{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "shel": "http://www.shell.com/20231231", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.shell.com/20231231/shel-2023-12-31.xsd" ] }, "facts": { "f-1": { "value": "316620000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-2": { "value": "381314000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-3": { "value": "261504000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-4": { "value": "3725000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-5": { "value": "3972000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-6": { "value": "4097000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-7": { "value": "2838000000", "decimals": -6, "dimensions": { "concept": "shel:InterestAndOtherIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-8": { "value": "915000000", "decimals": -6, "dimensions": { "concept": "shel:InterestAndOtherIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-9": { "value": "7056000000", "decimals": -6, "dimensions": { "concept": "shel:InterestAndOtherIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-10": { "value": "323183000000", "decimals": -6, "dimensions": { "concept": "shel:RevenueAndOtherIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-11": { "value": "386201000000", "decimals": -6, "dimensions": { "concept": "shel:RevenueAndOtherIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-12": { "value": "272657000000", "decimals": -6, "dimensions": { "concept": "shel:RevenueAndOtherIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-13": { "value": "212883000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-14": { "value": "258488000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-15": { "value": "174912000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-16": { "value": "25240000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-17": { "value": "25518000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-18": { "value": "23822000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByNature", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-19": { "value": "13433000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-20": { "value": "12883000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-21": { "value": "11328000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-22": { "value": "1287000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-23": { "value": "1075000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-24": { "value": "815000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ResearchAndDevelopmentExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-25": { "value": "1750000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ExpenseArisingFromExplorationForAndEvaluationOfMineralResources", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-26": { "value": "1712000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ExpenseArisingFromExplorationForAndEvaluationOfMineralResources", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-27": { "value": "1423000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ExpenseArisingFromExplorationForAndEvaluationOfMineralResources", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-28": { "value": "31290000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-29": { "value": "18529000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-30": { "value": "26921000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAmortisationAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-31": { "value": "4673000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-32": { "value": "3181000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-33": { "value": "3607000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-34": { "value": "290556000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-35": { "value": "321386000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-36": { "value": "242828000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-37": { "value": "32627000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-38": { "value": "64815000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-39": { "value": "29829000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-40": { "value": "12991000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-41": { "value": "21941000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-42": { "value": "9199000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-43": { "value": "19636000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-44": { "value": "42874000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-45": { "value": "20630000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-46": { "value": "277000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-47": { "value": "565000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-48": { "value": "529000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-49": { "value": "19359000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-50": { "value": "42309000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-51": { "value": "20101000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-52": { "value": "2.88", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-53": { "value": "5.76", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-54": { "value": "2.59", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-55": { "value": "2.85", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-56": { "value": "5.71", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-57": { "value": "2.57", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-58": { "value": "19636000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-59": { "value": "42874000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-60": { "value": "20630000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-61": { "value": "1397000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-62": { "value": "-2986000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-63": { "value": "-1413000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-64": { "value": "41000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-65": { "value": "-78000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-66": { "value": "-28000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-67": { "value": "71000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-68": { "value": "-232000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-69": { "value": "21000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-70": { "value": "-44000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-71": { "value": "180000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-72": { "value": "295000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-73": { "value": "148000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-74": { "value": "-200000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-75": { "value": "39000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmountsTransferredToInitialCarryingAmountOfHedgedItems", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-76": { "value": "18000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-77": { "value": "274000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-78": { "value": "-109000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-79": { "value": "1335000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-80": { "value": "-2642000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-81": { "value": "-1273000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-82": { "value": "-1083000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-83": { "value": "5466000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-84": { "value": "7198000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-85": { "value": "-99000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-86": { "value": "-491000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-87": { "value": "145000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-88": { "value": "-201000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-89": { "value": "-253000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-90": { "value": "3000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-91": { "value": "-1383000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-92": { "value": "4722000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-93": { "value": "7346000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-94": { "value": "-48000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-95": { "value": "2080000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-96": { "value": "6073000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-97": { "value": "19588000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-98": { "value": "44954000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-99": { "value": "26703000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-100": { "value": "312000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-101": { "value": "621000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-102": { "value": "468000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-103": { "value": "19276000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-104": { "value": "44333000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-105": { "value": "26235000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-106": { "value": "16660000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-107": { "value": "16039000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-108": { "value": "10253000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-109": { "value": "9662000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-110": { "value": "194835000000", "decimals": -6, "dimensions": { "concept": "shel:PropertyPlantAndEquipmentIncludingRightOfUseAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-111": { "value": "198642000000", "decimals": -6, "dimensions": { "concept": "shel:PropertyPlantAndEquipmentIncludingRightOfUseAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-112": { "value": "24457000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-113": { "value": "23864000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-114": { "value": "3246000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-115": { "value": "3362000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-116": { "value": "6454000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-117": { "value": "7815000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-118": { "value": "9151000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-119": { "value": "10200000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-120": { "value": "6298000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-121": { "value": "6920000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-122": { "value": "801000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-123": { "value": "582000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-124": { "value": "272155000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-125": { "value": "277086000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-126": { "value": "26019000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-127": { "value": "31894000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-128": { "value": "53273000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-129": { "value": "66510000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-130": { "value": "15098000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-131": { "value": "24437000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-132": { "value": "38774000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-133": { "value": "40246000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-134": { "value": "133164000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-135": { "value": "163087000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-136": { "value": "951000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-137": { "value": "2851000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-138": { "value": "134115000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-139": { "value": "165938000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-140": { "value": "406270000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-141": { "value": "443024000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-142": { "value": "71610000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-143": { "value": "74794000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-144": { "value": "3103000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-145": { "value": "3432000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-146": { "value": "2301000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-147": { "value": "3563000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-148": { "value": "15347000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-149": { "value": "16186000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-150": { "value": "7549000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-151": { "value": "7296000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-152": { "value": "22531000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-153": { "value": "23845000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-154": { "value": "122441000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-155": { "value": "129116000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-156": { "value": "9931000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-157": { "value": "9001000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-158": { "value": "68237000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-159": { "value": "79357000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-160": { "value": "9529000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-161": { "value": "23779000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-162": { "value": "3422000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-163": { "value": "4869000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-164": { "value": "4041000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-165": { "value": "2910000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-166": { "value": "95160000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-167": { "value": "119916000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-168": { "value": "307000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-169": { "value": "1395000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-170": { "value": "95467000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-171": { "value": "121311000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-172": { "value": "217908000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-173": { "value": "250427000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-174": { "value": "544000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-175": { "value": "584000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-176": { "value": "-997000000", "decimals": -6, "dimensions": { "concept": "shel:SharesHeldInTrust", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-177": { "value": "-726000000", "decimals": -6, "dimensions": { "concept": "shel:SharesHeldInTrust", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-178": { "value": "21145000000", "decimals": -6, "dimensions": { "concept": "shel:OtherMiscellaneousReserves", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-179": { "value": "21132000000", "decimals": -6, "dimensions": { "concept": "shel:OtherMiscellaneousReserves", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-180": { "value": "165915000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-181": { "value": "169482000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-182": { "value": "186607000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-183": { "value": "190472000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-184": { "value": "1755000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-185": { "value": "2125000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-186": { "value": "188362000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-187": { "value": "192597000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-188": { "value": "406270000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-189": { "value": "443024000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-190": { "value": "584000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-191": { "value": "-726000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-192": { "value": "21132000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-193": { "value": "169482000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-194": { "value": "190472000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-195": { "value": "2125000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-196": { "value": "192597000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-197": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-198": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-199": { "value": "-83000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-200": { "value": "19359000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-201": { "value": "19276000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-202": { "value": "312000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-203": { "value": "19588000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-204": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-205": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-206": { "value": "-112000000", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-207": { "value": "112000000", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-208": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-209": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-210": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-211": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-212": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-213": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-214": { "value": "8389000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-215": { "value": "8389000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-216": { "value": "764000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-217": { "value": "9153000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-218": { "value": "40000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-219": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-220": { "value": "-40000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-221": { "value": "14571000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-222": { "value": "14571000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-223": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-224": { "value": "14571000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-225": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-226": { "value": "-271000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-227": { "value": "168000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-228": { "value": "-85000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-229": { "value": "-188000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-230": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-231": { "value": "-188000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-232": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-233": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-234": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-235": { "value": "7000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-236": { "value": "7000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-237": { "value": "82000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-238": { "value": "89000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-239": { "value": "544000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-240": { "value": "-997000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-241": { "value": "21145000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-242": { "value": "165915000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-243": { "value": "186607000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-244": { "value": "1755000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-245": { "value": "188362000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-246": { "value": "641000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-247": { "value": "-610000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-248": { "value": "18909000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-249": { "value": "153026000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-250": { "value": "171966000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-251": { "value": "3360000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-252": { "value": "175326000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-253": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-254": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-255": { "value": "2024000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-256": { "value": "42309000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-257": { "value": "44333000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-258": { "value": "621000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-259": { "value": "44954000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-260": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-261": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-262": { "value": "-34000000", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-263": { "value": "34000000", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-264": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-265": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-266": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-267": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-268": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-269": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-270": { "value": "7283000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-271": { "value": "7283000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-272": { "value": "206000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-273": { "value": "7489000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-274": { "value": "57000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-275": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-276": { "value": "-57000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-277": { "value": "18547000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-278": { "value": "18547000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-279": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-280": { "value": "18547000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-281": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-282": { "value": "-116000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-283": { "value": "176000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-284": { "value": "131000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-285": { "value": "191000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-286": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-287": { "value": "191000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-288": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-289": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-290": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-291": { "value": "-188000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-292": { "value": "-188000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-293": { "value": "-1650000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-294": { "value": "-1838000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-295": { "value": "584000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-296": { "value": "-726000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-297": { "value": "21132000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-298": { "value": "169482000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-299": { "value": "190472000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-300": { "value": "2125000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-301": { "value": "192597000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-302": { "value": "651000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-303": { "value": "-709000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-304": { "value": "12752000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-305": { "value": "142616000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-306": { "value": "155310000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-307": { "value": "3227000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-308": { "value": "158537000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-309": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-310": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-311": { "value": "6134000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-312": { "value": "20101000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-313": { "value": "26235000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-314": { "value": "468000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-315": { "value": "26703000000", "decimals": -6, "dimensions": { "concept": "shel:ComprehensiveIncomeIncludingRemeasurementOfInterestInJointVenture", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-316": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-317": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-318": { "value": "-45000000", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-319": { "value": "45000000", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-320": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-321": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-322": { "value": "0", "decimals": -6, "dimensions": { "concept": "shel:AmountsTransferredFromOtherComprehensiveIncomeToProfit", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-323": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-324": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-325": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-326": { "value": "6321000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-327": { "value": "6321000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-328": { "value": "348000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-329": { "value": "6669000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-330": { "value": "10000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-331": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-332": { "value": "-10000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-333": { "value": "3513000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-334": { "value": "3513000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-335": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-336": { "value": "3513000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-337": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-338": { "value": "99000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-339": { "value": "58000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-340": { "value": "93000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-341": { "value": "250000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-342": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-343": { "value": "250000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-344": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-345": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-346": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-347": { "value": "5000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-348": { "value": "5000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-349": { "value": "13000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-350": { "value": "18000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-351": { "value": "641000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-352": { "value": "-610000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:SharesHeldInTrustMember", "unit": "iso4217:USD" } }, "f-353": { "value": "18909000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "shel:OtherMiscellaneousReservesMember", "unit": "iso4217:USD" } }, "f-354": { "value": "153026000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-355": { "value": "171966000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-356": { "value": "3360000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-357": { "value": "175326000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-358": { "value": "32627000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-359": { "value": "64815000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-360": { "value": "29829000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-361": { "value": "2360000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForInterestExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-362": { "value": "2135000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForInterestExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-363": { "value": "3096000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForInterestExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-364": { "value": "31290000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-365": { "value": "18529000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-366": { "value": "26921000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-367": { "value": "868000000", "decimals": -6, "dimensions": { "concept": "shel:TangibleExplorationAndEvaluationAssetsAmountChargedToExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-368": { "value": "881000000", "decimals": -6, "dimensions": { "concept": "shel:TangibleExplorationAndEvaluationAssetsAmountChargedToExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-369": { "value": "639000000", "decimals": -6, "dimensions": { "concept": "shel:TangibleExplorationAndEvaluationAssetsAmountChargedToExpense", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-370": { "value": "-246000000", "decimals": -6, "dimensions": { "concept": "shel:NetGainsOnSaleAndRevaluationOfNonCurrentAssetsAndBusinesses", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-371": { "value": "-642000000", "decimals": -6, "dimensions": { "concept": "shel:NetGainsOnSaleAndRevaluationOfNonCurrentAssetsAndBusinesses", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-372": { "value": "-5995000000", "decimals": -6, "dimensions": { "concept": "shel:NetGainsOnSaleAndRevaluationOfNonCurrentAssetsAndBusinesses", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-373": { "value": "3725000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-374": { "value": "3972000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-375": { "value": "4097000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-376": { "value": "3674000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-377": { "value": "4398000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-378": { "value": "3929000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-379": { "value": "6325000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-380": { "value": "-8360000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-381": { "value": "-7319000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-382": { "value": "12401000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-383": { "value": "-8989000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-384": { "value": "-20567000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-385": { "value": "-10888000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-386": { "value": "11915000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-387": { "value": "17519000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-388": { "value": "5723000000", "decimals": -6, "dimensions": { "concept": "shel:AdjustmentsForIncreaseDecreaseInDerivativeFinancialInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-389": { "value": "2619000000", "decimals": -6, "dimensions": { "concept": "shel:AdjustmentsForIncreaseDecreaseInDerivativeFinancialInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-390": { "value": "-5882000000", "decimals": -6, "dimensions": { "concept": "shel:AdjustmentsForIncreaseDecreaseInDerivativeFinancialInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-391": { "value": "-37000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-392": { "value": "417000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-393": { "value": "16000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-394": { "value": "-473000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-395": { "value": "35000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-396": { "value": "-76000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-397": { "value": "-550000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-398": { "value": "2991000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-399": { "value": "803000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-400": { "value": "13712000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-401": { "value": "13120000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-402": { "value": "5476000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-403": { "value": "54191000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-404": { "value": "68414000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-405": { "value": "45104000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-406": { "value": "22993000000", "decimals": -6, "dimensions": { "concept": "shel:CapitalExpenditure", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-407": { "value": "22600000000", "decimals": -6, "dimensions": { "concept": "shel:CapitalExpenditure", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-408": { "value": "19000000000", "decimals": -6, "dimensions": { "concept": "shel:CapitalExpenditure", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-409": { "value": "1202000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-410": { "value": "1973000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-411": { "value": "479000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-412": { "value": "197000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-413": { "value": "260000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-414": { "value": "218000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-415": { "value": "2565000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-416": { "value": "1431000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-417": { "value": "14233000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-418": { "value": "474000000", "decimals": -6, "dimensions": { "concept": "shel:ProceedsFromJointVenturesAndAssociatesFromSaleCapitalReductionAndRepaymentOfLongTermLoans", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-419": { "value": "511000000", "decimals": -6, "dimensions": { "concept": "shel:ProceedsFromJointVenturesAndAssociatesFromSaleCapitalReductionAndRepaymentOfLongTermLoans", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-420": { "value": "584000000", "decimals": -6, "dimensions": { "concept": "shel:ProceedsFromJointVenturesAndAssociatesFromSaleCapitalReductionAndRepaymentOfLongTermLoans", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-421": { "value": "51000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-422": { "value": "117000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-423": { "value": "296000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-424": { "value": "2124000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-425": { "value": "906000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-426": { "value": "423000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-427": { "value": "4269000000", "decimals": -6, "dimensions": { "concept": "shel:OtherInflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-428": { "value": "2060000000", "decimals": -6, "dimensions": { "concept": "shel:OtherInflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-429": { "value": "2928000000", "decimals": -6, "dimensions": { "concept": "shel:OtherInflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-430": { "value": "2825000000", "decimals": -6, "dimensions": { "concept": "shel:OtherOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-431": { "value": "2640000000", "decimals": -6, "dimensions": { "concept": "shel:OtherOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-432": { "value": "3528000000", "decimals": -6, "dimensions": { "concept": "shel:OtherOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-433": { "value": "-17734000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-434": { "value": "-22448000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-435": { "value": "-4761000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-436": { "value": "-211000000", "decimals": -6, "dimensions": { "concept": "shel:NetIncreaseDecreaseInDebtWithMaturityPeriodWithinThreeMonths", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-437": { "value": "318000000", "decimals": -6, "dimensions": { "concept": "shel:NetIncreaseDecreaseInDebtWithMaturityPeriodWithinThreeMonths", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-438": { "value": "14000000", "decimals": -6, "dimensions": { "concept": "shel:NetIncreaseDecreaseInDebtWithMaturityPeriodWithinThreeMonths", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-439": { "value": "1029000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-440": { "value": "269000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-441": { "value": "1791000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-442": { "value": "10650000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-443": { "value": "8459000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-444": { "value": "21534000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-445": { "value": "4441000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-446": { "value": "3677000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-447": { "value": "4014000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-448": { "value": "-723000000", "decimals": -6, "dimensions": { "concept": "shel:CashFlowsFromUsedInIncreaseDecreaseInDerivativeFinancialInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-449": { "value": "1799000000", "decimals": -6, "dimensions": { "concept": "shel:CashFlowsFromUsedInIncreaseDecreaseInDerivativeFinancialInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-450": { "value": "1165000000", "decimals": -6, "dimensions": { "concept": "shel:CashFlowsFromUsedInIncreaseDecreaseInDerivativeFinancialInstruments", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-451": { "value": "-22000000", "decimals": -6, "dimensions": { "concept": "shel:ChangeInNonControllingInterest", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-452": { "value": "-1965000000", "decimals": -6, "dimensions": { "concept": "shel:ChangeInNonControllingInterest", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-453": { "value": "19000000", "decimals": -6, "dimensions": { "concept": "shel:ChangeInNonControllingInterest", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-454": { "value": "8393000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-455": { "value": "7405000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-456": { "value": "6253000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-457": { "value": "764000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-458": { "value": "206000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-459": { "value": "348000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-460": { "value": "14617000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-461": { "value": "18437000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-462": { "value": "2889000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-463": { "value": "889000000", "decimals": -6, "dimensions": { "concept": "shel:NetPurchasesAndDividendsReceivedSharesHeldInTrustClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-464": { "value": "593000000", "decimals": -6, "dimensions": { "concept": "shel:NetPurchasesAndDividendsReceivedSharesHeldInTrustClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-465": { "value": "285000000", "decimals": -6, "dimensions": { "concept": "shel:NetPurchasesAndDividendsReceivedSharesHeldInTrustClassifiedAsFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-466": { "value": "-38235000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-467": { "value": "-41954000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-468": { "value": "-34664000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-469": { "value": "306000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-470": { "value": "-736000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-471": { "value": "-539000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-472": { "value": "-1472000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-473": { "value": "3276000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-474": { "value": "5140000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-475": { "value": "40246000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-476": { "value": "36970000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-477": { "value": "31830000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2021-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-478": { "value": "38774000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-479": { "value": "40246000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-480": { "value": "36970000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-482": { "value": "
1. Basis\u00a0of\u00a0preparation
The Consolidated Financial Statements of Shell plc (the \"Company\") and its subsidiaries (collectively referred to as \"Shell\") have been prepared
in\u00a0accordance with UK-adopted international accounting standards and with the requirements of the UK Companies Act 2006 as applicable
to\u00a0companies reporting under those standards. As applied to Shell, there are no material differences from International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB); therefore, the Consolidated Financial Statements have
been\u00a0prepared in accordance with IFRS as issued by the IASB.
As described in the accounting policies in Note 2, the Consolidated Financial Statements have been prepared under the historical cost convention
except for certain items measured at fair value. Those accounting policies have been applied consistently in all periods.
The Consolidated Financial Statements were approved and authorised for issue by the Board of Directors on March 13, 2024.
Going concern
These Consolidated Financial Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the
going concern assumption over the period to March 31, 2025 (the \"going concern period\"), management have stress-tested Shell's most recent
financial projections to incorporate a range of potential future outcomes by considering Shell's principal risks, further potential downside pressures
on commodity prices and long-term demand, and cash preservation measures, including reduced future capital expenditure and shareholder
distributions. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its
obligations as\u00a0they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to
continue to\u00a0adopt the going concern basis of accounting in preparing the audited Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": "
1. Basis\u00a0of\u00a0preparation
The Consolidated Financial Statements of Shell plc (the \"Company\") and its subsidiaries (collectively referred to as \"Shell\") have been prepared
in\u00a0accordance with UK-adopted international accounting standards and with the requirements of the UK Companies Act 2006 as applicable
to\u00a0companies reporting under those standards. As applied to Shell, there are no material differences from International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board (IASB); therefore, the Consolidated Financial Statements have
been\u00a0prepared in accordance with IFRS as issued by the IASB.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-483": { "value": "Shell plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "Shell plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-485": { "value": "Shell plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-486": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-487": { "value": "
Going concern
These Consolidated Financial Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the
going concern assumption over the period to March 31, 2025 (the \"going concern period\"), management have stress-tested Shell's most recent
financial projections to incorporate a range of potential future outcomes by considering Shell's principal risks, further potential downside pressures
on commodity prices and long-term demand, and cash preservation measures, including reduced future capital expenditure and shareholder
distributions. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its
obligations as\u00a0they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to
continue to\u00a0adopt the going concern basis of accounting in preparing the audited Consolidated Financial Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-488": { "value": "
2. Material accounting policies, judgements and estimates
This Note describes Shell's material accounting policies. It allows for an understanding as to how material transactions, other events and conditions
are reported. It also describes: (a) judgements, apart from those involving estimations, that management makes in\u00a0applying the policies that have the
most significant effect on the amounts recognised in the Consolidated Financial Statements; and (b) estimations, including assumptions about the
future, that management makes in applying the policies. The sources of estimation uncertainty that\u00a0have a significant risk of a material adjustment
to\u00a0the carrying amounts of assets and liabilities within the next financial year are specifically\u00a0identified as a significant estimate.
The accounting policies applied are consistent with those of the previous financial year except for the adoption as from January 1, 2023, of IFRS
17 Insurance contracts (IFRS 17) and IAS 12 Income taxes (IAS 12) amendments.
The transition to the accounting pronouncements as listed below has no material impact on Shell's financial reporting.
IFRS 17 Insurance contracts
IFRS 17 as issued in 2017, with amendments published in 2020 and 2021, was adopted as from January 1, 2023. The IFRS 17 model combines a
current balance sheet measurement of insurance contracts with recognition of profit over the period that services are provided. The general model
in IFRS 17 requires insurance contract liabilities to be measured using probability-weighted current estimates of future cash flows, an adjustment to
reflect the time value of money and financial and non-financial risk, and a contractual service margin representing the profit expected from fulfilling
the contracts. Effects of changes in the estimates of future cash flows and the risk adjustment relating to future services are\u00a0recognised over the
period services are provided rather than immediately in profit or loss.
The adoption of IFRS\u00a017\u00a0has no significant impact on Shell's financial reporting.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
IAS 12 amendments, published in May 2021, were adopted as from January 1, 2023 (see Note 22). These amendments require companies to
recognise deferred tax on particular transactions that, on initial\u00a0recognition, give rise to equal amounts of taxable and deductible temporary
differences. The amendments typically apply to transactions where assets and liabilities are recognised from a single transaction, such as leases
for\u00a0the lessee and decommissioning and restoration provisions.
The adoption of these IAS 12 amendments has no significant impact on Shell's financial reporting.
International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12)
In May 2023, amendments to IAS 12 were published and adopted from that date. The amendments introduce a temporary mandatory relief from
accounting for deferred taxes arising from the jurisdictional implementation of the Organisation for Economic Co-operation and Development
(OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two Model Rules (Pillar Two or Pillar Two income taxes). On
June 20, 2023, the UK substantively enacted Pillar Two. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to
have a significant impact (see Note 22). As required by the amendments to IAS 12, Shell has applied the exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes.
Nature of the Consolidated Financial Statements
The Consolidated Financial Statements are presented in US dollars (dollars) and comprise the financial statements of the Company and its
subsidiaries, being those entities over which the Company has control, either directly or indirectly, through exposure or rights to their variable
returns and the ability to affect those returns through its power over the entities. Information about subsidiaries at December 31, 2023, can
be\u00a0found in \"Appendix 1: Significant subsidiaries and other related undertakings (audited)\".
Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases, using consistent accounting
policies. All inter-company balances and transactions, including unrealised profits arising from such transactions, are eliminated. Unrealised losses
are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interest represents the
proportion of income, other comprehensive income and net assets in subsidiaries that is not attributable to the Company's shareholders.
Currency translation
Foreign currency transactions are translated using the exchange rate at the dates of the transactions or valuation where items are remeasured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at quarter-end exchange rates of
monetary assets and liabilities denominated in foreign currencies (including those in respect of inter-company balances, unless related to loans
of\u00a0a\u00a0long-term investment nature) are recognised in income unless when recognised in other comprehensive income in respect of cash flow or
net\u00a0investment hedges. Foreign exchange gains and losses in income are presented within interest and other income or within purchases where
not\u00a0related to financing. Share capital issued in currencies other than the dollar is translated at the exchange rate at the date of issue.
On consolidation, assets and liabilities of non-dollar entities are translated to dollars at year-end rates of exchange, while their statements of
income, other comprehensive income and cash flows are translated at monthly average rates. Prior to January 1, 2023, these currency translations
were performed at quarterly average rates. This change has no significant impact on Shell's financial reporting. The resulting translation differences
are recognised as currency translation differences within other comprehensive income. Upon sale of all or part of an interest in, or upon liquidation
of, an entity, the appropriate portion of cumulative currency translation differences related to that entity is generally recognised in income.
Revenue recognition
Revenue from sales of oil, natural gas, chemicals and other products is recognised at the transaction price to which Shell expects to be entitled,
after deducting sales taxes, excise duties and similar levies. For contracts that contain separate performance obligations, the transaction price
is\u00a0allocated to those separate performance obligations by reference to their relative stand-alone selling prices.
Revenue is recognised when control of the products has been transferred to the customer. For sales by Integrated Gas and Upstream operations,
this generally occurs when the product is physically transferred into a vessel, pipe or other delivery mechanism; for sales by refining operations,
it\u00a0is\u00a0either when the product is placed onboard a vessel or offloaded from the vessel, depending on the contractually agreed terms; and for sales
of oil products and chemicals, it is either at the point of delivery or the point of receipt, depending on contractual conditions.
Revenue resulting from hydrocarbon production from properties in which Shell has an interest with partners in joint arrangements is recognised on
the basis of Shell's volumes lifted and sold. Revenue resulting from the production of oil and natural gas under production-sharing contracts (PSCs)
is recognised for those amounts relating to Shell's cost recoveries and Shell's share of the remaining production. Gains and losses on derivative
contracts and the revenue and costs associated with other contracts that are classified as held primarily for the purpose of being traded are
reported on a net basis in the Consolidated Statement of Income. Purchases and sales of hydrocarbons under exchange contracts that are
necessary to obtain or reposition feedstocks for the refinery operations are presented net in the Consolidated Statement of Income.
Revenue resulting from arrangements that are not considered contracts with customers is presented as revenue from other sources.
Research and development
Development costs that are expected to generate probable future economic benefits are capitalised as intangible assets. All other research
and\u00a0development expenditure is recognised in the Consolidated Statement of Income as incurred.
Exploration costs
Hydrocarbon exploration costs are accounted for under the successful efforts method: exploration costs are recognised in the Consolidated
Statement of Income when incurred, except that exploratory drilling costs, including in respect of the recapitalisation of depreciation, are included
in property, plant and equipment pending determination of proved reserves. Exploration costs capitalised in respect of exploration wells that are
more than 12 months old are written off unless: (a)\u00a0proved reserves are booked; or (b)\u00a0(i)\u00a0they have found commercially producible quantities
of\u00a0reserves; and (ii)\u00a0they are subject to further exploration or appraisal activity in that either drilling of additional exploratory wells is under way
or\u00a0firmly planned for the near future or other activities are being undertaken to sufficiently progress the assessing of reserves and the economic
and operating viability of the project.
Property, plant and equipment and intangible assets other than goodwill
Recognition
Property, plant and equipment comprise assets owned by Shell, assets held by Shell under lease contracts, and assets operated by Shell as
contractor in PSCs. They include rights and concessions in respect of properties with proved reserves (\"proved properties\") and with no proved
reserves (\"unproved properties\"). Property, plant and equipment, including expenditure on major inspections, and intangible assets are initially
recognised in the Consolidated Balance Sheet at cost where it is probable that they will generate future economic benefits. This includes
capitalisation of decommissioning and restoration costs associated with provisions for asset retirement (see \"provisions\"), certain development
costs (see \"research and development\") and the effects of associated cash flow hedges (see \"financial instruments\") as applicable. Interest
is\u00a0capitalised as an increase in property, plant and equipment, on major capital projects during construction. The accounting for exploration
costs\u00a0is\u00a0described separately (see \"exploration costs\"). Intangible assets other than goodwill include liquefied natural gas (LNG) off-take
and\u00a0sales\u00a0contracts, environmental certificates, power purchase agreements, software costs, retail customer relationships and trademarks.
Property, plant and equipment and intangible assets other than goodwill are subsequently carried at cost less accumulated depreciation,
depletion and amortisation (including any impairment). Gains and losses on sale are determined by comparing the proceeds with the
carrying\u00a0amounts of assets sold and are recognised in the Consolidated Statement of Income, within interest and other income.
An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, which is
when the sale is highly probable, and it is available for immediate sale in its present condition subject only to terms that are usual and customary
for sales of such assets. Assets classified as held for sale are measured at the lower of the carrying amount upon classification and the fair value
less costs to sell. Assets classified as held for sale and the associated liabilities are presented separately from other assets and liabilities in the
Consolidated Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets other than
goodwill\u00a0are no longer subject to depreciation or amortisation.
Depreciation, depletion and amortisation
Property, plant and equipment related to hydrocarbon production activities are in principle depreciated on a unit-of-production basis over the
proved developed reserves of the field concerned, other than assets whose useful lives differ from the lifetime of the field which are depreciated
applying the straight-line method. For certain Integrated Gas and Upstream assets, the use of proved developed reserves, which are determined
using the Securities and Exchange Commission (SEC) mandated yearly average oil and gas prices, could result in depreciation charges for these
assets which do not reflect the pattern in which their future economic benefits are expected to be consumed as, for example, it may result in assets
with long-term expected lives having accelerated or being fully depreciated within one year. Therefore, in these instances, other approaches are
applied to determine a reserves base for the purpose of calculating depreciation, such as using management's expectations of future oil and gas
prices rather than yearly average prices and using total proved reserves to provide a phasing of periodic depreciation charges that more
appropriately reflects the expected utilisation of the assets concerned. (See Note 11)
Rights and concessions in respect of proved properties are depleted on the unit-of-production basis over the total proved reserves of the relevant
area. Where individually insignificant, unproved properties may be grouped and depreciated based on factors such as the average concession
term and past experience of recognising proved reserves.
Property, plant and equipment held under lease contracts, capitalised LNG off-take and sales contracts and power purchase agreements are
depreciated or amortised over the term of the respective contract. Other property, plant and equipment and intangible assets other than goodwill
are depreciated or amortised on a straight-line basis over their estimated useful lives. They include energy and chemicals parks (for which the
useful life is generally 20 years), retail service stations (for which the useful life is generally 15 years), onshore power infrastructure (for which the
useful life is generally 30-35 years), offshore wind assets (for which the useful life is generally 25-30 years) and major inspection costs, which
are\u00a0depreciated over the estimated period before the next planned major inspection (three to five years).
On classification of an asset as held for sale, depreciation ceases.
Estimates of the useful lives and residual values of property, plant and equipment and intangible assets other than goodwill are reviewed annually
and adjusted if appropriate.
Impairment
Intangible assets other than goodwill and assets other than unproved properties (see \"Exploration costs\") are tested for impairment whenever
events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. If any such indication of
impairment exists, the carrying amounts of those assets are written down to their recoverable amount, which is the higher of fair value less
costs of disposal (see \"Fair value measurements\") and value in use.
Value in use is determined as the amount of estimated risk-adjusted discounted future cash flows. For this purpose, assets are grouped into cash-
generating units based on separately identifiable and largely independent cash inflows. Estimates of future cash flows used in the evaluation of
impairment of assets are made using management's forecasts of commodity prices, market supply and demand, potential costs associated with
operational greenhouse gas (GHG) emissions, mainly related to CO\u2082, and forecast product, refining and chemical margins. In addition,
management takes into consideration the expected useful lives of the manufacturing facilities, exploration and production assets, and expected
production volumes. The latter takes into account assessments of field and reservoir performance and includes expectations about both proved
reserves and volumes that are expected to constitute proved reserves in the future (unproved volumes), which are risk-weighted utilising
geological, production, recovery and economic projections. Cash flow projections are based on management's most recent Operating Plan that
represents management's best estimate and are risked as appropriate. The discount rate is based on a nominal post-tax weighted average cost of
capital (WACC). Using a
post-tax discount rate to calculate value in\u00a0use does not result in a materially different outcome than using a pre-tax discount rate. (See Note 12).
