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: City of York
With work progressing at pace on the Station Gateway project there will be some changes around the front of York Station in the coming weeks.
The area around York Station is currently being transformed to create a new and improved gateway to the city. The aim of the project is to improve access to the station, by providing an easier and safer experience for pedestrians, wheelchair users, cyclists and bus users. It will also introduce welcoming new public spaces for everybody to enjoy and showcase the city’s heritage sites at their very best.
To continue progress there are a number of works on the highway in the coming weeks.
Councillor Kate Ravilious, Executive Member for Transport said:
“It has been great in recent months to see the area starting to take shape and get a feel for how much improved it will be once work is complete.
“We are very grateful to everyone for their patience and for adapting as work continues. We wanted to give people advanced warning of the upcoming works and we will be sharing much more information, as we have done previously, ahead of the planned road closure. York remains open for business and we hope that, as has happened with the previous closures that people will come to enjoy everything York has to offer but plan ahead when travelling to the city centre.”
Further details including travel information for those heading to the station and/or city centre over the late May bank holiday weekend will be published shortly.
City of York Council, West Yorkshire Combined Authority, Network Rail, LNER and Sisk are working together to minimise disruption as we deliver this major upgrade.
Source: City of Derby
Derby City Council will be marking the 80th anniversary of VE Day with a special service at Derby Cathedral.
The VE Day Anniversary Commemoration Service, a partnership between the Council, the Lord Lieutenant of Derbyshire, Derby Cathedral, the Royal British Legion, the University od Derby, and Derby Cathedral, will take place at 5:30pm on Thursday 8 May.
This important occasion marks the 80th anniversary of Victory in Europe Day, a moment of profound historical significance. The service will honour and remember the immense sacrifices made by so many during the Second World War, and celebrate the peace and freedoms secured as a result.
The commemorative service is open to all across Derby and Derbyshire. Following the service, guests are invited to remain for refreshments and to enjoy a special commemorative peal of the Cathedral bells.
Councillor Ged Potter, Mayor of the City of Derby, said:
As we prepare to mark the 80th anniversary of VE Day, we remember the courage and sacrifice of all those who played their part in the fight for our freedom. We particularly remember the Derby citizens who contributed to the war effort both on the frontlines and at home. This includes those who worked in our factories producing, among other things, the engines that powered much of the RAF.
Elizabeth Fothergill CBE, Lord Lieutenant of Derbyshire, said:
This 80th anniversary of VE Day is a time for reflection, remembrance and gratitude. It is an opportunity for our community to come together to honour those who served, those who sacrificed, and those who gave everything to secure the peace we are so fortunate to enjoy today. I warmly encourage everyone to attend and take part in this meaningful commemoration.
If you’re planning a street party, make sure you’ve read this guidance from the Government. It busts some common myths about what’s needed. There’s even more information and advice on the Street Party Site.
One of the key things you’ll need to do is apply to us for a road closure if you want to host a street party and your road isn’t already normally closed to traffic. Contact spacehire@derby.gov.uk for a road closure application form.
Source: United Kingdom – Executive Government & Departments
Applications open on Wednesday 14 May
The Public International Law panels (PIL) panels were created in 2014 and supplement the work of the Attorney General’s existing panels of civil counsel.
Members of the panels advise the government on matters of public international law and undertake cases involving public international law in international courts and in the courts of the UK. The PIL panels are divided into A, B and C panels based on experience in the practical application of international law, whether as an adviser or advocate, or a mix of both.
Applications open on Wednesday 14 May and close at midday on Wednesday 18 June. Appointments will commence on 1 January 2026 for a 5 year term.
This exciting opportunity is open to practitioners and academics with relevant experience in the practical application of international law and who are qualified in a UK jurisdiction. All panellists are expected to understand and be able to advise on fundamental precepts of international law, including treaties, customary law and other sources and state responsibility. Applications are welcomed from those with experience in specific areas of international law.
Application packs, which include referee templates, an equality and diversity monitoring form and panel specific criteria will be available from Wednesday 14 May. Contact the Panel Counsel Secretariat to receive a pack and make sure to include whether you are applying for the A, B or C panel.
Those applying to the A panel will be expected to supply 5 references and those applying to the B and C panels will be expected to supply 3 references.
Application packs will not be available before Wednesday 14 May.
Join the virtual information evening on Tuesday 20 May, 5pm to 6pm. Details of this session and how to register:
If you have any queries, please contact the Panel Counsel Secretariat.
