Source: Northern Ireland City of Armagh
Please remember to leave your bin out by 7am on Monday 5 May for scheduled collections. For further holiday arrangements and information on council services please download the ABC Council App – https://bit.ly/4adeKnw
Source: Scottish Greens
The Scottish Government’s rollback on equality is a ‘shameful’ backward step, says Scottish Green equality spokesperson Maggie Chapman MSP.
The comments come as Government Initiated Questions confirmed that the Government has dropped a misogyny bill which offered much-needed protections for women and girls at risk of gender-based violence.
At the same time, the government is also dropping their commitment to end conversion practices against LGBTQIA+ people in this term, instead opting to follow in Westminster’s footsteps and put equalities on the back burner.
Both of these bills were originally promised as part of the Bute House Agreement that Scottish Greens negotiated after the last Holyrood elections.
Ms Chapman says:
“Dropping these bills sends a worrying message about the government’s commitment to equalities, and a shameful backward step. A lot of people have waited far too long for the protections in these bills, and they will be deeply disappointed that they will not be happening as promised.
“Violence against women and girls is a national emergency. The misogyny bill was a vital step in ensuring that reports of harassment and assault are taken seriously.
“LGBTQIA+ people are put at serious risk by cruel, harmful conversion practices that are currently flying under the radar. So-called conversion “therapies” are deeply immoral and leave lasting damage for survivors. These abusive practices have no place in a modern, progressive Scotland.
“This sends a terrible message. Our government must offer compassion, kindness and reassurance, not only in words but also in laws.
“The Scottish Government should not be kicking these bills into the long grass, but that is exactly what is happening. The promises of support and justice tomorrow mean nothing to those being actively harmed by inaction today.
“I urge the Scottish Government to reconsider their shameful decision and make good on their promise to improve equalities and human rights in Scotland through these bills today.”
Source: United Kingdom – Executive Government & Departments
The Secretary of State has appointed Jude Kelly and Janet Pope as Non-Executive Board Members for terms of three years from 23 April 2025 to 22 April 2028.
Jude Kelly CBE is an internationally acclaimed creative leader who has founded and steered some of the world’s most prestigious cultural institutions, arts festivals, charities, and outreach programmes. A pioneer for social progress, Jude is renowned for championing inclusion, gender equality and diversity. She is the former Artistic Director of the Southbank Centre , founder Artistic Director of the West Yorkshire Playhouse ( now Leeds Playhouse) and the Founder and current Head of Global Advisory of WOW – Women of the World which runs festivals and programmes in many parts of the UK including Bradford, Durham, Hull, Manchester Rotherham and internationally in 26 countries . Jude has directed over 200 theatre and opera productions, led the Culture programme for the London Olympic and Paralympic 2012 bid and was a Cultural Leader in Residence for the World Economic Forum 2024. She is the eighth Master of St Catherine’s College, University of Oxford, a Board member of Creative UK and cultural adviser to The Eden Project. She is the inaugural Chair of One Creative North.
Janet Pope is currently Chair of the Charities Aid Foundation (CAF) Bank and Environment and Social Purpose Committee Chair at Yorkshire Building Society. She is also a Trustee at StepChange, the debt advisory charity. Janet recently retired from her role as Chief of Staff and Chief Sustainability Officer at Lloyds Banking Group where she was a Group Director for more than ten years and previously Savings Director. Her earlier roles include CEO Alliance Trust Savings, EVP Strategy at Visa and Retail Banking Director (Africa) at Standard Chartered Bank. Janet’s previous non-executive roles include board roles at the Banking Standards Board and government audit committee roles at DCLG and ODPM. Janet read Economics at the LSE and holds an MSc Economics and MBA from London University.
As well as sitting on the Departmental Board, Janet has been appointed to chair the Department’s Audit and Risk Committee.
These roles receive an annual remuneration of £15,000 per annum (£20,000 for Audit and Risk role). These appointments have been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.
The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election.
Jude Kelly has declared that she is a member of The Labour Party and canvassed on their behalf at the last general election. Janet Pope has declared that she was a Labour Councillor for the London Borough of Camden from 1986-1990, Chair of Camden Town with Primrose Hill Branch of Holborn & St Pancras Labour Party 2021-2023 and from 2024 she is currently Treasurer of Camden Central branch Holborn & St Pancras Labour Party 2024
DCMS has around 400 regulated Public Appointment roles across 42 Public Bodies (https://www.gov.uk/government/organisations) including Arts Council England, Theatres Trust, the National Gallery, UK Sport and the Gambling Commission. DCMS is committed to ensuring that the boards of public bodies benefit from a range of talents, backgrounds, and perspectives, and welcome applications from across the country. To find out more about Public Appointments or to apply for a role visit the HM Government Public Appointments Website.
Source: United Kingdom – Executive Government & Departments
UK Government statement on the sandeel Arbitration Tribunal’s final ruling in the UK-Sandeel case
The sandeel Arbitration Tribunal has published its final ruling.
This relates to decisions taken in March 2024 by the UK and Scottish Governments to close our North Sea Waters to sandeel fishing. The decisions were taken to protect vulnerable seabird populations and support the wider marine environment.
In April 2024, the EU launched dispute proceedings to challenge the closures. In October 2024, the EU referred the challenge to an arbitration tribunal to rule on the dispute.
The report found that the UK successfully demonstrated that the measures taken to close English and Scottish waters were based on the best available science and had sufficient regard to the principle of non-discrimination. The tribunal also found that the Scottish measures had sufficient regard to the principle of proportionality.
The Tribunal found that during the decision-making process to close English waters to sandeel fishing, the UK did not have sufficient regard to the principle of proportionality, specifically in relation to EU rights during the adjustment period – a requirement under the UK-EU Trade and Cooperation Agreement (TCA).
The government will now undertake a process in good faith to bring the UK into compliance.
There is no legal obligation for the UK to reverse the closures while the compliance process takes place, and the report does not indicate that compliance must require reversing the closures.
A government spokesperson said:
We welcome the clarity provided by this decision, and we will undertake a process in good faith to bring the UK into compliance on the specific issues raised by the Tribunal.
The ruling does not mean the UK is legally obliged to reverse the closure of English waters, and the decision to close Scottish waters was fully upheld.
We remain committed to protecting our seabirds and the wider marine environment, in accordance with our commitments to the TCA and other international agreements.
Disputes and the use of resolution mechanisms are a normal part of a mature relationship with international partners. We will continue to act in the national interest as we work towards a strong and lasting partnership with our European neighbours.
Source: Scotland – City of Edinburgh
In a first-of-its-kind event for the city, over 150 children and young people from Special Schools and mainstream primary and secondary schools part in The Big Sports Day.
The event was held at the Saughton Athletics Track and invoilved children and young people with with a physical disability learn,ing difficulty or autism.
Organised by the City of Edinburgh Council’s Active Schools team and Youth Work Development Workers based at Gorgie Mills school, children and young people took part in a range of sports, facilitated by a range of trusted providers, including: football, frame running, cycling, tennis, karate, rugby, archery, cricket and lots more.
Groups of pupils rotated around three or four specific activity stations catering to their individual needs and abilities. Edinburgh College students volunteered their support on the day.
The event was partly funded through the Edinburgh 900 fund with a one -off amount secured to run The Big Sports Day event.
Councillor Joan Griffiths, Education, Children and Families Convener, said:
It is truly fantastic to see that this community event was attended by so many learners from across the city and to hear that a great time was had by all! Having fun through sport and keeping active is an important part of the curriculum across all Edinburgh schools and it’s brilliant that learners had the chance to try out a range of different sports.
