Shell PLC — Interim / Quarterly Report 2026

May 7, 2026

Shell Pic 1st Quarter 2026 Unaudited Results

SHELL PLS
1st QUARTER 2026 UNAUDITED RESULTS

SUMMARY OF UNAUDITED RESULTS

Quarters		$ million		Reference
Q1 2026	Q4 2025	Q1 2026
0.844	4.116	4.763	Income attributable to Short job shareholders	A
0.815	3.256	3.277	Adjusted Earnings
0.714	15.196	15.203	Adjusted EBITDA	A
0.702	3.434	3.297	Cash flow from spending activities
0.709	15.180	15.006	Cash flow from investing activities
0.697	4.448	4.404	Prior cash flow	G
0.630	6.013	6.115	Cash capital expenditure	C
0.716	6.009	6.076	Operating expenses	C
0.695	6.436	6.403	Unsecuring spending expenses	C
0.633	6.41	15.911	ROADS	D
15.645	15.443	15.517	Total debt	E
53.006	45.087	41.551	Net debt	E
20.911	20.775	19.717	Spending	E
1.137	2.397	2.322	All and pay production available for sale (thousand bales)
0.707	3.704	3.704	Fixed earnings per share (E)
1.02	4.47	3.92	Adjusted Earnings per share (E)	B
0.0002	0.0702	0.0562	Dividend per share (E)

Quarter Analysis1

Income attributable to Short job shareholders was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current year of supplier adjustment of $1.2 billion.

Adjusted Earnings, compared with the fourth quarter 2025, reflected higher contributions from making and optimization mainly impacting our Subsidiaries, Wholesalers and EHong, Southern businesses, higher related parties, lower spending expenses and higher Luminants margins, partly offset by lower volumes.

Identified items in the first quarter 2026 amounted to a net loss of $2.4 billion and included unfavourable movements due to the fair value accounting of community derivatives. This compares with identified items in the fourth quarter 2025 which amounted to a net gain of $1.2 billion.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from spending activities for the first quarter 2026 was $6.1 billion, and primarily driven by Adjusted EBITDA, the net cash cost of supplies adjustment of $1.1 billion (before tax) and net cash inflows related to the timing impact of payments for retraction certificates and before assignments of $1.5 billion. These were partly offset by working capital earnings of $11.2 billion and tax payments of $2.5 billion. The working capital earnings mainly reflected the impact of commodity prices on inventory and accounts receivables.

Cash flow from investing activities for the first quarter 2026 was an upfront of $2.1 billion, and included cash capital expenditure of $4.2 billion, partly offset by interest received of $2.4 billion and showdown proceeds of $2.4 billion.

Net debt and Steering. At the end of the first quarter 2026, net debt was $20.8 billion, compared with $45.7 billion at the end of the fourth quarter 2025. This reflects less cash flow of $2.4 billion, more than offset by lower debt to inventory of $5.9 billion, down-supplied on $2.4 billion, cash dividends paid to financial shareholders of $3.1 billion and interest payments of $1.5 billion. Steering was 20.0% at the end of the first quarter 2026 compared with 20.1% at the end of the fourth quarter 2025. These drives the higher net debt.

SHELL PLS
1st QUARTER 2026 UNAUDITED RESULTS

Shareholder distributions. Total shareholder distribution in the quarter amounted to $4.2 billion, comparing adjustments of shares of $2.4 billion and cash dividends paid to State job shareholders of $2.1 billion. Dividends declared to State job shareholders for the first quarter 2025 amount to $4.0 billion per share. Steering was completed the $3.5 billion of share buybacks announced in the fourth quarter 2025 results reverse from $1.1 billion, while adjustment of the balance of the 4PC shareholder working. The 4PC shareholder was not the same as the previous year. The 4PC shareholder was not the same as the previous quarter 2025. The 4PC shareholder was not the same as the previous quarter 2025.

This Unaudited Condensed Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shelfcashfoundation.nl.

1. All earnings amounts are shown past tax, unless stated otherwise.

2. Includes a net cash increase of $2.5 billion in the variable component of shipping losses in the current macro environment. See Note 7 "Other notes to the unaudited Condensed Consolidated Assets Financial Statements" for further details.

3. Given the securities due requirements that apply to Steel job in connection with its agreement to acquire 4PC Resources Ltd., l'4PC1, it will be necessary to support the programme from the time of publication of the 4PC Shareholder survey, and the conclusion of the 4PC shareholder working. Any employee not undertaken due to such suspension will be part of the remaining 4CM programmes (subject to Board approval).

4. Not incorporated by reference.

PORTFOLIO DEVELOPMENTS

Integrated Gas

In April 2026, we entered into a definitive agreement to acquire 4PC Resources Ltd., l'4PC1, as energy company focused on the Electricity (technology) in British Columbia and Alberta, Canada. Under the terms of the agreement, 4PC's shareholders will receive 335,000 in cash and a 50001 ordinary shares of Steel job for each 4PC share, resulting in an equity value of approximately US$ 13.6 billion.1 The brands of both companies have continuously supported the transaction, which is expected to close in the second half of 2026, subject to 4PC shareholder, each and regulatory approvals.

Marketing

In March 2026, we entered into an agreement to sell offs Labs International to an affiliate of Mercury Capital Partners (Mercerius) for $1.3 billion. A cash of the agreement, we ordered into a long-term subcontractor supply application with Mercerius. The transaction is subject to regulatory approvals and closing conditions, and is expected to close in the second half of 2026.

1. Based on Shell's closing share price at April 24, 2026 of GBP 33.06 and GBP C4D exchange rate of 1.8480.

Page 2

SHELL PLS
1st QUARTER 2026 UNAUDITED RESULTS

PERFORMANCE BY SEGMENT

INTEGRATED GAS

Quarters		$ million
Q1 2026	Q4 2025	Q1 2026	Reference
1.02	1.654	2.198 (normal/loss) for the period	A
0.815	1.776	2.841 (normal/loss) for the period	B
1.816	1.681	3.495 (adjusted Earnings)	B
2.115	2.127	4.176 (adjusted EBITDA)	B
483	2.995	6.069 (Cash flow from spending activities)	C
1.014	1.257	1.718 (Cash capital expenditure)	C
175	1.582	1.864 (spare production available for sale (thousand bales)
0.847	0.762	0.649 (favours pay production available for sale (million bales)
365	546	527 (Total production available for sale (thousand bales))
7.85	7.47	8.953 (Gift liquidization volumes (million tonnes)
19.16	19.79	16.493 (AD sales volumes (million tonnes))

Integrated Gas includes natural gas and liquidless production and extraction. The gas is then processed to produce liquefied natural gas (LNG) on converted hot gas to liquids (OTL) fuels and other products. The business includes the operation of both significant and individual industrial gas necessary to deliver natural gas and its derivatives to market. Integrated Gas also includes the marketing, trading and optimization of LNG.

Quarter Analysis2

Inverse (loss) for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the fourth quarter 2025, reflected the higher realized prices mainly from liquid products (increase of $20.8 billion, partly offset by lower volumes (decrease of $13.1 billion). Trading and optimization results were in line with the fourth quarter 2025.

Identified items in the first quarter 2026 included unfavourable movements of 6604 million due to the fair value accounting of commodity derivatives and gains of $103 million from the sale of assets. These unfavourable movements and gains compare with the fourth quarter 2025 which included recyclable movements of 6204 million due to the fair value accounting of commodity derivatives. At part of Shell's normal business, commodity derivative contracts are entered into as hedges for mitigation of economic exposures on value purchases.

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sales and inventory.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2009 was primarily driven by Adjusted EBITDA, partly offset by working capital estimate of $1.10 million, net cash outflows related to derivatives of $819 million, tax payments of $722 million, and a payment relating to a legal case of $829 million.

Time of and use production, compared with the fourth quarter 2003, decreased by 4% mainly due to the impact of the Middle East conflict on Japan volumes. USD liquidization volumes increased by 1% mainly due to USD Canada value-up, partly offset by unfavourable expense in Australia.