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: City of Winchester
Winchester City Council has achieved another successful prosecution for a fly-tipping offence.
A West Sussex man has been convicted of the fly-tipping offence after an incident at Alresford Road, Ovington, Winchester in April 2024.
Philip Henry Exall, 68 years-old and a resident of Willett Close, Petworth, West Sussex, pleaded guilty on Friday 4 April 2025 in Basingstoke Magistrates Court.
The court heard that surveillance camera images captured an open-back tipper truck in a lane with concrete boulders in the rear, boulders which were later discovered dumped in the same area.
Mr Exall was ordered to pay a fine, victim surcharge and full prosecution costs, totalling £1,315.73.
Winchester City Council Deputy Leader and Cabinet Member for Finance and Performance Cllr Neil Cutler said: “This case once again reinforces Winchester City Council’s zero-tolerance approach to fly-tipping; the latest Defra figures show that there has been a reduction of 15% in fly tipping incidents in the Winchester District and we will continue to look to prosecute all of those who commit this environmental crime wherever possible.
“Fly-tipping causes huge damage to our local communities, wildlife and the environment, and we also rely on reports and witness statements from the public to prosecute – I’d encourage anyone who witnesses or captures footage of someone dumping waste illegally in our district to report it.”
Reports of fly-tipping can be made on the council’s website at www.winchester.gov.uk/report, via the Your Winchester app or by calling 0300 300 0013.
Source: City of Stoke-on-Trent
Published: Friday, 2nd May 2025
The Stoke-on-Trent Comedy Festival is returning to the Potteries Museum & Art Gallery this month.
The popular festival has been extended to take place over two weekends in May as part of the city’s Centenary celebrations.
Eight comedians will be taking to the stage at the Hanley venue on Friday 9 May, Saturday 10 May and Saturday 17 May.
The line-up includes:
Councillor Jane Ashworth, leader of Stoke-on-Trent City Council, said: “Our comedy festivals are incredibly popular so we’re delighted that it’s returning to the city during our Centenary year.
“It’s going to be bigger and better than ever with a great line-up of different comedians to suit everyone’s tastes.
“Comedians who have performed at the Potteries Museum & Art Gallery in the past have told us how much they enjoyed the venue and the audience so I’m sure this will be another great success.”
Rachel Jones and Dave Twentyman from Me & Mrs Jones Comedy, who have organised the Stoke-on-Trent Comedy Festival in partnership with the city council, added: “Following the success of our comedy festival last year we are extremely happy to be returning to the Potteries Museum & Art Gallery with even more shows than before.
“We are proud to be bringing high calibre professional comedians to Hanley and hope that there is an act who most people will enjoy watching. With over 850 people already booked to attend this year’s festival we are looking forward to welcoming everyone there.”
For further information, or to book a ticket, visit: https://meandmrsjonescomedy.com/stoke-on-trent-comedy-festival-2025/
The full line-up for The Stoke-on-Trent Comedy Festival is:
Friday 9 May
Mrs Smith ‘See Me’!
Doors and bar open at 6pm, show starts at 7pm. Tickets £18. Recommended for over 16s.
To book visit https://www.ticketsource.co.uk/Me-and-Mrs-Jones-comedy/t-eadrdey
Saturday 10 May
George Lewis: “The Best Thing You’ll Ever Do.” (SOLD OUT)
Doors open at 2.30pm, show 3 – 4pm. Tickets £16.
To book visit https://www.ticketsource.co.uk/Me-and-Mrs-Jones-comedy/t-vvopjdm
Fun! with Barbara Nice.
Doors open at 4.30pm, show 5 -6pm. Tickets £15. Age 14+
To book visit https://www.ticketsource.co.uk/Me-and-Mrs-Jones-comedy/t-ojoxlga
Talk to Tez.
Doors open at 6.30pm, show 7 – 8pm. Tickets £16. Recommended for over 18s.
To book visit https://www.ticketsource.co.uk/Me-and-Mrs-Jones-comedy/t-noxrqmp
Saturday 17 May
Jonny Awsum and his award-winning kids show.
Doors open 12.30pm, show 1 – 2pm. Tickets £10.
To book visit https://www.ticketsource.co.uk/Me-and-Mrs-Jones-comedy/t-dvqgzme
MC Hammersmith: The MC Stands for middle class.
Doors open at 2.30pm, show 3 – 4pm. Tickets £15.