Source: United Kingdom – Executive Government & Departments
Data shows current state of health inequalities caused by infectious diseases, as well as environmental health hazards
As part of its commitment to achieving equitable health security outcomes for everyone, the UK Health Security Agency is publishing (Friday 2 May) comprehensive new data, the Health Inequalities in Health Protection report. The report provides a high-level summary of the current state of health inequalities in England caused by infectious diseases, as well as environmental health hazards.
The analysis mainly uses hospital admissions as a measure of infectious disease levels; key findings include:
People living in deprived communities experience higher emergency hospital admission rates, compared to the least deprived communities; the data show these are:
People from more deprived areas are also disproportionately impacted by radiation, chemical, climate and environmental hazards through their exposure, direct impact on their health, and the exacerbation of existing health conditions. Areas with high levels of deprivation typically have higher levels of air pollution than less deprived and less ethnically diverse areas.
Dr Leonora Weil, Deputy Director for Health Equity and Inclusion at UKHSA said:
The report reveals some stark facts on the state of inequalities in health security faced by some people, in particular those living in the most deprived communities and certain areas of the country, some ethnic groups, as well as excluded groups such as those experiencing homelessness.
These health protection inequalities – where there are poorer health outcomes based on where you live, your socio-economic status or ethnicity are avoidable, pervasive, and preventable. That is why it is so important to shine a light on these findings to increase action to support communities to live longer and in better health.
Going forward our data and analysis of the evidence will help us, and our partners apply a health equity lens to all our health security work, to inform how we better target effective health services and wider interventions to those most at need.
This report is just the start. We need to build on these insights, as only through persistent and dedicated effort across all health organisations will we make a real difference to helping all people live longer and in better health.
UKHSA’s approach to reducing health inequalities in health protection involves:
Inclusion health groups, such as people seeking asylum, people in prison, people experiencing homelessness and people who inject drugs are often disproportionately impacted by a range of infectious diseases. For example, it is estimated that over 80% of people in England living with chronic Hepatitis C have an injecting drug history. However, inclusion health groups are often not visible in routine health surveillance data.
In addition to the social, physical and mental health costs to our communities, health inequalities also have a significant economic burden. It was estimated that inequalities in emergency infectious disease hospital admissions cost the NHS between £970 million and £1.5 billion in 2022-23. In a recent UKHSA report summarising infectious disease trends, it was estimated that infectious diseases were the primary reason for over 20% of hospital bed usage, at an annual cost of almost £6bn in 2023 to 2024.
Source: United Kingdom – Executive Government & Departments
Warning notice to Beckfoot Trust in relation to Beckfoot Oakbank.
Notice relating to: Beckfoot Oakbank
URN: 143112
Notice issued to: Beckfoot Trust
Reason for issue: requires significant improvement Ofsted judgement
DfE regional director: Alison Wilson
DfE regional director office: Yorkshire and the Humber
Local authority: Bradford Metropolitan District Council
This replaces an earlier notice issued on 10 February 2023 which is available on the national archives.
Source: United Kingdom – Government Statements
Hundreds of highly skilled jobs are being supported by the RAF’s new cutting-edge UK made drones.
Hundreds of highly skilled jobs are being supported by the RAF’s new cutting-edge UK made drones, known as ‘StormShroud’, which come into operation today (Friday 2 May), as the Prime Minister further bolsters UK national security.
It is the latest boost to the UK’s defence capabilities as the armed forces reap the benefits from Ukraine’s battlefield experience, and comes as the UK continues to play a leading role in peace negotiations, including building momentum in talks between leaders in Rome last weekend. The UK is also driving forward Coalition of the Willing planning as well as accelerating UK-Ukrainian defence industrial cooperation.
The StormShroud drone is a groundbreaking first-of-its-kind drone that will make the RAF’s world-class combat aircraft more survivable and more lethal. The drones offer a step change in capability by using a high-tech BriteStorm signal jammer to disrupt enemy radar at long ranges, protecting our aircraft and pilots. In revolutionary new tactics, the drones support aircraft like Typhoon and F35 Lightning, by confusing enemy radars and allowing combat aircraft to attack targets unseen. This means for the first time, the RAF will benefit from high-end electronic warfare without needing crew to man it, freeing them up for other vital frontline missions.
The RAF is investing an initial £19 million into the cutting-edge drones, which are made in the UK and directly support 200 highly skilled engineering jobs at multiple UK locations already from West Wales to Somerset, with further opportunities expected in future. StormShroud is just the first of a family of next-generation drones – known as Autonomous Collaborative Platforms (ACPs) – being delivered to the RAF.
The Tekever AR3 and AR5 have had extensive use on the frontline fighting Putin’s illegal war, racking up more than 10,000 hours of flight for Ukraine’s forces. The RAF is taking the next step by integrating best-in-class signal scrambling technology into the drones to boost the UK’s defences at home, as the Prime Minister steps up UK defence capabilities to counter complex threats in the face of global instability.
In a further vote of confidence in Britain’s defence industry, British-Portuguese tech company Tekever, who manufacture the drones in the UK, plan to invest a further £400 million over the next 5 years across the UK and create up to 1,000 more highly skilled jobs.
The Prime Minister will visit to a Leonardo UK site in the South East today to see first-hand the expertise that goes into manufacturing the drones, and meeting the staff involved in delivering it, including many engineering apprentices representing the next generation of British defence industry excellence.
As well as stepping up to protect our interests on the world stage, this government’s commitment to increase defence spending to 2.5% of GDP by 2027 means more secure, well-paid jobs for a generation that’s proud to keep our country safe.
Just last week, the Carrier Strike Group launched its eight-month deployment and will join exercises, operations and visits with 30 countries across the Mediterranean, Middle East, south-east Asia, Japan and Australia – led by the Royal Navy’s largest and most powerful aircraft carrier, HMS Prince of Wales. The deployment sends a powerful message that the UK and its allies stand ready to protect vital trade routes in the Indo-Pacific region.
Investment in our defence is an investment in this country’s future. Putting money behind our Armed Forces and defence industry is safeguarding our economic and national security by putting money back in the pockets of hard-working British people and protecting them for generations to come.
Together with our allies, this government is taking the bold action needed to stand up to Putin and ruthlessly protect UK and European security, which is vital for us to deliver our Plan for Change and improve lives of working people up and down the country.
It is a privilege to meet and learn from the young minds driving innovation in defence technology, and we will continue to invest in the industries of the future to deliver security and opportunity for the British people through our Plan for Change.
Source: Traditional Unionist Voice – Northern Ireland
Source: New South Wales – News
South Australia Police detected multiple speeding, licence and drug offences during a state-wide operation focussed on road safety around school zones.
Operation Return to School was conducted from Monday 28 to Tuesday 29 April around pick up and drop off times. It focussed on the safety of children and pedestrians around schools at the commencement of a school term.
Police detected:
Police also defected four vehicles.
Officer in Charge, Traffic Services Branch Superintendent Shane Johnson said police will not tolerate drivers putting vulnerable school children at risk.
“Drivers are reminded that the speed around school zones is 25 kilometres per hour when children are present and this is for everyone’s safety,” Superintendent Johnson said.
“During school hours there will be increased traffic in these areas and the lower speed limit provides drivers with more time to react and stop if they need to.
“Reduced speed limits apply regardless of whether children are on the road, footpath, median strip or on a bicycle.
“The 25 kilometres per hour speed limit also applies when school crossing lights are flashing and when passing a school bus that has stopped to pick up or drop off children.
“Speeding drivers are reminded that they not only risk a fine but could cause a serious injury or death.”
An incident of note involved a 40-year-old woman of Taperoo who tested positive for drug driving within the vicinity of a school zone.
Drivers can revise speed limits on the My Licence SA website here.
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.
Page 2
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
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.
Page 3
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| 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.
Page 4
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| 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 | ||||||||||||||
| 59 | 39 | 79 | 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 | ||||||||||||||
| 92 | 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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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 | ||||||||||||||
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ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities
The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest 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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| 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
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.