1. All earnings amounts are shown post tax, unless stated otherwise.

Page 3

SHELL PLC

1st QUARTER 2009 UNAUDITED RESULTS

UPSTREAM

Quarters			$ million	Reference
Q1 2008	Q1 2009	Q1 2009
2,334	2,648	2,895	Incarcerances for the period
179	2,079	2077	Of which: Identified items	A
2,377	1,575	2,337	Adjusted Earnings	A
1,901	4,113	1,991	Adjusted EBITDA	A
2,178	2,387	2,645	Cash flow from operating activities	A
2,109	2,640	1,925	Cash capital expenditure	A
1,936	1,553	1,932	Capital production available for sale (thousand ksh)
2,884	2,894	3,005	Natural gas production available for sale (million ksh'd)
1,843	1,860	1,805	Total production available for sale (thousand ksh'd)

Quarters continue for and remains under all natural gas and natural gas liquids. The segment also includes marketing and transportation of oil, gas and liquids, supplementary the infrastructure required to deliver them to market to its process down within Shell's chemicals, manufacturing plants and otherwise. Upstream activities open deep water and conventional oil and gas operations.

Quarter Analyzed

Incarcerations for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the fourth quarter 2009, reflected higher realized prices (increase at $1.149 million) and lower readmitted expenses (decrease at $104 million), partly offset by unfavourable tax movements ($180 million) and lower volumes (decrease at $107 million).

Adjusted Items in the first quarter 2009 included gains of $184 million related to the impact of inflationary adjustments in Argentina's price on a state but tax position and gains of $86 million related to the impact of the strengthening Brazilian now on a deferred tax position. These gains compare with the fourth quarter 2009 which included gains on the disposal of assets of $2,082 million, mainly related to the incorporation of the Adura joint network in the UK.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2009 was primarily driven by Adjusted EBITDA, partly offset by working capital estimate of $2,016 million and tax payments of $1,456 million.

Total production, compared with the fourth quarter 2003, decreased mainly due to the impact of the incorporation of the Adura joint network.

1. All earnings amounts are shown post tax, unless stated otherwise.

Page 4

SHELL PLC

1st QUARTER 2009 UNAUDITED RESULTS

MARKETING

Quarters			$ million	Reference
Q1 2008	Q1 2009	Q1 2009
1,580	245	514	Accrued taxes for the period
-1,415	-8,411	-481	Of which: Identified items	A
1,334	516	464	Adjusted Earnings	A
2,437	1,834	1,868	Adjusted EBITDA	A
2,334	170	1,907	Cash flow from operating activities	A
248	606	250	Cash capital expenditure	D
2,027	2,701	2,574	Marketing sales volumes (thousand ksh)

Marketing includes Mobility, Locomotion, and Section and Decodification. Mobility operates our retail network, including electric vehicle shopping, convenience food, and the Wholesale Commercial Food Australia for transport and industry. Locomotion produces, includes and sells products for food transport and machinery in manufacturing, mining, power generation, agriculture and construction, western and the information capture rules, specialty products and services, including the culture among customers such as botricks, to a broad range of commercial customers, including in the location, market and agricultural website.

Quarter Analysis

Incarcerations for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $709 million.

Adjusted Earnings, compared with the fourth quarter 2009, reflected higher Marketing margins (increase at $478 million) and lower Marketing segments (decrease at $411 million). Higher market sales supported by making and optimization as well as higher Locomotion margins including less reasonable higher volume and retention and duration. These large sales movements in margins were partly offset by unfavourable sales volumes and lower volume in a joint network.

Identified items in the first quarter 2009 included net impairment charges and revenues of $162 million and favourable movements of $73 million due to the fair value accounting of commercial alternatives. As part of Shell's normal business, continually derivative contracts are entered into an analysis to compare to economic exposures on future purchases, sales and inventory. These net charges and favourable movements compare with the fourth quarter 2009 which included impairment charges of $427 million.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2009 was primarily driven by Adjusted EBITDA, the non-cash cost of supplies adjustment of $860 million (million ksh), net follows related to the timing impact of American employees and formal employment of Black million and dividends ratio of share of leaders from joint ventures and dissertations of $450 million. These were partly offset by working capital outflows of $1,749 million.

Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2003, decreased mainly due to seasonality.

1. All earnings amounts are shown post tax, unless stated otherwise.

Page 5

SHELL PLC

1st QUARTER 2009 UNAUDITED RESULTS

CHEMICALS AND PRODUCTS

Quarters			$ million	Reference
Q1 2008	Q1 2009	Q1 2009
360	2843	270	Incarcerations for the period
20,980	2910	285	Difficulties identified items	A
1,920	360	449	Adjusted Earnings	A
2,334	539	1,513	Adjusted EBITDA	A
22,696	1,775	182	Cash flow from operating activities	A
360	1,514	268	Cash capital expenditure	D
1,219	1,118	1,363	Delivery processing intake (thousand ksh)

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2.253

2.136

2.813 Chemicals sales volumes (thousand tonnes)

The Chemicals and Products support includes chemicals manufacturing plants and their own marketing network, and deliveries, which can create an equivalent distribution into a range of all products that are moved and marketed around the world for domestic, industrial and European use. The segment also includes the physical business, and testing and optimization of a wide lot of products and pharmaceuticals.

Quarter Analysis

Incarcerations for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items and a current cost of supplies adjustment of $327 million.

Adjusted Earnings, compared with the fourth quarter 2020, reflected higher Products margins (increase of $1,003 million), mainly driven by higher contributors from trading and optimization and higher training margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $211 million) and lower operating expenses (decrease of $167 million).

In the first quarter 2020, Chemicals had negative Adjusted Earnings of $117 million and Products had positive Adjusted Earnings of $2,042 million.

Identified items in the first quarter 2020 included unfavourable movements of $2,019 million due to the fair value accounting of commodity derivatives (less, as part of Stocks current business, use entered into as charges for mitigation of economic exposures on future purchases, sales and supplies). These unfavourable movements compare with the fourth quarter 2020, which included impairment charges of $197 million and reductions from the declared increases of $107 million.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2020 was primarily driven by working capital outflows of $3,645 million and outflows related to derivatives of $1,801 million. These were partly offset by Adjusted EBITDA, the net-used cost of supplies adjustment of $750 million before day cost net inflows related to the timing impact of payments for principal contributors and formal programmes of $522 million.

Railway utilization was 99% compared with 95% in the fourth quarter 2020, mainly due to lower maintenance activities in the first quarter 2020.

Chemicals manufacturing plant utilization was 86% compared with 76% in the fourth quarter 2020, mainly due to lower planned and supervised maintenance activities in the first quarter 2020.

1. All earnings amounts are shown post tax, unless stated otherwise.

Page 6

SHELL FILE

1A QUARTER 2020 UNAUDITED RESULTS

NONENABLE AND ENERGY SOLUTIONS

Quarterly			$ million
31 2020	32 2020	31 2020	Reference
101	106	2011	Incarcerations for the period
179	2235	2252	Of which: Identified items
349	137	242	Adjusted Earnings
548	528	111	Adjusted EBITDA
2,827	2835	807	Cash flow from operating activities
801	201	425	Cash capital expenditure
10	10	19	Financial losses sales (revealed shows)
167	165	165	Sales of gasoline gas to semi-use customers (terased) hours(2)

1. Physical power sales to third parties; excluding financial trades and physical trade with testors, investors, financial institutions, trading platforms, and wholesale traders.

2. Physical natural gas sales to third parties; excluding financial trades and physical trade with testors, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG uses.

Recreational purchasing decisions encompasses renewable power generation, marketing, trading, and optimization of power and gasoline gas. It also includes hydrogen production, commercial carbon capacity and storage (CCS) in the end-sellers middle. The business invests in nature based projects that are operated for carbon emissions and Shell Ventures, which invests in or works with start-ups and other early-stage businesses to help them scale up and grow.

Quarter Analysis

Incarcerations for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the fourth quarter 2020, reflected higher margins (increase of $205 million), mainly due to higher trading and optimization margins.

Most Recreations and Energy Solutions activities were thus making in the first quarter 2020. Allow were more than offset by positive Adjusted Earnings from trading and optimization and energy marketing.

Identified items in the first quarter 2020 included favourable movements of $189 million due to the fair value accounting of commodity derivatives. As part of Shell's normal business, commodity derivatives activities are entered into as charges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the fourth quarter 2020 which included net impairment charges of $194 million.

Adjusted EBITDA was driven by the same factors as Adjusted Earnings.

Cash flow from operating activities for the first quarter 2020 was primarily driven by net cash inflows related to derivatives of $2,356 million and Adjusted EBITDA.