To book visit https://www.ticketsource.co.uk/Me-and-Mrs-Jones-comedy/t-jzpejjz
Angelos Epithemiou: Can I Just Show You What I’ve Got?
Doors open at 4.30pm, show 5 – 6pm.Tickets £16.
To book visit https://www.ticketsource.co.uk/Me-and-Mrs-Jones-comedy/t-krxgxng
Josh Pugh: Haha Yeah Sound (Work in Progress).
Doors open at 6.30pm, show at 7 – 8pm. Tickets £18.
To book visit https://www.ticketsource.co.uk/Me-and-Mrs-Jones-comedy/t-dvqxaxr
Source: City of Derby
Educators and community leaders welcomed a new Religious Education (RE) syllabus which will be taught in Derby’s schools. Around 100 professionals from Derby City Council, schools and other partner organisations attended the launch event.
The development of the new syllabus follows the government’s requirement for a review of the RE curriculum every five years. Local authorities are required to have a Standing Advisory Council for Religious Education (SACRE) to oversee RE and collective worship.
Derby City Council collaborated with its SACRE, comprising faith representatives from across the city, along with schools and advisors, to create an inclusive and wide-ranging syllabus.
The syllabus provides children and young people with the opportunity to study various faiths and beliefs, fostering mutual respect in relation to both religious and non-religious worldviews. It also incorporates new elements addressing significant contemporary issues, including anti-racism and climate change awareness.
Delegates gathered in the Council Chamber at the launch event
Councillor Paul Hezelgrave, Derby City Council Cabinet Member for Children, Young People and Skills, said:
RE is such an important subject – it explores big questions about life, what people believe and what difference this makes to how they live, so that pupils can make sense of religion and world views, and reflect on their own ideas and ways of living.
The ambition for RE in the city of Derby is to provide the opportunity for children and young people to acquire knowledge in relation to the lives of people within the local area and the wider world.
Professor Cecile Wright, chair of SACRE, said:
The new Religious Education syllabus produced by the city council provides a framework for schools in accordance with its statutory duties. It offers a balanced and sensible approach to the curriculum content, with the aim of fostering social and community cohesion.
It also offers the scope for children and young people to develop key transferable skills such as critical thinking.
The new syllabus will be introduced in September 2025. Further information can be found on the National Association of SACREs 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: City of Wolverhampton
The City of Wolverhampton Council has made £20,000 available in grants from the Safer Prosperity Fund, enabling communities to mark this historic occasion in style.
Residents will be holding street parties and joining together in parks, community centres, places of worship – even allotments.
VE Day, celebrated annually on 8 May, commemorates the day in 1945 when Nazi Germany officially surrendered to the Allied forces, ending nearly 6 years of brutal conflict in Europe. The 80th anniversary serves as a poignant reminder of the sacrifices made by countless individuals and the enduring spirit of unity and resilience that characterised the Allied victory.
Councillor Obaida Ahmed, Cabinet Member for Digital and Community, said: “VE Day is a time for us to reflect on the immense sacrifices made by those who fought for our freedom. It is also an opportunity to celebrate the peace and prosperity that their bravery has afforded us.
“As we mark this 80th anniversary, let us honour their legacy by fostering a community spirit of unity and remembrance.”
In addition to community based celebrations, the council will be hosting several special events:
Councillor Ahmed added: “We’re inviting all residents to participate in these events and join in commemorating this historic occasion. Together, we can ensure that the legacy of VE Day continues to inspire future generations.”
Additionally, veterans will be attending a wide range of events including The Black Soldiers Story Untold, highlighting the often overlooked contributions of Black soldiers during VE/VJ Day and providing a platform to celebrate their courage, Vaisakhi at West Park will be honouring Sikh war veterans at Vaisakhi, Veterans in the Community will come together for a buffet, music, quiz and raffle, Bilston Memory Café will be holding a celebration for people with dementia and local veterans, while the RAFA Club will be opening its doors to families, veterans and children alike to commemorate VE Day next Saturday 10 May.
National celebrations will be honouring the momentous announcement made by Prime Minister Winston Churchill at 3pm on 8 May, 1945, signalling the end of the Second World War in Europe after nearly 6 years of brutal conflict. 2025 will also mark the 80th anniversary of VJ Day on 15 August, 1945, which signified the Allies’ defeat of Japan.
For more details of the national celebrations, visit the VE/VJ Day 80 website.
