Category: Energy

MIL-OSI Europe: Draft agenda – Thursday, 22 May 2025 – Brussels

Source: European Parliament

11 Amending Regulation (EU) 2023/956 as regards simplifying and strengthening the carbon border adjustment mechanism
Antonio Decaro

– Amendments; rejection Wednesday, 14 May 2025, 13:00

8 Modification of customs duties applicable to imports of certain goods originating in or exported directly or indirectly from the Russian Federation and the Republic of Belarus
Inese Vaidere

– (possibly) Amendments; rejection Wednesday, 14 May 2025, 13:00

19 Research and Training Programme of the European Atomic Energy Community for the period 2026-2027 complementing Horizon Europe – the Framework Programme for Research and Innovation and repealing Council Regulation (Euratom) 2021/765
Borys Budka (A10-0083/2025)

– (if requested) Amendments Wednesday, 14 May 2025, 13:00

MIL OSI Europe News –

May 3, 2025
MIL-OSI USA: Energy Department Lifts Regulations on Miscellaneous Gas Products

Source: US Department of Energy

WASHINGTON— The U.S. Department of Energy (DOE) today announced the withdrawal of the determination of miscellaneous gas products as a covered consumer product under the Energy Policy and Conservation Act (EPCA). This action is yet another step toward President Trump’s pledge to lower costs for the American people by expanding choice and cutting red tape. By withdrawing this rule, DOE will exempt miscellaneous gas products—a category that includes decorative hearths and outdoor heaters—from a range of unnecessary regulations on their manufacture and sale.

“Under President Trump’s leadership, the Department of Energy is returning to common sense – and that means giving the American people the ability to choose which heaters they use in their own backyards,” U.S. Secretary of Energy Chris Wright said. “To date, rescinding or delaying unnecessary consumer regulations such as this have saved the taxpayers nearly $24 billion – and we’re just getting started.”

“Previous DOE rulemaking on this subject lumped together several products that are dissimilar in form and function, subjecting manufacturers to an awkward and unnecessary regulatory framework,” Principal Deputy Assistant Secretary for Energy Efficiency and Renewable Energy Lou Hrkman said. “By withdrawing the previous determination and repealing these unclear definitions, the Trump Administration is sending a clear signal that these markets will be allowed to thrive without fear of undue government interference.”

Prior to today’s action, miscellaneous gas products were classified as covered products under Part A of Title III of the EPCA, and therefore potentially subject to burdensome standards for energy conservation. The withdrawal of this classification, along with the repeal of the definitions for “miscellaneous gas products,” “decorative hearth product,” and “outdoor heater” from the Code of Federal Regulations, will allow the market for these products to freely develop without needing to account for new conservation standards from DOE.

In addition to today’s action, DOE has officially withdrawn four proposed conservation standards, simplified its water-conservation standards by repealing a convoluted definition of “showerhead,” requested public comment on measures that would deregulate the market for portable electric spas, and further delayed the implementation of efficiency standards for manufactured housing, walk-in coolers and freezers, efficiency standards for gas instantaneous water heaters and commercial refrigeration equipment, and test procedures for central air conditioning and heat pumps. DOE is also soliciting public feedback on changes to the rulemaking process for conservation standards that would reduce costs and restore freedom for consumers and manufacturers alike.

The effective date of this final rule is 30 days after publishing in the Federal Register. For further details, read the full text of the final rule.

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MIL OSI USA News –

May 3, 2025
MIL-OSI USA: DOE Announces New Leadership to Tackle Challenges of Growing Energy Demand

Source: US Department of Energy

WASHINGTON—The Department of Energy (DOE) today announced new leadership to tackle the challenge of strengthening and securing the U.S. energy system and ensuring America can lead the global race for AI leadership. To unleash American Energy Dominance, the systems and infrastructure that produce and deliver energy to the American people must be reliable, resilient, and secure. As energy demand continues to grow, the U.S. needs to upgrade both existing energy infrastructure and build new infrastructure – all of which must be done with resilience and security as priorities.

To advance these goals, today DOE is announcing that the Office of Cybersecurity, Energy Security, and Emergency Response (CESER) will be led by DOE Chief of Staff Alex Fitzsimmons. Carl Coe, who currently leads the Department of Government Efficiency (DOGE) at DOE, will assume the role of DOE Chief of Staff.

“The race for global leadership in AI is the new Manhattan Project, and winning this race depends on our ability to increase access to abundant supplies of reliable, affordable energy and build secure infrastructure,” said U.S. Secretary of Energy Chris Wright. “The Department of Energy is focused on the need to meet growing energy demand while strengthening the resilience and security of U.S. energy infrastructure against all threats and hazards.

“Alex has served as a critical leader across the Department in our first 100 days, and his expertise and ability to take on complex problems make him the right person to spearhead this important office. I am grateful for his ongoing leadership within the Department, and I look forward to continuing to work with Carl Coe in his new role as Chief of Staff.”

As Chief of Staff to the Secretary, Alex Fitzsimmons led the DOE beach-head team on day one and through the first 100 days of the Administration. He has an extensive background in energy technology policy, having served at DOE in the first Trump Administration. Alex has also completed a Master of Science in Cybersecurity from Georgia Tech.

Carl Coe joined the Department of Energy to lead DOGE efforts in 2025. In this role, he has worked closely with Secretary Wright and 40 key offices in DOE focused on process improvement and cost savings.

Coe grew up in Ohio and graduated from Ohio State University. He spent 17 years with PTC in various senior roles, including positions in London, Brazil, and Americas. While at PTC, he worked extensively with the Department of Energy and the National Labs focused on product development and lifecycle management. In 2018, Coe acquired Mango Practice Management, and over the next 5 years with Coe serving as CEO, the company grew by over 700%.

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MIL OSI USA News –

May 3, 2025
MIL-OSI Europe: AMENDMENTS 002-005 – REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season – A10-0079/2025(002-005)

Source: European Parliament 2

AMENDMENTS 002-005
REPORT
on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season
(COM(2025)0099 – C10-0041/2025 – 2025/0051(COD))
Committee on Industry, Research and Energy
Rapporteur: Borys Budka

Source : © European Union, 2025 – EP

MIL OSI Europe News –

May 3, 2025
MIL-OSI USA: WTAS: Stakeholders Applaud Ciscomani’s Efforts to Protect Medicaid

Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

“I cannot, and will not, support any legislation that reduces Medicaid benefits for vulnerable populations the program was intended to serve, like the working poor, individuals with disabilities, single mothers, and the elderly.”

WASHINGTON, D.C. — Local and national stakeholders are praising U.S. Congressman Juan Ciscomani for his efforts to protect Medicaid and ensure that vulnerable populations, like the working poor, single mothers, the elderly, continue to receive the benefits they depend on.

Recently, Ciscomani and 12 Republican colleagues sent a letter to House Republican leadership and Energy and Commerce Committee Chairman Brett Guthrie making it clear that they will not vote for legislation that reduces Medicaid coverage for those who need it. You can read the full letter here.

“Medicaid benefits are a lifeline for our vulnerable populations, and I am committed to continue working to ensure these individuals are able to access the healthcare and support they need,” said Ciscomani. “While I support targeted reforms to fix flaws in the program, improve the delivery of care, and reduce the rate of improper payments, I cannot, and will not, support any legislation that reduces Medicaid benefits for vulnerable populations the program was intended to serve, like the working poor, individuals with disabilities, single mothers, and the elderly.”

This effort builds upon a previous letter Ciscomani sent to Speaker Mike Johnson making it clear that slashing or underfunding Medicaid, “would have serious consequences, particularly in rural and predominantly Hispanic communities where hospitals and nursing homes are already struggling to keep their doors open.”

This effort is supported by a number of local and national stakeholders including: El Rio Health, Banner Health, United Cerebral Palsy of Southern Arizona (UCPSA), Chiricahua Community Health Centers, Carondelet Health Network, the Arizona Association of Providers for People with Disabilities, the National Medical Association, Advocates for Community Health, the American Cancer Society in Arizona, the Federation of American Hospitals, American Health Care Association, America’s Essential Hospitals, the American Network of Community Options and Resources (ANCOR), the Arc of Tucson, and Advocates for Community Health.

WHAT THEY ARE SAYING

Clint Kuntz, Chief Executive Officer of El Rio Health: “We applaud Congressman Juan Ciscomani for taking action in support of preserving Medicaid coverage. Medicaid is a vital lifeline for millions of Americans and even small cuts to this program could cause catastrophic effects for both the physical and economic health of our local communities. As a Community Health Center, El Rio Health is proud to serve these patients every day and ensure they receive the care they need to live healthy, productive lives.”

Amy Perry, President and Chief Executive Officer of Banner Health: “The Arizona Health Care Cost Containment System (AHCCCS), Arizona’s version of Medicaid, is essential for millions of Arizonans to access high quality healthcare. Today, AHCCCS covers 26% of the state’s population, and proposed cuts to this program threaten access to care. This includes infants, children, pregnant women, the elderly, disabled, veterans, and the working poor. Reducing federal funding will leave our vulnerable community members without support and hospitals, rural care sites, and other critical access providers in peril.”

Dr. Cindy Mars, PhD, Chief Executive Officer of UCPSA: “At UCPSA, we are encouraged by Representative Ciscomani’s support in opposing cuts to Medicaid. His action demonstrates a clear understanding of the essential role Medicaid plays in ensuring that individuals with disabilities can live with dignity and independence in their communities. We appreciate his commitment to protecting the services that uplift families and sustain the workforce that cares for our most vulnerable.”

Rhonda Murray, Chief Operating Officer of UCPSA: “The health, independence, and very futures of people with disabilities depend on the strength of Medicaid. Cutting it would have heartbreaking and irreversible consequences. We thank Representative Ciscomani for standing up for our communities and ask him to continue his support to protect Medicaid and the people who rely on it every day.”

Dr. Virginia Caine, President of the National Medical Association: “Medicaid helps to ensure that hospitals and other healthcare providers can serve those in need. The National Medical Association believes it is important not to sacrifice the health and dignity of our most vulnerable neighbors. Doing so could negatively impact health outcomes, including mortality rates, and management of chronic diseases. We are in full support of Medicaid and advocate for its continued use.”

Chiricahua Community Health Centers: “Congressman Juan Ciscomani once again showed courage by signing onto a second letter calling for the protection of Medicaid. It builds on his earlier advocacy with the Congressional Hispanic Conference and signals meaningful leadership. But this fight isn’t over. We’re counting on Congressman Ciscomani to keep standing strong for the health of Arizona’s families by protecting Medicaid – health insurance that not only supports those who qualify but additionally supports the entire structure of rural healthcare access.”

Carondelet Health Network: “We appreciate Congressman Ciscomani’s work to oppose cuts to the Medicaid program that would harm constituents, providers, and Arizona’s economy. He signed onto a letter to House Leadership making it clear that he will not vote in favor of legislation that reduces Medicaid benefits. We appreciated the opportunity to discuss the impact of cuts to the Medicaid program and for his leadership on this critical issue.”

The American Cancer Society in Arizona: “Thank you Rep. Ciscomani for publicly stating the importance of Medicaid for your constituents and people nationwide in your letter to House leadership. Medicaid is a lifeline for cancer patients and all those at risk of developing this disease.”

The Arc of Tucson: “Thank you Rep. Ciscomani for your courageous stand, along with twelve other members of the U.S. House of Representatives, by writing a letter urging Congress to protect Medicaid during budget negotiations. We commend these leaders for their commitment to protecting Medicaid.”

ANCOR: “ANCOR appreciates Representative Ciscomani’s leadership in speaking out at this crucial time as cuts to Medicaid threaten the ability of people with disabilities to remain in their homes and communities. We are grateful to the Congressman for his firm commitment to protecting Medicaid from cuts that would have harmful impacts on our communities, families, and the provider network that supports people with disabilities through critical long-term services and supports.”

The Federation of American Hospitals: “Thank you, Rep. Ciscomani, for your commitment to protecting coverage and access to healthcare for your 207,131 constituents on Medicaid and the millions more seniors, children, and people with disabilities who rely on the program.”

American Health Care Association: “Thank you to the twelve Republicans who are standing up for seniors and our most vulnerable on Medicaid, especially those in nursing homes. In a new letter, they draw a red line – protect Medicaid or risk losing support for the reconciliation bill.”

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MIL OSI USA News –

May 3, 2025
MIL-OSI USA: House Passes Bipartisan Legislation to Strengthen Protections Against Foreign Threats to U.S. Networks

Source: US Representative Tom Kean, Jr. (NJ-07)

Contact: Riley Pingree

(May 1, 2025) WASHINGTON, D.C. — This week, the House of Representatives passed H.R. 906, the Foreign Adversary Communications Transparency (FACT) Act.

Currently, U.S. law does not require public disclosure of companies tied to foreign adversaries operating in our technology and telecommunications markets. Although the Federal Communications Commission (FCC) is prohibited from issuing new licenses to entities deemed national security threats, some companies linked to adversarial governments still hold certain approvals.

This bicameral, bipartisan legislation, introduced by U.S. Representative Robert Wittman (VA-01) and co-led by Congressman Tom Kean, Jr. (NJ-07), would require the FCC to publish a list of companies that both hold FCC authorizations and have any ownership ties to adversarial foreign governments, including China, Russia, Iran, Venezuela, Cuba, and North Korea.

“This week, Congress voted to protect the security and privacy of every American,” said Congressman Kean. “I am pleased to have co-led this bipartisan effort, which strengthens the FCC’s ability to hold foreign adversaries like China and Russia accountable for exploiting our telecommunications infrastructure. The FACT Act is necessary to securing our networks and ensures Americans are no longer left in the dark about who has access to them. It is important that we work across the aisle to recognize this threat and to reinforce our national security.”

Congressman Wittman (VA-01) said, “The House’s passage of my bipartisan FACT Act marks real progress in countering foreign threats to our tech infrastructure. The Chinese Communist Party continues to use every tool at its disposal to surveil Americans and infiltrate our telecommunications and technology markets. This legislation is a critical step toward exposing the CCP’s malign influence and preventing foreign adversaries from having unfettered access to our telecommunications infrastructure. I’ll continue advocating for strong, bipartisan action to protect our national security.”

Congressman Brett Guthrie (KY-02), Chairman of the Committee on Energy and Commerce said, “The enemies of America have made a concerted effort to destabilize and undermine our communications networks. The FACT Act will increase awareness of whether companies with licenses or other authorizations to access our networks have ties to adversaries like China, Russia, North Korea, and Iran. I thank Rep. Kean for his work gathering overwhelming bipartisan support for this legislation to secure our infrastructure and improve our national security.”

Read the full text of the bill here.

Congressman Kean was the Republican lead of the FACT Act on the Energy and Commerce Committee, making this his first co-led bill and fourth cosponsored bill to pass the House during the 119th Congress.

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MIL OSI USA News –

May 3, 2025
MIL-OSI USA: Newhouse Leads Effort to Preserve Investments in Nuclear Energy

Source: United States House of Representatives – Congressman Dan Newhouse (4th District of Washington)

Headline: Newhouse Leads Effort to Preserve Investments in Nuclear Energy

WASHINGTON, D.C. – Today, Rep. Dan Newhouse (R-WA) led his colleagues in a letter to House Ways and Means Committee Chairman Jason Smith (R-MO) advocating for the preservation of critical tax credits for nuclear energy development.

“The United States is facing unprecedented demand for energy, and empowering nuclear development is critical in becoming truly energy dominant,” said Rep. Newhouse. “The federal investment we have seen so far is already delivering results by unlocking billions of dollars in private investments and putting the United States on track to be the global leader of reliable, affordable nuclear energy. Preserving these investments unleashes American energy and charts a course for production capabilities unlike anything we have ever seen.”

The letter, advocating for the preservation of Sections 45U, 45Y, and 48E of the Internal Revenue Code, was signed by 25 Members of Congress.

Read the full letter here.

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MIL OSI USA News –

May 3, 2025
MIL-OSI USA: Hoyer Announces Winner of the 2025 Fifth District Congressional Art Competition

Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

WASHINGTON, DC – Congressman Steny H. Hoyer (MD-05) announced the winner of the 2025 Fifth District Congressional Art Competition (CAC). Cynclair Wilson, a junior at Maurice J. McDonough High School in Charles County, won the competition with her piece titled “Ancestral Wisdom.”

Cynclair Wilson’s winning piece, “Ancestral Wisdom“

“Congratulations to Cynclair Wilson on winning the 2025 Fifth District Congressional Art Competition,” said Congressman Hoyer. “Her artwork is profoundly moving and heartfelt, and I am inspired by her ability to produce a work of art that is both skillful and deeply emotional to behold. I look forward to viewing her thought-provoking piece in the Capitol complex this year.”

“Iam deeply honored and humbled to receive this award for my piece Ancestral Wisdom in the Congressional Art Competition. This work is profoundly personal to me—it is a reflection of my identity as an African American woman, a tribute to the strength and pride of the ancestors who paved the way, and a visual echo of the struggles they endured so that I could stand here today. I am grateful for the opportunity to share this story, and I accept this recognition not only in celebration of the past, but also with hope for the future. Thank you for seeing me, and for honoring the legacy that lives through this art,” said Cynclair Wilson.

Cynclair Wilson lives in Charles County, Maryland. Her artwork, titled “Ancestral Wisdom,” was created using gouache paint and illustrates a depiction of a young girl with the hands of her ancestors on her shoulders. Behind her are representations of traumas of the past her ancestors have endured. The hands seem to be imparting their wisdom into her so that she can face the future with the lessons and experiences they have gained.

“I am also thrilled to congratulate our other top placement winners,” continued Congressman Hoyer. “Each piece of artwork demonstrated great skill, and I was extremely impressed by the creations. These submissions further highlight the outstanding talent of young people in Maryland’s Fifth District. I congratulate every student who participated in the 2025 competition. I want to especially thank the members of the art jury who took great care to carefully evaluate each piece and determine our 2025 winner. This was no easy feat with such a talented group of young Marylanders.”

2nd Place – Natalie Grosek; Calvert High School in Calvert County; “The Journey: Power and Hardships.”

3rd Place – Kendall Nosich; Homeschool in Charles County; “Work In Progress,” Acrylic on Canvas.

4th Place – Ryan Hatch; Leonardtown High School in St. Mary’s County; “Internal Hardware,” Acrylic, Charcoal on Paper, Clear Vinyl (2023 CAC Winner).

HONORABLE MENTIONS:

Lauren Little; South River High School in Anne Arundel County; “Grammy’s Front Yard,” Oil on Canvas.