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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.
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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| $ 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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| 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 | ||||||||||||||
| 23 | — | 130 | Other | ||||||||||||||
| (121) | (262) | 57 | 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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| 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 | ||||||||||||||
Page 29
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.
Page 30
SHELL PLC
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
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
| $ 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 |
| 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.
| $ 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 | — |
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 |
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 | — |
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.
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 |
|
3.4 | 3.5 |
|
4.0 | 4.0 |
*Excludes Shell’s equity share of associates where information cannot be obtained.
Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
CORPORATE
| Key data | 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 Q1 2025
Quarterly Databook Q1 2025
Webcast registration Q1 2025
Dividend announcement Q1 2025
Capital Markets 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
Source: Green Party of England and Wales
Green Party co-leader Adrian Ramsay MP said:
“This Labour government and Prime Minister Keir Starmer need to do nothing short of a complete reset.
“Tonight’s results, not just in Runcorn, show that rather than pandering to Reform, they need to address the genuine concerns of working people by taxing wealth to ensure they can rebuild our health service and provide decent social housing.”
Source: New South Wales Community and Justice
Two in custody following alleged Tasman Highway evade
Friday, 2 May 2025 – 4:00 pm.
Two people remain in custody and are assisting police with their inquiries following an alleged evade incident in Southern Tasmania earlier today.
Significant police resources were deployed after a vehicle allegedly evaded police at Colebrook just after 12.30pm.
The Westpac Rescue Helicopter assisted by safely maintaining observations and reducing the risk posed to the public and police.
A blue Ford Courier ute was observed by the helicopter allegedly driving dangerously on the highway, travelling on the incorrect side of the road and into oncoming traffic.
The ute was successfully spiked by police before the alleged offenders were provided with another vehicle by a person known to them and they were again detected driving erratically in a silver Ford Laser.
The alleged offenders were safely taken into custody at Brighton just before 2pm after their sedan crashed into another vehicle and they unsuccessfully attempted to carjack another vehicle.
The driver and passenger of the vehicle the alleged offenders crashed into were taken to the Royal Hobart Hospital as a precaution.
Investigations are ongoing and police would like to thank members of the public who reported the vehicles during the incident.
Anyone with information about a blue Ford Courier ute or a silver Ford Laser driving dangerously on the Tasman Highway in the Colebrook, Lindisfarne or Risdon Vale areas between 12.30pm and 2pm should contact police on 131 444 and quote ESCAD 185-02052025
Dash cam footage can be uploaded here
Source: GlobeNewswire (MIL-OSI)
| Press release | Danske Bank Bernstorffsgade 40 DK-1577 København V Tel. + 45 45 14 14 00 2 May 2025 Page 1 of 3 |
Solid results for the first quarter of 2025 driven by good customer activity across the business and strong credit quality in an uncertain global environment
Net profit of DKK 5.8 billion.
Carsten Egeriis, Chief Executive Officer, comments on the financial results:
“For Danske Bank, the first quarter of 2025 was a continuation of our satisfactory and stable performance in 2024. We delivered solid results in line with our expectations, driven by a steady development in core income and a stable cost level. In addition, credit quality remained strong, and this resulted in low loan impairments.
Our solid financial results and capital position enable us to be a strong financial partner that offers expert advice and helps our customers and society navigate the uncertainty. We continue to invest in technology and customer offerings, and we are well on track to meet our targets and to deliver on our Forward ’28 strategy.”
Solid financial performance
In a challenging market environment, we continued our work to deliver on our strategic ambitions and achieved a strong return on shareholders’ equity of 13.3% in the first quarter of 2025, up from 12.9% in the first quarter of 2024, while also reducing the cost/income ratio from 45.4% to 45.2%.
Net profit increased 2% to DKK 5.76 billion as a result of an 8% increase in net fee income, driven by solid customer demand for cash management and everyday banking activities, a 15% increase in net trading income, which also benefited from good customer activity, as well as lower operating expenses and low loan impairment charges. The increases in net fee income and net trading income were partly offset by slightly lower net interest income due to rate cuts and the divestment of the personal customer business in Norway as well as lower net income from insurance business, which was affected by a one-off provision.
The improvement was based on strong business customer activity as our Business Customers and Large Corporates & Institutions units both saw solid growth in lending volumes and an expanding customer base, underpinning core income line increases.
Continuously good demand for our products from personal customers in Denmark resulted, among other things, in an increase in deposits as well as in the market share of bank lending. We have therefore seen a stable performance, despite the divestment of the personal customer business in Norway, as deposit growth and the rise in net fee income due to strong customer activity partially offset the effect of interest rates coming down.
Sustainability remains a core pillar of our Forward ’28 strategy, and we have published our Climate Action Plan Progress Report 2024, which provides an update on the Group’s climate targets set in January 2023.
“Thanks to our strong capital and liquidity positions, we continue to support our customers in these uncertain times, as evidenced by our Q1 results. We saw a solid financial performance, driven in particular by strong business customer activity, which resulted in stable core banking income and higher net trading income. The increase in net profit was supported by stable costs and a low level of impairments,” says Cecile Hillary, Chief Financial Officer.
First quarter 2025 vs first quarter 2024
Total income of DKK 13.9 billion (DKK 14.0 billion in the first quarter of 2024)
Operating expenses of DKK 6.3 billion (DKK 6.3 billion in the first quarter of 2024)
Loan impairments of DKK 50 million (DKK 101 million in the first quarter of 2024)
Net profit of DKK 5.8 billion (DKK 5.6 billion in the first quarter of 2024)
Return on shareholders’ equity of 13.3% (12.9% in the first quarter of 2024)
Strong capital generation further supported capital ratios: Total capital ratio of 22.9 % and CET1 capital ratio of 18.4% (total capital ratio of 23.0% and CET1 capital ratio of 18.5% in the first quarter of 2024)
Stable economies in uncertain environment
Danske Bank’s results for the first quarter of 2025 highlight the resilience of the Nordic economies amid global uncertainty. In the first quarter of 2025, we saw an increasingly promising outlook for growth and inflation and robust employment across the Nordic countries. Although household credit demand remained modest, consumer spending continued to hold up well throughout the Nordic countries, despite the higher degree of uncertainty.
Globally, US tariffs and potential retaliatory measures have created significant uncertainty regarding global growth prospects. While a potential risk of recession is highlighted in the US, a more moderate impact is expected on European growth, including in the Nordic countries.
“A trade war and tariffs are likely to dampen growth in the Nordic countries, but the foundation is still in place for a decent economic outlook, as many interest rates have been lowered, real incomes are increasing and export markets other than the US continue to grow,” says Las Olsen, Head of Macro Research.
Personal Customers
Despite challenges, the housing market in Denmark showed consistent growth, and signs of recovery emerged in Finland, while Sweden’s housing market continued to face difficulties. Profit before tax for Personal Customers decreased 18% relative to the level in the first quarter of 2024 and amounted to DKK 2.25 billion. The decrease was due mainly to higher loan impairment charges. Additionally, both income and operating expenses were affected by the divestment of our personal customer business in Norway. We concluded negotiations with Blackrock to implement their Aladdin Wealth platform to enhance investment services and improved the digital self-service tools that customers use to manage their mortgages.
Business Customers
In the first quarter of 2025, we expanded our customer base in the mid-sized segment across the Nordic markets and grew our business with international subsidiaries. Profit before tax amounted to DKK 2.83 billion and increased 64% from the level in the same period last year, primarily on the back of loan impairment reversals and increased net fee income, although the increase was to some degree offset by lower income from our leasing company. We continued to support our customers’ business growth as a strategic financial partner, sharing expert insights on economic issues and launching training programmes to enhance the skills of our leaders and advisers.
