London, August 1, 2024 Shell plc Chief Executive Officer, Wael Sawan

"Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG
portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 billion of structural
cost reductions since 2022. Today, we have also announced a further $3.5 billion buyback programme for the next three
months. We continue to demonstrate that we are delivering more value with less emissions."

ANOTHER QUARTER OF STRONG RESULTS

1
• Q2 2024 Adjusted Earnings of $6.3 billion, reflecting strong operational performance at the start of the summer season.
CFFO of $13.5 billion for the quarter includes a working capital outflow of $0.3 billion.
• Commencing a $3.5 billion share buyback programme, expected to be completed by Q3 2024 results announcement. Over
the last 4 quarters, total shareholder distributions paid were 43% of CFFO. Dividend stable at $0.344 per ordinary share.
2
• $0.7 billion of structural cost reductions delivered in the first half of 2024, bringing the total reductions since 2022 to
$1.7 billion against a Capital Markets Day 2023 target of $2 - 3 billion by the end of 2025.
• 2024 cash capex outlook unchanged ($22 - 25 billion).
• Further strengthened our leadership position in LNG, with agreement to acquire Pavilion Energy in Singapore, partner in the
ADNOC Ruwais LNG project in Abu Dhabi, and taking final investment decision (FID) on the Manatee backfill project in
Trinidad and Tobago. Enhanced our advantaged Upstream portfolio with a focus on cash flow longevity by taking FID on
Atapu-2 in Brazil.

1
$ million Adj. Earnings Adj. EBITDA CFFO Cash capex

Integrated Gas 2,675 5,039 4,183 1,151

Upstream 2,336 7,829 5,739 1,829
Marketing 1,082 1,999 1,958 644
3
Chemicals & Products 1,085 2,242 2,249 638
Renewables & Energy Solutions (187) (91) 847 425
Corporate (576) (213) (1,468) 32
Less: Non-controlling interest (NCI) 122
Q2 2024 6,293 16,806 13,508 4,719
Shell
Q1 2024 7,734 18,711 13,330 4,493

1
Income/(loss) attributable to shareholders for Q2 2024 is $3.5 billion, and includes non-cash post-tax impairments of $0.8 billion in Marketing principally relating to a biofuels facility located in the Netherlands
and $0.7 billion in Chemicals & Products principally relating to an Energy and Chemicals park located in Singapore. Reconciliation of non-GAAP measures can be found in the unaudited results, available at
www.shell.com/investors.
2
Structural cost reductions describe decreases in underlying operating expenses as a result of operational efficiencies, divestments, workforce reductions and other cost saving
measures that are expected to be sustainable compared with 2022 level. The 2025 target reflects annualised savings achieved by end-2025.
3
Chemicals & Products adjusted earnings at a subsegment level are as follows - Chemicals $0.05 billion and Products $1.0 billion.

1
 PRESS RELEASE

Adjusted Earnings - by segment

7.7 0.3
0.4
6.3
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• CFFO of $13.5 billion for Q2 2024 includes a working capital outflow of $0.3 billion. CFFO reflects tax payments of
$3.4 billion. Net debt reduced by $2.2 billion over the quarter to $38.3 billion.

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

Divestment proceeds 0.5 0.3 0.6 1.0 0.8

Free cash flow 12.1 7.5 6.9 9.8 10.2
Net debt 40.3 40.5 43.5 40.5 38.3
1
Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

2
 PRESS RELEASE

Q2 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS
Key data Q1 2024 Q2 2024 Q3 2024 outlook

Realised liquids price ($/bbl) 67 68 —

Realised gas price ($/thousand scf) 7.8 7.6 —
Production (kboe/d) 992 980 920 - 980
LNG liquefaction volumes (MT) 7.6 6.9 6.8 - 7.4
LNG sales volumes (MT) 16.9 16.4 —

Realised prices for Q1 2024 have been restated - Liquids: 73 to 67, Gas: 9 to 8.

Adjusted Earnings Adjusted EBITDA Q2

0.9 5.0

1.4 0.0
3.7

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• Adjusted Earnings lower than in Q1 2024, due to lower prices and volumes, and lower trading and optimisation results.
Trading and optimisation results were lower compared with Q1 2024 due to seasonality.
• Q3 2024 production outlook reflects higher scheduled maintenance across the portfolio.

