"Shell delivered another quarter of strong operational and financial performance, demonstrating our continued focus on
delivering more value with less emissions. We continue to deliver on our Capital Markets Day targets, giving us the
confidence to commence another $3.5 billion buyback programme for the next three months."

DELIVERING STRONG Q1 RESULTS
• Q1 2024 Adjusted Earnings1
of $7.7 billion, reflecting strong operational performance across the business. CFFO of $13.3
billion for the quarter includes a working capital outflow of $2.8 billion.
• Commencing a $3.5 billion share buyback programme, expected to be completed by Q2 2024 results announcement. Over
the last 4 quarters, total shareholder distributions paid were 41% of CFFO.
• 2024 cash capex outlook unchanged: $22 - 25 billion.
$ million1 Adj. Earnings Adj. EBITDA CFFO Cash capex
Integrated Gas 3,680 6,136 4,712 1,041
Upstream 1,933 7,888 5,727 2,010
Marketing 781 1,686 1,319 465
Chemicals & Products2
1,615 2,826 (349) 500
Renewables & Energy Solutions 163 267 2,466 438
Corporate (368) (92) (545) 37
Less: Non-controlling interest (NCI) 70
Shell
Q1 2024 7,734 18,711 13,330 4,493
Q4 2023 7,306 16,335 12,575 7,113
1
Income/(loss) attributable to shareholders for Q1 2024 is $7.4 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available at www.shell.com/investors.
2Chemicals & Products adjusted earnings at a subsegment level are as follows - Chemicals $(0.1) billion and Products $1.7 billion.

see & read more on
https://www.shell.com/investors/results-and-reporting/quarterly-results/latest-results/_jcr_content/root/main/section/simple/call_to_action_copy_/links/item0.stream/1714613420300/57656049abf0419e39cae5eb28c2ecc48b362b03/q1-2024-quarterly-press-release.pdf