Large Corporates & Institutions
Despite increased geopolitical uncertainty, macroeconomic conditions remained stable. We supported customers with advisory services, backed by a strong product offering, and supported major bond issues in the Nordic region. Our fee business maintained the positive momentum across all areas. Profit before tax decreased to DKK 2.4 billion, or 12% relative to the level in the same period last year, due to higher loan impairment charges, although the return on allocated capital before impairments increased to 27.2%.
Danica
Danica experienced a decrease in net income from insurance business to DKK 201 million in the first quarter of 2025, a fall of 59% from DKK 492 million in the same period last year. This was due primarily to a decrease in the insurance service result, which was impacted by provisions related to legacy life insurance products in run-off and more expensive claims in the health and accident business, partly offset by adjustment of an accrued interest income. The return on customer pension savings was impacted by large volatility in the equity markets, but bonds and alternative investments saw a more stable development.
Northern Ireland
Profit before tax increased 32% to DKK 602 million, reflecting strong growth in net interest income and net impairment recoveries. Profit before impairments was 15% higher than for the same period in 2024.
Outlook for 2025
We maintain our guidance and expect net profit to be in the range of DKK 21-23 billion. The outlook is subject to uncertainty and depends on economic conditions.
Danske Bank
Contact: Helga Heyn, Head of Media Relations, tel. +45 45 14 14 00
Attachments
Source: Northern Territory Police and Fire Services
As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.
Released 02/05/2025
The ACT Emergency Services Agency (ESA) and the NSW State Emergency Service (NSW SES) have signed an agreement to ensure consistent cross-border warnings for severe weather events.
Under this agreement the NSW SES will now incorporate the ACT in severe weather warnings that affect the wider region. These warnings will be issued under the Australian Warnings System, a nationally consistent approach to warnings across Australia.
This means that if members of the community look at the NSW SES website or the Hazards Near Me NSW app they will soon be able to see severe weather warnings for both NSW and the ACT.
With the agreement being signed this week, these changes will be implemented over the next few months and in place for the next storm season.
The Minister for Police, Fire and Emergency Services, Dr Marisa Paterson, welcomes this agreement and the benefits it will have for the ACT.
“Given that the ACT is surrounded by New South Wales, strong collaboration with our cross-border partners is crucial for the benefit of our community. This agreement between the NSW SES and ESA highlights the power of sector cooperation, enhancing the way our community receives timely and effective warnings.
“A strong relationship is founded on trust and mutual support. Once again, our NSW counterparts are demonstrating this commitment, which will not only enhance the effectiveness of severe weather warnings but also strengthen the long-term partnership between us.”
Quotes attributable to ESA Commissioner, Wayne Phillips
“Storms and other high-risk weather events are not bound by borders and our warnings for them shouldn’t be either. This agreement will provide the ACT community more opportunities to be alerted and take action to stay safe in emergencies.
“I would like to thank the NSW SES for their commitment and cooperation to working to protect all communities through consistent, targeted and timely warnings. The NSW SES have and always will be a close partner of the ESA and agreements such as this show how strong our relationship is, which I know will only grow over time.”
Quotes attributable to NSW SES Commissioner Mike Wassing AFSM
“Storms and floods don’t stop at state and territory boundaries. This is an important step forward to ensure people can access information whether they are travelling within the ACT or NSW. NSW SES is delighted to continue to work with the ESA to help keep communities informed and safe.”
– Statement ends –
Marisa Paterson, MLA | Media Releases
Source: Green Party of England and Wales
Responding to early results from the night’s local and regional elections, Green Co-Leader and Bristol Central MP Carla Denyer said:
“It has been a good night for us in the West of England where we saw a race that was wide open.”
“The West of England result builds on Greens being elected to lead Bristol City Council, voters electing me as their first Green MP in the city, and major breakthroughs in local elections around the region in recent years.
“I’m pleased how well Greens did in this mayor contest. This result offers a great platform for more Green electoral success in the coming years – including at Westminster.”
“In Lambeth and Norwich early results suggest we are gaining councillors and are on course for yet another record-breaking night where we will increase the number of Green councillors serving their communities.
“Five-party politics in England is the new norm, it’s here to stay, and Greens are only just getting started.”
Source: New South Wales – News
It was a particularly happy Friday for 14 new Police Security Officers (PSOs) who today graduated from the South Australia Police Academy.
Nine men and five women bring a diverse range of backgrounds and experience to the role, including from retail, administration, disability work and as a prison officer.
Ranging in age from 19 to 45 years, today’s graduates from PSO Qualification Program 6 provide an invaluable boost to SAPOL’s Police Security Services Branch.
Following weeks of training in law and procedure, communications, and operational safety the new PSOs will now be posted to a variety of metropolitan locations, including high risk and critical infrastructure sites.
Hannah is looking forward to ensuring the safety and security of government buildings, assets and people, while working closely with police officers.
“I like the idea of every day being different and the range of pathways and opportunities,” she said.
“I applied for SAPOL as soon as I turned 18. Prior I was working at a supermarket as a front-end supervisor, while also balancing out university and studying early childhood education.
“I enjoy going to the gym, running and being active. I also have a passion for playing footy.”
During her time at the academy, Hannah has gained confidence in her abilities.
“I found the first few weeks of written exams stressful, but overcame that and passed the exams,” she said.
“Out phase was a great experience and helped me relate to my academy learning.”
Fellow graduate Nikhil worked in Victorian corrections as a prison officer and played indoor cricket before making the move to South Australia and joining SAPOL.
“This experience developed my communication in conflict resolution and resilience skills which I found very helpful throughout the training and will continue to benefit me as a PSO,” he said.
“The opportunity for personal growth and development, career stability and job security, a healthy work/life balance, and chance to contribute meaningful safety to the community are reasons why I applied to SAPOL.
“The application process was thorough, but smooth, and it was encouraging to see the support offered throughout the recruitment process.”
The support of mentors and course mates enabled Nikhil to overcome initial challenges, particularly with firearms training.
“We built a strong team culture, checking in on each other regularly, offering support and help during assessments, exams and celebrating each other’s successes,” he added.
“I have become more resilient, confident and better at managing high-pressure situations calmly and professionally.”
Hannah hopes to one day become a police officer and to join Dog Operations Unit, while Nikhil aims to develop his skills as a PSO and eventually explore opportunities in operational support units.
If you are looking for job security, career progression pathways and a chance to make a real difference in local communities visit Achievemore – Join Us (police.sa.gov.au)
Nikhil and Hannah are among 14 new Police Security Officers to graduate today from the South Australia Police Academy.
Source: The Conversation (Au and NZ) – By Joanna Mendelssohn, Honorary Senior Fellow, School of Culture and Communication. Editor in Chief, Design and Art of Australia Online, The University of Melbourne
More than 50 years ago, when I was a junior curatorial assistant at the Art Gallery of NSW, I had the daunting experience of hanging the annual Archibald, Wynne and Sulman prizes.
At the time the professional staff held the exhibitions in such disregard, they complained about the news media’s interest in this mediocrity while ignoring more worthy events.
Attitudes changed in the 1980s with the late director Edmund Capon, who recognised popularity was an asset – not a disadvantage.
Capon raised the prize money with sponsorships and started charging the public to see the winners. His strategy proved so successful that the Archibald, Wynne and Sulman exhibitions are now a significant source of revenue for the gallery.
This year, the highly experienced Beatrice Gralton, Senior Curator of Contemporary Australian Art, has curated the exhibitions with support from a crew of more than 40 colleagues.
In the 1970s, the media was refused access to the exhibitions until just before the winner was announced. Now it is actively courted with a public viewing of the works that survive the rigorous culling process.
This takes place a week before the final judging, when the Packing Room Prize is announced. The changing status of this prize is also evidenced by changing personnel. Those who did the physical work of packing and loading artworks in the past were not expected to know much about art – and often gave the prize to paintings that would otherwise not be hung.