Impairments are reversed as applicable to the extent that the events or circumstances that triggered the original impairment have changed.
Impairment losses and reversals are reported within depreciation, depletion and amortisation.
Upon classification of an asset as held for sale, the carrying amount is impaired if this exceeds the fair value less costs to sell.
Judgements and estimates
Proved oil and gas reserves
Unit-of-production depreciation, depletion and amortisation charges are principally measured based on management's estimates of proved
developed oil and gas reserves. Also, exploration drilling costs are capitalised pending the results of further exploration or appraisal activity
(successful efforts method), which may take place for several years before the final investment decision on a development project is taken
and\u00a0before any related proved reserves can be booked.
Proved reserves are estimated by internal qualified professionals. The proved reserves are estimated with reasonable certainty by analysis
of\u00a0available geological and engineering data at the time of the estimation, and only include volumes for which access to market is assured
with reasonable expectation. Yearly average oil and gas prices are used for the estimation of proved reserves unless prices are defined by
contractual arrangements, excluding escalations based upon future conditions. Proved reserves are subject to regular revision, both upward
or downward, based on new information from the drilling of additional wells, observation of long-term reservoir performance under producing
conditions, updates of development plans and changes in economic factors, including product prices, contract terms, legislation or
development plans.
Changes to estimates of proved developed reserves affect prospectively the amounts of depreciation, depletion and amortisation charged
and, consequently, the carrying amounts of exploration and production assets. Generally, in the normal course of business the diversity
of\u00a0the\u00a0asset portfolio will limit the net effect of such revisions. The outcome of, or assessment of plans for, exploration or appraisal activity
may\u00a0result in the related capitalised exploration drilling costs being recognised in the Consolidated Statement of Income in that period.
Judgement is involved in determining when to use an alternative reserves base in order to appropriately reflect the expected utilisation
of\u00a0the\u00a0assets concerned (see \"Depreciation, depletion and amortisation\").
Information about the carrying amounts of exploration and production assets and the amounts charged to the Consolidated Statement
of\u00a0Income, including depreciation, depletion and amortisation and the quantitative impact of the use of an alternative reserves base,
is\u00a0presented in Note 11.
Impairment
For the purposes of determining whether impairment of assets has occurred, and the extent of any impairment loss or its reversal, the key
assumptions management uses in estimating risk-adjusted future cash flows for value in use measures are future oil and gas prices and product
margins including refining and chemical margins. In addition, management uses other assumptions such as potential costs associated with
operational GHG emissions, market supply and demand, expected production volumes and forecast expenditure. These assumptions and the
judgements of management that are based on them are subject to change as new information becomes available. Changes in assumptions
could affect the carrying amounts of assets, and any impairment losses and reversals will affect income. Changes in economic conditions can
affect the rate used to\u00a0discount future cash flow estimates or the risk adjustment in the future cash flows. Judgement is applied to conclude
whether changes in\u00a0assumptions or economic conditions are an indicator that an asset may\u00a0be impaired or that an impairment loss
recognised in prior periods\u00a0may no longer exist, or may have decreased.
Expected production volumes, which comprise proved reserves and unproved volumes, are used for impairment testing because management
believes this to be the most appropriate indicator of expected future cash\u00a0flows. Reserves\u00a0estimates are inherently imprecise. Furthermore,
projections about unproved volumes are based on information that is necessarily less\u00a0robust than that available for mature reservoirs.
Estimation is involved with respect to the expected life of energy and chemicals parks, including management's view on the future
development of refining margins.
The determination of cash-generating units requires judgement. Changes in this determination could impact the calculation of value in\u00a0use
and therefore the conclusion on the recoverability of assets' carrying amounts when performing an impairment test.
Judgement, which is subject to change as new information becomes available, can be required in determining when an asset is classified
as\u00a0held for sale. A\u00a0change in that judgement could result in impairment charges affecting income, depending on whether classification
requires a write-down of the asset to its fair value less costs to sell.
In assessing the value in use, the estimated risk-adjusted future post-tax cash flows are discounted to their present value using a post-tax
discount rate that reflects Shell's post-tax WACC. (See Note 12). The level of risking reflected in the cash flow assumptions is a consideration
in management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in
calculating value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows.
Significant estimates
Assumptions about future commodity prices and refining and chemical margins used in the impairment testing in, respectively, Integrated
Gas\u00a0and Upstream and Chemicals and Products (see Note 12) are regularly assessed by management, noting that management does not
necessarily consider short-term increases or decreases in prices as being indicative of long-term levels.
The price methodology applied is based on Shell management's understanding and interpretation of demand and supply fundamentals
in\u00a0the near term, taking into account various other factors such as\u00a0industry rationalisation and energy transition in the long term.
Future commodity prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to
in\u00a0paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125).
Information about the carrying amounts of assets and impairments and\u00a0their sensitivity to changes in significant estimates is presented in\u00a0Note 12.
Goodwill
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the amount recognised for any non-controlling
interest over the fair value of the identifiable assets acquired and liabilities assumed in a business combination at the acquisition date. The amount
recognised for any non-controlling interest is measured as a percentage of the identified net assets of the acquiree based on the present
ownership's proportionate share. At the acquisition date, acquired goodwill is allocated to each cash-generating unit (CGU), or groups of CGUs,
expected to benefit from the combination's synergies. The CGU to which goodwill is allocated represents the lowest level at which the goodwill
will be monitored and managed.
Goodwill is not amortised and is subsequently measured at the initial amount recognised less any accumulated impairment losses. (See Note 12).
Impairment
The carrying amount of goodwill is tested for impairment at least annually. Impairment is determined for goodwill by assessing the recoverable
amount of each CGU to which the goodwill relates. An impairment loss is recognised when the CGU's recoverable amount is lower than its
carrying amount.
Previously recognised impairment losses of goodwill are not reversed subsequently.
Leases
A contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for payments to
be\u00a0made to the owners (lessors) is accounted for as a lease. Contracts are assessed to determine whether a contract is, or contains, a lease at the
inception of a contract or when the terms and conditions of a contract are significantly changed. The lease term is the non-cancellable period of a
lease, together with contractual options to extend or to terminate the lease early, where it is reasonably certain that an extension option will be
exercised or a termination option will not be exercised.
At the commencement of a lease contract, a lease liability and a corresponding right-of-use asset are recognised, unless the lease term is 12
months or less. The commencement date of a lease is the date on which the underlying asset is made available for use. The lease liability is
measured at an amount equal to the present value of the lease payments during the lease term that are not paid at that date. The lease liability
includes contingent rentals and variable lease payments that depend on an index, rate, or where they are fixed payments in substance. The lease
liability is remeasured when the contractual cash flows of variable lease payments change due to a change in an index or rate when the lease
term changes following a reassessment.
Lease payments are discounted using the interest rate implicit in the lease. If that rate is not readily available, the incremental borrowing rate
is\u00a0applied. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a
similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment.
In general, a corresponding right-of-use asset is recognised for an amount equal to each lease liability, adjusted by the amount of any pre-paid
lease payment relating to the specific lease contract. The depreciation on right-of-use assets is recognised in the Consolidated Statement of
Income unless capitalised as exploration drilling cost (see \"exploration cost\") or capitalised when the right-of-use asset is used to construct another
asset.
Where Shell is the lessor in a lease arrangement at inception, the lease arrangement will be classified as a finance lease or an operating lease.
Classification is based on the extent to which the risks and rewards incidental to ownership of the underlying asset lie with the lessor or the lessee.
Where Shell, usually in its capacity as operator, has entered into a lease contract on behalf of a joint arrangement, a lease liability is recognised
to the extent that Shell has primary responsibility for the lease liability. A finance sublease is subsequently recognised if the related right-of-use
asset is subleased to the joint arrangement. This is usually the case when the joint arrangement has the right to direct the use and obtains
substantially all of the economic benefits from using the asset.
Impairment of the right-of-use asset
Right-of-use assets are subject to existing impairment requirements as set out in \"Property, plant and equipment\", above, and as presented
in Note 12.
Judgements and estimates
A lease term includes optional lease periods where it is reasonably certain Shell will exercise the option to extend or not exercise the option
to terminate the lease. Determination of the lease term is subject to judgement and has an impact on the measurement of the lease liability
and related right-of-use asset. When assessing the lease term at the commencement date, Shell takes into consideration the broader
economics of the contract. Reassessment of the lease term is performed upon changes in circumstances that may affect the probability
that\u00a0an option to extend or to terminate the lease will be exercised.
Where the rate implicit in the lease is not readily available, an incremental borrowing rate is applied. This incremental borrowing rate reflects
the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an
asset of a similar nature and value to the right-of-use asset in a similar economic environment. Determination of the incremental borrowing
rate requires estimation.
Joint arrangements and associates
Arrangements under which Shell has contractually agreed to share control (see \"Nature of the Consolidated Financial Statements\" for
the\u00a0definition of control) with another party or parties are joint ventures where the parties have rights to the net assets of the arrangement,
or\u00a0joint\u00a0operations where the parties have rights to the assets and obligations for the liabilities relating to the arrangement. Investments in\u00a0entities
over which Shell has significant influence but neither control nor joint control are classified as associates. Information about\u00a0incorporated joint
arrangements and associates at December 31, 2023, can be found in \"Appendix 1: Significant subsidiaries and other related undertakings
(audited)\".
Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognised at
cost\u00a0and subsequently adjusted for the Shell share of post-acquisition income less dividends received and the Shell share of other comprehensive
income and other movements in equity, together with any loans of a long-term investment nature. Where necessary, adjustments are made to the
financial statements of joint ventures and associates to bring the accounting policies used into line with those of Shell. In an exchange of assets
and liabilities for an interest in a joint venture, the non-Shell share of any excess of the fair value of the assets and liabilities transferred over
the\u00a0pre-exchange carrying amounts is recognised in the Consolidated Statement of Income. Unrealised gains on other transactions between
Shell\u00a0and its joint ventures and associates are eliminated to the extent of Shell's interest in them; unrealised losses are treated similarly but
may\u00a0also result in an assessment of\u00a0whether the asset transferred is impaired.
Shell recognises its assets and liabilities relating to its interests in joint operations, including its share of assets held jointly and liabilities incurred
jointly with other partners.
Inventories
Inventories are stated at cost or net realisable value, whichever is lower. Cost comprises direct purchase costs (including transportation),
and\u00a0associated costs incurred in bringing inventories to their present condition and location, and is determined using the first-in, first-out (FIFO)
method for oil, gas and chemicals and by the weighted average cost method for materials.
Taxation
The charge for current tax is calculated based on the income reported by the Company and its subsidiaries, as adjusted for items that are
non-taxable or disallowed and using rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is determined, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and
their\u00a0carrying amounts in the Consolidated Balance Sheet and on unused tax losses and credits carried forward.
Deferred tax assets and liabilities are calculated using the enacted or substantively enacted rates that are expected to apply when an asset
is\u00a0realised or a liability is settled. They are not recognised where they arise on the initial recognition of goodwill or of an asset or liability in a
transaction (other than in a business combination) that, at the time of the transaction, affects neither accounting nor taxable profit, or in respect
of\u00a0taxable temporary differences associated with subsidiaries, joint ventures and associates where the reversal of the respective temporary
difference can be controlled by Shell and it is probable that it will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible
temporary differences, unused tax losses and credits carried forward can be utilised.
Income tax receivables and payables as well as deferred tax assets and liabilities include provisions for uncertain income tax positions/treatments.
Income taxes are recognised in income except when they relate to items recognised in other comprehensive income, in which case the tax is
recognised in other comprehensive income. Income tax assets and liabilities are presented separately in the Consolidated Balance Sheet except
where there is a right of offset within fiscal jurisdictions and an intention to settle such balances on a net basis.
Judgements and estimates
Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority. In such
cases, provision is made for the amount that is expected to be settled, where this can be reasonably estimated. Provisions for uncertain
income tax positions/treatments are measured at the most likely amount or the expected value, whichever method is more appropriate.
Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. It is
assumed that taxing authorities will examine positions taken if they have the right to do so and that they have full knowledge of the
relevant information. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled would be
recognised in income in the period in which the change occurs. This requires the application of judgement as to the ultimate outcome,
which can change over time depending on facts and circumstances. Judgements mainly relate to transfer pricing, including inter-company
financing, interpretation of PSCs, expenditure deductible for tax purposes and taxation arising on disposal.
Judgements and estimates continued
Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an
assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available
to offset the assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To
the extent assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognised in respect
of\u00a0deferred tax assets as well as in the amounts recognised in income in the period in which the change occurs.
Taxation information, including charges and deferred tax assets and liabilities, is presented in Note 22. Income taxes include taxes at higher
rates levied on income from certain Integrated Gas and Upstream activities.
Retirement benefits
Benefits in the form of retirement pensions and health care and life insurance are provided to certain employees and retirees under defined benefit
and defined contribution plans.
Obligations under defined benefit plans are calculated annually by independent actuaries using the projected unit credit method, which takes into
account employees' years of service and, for pensions, average or final pensionable remuneration, and are discounted to their present value using
interest rates of high-quality corporate bonds denominated in the currency in which the benefits will be paid and of a duration consistent with the
plan obligations. Where plans are funded, payments are made to independently managed trusts; assets held by those trusts are measured at fair
value. Defined benefit plan surpluses are recognised as assets to the extent that they are considered recoverable, which is generally by way of
a\u00a0refund or lower future employer contributions.
The amounts recognised in income in respect of defined benefit plans mainly comprise service cost and net interest. Service cost comprises
principally the increase in the present value of the obligation for benefits resulting from employee service during the period (current service cost)
and also amounts relating to past service and settlements or amendments of plans. Plan amendments are changes to benefits and are generally
recognised when all legal and regulatory approvals have been received and the effects have been communicated to members. Net interest is
calculated using the net defined benefit liability or asset matched against the discount rate yield curve at the beginning of each year for each
plan.\u00a0Remeasurements of the net defined benefit liability or asset resulting from actuarial gains and losses, and the return on plan assets excluding
the amount recognised in income, are recognised in other comprehensive income.
For defined contribution plans, pension expense represents the amount of employer contributions payable for the period.
Significant judgements and estimates
Defined benefit obligations and plan assets, and the resulting liabilities and assets that are recognised, require significant estimation as these
are subject to volatility as (actuarial) assumptions regarding future outcomes and market values change. Substantial judgement is required
in\u00a0determining the actuarial assumptions, which vary for the different plans to reflect local conditions but are determined under a common
process in consultation with independent actuaries. The assumptions applied in respect of each plan are reviewed annually and adjusted
where necessary to reflect changes in experience and actuarial recommendations.
Actuarial assumptions applied in determining defined benefit obligations provide a source of estimation uncertainty as referred to in IAS\u00a01.125.
Information about the amounts reported in respect of defined benefit pension plans, assumptions applicable to the principal plans and their
sensitivity to changes in significant estimates is presented in Note 23.
Provisions
Provisions are recognised at the balance sheet date at management's best estimate of the expenditure required to settle the present obligation.
Non-current amounts are discounted at a rate intended to reflect the time value of money. The carrying amounts of provisions and the discount
rate applied are regularly reviewed and adjusted for new facts or changes in law, technology or financial markets.
Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities, oil products
manufacturing facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is
calculated using amounts discounted over the useful economic life of the assets. The liability is recognised (together with a corresponding amount
as part of the related property, plant and equipment) once a legal or constructive obligation arises to dismantle an item of property, plant and
equipment and to restore the site on which it is located and when a reasonable estimate can be made. The effects of changes resulting from
revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the
carrying amount of the related property, plant and equipment. However, where there is no related asset, or the change reduces the carrying
amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognised in income.
Shell reviews its energy and chemicals parks on a regular basis to determine whether any changes in assumptions, including expected life,
trigger\u00a0the need to recognise a provision for decommissioning and restoration.
Redundancy provisions are recognised when a detailed formal plan identifies the business or part of the business concerned, the location and
number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and the employees affected have been
notified of the plan's main features.
An onerous contract provision is recognised when the unavoidable cost of meeting the obligations under the contract exceeds the economic
benefits expected to be received under it. The unavoidable cost under a contract is the lower of the cost of fulfilling the contract and any
compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract.
Before an onerous provision is recognised Shell first recognises any impairment loss that has occurred on assets dedicated to that contract.
Other provisions are recognised in the Consolidated Statement of Income in the period in which an obligation arises and the amount can be
reasonably estimated. Provisions are measured based on current legal requirements and existing technology where applicable. Recognition
of\u00a0any\u00a0joint and several liability is based on management's best estimate of the final pro rata share of the liability. Provisions are determined
independently of expected insurance recoveries. Recoveries are recognised when virtually certain of realisation.
Estimates
Estimates of provisions for future decommissioning and restoration costs are recognised and based on current legal and constructive
requirements, technology and price levels. Because actual cash outflows can differ from estimates due to changes in laws, regulations,
public expectations, technology, prices and conditions, and can take place many years in the future, the carrying amounts of provisions
are regularly reviewed and adjusted to take account of such changes.
Significant estimate
The discount rate applied to reflect the time value of money in the carrying amount of provisions requires estimation. The discount rate used
in\u00a0the calculation of provisions is the pre-tax rate that reflects current market assessments of the time value of money. Generally, the market
assessments of the time value of money can be reflected in the risk-free rate and given the long-term investment nature of oil and gas business,
Shell considers it appropriate to use the 20-year US Treasury bond yield return as the risk-free rate. The discount rate applied is reviewed
regularly and adjusted following changes in market rates.
The discount rate applied to determine the carrying amount of provisions provides a source of estimation uncertainty as referred to in IAS 1.125.
Information about decommissioning and restoration provisions and their sensitivity to changes in estimates is presented in Note 24.
Financial instruments
Financial assets and liabilities are presented separately in the Consolidated Balance Sheet except where there is a legally enforceable right
of\u00a0offset and Shell has the intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Financial assets
Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through other comprehensive income
or fair value through profit or loss. The classification of financial assets is determined by the contractual cash flows and where applicable the
business model for managing the financial assets.
Debt instruments are measured at amortised cost, if the objective of the business model is to hold the financial asset in order to collect contractual
cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. It is initially recognised at fair value
plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, the financial asset is
measured using the effective interest method less any impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
All equity instruments and other debt instruments are recognised at fair value. For equity instruments, on initial recognition, an irrevocable election
(on an instrument-by-instrument basis) can be made to designate these as at fair value through other comprehensive income instead of fair value
through profit or loss. Dividends received on equity instruments are recognised as other income in profit or loss when the right of payment has
been established, except when Shell benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case such
gains\u00a0are recorded in other comprehensive income.
Investments in securities
Investments in securities (\"securities\") comprise equity and debt securities. Equity securities are carried at fair value. Generally, unrealised holding
gains and losses are recognised in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive
income are transferred to retained earnings. Debt securities are generally carried at fair value with unrealised holding gains and losses recognised
in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive income are recognised in income.
Impairment of financial assets
The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortised cost or at
fair\u00a0value through other comprehensive income. The expected credit loss model is also applied for financial guarantee contracts to which IFRS 9
applies and which are not accounted for at fair value through profit or loss. The loss allowance for the financial asset is measured at an amount
equal to the 12-month expected credit losses. If the credit risk on the financial asset has increased significantly since initial recognition, the loss
allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are recognised
in profit or loss. For trade receivables, a simplified impairment approach is applied recognising expected lifetime losses from initial recognition.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, including offsetting bank overdrafts, short-term bank deposits, money market funds,
reverse repos and similar instruments that generally have a maturity of three months or less at the date of purchase.
Financial liabilities
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss, such as instruments
held for trading, or Shell has opted to measure them at fair value through profit or loss. Debt and trade payables are recognised initially at fair
value based on amounts exchanged, net of transaction costs, and subsequently at amortised cost except for fixed rate debt subject to fair value
hedging which is remeasured for the hedged risk (see below). Interest expense on debt is accounted for using the effective interest method, and
other than interest capitalised, is recognised in income. For financial liabilities that are measured under the fair value option, the change in the fair
value related to own credit risk is recognised in other comprehensive income. The remaining fair value change is recognised at fair value through
profit or loss.
Derivative contracts and hedges
Derivative contracts are used in the management of interest rate risk, foreign exchange risk, commodity price risk, and foreign currency
cash\u00a0balances. Derivatives that are not closely related to the host contract in terms of economic characteristics and risks and the host contract of
which is not a financial asset are separated from their host contract and recognised at fair value with the associated gains and losses recognised
in income.
Contracts to buy or sell a non-financial item that can be settled net in cash are accounted for as financial instruments, with the exception of those
contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Shell's
expected purchase, sale or usage requirements. Gains or losses arising from changes in the fair value of derivatives that are not designated as
effective hedging instruments are recognised in income.
Certain derivative contracts qualify and are designated either: as a fair value hedge of the change in fair value of a recognised asset or liability
or\u00a0an unrecognised firm commitment; or as a cash flow hedge for the change in cash flows to be received or paid relating to a recognised asset
or\u00a0liability or a highly probable forecast transaction; or as a net investment hedge of the change in foreign exchange rates associated with net
investments in foreign operations with a different functional currency than Shell's functional currency.
A change in the fair value of a hedging instrument designated as a fair value hedge is recognised in income, together with the consequential
adjustment to the carrying amount of the hedged item. The effective portion of a change in fair value of a derivative contract designated as a
cash\u00a0flow hedge is recognised in other comprehensive income until the hedged transaction occurs; any ineffective portion is recognised in income.
Where the hedged item is a non-financial asset or liability, the amount in accumulated other comprehensive income is transferred to the initial
carrying amount of the asset or liability (reclassified to the balance sheet); a net investment hedge is accounted for similarly to a cash flow hedge.
Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any
gains or losses relating to the ineffective portion are recognised in the Consolidated Statement of Income. On disposal of the foreign operation,
the cumulative value of any such gains or losses recorded in other comprehensive income is reclassified to the Consolidated Statement of Income.
The effective portion of a change due to retranslation at quarter-end exchange rates in the carrying amount of debt and the principal amount of
derivative contracts used to hedge net investments in foreign operations is recognised in other comprehensive income until the related investment
is\u00a0sold or liquidated; any ineffective portion is recognised in income.
All relationships between hedging instruments and hedged items are documented, as well as risk management objectives and strategies for
undertaking hedge transactions. The effectiveness of hedges is also continually assessed and hedge accounting is discontinued when there is
a\u00a0change in the risk management strategy.
Unless designated as hedging instruments, contracts to sell or purchase non-financial items that can be settled net as if the contracts were financial
instruments and that do not meet expected own-use requirements (typically, forward sale and purchase contracts for commodities in trading
operations), and contracts that are or contain written options, are recognised at fair value; associated gains and losses are recognised in income.
Derivatives that are held primarily for the purpose of trading are presented as current in the Consolidated Balance Sheet.
Judgement
Judgement is required to determine whether contracts to buy or sell LNG are capable of being settled on a net basis. Due to the limited
liquidity in the LNG market and the lack of net settlement history, contracts to buy or sell LNG are not considered capable of being settled
on a net basis. As a result, these contracts are accounted for on an accrual basis and not as a financial instrument.
Fair value measurements
Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on
the\u00a0assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use
into\u00a0account.
Estimate
Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of
such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise
verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into
account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly
unobservable inputs. For derivative contracts where publicly available information is not available, fair value estimations are generally
determined using models and other valuation methods, the key inputs for which include future prices, volatility, price correlation, counterparty
credit risk and market liquidity, as appropriate; for other assets and liabilities, fair value estimations are generally based on the net present
value of expected future cash flows.
Share-based compensation plans
The fair value of share-based compensation expense arising from the Performance Share Plan (PSP) and the Long-term Incentive Plan (LTIP) -
Shell's\u00a0main equity-settled plans - is estimated using the average Monte Carlo fair values and is recognised in income from the date of grant over
the vesting period with a corresponding increase directly in equity. The model projects and averages the results for a range of potential outcomes
for the vesting conditions, the principal assumptions for which are the share price volatility and dividend yields for Shell and four of its main
competitors using respectively three years and 10 years of historical data.
Shares held in trust
Shares in the Company, which are held by employee share ownership trusts and trust-like entities, are not included in assets but are reflected
at\u00a0cost as a deduction from equity as shares held in trust.
Acquisitions and sales of interests in a business
Assets acquired and liabilities assumed when control is obtained over a business, and when an interest or an additional interest is acquired in
a\u00a0joint operation which is a business, are recognised at their fair value at the date of the acquisition; the amount of the purchase consideration
above this value is recognised as goodwill. When control is obtained, any non-controlling interest is recognised as the proportionate share of the
identifiable net assets. The acquisition of a non-controlling interest in a subsidiary and the sale of an interest while retaining control are accounted
for as transactions within equity. The difference between the purchase consideration or sale proceeds after tax and the relevant proportion of the
non-controlling interest, measured by reference to the carrying amount of the interest's net assets at the date of acquisition or sale, is recognised
in\u00a0retained earnings as a movement in equity attributable to Shell plc shareholders.
Emission schemes and related environmental programmes
Emission certificates, biofuel certificates and renewable power certificates (together \"environmental certificates\") held for trading purposes are
recognised at cost or net realisable value, whichever is lower, and classified under inventory.
Emission trading schemes
Emission certificates acquired for compliance purposes are initially recognised at cost and classified under intangible assets. In the schemes
where\u00a0a cap is set for emissions, the associated emission certificates granted are recognised at cost, which may be zero. An emission liability
is\u00a0recognised under other liabilities when actual emissions occur that give rise to an obligation. To the extent the liability is covered by emission
certificates held for compliance purposes, the liability is measured with reference to the value of these emission certificates held and for the
remaining uncovered portion at market value. The associated expense is presented under \"Production and manufacturing expenses\". Both
the\u00a0emission certificates and the emission liability are derecognised upon settling the liability with the respective regulator.
Biofuel programmes
Biofuel certificates acquired that are held for compliance purposes are initially recognised at cost under intangible assets. Self-generated biofuel
certificates are recognised at nil value, as they primarily offset the obligation. A biofuel liability is recognised under other liabilities when the
obligation arises under local regulations. To the extent covered by biofuel certificates held for compliance purposes, the liability is measured with
reference to the value of these certificates held and for the remaining uncovered portion at market value. The associated expense is presented
under \"purchases\". Biofuel certificates and the biofuel liability are both derecognised upon settling the liability with the respective regulator.
Renewable power programmes
Renewable power certificates acquired for compliance purposes are initially recognised at cost as an intangible asset. Self-generated renewable
power certificates are generally transferred to the customer upon sales of electricity. A renewable power liability is recognised under other
liabilities when electricity sales take place that give rise to an obligation to retire renewable power certificates. The associated cost is recognised
in \"purchases\" in the income statement. If the obligation relates to power consumed in business operations, it is presented in other liabilities with
cost reflected in \"Production and manufacturing expenses\". To the extent covered by renewable power certificates held for compliance purposes,
the liability is measured with reference to the value of these renewable power certificates and for the remaining uncovered portion at market
value. Renewable power certificates and the renewable power liability are derecognised upon settling the liability with the respective regulator.
Consolidated Statement of Income presentation
Purchases reflect all costs related to the acquisition of inventories and the effects of the changes therein, and include associated costs incurred in
conversion into\u00a0finished or intermediate products. Production and manufacturing expenses are the costs of operating, maintaining and managing
production\u00a0and manufacturing assets. Selling, distribution and administrative expenses include direct and indirect costs of marketing and selling
products.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-489": { "value": "
The accounting policies applied are consistent with those of the previous financial year except for the adoption as from January 1, 2023, of IFRS
17 Insurance contracts (IFRS 17) and IAS 12 Income taxes (IAS 12) amendments.
The transition to the accounting pronouncements as listed below has no material impact on Shell's financial reporting.
IFRS 17 Insurance contracts
IFRS 17 as issued in 2017, with amendments published in 2020 and 2021, was adopted as from January 1, 2023. The IFRS 17 model combines a
current balance sheet measurement of insurance contracts with recognition of profit over the period that services are provided. The general model
in IFRS 17 requires insurance contract liabilities to be measured using probability-weighted current estimates of future cash flows, an adjustment to
reflect the time value of money and financial and non-financial risk, and a contractual service margin representing the profit expected from fulfilling
the contracts. Effects of changes in the estimates of future cash flows and the risk adjustment relating to future services are\u00a0recognised over the
period services are provided rather than immediately in profit or loss.
The adoption of IFRS\u00a017\u00a0has no significant impact on Shell's financial reporting.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
IAS 12 amendments, published in May 2021, were adopted as from January 1, 2023 (see Note 22). These amendments require companies to
recognise deferred tax on particular transactions that, on initial\u00a0recognition, give rise to equal amounts of taxable and deductible temporary
differences. The amendments typically apply to transactions where assets and liabilities are recognised from a single transaction, such as leases
for\u00a0the lessee and decommissioning and restoration provisions.
The adoption of these IAS 12 amendments has no significant impact on Shell's financial reporting.
International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12)
In May 2023, amendments to IAS 12 were published and adopted from that date. The amendments introduce a temporary mandatory relief from
accounting for deferred taxes arising from the jurisdictional implementation of the Organisation for Economic Co-operation and Development
(OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two Model Rules (Pillar Two or Pillar Two income taxes). On
June 20, 2023, the UK substantively enacted Pillar Two. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to
have a significant impact (see Note 22). As required by the amendments to IAS 12, Shell has applied the exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-490": { "value": "
IFRS 17 Insurance contracts
IFRS 17 as issued in 2017, with amendments published in 2020 and 2021, was adopted as from January 1, 2023. The IFRS 17 model combines a
current balance sheet measurement of insurance contracts with recognition of profit over the period that services are provided. The general model
in IFRS 17 requires insurance contract liabilities to be measured using probability-weighted current estimates of future cash flows, an adjustment to
reflect the time value of money and financial and non-financial risk, and a contractual service margin representing the profit expected from fulfilling
the contracts. Effects of changes in the estimates of future cash flows and the risk adjustment relating to future services are\u00a0recognised over the
period services are provided rather than immediately in profit or loss.
The adoption of IFRS\u00a017\u00a0has no significant impact on Shell's financial reporting.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
IAS 12 amendments, published in May 2021, were adopted as from January 1, 2023 (see Note 22). These amendments require companies to
recognise deferred tax on particular transactions that, on initial\u00a0recognition, give rise to equal amounts of taxable and deductible temporary
differences. The amendments typically apply to transactions where assets and liabilities are recognised from a single transaction, such as leases
for\u00a0the lessee and decommissioning and restoration provisions.
The adoption of these IAS 12 amendments has no significant impact on Shell's financial reporting.
International Tax Reform \u2014 Pillar Two Model Rules (Amendments to IAS 12)
In May 2023, amendments to IAS 12 were published and adopted from that date. The amendments introduce a temporary mandatory relief from
accounting for deferred taxes arising from the jurisdictional implementation of the Organisation for Economic Co-operation and Development
(OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Pillar Two Model Rules (Pillar Two or Pillar Two income taxes). On
June 20, 2023, the UK substantively enacted Pillar Two. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to
have a significant impact (see Note 22). As required by the amendments to IAS 12, Shell has applied the exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-492": { "value": "
Nature of the Consolidated Financial Statements
The Consolidated Financial Statements are presented in US dollars (dollars) and comprise the financial statements of the Company and its
subsidiaries, being those entities over which the Company has control, either directly or indirectly, through exposure or rights to their variable
returns and the ability to affect those returns through its power over the entities. Information about subsidiaries at December 31, 2023, can
be\u00a0found in \"Appendix 1: Significant subsidiaries and other related undertakings (audited)\".
Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases, using consistent accounting
policies. All inter-company balances and transactions, including unrealised profits arising from such transactions, are eliminated. Unrealised losses
are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interest represents the
proportion of income, other comprehensive income and net assets in subsidiaries that is not attributable to the Company's shareholders.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-491": { "value": "
Nature of the Consolidated Financial Statements
The Consolidated Financial Statements are presented in US dollars (dollars) and comprise the financial statements of the Company and its
subsidiaries, being those entities over which the Company has control, either directly or indirectly, through exposure or rights to their variable
returns and the ability to affect those returns through its power over the entities. Information about subsidiaries at December 31, 2023, can
be\u00a0found in \"Appendix 1: Significant subsidiaries and other related undertakings (audited)\".
