[20-F/A] Shell plc American Amends Annual Report (Foreign Issuer)

Rhea-AI Filing Summary

International Financial Reporting 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 20-F/A

(Amendment No. 1)

(Mark one)

☐    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☑    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐    SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-32575

Shell plc

(Exact name of registrant as specified in its charter)

England and Wales

(Jurisdiction of incorporation or organization)

Shell Centre

London, SE1 7NA

United Kingdom

(Address of principal executive offices)

Sean Ashley, Company Secretary

Shell Centre

London, SE1 7NA

United Kingdom

Telephone Number: 0044-20-7934-1234

E-mail Address: sean.ashley@shell.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

1 Shell Form 20-F/A 2023

Securities registered pursuant to Section 12(b) of the Act

Title of Each Class			Trading Symbols			Name of Each Exchange on Which Registered
American Depositary Shares representing two ordinary shares with a nominal value of €0.07 each			SHEL			New York Stock Exchange
Ordinary Shares with a nominal value of €0.07 each						New York Stock Exchange			*
2.5% Guaranteed Notes due 2026			SHEL/26			New York Stock Exchange
2.875% Guaranteed Notes due 2026			SHEL/26A			New York Stock Exchange
3.875% Guaranteed Notes due 2028			SHEL/28			New York Stock Exchange
2.375% Guaranteed Notes due 2029			SHEL/29			New York Stock Exchange
2.375% Guaranteed Notes due 2029			SHEL/29A			New York Stock Exchange
2.75% Guaranteed Notes due 2030			SHEL/30			New York Stock Exchange
2.750% Guaranteed Notes due 2030			SHEL/30A			New York Stock Exchange
4.125% Guaranteed Notes due 2035			SHEL/35			New York Stock Exchange
4.125% Guaranteed Notes due 2035			SHEL/35A			New York Stock Exchange
6.375% Guaranteed Notes due 2038			SHEL/38			New York Stock Exchange
5.5% Guaranteed Notes due 2040			SHEL/40			New York Stock Exchange
2.875% Guaranteed Notes due 2041			SHEL/41			New York Stock Exchange
3.625% Guaranteed Notes due 2042			SHEL/42			New York Stock Exchange
4.55% Guaranteed Notes due 2043			SHEL/43			New York Stock Exchange
4.550% Guaranteed Notes due 2043			SHEL/43A			New York Stock Exchange
4.375% Guaranteed Notes due 2045			SHEL/45			New York Stock Exchange
4.375% Guaranteed Notes due 2045			SHEL/45A			New York Stock Exchange
3.75% Guaranteed Notes due 2046			SHEL/46			New York Stock Exchange
4.00% Guaranteed Notes due 2046			SHEL/46A			New York Stock Exchange
4.000% Guaranteed Notes due 2046			SHEL/46B			New York Stock Exchange
3.750% Guaranteed Notes due 2046			SHEL/46C			New York Stock Exchange
3.125% Guaranteed Notes due 2049			SHEL/49			New York Stock Exchange
3.25% Guaranteed Notes due 2050			SHEL/50			New York Stock Exchange
3.250% Guaranteed Notes due 2050			SHEL/50A			New York Stock Exchange
3.00% Guaranteed Notes due 2051			SHEL/51			New York Stock Exchange

* Not for trading, but only in connection with the registration of the American Depositary Shares issued in respect thereof, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered pursuant to Section 12(g) of the Act: none

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: none

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

Outstanding as of December 31, 2023:

6,486,295,984 ordinary shares with a nominal value of €0.07 each.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐

Yes

þ

No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐

Yes

þ

No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

þ

Yes

☐

No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

þ

Yes

☐

No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

2 Shell Form 20-F/A 2023

See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

þ

Accelerated filer

☐

Non-accelerated filer

☐

Emerging growth company

☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

☐

† The term "new or revised financial accounting standards" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

þ

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

☐

International Financial Reporting Standards as issued by the International Accounting Standards Board.

þ

Other

☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17

☐

Item 18

☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐

Yes

þ

No

Copies of notices and communications from the Securities and Exchange Commission should be sent to:

Shell plc

Shell Centre

London, SE1 7NA

United Kingdom

Attn: Sean Ashley

3 Shell Form 20-F/A 2023

EXPLANATORY NOTE

Shell plc (the “Company”) is filing this Amendment No. 1 to Form 20-F/A (“Form 20-F/A”) for the fiscal year ended December 31, 2023 to include the Consolidated Financial Statements and Ernst & Young LLP’s (“EY”) reissued audit opinions on Shell plc’s Consolidated Financial Statements and effectiveness of internal control over financial reporting for the year ended and as of December 31, 2023, respectively. This Form 20-F/A amends the annual report on Form 20-F for the fiscal year ended December 31, 2023 (“Original Filing”) filed by Shell plc with the Securities and Exchange Commission (the “SEC”) on March 14, 2024 (“Original Filing Date”).

On July 1, 2025, the Company’s Audit and Risk Committee was informed by EY, the Company's independent registered public accounting firm, that (i) for the year ended December 31, 2023, EY’s independence was impaired due to non-compliance with the SEC's auditor independence rules related to audit partner rotation requirements; and (ii) solely as a consequence of this determination, EY was withdrawing its audit report dated March 13, 2024 on the Company’s Consolidated Financial Statements for the fiscal year ended December 31, 2023 and its report dated March 13, 2024 on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023, and that such reports should no longer be relied upon.

To address the independence impairment, EY assigned a different partner to perform the role of lead audit partner with respect to the audit of Shell plc’s Consolidated Financial Statements and effectiveness of internal control over financial reporting for the year ended and as of December 31, 2023, respectively. The audit overseen by the new lead audit partner did not result in any changes to the Company’s Consolidated Financial Statements for the year ended December 31, 2023. To reflect the new issuance date of the Consolidated Financial Statements in this Form 20-F/A, consequential updates were included with respect to the going concern period included in the Basis of presentation note (Note 1) and the Post-balance sheet events note (Note 35) to the Consolidated Financial Statements.

Pursuant to Rule 12b-15 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), the certifications required pursuant to Rule 13a-14 of the Exchange Act, and the consent of the independent registered public accounting firm that were included as exhibits to the Original Filing, have been re-executed as of the date of this Form 20-F/A and are included as Exhibits 12.1, 12.2, 13.1 and 15.1, respectively.

Other than as described above, this Form 20-F/A does not and does not purport to amend, update or revise in any way the disclosures made in the Original Filing. This Form 20-F/A should be read in conjunction with the Original Filing and other information that Shell plc has filed or furnished to the SEC subsequent to the Original Filing Date. The Company continues to believe that the Company’s Consolidated Financial Statements covering the referenced periods present fairly, in all material respects, the financial condition, results of operations and cash flows of the Company as of the end of and for the referenced periods and that the Company’s internal control over financial reporting was effective as at December 31, 2023.

4 Shell Form 20-F/A 2023

TABLE OF CONTENTS

Cover			1
Explanatory Note			4
Report of Independent Registered Public Accounting Firm (ID: 1438)			6
Consolidated Statement of Income			10
Consolidated Statement of Comprehensive Income			10
Consolidated Balance Sheet			11
Consolidated Statement of Changes in Equity			12
Consolidated Statement of Cash Flows			13
Notes to the Consolidated Financial Statements			14
Index to the exhibits			85
Signatures			87

5 Shell Form 20-F/A 2023

Financial Statements and Supplements

Report of Independent Registered Public Accounting Firm

To the shareholders and Board of Directors of Shell plc

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Shell plc (Shell or the Company) as of December 31, 2023 and 2022, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the Consolidated Financial Statements). In our opinion, the Consolidated Financial Statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and in conformity with UK adopted international accounting standards.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated July 2, 2025, expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission (SEC) and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical audit matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the Audit and Risk Committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the Consolidated Financial Statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

The estimation of oil and gas reserves
Description of the matter						As described in Notes 11 and 13 to the Consolidated Financial Statements, at December 31, 2023, production assets amounted to $110.7 billion and had an associated depreciation, depletion and amortisation (DD&A) charge of $18.2 billion and joint venture and associates (JVAs) amounted to $24.5 billion. As further described in Note 12, exploration and production impairment charges of $4.8 billion and exploration and production impairment reversals of $0.5 billion were recorded during the year. Oil and gas reserves estimates are used in the calculation of DD&A and impairment testing. The risk is the inappropriate recognition of reserves that impacts these accounting estimates. Auditing the estimation of oil and gas reserves is complex. There is significant estimation uncertainty in assessing the quantities of reserves and resources in place. The estimates are based on the Company’s central group of experts’ assessments of petroleum initially in place, production curves and certain other inputs, including prices, license expiration date, capex and opex. Estimation uncertainty is further elevated given the transition to a low-carbon economy, which increases the risk of underutilised or stranded oil and gas assets.
How we addressed the matter in our audit						We obtained an understanding of the controls over Shell's oil and gas reserves' estimation process. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested management's review controls over changes to year-on-year estimated oil and gas reserves volumes. We involved professionals with oil and gas reserves audit experience to assist us in evaluating the key assumptions and methodologies applied by management. Our procedures included, amongst others, testing that significant additions or reductions in reserves had been made in the period in which new information became available, and assessing whether they were in compliance with Shell's reserves and resources guidance. Evaluating the professional qualifications and objectivity of management's reserves experts who performed the preparation of the reserve estimates and who are primarily responsible for providing independent review and challenge, and ultimately endorsement of, the reserve estimates. We observed the internal review and endorsement process at Shell's Upstream Reserves Committee meetings. These meetings are part of Shell's proved reserves assurance process. We assessed the completeness and accuracy of the above-mentioned inputs used by management in estimating the oil and gas reserves by agreeing the inputs to source documentation and performed back testing of historical data to identify indications of estimation bias over time. In order to address the risk of stranded assets, among other procedures, we estimated the carbon intensity of Shell's Upstream and Integrated Gas fields to analyse assets that are currently forecast to be producing beyond 2030 and 2050 and the expected carbon intensity per barrel of those fields. For assets that we identified as carbon intensive that are expected to have material carrying value in 2030 and 2050, we evaluated the risk that the carrying value of these assets will not be recovered. This included considering the decarbonisation plans of these assets and alignment to Shell's strategy.

6 Shell Form 20-F/A 2023

Financial Statements and Supplements

Report of Independent Registered Public Accounting Firm continued

Impairment of Property, plant & equipment (PP&E) and Joint venture and associates (JVA)
Description of the matter						As described in Notes 11 and 13 to the Consolidated Financial Statements, at December 31, 2023 Shell recognised $110.7 billion of production assets, $49.2 billion of manufacturing, supply and distribution assets (primarily refineries and petrochemical plants) and $24.5 billion of joint ventures and associates (JVAs). As disclosed in Note 12, Shell recognised $8.2 billion impairment losses and $0.6 billion impairment loss reversals. The recoverable amounts of PP&E and JVAs are sensitive to changes in key assumptions, therefore our audit effort was focused on the completeness and timely identification of indicators of impairment charges or impairment reversals. Auditing the impairment assessments of PP&E and JVAs is subjective due to the judgement involved in determining whether indicators of impairment or impairment reversal exist, particularly for longer term assets, and the extent of any impairment loss or its reversal. The key assumptions underpinning the impairment assessments include changes in future commodity price and refining margin assumptions. In addition, management forecast carbon prices, expected production volumes, the assumed weighted average cost of capital (WACC), changes in asset performance and future development plans and the expected useful lives of assets. The estimation of forecast commodity prices and refining and petrochemical margins are particularly judgmental because of, among other factors, increased demand uncertainty and pace of decarbonisation due to climate change and the energy transition.
How we addressed the matter in our audit						We obtained an understanding of the controls over Shell's asset impairment process. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested the controls over management's identification of indicators of impairment and reversals of impairment and the approval of oil and gas prices and refining margins. We evaluated Shell's assessment of impairment and impairment reversal triggers, including changes in the forecast commodity price assumptions, movements in oil and gas reserves (see oil and gas reserves critical audit matter), changes in asset performance and changes in Shell's business and operating plan assumptions. We further considered assets with high carbon intensity as a potential indicator of impairment, given Shell's carbon emissions reductions targets. We considered potential impairment triggers related to climate change and energy transition by estimating the carbon intensity of Shell's Upstream and Integrated Gas fields and identifying the most carbon intensive assets. We performed correlation between reserves, production and emissions data and assessed management's plans to reduce the carbon intensity of these assets in the future to determine whether there is a material risk that reserves recognised will not be produced or if the carbon intensity limited the expected useful lives of the assets. We assessed consistency of Shell's plans to reduce the carbon intensity of these assets with their carbon emissions reductions targets and whether these actions have been reflected in Shell's operating plan, which impact Shell's financial statements and disclosures. Also, we assessed the operating and capital expenditure assumptions that were estimated necessary to achieve the emission reductions. This also involved assessing assumptions on acquisitions, divestments, investments in CCS technologies and Nature Based Solutions. In addition, we considered contradictory evidence, such as the results of comparable market transactions by other energy companies in jurisdictions with similar environmental and regulatory focus that could indicate a material increase or decrease in the recoverable amount of Shell's assets. We also considered Shell's targets made in relation to emissions reductions and whether these could impact the future potential value of any assets. We performed a risk assessment on Shell's assets from a climate change physical risk perspective, considering asset and geographical specific factors to assess whether the existence of any increased physical risks represented a trigger for impairment. We then obtained an understanding of how management has incorporated historic, current and potential future asset integrity plans in the Shell operating plan. We also assessed potential operational changes that have or are expected to have a significant adverse effect on an asset and whether such unplanned shutdowns should be considered as impairment triggers. To test Shell's commodity price assumptions, amongst other procedures, we compared future short and long-term oil and gas prices to an independently developed reasonable range of forecasts based on consensus analysts' forecasts and those adopted by other international oil companies. To evaluate the impact of energy transition on Shell's commodity price forecasts applied in the preparation of the financial statements, we compared Shell's oil and gas price scenarios to the IEA's Net Zero Emissions 2050 (NZE) and to the IEA's Announced Pledges Scenario (APS) price assumptions. We evaluated the reasonableness of Shell's refining margin assumptions by comparing these to independent market and consultant forecasts. Through the IEA scenarios on World Energy Consumption, we considered the expected impact on demand for oil products and chemicals in a transition to a net zero economy. We also involved our oil and gas valuations specialists to assess the reasonableness of Shell's refining margin estimation methodology and assumptions, including evaluating long-run demand forecasts, incorporating the impacts of the energy transition, supply dynamics, and the speed of the industry's response to changing demand through either constructing new refineries or closing older refineries. Given the downward pressure on refining margins, we assessed whether this represented a trigger for impairment by assessing the impact of reduced margins in the context of the overall lives of Shell's petrochemicals facilities. To evaluate the accuracy of significant assumptions we performed a lookback by comparing actual performance of assets to the forecasts made in the prior year. We assessed the adequacy of Shell's disclosure of information about the assumptions Shell makes that could, in the future, have a significant risk of material adjustments to the carrying amounts of assets and liabilities, including sensitivity disclosures. This included evaluating the sensitivity disclosures in Note 4 of the carrying value of Shell's Upstream, Integrated Gas and Chemicals and Products PP&E assets against a range of future oil and gas price assumptions, reflecting reduced demand scenarios due to climate change and the energy transition, including the IEA Net Zero Emissions by 2050 scenario.

7 Shell Form 20-F/A 2023

Financial Statements and Supplements

Report of Independent Registered Public Accounting Firm continued

Accounting for complex transactions within Shell's Trading and Supply (T&S) function and the valuation of financial derivatives
Description of the matter			As described in Note 25, Shell recognised derivative financial instrument assets of $15.9 billion and derivative financial instrument liabilities of $11.8 billion. As described in Note 7 of the Consolidated Financial Statements, at December 31, 2023 Shell recognised $317 billion of revenue. A subset of the consolidated revenue relates to T&S transactions, where there is a risk of unrealised revenues being inappropriately recorded. Shell's trading and supply function is integrated within the Integrated Gas, Upstream, Marketing, Chemicals and Products and Renewables and Energy Solutions segments. The function executes and settles standard and non-standard complex trades. Auditing complex trades is challenging because of the significant judgement used in determining the appropriate accounting treatment, and the key assumptions used in valuing the trades. Also, trading is not always carried out in active markets where prices are readily available, increasing subjectivity used in determining the pricing curve and volatility assumptions, which are key inputs to valuing the trades and in determining unrealised gains and losses.
How we addressed the matter in our audit			We obtained an understanding of the controls over Shell's process for the recognition of revenue relating to unrealised trading gains and losses, including controls over management's complex deals accounting and valuations. We then evaluated the design of these controls and tested their operating effectiveness. We involved audit professionals with experience auditing large commodity trading organisations. We obtained an understanding of the commercial rationale of complex deals by analysing the executed agreements and through discussions with management. Also, we performed an independent assessment of the accounting treatment of each of the complex deals taking into consideration actual contract terms and previous accounting judgements. We assessed the completeness of the list of complex deals by performing an independent search considering non-standard contractual terms, multiple commodity-based transactions, long term contracts, unobservable inputs and complex valuation models. Also, we performed external confirmation procedures for the existence and completeness of contract terms. We assessed the reasonableness of Shell's derivative valuation methodology by comparing it to market practice, analysing whether a consistent framework was applied and checked the consistency of inputs used in deal valuations and other assumptions. We tested the forward pricing curve and volatility assumptions in management's valuation models, including comparison to external broker quotes, market consensus providers, and our independent assessments and further reviewed valuation reserve adjustment for a sample of material complex contracts. We involved EY valuation specialists to assist us in performing testing of the valuation models of Level 3 contracts, including the valuation of long-dated offtake contracts and those with illiquid tenor or price components. Our valuations were established using externally sourced inputs, where available.

/s/Ernst & Young LLP

We have served as the Company's auditor since 2016.

London, United Kingdom

July 2, 2025

8 Shell Form 20-F/A 2023

Financial Statements and Supplements

Report of Independent Registered Public Accounting Firm continued

To the shareholders and Board of Directors of Shell plc

Opinion on Internal Control over Financial Reporting

We have audited Shell plc's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Shell plc (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Consolidated Financial Statements of the Company, and our report dated July 2, 2025, expressed an unqualified opinion thereon.

Basis for Opinion

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control over Financial Reporting as set out in the Other regulatory and statutory information section. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/Ernst & Young LLP

London, United Kingdom

July 2, 2025

9 Shell Form 20-F/A 2023

Financial Statements and Supplements

Consolidated Financial Statements

Consolidated Statement of Income

for the year ended December 31, 2023

			$ million
			Notes			2023			2022			2021
Revenue			7			316,620			381,314			261,504
Share of profit of joint ventures and associates			13			3,725			3,972			4,097
Interest and other income			8			2,838			915			7,056
Total revenue and other income						323,183			386,201			272,657
Purchases						212,883			258,488			174,912
Production and manufacturing expenses			7			25,240			25,518			23,822
Selling, distribution and administrative expenses			7			13,433			12,883			11,328
Research and development			7			1,287			1,075			815
Exploration			7			1,750			1,712			1,423
Depreciation, depletion and amortisation			7			31,290			18,529			26,921
Interest expense			9			4,673			3,181			3,607
Total expenditure						290,556			321,386			242,828
Income before taxation						32,627			64,815			29,829
Taxation charge			22			12,991			21,941			9,199
Income for the period			7			19,636			42,874			20,630
Income attributable to non-controlling interest			7			277			565			529
Income attributable to Shell plc shareholders			7			19,359			42,309			20,101
Basic earnings per share ($)			30			2.88			5.76			2.59
Diluted earnings per share ($)			30			2.85			5.71			2.57

Consolidated Statement of Comprehensive Income

for the year ended December 31, 2023

			$ million
			Notes			2023			2022			2021
Income for the period			7			19,636			42,874			20,630
Other comprehensive income/(loss) net of tax
Items that may be reclassified to income in later periods:
Currency translation differences			28			1,397			(2,986)			(1,413)
Debt instruments remeasurements			28			41			(78)			(28)
Cash flow hedging gains/(losses)			28			71			(232)			21
Net investment hedging (losses)/gains			28			(44)			180			295
Deferred cost of hedging			28			(148)			200			(39)
Share of other comprehensive income/(loss) of joint ventures and associates			13			18			274			(109)
Total						1,335			(2,642)			(1,273)
Items that are not reclassified to income in later periods:
Retirement benefits remeasurements			28			(1,083)			5,466			7,198
Equity instruments remeasurements			28			(99)			(491)			145
Share of other comprehensive (loss)/income of joint ventures and associates			13			(201)			(253)			3
Total						(1,383)			4,722			7,346
Other comprehensive (loss)/income for the period						(48)			2,080			6,073
Comprehensive income for the period						19,588			44,954			26,703
Comprehensive income attributable to non-controlling interest						312			621			468
Comprehensive income attributable to Shell plc shareholders						19,276			44,333			26,235

10 Shell Form 20-F/A 2023

Financial Statements and Supplements

Consolidated Financial Statements continued

Consolidated Balance Sheet

as at December 31, 2023

			$ million
			Notes			Dec 31, 2023			Dec 31, 2022
Assets
Non-current assets
Goodwill			10			16,660			16,039
Other intangible assets			10			10,253			9,662
Property, plant and equipment			11			194,835			198,642
Joint ventures and associates			13			24,457			23,864
Investments in securities			14			3,246			3,362
Deferred tax			22			6,454			7,815
Retirement benefits			23			9,151			10,200
Trade and other receivables			15			6,298			6,920
Derivative financial instruments			25			801			582
						272,155			277,086
Current assets
Inventories			16			26,019			31,894
Trade and other receivables			15			53,273			66,510
Derivative financial instruments			25			15,098			24,437
Cash and cash equivalents			17			38,774			40,246
						133,164			163,087
Assets classified as held for sale			18			951			2,851
						134,115			165,938
Total assets						406,270			443,024
Liabilities
Non-current liabilities
Debt			20			71,610			74,794
Trade and other payables			19			3,103			3,432
Derivative financial instruments			25			2,301			3,563
Deferred tax			22			15,347			16,186
Retirement benefits			23			7,549			7,296
Decommissioning and other provisions			24			22,531			23,845
						122,441			129,116
Current liabilities
Debt			20			9,931			9,001
Trade and other payables			19			68,237			79,357
Derivative financial instruments			25			9,529			23,779
Income taxes payable						3,422			4,869
Decommissioning and other provisions			24			4,041			2,910
						95,160			119,916
Liabilities directly associated with assets classified as held for sale			18			307			1,395
						95,467			121,311
Total liabilities						217,908			250,427
Equity
Share capital			26			544			584
Shares held in trust						(997)			(726)
Other reserves			28			21,145			21,132
Retained earnings						165,915			169,482
Equity attributable to Shell plc shareholders						186,607			190,472
Non-controlling interest						1,755			2,125
Total equity						188,362			192,597
Total liabilities and equity						406,270			443,024

Signed on behalf of the Board

/s/ Sinead Gorman

Sinead Gorman

Chief Financial Officer

July 2, 2025

11 Shell Form 20-F/A 2023

Financial Statements and Supplements

Consolidated Financial Statements continued

Consolidated Statement of Changes in Equity

for the year ended December 31, 2023

																					$ million
			Equity attributable to Shell plc shareholders
			Share capital (see Note 26)			Shares held in trust			Other reserves (see Note 28)			Retained earnings			Total			Non- controlling interest			Total equity
At January 1, 2023			584			(726)			21,132			169,482			190,472			2,125			192,597
Comprehensive income for the period			—			—			(83)			19,359			19,276			312			19,588
Transfer from other comprehensive income			—			—			(112)			112			—			—			—
Dividends (see Note 29) [A]			—			—			—			(8,389)			(8,389)			(764)			(9,153)
Repurchases of shares [B]			(40)			—			40			(14,571)			(14,571)			—			(14,571)
Share-based compensation			—			(271)			168			(85)			(188)			—			(188)
Other changes			—			—			—			7			7			82			89
At December 31, 2023			544			(997)			21,145			165,915			186,607			1,755			188,362
At January 1, 2022			641			(610)			18,909			153,026			171,966			3,360			175,326
Comprehensive income for the period			—			—			2,024			42,309			44,333			621			44,954
Transfer from other comprehensive income			—			—			(34)			34			—			—			—
Dividends (see Note 29) [A]			—			—			—			(7,283)			(7,283)			(206)			(7,489)
Repurchases of shares			(57)			—			57			(18,547)			(18,547)			—			(18,547)
Share-based compensation			—			(116)			176			131			191			—			191
Other changes			—			—			—			(188)			(188)			(1,650)			(1,838)
December 31, 2022			584			(726)			21,132			169,482			190,472			2,125			192,597
At January 1, 2021			651			(709)			12,752			142,616			155,310			3,227			158,537
Comprehensive income for the period			—			—			6,134			20,101			26,235			468			26,703
Transfer from other comprehensive income			—			—			(45)			45			—			—			—
Dividends (see Note 29) [A]			—			—			—			(6,321)			(6,321)			(348)			(6,669)
Repurchases of shares			(10)			—			10			(3,513)			(3,513)			—			(3,513)
Share-based compensation			—			99			58			93			250			—			250
Other changes			—			—			—			5			5			13			18
At December 31, 2021			641			(610)			18,909			153,026			171,966			3,360			175,326

[A]The amount charged to retained earnings is based on prevailing exchange rates on payment date.

[B]Includes shares committed to repurchase under irrevocable contracts and repurchases subject to settlement at the end of the year. (See Note 26)

12 Shell Form 20-F/A 2023

Financial Statements and Supplements

Consolidated Financial Statements continued

Consolidated Statement of Cash Flows

for the year ended December 31, 2023

			$ million
			Notes			2023			2022			2021
Income before taxation for the period						32,627			64,815			29,829
Adjustment for:
Interest expense (net)						2,360			2,135			3,096
Depreciation, depletion and amortisation						31,290			18,529			26,921
Exploration well write-offs			11			868			881			639
Net gains on sale and revaluation of non-current assets and businesses						(246)			(642)			(5,995)
Share of profit of joint ventures and associates						(3,725)			(3,972)			(4,097)
Dividends received from joint ventures and associates						3,674			4,398			3,929
Decrease/(increase) in inventories						6,325			(8,360)			(7,319)
Decrease/(increase) in current receivables						12,401			(8,989)			(20,567)
(Decrease)/increase in current payables						(10,888)			11,915			17,519
Derivative financial instruments						(5,723)			(2,619)			5,882
Retirement benefits						(37)			417			16
Decommissioning and other provisions						(473)			35			(76)
Other						(550)			2,991			803
Tax paid						(13,712)			(13,120)			(5,476)
Cash flow from operating activities						54,191			68,414			45,104
Capital expenditure			7			(22,993)			(22,600)			(19,000)
Investments in joint ventures and associates			7			(1,202)			(1,973)			(479)
Investment in equity securities			7			(197)			(260)			(218)
Proceeds from sale of property, plant and equipment and businesses						2,565			1,431			14,233
Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans						474			511			584
Proceeds from sale of equity securities						51			117			296
Interest received						2,124			906			423
Other investing cash inflows						4,269			2,060			2,928
Other investing cash outflows						(2,825)			(2,640)			(3,528)
Cash flow from investing activities						(17,734)			(22,448)			(4,761)
Net (decrease)/increase in debt with maturity period within three months						(211)			318			14
Other debt:
New borrowings						1,029			269			1,791
Repayments						(10,650)			(8,459)			(21,534)
Interest paid						(4,441)			(3,677)			(4,014)
Derivative financial instruments						723			(1,799)			(1,165)
Change in non-controlling interest						(22)			(1,965)			19
Cash dividends paid to:
Shell plc shareholders						(8,393)			(7,405)			(6,253)
Non-controlling interest						(764)			(206)			(348)
Repurchases of shares						(14,617)			(18,437)			(2,889)
Shares held in trust: net purchases and dividends received						(889)			(593)			(285)
Cash flow from financing activities						(38,235)			(41,954)			(34,664)
Effects of exchange rate changes on cash and cash equivalents						306			(736)			(539)
(Decrease)/increase in cash and cash equivalents						(1,472)			3,276			5,140
Cash and cash equivalents at beginning of year						40,246			36,970			31,830
Cash and cash equivalents at end of year			17			38,774			40,246			36,970

13 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements

1. Basis of preparation

The Consolidated Financial Statements of Shell plc (the "Company") and its subsidiaries (collectively referred to as "Shell") have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the UK Companies Act 2006 as applicable to companies reporting under those standards. As applied to Shell, there are no material differences from International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB); therefore, the Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB.

As described in the accounting policies in Note 2, the Consolidated Financial Statements have been prepared under the historical cost convention except for certain items measured at fair value. Those accounting policies have been applied consistently in all periods.

The Consolidated Financial Statements were approved and authorised for issue by the Board of Directors on July 2, 2025.

Going concern

These Consolidated Financial Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the going concern assumption for a period of at least 12 months from the issuance of these Consolidated Financial Statements (the "going concern period"), management have stress-tested Shell's most recent financial projections to incorporate a range of potential future outcomes by considering Shell's principal risks, further potential downside pressures on commodity prices and long-term demand, and cash preservation measures, including reduced future capital expenditure and shareholder distributions. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing the audited Consolidated Financial Statements.

2. Material accounting policies, judgements and estimates

This Note describes Shell's material accounting policies. It allows for an understanding as to how material transactions, other events and conditions are reported. It also describes: (a) judgements, apart from those involving estimations, that management makes in applying the policies that have the most significant effect on the amounts recognised in the Consolidated Financial Statements; and (b) estimations, including assumptions about the future, that management makes in applying the policies. The sources of estimation uncertainty that have a significant risk of a material adjustment to the carrying amounts of assets and liabilities within the next financial year are specifically identified as a significant estimate.