In 2025, the specialist installation crew that handles the portraits in the packing room are most likely to be professional artists themselves – a reminder that most artists need another gig to stay afloat.
This year’s Packing Room Prize winner is Abdul Abdullah’s portrait of fellow artist Jason Phu, No mountain high enough. There is a glorious irony in this, as Abdullah has long been a critic of the self-important art establishment.
His work is a riff on the heroic paintings of 19th century landscapes, except for the flock of twittering birds that surround the head of the solitary rider, a bit like a halo.
His subject, fellow artist Phu, has to be seen as a serious contender for the main prize, which will be announced on May 9. Phu’s portrait of actor Hugo Weaving – older hugo from the future fighting hugo from right now in a swamp and all the frogs and insects and fish and flowers now look on – has both the humour and energy that has long characterised his work.
But there are many serious contenders for this year’s prize. Kurdish refugee Mostafa Azimitabar first exhibited in the Archibald in 2022, with a self-portrait painted in coffee, with a toothbrush. Art became his refuge during the many years he spent incarcerated as an asylum seeker.
He still uses a toothbrush, but has used paint for his wonderfully fierce painting of a taut Grace Tame, appropriately named The definition of hope.
Then there’s Kaylene Whiskey’s delightful self-portrait From comic to canvas, which manages to include images of her heroines, Dolly Parton and Tina Turner.
Not all works are so strident, however. Lucila Zentner’s Wendy in the gallery, is a subdued portrait of fellow artist Wendy Sharpe, placing her in the context of her art, almost as a decoration.
As is spelt out in J.F. Archibald’s will, the judges of the Archibald Prize must be the trustees of the gallery, and no one else may interfere in their decision.
However, for decades after a spectacular court case resulting from the 1943 Archibald, the trustees were so nervous of litigation that the final judging was administered by the NSW electoral office. In a court case in 1944, plaintiffs claimed the trustees’ 1943 decision was a breach of trust as the winning painting wasn’t a portrait. And one trustee claimed he had accidentally voted for the winner, thinking he was voting against it.
Today, all decisions are made in-house. Court cases have been fought over whether entries were paintings (or not), painted from life (or not), selected by the trustees (or not). In 1990 Sidney Nolan had to withdraw his entry after it was pointed out he could not be described as a “resident in Australasia for 12 months preceding the date of entry”.
But once the entry conditions are met, the curator has a free hand. This year, Gralton has hung all three exhibitions on the premise they are “about stories and storytelling”.
There is the joyous extravagance of Meagan Pelham’s Magic Nikki and Charlie fancy pants party … Djaaaaaaaay, the stark analysis of Chris O’Doherty’s Self-portrait with nose tube, and the wildly painterly approach of Loribelle Spirovski’s Finger painting of William Barton.
In the Sulman prize exhibition – awarded for best subject painting, genre painting or mural project – the once academic modernist Mitch Cairns has gone full conceptual with his stark Narrow cast (studio mural). It looks like something straight out of the 1970s Art & Language movement.
But my money is on Thom Roberts’ Mrs Picture Book and the three bears, a painting as a book, in three canvases.
The Wynne prize is for both Australian landscapes and sculptures. This year there are many three-dimensional works, ranging from the elaborate Billy Bain to the almost agonised restraint of Heather B. Swann.
Lucy Culliton’s Cliff Hole, Bottom Bullock, hangs alongside Betty Muffler’s Ngangkaṟi Ngura – healing Country – both paintings of Country.
Then there is Mehwish Iqbal’s beautiful, delicate Zameen muqaddas (sacred earth), a pen and ink contrast of fine botanical drawing and delicate wash, all on handmade paper.
While artist Elizabeth Pulie has already judged the Sulman prize, the judging for the Archibald and Wynne will be finalised early morning on May 9. This year’s result is anyone’s guess.
Joanna Mendelssohn has in the past received funding from the ARC.
– ref. Archibald Packing Room Prize goes to Abdul Abdullah for Jason Phu portrait, among broader set of bold and deeply personal works – https://theconversation.com/archibald-packing-room-prize-goes-to-abdul-abdullah-for-jason-phu-portrait-among-broader-set-of-bold-and-deeply-personal-works-253747
Source: New South Wales Ministerial News
International visitors are spending more money and staying longer in the Bendigo Loddon region, according to the latest figures from Tourism Australia.
New data for the year ending 2024 shows the region is almost back to pre-pandemic international tourist numbers and smashing international visitor spend records.
There were 27,000 overnight international visitors compared to 16,000 in 2023. This is a 68 per cent increase. International visitor spending has significantly increased to $37 million, compared to $14 million ten years ago.
City of Greater Bendigo Manager Economy & Experience James Myatt said the Bendigo Loddon region was a key destination of choice for international tourists visiting Victoria.
“It is fantastic to see more people from overseas coming to the region and spending a lot more time here,” Mr Myatt said.
“We know that international visitors are drawn to our Gold Rush heritage, arts and cultural experiences, farm stays, beautiful natural landscapes, and food and wine offerings.
“Popular attractions amongst international visitors include Bendigo Tramways, Central Deborah Gold Mine, The Great Stupa, Bendigo Art Gallery, Bendigo Pottery, Dumawul Tours, and the Golden Dragon Museum.
“Greater Bendigo is also a key destination on the Sydney Melbourne Inland Discovery drive, a self-drive touring route promoted primarily in the United States, UK, Europe, and New Zealand tourism markets throughout the year.
“Over the past ten years, the City has focused on attracting and marketing major events and developing highly engaging destination marketing and activation campaigns.
“The figures show strong growth in the international market and people want to visit Greater Bendigo for the range of experiences we offer all year round.
“The survey results prove our strategies are working. The passion and commitment from many tourism operators contribute to this very positive trend.”
The City has hosted over 50 travel agents from across the world over the past nine months, giving them the opportunity to experience attractions firsthand. That knowledge is shared with their teams and potential visitors from their countries.
The City held a training session with Visit Victoria earlier this year to guide local tourism and service operators on how to attract international visitors.
Key destination campaigns, such as the tulip displays during Bloom and major events like the Bendigo Easter Festival are promoted to Melbourne’s Indian and Chinese communities, attracting families and their visiting friends and relatives from overseas.
The Greater Bendigo region is being represented at the Australian Tourism Exchange (ATE) this week in Brisbane, the largest international trade show hosted by Tourism Australia. Over 100 meetings are organised with media and travel agents from around the world to promote Greater Bendigo’s unique visitor destination offerings. For the first time, representatives from Greater Bendigo have also been invited to showcase Agri-tourism experiences in the region.
“We see some great opportunities to build business at ATE with key decision makers who promote Australia across the world. In particular, our focus is on attracting visitation from the UK, Europe, New Zealand, India, China and South East Asia markets,” Mr Myatt said.
Tourism Research Australia is the country’s leading provider of quality tourism intelligence across both international and domestic markets. Their data underpins government tourism policy and helps improve the performance of the tourism industry for the benefit of the Australian community.
Source: New South Wales Ministerial News
In celebration of the exclusive Frida Kahlo: In her own image exhibition at Bendigo Art Gallery, Hargreaves Mall will be transformed into a Mexican-themed Fiesta Bendigo Street Party tomorrow, Saturday May 3, 2025 from 11am to 4pm.
This community event will celebrate the rich music, delicious food, colourful culture, stunning fashion, and engaging dance of Mexico.
The City of Greater Bendigo has curated the event in partnership with the Mexican Social and Cultural Association of Victoria, a non-profit organisation that seeks to promote and share Mexican culture with Victorians.
Coordinator Creative City Maree Tonkin said the street party was a fun day out for the whole family.
“The Fiesta Bendigo Street Party in Hargreaves Mall will bring together the vibrant colours, fun and excitement of Mexican culture,” Ms Tonkin said.