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
A sex offender who sexually assaulted multiple young women and girls has had his sentence increased after the Solicitor General Lucy Rigby KC MP intervened.
Robert Emmerson, 40, from Manchester, had his four-and-a-half years sentence increased to seven years with a further three on licence after it was referred to the Court of Appeal under the Unduly Lenient Sentence scheme.
The court heard that between 6 November 2023 and 15 April 2024, Emmerson committed five separate sexual assaults and seven acts of exposure against 11 girls and young women in central Manchester and Wythenshawe areas.
The victims said that Emmerson’s attacks took place in broad daylight and that they were “shocked” and “terrified” with some noting that he was smiling throughout.
The court also learned that Emmerson has a history of sexual offences, with previous convictions for indecent exposure and stalking. Some of his victims were schoolgirls.
Solicitor General Lucy Rigby KC MP said:
I was sickened and angered to read of the offenders’ numerous sexual assaults against women and young girls His increased sentence clearly shows that sex offenders will be brought to justice and face the penalty they deserve.
This government is committed to halving violence against women and girls in a decade as part of the Plan for Change and this increased sentence will keep predators like Emmerson off our streets. My thoughts today are with the young women attacked by Emmerson.
On 30 January 2025, Emmerson was sentenced at Manchester Crown Court for four years and six months for five counts of sexual assault, and seven counts of exposure. He also received a Sexual Harm Prevention Order and is subject to indefinite notification requirements.
On 1 May 2025, his sentence was increased to seven years with a further three on licence after it was referred to the Court of Appeal under the Unduly Lenient Sentence Scheme.
Source: Scottish Government
More than 105,500 procedures delivered last year with additional funding.
More than 105,500 appointments and procedures were delivered by health boards last year through an additional £30 million of targeted investment – exceeding a pledge to carry out 64,000 appointments by the end of March 2025.
The funding was targeted at the longest waits and, as seen in latest published data, there have been reductions in waiting lists across a number of specialities. Between March 2024 and December 2024 there has been:
Latest published statistics also show improved waiting times performance with diagnostic waits at their lowest since October 2021.
In April 2024 the Scottish Government funded NHS boards to deliver 64,000 procedures (40,000 diagnostic procedures, 12,000 surgeries and 12,000 new outpatient appointments) by the end of the year. By March 2025, 10,700 surgeries and 15,800 outpatients appointments were delivered. Almost 79,000 diagnostic procedures took place – delivering almost double the original pledge of 40,000.
Health Secretary Neil Gray said:
“We have delivered on our promise, exceeding our original target of 64,000 by more than 41,000 procedures – we have carried out nearly double the amount of diagnostic procedures originally pledged, with diagnostic waits now at the their lowest since October 2021. This is testament to hard work and dedication of our NHS staff and I thank them for their outstanding efforts.
“This is welcome progress and shows we are moving in the right direction. But we know many people are still waiting too long and we are determined do more. That is why we are investing record amounts in our health service, targeting waiting list backlogs and delivering 150,000 additional appointments.
“This government is focussed on taking the action needed to cut waiting lists and make it easier for patients to get access to the treatment they need. Next week the First Minister will publish our Programme for Government, setting out how we will build on recent progress and further reduce patient waits in the year ahead.”
Background
This is an update on progress previously reported in February this year – Pledge on waiting times exceeded – gov.scot
Written question and answer: S6W-37418 | Scottish Parliament Website
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: City of Wolverhampton
It comes after another individual admitted being in contempt of court following an incident of street racing, also known as car cruising, in Bearwood, Smethwick in late March.
Qamar Hussain, of William Road, Smethwick, appeared before the High Court in Birmingham on Thursday 25 April and admitted racing against another vehicle along the Hagley Road between Wolverhampton Road and Bearwood Road. He received a 21 day custodial sentence, suspended for 12 months, and ordered to pay £2,950.30 in costs.
The High Court injunction, led by the City of Wolverhampton Council on behalf of Dudley Council, Sandwell Council and Walsall Council and supported by West Midlands Police, prohibits people from participating in, as a driver, rider or passenger, street racing; from promoting, organising or publicising gatherings; or from participating as a spectator.
The injunction covers the whole of the boroughs of Wolverhampton, Dudley, Sandwell and Walsall and anyone found to be breaching it will be in contempt of court and may be imprisoned, fined or have their assets seized. They may also be ordered to pay the council’s legal costs of any hearing.