Aspen Ellerbe; Leonardtown High School in St. Mary’s County; “Florilegium: To Gather a Bouquet of Sweet Literary Blossoms.“

MIL OSI USA News –

May 3, 2025
MIL-OSI New Zealand: Awards – Hamilton Apprentice Wins Prestigious Plumbing World Scholarship

Source: Master Plumbers Gasfitters and Drainlayers

Hamilton-based apprentice Rory Van Vroonhoven has been awarded one of three prestigious Plumbing World Scholarships, recognising his remarkable growth and clear passion for the plumbing industry over the past year.

Now in his third year with Masterlink, Rory received the scholarship at the 2025 New Zealand Plumbing Awards held on Friday 2 May in Brisbane, Australia.

Cody Hall, North Island Key Account Lead at C.F. Reese Plumbing-Rory’s host company and employer-praised Rory’s approach to his work in a letter of support.

“Rory tackles each issue or challenge and continually exceeds my expectations. Rory’s passion for the trade is evident in the way he asks questions about a specific task or problem, ingenious and well thought through.”

Rory’s enthusiasm has made a strong impact on his peers as well.

“Rory has been an inspiration to the new apprentices we have coming through, continually pushing others to reach outside their comfort zone and give it a go and teaching others of newly learned skills – a sign of a great tradesman in the making.”

Masterlink Regional Manager Russell Walsh also commended Rory’s rapid development.

“[He] is focused on career development and becoming the best he can be as part of an industry he is passionate about,” says Mr Walsh.

Walsh noted that Rory progressed from feeling overwhelmed by the scope of work offered by his employer to confidently taking ownership-recently completing an unsupervised repair on a water main critical to protecting one of the North Island’s main power sources.

The Plumbing World Scholarship recognises three Masterlink apprentices each year who demonstrate exceptional commitment, personal growth, and maturity. Recipients receive a $1,000 Plumbing World credit. The overall winner also earns registration, flights, accommodation, and a guest pass for the 2026 New Zealand Plumbing Conference.

Rory was joined by fellow scholarship recipient Blake Jones-Downes, while Trent Toomey was honoured as the overall winner of the 2025 Plumbing World Scholarship.

About Master Plumbers:

Master Plumbers, Gasfitters and Drainlayers NZ Inc (Master Plumbers) is the national membership organisation for plumbing, gasfitting and drainlaying businesses, with 18 regional Associations and Branches across New Zealand. Companies go through a Quality Assurance programme in order to become a member. We provide members with a wide range of resources and training opportunities to support them in staying up with the latest technologies, products and compliance requirements. We advocate on behalf of our members and our industry.

About Masterlink:

Masterlink, a group training scheme owned by Master Plumbers, provides managed mentored apprenticeships across New Zealand, with Regional Managers supporting the apprentices and the businesses who host them during their training.

About NZ Plumber:

NZ Plumber is the award-winning, bi-monthly magazine for New Zealand’s plumbers, gasfitters and drainlayers. It is owned by Master Plumbers.

MIL OSI New Zealand News –

May 3, 2025
MIL-OSI New Zealand: Awards – Jason Brown Plumbing & Gas named 2025 New Zealand Master Plumber of the Year

Source: Master Plumbers Gasfitters and Drainlayers

Wellington’s Jason Brown Plumbing & Gas has been named the 2025 New Zealand Master Plumber of the Year, recognising their outstanding contribution to the plumbing industry, excellence in business practice, and commitment to community service.

This top national award was presented at the New Zealand Plumbing Awards ceremony on Friday 2 May, held this year in Brisbane.

Founded in 2005 by Jason and Kirstie Brown, the family business has grown from humble beginnings into a trusted name in Wellington regions’ plumbing sector. Their reputation for professionalism, quality workmanship and strong community ties stood out to the judges, earning them this top national honour.

“Jason Brown Plumbing & Gas represents the very best of our industry – skilled, trusted, and deeply committed to their community,” said Master Plumbers Chief Executive Greg Wallace.

“Jason and Kirstie exemplify the values we strive for across our membership, setting a high standard for quality work, business leadership and customer care,” says Mr Wallace.

At the heart of the business is Jason, a Certifying Plumber, Gasfitter and Drainlayer, who has built a team culture focused on quality, integrity and service excellence. Every job is approached with meticulous attention to detail, earning the business a loyal client base that values their friendly, honest and dependable service.

The team is particularly proud of their work on the Wellington residence picked for the Master Builders 2024 National Supreme House of the Year.

Beyond the tools, Jason has made a strong impact at the local level, supporting schools, sports teams and community initiatives – reinforcing their commitment to giving back to the region that has supported their growth.

The business’s steady growth reflects a strong focus on professional development and resilience. Diversification into specialised drainage services has added further strength, ensuring stability through economic challenges.

With Jason’s natural ability to mentor and empower people, training the next generation of tradespeople remains a key priority, with hands-on apprenticeships and in-house leadership development workshops helping to build a skilled, confident workforce for the future.

Winning the 2025 New Zealand Master Plumber of the Year Award is a fitting recognition of Jason Brown Plumbing & Gas’s continued excellence, innovation, and community spirit.

About Master Plumbers:

Master Plumbers, Gasfitters and Drainlayers NZ Inc (Master Plumbers) is the national membership organisation for plumbing, gasfitting and drainlaying businesses, with 18 regional Associations and Branches across New Zealand. Companies go through a Quality Assurance programme in order to become a member. We provide members with a wide range of resources and training opportunities to support them in staying up with the latest technologies, products and compliance requirements. We advocate on behalf of our members and our industry.

About Masterlink:

Masterlink, a group training scheme owned by Master Plumbers, provides managed mentored apprenticeships across New Zealand, with Regional Managers supporting the apprentices and the businesses who host them during their training.

About NZ Plumber:

NZ Plumber is the award-winning, bi-monthly magazine for New Zealand’s plumbers, gasfitters and drainlayers. It is owned by Master Plumbers.

MIL OSI New Zealand News –

May 3, 2025
MIL-OSI New Zealand: Awards – Wellington Tradesperson Wins Prestigious James Douglas Medallion at the 2025 New Zealand Plumbing Awards

Source: Master Plumbers Gasfitters and Drainlayers

Wellington Plumber, Gasfitter and Drainlayer Andrew Smith has been awarded the prestigious James Douglas Medallion at the 2025 New Zealand Plumbing Awards in Brisbane, recognising his exceptional commitment, technical excellence, and leadership within the industry.

Employed by E.G. Glennie & Co, Andrew has demonstrated an outstanding combination of practical skill, technical aptitude, and professionalism since joining the company. According to his nominators, company owners Mike Gooch and Gordon Diggle, Andrew’s natural talent for the trades has been matched by his drive to continually broaden his knowledge and leadership abilities.

“Andrew has become a true all-rounder at E.G. Glennie & Co,” said Mike Gooch. “From tackling technical problem-solving and calculations to working on the tools, he approaches every task with diligence and enthusiasm. His leadership, work ethic, and thirst for improvement set him apart.”

Andrew’s progression within the company has seen him rise to lead projects, price jobs, liaise with clients, and mentor fellow team members. His systematic approach to his work and tenacious attitude have resulted in him passing both his Tradesman and Certifying exams with flying colours.

“Andrew’s willingness to tackle any job – whether it’s designing an installation or unblocking a drain – shows his commitment to both the craft and our clients,” added Gordon Diggle. “He is an integral part of our succession plan and a key leader within our 10-person team.”

Praised for his polite, professional manner and technical expertise, Andrew has a passion for new ideas and technology, particularly in areas such as gas servicing, solar water heating, and problem-solving for complex installations. His initiative in seeking out knowledge and going the extra mile for clients and colleagues alike has earned him widespread respect within the company.

The James Douglas Medallion is one of the highest honours in New Zealand’s plumbing industry, awarded annually since 1948 to recognise outstanding recently qualified tradespersons. As the 2025 recipient, Andrew receives a $500 cash prize and a Career Development Scholarship valued at $2,500 from Skills Group, aimed at further supporting his professional growth.

About Master Plumbers:

Master Plumbers, Gasfitters and Drainlayers NZ Inc (Master Plumbers) is the national membership organisation for plumbing, gasfitting and drainlaying businesses, with 18 regional Associations and Branches across New Zealand. Companies go through a Quality Assurance programme in order to become a member. We provide members with a wide range of resources and training opportunities to support them in staying up with the latest technologies, products and compliance requirements. We advocate on behalf of our members and our industry.

About Masterlink:

Masterlink, a group training scheme owned by Master Plumbers, provides managed mentored apprenticeships across New Zealand, with Regional Managers supporting the apprentices and the businesses who host them during their training.

About NZ Plumber:

NZ Plumber is the award-winning, bi-monthly magazine for New Zealand’s plumbers, gasfitters and drainlayers. It is owned by Master Plumbers.

MIL OSI New Zealand News –

May 3, 2025
MIL-OSI New Zealand: Awards – Winners will not know they have won until it is announced at tonight’s awards

Source: Master Plumbers Gasfitters and Drainlayers

Taupō-based apprentice Blake Jones-Downes has been awarded one of three prestigious Plumbing World Scholarships, recognising his initiative, professionalism, and versatility at such an early stage in his career.

The third-year Masterlink apprentice received the Scholarship at the 2025 New Zealand Plumbing Awards held on Friday 2 May in Brisbane, Australia.

Blake’s journey has been one of grit, growth, and drive to succeed. From managing his own vehicle to delivering top-tier service and continually finding ways to overcome challenges, he exemplifies everything the industry looks for in its future leaders. His reputation among clients and colleagues alike speaks volumes – he is dependable, skilled, and committed.

Nina Andrews, host employer and Director of McBeth Plumbing & Gas in Taupō, described Blake as a “rising star” in support of his nomination for the scholarship, adding that he is “more than an asset to the business; he’s a shining example of what’s possible when passion, resilience, and innovation come together.”

When asked what achievements and contributions he’s most proud of, Blake says:

“I’m most proud of the work I do that genuinely makes a difference – whether it’s solving a problem for a customer or getting a system back up and running. I’ve always been someone who enjoys problem-solving and figuring out how things work, so being able to do this professionally as part of my trade qualification is something I really love.”

“Blake’s combination of technical expertise, initiative, and work ethic make him an essential part of the business. He goes beyond simply completing tasks – he consistently adds value, demonstrating that he’s not just an apprentice but a future leader in the industry,” says Ms Andrews.

“There is no doubt that he has a bright future ahead, and this award would be a well-earned recognition of his dedication and achievements,” says Ms Andrews.

The Plumbing World Scholarship recognises three Masterlink apprentices each year who demonstrate exceptional commitment, personal growth, and maturity. Recipients receive a $1,000 Plumbing World credit. The overall winner also earns registration, flights, accommodation, and a guest pass for the 2026 New Zealand Plumbing Conference.

Blake was joined by fellow scholarship recipient Rory Van Vroonhoven, while Trent Toomey was honoured as the overall winner of the 2025 Plumbing World Scholarship.

About Master Plumbers:

Master Plumbers, Gasfitters and Drainlayers NZ Inc (Master Plumbers) is the national membership organisation for plumbing, gasfitting and drainlaying businesses, with 18 regional Associations and Branches across New Zealand. Companies go through a Quality Assurance programme in order to become a member. We provide members with a wide range of resources and training opportunities to support them in staying up with the latest technologies, products and compliance requirements. We advocate on behalf of our members and our industry.

About Masterlink:

Masterlink, a group training scheme owned by Master Plumbers, provides managed mentored apprenticeships across New Zealand, with Regional Managers supporting the apprentices and the businesses who host them during their training.

About NZ Plumber:

NZ Plumber is the award-winning, bi-monthly magazine for New Zealand’s plumbers, gasfitters and drainlayers. It is owned by Master Plumbers.

MIL OSI New Zealand News –

May 3, 2025
MIL-OSI New Zealand: Awards – 2025 New Zealand Plumbing Conference Awards: Full list of winners

Source: Master Plumbers Gasfitters and Drainlayers

Master Plumbers is pleased to announce the winners and finalists awarded at the 2025 New Zealand Plumbing Awards on Friday 2 May. The New Zealand Plumbing Awards wraps up our annual New Zealand Plumbing Conference, this year held in Brisbane, Australia.

Plumbing World Scholarships

Plumbing World Scholarships are awarded to three Masterlink apprentices who have demonstrated diligence in their assignment completions, and maturity and personal growth over the past year. They are a true asset to their Masterlink Host business.

Winners receive a $1,000 credit at Plumbing World, with the overall winner receiving registration, tickets and travel to the 2026 New Zealand Plumbing Conference.

WINNER Blake Jones-Downes – McBeth Plumbing & Gas, Taupō

WINNER Rory van Vroonhoven – CF Reese Plumbing, Hamilton

OVERALL WINNER Trent Toomey – Gas & Water Limited, Dunedin

Mark Whitehead Training Leader of the Year

This award recognises an individual who has gone beyond the call of duty to help educate and support people entering the industry. The winner will have demonstrated a true commitment to young people entering the industry, and an understanding of efforts required in building knowledge and standards within the sector. He or she deserves to be recognised for hard work and dedication to strengthening the industry.

WINNER Jacob Smith – Plumbing & Gas Works, Hamilton

Product of the Year

This award recognises the significant contribution to product development of a company or individual in the plumbing, gasfitting and drainlaying industry in the past year.

WINNER Aladdin Easyfit Isolator – Plumbing World

New Zealand Plumber, Gasfitter or Drainlayer Employee of the Year

This award recognises excellence in the trade skills of an individual Certifying Plumber, Gasfitter or Drainlayer, who is a respected member of their trade and known for their leadership skills. The winner will have demonstrated ability in trade calculations; in the selection of materials appropriate to the specifications and design of their work; and in applying relevant documentation and regulatory compliance to their work.

WINNER Darrin Minifie – DL Good Plumbers, Auckland

Outstanding Projects Award

The award recognises an exceptional project that displays excellence and high levels of innovative plumbing, gasfitting and drainlaying methods, the use of new materials or the innovative use of existing materials.

WINNER Hockly Plumbers, Wellington, for their work on Ngā Mokopuna The Living Building

James Douglas Medallion

The prestigious James Douglas Medallion has been awarded each year since 1948. It recognises outstanding recently qualified tradespersons who have demonstrated hard work, commitment, and determination to achieve industry success. Young people are the lifeblood of our industry, and it is important we can attract and retain the best young people entering the workforce.

The overall James Douglas Medallion recipient will be chosen from these three finalists and will receive a $500 cash prize together with a Career Development Scholarship to the value of $2,500 from The Skills Organisation. This is a major prize designed to build the winner’s career progression.

PLUMBING FINALIST Andrew Smith – E.G. Glennie & Co Ltd

GASFITTING FINALIST Marieke Oram – Clyne and Bennie Ltd

DRAINLAYING FINALIST Daniel Collins – Evergreen Plumbing Group Ltd

WINNER Andrew Smith – E.G. Glennie & Co Ltd

Jackson Women in Plumbing

This award recognises a woman who has made an outstanding contribution to the plumbing, gasfitting or drainlaying industry.

WINNER Andrea Lovell – Heron Plumbing, Auckland

Graeme Victor Smith Contribution to the Industry

This award is presented in recognition of values important to Graeme Smith’s career and personal involvement in the industry. It recognises commitment to Master Plumbers, to the industry, to running a successful business and to developing young and future plumbers.

WINNER Aaron Rink – CF Reese Plumbing, Hamilton

Master Plumbers Business Partner of the Year

This award recognises a Master Plumbers business partner who is commitment to Master Plumbers as well as contributes and supports the success of the plumbing, gasfitting and drainlaying industry.

WINNER Allproof Industries

New Zealand Master Plumber of the Year

This award recognises a Master Plumbers member that can clearly demonstrate its business acumen and drive for success. The recipient will exemplify the highest levels of professionalism and service.

WINNER Jason Brown Plumbing & Gas

About the New Zealand Plumbing Awards

The New Zealand Plumbing Awards acknowledge the many positive achievements and success stories in the plumbing, gasfitting and drainlaying industry and are presented at a gala dinner on the final night of the annual New Zealand Plumbing Conference. Organised by Master Plumbers, the national conference has been held for over 100 years and is the premier event in the plumbing, gasfitting and drainlaying industry, with attendees coming from all over the country.

About Master Plumbers:

Master Plumbers, Gasfitters and Drainlayers NZ Inc (Master Plumbers) is the national membership organisation for plumbing, gasfitting and drainlaying businesses, with 18 regional Associations and Branches across New Zealand. Companies go through a Quality Assurance programme in order to become a member. We provide members with a wide range of resources and training opportunities to support them in staying up with the latest technologies, products and compliance requirements. We advocate on behalf of our members and our industry.

About Masterlink:

Masterlink, a group training scheme owned by Master Plumbers, provides managed mentored apprenticeships across New Zealand, with Regional Managers supporting the apprentices and the businesses who host them during their training.

About NZ Plumber:

NZ Plumber is the award-winning, bi-monthly magazine for New Zealand’s plumbers, gasfitters and drainlayers. It is owned by Master Plumbers.

MIL OSI New Zealand News –

May 3, 2025
MIL-OSI New Zealand: Awards – Dunedin apprentice Trent Toomey named overall winner of Plumbing World scholarship at 2025 New Zealand Plumbing Awards

Source: Master Plumbers Gasfitters and Drainlayers

Dunedin apprentice Trent Toomey has been named the overall winner of the prestigious Plumbing World Scholarship, recognised for his outstanding dedication, determination, and maturity well beyond his 21 years.

The third-year Masterlink apprentice was presented with his Plumbing World Scholarship at the 2025 New Zealand Plumbing Awards Ceremony on Friday 2 May, held this year in Brisbane, Australia.

Toomey’s ambition and determination to succeed made him a standout nominee. His host company and employers, Shelley and Sean Reynolds, owners of Gas and Water Ltd. in Dunedin, highlighted his strong work ethic and proactive attitude.

“Trent actively seeks out areas where he can contribute, anticipating how the job is to be done, and is eager to learn new skills,” they shared, adding, “If Trent completes his scheduled work before the end of the working day, he does not hesitate to request additional jobs,” say Shelley and Sean Reynolds.

His eagerness to learn has meant in just three years, Toomey has already passed his plumbing, gasfitting, and drainlaying registration exams with high marks, and was able to complete his certifying exams in March.

The Reynolds’ noted that Toomey’s value to the company goes well beyond his technical skills, reflecting his broader contributions to the team and the industry.

