"The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and
has shown that secure, reliable and affordable energy simply cannot be taken for granted. The impacts of this uncertainty and the
higher cost that comes with it are being felt far and wide. We have been engaging with governments, our customers and suppliers to
work through the challenging implications and provide support and solutions where we can.
Generating value through strong earnings and cash flow, coupled with maintaining a healthy balance sheet and continuing the
disciplined delivery of our strategy, are crucial for Shell to play a leading role in the energy transition. This allows us to support our
customers as they shift to cleaner energy. It's also the best way for us to contribute to the security of energy supplies. Today's results,
the progress we are making with our $8.5 billion share buyback programme and the reduction of our net debt to $48.5 billion all
show we remain on track, and give us the confidence to plan future shareholder distributions and disciplined investments that will
accelerate our strategy."
STRONG RESULTS IN VOLATILE TIMES
? Strong Q1 2022 Adjusted Earnings of $9.1 billion in a volatile geopolitical and macroeconomic environment. Adjusted
EBITDA of $19.0 billion in Q1 2022 versus $16.3 billion in Q4 2021.
? Dividend increased by ~4% to $0.25 per share for Q1 2022. Of the $8.5 billion share buyback programme announced for
the first half of 2022, $4 billion has been completed to date. The remaining $4.5 billion share buybacks are expected to be
completed before the Q2 2022 results announcement. With the current macro outlook and subject to Board approval,
shareholder distributions for the second half of 2022 are expected to be in excess of 30% of CFFO.
? Following decisive action on Russia, taken $3.9 billion of post-tax charges in Q1 2022 as part of Identified items.
? Share simplification completed and new reporting segments launched - additional Renewables & Energy Solutions and
Marketing disclosures.
$ million Adj. Earnings1 Adj. EBITDA CFFO Cash capex
Integrated Gas 4,093 6,315 6,443 863
Upstream 3,450 8,977 5,964 1,707
Marketing 737 1,323 (530) 473
Mobility 277 664 319
Lubricants 338 470 39
Sectors & Decarbonisation 121 188 115
Chemicals & Products 1,168 2,006 3,673 998
Chemicals 31 176 714
Products 1,137 1,830 284
Renewables & Energy Solutions 344 521 (459) 985
Corporate (548) (114) (277) 37
Less: Non-controlling interest 114
Shell
Q1 2022 9,130 19,028 14,815 5,064
Q4 2021 6,391 16,349 8,170 6,500
1
Income/(loss) attributable to shareholders for Q1 2022 is $7.1 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.
1
$ billion
Adjusted Earnings - by segment
6.4 0.1 0.6 0.1
1.3 0.3 0.3 9.1
Q4 2021
Integrated Gas
Upstream
Marketing
Chemicals & Products
Renewables & Energy Solutions
Corporate & NCI
Q1 2022
$ billion
Cash conversion Q1
9.1
5.5 0.6
3.8 19.0
-0.4
2.2 1.4
-7.4
14.8
Adj. Earnings
DD&A & well write-offs
Interest
Tax charge & NCI
Adj. EBITDA
JV dividends
Derivatives
Tax paid & other
WC
CFFO
? Strong CFFO reflecting net favourable derivatives movements, mainly due to settlement of derivative contracts in Q1
2022 for which variation margins cash outflows have taken place in 2021. Tax paid & other includes a tax paid
outflow of $2.2 billion, offset by current cost of supply adjustment and other movements. Working capital mainly
impacted by inventory price effect of $6.4 billion and Initial Margin outflows of $1.7 billion.
? Net debt reduced by ~8%, from $52.6 billion in Q4 2021 to $48.5 billion in Q1 2022.
$ billion Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022
Divestment proceeds 3.4 1.3 1.3 9.1 0.7
Free cash flow 7.7 9.7 12.2 10.7 10.5
Net debt 71.3 65.7 57.5 52.6 48.5

see & read more on
https://www.shell.com/investors/results-and-reporting/quarterly-results/2022/q1-2022/_jcr_content/par/toptasks_1119141760_.stream/1651682600274/4beba247de9a1e5dcdbc1685abfdc95d07aca3f7/q1-2022-quarterly-press-release.pdf

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