London, January 30, 2025 Shell plc Chief Executive Officer, Wael Sawan

"2024 was another year of strong financial performance across Shell. Despite the lower earnings this quarter, cash delivery
remained solid and we generated free cash flow of $40 billion across the year, higher than 2023, in a lower price
environment. Our continued focus on simplification helped to deliver over $3 billion in structural cost reductions since 2022,
1
meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets .
Today, we announce a 4% increase in our dividends and another $3.5 billion buyback programme, making this the 13th
consecutive quarter of at least $3 billion of buybacks, all whilst further strengthening our balance sheet this year to position
us well for the future.
We will outline the next steps in our strategy to deliver more value with less emissions at our Capital Markets Day in March."

SOLID CASH FLOW GENERATION; RESILIENT DISTRIBUTIONS

• Robust CFFO of $13.2 billion in Q4 2024, with CFFO of $54.7 billion and free cash flow of $39.5 billion for the full year
2024. $22.6 billion distributed to shareholders in 2024, representing 41% of CFFO generated.
2
• Q4 2024 Adjusted Earnings of $3.7 billion reflect lower prices and margins, higher exploration well write-offs, and the non-
cash impact of expiring hedging contracts on LNG trading and optimisation results.
• Structural cost reductions of $3.1 billion achieved since 2022, meeting the 2023 Capital Markets Day (CMD23) target a
1
year early, with significant progress against the other CMD23 financial targets .
• Focus on disciplined capital allocation drove down 2024 cash capex to $21.1 billion; our cash capex range for the full year
2025 is expected to be lower than our 2024 range, with more guidance to come at the Capital Markets Day in March.
• Increasing dividend per share by 4% to $0.358 for the fourth quarter, while commencing a $3.5 billion share buyback
programme, expected to be completed by Q1 2025 results announcement.

2
$ million Adj. Earnings Adj. EBITDA CFFO Cash capex

Integrated Gas 2,165 4,568 4,391 1,337

Upstream 1,682 7,676 4,509 2,076
Marketing 839 1,709 1,363 811
3
Chemicals & Products (229) 475 2,032 1,392
Renewables & Energy Solutions (311) (123) 850 1,277
Corporate (380) (24) 16 30
Less: Non-controlling interest (NCI) 106
Q4 2024 3,661 14,281 13,162 6,924
Q3 2024 6,028 16,005 14,684 4,950
Shell
FY 2024 23,716 65,803 54,684 21,084
FY 2023 28,250 68,538 54,191 24,392

1
Progress to date on the financial targets that were announced during Capital Markets Day in June 2023 is available at www.shell.com/2024-progress-on-cmd23.html.
2
Income/(loss) attributable to shareholders for Q4 2024 is $0.9 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
3
Chemicals & Products Adjusted Earnings at a subsegment level are as follows - Chemicals $(0.3) billion and Products $0.0 billion.

1
 PRESS RELEASE

Adjusted Earnings - by segment

6.0

(0.7)
$ billion

(0.8) 0.3 3.7

(0.3)
as (0.7) (0.1)

ns

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0.5 0.3
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• CFFO of $13.2 billion for Q4 2024 includes a working capital inflow of $2.4 billion. CFFO reflects tax payments of
1
$2.9 billion, and a $1.4 billion outflow related to the timing impact of payments for emissions certificates and biofuel
programmes.
• Net debt increased by $3.6 billion over the quarter to $38.8 billion, reflecting the recognition of the LNG Canada
pipeline lease liability. Net debt at the end of 2024 was $4.7 billion lower than at the beginning of the year.

