Shell Q3 Report 2022

ROBUST RESULTS FROM A RESILIENT PORTFOLIO

• Robust performance in a turbulent economic environment with lower crude prices and higher gas prices compared with Q2 2022. Adjusted Earnings of $9.5 billion in Q3 2022, with Adjusted EBITDA of $21.5 billion.
• Strengthening and simplifying the portfolio through the energy transition with completion of the Spring Energy (India) acquisition, participation in the North Field South LNG expansion (Qatar) in October, the Rosmari-Marjoram field FID (Malaysia), the announced Aera Energy divestment (California, USA) and the acquisition of Shell Midstream Partners (USA).
• Disciplined cash capex: expected to be in the $23-27 billion range in 2022, evenly split between our Growth, Transition and Upstream pillars.
• $4 billion share buybacks announced, expected to be completed by Q4 2022 results announcement; total distributions in excess of 30% of CFFO for the last four quarters. Subject to Board approval, intention to increase DPS by an expected 15% for the fourth quarter, which will be paid in March 2023. Announced 2022 shareholder distributions ~$26 billion.
• Wael Sawan to succeed Ben van Beurden as Chief Executive Officer, effective January 1, 2023.

RENEWABLES & ENERGY SOLUTIONS

• Q3 2022 Adjusted Earnings and Adjusted EBITDA resulted from very strong trading and optimisation margins for gas and power, due to continued significant gas and power price volatility.
• Completed the acquisition of Sprng Energy group in India, significantly increasing operational renewable power generation capacity in the portfolio.