer”) at the price of C$0.05 per share for aggregate consideration of C$100,000 pursuant to a non-brokered private placement.

    Immediately prior to the acquisition of securities described in this news release, Dundee and its affiliates owned 11,366,136 common shares of the Issuer representing an approximate 31.37% interest in the Issuer on an undiluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control an aggregate of 13,366,136 common shares representing an approximate 34.96% interest in the Issuer on an undiluted basis.

    Dundee acquired the securities of the Issuer for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Issuer, subsequent developments affecting the Issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the Issuer or may decide in the future to sell all or part of its investment.

    This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedarplus.ca under the Issuer’s profile. To obtain a copy of the early warning report filed by Dundee, please contact:

    Dundee Corporation
    Legal Department
    80 Richmond Street West, Suite 2000
    Toronto, Ontario M5H 2A4
    Tel: (416) 365-5172

    ABOUT DUNDEE CORPORATION

    Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Investor and Media Relations
    T: (416) 864-3584
    E: ir@dundeecorporation.com

    The MIL Network –

  • MIL-OSI Video: Secretary Rubio meets with Canadian Foreign Minister Mélanie Joly

    Source: United States of America – Department of State (video statements)

    Secretary of State Marco A. Rubio meets with Canadian Foreign Minister Mélanie Joly at the Department of State, on January 29, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=oHGMeioGeqA

    MIL OSI Video –

  • MIL-OSI: BoC cuts rates amid tariff balancing act: CPA Canada

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — The Bank of Canada’s latest interest rate cut underscores its commitment to stimulating growth amid ongoing economic challenges – even as the looming tariff threat from south of the border complicates the outlook.

    “The central bank’s decision to cut rates reflects its focus on the current state of the Canadian economy, ahead of potential external risks,” says CPA Canada’s chief economist, David-Alexandre Brassard.

    “The impact of potential tariffs could simultaneously dampen growth and increase inflation. It’s a delicate balancing act.”

    Despite past interest rate cuts successfully boosting demand, the Canadian economy continues to show signs of excess supply, evidenced by a weak labour market and slower-than-expected wage growth.

    While inflation remains within the central bank’s target range, the decision to further lower rates aims to bolster economic activity and better position Canada for potential risks on the horizon.

    In its Wednesday address, the Bank of Canada mentioned that currency risks posed by the interest rate spread between Canada and the U.S would gain importance in upcoming decisions. It also released new scenarios examining the potential impact of widespread tariffs from the U.S, noting that such tariffs could lead to a significant slowdown in the Canadian economy with GDP potentially dropping by more than two percentage points and inflation rising by one percentage point.

    To arrange an interview with our chief economist, please contact media@cpacanada.ca.

    The MIL Network –

  • MIL-OSI Canada: Alberta’s new Heritage Fund

    [. The initial purpose of this fund was to invest a portion of Alberta’s non-renewable resource royalties each year so the investment interest earned in the fund would reduce the province’s reliance on resource revenues.

    For decades, contributions to the Heritage Fund were limited and investment earnings were spent instead of being reinvested. Now, Alberta is adopting a bold, new plan to grow the Heritage Fund and achieve long-term growth and financial stability for the province. When the fund reaches its goal of $250 billion, the province can use a portion of the annual interest accrued to offset any decreases in resource royalties, invest in key provincial infrastructure and grow and protect the Alberta tax advantage.

    The roadmap details how the “Alberta Model” will use three components to grow the fund to $250 billion and eventually fund public services and vital infrastructure:

    • Strategic investments: There is a strong focus on opportunities that maximize growth while supporting areas that matter to Albertans, such as technology, energy and infrastructure.
    • Global partnerships: The model benefits from working closely with like-minded organizations and investors around the world, to access premier opportunities and bring new ideas and expertise back to the province.
    • Strong governance: The model is structured to ensure transparent and responsible investment management, so that every decision is made with the long-term interests of Albertans in mind.

    “Albertans deserve a Heritage Fund they can rely on – one that is focused on creating long-term growth and financial stability. We owe it to future generations of Albertans. The new Heritage Fund will lessen our dependence on natural resource revenues, diversify our economy, and create both wealth and prosperity for generations to come.”