$ billion
2 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024

Divestment proceeds 0.6 1.0 0.8 0.2 0.8

Free cash flow 6.9 9.8 10.2 10.8 8.7
Net debt 43.5 40.5 38.3 35.2 38.8
1
Includes payments for the Brennstoffemissionshandelsgesetz (Fuel Emissions Trading Act), excludes the payment of German Mineral Oil Taxes.
2
Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

2
 PRESS RELEASE

Q4 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS
Key data Q3 2024 Q4 2024 Q1 2025 outlook

Realised liquids price ($/bbl) 63 63 —

Realised gas price ($/thousand scf) 7.9 8.1 —
Production (kboe/d) 941 905 930 - 990
LNG liquefaction volumes (MT) 7.5 7.1 6.6 - 7.2
LNG sales volumes (MT) 17.0 15.5 —

Adjusted Earnings Adjusted EBITDA Q4 2024

0.6 4.6

1.7 0.1

2.9
$ billion

$ billion

0.1
2.2 2.2
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• Adjusted Earnings reflect lower trading and optimisation results driven by the (non-cash) impact of expiring hedging contracts,
and lower volumes due to Pearl GTL turnaround, lower feedgas supply and lower liftings (timing) versus Q3 2024.
• Q1 2025 production outlook reflects Pearl GTL being back in operation; LNG liquefaction volumes outlook is impacted by
lower feedgas supply.

3
 PRESS RELEASE

UPSTREAM
Key data Q3 2024 Q4 2024 Q1 2025 outlook

Realised liquids price ($/bbl) 75 71 —

Realised gas price ($/thousand scf) 6.6 7.0 —
Liquids production (kboe/d) 1,321 1,332 —
Gas production (million scf/d) 2,844 3,056 —
Total production (kboe/d) 1,811 1,859 1,750 - 1,950

Adjusted Earnings Adjusted EBITDA Q4 2024

2.6 7.7

0.4 0.2
2.4 3.2
$ billion

$ billion
(0.2) (0.3) 1.7
(0.3) (0.1)
(0.2) (0.0)
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• Adjusted Earnings reflect higher volumes, offset by lower prices, above-average well write-offs, and higher year-end opex.
• First production achieved from Mero-3 and Whale (January), and FID taken on Bonga North, supporting portfolio longevity.

4
 PRESS RELEASE

MARKETING

Key data Q3 2024 Q4 2024 Q1 2025 outlook

Marketing sales volumes (kb/d) 2,945 2,795 2,500 - 3,000

Mobility (kb/d) 2,119 2,041 —
Lubricants (kb/d) 81 77 —
Sectors & Decarbonisation (kb/d) 745 678 —

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

Adjusted Earnings Adjusted EBITDA Q4 2024

0.3 1.7

0.6 0.0

1.2
$ billion

$ billion
0.1
0.8 0.8
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• Adjusted Earnings in Q4 2024 reflect the seasonal impact of lower volumes and lower Mobility margins.
• 2024 full year Adjusted Earnings were $3.9 billion, up $0.6 billion from 2023, driven by improved margins and lower opex.

5
 PRESS RELEASE

CHEMICALS & PRODUCTS

1
Key data Q3 2024 Q4 2024 Q1 2025 outlook

Refinery processing intake (kb/d) 1,305 1,215 —

Chemicals sales volumes (kT) 3,015 2,926 —
Refinery utilisation (%) 81 76 80 - 88
Chemicals manufacturing plant utilisation (%) 76 75 78 - 86
Global indicative refining margin ($/bbl) 5.5 5.5 —
Global indicative chemical margin ($/t) 164 138 —

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

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

Adjusted Earnings Adjusted EBITDA Q4 2024

0.9 0.0

0.5 0.5

(0.2)
$ billion
$ billion

(0.1)

0.0
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* Products covers refining and trading.

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

6
 PRESS RELEASE

RENEWABLES & ENERGY SOLUTIONS

Key data Q3 2024 Q4 2024

External power sales (TWh) 79 76

Sales of pipeline gas to end-use customers (TWh) 148 165
Renewables power generation capacity (GW)* 7.3 7.4
– in operation (GW) 3.4 3.4
– under construction and/or committed for sale (GW) 3.9 4.0
*Excludes Shell's equity share of associates where information cannot be obtained.

