Shell Q3 Report 2023

CONSISTENT PERFORMANCE, SUPPORTING ENHANCED DISTRIBUTIONS

• Q3 2023 Adjusted Earnings of $6.2 billion, reflecting robust operational performance and higher oil prices and refining margins. CFFO of $12.3 billion for the quarter, with a $0.4 billion working capital inflow, despite higher oil prices.
• Enhancing shareholder distributions with $3.5 billion share buybacks announced, expected to be completed by Q4 2023 results announcement. Total announced distributions for 2023 ~$23 billion, with dividend per share this quarter being 32% higher than in Q3 2022.
• Demonstrating capital discipline with cash capex outlook for 2023 of $23-25 billion.

INTEGRATED GAS

• Adjusted Earnings similar to Q2 2023, reflecting favourable trading and optimisation results combined with higher realised liquids prices offset by lower volumes. Trading and optimisation results were higher than in Q2 2023, benefiting from stablesupply and capturing additional optimisation  opportunities.
• Q4 2023 outlook reflects ongoing maintenance at Prelude and lower expected liquefaction volumes from Egypt.

UPSTREAM

• Adjusted Earnings higher in Q3 2023 due to higher oil prices and higher production volumes. Production was higher, with strong performance in Deep Water.
• Q4 2023 production outlook reflects the closure of the Groningen gas field.