Shell PLC · LSE:SHEL
Shell — Q1 2023 Earnings Presentation
13 slides from Shell's earnings presentation, May 4, 2023
Slide 1: First Quarter 2023 Results
#PoweringProgress FIRST QUARTER 2023 RESULTS Strong results underpinned by robust performance Shell plc May 4, 2023
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
Q1 2023 Key messages • Adjusted Earnings1 of $9.6 billion, Adjusted EBITDA of $21.4 billion and CFFO of $14.2 billion • Controllable availability in Gulf of Mexico equaling best in a decade and Performance higher uptime at Prelude, Australia • Higher Products margins, supported by lower refining unp
Slide 4: Disciplined focus on value creation
FINANCIAL FRAMEWORK Disciplined focus on value creation 2023 cash capex within $23-27 billion Capital Resilient Targeting AA credit metrics through the cycle discipline balance Includes inorganic capex sheet Continued focus on net debt reduction in upcycle Divest for value Significant shar
Slide 5: Delivering strong results
Q1 2023 FINANCIAL RESULTS Delivering strong results Q1 2023 Q4 2022 Income attributable to Shell plc shareholders $8.7 billion $10.4 billion Adjusted Earnings $9.6 billion $9.8 billion Adjusted EBITDA $21.4 billion $20.6 billion Cash flow from operations $14.2 billion $22.4 billion Cash capital expe
Slide 6: Lower prices offset by improved performance
Q1 2023 FINANCIAL RESULTS Lower prices offset by improved performance Adjusted Earnings Q4 2022 to Q1 2023 Cash conversion Q1 2023 $ billion $ billion 12 28 $(0.8) billion working capital movement 1.0 0.1 24 10 5.2 0.4 (0.4) 20 2.2 (1.1) (0.5) 8 (0.3) 2.1 5.9 (1.8) 16 6 (4.2) 12 (5.0) 9.8 9.6 0.7 21
Slide 7: Delivering results from leading LNG portfolio
INTEGRATED GAS Delivering results from leading LNG portfolio IG Adjusted Earnings trending with LNG price markers Optimizing portfolio for demand in Northern Hemisphere winter $ billion $/bbl Net Term Volumes Adjusted Earnings Avg 4Q rolling, Adjusted Earnings 70% JCC-3 / 30% JKM (RHS) 7 100 6 80 5
Slide 8: Focused portfolio, value over volume
2023 Delivery For additional portfolio information visit Focused portfolio, value over volume our investors page on shell.com High-grading Longevity Growth Baram Delta divestment Vito start-up (USA) Nature Energy acquisition (Malaysia) Our first deep-water platform (Denmark) Simplifying the Upstream
Slide 9: Slide 9
Slide 10: Strong results, differentiated portfolio
Q1 2023 FINANCIAL RESULTS Additional information available in the Strong results, differentiated portfolio Q1 2023 Quarterly Press Release Adjusted Earnings Adjusted EBITDA CFFO $ billion Q1 2023 Q4 2022 Q1 2023 Q4 2022 Q1 2023 Q4 2022 Integrated Gas 4.9 6.0 7.5 8.3 6.3 6.4 Upstream 2.8 3.1 8.8 9.4
Slide 11: Our progress
CARBON Our progress UN PARIS AGREEMENT NET ZERO BY 2050 FROM 1.7 GTPA TO ZERO Strategy aligns with goal to limit the increase in Net-zero emissions energy business by 2050 We believe Shell’s total carbon emissions from the global average temperature to 1.5 degrees including all emissions (Scopes 1,
Slide 12: Pipeline of major projects
Pipeline of major projects Projects under construction Peak production/Capacity/ Products Shell share % Country 2023 updates: Start-up 2023-2024 Vito (USA) and Pierce (UK) start-ups, driving resource longevity Mero 2 [A] 180 kboe/d 19.3 Brazil Mero 3 [A] 180 kboe/d 19.3 Brazil Further details availa
Slide 13: Upcoming events and useful links
Upcoming events: Useful links: May 23, 2023 Annual and Quarterly Databook Annual General Meeting Shell Energy Transition Strategy Jun 14, 2023 Capital Markets Day 2023 ESG performance data War in Ukraine: Shell’s Response Jul 27, 2023 Q2 2023 results Nov 2, 2023 Q3 2023 results Corporate Reports: An