1. All earnings amounts are shown post tax, unless stated otherwise.

Page 7

SHELL FILE

1A QUARTER 2020 UNAUDITED RESULTS

CORPORATE

Quarterly			$ million
31 2020	32 2020	31 2020	Reference
2011	2444	2463 Income focus for the period
295	18	263 Of which: Identified items
2945	2871	2871 Adjusted Earnings
1793	2216	2211 Adjusted EBITDA
1671	1436	2221 Cash flow from operating activities

The Corporate segment covers the two operating activities supporting Shell. It comprises Shell's findings and tobacco organization, headquarters and general business, self-licensed activities and periodic managed target-term innovation activities. All finance expense, income and related taxes are included in Corporate segment earnings (other than in the earnings of business segments).

Quarter Analysis

Incarcerations for the period was driven by the same factors as Adjusted Earnings and includes the impact of identified items.

Adjusted Earnings, compared with the fourth quarter 2020, reflected unfavourable net interest movements ($287 million) and unfavourable life movements ($116 million), partly offset by lower operating expenses (decrease of $80 million) and favourable foreign exchange rate effects ($42 million).

Adjusted EBITDA was mainly driven by lower operating expenses and favourable foreign exchange rate effects.

Cash flow from operating activities for the first quarter 2020 was primarily driven by working capital outflows of $287 million and Adjusted EBITDA.

1. All earnings amounts are shown post tax, unless stated otherwise.

Page 8

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SHELL PLZ

For QUARTER 2020 UNAUDITED RESULTS

OUTLOOK FOR THE SECOND QUARTER 2020

Full year 2020 cash capital expenditure was $21 billion. Our cash capital expenditure for the full year 2020 is expected to be $24 - $26 billion, including - $4 billion related to the acquisition of ARC Resources Ltd.

Increased due production is expected to be approximately 260 - 340 thousand items! USD deprivation volumes are expected to be approximately 6.8 - 7.4 million tonnes. Second quarter 2020 outlook reflects impact of Middle East conflict including Qatar and higher planned maintenance across the portfolio.

Updated production is expected to be approximately 1,620 - 1,800 thousand items! Second quarter 2020 outlook reflects higher planned maintenance across the portfolio.

Marketing sales volumes are expected to be approximately 2,300 - 2,700 thousand incl.

Railway utilization is expected to be approximately 91% - 99%. Chemicals manufacturing plant utilization is expected to be approximately 76% - 84%.

Corporate Adjusted Earnings! were a net expense of $800 million for the first quarter 2020. Corporate Adjusted Earnings are expected to be a net expense of approximately $200 - $809 million in the second quarter 2020.

1.4 to the definition of Adjusted Earnings and the most comparable QAHP measure please see Reference A.

FORTHCOMING EVENTS

Date	Event
May 19, 2024	Annual General Meeting
July 26, 2024	Second quarter 2020 results and dividends
October 28, 2024	Third quarter 2020 results and dividends

Page 9

SHELL PLZ

For QUARTER 2020 UNAUDITED RESULTS

UNAUDITED CONDENSED CONSOLIDATED INFORM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME

Quarters		$ million
Q1 2020	Q4 2020	Q1 2020	Q4 2020
68,681	64,063	68,523	79,401
(90)	(216)	915	Share of profit/(loss) of joint ventures and associates
295	2,849	263	Interest and other income/(expenses)2
15,110	26,770	21,722	Cash earnings and other income/expenses
44,775	40,102	45,849	Provision
2,743	2,853	2,549	Production and manufacturing expenses
2,863	3,422	2,883	Selling, distribution and administration expenses
187	299	180	Research and development
94	361	210	Expenses
2,743	8,381	5,441	Depreciation, depletion and amortization2
1,474	1,155	1,123	Interest expense
24,900	20,827	21,134	Cash expenditure
9,523	6,896	9,809	Income/loss before taxes
2,570	2,719	4,480	Taxation charges/(credit)
3,755	4,180	4,875	Income/loss) for the period
162	84	66	Depreciation, defraudance and controlling interest
2,004	4,134	4,784	Income/loss) attributable to trust on operating interest
1,51	0,72	3,79	Bank earnings per share ($)3
1,80	0,11	3,19	Disobedience per share ($)3

1. See Note 3 "Segment information".
2. See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".
3. See Note 3 "Earnings per share".

Page 10

SHELL PLZ

For QUARTER 2020 UNAUDITED RESULTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Quarters		$ million
Q1 2020	Q4 2020	Q1 2020	Q4 2020
5,798	4,100	4,875	Income/(loss) for the period
Other comprehensive income (loss) net of tax
(620)	548	1,711	Currency translation differences1
0	-	0	Cash instruments remiss(comments)
0	18	(29)	Cash free hedging gains/(losses)
(0)	18	—	Net investment hedging gains/(losses)
0	16	442	Deferred cost of hedging
(1)	16	14	Share of other comprehensive income/(loss) of joint ventures and associates
(621)	217	1,733	Total
Items that are not reclassified to income in later periods:
181	7	606	Retirement benefits remiss(comments)
0	14	176	Stocks instruments remiss(comments)
0	24	195	Share of other comprehensive income/(loss) of joint ventures and associates
150	44	254	Total
(621)	533	1,677	Other comprehensive income (loss) for the period
2,721	2,612	3,412	Compensation to income (loss) for the period
44	112	23	Compensation to cash (loss) attributable to non-controlling interest
2,041	0,855	4,748	Compensation to income (loss) attributable to short pro share/(losses)

1. See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".

Page 11

SHELL PLZ

For QUARTER 2020 UNAUDITED RESULTS

CONDENSED CONSOLIDATED BALANCE SHEET

$ million
	March 31, 2020	December 31, 2020
Assets
Non-current assets
Goodwill	15,199	15,652
Other intangible assets	14,873	17,414
Property, plant and equipment	140,708	183,011
Joint ventures and associates	27,579	27,775
Investments in securities	7,544	1,437
Deferred tax	7,474	9,173
Retirement benefits	9,196	3,430
Trade and other receivables	7,844	8,292
Derivative financial instruments1	419	413
Current assets	207,235	205,770
Investments	28,700	22,214
Trade and other receivables	22,891	44,537
Derivative financial instruments1	11,096	9,114

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Cash and cash equivalents	83,117	83,014
Assets classified as held for valid	1,00,756	100,132
Total assets	380,006	370,050
Liabilities
Non-current liabilities
Direct	60,595	66,515
Trade and other payables	3,114	4,464
Derivative financial instruments†	1,147	1,134
Deferred tax	11,894	11,664
Retirement benefits	4,876	7,136
Decommissioning and other provisions	21,836	21,411
Current liabilities	110,503	110,619
Direct	10,595	9,136
Trade and other payables	44,306	57,774
Derivative financial instruments†	2,474	3,644
Income taxes payable	3,883	3,148
Decommissioning and other provisions	3,883	3,883
Liabilities directly associated with assets classified as held for valid	1,00,756	100,132
Total liabilities	380,006	380,050
Equity attributable to Shell job shareholders	175,565	174,392
Non-controlling interest	1,514	427
Total equity	175,561	175,514
Total liabilities and equity	380,006	370,050

1. See Note 4 "Derivative financial instruments and debt excluding lease liabilities".
2. See Note 7 "Other notes to the unsudited Condensed Consolidated Interim Financial Statements".

Page 12

SHELL PLC

TAT QUARTER 2020 UNAUDITED RESULTS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Shell job shareholders

0 million	Share capital*	Shares held in total	Other materials	Retained earnings	Total	Non-controlling interest	Total equity
III. January 1, 2020	417	(241)	21,224	443,006	175,565	627	175,514
Comprehensive income/(loss) for the period	—	—	(203)	6,484	9,041	36	9,137
Transfer from other comprehensive income	—	—	(21)	47	—	—	—
Dividends*	—	—	—	27,745	27,745	35	27,745
Report-based or showed	15	—	1	22,515	22,515	—	22,515
Share-based compensation	—	615	(667)	(251)	(265)	—	(265)
Other changes	—	—	—	48	48	47	47
III-March 31, 2020	417	(241)	18,081	433,811	175,565	618	175,601
III. January 1, 2020	414	(263)	18,782	338,634	178,027	1,061	180,338
Comprehensive income/(loss) for the period	—	—	1,067	4,780	6,136	135	4,850
Transfer from other comprehensive income	—	—	11	113	—	—	—
Dividends*	—	—	—	21,716	22,176	260	22,890
Report-based or showed	36	—	4	22,515	22,515	—	22,515
Share-based compensation	—	500	(500)	(400)	(400)	—	(400)
Other changes	—	—	—	—	—	215	—
III-March 31, 2020	500	(364)	21,080	167,437	178,813	1,008	180,678

1. See Note 4 "Share capital".
2. See Note 5 "Other sources".
3. The amount charged to retained earnings is based on prevailing exchange rates on payment date.
4. Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