“People of all ages will be entertained with stage performances from The Mexican Music Man, Mexbourne Dance Company, Lenin, and 7-piece Mariachi band Los Romanticos.
“Children can join in the fun with free activities that includes breaking open piñatas which are an important part of Mexican cultural celebration tradition.
“The fiesta will also have face painting, circus activities and craft workshops to keep little hands creative and entertained.
“You can also browse a special market with Mexican-inspired treasures and there will be two food stalls to complement the Fiesta Party.
“Bring your family and friends and join us for a day full of festivities and immerse yourself in the spirit of Mexico at the Fiesta Bendigo Street Party in Hargreaves Mall tomorrow, Saturday May 3.”
One of the key aims in the City’s adopted Hargreaves Mall Action Plan is to get more people, more often into the city centre.
The City has hosted over 200 fantastic activations in Hargreaves Mall over the past year, offering free entertainment for families including popular school holiday events.
For the full Fiesta Bendigo program, visit:
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen
(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) joined her colleagues, U.S. Senators Steve Daines (R-MT) and Angus King (I-ME), to introduce their bipartisan conservation bill, the America the Beautiful Act. This legislation builds on the 2020 Great American Outdoors Act, which Shaheen cosponsored, by strengthening and reauthorizing the Legacy Restoration Fund (LRF) and addressing the serious maintenance backlog in national parks and public lands.
“New Hampshire’s public lands and outdoor spaces are integral to our state identity and our thriving outdoor recreation economy. We must take steps to protect these resources for future generations of Granite Staters,” said Shaheen. “I was proud to see the Great American Outdoors Act become law, and I’ll continue fighting to protect and preserve outdoor spaces by passing this legislation which will continue the progress we’ve made.”
Shaheen, Daines and King were joined by U.S. Senators Kevin Cramer (R-ND), Mark Warner (D-VA), Tim Sheehy (R-MT) and Lisa Murkowski (R-AK) in introducing the bill.
The America the Beautiful Act reauthorizes the LRF through 2033 and increases funding to $2 billion per year to help address the maintenance backlog in national parks and public lands. Currently, the maintenance backlog for each agency is $23.26 billion for the U.S. Park Service, $8.695 billion for the U.S. Forest Service, $2.65 billion for the U.S. Fish and Wildlife Service, $5.72 billion for the U.S. Bureau of Land Management and $804.5 million for the U.S. Bureau of Indian Education. In New Hampshire, National Parks and U.S. Fish and Wildlife Refuges have approximately $13 million in outstanding deferred maintenance needs.
Since its creation in 2020, the LRF has benefitted numerous national parks and public lands in New Hampshire. Saint-Gaudens National Historical Park has received more than $14 million from the Legacy Restoration Fund to rehabilitate four historic structures and address electrical, HVAC and alarm systems. Across the White Mountain National Forest, the Legacy Restoration Fund is supporting trail restoration work on the Ammonoosuc Ravine Trail and Rumney Rocks Climbing Area, as well as repairs of the Tripoli Bridge. Sections of the Appalachian National Scenic Trail across New England are slated to receive $15 million in FY25 to rehabilitate and repair facilities along the trail that will address maintenance needs and improve visitor safety.
The America the Beautiful Act is supported by over 40 public lands, conservation and recreation groups. Click here to view the full list of statements of support and supporting groups.
You can read the full bill text here.
Shaheen has led efforts to safeguard our natural environment and invest in climate resiliency while boosting New Hampshire’s recreation economy. Shaheen led the bipartisan Outdoor Recreation Jobs and Economic Impact Act into law to require the federal government to measure the impact of the outdoor recreation on the economy. In November 2024, Shaheen applauded the release of an annual report showing a $1.2 trillion economic contribution by the outdoor recreation sector in 2023, including $3.9 billion in New Hampshire. Shaheen also helped reintroduce the Ski Hill Resources for Economic Development (SHRED) Act to fuel investment in outdoor recreation in national forests that benefits mountain communities.
Shaheen has also led efforts to help secure full funding and permanent authorization for the Land and Water Conservation Fund (LWCF), which has helped protect more than 2.5 million acres of land and supported tens of thousands of state and local outdoor recreation projects throughout the nation. In 2020, Shaheen helped lead the Great American Outdoors Act into law to permanently fund the LWCF and provide mandatory funding for deferred maintenance on public lands.
Source: Green Party of England and Wales
As polls close in the council and mayoral elections taking place across England, the Green Party has said it is confident of “record-breaking” results. The Party is hoping to carry on its winning streak of recent years by increasing its number of councillors for an eighth year in a row. This builds on its best ever General Election result in 2024 that saw nearly 2 million people vote Green increasing its representation in parliament.
Green Party Co-leader, Carla Denyer MP, said:
“The Green Party is used to breaking records and it looks like this year will be no exception. We’ve increased our number of councillors seven years in a row, and we are sure this will be an eighth. We are taking seats from both the Conservatives and Labour up and down the country as voters, understandably, move away from the tired old parties that have let us all down. We know voters want change, and Greens have that bold and positive vision that stands in contrast to Reform whose politics breed fear and division.”
Co-leader Arian Ramsay added:
“There is a clear message coming out of these elections. The stale, discredited parties are failing; two-party politics is dead. We now have a five-party system in UK politics, and going forward it’s everything to play for.
“Up and down the country we will be winning seats, and in contrast to Reform, building on a long track record of being active in local communities. We’re known for offering practical solutions on the housing crisis, cost of living, climate breakdown and protecting public services. When people elect Greens, they get representatives who work hard all year round. That’s why we are building our membership and electing more and more Greens at all levels of government year after year.”
Source: New South Wales – News
Police are preparing a report for the coroner following a crash on private property at Para Hills last night.
Just before 8pm on Thursday 1 May, police and emergency services were called to Lynore Avenue after reports a woman had been crushed between her vehicle and house.
The 67-year-old woman was treated by Paramedics at the scene but sadly died.
Major Crash Investigators attended the scene to determine the cause of the crash.
There are no suspicious circumstances surrounding her death and it will not be included on the lives lost toll.
Source: The Conversation (Au and NZ) – By Phoebe Williams, Paediatrician & Infectious Diseases Physician; Senior Lecturer & NHMRC Fellow, Faculty of Medicine, University of Sydney
So far in 2025 (as of May 1), 70 cases of measles have been notified in Australia, with all states and territories except Tasmania and the Australian Capital Territory having recorded at least one case. Most infections have occurred in New South Wales, Victoria and Western Australia.
We’ve already surpassed the total number of cases recorded in all of 2023 (26 cases) and 2024 (57 cases).
Measles outbreaks are currently occurring in every region of the world. Most Australian cases are diagnosed in travellers returning from overseas, including popular holiday destinations in Southeast Asia.
But although Australia eliminated local transmission of measles in 2014, recently we’ve seen measles infections once again in Australians who haven’t been overseas. In other words, the virus has been transmitted in the community.
So with measles health alerts and news reports popping up often, what do you need to know about measles? We’ve collated a list of commonly Googled questions about the virus and the vaccine.
Measles is one of the most contagious diseases known to affect humans. In fact, every person with measles can infect 12 to 18 others who are not immune. The measles virus can survive in the air for two hours, so people can inhale the virus even after an infected person has left the room.
Measles predominantly affects children and those with weaker immune systems. Up to four in ten people with measles will need to go to hospital, and up to three in 1,000 people who get measles will die.
In 2023, there were more than 100,000 deaths from measles around the world.
Read more:
Travelling overseas? You could be at risk of measles. Here’s how to ensure you’re protected
The signs and symptoms of measles usually start 7–14 days after exposure to the virus, and include rash, fever, a runny nose, cough and conjunctivitis. The rash usually starts on the face or neck, and spreads over three days to eventually reach the hands and feet. On darker skin, the rash may be harder to see.