    Danielle Smith, Premier

    This plan builds on the vision of former premier Peter Lougheed and builds on the recent investments into the fund. As of September 2024, the Heritage Fund is worth $24.3 billion. With a $2-billion commitment from Budget 2024, the fund is projected to increase to more than $26 billion by the end of the 2024-25 fiscal year. If all of the Heritage Fund’s investment income had been reinvested since inception instead of being transferred to the general revenue fund, the Heritage Fund would be upwards of $250 billion today, generating about $20 billion annually.

    Now is the time to take decisive action. By saving and reinvesting today, Alberta will reduce its reliance on unpredictable non-renewable resource revenue. A renewed Heritage Fund that earns money year over year will secure a resilient and prosperous Alberta for generations to come.

    “Our plan to grow the Heritage Fund is about securing Alberta’s financial independence and providing stability for our children and grandchildren and build a lasting legacy for all Albertans.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Strong governance is needed to provide direction, deliver high returns for Albertans, and ensure future growth amid changing economic conditions. To help achieve this and carry out the overall Heritage Fund plan, Alberta’s government has created the Heritage Fund Opportunities Corporation to govern and grow all Heritage Fund assets. The new corporation will strengthen partnerships with global sovereign wealth funds, thereby unlocking access to new opportunities. The new corporation will be assisted in its work by a world-class board of directors that will strengthen the governance of Heritage Fund assets and support investment decisions independent from government.

    The Heritage Fund Opportunities Corporation will be chaired by Joe Lougheed.

    “The Heritage Fund assets belong to Albertans – and future Albertans. The HFOC will have a world-class, independent board of directors providing oversight and guidance in an accountable and transparent fashion. Working closely with the Alberta Investment Management Corporation, the objective will be to deliver long-term growth of the assets of the Heritage Fund for future generations.  It is an honour to serve in this governance role.”

    Joe Lougheed, Chair, Heritage Fund Opportunities Corporation

    Related information

    • Renewing the Alberta Heritage Savings Trust Fund: a roadmap to securing Alberta’s future
    • Growing the Heritage Fund video

    Related news

    • Premier’s address to the province (Feb. 21, 2024)
    • Solid year-end sets stage for prosperous Alberta future (June 27, 2024)
    • Q1 update: Cautious optimism for a stronger future (Aug. 29, 2024)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI Canada: shíshálh Nation, B.C. renew landmark reconciliation agreement

    Source: Government of Canada regional news

    Patrick Weiler, MP for West Vancouver-Sunshine Coast-Sea to Sky Country –

    “The shíshálh Nation and the Province of British Columbia chose a new path in 2018 to work together on the process of reconciliation. I’m excited to see this shared commitment renewed and updated, and I look forward to collaborating to plan for the future and bring positive outcomes to the entire Sunshine Coast.”

    Ravi Parmar, Minister of Forests –

    “True, lasting and meaningful reconciliation will only be achieved through honouring the commitments we’ve made and building trusted partnerships by working side by side with First Nations. In renewing the Foundation Agreement, shíshálh Nation and the Province are helping build a strong, robust and sustainable forest sector for the next 100 years.”

    Alton Toth, chair, Sunshine Coast Regional District –

    “This update to the Foundation Agreement is a tremendous step forward for the shíshálh Nation when it comes to self-determination and reclaiming rights that were previously suppressed. The Sunshine Coast Regional District is honoured to work with the shíshálh Nation on numerous projects and services on an ongoing basis. We look forward to strengthening these partnerships and exploring new opportunities as we continue our shared journey toward meaningful reconciliation.”

    Jef Keighley, director, Sunshine Coast Conservation Association –

    “I heartily applaud and join in celebrating the shíshálh Nation’s second five-year update of their historic Foundation Agreement. The Nation has proven that true reconciliation works to the mutual benefit of both shíshálh and non-shíshálh people living within their spectacular swiya. British Columbians should also thank the Province for demonstrating the courage, vision and wisdom in working with the shíshálh Nation to help build a more co-operative path to our future.”