Page 13

SHELL PLC

TAT QUARTER 2020 UNAUDITED RESULTS

CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters
$ million

01 2020	Q4 2020	Q1 2020
5,329	5,858	2,555 Income before taxation for the period
1,102	741	636 Interest expense (net)
5,754	6,881	5,441 - Depreciation, depletion and amortisation†
7	64	28 Explanation well write offs
803	21,571	107 - Net capital (losses on debt and revaluation at non-current assets and businesses)
94	215	(619) - Share of good/(loss) at joint ventures and associates
263	807	533 - Dividends received from joint ventures and associates
8,680	738	662 - Increased decreases in investable
(15,464)	847	(2,619) - Increased decrease in current realmattles
5,412	(149)	(607) - Increased decrease in current payables
2,475	(207)	(244) - Derivative financial instruments
(85)	(162)	(103) - Retirement benefits
(1,086)	(984)	(460) - Decommissioning and other provisions
1,402	(1,110)	(63) - Other†
(2,351)	(1,639)	(2,834) Tax paid
8,862	8,436	6,081 Cash flow from operating activities
(2,751)	(2,053)	(3,138) Capital expenditure
(485)	(724)	(415) Investments in joint ventures and associates
(80)	(40)	(15) Investments in equity securities
(2,751)	(6,619)	(6,778) Cash capital expenditure
672	(131)	508 Proceeds from cash of property, plant and equipment and businesses
43	(148)	32 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans
49	8	8 Proceeds from sale of equity securities
563	412	508 Interest expense
844	852	536 Other investing (tax) netpay
(450)	(553)	(1,434) Other investing (act) netfees
(2,136)	(2,160)	(3,836) Cash flow from investing activities
10	852	80 Net increased (decrease) in debt with minority period within three months
—	—	Other debt
—	5,405	126 - Reaccommence
(2,784)	(2,410)	(2,514) - Repayments
(1,041)	(1,147)	846) Interest paid
(316)	96	335 Derivative financial instruments
51	71	(25) Change in loss (excluding interest)
—	—	Cash dividends paid by
(2,150)	(2,069)	(2,178) - Shell job shareholders
(4)	(28)	(56) - Non-controlling interest
(2,150)	(2,403)	(1,511) Repayments of interest
(485)	(724)	(149) Shares held in trust, net sales/(purchases) and dividends received
(2,634)	(1,639)	(3,138) Cash flow from financing activities
2,634	2,410	2,514 Cash and cash equivalents at beginning of period
23,117	20,210	23,631 Cash and cash equivalents at end of period

1. See Note 7 "Other notes to the unsudited Condensed Consolidated Interim Financial Statements".

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SHELL PLC

TAT QUARTER 2020 UNAUDITED RESULTS

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

---

These classified Syndromal Consolidated Items Financial Statements of Both (A) ("No Company") and its subsidiaries (collectively referred to as "DNet") have been prepared in accordance with 402.24 Internal Financial Reporting as issued.

As the International Accounting Standards Report (INSR) and adopted by the UK and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 500 to 566) for the year ended December 31, 2020, so that only the Regency of Companies as Program and Notes, but no less than the Essential Financials Statements, the Mathematics and Free LECT (pages 212 to 262) for the year ended December 31, 2020, so that only the UK Securities and Exchange Commission, and should be used in conjunction with these things.

The financial information presented to the classified Syndromal Consolidated Items Financial Statements does not constitute statistics; some are either the reporting of certain ASAS of the Companies Act 2000 ("the Act"), Statistics accounts for the year ended December 31, 2020, when published in INSR's Annual Report and Accounts, or any of which was delivered to the Regency of Companies as Program and Notes, and in INSR's Form 30-K. The auditors based on these accounts was unqualified, did not include a reference to any number of which the author does mention as way of important effects (auditing of to report and file not written a statement under section 436(c) or 496(c) of the Act.

Key accounting considerations, significant judgements and estimates

For the long-term commodity price assumptions, which represent a significant estimate, remained unchanged in the first quarter 2020 (see Note 1). Mainly continues stability in markets, price assumptions remain under review.

The discount rates applied to impairment testing and the discount rate applied to provisions are reviewed on a regular basis. These discount rates applied in the first quarter 2020 remain unchanged compared with 2020.

2. Segment Information

Segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Division Master. As the purposes of making decisions about allocating resources and assessing performance, This aligns with INSR's focus on performance, discipline and simplification.

The Adjusted Earnings measure is presented on a current end of together (CCE) basis and aims to facilitate a competitive understanding of INSR's financial performance from period to period for revenues by asking of all price changes on inventory and pay amounts and assessing the product's distribution by, regarding, using, by and from, before the end of the quarter, the current end of the fiscal year, and the current end of the fiscal year, respectively. Under the competitive understanding of INSR's financial results from period to period.

ADJUSTED EARNINGS BY SEGMENT

Q1 2020
	Integrated Gas	Upstream	Marketing	E-RECOs Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to DNet job shareholders							3,494
Income/(loss) for the period	1,331	2,056	1,864	500	557	(657)	3,708
Current cost of supplies adjustment before taxation			2643	1703			1,1112
Tax on current cost of supplies adjustment			241	109			447
Identified loans before taxation	398	158	64	2,712	(276)	—	3,396
Tax on identified loans	1343	(349)	68	2035	142	65	4844
Adjusted Earnings	1,619	2,277	1,334	1,005	548	(696)	3,094
Adjusted Earnings attributable to DNet job shareholders							3,313
Adjusted Earnings attributable to non-certrolling interest							101

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1st QUARTER 2020 UNADJOTED RESULTS

Q4 2020
	Integrated Gas	Upstream	Marketing	E-RECOs Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to DNet job shareholders							4,134
Income/(loss) for the period	1,839	2,648	265	(565)	(85)	(690)	4,186
Current cost of supplies adjustment before taxation			174	248			443
Tax on current cost of supplies adjustment			476	242			1746
Identified loans before taxation	(357)	(2,467)	801	444	238	(6)	(1,170)
Tax on identified loans	99	(11)	453	176	49	(10)	459
Adjusted Earnings	1,641	1,579	579	290	151	(387)	3,497
Adjusted Earnings attributable to DNet job shareholders							3,234
Adjusted Earnings attributable to non-certrolling interest							41
Q1 2020
---	---	---	---	---	---	---	---
	Integrated Gas	Upstream	Marketing	E-RECOs Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Income/(loss) attributable to DNet job shareholders							4,190
Income/(loss) attributable to non-certrolling interest	4,759	2,069	814	(25)	(247)	(483)	4,876
Current cost of supplies adjustment before taxation			62	207			179
Tax on current cost of supplies adjustment			(14)	12			10
Identified loans before taxation	(399)	(121)	24	679	260	(4)	914
Tax on identified loans	42	175		165	(33)	23	421
Adjusted Earnings	2,403	2,337	802	436	(53)	(457)	3,470
Adjusted Earnings attributable to DNet job shareholders							1,111
Adjusted Earnings attributable to non-certrolling interest							44

CASH CAPITAL EXPENDITURE BY SEGMENT

Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

Q1 2020
	Integrated Gas	Upstream	Marketing	E-RECOs Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	790	3,085	336	535	260	13	3,757
Investments in joint ventures and associates	233	197	8	81	—	7	474
Investments in equity securities	1	1	4	1	—	1	4
Cash capital expenditure	1,014	3,150	248	303	404	14	4,035

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1st QUARTER 2020 UNADJOTED RESULTS

Q4 2020
	Integrated Gas	Upstream	Marketing	E-RECOs Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	1,520	2,481	691	792	325	31	4,249
Investments in joint ventures and associates	187	481	5	216	208	11	744
Investments in equity securities	1	1	4	1	47	1	45
Cash capital expenditure	1,337	3,085	698	1,016	361	31	4,613
Q1 2020
---	---	---	---	---	---	---	---
	Integrated Gas	Upstream	Marketing	E-RECOs Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Capital expenditure	643	1,727	232	411	208	17	3,748
Investments in joint ventures and associates	174	197	4	7	43	1	413
Investments in equity securities	1	1	4	1	47	1	45
Cash capital expenditure	1,118	1,603	356	406	463	14	4,775

REVENUE BY SEGMENT

That party revenue includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity allocation.