The accounting policies applied are consistent with those of the previous financial year except for the adoption as from January 1, 2023, of IFRS 17 Insurance contracts (IFRS 17) and IAS 12 Income taxes (IAS 12) amendments.

The transition to the accounting pronouncements as listed below has no material impact on Shell's financial reporting.

IFRS 17 Insurance contracts

IFRS 17 as issued in 2017, with amendments published in 2020 and 2021, was adopted as from January 1, 2023. The IFRS 17 model combines a current balance sheet measurement of insurance contracts with recognition of profit over the period that services are provided. The general model in IFRS 17 requires insurance contract liabilities to be measured using probability-weighted current estimates of future cash flows, an adjustment to reflect the time value of money and financial and non-financial risk, and a contractual service margin representing the profit expected from fulfilling the contracts. Effects of changes in the estimates of future cash flows and the risk adjustment relating to future services are recognised over the period services are provided rather than immediately in profit or loss.

The adoption of IFRS 17 has no significant impact on Shell's financial reporting.

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

IAS 12 amendments, published in May 2021, were adopted as from January 1, 2023 (see Note 22). These amendments require companies to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The amendments typically apply to transactions where assets and liabilities are recognised from a single transaction, such as leases for the lessee and decommissioning and restoration provisions.

The adoption of these IAS 12 amendments has no significant impact on Shell's financial reporting.

International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)

In May 2023, amendments to IAS 12 were published and adopted from that date. The amendments introduce a temporary mandatory relief from accounting for deferred taxes arising from the jurisdictional implementation of the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two Model Rules (Pillar Two or Pillar Two income taxes). On June 20, 2023, the UK substantively enacted Pillar Two. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to have a significant impact (see Note 22). As required by the amendments to IAS 12, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

Nature of the Consolidated Financial Statements

The Consolidated Financial Statements are presented in US dollars (dollars) and comprise the financial statements of the Company and its subsidiaries, being those entities over which the Company has control, either directly or indirectly, through exposure or rights to their variable returns and the ability to affect those returns through its power over the entities. Information about subsidiaries at December 31, 2023, can be found in "Exhibit 8.1: Significant subsidiaries and other related undertakings (audited)".

14 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases, using consistent accounting policies. All inter-company balances and transactions, including unrealised profits arising from such transactions, are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interest represents the proportion of income, other comprehensive income and net assets in subsidiaries that is not attributable to the Company's shareholders.

Currency translation

Foreign currency transactions are translated using the exchange rate at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at quarter-end exchange rates of monetary assets and liabilities denominated in foreign currencies (including those in respect of inter-company balances, unless related to loans of a long-term investment nature) are recognised in income unless when recognised in other comprehensive income in respect of cash flow or net investment hedges. Foreign exchange gains and losses in income are presented within interest and other income or within purchases where not related to financing. Share capital issued in currencies other than the dollar is translated at the exchange rate at the date of issue.

On consolidation, assets and liabilities of non-dollar entities are translated to dollars at year-end rates of exchange, while their statements of income, other comprehensive income and cash flows are translated at monthly average rates. Prior to January 1, 2023, these currency translations were performed at quarterly average rates. This change has no significant impact on Shell's financial reporting. The resulting translation differences are recognised as currency translation differences within other comprehensive income. Upon sale of all or part of an interest in, or upon liquidation of, an entity, the appropriate portion of cumulative currency translation differences related to that entity is generally recognised in income.

Revenue recognition

Revenue from sales of oil, natural gas, chemicals and other products is recognised at the transaction price to which Shell expects to be entitled, after deducting sales taxes, excise duties and similar levies. For contracts that contain separate performance obligations, the transaction price is allocated to those separate performance obligations by reference to their relative stand-alone selling prices.

Revenue is recognised when control of the products has been transferred to the customer. For sales by Integrated Gas and Upstream operations, this generally occurs when the product is physically transferred into a vessel, pipe or other delivery mechanism; for sales by refining operations, it is either when the product is placed onboard a vessel or offloaded from the vessel, depending on the contractually agreed terms; and for sales of oil products and chemicals, it is either at the point of delivery or the point of receipt, depending on contractual conditions.

Revenue resulting from hydrocarbon production from properties in which Shell has an interest with partners in joint arrangements is recognised on the basis of Shell's volumes lifted and sold. Revenue resulting from the production of oil and natural gas under production-sharing contracts (PSCs) is recognised for those amounts relating to Shell's cost recoveries and Shell's share of the remaining production. Gains and losses on derivative contracts and the revenue and costs associated with other contracts that are classified as held primarily for the purpose of being traded are reported on a net basis in the Consolidated Statement of Income. Purchases and sales of hydrocarbons under exchange contracts that are necessary to obtain or reposition feedstocks for the refinery operations are presented net in the Consolidated Statement of Income.

Revenue resulting from arrangements that are not considered contracts with customers is presented as revenue from other sources.

Research and development

Development costs that are expected to generate probable future economic benefits are capitalised as intangible assets. All other research and development expenditure is recognised in the Consolidated Statement of Income as incurred.

Exploration costs

Hydrocarbon exploration costs are accounted for under the successful efforts method: exploration costs are recognised in the Consolidated Statement of Income when incurred, except that exploratory drilling costs, including in respect of the recapitalisation of depreciation, are included in property, plant and equipment pending determination of proved reserves. Exploration costs capitalised in respect of exploration wells that are more than 12 months old are written off unless: (a) proved reserves are booked; or (b) (i) they have found commercially producible quantities of reserves; and (ii) they are subject to further exploration or appraisal activity in that either drilling of additional exploratory wells is under way or firmly planned for the near future or other activities are being undertaken to sufficiently progress the assessing of reserves and the economic and operating viability of the project.

Property, plant and equipment and intangible assets other than goodwill

Recognition

Property, plant and equipment comprise assets owned by Shell, assets held by Shell under lease contracts, and assets operated by Shell as contractor in PSCs. They include rights and concessions in respect of properties with proved reserves ("proved properties") and with no proved reserves ("unproved properties"). Property, plant and equipment, including expenditure on major inspections, and intangible assets are initially recognised in the Consolidated Balance Sheet at cost where it is probable that they will generate future economic benefits. This includes capitalisation of decommissioning and restoration costs associated with provisions for asset retirement (see "provisions"), certain development costs (see "research and development") and the effects of associated cash flow hedges (see "financial instruments") as applicable. Interest is capitalised as an increase in property, plant and equipment, on major capital projects during construction. The accounting for exploration costs is described separately (see "exploration costs"). Intangible assets other than goodwill include liquefied natural gas (LNG) off-take and sales contracts, environmental certificates, power purchase agreements, software costs, retail customer relationships and trademarks.

Property, plant and equipment and intangible assets other than goodwill are subsequently carried at cost less accumulated depreciation, depletion and amortisation (including any impairment). Gains and losses on sale are determined by comparing the proceeds with the carrying amounts of assets sold and are recognised in the Consolidated Statement of Income, within interest and other income.

15 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, which is when the sale is highly probable, and it is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. Assets classified as held for sale are measured at the lower of the carrying amount upon classification and the fair value less costs to sell. Assets classified as held for sale and the associated liabilities are presented separately from other assets and liabilities in the Consolidated Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets other than goodwill are no longer subject to depreciation or amortisation.

Depreciation, depletion and amortisation

Property, plant and equipment related to hydrocarbon production activities are in principle depreciated on a unit-of-production basis over the proved developed reserves of the field concerned, other than assets whose useful lives differ from the lifetime of the field which are depreciated applying the straight-line method. For certain Integrated Gas and Upstream assets, the use of proved developed reserves, which are determined using the Securities and Exchange Commission (SEC) mandated yearly average oil and gas prices, could result in depreciation charges for these assets which do not reflect the pattern in which their future economic benefits are expected to be consumed as, for example, it may result in assets with long-term expected lives having accelerated or being fully depreciated within one year. Therefore, in these instances, other approaches are applied to determine a reserves base for the purpose of calculating depreciation, such as using management's expectations of future oil and gas prices rather than yearly average prices and using total proved reserves to provide a phasing of periodic depreciation charges that more appropriately reflects the expected utilisation of the assets concerned. (See Note 11)

Rights and concessions in respect of proved properties are depleted on the unit-of-production basis over the total proved reserves of the relevant area. Where individually insignificant, unproved properties may be grouped and depreciated based on factors such as the average concession term and past experience of recognising proved reserves.

Property, plant and equipment held under lease contracts, capitalised LNG off-take and sales contracts and power purchase agreements are depreciated or amortised over the term of the respective contract. Other property, plant and equipment and intangible assets other than goodwill are depreciated or amortised on a straight-line basis over their estimated useful lives. They include energy and chemicals parks (for which the useful life is generally 20 years), retail service stations (for which the useful life is generally 15 years), onshore power infrastructure (for which the useful life is generally 30-35 years), offshore wind assets (for which the useful life is generally 25-30 years) and major inspection costs, which are depreciated over the estimated period before the next planned major inspection (three to five years).

On classification of an asset as held for sale, depreciation ceases.

Estimates of the useful lives and residual values of property, plant and equipment and intangible assets other than goodwill are reviewed annually and adjusted if appropriate.

Impairment

Intangible assets other than goodwill and assets other than unproved properties (see "Exploration costs") are tested for impairment whenever events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. If any such indication of impairment exists, the carrying amounts of those assets are written down to their recoverable amount, which is the higher of fair value less
costs of disposal (see "Fair value measurements") and value in use.

Value in use is determined as the amount of estimated risk-adjusted discounted future cash flows. For this purpose, assets are grouped into cash-generating units based on separately identifiable and largely independent cash inflows. Estimates of future cash flows used in the evaluation of impairment of assets are made using management's forecasts of commodity prices, market supply and demand, potential costs associated with operational greenhouse gas (GHG) emissions, mainly related to CO₂, and forecast product, refining and chemical margins. In addition, management takes into consideration the expected useful lives of the manufacturing facilities, exploration and production assets, and expected production volumes. The latter takes into account assessments of field and reservoir performance and includes expectations about both proved reserves and volumes that are expected to constitute proved reserves in the future (unproved volumes), which are risk-weighted utilising geological, production, recovery and economic projections. Cash flow projections are based on management's most recent Operating Plan that represents management's best estimate and are risked as appropriate. The discount rate is based on a nominal post-tax weighted average cost of capital (WACC). Using a
post-tax discount rate to calculate value in use does not result in a materially different outcome than using a pre-tax discount rate. (See Note 12).

Impairments are reversed as applicable to the extent that the events or circumstances that triggered the original impairment have changed.

Impairment losses and reversals are reported within depreciation, depletion and amortisation.

Upon classification of an asset as held for sale, the carrying amount is impaired if this exceeds the fair value less costs to sell.

16 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Judgements and estimates

Proved oil and gas reserves

Unit-of-production depreciation, depletion and amortisation charges are principally measured based on management's estimates of proved developed oil and gas reserves. Also, exploration drilling costs are capitalised pending the results of further exploration or appraisal activity (successful efforts method), which may take place for several years before the final investment decision on a development project is taken and before any related proved reserves can be booked.

Proved reserves are estimated by internal qualified professionals. The proved reserves are estimated with reasonable certainty by analysis of available geological and engineering data at the time of the estimation, and only include volumes for which access to market is assured with reasonable expectation. Yearly average oil and gas prices are used for the estimation of proved reserves unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. Proved reserves are subject to regular revision, both upward or downward, based on new information from the drilling of additional wells, observation of long-term reservoir performance under producing conditions, updates of development plans and changes in economic factors, including product prices, contract terms, legislation or development plans.

Changes to estimates of proved developed reserves affect prospectively the amounts of depreciation, depletion and amortisation charged and, consequently, the carrying amounts of exploration and production assets. Generally, in the normal course of business the diversity of the asset portfolio will limit the net effect of such revisions. The outcome of, or assessment of plans for, exploration or appraisal activity may result in the related capitalised exploration drilling costs being recognised in the Consolidated Statement of Income in that period.

Judgement is involved in determining when to use an alternative reserves base in order to appropriately reflect the expected utilisation of the assets concerned (see "Depreciation, depletion and amortisation").

Information about the carrying amounts of exploration and production assets and the amounts charged to the Consolidated Statement of Income, including depreciation, depletion and amortisation and the quantitative impact of the use of an alternative reserves base, is presented in Note 11.

Impairment

For the purposes of determining whether impairment of assets has occurred, and the extent of any impairment loss or its reversal, the key assumptions management uses in estimating risk-adjusted future cash flows for value in use measures are future oil and gas prices and product margins including refining and chemical margins. In addition, management uses other assumptions such as potential costs associated with operational GHG emissions, market supply and demand, expected production volumes and forecast expenditure. These assumptions and the judgements of management that are based on them are subject to change as new information becomes available. Changes in assumptions could affect the carrying amounts of assets, and any impairment losses and reversals will affect income. Changes in economic conditions can affect the rate used to discount future cash flow estimates or the risk adjustment in the future cash flows. Judgement is applied to conclude whether changes in assumptions or economic conditions are an indicator that an asset may be impaired or that an impairment loss recognised in prior periods may no longer exist, or may have decreased.

Expected production volumes, which comprise proved reserves and unproved volumes, are used for impairment testing because management believes this to be the most appropriate indicator of expected future cash flows. Reserves estimates are inherently imprecise. Furthermore, projections about unproved volumes are based on information that is necessarily less robust than that available for mature reservoirs.

Estimation is involved with respect to the expected life of energy and chemicals parks, including management's view on the future development of refining margins.

The determination of cash-generating units requires judgement. Changes in this determination could impact the calculation of value in use and therefore the conclusion on the recoverability of assets' carrying amounts when performing an impairment test.

Judgement, which is subject to change as new information becomes available, can be required in determining when an asset is classified as held for sale. A change in that judgement could result in impairment charges affecting income, depending on whether classification requires a write-down of the asset to its fair value less costs to sell.

In assessing the value in use, the estimated risk-adjusted future post-tax cash flows are discounted to their present value using a post-tax discount rate that reflects Shell's post-tax WACC. (See Note 12). The level of risking reflected in the cash flow assumptions is a consideration in management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in calculating value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows.

Significant estimates

Assumptions about future commodity prices and refining and chemical margins used in the impairment testing in, respectively, Integrated Gas and Upstream and Chemicals and Products (see Note 12) are regularly assessed by management, noting that management does not necessarily consider short-term increases or decreases in prices as being indicative of long-term levels.

The price methodology applied is based on Shell management's understanding and interpretation of demand and supply fundamentals in the near term, taking into account various other factors such as industry rationalisation and energy transition in the long term.

Future commodity prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to in paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125).

Information about the carrying amounts of assets and impairments and their sensitivity to changes in significant estimates is presented in Note 12.

17 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Goodwill

Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the amount recognised for any non-controlling interest over the fair value of the identifiable assets acquired and liabilities assumed in a business combination at the acquisition date. The amount recognised for any non-controlling interest is measured as a percentage of the identified net assets of the acquiree based on the present ownership's proportionate share. At the acquisition date, acquired goodwill is allocated to each cash-generating unit (CGU), or groups of CGUs, expected to benefit from the combination's synergies. The CGU to which goodwill is allocated represents the lowest level at which the goodwill will be monitored and managed.

Goodwill is not amortised and is subsequently measured at the initial amount recognised less any accumulated impairment losses. (See Note 12).

Impairment

The carrying amount of goodwill is tested for impairment at least annually. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. An impairment loss is recognised when the CGU's recoverable amount is lower than its carrying amount.

Previously recognised impairment losses of goodwill are not reversed subsequently.

Leases

A contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for payments to be made to the owners (lessors) is accounted for as a lease. Contracts are assessed to determine whether a contract is, or contains, a lease at the inception of a contract or when the terms and conditions of a contract are significantly changed. The lease term is the non-cancellable period of a lease, together with contractual options to extend or to terminate the lease early, where it is reasonably certain that an extension option will be exercised or a termination option will not be exercised.

At the commencement of a lease contract, a lease liability and a corresponding right-of-use asset are recognised, unless the lease term is 12 months or less. The commencement date of a lease is the date on which the underlying asset is made available for use. The lease liability is measured at an amount equal to the present value of the lease payments during the lease term that are not paid at that date. The lease liability includes contingent rentals and variable lease payments that depend on an index, rate, or where they are fixed payments in substance. The lease liability is remeasured when the contractual cash flows of variable lease payments change due to a change in an index or rate when the lease term changes following a reassessment.

Lease payments are discounted using the interest rate implicit in the lease. If that rate is not readily available, the incremental borrowing rate is applied. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment.

In general, a corresponding right-of-use asset is recognised for an amount equal to each lease liability, adjusted by the amount of any pre-paid lease payment relating to the specific lease contract. The depreciation on right-of-use assets is recognised in the Consolidated Statement of Income unless capitalised as exploration drilling cost (see "exploration cost") or capitalised when the right-of-use asset is used to construct another asset.

Where Shell is the lessor in a lease arrangement at inception, the lease arrangement will be classified as a finance lease or an operating lease. Classification is based on the extent to which the risks and rewards incidental to ownership of the underlying asset lie with the lessor or the lessee.

Where Shell, usually in its capacity as operator, has entered into a lease contract on behalf of a joint arrangement, a lease liability is recognised to the extent that Shell has primary responsibility for the lease liability. A finance sublease is subsequently recognised if the related right-of-use asset is subleased to the joint arrangement. This is usually the case when the joint arrangement has the right to direct the use and obtains substantially all of the economic benefits from using the asset.

Impairment of the right-of-use asset

Right-of-use assets are subject to existing impairment requirements as set out in "Property, plant and equipment", above, and as presented
in Note 12.

Judgements and estimates

A lease term includes optional lease periods where it is reasonably certain Shell will exercise the option to extend or not exercise the option to terminate the lease. Determination of the lease term is subject to judgement and has an impact on the measurement of the lease liability and related right-of-use asset. When assessing the lease term at the commencement date, Shell takes into consideration the broader economics of the contract. Reassessment of the lease term is performed upon changes in circumstances that may affect the probability that an option to extend or to terminate the lease will be exercised.

Where the rate implicit in the lease is not readily available, an incremental borrowing rate is applied. This incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment. Determination of the incremental borrowing rate requires estimation.

18 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Joint arrangements and associates

Arrangements under which Shell has contractually agreed to share control (see "Nature of the Consolidated Financial Statements" for the definition of control) with another party or parties are joint ventures where the parties have rights to the net assets of the arrangement, or joint operations where the parties have rights to the assets and obligations for the liabilities relating to the arrangement. Investments in entities over which Shell has significant influence but neither control nor joint control are classified as associates. Information about incorporated joint arrangements and associates at December 31, 2023, can be found in "Exhibit 8.1: Significant subsidiaries and other related undertakings (audited)".

Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognised at cost and subsequently adjusted for the Shell share of post-acquisition income less dividends received and the Shell share of other comprehensive income and other movements in equity, together with any loans of a long-term investment nature. Where necessary, adjustments are made to the financial statements of joint ventures and associates to bring the accounting policies used into line with those of Shell. In an exchange of assets and liabilities for an interest in a joint venture, the non-Shell share of any excess of the fair value of the assets and liabilities transferred over the pre-exchange carrying amounts is recognised in the Consolidated Statement of Income. Unrealised gains on other transactions between Shell and its joint ventures and associates are eliminated to the extent of Shell's interest in them; unrealised losses are treated similarly but may also result in an assessment of whether the asset transferred is impaired.

Shell recognises its assets and liabilities relating to its interests in joint operations, including its share of assets held jointly and liabilities incurred jointly with other partners.

Inventories

Inventories are stated at cost or net realisable value, whichever is lower. Cost comprises direct purchase costs (including transportation), and associated costs incurred in bringing inventories to their present condition and location, and is determined using the first-in, first-out (FIFO) method for oil, gas and chemicals and by the weighted average cost method for materials.

Taxation

The charge for current tax is calculated based on the income reported by the Company and its subsidiaries, as adjusted for items that are
non-taxable or disallowed and using rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is determined, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Balance Sheet and on unused tax losses and credits carried forward.

Deferred tax assets and liabilities are calculated using the enacted or substantively enacted rates that are expected to apply when an asset is realised or a liability is settled. They are not recognised where they arise on the initial recognition of goodwill or of an asset or liability in a transaction (other than in a business combination) that, at the time of the transaction, affects neither accounting nor taxable profit, or in respect of taxable temporary differences associated with subsidiaries, joint ventures and associates where the reversal of the respective temporary difference can be controlled by Shell and it is probable that it will not reverse in the foreseeable future.

Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary differences, unused tax losses and credits carried forward can be utilised.

Income tax receivables and payables as well as deferred tax assets and liabilities include provisions for uncertain income tax positions/treatments.

Income taxes are recognised in income except when they relate to items recognised in other comprehensive income, in which case the tax is recognised in other comprehensive income. Income tax assets and liabilities are presented separately in the Consolidated Balance Sheet except where there is a right of offset within fiscal jurisdictions and an intention to settle such balances on a net basis.

Judgements and estimates

Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority. In such cases, provision is made for the amount that is expected to be settled, where this can be reasonably estimated. Provisions for uncertain income tax positions/treatments are measured at the most likely amount or the expected value, whichever method is more appropriate. Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. It is assumed that taxing authorities will examine positions taken if they have the right to do so and that they have full knowledge of the relevant information. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled would be recognised in income in the period in which the change occurs. This requires the application of judgement as to the ultimate outcome, which can change over time depending on facts and circumstances. Judgements mainly relate to transfer pricing, including inter-company financing, interpretation of PSCs, expenditure deductible for tax purposes and taxation arising on disposal.

19 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Judgements and estimates continued

Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognised in respect of deferred tax assets as well as in the amounts recognised in income in the period in which the change occurs.

Taxation information, including charges and deferred tax assets and liabilities, is presented in Note 22. Income taxes include taxes at higher rates levied on income from certain Integrated Gas and Upstream activities.

Retirement benefits

Benefits in the form of retirement pensions and health care and life insurance are provided to certain employees and retirees under defined benefit and defined contribution plans.

Obligations under defined benefit plans are calculated annually by independent actuaries using the projected unit credit method, which takes into account employees' years of service and, for pensions, average or final pensionable remuneration, and are discounted to their present value using interest rates of high-quality corporate bonds denominated in the currency in which the benefits will be paid and of a duration consistent with the plan obligations. Where plans are funded, payments are made to independently managed trusts; assets held by those trusts are measured at fair value. Defined benefit plan surpluses are recognised as assets to the extent that they are considered recoverable, which is generally by way of a refund or lower future employer contributions.

The amounts recognised in income in respect of defined benefit plans mainly comprise service cost and net interest. Service cost comprises principally the increase in the present value of the obligation for benefits resulting from employee service during the period (current service cost) and also amounts relating to past service and settlements or amendments of plans. Plan amendments are changes to benefits and are generally recognised when all legal and regulatory approvals have been received and the effects have been communicated to members. Net interest is calculated using the net defined benefit liability or asset matched against the discount rate yield curve at the beginning of each year for each plan. Remeasurements of the net defined benefit liability or asset resulting from actuarial gains and losses, and the return on plan assets excluding the amount recognised in income, are recognised in other comprehensive income.

For defined contribution plans, pension expense represents the amount of employer contributions payable for the period.

Significant judgements and estimates

Defined benefit obligations and plan assets, and the resulting liabilities and assets that are recognised, require significant estimation as these are subject to volatility as (actuarial) assumptions regarding future outcomes and market values change. Substantial judgement is required in determining the actuarial assumptions, which vary for the different plans to reflect local conditions but are determined under a common process in consultation with independent actuaries. The assumptions applied in respect of each plan are reviewed annually and adjusted where necessary to reflect changes in experience and actuarial recommendations.

Actuarial assumptions applied in determining defined benefit obligations provide a source of estimation uncertainty as referred to in IAS 1.125.

Information about the amounts reported in respect of defined benefit pension plans, assumptions applicable to the principal plans and their sensitivity to changes in significant estimates is presented in Note 23.

Provisions

Provisions are recognised at the balance sheet date at management's best estimate of the expenditure required to settle the present obligation. Non-current amounts are discounted at a rate intended to reflect the time value of money. The carrying amounts of provisions and the discount rate applied are regularly reviewed and adjusted for new facts or changes in law, technology or financial markets.

20 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities, oil products manufacturing facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is calculated using amounts discounted over the useful economic life of the assets. The liability is recognised (together with a corresponding amount as part of the related property, plant and equipment) once a legal or constructive obligation arises to dismantle an item of property, plant and equipment and to restore the site on which it is located and when a reasonable estimate can be made. The effects of changes resulting from revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the carrying amount of the related property, plant and equipment. However, where there is no related asset, or the change reduces the carrying amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognised in income.

Shell reviews its energy and chemicals parks on a regular basis to determine whether any changes in assumptions, including expected life, trigger the need to recognise a provision for decommissioning and restoration.

Redundancy provisions are recognised when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and the employees affected have been notified of the plan's main features.

An onerous contract provision is recognised when the unavoidable cost of meeting the obligations under the contract exceeds the economic benefits expected to be received under it. The unavoidable cost under a contract is the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract. Before an onerous provision is recognised Shell first recognises any impairment loss that has occurred on assets dedicated to that contract.

Other provisions are recognised in the Consolidated Statement of Income in the period in which an obligation arises and the amount can be reasonably estimated. Provisions are measured based on current legal requirements and existing technology where applicable. Recognition of any joint and several liability is based on management's best estimate of the final pro rata share of the liability. Provisions are determined independently of expected insurance recoveries. Recoveries are recognised when virtually certain of realisation.

Estimates

Estimates of provisions for future decommissioning and restoration costs are recognised and based on current legal and constructive requirements, technology and price levels. Because actual cash outflows can differ from estimates due to changes in laws, regulations, public expectations, technology, prices and conditions, and can take place many years in the future, the carrying amounts of provisions are regularly reviewed and adjusted to take account of such changes.

Significant estimate

The discount rate applied to reflect the time value of money in the carrying amount of provisions requires estimation. The discount rate used in the calculation of provisions is the pre-tax rate that reflects current market assessments of the time value of money. Generally, the market assessments of the time value of money can be reflected in the risk-free rate and given the long-term investment nature of oil and gas business, Shell considers it appropriate to use the 20-year US Treasury bond yield return as the risk-free rate. The discount rate applied is reviewed regularly and adjusted following changes in market rates.

The discount rate applied to determine the carrying amount of provisions provides a source of estimation uncertainty as referred to in IAS 1.125.

Information about decommissioning and restoration provisions and their sensitivity to changes in estimates is presented in Note 24.

Financial instruments

Financial assets and liabilities are presented separately in the Consolidated Balance Sheet except where there is a legally enforceable right of offset and Shell has the intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Financial assets

Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss. The classification of financial assets is determined by the contractual cash flows and where applicable the business model for managing the financial assets.

Debt instruments are measured at amortised cost, if the objective of the business model is to hold the financial asset in order to collect contractual cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. It is initially recognised at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, the financial asset is measured using the effective interest method less any impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

All equity instruments and other debt instruments are recognised at fair value. For equity instruments, on initial recognition, an irrevocable election (on an instrument-by-instrument basis) can be made to designate these as at fair value through other comprehensive income instead of fair value through profit or loss. Dividends received on equity instruments are recognised as other income in profit or loss when the right of payment has been established, except when Shell benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case such gains are recorded in other comprehensive income.

21 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Investments in securities

Investments in securities ("securities") comprise equity and debt securities. Equity securities are carried at fair value. Generally, unrealised holding gains and losses are recognised in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive income are transferred to retained earnings. Debt securities are generally carried at fair value with unrealised holding gains and losses recognised in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive income are recognised in income.

Impairment of financial assets

The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortised cost or at fair value through other comprehensive income. The expected credit loss model is also applied for financial guarantee contracts to which IFRS 9 applies and which are not accounted for at fair value through profit or loss. The loss allowance for the financial asset is measured at an amount equal to the 12-month expected credit losses. If the credit risk on the financial asset has increased significantly since initial recognition, the loss allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are recognised in profit or loss. For trade receivables, a simplified impairment approach is applied recognising expected lifetime losses from initial recognition.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, including offsetting bank overdrafts, short-term bank deposits, money market funds, reverse repos and similar instruments that generally have a maturity of three months or less at the date of purchase.

Financial liabilities

Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss, such as instruments held for trading, or Shell has opted to measure them at fair value through profit or loss. Debt and trade payables are recognised initially at fair value based on amounts exchanged, net of transaction costs, and subsequently at amortised cost except for fixed rate debt subject to fair value hedging which is remeasured for the hedged risk (see below). Interest expense on debt is accounted for using the effective interest method, and other than interest capitalised, is recognised in income. For financial liabilities that are measured under the fair value option, the change in the fair value related to own credit risk is recognised in other comprehensive income. The remaining fair value change is recognised at fair value through profit or loss.

Derivative contracts and hedges

Derivative contracts are used in the management of interest rate risk, foreign exchange risk, commodity price risk, and foreign currency cash balances. Derivatives that are not closely related to the host contract in terms of economic characteristics and risks and the host contract of which is not a financial asset are separated from their host contract and recognised at fair value with the associated gains and losses recognised in income.

Contracts to buy or sell a non-financial item that can be settled net in cash are accounted for as financial instruments, with the exception of those contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Shell's expected purchase, sale or usage requirements. Gains or losses arising from changes in the fair value of derivatives that are not designated as effective hedging instruments are recognised in income.

Certain derivative contracts qualify and are designated either: as a fair value hedge of the change in fair value of a recognised asset or liability or an unrecognised firm commitment; or as a cash flow hedge for the change in cash flows to be received or paid relating to a recognised asset or liability or a highly probable forecast transaction; or as a net investment hedge of the change in foreign exchange rates associated with net investments in foreign operations with a different functional currency than Shell's functional currency.