    Kelly Matheson-King, chief operating officer, BluEarth Renewables –

    “The renewal of the Foundation Agreement between shíshálh Nation and the Province clearly signals an ongoing commitment to advancing the journey to reconciliation. It is exciting to see the renewed commitment of these governments to shared decision-making in relation to land, environment and economy. BluEarth deeply values walking in partnership with shíshálh through our joint implementation of renewable energy technologies within their swiya.”

    Kent Stuehmer, vice-president and general manager, Heidelberg Materials –

    “Heidelberg Materials is pleased to continue building on our long-standing and successful relationship with the shíshálh Nation, as we celebrate yet another milestone in this historic agreement with the provincial government. We look forward to the growth and opportunities that this progressive and collaborative approach provides to the people of Sechelt and to all those who live and work in B.C.”

    MIL OSI Canada News –

  • MIL-OSI: Premium Income Corporation Announces Year End Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 29, 2025 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation today announces results of operations for the fiscal year ended October 31, 2024. Increase in net assets attributable to holders of Class A shares amounted to $76.3 million or $4.34 per Class A share. Net assets attributable to holders of Class A shares were $83.6 million or $4.14 per Class A share. Cash distributions of $0.86 per Preferred share and $0.81 per Class A share were paid during the year.

    Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs an active covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility.  

    The investment portfolio of the Fund is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on the Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.

    Selected Financial Information: ($ Millions)  
       
    Statement of Financial Position   2024
    As at October 31  
    Assets $ 397.4
    Liabilities   (313.7)
    Net Assets Attributable to  
    Holders of Class A Shares $ 83.6
       
    Statement of Comprehensive Income  
    Year ended October 31  
    Income $ 96.8
    Expenses   (4.3)
    Operating Loss   92.4
    Preferred Share Distributions   (16.1)
    Increase in Net Assets Attributable  
    to Holders of Class A Shares $ 76.3
         

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com

    John Germain, Senior Vice President & CFO Mulvihill Capital Management Inc.
    121 King Street West
    Suite 2600
    Toronto, Ontario, M5H 3T9
    416.681.3966; 1.800.725.7172
    www.mulvihill.com
    info@mulvihill.com
       

    Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: Climb Global Solutions Appoints John McCarthy as Chairman of its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb”, the “Company”, “we”, or “our”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, today announced the appointment of John McCarthy as the new Chairman of the Board of Directors (the “Board”), effective January 28, 2025. Mr. McCarthy’s appointment follows the resignation of Jeff Geygan from the Board, which will become effective February 28, 2025, and will reduce the Board to six members, five of whom are independent under Nasdaq listing standards.

    Mr. McCarthy brings over 30 years of executive technology leadership to Climb’s Board, where he has been a director since June 2019 and currently serves as Chair of the Compensation Committee. Before joining Climb, he was the President and Chief Executive Officer of Mainline Information Systems, a nationally recognized technology solutions provider. Earlier in his career, Mr. McCarthy held senior executive roles at leading technology companies such as EMC, StorageApps, CNT, McData, and Virtual Iron. He is currently a member of the Operating Board for Stripes Group, and a member of the Board of Trustees for Providence College. Mr. McCarthy holds a Bachelor’s degree in Marketing from Providence College.

    “I am honored to be appointed as Chairman of the Board and thankful for the trust placed in me by my fellow Board members,” said Mr. McCarthy. “I’d like to thank Jeff for his invaluable contributions to Climb throughout his tenure as Chairman. I look forward to building on this strong foundation and working with the Board and leadership team to continue driving the Company’s strategic vision forward.”

    Mr. Geygan stated, “Serving as Chairman of the Board for the past seven years has been an incredible journey, and I am deeply grateful for the opportunity to have contributed to Climb’s remarkable growth and success.”

    About Climb Global Solutions

    Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

    Additional information can be found by visiting www.climbglobalsolutions.com.

    Forward-Looking Statements

    The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, statements concerning our plans and expectations in connection with the transition of Board leadership and other plans and expectations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.