“Trent turns up to work every day with a smile on his face and is enthusiastic no matter what job he has been assigned for the day”.

Last year, Toomey won the Trustees Apprentice Award for Otago at the 2024 Mac Mackenzie Trust Awards, recognising second-year apprentices who excel in their training or overcome significant challenges.

Toomey’s Masterlink Regional Manager, Danny Ledwith, also praised his determination and initiative.

“Twelve months ago, Trent took full responsibility for his learning and committed to completing all of his online and on-job assessments, impressively getting ahead of the curriculum by finishing assessments before they were even released. His proactive attitude toward his apprenticeship is a clear demonstration of his personal growth and maturity,” says Mr Ledwith.

The Plumbing World Scholarship is awarded annually to three Masterlink apprentices who show outstanding commitment, personal growth, and maturity. Winners receive a $1,000 credit at Plumbing World, with the overall winner also receiving conference registration to the 2026 New Zealand Plumbing Conference, including flights, accommodation, and a guest ticket for the New Zealand Plumbing Awards.

In addition to Toomey, Blake Jones-Downes and Rory Van Vroonhoven also received the 2025 Plumbing World Scholarship, each taking home a $1,000 Plumbing World credit and tickets to attend the 2026 New Zealand Plumbing Conference.

About Master Plumbers:

Master Plumbers, Gasfitters and Drainlayers NZ Inc (Master Plumbers) is the national membership organisation for plumbing, gasfitting and drainlaying businesses, with 18 regional Associations and Branches across New Zealand. Companies go through a Quality Assurance programme in order to become a member. We provide members with a wide range of resources and training opportunities to support them in staying up with the latest technologies, products and compliance requirements. We advocate on behalf of our members and our industry.

About Masterlink:

Masterlink, a group training scheme owned by Master Plumbers, provides managed mentored apprenticeships across New Zealand, with Regional Managers supporting the apprentices and the businesses who host them during their training.

About NZ Plumber:

NZ Plumber is the award-winning, bi-monthly magazine for New Zealand’s plumbers, gasfitters and drainlayers. It is owned by Master Plumbers.

MIL OSI New Zealand News –

May 3, 2025
MIL-OSI Europe: Building Climate Resilience: OSCE Chairpersonship Event in Vienna

Source: Organization for Security and Co-operation in Europe – OSCE

Headline: Building Climate Resilience: OSCE Chairpersonship Event in Vienna

VIENNA, 2 May 2025 – Over 140 participants from OSCE Participating States, Partners for Co-operation, OSCE Institutions, civil society, and international organizations gathered in Vienna for the “Resilient Together in a Changing Climate” Chairpersonship Event, organized under Finland’s 2025 OSCE Chairpersonship on 28 to 29 April 2025.
The event addressed the interconnected challenges of climate change, energy security, biodiversity protection, and political stability, emphasizing the need for comprehensive, inclusive approaches to enhance resilience across the OSCE area.
Opening the event, Vesa Häkkinen, Chairperson of the OSCE Permanent Council and Permanent Representative of Finland to the OSCE, said, “The OSCE has been proactive in addressing the implications of environmental degradation, energy security, and climate change as part of its comprehensive concept for security.” In recognition of this year’s 50-year anniversary of the Helsinki Final Act, he added that “respect for the OSCE’s core principles must remain the basis of all action”.
In her keynote, Special Representative of the Chairperson-in-Office on Climate and Security Kerstin Stendahl underlined: “In today’s turbulent world, the concept of the triple planetary crisis is evolving into that of a polycrisis, which includes other elements of discord such as wars, financial crises, social inequalities, and technological disruptions.”
Bakyt Dzhusupov, Co-ordinator of OSCE Economic and Environmental Activities, focused on the need for resilient energy systems: “Developing climate-resilient energy systems that are adaptive, efficient, and innovative is essential — not only to confront rising challenges but also to advance secure, equitable, and reliable energy access for all.”
Throughout the sessions, participants shared practical approaches to building resilience, discussed future scenarios for climate-related risks, and highlighted the importance of joint efforts across sectors and borders. The war against Ukraine featured in all sessions, with the Deputy Minister of Energy of Ukraine also appearing as high-level speaker.
A field visit on 29 April offered participants the opportunity to observe local initiatives integrating renewable energy generation with biodiversity protection, underscoring the importance of addressing both energy development and ecosystem preservation in the context of climate resilience.
Organized with the Office of the Co-ordinator of OSCE Economic and Environmental Activities, the event reflects Finland’s 2025 Chairpersonship priorities to enhance security through a whole-of-society approach to environmental challenges, climate change, and sustainable development.

MIL OSI Europe News –

May 3, 2025
MIL-OSI Security: Call for Abstracts Deadline Extended: Conference on Radiation Protection in Medicine — X Ray Vision

Source: International Atomic Energy Agency – IAEA

(Graphic: P. Gregory/IAEA)

The deadline to submit abstracts for scientific posters for the IAEA’s International Conference on Radiation Protection in Medicine — X Ray Vision to be hosted in Vienna, Austria from 8 t0 12 December 2025, has been extended to 30 May 2025.

The conference, co-sponsored by the World Health Organization and the Pan American Health Organization, will extend on the achievements of previous IAEA conferences on the topic held in 2012 and 2017 focusing on the radiation protection and safety of patients and health professionals undergoing or using radiation to diagnose and treat health conditions.

The latest research shows that about 4.2 billion medical radiological examinations are performed each year, and this number continues to grow: for example, more computed tomography (CT) scanners are being installed in clinics around the world to replace conventional X ray procedures, while in nuclear medicine therapy, there is increasing use of radionuclides for treating metastatic cancer cells. In addition, an estimated 6.2 million courses of radiation therapy treatment are performed each year. New medical radiation technology and procedures continue to be developed.

“The conference will review significant global developments in the radiation protection of patients and health professionals taking into account current trends and advances in medical radiation technology and procedures,” said Hildegarde Vandenhove, Director of the IAEA Division of Radiation, Transport and Waste Safety.

“By bringing together experts in the field we aim to identify future challenges and opportunities so that we can all benefit from the latest technologies in the safest possible way,” added Vandenhove.

MIL Security OSI –

May 3, 2025
MIL-OSI United Kingdom: Just Transition Fund reopens for applications
Source: Scottish Government

£8.5 million to support new projects in the North East and Moray.

Communities across the North East and Moray will benefit from over £8 million of funding to create jobs in low carbon industries and enhance green and net zero skills.

The Scottish Government’s Just Transition Fund (JTF) helps finance industry and community projects working towards the transition to net zero by creating green jobs, supporting innovation, and securing the highly skilled workforce of the future.

The JTF will be reopen for applications for the first time since 2022, and the Scottish Government is urging organisations, businesses and communities to apply for funding to support new projects.

Since 2022, a total of £75 million has been invested through the fund supporting projects including:
- a ‘Digital Innovation Lab’ which provides immersive technology to help the construction sector decarbonise
- a travelling skills hub which provides training, STEM engagement and job up-skilling sessions to communities across the North East
- interventions designed to meet training needs based on work done to identify net zero training opportunities and areas of future demand
- industry-led development of an energy skills passport, a free tool for offshore oil and gas workers to identify training and qualifications routes into roles in the offshore wind sector
Acting Net Zero Secretary Gillian Martin announced the JTF will reopen for applications during a site visit to offshore wind assembly company, Sarens PSG. The organisation received £150,000 through the JTF’s Supply Chain Pathway and Energy Transition Challenge Fund delivered by ETZ Ltd, to upgrade their site to train the next generation of offshore wind technicians, engineers and operators.

Ms Martin said:

“Scotland’s innovation, expertise and vast renewable energy resources will not only benefit the planet – but deliver new economic opportunities and new jobs for households and communities across the country.

“It is vital that as we move towards net zero, workers, communities and businesses are able to capture the opportunities that the transition brings, and I have seen first-hand today the positive impact that the Just Transition Fund is having on people in the North East.

“From enabling pioneering research that is accelerating the energy transition to providing skills interventions that directly support the transferability of the existing workforce – the Just Transition Fund is helping to safeguard jobs and livelihoods in the region for future generations.

“This new £8 million funding from the Scottish Government responds directly to the immediate priorities within the region and will support projects with a specific focus on jobs, skills and economic opportunities. I strongly believe the North East will continue to be a titan in energy and that Scotland’s greatest contribution to the global climate challenge is our renewable energy potential. The Just Transition Fund is an important part of a wider programme of investment to deliver on that potential, including the Energy Transition Fund and our £125 million investment in the City Region Deal.”

Maggie McGinlay, Chief Executive of ETZ Ltd, said:

“The supply chain is the very lifeblood of our energy sector and it is vital that we provide companies with the support required to capitalise on the vast opportunities that energy transition provide.

“The Challenge Fund was established to accelerate the development of new industry-related facilities, new equipment and existing infrastructure upgrades – including digital infrastructure – and to drive innovation and market entry into low carbon and green energy opportunities.

“To date, the fund has awarded £5.27 million to 41 companies across Aberdeen City, Aberdeenshire and Moray, successfully unlocking an additional £12.85 million in private investment so the strong appetite for energy transition across the region’s supply chain is evident. We welcome the Scottish Government’s ongoing support for this targeted initiative and the role ETZ Ltd has played as a valued partner of choice in delivering it.”

David Reid, Highlands and Islands Enterprise Area Manager for Moray, said:

“We’re pleased that JTF funding for 2025-26 has opened for applications. Moray has many close ties, economically and geographically, to Aberdeen and Aberdeenshire. This puts us in a strong position to capitalise on being part of the area on which the fund is focused.

“I’d therefore encourage businesses, third sector enterprises and public sector partners with projects across Moray to register their interest in support from the fund.”

Background

Applications will open on Tuesday 6 May at Just Transition Fund.

Green industrial strategy – gov.scot

Sarens PSG received £150,000 through ETZ Ltd’s Supply Chain Pathway and Energy Transition Challenge Fund in 2024-25. The funding enabled upgrading of a recently acquired site at the ETZ Altens, Aberdeen. This comprised improvements to workshop facilities, operational equipment and site energy efficiency. Upgrades to the site will also enable training of the next generation of offshore wind technicians, engineers and operators.

This additional funding will be delivered alongside our continued commitment to £1 million per year for community projects through Just Transition Participatory Budgeting to ensure communities can have a direct say on where money is spent.
MIL OSI United Kingdom –
May 3, 2025
MIL-OSI: TurnOnGreen, Inc. Reports Strong Electric Vehicle Charging Network Growth in 2024
Source: GlobeNewswire (MIL-OSI)

MILPITAS, Calif., May 02, 2025 (GLOBE NEWSWIRE) — TurnOnGreen, Inc. (OTC:TOGI) (“TurnOnGreen” or the “Company”), a developer and provider of electric vehicle (“EV”) charging solutions and mission-critical power electronics products, today announced significant operational growth and market expansion for the fiscal year 2024, reinforcing the Company’s upward trajectory in the North American EV infrastructure sector.

Key 2024 Highlights:
- Network Expansion: EV charging infrastructure footprint grew to 28 U.S. states and two provinces in Canada.
- Port Growth: 37% year-over-year increase in networked EV charging ports.
- Energy Dispensed: 735,942 kWh delivered across the TurnOnGreen network — a 98% increase year-over-year.
- User Growth: 13,460 unique drivers accessed TurnOnGreen charging ports or a 89% year-over-year increase.
- Charging Time: Drivers spent 74,620 hours charging on the TurnOnGreen network in 2024 an increase of 164% compared to 2023.
“These metrics reflect accelerating demand for TurnOnGreen’s reliable and scalable charging infrastructure,” said Marcus Charuvastra, President of TurnOnGreen. “Our continued expansion across North America, coupled with a sharp increase in network activity, demonstrates the strong execution of our growth strategy and the rapid adoption of our recurring user base.”

The Company attributes its growth to a combination of strategic partnerships, expanded deployment in key metropolitan and secondary markets, and increased utilization across its municipal fleets, hospitality, education and commercial segments. TurnOnGreen’s integrated hardware and network management platform enables real-time data analysis, dynamic pricing and driver engagement, which the Company sees as core differentiators in the highly competitive EV charging sector.

“As the preferred charging partner for school districts, utilities and major hotel brands, TurnOnGreen is committed to continuing to expand its North American EV charging footprint,” said Amos Kohn, the Company’s Chairman and Chief Executive Officer. “We continue to focus on capturing high-growth market opportunities and expanding our subscription base on an annual basis,” added Mr. Kohn.

Outlook
TurnOnGreen intends to capitalize on the momentum built in 2024 with further network expansion, ongoing R&D investment, and pursuit of high-impact opportunities across the public and private sectors. Management remains focused on delivering long-term shareholder value through disciplined execution, scalable infrastructure development, and revenue growth.

About TurnOnGreen

TurnOnGreen, Inc. (OTC: TOGI) designs and manufactures innovative, feature-rich, top-quality power products for mission-critical applications, lifesaving and sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications, and e-mobility. TurnOnGreen brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. TurnOnGreen headquarters are located in Milpitas, CA; www.TurnOnGreen.com.

Forward-Looking Statements

This press release contains “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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q, and 8-K. All filings are available at www.sec.gov and the Company’s website at www.TurnOnGreen.com.

TurnOnGreen Investor Contact:
IR@TurnOnGreen.com or (877) 634-0982

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e939d485-a2dc-43f7-9f1e-7ca7c4765557

The MIL Network –
May 3, 2025
MIL-OSI USA: President Trump Finally Ends the Madness of NPR, PBS

US Senate News:

Source: The White House
Last night, President Donald J. Trump signed an executive order ending the taxpayer subsidization of National Public Radio (NPR) and the Public Broadcasting Service (PBS) — entities that receive tens of millions of dollars in taxpayer funds each year to spread radical, woke propaganda disguised as “news.”
Here are some examples of the trash that has passed for “news” at NPR and PBS:
NPR ran a story titled “Cannibalism: It’s ‘Perfectly Natural,’” in which an author described eating another human’s placenta: “It was really the prep that made it taste good. Granted, the [husband] was a chef and so he knew how to prepare it osso bucco style and used a really nice wine I had brought. It smelled great. It didn’t taste bad.”
In 2021, NPR declared the Declaration of Independence to be a document with “flaws and deeply ingrained hypocrisies.”
In 2022, NPR scrapped its decades-long Independence Day tradition of reading the Declaration of Independence on air to instead discuss “equality.”
NPR subsequently issued an “editor’s note” warning the Declaration of Independence is “a document that contains offensive language.”

NPR apologized for calling illegal immigrants “illegal.”
NPR sounded the alarm about young men who abstain from masturbating to pornography.
NPR featured a Valentine’s Day story centered around “queer animals,” in which it suggested the make-believe clownfish in “Finding Nemo” would’ve been better off as a female, that “banana slugs are hermaphrodites,” and that “some deer are nonbinary.”
PBS devoted a panel to what it “mean[s] to be woke” and “white privilege.”
NPR routinely promotes the chemical and surgical mutilation of children as so-called “gender-affirming care” without mentioning the irreversible damage caused by these procedures.
In 2021, a PBS station aired a “children’s program” that featured a drag queen named “Lil’ Miss Hot Mess.”
NPR educated the nation on the “whole community of genderqueer dinosaur enthusiasts” and “trans-ceratops.”
Then-PBS White House Correspondent Yamiche Alcindor characterized President Trump’s patriotic 2020 Mount Rushmore speech as a love letter to “white resentment” that promoted the “myth of America.”
NPR reported on the “cousin of diet culture” known as “healthism, which is the idea that we have to be healthy” — as if that was a bad thing.
NPR assigned three reporters to investigate how the thumbs-up emoji is racist.
NPR suggested doorway sizes are based on “latent fatphobia.”
PBS produced an entire movie celebrating a transgender teenager’s so-called “changing gender identity.”
NPR absurdly claimed “limited scientific evidence of physical advantage” exists between male and female athletes.
NPR lamented that “animals deserve pronouns, too.”
NPR ran a feature titled “What ‘Queer Ducks’ can teach teenagers about sexuality in the animal kingdom.”
In 2023, PBS’s Washington Week roundtable covered up Joe Biden’s clear mental decline, with far-left “journalist” Jeffrey Goldberg claiming Biden was actually “quite acute.”
NPR dedicated an entire segment to the “population of anthropomorphic animal enthusiasts known as ‘furries.’”
PBS produced a documentary making the case for reparations.
NPR disparagingly referred to pro-life Americans at the March for Life as “anti-abortion rights activists.”
NPR explored “the racial origins of fat phobia.”
NPR management asked its editors to avoid the term “biological sex” when discussing transgender issues.
PBS show Sesame Street partnered with CNN on a one-sided narrative to “address racism” amid the Black Lives Matter riots.
NPR and PBS have zero tolerance for non-leftist viewpoints:
In 2020, NPR refused to cover the explosive Hunter Biden laptop scandal in the runup to the election, baselessly claiming its “assertions don’t amount to much” and writing they “don’t want to waste the listeners’ and readers’ time on stories that are just pure distractions.”
When a 25-year veteran NPR reporter and editor spoke out about the network’s obsession with liberal causes, they suspended him.
The editor found that registered Democrats outnumbered Republicans 87 to zero in their newsroom.
NPR prolifically reported on the Russian collusion hoax, with the editor describing “[Adam] Schiff talking points” as “the drumbeat of NPR news reports.”

NPR CEO Katherine Maher once called President Trump “racist,” shared a photo of herself wearing a “Biden for President” campaign hat, serves on the board of a Soros-funded activist group, and described “reverence for the truth” as a “distraction.”
In 2023, a study found that congressional Republicans saw 85% negative coverage while congressional Democrats saw 54% positive coverage on PBS’s flagship news program.
According to a 2024 study, PBS news staff used 162 variations of the term “far-right,” but only six variations of “far-left.”
Media bias rating agency AllBias — which surveyed nearly 24,000 readers — found NPR’s bias aligns with “liberal, progressive or left-wing thought and/or policy agendas.”
NPR repeatedly dismissed the theory that COVID-19 originated in a lab — a conclusion now deemed likely by the FBI, CIA, and Department of Energy.
April 2020: “Scientists Debunk Lab Accident Theory Of Pandemic Emergence”
May 2020: “As Trump Pushes Theory Of Virus Origins, Some See Parallels In Lead-Up To Iraq War”
May 2021: “Many Scientists Still Think The Coronavirus Came From Nature”
March 2023: “Virologist says COVID origin report could make it harder to study dangerous diseases”
September 2024: “New research points to raccoon dogs in Wuhan market as pandemic trigger. It’s controversial”

A 2024 Media Research Center study found that PBS’s coverage of the Republican National Convention was 72% negative, while coverage of the Democratic National Convention was 88% positive.