Complications from measles are common, and include ear infections, encephalitis (swelling of the brain), blindness and breathing problems or pneumonia. These complications are more likely in children.
Pregnant women are also at greater risk of serious complications, and measles can also cause preterm labour and stillbirth.
Even in people who recover from measles, a rare (and often fatal) brain condition can occur many years later, called subacute sclerosing panencephalitis.
Measles and chickenpox are caused by different viruses, although both commonly affect children, and vaccines can prevent both diseases. Chickenpox is caused by the varicella zoster virus, which is also transmitted through the air, and can cause fever, rash and rare (yet serious) complications.
The chickenpox rash is different to the rash seen in measles. It often starts on the chest or back, appearing first as separate red bumps that evolve into fluid-filled blisters, called vesicles. Chickenpox can also appear later in life as shingles.
The simple answer is no. If you contract measles, you should have lifelong immunity afterwards.
In Australia, people born before 1966 would have most likely been infected with measles, because the vaccine wasn’t available to them as children. They are therefore protected from future infection.
Measles infection however can reduce the immune system’s ability to recognise infections it has previously encountered, leaving people vulnerable to many of the infections to which they previously had immunity. Vaccination can protect against this.
The measles vaccine contains a live but weakened version of the measles virus. In Australia, measles vaccinations are given as part of a combination vaccine that contains the measles virus alongside the mumps and rubella viruses (the MMR vaccine), and the chickenpox virus (MMRV).
Under the national immunisation program, children in Australia receive measles vaccines at 12 months (MMR) and 18 months of age (MMRV). In other countries, the age of vaccination may vary – but at least two doses are always needed for optimal immunity.
Measles vaccines can be given earlier than 12 months, from as early as six months, to protect infants who may be at higher risk of exposure to the virus (such as those travelling overseas). Infants who receive an early dose of the measles vaccine still receive the usual two recommended doses at 12 and 18 months old.
Australians born between 1966 and 1994 (those aged roughly 20–60) are considered to be at greater risk of measles, as the second dose was only recommended from November 1992. Australia is seeing breakthrough measles infections in this age group.
An additional measles vaccine can be given to these adults at any time. It’s safe to get an extra dose even if you have been vaccinated before. If you are unsure if you need one, talk to your GP who may check your measles immunity (or immunisation record, if applicable) before vaccinating.
However, as the measles vaccine is a live vaccine, it’s not safe to give to people with weakened immune systems (due to certain medical conditions) or pregnant women. It’s therefore important that healthy, eligible people receive the measles vaccine to protect themselves and our vulnerable population.
The measles vaccine is one of the most effective vaccines we have. After two doses, about 99% of people will be protected against measles for life.
And the measles vaccine not only protects you from disease. It also stops you from transmitting the virus to others.
Phoebe Williams receives research funding focused on reducing antimicrobial resistance and neonatal sepsis from the National Health and Medical Research Council and the Gates Foundation.
Archana Koirala is the chair of the Vaccination Special Interest Group and a committee member of the Australian and New Zealand paediatric infectious diseases network with Australasian Society of Infectious Diseases. Her vaccine and seroprevalence research has been funded by the Australian Government Department of Health and Aged Care and NSW Health.
– ref. What are the symptoms of measles? How long does the vaccine last? Experts answer 6 key questions – https://theconversation.com/what-are-the-symptoms-of-measles-how-long-does-the-vaccine-last-experts-answer-6-key-questions-255496
Source: Office of United States Attorneys
BOSTON – A Boston-area man was sentenced today in federal court in Boston for his role in Cameron Street, a violent Boston gang.
Jonathan Darosa, a/k/a “Jeezy,” 32, of Boston, was sentenced by U.S. Senior District Court Judge William G. Young to 57 months in prison, to be followed by three years of supervised release. In January 2025, Darosa pleaded guilty to one count of conspiracy to participate in a racketeering enterprise (more commonly referred to as RICO or racketeering conspiracy); one count of being a felon in possession of firearm and ammunition; one count of distribution of and possession with intent to distribute cocaine and oxycodone; and one count of distribution of and possession with intent to distribute cocaine.
Over the course of a two-year investigation, Darosa was identified as a member of Cameron Street. On two separate occasions, Darosa distributed cocaine and oxycodone to a cooperating witness. Additionally, in an interaction with law enforcement, Darosa threatened officers, telling them “If I had a gun on me, I would have shot at you,” “I am not going back to jail,” and “I keep it on my hip.” In April 2021 in Dorchester, law enforcement observed Darosa wearing a “waist bag” across his chest – law enforcement had recovered firearms from similar bags in the past. During a search of Darosa’s person, a Taurus 9 millimeter semi-automatic pistol containing 12 rounds of assorted 9 millimeter ammunition, including one round in the chamber, was recovered.
According to court documents, Cameron Street is a violent gang based largely in the Dorchester section of Boston that used violence and threats of violence to preserve, protect and expand its territory, promote a climate of fear and enhance its reputation.
Darosa has been convicted on three prior occasions of unlawful possession of a firearm, including a 2016 conviction in Suffolk Superior Court for which he served a three-year prison sentence.
United States Attorney Leah B. Foley; James M. Ferguson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Boston Feld Division; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division; and Boston Police Commissioner Michael Cox made the announcement today. Valuable assistance was provided by the Massachusetts State Police; Suffolk County Sheriff’s Office; Suffolk, Plymouth, Norfolk and Bristol County District Attorney’s Offices; and the Canton, Quincy, Randolph, Somerville, Brockton, Malden, Stoughton, Rehoboth and Pawtucket (R.I.) Police Departments. Assistant U.S. Attorneys Christopher Pohl and Charles Dell’Anno of the Narcotics & Money Laundering Unit are prosecuting the case.
This operation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs and transnational criminal organizations. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
The remaining defendants named in the indictment are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Source: Scotland – Highland Council
Highland youth have been credited for their contribution to Highland Council’s nationally recognised Playpark Strategy after it was referenced in the evidence base and supporting research of the Scottish Government’s Play Vision Statement and Action Plan 2025-2030.
The Play Vision Statement and Action Plan is designed to reflect the vision of play for Scotland for the next five years and the steps the Scottish Government will take within that time to achieve its vision and aim.
Cllr Graham MacKenzie, Chair of the Council’s Communities and Place Committee said: “We are delighted that our Playpark Strategy has been acknowledged in the evidence base and supporting research of a nationally recognised publication. By prioritising the voices of young people and recognising the value of listening to what they wanted in their local playparks, we have created a child-led strategy and action plan that has played a part in influencing best practice. We are extremely proud to be the only local authority referenced alongside prominent organisations including Harvard University, Public Health Scotland and the University of Cambridge.”
Agreed in November 2023, Highland Council’s Playpark Strategy and Action Plan for 2023-2033 was underpinned by consultations and surveys with children alongside the development of a literature review which evidenced the health and social benefits of playing in playparks and how skills learnt from play can positively shape children in the future.
Key themes identified by young people in relation to playparks included:
Cllr MacKenzie continued: “Combined with our own literature review highlighting the health benefits of outdoor play, the insights and preferences of children in the Highlands were central to shaping the Playpark Strategy and we would like to thank all the children and young people who supported the development of the strategy.
“We recognise the importance of play and playparks for children, in terms of the benefits they provide to their physical, social and mental health, and our strategy has guided us in providing children and communities with opportunities to design their own sustainable and inclusive park parks for increased health and wellbeing and a brighter future for our younger generations.”
To find out more about the support available to local communities for child-led playpark upgrades, please contact Highland Council’s Playpark Coordinator lynn.macgillivray@highland.gov.uk.