Subsidiaries are consolidated from the date on which control is obtained until the date that such control ceases, using consistent accounting
policies. All inter-company balances and transactions, including unrealised profits arising from such transactions, are eliminated. Unrealised losses
are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interest represents the
proportion of income, other comprehensive income and net assets in subsidiaries that is not attributable to the Company's shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-493": { "value": "
The Consolidated Financial Statements are presented in US dollars (dollars) and comprise the financial statements of the Company and its
subsidiaries, being those entities over which the Company has control, either directly or indirectly, through exposure or rights to their variable
returns and the ability to affect those returns through its power over the entities. Information about subsidiaries at December 31, 2023, can
be\u00a0found in \"Appendix 1: Significant subsidiaries and other related undertakings (audited)\".", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-494": { "value": "
Currency translation
Foreign currency transactions are translated using the exchange rate at the dates of the transactions or valuation where items are remeasured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at quarter-end exchange rates of
monetary assets and liabilities denominated in foreign currencies (including those in respect of inter-company balances, unless related to loans
of\u00a0a\u00a0long-term investment nature) are recognised in income unless when recognised in other comprehensive income in respect of cash flow or
net\u00a0investment hedges. Foreign exchange gains and losses in income are presented within interest and other income or within purchases where
not\u00a0related to financing. Share capital issued in currencies other than the dollar is translated at the exchange rate at the date of issue.
On consolidation, assets and liabilities of non-dollar entities are translated to dollars at year-end rates of exchange, while their statements of
income, other comprehensive income and cash flows are translated at monthly average rates. Prior to January 1, 2023, these currency translations
were performed at quarterly average rates. This change has no significant impact on Shell's financial reporting. The resulting translation differences
are recognised as currency translation differences within other comprehensive income. Upon sale of all or part of an interest in, or upon liquidation
of, an entity, the appropriate portion of cumulative currency translation differences related to that entity is generally recognised in income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-495": { "value": "
Revenue recognition
Revenue from sales of oil, natural gas, chemicals and other products is recognised at the transaction price to which Shell expects to be entitled,
after deducting sales taxes, excise duties and similar levies. For contracts that contain separate performance obligations, the transaction price
is\u00a0allocated to those separate performance obligations by reference to their relative stand-alone selling prices.
Revenue is recognised when control of the products has been transferred to the customer. For sales by Integrated Gas and Upstream operations,
this generally occurs when the product is physically transferred into a vessel, pipe or other delivery mechanism; for sales by refining operations,
it\u00a0is\u00a0either when the product is placed onboard a vessel or offloaded from the vessel, depending on the contractually agreed terms; and for sales
of oil products and chemicals, it is either at the point of delivery or the point of receipt, depending on contractual conditions.
Revenue resulting from hydrocarbon production from properties in which Shell has an interest with partners in joint arrangements is recognised on
the basis of Shell's volumes lifted and sold. Revenue resulting from the production of oil and natural gas under production-sharing contracts (PSCs)
is recognised for those amounts relating to Shell's cost recoveries and Shell's share of the remaining production. Gains and losses on derivative
contracts and the revenue and costs associated with other contracts that are classified as held primarily for the purpose of being traded are
reported on a net basis in the Consolidated Statement of Income. Purchases and sales of hydrocarbons under exchange contracts that are
necessary to obtain or reposition feedstocks for the refinery operations are presented net in the Consolidated Statement of Income.
Revenue resulting from arrangements that are not considered contracts with customers is presented as revenue from other sources.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": "
Research and development
Development costs that are expected to generate probable future economic benefits are capitalised as intangible assets. All other research
and\u00a0development expenditure is recognised in the Consolidated Statement of Income as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "value": "
Exploration costs
Hydrocarbon exploration costs are accounted for under the successful efforts method: exploration costs are recognised in the Consolidated
Statement of Income when incurred, except that exploratory drilling costs, including in respect of the recapitalisation of depreciation, are included
in property, plant and equipment pending determination of proved reserves. Exploration costs capitalised in respect of exploration wells that are
more than 12 months old are written off unless: (a)\u00a0proved reserves are booked; or (b)\u00a0(i)\u00a0they have found commercially producible quantities
of\u00a0reserves; and (ii)\u00a0they are subject to further exploration or appraisal activity in that either drilling of additional exploratory wells is under way
or\u00a0firmly planned for the near future or other activities are being undertaken to sufficiently progress the assessing of reserves and the economic
and operating viability of the project.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "value": "
Property, plant and equipment and intangible assets other than goodwill
Recognition
Property, plant and equipment comprise assets owned by Shell, assets held by Shell under lease contracts, and assets operated by Shell as
contractor in PSCs. They include rights and concessions in respect of properties with proved reserves (\"proved properties\") and with no proved
reserves (\"unproved properties\"). Property, plant and equipment, including expenditure on major inspections, and intangible assets are initially
recognised in the Consolidated Balance Sheet at cost where it is probable that they will generate future economic benefits. This includes
capitalisation of decommissioning and restoration costs associated with provisions for asset retirement (see \"provisions\"), certain development
costs (see \"research and development\") and the effects of associated cash flow hedges (see \"financial instruments\") as applicable. Interest
is\u00a0capitalised as an increase in property, plant and equipment, on major capital projects during construction. The accounting for exploration
costs\u00a0is\u00a0described separately (see \"exploration costs\"). Intangible assets other than goodwill include liquefied natural gas (LNG) off-take
and\u00a0sales\u00a0contracts, environmental certificates, power purchase agreements, software costs, retail customer relationships and trademarks.
Property, plant and equipment and intangible assets other than goodwill are subsequently carried at cost less accumulated depreciation,
depletion and amortisation (including any impairment). Gains and losses on sale are determined by comparing the proceeds with the
carrying\u00a0amounts of assets sold and are recognised in the Consolidated Statement of Income, within interest and other income.
An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, which is
when the sale is highly probable, and it is available for immediate sale in its present condition subject only to terms that are usual and customary
for sales of such assets. Assets classified as held for sale are measured at the lower of the carrying amount upon classification and the fair value
less costs to sell. Assets classified as held for sale and the associated liabilities are presented separately from other assets and liabilities in the
Consolidated Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets other than
goodwill\u00a0are no longer subject to depreciation or amortisation.
Depreciation, depletion and amortisation
Property, plant and equipment related to hydrocarbon production activities are in principle depreciated on a unit-of-production basis over the
proved developed reserves of the field concerned, other than assets whose useful lives differ from the lifetime of the field which are depreciated
applying the straight-line method. For certain Integrated Gas and Upstream assets, the use of proved developed reserves, which are determined
using the Securities and Exchange Commission (SEC) mandated yearly average oil and gas prices, could result in depreciation charges for these
assets which do not reflect the pattern in which their future economic benefits are expected to be consumed as, for example, it may result in assets
with long-term expected lives having accelerated or being fully depreciated within one year. Therefore, in these instances, other approaches are
applied to determine a reserves base for the purpose of calculating depreciation, such as using management's expectations of future oil and gas
prices rather than yearly average prices and using total proved reserves to provide a phasing of periodic depreciation charges that more
appropriately reflects the expected utilisation of the assets concerned. (See Note 11)
Rights and concessions in respect of proved properties are depleted on the unit-of-production basis over the total proved reserves of the relevant
area. Where individually insignificant, unproved properties may be grouped and depreciated based on factors such as the average concession
term and past experience of recognising proved reserves.
Property, plant and equipment held under lease contracts, capitalised LNG off-take and sales contracts and power purchase agreements are
depreciated or amortised over the term of the respective contract. Other property, plant and equipment and intangible assets other than goodwill
are depreciated or amortised on a straight-line basis over their estimated useful lives. They include energy and chemicals parks (for which the
useful life is generally 20 years), retail service stations (for which the useful life is generally 15 years), onshore power infrastructure (for which the
useful life is generally 30-35 years), offshore wind assets (for which the useful life is generally 25-30 years) and major inspection costs, which
are\u00a0depreciated over the estimated period before the next planned major inspection (three to five years).
On classification of an asset as held for sale, depreciation ceases.
Estimates of the useful lives and residual values of property, plant and equipment and intangible assets other than goodwill are reviewed annually
and adjusted if appropriate.
Impairment
Intangible assets other than goodwill and assets other than unproved properties (see \"Exploration costs\") are tested for impairment whenever
events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. If any such indication of
impairment exists, the carrying amounts of those assets are written down to their recoverable amount, which is the higher of fair value less
costs of disposal (see \"Fair value measurements\") and value in use.
Value in use is determined as the amount of estimated risk-adjusted discounted future cash flows. For this purpose, assets are grouped into cash-
generating units based on separately identifiable and largely independent cash inflows. Estimates of future cash flows used in the evaluation of
impairment of assets are made using management's forecasts of commodity prices, market supply and demand, potential costs associated with
operational greenhouse gas (GHG) emissions, mainly related to CO\u2082, and forecast product, refining and chemical margins. In addition,
management takes into consideration the expected useful lives of the manufacturing facilities, exploration and production assets, and expected
production volumes. The latter takes into account assessments of field and reservoir performance and includes expectations about both proved
reserves and volumes that are expected to constitute proved reserves in the future (unproved volumes), which are risk-weighted utilising
geological, production, recovery and economic projections. Cash flow projections are based on management's most recent Operating Plan that
represents management's best estimate and are risked as appropriate. The discount rate is based on a nominal post-tax weighted average cost of
capital (WACC). Using a
post-tax discount rate to calculate value in\u00a0use does not result in a materially different outcome than using a pre-tax discount rate. (See Note 12).
Impairments are reversed as applicable to the extent that the events or circumstances that triggered the original impairment have changed.
Impairment losses and reversals are reported within depreciation, depletion and amortisation.
Upon classification of an asset as held for sale, the carrying amount is impaired if this exceeds the fair value less costs to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "value": "
Property, plant and equipment and intangible assets other than goodwill
Recognition
Property, plant and equipment comprise assets owned by Shell, assets held by Shell under lease contracts, and assets operated by Shell as
contractor in PSCs. They include rights and concessions in respect of properties with proved reserves (\"proved properties\") and with no proved
reserves (\"unproved properties\"). Property, plant and equipment, including expenditure on major inspections, and intangible assets are initially
recognised in the Consolidated Balance Sheet at cost where it is probable that they will generate future economic benefits. This includes
capitalisation of decommissioning and restoration costs associated with provisions for asset retirement (see \"provisions\"), certain development
costs (see \"research and development\") and the effects of associated cash flow hedges (see \"financial instruments\") as applicable. Interest
is\u00a0capitalised as an increase in property, plant and equipment, on major capital projects during construction. The accounting for exploration
costs\u00a0is\u00a0described separately (see \"exploration costs\"). Intangible assets other than goodwill include liquefied natural gas (LNG) off-take
and\u00a0sales\u00a0contracts, environmental certificates, power purchase agreements, software costs, retail customer relationships and trademarks.
Property, plant and equipment and intangible assets other than goodwill are subsequently carried at cost less accumulated depreciation,
depletion and amortisation (including any impairment). Gains and losses on sale are determined by comparing the proceeds with the
carrying\u00a0amounts of assets sold and are recognised in the Consolidated Statement of Income, within interest and other income.
An asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than through continuing use, which is
when the sale is highly probable, and it is available for immediate sale in its present condition subject only to terms that are usual and customary
for sales of such assets. Assets classified as held for sale are measured at the lower of the carrying amount upon classification and the fair value
less costs to sell. Assets classified as held for sale and the associated liabilities are presented separately from other assets and liabilities in the
Consolidated Balance Sheet. Once assets are classified as held for sale, property, plant and equipment and intangible assets other than
goodwill\u00a0are no longer subject to depreciation or amortisation.
Depreciation, depletion and amortisation
Property, plant and equipment related to hydrocarbon production activities are in principle depreciated on a unit-of-production basis over the
proved developed reserves of the field concerned, other than assets whose useful lives differ from the lifetime of the field which are depreciated
applying the straight-line method. For certain Integrated Gas and Upstream assets, the use of proved developed reserves, which are determined
using the Securities and Exchange Commission (SEC) mandated yearly average oil and gas prices, could result in depreciation charges for these
assets which do not reflect the pattern in which their future economic benefits are expected to be consumed as, for example, it may result in assets
with long-term expected lives having accelerated or being fully depreciated within one year. Therefore, in these instances, other approaches are
applied to determine a reserves base for the purpose of calculating depreciation, such as using management's expectations of future oil and gas
prices rather than yearly average prices and using total proved reserves to provide a phasing of periodic depreciation charges that more
appropriately reflects the expected utilisation of the assets concerned. (See Note 11)
Rights and concessions in respect of proved properties are depleted on the unit-of-production basis over the total proved reserves of the relevant
area. Where individually insignificant, unproved properties may be grouped and depreciated based on factors such as the average concession
term and past experience of recognising proved reserves.
Property, plant and equipment held under lease contracts, capitalised LNG off-take and sales contracts and power purchase agreements are
depreciated or amortised over the term of the respective contract. Other property, plant and equipment and intangible assets other than goodwill
are depreciated or amortised on a straight-line basis over their estimated useful lives. They include energy and chemicals parks (for which the
useful life is generally 20 years), retail service stations (for which the useful life is generally 15 years), onshore power infrastructure (for which the
useful life is generally 30-35 years), offshore wind assets (for which the useful life is generally 25-30 years) and major inspection costs, which
are\u00a0depreciated over the estimated period before the next planned major inspection (three to five years).
On classification of an asset as held for sale, depreciation ceases.
Estimates of the useful lives and residual values of property, plant and equipment and intangible assets other than goodwill are reviewed annually
and adjusted if appropriate.
Impairment
Intangible assets other than goodwill and assets other than unproved properties (see \"Exploration costs\") are tested for impairment whenever
events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. If any such indication of
impairment exists, the carrying amounts of those assets are written down to their recoverable amount, which is the higher of fair value less
costs of disposal (see \"Fair value measurements\") and value in use.
Value in use is determined as the amount of estimated risk-adjusted discounted future cash flows. For this purpose, assets are grouped into cash-
generating units based on separately identifiable and largely independent cash inflows. Estimates of future cash flows used in the evaluation of
impairment of assets are made using management's forecasts of commodity prices, market supply and demand, potential costs associated with
operational greenhouse gas (GHG) emissions, mainly related to CO\u2082, and forecast product, refining and chemical margins. In addition,
management takes into consideration the expected useful lives of the manufacturing facilities, exploration and production assets, and expected
production volumes. The latter takes into account assessments of field and reservoir performance and includes expectations about both proved
reserves and volumes that are expected to constitute proved reserves in the future (unproved volumes), which are risk-weighted utilising
geological, production, recovery and economic projections. Cash flow projections are based on management's most recent Operating Plan that
represents management's best estimate and are risked as appropriate. The discount rate is based on a nominal post-tax weighted average cost of
capital (WACC). Using a
post-tax discount rate to calculate value in\u00a0use does not result in a materially different outcome than using a pre-tax discount rate. (See Note 12).
Impairments are reversed as applicable to the extent that the events or circumstances that triggered the original impairment have changed.
Impairment losses and reversals are reported within depreciation, depletion and amortisation.
Upon classification of an asset as held for sale, the carrying amount is impaired if this exceeds the fair value less costs to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "value": "
Depreciation, depletion and amortisation
Property, plant and equipment related to hydrocarbon production activities are in principle depreciated on a unit-of-production basis over the
proved developed reserves of the field concerned, other than assets whose useful lives differ from the lifetime of the field which are depreciated
applying the straight-line method. For certain Integrated Gas and Upstream assets, the use of proved developed reserves, which are determined
using the Securities and Exchange Commission (SEC) mandated yearly average oil and gas prices, could result in depreciation charges for these
assets which do not reflect the pattern in which their future economic benefits are expected to be consumed as, for example, it may result in assets
with long-term expected lives having accelerated or being fully depreciated within one year. Therefore, in these instances, other approaches are
applied to determine a reserves base for the purpose of calculating depreciation, such as using management's expectations of future oil and gas
prices rather than yearly average prices and using total proved reserves to provide a phasing of periodic depreciation charges that more
appropriately reflects the expected utilisation of the assets concerned. (See Note 11)
Rights and concessions in respect of proved properties are depleted on the unit-of-production basis over the total proved reserves of the relevant
area. Where individually insignificant, unproved properties may be grouped and depreciated based on factors such as the average concession
term and past experience of recognising proved reserves.
Property, plant and equipment held under lease contracts, capitalised LNG off-take and sales contracts and power purchase agreements are
depreciated or amortised over the term of the respective contract. Other property, plant and equipment and intangible assets other than goodwill
are depreciated or amortised on a straight-line basis over their estimated useful lives. They include energy and chemicals parks (for which the
useful life is generally 20 years), retail service stations (for which the useful life is generally 15 years), onshore power infrastructure (for which the
useful life is generally 30-35 years), offshore wind assets (for which the useful life is generally 25-30 years) and major inspection costs, which
are\u00a0depreciated over the estimated period before the next planned major inspection (three to five years).
On classification of an asset as held for sale, depreciation ceases.
Estimates of the useful lives and residual values of property, plant and equipment and intangible assets other than goodwill are reviewed annually
and adjusted if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-501": { "value": "
Impairment
Intangible assets other than goodwill and assets other than unproved properties (see \"Exploration costs\") are tested for impairment whenever
events or changes in circumstances indicate that the carrying amounts for those assets may not be recoverable. If any such indication of
impairment exists, the carrying amounts of those assets are written down to their recoverable amount, which is the higher of fair value less
costs of disposal (see \"Fair value measurements\") and value in use.
Value in use is determined as the amount of estimated risk-adjusted discounted future cash flows. For this purpose, assets are grouped into cash-
generating units based on separately identifiable and largely independent cash inflows. Estimates of future cash flows used in the evaluation of
impairment of assets are made using management's forecasts of commodity prices, market supply and demand, potential costs associated with
operational greenhouse gas (GHG) emissions, mainly related to CO\u2082, and forecast product, refining and chemical margins. In addition,
management takes into consideration the expected useful lives of the manufacturing facilities, exploration and production assets, and expected
production volumes. The latter takes into account assessments of field and reservoir performance and includes expectations about both proved
reserves and volumes that are expected to constitute proved reserves in the future (unproved volumes), which are risk-weighted utilising
geological, production, recovery and economic projections. Cash flow projections are based on management's most recent Operating Plan that
represents management's best estimate and are risked as appropriate. The discount rate is based on a nominal post-tax weighted average cost of
capital (WACC). Using a
post-tax discount rate to calculate value in\u00a0use does not result in a materially different outcome than using a pre-tax discount rate. (See Note 12).
Impairments are reversed as applicable to the extent that the events or circumstances that triggered the original impairment have changed.
Impairment losses and reversals are reported within depreciation, depletion and amortisation.
Upon classification of an asset as held for sale, the carrying amount is impaired if this exceeds the fair value less costs to sell
Impairment
The carrying amount of goodwill is tested for impairment at least annually. Impairment is determined for goodwill by assessing the recoverable
amount of each CGU to which the goodwill relates. An impairment loss is recognised when the CGU's recoverable amount is lower than its
carrying amount.
Previously recognised impairment losses of goodwill are not reversed subsequently.
Impairment of the right-of-use asset
Right-of-use assets are subject to existing impairment requirements as set out in \"Property, plant and equipment\", above, and as presented
in Note 12.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-502": { "value": "
Judgements and estimates
Proved oil and gas reserves
Unit-of-production depreciation, depletion and amortisation charges are principally measured based on management's estimates of proved
developed oil and gas reserves. Also, exploration drilling costs are capitalised pending the results of further exploration or appraisal activity
(successful efforts method), which may take place for several years before the final investment decision on a development project is taken
and\u00a0before any related proved reserves can be booked.
Proved reserves are estimated by internal qualified professionals. The proved reserves are estimated with reasonable certainty by analysis
of\u00a0available geological and engineering data at the time of the estimation, and only include volumes for which access to market is assured
with reasonable expectation. Yearly average oil and gas prices are used for the estimation of proved reserves unless prices are defined by
contractual arrangements, excluding escalations based upon future conditions. Proved reserves are subject to regular revision, both upward
or downward, based on new information from the drilling of additional wells, observation of long-term reservoir performance under producing
conditions, updates of development plans and changes in economic factors, including product prices, contract terms, legislation or
development plans.
Changes to estimates of proved developed reserves affect prospectively the amounts of depreciation, depletion and amortisation charged
and, consequently, the carrying amounts of exploration and production assets. Generally, in the normal course of business the diversity
of\u00a0the\u00a0asset portfolio will limit the net effect of such revisions. The outcome of, or assessment of plans for, exploration or appraisal activity
may\u00a0result in the related capitalised exploration drilling costs being recognised in the Consolidated Statement of Income in that period.
Judgement is involved in determining when to use an alternative reserves base in order to appropriately reflect the expected utilisation
of\u00a0the\u00a0assets concerned (see \"Depreciation, depletion and amortisation\").
Information about the carrying amounts of exploration and production assets and the amounts charged to the Consolidated Statement
of\u00a0Income, including depreciation, depletion and amortisation and the quantitative impact of the use of an alternative reserves base,
is\u00a0presented in Note 11.
Impairment
For the purposes of determining whether impairment of assets has occurred, and the extent of any impairment loss or its reversal, the key
assumptions management uses in estimating risk-adjusted future cash flows for value in use measures are future oil and gas prices and product
margins including refining and chemical margins. In addition, management uses other assumptions such as potential costs associated with
operational GHG emissions, market supply and demand, expected production volumes and forecast expenditure. These assumptions and the
judgements of management that are based on them are subject to change as new information becomes available. Changes in assumptions
could affect the carrying amounts of assets, and any impairment losses and reversals will affect income. Changes in economic conditions can
affect the rate used to\u00a0discount future cash flow estimates or the risk adjustment in the future cash flows. Judgement is applied to conclude
whether changes in\u00a0assumptions or economic conditions are an indicator that an asset may\u00a0be impaired or that an impairment loss
recognised in prior periods\u00a0may no longer exist, or may have decreased.
Expected production volumes, which comprise proved reserves and unproved volumes, are used for impairment testing because management
believes this to be the most appropriate indicator of expected future cash\u00a0flows. Reserves\u00a0estimates are inherently imprecise. Furthermore,
projections about unproved volumes are based on information that is necessarily less\u00a0robust than that available for mature reservoirs.
Estimation is involved with respect to the expected life of energy and chemicals parks, including management's view on the future
development of refining margins.
The determination of cash-generating units requires judgement. Changes in this determination could impact the calculation of value in\u00a0use
and therefore the conclusion on the recoverability of assets' carrying amounts when performing an impairment test.
Judgement, which is subject to change as new information becomes available, can be required in determining when an asset is classified
as\u00a0held for sale. A\u00a0change in that judgement could result in impairment charges affecting income, depending on whether classification
requires a write-down of the asset to its fair value less costs to sell.
In assessing the value in use, the estimated risk-adjusted future post-tax cash flows are discounted to their present value using a post-tax
discount rate that reflects Shell's post-tax WACC. (See Note 12). The level of risking reflected in the cash flow assumptions is a consideration
in management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in
calculating value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows.
Significant estimates
Assumptions about future commodity prices and refining and chemical margins used in the impairment testing in, respectively, Integrated
Gas\u00a0and Upstream and Chemicals and Products (see Note 12) are regularly assessed by management, noting that management does not
necessarily consider short-term increases or decreases in prices as being indicative of long-term levels.
The price methodology applied is based on Shell management's understanding and interpretation of demand and supply fundamentals
in\u00a0the near term, taking into account various other factors such as\u00a0industry rationalisation and energy transition in the long term.
Future commodity prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to
in\u00a0paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125).
Information about the carrying amounts of assets and impairments and\u00a0their sensitivity to changes in significant estimates is presented in\u00a0Note 12.
Judgements and estimates
A lease term includes optional lease periods where it is reasonably certain Shell will exercise the option to extend or not exercise the option
to terminate the lease. Determination of the lease term is subject to judgement and has an impact on the measurement of the lease liability
and related right-of-use asset. When assessing the lease term at the commencement date, Shell takes into consideration the broader
economics of the contract. Reassessment of the lease term is performed upon changes in circumstances that may affect the probability
that\u00a0an option to extend or to terminate the lease will be exercised.
Where the rate implicit in the lease is not readily available, an incremental borrowing rate is applied. This incremental borrowing rate reflects
the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an
asset of a similar nature and value to the right-of-use asset in a similar economic environment. Determination of the incremental borrowing
rate requires estimation.
Judgements and estimates
Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority. In such
cases, provision is made for the amount that is expected to be settled, where this can be reasonably estimated. Provisions for uncertain
income tax positions/treatments are measured at the most likely amount or the expected value, whichever method is more appropriate.
Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. It is
assumed that taxing authorities will examine positions taken if they have the right to do so and that they have full knowledge of the
relevant information. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled would be
recognised in income in the period in which the change occurs. This requires the application of judgement as to the ultimate outcome,
which can change over time depending on facts and circumstances. Judgements mainly relate to transfer pricing, including inter-company
financing, interpretation of PSCs, expenditure deductible for tax purposes and taxation arising on disposal.
Judgements and estimates continued
Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an
assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available
to offset the assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To
the extent assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognised in respect
of\u00a0deferred tax assets as well as in the amounts recognised in income in the period in which the change occurs.
Taxation information, including charges and deferred tax assets and liabilities, is presented in Note 22. Income taxes include taxes at higher
rates levied on income from certain Integrated Gas and Upstream activities.
Significant judgements and estimates
Defined benefit obligations and plan assets, and the resulting liabilities and assets that are recognised, require significant estimation as these
are subject to volatility as (actuarial) assumptions regarding future outcomes and market values change. Substantial judgement is required
in\u00a0determining the actuarial assumptions, which vary for the different plans to reflect local conditions but are determined under a common
process in consultation with independent actuaries. The assumptions applied in respect of each plan are reviewed annually and adjusted
where necessary to reflect changes in experience and actuarial recommendations.
Actuarial assumptions applied in determining defined benefit obligations provide a source of estimation uncertainty as referred to in IAS\u00a01.125.
Information about the amounts reported in respect of defined benefit pension plans, assumptions applicable to the principal plans and their
sensitivity to changes in significant estimates is presented in Note 23.
Estimates
Estimates of provisions for future decommissioning and restoration costs are recognised and based on current legal and constructive
requirements, technology and price levels. Because actual cash outflows can differ from estimates due to changes in laws, regulations,
public expectations, technology, prices and conditions, and can take place many years in the future, the carrying amounts of provisions
are regularly reviewed and adjusted to take account of such changes.
Significant estimate
The discount rate applied to reflect the time value of money in the carrying amount of provisions requires estimation. The discount rate used
in\u00a0the calculation of provisions is the pre-tax rate that reflects current market assessments of the time value of money. Generally, the market
assessments of the time value of money can be reflected in the risk-free rate and given the long-term investment nature of oil and gas business,
Shell considers it appropriate to use the 20-year US Treasury bond yield return as the risk-free rate. The discount rate applied is reviewed
regularly and adjusted following changes in market rates.
The discount rate applied to determine the carrying amount of provisions provides a source of estimation uncertainty as referred to in IAS 1.125.
Information about decommissioning and restoration provisions and their sensitivity to changes in estimates is presented in Note 24.
Judgement
Judgement is required to determine whether contracts to buy or sell LNG are capable of being settled on a net basis. Due to the limited
liquidity in the LNG market and the lack of net settlement history, contracts to buy or sell LNG are not considered capable of being settled
on a net basis. As a result, these contracts are accounted for on an accrual basis and not as a financial instrument.
Estimate
Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of
such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise
verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into
account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly
unobservable inputs. For derivative contracts where publicly available information is not available, fair value estimations are generally
determined using models and other valuation methods, the key inputs for which include future prices, volatility, price correlation, counterparty
credit risk and market liquidity, as appropriate; for other assets and liabilities, fair value estimations are generally based on the net present
value of expected future cash flows.
The near-term commodity price assumptions applied in impairment testing were as follows:
Commodity price assumptions [A]
2023
2024
2025
2026
2027
Brent crude oil ($/b)
70
70
70
74
Henry Hub natural gas ($/MMBtu)
4.00
4
4
4
2022
2023
2024
2025
2026
Brent crude oil ($/b)
80
70
70
71
Henry Hub natural gas ($/MMBtu)
4.00
3.50
3.50
3.98
[A] Money of the day.
For periods after 2027, the real-terms price assumptions applied were: $70 per barrel (/b) (2022: $65/b) for Brent crude oil, $4.00 per\u00a0million
British thermal units (/MMBtu) (2022: $4.00/MMBtu) for Henry Hub natural gas.
Oil and gas price assumptions applied for impairment testing are reviewed and, where necessary, adjusted on a periodic basis. Reviews include
comparison with available market data and forecasts that reflect developments in demand such as global economic growth, technology efficiency,
policy measures and, in supply, consideration of investment and resource potential, cost of development of new supply, and behaviour of major
resource holders.
For certain assets in the Chemicals and Products and Renewables and Energy Solutions segments, the recoverable value was determined by
reference to fair value less costs of disposal. In determining fair value, adjustments are made to forecast cash flows to reflect assumptions used
by\u00a0market participants. These adjustments predominantly relate to the discount rate applied and commodity price assumptions. For certain assets
in the Renewables and Energy Solutions segment, the valuation methodology incorporates other adjustments to reflect comparable transactions.
The total carrying value of property, plant and equipment, goodwill and other intangible assets at December 31, 2023 for which recoverable
value was determined by reference to fair value less costs of\u00a0disposal was $2.6\u00a0billion related to assets in Renewables and Energy Solutions and
$2.5\u00a0billion in Chemicals and Products. The weighted average post-tax discount rate applied to impairments recognised during the year is 12% for
Renewables and Energy Solutions and 10% for\u00a0Chemicals and Products.
Goodwill
Goodwill impairments of $635 million in 2023 are mainly recognised in Renewables and Energy Solutions primarily related to an asset in
North\u00a0America, triggered by annual goodwill impairment testing reflecting factors including the impact of the deteriorated macro environment.
Property, plant and equipment
Exploration and production
Impairment losses recognised in Exploration and production in 2023 of $4,820 million related to various assets in Integrated Gas ($3,472
million) and Upstream ($1,348 million). Impairments recognised in Integrated Gas mainly related to an asset located in North America, triggered
by a change in the discount rate applied, and a project in Australia, triggered by factors including revised production estimates and regulatory
changes. Impairment losses recognised in Upstream principally relate to projects in North America, Nigeria and the UK triggered by factors
including revised reserves estimates and portfolio choices.
Manufacturing, supply and distribution
Impairment losses recognised in Manufacturing, supply and distribution in 2023 of $2,785 million mainly related to chemical assets in Singapore
in Chemicals and Products, triggered by lower expected chemical margins and associated with portfolio choices.
Other
Other impairment losses in 2023 of $577 million related to various assets in Marketing ($292 million) and assets in Renewables and Energy
Solutions mainly in Europe ($273 million).
Impairment reversals in 2023 of $627 million are mainly triggered by the reassessment of fair value less costs of disposal in Integrated Gas
($325 million) and revised reserves estimates in Upstream ($203 million).
Impairment losses in 2022 mainly related to the withdrawal from Russia ($854\u00a0million), the classification of an Upstream asset as held for sale
($320\u00a0million) and an impairment of capital expenditure additions in fully impaired sites in Chemicals and Products ($257\u00a0million).
The recognition of impairment reversals in 2022 was mainly triggered by the revision of Shell's mid- and long-term commodity price assumptions
reflecting the energy market demand and supply fundamentals. They are related to: i) Integrated Gas for $3,449 million, mainly relating to\u00a0the
Queensland Curtis LNG asset; and ii) Upstream for $2,504 million, mainly related to two offshore projects in Brazil and an asset in the US\u00a0Gulf of
Mexico.
Impairment losses in 2021 were predominantly triggered by reclassifications of assets held for sale and portfolio developments. They were mainly
related to three refineries in the USA within Chemicals and Products impaired on classification as held for sale ($1,537\u00a0million), and exploration
and evaluation assets both within Integrated Gas ($600\u00a0million) and Upstream ($373\u00a0million).
Sensitivities
The main sensitivities in relation to value in use impairment assessment are the commodity price assumptions in Integrated Gas and Upstream,
refining and chemical margins in Chemicals and Products, and discount rates in all segments.
Commodity price assumptions
A change of -10% or +10% in the commodity price assumptions over the entire cash\u00a0flow projection period would ceteris paribus result in
$5-8\u00a0billion impairments or $2-5\u00a0billion impairment reversal, respectively, in\u00a0Integrated Gas and Upstream.
Refining margins
Refining margins applied for impairment testing by reference to value in use are at an average of $7.6/bbl. A change of -$1/bbl or +$1/bbl
in long-term refining margins over the entire cash flow projection period would ceteris paribus result in $1-2\u00a0billion impairments or up to $1 billion
impairment reversal, respectively, in Chemicals and Products.
Chemical margins
Chemicals margins applied for impairment testing by reference to value in use are at an average of $252/tonne. A change of -$30/tonne or +
$30/tonne in long-term chemical margins over the entire cash flow projection period would ceteris paribus result in up to $2 billion impairments or
no impairment reversal, respectively, in Chemicals and Products.