Councillor Obaida Ahmed, the City of Wolverhampton Council’s Cabinet Member for Digital and Community, said: “The existence of the street racing injunction is widely known across the Black Country, but we are still seeing occasional incidents such as the one which occurred in Smethwick in March.
“As we have seen once again, the court will not hesitate to take tough action against anyone who breaches the injunction.
“We know that street racing activity typically increases with the lighter nights and warmer weather of spring and summer, and anyone who is thinking of taking part in this wholly anti social activity should recognise the severe consequences that they will face.”
Councillor Suzanne Hartwell, Sandwell Council’s Deputy Leader and Cabinet Member for Neighbourhoods and Community, added: “Street racing puts people’s lives at risk and can lead to tragedies on our roads.
“This is the 10th person we have taken to court for breaching the injunction by racing on Sandwell’s roads, and we will continue to work in partnership with the police and other Black Country councils to respond to people’s concerns and protect our communities.”
For more information about the street racing injunction, including copies of the latest documentation and court orders, including very recent orders made on 29 and 30 April, please visit the street racing pages of the applicants – Wolverhampton, Walsall, Sandwell, or Dudley – which are in the process of being updated.
Incidents of street racing in Wolverhampton should be reported via asbu@wolverhamptonhomes.org.uk and in Sandwell at Report anti social behaviour, or to West Midlands Police on 101. In an emergency, always dial 999.
Police are also inviting members of the public to submit dash cam or mobile phone footage of street racing events or dangerous driving via its Op Snap website.
The High Court originally granted the full and final injunction in February 2024 with the injunction and power of arrest remaining in force until at least 2027 subject to annual review, the next of which is scheduled to take place on 26 February, 2026 at the High Court of Justice, King’s Bench Division, Birmingham District Registry at Birmingham Civil and Family Justice Centre, The Priory Courts, 33 Bull Street, Birmingham, B4 6DS.
Any existing defendants who wish to file any evidence in respect of the review hearing should do so no later than 14 days before the hearing by writing to FAO: Black Country Car Cruise, Legal Services, City of Wolverhampton Council, Civic Centre, St Peter’s Square, Wolverhampton WV1 1RG, emailing litigation@wolverhampton.gov.uk or calling 01902 556556.
Source: United Kingdom – Executive Government & Departments
Suspended sentence for former St Helens pub owner
Gary Wright was the owner of the Talbot Ale House in St Helens before it ceased trading in 2019, prior to the pandemic
Wright was subsequently declared bankrupt in early 2020
This did not stop him applying for a £25,000 Bounce Back Loan on behalf of the pub, failing to tell the bank he was bankrupt in the process
The loan was repaid in full earlier this year
A former St Helens pub owner who failed to disclose his bankruptcy when he applied for Covid support funds has been handed a suspended sentence.
Gary Wright did not inform the bank that he was bankrupt when he obtained a £25,000 Bounce Back Loan in the summer of 2020.
The 46-year-old made the application on behalf of the Talbot Ale House on Duke Street in St Helens town centre, the pub he ran before his bankruptcy earlier that year.
Wright, of Bleak Hill Road, St Helens, was sentenced to two years in prison, suspended for two years, at Liverpool Crown Court on Thursday 24 April.
He was also ordered to complete 150 hours of unpaid work and pay £1,500 in costs.
The Bounce Back Loan was repaid in full shortly before Wright was sentenced.
David Snasdell, Chief Investigator at the Insolvency Service, said:
Gary Wright incurred significant debts after his business failed and he was ultimately declared bankrupt.
He then attempted to take advantage of a scheme which was backed by taxpayers and designed to support viable small businesses through the pandemic.
Bankrupts are legally required to declare their status when applying for loans or credit. Wright clearly failed to do this which is why he now has a criminal conviction.
Talbot Ale House ceased trading in September 2019 and Wright was declared bankrupt in February 2020 due to debts owed to a major utility company.
Despite this, Wright applied for a £25,000 Bounce Back Loan in June 2020, claiming the turnover of the pub was £400,000.
Wright remains an undischarged bankrupt, meaning he has not been officially released from his bankruptcy.
Individuals subject to a bankruptcy order must disclose their status if they borrow or obtain credit of £500 or more.
A pub continues to run from the same address but under different management.