    Company Contact

    Matthew Sullivan
    Chief Financial Officer
    (732) 847-2451
    MatthewS@ClimbCS.com

    Investor Relations Contact

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    (720) 330-2829
    CLMB@elevate-ir.com

    The MIL Network –

  • MIL-OSI Canada: Prime Minister Justin Trudeau speaks with premiers on the Canada–U.S. relationship

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau and the Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, met virtually with Canada’s premiers to discuss the Canada-U.S. relationship. As a follow-up to last week’s call, the Prime Minister reiterated the importance of lifting barriers to trade between provinces and territories and looked forward to the outcomes of the urgent meeting of the Committee on Internal Trade in Toronto, Ontario, this Friday. The Prime Minister and the premiers offered updates on the implementation of Canada’s border plan and complementary provincial and territorial actions.

    The Prime Minister and the premiers discussed the ongoing threat of U.S. tariffs against Canadian goods, which will make life less affordable for Canadians and Americans alike and weaken economic growth in both countries. Defending our valued trade relationship remains the objective of all First Ministers.

    The Prime Minister and the premiers voiced their commitment to a strong response if tariffs are imposed. They discussed options for federal, provincial, and territorial governments to mitigate the impacts on Canadian workers, families, and businesses.

    The leaders agreed to continue their outreach to American officials at the federal, state, and local levels to raise awareness of the mutually beneficial partnership between Canada and the United States. In particular, First Ministers noted that bilateral trade in energy and critical minerals is hardwired into the Canadian and U.S. economies, and that Canada is the most reliable source of the critical minerals that support the U.S. defence and technology sectors. They also underscored the importance of the energy sector to our bilateral relationship, noting the collaborative efforts of governments and industry in supporting both Canadian and U.S. interests and bolstering the security posture of both countries.

    The Prime Minister and the premiers recommitted to continue working together to stand up for Canadian consumers, jobs, and businesses. First Ministers agreed to reconvene next week, or earlier if required, to discuss next steps in Canada’s engagement with the U.S.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI Canada: Ag Hall of Fame inducts visionaries, opens new exhibit

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: New cabinet committee will protect B.C.’s economy from tariff threat

    Premier David Eby is tasking a new cabinet committee with co-ordinating the whole-of-government approach to protect B.C.’s workers, businesses and economy against ongoing tariff threats from the United States.

    Ravi Kahlon, Minister of Housing and Municipal Affairs, will chair the committee, which will act as a day-to-day war room, co-ordinating actions across government to fight back on behalf of British Columbians and grow the province’s economy.

    “The proposed U.S. tariffs are a direct attack on B.C.’s families,” Premier Eby said. “This threat isn’t going away anytime soon – not while this president is in power. Every minister has an important role to play in fighting back. Minister Kahlon brings deep experience in government to the table and is uniquely positioned to co-ordinate this work across government ministries.”

    The B.C. government has stepped up with a three-point strategy to fight back and protect British Columbians: respond to U.S. tariffs with tough counter-actions and outreach to American decision-makers; strengthen B.C.’s economy by expediting projects and supporting industry and workers; and diversify trade markets for products so British Columbia is less reliant on U.S. markets and customers.

    “We didn’t ask for this fight, but B.C. will not be bullied,” Kahlon said. “My colleagues and I will work shoulder to shoulder with workers, business and community leaders to meet this moment.”

    The new committee will ensure that B.C.’s response is fast, tough and fully focused on protecting British Columbians, while strengthening, growing and diversifying the province’s economy for the long-term.