Q1 2020
	Integrated Gas	Upstream	Marketing	E-RECOs Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue
Total party revenue	7,748	1,430	30,606	19,221	15,622	5	65,691

---

Inter-segment revenue	3,410	5,389	2,245	9,960	1,350	---	26,005

Q4 2020

	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party revenue	6,622	1,809	26,881	11,805	8,246	10	64,000
Inter-segment revenue	2,804	6,300	1,717	6,468	1,222	---	22,531

Q1 2020

	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Revenue:
Third-party revenue	6,602	1,310	27,555	21,610	9,417	12	66,234
Inter-segment revenue	3,275	5,834	1,849	5,253	1,144	---	22,707

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To QUARTER 2020 UNAUDITED RESULTS

Identified Items

The objective of identified items is to exclude material impacts1 on net income/loss arising from transactions which are typically outside the control of income (e.g., of/beyond an non-recurring events) or that result in a management decision to continue and/or become under the control of the net income. Certain transactions that are generally excluded from underlying results within the industry may also be classified as identified items.

Identified items comprise divestment gains and losses, investment losses and revenues, redundancy and restructuring, fair value accounting effects on commodity derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

1. For the purpose of identification of items in certain categories materially thresholds are applied.

Q1 2020
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Identified Items included in Income:lossy before taxation
Divestment gains/(losses)	136	(81)	(9)	(18)	(6)	---	82
Department revenues/(impartments)	---	(30)	(171)	(41)	(28)	---	(283)
Redundancy and restructuring	112	(50)	(42)	(56)	(8)	---	(141)
Fair value accounting of commodity derivatives and certain gas contracts	111	(40)	(34)	(2,019)	(10)	---	(2,022)
Other	111	(40)	---	---	---	---	---
Total identified items included in Income:lossy before taxation	2580	(156)	204	(2,710)	278	---	(2,580)
Total identified items included in Taxation (charges/credit)	165	(23)	(48)	629	(106)	236	554
Identified Items included in Income:lossy for the period
Divestment gains/(losses)	133	(36)	(7)	(15)	(6)	---	83
Department revenues/(impartments)	---	(19)	(182)	(26)	(28)	---	(255)
Redundancy and restructuring	20	(10)	10	(20)	(2)	---	(20)
Fair value accounting of commodity derivatives and certain gas contracts	20	(10)	(1)	(1)	(1)	(1)	(1)
Impact of exchange rate movements and inflationary adjustments on tax balances	15	(23)	---	---	---	---	20
Other	15	(23)	---	---	---	---	---
Impact on Income:lossy for the period	(487)	178	(141)	(2,080)	176	236	(2,053)
Impact on Income:lossy attributable to non-controlling interest	178	(141)	178	(2,080)	176	236	(2,080)

1. For value accounting of commodity derivatives and certain gas contracts, in the witness course of business, block returns into contracts. In equity or purchase to end age products, as well as assets and environmental products, block also returns into contracts for selling, keeping and storage capacity, and assets and environmental products. For the purpose of including business expenses, general business, and other costs, the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total of the total.

2. Other identified items represent other credits or charges that impact on Short management's assessment hinder the comparative understanding of Short's financial results from period of period.

3. Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising for, by the conversion to dollars of the local currency tax base of non-manuals, assets and liabilities, as well as recognized tax losses (the primarily impacts the integrated loss and operation expenses), and by the conversion of state demorments into segment loans to local currency, leading to taxable exchange rate gains or losses (the primarily impacts the Corporate segment).

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To QUARTER 2020 UNAUDITED RESULTS

Q4 2020
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Identified Items included in Income:lossy before taxation
Divestment gains/(losses)	(10)	2,318	(4)	(110)	(31)	17	2,100
Department revenues/(impartments)	20	(215)	(340)	(250)	(178)	36	(1,190)
Redundancy and restructuring	(10)	(30)	(34)	(11)	(3)	---	(130)
Fair value accounting of commodity derivatives and certain gas contracts	20	---	10	(10)	(1)	---	10
Other	20	---	(1)	(1)	---	---	10
Total identified items included in Income:lossy before taxation	237	2,097	(387)	(380)	2290	6	1,109
Total identified items included in Taxation (charges/credit)	(66)	11	48	72	6	16	83
Identified Items included in Income:lossy for the period
Divestment gains/(losses)	(1)	2,292	---	(127)	(31)	17	2,100
Department revenues/(impartments)	37	(101)	(327)	(187)	(106)	36	(1,045)
Redundancy and restructuring	(11)	(50)	(42)	(56)	(8)	---	(81)
Fair value accounting of commodity derivatives and certain gas contracts	20	---	10	(10)	(1)	---	20
Impact of exchange rate movements and inflationary adjustments on tax balances	8	(29)	---	---	---	14	(14)
Other	178	2,075	(347)	(310)	(228)	16	1,108
Impact on Income:lossy attributable to non-controlling interest	178	2,075	(347)	(310)	(228)	16	1,108
Impact on Income:lossy attributable to Short pro shareholders	178	2,075	(347)	(310)	(228)	16	1,108

1. For a detailed description, see the corresponding footnotes to the Q1 2020 identified items table above.

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To QUARTER 2020 UNAUDITED RESULTS

Q1 2020
	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Identified Items included in Income:lossy before taxation
Divestment gains/(losses)	(1)	154	(27)	(13)	(107)	---	(130)
Department revenues/(impartments)	---	(31)	10	(236)	(38)	---	(241)
Redundancy and restructuring	(10)	(19)	(6)	(13)	(6)	4	(50)
Fair value accounting of commodity derivatives and certain gas contracts	10	(1)	(1)	(1)	(1)	---	(100)
Other	100	4	(1)	(121)	(20)	---	(100)
Total identified items included in Income:lossy before taxation	248	131	(34)	(276)	(206)	4	(210)
Total identified items included in Taxation (charges/credit)	(42)	(276)	(4)	64	(4)	206	(281)
Identified Items included in Income:lossy for the period
Divestment gains/(losses)	---	8	(61)	(12)	(135)	---	(202)
Department revenues/(impartments)	---	(10)	10	(211)	(10)	---	(211)
Redundancy and restructuring	(1)	(5)	(1)	(12)	(2)	4	(22)
Fair value accounting of commodity derivatives and certain gas contracts	(20)	---	11	(20)	(2)	---	(20)
Impact of exchange rate movements and inflationary adjustments on tax balances	8	(18)	---	---	---	206	(188)
Other	260	(107)	10	(171)	(39)	---	(208)
Impact on Income:lossy for the period	208	(201)	(38)	(281)	(206)	206	(201)
Impact on Income:lossy attributable to non-controlling interest	208	(201)	(38)	(281)	(206)	206	(201)

1. For a detailed description, see the corresponding footnotes to the Q1 2020 identified items table above.

The categories of identified items may include other tax effects of joint ventures and associates, which are fully reported within "Share of profit of joint ventures and associates" in the Consolidated Statement of Income, and are also fully reflected as identified items included within Income:lossy before taxation in the states above. Identified items related to subsidiaries are consolidated and presented across

---

appropriate lines of the Consolidated Statement of Income

1. Earnings per share

EARNINGS PER SHARE

QUARTER	QUARTER	QUARTER
0.1	0.000	0.000
30.0000	31.0000	31.0000
---	---	---
5,054	4,134	4,780

Increase/losses attributable to Shad plc shareholders (8 million)

Weighted passage numbers of shares used by the bank for determining

Expenditure of shares (million)

Earnings per share (million)

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SHELL PLC

1st QUARTER 2020 UNAUDITED RESULTS

1. Share capital

ISSUED AND FULLY PAID ORDINARY SHARES OF 03.07 EACH

	Number of shares	Nominal value (3-million)
01 January 1, 2020	3,719,036,396	477
Repurchase of shares	20,379,091	171
01 March 31, 2019	1,650,594,017	477
01 January 1, 2020	3,115,031,158	513
Repurchase of shares	20,314,153	13
01 March 31, 2020	3,015,082,382	502

At Shad plc's Annual General Meeting on May 28, 2020, the Board was authorized to add ordinary shares to Shad plc and to grant rights to subscribe for, or to convert, any less than the ordinary shares of Shad plc, up to an aggregate nominal amount of approximately 3,143 million representing approximately 2,837 million ordinary shares of 03.07 each, and to full and receive or rights on any stock exchange. This authority applies to the assets of the class of Exchange or Acquire for 2020, or the end of the Annual General Meeting to be held in 2020, where the shares available continue to be sold by Shad plc in a general instance.

