SUMMARY OF UNAUDITED RESULTS
Quarters $ million Full year
Q4 2021 Q3 2021 Q4 2020 %¹ Reference 2021 2020 %
11,461 (447) (4,014) +2662 Income/(loss) attributable to Shell plc
shareholders 20,101 (21,680) +193
11,081 (988) (4,478) +1221 CCS earnings attributable to shareholders Note 2 17,073 (19,921) +186
6,391 4,130 393 +55 Adjusted Earnings² A 19,289 4,846 +298
16,349 13,460 8,372 Adjusted EBITDA (CCS basis) A 55,004 36,533
8,170 16,025 6,287 -49 Cash flow from operating activities 45,105 34,105 +32
2,579 (3,804) (5,406) Cash flow from investing activities (4,760) (13,278)
10,749 12,221 882 Free cash flow G 40,345 20,828
6,500 4,840 5,503 Cash capital expenditure C 19,698 17,827
9,701 8,359 9,652 +16 Operating expenses F 35,964 34,789 +3
9,386 8,696 8,544 +8 Underlying operating expenses F 35,309 32,502 +9
8.8% 2.9% (6.8)% ROACE (Net income basis) D 8.8% (6.8)%
8.5% 6.1% 2.9% ROACE on an Adjusted Earnings plus Noncontrolling interest (NCI) basis D 8.5% 2.9%
52,555 57,492 75,386 Net debt E 52,555 75,386
23.1% 25.6% 32.2% Gearing E 23.1% 32.2%
3,142 3,068 3,371 +2 Total production available for sale (thousand
boe/d) 3,237 3,386 -4
1.49 (0.06) (0.52) +2583 Basic earnings per share ($) 2.59 (2.78) +193
0.83 0.53 0.05 +57 Adjusted Earnings per share ($) B 2.49 0.62 +302
0.24 0.24 0.1665 — Dividend per share ($) 0.8935 0.6530 +37
1. Q4 on Q3 change.
2. Adjusted Earnings is defined as income/(loss) attributable to Shell plc shareholders plus cost of supplies adjustment (see Note 2) and excluding identified items
(see Reference A).
Fourth quarter 2021 income attributable to Shell plc shareholders was $11.5 billion, which included non-cash gains of
$3.2 billion due to the fair value accounting of commodity derivatives and net gains on sale of assets of $3.0 billion, partly
offset by post-tax impairment charges of $0.8 billion.
Adjusted Earnings for the quarter were $6.4 billion. Cost of supplies adjustment attributable to Shell plc shareholders for the fourth quarter 2021 was negative $0.4 billion.
Cash flow from operating activities for the fourth quarter 2021 was $8.2 billion, which included negative working capital movements of $3.0 billion and negative impacts of $2.7 billion related to commodity derivatives. Cash flow from investing activities for the quarter was an inflow of $2.6 billion, mainly driven by proceeds from sale of property, plant and equipment and businesses of $8.8 billion, mostly due to the Permian sale in the USA, partly offset by capital expenditure of $6.2 billion.

Compared with the third quarter 2021, current quarter Adjusted Earnings reflected higher contributions from LNG trading and optimisation and higher realised oil, gas and LNG prices. This was partly offset by lower chemicals and marketing margins.
At the end of the fourth quarter 2021, net debt was $52.6 billion, compared with $57.5 billion at the end of the third quarter 2021, mainly driven by free cash flow generation in the quarter, which included divestment proceeds from the Permian sale in the USA. This was partly offset by dividends and share buybacks. Gearing was 23.1% at the end of the fourth quarter 2021, compared with 25.6% at the end of the third quarter 2021, mainly driven by net debt reduction and higher earnings.

Dividends declared to Shell plc shareholders for the quarter amount to $0.24 per share. The Board expects that the first quarter 2022 interim dividend will be $0.25 per share, an increase of ~4% over the US dollar dividend for the fourth quarter 2021. During the fourth quarter 2021, $1.7 billion of share buybacks were completed. Share buybacks of $8.5 billion for the first half of 2022 were announced today including $5.5 billion of Permian divestment proceeds.
This announcement, together with supplementary financial and operational disclosure and a separate press release for this quarter, is available at www.shell.com/investors1
.
1. Not incorporated by reference.

FOURTH QUARTER 2021 PORTFOLIO DEVELOPMENTS
Integrated Gas
In December 2021, we completed the acquisition of solar and energy storage developer Savion in the USA.
In December 2021, we signed a gas concession agreement for Block 10 in Oman.
In January 2022, we announced that Shell and ScottishPower won bids to develop 5GW of floating wind power in the UK.
In January 2022, we started up a hydrogen hydrolyser with 20MW production capacity in China.
In February 2022, we completed the acquisition of online energy retailer Powershop Australia.

Upstream
In December 2021, we completed the sale of the Permian business in the USA.

Oil Products
In October 2021, we signed an agreement to acquire 248 company-owned fuel and convenience retail sites from the Landmark group of companies, whose convenience stores operate in Texas under the Timewise brand. The agreement also includes supply agreements with an additional 117 independently operated fuel and convenience sites, with the deal expected to complete in the first half of 2022.
In January 2022, we completed the sale of our interest in Deer Park Refining Limited Partnership in the USA.

see & read more on
https://www.shell.com/investors/results-and-reporting/quarterly-results/2021/q4-2021/_jcr_content/par/toptasks_1119141760_.stream/1643817914851/039c2c77aa5f8a12047adeb58d471ffff52f35a0/q4-2021-qra-document.pdf

tijd 13.23
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