    Members of the new cabinet committee are:

    • Ravi Kahlon, Minister of Housing and Municipal Affairs (chair)
    • Diana Gibson, Minister of Jobs, Economic Development and Innovation
    • Brenda Bailey, Minister of Finance
    • Adrian Dix, Minister of Energy and Climate Solutions
    • Lana Popham, Minister of Agriculture and Food
    • Randene Neill, Minister of Water, Land and Resource Stewardship
    • Rick Glumac, Minister of State for Trade
    • Ravi Parmar, Minister of Forests
    • Jagrup Brar, Minister of Mining and Critical Minerals
    • Tamara Davidson, Minister of Environment and Parks

    MIL OSI Canada News –

  • MIL-OSI USA: NASA’s Asteroid Bennu Sample Reveals Mix of Life’s Ingredients

    Source: NASA

    Lee esta nota de prensa en español aquí.
    Studies of rock and dust from asteroid Bennu delivered to Earth by NASA’s OSIRIS-REx (Origins, Spectral Interpretation, Resource Identification and Security–Regolith Explorer) spacecraft have revealed molecules that, on our planet, are key to life, as well as a history of saltwater that could have served as the “broth” for these compounds to interact and combine.
    The findings do not show evidence for life itself, but they do suggest the conditions necessary for the emergence of life were widespread across the early solar system, increasing the odds life could have formed on other planets and moons.
    “NASA’s OSIRIS-REx mission already is rewriting the textbook on what we understand about the beginnings of our solar system,” said Nicky Fox, associate administrator, Science Mission Directorate at NASA Headquarters in Washington. “Asteroids provide a time capsule into our home planet’s history, and Bennu’s samples are pivotal in our understanding of what ingredients in our solar system existed before life started on Earth.”
    In research papers published Wednesday in the journals Nature and Nature Astronomy, scientists from NASA and other institutions shared results of the first in-depth analyses of the minerals and molecules in the Bennu samples, which OSIRIS-REx delivered to Earth in 2023.
    Detailed in the Nature Astronomy paper, among the most compelling detections were amino acids – 14 of the 20 that life on Earth uses to make proteins – and all five nucleobases that life on Earth uses to store and transmit genetic instructions in more complex terrestrial biomolecules, such as DNA and RNA, including how to arrange amino acids into proteins.
    Scientists also described exceptionally high abundances of ammonia in the Bennu samples. Ammonia is important to biology because it can react with formaldehyde, which also was detected in the samples, to form complex molecules, such as amino acids – given the right conditions. When amino acids link up into long chains, they make proteins, which go on to power nearly every biological function.
    These building blocks for life detected in the Bennu samples have been found before in extraterrestrial rocks. However, identifying them in a pristine sample collected in space supports the idea that objects that formed far from the Sun could have been an important source of the raw precursor ingredients for life throughout the solar system.
    “The clues we’re looking for are so minuscule and so easily destroyed or altered from exposure to Earth’s environment,” said Danny Glavin, a senior sample scientist at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, and co-lead author of the Nature Astronomy paper. “That’s why some of these new discoveries would not be possible without a sample-return mission, meticulous contamination-control measures, and careful curation and storage of this precious material from Bennu.”
    While Glavin’s team analyzed the Bennu samples for hints of life-related compounds, their colleagues, led by Tim McCoy, curator of meteorites at the Smithsonian’s National Museum of Natural History in Washington, and Sara Russell, cosmic mineralogist at the Natural History Museum in London, looked for clues to the environment these molecules would have formed. Reporting in the journal Nature, scientists further describe evidence of an ancient environment well-suited to kickstart the chemistry of life.
    Ranging from calcite to halite and sylvite, scientists identified traces of 11 minerals in the Bennu sample that form as water containing dissolved salts evaporates over long periods of time, leaving behind the salts as solid crystals.
    Similar brines have been detected or suggested across the solar system, including at the dwarf planet Ceres and Saturn’s moon Enceladus.
    Although scientists have previously detected several evaporites in meteorites that fall to Earth’s surface, they have never seen a complete set that preserves an evaporation process that could have lasted thousands of years or more. Some minerals found in Bennu, such as trona, were discovered for the first time in extraterrestrial samples.
    “These papers really go hand in hand in trying to explain how life’s ingredients actually came together to make what we see on this aqueously altered asteroid,” said McCoy.
    For all the answers the Bennu sample has provided, several questions remain. Many amino acids can be created in two mirror-image versions, like a pair of left and right hands. Life on Earth almost exclusively produces the left-handed variety, but the Bennu samples contain an equal mixture of both. This means that on early Earth, amino acids may have started out in an equal mixture, as well. The reason life “turned left” instead of right remains a mystery.
    “OSIRIS-REx has been a highly successful mission,” said Jason Dworkin, OSIRIS-REx project scientist at NASA Goddard and co-lead author on the Nature Astronomy paper. “Data from OSIRIS-REx adds major brushstrokes to a picture of a solar system teeming with the potential for life. Why we, so far, only see life on Earth and not elsewhere, that’s the truly tantalizing question.”
    NASA Goddard provided overall mission management, systems engineering, and the safety and mission assurance for OSIRIS-REx. Dante Lauretta of the University of Arizona, Tucson, is the principal investigator. The university leads the science team and the mission’s science observation planning and data processing. Lockheed Martin Space in Littleton, Colorado, built the spacecraft and provided flight operations. NASA Goddard and KinetX Aerospace were responsible for navigating the OSIRIS-REx spacecraft. Curation for OSIRIS-REx takes place at NASA’s Johnson Space Center in Houston. International partnerships on this mission include the OSIRIS-REx Laser Altimeter instrument from CSA (Canadian Space Agency) and asteroid sample science collaboration with JAXA’s (Japan Aerospace Exploration Agency) Hayabusa2 mission. OSIRIS-REx is the third mission in NASA’s New Frontiers Program, managed by the agency’s Marshall Space Flight Center in Huntsville, Alabama, for the agency’s Science Mission Directorate in Washington.
    For more information on the OSIRIS-REx mission, visit:
    https://www.nasa.gov/osiris-rex
    Karen Fox / Molly WasserHeadquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
    Rani GranGoddard Space Flight Center, Greenbelt, Maryland301-286-2483rani.c.gran@nasa.gov