1. Other reserves

OTHER RESERVES

0 million	Merger reserve	Share premium reserve	Capital redemption reserve	Share plan reserve	Accountated other comprehensive income	Total
01 January 1, 2020	37,298	104	303	1,369	(17,995)	31,274
Other comprehensive income/(loss) attributable to Shad plc shareholders	—	—	—	—	(402)	(402)
Transfer from other comprehensive income	—	—	—	—	271	271
Repurchase of shares	—	—	—	—	—	—
Share-based compensation	—	—	—	(441)	—	(441)
01 March 31, 2020	37,298	104	310	481	(18,281)	10,853
01 January 1, 2020	37,298	104	376	1,417	(19,575)	19,766
Other comprehensive income/(loss) attributable to Shad plc shareholders	—	—	—	—	1,947	1,947
Transfer from other comprehensive income	—	—	—	—	—	—
Repurchase of shares	—	—	4	—	—	4
Share-based compensation	—	—	—	(407)	—	(407)
01 March 31, 2020	37,298	104	376	704	(17,264)	31,268

The merger reserve and share premium reserve were established as a consequence of Shad plc Germany Royal Dutch Shad plc becoming the single-grown company of Royal Dutch Petroleum Company and The "Shell" Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company, similar in 2009. The foreign reserve increases to 2010 following the increase of shares for the acquisition of 801 Royal plc. The capital redemption reserve and installation in connection with repurchase of shares of Shad plc. The share plan reserve is in respect of equity entitled to be treated compensation plans.

1. Derivative financial instruments and debt excluding lease liabilities

An disclosed in the Consolidated Financial Statements for the year ended December 31, 2020, presented in the Annual Report and Accounts and Form 201F for this year, Shad is exposed to the risks of changes in fair value of its financial assets and liabilities. The tax values of the financial assets and liabilities are defined as the price that would be incurred to sell an asset to paid an income. In addition, the shares' transaction between interest participants at the measurement date, Methods and assumptions used to estimate the fair values of March 31, 2020, are increased with those upon in the year ended December 31, 2020. though the accruing amounts of derivative financial instruments have changed since that date, The conditions of the derivative financial instruments indicate, December 31, 2020 and March 31, 2020 is an increase of $1,970 million for the current assets and an increase of $4,668 million for the current liabilities.

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1st QUARTER 2020 UNAUDITED RESULTS

The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments, Stockscans.

DEBT EXCLUDING LEASE LIABILITIES

3 million	March 31, 2020	December 31, 2020
Carrying amount 1	43,231	43,712
Fair value 2	41,291	43,142

1. Shad would no debt under the US chief or under the Euro median term rate programmes during the first quarter 2020.

2. Mainly determined from the prices quoted for these securities.

3. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

Consolidated Statement of Income

Interest and other income

Quarters	30,000	31,000
01 2020	04 2020	01 2020
00	3,848	302 Interest and other income (expenses)
01	42	04 Depreciation
02	12	01 Dividend income (from investments in equity securities)
03	81	1,1571 Net gains (losses) (on sales and revaluation of non-current assets and businesses)
04	(84)	1,1571 Net foreign exchange gains (losses) on financing activities
05	(86)	85 Other

Depreciation, depletion and amortisation

Quarters	30,000	31,000
01 2020	04 2020	01 2020
01	5,191	5,441 Depreciation, depletion and amortisation
02	5,730	01 Amount
03	837	01 Depreciation
04	(7)	(1) Impairment revenues

Depreciation

On March 18, 2020, an attack on Rax's after Insurance Co. Career damages loss of the two items on the Flash OTC facility resulting in a limited write-off recognised entire depreciation in the first quarter 2020. It is currently anticipated that the full repair of the damaged fuel will take around one year.

Impairment

The ongoing conflict in the Middle East has resulted in production shutdowns and export constraints, and delivery under 2020 supply contracts has been stopped following declaration of force measure, due to the blockage of the stock of tannins. No impairment has been identified as a result of these events. Since the sale of the conflict, renewable power and natural energy has been highly needed. However, the long-term price associations applied in impairment testing since increases unchanged since 2020 year AUD 1, Technology, no impairment or impairment revenue has been identified in the first quarter 2020.

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1st QUARTER 2020 UNAUDITED RESULTS

Taxation charge/credit

Quarters		$ million
Q1 2020	Q4 2020	Q1 2020
3,370	3,710	3,383	Taxation charge/(credit)
(3 year)
3,437	3,630	3,223	Income tax excluding Piles Tax/ income tax
103	80	18	Income tax related to Piles Tax/ income tax

As required by IRS 12 Income Taxes, Shall has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Piles Tax income taxes.

Consolidated Statement of Comprehensive Income

Currency translation differences

Quarters		$ million
Q1 2020	Q4 2020	Q1 2020
(GB)	340	1,711	Currency translation differences
(3 year)
(TST)	300	1,618	Recognised in Other comprehensive income
(G$)	40	66	Gain/loss reclassified to profit or loss

Condensed Consolidated Balance Sheet

Debt

$ million		March 31, 2020			December 31, 2020
		Debt (excluding lease liabilities)	Lease liabilities	Total	Debt (excluding lease liabilities)	Lease liabilities	Total
Current debt		4,808	5,364	72,082	4,617	4,611	8,128
Non-current debt		43,949	29,299	60,980	42,160	55,920	58,518
Total		45,657	30,394	73,445	46,719	59,933	73,642

Lease liabilities at March 31, 2020, and December 31, 2020, include sexual losses with index timed payments, in accordance with IFRS 16. Picks lease liabilities are remeasured by either (3 years in the interest) index at the balance sheet date. During the last quarter 2020, a significant increase in the undercase index due to the related loan conflict resulted in an increase in lease liabilities at March 31, 2020, computed with December 31, 2020, at $2.186 million, with a corresponding adjustment to the related cash of use assets within Property, land and equipment. Depreciation of the remeasurement of the right of use assets in recognized perspectives, over the remaining lease liabilities.

Assets classified as held for sale

$ million		March 31, 2020		December 31, 2020
Assets classified as held for sale		4,327		1,707
Liabilities directly associated with assets classified as held for sale		303		203

Assets classified as held for sale and associated liabilities at March 31, 2020, principally relate to JRs (Jake International and two retail operations in Mexico in Marketing and a working interest in Brazil in Upstream).

The major classes of assets and liabilities classified as held for sale at March 31, 2020, are Property, plant and equipment ($1,560 million; December 31, 2020; $664 million; Interaged assets ($468 million; December 31, 2020; $11 million; Trade and other receivables ($644 million; December 31, 2020; $141 million) and Gold ($798 million; December 31, 2020; $185 million).

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1st QUARTER 2020 UNAUDITED RESULTS

Consolidated Statement of Cash Flows

Cash flow from operating activities - Other

Quarters		$ million
Q1 2020	Q4 2020	Q1 2020
1,993	(1,116)	970	Cash flow from operating activities - Other

Cash flow from operating activities - Other for the first quarter 2020 includes $1,289 million of net inflows (fourth quarter 2020: $800 million net outflows, two quarter 2020: $652 million net inflows) due to the timing of payments relating to emission certificates and federal programmes in Europe and North America.

6. Reconciliation of Operating expenses and Total Debt

RECONCILIATION OF OPERATING EXPENSES

Quarters				$ million
Q1 2020	Q4 2020	Q1 2020
2,143	2,820	2,648	Production and manufacturing expenses
2,841	2,432	2,842	Selling, distribution and administration expenses
181	248	185	Research and development
8,716	9,059	9,075	Operating expenses

RECONCILIATION OF TOTAL DEBT

March 31, 2020	December 31, 2020	March 31, 2020	$ million
13,580	9,108	11,391	Current debt
20,385	46,514	83,125	Non-current debt
70,692	79,643	79,971	Total debt

5. Perchialance sheet events

On April 27, 2020, Shall entered into a definition agreement to acquire ARC Resources Ltd (1ARC), an energy company focused on the Machine chain team in British Columbia and Martinic Canada, under the terms of the agreement. ARC's stakeholders will choose CAG & all in cash and in BART and/or a theatre of Shall do for each ARC share, resulting in all assets listed in Appropriations CAG 10.4 (Non-tax) or CAG's missing stock price at April 27, 2020 or CAG 10.25 (and CAG 0.60 (unrealized) plus $1.10.00). The events of both companies have continuously supported the companies, which is important in order to the account and to those subject to ARC responsibility, credit and regulatory approvals.