Discount rates
A change of +1% in the discount rate would ceteris paribus result\u00a0in $2-4 billion impairments in Integrated Gas and Upstream, and up to
$1 billion in Chemicals and Products, and would have no significant impact in other segments.
Where carrying values have been supported by reference to fair value less costs of disposal, recoverable amounts are less sensitive to Shell's
planning assumptions. This is on the basis that key assumptions (including discount rates and commodity prices) have been adjusted to reflect
those used by market participants.
In calculating recoverable value, key assumptions are not determined in isolation, to ensure relevant interdependencies are appropriately
reflected. In particular, management considers the relationship between discount rates, forecast commodity prices and cash flow risking to ensure
impairment testing assumptions result in an implicit expected return which is balanced and appropriate for the asset under review. Each of the
sensitivities described above have been tested under a ceteris paribus assumption where all other factors remain unchanged, and as such do
not\u00a0reflect the potential offsetting effects of corresponding changes in other assumptions.
Principal and actuarial assumptions
The principal assumptions applied in determining the present value of defined benefit obligations and their bases were as follows:
\uffee rates of increase in pensionable remuneration, pensions in payment and health-care costs: historical experience and management's
long-term expectation;
\uffee discount rates: prevailing long-term AA corporate bond yields, chosen to match the currency and duration of the relevant obligation; and
\uffee mortality rates: published standard mortality tables for the individual countries concerned adjusted for Shell experience where statistically
significant.
The weighted averages for those assumptions and related sensitivity information as at December 31, 2023 are presented below. Sensitivity
information indicates by how much the defined benefit obligations would increase or decrease if a given assumption were to increase or decrease
with no change in other assumptions. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as
it\u00a0is unlikely that changes in assumptions would occur in isolation from one another. The weighted averages are at nominal terms and based on
market expectations at December 31, 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-505": { "value": "
Goodwill
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the amount recognised for any non-controlling
interest over the fair value of the identifiable assets acquired and liabilities assumed in a business combination at the acquisition date. The amount
recognised for any non-controlling interest is measured as a percentage of the identified net assets of the acquiree based on the present
ownership's proportionate share. At the acquisition date, acquired goodwill is allocated to each cash-generating unit (CGU), or groups of CGUs,
expected to benefit from the combination's synergies. The CGU to which goodwill is allocated represents the lowest level at which the goodwill
will be monitored and managed.
Goodwill is not amortised and is subsequently measured at the initial amount recognised less any accumulated impairment losses. (See Note 12).
Impairment
The carrying amount of goodwill is tested for impairment at least annually. Impairment is determined for goodwill by assessing the recoverable
amount of each CGU to which the goodwill relates. An impairment loss is recognised when the CGU's recoverable amount is lower than its
carrying amount.
Previously recognised impairment losses of goodwill are not reversed subsequently.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-504": { "value": "
Goodwill
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the amount recognised for any non-controlling
interest over the fair value of the identifiable assets acquired and liabilities assumed in a business combination at the acquisition date. The amount
recognised for any non-controlling interest is measured as a percentage of the identified net assets of the acquiree based on the present
ownership's proportionate share. At the acquisition date, acquired goodwill is allocated to each cash-generating unit (CGU), or groups of CGUs,
expected to benefit from the combination's synergies. The CGU to which goodwill is allocated represents the lowest level at which the goodwill
will be monitored and managed.
Goodwill is not amortised and is subsequently measured at the initial amount recognised less any accumulated impairment losses. (See Note 12).
Impairment
The carrying amount of goodwill is tested for impairment at least annually. Impairment is determined for goodwill by assessing the recoverable
amount of each CGU to which the goodwill relates. An impairment loss is recognised when the CGU's recoverable amount is lower than its
carrying amount.
Previously recognised impairment losses of goodwill are not reversed subsequently.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-503": { "value": "
Goodwill
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the amount recognised for any non-controlling
interest over the fair value of the identifiable assets acquired and liabilities assumed in a business combination at the acquisition date. The amount
recognised for any non-controlling interest is measured as a percentage of the identified net assets of the acquiree based on the present
ownership's proportionate share. At the acquisition date, acquired goodwill is allocated to each cash-generating unit (CGU), or groups of CGUs,
expected to benefit from the combination's synergies. The CGU to which goodwill is allocated represents the lowest level at which the goodwill
will be monitored and managed.
Goodwill is not amortised and is subsequently measured at the initial amount recognised less any accumulated impairment losses. (See Note 12).
Impairment
The carrying amount of goodwill is tested for impairment at least annually. Impairment is determined for goodwill by assessing the recoverable
amount of each CGU to which the goodwill relates. An impairment loss is recognised when the CGU's recoverable amount is lower than its
carrying amount.
Previously recognised impairment losses of goodwill are not reversed subsequently.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-506": { "value": "
Leases
A contract, or part of a contract, that conveys the right to control the use of an identified asset for a period of time in exchange for payments to
be\u00a0made to the owners (lessors) is accounted for as a lease. Contracts are assessed to determine whether a contract is, or contains, a lease at the
inception of a contract or when the terms and conditions of a contract are significantly changed. The lease term is the non-cancellable period of a
lease, together with contractual options to extend or to terminate the lease early, where it is reasonably certain that an extension option will be
exercised or a termination option will not be exercised.
At the commencement of a lease contract, a lease liability and a corresponding right-of-use asset are recognised, unless the lease term is 12
months or less. The commencement date of a lease is the date on which the underlying asset is made available for use. The lease liability is
measured at an amount equal to the present value of the lease payments during the lease term that are not paid at that date. The lease liability
includes contingent rentals and variable lease payments that depend on an index, rate, or where they are fixed payments in substance. The lease
liability is remeasured when the contractual cash flows of variable lease payments change due to a change in an index or rate when the lease
term changes following a reassessment.
Lease payments are discounted using the interest rate implicit in the lease. If that rate is not readily available, the incremental borrowing rate
is\u00a0applied. The incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a
similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment.
In general, a corresponding right-of-use asset is recognised for an amount equal to each lease liability, adjusted by the amount of any pre-paid
lease payment relating to the specific lease contract. The depreciation on right-of-use assets is recognised in the Consolidated Statement of
Income unless capitalised as exploration drilling cost (see \"exploration cost\") or capitalised when the right-of-use asset is used to construct another
asset.
Where Shell is the lessor in a lease arrangement at inception, the lease arrangement will be classified as a finance lease or an operating lease.
Classification is based on the extent to which the risks and rewards incidental to ownership of the underlying asset lie with the lessor or the lessee.
Where Shell, usually in its capacity as operator, has entered into a lease contract on behalf of a joint arrangement, a lease liability is recognised
to the extent that Shell has primary responsibility for the lease liability. A finance sublease is subsequently recognised if the related right-of-use
asset is subleased to the joint arrangement. This is usually the case when the joint arrangement has the right to direct the use and obtains
substantially all of the economic benefits from using the asset.
Impairment of the right-of-use asset
Right-of-use assets are subject to existing impairment requirements as set out in \"Property, plant and equipment\", above, and as presented
in Note 12.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-507": { "value": "
Joint arrangements and associates
Arrangements under which Shell has contractually agreed to share control (see \"Nature of the Consolidated Financial Statements\" for
the\u00a0definition of control) with another party or parties are joint ventures where the parties have rights to the net assets of the arrangement,
or\u00a0joint\u00a0operations where the parties have rights to the assets and obligations for the liabilities relating to the arrangement. Investments in\u00a0entities
over which Shell has significant influence but neither control nor joint control are classified as associates. Information about\u00a0incorporated joint
arrangements and associates at December 31, 2023, can be found in \"Appendix 1: Significant subsidiaries and other related undertakings
(audited)\".
Investments in joint ventures and associates are accounted for using the equity method, under which the investment is initially recognised at
cost\u00a0and subsequently adjusted for the Shell share of post-acquisition income less dividends received and the Shell share of other comprehensive
income and other movements in equity, together with any loans of a long-term investment nature. Where necessary, adjustments are made to the
financial statements of joint ventures and associates to bring the accounting policies used into line with those of Shell. In an exchange of assets
and liabilities for an interest in a joint venture, the non-Shell share of any excess of the fair value of the assets and liabilities transferred over
the\u00a0pre-exchange carrying amounts is recognised in the Consolidated Statement of Income. Unrealised gains on other transactions between
Shell\u00a0and its joint ventures and associates are eliminated to the extent of Shell's interest in them; unrealised losses are treated similarly but
may\u00a0also result in an assessment of\u00a0whether the asset transferred is impaired.
Shell recognises its assets and liabilities relating to its interests in joint operations, including its share of assets held jointly and liabilities incurred
jointly with other partners.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-508": { "value": "
Inventories
Inventories are stated at cost or net realisable value, whichever is lower. Cost comprises direct purchase costs (including transportation),
and\u00a0associated costs incurred in bringing inventories to their present condition and location, and is determined using the first-in, first-out (FIFO)
method for oil, gas and chemicals and by the weighted average cost method for materials.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-510": { "value": "
Taxation
The charge for current tax is calculated based on the income reported by the Company and its subsidiaries, as adjusted for items that are
non-taxable or disallowed and using rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is determined, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and
their\u00a0carrying amounts in the Consolidated Balance Sheet and on unused tax losses and credits carried forward.
Deferred tax assets and liabilities are calculated using the enacted or substantively enacted rates that are expected to apply when an asset
is\u00a0realised or a liability is settled. They are not recognised where they arise on the initial recognition of goodwill or of an asset or liability in a
transaction (other than in a business combination) that, at the time of the transaction, affects neither accounting nor taxable profit, or in respect
of\u00a0taxable temporary differences associated with subsidiaries, joint ventures and associates where the reversal of the respective temporary
difference can be controlled by Shell and it is probable that it will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible
temporary differences, unused tax losses and credits carried forward can be utilised.
Income tax receivables and payables as well as deferred tax assets and liabilities include provisions for uncertain income tax positions/treatments.
Income taxes are recognised in income except when they relate to items recognised in other comprehensive income, in which case the tax is
recognised in other comprehensive income. Income tax assets and liabilities are presented separately in the Consolidated Balance Sheet except
where there is a right of offset within fiscal jurisdictions and an intention to settle such balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-509": { "value": "
Taxation
The charge for current tax is calculated based on the income reported by the Company and its subsidiaries, as adjusted for items that are
non-taxable or disallowed and using rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is determined, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and
their\u00a0carrying amounts in the Consolidated Balance Sheet and on unused tax losses and credits carried forward.
Deferred tax assets and liabilities are calculated using the enacted or substantively enacted rates that are expected to apply when an asset
is\u00a0realised or a liability is settled. They are not recognised where they arise on the initial recognition of goodwill or of an asset or liability in a
transaction (other than in a business combination) that, at the time of the transaction, affects neither accounting nor taxable profit, or in respect
of\u00a0taxable temporary differences associated with subsidiaries, joint ventures and associates where the reversal of the respective temporary
difference can be controlled by Shell and it is probable that it will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the deductible
temporary differences, unused tax losses and credits carried forward can be utilised.
Income tax receivables and payables as well as deferred tax assets and liabilities include provisions for uncertain income tax positions/treatments.
Income taxes are recognised in income except when they relate to items recognised in other comprehensive income, in which case the tax is
recognised in other comprehensive income. Income tax assets and liabilities are presented separately in the Consolidated Balance Sheet except
where there is a right of offset within fiscal jurisdictions and an intention to settle such balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-511": { "value": "
Retirement benefits
Benefits in the form of retirement pensions and health care and life insurance are provided to certain employees and retirees under defined benefit
and defined contribution plans.
Obligations under defined benefit plans are calculated annually by independent actuaries using the projected unit credit method, which takes into
account employees' years of service and, for pensions, average or final pensionable remuneration, and are discounted to their present value using
interest rates of high-quality corporate bonds denominated in the currency in which the benefits will be paid and of a duration consistent with the
plan obligations. Where plans are funded, payments are made to independently managed trusts; assets held by those trusts are measured at fair
value. Defined benefit plan surpluses are recognised as assets to the extent that they are considered recoverable, which is generally by way of
a\u00a0refund or lower future employer contributions.
The amounts recognised in income in respect of defined benefit plans mainly comprise service cost and net interest. Service cost comprises
principally the increase in the present value of the obligation for benefits resulting from employee service during the period (current service cost)
and also amounts relating to past service and settlements or amendments of plans. Plan amendments are changes to benefits and are generally
recognised when all legal and regulatory approvals have been received and the effects have been communicated to members. Net interest is
calculated using the net defined benefit liability or asset matched against the discount rate yield curve at the beginning of each year for each
plan.\u00a0Remeasurements of the net defined benefit liability or asset resulting from actuarial gains and losses, and the return on plan assets excluding
the amount recognised in income, are recognised in other comprehensive income.
For defined contribution plans, pension expense represents the amount of employer contributions payable for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-513": { "value": "
Provisions
Provisions are recognised at the balance sheet date at management's best estimate of the expenditure required to settle the present obligation.
Non-current amounts are discounted at a rate intended to reflect the time value of money. The carrying amounts of provisions and the discount
rate applied are regularly reviewed and adjusted for new facts or changes in law, technology or financial markets.
Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities, oil products
manufacturing facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is
calculated using amounts discounted over the useful economic life of the assets. The liability is recognised (together with a corresponding amount
as part of the related property, plant and equipment) once a legal or constructive obligation arises to dismantle an item of property, plant and
equipment and to restore the site on which it is located and when a reasonable estimate can be made. The effects of changes resulting from
revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the
carrying amount of the related property, plant and equipment. However, where there is no related asset, or the change reduces the carrying
amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognised in income.
Shell reviews its energy and chemicals parks on a regular basis to determine whether any changes in assumptions, including expected life,
trigger\u00a0the need to recognise a provision for decommissioning and restoration.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-512": { "value": "
Provisions
Provisions are recognised at the balance sheet date at management's best estimate of the expenditure required to settle the present obligation.
Non-current amounts are discounted at a rate intended to reflect the time value of money. The carrying amounts of provisions and the discount
rate applied are regularly reviewed and adjusted for new facts or changes in law, technology or financial markets.
Provisions for decommissioning and restoration costs, which arise principally in connection with hydrocarbon production facilities, oil products
manufacturing facilities and pipelines, are measured on the basis of current requirements, technology and price levels; the present value is
calculated using amounts discounted over the useful economic life of the assets. The liability is recognised (together with a corresponding amount
as part of the related property, plant and equipment) once a legal or constructive obligation arises to dismantle an item of property, plant and
equipment and to restore the site on which it is located and when a reasonable estimate can be made. The effects of changes resulting from
revisions to the timing or the amount of the original estimate of the provision are reflected on a prospective basis, generally by adjustment to the
carrying amount of the related property, plant and equipment. However, where there is no related asset, or the change reduces the carrying
amount to nil, the effect, or the amount in excess of the reduction in the related asset to nil, is recognised in income.
Shell reviews its energy and chemicals parks on a regular basis to determine whether any changes in assumptions, including expected life,
trigger\u00a0the need to recognise a provision for decommissioning and restoration.
Redundancy provisions are recognised when a detailed formal plan identifies the business or part of the business concerned, the location and
number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and the employees affected have been
notified of the plan's main features.
An onerous contract provision is recognised when the unavoidable cost of meeting the obligations under the contract exceeds the economic
benefits expected to be received under it. The unavoidable cost under a contract is the lower of the cost of fulfilling the contract and any
compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract.
Before an onerous provision is recognised Shell first recognises any impairment loss that has occurred on assets dedicated to that contract.
Other provisions are recognised in the Consolidated Statement of Income in the period in which an obligation arises and the amount can be
reasonably estimated. Provisions are measured based on current legal requirements and existing technology where applicable. Recognition
of\u00a0any\u00a0joint and several liability is based on management's best estimate of the final pro rata share of the liability. Provisions are determined
independently of expected insurance recoveries. Recoveries are recognised when virtually certain of realisation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-514": { "value": "
Financial instruments
Financial assets and liabilities are presented separately in the Consolidated Balance Sheet except where there is a legally enforceable right
of\u00a0offset and Shell has the intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Financial assets
Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through other comprehensive income
or fair value through profit or loss. The classification of financial assets is determined by the contractual cash flows and where applicable the
business model for managing the financial assets.
Debt instruments are measured at amortised cost, if the objective of the business model is to hold the financial asset in order to collect contractual
cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. It is initially recognised at fair value
plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, the financial asset is
measured using the effective interest method less any impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
All equity instruments and other debt instruments are recognised at fair value. For equity instruments, on initial recognition, an irrevocable election
(on an instrument-by-instrument basis) can be made to designate these as at fair value through other comprehensive income instead of fair value
through profit or loss. Dividends received on equity instruments are recognised as other income in profit or loss when the right of payment has
been established, except when Shell benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case such
gains\u00a0are recorded in other comprehensive income.
Investments in securities
Investments in securities (\"securities\") comprise equity and debt securities. Equity securities are carried at fair value. Generally, unrealised holding
gains and losses are recognised in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive
income are transferred to retained earnings. Debt securities are generally carried at fair value with unrealised holding gains and losses recognised
in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive income are recognised in income.
Impairment of financial assets
The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortised cost or at
fair\u00a0value through other comprehensive income. The expected credit loss model is also applied for financial guarantee contracts to which IFRS 9
applies and which are not accounted for at fair value through profit or loss. The loss allowance for the financial asset is measured at an amount
equal to the 12-month expected credit losses. If the credit risk on the financial asset has increased significantly since initial recognition, the loss
allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are recognised
in profit or loss. For trade receivables, a simplified impairment approach is applied recognising expected lifetime losses from initial recognition.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, including offsetting bank overdrafts, short-term bank deposits, money market funds,
reverse repos and similar instruments that generally have a maturity of three months or less at the date of purchase.
Financial liabilities
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss, such as instruments
held for trading, or Shell has opted to measure them at fair value through profit or loss. Debt and trade payables are recognised initially at fair
value based on amounts exchanged, net of transaction costs, and subsequently at amortised cost except for fixed rate debt subject to fair value
hedging which is remeasured for the hedged risk (see below). Interest expense on debt is accounted for using the effective interest method, and
other than interest capitalised, is recognised in income. For financial liabilities that are measured under the fair value option, the change in the fair
value related to own credit risk is recognised in other comprehensive income. The remaining fair value change is recognised at fair value through
profit or loss.
Derivative contracts and hedges
Derivative contracts are used in the management of interest rate risk, foreign exchange risk, commodity price risk, and foreign currency
cash\u00a0balances. Derivatives that are not closely related to the host contract in terms of economic characteristics and risks and the host contract of
which is not a financial asset are separated from their host contract and recognised at fair value with the associated gains and losses recognised
in income.
Contracts to buy or sell a non-financial item that can be settled net in cash are accounted for as financial instruments, with the exception of those
contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Shell's
expected purchase, sale or usage requirements. Gains or losses arising from changes in the fair value of derivatives that are not designated as
effective hedging instruments are recognised in income.
Certain derivative contracts qualify and are designated either: as a fair value hedge of the change in fair value of a recognised asset or liability
or\u00a0an unrecognised firm commitment; or as a cash flow hedge for the change in cash flows to be received or paid relating to a recognised asset
or\u00a0liability or a highly probable forecast transaction; or as a net investment hedge of the change in foreign exchange rates associated with net
investments in foreign operations with a different functional currency than Shell's functional currency.
A change in the fair value of a hedging instrument designated as a fair value hedge is recognised in income, together with the consequential
adjustment to the carrying amount of the hedged item. The effective portion of a change in fair value of a derivative contract designated as a
cash\u00a0flow hedge is recognised in other comprehensive income until the hedged transaction occurs; any ineffective portion is recognised in income.
Where the hedged item is a non-financial asset or liability, the amount in accumulated other comprehensive income is transferred to the initial
carrying amount of the asset or liability (reclassified to the balance sheet); a net investment hedge is accounted for similarly to a cash flow hedge.
Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any
gains or losses relating to the ineffective portion are recognised in the Consolidated Statement of Income. On disposal of the foreign operation,
the cumulative value of any such gains or losses recorded in other comprehensive income is reclassified to the Consolidated Statement of Income.
The effective portion of a change due to retranslation at quarter-end exchange rates in the carrying amount of debt and the principal amount of
derivative contracts used to hedge net investments in foreign operations is recognised in other comprehensive income until the related investment
is\u00a0sold or liquidated; any ineffective portion is recognised in income.
All relationships between hedging instruments and hedged items are documented, as well as risk management objectives and strategies for
undertaking hedge transactions. The effectiveness of hedges is also continually assessed and hedge accounting is discontinued when there is
a\u00a0change in the risk management strategy.
Unless designated as hedging instruments, contracts to sell or purchase non-financial items that can be settled net as if the contracts were financial
instruments and that do not meet expected own-use requirements (typically, forward sale and purchase contracts for commodities in trading
operations), and contracts that are or contain written options, are recognised at fair value; associated gains and losses are recognised in income.
Derivatives that are held primarily for the purpose of trading are presented as current in the Consolidated Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-515": { "value": "
Financial assets
Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through other comprehensive income
or fair value through profit or loss. The classification of financial assets is determined by the contractual cash flows and where applicable the
business model for managing the financial assets.
Debt instruments are measured at amortised cost, if the objective of the business model is to hold the financial asset in order to collect contractual
cash flows and the contractual terms give rise to cash flows that are solely payments of principal and interest. It is initially recognised at fair value
plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, the financial asset is
measured using the effective interest method less any impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
All equity instruments and other debt instruments are recognised at fair value. For equity instruments, on initial recognition, an irrevocable election
(on an instrument-by-instrument basis) can be made to designate these as at fair value through other comprehensive income instead of fair value
through profit or loss. Dividends received on equity instruments are recognised as other income in profit or loss when the right of payment has
been established, except when Shell benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case such
gains\u00a0are recorded in other comprehensive income.
Investments in securities
Investments in securities (\"securities\") comprise equity and debt securities. Equity securities are carried at fair value. Generally, unrealised holding
gains and losses are recognised in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive
income are transferred to retained earnings. Debt securities are generally carried at fair value with unrealised holding gains and losses recognised
in other comprehensive income. On sale, net gains and losses previously accumulated in other comprehensive income are recognised in income.
Impairment of financial assets
The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortised cost or at
fair\u00a0value through other comprehensive income. The expected credit loss model is also applied for financial guarantee contracts to which IFRS 9
applies and which are not accounted for at fair value through profit or loss. The loss allowance for the financial asset is measured at an amount
equal to the 12-month expected credit losses. If the credit risk on the financial asset has increased significantly since initial recognition, the loss
allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are recognised
in profit or loss. For trade receivables, a simplified impairment approach is applied recognising expected lifetime losses from initial recognition.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, including offsetting bank overdrafts, short-term bank deposits, money market funds,
reverse repos and similar instruments that generally have a maturity of three months or less at the date of purchase.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-516": { "value": "
Impairment of financial assets
The expected credit loss model is applied for recognition and measurement of impairments in financial assets measured at amortised cost or at
fair\u00a0value through other comprehensive income. The expected credit loss model is also applied for financial guarantee contracts to which IFRS 9
applies and which are not accounted for at fair value through profit or loss. The loss allowance for the financial asset is measured at an amount
equal to the 12-month expected credit losses. If the credit risk on the financial asset has increased significantly since initial recognition, the loss
allowance for the financial asset is measured at an amount equal to the lifetime expected credit losses. Changes in loss allowances are recognised
in profit or loss. For trade receivables, a simplified impairment approach is applied recognising expected lifetime losses from initial recognition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-517": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, including offsetting bank overdrafts, short-term bank deposits, money market funds,
reverse repos and similar instruments that generally have a maturity of three months or less at the date of purchase.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-518": { "value": "
Financial liabilities
Financial liabilities are measured at amortised cost, unless they are required to be measured at fair value through profit or loss, such as instruments
held for trading, or Shell has opted to measure them at fair value through profit or loss. Debt and trade payables are recognised initially at fair
value based on amounts exchanged, net of transaction costs, and subsequently at amortised cost except for fixed rate debt subject to fair value
hedging which is remeasured for the hedged risk (see below). Interest expense on debt is accounted for using the effective interest method, and
other than interest capitalised, is recognised in income. For financial liabilities that are measured under the fair value option, the change in the fair
value related to own credit risk is recognised in other comprehensive income. The remaining fair value change is recognised at fair value through
profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-521": { "value": "
Derivative contracts and hedges
Derivative contracts are used in the management of interest rate risk, foreign exchange risk, commodity price risk, and foreign currency
cash\u00a0balances. Derivatives that are not closely related to the host contract in terms of economic characteristics and risks and the host contract of
which is not a financial asset are separated from their host contract and recognised at fair value with the associated gains and losses recognised
in income.
Contracts to buy or sell a non-financial item that can be settled net in cash are accounted for as financial instruments, with the exception of those
contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Shell's
expected purchase, sale or usage requirements. Gains or losses arising from changes in the fair value of derivatives that are not designated as
effective hedging instruments are recognised in income.
Certain derivative contracts qualify and are designated either: as a fair value hedge of the change in fair value of a recognised asset or liability
or\u00a0an unrecognised firm commitment; or as a cash flow hedge for the change in cash flows to be received or paid relating to a recognised asset
or\u00a0liability or a highly probable forecast transaction; or as a net investment hedge of the change in foreign exchange rates associated with net
investments in foreign operations with a different functional currency than Shell's functional currency.
A change in the fair value of a hedging instrument designated as a fair value hedge is recognised in income, together with the consequential
adjustment to the carrying amount of the hedged item. The effective portion of a change in fair value of a derivative contract designated as a
cash\u00a0flow hedge is recognised in other comprehensive income until the hedged transaction occurs; any ineffective portion is recognised in income.
Where the hedged item is a non-financial asset or liability, the amount in accumulated other comprehensive income is transferred to the initial
carrying amount of the asset or liability (reclassified to the balance sheet); a net investment hedge is accounted for similarly to a cash flow hedge.
Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any
gains or losses relating to the ineffective portion are recognised in the Consolidated Statement of Income. On disposal of the foreign operation,
the cumulative value of any such gains or losses recorded in other comprehensive income is reclassified to the Consolidated Statement of Income.
The effective portion of a change due to retranslation at quarter-end exchange rates in the carrying amount of debt and the principal amount of
derivative contracts used to hedge net investments in foreign operations is recognised in other comprehensive income until the related investment
is\u00a0sold or liquidated; any ineffective portion is recognised in income.
All relationships between hedging instruments and hedged items are documented, as well as risk management objectives and strategies for
undertaking hedge transactions. The effectiveness of hedges is also continually assessed and hedge accounting is discontinued when there is
a\u00a0change in the risk management strategy.
Unless designated as hedging instruments, contracts to sell or purchase non-financial items that can be settled net as if the contracts were financial
instruments and that do not meet expected own-use requirements (typically, forward sale and purchase contracts for commodities in trading
operations), and contracts that are or contain written options, are recognised at fair value; associated gains and losses are recognised in income.
Derivatives that are held primarily for the purpose of trading are presented as current in the Consolidated Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-520": { "value": "
Derivative contracts and hedges
Derivative contracts are used in the management of interest rate risk, foreign exchange risk, commodity price risk, and foreign currency
cash\u00a0balances. Derivatives that are not closely related to the host contract in terms of economic characteristics and risks and the host contract of
which is not a financial asset are separated from their host contract and recognised at fair value with the associated gains and losses recognised
in income.
Contracts to buy or sell a non-financial item that can be settled net in cash are accounted for as financial instruments, with the exception of those
contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Shell's
expected purchase, sale or usage requirements. Gains or losses arising from changes in the fair value of derivatives that are not designated as
effective hedging instruments are recognised in income.
Certain derivative contracts qualify and are designated either: as a fair value hedge of the change in fair value of a recognised asset or liability
or\u00a0an unrecognised firm commitment; or as a cash flow hedge for the change in cash flows to be received or paid relating to a recognised asset
or\u00a0liability or a highly probable forecast transaction; or as a net investment hedge of the change in foreign exchange rates associated with net
investments in foreign operations with a different functional currency than Shell's functional currency.
A change in the fair value of a hedging instrument designated as a fair value hedge is recognised in income, together with the consequential
adjustment to the carrying amount of the hedged item. The effective portion of a change in fair value of a derivative contract designated as a
cash\u00a0flow hedge is recognised in other comprehensive income until the hedged transaction occurs; any ineffective portion is recognised in income.
Where the hedged item is a non-financial asset or liability, the amount in accumulated other comprehensive income is transferred to the initial
carrying amount of the asset or liability (reclassified to the balance sheet); a net investment hedge is accounted for similarly to a cash flow hedge.
Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any
gains or losses relating to the ineffective portion are recognised in the Consolidated Statement of Income. On disposal of the foreign operation,
the cumulative value of any such gains or losses recorded in other comprehensive income is reclassified to the Consolidated Statement of Income.
The effective portion of a change due to retranslation at quarter-end exchange rates in the carrying amount of debt and the principal amount of
derivative contracts used to hedge net investments in foreign operations is recognised in other comprehensive income until the related investment
is\u00a0sold or liquidated; any ineffective portion is recognised in income.
All relationships between hedging instruments and hedged items are documented, as well as risk management objectives and strategies for
undertaking hedge transactions. The effectiveness of hedges is also continually assessed and hedge accounting is discontinued when there is
a\u00a0change in the risk management strategy.
Unless designated as hedging instruments, contracts to sell or purchase non-financial items that can be settled net as if the contracts were financial
instruments and that do not meet expected own-use requirements (typically, forward sale and purchase contracts for commodities in trading
operations), and contracts that are or contain written options, are recognised at fair value; associated gains and losses are recognised in income.
Derivatives that are held primarily for the purpose of trading are presented as current in the Consolidated Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-519": { "value": "
Derivative contracts and hedges
Derivative contracts are used in the management of interest rate risk, foreign exchange risk, commodity price risk, and foreign currency
cash\u00a0balances. Derivatives that are not closely related to the host contract in terms of economic characteristics and risks and the host contract of
which is not a financial asset are separated from their host contract and recognised at fair value with the associated gains and losses recognised
in income.
Contracts to buy or sell a non-financial item that can be settled net in cash are accounted for as financial instruments, with the exception of those
contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with Shell's
expected purchase, sale or usage requirements. Gains or losses arising from changes in the fair value of derivatives that are not designated as
effective hedging instruments are recognised in income.
Certain derivative contracts qualify and are designated either: as a fair value hedge of the change in fair value of a recognised asset or liability
or\u00a0an unrecognised firm commitment; or as a cash flow hedge for the change in cash flows to be received or paid relating to a recognised asset
or\u00a0liability or a highly probable forecast transaction; or as a net investment hedge of the change in foreign exchange rates associated with net
investments in foreign operations with a different functional currency than Shell's functional currency.
A change in the fair value of a hedging instrument designated as a fair value hedge is recognised in income, together with the consequential
adjustment to the carrying amount of the hedged item. The effective portion of a change in fair value of a derivative contract designated as a
cash\u00a0flow hedge is recognised in other comprehensive income until the hedged transaction occurs; any ineffective portion is recognised in income.
Where the hedged item is a non-financial asset or liability, the amount in accumulated other comprehensive income is transferred to the initial
carrying amount of the asset or liability (reclassified to the balance sheet); a net investment hedge is accounted for similarly to a cash flow hedge.
Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while any
gains or losses relating to the ineffective portion are recognised in the Consolidated Statement of Income. On disposal of the foreign operation,
the cumulative value of any such gains or losses recorded in other comprehensive income is reclassified to the Consolidated Statement of Income.
The effective portion of a change due to retranslation at quarter-end exchange rates in the carrying amount of debt and the principal amount of
derivative contracts used to hedge net investments in foreign operations is recognised in other comprehensive income until the related investment
is\u00a0sold or liquidated; any ineffective portion is recognised in income.
All relationships between hedging instruments and hedged items are documented, as well as risk management objectives and strategies for
undertaking hedge transactions. The effectiveness of hedges is also continually assessed and hedge accounting is discontinued when there is
a\u00a0change in the risk management strategy.
Unless designated as hedging instruments, contracts to sell or purchase non-financial items that can be settled net as if the contracts were financial
instruments and that do not meet expected own-use requirements (typically, forward sale and purchase contracts for commodities in trading
operations), and contracts that are or contain written options, are recognised at fair value; associated gains and losses are recognised in income.
Derivatives that are held primarily for the purpose of trading are presented as current in the Consolidated Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-522": { "value": "
Fair value measurements
Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on
the\u00a0assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use
into\u00a0account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-523": { "value": "
Share-based compensation plans
The fair value of share-based compensation expense arising from the Performance Share Plan (PSP) and the Long-term Incentive Plan (LTIP) -
Shell's\u00a0main equity-settled plans - is estimated using the average Monte Carlo fair values and is recognised in income from the date of grant over
the vesting period with a corresponding increase directly in equity. The model projects and averages the results for a range of potential outcomes
for the vesting conditions, the principal assumptions for which are the share price volatility and dividend yields for Shell and four of its main
competitors using respectively three years and 10 years of historical data.