A change in the fair value of a hedging instrument designated as a fair value hedge is recognised in income, together with the consequential adjustment to the carrying amount of the hedged item. The effective portion of a change in fair value of a derivative contract designated as a cash flow hedge is recognised in other comprehensive income until the hedged transaction occurs; any ineffective portion is recognised in income. Where the hedged item is a non-financial asset or liability, the amount in accumulated other comprehensive income is transferred to the initial carrying amount of the asset or liability (reclassified to the balance sheet); a net investment hedge is accounted for similarly to a cash flow hedge. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the Consolidated Statement of Income. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in other comprehensive income is reclassified to the Consolidated Statement of Income.

The effective portion of a change due to retranslation at quarter-end exchange rates in the carrying amount of debt and the principal amount of derivative contracts used to hedge net investments in foreign operations is recognised in other comprehensive income until the related investment is sold or liquidated; any ineffective portion is recognised in income.

All relationships between hedging instruments and hedged items are documented, as well as risk management objectives and strategies for undertaking hedge transactions. The effectiveness of hedges is also continually assessed and hedge accounting is discontinued when there is a change in the risk management strategy.

Unless designated as hedging instruments, contracts to sell or purchase non-financial items that can be settled net as if the contracts were financial instruments and that do not meet expected own-use requirements (typically, forward sale and purchase contracts for commodities in trading operations), and contracts that are or contain written options, are recognised at fair value; associated gains and losses are recognised in income.

Derivatives that are held primarily for the purpose of trading are presented as current in the Consolidated Balance Sheet.

22 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Judgement

Judgement is required to determine whether contracts to buy or sell LNG are capable of being settled on a net basis. Due to the limited liquidity in the LNG market and the lack of net settlement history, contracts to buy or sell LNG are not considered capable of being settled on a net basis. As a result, these contracts are accounted for on an accrual basis and not as a financial instrument.

Fair value measurements

Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use into account.

Estimate

Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs. For derivative contracts where publicly available information is not available, fair value estimations are generally determined using models and other valuation methods, the key inputs for which include future prices, volatility, price correlation, counterparty credit risk and market liquidity, as appropriate; for other assets and liabilities, fair value estimations are generally based on the net present value of expected future cash flows.

Share-based compensation plans

The fair value of share-based compensation expense arising from the Performance Share Plan (PSP) and the Long-term Incentive Plan (LTIP) - Shell's main equity-settled plans - is estimated using the average Monte Carlo fair values and is recognised in income from the date of grant over the vesting period with a corresponding increase directly in equity. The model projects and averages the results for a range of potential outcomes for the vesting conditions, the principal assumptions for which are the share price volatility and dividend yields for Shell and four of its main competitors using respectively three years and 10 years of historical data.

Shares held in trust

Shares in the Company, which are held by employee share ownership trusts and trust-like entities, are not included in assets but are reflected at cost as a deduction from equity as shares held in trust.

Acquisitions and sales of interests in a business

Assets acquired and liabilities assumed when control is obtained over a business, and when an interest or an additional interest is acquired in a joint operation which is a business, are recognised at their fair value at the date of the acquisition; the amount of the purchase consideration above this value is recognised as goodwill. When control is obtained, any non-controlling interest is recognised as the proportionate share of the identifiable net assets. The acquisition of a non-controlling interest in a subsidiary and the sale of an interest while retaining control are accounted for as transactions within equity. The difference between the purchase consideration or sale proceeds after tax and the relevant proportion of the non-controlling interest, measured by reference to the carrying amount of the interest's net assets at the date of acquisition or sale, is recognised in retained earnings as a movement in equity attributable to Shell plc shareholders.

Emission schemes and related environmental programmes

Emission certificates, biofuel certificates and renewable power certificates (together "environmental certificates") held for trading purposes are recognised at cost or net realisable value, whichever is lower, and classified under inventory.

Emission trading schemes

Emission certificates acquired for compliance purposes are initially recognised at cost and classified under intangible assets. In the schemes where a cap is set for emissions, the associated emission certificates granted are recognised at cost, which may be zero. An emission liability is recognised under other liabilities when actual emissions occur that give rise to an obligation. To the extent the liability is covered by emission certificates held for compliance purposes, the liability is measured with reference to the value of these emission certificates held and for the remaining uncovered portion at market value. The associated expense is presented under "Production and manufacturing expenses". Both the emission certificates and the emission liability are derecognised upon settling the liability with the respective regulator.

Biofuel programmes

Biofuel certificates acquired that are held for compliance purposes are initially recognised at cost under intangible assets. Self-generated biofuel certificates are recognised at nil value, as they primarily offset the obligation. A biofuel liability is recognised under other liabilities when the obligation arises under local regulations. To the extent covered by biofuel certificates held for compliance purposes, the liability is measured with reference to the value of these certificates held and for the remaining uncovered portion at market value. The associated expense is presented under "purchases". Biofuel certificates and the biofuel liability are both derecognised upon settling the liability with the respective regulator.

23 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

2. Material accounting policies, judgements and estimates continued

Renewable power programmes

Renewable power certificates acquired for compliance purposes are initially recognised at cost as an intangible asset. Self-generated renewable power certificates are generally transferred to the customer upon sales of electricity. A renewable power liability is recognised under other liabilities when electricity sales take place that give rise to an obligation to retire renewable power certificates. The associated cost is recognised in "purchases" in the income statement. If the obligation relates to power consumed in business operations, it is presented in other liabilities with cost reflected in "Production and manufacturing expenses". To the extent covered by renewable power certificates held for compliance purposes, the liability is measured with reference to the value of these renewable power certificates and for the remaining uncovered portion at market value. Renewable power certificates and the renewable power liability are derecognised upon settling the liability with the respective regulator.

Consolidated Statement of Income presentation

Purchases reflect all costs related to the acquisition of inventories and the effects of the changes therein, and include associated costs incurred in conversion into finished or intermediate products. Production and manufacturing expenses are the costs of operating, maintaining and managing production and manufacturing assets. Selling, distribution and administrative expenses include direct and indirect costs of marketing and selling products.

3. Changes to IFRS not yet adopted

As from January 1, 2024, various amendments to IFRS standards will apply that do not have a material impact on Shell.

4. Climate change and energy transition

This note describes how Shell has considered climate-related impacts in key areas of the financial statements and how this translates into the valuation of assets and measurement of liabilities as Shell makes progress in the energy transition. The note is structured as follows:

Climate change and energy transition

24 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Note 2 Material accounting policies, judgements and estimates describes uncertainties, including those that have the potential to have a material effect on the Consolidated Balance Sheet in the next 12 months. This note describes the key areas of climate impacts that potentially have short-, medium- and longer-term effects on amounts recognised in the Consolidated Balance Sheet at December 31, 2023. Where relevant, this note contains references to other notes to the Consolidated Financial Statements and aims to provide an overarching summary of the energy transition impact.

In 2021, Shell launched its Powering Progress strategy to become a net-zero emissions energy business by 2050. The strategy aims to deliver more value with less emissions. Targets include reduction of absolute emissions from operations and the energy Shell buys to run them, compared with 2016 baseline. Shell's targets include reducing Scope 1 and 2 emissions on a net basis under operational control by 50% by 2030, compared with 2016 baseline, achieving near-zero methane emissions for operated oil and gas assets by 2030 and eliminating routine gas flaring from Shell's upstream-operated assets by 2025 (subject to the completion of the divestment of Shell's interest in The Shell Petroleum Development Company of Nigeria Limited (SPDC)). Shell's target is to reduce the net carbon intensity of energy products sold by 9-12% by 2024, 9-13% by 2025, 15-20% by 2030 and 100% by 2050, compared to a 2016 baseline. In March 2024, Shell set a new ambition to reduce customer emissions (Scope 3, Category 11) related to the use of oil products sold by 15-20% by 2030, compared with 2021.

Financial planning and assumptions

This section provides an overview of key assumptions used for financial planning related to climate change and the energy transition. These assumptions that underpin the amounts recognised in these financial statements -- such as future oil and gas prices, future chemical and refining margins, discount rates, future costs of decommissioning and restoration, carbon emission cost and deferred tax assets - take climate change and energy transition into account and are similarly used for impairment testing of carrying amounts of assets. The areas described focus on those most pertinent to Shell's business and how financial planning and assumptions interact with scenarios. Subsequently, the sensitivity of carrying amounts to commodity prices, carbon emission costs, chemical and refining margins, discount rates and demand, if different assumptions were applied, is described.

There is no one single scenario that underpins the financial statements. Shell scenarios are designed to challenge management's perspectives on the future business environment and stretch management to consider events that may be only remotely possible. As a result, these scenarios are not intended to be predictions of likely future events or outcomes and are not the basis for Shell's financial statements and Operating Plans.

Shell scenarios and the range of possible outcomes inform the development of Shell's strategy and Shell's view on future oil and gas price outlooks, refining margins and chemical margins. The oil and gas price outlooks are one of the key assumptions that underpin Shell's financial statements. Shell's scenarios inform high-, mid- and low-price outlooks. The mid-price outlook represents management's reasonable best estimate and is the basis for Shell's financial statements, Operating Plans and impairment testing. Impairment testing applies management's reasonable best estimates across the full life cycle of assets, which may go beyond the operating plan period.

Shell's targets including to reduce absolute Scope 1 and 2 emissions on a net basis [A] by 50% by 2030, compared with 2016 baseline, and a 15-20% reduction of net carbon intensity [B] by 2030 have been included in Shell's Operating Plan. The Operating Plan also includes expected costs for evolving carbon regulations (see section "Carbon price sensitivities" below) based on a forecast of Shell's equity share of emissions from operated and non-operated assets, also taking into account the estimated impact of free allowances. For impairment testing purposes key assumptions that underpin the amounts recognised in the Consolidated Balance Sheet, such as future oil and gas prices, refining margins, chemical margins, discount rates, future costs of decommissioning and restoration, carbon emission cost and tax rates, all go beyond the planning horizon in the Operating Plan and do take climate change and energy transition into account.

[A]Operational control boundary.

[B]GHG emissions based on the energy product sales included in the net carbon intensity (NCI) using equity boundary.

Goodwill, other intangible assets, property, plant and equipment, and joint ventures and associates

The carrying value of goodwill, other intangible assets, property plant and equipment, and joint ventures and associates by segment as at December 31 was as follows:

2023
															$ billion
			Goodwill			Other intangible assets			Property, plant and equipment			Joint ventures and associates			Total
Integrated Gas			4.9			3.2			57.7			6.1			71.9
Upstream			5.4			0.3			70.9			7.6			84.2
Chemicals and Products			0.3			2.4			36.9			4.0			43.6
Marketing			4.4			2.9			22.2			4.7			34.2
Renewables and Energy Solutions			1.7			1.5			4.8			2.0			10.0
Corporate			—			—			2.3			0.1			2.4
Total			16.7			10.3			194.8			24.5			246.3

25 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

2022
															$ billion
			Goodwill			Other intangible assets			Property, plant and equipment			Joint ventures and associates			Total
Integrated Gas			4.9			3.9			60.8			5.6			75.2
Upstream			5.3			0.2			74.5			7.7			87.7
Chemicals and Products			0.3			2.1			38.1			4.2			44.7
Marketing			3.3			1.8			19.1			4.4			28.6
Renewables and Energy Solutions			2.2			1.6			3.2			1.9			8.9
Corporate			—			0.1			2.9			0.1			3.1
Total			16.0			9.7			198.6			23.9			248.2

For Integrated Gas and Upstream, sensitivity to commodity prices and carbon prices has been tested (see below) covering the carrying amount of goodwill, other intangible assets, property, plant and equipment, and joint ventures and associates. Sensitivity testing was performed applying alternative price scenarios to the forecasted cash flows for the whole period until the end of life of the asset tested. For Chemicals and Products, sensitivity to chemical margins, refining margins and carbon prices has been tested (see below). Marketing and Renewables and Energy Solutions are expected to be resilient through the energy transition with limited exposure of stranded assets.

In addition, sensitivity to changes in the discount rate applied in impairment testing has also been tested (see below).

In calculating recoverable value, key assumptions are not determined in isolation, to ensure relevant interdependencies are appropriately reflected. In particular, management considers the relationship between discount rates, forecast commodity prices and cash flow risking to ensure impairment testing assumptions result in an implicit expected return which is balanced and appropriate for the asset under review. Each of the sensitivities described above has been tested under a ceteris paribus assumption where all other factors remain unchanged, and as such do not reflect the potential offsetting effects of corresponding changes in other assumptions.

Carrying value of Integrated Gas and Upstream assets

Carrying value of Integrated Gas and Upstream assets

$ billion as at December 31

Carrying value of production assets

$ billion as at December 31

Carrying value of exploration and evaluation assets

$ billion as at December 31

Carrying amount of Integrated Gas and Upstream assets

																								$ billion
			2016			2017			2018			2019			2020			2021			2022			2023
Integrated Gas			95			94			91			93			79			75			75			72
Upstream			136			128			123			119			106			91			88			84
Total at December 31			231			222			214			212			185			166			163			156

26 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Carrying amount of production assets

																								$ billion
			2016			2017			2018			2019			2020			2021			2022			2023
At December 31			169			154			149			141			125			112			111			105
Right of use assets												9			7			6			6			6
Total at December 31			169			154			149			150			132			118			117			111

Carrying amount of exploration and evaluation assets

																								$ billion
			2016			2017			2018			2019			2020			2021			2022			2023
At December 31			19			19			18			15			9			7			6			5

Within Integrated Gas and Upstream, the assets potentially most sensitive to the energy transition are production assets and exploration and evaluation assets. Both production assets of $111 billion and exploration and evaluation assets of $5 billion are recognised within Property, plant and equipment within Integrated Gas and Upstream.

Portfolio composition and changes

Since 2016, the carrying amount of production assets in Integrated Gas and Upstream decreased from $169 billion as at December 31, 2016, to$111 billion as at December 31, 2023. Over this period, depreciation was higher than additions for each year, and disposals of property, plant and equipment with a carrying amount of $26 billion occurred. The carrying amount of capitalised exploration and evaluation expenses decreased from $19 billion as at December 31, 2016, to $5 billion at December 31, 2023. This is the result of final investment decisions, reclassifications to production assets and amounts charged to expenses exceeding additions.

Estimated useful life

The energy transition and the pace at which it progresses may impact the remaining life of assets. Integrated Gas and Upstream assets are generally depreciated using a unit-of-production methodology where depreciation generally depends on production of SEC proved reserves (see Note 2). Based on production plans of existing assets, 43%, 7% and 1% of SEC proved reserves as at December 31, 2023, would currently be left by 2030, 2040 and 2050, respectively. Based on the unit-of-production depreciation methodology applied, carrying amounts for individual assets are depreciated to nil in the same pattern as the depletion of reserves towards nil. An analysis of Integrated Gas and Upstream production assets of $111 billion as at December 31, 2023, based on planned reserves depletion shows that these assets would be significantly further depreciated under the unit-of-production method by 2030 and nearly fully depreciated by 2050. This provides a further perspective on the risk of stranded assets carried in the Consolidated Balance Sheet as at December 31, 2023.

Price sensitivities using climate pricelines

As noted, in accordance with IFRS, Shell's financial statements are based on reasonable and supportable assumptions that represent management's current best estimate of the range of economic conditions that may exist in the foreseeable future. The mid-price outlook informed by Shell's scenario planning represents management's best estimate. A change of -10% or +10% to the mid-price outlook, as an average percentage over the whole life cycle of assets, would result in around $5-8 billion (2022: $2-5 billion) impairment or $2-5 billion
(2022: $2-4 billion) impairment reversal respectively in Integrated Gas and Upstream (see Note 12). Compared with the prior year, the higher impact of a 10% decrease in commodity prices is mainly driven by lower headroom for certain assets between carrying value and recoverable value at December 31, 2023.

The energy transition will continue to bring volatility and there is significant uncertainty as to how commodity prices will develop over the next decades. Some pricelines see a structurally lower price during the transition period, while other pricelines see structurally higher commodity prices as a result of changes in supply and demand. As the risk of stranded assets is prevalent with downside price risk in energy transition scenarios, sensitivities have only been undertaken for such downside scenarios. If different price outlooks from external and often normative climate change scenarios were used, this would impact the recoverability of certain assets recognised in the Consolidated Balance Sheet as at December 31, 2023. These external scenarios are not representative of management's mid-price reasonable best estimate.

Sensitivity of carrying amounts to commodity prices described below is under the assumption that all other factors in the models used -- such as cost levels, volumes, mid-price CO2 assumptions and the discount rate -- to calculate recoverability of carrying amounts remain unchanged. Sensitivity testing has been performed by applying the alternative commodity price scenarios to cash flows for the whole period until the end of life of the assets tested, which may extend beyond the operating plan period. The alternative commodity prices were applied in the local cash flow models and thereafter aggregated by segment. Changes to commodity prices are applied because of the significant impact on Shell's business. It should be noted that a significant decrease in long-term forecasted commodity prices would probably lead to further changes, such as in portfolio choices and cost levels.

Sensitivity to changes in commodity prices in value in use calculations has been tested as follows:

Priceline 1 – Average prices from three 1.5-2 degrees Celsius external climate change scenarios: in view of the broad range of price outlooks across the various scenarios, the average of three external price outlooks was taken.

27 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

￮IHS Markit/ACCS 2023 – under this scenario oil prices (real terms 2023 (RT23)) gradually decrease towards $25 per barrel (/b) in 2037, gradually recovering to $63/b in 2045 with subsequent levels until 2050 ranging between $62/b and $69/b. Gas prices (RT23) are around $3 per million British thermal units (/MMBtu) until 2050 for Henry Hub. For Europe, prices decrease from $17/MMBtu in 2024 towards around $3/MMBtu in 2030, remaining around that level until 2050. For Asia, prices decrease from $18/MMBtu in 2024 towards around $3/MMBtu in 2031, staying at a level between $3 and $4/MMBtu until 2050.

￮Woodmac WM AET-1.5 degree – under this scenario oil prices (RT23) gradually decrease towards $28/b in 2050. Gas prices (RT23) are around $3/MMBtu until 2033 and subsequently some $4/MMBtu until 2046, thereafter some $3/MMBtu until 2050 for Henry Hub. For Europe, gas prices (RT23) decrease gradually from around $15/MMBtu in 2024 to some $5/MMBtu in 2050. For Asia, gas prices decrease from$15/MMBtu in 2024 to $7/MMBtu in 2031, subsequently ranging between $6/MMBtu and $10/MMBtu until 2050.

￮IEA NZE50 – under this scenario oil prices (RT23) gradually decrease towards some $26/b in 2050. Gas prices (RT23) decrease from some$5/MMBtu in 2024 to around $2/MMBtu for Henry Hub in 2030, remaining slightly below that level until 2050. For Europe and Asia, gas prices (RT23) decrease from some $26/MMBtu and $14/MMBtu respectively in 2024 to some $4/MMBtu and $6/MMBtu respectively around 2030 staying at that level until 2050.

This average priceline provides an external view of the development of commodity prices under 1.5-2 degrees Celsius external climate change scenarios over the whole period under review.

Applying this priceline to Integrated Gas assets of $72 billion (2022: $75 billion) and Upstream assets of $84 billion (2022: $88 billion) as at December 31, 2023, shows recoverable amounts that are $12-16 billion (2022: $4-6 billion) and $3-5 billion (2022: $1-2 billion) lower, respectively, than the carrying amounts as at December 31, 2023. For Integrated Gas the change in sensitivity compared with 2022 reflects lower near-term gas prices applied in the priceline for Europe and Asia, alongside lower headroom for certain assets between carrying value and recoverable value at December 31, 2023. For Upstream the change in sensitivity compared with 2022 reflects lower oil prices applied in the priceline alongside lower headroom for certain assets between carrying value and recoverable value at December 31, 2023

Priceline–2 - Hybrid Shell Plan and IEA NZE50: this priceline applies Shell's mid-price outlook for the next 10 years (see Note 12). Because of the greater uncertainty for the period after 10 years, the International Energy Agency (IEA) normative Net Zero Emissions scenario is applied. This gives less weight to the price-risk uncertainty in the first 10 years reflected in the operating plan period and applies more risk to the more uncertain subsequent periods.

Applying this priceline to Integrated Gas assets of $72 billion (2022: $75 billion) and Upstream assets of $84 billion (2022: $88 billion) as at December 31, 2023, shows recoverable amounts that are $8-10 billion (2022: $4-6 billion) and $1-3 billion (2022: $1-2 billion) lower, respectively, than the carrying amounts as at December 31, 2023. For Integrated Gas the change in sensitivity compared with 2022 is largely driven by lower near-term Shell mid-prices applied, an increased differential between the Shell mid-price and the gas prices applied in sensitivity testing for Europe and Asia from 2034 onwards and lower headroom for certain assets between carrying value and recoverable value at December 31, 2023.

Priceline–3 - IEA NZE50: this priceline applies the IEA normative Net Zero Emissions scenario over the whole period under review. This priceline has been applied in order to also reflect the sensitivity to a pure net-zero emissions scenario from the IEA.

Applying this priceline to Integrated Gas assets of $72 billion (2022: $75 billion) and Upstream assets of $84 billion (2022: $88 billion) as at December 31, 2023, shows recoverable amounts that are $15-20 billion (2022: $9-12 billion) and $3-5 billion (2022: $8-11 billion) lower, respectively, than the carrying amounts as at December 31, 2023. For Integrated Gas the change in sensitivity compared with 2022 is largely driven by an increased differential between the Shell mid-price and the gas prices applied in sensitivity testing for Europe and Asia from 2030 onwards and lower headroom for certain assets between carrying value and recoverable value at December 31, 2023. For Upstream the change in sensitivity compared with 2022 is largely driven by higher near-term oil prices applied in the priceline, partly offset by lower headroom for certain assets between carrying value and recoverable value at December 31, 2023.

28 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Oil price assumptions

[A]The Network for Greening the Financial System (NGFS) is a group of 127 central banks and supervisors and 20 observers committed to sharing best practices, contributing to the development of climate– and environment–related risk management in the financial sector and mobilising mainstream finance to support the transition toward a sustainable economy. This scenario results from the NGFS GCAM model. This model embodies certain assumptions on the relationships between economic and energy output and climate interactions. This NGFS scenario shows a decline in world oil demand relative to the current policies baseline, in part a response to substitution away from fossil fuels. At the same time prices increase due to supply constraints.

[B]All figures are presented on RT23 basis unless noted differently.

The graph above shows the oil pricelines on a real-terms basis applied for the period until 2050 for Shell's mid-price outlook in comparison with the IEA announced pledges (IEA APS) scenario, the NGFS GCAM NZE 2050 scenario, the average prices from three 1.5-2 degrees Celsius external climate change scenarios (Priceline 1, above) and the IEA Net Zero Emissions by 2050 scenario (IEA NZE50, Priceline 3 above). The development of future oil prices is uncertain and oil prices have been subject to significant volatility in the past. Future oil prices may be impacted by future changes in macroeconomic factors, available supply, demand, geopolitical and other factors. The pricelines as per the scenarios NGFS GCAM NZE 2050, IEA APS, the average prices from three 1.5-2 degrees Celsius external climate change scenarios and IEA NZE50 differ from Shell's best estimate and view of the future oil price.

																		RT23 $/b
			2024			2025			2030			2035			2040			2050
Shell mid-price			69			67			70			70			70			70
Average prices from four 1.5-2 degrees Celsius external climate change scenarios			94			80			50			39			37			40
IEA NZE50			86			79			43			39			34			26
NGFS GCAM NZE 2050			74			75			77			81			83			112
IEA APS			94			91			76			72			68			61

29 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Sensitivity + 10% to the mid-price outlook

												$ billion
			Carrying amount									Sensitivity
			Dec 31, 2023			Dec 31, 2022						2023						2022
Integrated Gas			72			75						2			4			2			3
Upstream			84			88						—			1			—			1
Total			156			163						2			5			2			4

Sensitivity averaged from three below-two-degrees-Celsius external climate scenarios

												$ billion
			Carrying amount									Sensitivity
			Dec 31, 2023			Dec 31, 2022						2023						2022
Integrated Gas			72			75						(12)			(16)			(4)			(6)
Upstream			84			88						(3)			(5)			(1)			(2)
Total			156			163						(15)			(21)			(5)			(8)

Sensitivity IEA NZE50

												$ billion
			Carrying amount									Sensitivity
			Dec 31, 2023			Dec 31, 2022						2023						2022
Integrated Gas			72			75						(15)			(20)			(9)			(12)
Upstream			84			88						(3)			(5)			(8)			(11)
Total			156			163						(18)			(25)			(17)			(23)

Sensitivity - 10% to the mid-price outlook

												$ billion
			Carrying amount									Sensitivity
			Dec 31, 2023			Dec 31, 2022						2023						2022
Integrated Gas			72			75						(4)			(6)			(2)			(4)
Upstream			84			88						(1)			(2)			—			(1)
Total			156			163						(5)			(8)			(2)			(5)

Sensitivity Hybrid Shell Plan + IEA NZE50

												$ billion
			Carrying amount									Sensitivity
			Dec 31, 2023			Dec 31, 2022						2023						2022
Integrated Gas			72			75						(8)			(10)			(4)			(6)
Upstream			84			88						(1)			(3)			(1)			(2)
Total			156			163						(9)			(13)			(5)			(8)

Carbon price sensitivities

Carbon costs in the Operating Plan

The Operating Plan includes capital expenditure and operating costs to achieve Scope 1 and 2 emission reduction targets (see above). These include asset level abatement project costs that drive efficiencies and reduce emissions, expected costs for evolving carbon regulations based on a forecast of Shell's equity share of emissions and costs of offsets for any residual amounts.

The total capital expenditure for abatement projects in relation to efficiency improvements, energy and chemicals parks transformations and use of renewable power included in the Operating Plan is in excess of $5 billion (2022: $4 billion). Total yearly carbon emission costs in Shell's Operating Plan gradually increase from $1 billion in 2024 to $4 billion in 2033 using the mid-price scenario. The sensitivity of carrying values of assets to changes in carbon prices is described in the section below.

Methods for estimating costs vary, depending on the nature of the cost. Abatement projects costs to improve efficiencies and reduce emissions are estimated by applying a bottom-up approach where individual opportunities on an asset-level, project-by-project basis are identified.

Costs for evolving carbon regulations are based on a forecast of Shell's equity share of emissions and are included in the Operating Plan at Shell's
mid-price outlook on a country-by-country basis and represent management's best estimate. In the short and near term, up to around 2030, costs for carbon emissions estimates are largely policy driven, through emission trading schemes or taxation levied by governments which currently vary significantly on a country-by-country basis. Beyond 2030, where policy predictions are more challenging, the costs for carbon emissions are estimated based on the expected costs of abatement technologies required for 2050. The estimated costs are trending towards $125 or $170 per tonne (RT23), depending on the country [A], in 2050. This outlook used for the Operating Plan sits within the middle of abatement costs range of $100-200 which incorporates a broad range of technologies.

[A] Except for the Netherlands and Norway where the estimated mid-price assumption is around $220 per tonne in 2050.

30 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Sensitivity to changes in carbon price assumptions

There is significant uncertainty as to how carbon costs will develop over the next decades. These will depend on policies set by countries and the pace of the energy transition. In accordance with IFRS, Shell's financial statements are based on reasonable and supportable assumptions that represent management's current best estimate, which is policy based up to 2030 and then based on the mid-price outlook beyond 2030. As the risk of stranded assets is prevalent with higher carbon emission prices than anticipated, sensitivity analyses have only been undertaken for such a downside scenario. If the IEA NZE 2050 outlook is applied, this would impact the recoverability of certain assets recognised in the Consolidated Balance Sheet as at December 31, 2023. This scenario is not representative of management's mid-price reasonable best estimate.

Sensitivity of carrying amounts to carbon emission costs as described below is under the assumption that all other factors in the value in use models used to calculate recoverability of carrying amounts remain unchanged. Changes to carbon emission costs are applied for Integrated Gas, Upstream and Chemicals and Products because of the potential impact on Shell's business.

Applying the IEA NZE 2050 carbon price scenario to Integrated Gas assets of $72 billion (2022: $75 billion) and Upstream assets of $84 billion (2022: $88 billion), up to the end of life of these assets, shows recoverable amounts that are $2-4 billion (2022: $2-5 billion) lower for Integrated Gas and up to $1 billion lower for Upstream than the carrying amounts as at December 31, 2023.

Applying the IEA NZE 2050 carbon price scenario to Chemicals and Products assets of $44 billion shows recoverable amounts that are $3-4 billion lower than the carrying amounts as at December 31, 2023. For Chemicals and Products, increased carbon cost could however potentially be recovered partially through increased product sale prices.

Sensitivity IEA NZE 2050 carbon price scenario

															$ billion
			Carrying amount												Sensitivity
			Dec 31, 2023			Dec 31, 2022									2023						2022
Integrated Gas			72			75									(2)			(4)			(2)			(5)
Upstream			84			88									—			(1)			—			—
Chemicals and Products [A]			44												(3)			(4)
Total			200			163			[A]						(5)			(9)

[A]Excludes Chemicals and Products for 2022 for which from 2023 sensitivity to IEA NZE 2050 carbon prices has been included.

For the key regions and countries the following carbon prices per tonne (RT23) have been assumed in the Operating Plan:

			Operating plan period						Subsequent period
Region			2024-2033						2034-2050
European Union [A]			$87-$132						$134-$170
Norway			$97-$226						$226-$226
United Kingdom			$94-$145						$146-$170
Canada (Federal)			$59-$113						$113-$125
United States of America (Federal)			$0-$42						$47-$125
Australia			$29-$61						$65-$125
All other countries			$0-$55						$25-$125

[A]Except for the Netherlands where the ranges are $87-159 per tonne (2024-2033) and $163-220 per tonne (2034-2050).

