Shell PLC · LSE:SHEL
Shell — Q3 2024 Earnings Presentation
16 slides from Shell's earnings presentation, Oct 31, 2024
Slide 1: Third quarter 2024 results
Third quarter 2024 results Strong results, consistent distributions Shell plc October 31, 2024 Shell plc | October 31, 2024
Slide 2: Definitions & cautionary note
Definitions & cautionary note This presentation 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 c
Slide 3: Key messages
Third quarter 2024 results Key messages Providing energy security, Enabling the energy transition $6.0 billion Solid operational performance drives strong financial results, despite Performance Adjusted Earnings1 lower crude prices and refining margins Discipline 2024 Cash capex outlook: below the l
Slide 4: Key price markers and margins
Macro environment Key price markers and margins Shell Indicative Refining Margin (IRM) Oil Gas and Indicative Chemical Margin (ICM) $/bbl $/MMBtu $/bbl $/tonne Brent JCC-3 Henry Hub EU TTF IRM ICM (RHS) 120 40 30 300 100 20 200 20 80 10 100 60 0 0 0 Brent: JCC-3: Henry Hub: EU TTF: IRM: ICM: Q3’24:
Slide 5: Strong financial performance
Third quarter 2024 results Strong financial performance Q3 2024 Q2 2024 Income attributable to Shell plc shareholders $4.3 billion $3.5 billion Adjusted Earnings $6.0 billion $6.3 billion Adjusted EBITDA $16.0 billion $16.8 billion Cash flow from operations $14.7 billion $13.5 billion Cash capital e
Slide 6: Solid operational performance offsets weaker oil prices
Third quarter 2024 results Solid operational performance offsets weaker oil prices Adjusted Earnings Q2 2024 to Q3 2024 Cash conversion Q3 2024 $ billion Prices & margins1: $(0.3) billion $ billion Working capital movement Volume & mix1: $0.2 billion 20 $2.7 billion 10 Other: $(0.2) billion 3.7 0.1
Slide 7: Solid operational performance offsets weaker oil prices
Third quarter 2024 results Solid operational performance offsets weaker oil prices Adjusted Earnings Adjusted EBITDA CFFO $ billion Q3 2024 Q2 2024 Q3 2024 Q2 2024 Q3 2024 Q2 2024 Integrated Gas 2.9 2.7 5.2 5.0 3.6 4.2 Upstream 2.4 2.3 7.9 7.8 5.3 5.7 Marketing 1.2 2.1 2.7 1 1.1 2.0 2.0 Chemicals &
Slide 8: A pragmatic approach to capital allocation
Financial framework A pragmatic approach to capital allocation Balanced Capital Allocation Enhanced Disciplined Shareholder Distributions Investment Cash capex: 30–40% of CFFO through the cycle $22–25 billion p.a. ~4% progressive dividend annually1 for 2024 and 2025 Enhanced distributions Capital di
Slide 9: Continued strengthening of the balance sheet
Balance sheet Continued strengthening of the balance sheet Net debt Gearing Net debt Net debt before IFRS 16 Net debt post IFRS 16 Gearing Gearing Gearing ex Lease Liabilities ($ billion) 80 40% +$16 billion (IFRS 16) 60 30% 40 20% $35.2 billion 15.7% Lease Liabilities 20 10% Excluding Lease Liabili
Slide 10: Upcoming events and useful links
Upcoming events: Useful links: Jan 30, 2025 Capital Markets Day Q4 2024 results Annual and Quarterly Databook May 2, 2025 Shell Energy Transition Strategy Q1 2025 results ESG Performance Data July 31, 2025 Q2 2025 results Shell Investment Case Oct 30, 2025 Q3 2025 results Corporate reports: Energy T
Slide 11: Slide 11
Slide 12: Performing with purpose, Powering Progress
Performing with purpose Our purpose is to power progress together Generating shareholder value by providing more and cleaner energy solutions Respecting Powering Powering nature Progress lives Underpinned by our core values and Achieving net-zero our focus on safety emissions Shell plc | October 31,
Slide 13: Profitably transitioning towards Net Zero by 2050
More value with less emissions Profitably transitioning towards Net Zero by 2050 Emissions from our operations (Scope 1 & 2) Shareholder distributions >6% p.a. absolute free Halve Scope 1 and 2 Eliminate routine flaring of 30-40% of CFFO cash flow growth through emissions under by 20253 and achieve
Slide 14: The investment case through the energy transition
More value with less emissions The investment case through the energy transition Providing Energy Security Committed to oil and gas, with a focus on LNG growth Investing ~$40 billion1 in Leading Integrated Gas & Advantaged Upstream Enabling the Energy Transition Providing molecules to decarbonise th
Slide 15: Portfolio updates
2024 delivery For additional portfolio information visit Portfolio updates our investors page on shell.com High-grading FID to repurpose Rheinland Energy and Chemicals Park FID to build carbon capture & storage projects Temporarily paused the construction of Pernis biofuels facility SouthCoast Wind
Slide 16: Pipeline of major projects
Peak Shell Projects under construction production/Capacity/ Country Pipeline of major projects share % Products (100%) Start-up 2024-2025 Mero-3 [A] 180 kboe/d 19.3 Brazil Project updates: Final investment decision on Vito Waterflood (US) & Surat Gas Phase 2 (AUS). Mero-4 [A] 180 kboe/d 19.3 Brazil