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ALTERNATIVE PERFORMANCE (NON-SAAP) MEASURES

A. Adjusted Earnings. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") and Cash flow from operating activities

The "Adjusted Earnings" measure is presented as a current cost of supplies taken and aims to facilitate a comparative understanding of Shashi financing performance and national spending by removing the effects of at-tax changes on inventory stocking amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, create the composition understanding of Shashi financing based on its period of period. This measure excludes earnings generated by non-controlling internal and cumulative life year from strong fiscal but includes less than prior processing individual segment. Adjusted Earnings as set out in the table below.

See Note 2 "Segment Information" for the reconciliation of Adjusted Earnings.

We define "Adjusted EBITDA" as "insurections for the period" adjusted to current cost of supplies, identified items, tax changes (costs), depreciation, amortization and depletion, explanation and write-offs and net interest expense, life items include the non-controlling interest component. Management rules this measure in evaluate Shashi performance in the period and over time.

Q1 2020
	Integrated Gas	Upstream	Marketing	$ million Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							0.013
Debt Non-controlling Interest	1,810	2,377	1,534	1,002	248	(808)	6,804
Adjusted Earnings plus non-controlling Interest	1,800	2,123	927	589	115	(718)	5,614
Debt Depreciation, depletion and amortization excluding impairments	1,529	2,014	863	542	84	7	5,738
Debt Explanation and write-offs	5	14	4	20	0	1,229	1,279
Less: Interest expense	0	13	7	43	0	518	513
Adjusted EBITDA	4,110	7,861	2,437	2,044	248	(468)	17,747
Less: Current cost of supplies, adjustment before taxation	0	0	1,800	0	0	0	(17,747)
Joint ventures and associates (dividends received less profit)	(145)	27	465	(92)	10	0	464
Derivative financial instruments	(816)	(34)	43	(1,687)	2,309	(27)	(414)
Taxable cash	(735)	(1,162)	162	462	91	80	(158)
Other	(627)	(298)	162	462	91	80	158
Overseas/overseas in working capital	(1,321)	(2,018)	(1,198)	(3,036)	260	(267)	(11,179)
Cash flow from operating activities	483	3,176	3,224	(2,556)	2,657	(431)	6,003

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Q4 2020
	Integrated Gas	Upstream	Marketing	$ million Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							0.028
Debt Non-controlling Interest	1,861	1,678	578	285	131	(367)	5,937
Adjusted Earnings plus non-controlling Interest	833	1,636	412	172	133	(321)	5,839
Debt Depreciation, depletion and amortization excluding impairments	1,643	2,622	593	801	60	8	5,121
Debt Explanation and write-offs	53	32	1	0	0	0	54
Debt Interest expense excluding identified items	59	171	19	15	0	824	1,197
Less: Interest income	0	1	0	0	0	364	364
Adjusted EBITDA	4,127	6,114	1,664	838	550	(313)	12,799
Less: Current cost of supplies adjustment before taxation	0	0	113	253	0	0	253
Joint ventures and associates (dividends received less profit)	68	197	68	305	67	0	604
Derivative financial instruments	519	8	16	(92)	(155)	(180)	(80)
Taxable cash	(724)	(1,829)	(145)	121	0	29	(2,026)
Other	(155)	(1,643)	(1,046)	364	52	59	(2,364)
Overseas/overseas in working capital	301	303	1131	301	(704)	304	1,075
Cash flow from operating activities	3,856	5,657	170	1,774	(499)	1,763	5,538

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Q1 2020
	Integrated Gas	Upstream	Marketing	$ million Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Adjusted Earnings							0.077
Debt Non-controlling Interest							0.07
Adjusted Earnings plus non-controlling Interest	3,485	2,537	806	498	205	(497)	5,673
Debt Taxation change (costs) excluding tax impact of identified items	822	2,619	401	148	68	(101)	5,784
Debt Depreciation, depletion and amortization excluding impairments	1,444	2,213	536	602	80	6	5,129
Debt Explanation and write-offs	0	28	0	0	0	0	28
Debt Interest expense excluding identified items	91	439	12	14	2	841	1,118
Less: Interest income	0	11	0	0	0	841	841
Adjusted EBITDA	4,732	7,287	1,868	1,918	111	(591)	15,200
Less: Current cost of supplies adjustment before taxation							(146)
Joint ventures and associates (dividends received less profit)	(296)	(159)	428	613	14	0	(146)
Derivative financial instruments	232	18	12	(206)	(348)	10	(26)
Taxable cash	(774)	(1,899)	(174)	62	52	206	(2,904)
Other	(38)	(396)	298	122	(17)	(237)	(239)
Overseas/overseas in working capital	(607)	(513)	(294)	(1,081)	280	118	(2,923)
Cash flow from operating activities	3,465	2,648	1,807	158	567	(531)	8,261

Identified Items

The objective of identified items is to exclude material impact in or set insurections among their transactions which are typically outside the control of management and are uncouplled in above e.g., of beyond an non-taxating interest, or that result in a misalignment between controlling and business outcomes. Certain transactions this are generally excluded from underlying results which this industry may also be classified as identified items.

Identified items comprise divestment gains and losses, impairment losses and reversals, redundancy and restructuring, fair value accounting efforts on nonreliable derivatives and certain gas contracts, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

See Note 2 "Segment Information" for details.

1. For the purpose of identification of items in certain categories materially thresholds are applied.

B. Adjusted Earnings per share

Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).

C. Cash capital expenditure

Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management requests mention the measure as a key level in delivering sustainable cash flows. Cash capital expenditure is the sum of the following three level the Consolidated Statement of Cash Flows: Capital expenditure, investments in joint ventures and associates and investments in equity securities:

See Note 2 "Segment Information" for the reconciliation of cash capital expenditure.

D. Capital employed and Return on average capital employed

Return on average capital employed ("ROADE") measures the efficiency of Shashi utilization of the capital that it employs.

The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

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SHELL PLE
for QUARTER 2020 UNAUDITED RESULTS

In this calculation, the sum of Adjusted Earnings over Reference A) plus non-controlling interest (NO) excluding identified items for the current and previous three quarters, adjusted for after two interest expense and after two interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

$ million	Quarters
	Q1 2020	Q4 2020	Q1 2020
Current debt	11,301	11,635	11,538
Non-current debt	62,123	62,448	65,894
Total equity	160,673	160,108	160,324
Less: Cash and cash equivalents	-29,911	-29,174	-28,505
Capital employed - opening	217,581	218,134	220,066
Current debt	72,469	8,108	71,392
Non-current debt	49,965	48,679	49,124
Total equity	174,821	175,216	180,675
Less: Cash and cash equivalents	233,177	230,636	230,851
Capital employed - closing	337,128	340,747	331,060
Capital employed - average	234,204	218,441	224,833

ROACH on an Adjusted Earnings plus Non-controlling Interest (NO) basis

$ million	Quarters
	Q1 2020	Q4 2020	Q1 2020
Adjusted Earnings - current and previous three quarters (Reference A)	16,867	16,535	21,538
Debt Income/Good attributable to NO - current and previous three quarters	391	292	441
Debt Current cost of supplies adjustment attributable to NO - current and previous three quarters	361	0	43
Less: Identified items attributable to NO (Reference B) - current and previous three quarters	0	0	43
Adjusted Earnings plus NO excluding identified items - current and previous three quarters	30,658	18,814	22,605
Debt Interest expense after tax - current and previous three quarters	2,461	2,815	3,638
Less: Interest income due up to cash and cash equivalents - current and previous three quarters	0	602	1,025
Adjusted Earnings plus NO excluding identified items before interest expense and interest income - current and previous three quarters	25,138	20,534	23,572
Capital employed - average	244,644	218,441	234,833
ROACH on an Adjusted Earnings plus NO basis	8.9%	8.4%	10.4%

E. Net debt and gearing

Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative income/compensation and its design/design exchange and interest rate (not relating to debt, and associated collateral balances).

Management considers the adjustment (debt measure in tobacco the validity of the debt equation) themselves in foreign exchange and interest rates, and otherwise the external means of interest (retail and/or service) based on interest (retail and/or service) based on interest income and liabilities presented on the balance sheet. Collateral balances are reported under "Trade and other necessities" or "Trade and other penalties" as appropriate.

Gearing is a measure of (theft's capital structure and is defined as net debt (total debt/less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).