MIL OSI USA News –

May 3, 2025
MIL-OSI USA: 2025-59 HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL, SUES FOSSIL FUEL INTERESTS FOR CLIMATE DECEPTION
Source: US State of Hawaii

2025-59 HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL, SUES FOSSIL FUEL INTERESTS FOR CLIMATE DECEPTION

Posted on May 1, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF THE ATTORNEY GENERAL

KA ʻOIHANA O KA LOIO KUHINA

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

ANNE LOPEZ

ATTORNEY GENERAL

LOIO KUHINA

HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL

Hawaiʻi Sues Fossil Fuel Interests for Climate Deception

News Release 2025-59

FOR IMMEDIATE RELEASE

May 1, 2025

HONOLULU – Attorney General Anne Lopez condemns the U.S. Department of Justice lawsuit, filed in the U.S. District Court for the District of Hawaiʻi on April 30, 2025, seeking to preemptively halt a separate lawsuit against Big Oil companies for their deceptive conduct leading to the current climate crisis:

Attorney General Lopez said: “We have an obligation to the people of Hawaiʻi, to do everything in our power to fight deceptive practices from these fossil fuel companies that erode Hawaiʻi’s public health, natural resources and economy. The federal lawsuit filed by the Justice Department attempts to block Hawaiʻi from holding the fossil fuel industry responsible for deceptive conduct that caused climate change damage to Hawaiʻi.”

Governor Josh Green, M.D. states: “Hawaiʻi suffered a devastating climate-driven, wildfire-initiated disaster on Maui that resulted in the tragic loss of 102 lives and billions of dollars in damage. This climate-related wildfire was the deadliest in United States history in more than a century.”

“The use of the United States Department of Justice to fight on behalf of the fossil fuel industry is deeply disturbing and is a direct attack on Hawaiʻi’s rights as a sovereign state,” added Attorney General Lopez. “The state of Hawaiʻi will not be deterred from moving forward with our climate deception lawsuit. My department will vigorously oppose this gross federal overreach.”

Notwithstanding the federal lawsuit, Governor Josh Green M.D., and Attorney General Lopez today announced a lawsuit against fossil fuel companies for their deceptive conduct and failure to warn about their products’ climate change danger, now harming Hawaiʻi’s public health, infrastructure, natural resources and economy. The lawsuit was filed in the Circuit Court of the First Circuit.

“The climate crisis is here, and the costs of surviving it are rising every day,” said Governor Green. “Hawaiʻi taxpayers should not have to foot that bill. The burden should fall on those who deceived and failed to warn consumers about the climate dangers lurking in their products. This lawsuit is about holding those parties accountable, shifting the costs of surviving the climate crisis back where they belong, and protecting Hawaiʻi citizens into the future.”

The state’s lawsuit names seven groups of affiliated fossil fuel companies and the American Petroleum Institute, the largest oil and gas trade association in the United States. It alleges seven causes of action against all defendants, including violations of Hawaiʻi’s Unfair or Deceptive Acts or Practices Statute, failure to warn, harm to public trust resources, public and private nuisance, trespass, and negligence. The lawsuit also alleges civil aiding and abetting against the American Petroleum institute.

“These defendants had a duty to warn people about the climate dangers associated with their products, or to mitigate those dangers. But they did neither of those things,” said Attorney General Lopez. “Instead, they put profits ahead of people and facilitated the increased use of their dangerous products through decades of deceptive conduct. They violated Hawaiʻi law, harmed all Hawaiʻi residents, and will now be held accountable in a Hawaiʻi court.”

The lawsuit filed today details the history of defendants’ deceptive conduct, and many of the resulting harms inflicted on the state of Hawaiʻi as a result of that conduct. Some key excerpts from the complaint filed today:
- “Climate change has already impacted and will continue to harm Native Hawaiian traditional and customary practices including upland forest practices, traditional agriculture, and coastal and nearshore marine practices.” (para 274)
- “As of 2021, 66 state-owned facilities have reported flooding from sea level rise and precipitation. These facilities include public housing complexes in Kāneʻohe, the Hulihe‘e Palace historic site, and the Kauaʻi and Oʻahu Community Correctional Centers.” (para 280)
- “Moreover, 70 percent of the state’s beaches have already experienced erosion, and 13 miles of beach have been lost across the islands. These impacts will continue to worsen as the sea level rises further. By 2050, NOAA predicts that more than 90 percent of the state’s beaches will be receding.” (para 280)
- “Climate impacts threaten Hawaiʻi water resources. As rainfall levels decline, Hawaiʻi will have decreasing access to freshwater… By 2030, the state may suffer from a freshwater shortfall of 100 million gallons per day.” (para 292)
- “Climate change increases the threat of wildfires for Hawaiʻi. The 2023 Maui wildfires were the deadliest in modern U.S. history and the worst natural disaster in the history of the state. More than 100 lives were lost, and more than 2,200 structures were destroyed, causing $5.5 billion of damage.” (para 294)
- “Climate change has, and will continue to have, constant, widespread, and severe impacts to the physical health of Hawaiʻi residents. Rising temperatures and intense heat waves, extreme weather events, related disruptions to health and emergency services, and increased proliferation of vector-borne disease and pathogens will and has already taken its toll.” (para 311)
The lawsuit requests a jury trial and seeks relief in the form of compensatory, punitive, and natural resource damages; civil penalties; disgorgement of profits; and an order enjoining Defendants from engaging in the unfair or deceptive acts or practices described in the lawsuit, among others.

A copy of the complaint as filed can be found here.

* * *

Media Contacts:

Dave Day

Special Assistant to the Attorney General

Office: 808-586-1284

Email: [email protected]

Web: http://ag.hawaii.gov

Toni Schwartz
Public Information Officer
Hawai‘i Department of the Attorney General
Office: 808-586-1252
Cell: 808-379-9249
Email: [email protected]

Web: http://ag.hawaii.gov

MIL OSI USA News –
May 2, 2025
MIL-OSI: Patria Reports First Quarter 2025 Earnings Results

Source: GlobeNewswire (MIL-OSI)

GRAND CAYMAN, Cayman Islands, May 02, 2025 (GLOBE NEWSWIRE) — Patria (Nasdaq:PAX) reported today its unaudited results for the first quarter ended March 31, 2025. The full detailed presentation of Patria’s first quarter 2025 results can be accessed on the Shareholders section of Patria’s website at https://ir.patria.com/.

Alex Saigh, Patria’s CEO, said: “Patria is off to a very exciting start to 2025 as fundraising totaled a record $3.2 billion, highlighting the expanded reach of our investment platforms and distribution capabilities, and putting us in a strong position to achieve our $6 billion fundraising target for the year. We also reported 1Q25 FRE of $42.6 million, or $0.27 per share, representing year-over-year growth of 21% and 16%, respectively, despite the volatility in the region. Also, FEAUM grew 6% sequentially and 46% year-over-year, and we generated over $700 million of organic net inflows, reflecting an annualized organic growth rate of 9%. While a looming trade war and rising global economic concerns create potential headwinds, we believe we are well positioned to generate the $200 to $225 million of FRE we are targeting for 2025 as the increased diversification of our platform is paying off in terms of fundraising and profitable organic growth, enhancing our confidence in the three-year targets we introduced at our Investor Day back on December 9^th.”

Financial Highlights (reported in $ USD)

IFRS results included $13.6 million of net income attributable to Patria in Q1 2025. Patria generated Fee Related Earnings of $42.6 million in Q1 2025, up 21% from $35.1 million in Q1 2024, with an FRE margin of 55.1%. Distributable Earnings were $36.8 million for Q1 2025, or $0.23 per share.

Dividends

Patria declared a quarterly dividend of $0.15 per share to record holders of common stock at the close of business on May 14th, 2025. This dividend will be paid on June 12th, 2025.

Conference Call

Patria will host its first quarter 2025 earnings conference call via public webcast on May 2^nd, 2025, at 9:00 a.m. ET. To register and join, please use the following link:

https://edge.media-server.com/mmc/p/ah6qnzkp/

For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Patria’s website at https://ir.patria.com/ shortly after the call’s completion.

About Patria

Patria is a global alternative asset management firm focused on the mid-market segment, specializing in resilient sectors across select regions. We are the leading asset manager in Latin America and have a strong presence in Europe through our extensive network of General Partners relationships. Our on-the-ground presence combines investment leaders, sector experts, company managers, and strategic relationships, allowing us to identify compelling investment opportunities accessible only to those with local proficiency. With 36 years of experience and over $45 billion in assets under management, we consistently deliver attractive returns through long-term investments, while promoting inclusive and sustainable development in the regions where we operate. Further information is available at www.patria.com.

Asset Classes: Private Equity, Solutions (GPMS), Credit, Real Estate, Infrastructure, and Public Equities

Main sectors: Agribusiness, Power & Energy, Healthcare, Logistics & Transportations, Food & Beverage and Digital & Tech Services

Investment Regions: Latin America, Europe and US

Forward-Looking Statements

This press release may contain 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. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words, among others. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including but not limited to those described under the section entitled “Risk Factors” in our most recent annual report on Form 20-F, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings.

Contact

Patria Shareholder Relations
E. PatriaShareholderRelations@patria.com
T. +1 917 769 1611

The MIL Network –

May 2, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi dedicates Vizhinjam International Seaport in Kerala worth ₹8,800 crore to the nation

Source: Government of India

Prime Minister Shri Narendra Modi dedicates Vizhinjam International Seaport in Kerala worth ₹8,800 crore to the nation

The Vizhinjam International Deepwater Multipurpose Seaport in Kerala is a significant advancement in India’s maritime infrastructure: PM

Today is the birth anniversary of Bhagwan Adi Shankaracharya, Adi Shankaracharya ji awakened the consciousness of the nation by coming out of Kerala and establishing monasteries in different corners of the country, I pay tribute to him on this auspicious occasion: PM

India’s coastal states and our port cities will become key centres of growth for a Viksit Bharat: PM

Government in collaboration with the state governments has upgraded the port infrastructure under the Sagarmala project enhancing port connectivity: PM

Under PM-Gatishakti, the inter-connectivity of waterways, railways, highways and airways is being improved at a fast pace: PM

In the last 10 years investments under Public-Private Partnerships have not only upgraded our ports to global standards, but have also made them future ready: PM

The world will always remember Pope Francis for his spirit of service: PM

Posted On: 02 MAY 2025 1:16PM by PIB Delhi

Prime Minister Shri Narendra Modi dedicated Vizhinjam International Deepwater Multipurpose Seaport worth Rs 8,800 crore to the nation today in Thiruvananthapuram, Kerala. Addressing the gathering on the auspicious occasion of the birth anniversary of Bhagwan Adi Shankaracharya, the Prime Minister highlighted that three years ago, in September, he had the privilege of visiting the revered birthplace of Adi Shankaracharya. He expressed his joy that a grand statue of Adi Shankaracharya has been installed in the Vishwanath Dham complex in his parliamentary constituency, Kashi. He emphasized that this installation stands as a tribute to the immense spiritual wisdom and teachings of Adi Shankaracharya. He further highlighted that he also had the honor of unveiling the divine statue of Adi Shankaracharya at the sacred Kedarnath Dham in Uttarakhand. The Prime Minister noted that today marks another special occasion as the doors of the Kedarnath temple have been opened to devotees. Prime Minister Modi underscored that Adi Shankaracharya, originating from Kerala, established monasteries in different corners of the country, awakening the consciousness of the nation. He emphasized that his efforts laid the foundation for a unified and spiritually enlightened Bharat.

Shri Modi highlighted the vast ocean, rich with immense possibilities, standing on one side, while on the other, nature’s breathtaking beauty adds to the grandeur. Amidst all this, he emphasized that the Vizhinjam Deep-Water Sea Port has now emerged as a symbol of new age development. He extended his congratulations to the people of Kerala and the entire nation on this remarkable achievement.

Underscoring that the Vizhinjam Deep-Water Sea Port has been developed at a cost of ₹8,800 crore, the Prime Minister remarked that the capacity of this transshipment hub will triple in the coming years, enabling the smooth arrival of some of the world’s largest cargo ships. He pointed out that 75% of India’s transshipment operations were previously conducted at foreign ports, leading to significant revenue loss for the country. Emphasizing that this situation is now set to change, he asserted that India’s money will now serve India and the funds that once flowed outside the country will now generate new economic opportunities for Kerala and Vizhinjam’s people.

Shri Modi remarked that before colonial rule, India witnessed centuries of prosperity, emphasising that at one point, India held a major share in the global GDP. He highlighted that what set India apart from other nations during that era was its maritime capacity and the economic activity of its port cities. Noting that Kerala played a significant role in this maritime strength and economic growth, he highlighted Kerala’s historical role in maritime trade, emphasizing that through the Arabian Sea, India maintained trade links with multiple nations. He noted that ships from Kerala carried goods to various countries, making it a vital hub for global commerce. “Today, the Government of India is committed to further strengthening this channel of economic power”, he added and asserted, “India’s coastal states and port cities will become key centers for the growth of a developed India”.

“The port economy reaches its full potential when infrastructure and ease of doing business are promoted together”, emphasised the Prime Minister, stating that over the past 10 years, this has been the blueprint of the Government of India’s port and waterways policy. He highlighted that the government has accelerated efforts for industrial activities and holistic development of states. He further remarked that the Government of India, in collaboration with state governments, has upgraded port infrastructure under the Sagarmala Project and strengthened port connectivity. He noted that under PM Gati Shakti, waterways, railways, highways, and airways are being rapidly integrated for seamless connectivity. He added that these reforms in ease of doing business have led to greater investment in ports and infrastructure sectors. The Prime Minister stated that the Government of India has also reformed regulations concerning Indian seafarers, yielding significant results. He pointed out that in 2014, the number of Indian seafarers was below 1.25 lakh. Today, this figure has surged beyond 3.25 lakh. He emphasized that India now ranks among the top three countries globally in terms of seafarer numbers.

Highlighting that a decade ago, ships faced long waiting times at ports, significantly delaying unloading operations, Shri Modi noted that this slowdown affected businesses, industries, and the overall economy. He stressed that the situation has now transformed and over the past 10 years, India’s major ports have reduced ship turn-around time by 30%, improving operational efficiency. He remarked that due to enhanced port efficiency, India is now handling greater cargo volumes in shorter durations, strengthening the nation’s logistics and trade capabilities.

“India’s maritime success is a result of a decade-long vision and effort”, exclaimed the Prime Minister, underlining that over the past 10 years, India has doubled the capacity of its ports and expanded its National Waterways eightfold. He noted that today, two Indian ports are among the global top 30 ports, while India’s ranking on the Logistics Performance Index has also improved. Additionally, he pointed out that India is now among the top 20 countries in global shipbuilding. The Prime Minister further remarked that after strengthening the country’s basic infrastructure, the focus has now shifted towards India’s strategic position in global trade. He announced the launch of Maritime Amrit Kaal Vision, which outlines India’s maritime strategy to achieve the goal of a developed India. He recalled the G-20 Summit, where India collaborated with several major countries to establish the India-Middle East-Europe Economic Corridor, highlighting Kerala’s critical role in this corridor, emphasizing that the state will greatly benefit from this initiative.

Underscoring the critical role of the private sector in elevating India’s maritime industry to new heights, Shri Modi said that under Public-Private Partnerships, thousands of crores have been invested over the past 10 years. He emphasized that this collaboration has not only upgraded India’s ports to global standards but has also made them future-ready. He noted that private sector participation has driven innovation and enhanced efficiency.

Prime Minister highlighted that India is advancing towards the establishment of a shipbuilding and repair cluster in Kochi. He emphasized that once completed, this cluster will create numerous new employment opportunities, providing Kerala’s local talent and youth with a platform for growth. The Prime Minister further stated that India is now setting ambitious targets to strengthen its shipbuilding capabilities. He noted that this year’s Union Budget introduced a new policy to promote the construction of large ships in India, which will significantly boost the manufacturing sector. He emphasized that this initiative will have direct benefits for MSMEs, generating a large number of employment and entrepreneurship opportunities across the country.

“True development is achieved when infrastructure is built, trade expands, and basic needs of the common people are met”, stressed the Prime Minister, remarking that the people of Kerala have witnessed rapid progress over the past 10 years, not just in port infrastructure, but also in highways, railways, and airports. He highlighted that projects like the Kollam Bypass and Alappuzha Bypass, which had been stalled for years, were advanced by the Government of India. He also noted that Kerala has been provided with modern Vande Bharat trains, further strengthening its transport network and connectivity.

Shri Modi emphasized that the Government of India firmly believes in the principle that Kerala’s development contributes to India’s overall growth. He remarked that the government operates with the spirit of cooperative federalism, ensuring Kerala’s progress across key social parameters over the past decade. He highlighted several initiatives that have benefited the people of Kerala, including Jal Jeevan Mission, Ujjwala Yojana, Ayushman Bharat, and Pradhan Mantri Suryagarh Free Electricity Scheme.

Reiterating that the welfare of fishermen remains a top priority, the Prime Minister noted that under Blue Revolution and Pradhan Mantri Matsya Sampada Yojana, projects worth hundreds of crores have been sanctioned for Kerala. He further highlighted the modernization of fishing harbors, including Ponnani and Puthiyappa. Additionally, he remarked that thousands of fishermen in Kerala have been provided Kisan Credit Cards, enabling them to receive financial assistance worth hundreds of crores.

Underlining that Kerala has always been a land of harmony and tolerance, Shri Modi highlighted that centuries ago, Saint Thomas Church, one of the oldest churches in the world, was established here. He acknowledged the recent moment of grief that has touched people across the world when Pope Francis passed away a few days ago, leaving behind a profound legacy. He added that President Droupadi Murmu represented India at his funeral, paying respects on behalf of the nation. Shri Modi once again expressed his condolences to all those mourning this loss from the sacred land of Kerala.

Paying tribute to Pope Francis, acknowledging his spirit of service and his efforts to ensure inclusivity within Christian traditions, the Prime Minister remarked that the world will always remember his contributions. He shared his personal experiences, expressing his gratitude for having had multiple opportunities to meet Pope Francis. He noted that he received special warmth from him and cherished their discussions on humanity, service, and peace, which will continue to inspire him.