Shares held in trust
Shares in the Company, which are held by employee share ownership trusts and trust-like entities, are not included in assets but are reflected
at\u00a0cost as a deduction from equity as shares held in trust.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-524": { "value": "
Acquisitions and sales of interests in a business
Assets acquired and liabilities assumed when control is obtained over a business, and when an interest or an additional interest is acquired in
a\u00a0joint operation which is a business, are recognised at their fair value at the date of the acquisition; the amount of the purchase consideration
above this value is recognised as goodwill. When control is obtained, any non-controlling interest is recognised as the proportionate share of the
identifiable net assets. The acquisition of a non-controlling interest in a subsidiary and the sale of an interest while retaining control are accounted
for as transactions within equity. The difference between the purchase consideration or sale proceeds after tax and the relevant proportion of the
non-controlling interest, measured by reference to the carrying amount of the interest's net assets at the date of acquisition or sale, is recognised
in\u00a0retained earnings as a movement in equity attributable to Shell plc shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-525": { "value": "
Emission schemes and related environmental programmes
Emission certificates, biofuel certificates and renewable power certificates (together \"environmental certificates\") held for trading purposes are
recognised at cost or net realisable value, whichever is lower, and classified under inventory.
Emission trading schemes
Emission certificates acquired for compliance purposes are initially recognised at cost and classified under intangible assets. In the schemes
where\u00a0a cap is set for emissions, the associated emission certificates granted are recognised at cost, which may be zero. An emission liability
is\u00a0recognised under other liabilities when actual emissions occur that give rise to an obligation. To the extent the liability is covered by emission
certificates held for compliance purposes, the liability is measured with reference to the value of these emission certificates held and for the
remaining uncovered portion at market value. The associated expense is presented under \"Production and manufacturing expenses\". Both
the\u00a0emission certificates and the emission liability are derecognised upon settling the liability with the respective regulator.
Biofuel programmes
Biofuel certificates acquired that are held for compliance purposes are initially recognised at cost under intangible assets. Self-generated biofuel
certificates are recognised at nil value, as they primarily offset the obligation. A biofuel liability is recognised under other liabilities when the
obligation arises under local regulations. To the extent covered by biofuel certificates held for compliance purposes, the liability is measured with
reference to the value of these certificates held and for the remaining uncovered portion at market value. The associated expense is presented
under \"purchases\". Biofuel certificates and the biofuel liability are both derecognised upon settling the liability with the respective regulator.
Renewable power programmes
Renewable power certificates acquired for compliance purposes are initially recognised at cost as an intangible asset. Self-generated renewable
power certificates are generally transferred to the customer upon sales of electricity. A renewable power liability is recognised under other
liabilities when electricity sales take place that give rise to an obligation to retire renewable power certificates. The associated cost is recognised
in \"purchases\" in the income statement. If the obligation relates to power consumed in business operations, it is presented in other liabilities with
cost reflected in \"Production and manufacturing expenses\". To the extent covered by renewable power certificates held for compliance purposes,
the liability is measured with reference to the value of these renewable power certificates and for the remaining uncovered portion at market
value. Renewable power certificates and the renewable power liability are derecognised upon settling the liability with the respective regulator.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-526": { "value": "
Emission trading schemes
Emission certificates acquired for compliance purposes are initially recognised at cost and classified under intangible assets. In the schemes
where\u00a0a cap is set for emissions, the associated emission certificates granted are recognised at cost, which may be zero. An emission liability
is\u00a0recognised under other liabilities when actual emissions occur that give rise to an obligation. To the extent the liability is covered by emission
certificates held for compliance purposes, the liability is measured with reference to the value of these emission certificates held and for the
remaining uncovered portion at market value. The associated expense is presented under \"Production and manufacturing expenses\". Both
the\u00a0emission certificates and the emission liability are derecognised upon settling the liability with the respective regulator.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-527": { "value": "
Deferred tax assets
In general, it is expected that sufficient deferred tax liabilities and forecasted taxable profits within the planning period of 10 years are available for
recovery of the deferred tax assets recognised at December 31, 2023. Integrated Gas and Upstream deferred tax assets recognised are expected to
be recovered within the period of production of each asset. For deferred tax assets of $241 million as at December 31, 2023 (2022: $303\u00a0million) this
period extends beyond 10 years. Deferred tax assets in Chemicals and Products and in Marketing expected to be recovered in\u00a0more than 10 years
(between 11 and 20 years) are $455\u00a0million as at December 31, 2023 (2022: $382\u00a0million) for which the forecasted taxable profits to determine
recoverability have been risked. (See\u00a0Note 22).
22. Taxation
Taxation charge
$ million
2023
2022
2021
Current tax:
Charge in respect of current period
13,066
16,383
7,254
Adjustments in respect of prior periods
(422)
(947)
(719)
Total
12,644
15,436
6,535
Deferred tax:
Relating to the origination and reversal of temporary differences, tax losses and credits
(305)
5,196
2,971
Relating to changes in tax rates and legislation
242
785
10
Adjustments in respect of prior periods
410
524
(317)
Total
347
6,505
2,664
Total taxation charge
12,991
21,941
9,199
Adjustments in respect of prior periods relate to events in the current period and reflect the effects of changes in rules, facts or other factors
compared with those used in establishing the current tax position or deferred tax balance in prior periods.
Adjustments in respect of changes in tax rates and legislation in 2022 principally relate to the introduction of the UK Energy Profits Levy Act 2022
(EPL) on July 14, 2022.
On December 20, 2021, the OECD/G20 Inclusive Framework on BEPS released the Pillar Two Model Rules aimed to address the tax challenges
of\u00a0the digitalisation of the economy. The Pillar Two rules are designed to ensure large multinational enterprises (meeting certain conditions) pay
a\u00a0minimum level of tax on the income arising in each jurisdiction where they operate. On June 20, 2023, the UK substantively enacted Pillar Two.
Shell has established a Group-wide Pillar Two Project, with oversight from senior executives, to prepare and implement these new tax rules.
Shell has applied the exception, as set out in the amendments to IAS 12, to recognising and disclosing information about deferred tax assets
and\u00a0liabilities related to Pillar Two income taxes. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to have
a\u00a0significant impact (see also Note 2).
Reconciliation of applicable tax charge at statutory tax rates to taxation charge
$ million
2023
2022
2021
Income before taxation
32,627
64,815
29,829
Less: share of profit of joint ventures and associates
(3,725)
(3,972)
(4,097)
Income before taxation and share of profit of joint ventures and associates
28,902
60,843
25,732
Applicable tax charge at standard statutory tax rates
11,921
22,170
10,097
Adjustments in respect of prior periods
(12)
(424)
(1,036)
Tax effects of:
Expenses not deductible for tax purposes
1,225
849
893
Incentives for investment and development
(553)
(1,388)
(467)
Derecognition/(recognition) of deferred tax assets
243
(457)
(113)
Changes in tax rates and legislation
242
785
10
Income not subject to tax at standard statutory rates
(213)
234
90
Disposals
(113)
39
(328)
Exchange rate differences
89
(102)
53
Other reconciling items
162
235
\u2014
Taxation charge
12,991
21,941
9,199
Weighted average of statutory tax rates [A]
41%
36%
39%
Effective tax rate based on income before taxation [B]
40%
34%
31%
Effective tax rate based on income before taxation excluding share of profit of joint ventures and associates [C]
45%
36%
36%
[A] The weighted average of statutory tax rates is calculated by dividing the applicable tax charge at standard statutory tax rates by Income before taxation and share of profit of joint ventures
and associates.
[B] The effective tax rate based on income before taxation is calculated by dividing Taxation charge by Income before taxation.
[C] The effective tax rate based on income before taxation excluding share of profit of joint ventures and associates is calculated by dividing Taxation charge by Income before taxation and
share of profit of joint ventures and associates.
Compared with 2022, the increase in the weighted average of statutory tax rates reflects a higher proportion of earnings mainly in the Upstream
segment subject to relatively higher tax rates.
2023 \u2013 Deferred tax
$ million
Deferred tax asset
Decommissioning
and other
provisions
Property,
plant and
equipment
Tax losses
and credits
carried
forward
Retirement
benefits
Other
Total
At January 1, 2023
6,049
4,290
6,446
1,977
4,827
23,589
(Charge)/credit to income
61
(680)
(2,025)
27
557
(2,060)
Currency translation differences
89
18
66
28
(11)
190
Other comprehensive income
\u2014
\u2014
(5)
104
23
122
Other movements
1,378
[A]
(2,044)
[A]
(202)
(386)
(964)
(2,218)
At December 31, 2023
7,577
1,584
4,280
1,750
4,432
19,623
Deferred tax liability
At January 1, 2023
(24,818)
(3,189)
(3,953)
(31,960)
Credit/(charge) to income
2,109
(228)
(168)
1,713
Currency translation differences
(173)
227
\u2014
54
Other comprehensive income
(3)
(90)
(3)
(96)
Other movements
889
400
484
1,773
At December 31, 2023
(21,996)
(2,880)
(3,640)
(28,516)
Net deferred tax liability at December 31, 2023
(8,893)
Deferred tax asset/(liability) as presented in the
balance sheet at December 31, 2023
Deferred tax asset
6,454
Deferred tax liability
(15,347)
[A] Includes the impact of the IAS 12 amendments Deferred Tax related to Assets and Liabilities arising from a Single Transaction. (See Note 2).
2022 \u2013 Deferred tax
$ million
Deferred tax asset
Decommissioning
and other
provisions
Property,
plant and
equipment
Tax losses
and credits
carried
forward
Retirement
benefits
Other
Total
At January 1, 2022
6,562
4,993
10,518
2,744
4,545
29,362
(Charge)/credit to income
(217)
(1,261)
(3,434)
(66)
160
(4,818)
Currency translation differences
(303)
(63)
(426)
(40)
(109)
(941)
Other comprehensive income
\u2014
\u2014
18
(618)
70
(530)
Other movements
7
621
(230)
(43)
161
516
At December 31, 2022
6,049
4,290
6,446
1,977
4,827
23,589
Deferred tax liability
At January 1, 2022
(23,144)
(2,736)
(3,603)
(29,483)
(Charge)/credit to income
(1,503)
93
(277)
(1,687)
Currency translation differences
380
287
170
837
Other comprehensive income
4
(870)
18
(848)
Other movements
(555)
37
(261)
(779)
At December 31, 2022
(24,818)
(3,189)
(3,953)
(31,960)
Net deferred tax asset at December 31, 2022
(8,371)
Deferred tax asset/(liability) as presented in the balance
sheet at December 31, 2022
Deferred tax asset
7,815
Deferred tax liability
(16,186)
The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax
jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to
that jurisdiction is presented within deferred tax assets or deferred tax liabilities.
Other movements in deferred tax assets and liabilities relates to acquisitions, sales of non-current assets and businesses.
The deferred tax category Other primarily includes deferred tax positions in respect of leases, financial assets and liabilities, inventories, intangible
assets other than goodwill and investments in subsidiaries, joint ventures and associates.
The deferred tax category Property, plant and equipment also includes deferred tax positions in respect of investments in\u00a0partnerships in the USA
which are considered pass-through entities by its parent for tax purposes.
Deferred tax assets of $6,454 million (2022: $7,815 million) are recognised only to the extent it is considered probable that those assets will
be\u00a0recoverable. This involves an assessment of when those assets are likely to be recovered, and a judgement as to whether or not there will
be\u00a0sufficient taxable profits available to offset the assets. It is considered probable based on business forecasts that such taxable profits will be
available. For Marketing, as well as Chemicals and Products, additional judgement is required; in some jurisdictions the assessment of forecasted
taxable profits resulting in deferred tax asset recognition of $455\u00a0million (2022: $382\u00a0million) extends for an additional 10 years beyond Shell's
regular 10-year planning horizon. In those situations, additional risking has been applied to the forecast of taxable profits. For Integrated Gas and
Upstream, deferred tax assets recognised are expected to be recovered within the period of production of each asset. For deferred tax assets of
$241 million (2022: $303\u00a0million) as at December 31, 2023, this period extends beyond 10 years.
The amount of deferred tax assets which are dependent on future taxable profits not arising from the reversal of existing deferred tax liabilities,
and which relate to tax jurisdictions where Shell has suffered a loss in the current or preceding year, was $2,027\u00a0million at December 31, 2023
(2022: $4,202\u00a0million). The decrease compared with 2022 is primarily attributable to the utilisation of deferred tax assets in 2023 and a higher
number of entities which have generated profit in both the current and preceding year.
Expected expiration of unused tax losses, unrecognised deductible temporary differences and tax credits
$ million
Expected expiration
Dec 31, 2023
Dec 31, 2022
Less than one year
1,496
1,034
Between 1 and 5 years
1,475
3,257
5 years and later [A]
71,709
72,032
Total
74,680
76,323
[A] Includes unrecognised losses for Petroleum Resource Rent Tax (PRRT) in Australia which, due to the annual augmentation, increased to $46,220 million as at the end of the most recent PRRT
fiscal year, June 30, 2023 (June 30, 2022: $43,832\u00a0million).
Unrecognised taxable temporary differences associated with undistributed retained earnings of investments in subsidiaries, joint ventures and
associates amounted to $5,311\u00a0million at December 31, 2023 (2022: $5,521\u00a0million). These retained earnings are subject to withholding tax upon
distribution.
Excluding unrecognised tax losses for PRRT, the unrecognised deductible temporary differences, unused tax losses and credits carried forward
amounted to $28,460 million at December 31, 2023 (2022: $32,491 million), and included amounts of $25,489 million (2022: $28,199 million)
that are subject to time limits for utilisation of five years or later, or are not time limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-528": { "value": "
Decommissioning and other provisions
The energy transition may result in decommissioning and restoration occurring earlier than expected. The risk on the timing of decommissioning
and restoration activities for Integrated Gas and Upstream fields is limited, supported by production plans in the foreseeable future (see
\"Estimated useful life\" above). Acceleration of decommissioning and restoration activities has also been reflected in the assessment of the
appropriate discount rate. In 2021, the discount rate was revised from a 30-year to a 20-year term in line with the average remaining life of
Integrated Gas and Upstream assets. On an undiscounted basis the provision for decommissioning and restoration as at December 31, 2023
was\u00a0$33\u00a0billion (2022: $33 billion), recognised on a discounted basis in the Consolidated Balance Sheet as at December 31, 2023 at $19\u00a0billion
(2022: $20\u00a0billion). Sensitivity to changes in the discount rate is provided in Note 24.
Historically, in Chemicals and Products, it was industry practice not to recognise decommissioning and restoration provisions associated with
manufacturing facilities. This was on the basis that these assets were considered to have indefinite lives, so it was considered remote that an
outflow of economic benefits would be required. In 2020, Shell considered the changed macroeconomic fundamentals, together with Shell's plans
to rationalise the Group's manufacturing portfolio. Shell also reconsidered whether it remained appropriate not to recognise decommissioning and
restoration provisions for manufacturing facilities. Since 2020, decommissioning and restoration provisions are recognised for certain shorter-lived
manufacturing facilities (see Notes 24 and 31). The energy and chemicals parks are considered longer-lived facilities that are\u00a0expected to be
resilient in the energy transition, and decommissioning would generally be more than 50 years away.
Onerous contracts
Closure or early termination of activities may lead to supply contracts becoming onerous. Onerous contract provisions (see Note 24) have been
recognised as at December 31, 2023, to reflect changes in expected future utilisation of certain assets. These include contracts in relation to
unused terminals and refineries. The total carrying amount of the provision for onerous contracts as at December 31, 2023 was $1.1 billion
(2022:\u00a0$1.5 billion) principally related to contracts in relation to unused terminals and refineries.
24. Decommissioning and\u00a0other\u00a0provisions
$ million
Decommissioning
and restoration
Legal
Onerous
contracts
Environmental
Redundancy
Other
Total
At January 1, 2023
Current
856
224
277
321
171
1,061
2,910
Non-current
19,429
1,177
1,207
730
153
1,149
23,845
20,285
1,401
1,484
1,051
324
2,210
26,755
Additions
617
853
26
208
424
806
2,934
Amounts charged against provisions
(777)
(195)
(345)
(233)
(154)
(203)
(1,907)
Accretion expense
643
21
24
13
4
9
714
Disposals and liabilities classified as held for sale
(60)
(1)
\u2014
(16)
(1)
(1)
(79)
Remeasurements and other movements
(1,499)
(24)
(83)
(74)
(113)
(321)
(2,114)
Currency translation differences
244
1
(2)
7
6
13
269
(832)
655
(380)
(95)
166
303
(183)
At December 31, 2023
Current
1,296
508
224
318
367
1,328
4,041
Non-current
18,157
1,548
880
638
123
1,185
22,531
19,453
2,056
1,104
956
490
2,513
26,572
At January 1, 2022
Current
871
270
653
332
410
802
3,338
Non-current
21,213
1,141
1,029
847
235
1,339
25,804
22,084
1,411
1,682
1,179
645
2,141
29,142
Additions
618
314
620
178
226
832
2,788
Amounts charged against provisions
(672)
(272)
(661)
(211)
(372)
(333)
(2,521)
Accretion expense
483
16
13
12
1
5
530
Disposals and liabilities classified as held for sale
(1,228)
(21)
(66)
(2)
\u2014
(7)
(1,324)
Remeasurements and other movements
(182)
(44)
(139)
(78)
(155)
(354)
(952)
Currency translation differences
(818)
(3)
35
(27)
(21)
(74)
(908)
(1,799)
(10)
(198)
(128)
(321)
69
(2,387)
At December 31, 2022
Current
856
224
277
321
171
1,061
2,910
Non-current
19,429
1,177
1,207
730
153
1,149
23,845
20,285
1,401
1,484
1,051
324
2,210
26,755
The amount and timing of settlement in respect of these provisions are uncertain and dependent on various factors that are not always within
management's control. Reviews of estimated future decommissioning and restoration costs and the discount rate applied are carried out regularly.
The discount rate applied at December 31, 2023, was 4.5% (2022: 3.25% ). In 2023, there was a decrease of $2,916\u00a0million in total provisions
due to the change in discount rate. Of this total, $2,777 million relates to a decrease in the decommissioning and restoration provision, partly
offset by an increase resulting from changes in cost estimates of $1,340 million, reported within remeasurements and other movements. This net
decrease is predominantly reflected in the carrying amount of the related asset.
An increase of 0.5% or a decrease of 0.5% in the discount rate could result in a decrease of $0.9\u00a0billion (2022: $1.2\u00a0billion) or an increase of
$1\u00a0billion ( 2022: $1.3\u00a0billion) in decommissioning and restoration provisions, respectively. Where applicable, the carrying amount of the related
asset is to be tested for impairment.
Other provisions at December 31, 2023, include amounts recognised in respect of employee benefits.
The decommissioning and restoration provision at December 31, 2023, is expected to be utilised within:
$ million
Dec 31, 2023
Between 1 to 5 years
4,766
Between 6 to 10 years
5,102
11 years and later
9,585
Total
19,453
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-529": { "value": "
Dividend resilience
External stakeholders have requested disclosures on how climate change affects dividend-paying capacity. If a further impairment had been
recognised in 2023 using any of the climate change scenarios described above, this would not have impacted the ability to pay dividends in
this\u00a0financial year because of strong cash flow generation and financial reserves. Had Shell applied the IEA NZE50 scenario (see above), and\u00a0if
this had led to a decrease in the recoverable amount of Integrated Gas and Upstream assets of $18-25 billion and recognition of an equivalent
impairment, this would not have impacted the distributable reserves available to Shell from which to pay dividends in 2023. This is\u00a0on\u00a0the basis
that such impairment would have resulted in part-realisation of the merger reserve recognised by the Company of $234 billion
as at December 31, 2023.
A forward-looking statement regarding future dividend-paying capacity cannot be provided because of unknown risks and uncertainties that
could\u00a0cause actual results, performance or events to differ materially from those expressed or implied in these statements.
4. Climate change and energy transition continued
29. Dividends
Interim dividends
$ per share
$ million
2023
2022
2021 [A]
2023
2022
2021 [B]
Cash:
March
0.2875
0.24
0.1665
2,030
1,829
1,290
June
0.2875
0.25
0.1735
1,984
1,850
1,331
September
0.3310
0.25
0.24
2,179
1,818
1,854
December
0.3310
0.25
0.24
2,196
1,786
1,846
Total
1.237
0.99
0.82
8,389
7,283
6,321
[A] In 2021 Shell plc declared equal amounts of dividends per A and B share as presented.
[B] Dividends paid on A shares totalled in 2021: $3,330\u00a0million and dividends paid on B shares totalled in 2021: $2,991\u00a0million.
On February\u00a01, 2024 , the Directors announced a further interim dividend in respect of 2023 of $0.3440 per ordinary share. The total dividend
is\u00a0estimated to be $2,230 million and is payable on March\u00a025, 2024, to shareholders on the register at February\u00a016, 2024.
Shareholders will be able to elect to receive their dividends in US dollars, sterling or euros.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-530": { "value": "
Cost of emission schemes and related environmental programmes recognised in the Consolidated Statement of
Income
$ million
2023
2022
2021
ETS and related schemes
493
493
331
Biofuels [A]
2,581
2,918
2,609
Renewable power
552
594
455
Total
3,626
4,005
3,395
[A] Represents the cost of biofuel certificates required for compliance purposes over and above those generated from self-blending activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-532": { "value": "
Purchased environmental certificates (presented under Other intangible assets, see Note 10) [A]
$ million
ETS and
related
schemes
Biofuels
Renewable
power
Total
At January 1, 2023
440
1,601
160
2,201
Additions
396
2,955
486
3,837
Settlements
(413)
(2,783)
(451)
(3,647)
Other movements
18
32
(50)
\u2014
At December 31, 2023
441
1,805
145
2,391
At January 1, 2022
284
2,362
101
2,747
Additions
385
1,485
468
2,338
Settlements
(256)
(2,142)
(398)
(2,796)
Other movements
27
(104)
(11)
(88)
At December 31, 2022
440
1,601
160
2,201
[A] Relates to environmental certificates held for compliance purposes.
10. Goodwill and other intangible\u00a0assets
2023
$ million
Other intangible assets
Goodwill
LNG\u00a0off-take
and sales
contracts
Environmental
certificates
Other
Total
Cost
At January 1
17,557
9,833
2,201
8,158
20,192
Additions
1,436
\u2014
3,837
1,721
[C]
5,558
Sales, retirements and other movements [A]
(506)
(99)
(3,714)
(376)
(4,189)
Currency translation differences
55
\u2014
67
139
206
At December 31
18,542
9,734
2,391
9,642
21,767
Depreciation, depletion and amortisation, including impairments
At January 1
1,518
6,060
4,470
10,530
Charge for the year [B]
635
790
442
1,232
Sales, retirements and other movements [A]
(296)
(99)
(222)
(321)
Currency translation differences
25
\u2014
73
73
At December 31
1,882
6,751
4,763
11,514
Carrying amount at December 31
16,660
2,983
2,391
4,879
[D]
10,253
[A] Includes the reclassification of assets classified as held for sale. (See Note 18).
[B] Includes impairment losses and reversals. (See Note 12).
[C] Includes feedstock supply contracts and intellectual property rights ($948 million) from an acquisition in Marketing and software ($357 million) primarily in Integrated Gas and Marketing.
[D] Includes software ($829 million), power purchase agreements, retail customer relationships and trademarks.
2022
$ million
Other intangible assets
Goodwill
LNG\u00a0off-take
and sales
contracts
Environmental
certificates
Other
Total
Cost
At January 1
16,117
9,833
2,747
6,679
19,259
Additions
1,954
\u2014
2,338
1,263
[C]
3,601
Sales, retirements and other movements [A]
(351)
\u2014
(2,749)
459
[D]
(2,290)
Currency translation differences
(163)
\u2014
(135)
(243)
(378)
At December 31
17,557
9,833
2,201
8,158
20,192
Depreciation, depletion and amortisation, including impairments
At January 1
1,197
5,267
4,219
9,486
Charge for the year [B]
360
793
532
1,325
Sales, retirements and other movements [A]
\u2014
\u2014
(137)
(137)
Currency translation differences
(39)
\u2014
(144)
(144)
At December 31
1,518
6,060
4,470
10,530
Carrying amount at December 31
16,039
3,773
2,201
3,688
[E]
9,662
[A] Includes the reclassification of assets classified as held for sale. (See Note 18).
[B] Includes impairment losses and reversals. (See Note 12).
[C] Includes other intangible assets ($1,010 million) mainly acquired through acquisitions in Marketing and Renewables and Energy Solutions.
[D] Includes the reclassification from goodwill following the completion of a purchase price allocation in Renewables and Energy Solutions.
[E] Includes software ($583\u00a0million), power purchase agreements, retail customer relationships and trademarks.
Goodwill at December 31, 2023, related principally to the acquisition of BG Group plc in 2016 , allocated to Integrated Gas ($4,945 million )
and\u00a0Upstream ( $5,294 million ) at the operating segment level, and to Pennzoil-Quaker State Company ($1,665 million), a lubricants business
in\u00a0the Marketing segment based largely in North America.
Additions to goodwill in 2023 of $1,436\u00a0million mainly related to goodwill recognised from acquisitions in Marketing ($1,304\u00a0million) and
Renewables and Energy Solutions ($132\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-531": { "value": "
Purchased environmental certificates (presented under Other intangible assets, see Note 10) [A]
$ million
ETS and
related
schemes
Biofuels
Renewable
power
Total
At January 1, 2023
440
1,601
160
2,201
Additions
396
2,955
486
3,837
Settlements
(413)
(2,783)
(451)
(3,647)
Other movements
18
32
(50)
\u2014
At December 31, 2023
441
1,805
145
2,391
At January 1, 2022
284
2,362
101
2,747
Additions
385
1,485
468
2,338
Settlements
(256)
(2,142)
(398)
(2,796)
Other movements
27
(104)
(11)
(88)
At December 31, 2022
440
1,601
160
2,201
[A] Relates to environmental certificates held for compliance purposes.
10. Goodwill and other intangible\u00a0assets
2023
$ million
Other intangible assets
Goodwill
LNG\u00a0off-take
and sales
contracts
Environmental
certificates
Other
Total
Cost
At January 1
17,557
9,833
2,201
8,158
20,192
Additions
1,436
\u2014
3,837
1,721
[C]
5,558
Sales, retirements and other movements [A]
(506)
(99)
(3,714)
(376)
(4,189)
Currency translation differences
55
\u2014
67
139
206
At December 31
18,542
9,734
2,391
9,642
21,767
Depreciation, depletion and amortisation, including impairments
At January 1
1,518
6,060
4,470
10,530
Charge for the year [B]
635
790
442
1,232
Sales, retirements and other movements [A]
(296)
(99)
(222)
(321)
Currency translation differences
25
\u2014
73
73
At December 31
1,882
6,751
4,763
11,514
Carrying amount at December 31
16,660
2,983
2,391
4,879
[D]
10,253
[A] Includes the reclassification of assets classified as held for sale. (See Note 18).
[B] Includes impairment losses and reversals. (See Note 12).
[C] Includes feedstock supply contracts and intellectual property rights ($948 million) from an acquisition in Marketing and software ($357 million) primarily in Integrated Gas and Marketing.
[D] Includes software ($829 million), power purchase agreements, retail customer relationships and trademarks.
2022
$ million
Other intangible assets
Goodwill
LNG\u00a0off-take
and sales
contracts
Environmental
certificates
Other
Total
Cost
At January 1
16,117
9,833
2,747
6,679
19,259
Additions
1,954
\u2014
2,338
1,263
[C]
3,601
Sales, retirements and other movements [A]
(351)
\u2014
(2,749)
459
[D]
(2,290)
Currency translation differences
(163)
\u2014
(135)
(243)
(378)
At December 31
17,557
9,833
2,201
8,158
20,192
Depreciation, depletion and amortisation, including impairments
At January 1
1,197
5,267
4,219
9,486
Charge for the year [B]
360
793
532
1,325
Sales, retirements and other movements [A]
\u2014
\u2014
(137)
(137)
Currency translation differences
(39)
\u2014
(144)
(144)
At December 31
1,518
6,060
4,470
10,530
Carrying amount at December 31
16,039
3,773
2,201
3,688
[E]
9,662
[A] Includes the reclassification of assets classified as held for sale. (See Note 18).
[B] Includes impairment losses and reversals. (See Note 12).
[C] Includes other intangible assets ($1,010 million) mainly acquired through acquisitions in Marketing and Renewables and Energy Solutions.
[D] Includes the reclassification from goodwill following the completion of a purchase price allocation in Renewables and Energy Solutions.
[E] Includes software ($583\u00a0million), power purchase agreements, retail customer relationships and trademarks.
Goodwill at December 31, 2023, related principally to the acquisition of BG Group plc in 2016 , allocated to Integrated Gas ($4,945 million )
and\u00a0Upstream ( $5,294 million ) at the operating segment level, and to Pennzoil-Quaker State Company ($1,665 million), a lubricants business
in\u00a0the Marketing segment based largely in North America.
Additions to goodwill in 2023 of $1,436\u00a0million mainly related to goodwill recognised from acquisitions in Marketing ($1,304\u00a0million) and
Renewables and Energy Solutions ($132\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-533": { "value": "
Obligation (presented under Other payables, see Note 19)
$ million
ETS and
related
schemes
Biofuels
Renewable
power
Total
At January 1, 2023
Current
(458)
(3,424)
(350)
(4,232)
Non-current
\u2014
(422)
(56)
(478)
(458)
(3,846)
(406)
(4,710)
Additions
(1,244)
(2,593)
(597)
(4,434)
Additions covered by government grants
762
[A]
762
Settlements
479
3,386
492
4,357
Other movements
(37)
(64)
80
(21)
(40)
729
(25)
664
At December 31, 2023
Current
(498)
(3,012)
(343)
(3,853)
Non-current
\u2014
(105)
(88)
(193)
(498)
(3,117)
(431)
(4,046)
At January 1, 2022
Current
(270)
(3,262)
(273)
(3,805)
Non-current
\u2014
(182)
(29)
(211)
(270)
(3,444)
(302)
(4,016)
Additions
(1,237)
(2,916)
(637)
(4,790)
Additions covered by government grants
776
[A]
776
Settlements
292
2,456
499
3,247
Other movements
(19)
58
34
73
(188)
(402)
(104)
(694)
At December 31, 2022
Current
(458)
(3,424)
(350)
(4,232)
Non-current
\u2014
(422)
(56)
(478)
(458)
(3,846)
(406)
(4,710)
[A] Emission certificates that were allocated free of charge at an equivalent fair value at grant date.
Environmental certificates acquired that are held for compliance purposes are recognised at cost under other intangible assets (see Note 10).
In\u00a0addition, a portfolio of\u00a0environmental certificates is held for trading purposes and classified under inventory (see Note 2 and Note 16).
Environmental certificates held for trading purposes can be redesignated for compliance purposes and then used to settle compliance obligations.
Cost recognised in the Consolidated Statement of Income represents the compliance cost associated with emissions or with products sold during
the year. The liability at year-end represents the compliance cost recognised over current and past compliance periods to the extent not settled
to\u00a0date. Liabilities are settled in line with compliance periods, which depend on the scheme and may not coincide with the calendar year.
The figures present compliance schemes only, excluding voluntary activities.
19. Trade\u00a0and\u00a0other\u00a0payables
$ million
Dec 31, 2023
Dec 31, 2022
Current
Non-current
Current
Non-current
Trade payables
34,591
\u2014
42,632
\u2014
Other payables [A]
9,887
2,835
10,059
3,148
Sales taxes, excise duties and similar levies
3,105
\u2014
3,270
\u2014
Amounts due to joint ventures and associates
7,519
33
8,441
31
Accruals and deferred income
13,135
235
14,955
253
Total
68,237
3,103
79,357
3,432
[A] Includes obligations under environmental compliance schemes of $4,046\u00a0million as at December 31, 2023 ( 2022: $4,710\u00a0million ). (See Note 5).
The fair value of financial liabilities included above approximates the carrying amount and was determined from predominantly
unobservable inputs.
Other payables include amounts due to joint arrangement partners and in respect of other project-related items.
