Shell plc Chief Executive Officer, Wael Sawan
"In Q1 Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility, while
continuing to provide vital supplies of secure energy. We will commence a $4 billion share buyback programme for the next
three months as part of our commitment to deliver attractive shareholder returns."
STRONG RESULTS UNDERPINNED BY ROBUST PERFORMANCE
• Q1 2023 Adjusted Earnings of $9.6 billion, with Adjusted EBITDA of $21.4 billion, with improved operational performance,
lower underlying opex and better results in Chemicals & Products driven by trading & optimisation offsetting the impact of
lower oil and gas prices, and higher tax compared with Q4 2022.
• $4 billion share buybacks announced, expected to be completed by Q2 2023 results announcement, which would bring total
shareholder distributions to ~$12 billion for the first half of 2023. The 2023 cash capex outlook is unchanged: $23-27 billion.
• Strengthened the portfolio with the completion of the acquisition of Nature Energy (a renewable natural gas producer,
Denmark), the investment decision for the Dover tie-back to the Appomattox production platform (USA) and the
commencement of production at Vito (USA) and restart of Pierce (UK) facilities. Further simplified the portfolio through the
divestment of non-core Upstream positions in onshore California and offshore Malaysia.
$ million Adj. Earnings1 Adj. EBITDA1
CFFO Cash capex
Integrated Gas 4,917 7,482 6,286 813
Upstream 2,801 8,837 5,808 1,870
Marketing 874 1,578 1,086 2,685
Mobility 340 809 607
Lubricants 345 521 67
Sectors & Decarbonisation 189 247 2,011
Chemicals & Products 1,777 3,050 2,290 613
Chemicals (332) (3) 184
Products 2,109 3,053 428
Renewables & Energy Solutions 389 668 1,091 440
Corporate (1,039) (183) (2,403) 81
Less: Non-controlling interest (NCI) 72
Shell
Q1 2023 9,646 21,432 14,159 6,501
Q4 2022 9,814 20,600 22,404 7,319
1
Income/(loss) attributable to shareholders for Q1 2023 is $8.7 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

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