Gary Wright is of Bleak Hill Road, St Helens. His date of birth is 15 December 1978
Source: City of Winchester
Thursday 8 May 2025 marks 80 years since Victory in Europe (VE) Day and the Winchester district is remembering the sacrifices and contributions that brought peace to Europe in 1945.
While VE Day marked the end of the war in Europe in May 1945, many thousands of Armed Forces personnel were still engaged in fighting in the Far East. Victory over Japan Day (VJ Day) marks the day Japan surrendered on 15 August 1945, which ended World War II.
In Winchester, the special VE 80 flag will be raised at the Guildhall.
Bunting to mark the occasion has also been put up in the city centre.
This Saturday 3 May, the Mayor of Winchester Cllr Russell Gordon-Smith will welcome members of the local Royal British Legion to Abbey House for a special event to mark VE 80. He will also attend a VE80 flag-raising service in Portsmouth on Sunday 4 May.
On VE Day itself, the Mayor of Winchester will attend a flag-raising in Wickham and will join a celebratory VE80 tea party at Hope Church in Middle Brook Street.
The Mayor of Winchester Councillor Russell Gordon-Smith said: “On 8 May 2025, we will mark 80 years since Victory in Europe Day, a momentous occasion which marked the end of World War II in Europe and brought hope to war-torn communities across many countries.
“In the Winchester district and beyond, people will come together to unite and to celebrate VE Day, and to remember the many millions who paid the ultimate price to achieve this historic victory. We pay tribute to their bravery, and to their service and sacrifice.
“We remember with gratitude all those who served in the Allied armed forces, as well as the civilians who played their part in contributing to the war effort on this day of joy, reflection and celebration.”
Events are taking place across the district. For more on the local events planned to mark VE Day 80, and on Winchester’s military connections, head to Visit Winchester’s VE Day 80 page.
Source: United Kingdom – Government Statements
The IAEA’s Joint Convention has recognised the good performance within the NDA group.
The International Atomic Energy Agency (IAEA) Joint Convention on the Safety of Spent Fuel and Radioactive Waste Management
The progress being made within the Nuclear Decommissioning Authority (NDA) group in spent fuel and waste management has been recognised in a significant international forum.
The International Atomic Energy Agency (IAEA) Joint Convention on the Safety of Spent Fuel and Radioactive Waste Management, held in Vienna, Austria, acknowledged 15 areas where the UK is demonstrating ‘good performance’ in the field.
A number of the areas to receive positive acknowledgement from the IAEA are being delivered across the NDA group, including:
Supporting the UK delegation at the eighth triennial convention, which brought together a host of signatory nations, were Clive Nixon, the NDA’s Group Chief Nuclear Strategy Officer; Mark Foy, Chief Executive and Chief Nuclear Inspector at the Office for Nuclear Regulation (ONR); and Jo Nettleton, Chief Regulator at the Environment Agency.
In addition to reflecting on achievements over the past three years, the convention also identified a number of themes against which progress will be measured at the next meeting in 2028, including emergency preparedness, use of emerging technologies and public engagement.
Clive Nixon said:
We were pleased to come together with international counterparts at the Joint Convention, and to have our progress recognised in this forum is testament to the skill and innovation across our group.
Collaborating and engaging with international partners enables us to accelerate our mission by sharing knowledge about common opportunities and challenges.
Through these forums, we share best practice and innovative approaches to decommissioning and for the management of radioactive waste so that together we can make the world a safer place.
The full summary report is available here.
Source: United Kingdom – Government Statements
A sexual predator who posed as a photographer to lure women to his home before sexually abusing them has sentence increased after Solicitor General intervenes.
Anthony Williams (40), from Gloucester, has had his eight-year sentence increased to 12 years by the Court of Appeal after the Solicitor General referred his case under the Unduly Lenient Sentence (ULS) scheme.
The court heard that Williams pretended to be a professional photographer, approaching women online and luring them to his makeshift studio at his home.
During the photoshoot, Williams encouraged the women to undress before he sexually abused them.
He carried out 17 attacks over the course of nine photoshoots between July 2021 and December 2021.
In victim impact statements several women spoke about how much Williams had impacted their mental health. One victim said: “I find myself feeling like a mere shadow of my former self.”
The Solicitor General Lucy Rigby KC MP said:
Williams exploited and manipulated women into thinking they were taking part in professional photo shoots but this was just part of a grim scheme to brutally assault them for his own sexual gratification.
Protecting women and girls is an absolute priority for this government and I would like to offer my sympathies to the victims. I welcome the court’s increase to this sentence.