Information about offsetting, collateral and liquidity risk is presented in Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-534": { "value": "
6. Capital management
Shell manages its businesses to deliver strong cash flows to sustain its strategy and for profitable growth. Management's current priorities for
applying Shell's cash are:
\"Icon_1.jpg\"
\"Arrow-left.jpg\"
Balanced Capital
Allocation
\"Arrow-right.jpg\"
\"Arrow-bottom.jpg\"
\"Icon_2.jpg\"
\"Icon_3.jpg\"
\"Icon_4.jpg\"
Enhanced shareholder distributions [A]
Targeting total shareholder distributions
of\u00a030-40% of\u00a0cash flow from operating
activities through the cycle (2022: 20-30%)
Around 4% annual growth
in dividend per share, subject
to Board approval ( 2022 : 4%)
Strong balance sheet
Targeting AA credit metrics
through\u00a0the\u00a0cycle
\uffee Continued focus on Net debt
reduction in upcycle
\uffee Divest for value
\uffee Invest for value
Disciplined investment
Cash capital expenditure (see Note 7)
within $22-25 billion
per annum for 2024 and 2025
(2022:\u00a0$23-27 billion)
\uffee Includes inorganic capex
[A] Total shareholder distributions (dividends + share buybacks) based on cash generation, macro-outlook and balance sheet trajectory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-542": { "value": "
7. Segment information
General information
Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business
through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It
includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to\u00a0deliver
these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil
and\u00a0gas, and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's
retail\u00a0network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport,
and\u00a0machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels,
speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine,
and agricultural sectors.
The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude
oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use.
The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities
(the\u00a0extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power
and\u00a0pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes production and marketing
of\u00a0hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon
emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-
insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate
segment earnings rather than in the earnings of business segments.
Basis of segmental reporting
Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets
information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure
is provided for the UK as this is the Company's country of domicile.
Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the
period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude
the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure
used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather
than in the earnings of the business segments.
Information by segment on a current cost of supplies basis is as follows:
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
37,645
6,475
108,858
118,781
44,819
42
316,620
[A]
Inter-segment
11,560
41,230
624
2,252
4,707
\u2014
60,373
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,951
768
548
590
(96)
(3)
3,758
Interest and other income, of which:
137
671
76
61
75
1,818
2,838
Interest income
6
27
9
57
12
2,202
2,313
Net gains/(losses) on sale and revaluation of non-
current assets and businesses
(22)
209
16
(61)
110
5
257
Other
153
435
51
65
(47)
(389)
268
Third-party and inter-segment purchases (CCS basis)
27,356
7,890
94,614
102,396
40,170
15
272,441
Operating expenses, of which:
4,823
9,845
9,336
11,483
3,831
642
39,960
Production and manufacturing expenses
4,529
9,186
949
7,908
2,610
58
25,240
Selling, distribution and administrative expenses
168
163
8,137
3,323
1,058
584
13,433
Research and development expenses
126
496
250
252
163
\u2014
1,287
Exploration expenses
216
1,534
\u2014
\u2014
\u2014
\u2014
1,750
Depreciation, depletion and amortisation charge,
of\u00a0which:
8,903
12,463
2,335
6,411
1,159
19
31,290
Impairment losses
3,472
1,360
420
2,787
908
\u2014
8,947
[B]
Impairment reversals
(324)
(206)
(1)
(90)
(141)
\u2014
(762)
[C]
Interest expense
146
507
52
62
4
3,902
4,673
Taxation charge/(credit) (CCS basis)
2,803
8,377
819
(198)
1,303
90
13,194
CCS earnings
7,046
8,528
2,950
1,530
3,038
(2,811)
20,281
[A] Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior gains of $4,689\u00a0million\u00a0related to sales contracts and prior losses of $2,074\u00a0million\u00a0related to purchase contracts that were previously recognised and
where physical settlement has taken place during 2023.
[B] Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).
[C] Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).
2022
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
54,751
8,352
120,638
144,342
53,190
41
381,314
[A]
Inter-segment
18,412
52,285
606
2,684
6,791
\u2014
80,778
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,219
2,111
237
374
(7)
(4)
3,930
Interest and other income, of which:
(714)
726
(104)
244
57
706
915
Interest income
43
22
\u2014
24
(2)
959
1,046
Net gains on sale and revaluation of non-current assets
and businesses
101
437
(186)
282
8
\u2014
642
Other
(858)
[B]
267
82
(62)
51
(253)
(773)
Third-party and inter-segment purchases (CCS basis)
37,785
10,666
108,012
127,521
57,024
(28)
340,980
Operating expenses, of which:
5,237
10,365
8,383
11,362
3,590
539
39,476
Production and manufacturing expenses
4,907
9,676
810
7,583
2,520
22
25,518
Selling, distribution and administrative expenses
218
233
7,351
3,592
972
517
12,883
Research and development expenses
112
456
222
187
98
\u2014
1,075
Exploration expenses
240
1,472
\u2014
\u2014
\u2014
\u2014
1,712
Depreciation, depletion and amortisation charge, of which:
2,211
10,334
1,900
3,289
777
18
18,529
Impairment losses
115
950
480
356
412
\u2014
2,313
[C]
Impairment reversals
(3,449)
(2,504)
(151)
(73)
\u2014
\u2014
(6,177)
[D]
Interest expense
84
345
46
22
2
2,682
3,181
Taxation charge/(credit) (CCS basis)
5,899
14,070
903
935
(303)
(7)
21,497
CCS earnings
22,212
16,222
2,133
4,515
(1,059)
(2,461)
41,562
[A] Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $9,815\u00a0million related to sales contracts and prior gains of $7,201\u00a0million related to purchase contracts that were previously recognised and where
physical settlement had taken place during 2022.
[B] Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.
[C] Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).
[D] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
2021
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
29,922
9,182
83,494
116,448
22,415
43
261,504
[A]
Inter-segment
8,072
35,789
254
1,890
4,675
\u2014
50,680
Share of profit/(loss) of joint ventures and associates
(CCS\u00a0basis)
1,933
632
385
989
(27)
1
3,913
Interest and other income, of which:
1,596
4,592
278
37
200
353
7,056
Interest income
\u2014
37
3
36
4
431
511
Net gains on sale and revaluation of non-current assets
and businesses
1,610
4,130
285
(24)
(6)
\u2014
5,995
Other
(14)
425
(10)
25
202
(78)
550
Third-party and inter-segment purchases (CCS basis)
20,188
9,094
70,745
103,294
26,048
(5)
229,364
Operating expenses, of which:
4,526
10,322
7,501
10,347
2,745
524
35,965
Production and manufacturing expenses
4,194
9,797
950
6,815
2,098
(32)
23,822
Selling, distribution and administrative expenses
231
186
6,384
3,375
596
556
11,328
Research and development expenses
101
339
167
157
51
\u2014
815
Exploration expenses
122
1,301
\u2014
\u2014
\u2014
\u2014
1,423
Depreciation, depletion and amortisation charge, of which:
5,908
13,485
1,700
5,485
326
17
26,921
Impairment losses
723
920
129
2,248
45
\u2014
4,065
[B]
Impairment reversals
(204)
(9)
(1)
\u2014
\u2014
\u2014
(214)
[C]
Interest expense
71
333
27
44
\u2014
3,132
3,607
Taxation charge/(credit) (CCS basis)
2,648
6,057
903
(210)
(342)
(665)
8,391
CCS earnings
8,060
9,603
3,535
404
(1,514)
(2,606)
17,482
[A] Includes $126\u00a0million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $4,824\u00a0million related to sales contracts and prior gains of $4,892\u00a0million related to purchase contracts that were previously recognised and
where physical settlement had taken place during 2021.
[B] Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4\u00a0million). (See Note 12).
[C] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
Reconciliation of CCS earnings to income for the period
$ million
2023
2022
2021
Income attributable to Shell plc shareholders
19,359
42,309
20,101
Income attributable to non-controlling interest
277
565
529
Income for the period
19,636
42,874
20,630
Current cost of supplies adjustment:
Purchases
815
(1,714)
(3,772)
Taxation
(203)
444
808
Share of profit of joint ventures and associates
33
(42)
(184)
Current cost of supplies adjustment
645
(1,312)
(3,148)
Of which:
Attributable to Shell plc shareholders
650
(1,196)
(3,029)
Attributable to non-controlling interest
(5)
(116)
(119)
CCS earnings
20,281
41,562
17,482
Of which:
CCS earnings attributable to Shell plc shareholders
20,008
41,113
17,072
CCS earnings attributable to non-controlling interest
273
449
410
Information by geographical area is as follows:
2023
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
118,135
[A]
99,967
70,291
28,227
316,620
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
48,008
[B]
91,374
57,261
49,562
246,205
[A] Includes $44,815 million\u00a0that originated from the UK.
[B] Includes $21,478\u00a0million located in the UK.
2022
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
135,975
[A]
126,643
87,085
31,611
381,314
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
40,161
[B]
97,019
59,233
51,794
248,207
[A] Includes $50,236\u00a0million that originated from the UK.
[B] Includes $20,772\u00a0million located in the UK.
2021
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
78,549
[A]
87,070
73,647
22,238
261,504
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
38,881
[B]
97,278
58,286
48,595
243,040
[A] Includes $21,846\u00a0million that originated from the UK.
[B] Includes $21,974\u00a0million located in the UK.
Cash capital expenditure
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and
assessing performance.
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,491
8,249
5,563
3,106
2,314
270
22,993
[A]
Investments in joint ventures and associates
705
94
49
84
261
9
1,202
[A]
Investments in equity securities
\u2014
\u2014
\u2014
2
106
89
197
[A]
Cash capital expenditure*
4,196
8,343
5,612
3,192
2,681
368
24,392
[A] See Consolidated Statements of Cash Flows.
* Non-GAAP measure (see page 365).
2022
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,433
8,020
4,527
3,835
2,610
175
22,600
[A]
Investments in joint ventures and associates
832
123
304
2
703
9
1,973
[A]
Investments in equity securities
\u2014
\u2014
\u2014
1
156
103
260
[A]
Cash capital expenditure*
4,265
8,143
4,831
3,838
3,469
287
24,833
[A] See Consolidated Statements of Cash Flows.
2021
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,306
6,277
2,122
5,091
2,069
135
19,000
[A]
Investments in joint ventures and associates
196
(109)
148
80
154
10
479
[A]
Investments in equity securities
\u2014
\u2014
3
4
136
75
218
[A]
Cash capital expenditure*
3,502
6,168
2,273
5,175
2,359
220
19,697
[A] See Consolidated Statements of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-541": { "value": "
7. Segment information
General information
Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business
through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It
includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to\u00a0deliver
these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil
and\u00a0gas, and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's
retail\u00a0network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport,
and\u00a0machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels,
speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine,
and agricultural sectors.
The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude
oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use.
The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities
(the\u00a0extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power
and\u00a0pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes production and marketing
of\u00a0hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon
emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-
insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate
segment earnings rather than in the earnings of business segments.
Basis of segmental reporting
Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets
information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure
is provided for the UK as this is the Company's country of domicile.
Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the
period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude
the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure
used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather
than in the earnings of the business segments.
Information by segment on a current cost of supplies basis is as follows:
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
37,645
6,475
108,858
118,781
44,819
42
316,620
[A]
Inter-segment
11,560
41,230
624
2,252
4,707
\u2014
60,373
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,951
768
548
590
(96)
(3)
3,758
Interest and other income, of which:
137
671
76
61
75
1,818
2,838
Interest income
6
27
9
57
12
2,202
2,313
Net gains/(losses) on sale and revaluation of non-
current assets and businesses
(22)
209
16
(61)
110
5
257
Other
153
435
51
65
(47)
(389)
268
Third-party and inter-segment purchases (CCS basis)
27,356
7,890
94,614
102,396
40,170
15
272,441
Operating expenses, of which:
4,823
9,845
9,336
11,483
3,831
642
39,960
Production and manufacturing expenses
4,529
9,186
949
7,908
2,610
58
25,240
Selling, distribution and administrative expenses
168
163
8,137
3,323
1,058
584
13,433
Research and development expenses
126
496
250
252
163
\u2014
1,287
Exploration expenses
216
1,534
\u2014
\u2014
\u2014
\u2014
1,750
Depreciation, depletion and amortisation charge,
of\u00a0which:
8,903
12,463
2,335
6,411
1,159
19
31,290
Impairment losses
3,472
1,360
420
2,787
908
\u2014
8,947
[B]
Impairment reversals
(324)
(206)
(1)
(90)
(141)
\u2014
(762)
[C]
Interest expense
146
507
52
62
4
3,902
4,673
Taxation charge/(credit) (CCS basis)
2,803
8,377
819
(198)
1,303
90
13,194
CCS earnings
7,046
8,528
2,950
1,530
3,038
(2,811)
20,281
[A] Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior gains of $4,689\u00a0million\u00a0related to sales contracts and prior losses of $2,074\u00a0million\u00a0related to purchase contracts that were previously recognised and
where physical settlement has taken place during 2023.
[B] Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).
[C] Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).
2022
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
54,751
8,352
120,638
144,342
53,190
41
381,314
[A]
Inter-segment
18,412
52,285
606
2,684
6,791
\u2014
80,778
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,219
2,111
237
374
(7)
(4)
3,930
Interest and other income, of which:
(714)
726
(104)
244
57
706
915
Interest income
43
22
\u2014
24
(2)
959
1,046
Net gains on sale and revaluation of non-current assets
and businesses
101
437
(186)
282
8
\u2014
642
Other
(858)
[B]
267
82
(62)
51
(253)
(773)
Third-party and inter-segment purchases (CCS basis)
37,785
10,666
108,012
127,521
57,024
(28)
340,980
Operating expenses, of which:
5,237
10,365
8,383
11,362
3,590
539
39,476
Production and manufacturing expenses
4,907
9,676
810
7,583
2,520
22
25,518
Selling, distribution and administrative expenses
218
233
7,351
3,592
972
517
12,883
Research and development expenses
112
456
222
187
98
\u2014
1,075
Exploration expenses
240
1,472
\u2014
\u2014
\u2014
\u2014
1,712
Depreciation, depletion and amortisation charge, of which:
2,211
10,334
1,900
3,289
777
18
18,529
Impairment losses
115
950
480
356
412
\u2014
2,313
[C]
Impairment reversals
(3,449)
(2,504)
(151)
(73)
\u2014
\u2014
(6,177)
[D]
Interest expense
84
345
46
22
2
2,682
3,181
Taxation charge/(credit) (CCS basis)
5,899
14,070
903
935
(303)
(7)
21,497
CCS earnings
22,212
16,222
2,133
4,515
(1,059)
(2,461)
41,562
[A] Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $9,815\u00a0million related to sales contracts and prior gains of $7,201\u00a0million related to purchase contracts that were previously recognised and where
physical settlement had taken place during 2022.
[B] Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.
[C] Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).
[D] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
2021
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
29,922
9,182
83,494
116,448
22,415
43
261,504
[A]
Inter-segment
8,072
35,789
254
1,890
4,675
\u2014
50,680
Share of profit/(loss) of joint ventures and associates
(CCS\u00a0basis)
1,933
632
385
989
(27)
1
3,913
Interest and other income, of which:
1,596
4,592
278
37
200
353
7,056
Interest income
\u2014
37
3
36
4
431
511
Net gains on sale and revaluation of non-current assets
and businesses
1,610
4,130
285
(24)
(6)
\u2014
5,995
Other
(14)
425
(10)
25
202
(78)
550
Third-party and inter-segment purchases (CCS basis)
20,188
9,094
70,745
103,294
26,048
(5)
229,364
Operating expenses, of which:
4,526
10,322
7,501
10,347
2,745
524
35,965
Production and manufacturing expenses
4,194
9,797
950
6,815
2,098
(32)
23,822
Selling, distribution and administrative expenses
231
186
6,384
3,375
596
556
11,328
Research and development expenses
101
339
167
157
51
\u2014
815
Exploration expenses
122
1,301
\u2014
\u2014
\u2014
\u2014
1,423
Depreciation, depletion and amortisation charge, of which:
5,908
13,485
1,700
5,485
326
17
26,921
Impairment losses
723
920
129
2,248
45
\u2014
4,065
[B]
Impairment reversals
(204)
(9)
(1)
\u2014
\u2014
\u2014
(214)
[C]
Interest expense
71
333
27
44
\u2014
3,132
3,607
Taxation charge/(credit) (CCS basis)
2,648
6,057
903
(210)
(342)
(665)
8,391
CCS earnings
8,060
9,603
3,535
404
(1,514)
(2,606)
17,482
[A] Includes $126\u00a0million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $4,824\u00a0million related to sales contracts and prior gains of $4,892\u00a0million related to purchase contracts that were previously recognised and
where physical settlement had taken place during 2021.
[B] Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4\u00a0million). (See Note 12).
[C] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
Reconciliation of CCS earnings to income for the period
$ million
2023
2022
2021
Income attributable to Shell plc shareholders
19,359
42,309
20,101
Income attributable to non-controlling interest
277
565
529
Income for the period
19,636
42,874
20,630
Current cost of supplies adjustment:
Purchases
815
(1,714)
(3,772)
Taxation
(203)
444
808
Share of profit of joint ventures and associates
33
(42)
(184)
Current cost of supplies adjustment
645
(1,312)
(3,148)
Of which:
Attributable to Shell plc shareholders
650
(1,196)
(3,029)
Attributable to non-controlling interest
(5)
(116)
(119)
CCS earnings
20,281
41,562
17,482
Of which:
CCS earnings attributable to Shell plc shareholders
20,008
41,113
17,072
CCS earnings attributable to non-controlling interest
273
449
410
Information by geographical area is as follows:
2023
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
118,135
[A]
99,967
70,291
28,227
316,620
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
48,008
[B]
91,374
57,261
49,562
246,205
[A] Includes $44,815 million\u00a0that originated from the UK.
[B] Includes $21,478\u00a0million located in the UK.
2022
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
135,975
[A]
126,643
87,085
31,611
381,314
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
40,161
[B]
97,019
59,233
51,794
248,207
[A] Includes $50,236\u00a0million that originated from the UK.
[B] Includes $20,772\u00a0million located in the UK.
2021
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
78,549
[A]
87,070
73,647
22,238
261,504
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
38,881
[B]
97,278
58,286
48,595
243,040
[A] Includes $21,846\u00a0million that originated from the UK.
[B] Includes $21,974\u00a0million located in the UK.
Cash capital expenditure
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and
assessing performance.
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,491
8,249
5,563
3,106
2,314
270
22,993
[A]
Investments in joint ventures and associates
705
94
49
84
261
9
1,202
[A]
Investments in equity securities
\u2014
\u2014
\u2014
2
106
89
197
[A]
Cash capital expenditure*
4,196
8,343
5,612
3,192
2,681
368
24,392
[A] See Consolidated Statements of Cash Flows.
* Non-GAAP measure (see page 365).
2022
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,433
8,020
4,527
3,835
2,610
175
22,600
[A]
Investments in joint ventures and associates
832
123
304
2
703
9
1,973
[A]
Investments in equity securities
\u2014
\u2014
\u2014
1
156
103
260
[A]
Cash capital expenditure*
4,265
8,143
4,831
3,838
3,469
287
24,833
[A] See Consolidated Statements of Cash Flows.
2021
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,306
6,277
2,122
5,091
2,069
135
19,000
[A]
Investments in joint ventures and associates
196
(109)
148
80
154
10
479
[A]
Investments in equity securities
\u2014
\u2014
3
4
136
75
218
[A]
Cash capital expenditure*
3,502
6,168
2,273
5,175
2,359
220
19,697
[A] See Consolidated Statements of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-540": { "value": "
7. Segment information
General information
Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business
through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It
includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to\u00a0deliver
these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil
and\u00a0gas, and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's
retail\u00a0network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport,
and\u00a0machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels,
speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine,
and agricultural sectors.
The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude
oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use.
The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities
(the\u00a0extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power
and\u00a0pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes production and marketing
of\u00a0hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon
emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-
insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate
segment earnings rather than in the earnings of business segments.
Basis of segmental reporting
Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets
information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure
is provided for the UK as this is the Company's country of domicile.
Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the
period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude
the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure
used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather
than in the earnings of the business segments.
Information by segment on a current cost of supplies basis is as follows:
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
37,645
6,475
108,858
118,781
44,819
42
316,620
[A]
Inter-segment
11,560
41,230
624
2,252
4,707
\u2014
60,373
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,951
768
548
590
(96)
(3)
3,758
Interest and other income, of which:
137
671
76
61
75
1,818
2,838
Interest income
6
27
9
57
12
2,202
2,313
Net gains/(losses) on sale and revaluation of non-
current assets and businesses
(22)
209
16
(61)
110
5
257
Other
153
435
51
65
(47)
(389)
268
Third-party and inter-segment purchases (CCS basis)
27,356
7,890
94,614
102,396
40,170
15
272,441
Operating expenses, of which:
4,823
9,845
9,336
11,483
3,831
642
39,960
Production and manufacturing expenses
4,529
9,186
949
7,908
2,610
58
25,240
Selling, distribution and administrative expenses
168
163
8,137
3,323
1,058
584
13,433
Research and development expenses
126
496
250
252
163
\u2014
1,287
Exploration expenses
216
1,534
\u2014
\u2014
\u2014
\u2014
1,750
Depreciation, depletion and amortisation charge,
of\u00a0which:
8,903
12,463
2,335
6,411
1,159
19
31,290
Impairment losses
3,472
1,360
420
2,787
908
\u2014
8,947
[B]
Impairment reversals
(324)
(206)
(1)
(90)
(141)
\u2014
(762)
[C]
Interest expense
146
507
52
62
4
3,902
4,673
Taxation charge/(credit) (CCS basis)
2,803
8,377
819
(198)
1,303
90
13,194
CCS earnings
7,046
8,528
2,950
1,530
3,038
(2,811)
20,281
[A] Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior gains of $4,689\u00a0million\u00a0related to sales contracts and prior losses of $2,074\u00a0million\u00a0related to purchase contracts that were previously recognised and
where physical settlement has taken place during 2023.
[B] Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).
[C] Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).
2022
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
54,751
8,352
120,638
144,342
53,190
41
381,314
[A]
Inter-segment
18,412
52,285
606
2,684
6,791
\u2014
80,778
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,219
2,111
237
374
(7)
(4)
3,930
Interest and other income, of which:
(714)
726
(104)
244
57
706
915
Interest income
43
22
\u2014
24
(2)
959
1,046
Net gains on sale and revaluation of non-current assets
and businesses
101
437
(186)
282
8
\u2014
642
Other
(858)
[B]
267
82
(62)
51
(253)
(773)
Third-party and inter-segment purchases (CCS basis)
37,785
10,666
108,012
127,521
57,024
(28)
340,980
Operating expenses, of which:
5,237
10,365
8,383
11,362
3,590
539
39,476
Production and manufacturing expenses
4,907
9,676
810
7,583
2,520
22
25,518
Selling, distribution and administrative expenses
218
233
7,351
3,592
972
517
12,883
Research and development expenses
112
456
222
187
98
\u2014
1,075
Exploration expenses
240
1,472
\u2014
\u2014
\u2014
\u2014
1,712
Depreciation, depletion and amortisation charge, of which:
2,211
10,334
1,900
3,289
777
18
18,529
Impairment losses
115
950
480
356
412
\u2014
2,313
[C]
Impairment reversals
(3,449)
(2,504)
(151)
(73)
\u2014
\u2014
(6,177)
[D]
Interest expense
84
345
46
22
2
2,682
3,181
Taxation charge/(credit) (CCS basis)
5,899
14,070
903
935
(303)
(7)
21,497
CCS earnings
22,212
16,222
2,133
4,515
(1,059)
(2,461)
41,562
[A] Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $9,815\u00a0million related to sales contracts and prior gains of $7,201\u00a0million related to purchase contracts that were previously recognised and where
physical settlement had taken place during 2022.
[B] Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.
[C] Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).
[D] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
2021
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
29,922
9,182
83,494
116,448
22,415
43
261,504
[A]
Inter-segment
8,072
35,789
254
1,890
4,675
\u2014
50,680
Share of profit/(loss) of joint ventures and associates
(CCS\u00a0basis)
1,933
632
385
989
(27)
1
3,913
Interest and other income, of which:
1,596
4,592
278
37
200
353
7,056
Interest income
\u2014
37
3
36
4
431
511
Net gains on sale and revaluation of non-current assets
and businesses
1,610
4,130
285
(24)
(6)
\u2014
5,995
Other
(14)
425
(10)
25
202
(78)
550
Third-party and inter-segment purchases (CCS basis)
20,188
9,094
70,745
103,294
26,048
(5)
229,364
Operating expenses, of which:
4,526
10,322
7,501
10,347
2,745
524
35,965
Production and manufacturing expenses
4,194
9,797
950
6,815
2,098
(32)
23,822
Selling, distribution and administrative expenses
231
186
6,384
3,375
596
556
11,328
Research and development expenses
101
339
167
157
51
\u2014
815
Exploration expenses
122
1,301
\u2014
\u2014
\u2014
\u2014
1,423
Depreciation, depletion and amortisation charge, of which:
5,908
13,485
1,700
5,485
326
17
26,921
Impairment losses
723
920
129
2,248
45
\u2014
4,065
[B]
Impairment reversals
(204)
(9)
(1)
\u2014
\u2014
\u2014
(214)
[C]
Interest expense
71
333
27
44
\u2014
3,132
3,607
Taxation charge/(credit) (CCS basis)
2,648
6,057
903
(210)
(342)
(665)
8,391
CCS earnings
8,060
9,603
3,535
404
(1,514)
(2,606)
17,482
[A] Includes $126\u00a0million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $4,824\u00a0million related to sales contracts and prior gains of $4,892\u00a0million related to purchase contracts that were previously recognised and
where physical settlement had taken place during 2021.
[B] Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4\u00a0million). (See Note 12).
[C] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
Reconciliation of CCS earnings to income for the period
$ million
2023
2022
2021
Income attributable to Shell plc shareholders
19,359
42,309
20,101
Income attributable to non-controlling interest
277
565
529
Income for the period
19,636
42,874
20,630
Current cost of supplies adjustment:
Purchases
815
(1,714)
(3,772)
Taxation
(203)
444
808
Share of profit of joint ventures and associates
33
(42)
(184)
Current cost of supplies adjustment
645
(1,312)
(3,148)
Of which:
Attributable to Shell plc shareholders
650
(1,196)
(3,029)
Attributable to non-controlling interest
(5)
(116)
(119)
CCS earnings
20,281
41,562
17,482
Of which:
CCS earnings attributable to Shell plc shareholders
20,008
41,113
17,072
CCS earnings attributable to non-controlling interest
273
449
410
Information by geographical area is as follows:
2023
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
118,135
[A]
99,967
70,291
28,227
316,620
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
48,008
[B]
91,374
57,261
49,562
246,205
[A] Includes $44,815 million\u00a0that originated from the UK.
[B] Includes $21,478\u00a0million located in the UK.
2022
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
135,975
[A]
126,643
87,085
31,611
381,314
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
40,161
[B]
97,019
59,233
51,794
248,207
[A] Includes $50,236\u00a0million that originated from the UK.
[B] Includes $20,772\u00a0million located in the UK.
2021
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
78,549
[A]
87,070
73,647
22,238
261,504
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
38,881
[B]
97,278
58,286
48,595
243,040
[A] Includes $21,846\u00a0million that originated from the UK.
[B] Includes $21,974\u00a0million located in the UK.
Cash capital expenditure
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and
assessing performance.
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,491
8,249
5,563
3,106
2,314
270
22,993
[A]
Investments in joint ventures and associates
705
94
49
84
261
9
1,202
[A]
Investments in equity securities
\u2014
\u2014
\u2014
2
106
89
197
[A]
Cash capital expenditure*
4,196
8,343
5,612
3,192
2,681
368
24,392
[A] See Consolidated Statements of Cash Flows.
* Non-GAAP measure (see page 365).
2022
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,433
8,020
4,527
3,835
2,610
175
22,600
[A]
Investments in joint ventures and associates
832
123
304
2
703
9
1,973
[A]
Investments in equity securities
\u2014
\u2014
\u2014
1
156
103
260
[A]
Cash capital expenditure*
4,265
8,143
4,831
3,838
3,469
287
24,833
[A] See Consolidated Statements of Cash Flows.
2021
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,306
6,277
2,122
5,091
2,069
135
19,000
[A]
Investments in joint ventures and associates
196
(109)
148
80
154
10
479
[A]
Investments in equity securities
\u2014
\u2014
3
4
136
75
218
[A]
Cash capital expenditure*
3,502
6,168
2,273
5,175
2,359
220
19,697
[A] See Consolidated Statements of Cash Flows.
12. Impairment of property, plant and equipment, goodwill and other intangible assets
Impairments
$ million
2023
2022
2021
Impairment losses
Goodwill
635
361
167
Intangible assets other than goodwill
130
153
4
Property, plant and equipment, of which [A]
8,182
1,799
3,894
Exploration and production
4,820
868
1,533
Manufacturing, supply and distribution
2,785
474
2,340
Other
577
457
21
Total [B]
8,947
2,313
4,065
Impairment reversals
Intangible assets other than goodwill
135
\u2014
\u2014
Property, plant and equipment, of which [A]
627
6,177
214
Exploration and production
528
5,954
213
Manufacturing, supply and distribution
91
72
\u2014
Other
8
151
1
Total [B]
762
6,177
214
[A] Includes right-of-use assets under leases. (See Note 21).
[B] See Note 7.
Discount rate and other assumptions
The discount rates applied in determining value in use reflect a current market assessment of the time value of money, adjusted for risks not
included in forecast cash flows. The discount rate applied is based on a nominal post-tax weighted average cost of capital (WACC), derived from
the following key assumptions:
\"Note_12_WACC.jpg\"
[A] The peer group of comparable energy companies is tailored to reflect relevant integrated power companies (for power activities in the Renewables and Energy Solutions segment) and
integrated oil and gas companies (for the rate applied to all other assets). The proportion of debt and equity in the WACC calculation reflects a target gearing ratio, tailored for power
activities and oil and gas activities as appropriate.
This rate is reassessed throughout the reporting period, with adjustments made when changes in assumptions applied would lead to a change
in\u00a0an investor's expected rate of return on a portfolio of similar assets. This assessment considers a range of factors, including macroeconomic
forecasts, the historical volatility of key assumptions and the level of risking reflected in cash flow forecasts, including the extent to which systemic
risks have been reflected in Shell's Operating Plan, which forms the basis of forecast cash flows in determining value in use.
Cash flow projections used in the determination of value in use were made using management's forecasts of commodity prices, market supply
and\u00a0demand, forecast expenditures, potential costs associated with operational GHG emissions, product margins including forecast refining
margins, chemical margins and expected production volumes (see Note 2). The level of risking reflected in these assumptions is a consideration
in\u00a0management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in calculating
value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows.
The discount rate increased in 2023, predominantly as a result of sustained increases in US Treasury yields. The discount rate applied was a
nominal post-tax WACC of 6% (2022: 5%) for the power activities in the Renewables and Energy Solutions segment and a nominal post-tax
WACC of 7.5% (2022: 6.5%) for all other businesses.
Recoverable value was predominantly assessed by reference to value in use. The pre-tax discount rates applied for value in use impairment
testing\u00a0vary according to the characteristics of the asset, including its useful life and cash flow profiles. The weighted average pre-tax discount
rate\u00a0applied in the recognition of impairment charges during the year was 9.9% for the Renewables and Energy Solutions segment and 12.9%
for\u00a0all other businesses. Prior year impairment charges were predominantly related to the withdrawal from Russia where value in use calculations
were not applicable.
The near-term commodity price assumptions applied in impairment testing were as follows:
Commodity price assumptions [A]
2023
2024
2025
2026
2027
Brent crude oil ($/b)
70
70
70
74
Henry Hub natural gas ($/MMBtu)
4.00
4
4
4
2022
2023
2024
2025
2026
Brent crude oil ($/b)
80
70
70
71
Henry Hub natural gas ($/MMBtu)
4.00
3.50
3.50
3.98
[A] Money of the day.
For periods after 2027, the real-terms price assumptions applied were: $70 per barrel (/b) (2022: $65/b) for Brent crude oil, $4.00 per\u00a0million
British thermal units (/MMBtu) (2022: $4.00/MMBtu) for Henry Hub natural gas.
Oil and gas price assumptions applied for impairment testing are reviewed and, where necessary, adjusted on a periodic basis. Reviews include
comparison with available market data and forecasts that reflect developments in demand such as global economic growth, technology efficiency,
policy measures and, in supply, consideration of investment and resource potential, cost of development of new supply, and behaviour of major
resource holders.
For certain assets in the Chemicals and Products and Renewables and Energy Solutions segments, the recoverable value was determined by
reference to fair value less costs of disposal. In determining fair value, adjustments are made to forecast cash flows to reflect assumptions used
by\u00a0market participants. These adjustments predominantly relate to the discount rate applied and commodity price assumptions. For certain assets
in the Renewables and Energy Solutions segment, the valuation methodology incorporates other adjustments to reflect comparable transactions.
The total carrying value of property, plant and equipment, goodwill and other intangible assets at December 31, 2023 for which recoverable
value was determined by reference to fair value less costs of\u00a0disposal was $2.6\u00a0billion related to assets in Renewables and Energy Solutions and
$2.5\u00a0billion in Chemicals and Products. The weighted average post-tax discount rate applied to impairments recognised during the year is 12% for
Renewables and Energy Solutions and 10% for\u00a0Chemicals and Products.