31 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

The graph below shows the carbon pricelines per tonne for the European Union on an RT23 basis under Shell's mid-price outlook that represents the best estimate as required to be applied under IFRS, in comparison with the IEA NZE 2050 scenario. The IEA NZE 2050 scenario differs from Shell's best estimate and view of future CO2 prices. Sensitivity of carrying amounts to the IEA NZE 2050 carbon price scenario is provided above.

CO2 prices - European Union

RT23 $/tonne

															RT23 $/tonne
			2024			2025			2030			2035			2040			2050
Shell mid-price			96			87			125			136			148			170
IEA NZE50			103			110			143			176			209			255

Carrying value of Chemicals and Products assets

$ billion as at December 31

Carrying amount of Chemicals and Production assets

																								$ billion
			2016			2017			2018			2019			2020			2021			2022			2023
Chemicals			15			16			18			22			25			27			28			25
Refineries			10			14			14			13			7			6			6			6
Other			1			8			7			12			11			11			11			13
Total at December 31			26			38			39			47			43			44			45			44

32 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Within Chemicals and Products, the assets potentially most sensitive to the energy transition are refineries.

Portfolio composition and changes

Since 2016, Shell's Chemicals and Products portfolio has evolved, shifting from 15 refineries at the end of 2016 to eight at the end of 2023. During that period, Shell assumed the sole ownership of two refineries through the dissolution of the Motiva joint venture, and disposed of, converted or closed nine refineries. Further, during 2023 Shell agreed to sell one refinery (under assets held for sale at the end of 2023, see Note 18), announced the intention to sell the Singapore refining and chemicals assets and subsequently announced plans to repurpose the Rheinland refinery in Germany into a base oil manufacturing plant. The carrying amount of refineries decreased from $10 billion as at December 31, 2016, to less than $6 billion as at December 31, 2023. In line with Shell's strategy, Shell's refining footprint continues its transformation into energy and chemicals parks that will provide feedstocks for the chemicals and lubricants business, as well as other low-carbon energy products, including biofuels and hydrogen. This transformation will involve investments in assets within these energy and chemicals parks that will be recognised as separate cash-generating units and are expected to be resilient in the energy transition, and hence their carrying amounts may increase.

Estimated useful life

Refineries in the Chemicals and Products segment (carrying amount as at December 31, 2023, $6 billion (2022: $6 billion)) may be impacted under a two-degrees-Celsius or less external climate scenario.

For refineries in Chemicals and Products, depreciation of assets is on a straight-line basis over the life of the assets, starting at the date the asset becomes available for use, over a period of 20 years (see Note 2). Over the course of the energy transition, the current carrying amount of refineries will be fully depreciated, offset by anticipated investments in assets that are expected to be resilient in the energy transition as described above. Based on current depreciation of the carrying amounts as at December 31, 2023, and assuming no further investment, all refineries would be fully depreciated between four and 11 years.

In addition to refineries, further assets of $38 billion include $25 billion of assets in relation to Chemicals. This includes $15 billion for the new Pennsylvania chemical plant, which started operations in November 2022 and being a more efficient plant, it is expected to be more resilient in the energy transition. Chemical products are not produced with the aim to combust and consequently do not generate GHG emissions. Under the IEA NZE 2050 scenario chemical production volumes are not expected to decrease towards 2050, compared with current levels and hence chemical assets are expected to be resilient through the energy transition.

Other assets of $13 billion include $8 billion of assets mainly related to storage tanks, vessels, terminals and depots in trading and supply that are also expected to be resilient in the energy transition. Another $3 billion of assets relates to oil sands. Based on production plans for oil sands assets, 82%, 57% and 32% of SEC proved reserves for oil sands as at December 31, 2023, would currently be left by 2030, 2040 and 2050, respectively. Taking into consideration the carrying amount as at December 31, 2023 and depreciation under the unit-of-production methodology, this provides a further perspective on the risk of stranded oil sands assets carried in the Consolidated Balance Sheet as at December 31, 2023.

Price sensitivities

Where available Shell uses external climate scenarios for sensitivity testing. In relation to chemical and refining margin forecasts, no credible climate scenarios have been identified and consequently sensitivity testing is performed by providing sensitivity to changes in margins.

Chemical margins applied for impairment testing by reference to value in use are at an average of $252/tonne (20-year average). A change of -$30/tonne or +$30/tonne in long-term chemical margins over the entire cash flow projection period would ceteris paribus result in up to $2 billion impairment or no impairment reversal, respectively, in Chemicals and Products (see Note 12).

Refining margins applied for impairment testing by reference to value in use are at an average of $7.6/bbl (20-year). A change of -$1/bbl or +$1/bbl to the refining margin outlook over the entire cash flow projection period would ceteris paribus result in $1-2 billion impairment or up to $1 billion impairment reversal respectively in Chemicals and Products (see Note 12).

Sensitivities to carbon prices are described in the section above.

33 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Carrying value of Marketing assets

Carrying value of Marketing assets

$ billion as at December 31

Carrying amount of Marketing assets

																								$ billion
						2017			2018			2019			2020			2021			2022			2023
At December 31						15			15			20			23			25			29			34

Portfolio composition and changes

Assets in the Marketing segment are expected to be resilient through the energy transition with a change in the product mix as the energy transition progresses. The demand for products sold — such as chemicals, lubricants, biofuels, bitumen, electric vehicle charging and convenience retail -- is not expected to decrease and is expected to increase for a variety of these products in many markets. Shell is expanding networks of refuelling stations offering low-carbon fuels, including biofuels and various gaseous fuels, such as LNG and bio-LNG. As a result, the carrying value of these assets is not expected to be impacted by the energy transition or lower commodity price scenarios.

Carrying value of Renewables and Energy Solutions assets

Carrying value of Renewables and Energy Solutions assets

$ billion as at December 31

Carrying amount of Renewables and Energy Solutions assets

																								$ billion
						2017			2018			2019			2020			2021			2022			2023
At December 31						1			1			3			3			5			9			10

Portfolio composition and changes

Assets in the Renewables and Energy Solutions segment are expected to be resilient through the energy transition.

34 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Other energy transition considerations

Discount rate sensitivity

The discount rate applied for value in use impairment testing is based on a nominal post-tax weighted average cost of capital (WACC) and is determined at 7.5% except for the power activities in the Renewables and Energy Solutions segment where 6% is applied. The discount rate includes generic systematic risk for energy transition risk. In addition, cash flow projections applied in individual assets include specific asset risks, including risk of transition. An increase in systematic climate risk could lead to a higher WACC and consequently to a higher discount rate to be applied in impairment testing. An increase of the discount rate applied for impairment testing of 1% under the assumption that all other factors (such as commodity prices, product margins and carbon prices) in the models used to calculate recoverability of carrying amounts remain unchanged would lead to a change in the carrying amount of $2-4 billion in Integrated Gas and Upstream, and up to $1 billion in Chemicals and Products, and no significant impairment in other segments.

Global oil and gas demand considerations

A decrease in global demand and unchanged supply of oil and gas would likely lead to a decrease in price (see price sensitivity above). During 2023 Shell's production of oil and gas accounted for 1.5% and 2% of total global production of oil and gas respectively. Changes in global oil and gas demand are therefore not expected to directly impact the ability to sell volumes of oil and gas produced by Shell at market prices.

Deferred tax assets

In general, it is expected that sufficient deferred tax liabilities and forecasted taxable profits within the planning period of 10 years are available for recovery of the deferred tax assets recognised at December 31, 2023. Integrated Gas and Upstream deferred tax assets recognised are expected to be recovered within the period of production of each asset. For deferred tax assets of $241 million as at December 31, 2023 (2022: $303 million) this period extends beyond 10 years. Deferred tax assets in Chemicals and Products and in Marketing expected to be recovered in more than 10 years (between 11 and 20 years) are $455 million as at December 31, 2023 (2022: $382 million) for which the forecasted taxable profits to determine recoverability have been risked. (See Note 22).

Decommissioning and other provisions

The energy transition may result in decommissioning and restoration occurring earlier than expected. The risk on the timing of decommissioning and restoration activities for Integrated Gas and Upstream fields is limited, supported by production plans in the foreseeable future (see "Estimated useful life" above). Acceleration of decommissioning and restoration activities has also been reflected in the assessment of the appropriate discount rate. In 2021, the discount rate was revised from a 30-year to a 20-year term in line with the average remaining life of Integrated Gas and Upstream assets. On an undiscounted basis the provision for decommissioning and restoration as at December 31, 2023 was $33 billion (2022: $33 billion), recognised on a discounted basis in the Consolidated Balance Sheet as at December 31, 2023 at $19 billion (2022: $20 billion). Sensitivity to changes in the discount rate is provided in Note 24.

Historically, in Chemicals and Products, it was industry practice not to recognise decommissioning and restoration provisions associated with manufacturing facilities. This was on the basis that these assets were considered to have indefinite lives, so it was considered remote that an outflow of economic benefits would be required. In 2020, Shell considered the changed macroeconomic fundamentals, together with Shell's plans to rationalise the Group's manufacturing portfolio. Shell also reconsidered whether it remained appropriate not to recognise decommissioning and restoration provisions for manufacturing facilities. Since 2020, decommissioning and restoration provisions are recognised for certain shorter-lived manufacturing facilities (see Notes 24 and 31). The energy and chemicals parks are considered longer-lived facilities that are expected to be resilient in the energy transition, and decommissioning would generally be more than 50 years away.

Onerous contracts

Closure or early termination of activities may lead to supply contracts becoming onerous. Onerous contract provisions (see Note 24) have been recognised as at December 31, 2023, to reflect changes in expected future utilisation of certain assets. These include contracts in relation to unused terminals and refineries. The total carrying amount of the provision for onerous contracts as at December 31, 2023 was $1.1 billion (2022: $1.5 billion) principally related to contracts in relation to unused terminals and refineries.

Dividend resilience

External stakeholders have requested disclosures on how climate change affects dividend-paying capacity. If a further impairment had been recognised in 2023 using any of the climate change scenarios described above, this would not have impacted the ability to pay dividends in this financial year because of strong cash flow generation and financial reserves. Had Shell applied the IEA NZE50 scenario (see above), and if this had led to a decrease in the recoverable amount of Integrated Gas and Upstream assets of $18-25 billion and recognition of an equivalent impairment, this would not have impacted the distributable reserves available to Shell from which to pay dividends in 2023. This is on the basis that such impairment would have resulted in part-realisation of the merger reserve recognised by the Company of $234 billion
as at December 31, 2023.

A forward-looking statement regarding future dividend-paying capacity cannot be provided because of unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements.

35 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

4. Climate change and energy transition continued

Physical risks

Mitigation of physical risks, whether or not related to climate change, is considered and embedded in the design and construction of Shell's projects, and/or operation of Shell's assets to minimise the risk of adverse incidents to Shell's employees and contractors, the communities where Shell operates, and Shell's equipment. The potential impact of physical changes comes from both acute and chronic physical risks. Acute risks, such as flooding and droughts, wildfires and more severe tropical storms, and chronic risks, such as rising temperatures and rising sea levels, could potentially impact some of Shell's facilities, operations and supply chains. The frequency of these hazards and impacts is expected to increase in certain high-risk locations. Extreme weather events, whether or not related to climate change, could have a negative impact on Shell's earnings, cash flows and financial condition.

In 2023 Shell carried out a detailed review to assess the impact of a range of changing climatic conditions including changes in temperature, precipitation, wind and sea levels across segments and geographies for our significant assets. Shell used IPCC climate modelling data covering three future climate scenarios (RCP2.6, RCP4.5 and RCP8.5) across the time-horizons 2025, 2030 and 2050. In the short to medium term, the risks were found to be related to factors that Shell is already aware of (whether or not related to climate change) and the assets are actively managing to mitigate, e.g. hurricane impacts in the US Gulf Coast, rising air temperatures in the Middle East and water scarcity in Europe and Asia. As an example, in recent years the Rhine river in Europe has seen historic lows during the summer months leading to challenges in the use of barges for transportation of our products. Dredging of harbours and investment in shallower-draft barges have helped to mitigate the risk. In the long term, the results of the exercise indicated that while we have evaluated against current known risk factors and our current asset portfolio, the frequency and severity of the identified risk factors may increase by 2050. The level of predictability is such that the need for investment in climate adaptation measures at the assets is not immediate and the results mean we are in a position to monitor the assets and determine whether there is any need for adaptation action, e.g. the impact of potential water scarcity on various assets. Shell tested over 70% of the carrying amount of Shell's physical assets as at December 31, 2022, to assess the potential impact of climate-related changes on Shell's significant assets. 13% (based on the carrying value) of physical assets tested are considered to be exposed to climate-related physical risks in the short to medium term which the assets are already actively managing to mitigate. In addition, we reviewed significant acquisitions made in 2023 of which none are considered to be exposed to climate-related physical risks in the short to medium term. Shell's plan reflects the impact of mitigating actions in the short to medium term. Shell will continue to monitor and assess the future exposure of Shell's assets in the longer term to changing climatic conditions to establish the need for any further adaptation actions and related metrics.

Additionally, the impact of physical climate change on Shell's operations is unlikely to be limited to the boundaries of Shell's assets. The overall impact, including how supply chains, resource availability and markets may be affected, also needs to be considered for a holistic assessment of this risk. Shell's assets manage this risk as part of broad risk and threat management processes as required by Shell's HSSE & SP Control Framework part of the wider Shell Performance Framework.

36 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

5. Emission schemes and related environmental programmes

Emission trading and related schemes

In general, emission trading schemes (ETS) are mandated governmental schemes to control emission levels and enhance clean energy transition, allowing for the trading of emission certificates. In most ETS, governments set an emission cap for one or more sectors. Generally, entities in scope of the scheme are allowed to buy emission certificates to cover shortages or sell surplus emission certificates. In certain countries, emissions are priced through a carbon tax. For Shell, the most significant carbon pricing mechanisms are established in Europe, Canada and Singapore.

Biofuel programmes

Biofuel programmes are mandated governmental schemes that set binding national targets on the share of renewables in fuel consumption or measures on reducing GHG emissions by fuel suppliers. Biofuels are blended with existing fuels, such as gasoline and diesel, to reduce net emissions. The share of biofuels in the total sales mix of fuel is used to comply with regulatory requirements. This can be achieved by the blending of biofuels in refineries and/or distribution depots (self-blending), through import of biofuels (for jurisdictions that grant biofuels certificates at the point of import) or by the purchasing of certificates from third parties (for jurisdictions that have a tradable biofuel certificates mechanism). Biofuel programmes also include regulatory requirements to pay a levy for the combustion of fossil fuels, based on CO₂ emitted – mainly related to the German Fuel Emissions Trading Act (BEHG) which has applied since January 1, 2021.

Renewable power programmes

Renewable power programmes create a financial incentive to consume power that is sourced from renewable origins or require that a minimum percentage of power sold meets the green definition of the relevant standard. These regulations are typically accompanied by schemes supporting investments in the renewable technology. Renewable power programmes generally use certificates to monitor compliance, where renewable power certificates are granted for each MWh of energy generated that meets the predefined renewable criteria. Shell's compliance obligation under renewable power programmes comes primarily from energy supply and results from regulations applying in Europe, North America and Australia.

Cost of emission schemes and related environmental programmes recognised in the Consolidated Statement of Income

			$ million
			2023			2022			2021
ETS and related schemes			493			493			331
Biofuels [A]			2,581			2,918			2,609
Renewable power			552			594			455
Total			3,626			4,005			3,395

[A]Represents the cost of biofuel certificates required for compliance purposes over and above those generated from self-blending activities.

Purchased environmental certificates (presented under Other intangible assets, see Note 10) [A]

			$ million
			ETS and related schemes			Biofuels			Renewable power			Total
At January 1, 2023			440			1,601			160			2,201
Additions			396			2,955			486			3,837
Settlements			(413)			(2,783)			(451)			(3,647)
Other movements			18			32			(50)			—
At December 31, 2023			441			1,805			145			2,391
At January 1, 2022			284			2,362			101			2,747
Additions			385			1,485			468			2,338
Settlements			(256)			(2,142)			(398)			(2,796)
Other movements			27			(104)			(11)			(88)
At December 31, 2022			440			1,601			160			2,201

[A]Relates to environmental certificates held for compliance purposes.

37 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

5. Emission schemes and related environmental programmes continued

Obligation (presented under Other payables, see Note 19)

			$ million
			ETS and related schemes						Biofuels			Renewable power			Total
At January 1, 2023
Current			(458)						(3,424)			(350)			(4,232)
Non-current			—						(422)			(56)			(478)
			(458)						(3,846)			(406)			(4,710)
Additions			(1,244)						(2,593)			(597)			(4,434)
Additions covered by government grants			762			[A]									762
Settlements			479						3,386			492			4,357
Other movements			(37)						(64)			80			(21)
			(40)						729			(25)			664
At December 31, 2023
Current			(498)						(3,012)			(343)			(3,853)
Non-current			—						(105)			(88)			(193)
			(498)						(3,117)			(431)			(4,046)
At January 1, 2022
Current			(270)						(3,262)			(273)			(3,805)
Non-current			—						(182)			(29)			(211)
			(270)						(3,444)			(302)			(4,016)
Additions			(1,237)						(2,916)			(637)			(4,790)
Additions covered by government grants			776			[A]									776
Settlements			292						2,456			499			3,247
Other movements			(19)						58			34			73
			(188)						(402)			(104)			(694)
At December 31, 2022
Current			(458)						(3,424)			(350)			(4,232)
Non-current			—						(422)			(56)			(478)
			(458)						(3,846)			(406)			(4,710)

[A]Emission certificates that were allocated free of charge at an equivalent fair value at grant date.

Environmental certificates acquired that are held for compliance purposes are recognised at cost under other intangible assets (see Note 10). In addition, a portfolio of environmental certificates is held for trading purposes and classified under inventory (see Note 2 and Note 16). Environmental certificates held for trading purposes can be redesignated for compliance purposes and then used to settle compliance obligations.

Cost recognised in the Consolidated Statement of Income represents the compliance cost associated with emissions or with products sold during the year. The liability at year-end represents the compliance cost recognised over current and past compliance periods to the extent not settled to date. Liabilities are settled in line with compliance periods, which depend on the scheme and may not coincide with the calendar year.

The figures present compliance schemes only, excluding voluntary activities.

38 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

6. Capital management

Shell manages its businesses to deliver strong cash flows to sustain its strategy and for profitable growth. Management's current priorities for applying Shell's cash are:

Balanced Capital Allocation

Enhanced shareholder distributions [A] Targeting total shareholder distributions of 30-40% of cash flow from operating activities through the cycle (2022: 20-30%) Around 4% annual growth in dividend per share, subject to Board approval (2022: 4%)

Strong balance sheet Targeting AA credit metrics through the cycle ￮Continued focus on Net debt reduction in upcycle ￮Divest for value ￮Invest for value

Disciplined investment Cash capital expenditure (see Note 7) within $22-25 billion per annum for 2024 and 2025 (2022: $23-27 billion) ￮Includes inorganic capex

[A] Total shareholder distributions (dividends + share buybacks) based on cash generation, macro-outlook and balance sheet trajectory.

7. Segment information

General information

Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.

The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.

The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's retail network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels, speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine, and agricultural sectors.

The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes 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.

The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate segment earnings rather than in the earnings of business segments.

39 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

7. Segment information continued

Basis of segmental reporting

Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure is provided for the UK as this is the Company's country of domicile.

Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather than in the earnings of the business segments.

Information by segment on a current cost of supplies basis is as follows:

2023

																					$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party			37,645			6,475			108,858			118,781			44,819			42			316,620			[A]
Inter-segment			11,560			41,230			624			2,252			4,707			—			60,373
Share of profit/(loss) of joint ventures and associates (CCS basis)			1,951			768			548			590			(96)			(3)			3,758
Interest and other income, of which:			137			671			76			61			75			1,818			2,838
Interest income			6			27			9			57			12			2,202			2,313
Net gains/(losses) on sale and revaluation of non-current assets and businesses			(22)			209			16			(61)			110			5			257
Other			153			435			51			65			(47)			(389)			268
Third-party and inter-segment purchases (CCS basis)			27,356			7,890			94,614			102,396			40,170			15			272,441
Operating expenses, of which:			4,823			9,845			9,336			11,483			3,831			642			39,960
Production and manufacturing expenses			4,529			9,186			949			7,908			2,610			58			25,240
Selling, distribution and administrative expenses			168			163			8,137			3,323			1,058			584			13,433
Research and development expenses			126			496			250			252			163			—			1,287
Exploration expenses			216			1,534			—			—			—			—			1,750
Depreciation, depletion and amortisation charge, of which:			8,903			12,463			2,335			6,411			1,159			19			31,290
Impairment losses			3,472			1,360			420			2,787			908			—			8,947			[B]
Impairment reversals			(324)			(206)			(1)			(90)			(141)			—			(762)			[C]
Interest expense			146			507			52			62			4			3,902			4,673
Taxation charge/(credit) (CCS basis)			2,803			8,377			819			(198)			1,303			90			13,194
CCS earnings			7,046			8,528			2,950			1,530			3,038			(2,811)			20,281

[A]Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior gains of $4,689 million related to sales contracts and prior losses of $2,074 million related to purchase contracts that were previously recognised and where physical settlement has taken place during 2023.

[B]Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).

[C]Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).

40 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

7. Segment information continued

2022

																								$ million
			Integrated Gas						Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party			54,751						8,352			120,638			144,342			53,190			41			381,314			[A]
Inter-segment			18,412						52,285			606			2,684			6,791			—			80,778
Share of profit/(loss) of joint ventures and associates (CCS basis)			1,219						2,111			237			374			(7)			(4)			3,930
Interest and other income, of which:			(714)						726			(104)			244			57			706			915
Interest income			43						22			—			24			(2)			959			1,046
Net gains on sale and revaluation of non-current assets and businesses			101						437			(186)			282			8			—			642
Other			(858)			[B]			267			82			(62)			51			(253)			(773)
Third-party and inter-segment purchases (CCS basis)			37,785						10,666			108,012			127,521			57,024			(28)			340,980
Operating expenses, of which:			5,237						10,365			8,383			11,362			3,590			539			39,476
Production and manufacturing expenses			4,907						9,676			810			7,583			2,520			22			25,518
Selling, distribution and administrative expenses			218						233			7,351			3,592			972			517			12,883
Research and development expenses			112						456			222			187			98			—			1,075
Exploration expenses			240						1,472			—			—			—			—			1,712
Depreciation, depletion and amortisation charge, of which:			2,211						10,334			1,900			3,289			777			18			18,529
Impairment losses			115						950			480			356			412			—			2,313			[C]
Impairment reversals			(3,449)						(2,504)			(151)			(73)			—			—			(6,177)			[D]
Interest expense			84						345			46			22			2			2,682			3,181
Taxation charge/(credit) (CCS basis)			5,899						14,070			903			935			(303)			(7)			21,497
CCS earnings			22,212						16,222			2,133			4,515			(1,059)			(2,461)			41,562

[A]Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior losses of $9,815 million related to sales contracts and prior gains of $7,201 million related to purchase contracts that were previously recognised and where physical settlement had taken place during 2022.

[B]Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.

[C]Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).

[D]Impairment reversals fully comprise Property, plant and equipment. (See Note 12).

41 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

7. Segment information continued

2021

																					$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Revenue:
Third-party			29,922			9,182			83,494			116,448			22,415			43			261,504			[A]
Inter-segment			8,072			35,789			254			1,890			4,675			—			50,680
Share of profit/(loss) of joint ventures and associates (CCS basis)			1,933			632			385			989			(27)			1			3,913
Interest and other income, of which:			1,596			4,592			278			37			200			353			7,056
Interest income			—			37			3			36			4			431			511
Net gains on sale and revaluation of non-current assets and businesses			1,610			4,130			285			(24)			(6)			—			5,995
Other			(14)			425			(10)			25			202			(78)			550
Third-party and inter-segment purchases (CCS basis)			20,188			9,094			70,745			103,294			26,048			(5)			229,364
Operating expenses, of which:			4,526			10,322			7,501			10,347			2,745			524			35,965
Production and manufacturing expenses			4,194			9,797			950			6,815			2,098			(32)			23,822
Selling, distribution and administrative expenses			231			186			6,384			3,375			596			556			11,328
Research and development expenses			101			339			167			157			51			—			815
Exploration expenses			122			1,301			—			—			—			—			1,423
Depreciation, depletion and amortisation charge, of which:			5,908			13,485			1,700			5,485			326			17			26,921
Impairment losses			723			920			129			2,248			45			—			4,065			[B]
Impairment reversals			(204)			(9)			(1)			—			—			—			(214)			[C]
Interest expense			71			333			27			44			—			3,132			3,607
Taxation charge/(credit) (CCS basis)			2,648			6,057			903			(210)			(342)			(665)			8,391
CCS earnings			8,060			9,603			3,535			404			(1,514)			(2,606)			17,482

[A]Includes $126 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount includes both the reversal of prior losses of $4,824 million related to sales contracts and prior gains of $4,892 million related to purchase contracts that were previously recognised and where physical settlement had taken place during 2021.

[B]Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4 million). (See Note 12).

[C]Impairment reversals fully comprise Property, plant and equipment. (See Note 12).

Reconciliation of CCS earnings to income for the period

			$ million
			2023			2022			2021
Income attributable to Shell plc shareholders			19,359			42,309			20,101
Income attributable to non-controlling interest			277			565			529
Income for the period			19,636			42,874			20,630
Current cost of supplies adjustment:
Purchases			815			(1,714)			(3,772)
Taxation			(203)			444			808
Share of profit of joint ventures and associates			33			(42)			(184)
Current cost of supplies adjustment			645			(1,312)			(3,148)
Of which:
Attributable to Shell plc shareholders			650			(1,196)			(3,029)
Attributable to non-controlling interest			(5)			(116)			(119)
CCS earnings			20,281			41,562			17,482
Of which:
CCS earnings attributable to Shell plc shareholders			20,008			41,113			17,072
CCS earnings attributable to non-controlling interest			273			449			410

42 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

7. Segment information continued

Information by geographical area is as follows:

2023

																		$ million
			Europe						Asia, Oceania, Africa			USA			Other Americas			Total
Third-party revenue, by origin			118,135			[A]			99,967			70,291			28,227			316,620
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31			48,008			[B]			91,374			57,261			49,562			246,205

[A]Includes $44,815 million that originated from the UK.

[B]Includes $21,478 million located in the UK.

2022

																		$ million
			Europe						Asia, Oceania, Africa			USA			Other Americas			Total
Third-party revenue, by origin			135,975			[A]			126,643			87,085			31,611			381,314
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31			40,161			[B]			97,019			59,233			51,794			248,207

[A]Includes $50,236 million that originated from the UK.

[B]Includes $20,772 million located in the UK.

2021

																		$ million
			Europe						Asia, Oceania, Africa			USA			Other Americas			Total
Third-party revenue, by origin			78,549			[A]			87,070			73,647			22,238			261,504
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31			38,881			[B]			97,278			58,286			48,595			243,040

[A]Includes $21,846 million that originated from the UK.

[B]Includes $21,974 million located in the UK.

Cash capital expenditure

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

2023

																					$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			3,491			8,249			5,563			3,106			2,314			270			22,993			[A]
Investments in joint ventures and associates			705			94			49			84			261			9			1,202			[A]
Investments in equity securities			—			—			—			2			106			89			197			[A]
Cash capital expenditure*			4,196			8,343			5,612			3,192			2,681			368			24,392

[A]See Consolidated Statements of Cash Flows.

* Non-GAAP measure (see page 329).

43 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

7. Segment information continued

2022

																					$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			3,433			8,020			4,527			3,835			2,610			175			22,600			[A]
Investments in joint ventures and associates			832			123			304			2			703			9			1,973			[A]
Investments in equity securities			—			—			—			1			156			103			260			[A]
Cash capital expenditure*			4,265			8,143			4,831			3,838			3,469			287			24,833

[A]See Consolidated Statements of Cash Flows.

2021

																					$ million
			Integrated Gas			Upstream			Marketing			Chemicals and Products			Renewables and Energy Solutions			Corporate			Total
Capital expenditure			3,306			6,277			2,122			5,091			2,069			135			19,000			[A]
Investments in joint ventures and associates			196			(109)			148			80			154			10			479			[A]
Investments in equity securities			—			—			3			4			136			75			218			[A]
Cash capital expenditure*			3,502			6,168			2,273			5,175			2,359			220			19,697

[A]See Consolidated Statements of Cash Flows.

8. Interest and other income

$ million
			2023			2022			2021
Interest income			2,313			1,046			511
Dividend income (from investments in equity securities)			49			216			91
Net gains on sale and revaluation of non-current assets and businesses			257			642			5,995
Net foreign exchange (losses)/gains on financing activities			(458)			(340)			118
Other			677			(649)			341
Total			2,838			915			7,056

Other includes amounts recognised in respect of sublease income from partners in joint operations (2023: $418 million, 2022: $319 million, 2021: $313 million).

In 2022, Other included the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of Shell's withdrawal from Russian oil and gas activities. In 2021, net gains on sale of non-current assets and businesses arose mainly in respect of gains on the sale of Integrated Gas assets in Australia and Norway, and Upstream assets in the USA and Nigeria.