3
 PRESS RELEASE

UPSTREAM
Key data Q1 2024 Q2 2024 Q3 2024 outlook

Realised liquids price ($/bbl) 77 78 —

Realised gas price ($/thousand scf) 6.1 6.2 —
Liquids production (kboe/d) 1,331 1,297 —
Gas production (million scf/d) 3,136 2,818 —
Total production (kboe/d) 1,872 1,783 1,580 - 1,780

Adjusted Earnings Adjusted EBITDA Q2

2.3 7.8

3.0 0.2
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• Adjusted Earnings higher than in Q1 2024, which was impacted by higher well write-offs.
• Q3 2024 production outlook reflects higher scheduled maintenance across the portfolio.

4
 PRESS RELEASE

MARKETING

Key data Q1 2024 Q2 2024 Q3 2024 outlook

Marketing sales volumes (kb/d) 2,763 2,868 2,700 - 3,200

Mobility (kb/d) 1,991 2,078 —
Lubricants (kb/d) 87 84 —
Sectors & Decarbonisation (kb/d) 686 706 —

Wholesale commercial fuels business, previously reported in Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.

Comparative information for Marketing and Chemicals & Products segments has been revised.

Adjusted Earnings Adjusted EBITDA Q2

0.4 2.0

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• Adjusted Earnings higher than in Q1 2024, driven by improved Mobility unit margins and seasonally higher volumes.

5
 PRESS RELEASE

CHEMICALS & PRODUCTS

Key data Q1 2024 Q2 2024 Q3 2024 outlook

Refinery processing intake (kb/d) 1,430 1,429 —

Chemicals sales volumes (kT) 2,883 3,052 —
Refinery utilisation (%) 91 92 83 - 91
Chemicals manufacturing plant utilisation (%) 73 80 73 - 81
Global indicative refining margin ($/bbl) 12 8 —
Global indicative chemical margin ($/t) 150 155 —

Wholesale commercial fuels business, previously reported in Chemicals & Products segment, is reported in the Marketing segment (Mobility) with effect from Q1 2024.

Comparative information for Marketing and Chemicals & Products segments has been revised.

Adjusted Earnings Adjusted EBITDA Q2

0.3 2.2
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• Q2 2024 lower refining margins driven by a stabilising market with increased supply. Chemicals subsegment achieved
break-even this quarter with higher utilisation and improved margins.
• Trading and optimisation lower than in Q1 2024, driven by reduced volatility.

6
 PRESS RELEASE

RENEWABLES & ENERGY SOLUTIONS

Key data Q1 2024 Q2 2024

External power sales (TWh) 77 74

Sales of pipeline gas to end-use customers (TWh) 190 148
Renewables power generation capacity (GW)* 6.7 7.1
– in operation (GW) 3.2 3.3
– under construction and/or committed for sale (GW) 3.5 3.8
*Excludes Shell's equity share of associates where information cannot be obtained.

Adjusted Earnings Adjusted EBITDA Q2

0.2

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Segment earnings for Q2 2024 are $(0.1) billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

• Adjusted Earnings, as expected, were lower than in Q1 2024, with lower seasonal demand and volatility driving lower trading
and optimisation in Europe, as well as lower generation and energy marketing margins.

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.

7
 PRESS RELEASE

CORPORATE
Key data Q1 2024 Q2 2024 Q3 2024 outlook

Adjusted Earnings ($ billion) (0.4) (0.6) (0.7) - (0.5)

• The Adjusted Earnings outlook is a net expense of $1.9 - 2.3 billion for the full year 2024. This excludes the impact of currency
exchange rate and fair value accounting effects.

UPCOMING INVESTOR EVENTS USEFUL LINKS

October 31, 2024 Third quarter 2024 results and dividends Results materials Q2 2024
Quarterly Databook Q2 2024
Webcast registration Q2 2024
Dividend announcement Q2 2024

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 measure 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 [report], including
(without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves
estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and
targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j)
legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and
regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects
and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-
Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous
dividend payments. All forward-looking statements contained in this 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 [report] and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, August 1, 2024. 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 information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s second quarter 2024 and half year
unaudited results available on www.shell.com/investors.

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