Goodwill
Goodwill impairments of $635 million in 2023 are mainly recognised in Renewables and Energy Solutions primarily related to an asset in
North\u00a0America, triggered by annual goodwill impairment testing reflecting factors including the impact of the deteriorated macro environment.
Property, plant and equipment
Exploration and production
Impairment losses recognised in Exploration and production in 2023 of $4,820 million related to various assets in Integrated Gas ($3,472
million) and Upstream ($1,348 million). Impairments recognised in Integrated Gas mainly related to an asset located in North America, triggered
by a change in the discount rate applied, and a project in Australia, triggered by factors including revised production estimates and regulatory
changes. Impairment losses recognised in Upstream principally relate to projects in North America, Nigeria and the UK triggered by factors
including revised reserves estimates and portfolio choices.
Manufacturing, supply and distribution
Impairment losses recognised in Manufacturing, supply and distribution in 2023 of $2,785 million mainly related to chemical assets in Singapore
in Chemicals and Products, triggered by lower expected chemical margins and associated with portfolio choices.
Other
Other impairment losses in 2023 of $577 million related to various assets in Marketing ($292 million) and assets in Renewables and Energy
Solutions mainly in Europe ($273 million).
Impairment reversals in 2023 of $627 million are mainly triggered by the reassessment of fair value less costs of disposal in Integrated Gas
($325 million) and revised reserves estimates in Upstream ($203 million).
Impairment losses in 2022 mainly related to the withdrawal from Russia ($854\u00a0million), the classification of an Upstream asset as held for sale
($320\u00a0million) and an impairment of capital expenditure additions in fully impaired sites in Chemicals and Products ($257\u00a0million).
The recognition of impairment reversals in 2022 was mainly triggered by the revision of Shell's mid- and long-term commodity price assumptions
reflecting the energy market demand and supply fundamentals. They are related to: i) Integrated Gas for $3,449 million, mainly relating to\u00a0the
Queensland Curtis LNG asset; and ii) Upstream for $2,504 million, mainly related to two offshore projects in Brazil and an asset in the US\u00a0Gulf of
Mexico.
Impairment losses in 2021 were predominantly triggered by reclassifications of assets held for sale and portfolio developments. They were mainly
related to three refineries in the USA within Chemicals and Products impaired on classification as held for sale ($1,537\u00a0million), and exploration
and evaluation assets both within Integrated Gas ($600\u00a0million) and Upstream ($373\u00a0million).
Sensitivities
The main sensitivities in relation to value in use impairment assessment are the commodity price assumptions in Integrated Gas and Upstream,
refining and chemical margins in Chemicals and Products, and discount rates in all segments.
Commodity price assumptions
A change of -10% or +10% in the commodity price assumptions over the entire cash\u00a0flow projection period would ceteris paribus result in
$5-8\u00a0billion impairments or $2-5\u00a0billion impairment reversal, respectively, in\u00a0Integrated Gas and Upstream.
Refining margins
Refining margins applied for impairment testing by reference to value in use are at an average of $7.6/bbl. A change of -$1/bbl or +$1/bbl
in long-term refining margins over the entire cash flow projection period would ceteris paribus result in $1-2\u00a0billion impairments or up to $1 billion
impairment reversal, respectively, in Chemicals and Products.
Chemical margins
Chemicals margins applied for impairment testing by reference to value in use are at an average of $252/tonne. A change of -$30/tonne or +
$30/tonne in long-term chemical margins over the entire cash flow projection period would ceteris paribus result in up to $2 billion impairments or
no impairment reversal, respectively, in Chemicals and Products.
Discount rates
A change of +1% in the discount rate would ceteris paribus result\u00a0in $2-4 billion impairments in Integrated Gas and Upstream, and up to
$1 billion in Chemicals and Products, and would have no significant impact in other segments.
Where carrying values have been supported by reference to fair value less costs of disposal, recoverable amounts are less sensitive to Shell's
planning assumptions. This is on the basis that key assumptions (including discount rates and commodity prices) have been adjusted to reflect
those used by market participants.
In calculating recoverable value, key assumptions are not determined in isolation, to ensure relevant interdependencies are appropriately
reflected. In particular, management considers the relationship between discount rates, forecast commodity prices and cash flow risking to ensure
impairment testing assumptions result in an implicit expected return which is balanced and appropriate for the asset under review. Each of the
sensitivities described above have been tested under a ceteris paribus assumption where all other factors remain unchanged, and as such do
not\u00a0reflect the potential offsetting effects of corresponding changes in other assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-539": { "value": "
7. Segment information
General information
Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business
through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It
includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to\u00a0deliver
these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil
and\u00a0gas, and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's
retail\u00a0network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport,
and\u00a0machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels,
speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine,
and agricultural sectors.
The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude
oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use.
The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities
(the\u00a0extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power
and\u00a0pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes production and marketing
of\u00a0hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon
emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-
insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate
segment earnings rather than in the earnings of business segments.
Basis of segmental reporting
Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets
information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure
is provided for the UK as this is the Company's country of domicile.
Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the
period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude
the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure
used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather
than in the earnings of the business segments.
Information by segment on a current cost of supplies basis is as follows:
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
37,645
6,475
108,858
118,781
44,819
42
316,620
[A]
Inter-segment
11,560
41,230
624
2,252
4,707
\u2014
60,373
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,951
768
548
590
(96)
(3)
3,758
Interest and other income, of which:
137
671
76
61
75
1,818
2,838
Interest income
6
27
9
57
12
2,202
2,313
Net gains/(losses) on sale and revaluation of non-
current assets and businesses
(22)
209
16
(61)
110
5
257
Other
153
435
51
65
(47)
(389)
268
Third-party and inter-segment purchases (CCS basis)
27,356
7,890
94,614
102,396
40,170
15
272,441
Operating expenses, of which:
4,823
9,845
9,336
11,483
3,831
642
39,960
Production and manufacturing expenses
4,529
9,186
949
7,908
2,610
58
25,240
Selling, distribution and administrative expenses
168
163
8,137
3,323
1,058
584
13,433
Research and development expenses
126
496
250
252
163
\u2014
1,287
Exploration expenses
216
1,534
\u2014
\u2014
\u2014
\u2014
1,750
Depreciation, depletion and amortisation charge,
of\u00a0which:
8,903
12,463
2,335
6,411
1,159
19
31,290
Impairment losses
3,472
1,360
420
2,787
908
\u2014
8,947
[B]
Impairment reversals
(324)
(206)
(1)
(90)
(141)
\u2014
(762)
[C]
Interest expense
146
507
52
62
4
3,902
4,673
Taxation charge/(credit) (CCS basis)
2,803
8,377
819
(198)
1,303
90
13,194
CCS earnings
7,046
8,528
2,950
1,530
3,038
(2,811)
20,281
[A] Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior gains of $4,689\u00a0million\u00a0related to sales contracts and prior losses of $2,074\u00a0million\u00a0related to purchase contracts that were previously recognised and
where physical settlement has taken place during 2023.
[B] Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).
[C] Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).
2022
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
54,751
8,352
120,638
144,342
53,190
41
381,314
[A]
Inter-segment
18,412
52,285
606
2,684
6,791
\u2014
80,778
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,219
2,111
237
374
(7)
(4)
3,930
Interest and other income, of which:
(714)
726
(104)
244
57
706
915
Interest income
43
22
\u2014
24
(2)
959
1,046
Net gains on sale and revaluation of non-current assets
and businesses
101
437
(186)
282
8
\u2014
642
Other
(858)
[B]
267
82
(62)
51
(253)
(773)
Third-party and inter-segment purchases (CCS basis)
37,785
10,666
108,012
127,521
57,024
(28)
340,980
Operating expenses, of which:
5,237
10,365
8,383
11,362
3,590
539
39,476
Production and manufacturing expenses
4,907
9,676
810
7,583
2,520
22
25,518
Selling, distribution and administrative expenses
218
233
7,351
3,592
972
517
12,883
Research and development expenses
112
456
222
187
98
\u2014
1,075
Exploration expenses
240
1,472
\u2014
\u2014
\u2014
\u2014
1,712
Depreciation, depletion and amortisation charge, of which:
2,211
10,334
1,900
3,289
777
18
18,529
Impairment losses
115
950
480
356
412
\u2014
2,313
[C]
Impairment reversals
(3,449)
(2,504)
(151)
(73)
\u2014
\u2014
(6,177)
[D]
Interest expense
84
345
46
22
2
2,682
3,181
Taxation charge/(credit) (CCS basis)
5,899
14,070
903
935
(303)
(7)
21,497
CCS earnings
22,212
16,222
2,133
4,515
(1,059)
(2,461)
41,562
[A] Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $9,815\u00a0million related to sales contracts and prior gains of $7,201\u00a0million related to purchase contracts that were previously recognised and where
physical settlement had taken place during 2022.
[B] Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.
[C] Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).
[D] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
2021
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
29,922
9,182
83,494
116,448
22,415
43
261,504
[A]
Inter-segment
8,072
35,789
254
1,890
4,675
\u2014
50,680
Share of profit/(loss) of joint ventures and associates
(CCS\u00a0basis)
1,933
632
385
989
(27)
1
3,913
Interest and other income, of which:
1,596
4,592
278
37
200
353
7,056
Interest income
\u2014
37
3
36
4
431
511
Net gains on sale and revaluation of non-current assets
and businesses
1,610
4,130
285
(24)
(6)
\u2014
5,995
Other
(14)
425
(10)
25
202
(78)
550
Third-party and inter-segment purchases (CCS basis)
20,188
9,094
70,745
103,294
26,048
(5)
229,364
Operating expenses, of which:
4,526
10,322
7,501
10,347
2,745
524
35,965
Production and manufacturing expenses
4,194
9,797
950
6,815
2,098
(32)
23,822
Selling, distribution and administrative expenses
231
186
6,384
3,375
596
556
11,328
Research and development expenses
101
339
167
157
51
\u2014
815
Exploration expenses
122
1,301
\u2014
\u2014
\u2014
\u2014
1,423
Depreciation, depletion and amortisation charge, of which:
5,908
13,485
1,700
5,485
326
17
26,921
Impairment losses
723
920
129
2,248
45
\u2014
4,065
[B]
Impairment reversals
(204)
(9)
(1)
\u2014
\u2014
\u2014
(214)
[C]
Interest expense
71
333
27
44
\u2014
3,132
3,607
Taxation charge/(credit) (CCS basis)
2,648
6,057
903
(210)
(342)
(665)
8,391
CCS earnings
8,060
9,603
3,535
404
(1,514)
(2,606)
17,482
[A] Includes $126\u00a0million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $4,824\u00a0million related to sales contracts and prior gains of $4,892\u00a0million related to purchase contracts that were previously recognised and
where physical settlement had taken place during 2021.
[B] Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4\u00a0million). (See Note 12).
[C] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
Reconciliation of CCS earnings to income for the period
$ million
2023
2022
2021
Income attributable to Shell plc shareholders
19,359
42,309
20,101
Income attributable to non-controlling interest
277
565
529
Income for the period
19,636
42,874
20,630
Current cost of supplies adjustment:
Purchases
815
(1,714)
(3,772)
Taxation
(203)
444
808
Share of profit of joint ventures and associates
33
(42)
(184)
Current cost of supplies adjustment
645
(1,312)
(3,148)
Of which:
Attributable to Shell plc shareholders
650
(1,196)
(3,029)
Attributable to non-controlling interest
(5)
(116)
(119)
CCS earnings
20,281
41,562
17,482
Of which:
CCS earnings attributable to Shell plc shareholders
20,008
41,113
17,072
CCS earnings attributable to non-controlling interest
273
449
410
Information by geographical area is as follows:
2023
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
118,135
[A]
99,967
70,291
28,227
316,620
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
48,008
[B]
91,374
57,261
49,562
246,205
[A] Includes $44,815 million\u00a0that originated from the UK.
[B] Includes $21,478\u00a0million located in the UK.
2022
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
135,975
[A]
126,643
87,085
31,611
381,314
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
40,161
[B]
97,019
59,233
51,794
248,207
[A] Includes $50,236\u00a0million that originated from the UK.
[B] Includes $20,772\u00a0million located in the UK.
2021
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
78,549
[A]
87,070
73,647
22,238
261,504
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
38,881
[B]
97,278
58,286
48,595
243,040
[A] Includes $21,846\u00a0million that originated from the UK.
[B] Includes $21,974\u00a0million located in the UK.
Cash capital expenditure
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and
assessing performance.
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,491
8,249
5,563
3,106
2,314
270
22,993
[A]
Investments in joint ventures and associates
705
94
49
84
261
9
1,202
[A]
Investments in equity securities
\u2014
\u2014
\u2014
2
106
89
197
[A]
Cash capital expenditure*
4,196
8,343
5,612
3,192
2,681
368
24,392
[A] See Consolidated Statements of Cash Flows.
* Non-GAAP measure (see page 365).
2022
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,433
8,020
4,527
3,835
2,610
175
22,600
[A]
Investments in joint ventures and associates
832
123
304
2
703
9
1,973
[A]
Investments in equity securities
\u2014
\u2014
\u2014
1
156
103
260
[A]
Cash capital expenditure*
4,265
8,143
4,831
3,838
3,469
287
24,833
[A] See Consolidated Statements of Cash Flows.
2021
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,306
6,277
2,122
5,091
2,069
135
19,000
[A]
Investments in joint ventures and associates
196
(109)
148
80
154
10
479
[A]
Investments in equity securities
\u2014
\u2014
3
4
136
75
218
[A]
Cash capital expenditure*
3,502
6,168
2,273
5,175
2,359
220
19,697
[A] See Consolidated Statements of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-538": { "value": "
7. Segment information
General information
Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business
through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It
includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to\u00a0deliver
these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil
and\u00a0gas, and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's
retail\u00a0network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport,
and\u00a0machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels,
speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine,
and agricultural sectors.
The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude
oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use.
The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities
(the\u00a0extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power
and\u00a0pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes production and marketing
of\u00a0hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon
emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-
insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate
segment earnings rather than in the earnings of business segments.
Basis of segmental reporting
Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets
information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure
is provided for the UK as this is the Company's country of domicile.
Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the
period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude
the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure
used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather
than in the earnings of the business segments.
Information by segment on a current cost of supplies basis is as follows:
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
37,645
6,475
108,858
118,781
44,819
42
316,620
[A]
Inter-segment
11,560
41,230
624
2,252
4,707
\u2014
60,373
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,951
768
548
590
(96)
(3)
3,758
Interest and other income, of which:
137
671
76
61
75
1,818
2,838
Interest income
6
27
9
57
12
2,202
2,313
Net gains/(losses) on sale and revaluation of non-
current assets and businesses
(22)
209
16
(61)
110
5
257
Other
153
435
51
65
(47)
(389)
268
Third-party and inter-segment purchases (CCS basis)
27,356
7,890
94,614
102,396
40,170
15
272,441
Operating expenses, of which:
4,823
9,845
9,336
11,483
3,831
642
39,960
Production and manufacturing expenses
4,529
9,186
949
7,908
2,610
58
25,240
Selling, distribution and administrative expenses
168
163
8,137
3,323
1,058
584
13,433
Research and development expenses
126
496
250
252
163
\u2014
1,287
Exploration expenses
216
1,534
\u2014
\u2014
\u2014
\u2014
1,750
Depreciation, depletion and amortisation charge,
of\u00a0which:
8,903
12,463
2,335
6,411
1,159
19
31,290
Impairment losses
3,472
1,360
420
2,787
908
\u2014
8,947
[B]
Impairment reversals
(324)
(206)
(1)
(90)
(141)
\u2014
(762)
[C]
Interest expense
146
507
52
62
4
3,902
4,673
Taxation charge/(credit) (CCS basis)
2,803
8,377
819
(198)
1,303
90
13,194
CCS earnings
7,046
8,528
2,950
1,530
3,038
(2,811)
20,281
[A] Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior gains of $4,689\u00a0million\u00a0related to sales contracts and prior losses of $2,074\u00a0million\u00a0related to purchase contracts that were previously recognised and
where physical settlement has taken place during 2023.
[B] Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).
[C] Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).
2022
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
54,751
8,352
120,638
144,342
53,190
41
381,314
[A]
Inter-segment
18,412
52,285
606
2,684
6,791
\u2014
80,778
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,219
2,111
237
374
(7)
(4)
3,930
Interest and other income, of which:
(714)
726
(104)
244
57
706
915
Interest income
43
22
\u2014
24
(2)
959
1,046
Net gains on sale and revaluation of non-current assets
and businesses
101
437
(186)
282
8
\u2014
642
Other
(858)
[B]
267
82
(62)
51
(253)
(773)
Third-party and inter-segment purchases (CCS basis)
37,785
10,666
108,012
127,521
57,024
(28)
340,980
Operating expenses, of which:
5,237
10,365
8,383
11,362
3,590
539
39,476
Production and manufacturing expenses
4,907
9,676
810
7,583
2,520
22
25,518
Selling, distribution and administrative expenses
218
233
7,351
3,592
972
517
12,883
Research and development expenses
112
456
222
187
98
\u2014
1,075
Exploration expenses
240
1,472
\u2014
\u2014
\u2014
\u2014
1,712
Depreciation, depletion and amortisation charge, of which:
2,211
10,334
1,900
3,289
777
18
18,529
Impairment losses
115
950
480
356
412
\u2014
2,313
[C]
Impairment reversals
(3,449)
(2,504)
(151)
(73)
\u2014
\u2014
(6,177)
[D]
Interest expense
84
345
46
22
2
2,682
3,181
Taxation charge/(credit) (CCS basis)
5,899
14,070
903
935
(303)
(7)
21,497
CCS earnings
22,212
16,222
2,133
4,515
(1,059)
(2,461)
41,562
[A] Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $9,815\u00a0million related to sales contracts and prior gains of $7,201\u00a0million related to purchase contracts that were previously recognised and where
physical settlement had taken place during 2022.
[B] Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.
[C] Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).
[D] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
2021
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
29,922
9,182
83,494
116,448
22,415
43
261,504
[A]
Inter-segment
8,072
35,789
254
1,890
4,675
\u2014
50,680
Share of profit/(loss) of joint ventures and associates
(CCS\u00a0basis)
1,933
632
385
989
(27)
1
3,913
Interest and other income, of which:
1,596
4,592
278
37
200
353
7,056
Interest income
\u2014
37
3
36
4
431
511
Net gains on sale and revaluation of non-current assets
and businesses
1,610
4,130
285
(24)
(6)
\u2014
5,995
Other
(14)
425
(10)
25
202
(78)
550
Third-party and inter-segment purchases (CCS basis)
20,188
9,094
70,745
103,294
26,048
(5)
229,364
Operating expenses, of which:
4,526
10,322
7,501
10,347
2,745
524
35,965
Production and manufacturing expenses
4,194
9,797
950
6,815
2,098
(32)
23,822
Selling, distribution and administrative expenses
231
186
6,384
3,375
596
556
11,328
Research and development expenses
101
339
167
157
51
\u2014
815
Exploration expenses
122
1,301
\u2014
\u2014
\u2014
\u2014
1,423
Depreciation, depletion and amortisation charge, of which:
5,908
13,485
1,700
5,485
326
17
26,921
Impairment losses
723
920
129
2,248
45
\u2014
4,065
[B]
Impairment reversals
(204)
(9)
(1)
\u2014
\u2014
\u2014
(214)
[C]
Interest expense
71
333
27
44
\u2014
3,132
3,607
Taxation charge/(credit) (CCS basis)
2,648
6,057
903
(210)
(342)
(665)
8,391
CCS earnings
8,060
9,603
3,535
404
(1,514)
(2,606)
17,482
[A] Includes $126\u00a0million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $4,824\u00a0million related to sales contracts and prior gains of $4,892\u00a0million related to purchase contracts that were previously recognised and
where physical settlement had taken place during 2021.
[B] Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4\u00a0million). (See Note 12).
[C] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
Reconciliation of CCS earnings to income for the period
$ million
2023
2022
2021
Income attributable to Shell plc shareholders
19,359
42,309
20,101
Income attributable to non-controlling interest
277
565
529
Income for the period
19,636
42,874
20,630
Current cost of supplies adjustment:
Purchases
815
(1,714)
(3,772)
Taxation
(203)
444
808
Share of profit of joint ventures and associates
33
(42)
(184)
Current cost of supplies adjustment
645
(1,312)
(3,148)
Of which:
Attributable to Shell plc shareholders
650
(1,196)
(3,029)
Attributable to non-controlling interest
(5)
(116)
(119)
CCS earnings
20,281
41,562
17,482
Of which:
CCS earnings attributable to Shell plc shareholders
20,008
41,113
17,072
CCS earnings attributable to non-controlling interest
273
449
410
Information by geographical area is as follows:
2023
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
118,135
[A]
99,967
70,291
28,227
316,620
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
48,008
[B]
91,374
57,261
49,562
246,205
[A] Includes $44,815 million\u00a0that originated from the UK.
[B] Includes $21,478\u00a0million located in the UK.
2022
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
135,975
[A]
126,643
87,085
31,611
381,314
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
40,161
[B]
97,019
59,233
51,794
248,207
[A] Includes $50,236\u00a0million that originated from the UK.
[B] Includes $20,772\u00a0million located in the UK.
2021
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
78,549
[A]
87,070
73,647
22,238
261,504
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
38,881
[B]
97,278
58,286
48,595
243,040
[A] Includes $21,846\u00a0million that originated from the UK.
[B] Includes $21,974\u00a0million located in the UK.
Cash capital expenditure
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and
assessing performance.
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,491
8,249
5,563
3,106
2,314
270
22,993
[A]
Investments in joint ventures and associates
705
94
49
84
261
9
1,202
[A]
Investments in equity securities
\u2014
\u2014
\u2014
2
106
89
197
[A]
Cash capital expenditure*
4,196
8,343
5,612
3,192
2,681
368
24,392
[A] See Consolidated Statements of Cash Flows.
* Non-GAAP measure (see page 365).
2022
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,433
8,020
4,527
3,835
2,610
175
22,600
[A]
Investments in joint ventures and associates
832
123
304
2
703
9
1,973
[A]
Investments in equity securities
\u2014
\u2014
\u2014
1
156
103
260
[A]
Cash capital expenditure*
4,265
8,143
4,831
3,838
3,469
287
24,833
[A] See Consolidated Statements of Cash Flows.
2021
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,306
6,277
2,122
5,091
2,069
135
19,000
[A]
Investments in joint ventures and associates
196
(109)
148
80
154
10
479
[A]
Investments in equity securities
\u2014
\u2014
3
4
136
75
218
[A]
Cash capital expenditure*
3,502
6,168
2,273
5,175
2,359
220
19,697
[A] See Consolidated Statements of Cash Flows.
10. Goodwill and other intangible\u00a0assets
2023
$ million
Other intangible assets
Goodwill
LNG\u00a0off-take
and sales
contracts
Environmental
certificates
Other
Total
Cost
At January 1
17,557
9,833
2,201
8,158
20,192
Additions
1,436
\u2014
3,837
1,721
[C]
5,558
Sales, retirements and other movements [A]
(506)
(99)
(3,714)
(376)
(4,189)
Currency translation differences
55
\u2014
67
139
206
At December 31
18,542
9,734
2,391
9,642
21,767
Depreciation, depletion and amortisation, including impairments
At January 1
1,518
6,060
4,470
10,530
Charge for the year [B]
635
790
442
1,232
Sales, retirements and other movements [A]
(296)
(99)
(222)
(321)
Currency translation differences
25
\u2014
73
73
At December 31
1,882
6,751
4,763
11,514
Carrying amount at December 31
16,660
2,983
2,391
4,879
[D]
10,253
[A] Includes the reclassification of assets classified as held for sale. (See Note 18).
[B] Includes impairment losses and reversals. (See Note 12).
[C] Includes feedstock supply contracts and intellectual property rights ($948 million) from an acquisition in Marketing and software ($357 million) primarily in Integrated Gas and Marketing.
[D] Includes software ($829 million), power purchase agreements, retail customer relationships and trademarks.
2022
$ million
Other intangible assets
Goodwill
LNG\u00a0off-take
and sales
contracts
Environmental
certificates
Other
Total
Cost
At January 1
16,117
9,833
2,747
6,679
19,259
Additions
1,954
\u2014
2,338
1,263
[C]
3,601
Sales, retirements and other movements [A]
(351)
\u2014
(2,749)
459
[D]
(2,290)
Currency translation differences
(163)
\u2014
(135)
(243)
(378)
At December 31
17,557
9,833
2,201
8,158
20,192
Depreciation, depletion and amortisation, including impairments
At January 1
1,197
5,267
4,219
9,486
Charge for the year [B]
360
793
532
1,325
Sales, retirements and other movements [A]
\u2014
\u2014
(137)
(137)
Currency translation differences
(39)
\u2014
(144)
(144)
At December 31
1,518
6,060
4,470
10,530
Carrying amount at December 31
16,039
3,773
2,201
3,688
[E]
9,662
[A] Includes the reclassification of assets classified as held for sale. (See Note 18).
[B] Includes impairment losses and reversals. (See Note 12).
[C] Includes other intangible assets ($1,010 million) mainly acquired through acquisitions in Marketing and Renewables and Energy Solutions.
[D] Includes the reclassification from goodwill following the completion of a purchase price allocation in Renewables and Energy Solutions.
[E] Includes software ($583\u00a0million), power purchase agreements, retail customer relationships and trademarks.
Goodwill at December 31, 2023, related principally to the acquisition of BG Group plc in 2016 , allocated to Integrated Gas ($4,945 million )
and\u00a0Upstream ( $5,294 million ) at the operating segment level, and to Pennzoil-Quaker State Company ($1,665 million), a lubricants business
in\u00a0the Marketing segment based largely in North America.
Additions to goodwill in 2023 of $1,436\u00a0million mainly related to goodwill recognised from acquisitions in Marketing ($1,304\u00a0million) and
Renewables and Energy Solutions ($132\u00a0million).
11. Property, plant\u00a0and\u00a0equipment
2023 [A]
$ million
Exploration\u00a0and\u00a0production
Exploration
and\u00a0evaluation
Production
Manufacturing,
supply and
distribution
Other
Total
Cost
At January 1
11,565
277,016
106,785
39,595
434,961
Additions
2,161
10,731
5,910
7,029
25,831
Sales, retirements and other movements [B]
(5,164)
(1,153)
(1,016)
(1,387)
(8,720)
Reclassifications [C]
\u2014
(2,779)
527
2,252
\u2014
Currency translation differences
73
1,855
863
207
2,998
At December 31
8,635
285,670
113,069
47,696
455,070
Depreciation, depletion and amortisation, including impairments
At January 1
5,162
159,662
56,901
14,594
236,319
Charge for the year [D]
731
18,202
8,295
2,687
29,915
Sales, retirements and other movements [B]
(2,609)
(2,000)
(2,083)
(1,394)
(8,086)
Reclassifications [C]
\u2014
(2,217)
63
2,154
\u2014
Currency translation differences
39
1,326
650
72
2,087
At December 31
3,323
174,973
63,826
18,113
260,235
Carrying amount at December 31
5,312
110,697
49,243
29,583
194,835
[A] Includes right-of-use assets under leases. (See Note 21).
[B] Includes the reclassification of assets classified as held for sale. (See Note 18).
[C] Reclassifications of right-of-use assets. (See Note 21).
[D] Includes impairment losses and reversals. (See Note 12).
2022 [A]
$ million
Exploration\u00a0and\u00a0production
Exploration
and\u00a0evaluation
Production
Manufacturing,
supply and
distribution
Other
Total
Cost
At January 1
12,679
285,903
104,182
34,005
436,769
Additions
1,564
11,954
6,928
7,808
28,254
Sales, retirements and other movements [B]
(2,469)
(14,541)
(2,548)
(242)
(19,800)
Currency translation differences
(209)
(6,300)
(1,777)
(1,976)
(10,262)
At December 31
11,565
277,016
106,785
39,595
434,961
Depreciation, depletion and amortisation, including impairments
At January 1
5,580
167,530
55,131
13,596
241,837
Charge for the year [C]
397
9,709
5,149
2,055
17,310
Sales, retirements and other movements [B]
(765)
(13,207)
(2,054)
(396)
(16,422)
Currency translation differences
(50)
(4,370)
(1,325)
(661)
(6,406)
At December 31
5,162
159,662
56,901
14,594
236,319
Carrying amount at December 31
6,403
117,354
49,884
25,001
198,642
[A] Includes right-of-use assets under leases. (See Note 21).
[B] Includes the reclassification of assets classified as held for sale. (See Note 18).
[C] Includes impairment losses and reversals. (See Note 12).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-537": { "value": "
7. Segment information
General information
Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business
through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It
includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to\u00a0deliver
these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil
and\u00a0gas, and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's
retail\u00a0network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport,
and\u00a0machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels,
speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine,
and agricultural sectors.
The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude
oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use.
The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities
(the\u00a0extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power
and\u00a0pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes production and marketing
of\u00a0hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon
emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-
insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate
segment earnings rather than in the earnings of business segments.
Basis of segmental reporting
Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets
information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure
is provided for the UK as this is the Company's country of domicile.
Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the
period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude
the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure
used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather
than in the earnings of the business segments.
Information by segment on a current cost of supplies basis is as follows:
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
37,645
6,475
108,858
118,781
44,819
42
316,620
[A]
Inter-segment
11,560
41,230
624
2,252
4,707
\u2014
60,373
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,951
768
548
590
(96)
(3)
3,758
Interest and other income, of which:
137
671
76
61
75
1,818
2,838
Interest income
6
27
9
57
12
2,202
2,313
Net gains/(losses) on sale and revaluation of non-
current assets and businesses
(22)
209
16
(61)
110
5
257
Other
153
435
51
65
(47)
(389)
268
Third-party and inter-segment purchases (CCS basis)
27,356
7,890
94,614
102,396
40,170
15
272,441
Operating expenses, of which:
4,823
9,845
9,336
11,483
3,831
642
39,960
Production and manufacturing expenses
4,529
9,186
949
7,908
2,610
58
25,240
Selling, distribution and administrative expenses
168
163
8,137
3,323
1,058
584
13,433
Research and development expenses
126
496
250
252
163
\u2014
1,287
Exploration expenses
216
1,534
\u2014
\u2014
\u2014
\u2014
1,750
Depreciation, depletion and amortisation charge,
of\u00a0which:
8,903
12,463
2,335
6,411
1,159
19
31,290
Impairment losses
3,472
1,360
420
2,787
908
\u2014
8,947
[B]
Impairment reversals
(324)
(206)
(1)
(90)
(141)
\u2014
(762)
[C]
Interest expense
146
507
52
62
4
3,902
4,673
Taxation charge/(credit) (CCS basis)
2,803
8,377
819
(198)
1,303
90
13,194
CCS earnings
7,046
8,528
2,950
1,530
3,038
(2,811)
20,281
[A] Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior gains of $4,689\u00a0million\u00a0related to sales contracts and prior losses of $2,074\u00a0million\u00a0related to purchase contracts that were previously recognised and
where physical settlement has taken place during 2023.
[B] Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).
[C] Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).
2022
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
54,751
8,352
120,638
144,342
53,190
41
381,314
[A]
Inter-segment
18,412
52,285
606
2,684
6,791
\u2014
80,778
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,219
2,111
237
374
(7)
(4)
3,930
Interest and other income, of which:
(714)
726
(104)
244
57
706
915
Interest income
43
22
\u2014
24
(2)
959
1,046
Net gains on sale and revaluation of non-current assets
and businesses
101
437
(186)
282
8
\u2014
642
Other
(858)
[B]
267
82
(62)
51
(253)
(773)
Third-party and inter-segment purchases (CCS basis)
37,785
10,666
108,012
127,521
57,024
(28)
340,980
Operating expenses, of which:
5,237
10,365
8,383
11,362
3,590
539
39,476
Production and manufacturing expenses
4,907
9,676
810
7,583
2,520
22
25,518
Selling, distribution and administrative expenses
218
233
7,351
3,592
972
517
12,883
Research and development expenses
112
456
222
187
98
\u2014
1,075
Exploration expenses
240
1,472
\u2014
\u2014
\u2014
\u2014
1,712
Depreciation, depletion and amortisation charge, of which:
2,211
10,334
1,900
3,289
777
18
18,529
Impairment losses
115
950
480
356
412
\u2014
2,313
[C]
Impairment reversals
(3,449)
(2,504)
(151)
(73)
\u2014
\u2014
(6,177)
[D]
Interest expense
84
345
46
22
2
2,682
3,181
Taxation charge/(credit) (CCS basis)
5,899
14,070
903
935
(303)
(7)
21,497
CCS earnings
22,212
16,222
2,133
4,515
(1,059)
(2,461)
41,562
[A] Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $9,815\u00a0million related to sales contracts and prior gains of $7,201\u00a0million related to purchase contracts that were previously recognised and where
physical settlement had taken place during 2022.
[B] Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.
[C] Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).