9. Interest expense

$ million
			2023			2022			2021
Interest incurred and similar charges			2,669			1,971			2,086
Interest expense related to leases			1,772			1,724			1,987
Less: interest capitalised			(532)			(950)			(917)
Other net losses/(gains) on fair value and cash flow hedges of debt			45			(71)			1
Accretion expense			719			507			450
Total			4,673			3,181			3,607

The rate applied in determining the amount of interest capitalised in 2023 was 4.0% (2022: 4.0%; 2021: 4.0%).

* Non-GAAP measure (see page 329).

44 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

10. Goodwill and other intangible assets

2023

			$ million
									Other intangible assets
			Goodwill						LNG off-take and sales contracts						Environmental certificates			Other						Total
Cost
At January 1			17,557						9,833						2,201			8,158						20,192
Additions			1,436						—						3,837			1,721			[C]			5,558
Sales, retirements and other movements [A]			(506)						(99)						(3,714)			(376)						(4,189)
Currency translation differences			55						—						67			139						206
At December 31			18,542						9,734						2,391			9,642						21,767
Depreciation, depletion and amortisation, including impairments
At January 1			1,518						6,060									4,470						10,530
Charge for the year [B]			635						790									442						1,232
Sales, retirements and other movements [A]			(296)						(99)									(222)						(321)
Currency translation differences			25						—									73						73
At December 31			1,882						6,751									4,763						11,514
Carrying amount at December 31			16,660						2,983						2,391			4,879			[D]			10,253

[A]Includes the reclassification of assets classified as held for sale. (See Note 18).

[B]Includes impairment losses and reversals. (See Note 12).

[C]Includes feedstock supply contracts and intellectual property rights ($948 million) from an acquisition in Marketing and software ($357 million) primarily in Integrated Gas and Marketing.

[D]Includes software ($829 million), power purchase agreements, retail customer relationships and trademarks.

2022

			$ million
									Other intangible assets
			Goodwill						LNG off-take and sales contracts			Environmental certificates						Other						Total
Cost
At January 1			16,117						9,833			2,747						6,679						19,259
Additions			1,954						—			2,338						1,263			[C]			3,601
Sales, retirements and other movements [A]			(351)						—			(2,749)						459			[D]			(2,290)
Currency translation differences			(163)						—			(135)						(243)						(378)
At December 31			17,557						9,833			2,201						8,158						20,192
Depreciation, depletion and amortisation, including impairments
At January 1			1,197						5,267									4,219						9,486
Charge for the year [B]			360						793									532						1,325
Sales, retirements and other movements [A]			—						—									(137)						(137)
Currency translation differences			(39)						—									(144)						(144)
At December 31			1,518						6,060									4,470						10,530
Carrying amount at December 31			16,039						3,773			2,201						3,688			[E]			9,662

[A]Includes the reclassification of assets classified as held for sale. (See Note 18).

[B]Includes impairment losses and reversals. (See Note 12).

[C]Includes other intangible assets ($1,010 million) mainly acquired through acquisitions in Marketing and Renewables and Energy Solutions.

[D]Includes the reclassification from goodwill following the completion of a purchase price allocation in Renewables and Energy Solutions.

[E]Includes software ($583 million), power purchase agreements, retail customer relationships and trademarks.

Goodwill at December 31, 2023, related principally to the acquisition of BG Group plc in 2016, allocated to Integrated Gas ($4,945 million) and Upstream ($5,294 million) at the operating segment level, and to Pennzoil-Quaker State Company ($1,665 million), a lubricants business in the Marketing segment based largely in North America.

Additions to goodwill in 2023 of $1,436 million mainly related to goodwill recognised from acquisitions in Marketing ($1,304 million) and Renewables and Energy Solutions ($132 million).

45 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

11. Property, plant and equipment

2023 [A]

			$ million
			Exploration and production
			Exploration and evaluation			Production			Manufacturing, supply and distribution			Other			Total
Cost
At January 1			11,565			277,016			106,785			39,595			434,961
Additions			2,161			10,731			5,910			7,029			25,831
Sales, retirements and other movements [B]			(5,164)			(1,153)			(1,016)			(1,387)			(8,720)
Reclassifications [C]			—			(2,779)			527			2,252			—
Currency translation differences			73			1,855			863			207			2,998
At December 31			8,635			285,670			113,069			47,696			455,070
Depreciation, depletion and amortisation, including impairments
At January 1			5,162			159,662			56,901			14,594			236,319
Charge for the year [D]			731			18,202			8,295			2,687			29,915
Sales, retirements and other movements [B]			(2,609)			(2,000)			(2,083)			(1,394)			(8,086)
Reclassifications [C]			—			(2,217)			63			2,154			—
Currency translation differences			39			1,326			650			72			2,087
At December 31			3,323			174,973			63,826			18,113			260,235
Carrying amount at December 31			5,312			110,697			49,243			29,583			194,835

[A]Includes right-of-use assets under leases. (See Note 21).

[B]Includes the reclassification of assets classified as held for sale. (See Note 18).

[C]Reclassifications of right-of-use assets. (See Note 21).

[D]Includes impairment losses and reversals. (See Note 12).

2022 [A]

			$ million
			Exploration and production
			Exploration and evaluation			Production			Manufacturing, supply and distribution			Other			Total
Cost
At January 1			12,679			285,903			104,182			34,005			436,769
Additions			1,564			11,954			6,928			7,808			28,254
Sales, retirements and other movements [B]			(2,469)			(14,541)			(2,548)			(242)			(19,800)
Currency translation differences			(209)			(6,300)			(1,777)			(1,976)			(10,262)
At December 31			11,565			277,016			106,785			39,595			434,961
Depreciation, depletion and amortisation, including impairments
At January 1			5,580			167,530			55,131			13,596			241,837
Charge for the year [C]			397			9,709			5,149			2,055			17,310
Sales, retirements and other movements [B]			(765)			(13,207)			(2,054)			(396)			(16,422)
Currency translation differences			(50)			(4,370)			(1,325)			(661)			(6,406)
At December 31			5,162			159,662			56,901			14,594			236,319
Carrying amount at December 31			6,403			117,354			49,884			25,001			198,642

[A]Includes right-of-use assets under leases. (See Note 21).

[B]Includes the reclassification of assets classified as held for sale. (See Note 18).

[C]Includes impairment losses and reversals. (See Note 12).

46 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

11. Property, plant and equipment continued

The carrying amount of property, plant and equipment at December 31, 2023, included $28,135 million (2022: $27,277 million) of assets under construction. This amount excludes exploration and evaluation assets.

The carrying amount of exploration and production assets at December 31, 2023, included rights and concessions in respect of proved and unproved properties of $6,097 million (2022: $7,662 million). Exploration and evaluation assets principally comprise rights and concessions in respect of unproved properties and capitalised exploration drilling costs.

The total contractual commitments for the purchase and lease of property, plant and equipment at December 31, 2023, amounted to $12,419 million of which $8,594 million related to lease commitments.

Capitalised exploration drilling costs

			$ million
			2023			2022			2021
At January 1			2,911			3,015			3,654
Additions pending determination of proved reserves			1,967			1,298			1,024
Amounts charged to expense			(868)			(881)			(639)
Reclassifications to productive wells on determination of proved reserves			(874)			(531)			(577)
Other movements			—			10			(447)
At December 31			3,136			2,911			3,015

			Projects									Wells
			Number			$ million						Number			$ million
Between 1 and 5 years			13			721						14			353
Between 6 and 10 years			6			704						22			708
Between 11 and 15 years			2			69						20			390
Between 16 and 20 years			2			124						8			167
Total			23			1,618						64			1,618

Exploration drilling costs capitalised for periods greater than one year at December 31, 2023, analysed according to the most recent year of activity, are presented in the table above. These comprise $273 million relating to five projects where drilling activities were under way or firmly planned for the future, and $1,345 million relating to 18 projects awaiting development concepts.

47 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

12. Impairment of property, plant and equipment, goodwill and other intangible assets

Impairments

			$ million
			2023			2022						2021
Impairment losses
Goodwill			635			361						167
Intangible assets other than goodwill			130			153						4
Property, plant and equipment, of which [A]			8,182			1,799						3,894
Exploration and production			4,820			868						1,533
Manufacturing, supply and distribution			2,785			474						2,340
Other			577			457						21
Total [B]			8,947			2,313						4,065
Impairment reversals
Intangible assets other than goodwill			135			—						—
Property, plant and equipment, of which [A]			627			6,177						214
Exploration and production			528			5,954						213
Manufacturing, supply and distribution			91			72						—
Other			8			151						1
Total [B]			762			6,177						214

[A]Includes right-of-use assets under leases. (See Note 21).

[B]See Note 7.

Discount rate and other assumptions

The discount rates applied in determining value in use reflect a current market assessment of the time value of money, adjusted for risks not included in forecast cash flows. The discount rate applied is based on a nominal post-tax weighted average cost of capital (WACC), derived from the following key assumptions:

[A]The peer group of comparable energy companies is tailored to reflect relevant integrated power companies (for power activities in the Renewables and Energy Solutions segment) and integrated oil and gas companies (for the rate applied to all other assets). The proportion of debt and equity in the WACC calculation reflects a target gearing ratio, tailored for power activities and oil and gas activities as appropriate.

This rate is reassessed throughout the reporting period, with adjustments made when changes in assumptions applied would lead to a change in an investor's expected rate of return on a portfolio of similar assets. This assessment considers a range of factors, including macroeconomic forecasts, the historical volatility of key assumptions and the level of risking reflected in cash flow forecasts, including the extent to which systemic risks have been reflected in Shell's Operating Plan, which forms the basis of forecast cash flows in determining value in use.

Cash flow projections used in the determination of value in use were made using management's forecasts of commodity prices, market supply and demand, forecast expenditures, potential costs associated with operational GHG emissions, product margins including forecast refining margins, chemical margins and expected production volumes (see Note 2). The level of risking reflected in these assumptions is a consideration in management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in calculating value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows.

The discount rate increased in 2023, predominantly as a result of sustained increases in US Treasury yields. The discount rate applied was a nominal post-tax WACC of 6% (2022: 5%) for the power activities in the Renewables and Energy Solutions segment and a nominal post-tax WACC of 7.5% (2022: 6.5%) for all other businesses.

48 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

12. Impairment of property, plant and equipment, goodwill and other intangible assets continued

Recoverable value was predominantly assessed by reference to value in use. The pre-tax discount rates applied for value in use impairment testing vary according to the characteristics of the asset, including its useful life and cash flow profiles. The weighted average pre-tax discount rate applied in the recognition of impairment charges during the year was 9.9% for the Renewables and Energy Solutions segment and 12.9% for all other businesses. Prior year impairment charges were predominantly related to the withdrawal from Russia where value in use calculations were not applicable.

The near-term commodity price assumptions applied in impairment testing were as follows:

Commodity price assumptions [A]

2023			2024			2025			2026			2027
Brent crude oil ($/b)			70			70			70			74
Henry Hub natural gas ($/MMBtu)			4.00			4			4			4

2022			2023			2024			2025			2026
Brent crude oil ($/b)			80			70			70			71
Henry Hub natural gas ($/MMBtu)			4.00			3.50			3.50			3.98

[A]Money of the day.

For periods after 2027, the real-terms price assumptions applied were: $70 per barrel (/b) (2022: $65/b) for Brent crude oil, $4.00 per million British thermal units (/MMBtu) (2022: $4.00/MMBtu) for Henry Hub natural gas.

Oil and gas price assumptions applied for impairment testing are reviewed and, where necessary, adjusted on a periodic basis. Reviews include comparison with available market data and forecasts that reflect developments in demand such as global economic growth, technology efficiency, policy measures and, in supply, consideration of investment and resource potential, cost of development of new supply, and behaviour of major resource holders.

For certain assets in the Chemicals and Products and Renewables and Energy Solutions segments, the recoverable value was determined by reference to fair value less costs of disposal. In determining fair value, adjustments are made to forecast cash flows to reflect assumptions used by market participants. These adjustments predominantly relate to the discount rate applied and commodity price assumptions. For certain assets in the Renewables and Energy Solutions segment, the valuation methodology incorporates other adjustments to reflect comparable transactions.

The total carrying value of property, plant and equipment, goodwill and other intangible assets at December 31, 2023 for which recoverable value was determined by reference to fair value less costs of disposal was $2.6 billion related to assets in Renewables and Energy Solutions and $2.5 billion in Chemicals and Products. The weighted average post-tax discount rate applied to impairments recognised during the year is 12% for Renewables and Energy Solutions and 10% for Chemicals and Products.

Goodwill

Goodwill impairments of $635 million in 2023 are mainly recognised in Renewables and Energy Solutions primarily related to an asset in North America, triggered by annual goodwill impairment testing reflecting factors including the impact of the deteriorated macro environment.

Property, plant and equipment

Exploration and production

Impairment losses recognised in Exploration and production in 2023 of $4,820 million related to various assets in Integrated Gas ($3,472 million) and Upstream ($1,348 million). Impairments recognised in Integrated Gas mainly related to an asset located in North America, triggered by a change in the discount rate applied, and a project in Australia, triggered by factors including revised production estimates and regulatory changes. Impairment losses recognised in Upstream principally relate to projects in North America, Nigeria and the UK triggered by factors including revised reserves estimates and portfolio choices.

Manufacturing, supply and distribution

Impairment losses recognised in Manufacturing, supply and distribution in 2023 of $2,785 million mainly related to chemical assets in Singapore in Chemicals and Products, triggered by lower expected chemical margins and associated with portfolio choices.

Other

Other impairment losses in 2023 of $577 million related to various assets in Marketing ($292 million) and assets in Renewables and Energy Solutions mainly in Europe ($273 million).

Impairment reversals in 2023 of $627 million are mainly triggered by the reassessment of fair value less costs of disposal in Integrated Gas
($325 million) and revised reserves estimates in Upstream ($203 million).

Impairment losses in 2022 mainly related to the withdrawal from Russia ($854 million), the classification of an Upstream asset as held for sale ($320 million) and an impairment of capital expenditure additions in fully impaired sites in Chemicals and Products ($257 million).

49 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

12. Impairment of property, plant and equipment, goodwill and other intangible assets continued

The recognition of impairment reversals in 2022 was mainly triggered by the revision of Shell's mid- and long-term commodity price assumptions reflecting the energy market demand and supply fundamentals. They are related to: i) Integrated Gas for $3,449 million, mainly relating to the Queensland Curtis LNG asset; and ii) Upstream for $2,504 million, mainly related to two offshore projects in Brazil and an asset in the US Gulf of Mexico.

Impairment losses in 2021 were predominantly triggered by reclassifications of assets held for sale and portfolio developments. They were mainly related to three refineries in the USA within Chemicals and Products impaired on classification as held for sale ($1,537 million), and exploration and evaluation assets both within Integrated Gas ($600 million) and Upstream ($373 million).

Sensitivities

The main sensitivities in relation to value in use impairment assessment are the commodity price assumptions in Integrated Gas and Upstream, refining and chemical margins in Chemicals and Products, and discount rates in all segments.

Commodity price assumptions

A change of -10% or +10% in the commodity price assumptions over the entire cash flow projection period would ceteris paribus result in $5-8 billion impairments or $2-5 billion impairment reversal, respectively, in Integrated Gas and Upstream.

Refining margins

Refining margins applied for impairment testing by reference to value in use are at an average of $7.6/bbl. A change of -$1/bbl or +$1/bbl
in long-term refining margins over the entire cash flow projection period would ceteris paribus result in $1-2 billion impairments or up to $1 billion impairment reversal, respectively, in Chemicals and Products.

Chemical margins

Chemicals margins applied for impairment testing by reference to value in use are at an average of $252/tonne. A change of -$30/tonne or +$30/tonne in long-term chemical margins over the entire cash flow projection period would ceteris paribus result in up to $2 billion impairments or no impairment reversal, respectively, in Chemicals and Products.

Discount rates

A change of +1% in the discount rate would ceteris paribus result in $2-4 billion impairments in Integrated Gas and Upstream, and up to
$1 billion in Chemicals and Products, and would have no significant impact in other segments.

Where carrying values have been supported by reference to fair value less costs of disposal, recoverable amounts are less sensitive to Shell's planning assumptions. This is on the basis that key assumptions (including discount rates and commodity prices) have been adjusted to reflect those used by market participants.

In calculating recoverable value, key assumptions are not determined in isolation, to ensure relevant interdependencies are appropriately reflected. In particular, management considers the relationship between discount rates, forecast commodity prices and cash flow risking to ensure impairment testing assumptions result in an implicit expected return which is balanced and appropriate for the asset under review. Each of the sensitivities described above have been tested under a ceteris paribus assumption where all other factors remain unchanged, and as such do not reflect the potential offsetting effects of corresponding changes in other assumptions.

50 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

13. Joint ventures and associates

Shell share of comprehensive income of joint ventures and associates

																														$ million
			2023												2022															2021
			Joint ventures						Associates			Total						Joint ventures			Associates						Total						Joint ventures			Associates			Total
Income for the period			1,619						2,106			3,725						2,589			1,383			[A]			3,972						1,955			2,142			4,097
Other comprehensive (loss)/income for the period			(183)						—			(183)						21			—						21						(106)			—			(106)
Comprehensive income for the period			1,436						2,106			3,542						2,610			1,383						3,993						1,849			2,142			3,991

[A]Includes an impairment charge of $1,614 million related to Sakhalin-2. (See Note 14).

Carrying amount of interests in joint ventures and associates

$ million

Dec 31, 2023

Dec 31, 2022

Joint ventures

Associates

Total

Joint ventures

Associates

Total

Net assets

17,382

7,075

24,457

17,056

6,808

23,864

Transactions with joint ventures and associates [A]

			$ million
			2023			2022			2021
Sales and charges to joint ventures and associates			10,223			12,230			8,509
Purchases and charges from joint ventures and associates			15,084			22,286			13,584

[A]Includes 25% (2022: 29%) of sales and 19% (2022: 16%) purchases in transactions with one joint venture operating in the oil trading business.

These transactions principally comprise sales and purchases of goods and services in the ordinary course of business. Related balances outstanding at December 31, 2023, and 2022, are presented in Notes 15 and 19.

Other arrangements in respect of joint ventures and associates

			$ million
			Dec 31, 2023			Dec 31, 2022
Commitments to make purchases from joint ventures and associates [A]			1,397			1,234
Commitments to provide debt or equity funding to joint ventures and associates			405			567

[A]Commitments to make purchases from joint ventures and associates mainly relate to contracts associated with LNG processing fees and transportation capacity. Shell has other purchase obligations related to joint ventures and associates that are not fixed or determinable and are principally intended to be resold in a short period of time through sales agreements with third parties. These include long-term LNG and natural gas purchase commitments and commitments to purchase refined products or crude oil at market prices.

51 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

14. Investments in securities

Investments in securities

			$ million
			Dec 31, 2023			Dec 31, 2022
Equity securities:			1,605			1,533
Equity securities at fair value through other comprehensive income			1,605			1,533
Debt securities:			1,641			1,829
Debt securities at amortised cost			28			21
Debt securities at fair value through other comprehensive income			1,285			1,308
Debt securities at fair value through profit or loss			328			500
Total			3,246			3,362
At fair value
Measured by reference to prices in active markets for identical assets			1,983			1,884
Measured by reference to other observable inputs			92			158
Measured using predominantly unobservable inputs			1,143			1,299
Total			3,218			3,341
At cost			28			21
Total			3,246			3,362

As at December 31, 2023, investments included equity securities comprising interests in which Shell has no significant influence; debt securities, principally comprising a portfolio required to be held by the Company's internal insurance entities as security for their activities; and assets held in escrow in relation to the Group's UK pension arrangements.

Equity securities at fair value through other comprehensive income include a 27.5% (minus one share) interest in Sakhalin Energy Investment Company Ltd. (SEIC). Up to March 31, 2022, this investment was accounted for as an associate applying the equity method. Significant influence over the Sakhalin-2 investment was lost from April 1, 2022, leading to recognition, without financial impact, of the investment as a financial asset accounted for at fair value from that date, with subsequent changes in fair value recognised in other comprehensive income. The carrying value of the investment is zero as at December 31, 2023 (2022: zero).

Investments in securities measured using predominantly unobservable inputs [A]

			$ million
			2023			2022
At January 1			1,299			1,707
Losses recognised in other comprehensive income			(126)			(206)
Purchases			146			142
Sales			(207)			(37)
Other movements			31			(307)
At December 31			1,143			1,299

[A]Based on expected dividend flows, adjusted for country and other risks as appropriate and discounted to their present value.

Other movements in 2022 includes a reclassification to Property, plant and equipment, as a result of obtaining title to assets in a project in Asia.

52 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

15. Trade and other receivables

			$ million
			Dec 31, 2023									Dec 31, 2022
			Current			Non-current						Current			Non-current
Trade receivables			36,273			—						39,334			—
Lease receivables			188			1,032						206			1,090
Other receivables			9,642			2,801						9,737			3,247
Amounts due from joint ventures and associates			1,014			278						2,722			423
Prepayments and deferred charges			6,156			2,187						14,511			2,160
Total			53,273			6,298						66,510			6,920

The fair value of financial assets included above approximates the carrying amount and was determined from predominantly unobservable inputs.

Other receivables at December 31, 2023, included receivables from certain governments in their capacity as joint arrangement partners of $296 million (2022: $717 million), after provisions for impairments, that are overdue in part or in full. Recoverability and timing thereof are subject to uncertainty, however, the ultimate risk of default on the carrying amount is considered to be low. Other receivables at December 31, 2023, also included current income tax receivables of $558 million (2022: $363 million) and non-current income tax receivables of $568 million (2022: $469 million).

Current prepayments and deferred charges at December 31, 2023, mainly decreased compared to prior year due to lower gas and power prices and a lower outstanding collateral position.

Provisions for impairments deducted from trade and other receivables amounted to $1,251 million at December 31, 2023 (2022: $1,510 million).

Allowance for expected credit losses - trade receivables

Shell uses a provision matrix to calculate expected credit losses (ECLs) for trade receivables. The provision matrix is initially based on Shell's historical observed default rates. Shell calculates the ECL to adjust the historical credit loss experienced with forward-looking information.
The ECL at December 31, 2023, was $185 million (2022: $214 million), which represents 0.51-0.54% (2022: 0.45-0.54%) of all trade receivables.

A loss allowance provision of $415 million (2022: $841 million) was established in addition to all other impairments to trade receivables
as at December 31, 2023, that are outside of the provision matrix calculations.

Lease receivables

Lease contracts where Shell is the lessor are classified as finance leases or operating leases. Receivables for lease contracts classified as finance leases are as follows:

						$ million
			Dec 31, 2023			Dec 31, 2022
Less than one year			238			257
Between 1 and 5 years			848			792
5 years and later			453			532
Total undiscounted lease payments receivable			1,539			1,581
Unearned finance income			260			270
Net investment in leases			1,279			1,311

In addition, at December 31, 2023, Shell is entitled to future contractual payments under operating leases of $312 million (2022: $389 million).

16. Inventories

			$ million
			Dec 31, 2023			Dec 31, 2022
Oil, gas and chemicals			22,232			27,823
Environmental certificates			2,108			2,557
Materials			1,679			1,514
Total			26,019			31,894

Inventories at December 31, 2023, included write-downs to net realisable value of $1,567 million (2022: $2,705 million).

53 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

17. Cash and cash equivalents

			$ million
			Dec 31, 2023			Dec 31, 2022
Cash			5,886			6,608
Short-term bank deposits			6,590			5,147
Money market funds, reverse repos and other cash equivalents			26,298			28,491
Total			38,774			40,246

In 2023, cash continued to be invested with an emphasis on capital preservation. Information about credit risk is presented in Note 25. Included in cash and cash equivalents at December 31, 2023, were amounts totalling $460 million (2022: $156 million) subject to currency controls or other legal restrictions.

18. Assets held for sale

									$ million
						Dec 31, 2023												Dec 31, 2022
			Current			Non-current			Total						Current			Non-current			Total
Intangible assets			—			71			71						—			—			—
Property, plant and equipment			—			250			250						—			2,526			2,526
Joint ventures and associates			—			19			19						—			94			94
Investments in securities			—			—			—						—			128			128
Deferred tax			—			10			10						—			—			—
Retirement benefits			—			1			1						—			—			—
Trade and other receivables			103			34			137						44			51			95
Inventories			463			—			463						8			—			8
Assets classified as held for sale			566			385			951						52			2,799			2,851
Debt			2			82			84						3			1			4
Trade and other payables			94			—			94						256			22			278
Retirement benefits			—			53			53						—			—			—
Decommissioning and other provisions			7			68			75						134			971			1,105
Income taxes payable			1			—			1						8			—			8
Liabilities directly associated with assets classified as held for sale			104			203			307						401			994			1,395

At December 31, 2023, assets held for sale mainly related to an asset in Chemicals and Products in Europe, a Renewables and Energy Solutions project in North America and an asset within Marketing in Asia. All transactions that resulted in the reclassification of assets held for sale at December 31, 2023, are expected to be completed in 2024.

At December 31, 2022, assets held for sale mainly related to three Upstream projects. All transactions that resulted in assets held for sale reclassification at December 31, 2022, were completed in 2023.

19. Trade and other payables

			$ million
			Dec 31, 2023									Dec 31, 2022
			Current			Non-current						Current			Non-current
Trade payables			34,591			—						42,632			—
Other payables [A]			9,887			2,835						10,059			3,148
Sales taxes, excise duties and similar levies			3,105			—						3,270			—
Amounts due to joint ventures and associates			7,519			33						8,441			31
Accruals and deferred income			13,135			235						14,955			253
Total			68,237			3,103						79,357			3,432

[A]Includes obligations under environmental compliance schemes of $4,046 million as at December 31, 2023 (2022: $4,710 million). (See Note 5).

The fair value of financial liabilities included above approximates the carrying amount and was determined from predominantly
unobservable inputs.

Other payables include amounts due to joint arrangement partners and in respect of other project-related items.

Information about offsetting, collateral and liquidity risk is presented in Note 25.

54 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

20. Debt

Debt

			$ million
			Dec 31, 2023												Dec 31, 2022
			Debt (excluding lease liabilities)			Lease liabilities [A]			Total						Debt (excluding lease liabilities)			Lease liabilities [A]			Total
Current debt:			5,288			4,643			9,931						4,620			4,381			9,001
Short-term debt			845						845						1,026						1,026
Long-term debt due within 1 year			4,443			4,643			9,086						3,594			4,381			7,975
Non-current debt			48,544			23,066			71,610						51,532			23,262			74,794
Total			53,832			27,709			81,541						56,152			27,643			83,795

[A]Further analysis of lease liabilities is provided in Note 21.

Net debt is the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge the volatility caused by fluctuations in foreign exchange and interest rates relating to debt, and associated collateral balances. Net debt is a non-GAAP measure, providing additional information to help demonstrate the economic impacts of debt, associated hedges, and cash and cash equivalents.

Net debt

																		$ million
			(Asset)/liability
			Current debt			Non-current debt						Derivative financial instruments			Cash and cash equivalents (see Note 17)			Net debt*
At January 1, 2023			9,001			74,794						1,288			(40,246)			44,837
Cash flow			(9,617)			(215)						723			1,778			(7,331)
Lease additions [A]			1,021			3,321												4,342
Other movements			9,619			(7,184)						(481)			—			1,954
Currency translation differences and foreign exchange (gains)/losses			(93)			894						(755)			(306)			(260)
At December 31, 2023			9,931			71,610						775			(38,774)			43,542
At January 1, 2022			8,218			80,868						440			(36,970)			52,556
Cash flow			(7,618)			(254)						(1,799)			(4,012)			(13,683)
Lease additions [A]			1,111			4,077												5,188
Other movements			7,560			(7,883)						1,393			—			1,070
Currency translation differences and foreign exchange (gains)/losses			(270)			(2,014)						1,254			736			(294)
At December 31, 2022			9,001			74,794						1,288			(40,246)			44,837

[A]Further analysis of lease liabilities is provided in Note 21.

Borrowing facilities and amounts undrawn

$ million

Facility

Amount undrawn

Dec 31, 2023

Dec 31, 2022

Dec 31, 2023

Dec 31, 2022

CP programmes

20,000

20,000

20,000

20,000

EMTN programme

unlimited

unlimited

N/A

N/A

US shelf registration

unlimited

unlimited

N/A

N/A

Committed credit facilities

9,920

9,920

9,920

9,920

* Non-GAAP measure (see page 329).

55 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

20. Debt continued

Shell has access to international debt capital markets via two commercial paper (CP) programmes, a Euro medium-term note (EMTN) programme and a US universal shelf (US shelf) registration. Issuances under the CP programmes are supported by a committed credit facility and cash.

Under the CP programmes, Shell can issue debt of up to $10,000 million with maximum maturities ranging between 183 days and 364 days depending on the form of the notes issued; and $10,000 million with maturities not exceeding 397 days.

The EMTN programme is updated each year, most recently in November 2023. During 2023, no debt was issued under this programme
(2022: no debt issued).

The US shelf registration provides Shell with the flexibility to issue debt securities, ordinary shares, preferred shares and warrants. The registration is updated once every three years and was last updated in December 2023. During 2023, no debt was issued under the US shelf registration (2022: no debt issued).

On December 13, 2019, Shell refinanced its revolving credit facilities (RCF), which are linked to the Secured Overnight Financing Rate (SOFR), at pre-agreed margins. In December 2023, Shell extended the short-dated tranche of the facility of $1,920 million until December 2024. The facility retains a further one-year bank extension option, taking final maturity to 2025. The additional RCF tranche is $8,000 million expiring in 2026 (2022: $320 million expiring in 2025 and $7,680 million expiring in 2026). The terms and availability are not conditional on Shell's financial ratios nor its financial credit ratings. The interest and fees related to these facilities are linked to Shell's progress towards reaching its short-term Net Carbon Intensity target.

