Shell – Powering Progress

Cutting costs and emissions in the Gulf of Mexico June 2024 [shell] [View in browser]( [The Whale platform in the Gulf of Mexico] [The Whale platform in the Gulf of Mexico] Dear {NAME}, As the world continues to rely on oil and gas for secure and affordable energy supplies, Shell is working to reduce the emissions associated with oil and gas production. Whale has been designed to do just that. It is a close replica of the Shell-operated Vito platform, which started production in the Gulf of Mexico in early 2023. Vito is significantly smaller than its original design, resulting in lower costs and emissions. Whale will operate with around 30% lower carbon intensity over its life cycle than Vito. Whale’s compact design also means that the cost of producing each barrel of oil equivalent will be among the lowest in the Gulf of Mexico. “We’re saving money, saving time and limiting greenhouse gas emissions, while keeping oil production stable,” says Whale project manager Jason Gage. [Find out more >]( [yellow header] [Palm trees blowing in the wind]( [Palm trees blowing in the wind]( Producing gas with renewables, come rain or shine Wind and solar energy are being used to power the Timi gas production platform off the coast of Malaysia. [Find out more >]( [yellow header] [Li Qian, Chief Investment Officer at BYD]( [Li Qian, Chief Investment Officer at BYD]( Driving decarbonisation across transport and industry Business leaders discuss how they are lowering emissions in collaboration with Shell. [Watch the videos >]( [yellow header] [yellow header] [A woman holds a computer tablet with different datasets in the foreground]( [A woman holds a computer tablet with different datasets in the foreground]( How AI can lower emissions The Energy Podcast explores how rapid advancements in artificial intelligence (AI) are helping the energy industry transition to a low-carbon future. [Listen here >]( In case you missed it: • [Germany’s largest bio-LNG plant]( to provide lower-carbon fuel for trucks. • Ryanair buys enough [sustainable aviation fuel]( from Shell to power 200 flights from Stansted to Madrid. • Shell delivers [strong operational and financial performance]( in the first quarter of 2024 and launches $3.5 billion share buyback. • Shareholders [endorse]( Shell’s Energy Transition Strategy 2024 at its Annual General Meeting. You can find all our latest reports at our online reporting hub [here](. To find out more about [Powering Progress]( and all our stories, please visit [shell.com]( and follow Shell on social media. [Twitter]( [linkedin]( [Instagram]( [Facebook]( [Youtube]( [Shell] Thanks for reading. This email was sent to you by Shell. To ensure delivery to your inbox (not junk folders), please add our email address poweringprogress@email.shell.com to your address book. [View our Privacy policy here]( [Unsubscribe from these emails]( [Share your feedback with us]( Copyright © Shell U.K. Limited: Shell Centre London SE1 7NA - All rights reserved This newsletter was published on June 4, 2024. Cautionary Note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this newsletter “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this newsletter refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest. Forward-Looking Statements This newsletter contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this newsletter, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this newsletter are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at [www.shell.com/investors/news-and-filings/sec-filings.html]( and [www.sec.gov](. These risk factors also expressly qualify all forward-looking statements contained in this newsletter and should be considered by the reader. Each forward-looking statement speaks only as of the date of this newsletter, June 4, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this newsletter. Shell’s Net Carbon Intensity Also, in this newsletter we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries. Shell’s Net-Zero Emissions Target Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target. Forward-Looking non-GAAP measures This newsletter may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those Non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements. 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