    MIL OSI USA News –

  • MIL-OSI: Pulse Announces a $10.0 Million Seismic Data Licensing Agreement and Provides Revenue Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce the signing of a $10.0 million seismic data licensing sales contract for 3D seismic data located in West Central Alberta. Pulse’s data library provides extensive seismic coverage critical for today’s data focused exploration and development companies throughout Western Canada.

    The Company is also pleased to provide a preliminary update on recent licensing revenue. Since October 1, 2024, the Company has licensed $21.7 million of data. Of this amount, $5.6 million was licensed in the fourth quarter of 2024, bringing expected total revenue for 2024 to $23.4 million. For 2025, including the deal announced today, total licensing revenue is $16.1 million.

    “As owners of Canada’s largest licensable seismic data library, we value our client relationships and the role our subsurface data plays as a strategic risk mitigation tool for the energy industry,” stated Neal Coleman, the Company’s President and CEO. “We are very pleased to report this material data licensing agreement, helping our clients maximize the value of their projects, while also generating returns for Pulse. Significant sales such as this, produce material incremental free cashflow for the Company,” Coleman continued.

    Pulse returned $9.5 million of capital to shareholders in 2024 through dividends and share buybacks. In the second quarter of 2024 the Company increased its regular quarterly dividend by 9%, to an annualized dividend of $0.06 per share. Additionally, a special dividend of $0.05 per share was paid in the third quarter of 2024. Dividends of $0.10875 per common share were declared and paid in 2024, representing a total of $5.6 million. The Company purchased and cancelled approximately 1.8 million shares under its normal course issuer bid in 2024, contributing $3.9 million of the $9.5 million in total capital returned in the year.

    These figures are preliminary and have not yet been audited or reviewed by our auditors. The Company will release its 2024 annual and fourth quarter financial results on February 13, 2025, after markets close.

    Significant quarterly and annual fluctuations in data sales are intrinsic to the seismic data library business. The Company remains focused on maintaining a strong balance sheet, a low-cost structure and providing excellent customer care.