Extending his best wishes to all present at the event, Shri Modi envisioned Kerala as a major center for global maritime trade, leading to the creation of thousands of new jobs. He reaffirmed the commitment of the Government of India, working alongside the state government, to advance this goal. Shri Modi concluded by expressing confidence in the capabilities of Kerala’s people and stated, “India’s maritime sector will reach new heights”.

The Governor of Kerala, Shri Rajendra Vishwanath Arlekar, Chief Minister of Kerala, Shri Pinarayi Vijayan, Union Ministers, Shri Suresh Prabhu, Shri George Kurien were present among other dignitaries at the event.

Background

Vizhinjam International Deepwater Multipurpose Seaport worth Rs 8,800 crore is country’s first dedicated container transshipment port that represents the transformative advancements being made in India’s maritime sector as part of the unified vision of Viksit Bharat.

Vizhinjam Port, having strategic importance, has been identified as a key priority project which will contribute in strengthening India’s position in global trade, enhance logistics efficiency, and reduce reliance on foreign ports for cargo transshipment. Its natural deep draft of nearly 20 meters and location near one of the world’s busiest sea trade routes further strengthens India’s position in global trade.

The Vizhinjam International Deepwater Multipurpose Seaport in Kerala is a significant advancement in India’s maritime infrastructure. https://t.co/sUeQ5k7TK1

— Narendra Modi (@narendramodi) May 2, 2025

Inauguration of the Vizhinjam Port in Kerala is significant for India’s maritime sector. People have been waiting for this port for many years. It will boost trade, commerce and will be particularly beneficial for Kerala’s economy.

Here are glimpses from today’s programme in… pic.twitter.com/T1QQ00AvSA

— Narendra Modi (@narendramodi) May 2, 2025

My visit to Kerala has happened on a very auspicious day, the Jayanti of Adi Shankaracharya. His contribution towards India’s cultural regeneration will forever be remembered. pic.twitter.com/1ii569wBMR

— Narendra Modi (@narendramodi) May 2, 2025

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MJPS/SR

(Release ID: 2126080) Visitor Counter : 47

MIL OSI Asia Pacific News –

May 2, 2025
MIL-OSI United Kingdom: NDA group’s work praised in international forum
Source: United Kingdom – Government Statements

News story

NDA group’s work praised in international forum

The IAEA’s Joint Convention has recognised the good performance within the NDA group.
The International Atomic Energy Agency (IAEA) Joint Convention on the Safety of Spent Fuel and Radioactive Waste Management

The progress being made within the Nuclear Decommissioning Authority (NDA) group in spent fuel and waste management has been recognised in a significant international forum.

The International Atomic Energy Agency (IAEA) Joint Convention on the Safety of Spent Fuel and Radioactive Waste Management, held in Vienna, Austria, acknowledged 15 areas where the UK is demonstrating ‘good performance’ in the field.

A number of the areas to receive positive acknowledgement from the IAEA are being delivered across the NDA group, including:

Defueling of Advanced Gas-cooled Reactors ahead of transfer to NDA ownership

Removal of high volumes of legacy waste inventory from the Pile Fuel Storage Pond (PFSP) and the first zeolite skip removed from the First-Generation Magnox Storage Pond (FGMSP) at Sellafield

Box Encapsulation Plant Product Store and Direct Import Facility (BEPPS-DIF) enters active commissioning at Sellafield

Acquiring a marine 3D seismic survey to image geology for potential Geological Disposal Facility (GDF) construction, delivered by Nuclear Waste Services (NWS)

The use of robots at Dounreay to support decommissioning of the former nuclear power station, delivered by Nuclear Restoration Services (NRS)

The UK’s approach to sustainability across the nuclear industry

Supporting the UK delegation at the eighth triennial convention, which brought together a host of signatory nations, were Clive Nixon, the NDA’s Group Chief Nuclear Strategy Officer; Mark Foy, Chief Executive and Chief Nuclear Inspector at the Office for Nuclear Regulation (ONR); and Jo Nettleton, Chief Regulator at the Environment Agency.

In addition to reflecting on achievements over the past three years, the convention also identified a number of themes against which progress will be measured at the next meeting in 2028, including emergency preparedness, use of emerging technologies and public engagement.

Clive Nixon said:

We were pleased to come together with international counterparts at the Joint Convention, and to have our progress recognised in this forum is testament to the skill and innovation across our group.

Collaborating and engaging with international partners enables us to accelerate our mission by sharing knowledge about common opportunities and challenges.

Through these forums, we share best practice and innovative approaches to decommissioning and for the management of radioactive waste so that together we can make the world a safer place.

The full summary report is available here.

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Published 2 May 2025
MIL OSI United Kingdom –
May 2, 2025
MIL-OSI Economics: Sanjay Malhotra: India – a partner in progress and prosperity

Source: Bank for International Settlements

I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.

The Indian economy has demonstrated remarkable resilience and dynamism. Over the past four years (2021-22 to 2024-25), it has recorded an average annual growth rate of 8.2 per cent. It was and continues to be the fastest-growing major economy in the world. This is a significant step up from the average growth rate of 6.6 per cent in the preceding decade (2010 to 2019).

Even this year, our growth is expected to remain robust at 6.5 per cent. This is despite the tremendous increase in uncertainty and volatility in global financial markets. While this rate is lower than in recent years and falls short of India’s aspirations, it remains broadly in line with past trends and the highest among major economies.

No wonder, over the last ten years, we have leapfrogged from the tenth largest economy to the fifth. In terms of purchasing power parity, we are already third. Even nominally, we are poised to become the third largest economy shortly. We aspire to become Viksit Bharat, i.e., a developed economy by 2047, when we complete 100 years of our independence. While there is indeed a scope for India’s growth trajectory to rise over the medium to long-term, I am sanguine of our continued success. There are a lot of positive factors that give me this confidence. Let me outline a few of these.

Policy continuity and stability

First and foremost, we are all aware of the research that shows that political and policy stability with certainty are prerequisites for long-term planning of investments to fuel growth in any economy. Our vibrant democracy has been able to ensure the same, especially since the initiation of economic reforms, despite change of political parties in government. Economic liberalisation focusing on market oriented policies has been a consistent theme across successive governments. While the pace and specific focus of reforms may have varied from time to time, the commitment to a more market-oriented economic structure has not changed. In a phased manner, almost all sectors have been opened up to 100% foreign direct investment (FDI). Almost 90% of the FDI is now under the automatic route. In the recent years, we have introduced a series of liberalisation measures to further open up the economy, particularly in key sectors such as Defence, Insurance, Petroleum & Natural Gas, Telecom, and Space.

MIL OSI Economics –

May 2, 2025
MIL-OSI: BW Energy: 2025 Annual General Meeting – Notice
Source: GlobeNewswire (MIL-OSI)

2025 Annual General Meeting – Notice

Notice is hereby given that the 2025 Annual General Meeting (AGM) of the Members of BW Energy Limited will be held at 18 Rebecca Road, Southampton, SN04, Bermuda, on 26 May 2025 at 09:30 a.m. (Bermuda time).

Please see the attached documents in relation to the Annual General Meeting:
1. Notice of the 2025 AGM
1. Form of Proxy
1. Chairman’s Letter
1. Recommendation from the Nomination Committee
For further information, please contact:

Brice Morlot, CFO BW Energy

+33.7.81.11.41.16

ir@bwenergy.com

About BW Energy: 

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025.  

This information is published in accordance with the disclosure requirements in Regulation EU 596/2014 (MAR) article 19, section 5-12 of the Norwegian Securities Trading Act, and the Oslo Rule Book II, as well as in accordance with Section 4-2 of the Norwegian Securities Trading Act.

Attachments

The MIL Network –
May 2, 2025
MIL-OSI United Kingdom: Serious questions arise from planned Stormont event

Source: Traditional Unionist Voice – Northern Ireland

Statement by TUV MLA Timothy Gaston

“There are many events held within Parliament Buildings that promote causes I do not support. I have never argued that such events should be banned simply because I disagree with them. Stormont is the seat of our devolved government and should remain a place where a range of views are heard and discussed.

“But there is a difference between debate and imposition. It is wholly inappropriate for any group to enter Stormont and impose its own code of conduct on the building —especially when that code compels speech and undermines the legal rights of others.

“That is precisely what the Rainbow Project intends to do with its upcoming event, “Nothing About Us Without Us – Trans Voices In The Halls Of Power,” scheduled for 12th May.

“According to the promotional material for this event, those who register are deemed to have accepted the Rainbow Project’s own ‘Events Code of Conduct’.

“This code:

• demands attendees “respect” pronouns, even when they contradict biological reality;

• asserts that “everyone is entitled to use whichever facility they feel best aligns with their gender identity” when it comes to toilets; and

• declares that this code will be enforced by Rainbow Project personnel.

“This raises serious issues. Who gave an external organisation the right to dictate speech within Stormont? Who authorised them to override trained ushers with their own staff? And what gives them the authority to redefine access to female spaces in a public building funded by the taxpayer?

“I have tabled a series of questions to the Assembly Commission, which is responsible for managing Parliament Buildings. I do not believe any external group has the right to bypass the authority of the Assembly or its policies.

“Stormont should be a place where ideas are debated freely; not where individuals are compelled to use ideologically approved language. It should be a place of safety and dignity for all, including women and girls who expect their privacy and boundaries to be respected.

“Assembly ushers already ensure events run smoothly and safely. They are familiar with and trained to uphold the Assembly’s protocols. Their authority must not be undermined by staff from outside activist organisations.

“Most concerning of all, the Rainbow Project is attempting to enforce its own toilet policy inside Stormont. That cannot be allowed.

“The UK Supreme Court has made it clear: spaces reserved for one sex must be respected as such. The Rainbow Project does not have the legal right to flout that judgment; least of all within the very building where our laws are made. Stormont must lead by example in upholding the law and protecting everyone’s rights, especially those of women.

“I have today submitted questions to the Assembly Commission and I call on all three sponsors of this event—Eoin Tennyson, Caral Ni Chuilin, and Clare Sugden — to clarify whether they support the imposition of the Rainbow Project’s code. Do they believe that women’s rights should be overridden inside Stormont? Do they agree that compelled speech and unrestricted access to female facilities should be enforced at a public event in Parliament Buildings?

“The public deserves answers.”

Note to editors

The questions tabled by Mr Gaston are as follows:

To ask the Assembly Commission, further to the Rainbow Project’s Nothing About Us Without Us – Trans Voices In The Halls Of Power event scheduled to be held in Parliament Buildings on 12 May 2025, whether the organiser’s Event Code of Conduct, which advises that if the event venue contains gendered facilities, such as toilets and/or changing facilities, everyone is entitled to use whichever facility they feel best aligns with their gender identity and/or expression, is consistent with (i) the Assembly Commission’s policies; and (ii) the law following the Supreme Court ruling on 16 April 2025.

To ask the Assembly Commission, further to the Rainbow Project’s Nothing About Us Without Us – Trans Voices In The Halls Of Power event, scheduled to be held in Parliament Buildings on 12 May 2025, whether the organiser’s Event Code of Conduct: Respectful Communication section is consistent with the ethos and values of the Assembly Commission including freedom of speech.

To ask the Assembly Commission, further to the Rainbow Project’s Nothing About Us Without Us – Trans Voices In The Halls Of Power event, scheduled to be held in Parliament Buildings on 12 May 2025, whether the Assembly Commission’s Visitor Experience Team has discussed with the Rainbow Project how enforcement of the Rainbow Project’s Events Code of Conduct will be managed.

To ask the Assembly Commission to detail (i) the duties of Assembly Usher Services staff during the Rainbow Project Nothing About Us Without Us – Trans Voices In The Halls Of Power event in Parliament Buildings on 12 May 2025; and (ii) whether this will differ from their duties in relation to other events.

MIL OSI United Kingdom –

May 2, 2025

MIL-OSI: Shell Plc 1st Quarter 2025 Unaudited Results

Source: GlobeNewswire (MIL-OSI)

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



SUMMARY OF UNAUDITED RESULTS
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
4,780	928	7,358	+415	Income/(loss) attributable to Shell plc shareholders
5,577	3,661	7,734	+52	Adjusted Earnings	A
15,250	14,281	18,711	+7	Adjusted EBITDA	A
9,281	13,162	13,330	-29	Cash flow from operating activities
(3,959)	(4,431)	(3,528)		Cash flow from investing activities
5,322	8,731	9,802		Free cash flow	G
4,175	6,924	4,493		Cash capital expenditure	C
8,575	9,401	8,997	-9	Operating expenses	F
8,453	9,138	9,054	-7	Underlying operating expenses	F
10.4%	11.3%	12.0%		ROACE	D
76,511	77,078	79,931		Total debt	E
41,521	38,809	40,513		Net debt	E
18.7%	17.7%	17.7%		Gearing	E
2,838	2,815	2,911	+1	Oil and gas production available for sale (thousand boe/d)
0.79	0.15	1.14	+427	Basic earnings per share ($)
0.92	0.60	1.20	+53	Adjusted Earnings per share ($)	B
0.3580	0.3580	0.3440	—	Dividend per share ($)

1.Q1 on Q4 change

Quarter Analysis1

Income attributable to Shell plc shareholders, compared with the fourth quarter 2024, reflected lower exploration well write-offs, lower operating expenses and higher Products margins.

First quarter 2025 income attributable to Shell plc shareholders also included a charge of $0.5 billion related to the UK Energy Profits Levy and impairment charges. These items are included in identified items amounting to a net loss of $0.8 billion in the quarter. This compares with identified items in the fourth quarter 2024 which amounted to a net loss of $2.8 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 first quarter 2025 was $9.3 billion and primarily driven by Adjusted EBITDA, partly offset by tax payments of $2.9 billion and working capital outflows of $2.7 billion. The working capital outflows mainly reflected accounts receivable and payable movements.

Cash flow from investing activities for the first quarter 2025 was an outflow of $4.0 billion, and included cash capital expenditure of $4.2 billion, and net other investing cash outflows of $0.9 billion which included the drawdowns on loan facilities provided at completion of the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) in Nigeria, partly offset by divestment proceeds of $0.6 billion.

Net debt and Gearing: At the end of the first quarter 2025, net debt was $41.5 billion, compared with $38.8 billion at the end of the fourth quarter 2024. This reflects free cash flow of $5.3 billion, which included working capital outflows of $2.7 billion, more than offset by share buybacks of $3.3 billion, cash dividends paid to Shell plc shareholders of $2.2 billion, lease additions of $1.3 billion including those related to the Pavilion Energy Pte. Ltd. acquisition and interest payments of $0.8 billion. Gearing was 18.7% at the end of the first quarter 2025, compared with 17.7% at the end of the fourth quarter 2024, mainly driven by higher net debt.

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

Shareholder distributions

Total shareholder distributions in the quarter amounted to $5.5 billion comprising repurchases of shares of $3.3 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the first quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the fourth quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the second quarter 2025 results announcement.

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

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

2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.

3.Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

In March 2025, we completed the previously announced acquisition of 100% of the shares in Pavilion Energy Pte. Ltd. (Pavilion Energy). Pavilion Energy, headquartered in Singapore, operates a global LNG trading business with contracted supply volume of approximately 6.5 million tonnes per annum (mtpa).

Upstream

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

In February 2025, we announced production restart at the Penguins field in the UK North Sea with a modern floating, production, storage and offloading (FPSO) facility (Shell 50%, operator; NEO Energy 50%). The previous export route for this field was via the Brent Charlie platform, which ceased production in 2021 and is being decommissioned.

In February 2025, we signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company in the Shell-operated Ursa platform in the Gulf of America. The transaction completed on May 1, 2025 which increases Shell’s working interest in the Ursa platform from 45.3884% to 61.3484%.

In March 2025, we completed the sale of SPDC to Renaissance, as announced in January 2024.

In March 2025, we announced the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. The Gato do Mato Consortium includes Shell (operator, 50%), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC).

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, took an FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.

In April 2025, we completed the previously announced sale of our Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd. (CAPGC), a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.

In April 2025, we agreed to sell our 16.125% interest in Colonial Enterprises, Inc. (“Colonial”) to Colossus AcquireCo LLC, a wholly owned subsidiary of Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”), for $1.45 billion. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2025.

Renewables and Energy Solutions

In January 2025, we completed the previously announced acquisition of 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.

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PERFORMANCE BY SEGMENT



INTEGRATED GAS
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
2,789	1,744	2,761	+60	Income/(loss) for the period
306	(421)	(919)		Of which: Identified items	A
2,483	2,165	3,680	+15	Adjusted Earnings	A
4,735	4,568	6,136	+4	Adjusted EBITDA	A
3,463	4,391	4,712	-21	Cash flow from operating activities	A
1,116	1,337	1,041		Cash capital expenditure	C
126	116	137	+9	Liquids production available for sale (thousand b/d)
4,644	4,574	4,954	+2	Natural gas production available for sale (million scf/d)
927	905	992	+2	Total production available for sale (thousand boe/d)
6.60	7.06	7.58	-6	LNG liquefaction volumes (million tonnes)
16.49	15.50	16.87	+6	LNG sales volumes (million tonnes)

1.Q1 on Q4 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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($277 million), partly offset by lower LNG liquefaction volumes (decrease of $68 million). The net effect of contributions from trading and optimisation and realised prices was in line with the fourth quarter 2024 despite higher unfavourable (non-cash) impact of expiring hedging contracts.

Identified items in the first quarter 2025 included favourable movements of $362 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the fourth quarter 2024 which 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 due to the fair value accounting of commodity derivatives.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $542 million, partly offset by tax payments of $773 million and working capital outflows of $687 million.

Total oil and gas production, compared with the fourth quarter 2024, increased by 2% mainly due to lower planned maintenance in Pearl GTL (Qatar), partly offset by unplanned maintenance and weather constraints in Australia. LNG liquefaction volumes decreased by 6% mainly due to unplanned maintenance and weather constraints in Australia.

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

2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

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UPSTREAM
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
2,080	1,031	2,272	+102	Income/(loss) for the period
(257)	(651)	339		Of which: Identified items	A
2,337	1,682	1,933	+39	Adjusted Earnings	A
7,387	7,676	7,888	-4	Adjusted EBITDA	A
3,945	4,509	5,727	-13	Cash flow from operating activities	A
1,923	2,076	2,010		Cash capital expenditure	C
1,335	1,332	1,331	—	Liquids production available for sale (thousand b/d)
3,020	3,056	3,136	-1	Natural gas production available for sale (million scf/d)
1,855	1,859	1,872	—	Total production available for sale (thousand boe/d)

1.Q1 on Q4 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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($346 million), lower depreciation, depletion and amortisation expenses (decrease of $330 million), lower operating expenses ($194 million) and comparative favourable tax movements ($179 million), partly offset by lower volumes (decrease of $359 million).