The following tables compare contractual cash flows for debt, excluding lease liabilities at December 31, with the carrying amount in the Consolidated Balance Sheet. Contractual amounts reflect the effects of changes in foreign exchange rates; differences from carrying amounts reflect the effects of discounting, premiums and, where fair value hedge accounting is applied, fair value adjustments. Interest is estimated assuming that interest rates applicable to variable-rate debt remain constant and there is no change in aggregate principal amounts of debt other than repayment at scheduled maturity, as reflected in the table.

2023

			$ million
			Contractual payments
			Less than 1 year			Between 1 and 2 years			Between 2 and 3 years			Between 3 and 4 years			Between 4 and 5 years			5 years and later			Total			Difference from carrying amount			Carrying amount
Bonds			4,292			6,194			3,856			2,489			5,442			30,049			52,322			(567)			51,755
EMTN			3,042			3,444			1,106			2,489			3,942			7,649			21,672			(414)			21,258
US shelf			1,250			2,750			2,750			—			1,500			22,400			30,650			(153)			30,497
Bank and other borrowings			1,060			230			73			346			53			316			2,078			(1)			2,077
Total (excluding interest)			5,352			6,424			3,929			2,835			5,495			30,365			54,400			(568)			53,832
Interest			1,569			1,452			1,285			1,207			1,177			13,366			20,056

2022

			$ million
			Contractual payments
			Less than 1 year			Between 1 and 2 years			Between 2 and 3 years			Between 3 and 4 years			Between 4 and 5 years			5 years and later			Total			Difference from carrying amount			Carrying amount
Bonds			3,365			4,184			6,054			3,817			2,400			35,005			54,825			(1,210)			53,615
EMTN			865			2,934			3,304			1,067			2,400			11,105			21,675			(936)			20,739
US shelf			2,500			1,250			2,750			2,750			—			23,900			33,150			(274)			32,876
Bank and other borrowings			1,229			335			64			156			63			704			2,551			(14)			2,537
Total (excluding interest)			4,594			4,519			6,118			3,973			2,463			35,709			57,376			(1,224)			56,152
Interest			1,669			1,574			1,463			1,314			1,233			14,757			22,010

Interest rate swaps have been entered into against certain fixed rate debt affecting the effective interest rate on these balances (see Note 25).
The fair value of debt excluding lease liabilities at December 31, 2023, was $50,866 million (2022: $51,959 million), mainly determined from
the prices quoted for those securities. The difference between the fair value of debt and the carrying amount is predominantly related to fixed rate debt.

56 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

21. Leases

Shell has lease contracts in Integrated Gas and Upstream, principally for floating production storage and offloading units, subsea equipment, drilling and ancillary equipment, service vessels, LNG vessels and land and buildings; in Marketing, principally for land and retail sites; in Chemicals and Products, principally for plant pipeline and machinery, tankers and storage capacity; in Renewables and Energy Solutions, principally for power generation assets, storage capacity and land; and in Corporate, principally for land and buildings. Shell's obligations under its leases are secured on the leased assets.

Right-of-use assets

Right-of-use assets are included in property, plant and equipment for the following amounts:

2023

			$ million
			Exploration and production						Manufacturing, supply and distribution
			Exploration and evaluation			Production						Other [D]			Total
Cost
At January 1			—			14,675			16,463			9,899			41,037
Additions			—			790			2,442			1,308			4,540
Sales, retirements and other movements [A]			—			(116)			29			(1,040)			(1,127)
Reclassifications [B]			—			(2,779)			527			2,252			—
Currency translation differences			—			27			24			(268)			(217)
At December 31			—			12,597			19,485			12,151			44,233
Depreciation, depletion and amortisation, including impairments
At January 1			—			8,275			6,695			2,950			17,920
Charge for the year [C]			—			1,382			2,428			998			4,808
Sales, retirements and other movements [A]			—			(303)			(1,149)			(1,042)			(2,494)
Reclassifications [B]			—			(2,217)			63			2,154			—
Currency translation differences			—			9			12			(101)			(80)
At December 31			—			7,146			8,049			4,959			20,154
Carrying amount at December 31			—			5,451			11,436			7,192			24,079

[A]Includes the reclassification of right-of-use assets to assets held for sale. (See Note 18).

[B]Reclassification from Production to Manufacturing, supply and distribution and Other.

[C]Includes impairment losses ($72 million) and reversals ($2 million). (See Note 12).

[D]Other mainly includes lease contracts for retail sites, land and buildings in Marketing, Renewables and Energy Solutions and Corporate.

2022

			$ million
			Exploration and production						Manufacturing, supply and distribution
			Exploration and evaluation			Production						Other [C]			Total
Cost
At January 1			5			14,322			15,748			8,031			38,106
Additions			—			1,088			2,305			2,111			5,504
Sales, retirements and other movements [A]			(5)			(569)			(1,530)			319			(1,785)
Currency translation differences			—			(166)			(60)			(562)			(788)
At December 31			—			14,675			16,463			9,899			41,037
Depreciation, depletion and amortisation, including impairments
At January 1			—			7,935			5,946			2,273			16,154
Charge for the year [B]			—			1,182			2,223			797			4,202
Sales, retirements and other movements [A]			—			(751)			(1,444)			23			(2,172)
Currency translation differences			—			(91)			(30)			(143)			(264)
At December 31			—			8,275			6,695			2,950			17,920
Carrying amount at December 31			—			6,400			9,768			6,949			23,117

[A]Includes the reclassification of right-of-use assets to assets held for sale. (See Note 18).

[B]Includes impairment losses ($160 million) and reversals ($206 million). (See Note 12).

[C]Other mainly includes lease contracts for retail sites, land and buildings in Marketing, Renewables and Energy Solutions and Corporate.

57 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

21. Leases continued

Lease arrangements

Shell also has certain lease contracts of items with lease terms of 12 months or less. For these lease contracts, Shell applies the short-term lease recognition exemption. Lease expenses not included in the measurement of lease liability are:

Lease expenses not included in the measurement of lease liability

						$ million
			2023			2022
Expense relating to short-term leases			495			552
Expense relating to variable lease payments			1,415			1,251

The total cash outflow in respect of leases representing repayment of principal and payment of interest in 2023 was $7,512 million (2022: $6,280 million), recognised in the Consolidated Statement of Cash Flows within Cash flows from financing activities.

The future lease payments under lease contracts and the carrying amounts at December 31, by payment date are as follows:

2023

			$ million
			Contractual lease payments						Interest			Lease liabilities
Less than 1 year			6,182						1,539			4,643
Between 1 and 5 years			16,105						4,443			11,662
5 years and later			16,794						5,390			11,404
Total			39,081			[A]			11,372			27,709

[A]Future cash outflows in respect of leases may differ from lease liabilities recognised due to future decisions that may be taken by Shell in respect of the use of leased assets. These decisions may result in variable lease payments being made. In addition, Shell may reconsider whether it will exercise extension options or termination options, which are not reflected in the lease liabilities. There is no exposure to these potential additional payments in excess of the recognised lease liabilities until these decisions have been taken by Shell.

2022

			$ million
			Contractual lease payments			Interest			Lease liabilities
Less than 1 year			5,914			1,533			4,381
Between 1 and 5 years			15,624			4,655			10,969
5 years and later			17,935			5,642			12,293
Total			39,473			11,830			27,643

58 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

22. Taxation

Taxation charge

			$ million
			2023			2022			2021
Current tax:
Charge in respect of current period			13,066			16,383			7,254
Adjustments in respect of prior periods			(422)			(947)			(719)
Total			12,644			15,436			6,535
Deferred tax:
Relating to the origination and reversal of temporary differences, tax losses and credits			(305)			5,196			2,971
Relating to changes in tax rates and legislation			242			785			10
Adjustments in respect of prior periods			410			524			(317)
Total			347			6,505			2,664
Total taxation charge			12,991			21,941			9,199

Adjustments in respect of prior periods relate to events in the current period and reflect the effects of changes in rules, facts or other factors compared with those used in establishing the current tax position or deferred tax balance in prior periods.

Adjustments in respect of changes in tax rates and legislation in 2022 principally relate to the introduction of the UK Energy Profits Levy Act 2022 (EPL) on July 14, 2022.

On December 20, 2021, the OECD/G20 Inclusive Framework on BEPS released the Pillar Two Model Rules aimed to address the tax challenges of the digitalisation of the economy. The Pillar Two rules are designed to ensure large multinational enterprises (meeting certain conditions) pay a minimum level of tax on the income arising in each jurisdiction where they operate. On June 20, 2023, the UK substantively enacted Pillar Two. Shell has established a Group-wide Pillar Two Project, with oversight from senior executives, to prepare and implement these new tax rules.

Shell has applied the exception, as set out in the amendments to IAS 12, to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to have a significant impact (see also Note 2).

Reconciliation of applicable tax charge at statutory tax rates to taxation charge

									$ million
			2023			2022			2021
Income before taxation			32,627			64,815			29,829
Less: share of profit of joint ventures and associates			(3,725)			(3,972)			(4,097)
Income before taxation and share of profit of joint ventures and associates			28,902			60,843			25,732
Applicable tax charge at standard statutory tax rates			11,921			22,170			10,097
Adjustments in respect of prior periods			(12)			(424)			(1,036)
Tax effects of:
Expenses not deductible for tax purposes			1,225			849			893
Incentives for investment and development			(553)			(1,388)			(467)
Derecognition/(recognition) of deferred tax assets			243			(457)			(113)
Changes in tax rates and legislation			242			785			10
Income not subject to tax at standard statutory rates			(213)			234			90
Disposals			(113)			39			(328)
Exchange rate differences			89			(102)			53
Other reconciling items			162			235			—
Taxation charge			12,991			21,941			9,199
Weighted average of statutory tax rates [A]			41%			36%			39%
Effective tax rate based on income before taxation [B]			40%			34%			31%
Effective tax rate based on income before taxation excluding share of profit of joint ventures and associates [C]			45%			36%			36%

[A]The weighted average of statutory tax rates is calculated by dividing the applicable tax charge at standard statutory tax rates by Income before taxation and share of profit of joint ventures and associates.

[B]The effective tax rate based on income before taxation is calculated by dividing Taxation charge by Income before taxation.

[C]The effective tax rate based on income before taxation excluding share of profit of joint ventures and associates is calculated by dividing Taxation charge by Income before taxation and share of profit of joint ventures and associates.

59 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

22. Taxation continued

Compared with 2022, the increase in the weighted average of statutory tax rates reflects a higher proportion of earnings mainly in the Upstream segment subject to relatively higher tax rates.

2023 – Deferred tax

																								$ million
Deferred tax asset			Decommissioning and other provisions						Property, plant and equipment						Tax losses and credits carried forward			Retirement benefits			Other			Total
At January 1, 2023			6,049						4,290						6,446			1,977			4,827			23,589
(Charge)/credit to income			61						(680)						(2,025)			27			557			(2,060)
Currency translation differences			89						18						66			28			(11)			190
Other comprehensive income			—						—						(5)			104			23			122
Other movements			1,378			[A]			(2,044)			[A]			(202)			(386)			(964)			(2,218)
At December 31, 2023			7,577						1,584						4,280			1,750			4,432			19,623
Deferred tax liability
At January 1, 2023									(24,818)									(3,189)			(3,953)			(31,960)
Credit/(charge) to income									2,109									(228)			(168)			1,713
Currency translation differences									(173)									227			—			54
Other comprehensive income									(3)									(90)			(3)			(96)
Other movements									889									400			484			1,773
At December 31, 2023									(21,996)									(2,880)			(3,640)			(28,516)
Net deferred tax liability at December 31, 2023																								(8,893)
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2023
Deferred tax asset																								6,454
Deferred tax liability																								(15,347)

[A]Includes the impact of the IAS 12 amendments Deferred Tax related to Assets and Liabilities arising from a Single Transaction. (See Note 2).

2022 – Deferred tax

																		$ million
Deferred tax asset			Decommissioning and other provisions			Property, plant and equipment			Tax losses and credits carried forward			Retirement benefits			Other			Total
At January 1, 2022			6,562			4,993			10,518			2,744			4,545			29,362
(Charge)/credit to income			(217)			(1,261)			(3,434)			(66)			160			(4,818)
Currency translation differences			(303)			(63)			(426)			(40)			(109)			(941)
Other comprehensive income			—			—			18			(618)			70			(530)
Other movements			7			621			(230)			(43)			161			516
At December 31, 2022			6,049			4,290			6,446			1,977			4,827			23,589
Deferred tax liability
At January 1, 2022						(23,144)						(2,736)			(3,603)			(29,483)
(Charge)/credit to income						(1,503)						93			(277)			(1,687)
Currency translation differences						380						287			170			837
Other comprehensive income						4						(870)			18			(848)
Other movements						(555)						37			(261)			(779)
At December 31, 2022						(24,818)						(3,189)			(3,953)			(31,960)
Net deferred tax asset at December 31, 2022																		(8,371)
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2022
Deferred tax asset																		7,815
Deferred tax liability																		(16,186)

The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities.

60 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

22. Taxation continued

Other movements in deferred tax assets and liabilities relates to acquisitions, sales of non-current assets and businesses.

The deferred tax category Other primarily includes deferred tax positions in respect of leases, financial assets and liabilities, inventories, intangible assets other than goodwill and investments in subsidiaries, joint ventures and associates.

The deferred tax category Property, plant and equipment also includes deferred tax positions in respect of investments in partnerships in the USA which are considered pass-through entities by its parent for tax purposes.

Deferred tax assets of $6,454 million (2022: $7,815 million) are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those assets are likely to be recovered, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets. It is considered probable based on business forecasts that such taxable profits will be available. For Marketing, as well as Chemicals and Products, additional judgement is required; in some jurisdictions the assessment of forecasted taxable profits resulting in deferred tax asset recognition of $455 million (2022: $382 million) extends for an additional 10 years beyond Shell's regular 10-year planning horizon. In those situations, additional risking has been applied to the forecast of taxable profits. For Integrated Gas and Upstream, deferred tax assets recognised are expected to be recovered within the period of production of each asset. For deferred tax assets of $241 million (2022: $303 million) as at December 31, 2023, this period extends beyond 10 years.

The amount of deferred tax assets which are dependent on future taxable profits not arising from the reversal of existing deferred tax liabilities, and which relate to tax jurisdictions where Shell has suffered a loss in the current or preceding year, was $2,027 million at December 31, 2023 (2022: $4,202 million). The decrease compared with 2022 is primarily attributable to the utilisation of deferred tax assets in 2023 and a higher number of entities which have generated profit in both the current and preceding year.

Expected expiration of unused tax losses, unrecognised deductible temporary differences and tax credits

															$ million
Expected expiration						Dec 31, 2023									Dec 31, 2022
Less than one year						1,496									1,034
Between 1 and 5 years						1,475									3,257
5 years and later [A]						71,709									72,032
Total						74,680									76,323

[A]Includes unrecognised losses for Petroleum Resource Rent Tax (PRRT) in Australia which, due to the annual augmentation, increased to $46,220 million as at the end of the most recent PRRT fiscal year, June 30, 2023 (June 30, 2022: $43,832 million).

Unrecognised taxable temporary differences associated with undistributed retained earnings of investments in subsidiaries, joint ventures and associates amounted to $5,311 million at December 31, 2023 (2022: $5,521 million). These retained earnings are subject to withholding tax upon distribution.

Excluding unrecognised tax losses for PRRT, the unrecognised deductible temporary differences, unused tax losses and credits carried forward amounted to $28,460 million at December 31, 2023 (2022: $32,491 million), and included amounts of $25,489 million (2022: $28,199 million) that are subject to time limits for utilisation of five years or later, or are not time limited.

23. Retirement benefits

Retirement benefits are provided in most of the countries where Shell has operational activities. Shell offers these benefits through funded and unfunded defined benefit plans and defined contribution plans. The most significant pension plans are in the Netherlands, UK and USA.

Other post-employment benefits (OPEB) comprising retirement health care and life insurance are also provided in certain countries. The most significant OPEB plan is in the USA.

61 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

23. Retirement benefits continued

Financial position

			$ million
			Dec 31, 2023			Dec 31, 2022
Obligations			(78,024)			(73,481)
Plan assets			79,961			76,756
Asset ceilings			(335)			(371)
Surplus			1,602			2,904
Retirement benefits in the Consolidated Balance Sheet:
Non-current assets			9,151			10,200
Non-current liabilities:			(7,549)			(7,296)
Non-current liabilities - Pensions			(4,448)			(4,417)
Non-current liabilities - OPEB			(3,101)			(2,879)
Total			1,602			2,904

Retirement benefit expense

			$ million
			2023			2022			2021
Defined benefit plans:
Current service cost, net of plan participants' contributions			731			1,100			1,385
Interest expense on defined pension benefit obligations			3,072			1,584			1,223
Interest income on plan assets			(3,417)			(1,732)			(1,160)
Interest expense on OPEB obligations			166			120			128
Current OPEB service cost			36			57			60
Other [A]			262			246			(343)
Total			850			1,375			1,293
Defined contribution plans			474			420			403
Total retirement benefit expense			1,324			1,795			1,696

[A]Mainly related to plan amendments and curtailments on pension and OPEB plans.

Retirement benefit expenses are presented principally within production and manufacturing expenses and selling, distribution and administrative expenses in the Consolidated Statement of Income. Interest income on plan assets is calculated using the same rate as that applied to the related defined benefit obligations for each plan to determine interest expense.

Remeasurements

			$ million
			2023			2022						2021
Actuarial (losses)/gains on obligations:
Due to changes in financial assumptions on pensions [A]			(1,513)			28,840						1,915
Due to changes in financial assumptions on OPEB [A]			(264)			527						59
Due to experience adjustments on pensions [B]			(491)			(2,956)						136
Due to experience adjustments on OPEB [B]			230			1,480			[C]			322
Due to changes in demographic assumptions on pensions [D]			(299)			27						(320)
Due to changes in demographic assumptions on OPEB [D]			(38)			25						(111)
Total			(2,375)			27,943						2,001
Return on plan assets in excess/(shortage) of interest income			1,243			(20,612)						8,185
Other movements			44			(349)						5
Total remeasurements			(1,088)			6,982						10,191

[A]Mainly relates to changes in the discount rate and inflation assumptions.

[B]Experience adjustments arise from differences between the actuarial assumptions made in respect of the year and actual outcomes.

[C]Includes $782 million to reflect the impact of prescription drug rebates.

[D]Mainly relates to updates in mortality assumptions.

62 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

23. Retirement benefits continued

Defined benefit plan obligations

2023

			$ million, except where indicated
			Pension benefits																		Other post-employment benefits
			The Netherlands			UK			USA			Rest of the world									OPEB [A]			Total
At January 1			24,608			17,791			14,793			13,410									2,879			73,481
Current service cost			184			145			215			179									36			759
Interest expense			904			881			695			592									166			3,238
Actuarial losses			929			257			832			285									72			2,375
Benefit payments			(1,032)			(1,014)			(956)			(757)									(88)			(3,847)
Other movements			252			—			—			(63)									—			189
Currency translation differences			901			1,014			—			(122)									36			1,829
At December 31			26,746			19,074			15,579			13,524			[B]						3,101			78,024
Comprising:
Funded pension plans			26,746			18,734			14,695			11,298												71,473
Weighted average duration			16 years			15 years			11 years			13 years												14 years
Unfunded pension plans						340			884			2,226									—			3,450
Weighted average duration						16 years			8 years			11 years												11 years
Unfunded OPEB plans																					3,101			3,101
Weighted average duration																					13 years			13 years

[A]Mainly related to post-retirement medical benefits in the USA.

[B]Rest of the world includes pension plans in Germany ($3,647 million) and Canada ($3,930 million) which are the largest pension plans in this category.

2022

			$ million, except where indicated
			Pension benefits																		Other post-employment benefits
			The Netherlands			UK			USA			Rest of the world									OPEB [A]			Total
At January 1			35,340			29,913			19,003			18,213									4,867			107,336
Current service cost			286			259			282			261									57			1,145
Interest expense			298			489			417			380									120			1,704
Actuarial gains			(8,806)			(9,793)			(3,730)			(3,582)									(2,032)			(27,943)
Benefit payments			(942)			(1,124)			(1,088)			(771)									(178)			(4,103)
Other movements			374			130			(91)			(154)									37			296
Currency translation differences			(1,942)			(2,083)			—			(937)									8			(4,954)
At December 31			24,608			17,791			14,793			13,410			[B]						2,879			73,481
Comprising:
Funded pension plans			24,608			17,474			13,925			11,258												67,265
Weighted average duration			17 years			15 years			12 years			13 years												15 years
Unfunded pension plans						317			868			2,152												3,337
Weighted average duration						15 years			9 years			12 years												11 years
Unfunded OPEB plans																					2,879			2,879
Weighted average duration																					14 years			14 years

[A]Mainly related to post-retirement medical benefits in the USA.

[B]Rest of the world includes pension plans in Germany ($3,477 million) and Canada ($3,482 million) which are the largest pension plans in this category.

63 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

23. Retirement benefits continued

Defined benefit plan assets

2023

			$ million, except where indicated
			Pension benefits
			The Netherlands			UK			USA			Rest of the world									Total
At January 1			27,986			21,963			14,243			12,564									76,756
Return on plan assets in excess of interest income			833			(999)			609			800									1,243
Interest income			1,035			1,094			679			609									3,417
Employer contributions [A]			419			34			274			(23)									704
Plan participants' contributions			11			16			—			7									34
Benefit payments			(1,032)			(1,014)			(957)			(703)									(3,706)
Other movements			(6)			(16)			(13)			17									(18)
Currency translation differences			1,020			1,242			—			(731)									1,531
At December 31			30,266			22,320			14,835			12,540			[B]						79,961

[A]Includes the netted amount of $225 million received from the captive structure in relation to pension plans reinsured in Rest of the world.

[B]Rest of the world includes pension plans in Germany ($2,730 million) and Canada ($3,504 million) which are the largest pension plans in this category.

2022

			$ million, except where indicated
			Pension benefits
			The Netherlands			UK			USA			Rest of the world									Total
At January 1			37,096			33,720			18,055			15,624									104,495
Return on plan assets in excess of interest income			(6,576)			(8,682)			(3,523)			(1,831)									(20,612)
Interest income			314			552			406			460									1,732
Employer contributions			228			54			408			41									731
Plan participants' contributions			11			16			—			5									32
Benefit payments			(942)			(1,124)			(1,088)			(735)									(3,889)
Other movements			(9)			150			(15)			(184)									(58)
Currency translation differences			(2,136)			(2,723)			—			(816)									(5,675)
At December 31			27,986			21,963			14,243			12,564			[A]						76,756

[A]Rest of the world includes pension plans in Germany ($2,538 million) and Canada ($3,497 million) which are the largest pension plans in this category.

Type of pension assets

			2023			2022
Quoted in active markets:
Equities			12%			13%
Debt securities			71%			70%
Real estate			1%			—%
Other			—%			1%
Unquoted
Equities			12%			13%
Debt securities			4%			2%
Real estate			7%			7%
Investment funds			3%			4%
Debt repurchase agreements [A]			(11)%			(14)%
Cash			1%			4%

[A]Debt repurchase agreements are mainly related to UK member defined pension plans to fund liability-driven investments. In addition to these contracts, derivatives including interest rate and inflation swaps are used in the principal defined benefit plan in the Netherlands for liability matching strategies.

Employer contributions to funded defined benefit pension plans are based on actuarial valuations in accordance with local regulations and are estimated to be $480 million in 2024.

64 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

23. Retirement benefits continued

Characteristics of significant defined benefit and defined contribution plans and regulatory framework

The Netherlands

The principal defined benefit pension plan in the Netherlands is a funded career-averaged pension arrangement with retired employees drawing benefits as an annuity, with a surplus of $3,520 million reported as at December 31, 2023, (2022: $3,378 million surplus). While the plan was closed to employees hired or rehired after July 1, 2013, it currently remains open for ongoing accrual for existing active members. Active members account for 23% (2022: 23%) of the total defined benefit liability in the Netherlands. From July 1, 2013 onwards, new employees in the Netherlands are entitled to membership of a defined contribution pension plan.

In line with Dutch regulations, the defined benefit pension plan has a joint Trustee Board with trustee representatives nominated by the Company, the Central Staff Council and retired members. The defined benefit pension plan also has an Accountability Council comprised of members nominated by the Company, the Central Staff Council and retired members. Furthermore, there is a Supervisory Committee, which includes external experts from the pension industry, to oversee management, compliance and operations of the fund. The defined contribution pension plan has a one-tier Trustee Board with an independent chair, trustee representatives nominated by the Company and the Central Staff Council, as well as two executive board members. The defined contribution fund also has an Accountability Council comprised of members nominated by the Company and the Central Staff Council. Both Trustee Boards are responsible for administering the plans in line with the Dutch "Pensioen Wet" (PW), including corporate governance, investment strategy for the pension plans' assets and paying member benefits, and are required to act in the best interests of the members.

As per July 1, 2023, new pension legislation ("Wet Toekomst Pensioenen") came into effect in the Netherlands which needs to be implemented latest January 2028. This legislation aims to create a more resilient and adaptable pensions system that can better accommodate demographic changes and economic fluctuations while providing adequate retirement income. The legislation requires all future pension accruals to be in a defined contribution framework and also intends that benefits accrued in pension funds are converted into a defined contribution framework. The new regulatory framework will have an impact on both the defined benefit pension plan and the defined contribution pension plan. The necessary changes to the pension plans require Central Staff Council consent and acceptance by the Trustee Boards of the pension plans. It is our expectation that consent will be obtained during 2024 and that following this, a transition plan will be offered to the Trustee Boards for acceptance. Shell will continue to monitor and take appropriate actions when and as necessary, as required by the law. There remains a degree of uncertainty regarding the potential outcome and impact on Shell's earnings, cash flows and financial position.

UK

The three largest defined benefit pension plans for employees in the UK are funded final salary pension arrangements with retired employees mainly drawing benefits as an annuity with the option to take a portion as a lump sum. The three plans are separate and independent plans and cannot be netted against each other. In total, the plans reported a surplus of $3,246 million as at December 31, 2023 (2022: surplus of $4,172 million), which is after netting of unfunded plans of $340 million (2022: $317 million) which are reported as non-current liabilities on the balance sheet. All three plans were closed to new employees hired or rehired. However, two plans currently remain open for ongoing accrual for existing active members. Active members account for 16% (2022: 17%) of the total defined benefit liability in the UK. From March 1, 2013, onwards new employees in the UK are entitled to membership of a defined contribution pension plan.

In line with UK regulations, the principal defined benefit pension plan is governed by a corporate trustee whose board is comprised of four trustee directors nominated by the Company, including the chair and four member-nominated trustee directors. The defined contribution pension plan is governed by a corporate trustee whose board is comprised of three company-nominated directors, including the chair and two member-nominated trustee directors. The trustees are responsible for administering the plans in line with the Trust Deed and Regulations, including setting the investment strategy for the pension plans' assets and paying member benefits, and are required to act in the best interests of the members of the pension plans.

USA

The principal defined benefit pension plan in the USA is a funded final average pay pension plan with a surplus of $140 million reported as at December 31, 2023 (2022: $318 million surplus). After retirement, all retirees can choose to draw their benefits as an annuity, whereas others also have the choice to take their benefit in a lump sum. There is also an unfunded defined benefit pension plan with a deficit of $884 million (2022: $868 million deficit). The benefits under this plan are taken primarily in a lump sum. In addition, the Company provides a defined contribution benefit plan. The funded defined benefit, unfunded defined benefit, and Shell's defined contribution pension plans are subject to the provisions of the Employee Retirement Income Security Act (ERISA). Active members account for 23% (2022: 24%) of the total defined benefit liability in the USA.

Both the funded defined benefit pension plan and the defined contribution pension plan are governed by trustees who are appointed by the Plan Sponsor and are named fiduciaries with respect to the plans. The trustees are generally responsible for investment-related matters, appointing the Plan Administrator, maintaining general oversight and deciding appeals of participants.

In line with Shell group's strategic objectives and risk management, on January 30, 2024, the principal defined benefit pension plan in the USA, Shell Pension Plan, entered into a contract with "The Prudential Insurance Company of America" to settle $5,052 million of pension liabilities. The settlement price consisted of $4,920 million of pension assets. As a result of this transaction, all legal and constructive obligations for a tranche of benefits provided by the Shell Pension Plan have been eliminated. A gain on settlement of $101 million (after tax) will be recognised in Shell's Consolidated Statement of Income in 2024.

65 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

23. Retirement benefits continued

USA OPEB

The Company also sponsors "other post-retirement employee benefits" (OPEB), mainly in the USA. The OPEB plans in the USA provide medical, dental and vision benefits, as well as life insurance benefits to eligible retired employees. The plans are unfunded, and the Company and retirees share the costs with a deficit of $2,267 million reported as at December 31, 2023 (2022: $2,135 million deficit). The plan that provides post-retirement medical benefits in the USA is closed to employees hired or rehired on or after January 1, 2017. Certain life insurance benefits are paid by the Company.

Significant funding requirements:

￮Additional contributions to the Dutch defined benefit pension plan would be required if the 12-month rolling average local funding percentage falls below 105% for six months or more. At the most recent (2023) funding valuation, the local funding percentage was above this level.

￮There are no set minimum statutory funding requirements for the UK plans. A professional qualified independent actuary, appointed by the trustee board, undertakes a local funding valuation typically every three years. The most recent completed funding valuation for the principal defined benefit plan was undertaken as at December 31, 2020, and revealed a funding ratio of 103% and therefore no sponsor contributions (except for salary sacrifice contributions) were payable under the schedule of contributions.

￮Under the Pension Protection Act, US pension plans are subject to minimum required contribution levels based on the funding position.
No contributions are required based on the most recent funding valuation.