    CORPORATE PROFILE

    Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

    For further information, please contact:

    Neal Coleman, President and CEO
    Or
    Pamela Wicks, VP Finance and CFO

    Tel.: 403-237-5559
    Toll-free: 1-877-460-5559
    E-mail: info@pulseseismic.com.
    Please visit our website at www.pulseseismic.com

    PDF available: http://ml.globenewswire.com/Resource/Download/57936ee4-ab00-4327-a730-9854ad3d848c

    The MIL Network –

  • MIL-Evening Report: Gene pools are getting dangerously shallow for many species. We found 5 ways to help

    Source: The Conversation (Au and NZ) – By Robyn Shaw, Research Fellow in Conservation Genomics, University of Canberra

    A golden bandicoot (_Isoodon auratus_) Colleen Sims/Department of Biodiversity, Conservation and Attractions, CC BY-SA

    Before species go extinct, their populations often shrink and become isolated. Healthy populations tend to have a large gene pool with many genetic variants circulating. But the path to extinction erodes genetic diversity, because a species’ gene pool shrinks as the population declines. Losing genetic diversity limits the ability of populations to adapt to threats such as disease and climate change.

    So, what is the state of genetic diversity in animals, plants, fungi and algae worldwide? And how could focusing on this crucial level of biodiversity help build resilience in the face of global change? We explore these questions in our new study, published today in Nature.

    Our team of 57 scientists from 20 countries trawled through more than 80,000 scientific articles across three decades to summarise evidence of genetic change in populations in 141 countries.

    Alarmingly, we found genetic diversity is being lost globally across many species, especially birds and mammals. This loss was most severe in studies reporting changes in habitat, new diseases, natural disasters, and human activities such as hunting or logging.

    But there’s hope. Our study suggests conservation strategies can help maintain or even increase genetic diversity.

    Isolated populations of the endangered Scandinavian arctic fox (Vulpes lagopus) have become inbred.
    Jonatan Pie, Unsplash

    What is genetic diversity and why does it matter?

    At the core of every cell lies a copy of the instruction manual for living things. This is the genetic code, made up of DNA molecules. But its sequence varies enormously, separating a moth from a tree from a bacterium. Even within a species, we see distinct genetic differences between individuals. These genetic differences contribute to differences in their traits, which is why we get individuals who are taller or shorter, faster or slower, bolder or more cautious.

    This genetic diversity stems from mutations. Often, these mutations are not helpful. But at times, they can enable populations to adapt to change.

    For example, golden kelp (Ecklonia radiata) likes colder water. But in a population, some individuals will have mutations suited for warm water. When a devastating marine heatwave hit the West Australian coast in 2011, individuals with warm-water mutations were more likely to survive and reproduce. This genetic diversity enabled the kelp population to adapt to the warmer conditions.

    This is why genetic diversity is so important – it gives species more resilience in a rapidly changing world. This priority has been recognised in Australia’s Strategy for Nature, and in goals and targets discussed at the United Nations biodiversity summit COP16.

    How can we safeguard or restore genetic diversity for threatened species?

    To answer this question, we used a technique called meta-analysis to look for patterns. From more than 80,000 published articles, we identified 882 studies which measured changes in genetic diversity over time. These studies came from right around the globe and across the entire “tree of life”.

    They show there are many ways to conserve genetic diversity. Here are five promising strategies to help keep species resilient.

    Scientists from 20 countries came together to read thousands of papers and collect data on genetic diversity during in-person and online workshops.
    Robyn Shaw

    Action 1: Adding individuals

    Adding individuals to an existing population is known as supplementation. Our research found supplementation was the only action linked to a significant increase in genetic diversity, especially in birds.

    Supplementation can help reduce the harmful effects of inbreeding, which is common in small, isolated populations. For example, conservationists working to safeguard New Zealand’s South Island robins (Petroica australis) moved female birds between isolated islands. The offspring of parents from different islands had stronger immune systems, higher survival rates, and improved reproductive health compared to their inbred counterparts.

    Supplementation is key for boosting genetic diversity, improving population health and building resilience.

    Action 2: Population control

    Doing the opposite – removing individuals – can actually improve outcomes for the population as a whole in some circumstances, by, for instance, reducing competition.

    But genetic diversity results varied a lot in studies using population control. So how can this strategy be used effectively?

    In one case, conservationists in the United States used population control of coaster brook trout (Salvelinus fontinalis) in a hatchery to prevent any single family from breeding too much. This meant multiple genetic lineages were maintained, increasing genetic diversity.