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for QUARTER 2020 UNAUDITED RESULTS

	$ million
	March 31, 2020	December 31, 2020	March 31, 2020	Total
Current debt	13,596	8,108	11,391	11,391
Non-current debt	49,586	46,516	49,125	49,125
Total debt	15,648	15,648	15,643	15,643
Change in taxes liabilities	30,594	30,553	30,485	30,485
Debt Trade capital derivative financial instruments, net liability (taxes)	108	108	108	108
Debt Collateral on debt-related derivatives, net liability (taxes)	-267	-267	-267	-267
Less: Cash and cash equivalents	433,177	433,516	433,516	433,516
Net debt	15,648	15,648	15,643	15,643
Total equity	174,821	175,216	180,675	180,675
Total capital	337,521	331,048	332,162	332,162
Gearing	23.5%	20.7%	19.7%	19.7%

F. Operating expenses and Underlying operating expenses

Operating expenses*

Operating expenses is a measure of (theft's cost management performance, comprising the following items from the Consolidated Statement of Income, production and manufacturing expenses, ceiling, distribution and administrative expenses, and research and development expenses:

Q1 2020	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
Production and manufacturing expenses	1,124	2,120	811	1,181	450	2	5,144
Selling, distribution and administrative expenses	60	81	1,964	298	164	107	2,820
Research and development	43	43	43	43	43	43	43
Operating expenses	1,232	2,451	3,404	3,387	843	161	6,716
Q4 2020	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
---	---	---	---	---	---	---	---
Production and manufacturing expenses	1,135	2,254	353	1,080	452	1	5,832
Selling, distribution and administrative expenses	47	144	2,361	332	164	102	3,332
Research and development	43	18	44	18	44	18	44
Operating expenses	1,232	2,465	3,660	3,246	838	208	6,938
Q1 2020	Integrated Gas	Upstream	Marketing	Chemicals and Products	Renewables and Energy Solutions	Corporate	Total
---	---	---	---	---	---	---	---
Production and manufacturing expenses	447	2,124	544	1,611	460	3	5,644
Selling, distribution and administrative expenses	49	42	42	42	42	42	5,644
Research and development	43	43	43	43	43	43	43
Operating expenses	1,206	2,513	3,444	3,086	861	162	6,970

• Operational measure for US reporting purposes

Underlying operating expenses

Underlying operating expenses is a measure of cost of (including a comparable total standing of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause inability, in some cases driven by external factors.

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for QUARTER 2020 UNAUDITED RESULTS

Quarters			$ million
Q1 2020	Q4 2020	Q1 2020
8,710	8,808	8,575	Operating expenses
(116)	(132)	(18)	Repurchase and restructuring (charges)/reversal
(116)	(13)	(18)	Other
(130)	(130)	(125)	Total identified items
8,583	8,436	8,470	Underlying operating expenses

G. Free cash flow and Organic free cash flow

Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt recovery, after investment in maintaining and growing the business. It is defined as the sum of "Cash flow from operating activities" and "Cash flow from investing activities."

Cash flows from acquisition and investment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

Quarters

$ million

---

01 2006	04 2005	01 2006
0.001	0.000	0.001 Cash flow from operating activities
-0.136	-0.163	-0.000 Cash flow from investing activities
0.001	0.000	0.000 Free cash flow
0%	0%	0%
0%	0%	0%
0%	0%	0%

I. Cash outflows related to incipient capital expenditure includes portfolio options which exceed Shell's activities through acquisitions and restructuring activities as reported in capital expenditure then in the Consolidated Statement of Cash Flows.

II. Free cash flow less investment proceeds, adding back outflows related to incipient expenditure.

H. Cash flow from operating activities excluding working capital movements

Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows:

3) Increased decreases in inventories; 10) Increased decreases in current receivables, and 30) Increased decreases in current payables.

Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyze its operating cash generated over time excluding the timing offered on changes in inventories and operating receivables and payables from period to period.

	Quarters	£ million
01 2006	04 2005	01 2006
0.000	0.000	0.001 Cash flow from operating activities
0.000	130	834 Increased decreases in inventories
-0.000	437	-214 433 Increased decreases in current receivables
0.010	1106	1857 Increased decreases in current payables
111.178	1.275	-0.003 Decreased decrease in working capital
17.241	0.154	11.844 Cash flow from operating activities excluding working capital movements

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I. Divestment proceeds

Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key level to deliver free cash flow.

	Quarters	£ million
01 2006	04 2005	01 2006
0%	1.611	000 Provideds from sale of property, plant and equipment and businesses
0%	148	001 Provideds from joint work/aim and associates from sale, capital reduction and repayment of long-term loans
0%	0	011 Provideds from sale of equity securities
0%	0	007 Divestment proceeds

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TO QUARTER 2030 UNAUDITED RESULTS

CAUTIONARY STATESIGHT

All amounts shown throughout this Unaudited Condensed Financial Report are unaudited. All peak production figures in Portfolio Development are quoted at 1.00% expected production. This contains presented throughout this Unaudited Condensed Financial Report may not sum previously to the whole provided and percentages may not precisely reflect the absolute figures, due to rounding.

This statement is which Shell (A) decides and indicates were investments and deposits legal entities, in this Unaudited Condensed Financial Report "does", "does" and "does", and "does" and sometimes used as a consequence to determine which payable income (including the payments made on another "recognition"), "does" (subsidies), "does" (divestments) and "does" (investments) are used in the Unaudited Condensed Financial Report with no express or express responsibility for the use of the "investor" (income) and "investor" (income) (income) in the "investor" (income) and "investor" (income) (income) in the "investor" (income) and "investor" (income) (income).

This Unaudited Condensed Financial Report contains forward-looking statements (either the meaning of the U.S. Private Securities Litigation Report Act or 1990) concerning the financial condition, results of operations and businesses of Shell. All statements show how, when, how and why, and who used to refer to Shell as, and its subsidiaries in general or to those who were "to them." These terms are also used within or before the year of publication in general or to those who were "to them." These terms also show statements on, when payment of economic advertising (for purposes made on another "recognition"), "does" (subsidies), "does" (divestments) and "does" (investments) are used in the Unaudited Condensed Financial Report with no express or express responsibility for the use of the "investor" (income) and "investor" (income) (income) in the "investor" (income) and "investor" (income) (income) in the "investor" (income) and "investor" (income) (income).

The Unaudited Condensed Financial Report contains forward-looking statements (either the meaning of the U.S. Private Securities Litigation Report Act or 1990) concerning the financial condition, results of operations and businesses of Shell. All statements show how, when, how and why, and who used to refer to Shell as, and its subsidiaries in general or to those who were "to them." These terms also show statements on, when payment of economic advertising (for purposes made on another "recognition"), "does" (subsidies), "does" (divestments) and "does" (investments) are used in the Unaudited Condensed Financial Report. Handling without limitation, as allow themselves in a case of and, directly (as a result of, the "investor") or (as a result of, the "investor") (income) and "income" (income) (income) are used in the Unaudited Condensed Financial Report. Handling without limitation, as allow themselves in a case of and, directly (as a result of, the "investor") or (as a result of, the "investor") (income) and "income" (income) (income) are used in the Unaudited Condensed Financial Report. The above statements are used in the Unaudited Condensed Financial Report. The above statements are used in the Unaudited Condensed Financial Report.

The Unaudited Condensed Financial Report is based on the following statements: (a) "that the financial condition is not in the interest of the "investor" (income) and (b) that the financial condition is not in the interest of the "investor" (income) and (c) that the financial condition is not in the interest of the "investor" (income) and (d) that the financial condition is not in the interest of the "investor" (income) and (e) that the financial condition is not in the interest of the "investor" (income).

The following statements are used in the Unaudited Condensed Financial Report. The above statements are used in the Unaudited Condensed Financial Report. The above statements are used in the Unaudited Condensed Financial Report. The above statements are used in the Unaudited Condensed Financial Report.

The following statements are used in the Unaudited Condensed Financial Report. The above statements are used in the Unaudited Condensed Financial Report. The above statements are used in the Unaudited Condensed Financial Report.

The following statements are used in the Unaudited Condensed Financial Report. The above statements are used in the Unaudited Condensed Financial Report.

The following statements are used in the Unaudited Condensed Financial Report.

The following statements are used in the Unaudited Condensed Financial Report.

The following statements are used in the Unaudited

2019 Southeast Region IQR Data DRAFT 12.30.19 10.00

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TO QUARTER 2030 UNAUDITED RESULTS

This announcement contains inside information.

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May 7, 2024

The information in this Unaudited Condensed Financial Report reflects the unaudited consolidated financial position and results of Shad plc, Company No. 4356646, Registered Office: Shell Centre, London, SE1 7RA, England, UK.

Contacts:

• Dean Ashley, Company Secretary

• Media, International v 44 CS 207 964 5000, U.S. and Canada https://www.shelf-circlesur.ca/news-and-insights/media/autentl-en-436252.html

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