Identified items in the first quarter 2025 included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $159 million from disposal of assets and gains of $95 million related to the impact of the strengthening Brazilian real on a deferred tax position. These charges and favourable movements compare with the fourth quarter 2024 which included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and impairment charges of $152 million.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,999 million and working capital outflows of $913 million.

Total production, compared with the fourth quarter 2024, decreased mainly due to the SPDC divestment, largely offset by new oil production.

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

2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

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MARKETING
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
814	103	896	+688	Income/(loss) for the period
(49)	(736)	(7)		Of which: Identified items	A
900	839	781	+7	Adjusted Earnings	A
1,869	1,709	1,686	+9	Adjusted EBITDA	A
1,907	1,363	1,319	+40	Cash flow from operating activities	A
256	811	465		Cash capital expenditure	C
2,674	2,795	2,763	-4	Marketing sales volumes (thousand b/d)

1.Q1 on Q4 change

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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the fourth quarter 2024, reflected lower operating expenses (decrease of $69 million), and higher Marketing margins (increase of $54 million) mainly due to higher Lubricants unit margins and seasonal impact of higher volumes partly offset by lower Mobility margins due to seasonal impact of lower volumes and lower Sectors and Decarbonisation margins. These net gains were partly offset by unfavourable tax movements ($109 million).

Identified items in the first quarter 2025 included net losses of $61 million related to sale of assets. These losses compare with the fourth quarter 2024 which included impairment charges of $458 million, and net losses of $247 million related to sale of assets.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $540 million, and dividends (net of profits) from joint ventures and associates of $203 million. These inflows were partly offset by working capital outflows of $344 million and tax payments of $174 million.

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

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

2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

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CHEMICALS AND PRODUCTS
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
(77)	(276)	1,311	+72	Income/(loss) for the period
(581)	(99)	(458)		Of which: Identified items	A
449	(229)	1,615	+296	Adjusted Earnings	A
1,410	475	2,826	+197	Adjusted EBITDA	A
130	2,032	(349)	-94	Cash flow from operating activities	A
458	1,392	500		Cash capital expenditure	C
1,362	1,215	1,430	+12	Refinery processing intake (thousand b/d)
2,813	2,926	2,883	-4	Chemicals sales volumes (thousand tonnes)

1.Q1 on Q4 change

The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the fourth quarter 2024, reflected higher Products margins (increase of $546 million) mainly driven by higher margins from trading and optimisation and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $115 million). In addition, the first quarter 2025 reflected lower operating expenses (decrease of $134 million). These net gains were partly offset by comparative unfavourable tax movements ($96 million).

In the first quarter 2025, Chemicals had negative Adjusted Earnings of $137 million and Products had positive Adjusted Earnings of $586 million.

Identified items in the first quarter 2025 included impairment charges of $277 million, and unfavourable movements of $202 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These charges and unfavourable movements compare with the fourth quarter 2024 which included impairment charges of $224 million, partly offset by favourable deferred tax movements of $114 million..

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, and inflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $125 million. These inflows were partly offset by working capital outflows of $1,081 million, and net cash outflows relating to commodity derivatives of $508 million.

Chemicals manufacturing plant utilisation was 81% compared with 75% in the fourth quarter 2024, mainly due to lower planned and unplanned maintenance.

Refinery utilisation was 85% compared with 76% in the fourth quarter 2024, mainly due to lower planned maintenance.

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

2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

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RENEWABLES AND ENERGY SOLUTIONS
Quarters				$ million
Q1 2025	Q4 2024	Q1 2024	%¹		Reference
(247)	(1,226)	553	+80	Income/(loss) for the period
(205)	(914)	390		Of which: Identified items	A
(42)	(311)	163	+87	Adjusted Earnings	A
111	(123)	267	+190	Adjusted EBITDA	A
367	850	2,466	-57	Cash flow from operating activities	A
403	1,277	438		Cash capital expenditure	C
76	76	77	+1	External power sales (terawatt hours)2
184	165	190	+12	Sales of pipeline gas to end-use customers (terawatt hours)3

1.Q1 on Q4 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

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the fourth quarter 2024, reflected higher margins (increase of $99 million) mainly due to higher trading and optimisation in the Americas as a result of higher seasonal demand and volatility, lower operating expenses (decrease of $90 million) and comparative favourable tax movements ($89 million). Most Renewables and Energy Solutions activities were loss-making in the first quarter 2025, which was partly offset by positive Adjusted Earnings from trading and optimisation.

Identified items in the first quarter 2025 included a charge of $143 million related to the disposal of assets. These charges compare with the fourth quarter 2024 which included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2025 was primarily driven by net cash inflows relating to working capital of $380 million and Adjusted EBITDA, partially offset by outflows related to derivatives of $169 million.

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

2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

Additional Growth Measures


Quarters
Q1 2025	Q4 2024	Q1 2024	%¹
				Renewable power generation capacity (gigawatt):
3.5	3.4	3.2	+4	– In operation2
4.0	4.0	3.5	-1	– Under construction and/or committed for sale3

1.Q1 on Q4 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.

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CORPORATE
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024		Reference
(483)	(335)	(354)	Income/(loss) for the period
(26)	45	14	Of which: Identified items	A
(457)	(380)	(368)	Adjusted Earnings	A
(261)	(24)	(92)	Adjusted EBITDA	A
(531)	16	(545)	Cash flow from operating activities	A

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 Adjusted Earnings rather than in the earnings of business segments.

Quarter Analysis1

Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

Adjusted Earnings, compared with the fourth quarter 2024, reflected unfavourable currency exchange rate effects, partly offset by lower operating expenses.

Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

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

2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

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OUTLOOK FOR THE SECOND 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 within $20 – $22 billion.

Integrated Gas production is expected to be approximately 890 – 950 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.3 – 6.9 million tonnes. Second quarter 2025 outlook reflects scheduled maintenance across the portfolio.

Upstream production is expected to be approximately 1,560 – 1,760 thousand boe/d. Production outlook reflects the SPDC divestment in March 2025 and the scheduled maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,600 – 3,100 thousand b/d.

Refinery utilisation is expected to be approximately 87% – 95%. Chemicals manufacturing plant utilisation is expected to be approximately 74% – 82%. Second quarter 2025 utilisation outlook reflects the sale of the Energy and Chemicals Park in Singapore which was completed in April 2025.

Corporate Adjusted Earnings1 were a net expense of $457 million for the first quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $400 – $600 million in the second quarter 2025.

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

FORTHCOMING EVENTS



Date			Event
May 20, 2025			Annual General Meeting
July 31, 2025			Second quarter 2025 results and dividends
October 30, 2025			Third quarter 2025 results and dividends

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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
69,234	66,281	72,478	Revenue1
615	(156)	1,318	Share of profit/(loss) of joint ventures and associates
302	683	907	Interest and other income/(expenses)2
70,152	66,807	74,703	Total revenue and other income/(expenses)
45,849	43,610	46,867	Purchases
5,549	5,839	5,810	Production and manufacturing expenses
2,840	3,231	2,975	Selling, distribution and administrative expenses
185	331	212	Research and development
210	861	750	Exploration
5,441	7,520	5,881	Depreciation, depletion and amortisation2
1,120	1,213	1,164	Interest expense
61,194	62,605	63,659	Total expenditure
8,959	4,205	11,044	Income/(loss) before taxation
4,083	3,164	3,604	Taxation charge/(credit)2
4,875	1,041	7,439	Income/(loss) for the period
95	113	82	Income/(loss) attributable to non-controlling interest
4,780	928	7,358	Income/(loss) attributable to Shell plc shareholders
0.79	0.15	1.14	Basic earnings per share ($)3
0.79	0.15	1.13	Diluted earnings per share ($)3

1.See Note 2 “Segment information”.

2.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

3.See Note 3 “Earnings per share”.



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
4,875	1,041	7,439	Income/(loss) for the period
			Other comprehensive income/(loss) net of tax:
			Items that may be reclassified to income in later periods:
1,711	(4,899)	(1,995)	– Currency translation differences1
6	(11)	(6)	– Debt instruments remeasurements
(25)	224	53	– Cash flow hedging gains/(losses)
(42)	(50)	(14)	– Deferred cost of hedging
74	(91)	(12)	– Share of other comprehensive income/(loss) of joint ventures and associates
1,723	(4,827)	(1,974)	Total
			Items that are not reclassified to income in later periods:
306	239	439	– Retirement benefits remeasurements
(16)	(50)	78	– Equity instruments remeasurements
(36)	46	10	– Share of other comprehensive income/(loss) of joint ventures and associates
254	235	528	Total
1,977	(4,592)	(1,445)	Other comprehensive income/(loss) for the period
6,852	(3,552)	5,994	Comprehensive income/(loss) for the period
105	50	56	Comprehensive income/(loss) attributable to non-controlling interest
6,748	(3,602)	5,937	Comprehensive income/(loss) attributable to Shell plc shareholders

1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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CONDENSED CONSOLIDATED BALANCE SHEET
$ million
	March 31, 2025	December 31, 2024
Assets
Non-current assets
Goodwill	16,072	16,032
Other intangible assets1	11,365	9,480
Property, plant and equipment	183,712	185,219
Joint ventures and associates	24,236	23,445
Investments in securities	2,284	2,255
Deferred tax	6,989	6,857
Retirement benefits	10,266	10,003
Trade and other receivables	7,269	6,018
Derivative financial instruments²	400	374
	262,593	259,683
Current assets
Inventories	22,984	23,426
Trade and other receivables	48,247	45,860
Derivative financial instruments²	8,941	9,673
Cash and cash equivalents	35,601	39,110
	115,773	118,069
Assets classified as held for sale1	10,881	9,857
	126,654	127,926
Total assets	389,248	387,609
Liabilities
Non-current liabilities
Debt	65,120	65,448
Trade and other payables	5,487	3,290
Derivative financial instruments²	1,565	2,185
Deferred tax	13,257	13,505
Retirement benefits	6,756	6,752
Decommissioning and other provisions	20,313	21,227
	112,498	112,407
Current liabilities
Debt	11,391	11,630
Trade and other payables	60,870	60,693
Derivative financial instruments²	6,371	7,391
Income taxes payable	4,343	4,648
Decommissioning and other provisions	5,104	4,469
	88,079	88,831
Liabilities directly associated with assets classified as held for sale1	8,001	6,203
	96,080	95,034
Total liabilities	208,578	207,441
Equity attributable to Shell plc shareholders	178,813	178,307
Non-controlling interest	1,856	1,861
Total equity	180,670	180,168
Total liabilities and equity	389,248	387,609

1. See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

2. See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.

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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, 2025	510	(803)	19,766	158,834	178,307	1,861	180,168
Comprehensive income/(loss) for the period	—	—	1,967	4,780	6,748	105	6,852
Transfer from other comprehensive income	—	—	11	(11)	—	—	—
Dividends³	—	—	—	(2,179)	(2,179)	(86)	(2,265)
Repurchases of shares4	(8)	—	8	(3,513)	(3,513)	—	(3,513)
Share-based compensation	—	500	(663)	(405)	(567)	—	(567)
Other changes	—	—	—	23	22	(24)	(2)
At March 31, 2025	502	(304)	21,090	157,527	178,813	1,856	180,670
At January 1, 2024	544	(997)	21,145	165,915	186,607	1,755	188,362
Comprehensive income/(loss) for the period	—	—	(1,420)	7,358	5,937	56	5,994
Transfer from other comprehensive income	—	—	138	(138)	—	—	—
Dividends3	—	—	—	(2,210)	(2,210)	(68)	(2,278)
Repurchases of shares4	(7)	—	7	(3,502)	(3,502)	—	(3,502)
Share-based compensation	—	543	(426)	(392)	(275)	—	(275)
Other changes	—	—	—	8	8	(4)	4
At March 31, 2024	537	(455)	19,445	167,038	186,565	1,739	188,304

1. See Note 4 “Share capital”.

2. See Note 5 “Other reserves”.

3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.

4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

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CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
8,959	4,205	11,044	Income before taxation for the period
			Adjustment for:
636	665	576	– Interest expense (net)
5,441	7,520	5,881	– Depreciation, depletion and amortisation1
28	649	554	– Exploration well write-offs
127	288	(10)	– Net (gains)/losses on sale and revaluation of non-current assets and businesses
(615)	156	(1,318)	– Share of (profit)/loss of joint ventures and associates
523	1,241	738	– Dividends received from joint ventures and associates
854	131	(608)	– (Increase)/decrease in inventories
(2,610)	751	(195)	– (Increase)/decrease in current receivables
(907)	1,524	(1,949)	– Increase/(decrease) in current payables
(244)	111	1,386	– Derivative financial instruments
(100)	(58)	(61)	– Retirement benefits
(480)	(256)	(600)	– Decommissioning and other provisions
570	(856)	509	– Other1
(2,900)	(2,910)	(2,616)	Tax paid
9,281	13,162	13,330	Cash flow from operating activities
(3,748)	(6,486)	(3,980)	Capital expenditure
(413)	(421)	(500)	Investments in joint ventures and associates
(15)	(17)	(13)	Investments in equity securities
(4,175)	(6,924)	(4,493)	Cash capital expenditure
559	493	323	Proceeds from sale of property, plant and equipment and businesses
33	305	133	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
5	6	569	Proceeds from sale of equity securities
508	581	577	Interest received
506	1,762	857	Other investing cash inflows
(1,394)	(655)	(1,494)	Other investing cash outflows1
(3,959)	(4,431)	(3,528)	Cash flow from investing activities
80	65	(107)	Net increase/(decrease) in debt with maturity period within three months
			Other debt:
139	(13)	167	– New borrowings
(2,514)	(2,664)	(1,532)	– Repayments
(846)	(1,379)	(911)	Interest paid
326	(833)	(297)	Derivative financial instruments
(25)	(10)	(4)	Change in non-controlling interest
			Cash dividends paid to:
(2,179)	(2,114)	(2,210)	– Shell plc shareholders
(86)	(53)	(68)	– Non-controlling interest
(3,311)	(3,579)	(2,824)	Repurchases of shares
(768)	(309)	(462)	Shares held in trust: net sales/(purchases) and dividends received
(9,183)	(10,889)	(8,248)	Cash flow from financing activities
353	(985)	(379)	Effects of exchange rate changes on cash and cash equivalents
(3,509)	(3,142)	1,175	Increase/(decrease) in cash and cash equivalents
39,110	42,252	38,774	Cash and cash equivalents at beginning of period
35,601	39,110	39,949	Cash and cash equivalents at end of period

1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 240 to 312) for the year ended December 31, 2024, 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 223 to 296) for the year ended December 31, 2024, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2024, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. 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.

Key accounting considerations, significant judgements and estimates

Future commodity price assumptions and management’s view on the future development of refining and chemicals margins represent a significant estimate and were subject to change in 2024. These assumptions continue to apply for impairment testing purposes in the first quarter 2025. As per the normal process outlined in the 2024 Annual Report and Accounts and Form 20-F, these assumptions are subject to review later this year.

The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. Both discount rates applied in the first quarter 2025 remain unchanged compared with 2024.

2. Segment information

With effect from January 1, 2025, segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell’s focus on performance, discipline and simplification.

The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and 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. Identified 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.

The segment earnings measure used until December 31, 2024 was CCS earnings. The difference between CCS earnings and Adjusted Earnings are the identified items. Comparative periods are presented below on an Adjusted Earnings basis.

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REVENUE AND ADJUSTED EARNINGS BY SEGMENT
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
			Third-party revenue
9,602	9,294	9,195	Integrated Gas
1,510	1,652	1,759	Upstream
27,083	27,524	30,041	Marketing
21,610	19,992	23,735	Chemicals and Products
9,417	7,808	7,737	Renewables and Energy Solutions
12	10	11	Corporate
69,234	66,281	72,478	Total third-party revenue1
			Inter-segment revenue
2,675	2,024	2,404	Integrated Gas
9,854	9,931	10,287	Upstream
1,849	984	1,355	Marketing
8,255	8,656	10,312	Chemicals and Products
1,164	1,879	1,005	Renewables and Energy Solutions
—	—	—	Corporate
			Adjusted Earnings
2,483	2,165	3,680	Integrated Gas
2,337	1,682	1,933	Upstream
900	839	781	Marketing
449	(229)	1,615	Chemicals and Products
(42)	(311)	163	Renewables and Energy Solutions
(457)	(380)	(368)	Corporate
5,670	3,766	7,804	Total Adjusted Earnings2
5,577	3,661	7,734	Adjusted Earnings attributable to Shell plc shareholders
94	106	70	Adjusted Earnings attributable to non-controlling interest

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

2.See Reconciliation of income for the period to Adjusted Earnings below.

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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
Q1 2025	Q4 2024	Q1 2024
			Capital expenditure
943	1,123	858	Integrated Gas
1,727	2,205	1,766	Upstream
252	798	427	Marketing
451	1,121	474	Chemicals and Products
358	1,214	421	Renewables and Energy Solutions
17	25	34	Corporate
3,748	6,486	3,980	Total capital expenditure
			Add: Investments in joint ventures and associates
174	214	184	Integrated Gas
197	(117)	244	Upstream
4	13	38	Marketing
7	271	26	Chemicals and Products
30	36	8	Renewables and Energy Solutions
1	4	—	Corporate
413	421	500	Total investments in joint ventures and associates
			Add: Investments in equity securities
—	—	—	Integrated Gas
—	(11)	—	Upstream
—	—	—	Marketing
—	—	—	Chemicals and Products
14	28	10	Renewables and Energy Solutions
—	—	3	Corporate
15	17	13	Total investments in equity securities
			Cash capital expenditure
1,116	1,337	1,041	Integrated Gas
1,923	2,076	2,010	Upstream
256	811	465	Marketing
458	1,392	500	Chemicals and Products
403	1,277	438	Renewables and Energy Solutions
19	30	37	Corporate
4,175	6,924	4,493	Total Cash capital expenditure

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RECONCILIATION OF INCOME FOR THE PERIOD TO ADJUSTED EARNINGS
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
4,780	928	7,358	Income/(loss) attributable to Shell plc shareholders
95	113	82	Income/(loss) attributable to non-controlling interest
4,875	1,041	7,439	Income/(loss) for the period
(15)	(75)	(360)	Add: Current cost of supplies adjustment before taxation
(2)	23	84	Add: Tax on current cost of supplies adjustment
(510)	(3,008)	(1,244)	Less: Identified items adjustment before taxation
301	(230)	(604)	Add: Tax on identified items adjustment
5,670	3,766	7,804	Adjusted Earnings
5,577	3,661	7,734	Adjusted Earnings attributable to Shell plc shareholders
94	106	70	Adjusted Earnings attributable to non-controlling interest

Identified items

The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.

Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.



Q1 2025	$ 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)	(106)	(1)	154	(57)	(15)	(187)	—
Impairment reversals/(impairments)	(341)	—	(21)	10	(293)	(38)	—
Redundancy and restructuring	(44)	(1)	(15)	(9)	(13)	(9)	4
Fair value accounting of commodity derivatives and certain gas contracts1	194	420	(1)	12	(258)	20	—
Other2	(212)	(70)	4	—	(101)	(46)	—
Total identified items included in Income/(loss) before taxation	(510)	348	121	(44)	(679)	(260)	4
Less: Total identified items included in Taxation charge/(credit)	301	43	378	4	(99)	(54)	29
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(208)	—	8	(61)	(12)	(143)	—
Impairment reversals/(impairments)	(317)	—	(15)	6	(277)	(31)	—
Redundancy and restructuring	(24)	(1)	(5)	(1)	(12)	(7)	2
Fair value accounting of commodity derivatives and certain gas contracts1	187	362	—	7	(202)	20	—
Impact of exchange rate movements and inflationary adjustments on tax balances3	108	4	132	—	—	—	(28)
Other2	(558)	(59)	(377)	—	(77)	(45)	—
Impact on Adjusted Earnings	(811)	306	(257)	(49)	(581)	(205)	(26)
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	(811)	306	(257)	(49)	(581)	(205)	(26)

1.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

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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.

2.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.

3.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 recognised tax losses (this primarily impacts the Integrated Gas and Upstream 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).



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)
Fair value accounting of commodity derivatives and certain gas contracts1	209	136	(14)	58	(38)	67	—
Other1	(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)
Fair value accounting of commodity derivatives and certain gas contracts1	184	109	(4)	46	(17)	50	—
Impact of exchange rate movements and inflationary adjustments on tax balances1	(210)	(57)	(199)	—	—	—	46
Other1	(147)	(22)	(212)	(25)	113	—	—
Impact on Adjusted Earnings	(2,778)	(421)	(651)	(736)	(99)	(914)	45
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	(2,778)	(421)	(651)	(736)	(99)	(914)	45

1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

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Q1 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)	10	(3)	27	(15)	(9)	10	—
Impairment reversals/(impairments)	(227)	(8)	(96)	(4)	(178)	59	—
Redundancy and restructuring	(74)	(1)	(13)	(20)	(18)	(15)	(6)
Fair value accounting of commodity derivatives and certain gas contracts1	(1,079)	(1,068)	(2)	6	(416)	400	—
Other1	126	4	38	23	45	16	—
Total identified items included in Income/(loss) before taxation	(1,244)	(1,075)	(46)	(11)	(575)	469	(6)
Less: Total identified items included in Taxation charge/(credit)	(604)	(157)	(385)	(4)	(118)	80	(20)
Identified items included in Income/(loss) for the period
Divestment gains/(losses)	(4)	(2)	10	(11)	(7)	6	—
Impairment reversals/(impairments)	(186)	(5)	(102)	(3)	(152)	77	—
Redundancy and restructuring	(53)	(1)	(9)	(15)	(14)	(11)	(4)
Fair value accounting of commodity derivatives and certain gas contracts1	(896)	(887)	—	5	(319)	306	—
Impact of exchange rate movements and inflationary adjustments on tax balances1	403	(27)	412	—	—	—	18
Other1	95	3	28	17	34	12	—
Impact on Adjusted Earnings	(641)	(919)	339	(7)	(458)	390	14
Impact on Adjusted Earnings attributable to non-controlling interest	—	—	—	—	—	—	—
Impact on Adjusted Earnings attributable to Shell plc shareholders	(641)	(919)	339	(7)	(458)	390	14

1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

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.

3. Earnings per share



EARNINGS PER SHARE
Quarters
Q1 2025	Q4 2024	Q1 2024
4,780	928	7,358	Income/(loss) attributable to Shell plc shareholders ($ million)

			Weighted average number of shares used as the basis for determining:
6,033.5	6,148.4	6,440.1	Basic earnings per share (million)
6,087.8	6,213.9	6,504.3	Diluted earnings per share (million)

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4. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH

Number of shares

Nominal value
($ million)

At January 1, 2025

6,115,031,158

510

Repurchases of shares

(98,948,766)

(8)

At March 31, 2025

6,016,082,392

502

At January 1, 2024

6,524,109,049

544

Repurchases of shares

(88,893,999)

(7)

At March 31, 2024

6,435,215,050

537

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.

5. Other reserves



OTHER RESERVES
$ million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accumulated other comprehensive income	Total
At January 1, 2025	37,298	154	270	1,417	(19,373)	19,766
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	1,967	1,967
Transfer from other comprehensive income	—	—	—	—	11	11
Repurchases of shares	—	—	8	—	—	8
Share-based compensation	—	—	—	(663)	—	(663)
At March 31, 2025	37,298	154	279	754	(17,394)	21,090
At January 1, 2024	37,298	154	236	1,308	(17,851)	21,145
Other comprehensive income/(loss) attributable to Shell plc shareholders	—	—	—	—	(1,420)	(1,420)
Transfer from other comprehensive income	—	—	—	—	138	138
Repurchases of shares	—	—	7	—	—	7
Share-based compensation	—	—	—	(426)	—	(426)
At March 31, 2024	37,298	154	244	882	(19,132)	19,445

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.

6. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December 31, 2024, 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 March 31, 2025, are consistent with those used in the year ended December 31, 2024, though the carrying amounts of derivative financial instruments have changed since that date.

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The movement of the derivative financial instruments between December 31, 2024 and March 31, 2025 is a decrease of $732 million for the current assets and a decrease of $1,020 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	March 31, 2025	December 31, 2024
Carrying amount1	48,023	48,376
Fair value2	44,240	44,119

1. Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the first quarter 2025.

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

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

Consolidated Statement of Income

Interest and other income



Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
302	683	907	Interest and other income/(expenses)
			Of which:
481	548	588	Interest income
1	25	23	Dividend income (from investments in equity securities)
(127)	(288)	10	Net gains/(losses) on sales and revaluation of non-current assets and businesses
(137)	267	66	Net foreign exchange gains/(losses) on financing activities
85	131	219	Other

Depreciation, depletion and amortisation



Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
5,441	7,520	5,881	Depreciation, depletion and amortisation
			Of which:
5,130	5,829	5,654	Depreciation
311	1,797	382	Impairments
(1)	(106)	(154)	Impairment reversals

Impairments recognised in the first quarter 2025 of $311 million pre-tax ($287 million post-tax) principally relate to Chemicals and Products.

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).

Impairments recognised in the first quarter 2024 of $382 million pre-tax ($332 million post-tax) include smaller

impairments in various segments.

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Taxation charge/credit

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

4,083

3,164

3,604

Taxation charge/(credit)

Of which:

4,024

3,125

3,525

Income tax excluding Pillar Two income tax

Income tax related to Pillar Two income tax

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

Q1 2025

Q4 2024

Q1 2024

1,711

(4,899)

(1,995)

Currency translation differences

Of which:

1,618

(5,028)

(1,983)

Recognised in Other comprehensive income

129

(12)

(Gain)/loss reclassified to profit or loss

Condensed Consolidated Balance Sheet

Other intangible assets



$ million
	March 31, 2025	December 31, 2024
Other intangible assets	11,365	9,480

The increase in other intangible assets as at March 31, 2025 compared with December 31, 2024 is mainly related to initial recognition at fair value of favourable LNG, gas offtake and sales contracts. These were recognised following completion of the acquisition of Pavilion Energy Pte. Ltd. during the first quarter 2025. The fair value of unfavourable LNG, gas offtake and sales contracts acquired was recognised under trade and other payables.

Assets classified as held for sale



$ million
	March 31, 2025	December 31, 2024
Assets classified as held for sale	10,881	9,857
Liabilities directly associated with assets classified as held for sale	8,001	6,203

Assets classified as held for sale and associated liabilities at March 31, 2025 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada and an energy and chemicals park in Singapore, both in Chemicals and Products. 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 March 31, 2025, are Property, plant and equipment ($8,866 million; December 31, 2024: $8,283 million), Inventories ($1,003 million; December 31, 2024: $1,180 million), Decommissioning and other provisions ($3,228 million; December 31, 2024: $3,053 million), deferred tax liabilities ($2,823 million; December 31, 2024: $2,042 million), Trade and other payables ($1,000 million; December 31, 2024: $484 million) and Debt ($839 million; December 31, 2024: $624 million).

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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

Consolidated Statement of Cash Flows

Cash flow from operating activities – Other

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

570

(856)

509

Other

‘Cash flow from operating activities – Other’ for the first quarter 2025 includes $652 million of net inflows (fourth quarter 2024: $1,447 million net outflows; first quarter 2024: $188 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $255 million in relation to reversal of currency exchange gains on Cash and cash equivalents (fourth quarter 2024: $672 million losses; first quarter 2024: $253 million losses).

Cash flow from investing activities – Other investing cash outflows

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

(1,394)

(655)

(1,494)

Other investing cash outflows

‘Cash flow from investing activities – Other investing cash outflows’ for the first quarter 2025 includes $818 million secured term loans provided to The Shell Petroleum Development Company of Nigeria Limited (SPDC) upon completion of the sale of SPDC. The first quarter 2024 includes $645 million of debt securities acquired in the Corporate segment.

8. Reconciliation of Operating expenses and Total Debt



RECONCILIATION OF OPERATING EXPENSES
Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
5,549	5,839	5,810	Production and manufacturing expenses
2,840	3,231	2,975	Selling, distribution and administrative expenses
185	331	212	Research and development
8,575	9,401	8,997	Operating expenses

RECONCILIATION OF TOTAL DEBT

March 31, 2025

December 31, 2024

March 31, 2024

$ million

11,391

11,630

11,046

Current debt

65,120

65,448

68,886

Non-current debt

76,511

77,078

79,931

Total debt

Page 23

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

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

The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest when presenting the total Shell Group result but includes these items when presenting individual segment Adjusted Earnings as set out in the table below.

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.



Q1 2025	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Income/(loss) for the period	4,875	2,789	2,080	814	(77)	(247)	(483)
Add: Current cost of supplies adjustment before taxation	(15)			52	(67)
Add: Tax on current cost of supplies adjustment	(2)			(14)	12
Less: Identified items	(811)	306	(257)	(49)	(581)	(205)	(26)
Less: Income/(loss) attributable to non-controlling interest	95
Less: Current cost of supplies adjustment attributable to non-controlling interest	(1)
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	5,577
Add: Non-controlling interest	94
Adjusted Earnings plus non-controlling interest	5,670	2,483	2,337	900	449	(42)	(457)
Add: Taxation charge/(credit) excluding tax impact of identified items	3,784	803	2,619	391	99	63	(191)
Add: Depreciation, depletion and amortisation excluding impairments	5,130	1,404	2,213	566	852	90	6
Add: Exploration well write-offs	28	—	29
Add: Interest expense excluding identified items	1,119	51	200	12	14	2	841
Less: Interest income	481	4	11	—	4	2	461
Adjusted EBITDA	15,250	4,735	7,387	1,869	1,410	111	(261)
Less: Current cost of supplies adjustment before taxation	(15)			52	(67)
Joint ventures and associates (dividends received less profit)	(178)	(286)	(159)	203	54	10	—
Derivative financial instruments	(38)	542	14	10	(508)	(169)	73
Taxation paid	(2,900)	(773)	(1,999)	(174)	63	52	(68)
Other	(206)	(68)	(386)	396	125	(17)	(257)
(Increase)/decrease in working capital	(2,663)	(687)	(913)	(344)	(1,081)	380	(19)
Cash flow from operating activities	9,281	3,463	3,945	1,907	130	367	(531)

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1st QUARTER 2025 UNAUDITED RESULTS



Q4 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Income/(loss) for the period	1,041	1,744	1,031	103	(276)	(1,226)	(335)
Add: Current cost of supplies adjustment before taxation	(75)			(2)	(73)
Add: Tax on current cost of supplies adjustment	23			2	21
Less: Identified items	(2,778)	(421)	(651)	(736)	(99)	(914)	45
Less: Income/(loss) attributable to non-controlling interest	113
Less: Current cost of supplies adjustment attributable to non-controlling interest	(7)
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



Q1 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Income/(loss) for the period	7,439	2,761	2,272	896	1,311	553	(354)
Add: Current cost of supplies adjustment before taxation	(360)			(153)	(207)
Add: Tax on current cost of supplies adjustment	84			30	54
Less: Identified items	(641)	(919)	339	(7)	(458)	390	14
Less: Income/(loss) attributable to non-controlling interest	82
Less: Current cost of supplies adjustment attributable to non-controlling interest	(12)
Add: Identified items attributable to non-controlling interest	—
Adjusted Earnings	7,734
Add: Non-controlling interest	70
Adjusted Earnings plus non-controlling interest	7,804	3,680	1,933	781	1,615	163	(368)
Add: Taxation charge/(credit) excluding tax impact of identified items	4,124	996	2,522	358	338	—	(91)
Add: Depreciation, depletion and amortisation excluding impairments	5,654	1,410	2,727	535	870	106	6
Add: Exploration well write-offs	554	8	546	—	—	—	—
Add: Interest expense excluding identified items	1,163	42	169	12	17	1	922
Less: Interest income	588	—	10	—	14	4	560
Adjusted EBITDA	18,711	6,136	7,888	1,686	2,826	267	(92)
Less: Current cost of supplies adjustment before taxation	(360)			(153)	(207)
Joint ventures and associates (dividends received less profit)	(582)	(197)	(546)	93	56	13	—
Derivative financial instruments	306	(1,080)	(3)	(39)	(402)	1,978	(149)
Taxation paid	(2,616)	(467)	(1,802)	(175)	(19)	(244)	91
Other	(97)	45	(231)	393	(378)	(30)	104
(Increase)/decrease in working capital	(2,752)	275	421	(792)	(2,639)	481	(499)
Cash flow from operating activities	13,330	4,712	5,727	1,319	(349)	2,466	(545)

Identified items

Page 25

SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

See Note 2 “Segment information” for details.

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 3).

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.

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

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
	Q1 2025	Q4 2024	Q1 2024
Current debt	11,046	9,931	9,044
Non-current debt	68,886	71,610	76,098
Total equity	188,304	188,362	195,530
Less: Cash and cash equivalents	(39,949)	(38,774)	(42,074)
Capital employed – opening	228,286	231,128	238,598
Current debt	11,391	11,630	11,046
Non-current debt	65,120	65,448	68,886
Total equity	180,670	180,168	188,304
Less: Cash and cash equivalents	(35,601)	(39,110)	(39,949)
Capital employed – closing	221,580	218,134	228,286
Capital employed – average	224,933	224,630	233,442

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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



$ million	Quarters
	Q1 2025	Q4 2024	Q1 2024
Adjusted Earnings – current and previous three quarters (Reference A)	21,558	23,716	26,338
Add: Income/(loss) attributable to NCI – current and previous three quarters	441	427	295
Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters	25	14	(24)
Less: Identified items attributable to NCI (Reference A) – current and previous three quarters	18	18	(11)
Adjusted Earnings plus NCI excluding identified items – current and previous three quarters	22,005	24,139	26,620
Add: Interest expense after tax – current and previous three quarters	2,639	2,701	2,718
Less: Interest income after tax on cash and cash equivalents – current and previous three quarters	1,329	1,389	1,368
Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters	23,315	25,452	27,971
Capital employed – average	224,933	224,630	233,442
ROACE on an Adjusted Earnings plus NCI basis	10.4%	11.3%	12.0%

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
	March 31, 2025		December 31, 2024		March 31, 2024
Current debt	11,391		11,630		11,046
Non-current debt	65,120		65,448		68,886
Total debt	76,511		77,078		79,931
Of which: Lease liabilities	28,488		28,702		26,885
Add: Debt-related derivative financial instruments: net liability/(asset)	1,905		2,469		1,888
Add: Collateral on debt-related derivatives: net liability/(asset)	(1,295)		(1,628)		(1,357)
Less: Cash and cash equivalents	(35,601)		(39,110)		(39,949)
Net debt	41,521		38,809		40,513
Total equity	180,670		180,168		188,304
Total capital	222,190		218,974		228,817
Gearing	18.7	%	17.7	%	17.7	%

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.

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SHELL PLC
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Q1 2025	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	5,549	947	2,139	349	1,621	486	8
Selling, distribution and administrative expenses	2,840	38	42	2,053	442	153	111
Research and development	185	22	32	42	25	21	43
Operating expenses	8,575	1,006	2,213	2,444	2,088	661	162



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



Q1 2024	$ million
	Total	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate
Production and manufacturing expenses	5,810	956	2,269	366	1,634	579	5
Selling, distribution and administrative expenses	2,975	62	58	2,188	420	158	89
Research and development	212	26	58	34	34	12	49
Operating expenses	8,997	1,044	2,385	2,587	2,088	749	144

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.

Quarters

$ million

Q1 2025

Q4 2024

Q1 2024

8,575

9,401

8,997

Operating expenses

(44)

(174)

(73)

Redundancy and restructuring (charges)/reversal

(101)

(88)

—

(Provisions)/reversal

—

130

Other

(121)

(262)

Total identified items

8,453

9,138

9,054

Underlying operating expenses

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.

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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS



Quarters			$ million
Q1 2025	Q4 2024	Q1 2024
9,281	13,162	13,330	Cash flow from operating activities
(3,959)	(4,431)	(3,528)	Cash flow from investing activities
5,322	8,731	9,802	Free cash flow
597	805	1,025	Less: Divestment proceeds (Reference I)
45	1	—	Add: Tax paid on divestments (reported under “Other investing cash outflows”)
130	525	62	Add: Cash outflows related to inorganic capital expenditure1
4,899	8,453	8,839	Organic free cash flow2

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 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

Q1 2025

Q4 2024

Q1 2024

9,281

13,162

13,330

Cash flow from operating activities

854

131

(608)

(Increase)/decrease in inventories

(2,610)

751

(195)

(Increase)/decrease in current receivables

(907)

1,524

(1,949)

Increase/(decrease) in current payables

(2,663)

2,407

(2,752)

(Increase)/decrease in working capital

11,944

10,755

16,082

Cash flow from operating activities excluding working capital movements

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
Q1 2025	Q4 2024	Q1 2024
559	493	323	Proceeds from sale of property, plant and equipment and businesses
33	305	133	Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
5	6	569	Proceeds from sale of equity securities
597	805	1,025	Divestment proceeds

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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS

CAUTIONARY STATEMENT

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

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The 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 Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (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 tariffs and 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, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, May 2, 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 Interim Financial Report.