Anthony Williams was sentenced to eight years’ imprisonment on 22 January 2025 after a jury at Gloucester Crown Court found him guilty of 14 counts of sexual assault, two counts of assault by penetration and one count of rape. The court also imposed a Sexual Harm Prevention Order for life.
On 15 April 2025 at the Court of Appeal, Anthony Williams had his sentence increased to 12 years.
Source: City of Derby
Over 1,500 children from across the city enjoyed holiday club sessions during the Easter school holiday, trying activities ranging from breakdancing to DJing. Now in its fourth year in Derby, the Holiday Activities and Food Programme is an initiative funded by the Department of Education and managed by Derby City Council in partnership with Community Action Derby.
The programme aims to make sure that children who would normally receive a benefits-related free school meal don’t miss out during the holidays.
Easter 2025 saw 28 different providers delivering 44 clubs across Derby, including eight clubs specifically focused on children with special educational needs or disabilities. Almost 4,000 meals were served and, in addition to delicious, nutritional food, children were encouraged to take part in exciting experiences and activities, many making new friends along the way.
Kids tried their hand at everything from song writing and acrobatics to padel, dodgeball and wheelchair basketball. There were also forest schools and a dino discovery session, where young people could become palaeontologists for the day, taking part in a dinosaur dig, baking and games.
Another highlight was a visit to one club from Matt’s Minibeasts, where children learned about and held a wide variety of creepy crawlies and creatures, from colourful stick insects to scaly reptiles. There were critter-themed crafts and games, including a bug hunt and painting session – all creating a school holiday to remember.
Councillor Paul Hezelgrave, Derby City Council Cabinet Member for Children, Young People and Skills, said:
It’s fantastic to see so many children and families benefiting from our Holiday Activities and Food Programme. The Easter clubs not only provided nutritious meals, but also offered children the chance to try something new, build confidence, and make lasting memories.
I’m especially proud of the inclusive opportunities available for children with additional needs. We’re committed to continuing this important work and look forward to an even bigger and better summer programme.
The free holiday clubs run during Easter, summer and winter breaks, and the team are now looking forwards, with exciting plans in the works for the summer activity clubs. Any organisations interested in running a HAF club are invited to apply for funding; guidance and the application form can be found on Community Action Derby’s website.
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: United Kingdom – Executive Government & Departments
Statement by the UK’s Ambassador for Human Rights to the UN, Eleanor Sanders, at Armenia’s Universal Periodic Review at the Human Rights Council in Geneva.
Thank you, Mr President,
The UK welcomes the positive steps taken by Armenia since its 2020 review, particularly strengthening of the domestic violence law in 2024, which offers a robust framework for addressing domestic violence.
We also welcome Armenia abolishing the death penalty in all circumstances and their positive trajectory on media freedom.
However, we remain concerned about reported incidences of continued discrimination, hate speech and attacks against LGBT+ individuals.
We recommend that Armenia:
Implements an anti-discrimination law protecting sexual orientation and gender identity in all sectors to combat LGBT+ hate crimes and hate speech.
Ratifies the Istanbul Convention to protect women from violence and domestic abuse.
Implements a plan for community-based services to protect and include persons with psychosocial and intellectual disabilities.
Thank you.
Source: United Kingdom – Executive Government & Departments
A letter from Doug Chalmers CB DSO OBE, Chair, CSPL to Richard Lloyd OBE, IPSA, Chair, IPSA, responding to IPSA’s 2024 consultation on MPs’ funding.
A letter from Doug Chalmers CB DSO OBE, Chair, Committee on Standards in Public Life to Richard Lloyd OBE, Chair, Independent Parliamentary Standards Authority, responding to IPSA’s 2024 consultation: ‘Supporting trust in democracy in the new Parliament: Consultation on changes to how we regulate and how we publish MPs’ funding’.
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.
Page 7
SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
| 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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SHELL PLC
1st QUARTER 2025 UNAUDITED RESULTS
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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1st QUARTER 2025 UNAUDITED RESULTS
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||||||||||||||||||||||||
| Equity attributable to Shell plc shareholders | ||||||||||||||||||||||||||
| $ million | Share capital1 | Shares held in trust | Other reserves² | Retained earnings | Total | Non-controlling interest | Total equity | |||||||||||||||||||
| At January 1, 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.
Page 12
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1st QUARTER 2025 UNAUDITED RESULTS
| 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.”