1 May 2025
Source: Scotland – Highland Council
Back L to R – Rory Flyn, South Skye Community Campus; Forbes Dunlop, CEO Sport Scotland; Graham Lyndsay, Sport Scotland; Norma Morrison, South Skye Community Campus; Derek Brown, CEX of The Highland Council. Front L to R – Shirley Grant, South Skye Community Campus, Steve Walsh CEX of HLH; Cllr John Finlayson
Councillor John Finlayson was delighted to welcome Forbes Dunlop, the CEO of Sport Scotland to Skye this week to meet with community groups in Broadford and Dunvegan who are looking to develop sports pitches close to the sites of the new schools that are planned within their communities. Graham Lyndsay from Sport Scotland, Steve Walsh CEX of HLH and Derek Brown the CEX of The Highland Council also accompanied Forbes on his trip.
Cllr Finlayson said he was delighted to welcome all the visitors to meet with key stakeholders in both communities and he felt it was important for Forbes and others to hear about the aspirations they have and the good work that has already taken place. He also added that Forbes was keen to see where the recent award from Sport Scotland of £150k to the South Skye Community Campus group was going to be spent in Broadford and hear from Dunvegan Community Trust about their ambitions for a sports pitch close to the new school that the Highland Council is building as part of the Highland Investment Plan.
He thanked school staff and community members for meeting with the visitors and for the partnership work they continue to develop with the council and other agencies to provide facilities in rural areas like Skye which support health and wellbeing for people of all ages.
L to R – Highland Council CEX Derek Brown; Mali Maclennan Dunvegan Community Trust; Forbes Dunlop, CEO Sport Scotland; Calum Campbell; Graham Lyndsay, Sport Scotland; Cllr John Finlayson; John Laing, Dunvegan Community Council
1 May 2025
Source: United Kingdom – Executive Government & Departments
SFE and SFW students can now apply for postgraduate Master’s and Doctoral Loans for 2025 to 2026.
SFE and SFW students can now apply for postgraduate Master’s and Doctoral Loans for 2025 to 2026.
You should encourage new students to apply online at:
SFE: www.gov.uk/apply-online-for-student-finance
SFW: https://www.studentfinancewales.co.uk/
If students have applied for undergraduate student finance before, they can use their existing online account to apply. If they’ve never applied for student finance before, then they’ll need to create a new account.
Continuing students don’t need to re-apply for their funding, it automatically rolls over for the next year of their postgraduate course. They should sign in to their online account to make sure their information is up to date.
SFE students applying for the 2025 to 2026 academic year can apply for:
SFW students applying for the 2025 to 2026 academic year can apply for:
Students should follow us on social media to get all the latest news and updates about student finance.
There’s more information about postgraduate student finance available at:
Gov.uk: https://www.gov.uk/funding-for-postgraduate-study
SFW website: https://www.studentfinancewales.co.uk/postgraduate-finance/
Students in Wales can now apply for EMA for 2025 to 2026. The quickest way to apply to apply in online.
Applications for WGLG FE are expected to open later in the year.
Source: The Conversation – UK – By Victor Becerra, Professor of Power Systems Engineering, University of Portsmouth
Britain’s booming green energy generation has a costly side-effect: the national electricity system operator has had to compensate wind turbine operators that could have produced more clean electricity than the grid could take.
The cost of paying windfarms to temporarily switch off rose significantly in early 2025, surpassing £250 million in the first two months of the year. This figure not only includes these “constraint payments” to windfarm operators, but also payments to gas power plants to switch on and meet demand in the south of England that could theoretically be met by wind energy.
Wind power is often generated in remote areas like the Scottish Highlands, where there is low electricity demand. To transmit this power over long distances to areas of higher demand (mostly in the south of England) requires power lines, but these have transmission limits and there are not enough of them.
Britain will only make effective use of its energy potential if grid-scale energy storage keeps pace with the expansion of new windfarms and other forms of intermittent renewable energy, such as solar.
Large-scale battery systems, pumped hydro and other storage methods could capture the excess energy injected by windfarms on windy days and release it when needed. But are these energy storage options arriving quickly enough?
Most British consumers will not see a significant change in how they use electricity with the introduction of planned storage installations, other than fewer blips in power quality, such as flickering or dimming lights.
You might spot these new energy storage facilities in rows of what look like shipping containers but are actually batteries. And the national grid (which serves England, Wales and Scotland – Northern Ireland has a separate electricity network) will be more capable of responding quickly to even minor variations in electricity supply and demand, meaning fewer headlines about curtailed windfarms.
The UK government is aiming to build up to 27 gigawatts of battery storage by 2030 (in 2023, battery capacity was estimated to be around 5 gigawatts). There are applications totalling 59 gigawatts of battery storage in the connections queue for 2030.
Some of these are speculative – introduced to secure connection slots and permissions, with the intention of selling the rights on. These connections will not necessarily be built, yet contribute to long delays in approvals.
As a result, the energy regulator Ofgem has been working with network operators to reform the connections queue. This includes new rules and more coordination between grid operators and project developers, as well as incentives (such as lower connection charges) to encourage battery developers to ensure their output can be adjusted to accommodate network constraints when necessary.
Having substantial grid-scale energy storage could help stabilise electricity prices, which might give households lower and less volatile bills. It would also reduce the need to fire up gas generators during supply lulls, lowering the influence of expensive imported gas on electricity prices.
Storing excess renewable energy involves a range of technologies. Short-duration storage options such as batteries can supply energy ranging from seconds to a few hours. Long-duration storage, such as pumped hydro, can supply energy for several hours, days or more.
Pumped hydro is the oldest long-duration storage technology. It involves storing vast amounts of energy by pumping water to a higher reservoir when electricity is plentiful, and releasing it to a lower reservoir through a turbine when needed. Dinorwig in north Wales and Cruachan in western Scotland are capable of storing 9 and 7 gigawatt-hours of energy, respectively.
Major expansions are planned, such as the new pumped hydro storage scheme Coire Glas in Scotland. Expected to be completed around 2030-31, it is designed to store 30 gigawatt-hours, adding vast reserves of energy to the grid.
Britain’s largest grid-scale battery installation, the Minety battery storage project completed in 2022 in Wiltshire, southern England, is capable of absorbing or delivering 150 megawatts – roughly equivalent to the power demand of 450,000 UK households.
While Britain is making progress with its storage infrastructure, other countries are scaling up rapidly. China has built huge pumped hydro stations and the US is deploying very large grid-scale batteries. Germany, meanwhile, is testing hydrogen storage to absorb the power from its onshore windfarms.
There is a drive by energy companies to develop new forms of long-duration storage. Along with hydrogen, liquid‑air storage is capable of inter-seasonal storage. This would allow solar energy collected during the summer to be available for release during the duller autumn and winter months.
In liquid-air plants, excess electricity is used to cool air to a liquid which can then be stored in insulated tanks. When electricity is required, the liquid air is heated and turned back into a gas, which moves a turbine and generates electricity. A 50-megawatt liquid-air plant planned near Manchester is expected to start commercial operation in 2026.
In hydrogen energy storage plants, surplus electricity powers an electrolyser that splits water molecules into hydrogen and oxygen. The hydrogen is stored and, when electricity is needed, fed into a fuel cell or turbine to generate the electricity. An example is the proposed Aldbrough facility in east Yorkshire, which is expected to be in operation by 2030 and will have a storage capacity of 320 gigawatt-hours. This facility will use three repurposed salt caverns originally developed to store natural gas.
Energy storage technology has become a serious business opportunity, with companies investing billions of pounds into building new facilities. The variety of projects in the pipeline suggests the UK will be better able to avoid curtailing wind energy in the future, even accounting for growth in wind power capacity. Paying windfarm operators to switch off may soon be a thing of the past.
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Victor Becerra does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Is the UK’s energy storage growing fast enough? – https://theconversation.com/is-the-uks-energy-storage-growing-fast-enough-251867