Shell’s net carbon intensity

Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI 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 and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-Looking non-GAAP measures

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

The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

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

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1st QUARTER 2025 UNAUDITED RESULTS

This announcement contains inside information.

May 2, 2025


The information in this Unaudited Condensed Interim 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; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

LEI number of Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

Page 31

The MIL Network –

May 2, 2025

MIL-OSI: Shell plc publishes first quarter 2025 press release

Source: GlobeNewswire (MIL-OSI)

London, May 2, 2025

“Shell delivered another solid set of results in the first quarter of 2025. We further strengthened our leading LNG business by completing the acquisition of Pavilion Energy, and high-graded our portfolio with the completion of the Nigeria onshore and the Singapore Energy and Chemicals Park divestments.

Our strong performance and resilient balance sheet give us the confidence to commence another $3.5 billion of buybacks for the next three months, consistent with the strategic direction we set out at our Capital Markets Day in March.”

Shell plc Chief Executive Officer, Wael Sawan

SOLID RESULTS; RESILIENT BALANCE SHEET; CONSISTENT DISTRIBUTIONS

Q1 2025 Adjusted Earnings¹ of $5.6 billion reflect strong performance across the business. CFFO excluding working capital was $11.9 billion for the quarter. Working capital outflow was $2.7 billion in Q1 2025.
Strengthened LNG trading and optimisation capabilities with the Pavilion Energy acquisition and high-graded the portfolio with the completion of the divestments of the Singapore Energy and Chemicals Park², and SPDC³ in Nigeria.
Disciplined capital allocation, with 2025 cash capex outlook of $20 – 22 billion.
Commencing another $3.5 billion share buyback programme for the next 3 months, making this the 14^th consecutive quarter of at least $3 billion in buybacks. Total shareholder distributions paid over the last 4 quarters were 45% of CFFO, consistent with the 40 – 50% of CFFO through the cycle distribution target announced at Capital Markets Day 2025.
Resilient balance sheet with gearing (including leases) of 19%.

$ million¹		Adj. Earnings	Adj. EBITDA	CFFO	Cash capex
Integrated Gas		2,483	4,735	3,463	1,116
Upstream		2,337	7,387	3,945	1,923
Marketing		900	1,869	1,907	256
Chemicals & Products⁴		449	1,410	130	458
Renewables & Energy Solutions		(42)	111	367	403
Corporate		(457)	(261)	(531)	19
Less: Non-controlling interest (NCI)		94
Shell	Q1 2025	5,577	15,250	9,281	4,175
Shell	Q4 2024	3,661	14,281	13,162	6,924

¹Income/(loss) attributable to shareholders for Q1 2025 is $4.8 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
² Completed on April 1, 2025.
³The Shell Petroleum Development Company of Nigeria Limited.
⁴Chemicals & Products Adjusted Earnings at a subsegment level are as follows: Chemicals $(0.1) billion and Products $0.6 billion.

CFFO excluding working capital is $11.9 billion in Q1 2025 and reflects tax payments of $2.9 billion. Working capital outflow is $2.7 billion, consistent with outflows as we have seen in the first quarters of recent years.
Net debt of $41.5 billion includes the lease additions related to the Pavilion Energy acquisition as well as a drawdown on the loan facilities provided at the completion of the sale of SPDC in Nigeria.

$ billion¹	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Working capital	(2.8)	(0.3)	2.7	2.4	(2.7)
Divestment proceeds	1.0	0.8	0.2	0.8	0.6
Free cash flow	9.8	10.2	10.8	8.7	5.3
Net debt	40.5	38.3	35.2	38.8	41.5

¹ Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

Q1 2025 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data	Q4 2024	Q1 2025	Q2 2025 outlook
Realised liquids price ($/bbl)	63	64	—
Realised gas price ($/thousand scf)	8.1	7.4	—
Production (kboe/d)	905	927	890 – 950
LNG liquefaction volumes (MT)	7.1	6.6	6.3 – 6.9
LNG sales volumes (MT)	15.5	16.5	—

Adjusted Earnings were higher than in Q4 2024, reflecting lower exploration well write-offs. Trading and optimisation results were in line with Q4 2024, despite higher unfavourable (non-cash) impact from expiring hedging contracts.
Q2 2025 production and liquefaction outlook reflects higher scheduled maintenance across the portfolio.

UPSTREAM

Key data	Q4 2024	Q1 2025	Q2 2025 outlook
Realised liquids price ($/bbl)	71	71	—
Realised gas price ($/thousand scf)	7.0	7.4	—
Liquids production (kboe/d)	1,332	1,335	—
Gas production (million scf/d)	3,056	3,020	—
Total production (kboe/d)	1,859	1,855	1,560 – 1,760

Adjusted Earnings were higher than in Q4 2024, reflecting lower depreciation following year-end reserves updates and lower well write-offs, partially offset by lower sales volumes.
Q2 2025 production outlook reflects scheduled maintenance and the completed sale of SPDC in March 2025.

MARKETING

Key data	Q4 2024	Q1 2025	Q2 2025 outlook
Marketing sales volumes (kb/d)	2,795	2,674	2,600 – 3,100
Mobility (kb/d)	2,041	1,964	—
Lubricants (kb/d)	77	87	—
Sectors & Decarbonisation (kb/d)	678	623	—

Adjusted Earnings were higher than in Q4 2024, supported by seasonally stronger margins in Lubricants.

CHEMICALS & PRODUCTS

Key data	Q4 2024	Q1 2025	Q2 2025 outlook¹
Refinery processing intake (kb/d)	1,215	1,362	—
Chemicals sales volumes (kT)	2,926	2,813	—
Refinery utilisation (%)	76	85	87 – 95
Chemicals manufacturing plant utilisation (%)	75	81	74 – 82
Global indicative refining margin ($/bbl)	5.5	6.2	—
Global indicative chemical margin ($/t)	138	126	—

¹Following the Singapore Energy and Chemicals Park divestment, IRM, ICM and associated sensitivities have been updated for Q2 2025; see the guidance tab of the Quarterly Databook, available at www.shell.com/investors.

Trading and optimisation results were significantly higher than in Q4 2024 and in line with contributions in Q2 and Q3 of 2024, while the Chemicals results continued to be impacted by a weak margin environment.
Q2 2025 outlook reflects the completed sale of the Energy and Chemicals Park in Singapore.

RENEWABLES & ENERGY SOLUTIONS

Key data	Q4 2024	Q1 2025
External power sales (TWh)	76	76
Sales of pipeline gas to end-use customers (TWh)	165	184
Renewables power generation capacity (GW)*	7.4	7.5
in operation (GW)	3.4	3.5
under construction and/or committed for sale (GW)	4.0	4.0

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

Adjusted Earnings were higher than in Q4 2024, with higher seasonal demand and volatility driving higher trading and optimisation, particularly in the Americas.

CORPORATE

Key data	Q4 2024	Q1 2025	Q2 2025 outlook
Adjusted Earnings ($ billion)	(0.4)	(0.5)	(0.6) – (0.4)

UPCOMING INVESTOR EVENTS

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 Q 1 202 5
Quarterly Databook Q 1 20 25
Webcast registration Q 1 20 25
Dividend announcement Q 1 20 25
C apital Mar kets Day 2025 materials

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, 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 such as Adjusted Earnings 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 to reference 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”; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘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, including climate change; (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 tariffs and 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, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) 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, 2024 (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, May 2, 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 and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks 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, 2024 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s first quarter 2025 unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; U.S. and Canada: C ontact form

The MIL Network –

May 2, 2025

MIL-OSI: Golar entered into 20-year agreements for 5.95mtpa nameplate capacity in Argentina – one of the world’s largest FLNG development projects.
Source: GlobeNewswire (MIL-OSI)

Golar LNG Limited (“GLNG”, “Golar” or “the Company”) is pleased to announce the Final Investment Decision (“FID”) and fulfilment of all conditions precedent for the 20-year re-deployment charter of the FLNG Hilli Episeyo (“FLNG Hilli” or “Hilli”), first announced on July 5, 2024. The vessel will be chartered to Southern Energy S.A. (“SESA”), offshore Argentina. In addition, Golar and SESA have signed definitive agreements for a 20-year charter for the MKII FLNG, currently under conversion at CIMC Raffles shipyard in Yantai, China. The MKII FLNG charter remains subject to FID and the same regulatory approvals as granted to the FLNG Hilli project, expected within 2025.

Key commercial terms for the respective 20-year charter agreements include:
- FLNG Hilli (nameplate capacity of 2.45 MTPA): Expected contract start-up in 2027, net charter hire to Golar of US$ 285 million per year, plus a commodity linked tariff component of 25% of Free on Board (“FOB”) prices in excess of US$ 8/mmbtu.
- MKII FLNG (nameplate capacity of 3.5 MTPA): Expected contract start-up in 2028, net charter hire to Golar of US$ 400 million per year, plus a commodity linked tariff component of 25% of FOB prices in excess of US$ 8/mmbtu.
The two FLNG agreements are expected to add US$ 13.7 billion in earnings backlog to Golar over 20 years, before adjustments (based on US-CPI) to the charter hire and before commodity linked tariff upside. For every US$ 1/mmbtu above the US$ 8/mmbtu, the total upside for Golar will be approximately US$ 100 million when both FLNGs are in operation. Subject to a 3-year notice and payment of a fee, SESA may reduce the term of the agreement to 12 years for the FLNG Hilli and to 15 years for the MKII FLNG.

The commodity linked tariff component is upside oriented. Golar will make 25% of realized FOB prices above a threshold of US$ 8/mmbtu, with no cap to the upside for gas prices. Golar has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below US$ 7.5/mmbtu down to a floor of US$ 6/mmbtu. Under this mechanism, the maximum accumulated discount over the life of both contracts has a cap of US$ 210 million, and any outstanding discounted charter hire amounts will be repaid through an additional upside sharing if FOB prices return to levels above US$ 7.5/mmbtu. Golar is not exposed to further downside in the commodity linked FLNG charter mechanism.

SESA is a company formed to enable LNG exports from Argentina. SESA is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%) and Harbour Energy (15%), as well as Golar (10%). The gas producers have committed to supply their pro-rata share of natural gas to the FLNGs under Gas Sales Agreements (“GSA”) at a fixed price per mmbtu before adjustments (based on US-CPI). Golar’s 10% shareholding in SESA provides additional commodity exposure.

The project has received the full support of the National and Provincial Governments in Argentina that granted all necessary approvals including (i) the first ever unrestricted 30-year LNG export authorization in Argentina; (ii) qualification for the Incentive Regime for Large Investments (“RIGI”); and (iii) provincial approval by the province of Río Negro for the offshore and onshore Environmental Impact Assessments for FLNG Hilli.

The FLNGs will be located in close proximity of each other, offshore in the Gulf of San Matias Gulf in the province of Rio Negro, Argentina. The vessels will monetize gas from the Vaca Muerta formation, the world’s second largest shale gas resource, located onshore in the province of Neuquen, Argentina. FLNG Hilli will initially utilize spare volumes from the existing pipeline network. SESA intends to facilitate for a dedicated pipeline to be constructed from Vaca Muerta to the Gulf of San Matias to serve gas supply to the FLNGs. The project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area.

Golar’s CEO, Karl Fredrik Staubo commented: “Golar is excited to partner with the leading gas producers in Argentina in establishing the country as an LNG exporter. The vast resources of the Vaca Muerta formation will provide the LNG market with a reliable long-term source of attractive LNG supplies, and a significant contribution to Argentina. For Golar, the project adds robust earnings backlog, attractive commodity upside potential in the FLNG tariff and strong partner alignment through our shareholding in SESA.”

About SESA:
Southern Energy S.A. is a company founded in 2024 for the purpose of LNG exports of Argentinian natural gas. SESA’s shareholders comprise Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar LNG Ltd. (10%). SESA will be responsible for procuring natural gas from the domestic market, and facilitating the necessary infrastructure to bring the natural gas to the flange of the FLNGs in the Gulf of San Matias. SESA will also be responsible for the operations of the FLNGs with support from Golar, and for the marketing and sale of the LNG produced.

About Golar LNG Ltd:
Golar LNG Limited (“GLNG”) is a NASDAQ listed maritime LNG infrastructure company. Through its 79-year history, the company has pioneered maritime LNG infrastructure including the world’s first Floating LNG liquefaction terminal (FLNG) and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Today Golar is a leading pure play FLNG company, and the only proven provider of FLNG as a service.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “subject to” or the negative of these terms and similar expressions are intended to identify such forward-looking statements.

These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.

Hamilton, Bermuda
2 May 2025

Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFO
Stuart Buchanan – Head of Investor Relations

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

The MIL Network –
May 2, 2025
MIL-OSI USA: Fact Sheet: President Donald J. Trump Ends the Taxpayer Subsidization of Biased Media

US Senate News:

Source: The White House
ENDING TAXPAYER SUBSIDIZATION OF BIASED MEDIA: Today, President Donald J. Trump signed an Executive Order ending the taxpayer subsidization of National Public Radio (NPR) and the Public Broadcasting Service (PBS).
NPR and PBS receive tens of millions of dollars in taxpayer funds each year, primarily from the Corporation for Public Broadcasting (CPB).
The Order ceases federal funding to NPR and PBS to the maximum extent allowed by law.
It also ceases indirect funding to PBS and NPR by prohibiting local public radio and television stations and any other recipients of CPB funds from using taxpayer dollars to support these organizations.
The Order mandates that the CPB revise its 2025 General Provisions to explicitly prohibit direct or indirect funding to NPR and PBS.
It directs all federal agencies to terminate any direct or indirect funding to NPR and PBS and to review existing grants and contracts for compliance.
The Order instructs the FCC and relevant agencies to investigate whether NPR and PBS have engaged in unlawful discrimination.
EXPOSING BIAS IN PUBLIC BROADCASTING: NPR and PBS have fueled partisanship and left-wing propaganda with taxpayer dollars, which is highly inappropriate and an improper use of taxpayers’ money, as President Trump has stated.
Unlike in 1967, when CPB was established, today the media landscape is filled with abundant, diverse, and innovative news options, making government funding of news media outdated, unnecessary, and corrosive to journalistic independence.
Moreover, while the CPB is legally mandated to be “nonpolitical [in] nature” and not “contribute to or otherwise support any political party,” both NPR and PBS make significant in-kind contributions to the Democrat party and its political causes.
An NPR editor found that registered Democrats outnumbered Republicans 87 to zero in the newsroom’s editorial positions.
NPR’s President and CEO admitted that she regards “truth” as a harmful “distraction” from NPR’s objectives.
To illustrate its partisan capture, NPR management asked its editors to avoid the term “biological sex” when discussing transgender issues.
NPR has run stories defending looting and suggesting that crime fears are racist and has described its diversity, equity, and inclusion (DEI) practices as “inseparable” from its content.
NPR refused to cover the Hunter Biden laptop story, calling it a waste of time and a distraction, despite that it was highly relevant to the presidential election.
NPR repeatedly insisted COVID-19 did not originate in a lab and refused to explore the theory.
The FBI, CIA, and Department of Energy have all since deemed the lab-leak theory the likely cause.

NPR ran a Valentine’s Day feature around “queer animals,” in which it suggested the make-believe clownfish in “Finding Nemo” would’ve been better off as a female, that “banana slugs are hermaphrodites,” and that “some deer are nonbinary.”
Research shows that “congressional Republicans faced 85% negative coverage, compared to 54% positive coverage of congressional Democrats,” on PBS’s flagship news program.
Over a six-month period, PBS News Hour used versions of the term “far-right” 162 times, but “far-left” only 6 times.
A PBS station featured drag queen Lil Miss Hot Mess on a program meant for kids ages 3-8.
PBS produced a movie titled “Real Boy” which celebrates a transgender teen’s transition.
PBS show Sesame Street partnered with CNN for a town hall aimed presenting children with a one-sided narrative to “address racism” amid the Black Lives Matter riots.
PBS’s coverage of the 2024 Republican National Convention was 72% negative, while its coverage of the 2024 Democratic National Convention was 88% positive.
No media outlet has a Constitutional right to taxpayer subsidized operations, and it’s highly inappropriate for taxpayers to be forced to subsidize biased, partisan content.
SAFEGUARDING TAXPAYER DOLLARS: President Trump is working to ensure taxpayer dollars are no longer wasted on progressive pet projects, but rather used to benefit hardworking Americans.
President Trump established the “Department of Government Efficiency” to examine how to streamline the federal government, eliminate unnecessary programs, and reduce bureaucratic inefficiency.
President Trump launched a 10-to-1 deregulation initiative, ensuring every new rule is justified by clear benefits.
President Trump terminated DEI discrimination in the federal workforce, and in federal contracting and spending.
The Trump Administration is aggressively investigating Biden-era programs that wasted billions of taxpayer dollars on inefficient and politically-driven projects, including canceling unnecessary government contracts and grants that do not serve the national interest.

MIL OSI USA News –

May 2, 2025

Category: Energy

“I cannot, and will not, support any legislation that reduces Medicaid benefits for vulnerable populations the program was intended to serve, like the working poor, individuals with disabilities, single mothers, and the elderly.”

Source: Master Plumbers Gasfitters and Drainlayers

Source: Master Plumbers Gasfitters and Drainlayers

Source: Master Plumbers Gasfitters and Drainlayers

Source: Master Plumbers Gasfitters and Drainlayers

Source: Master Plumbers Gasfitters and Drainlayers

2025-59 HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL, SUES FOSSIL FUEL INTERESTS FOR CLIMATE DECEPTION

Prime Minister Shri Narendra Modi dedicates Vizhinjam International Seaport in Kerala worth ₹8,800 crore to the nationThe Vizhinjam International Deepwater Multipurpose Seaport in Kerala is a significant advancement in India’s maritime infrastructure: PM

NDA group’s work praised in international forum

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Prime Minister Shri Narendra Modi dedicates Vizhinjam International Seaport in Kerala worth ₹8,800 crore to the nation

The Vizhinjam International Deepwater Multipurpose Seaport in Kerala is a significant advancement in India’s maritime infrastructure: PM