Associated risks to which retirement benefits are exposed

There are inherent risks associated with defined benefit pension and OPEB plans. These risks are related to various assumptions made on valuation of the liabilities and the cash funding requirement of the underlying plans. Volatility in capital markets or government policies, and the resulting consequences for investment performance, interest and inflation rates, as well as changes in assumptions for mortality, retirement age or pensionable remuneration at retirement, could result in significant changes to the funding level of future liabilities. In case of a shortfall, there could be a requirement to make substantial cash contributions (depending on the applicable local regulations).

These inherent risks are managed by a pension forum, chaired by the Chief Financial Officer, which oversees Shell's pension strategy, policy and operations. The forum is supported by a risk committee in reviewing the results of the assurance process with respect to pension risk.

Investment strategies

Long-term investment strategies of plans are generally determined by the relevant pension plan trustees using a structured asset/liability modelling approach to define the asset mix that best meets the objectives of optimising returns within agreed risk levels, while maintaining adequate funding levels.

Principal and actuarial assumptions

The principal assumptions applied in determining the present value of defined benefit obligations and their bases were as follows:

￮rates of increase in pensionable remuneration, pensions in payment and health-care costs: historical experience and management's
long-term expectation;

￮discount rates: prevailing long-term AA corporate bond yields, chosen to match the currency and duration of the relevant obligation; and

￮mortality rates: published standard mortality tables for the individual countries concerned adjusted for Shell experience where statistically significant.

The weighted averages for those assumptions and related sensitivity information as at December 31, 2023 are presented below. Sensitivity information indicates by how much the defined benefit obligations would increase or decrease if a given assumption were to increase or decrease with no change in other assumptions. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. The weighted averages are at nominal terms and based on market expectations at December 31, 2023.

66 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

23. Retirement benefits continued

												$ million, except where indicated
												Effect of using alternative assumptions
			Assumptions used at nominal rates									Increase/(decrease) in defined benefit obligations
			Dec 31, 2023			Dec 31, 2022						Range of assumptions			Dec 31, 2023						Dec 31, 2022
Rate of increase in pensionable remuneration [A]			3.9%			4.0%						-1% to +1%			(828)			915			(833)			921
of which the Netherlands			3.3%			3.3%
of which UK			4.1%			4.1%
of which USA			4.6%			4.6%
Rate of increase in pensions in payment			1.9%			2.1%						-1% to +1%			(5,599)			6,713			(5,542)			6,657
of which the Netherlands			2.4%			2.6%
of which UK			2.8%			3.0%
of which USA			—%			—%
Discount rate for pension plans			4.1%			4.5%						-1% to +1%			10,560			(8,472)			10,522			(8,328)
of which the Netherlands			3.3%			3.7%
of which UK			4.6%			4.8%
of which USA			4.9%			5.0%
Inflation rate for defined benefit obligation [B]			2.0%			2.2%						-1% to +1%			(6,034)			7,300			(6,002)			7,271
of which the Netherlands			2.4%			2.6%
of which UK			2.9%			3.1%
Expected age at death for persons aged 60:
Men			88 years			87 years						-1 year to +1 year			(1,166)			1,143			(1,130)			1,103
of which the Netherlands			88 years			88 years
of which UK			87 years			87 years
of which USA			87 years			85 years
Women			89 years			89 years						-1 year to +1 year			(1,006)			1,041			(993)			1,077
of which the Netherlands			90 years			89 years
of which UK			89 years			90 years
of which USA			89 years			86 years
Rate of increase in health-care costs [C]			7.0%			6.4%						-1% to +1%			(338)			422			(298)			372
Discount rate for health-care plans [C]			5.6%			5.7%						-1% to +1%			457			(358)			401			(309)

[A]Based on active members.

[B]Excluding US funds in the weighted average inflation rate, because of the insignificant impact on the defined benefit obligation.

[C]Mainly related to post-retirement health-care benefits in the USA.

67 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

24. Decommissioning and other provisions

			$ million
			Decommissioning and restoration			Legal			Onerous contracts			Environmental			Redundancy			Other			Total
At January 1, 2023
Current			856			224			277			321			171			1,061			2,910
Non-current			19,429			1,177			1,207			730			153			1,149			23,845
			20,285			1,401			1,484			1,051			324			2,210			26,755
Additions			617			853			26			208			424			806			2,934
Amounts charged against provisions			(777)			(195)			(345)			(233)			(154)			(203)			(1,907)
Accretion expense			643			21			24			13			4			9			714
Disposals and liabilities classified as held for sale			(60)			(1)			—			(16)			(1)			(1)			(79)
Remeasurements and other movements			(1,499)			(24)			(83)			(74)			(113)			(321)			(2,114)
Currency translation differences			244			1			(2)			7			6			13			269
			(832)			655			(380)			(95)			166			303			(183)
At December 31, 2023
Current			1,296			508			224			318			367			1,328			4,041
Non-current			18,157			1,548			880			638			123			1,185			22,531
			19,453			2,056			1,104			956			490			2,513			26,572
At January 1, 2022
Current			871			270			653			332			410			802			3,338
Non-current			21,213			1,141			1,029			847			235			1,339			25,804
			22,084			1,411			1,682			1,179			645			2,141			29,142
Additions			618			314			620			178			226			832			2,788
Amounts charged against provisions			(672)			(272)			(661)			(211)			(372)			(333)			(2,521)
Accretion expense			483			16			13			12			1			5			530
Disposals and liabilities classified as held for sale			(1,228)			(21)			(66)			(2)			—			(7)			(1,324)
Remeasurements and other movements			(182)			(44)			(139)			(78)			(155)			(354)			(952)
Currency translation differences			(818)			(3)			35			(27)			(21)			(74)			(908)
			(1,799)			(10)			(198)			(128)			(321)			69			(2,387)
At December 31, 2022
Current			856			224			277			321			171			1,061			2,910
Non-current			19,429			1,177			1,207			730			153			1,149			23,845
			20,285			1,401			1,484			1,051			324			2,210			26,755

The amount and timing of settlement in respect of these provisions are uncertain and dependent on various factors that are not always within management's control. Reviews of estimated future decommissioning and restoration costs and the discount rate applied are carried out regularly. The discount rate applied at December 31, 2023, was 4.5% (2022: 3.25%). In 2023, there was a decrease of $2,916 million in total provisions due to the change in discount rate. Of this total, $2,777 million relates to a decrease in the decommissioning and restoration provision, partly offset by an increase resulting from changes in cost estimates of $1,340 million, reported within remeasurements and other movements. This net decrease is predominantly reflected in the carrying amount of the related asset.

An increase of 0.5% or a decrease of 0.5% in the discount rate could result in a decrease of $0.9 billion (2022: $1.2 billion) or an increase of $1 billion (2022: $1.3 billion) in decommissioning and restoration provisions, respectively. Where applicable, the carrying amount of the related asset is to be tested for impairment.

Other provisions at December 31, 2023, include amounts recognised in respect of employee benefits.

68 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

24. Decommissioning and other provisions continued

The decommissioning and restoration provision at December 31, 2023, is expected to be utilised within:

									$ million
									Dec 31, 2023
Between 1 to 5 years									4,766
Between 6 to 10 years									5,102
11 years and later									9,585
Total									19,453

25. Financial instruments

Financial instruments in the Consolidated Balance Sheet include investments in securities (see Note 14), cash and cash equivalents (see Note 17), debt (see Note 20) and derivative contracts.

Risks

In the normal course of business, financial instruments of various kinds are used for the purposes of managing exposure to interest rate, foreign exchange and commodity price movements.

Treasury standards are applicable to all subsidiaries and each subsidiary is required to adopt a treasury policy consistent with these standards. These policies cover: financing structure; interest rate and foreign exchange risk management; insurance; counterparty risk management; and use of derivative contracts. Wherever possible, treasury operations are carried out through specialist regional organisations without removing from each subsidiary the responsibility to formulate and implement appropriate treasury policies.

Apart from forward foreign exchange contracts to meet known commitments, the use of derivative contracts by most subsidiaries is not permitted by their treasury policy.

Other than in exceptional cases, the use of external derivative contracts is confined to specialist trading and central treasury organisations that have appropriate skills, experience, supervision, control and reporting systems.

Shell's operations expose it to market, credit and liquidity risk, as described below.

Market risk

Market risk is the possibility that changes in interest rates, foreign exchange rates or the prices of crude oil, natural gas, LNG, refined products, chemical feedstocks, power and environmental certificates will adversely affect the value of assets, liabilities or expected future cash flows.

Interest rate risk

Most debt is raised from central borrowing programmes. Shell's policy continues to be to have debt principally denominated in dollars and to maintain a largely floating interest rate exposure profile. However, Shell has issued a significant amount of fixed rate debt in recent years, taking advantage of historically low interest rates available in debt markets. As a result, the majority of the debt portfolio at December 31, 2023, is at fixed rates and this reduces Shell's adverse exposure to rising floating dollar interest rates (see Note 2).

The financing of most subsidiaries is structured on a floating-rate basis, and any further interest rate risk management is only applied under exceptional circumstances.

On the basis of the floating-rate net cash position at December 31, 2023, (both issued and hedged), and assuming other factors (principally foreign exchange rates and commodity prices) remained constant and that no further interest rate management action was taken, an increase in interest rates of 1% would have increased 2023 income before taxation by $226 million (2022: $234 million increase).

The carrying amounts and maturities of debt and borrowing facilities are presented in Note 20. Interest expense is presented in Note 9.

Foreign exchange risk

Many of the markets in which Shell operates are priced, directly or indirectly, in dollars. As a result, the functional currency of most Integrated Gas and Upstream entities and those with significant cross-border business is the dollar. For Chemicals and Products entities, the functional currency is typically the local currency. Consequently, Shell is exposed to varying levels of foreign exchange risk: when an entity enters into transactions that are not denominated in its functional currency; when foreign currency monetary assets and liabilities are translated at the balance sheet date; and as a result of holding net investments in operations that are not dollar-functional. Each entity is required to adopt treasury policies that are designed to measure and manage its foreign exchange exposures by reference to its functional currency.

69 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

25. Financial instruments continued

Foreign exchange gains and losses arise in the normal course of business from the recognition of receivables and payables and other monetary items in currencies other than an entity's functional currency. Foreign exchange risk may also arise in connection with capital expenditure. For major projects, an assessment is made at the final investment decision stage of whether to hedge any resulting exposure.

Assuming other factors (principally interest rates and commodity prices) remained constant and that no further foreign exchange risk management actions were taken, a 10% appreciation against the dollar at December 31 of the main currencies to which Shell is exposed would have the following effects:

			$ million
			Increase/(decrease) in income before taxation									Increase in net assets
			2023			2022						2023			2022
10% appreciation against the dollar of:
Sterling			(270)			(168)						1,022			894
Euro			(46)			124						2,434			1,486
Malaysian ringgit			49			65						279			313
Australian dollar			(129)			(65)						780			837
Canadian dollar			9			(44)						1,392			1,575

The above sensitivity information was calculated by reference to carrying amounts of assets and liabilities at December 31 only. The effect on income before taxation arises in connection with monetary balances denominated in currencies other than an entity's functional currency; the effect on net assets arises principally from the translation of assets and liabilities of entities that are not dollar-functional.

Foreign exchange gains and losses included in income are presented in Note 8.

Commodity price risk

Certain subsidiaries have a mandate to trade crude oil, natural gas, LNG, refined products, chemical feedstocks, power and environmental certificates, and to use commodity derivative contracts (forwards, futures, swaps and options) as a means of managing price and timing risks arising from this trading activity. In effecting these transactions, the entities concerned operate within procedures and policies designed to ensure that risks, including those relating to the default of counterparties, are managed within authorised limits. A department that is independent from Shell's traders monitors market risk exposures daily.

Value-at-risk (VAR) techniques based on variance/covariance or Monte Carlo simulation models are used to make a statistical assessment of the market risk arising from possible future changes in market values for commodity positions held by these subsidiaries over a 1-day holding period and within a 95% confidence level. The calculation of potential changes in fair value takes into account positions, the history of price movements and the correlation of these price movements. Models are regularly reviewed against actual fair value movements to ensure integrity is maintained. The VAR average and year-end positions in respect of commodities traded in active markets, which are presented in the table below, are calculated on a diversified basis in order to reflect the effect of offsetting risk within combined portfolios.

Value-at-risk (pre-tax)

															$ million
						2023									2022
			Average			Year-end						Average			Year-end
Global oil			43			25						72			56
North America gas and power			13			10						18			23
Europe gas and power			31			12						54			40
Australia gas and power			4			2						12			12
Environmental certificates			9			4						10			13

Furthermore, commodity derivative hedge contracts are used to partially mitigate price volatility on future LNG sales and purchases.

As contracts to buy and sell physical LNG are accounted for on an accrual basis (see Note 2) and commodity derivatives are accounted for on a fair-value basis, this creates an accounting mismatch over periods. The fair value accounting of commodity derivatives can result in gains or losses in the Consolidated Statement of Income.

These derivative contracts are based on a mix of European and North American gas price indices, global crude price indices and Asian LNG price indices. In previous years, Shell has seen high volatility in these markets. On that basis, a sensitivity analysis has been performed for a 50% price increase or decrease of this basket of derivative contracts at year-end 2023, which would result in a gain or loss of $1.5 billion (pre-tax) in the Consolidated Statement of Income (2022: $2.7 billion), whereas the same sensitivity analysis applied to the average exposures for the period was $0.8 billion (2022: $2.5 billion).

70 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

25. Financial instruments continued

Credit risk

Policies are in place to ensure that sales of products are made to customers with appropriate creditworthiness. These policies include credit analysis and monitoring of trading partners against counterparty credit limits. Credit information is regularly shared between business and finance functions, with dedicated teams in place to quickly identify and respond to cases of credit deterioration. Mitigation measures are defined and implemented for higher-risk business partners and customers, and include shortened payment terms, collateral or other security posting and vigorous collections. In addition, policies limit the amount of credit exposure to any individual financial institution.

A defined portfolio credit risk appetite is in place to manage credit risk concentrations. It includes a set of thresholds and alerts set at different portfolio levels (e.g. country, industry sector, creditworthiness). Utilisation against these thresholds is actively monitored, and actions are taken to ensure compliance where appropriate. In 2023, there were no material concentrations of credit risk, with individual customers or geographically. In 2022, elevated commodity prices, mainly in relation to strategic long-term contracts in the gas portfolios resulted in a material concentration of risk representing around 25% of total Shell net credit exposure after offsetting for cash collateral and other instruments held.

Surplus cash is invested in a range of short-dated, secure and liquid instruments including short-term bank deposits, money market funds, reverse repos and similar instruments. The portfolio of these investments is diversified to avoid concentrating risk in any one instrument, country or counterparty. Management monitors the investments regularly and adjusts the investment portfolio in light of new market information where necessary to ensure credit risk is effectively diversified.

In commodity trading, counterparty credit risk is managed within a framework approved by the CEO and CFO, and for which delegations are in place to other executives in the business. Credit limits are defined and their utilisation is regularly reviewed. Credit risk exposure is continuously monitored and the acceptable level of credit exposure is determined in accordance with the approved delegations. Credit checks are performed by a department independent of traders, and are undertaken before contractual commitment. Where appropriate, netting arrangements, credit insurance, prepayments and collateral are used to manage specific risks.

Shell routinely enters into offsetting, master netting and similar arrangements with trading and other counterparties to manage credit risk. Where there is a legally enforceable right of offset under such arrangements and Shell has the intention to settle on a net basis or realise the asset and settle the liability simultaneously, the net asset or liability is recognised in the Consolidated Balance Sheet, otherwise assets and liabilities are presented gross. These amounts, as presented net and gross within trade and other receivables, trade and other payables and derivative financial instruments in the Consolidated Balance Sheet at December 31, were as follows:

2023

																					$ million
									Amounts offset									Amounts not offset
			Gross amounts before offset			Amounts offset			Net amounts as presented						Cash collateral received/pledged			Other offsetting instruments			Net amounts
Assets:
Within trade receivables			20,810			12,350			8,460						18			356			8,086
Within derivative financial instruments			26,166			13,140			13,026						1,688			2,616			8,722
Liabilities:
Within trade payables			18,423			12,351			6,072						69			356			5,647
Within derivative financial instruments			23,037			13,163			9,874						2,040			2,636			5,198

2022

																					$ million
									Amounts offset									Amounts not offset
			Gross amounts before offset			Amounts offset			Net amounts as presented						Cash collateral received/pledged			Other offsetting instruments			Net amounts
Assets:
Within trade receivables			28,259			17,200			11,059						292			495			10,272
Within derivative financial instruments			56,154			34,685			21,469						1,904			4,563			15,002
Liabilities:
Within trade payables			29,981			17,200			12,781						608			495			11,678
Within derivative financial instruments			58,991			34,710			24,281						4,788			3,364			16,129

Amounts not offset principally relate to contracts where the intention to settle on a net basis was not clearly established at December 31.

71 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

25. Financial instruments continued

The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities at December 31, 2023, presented within trade and other receivables, was $3,437 million (2022: $11,133 million). The decrease in financial assets pledged as collateral is driven by the reduction in overall derivative exposure, mainly due to the decline in gas and power forward prices. The carrying amount of collateral held at December 31, 2023, presented within trade and other payables, was $1,404 million (2022: $1,648 million). Collateral mainly relates to initial margins held with commodity exchanges and over-the-counter counterparty variation margins. Some derivative contracts are fully cash collateralised, thereby eliminating both counterparty risk and the Group's own non-performance risk.

Liquidity risk

Liquidity risk is the risk that suitable sources of funding for Shell's business activities may not be available. Management believes that it has access to sufficient cash and cash equivalents, debt funding sources (capital markets) and to undrawn committed borrowing facilities to meet foreseeable requirements. Information about borrowing facilities is presented in Note 20.

Derivative contracts and hedges

Derivative contracts are used principally as hedging instruments. However, because hedge accounting is not always applied, movements in the carrying amounts of derivative contracts that are recognised in income may not be matched in the same period by the recognition of the income effects of the related hedged items.

Carrying amounts, maturities and hedges

The carrying amounts of derivative contracts at December 31, designated and not designated as hedging instruments for hedge accounting purposes, were as follows:

2023

																								$ million
			Assets												Liabilities
			Designated			Not designated			Total						Designated			Not designated			Total			Net
Interest rate swaps			14			2			16						98			—			98			(82)
Forward foreign exchange contracts			—			697			697						—			592			592			105
Currency swaps and options			177			—			177						1,959			13			1,972			(1,795)
Commodity derivatives			—			14,783			14,783						—			9,161			9,161			5,622
Other contracts			—			226			226						—			7			7			219
Total			191			15,708			15,899						2,057			9,773			11,830			4,069

2022

																								$ million
			Assets												Liabilities
			Designated			Not designated			Total						Designated			Not designated			Total			Net
Interest rate swaps			—			1			1						169			—			169			(168)
Forward foreign exchange contracts			—			907			907						—			996			996			(89)
Currency swaps and options			31			24			55						2,925			5			2,930			(2,875)
Commodity derivatives			—			23,676			23,676						—			22,858			22,858			818
Other contracts			—			380			380						—			389			389			(9)
Total			31			24,988			25,019						3,094			24,248			27,342			(2,323)

72 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

25. Financial instruments continued

As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of future purchases, sales and inventory. Net gains before tax on derivative contracts, excluding those designed as hedges, were $5,189 million in 2023 (2022: $1,331 million gains; 2021: $8,377 million losses).

Certain contracts, mainly to hedge price risk relating to forecast commodity transactions, were designated in cash flow hedging relationships and are presented after the offset of related margin balances with exchanges. Contracts to hedge foreign exchange risks were also designated in cash flow hedging relationships and the net carrying amount of these contracts at December 31, 2023, was a liability of $373 million (2022: $828 million liability). See Note 28 for the accumulated balance recognised within other comprehensive income.

Certain interest rate and currency swaps were designated in fair value hedges, principally in respect of debt for which the net carrying amount of the related derivative contracts, net of accrued interest, at December 31, 2023, was a liability of $1,441 million (2022: $2,191 million liability).

At December 31, 2023, no debt instruments (2022: €3 billion) were designated as hedges of net investments in foreign operations, relating to the foreign exchange risk arising between certain intermediate holding companies and their subsidiaries. See Note 28 for the accumulated balance recognised within other comprehensive income.

In the course of trading operations, certain contracts are entered into for delivery of commodities that are accounted for as derivatives. The resulting price exposures are managed by entering into related derivative contracts. These contracts are managed on a fair value basis and the maximum exposure to liquidity risk is the undiscounted fair value of derivative liabilities.

For a minority of commodity derivatives contracts, carrying amounts cannot be derived from quoted market prices or other observable inputs, in which case fair value is estimated using valuation techniques, such as Black-Scholes; option spread models; and extrapolation, using quoted spreads with assumptions developed internally based on observable market activity.

Other contracts include certain contracts that are held to sell or purchase commodities and others containing embedded derivatives, which are required to be recognised at fair value because of pricing or delivery conditions, even though they were entered into to meet operational requirements. These contracts are expected to mature in 2024-2025, with certain contracts having early termination rights (for either party). Valuations are derived from other observable inputs.

The contractual maturities of derivative liabilities at December 31 compare with their carrying amounts in the Consolidated Balance Sheet as follows:

2023

																											$ million
			Contractual maturities
			Less than 1 year			Between 1 and 2 years			Between 2 and 3 years			Between 3 and 4 years			Between 4 and 5 years			5 years and later			Total			Difference from carrying amount [A]			Carrying amount
Interest rate swaps			78			9			3			3			5			—			98			—			98
Forward foreign exchange contracts			465			77			25			1			—			(3)			565			27			592
Currency swaps and options			551			609			521			392			186			859			3,118			(1,146)			1,972
Commodity derivatives			5,767			1,902			799			381			225			597			9,671			(510)			9,161
Other contracts			2			4			2			—			—			—			8			(1)			7
Total			6,863			2,601			1,350			777			416			1,453			13,460			(1,630)			11,830

[A]Mainly related to the effect of discounting.

73 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

25. Financial instruments continued

2022

																											$ million
			Contractual maturities
			Less than 1 year			Between 1 and 2 years			Between 2 and 3 years			Between 3 and 4 years			Between 4 and 5 years			5 years and later			Total			Difference from carrying amount [A]			Carrying amount
Interest rate swaps			120			50			2			1			1			1			175			(6)			169
Forward foreign exchange contracts			629			294			18			(1)			(2)			(3)			935			61			996
Currency swaps and options			582			554			750			588			507			1,353			4,334			(1,404)			2,930
Commodity derivatives			17,273			3,678			1,203			515			270			793			23,732			(874)			22,858
Other contracts			212			148			22			1			1			—			384			5			389
Total			18,816			4,724			1,995			1,104			777			2,144			29,560			(2,218)			27,342

[A]Mainly related to the effect of discounting.

Fair value measurements

The net carrying amounts of derivative contracts held at December 31 categorised according to the predominant source and nature of inputs used in determining the fair value of each contract were as follows:

2023

												$ million
			Prices in active markets for identical assets/liabilities			Other observable inputs			Unobservable inputs			Total
Interest rate swaps			—			(82)			—			(82)
Forward foreign exchange contracts			—			105			—			105
Currency swaps and options			—			(1,795)			—			(1,795)
Commodity derivatives			(39)			3,191			2,470			5,622
Other contracts			—			223			(4)			219
Total			(39)			1,642			2,466			4,069

2022

												$ million
			Prices in active markets for identical assets/liabilities			Other observable inputs			Unobservable inputs			Total
Interest rate swaps			—			(168)			—			(168)
Forward foreign exchange contracts			—			(89)			—			(89)
Currency swaps and options			—			(2,875)			—			(2,875)
Commodity derivatives			68			(1,161)			1,911			818
Other contracts			—			(7)			(2)			(9)
Total			68			(4,300)			1,909			(2,323)

74 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

25. Financial instruments continued

Net carrying amounts of derivative contracts measured using predominantly unobservable inputs

						$ million
			2023			2022
At January 1			1,909			389
Net gains recognised in revenue			576			1,190
Purchases			271			886
Sales			(185)			(623)
Settlements			(125)			46
Recategorisations (net)			25			17
Currency translation differences			(5)			4
At December 31			2,466			1,909

Included in net gains recognised in revenue in 2023 were unrealised net gains totalling $797 million relating to assets and liabilities held at December 31, 2023 (2022: $449 million gains).

Unrecognised day one gains or losses

Certain long-term commodity contracts extend to periods where observable pricing data are limited and their value may include estimates. Where this is more than an insignificant part of the overall contract valuation, any gains or losses will be deferred. Valuation techniques are further described in Note 2. The unrecognised gains on these derivative contracts at December 31, 2023, were as follows:

						$ million
			2023			2022
At January 1			1,620			1,024
Movements			(13)			596
At December 31			1,607			1,620

26. Share capital

Issued and fully paid ordinary shares of €0.07 each [A]

			Number of shares												Nominal value									$ million
			A			B			Ordinary shares						A			B			Ordinary shares			Total
At January 1, 2023									7,003,503,393												584			584
Repurchases of shares									(479,394,344)												(40)			(40)
At December 31, 2023									6,524,109,049												544			544
At January 1, 2022			4,101,239,499			3,582,892,954									345			296						641
Repurchases of shares before assimilation			—			(34,106,548)												(3)						(3)
Assimilation of ordinary A and B shares into ordinary shares			(4,101,239,499)			(3,548,786,406)			7,650,025,905						(345)			(293)			638			—
Repurchases of B shares on January 27 and 28, 2022, cancelled as ordinary shares on February 2 and 3, 2022									(507,742)												—			—
Repurchases of shares after assimilation									(646,014,770)												(54)			(54)
At December 31, 2022									7,003,503,393												584			584

[A]Share capital at December 31, 2022, also included 50,000 issued and fully paid sterling deferred shares of £1 each, which were redeemed on March 27, 2023. Upon redemption, the sterling deferred shares were treated as cancelled and the Company's issued share capital was reduced by the nominal value of the shares redeemed in accordance with section 688 of the UK Companies Act 2006.

On January 29, 2022, as part of the Simplification announced on December 20, 2021, the Company's A and B shares were assimilated into a single line of ordinary shares. This is reflected in the above table.

At the Company's Annual General Meeting (AGM) on May 23, 2023, the Board was authorised to allot ordinary shares in the Company, and to grant rights to subscribe for or to convert any security into ordinary shares in the Company, up to an aggregate nominal amount of approximately €161 million (representing approximately 2,307 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 22, 2024, and the end of the AGM to be held in 2024, unless previously renewed, revoked or varied by the Company in a general meeting.

75 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

26. Share capital continued

At the May 23, 2023, AGM, shareholders granted the Company the authority to repurchase (i) up to 692 million ordinary shares "on-market" (excluding any treasury shares), less the number of ordinary shares purchased or committed to be purchased in terms of the buyback contracts ("off-market"), made under the authority in (ii); and (ii) up to 692 million ordinary shares off-market, less any on-market purchases made under the authority in (i).

In the case of both on-market and off-market purchases of the ordinary shares, the minimum price, exclusive of expenses, which may be paid for an ordinary share is €0.07 and the maximum price, exclusive of expenses, which may be paid for an ordinary share is the higher of: (i) an amount equal to 5% above the average market value for an ordinary share for the five business days immediately preceding the date of the purchase; and (ii) the higher of the price of the last independent trade and the highest current independent bid in relation to ordinary shares on the trading venues where the purchase is carried out. The authorities for both on-market and off-market purchases of the ordinary shares will expire at the earlier of the close of business on August 22, 2024, and the end of the AGM of the Company to be held in 2024. Ordinary shares purchased by the Company pursuant to these authorities will either be cancelled or held in treasury. Treasury shares are shares in the Company which are owned by the Company itself.

27. Share-based compensation plans and shares held in trust

Share-based compensation expense

			$ million
			2023			2022			2021
Equity-settled [A]			700			807			539

[A]On an incidental basis awards may be cash-settled, where an equity settlement is not possible under local regulations.

The principal share-based employee compensation plans are the PSP and LTIP. Awards of shares and American Depositary Shares (ADS) of the Company under the PSP and LTIP are granted upon certain conditions to eligible employees. The actual number of shares that may vest ranges from 0% to 200% of the awards, depending on the outcomes of prescribed performance conditions over a three-year period beginning on January 1 of the award year.

Share awards [A]

			Number of A shares (million)			Number of B shares (million)			Number of ordinary shares (million) [B]			Number of ADSs (million)			Weighted average remaining contractual life (years)
At January 1, 2023									58			10			1.1
Granted									19			3
Vested									(17)			(3)
Forfeited									(2)			—
At December 31, 2023									58			10			0.9
At January 1, 2022			38			12						9			1.2
Assimilation of ordinary A and B shares into ordinary shares			(38)			(12)			50
Granted			—			—			28			4
Vested			—			—			(13)			(2)
Forfeited			—			—			(7)			(1)
At December 31, 2022			—			—			58			10			1.1

[A]As revised, includes notional dividends.

[B]On January 29, 2022, as part of the Simplification announced on December 20, 2021, the Company's A and B shares were assimilated into a single line of ordinary shares.

Other plans offer eligible employees opportunities to acquire shares and ADSs of the Company or receive cash benefits measured by reference to the Company's share price.

Shell employee share ownership trusts and trust-like entities purchase the Company's shares in the open market to meet delivery commitments under employee share plans. At December 31, 2023, they held a total of 24.2 million ordinary shares (2022: 23.9 million) and 6.8 million ADSs (2022: 4.5 million).

