London, October 31, 2024 Shell plc Chief Executive Officer, Wael Sawan

"Shell delivered another set of strong results. We continue to deliver more value with less emissions, whilst enhancing the
resilience of our balance sheet. Today, we announce another $3.5 billion buyback programme for the next three months,
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making this the 12 consecutive quarter in which we have announced $3 billion or more in buybacks."

STRONG RESULTS, CONSISTENT DISTRIBUTIONS

1
• Q3 2024 Adjusted Earnings of $6.0 billion, despite the lower crude prices and weaker refining margins, reflect strong
operational performance in Integrated Gas, Upstream and Marketing.
• CFFO of $14.7 billion for the quarter includes a working capital inflow of $2.7 billion; net debt reduced to $35.2 billion ($9.6
billion excluding lease liabilities).
• Cash capex for 2024 is expected to be below the lower end of the $22 - 25 billion range.
• Commencing a $3.5 billion share buyback programme, expected to be completed by Q4 2024 results announcement. Over
the last 4 quarters, total shareholder distributions paid were 43% of CFFO. Dividend stable at $0.344 per ordinary share.

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

Integrated Gas 2,871 5,234 3,623 1,236

Upstream 2,443 7,871 5,268 1,974
Marketing 1,182 2,081 2,722 525
2
Chemicals & Products 463 1,240 3,321 761
Renewables & Energy Solutions (162) (75) (364) 409
Corporate (643) (346) 115 45
Less: Non-controlling interest (NCI) 126
Q3 2024 6,028 16,005 14,684 4,950
Shell
Q2 2024 6,293 16,806 13,508 4,719

1
Income/(loss) attributable to shareholders for Q3 2024 is $4.3 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
2
Chemicals & Products Adjusted Earnings at a subsegment level are as follows - Chemicals $(0.1) billion and Products $0.6 billion.

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Adjusted Earnings - by segment

0.2 0.1 0.1

6.3 0.0 6.0
(0.6) (0.1)
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• CFFO of $14.7 billion for Q3 2024 includes a working capital inflow of $2.7 billion mainly due to lower prices. CFFO
reflects tax payments of $3.0 billion. Net debt reduced by $3.1 billion over the quarter to $35.2 billion ($9.6 billion
excluding lease liabilities).

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

Divestment proceeds 0.3 0.6 1.0 0.8 0.2

Free cash flow 7.5 6.9 9.8 10.2 10.8
Net debt 40.5 43.5 40.5 38.3 35.2
1
Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.

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Q3 2024 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS
Key data Q2 2024 Q3 2024 Q4 2024 outlook

Realised liquids price ($/bbl) 68 63 —

Realised gas price ($/thousand scf) 7.6 7.9 —
Production (kboe/d) 980 941 900 - 960
LNG liquefaction volumes (MT) 6.9 7.5 6.9 - 7.5
LNG sales volumes (MT) 16.4 17.0 —

Adjusted Earnings Adjusted EBITDA Q3 2024

0.9 5.2

0.2 0.0 2.9 0.0

0.0 1.4
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• Adjusted Earnings were higher than in Q2 2024, due to higher LNG liquefaction volumes. Trading and optimisation results
were in line with a strong Q2 2024.
• Q4 2024 production outlook reflects scheduled maintenance at Pearl GTL in Qatar.

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UPSTREAM
Key data Q2 2024 Q3 2024 Q4 2024 outlook

Realised liquids price ($/bbl) 78 75 —

Realised gas price ($/thousand scf) 6.2 6.6 —
Liquids production (kboe/d) 1,297 1,321 —
Gas production (million scf/d) 2,818 2,844 —
Total production (kboe/d) 1,783 1,811 1,750 - 1,950

Adjusted Earnings Adjusted EBITDA Q3 2024

2.4 7.9

2.3 0.1 0.1 0.0 2.4

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• Adjusted Earnings were higher than in Q2 2024, as lower prices were offset by lower well write-offs than in the previous
quarter.

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MARKETING

Key data Q2 2024 Q3 2024 Q4 2024 outlook

Marketing sales volumes (kb/d) 2,868 2,945 2,550 - 3,050

Mobility (kb/d) 2,078 2,119 —
Lubricants (kb/d) 84 81 —
Sectors & Decarbonisation (kb/d) 706 745 —

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

Comparative information for the Marketing segment and the Chemicals & Product segment has been revised.

Adjusted Earnings Adjusted EBITDA Q3 2024

0.3 2.1

0.6 0.0
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• Adjusted Earnings were higher than in Q2 2024 due to improved Mobility unit margins and impact of seasonally higher
volumes.

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CHEMICALS & PRODUCTS

Key data Q2 2024 Q3 2024 Q4 2024 outlook

Refinery processing intake (kb/d) 1,429 1,305 —

Chemicals sales volumes (kT) 3,052 3,015 —
Refinery utilisation (%) 92 81 75 - 83
Chemicals manufacturing plant utilisation (%) 80 76 72 - 80
Global indicative refining margin ($/bbl) 7.7 5.5 —
Global indicative chemical margin ($/t) 155 164 —

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

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

Adjusted Earnings Adjusted EBITDA Q3 2024

0.9
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* Products covers refining and trading.

• Lower refining margins in Q3 2024 were driven by a stabilising market with increased supply. Chemicals Adjusted Earnings
were lower than in Q2 2024 due to lower utilisation and lower realised prices.
• Trading and optimisation results were in line with Q2 2024.

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RENEWABLES & ENERGY SOLUTIONS

Key data Q2 2024 Q3 2024

External power sales (TWh) 74 79

Sales of pipeline gas to end-use customers (TWh) 148 148
Renewables power generation capacity (GW)* 7.1 7.3
– in operation (GW) 3.3 3.4
– under construction and/or committed for sale (GW) 3.8 3.9
*Excludes Shell's equity share of associates where information cannot be obtained.

Adjusted Earnings Adjusted EBITDA Q3 2024

$ billion
$ billion

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Segment earnings for Q3 2024 are $(0.5) billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

• Adjusted Earnings were in line with Q2 2024.

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.

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CORPORATE
Key data Q2 2024 Q3 2024 Q4 2024 outlook

Adjusted Earnings ($ billion) (0.6) (0.6) (0.8) - (0.6)

• The Adjusted Earnings outlook is a net expense of $2.2 - 2.4 billion for the full year 2024.

UPCOMING ANNOUNCED INVESTOR EVENTS USEFUL LINKS

January 30, 2025 Fourth quarter 2024 results and dividends Results materials Q3 2024

May 2, 2025 First quarter 2025 results and dividends Quarterly Databook Q3 2024

July 31, 2025 Second quarter 2025 results and dividends Webcast registration Q3 2024

October 30, 2025 Third quarter 2025 results and dividends Dividend announcement Q3 2024

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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 measures 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, October 31, 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 third quarter 2024 unaudited results
available on www.shell.com/investors.

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