Adjusted Earnings Adjusted EBITDA Q4 2024

0.0 0.1

(0.1)
$ billion
$ billion

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Segment earnings for Q4 2024 are $(1.2) billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

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

Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally
enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce
carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

CORPORATE
Key data Q3 2024 Q4 2024 Q1 2025 outlook

Adjusted Earnings ($ billion) (0.6) (0.4) (0.6) - (0.4)

7
 PRESS RELEASE

2024 FULL YEAR

$ billion Adj. Earnings CFFO excl. WC CFFO Cash capex Free cash flow

FY 2024 23.7 52.6 54.7 21.1 39.5

FY 2023 28.3 47.1 54.2 24.4 36.5

Adjusted Earnings Free cash flow

5.6
3.3 39.5
28.3 36.5 (0.7)
2.4 (5.1)
23.7
$ billion

$ billion
0.9
0.5
(1.0) (0.1)
(7.2)

1 2
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23

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1
All segments, excluding Marketing. Di
2
Integrated Gas and Upstream volumes, and Chemicals & Products operations.

Operational performance FY 2023 FY 2024 % change Macro indicators FY 2023 FY 2024 % change

Oil and gas production (kboe/d) 2,791 2,836 2% Brent ($/bbl) 83 81 (2)%
LNG liquefaction volumes (MT) 28.3 29.1 3% Henry Hub ($/MMBtu) 2.5 2.2 (13)%
Marketing sales volumes (kb/d) 3,045 2,843 (7)% EU TTF ($/MMBtu) 13.0 11.0 (16)%
Refinery processing intake (kb/d) 1,349 1,344 (0)% Indicative refining margin ($/bbl) 12.5 7.7 (38)%
Chemicals sales volumes (kT) 11,245 11,875 6% Indicative chemicals margin ($/t) 133 152 14%

UPCOMING INVESTOR EVENTS USEFUL LINKS

February 25, 2025 Shell LNG Outlook 2025 publication Results materials Q4 2024

March 25, 2025 Capital Markets Day 2025 Quarterly Databook Q4 2024

May 2, 2025 First quarter 2025 results and dividends Webcast registration Q4 2024

May 20, 2025 Annual General Meeting Dividend announcement Q4 2024

July 31, 2025 Second quarter 2025 results and dividends

October 30, 2025 Third quarter 2025 results and dividends

8
 PRESS RELEASE

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting
principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment
proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance
and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial
measures, in evaluating the business performance.
This announcement may contain certain forward-looking non-GAAP measures for cash capital expenditure and divestments. We are unable to provide a reconciliation of these
forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the non-GAAP measures to the most
comparable GAAP financial measures is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange
rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished
without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a
manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement "Shell", "Shell Group" and "Group" are sometimes used
for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries
in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. "Subsidiaries", "Shell
subsidiaries" and "Shell companies" as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms "joint venture", "joint
operations", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or
more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint
arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results
of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements
are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things,
statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and
assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim"; "ambition"; "anticipate"; "believe"; "commit"; "commitment"; "could";
"estimate"; "expect"; "goals"; "intend"; "may"; "milestones"; "objectives"; "outlook"; "plan"; "probably"; "project"; "risks"; "schedule"; "seek"; "should"; "target"; "will"; "would" and
similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the
forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s
products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks;
(h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of
doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures
addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of
the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the
impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in
trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this
announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-
looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/
investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be
considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 30, 2025. Neither Shell plc nor any of its subsidiaries
undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results
could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

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

Also, in this announcement we may refer to Shell’s "Net Carbon Intensity" (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’
carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the
emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms
Shell’s "Net Carbon Intensity" or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

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

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

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

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”).
Statutory accounts for the year ended December 31, 2023 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for
England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act. The statutory accounts for the year ended
December 31, 2024 will be delivered to the Registrar of Companies for England and Wales in due course.

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

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