    Action 3: Restoration

    Ecosystem restoration can include planting trees, rehabilitating wetlands or restoring natural patterns of fire and water. We found genetic diversity was often maintained over time when ecological restoration was used.

    Restoration efforts, alongside supplementation, are important to the survival of the greater prairie-chicken (Tympanuchus cupido), which had lost much habitat. Researchers report restoring and expanding suitable habitat is proving crucial to sustain genetic diversity and achieving long-term recovery.

    Found in the US and Canada, greater prairie-chickens are known for their courtship dance.
    Danita Delimont/Shutterstock

    Action 4: Control of other species

    Feral, pest or overabundant species can outcompete, eat, or graze on species under threat. Controlling these species was linked to maintenance of genetic diversity in the studies we analysed overall.

    For example, control of red fox numbers helped the Arctic fox(Vulpes lagopu) recover in Sweden. The technique reduced competition over resources such as food while new foxes from Norway were added to the wild population. Inbreeding was reduced, and survival improved.

    Action 5: Conservation introductions and reintroductions

    Establishing new populations at new sites is known as a conservation introduction, while a reintroduction means restoring populations where they previously existed.

    We found mixed results for genetic diversity when these actions were reported. So, what factors contribute to success?

    In Western Australia, a large number of golden bandicoots (Isoodon auratus) from a robust island population were reintroduced to three sites. After six generations, genetic diversity at these sites remained similar to the original source population. Success came from careful planning to ensure the new populations had a large gene pool to start from.

    Overall, our study revealed many cases of genetic diversity loss. But we also found evidence that conservation action – especially supplementation – can improve the genetic health of a species.

    Researchers, conservation managers and volunteers helped grow seedlings and establish new populations of the critically endangered feather-leaved banksia near Albany in Western Australia.
    David Coates

    What can you do?

    Supporting genetic diversity can be done at home.

    If you have a garden, you can plant native species to support habitat connectivity.

    Growing heirloom vegetables and rare fruit trees, or breeding heritage chooks can maintain genetic diversity in our food system.

    Join community or botanic garden groups, or work with conservation groups to improve habitat or bolster numbers of threatened species.

    While enjoying nature, avoid accidentally moving plants, seeds, or soil to new areas to reduce the spread of pests and diseases.

    These small actions add up, helping to safeguard biodiversity at all levels – including genetic diversity.

    Robyn Shaw was supported during the study by funding from the Australian Research Council. The project workshop was sponsored by the European Cooperation in Science and Technology Action ‘Genomic Biodiversity Knowledge for Resilient Ecosystems’. She is a member of the Coalition for Conservation Genetics and the IUCN Conservation Genetics Specialist Group.

    Catherine Grueber’s research into the conservation genetics of threatened species receives funding from the Australian Research Council and the University of Sydney (Robinson Fellowship). She is a member of the Coalition for Conservation Genetics, and the IUCN Conservation Genetics Specialist Group.

    Katherine Farquharson was supported during the study by funding from the Australian Research Council Centre of Excellence for Innovations in Peptide and Protein Science. She is affiliated with Koala Conservation Australia.

    – ref. Gene pools are getting dangerously shallow for many species. We found 5 ways to help – https://theconversation.com/gene-pools-are-getting-dangerously-shallow-for-many-species-we-found-5-ways-to-help-242708

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Statement from Health and Wellness Minister

    Source: Government of Canada regional news

    Earlier this afternoon, there was a serious incident at the Halifax Infirmary emergency department. The threat has been contained, and police are on-site.

    Staff are also on-site to support patients and staff who witnessed this upsetting incident.

    I can’t provide details of an ongoing investigation, but I want everyone involved to know that I am thinking of them at this difficult time. I also want to reassure our healthcare and support staff at the Infirmary and across the province that we will continue working with our healthcare and union partners to make workplaces as safe as possible.

    I want to commend the staff for their quick response in an incredibly difficult situation. I will be in close touch with Nova Scotia Health for updates as they become available.

    MIL OSI Canada News –