76 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

28. Other reserves

Other reserves attributable to Shell plc shareholders

			$ million
			Merger reserve			Share premium reserve			Capital redemption reserve			Share plan reserve			Accumulated other comprehensive income			Total
At January 1, 2023			37,298			154			196			1,140			(17,656)			21,132
Other comprehensive income attributable to Shell plc shareholders			—			—			—			—			(83)			(83)
Transfer from other comprehensive income			—			—			—			—			(112)			(112)
Repurchases of shares			—			—			40			—			—			40
Share-based compensation			—			—			—			168			—			168
At December 31, 2023			37,298			154			236			1,308			(17,851)			21,145
At January 1, 2022			37,298			154			139			964			(19,646)			18,909
Other comprehensive income attributable to Shell plc shareholders			—			—			—			—			2,024			2,024
Transfer from other comprehensive income			—			—			—			—			(34)			(34)
Repurchases of shares			—			—			57			—			—			57
Share-based compensation			—			—			—			176			—			176
At December 31, 2022			37,298			154			196			1,140			(17,656)			21,132
At January 1, 2021			37,298			154			129			906			(25,735)			12,752
Other comprehensive loss attributable to Shell plc shareholders			—			—			—			—			6,134			6,134
Transfer from other comprehensive income			—			—			—			—			(45)			(45)
Repurchases of shares			—			—			10			—			—			10
Share-based compensation			—			—			—			58			—			58
At December 31, 2021			37,298			154			139			964			(19,646)			18,909

The merger reserve and share premium reserve were established as a consequence of the Company becoming the single parent company of Royal Dutch Petroleum Company and The "Shell" Transport and Trading Company, plc, now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc.

The capital redemption reserve was established in connection with repurchases of shares of the Company.

The share plan reserve is in respect of equity-settled share-based compensation plans (see Note 27). The movement comprises the net of the charge for the year and the release as a result of vested awards.

77 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

28. Other reserves continued

Accumulated other comprehensive income comprises the following:

Accumulated other comprehensive income attributable to Shell plc shareholders

																								$ million
			Currency translation differences			Equity instruments remeasurements			Debt instruments remeasurements			Cash flow hedging (losses)/gains			Net investment hedging (losses)/gains			Deferred cost of hedging			Retirement benefits remeasurements			Total
At January 1, 2023			(12,590)			487			(75)			(524)			(1,964)			(26)			(2,964)			(17,656)
Recognised in other comprehensive income			1,393			(67)			33			(196)			(44)			(273)			(1,088)			(242)
Reclassified to income			1			—			9			162			—			61			—			233
Reclassified to the balance sheet			—			—			(1)			117			`			1			—			117
Reclassified to retained earnings			—			(112)			—			—			—			—			—			(112)
Tax on amounts recognised/reclassified			3			(32)			—			(12)			—			63			5			27
Total, net of tax			1,397			(211)			41			71			(44)			(148)			(1,083)			23
Share of joint ventures and associates			16			(202)			—			2			—			—			1			(183)
Other comprehensive (loss)/income for the period			1,413			(413)			41			73			(44)			(148)			(1,082)			(160)
Less: non-controlling interest			(36)			(1)			—			—			—			—			2			(35)
Attributable to Shell plc shareholders			1,377			(414)			41			73			(44)			(148)			(1,080)			(195)
At December 31, 2023			(11,213)			73			(34)			(451)			(2,008)			(174)			(4,044)			(17,851)
At January 1, 2022			(9,563)			1,294			3			(536)			(2,144)			(226)			(8,474)			(19,646)
Recognised in other comprehensive income			(3,422)			(524)			(90)			426			180			64			6,982			3,616
Reclassified to income			437			—			12			(636)			—			81			—			(106)
Reclassified to the balance sheet			—			—			—			(81)			—			—			—			(81)
Reclassified to retained earnings			—			(32)			—			—			—			—			(2)			(34)
Tax on amounts recognised/reclassified			(1)			33			—			59			—			55			(1,516)			(1,370)
Total, net of tax			(2,986)			(523)			(78)			(232)			180			200			5,464			2,025
Share of joint ventures and associates			30			(283)			—			244			—			—			30			21
Other comprehensive income/(loss) for the period			(2,956)			(806)			(78)			12			180			200			5,494			2,046
Less: non-controlling interest			(71)			(1)			—			—			—			—			16			(56)
Attributable to Shell plc shareholders			(3,027)			(807)			(78)			12			180			200			5,510			1,990
At December 31, 2022			(12,590)			487			(75)			(524)			(1,964)			(26)			(2,964)			(17,656)
At January 1, 2021			(8,175)			1,144			31			(485)			(2,439)			(187)			(15,624)			(25,735)
Recognised in other comprehensive income			(1,841)			180			(23)			88			295			(145)			10,191			8,745
Reclassified to income			368			—			(5)			(38)			—			92			—			417
Reclassified to the balance sheet			—			—			—			(13)			—			—			—			(13)
Reclassified to retained earnings			—			(45)			—			—			—			—			—			(45)
Tax on amounts recognised/reclassified			60			(35)			—			(16)			—			14			(2,993)			(2,970)
Total, net of tax			(1,413)			100			(28)			21			295			(39)			7,198			6,134
Share of joint ventures and associates			(36)			50			—			(72)			—			—			(48)			(106)
Other comprehensive income/(loss) for the period			(1,449)			150			(28)			(51)			295			(39)			7,150			6,028
Less: non-controlling interest			61			—			—			—			—			—			—			61
Attributable to Shell plc shareholders			(1,388)			150			(28)			(51)			295			(39)			7,150			6,089
At December 31, 2021			(9,563)			1,294			3			(536)			(2,144)			(226)			(8,474)			(19,646)

78 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

29. Dividends

Interim dividends

			$ per share												$ million
			2023			2022			2021 [A]						2023			2022			2021 [B]
Cash:
March			0.2875			0.24			0.1665						2,030			1,829			1,290
June			0.2875			0.25			0.1735						1,984			1,850			1,331
September			0.3310			0.25			0.24						2,179			1,818			1,854
December			0.3310			0.25			0.24						2,196			1,786			1,846
Total			1.237			0.99			0.82						8,389			7,283			6,321

[A]In 2021 Shell plc declared equal amounts of dividends per A and B share as presented.

[B]Dividends paid on A shares totalled in 2021: $3,330 million and dividends paid on B shares totalled in 2021: $2,991 million.

On February 1, 2024, the Directors announced a further interim dividend in respect of 2023 of $0.3440 per ordinary share. The total dividend is estimated to be $2,230 million and is payable on March 25, 2024, to shareholders on the register at February 16, 2024.

Shareholders will be able to elect to receive their dividends in US dollars, sterling or euros.

30. Earnings per share

			2023			2022			2021
Income attributable to Shell plc shareholders ($ million)			19,359			42,309			20,101
Weighted average number of shares used as the basis for determining:
Basic earnings per share (million of shares)			6,733.5			7,347.5			7,761.7
Diluted earnings per share (million of shares)			6,799.8			7,410.5			7,806.8

Basic earnings per share are calculated by dividing the income attributable to Shell plc shareholders for the year by the weighted average number of shares outstanding during the year. The weighted average number of shares outstanding excludes shares held in trust.

Diluted earnings per share are based on the same income figures. The weighted average number of shares outstanding during the year is increased by dilutive shares related to share-based compensation plans. If the inclusion of potentially issuable shares could decrease diluted loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share.

31. Legal proceedings and other contingencies

General

In the ordinary course of business, Shell subsidiaries are subject to a number of contingencies arising from litigation and claims brought by governmental authorities, including tax authorities, and private parties. The operations and earnings of Shell subsidiaries continue, from time to time, to be affected to varying degrees by political, legislative, fiscal and regulatory developments, including those relating to the protection of the environment and indigenous groups in the countries where they operate. The industries in which Shell subsidiaries are engaged are also subject to physical risks of various types.

The amounts claimed in relation to such events and, if such claims against Shell were successful, the costs of implementing the remedies sought in the various cases could be substantial. Based on information available to date and taking into account that in some cases it is not practicable to estimate the possible magnitude or timing of any resultant payments, management believes that the foregoing are not expected to have a material adverse impact on Shell's Consolidated Financial Statements. However, there remains a high degree of uncertainty around these contingencies, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition.

In certain divestment transactions, liabilities related to decommissioning and restoration are de-recognised upon transfer of these obligations to the buyer. For certain of these obligations Shell has issued guarantees to third parties and continues to be liable in case the primary obligor is not able to meet its obligation. These potential obligations arising from issuance of these guarantees are assessed to be remote.

Decommissioning and restoration of manufacturing facilities

For long-lived manufacturing facilities, where decommissioning would generally be more than 50 years away, while there is a present obligation that has arisen from past events, the amount of the obligation cannot be reliably measured. This is because the settlement dates are indeterminate; and other estimates, such as extremely long-term discount rates for which there is no observable measure, cannot be reliably determined. Consequently, the decommissioning and restoration obligation that exists for such long-lived manufacturing facilities cannot be reliably quantified and is disclosed as a contingent liability. There remains a high degree of uncertainty concerning such obligations and their potential effects on future operations, earnings, cash flows, reputation and Shell's financial condition.

79 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

31. Legal proceedings and other contingencies continued

Pesticide litigation

Shell USA, Inc. (Shell USA), along with another agricultural chemical pesticide manufacturer and several distributors, has been sued by public and quasi-public water purveyors, water storage districts and private landowners alleging responsibility for groundwater contamination caused by applications of chemical pesticides. There are approximately 24 such cases currently pending, four claims made but not yet filed, and an active subpoena for records. These matters assert various theories of strict liability and negligence, seeking to recover actual damages, including drinking well treatment and remediation costs. Most assert claims for punitive damages. While Shell USA continues to vigorously defend these actions, in January 2018 an environmental regulatory standard became effective in the State of California, where a majority of the suits are pending. The 2018 standard requires public water systems state-wide to perform quarterly or monthly sampling of their drinking water sources for a chemical contained in certain pesticides. Water systems deemed out of compliance with the regulatory standard must take corrective action to resolve the exceedance or take the potable water source out of service. In response to this regulatory standard, Shell USA monitors the sampling results to determine the number of wells potentially impacted. Based on the claims asserted and Shell USA's history with regard to amounts paid to resolve varying actions, management does not expect the outcome of the matters pending at December 31, 2023, to have a material adverse impact on Shell. However, there remains a high degree of uncertainty regarding the potential outcome of some of these pending lawsuits, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition.

Climate change litigation

In the USA, energy companies (including Shell), industry associations, and others have been named in several matters alleging responsibility for the impacts of climate change due to the use of fossil fuels. These matters assert a number of different theories of liability for a wide variety of harms, including but not limited to, impacts to public and private infrastructure, natural resources, and public health and services. As of December 31, 2023, 24 lawsuits naming Shell as a defendant were pending, three claims were filed but not yet served, and one petition to preserve testimony was pending.

In the Netherlands, in a case against Shell brought by a group of environmental non-governmental organisations (eNGOs) and individual claimants, the Court found that while Shell is not currently acting unlawfully, Shell must reduce the aggregate annual volume of CO2 emissions of Shell operations and energy-carrying products sold across Scopes 1, 2 and 3 by 45% (net) by the end of 2030 relative to its 2019 emissions levels (the "Dutch Court Order"). For Scopes 2 and 3, this is a significant best-efforts obligation. Shell appealed that ruling and a hearing is scheduled to take place before the Dutch Court of Appeal of The Hague in April 2024.

Management believes the outcome of these matters should be resolved in a manner favourable to Shell, but there remains a high degree of uncertainty regarding the ultimate outcome of these lawsuits, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition.

NAM (Groningen gas field) litigation

Since 1963, NAM – a joint venture between Shell and ExxonMobil (50%:50%) – has been producing gas from the Groningen field, the largest gas field in Western Europe. After smaller tremors in the 1990s and the late 2000s, an earthquake measuring 3.6 on the Richter scale occurred in 2012, causing damage to properties in the affected area, and the area continues to experience tremor/earthquake-type events. NAM has successfully settled close to 80,000 claims for physical damage to property. The Dutch State has taken over the damage-claim-handling from NAM for all claim categories, and the strengthening operation in the region, while NAM remains financially responsible insofar as the costs corresponded to NAM's liability. In 2022, NAM started arbitrations with the Dutch government to have its financial liability determined for costs which the Dutch government compensated to claimants and subsequently charged to NAM. These claims include but are not limited to physical damage to property, housing value loss, emotional damage and loss of living enjoyment.

Shell and ExxonMobil seek to reach a final, all-encompassing settlement with the Dutch government on the new design of the Dutch "Gasgebouw" and the wind-down of natural gas production in Groningen. Shell, ExxonMobil and the Dutch government reached agreements in 2018 (Heads of Agreement) and 2019 (Interim Agreement) and subsequently have been engaged in discussions on the interpretation and implementation of these agreements and on a final and all-encompassing settlement. As these discussions have not led to such a settlement, in December 2023, the NAM shareholders asked an independent arbitration panel to rule on the interpretation and implementation of the agreements made in 2018/2019. The purpose of this arbitration is for a neutral third party to assess the situation and provide clarity. The arbitration is expected to take several years and the judgement will be binding. The arbitration does not preclude a final and all-encompassing settlement, provided Shell, ExxonMobil and the Dutch government agree to pursue such a settlement.

There remains a high degree of uncertainty concerning the ultimate outcome of these disputes and their potential effect on future operations, earnings, cash flows, reputation and Shell's financial condition.

80 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

31. Legal proceedings and other contingencies continued

Kazakhstan

Shell has several matters in dispute involving the Republic of Kazakhstan. One litigation matter involving a Shell NOV relates to a Sulphur permitting inspection outcome. An unfavourable ruling was issued by the Administrative Collegium of Astana City Court in February 2024. The Shell NOV is assessing its next steps, including filing an appeal to the Kazakhstan Supreme Court.

The other matters are two Shell NOVs concerning disputes as to cost recovery for the period 2010 to 2019 under the applicable production sharing contracts. In March 2023, the Republic of Kazakhstan appointed its arbitrator in each of the disputes, formally starting the arbitration process. No Statement of Claim has been filed in either matter.

Accordingly, at this time, it is not possible to reliably estimate the magnitude and timing of any possible obligations or payments in respect of the matters above or whether any payments will be due. There remains a high degree of uncertainty regarding the ultimate outcomes, as well as the potential effect on future operations, earnings, cash flows and Shell's financial condition.

Nigerian litigation

Shell subsidiaries and associates operating in Nigeria are parties to various environmental, non-environmental and contractual disputes brought in the courts of Nigeria and England. These disputes are at different stages in litigation, including at the appellate stage, where judgements have been rendered against Shell entities in some of these disputes. If taken at face value, the aggregate amount of these judgements could be seen as material. Management, however, believes that the outcomes of these disputes, once determined, will be favourable to Shell. However, there remains a high degree of uncertainty regarding these cases, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition.

OPL 245

On January 27, 2017, the Nigeria Federal High Court issued an Interim Order of Attachment for Oil Prospecting Licence 245 (OPL 245), pending the conclusion of the investigation of Shell Nigeria Exploration and Production Company Ltd.'s (SNEPCO's) investment in the Nigeria oil block OPL 245 and the 2011 settlement of litigation pertaining to that block with regard to potential anti-bribery, anti-corruption and anti-money laundering laws. SNEPCO applied for and was granted a discharge of this order on constitutional and procedural grounds. Also in Nigeria, in March 2017, criminal charges alleging official corruption and conspiracy to commit official corruption were filed against SNEPCO, one then current now former Shell employee and third parties including ENI SpA and one of its subsidiaries. Those proceedings are in abeyance. In January 2020, criminal charges alleging disobeying direction of law related to tax waivers were filed in Nigeria against Shell Nigeria Ultra Deep Ltd., SNEPCO, and third parties including Nigeria Agip Exploration Limited (NAE). Those proceedings are ongoing. In March 2017, parties alleging to be shareholders of Malabu Oil and Gas Company Ltd. (Malabu) filed two actions to challenge the 2011 settlement and the award of OPL 245 to SNEPCO and an ENI SpA subsidiary by the Federal Government of Nigeria. Both actions are currently stayed awaiting the outcome of appeals filed against procedural decisions. Those appeal proceedings are ongoing. On May 8, 2018, Human Environmental Development Agenda (HEDA) sought permission from the Federal High Court of Nigeria to apply for an order to direct the Attorney General of the Federation to revoke OPL 245 on grounds that the entire Malabu transaction in relation to the OPL is unconstitutional, illegal and void as it was obtained through fraudulent and corrupt practice. On July 3, 2019, the Nigerian Federal High Court upheld objections from SNEPCO and NAE and struck the lawsuit filed by HEDA. The suit was struck because of the statute of limitations and lack of jurisdiction to hear the matter. HEDA has appealed the judgement, which is ongoing.

On a separate OPL 245 matter, pre-trial criminal proceedings are pending against an individual who also did not work for or on behalf of Shell.

On July 21, 2022, the Dutch Public Prosecutor's office announced it had dismissed its investigation into bribery allegations related to OPL 245. On October 24, 2022, Re:Common, HEDA and The Corner House announced that they filed a complaint at the Court of Appeal in The Hague, pursuant to Article 12 of the Dutch Code for Criminal Procedure, challenging the decision by the Dutch Public Prosecutor to dismiss its investigation. There remains a high degree of uncertainty around the OPL 245 matters and contingencies discussed above, as well as their potential effect on future operations, earnings, cash flows and Shell's financial condition. Accordingly, at this time, it is not possible to reliably estimate the possible obligations and timing of any payments. Any violation of anti-bribery, anti-corruption or anti-money laundering legislation could have a material adverse effect on Shell plc's earnings, cash flows and financial condition.

81 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

32. Employees

Employee costs

			$ million
			2023			2022			2021
Remuneration			10,648			10,509			9,038
Social security contributions			957			860			819
Retirement benefits (see Note 23)			1,324			1,795			1,696
Share-based compensation (see Note 27)			700			807			539
Total [A]			13,629			13,971			12,092

[A]Excludes employees seconded to joint ventures and associates.

Average employee numbers [A]

			Thousand
			2023			2022			2021
Integrated Gas			6			6			6
Upstream			11			12			13
Marketing			26			17			14
Chemicals and Products			22			21			22
Renewables and Energy Solutions			5			4			3
Corporate			30			27			25
- of which Shell Business Service Centre (SBSC)			23			20			19
Total [B]			100			87			83

[A]Employee numbers are based on headcount.

[B]Excludes employees seconded to joint ventures and associates (2023: 2,000 employees; 2022: 2,000 employees; 2021: 2,000 employees).

33. Directors and Senior Management

Remuneration of Directors of the Company

			$ million
			2023			2022			2021
Emoluments			12			12			12
Value of released awards under long-term incentive plans			4			7			5
Employer contributions to pension plans			1			1			1

Emoluments comprise salaries and fees, annual bonuses (for the period for which performance is assessed) and other benefits. The value of released awards under long-term incentive plans for the period is in respect of the performance period ending in that year. In 2023, no Director accrued retirement benefits in respect of qualifying services under defined benefit plans.

Further information on the remuneration of the Directors can be found in the Directors' Remuneration Report on pages 174-176.

Directors and Senior Management expense

			$ million
			2023			2022			2021
Short-term benefits			31			33			27
Retirement benefits			2			2			3
Share-based compensation			17			17			16
Termination and related amounts			7			1			2
Total			57			53			48

Directors and Senior Management comprise members of the Executive Committee and the Non-executive Directors of the Company.

Short-term benefits comprise salaries and fees, annual bonuses delivered in cash and shares (for the period for which performance is assessed), other benefits and employer social security contributions.

82 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

34. Auditor's remuneration

			$ million
			2023			2022			2021
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements, including audit of consolidation returns			42			45			39
Other audit fees, principally in respect of audits of accounts of subsidiaries			19			18			18
Total audit fees			61			63			57
Audit-related fees			3			3			3
Fees in respect of other non-audit services			2			3			3
Total			66			69			63

In addition, the auditor provided audit services to retirement benefit plans for employees of subsidiaries. Remuneration paid by those benefit plans amounted to $1 million in 2023 (2022: $1 million; 2021: $1 million).

35. Post-balance sheet events

Post-balance sheet events were originally evaluated up to March 13, 2024, the date these Consolidated Financial Statements were previously authorised for issue. Following the re-issuance of these Consolidated Financial Statements on July 2, 2025, post balance sheet events have been re-evaluated to this date. This assessment has resulted in the disclosure of additional non-adjusting events, but did not lead to a change in the recognition or measurement of amounts reported in the Consolidated Financial Statements.

On January 30, 2024, the principal defined benefit pension plan in the USA, Shell Pension Plan, entered into a contract with "The Prudential Insurance Company of America" to settle $5,052 million of pension liabilities. The settlement price consisted of $4,920 million of pension assets. As a result of this transaction, all legal and constructive obligations for a tranche of benefits provided by the Shell Pension Plan have been eliminated. This transaction will have no significant impact on the Consolidated Statement of Income, Consolidated Balance Sheet or Consolidated Statement of Cash Flows.

In the fourth quarter 2024 a lease liability of $3.0 billion was recognised in relation to the commencement of an LNG pipeline lease in Canada.

In December 2024, Shell signed an agreement with Equinor UK Limited to form an independent joint venture, comprised of their combined UK offshore oil and gas operations. This resulted in the reclassification of assets of $6.8 billion and liabilities of $4.7 billion as held for sale in the fourth quarter 2024. Upon completion of the sale, the disposal group will be derecognised, in exchange for a 50% interest in a newly formed joint venture.

In 2024, the Company recognised impairments of $4.5 billion.

With effect from January 1, 2025, 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 Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell's focus on performance, discipline and simplification. The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and aims to facilitate a comparative understanding of Shell's financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell's financial results from period to period. The segment earnings measure used until December 31, 2024, was CCS earnings. The difference between CCS earnings and Adjusted Earnings are the identified items.

In the Netherlands, in a case against Shell brought by a group of environmental non-governmental organisations and individual claimants (referred to herein as "Milieudefensie"), the Hague District Court in 2021 found that while Shell was not acting unlawfully (see Note 31), Shell had the obligation to reduce the aggregate annual volume of CO2 emissions of Shell operations and energy-carrying products sold across Scope 1, 2 and 3 by 45% (net) by the end of 2030 relative to its 2019 emissions levels. For Scope 2 and 3, this was a significant best-efforts obligation. Shell appealed that ruling. On November 12, 2024, the Hague Court of Appeal upheld Shell's appeal and dismissed the claim against Shell. In doing so, the Court of Appeal annulled the earlier judgment of the District Court in its entirety with immediate effect. On February 11, 2025, Milieudefensie filed an appeal to the Supreme Court of the Netherlands.

On January 23, 2025, and March 4, 2025, Shell announced changes to the Executive Committee. As per the announcements, with effect from April 1, 2025, the most senior leadership structure will be delayered to reflect the three primary areas of business value – Integrated Gas; Upstream; and Downstream, Renewables and Energy Solutions, while elevating Trading and Supply. These changes will not affect Shell's reporting segments as the changes do not impact how the Chief Executive Officer, who serves as the Chief Operating Decision Maker, makes decisions about allocating resources and assessing performance.

On March 13, 2025, Shell completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, as announced on January 16, 2024. The divestment of SPDC aligns with Shell’s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its deep-water and integrated gas positions. Completion of the sale did not lead to a significant gain or loss on disposal. At closing, Shell provided secured term loans to SPDC to cover a variety of funding requirements, of which $0.8 billion was drawn at closing.

83 Shell Form 20-F/A 2023

Financial Statements and Supplements

Notes to the Consolidated Financial Statements continued

At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expired at the end of the Annual General Meeting held in 2025.

At Shell plc’s Annual General Meeting on May 20, 2025, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €140 million (representing approximately 2,007 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 19, 2026, or the end of the Annual General Meeting to be held in 2026, unless previously renewed, revoked or varied by Shell plc in a general meeting.

In 2024 and 2025, until the issuance of these Consolidated Financial Statements the Company paid dividends to its shareholders of $13.0 billion and repurchased shares for an amount of $20.7 billion. In March 2025, Shell announced an increased shareholder distributions target of 40-50% of cash flow from operating activities through the cycle.

84 Shell Form 20-F/A 2023

Additional Information

Index to the Exhibits

Exhibit No.						Description
1.1						Memorandum of Association of Royal Dutch Shell plc, together with a special resolution of Royal Dutch Shell plc dated May 18, 2010, (incorporated by reference to Exhibit 4.12 to the Registration Statement on Form F-3 (File No. 333-177588) of Royal Dutch Shell plc filed with the US Securities and Exchange Commission on October 28, 2011).
1.2						Articles of Association of Shell plc, dated May 23, 2023 (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-8 (No. 001-272192) of Shell plc filed with the SEC on May 25, 2023).
2.1						Amended and Restated Dividend Access Trust Deed, dated March 12, 2020 between Royal Dutch Shell plc, BG Group Limited, Computershare Trustees (Jersey) Limited and the Shell Transport and Trading Company Limited (incorporated by reference to Exhibit 2.1 to the Annual Report for the fiscal year ended December 31, 2020, on Form 20-F (File No. 001-32575) of Royal Dutch Shell plc filed with the US Securities and Exchange Commission on March 11, 2021).
2.3						Second Amended and Restated Deposit Agreement among Shell plc, JPMorgan Chase Bank, N.A., as depositary, and Holders and Beneficial Owners of American Depositary Receipts, dated as of January 31, 2022 (incorporated by reference to Exhibit 2.3 to the Annual Report for the fiscal year ended December 31, 2021, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 10, 2022).
2.4						Amendment No. 1, dated as of October 13, 2023, to Second Amended and Restated Deposit Agreement among Shell plc, JPMorgan Chase Bank, N.A., as depositary, and Holders and Beneficial Owners of American Depositary Receipts (incorporated by reference to Exhibit 4.18 to the Registration Statement on Form F-3 (File No. 333-276068) of Shell plc filed with the US Securities and Exchange Commission on December 15, 2023).
2.5						Form of American Depositary Receipts representing Shell plc American Depositary Shares each evidencing the right to receive two ordinary shares of Shell plc (included as Exhibit A to Exhibit 2.4 herein).
2.6						Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. (incorporated by reference to Exhibit 2.6 to the Annual Report for the fiscal year ended December 31, 2023, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 14, 2024).
2.7						Senior Indenture, among Shell International Finance B.V., Shell plc (f/k/a Royal Dutch Shell plc) and Deutsche Bank Trust Company Americas dated as of June 27, 2006 (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form F-3 (No. 333-222005), of Shell plc filed with the U.S. Securities and Exchange Commission on December 12, 2017).
4.1						Shell Provident Fund Regulations and Trust Agreement, as amended to reflect all amendments through September 25, 2020 (incorporated by reference to Exhibit 4.1 to the Annual Report for fiscal year ended December 31, 2021, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 10, 2022).
4.2						Form of Director Indemnity Agreement (incorporated by reference to Exhibit 4.2 to the Annual Report for the fiscal year ended December 31, 2024, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 25, 2025).
4.3						Form of contract of employment for Executive Directors (incorporated by reference to Exhibit 4.3 to the Annual Report for the fiscal year ended December 31, 2023, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 14, 2024).
4.4						Form of Letter of appointment for Non-executive Directors (incorporated by reference to Exhibit 4.4 to the Annual Report for the fiscal year ended December 31, 2024, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 25, 2025).
4.5						Amendment to form of letter of appointment for Non-executive Directors (incorporated by reference to Exhibit 4.5 to the Annual Report for the fiscal year ended December 31, 2024, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 25, 2025).
4.6						Rules of the Global Employee Share Purchase Plan, amended on January 29, 2022 (incorporated by reference to Exhibit 4.6 to the Annual Report for the fiscal year ended December 31, 2021, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 10, 2022).
4.7						Rules of the Shell Share Plan 2023 (incorporated by reference to Exhibit 4.7 to the Annual Report for the fiscal year ended December 31, 2023, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 14, 2024).
4.8						Free Share Schedule (incorporated by reference to Exhibit 4.8 to the Annual Report for fiscal year ended December 31, 2021, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 10, 2022).
8.1						Significant Shell subsidiaries at December 31, 2023 (incorporated by reference to Exhibit 8.1 to the Annual Report for the fiscal year ended December 31, 2023, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 14, 2024).
11.1						Securities Dealing Code (incorporated by reference to Exhibit 11.1 to the Annual Report for the fiscal year ended December 31, 2024, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 25, 2025).
11.2						Dealing Guidance for Directors and Other PDMRs (incorporated by reference to Exhibit 11.2 to the Annual Report for the fiscal year ended December 31, 2024, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 25, 2025).
12.1						Section 302 Certification of Shell plc.
12.2						Section 302 Certification of Shell plc.
13.1						Section 906 Certification of Shell plc.
15.1						Consent of Ernst & Young LLP, London, United Kingdom.
17.1						Subsidiary Guarantors and Issuers of Guaranteed Securities (incorporated by reference to Exhibit 17.1 to the Annual Report for the fiscal year ended December 31, 2023, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 14, 2024).
97.1						Malus and clawback policy for Executive Directors and other Executive Committee members (incorporated by reference to Exhibit 97.1 to the Annual Report for the fiscal year ended December 31, 2023, on Form 20-F (File No. 001-32575) of Shell plc filed with the US Securities and Exchange Commission on March 14, 2024).

85 Shell Form 20-F/A 2023

Additional Information

Index to the Exhibits continued

101						Inline Interactive data files.
104						Cover page inline interactive data file (formatted as Inline XBRL and contained in Exhibit 101).

86 Shell Form 20-F/A 2023

Additional Information

Signatures

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused and authorised the undersigned to sign this Amendment No. 1 to the annual report on its behalf.

Shell plc

/s/ Wael Sawan

Wael Sawan

Chief Executive Officer

July 2, 2025

87 Shell Form 20-F/A 2023