[D] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
2021
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
29,922
9,182
83,494
116,448
22,415
43
261,504
[A]
Inter-segment
8,072
35,789
254
1,890
4,675
\u2014
50,680
Share of profit/(loss) of joint ventures and associates
(CCS\u00a0basis)
1,933
632
385
989
(27)
1
3,913
Interest and other income, of which:
1,596
4,592
278
37
200
353
7,056
Interest income
\u2014
37
3
36
4
431
511
Net gains on sale and revaluation of non-current assets
and businesses
1,610
4,130
285
(24)
(6)
\u2014
5,995
Other
(14)
425
(10)
25
202
(78)
550
Third-party and inter-segment purchases (CCS basis)
20,188
9,094
70,745
103,294
26,048
(5)
229,364
Operating expenses, of which:
4,526
10,322
7,501
10,347
2,745
524
35,965
Production and manufacturing expenses
4,194
9,797
950
6,815
2,098
(32)
23,822
Selling, distribution and administrative expenses
231
186
6,384
3,375
596
556
11,328
Research and development expenses
101
339
167
157
51
\u2014
815
Exploration expenses
122
1,301
\u2014
\u2014
\u2014
\u2014
1,423
Depreciation, depletion and amortisation charge, of which:
5,908
13,485
1,700
5,485
326
17
26,921
Impairment losses
723
920
129
2,248
45
\u2014
4,065
[B]
Impairment reversals
(204)
(9)
(1)
\u2014
\u2014
\u2014
(214)
[C]
Interest expense
71
333
27
44
\u2014
3,132
3,607
Taxation charge/(credit) (CCS basis)
2,648
6,057
903
(210)
(342)
(665)
8,391
CCS earnings
8,060
9,603
3,535
404
(1,514)
(2,606)
17,482
[A] Includes $126\u00a0million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $4,824\u00a0million related to sales contracts and prior gains of $4,892\u00a0million related to purchase contracts that were previously recognised and
where physical settlement had taken place during 2021.
[B] Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4\u00a0million). (See Note 12).
[C] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
Reconciliation of CCS earnings to income for the period
$ million
2023
2022
2021
Income attributable to Shell plc shareholders
19,359
42,309
20,101
Income attributable to non-controlling interest
277
565
529
Income for the period
19,636
42,874
20,630
Current cost of supplies adjustment:
Purchases
815
(1,714)
(3,772)
Taxation
(203)
444
808
Share of profit of joint ventures and associates
33
(42)
(184)
Current cost of supplies adjustment
645
(1,312)
(3,148)
Of which:
Attributable to Shell plc shareholders
650
(1,196)
(3,029)
Attributable to non-controlling interest
(5)
(116)
(119)
CCS earnings
20,281
41,562
17,482
Of which:
CCS earnings attributable to Shell plc shareholders
20,008
41,113
17,072
CCS earnings attributable to non-controlling interest
273
449
410
Information by geographical area is as follows:
2023
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
118,135
[A]
99,967
70,291
28,227
316,620
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
48,008
[B]
91,374
57,261
49,562
246,205
[A] Includes $44,815 million\u00a0that originated from the UK.
[B] Includes $21,478\u00a0million located in the UK.
2022
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
135,975
[A]
126,643
87,085
31,611
381,314
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
40,161
[B]
97,019
59,233
51,794
248,207
[A] Includes $50,236\u00a0million that originated from the UK.
[B] Includes $20,772\u00a0million located in the UK.
2021
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
78,549
[A]
87,070
73,647
22,238
261,504
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
38,881
[B]
97,278
58,286
48,595
243,040
[A] Includes $21,846\u00a0million that originated from the UK.
[B] Includes $21,974\u00a0million located in the UK.
Cash capital expenditure
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and
assessing performance.
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,491
8,249
5,563
3,106
2,314
270
22,993
[A]
Investments in joint ventures and associates
705
94
49
84
261
9
1,202
[A]
Investments in equity securities
\u2014
\u2014
\u2014
2
106
89
197
[A]
Cash capital expenditure*
4,196
8,343
5,612
3,192
2,681
368
24,392
[A] See Consolidated Statements of Cash Flows.
* Non-GAAP measure (see page 365).
2022
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,433
8,020
4,527
3,835
2,610
175
22,600
[A]
Investments in joint ventures and associates
832
123
304
2
703
9
1,973
[A]
Investments in equity securities
\u2014
\u2014
\u2014
1
156
103
260
[A]
Cash capital expenditure*
4,265
8,143
4,831
3,838
3,469
287
24,833
[A] See Consolidated Statements of Cash Flows.
2021
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,306
6,277
2,122
5,091
2,069
135
19,000
[A]
Investments in joint ventures and associates
196
(109)
148
80
154
10
479
[A]
Investments in equity securities
\u2014
\u2014
3
4
136
75
218
[A]
Cash capital expenditure*
3,502
6,168
2,273
5,175
2,359
220
19,697
[A] See Consolidated Statements of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-536": { "value": "
7. Segment information
General information
Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business
through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It
includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to\u00a0deliver
these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil
and\u00a0gas, and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's
retail\u00a0network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport,
and\u00a0machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels,
speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine,
and agricultural sectors.
The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude
oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use.
The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities
(the\u00a0extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power
and\u00a0pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes production and marketing
of\u00a0hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon
emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-
insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate
segment earnings rather than in the earnings of business segments.
Basis of segmental reporting
Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets
information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure
is provided for the UK as this is the Company's country of domicile.
Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the
period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude
the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure
used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather
than in the earnings of the business segments.
Information by segment on a current cost of supplies basis is as follows:
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
37,645
6,475
108,858
118,781
44,819
42
316,620
[A]
Inter-segment
11,560
41,230
624
2,252
4,707
\u2014
60,373
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,951
768
548
590
(96)
(3)
3,758
Interest and other income, of which:
137
671
76
61
75
1,818
2,838
Interest income
6
27
9
57
12
2,202
2,313
Net gains/(losses) on sale and revaluation of non-
current assets and businesses
(22)
209
16
(61)
110
5
257
Other
153
435
51
65
(47)
(389)
268
Third-party and inter-segment purchases (CCS basis)
27,356
7,890
94,614
102,396
40,170
15
272,441
Operating expenses, of which:
4,823
9,845
9,336
11,483
3,831
642
39,960
Production and manufacturing expenses
4,529
9,186
949
7,908
2,610
58
25,240
Selling, distribution and administrative expenses
168
163
8,137
3,323
1,058
584
13,433
Research and development expenses
126
496
250
252
163
\u2014
1,287
Exploration expenses
216
1,534
\u2014
\u2014
\u2014
\u2014
1,750
Depreciation, depletion and amortisation charge,
of\u00a0which:
8,903
12,463
2,335
6,411
1,159
19
31,290
Impairment losses
3,472
1,360
420
2,787
908
\u2014
8,947
[B]
Impairment reversals
(324)
(206)
(1)
(90)
(141)
\u2014
(762)
[C]
Interest expense
146
507
52
62
4
3,902
4,673
Taxation charge/(credit) (CCS basis)
2,803
8,377
819
(198)
1,303
90
13,194
CCS earnings
7,046
8,528
2,950
1,530
3,038
(2,811)
20,281
[A] Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior gains of $4,689\u00a0million\u00a0related to sales contracts and prior losses of $2,074\u00a0million\u00a0related to purchase contracts that were previously recognised and
where physical settlement has taken place during 2023.
[B] Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).
[C] Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).
2022
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
54,751
8,352
120,638
144,342
53,190
41
381,314
[A]
Inter-segment
18,412
52,285
606
2,684
6,791
\u2014
80,778
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,219
2,111
237
374
(7)
(4)
3,930
Interest and other income, of which:
(714)
726
(104)
244
57
706
915
Interest income
43
22
\u2014
24
(2)
959
1,046
Net gains on sale and revaluation of non-current assets
and businesses
101
437
(186)
282
8
\u2014
642
Other
(858)
[B]
267
82
(62)
51
(253)
(773)
Third-party and inter-segment purchases (CCS basis)
37,785
10,666
108,012
127,521
57,024
(28)
340,980
Operating expenses, of which:
5,237
10,365
8,383
11,362
3,590
539
39,476
Production and manufacturing expenses
4,907
9,676
810
7,583
2,520
22
25,518
Selling, distribution and administrative expenses
218
233
7,351
3,592
972
517
12,883
Research and development expenses
112
456
222
187
98
\u2014
1,075
Exploration expenses
240
1,472
\u2014
\u2014
\u2014
\u2014
1,712
Depreciation, depletion and amortisation charge, of which:
2,211
10,334
1,900
3,289
777
18
18,529
Impairment losses
115
950
480
356
412
\u2014
2,313
[C]
Impairment reversals
(3,449)
(2,504)
(151)
(73)
\u2014
\u2014
(6,177)
[D]
Interest expense
84
345
46
22
2
2,682
3,181
Taxation charge/(credit) (CCS basis)
5,899
14,070
903
935
(303)
(7)
21,497
CCS earnings
22,212
16,222
2,133
4,515
(1,059)
(2,461)
41,562
[A] Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $9,815\u00a0million related to sales contracts and prior gains of $7,201\u00a0million related to purchase contracts that were previously recognised and where
physical settlement had taken place during 2022.
[B] Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.
[C] Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).
[D] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
2021
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
29,922
9,182
83,494
116,448
22,415
43
261,504
[A]
Inter-segment
8,072
35,789
254
1,890
4,675
\u2014
50,680
Share of profit/(loss) of joint ventures and associates
(CCS\u00a0basis)
1,933
632
385
989
(27)
1
3,913
Interest and other income, of which:
1,596
4,592
278
37
200
353
7,056
Interest income
\u2014
37
3
36
4
431
511
Net gains on sale and revaluation of non-current assets
and businesses
1,610
4,130
285
(24)
(6)
\u2014
5,995
Other
(14)
425
(10)
25
202
(78)
550
Third-party and inter-segment purchases (CCS basis)
20,188
9,094
70,745
103,294
26,048
(5)
229,364
Operating expenses, of which:
4,526
10,322
7,501
10,347
2,745
524
35,965
Production and manufacturing expenses
4,194
9,797
950
6,815
2,098
(32)
23,822
Selling, distribution and administrative expenses
231
186
6,384
3,375
596
556
11,328
Research and development expenses
101
339
167
157
51
\u2014
815
Exploration expenses
122
1,301
\u2014
\u2014
\u2014
\u2014
1,423
Depreciation, depletion and amortisation charge, of which:
5,908
13,485
1,700
5,485
326
17
26,921
Impairment losses
723
920
129
2,248
45
\u2014
4,065
[B]
Impairment reversals
(204)
(9)
(1)
\u2014
\u2014
\u2014
(214)
[C]
Interest expense
71
333
27
44
\u2014
3,132
3,607
Taxation charge/(credit) (CCS basis)
2,648
6,057
903
(210)
(342)
(665)
8,391
CCS earnings
8,060
9,603
3,535
404
(1,514)
(2,606)
17,482
[A] Includes $126\u00a0million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $4,824\u00a0million related to sales contracts and prior gains of $4,892\u00a0million related to purchase contracts that were previously recognised and
where physical settlement had taken place during 2021.
[B] Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4\u00a0million). (See Note 12).
[C] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
Reconciliation of CCS earnings to income for the period
$ million
2023
2022
2021
Income attributable to Shell plc shareholders
19,359
42,309
20,101
Income attributable to non-controlling interest
277
565
529
Income for the period
19,636
42,874
20,630
Current cost of supplies adjustment:
Purchases
815
(1,714)
(3,772)
Taxation
(203)
444
808
Share of profit of joint ventures and associates
33
(42)
(184)
Current cost of supplies adjustment
645
(1,312)
(3,148)
Of which:
Attributable to Shell plc shareholders
650
(1,196)
(3,029)
Attributable to non-controlling interest
(5)
(116)
(119)
CCS earnings
20,281
41,562
17,482
Of which:
CCS earnings attributable to Shell plc shareholders
20,008
41,113
17,072
CCS earnings attributable to non-controlling interest
273
449
410
Information by geographical area is as follows:
2023
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
118,135
[A]
99,967
70,291
28,227
316,620
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
48,008
[B]
91,374
57,261
49,562
246,205
[A] Includes $44,815 million\u00a0that originated from the UK.
[B] Includes $21,478\u00a0million located in the UK.
2022
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
135,975
[A]
126,643
87,085
31,611
381,314
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
40,161
[B]
97,019
59,233
51,794
248,207
[A] Includes $50,236\u00a0million that originated from the UK.
[B] Includes $20,772\u00a0million located in the UK.
2021
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
78,549
[A]
87,070
73,647
22,238
261,504
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
38,881
[B]
97,278
58,286
48,595
243,040
[A] Includes $21,846\u00a0million that originated from the UK.
[B] Includes $21,974\u00a0million located in the UK.
Cash capital expenditure
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and
assessing performance.
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,491
8,249
5,563
3,106
2,314
270
22,993
[A]
Investments in joint ventures and associates
705
94
49
84
261
9
1,202
[A]
Investments in equity securities
\u2014
\u2014
\u2014
2
106
89
197
[A]
Cash capital expenditure*
4,196
8,343
5,612
3,192
2,681
368
24,392
[A] See Consolidated Statements of Cash Flows.
* Non-GAAP measure (see page 365).
2022
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,433
8,020
4,527
3,835
2,610
175
22,600
[A]
Investments in joint ventures and associates
832
123
304
2
703
9
1,973
[A]
Investments in equity securities
\u2014
\u2014
\u2014
1
156
103
260
[A]
Cash capital expenditure*
4,265
8,143
4,831
3,838
3,469
287
24,833
[A] See Consolidated Statements of Cash Flows.
2021
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,306
6,277
2,122
5,091
2,069
135
19,000
[A]
Investments in joint ventures and associates
196
(109)
148
80
154
10
479
[A]
Investments in equity securities
\u2014
\u2014
3
4
136
75
218
[A]
Cash capital expenditure*
3,502
6,168
2,273
5,175
2,359
220
19,697
[A] See Consolidated Statements of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-535": { "value": "
7. Segment information
General information
Shell is an international energy company engaged in the principal aspects of the energy and petrochemicals industries and reports its business
through segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
The Integrated Gas segment includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It
includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to\u00a0deliver
these to market. The segment also includes the marketing, trading and optimisation of LNG, including LNG as a fuel for heavy-duty vehicles.
The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil
and\u00a0gas, and operates the infrastructure necessary to deliver them to the market.
The Marketing segment comprises the Mobility, Lubricants, and Sectors & Decarbonisation businesses. The Mobility business operates Shell's
retail\u00a0network, including electric vehicle charging services. The Lubricants business produces, markets and sells lubricants for road transport,
and\u00a0machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors & Decarbonisation business sells fuels,
speciality products and services, including low-carbon energy solutions, to a broad range of commercial customers, including the aviation, marine,
and agricultural sectors.
The Chemicals and Products segment includes chemicals manufacturing plants, with their own marketing network, and refineries, which turn crude
oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use.
The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and oil sands activities
(the\u00a0extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
The Renewables and Energy Solutions segment includes renewable power generation, the marketing and trading and optimisation of power
and\u00a0pipeline gas, as well as carbon credits, and digitally enabled customer solutions. The segment also includes production and marketing
of\u00a0hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon
emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.
The Corporate segment covers the non-operating activities supporting Shell, comprising Shell's holdings and treasury organisation, its self-
insurance activities and its headquarters and central functions. All finance expense and income and related taxes are included in Corporate
segment earnings rather than in the earnings of business segments.
Basis of segmental reporting
Sales between segments are based on prices generally equivalent to commercially available prices. Third-party revenue and non-current assets
information by geographical area are based on the country of operation of the Group subsidiaries that report this information. Separate disclosure
is provided for the UK as this is the Company's country of domicile.
Segment earnings are presented on a current cost of supplies basis (CCS earnings). On this basis, the purchase price of volumes sold during the
period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude
the effect of changes in the oil price on inventory carrying amounts. CCS earnings attributable to Shell plc shareholders is the earnings measure
used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.
Finance expense and income related to core financing activities, as well as related taxes, are included in the Corporate segment earnings rather
than in the earnings of the business segments.
Information by segment on a current cost of supplies basis is as follows:
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
37,645
6,475
108,858
118,781
44,819
42
316,620
[A]
Inter-segment
11,560
41,230
624
2,252
4,707
\u2014
60,373
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,951
768
548
590
(96)
(3)
3,758
Interest and other income, of which:
137
671
76
61
75
1,818
2,838
Interest income
6
27
9
57
12
2,202
2,313
Net gains/(losses) on sale and revaluation of non-
current assets and businesses
(22)
209
16
(61)
110
5
257
Other
153
435
51
65
(47)
(389)
268
Third-party and inter-segment purchases (CCS basis)
27,356
7,890
94,614
102,396
40,170
15
272,441
Operating expenses, of which:
4,823
9,845
9,336
11,483
3,831
642
39,960
Production and manufacturing expenses
4,529
9,186
949
7,908
2,610
58
25,240
Selling, distribution and administrative expenses
168
163
8,137
3,323
1,058
584
13,433
Research and development expenses
126
496
250
252
163
\u2014
1,287
Exploration expenses
216
1,534
\u2014
\u2014
\u2014
\u2014
1,750
Depreciation, depletion and amortisation charge,
of\u00a0which:
8,903
12,463
2,335
6,411
1,159
19
31,290
Impairment losses
3,472
1,360
420
2,787
908
\u2014
8,947
[B]
Impairment reversals
(324)
(206)
(1)
(90)
(141)
\u2014
(762)
[C]
Interest expense
146
507
52
62
4
3,902
4,673
Taxation charge/(credit) (CCS basis)
2,803
8,377
819
(198)
1,303
90
13,194
CCS earnings
7,046
8,528
2,950
1,530
3,038
(2,811)
20,281
[A] Includes $15,607 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior gains of $4,689\u00a0million\u00a0related to sales contracts and prior losses of $2,074\u00a0million\u00a0related to purchase contracts that were previously recognised and
where physical settlement has taken place during 2023.
[B] Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 12).
[C] Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 12).
2022
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
54,751
8,352
120,638
144,342
53,190
41
381,314
[A]
Inter-segment
18,412
52,285
606
2,684
6,791
\u2014
80,778
Share of profit/(loss) of joint ventures and associates
(CCS basis)
1,219
2,111
237
374
(7)
(4)
3,930
Interest and other income, of which:
(714)
726
(104)
244
57
706
915
Interest income
43
22
\u2014
24
(2)
959
1,046
Net gains on sale and revaluation of non-current assets
and businesses
101
437
(186)
282
8
\u2014
642
Other
(858)
[B]
267
82
(62)
51
(253)
(773)
Third-party and inter-segment purchases (CCS basis)
37,785
10,666
108,012
127,521
57,024
(28)
340,980
Operating expenses, of which:
5,237
10,365
8,383
11,362
3,590
539
39,476
Production and manufacturing expenses
4,907
9,676
810
7,583
2,520
22
25,518
Selling, distribution and administrative expenses
218
233
7,351
3,592
972
517
12,883
Research and development expenses
112
456
222
187
98
\u2014
1,075
Exploration expenses
240
1,472
\u2014
\u2014
\u2014
\u2014
1,712
Depreciation, depletion and amortisation charge, of which:
2,211
10,334
1,900
3,289
777
18
18,529
Impairment losses
115
950
480
356
412
\u2014
2,313
[C]
Impairment reversals
(3,449)
(2,504)
(151)
(73)
\u2014
\u2014
(6,177)
[D]
Interest expense
84
345
46
22
2
2,682
3,181
Taxation charge/(credit) (CCS basis)
5,899
14,070
903
935
(303)
(7)
21,497
CCS earnings
22,212
16,222
2,133
4,515
(1,059)
(2,461)
41,562
[A] Includes $11,708 million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $9,815\u00a0million related to sales contracts and prior gains of $7,201\u00a0million related to purchase contracts that were previously recognised and where
physical settlement had taken place during 2022.
[B] Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities.
[C] Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 12).
[D] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
2021
$ million
Integrated
\u00a0Gas
Upstream
Marketing
Chemicals
and Products
Renewables
and Energy
Solutions
Corporate
Total
Revenue:
Third-party
29,922
9,182
83,494
116,448
22,415
43
261,504
[A]
Inter-segment
8,072
35,789
254
1,890
4,675
\u2014
50,680
Share of profit/(loss) of joint ventures and associates
(CCS\u00a0basis)
1,933
632
385
989
(27)
1
3,913
Interest and other income, of which:
1,596
4,592
278
37
200
353
7,056
Interest income
\u2014
37
3
36
4
431
511
Net gains on sale and revaluation of non-current assets
and businesses
1,610
4,130
285
(24)
(6)
\u2014
5,995
Other
(14)
425
(10)
25
202
(78)
550
Third-party and inter-segment purchases (CCS basis)
20,188
9,094
70,745
103,294
26,048
(5)
229,364
Operating expenses, of which:
4,526
10,322
7,501
10,347
2,745
524
35,965
Production and manufacturing expenses
4,194
9,797
950
6,815
2,098
(32)
23,822
Selling, distribution and administrative expenses
231
186
6,384
3,375
596
556
11,328
Research and development expenses
101
339
167
157
51
\u2014
815
Exploration expenses
122
1,301
\u2014
\u2014
\u2014
\u2014
1,423
Depreciation, depletion and amortisation charge, of which:
5,908
13,485
1,700
5,485
326
17
26,921
Impairment losses
723
920
129
2,248
45
\u2014
4,065
[B]
Impairment reversals
(204)
(9)
(1)
\u2014
\u2014
\u2014
(214)
[C]
Interest expense
71
333
27
44
\u2014
3,132
3,607
Taxation charge/(credit) (CCS basis)
2,648
6,057
903
(210)
(342)
(665)
8,391
CCS earnings
8,060
9,603
3,535
404
(1,514)
(2,606)
17,482
[A] Includes $126\u00a0million of revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. This amount
includes both the reversal of prior losses of $4,824\u00a0million related to sales contracts and prior gains of $4,892\u00a0million related to purchase contracts that were previously recognised and
where physical settlement had taken place during 2021.
[B] Impairment losses comprise Property, plant and equipment ($3,894 million), Goodwill ($167 million) and Other intangible assets ($4\u00a0million). (See Note 12).
[C] Impairment reversals fully comprise Property, plant and equipment. (See Note 12).
Reconciliation of CCS earnings to income for the period
$ million
2023
2022
2021
Income attributable to Shell plc shareholders
19,359
42,309
20,101
Income attributable to non-controlling interest
277
565
529
Income for the period
19,636
42,874
20,630
Current cost of supplies adjustment:
Purchases
815
(1,714)
(3,772)
Taxation
(203)
444
808
Share of profit of joint ventures and associates
33
(42)
(184)
Current cost of supplies adjustment
645
(1,312)
(3,148)
Of which:
Attributable to Shell plc shareholders
650
(1,196)
(3,029)
Attributable to non-controlling interest
(5)
(116)
(119)
CCS earnings
20,281
41,562
17,482
Of which:
CCS earnings attributable to Shell plc shareholders
20,008
41,113
17,072
CCS earnings attributable to non-controlling interest
273
449
410
Information by geographical area is as follows:
2023
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
118,135
[A]
99,967
70,291
28,227
316,620
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
48,008
[B]
91,374
57,261
49,562
246,205
[A] Includes $44,815 million\u00a0that originated from the UK.
[B] Includes $21,478\u00a0million located in the UK.
2022
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
135,975
[A]
126,643
87,085
31,611
381,314
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
40,161
[B]
97,019
59,233
51,794
248,207
[A] Includes $50,236\u00a0million that originated from the UK.
[B] Includes $20,772\u00a0million located in the UK.
2021
$ million
Europe
Asia,
Oceania,
Africa
USA
Other
Americas
Total
Third-party revenue, by origin
78,549
[A]
87,070
73,647
22,238
261,504
Goodwill, other intangible assets, property, plant and equipment, joint
ventures and associates at December 31
38,881
[B]
97,278
58,286
48,595
243,040
[A] Includes $21,846\u00a0million that originated from the UK.
[B] Includes $21,974\u00a0million located in the UK.
Cash capital expenditure
Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and
assessing performance.
2023
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,491
8,249
5,563
3,106
2,314
270
22,993
[A]
Investments in joint ventures and associates
705
94
49
84
261
9
1,202
[A]
Investments in equity securities
\u2014
\u2014
\u2014
2
106
89
197
[A]
Cash capital expenditure*
4,196
8,343
5,612
3,192
2,681
368
24,392
[A] See Consolidated Statements of Cash Flows.
* Non-GAAP measure (see page 365).
2022
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,433
8,020
4,527
3,835
2,610
175
22,600
[A]
Investments in joint ventures and associates
832
123
304
2
703
9
1,973
[A]
Investments in equity securities
\u2014
\u2014
\u2014
1
156
103
260
[A]
Cash capital expenditure*
4,265
8,143
4,831
3,838
3,469
287
24,833
[A] See Consolidated Statements of Cash Flows.
2021
$ million
Integrated
Gas
Upstream
Marketing
Chemicals
and
Products
Renewables
and Energy
Solutions
Corporate
Total
Capital expenditure
3,306
6,277
2,122
5,091
2,069
135
19,000
[A]
Investments in joint ventures and associates
196
(109)
148
80
154
10
479
[A]
Investments in equity securities
\u2014
\u2014
3
4
136
75
218
[A]
Cash capital expenditure*
3,502
6,168
2,273
5,175
2,359
220
19,697
[A] See Consolidated Statements of Cash Flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-543": { "value": "international energy company", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-548": { "value": "
8. Interest\u00a0and\u00a0other\u00a0income
$ million
2023
2022
2021
Interest income
2,313
1,046
511
Dividend income (from investments in equity securities)
49
216
91
Net gains on sale and revaluation of non-current assets and businesses
257
642
5,995
Net foreign exchange (losses)/gains on financing activities
(458)
(340)
118
Other
677
(649)
341
Total
2,838
915
7,056
Other includes amounts recognised in respect of sublease income from partners in joint operations (2023: $418 million, 2022: $319 million, 2021:
$313 million).
In 2022, Other included the full write-down of the Nord Stream 2 loan amounting to $1,126\u00a0million as a result of Shell's withdrawal from Russian
oil and gas activities. In 2021, net gains on sale of non-current assets and businesses arose mainly in respect of gains on the sale of Integrated Gas
assets in Australia and Norway, and Upstream assets in the USA and Nigeria", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-547": { "value": "
8. Interest\u00a0and\u00a0other\u00a0income
$ million
2023
2022
2021
Interest income
2,313
1,046
511
Dividend income (from investments in equity securities)
49
216
91
Net gains on sale and revaluation of non-current assets and businesses
257
642
5,995
Net foreign exchange (losses)/gains on financing activities
(458)
(340)
118
Other
677
(649)
341
Total
2,838
915
7,056
Other includes amounts recognised in respect of sublease income from partners in joint operations (2023: $418 million, 2022: $319 million, 2021:
$313 million).
In 2022, Other included the full write-down of the Nord Stream 2 loan amounting to $1,126\u00a0million as a result of Shell's withdrawal from Russian
oil and gas activities. In 2021, net gains on sale of non-current assets and businesses arose mainly in respect of gains on the sale of Integrated Gas
assets in Australia and Norway, and Upstream assets in the USA and Nigeria
9. Interest\u00a0expense
$ million
2023
2022
2021
Interest incurred and similar charges
2,669
1,971
2,086
Interest expense related to leases
1,772
1,724
1,987
Less: interest capitalised
(532)
(950)
(917)
Other net losses/(gains) on fair value and cash flow hedges of debt
45
(71)
1
Accretion expense
719
507
450
Total
4,673
3,181
3,607
The rate applied in determining the amount of interest capitalised in 2023 was 4.0% ( 2022: 4.0% ; 2021 : 4.0%).
* Non-GAAP measure (see page 365).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-546": { "value": "
8. Interest\u00a0and\u00a0other\u00a0income
$ million
2023
2022
2021
Interest income
2,313
1,046
511
Dividend income (from investments in equity securities)
49
216
91
Net gains on sale and revaluation of non-current assets and businesses
257
642
5,995
Net foreign exchange (losses)/gains on financing activities
(458)
(340)
118
Other
677
(649)
341
Total
2,838
915
7,056
Other includes amounts recognised in respect of sublease income from partners in joint operations (2023: $418 million, 2022: $319 million, 2021:
$313 million).
In 2022, Other included the full write-down of the Nord Stream 2 loan amounting to $1,126\u00a0million as a result of Shell's withdrawal from Russian
oil and gas activities. In 2021, net gains on sale of non-current assets and businesses arose mainly in respect of gains on the sale of Integrated Gas
assets in Australia and Norway, and Upstream assets in the USA and Nigeria", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-545": { "value": "
8. Interest\u00a0and\u00a0other\u00a0income
$ million
2023
2022
2021
Interest income
2,313
1,046
511
Dividend income (from investments in equity securities)
49
216
91
Net gains on sale and revaluation of non-current assets and businesses
257
642
5,995
Net foreign exchange (losses)/gains on financing activities
(458)
(340)
118
Other
677
(649)
341
Total
2,838
915
7,056
Other includes amounts recognised in respect of sublease income from partners in joint operations (2023: $418 million, 2022: $319 million, 2021:
$313 million).
In 2022, Other included the full write-down of the Nord Stream 2 loan amounting to $1,126\u00a0million as a result of Shell's withdrawal from Russian
oil and gas activities. In 2021, net gains on sale of non-current assets and businesses arose mainly in respect of gains on the sale of Integrated Gas
assets in Australia and Norway, and Upstream assets in the USA and Nigeria", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-544": { "value": "
8. Interest\u00a0and\u00a0other\u00a0income
$ million
2023
2022
2021
Interest income
2,313
1,046
511
Dividend income (from investments in equity securities)
49
216
91
Net gains on sale and revaluation of non-current assets and businesses
257
642
5,995
Net foreign exchange (losses)/gains on financing activities
(458)
(340)
118
Other
677
(649)
341
Total
2,838
915
7,056
Other includes amounts recognised in respect of sublease income from partners in joint operations (2023: $418 million, 2022: $319 million, 2021:
$313 million).
In 2022, Other included the full write-down of the Nord Stream 2 loan amounting to $1,126\u00a0million as a result of Shell's withdrawal from Russian
oil and gas activities. In 2021, net gains on sale of non-current assets and businesses arose mainly in respect of gains on the sale of Integrated Gas
assets in Australia and Norway, and Upstream assets in the USA and Nigeria", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-549": { "value": "
9. Interest\u00a0expense
$ million
2023
2022
2021
Interest incurred and similar charges
2,669
1,971
2,086
Interest expense related to leases
1,772
1,724
1,987
Less: interest capitalised
(532)
(950)
(917)
Other net losses/(gains) on fair value and cash flow hedges of debt
45
(71)
1
Accretion expense
719
507
450
Total
4,673
3,181
3,607
The rate applied in determining the amount of interest capitalised in 2023 was 4.0% ( 2022: 4.0% ; 2021 : 4.0%).
* Non-GAAP measure (see page 365).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-550": { "value": "
11. Property, plant\u00a0and\u00a0equipment
2023 [A]
$ million
Exploration\u00a0and\u00a0production
Exploration
and\u00a0evaluation
Production
Manufacturing,
supply and
distribution
Other
Total
Cost
At January 1
11,565
277,016
106,785
39,595
434,961
Additions
2,161
10,731
5,910
7,029
25,831
Sales, retirements and other movements [B]
(5,164)
(1,153)
(1,016)
(1,387)
(8,720)
Reclassifications [C]
\u2014
(2,779)
527
2,252
\u2014
Currency translation differences
73
1,855
863
207
2,998
At December 31
8,635
285,670
113,069
47,696
455,070
Depreciation, depletion and amortisation, including impairments
At January 1
5,162
159,662
56,901
14,594
236,319
Charge for the year [D]
731
18,202
8,295
2,687
29,915
Sales, retirements and other movements [B]
(2,609)
(2,000)
(2,083)
(1,394)
(8,086)
Reclassifications [C]
\u2014
(2,217)
63
2,154
\u2014
Currency translation differences
39
1,326
650
72
2,087
At December 31
3,323
174,973
63,826
18,113
260,235
Carrying amount at December 31
5,312
110,697
49,243
29,583
194,835
[A] Includes right-of-use assets under leases. (See Note 21).
[B] Includes the reclassification of assets classified as held for sale. (See Note 18).
[C] Reclassifications of right-of-use assets. (See Note 21).
[D] Includes impairment losses and reversals. (See Note 12).
2022 [A]
$ million
Exploration\u00a0and\u00a0production
Exploration
and\u00a0evaluation
Production
Manufacturing,
supply and
distribution
Other
Total
Cost
At January 1
12,679
285,903
104,182
34,005
436,769
Additions
1,564
11,954
6,928
7,808
28,254
Sales, retirements and other movements [B]
(2,469)
(14,541)
(2,548)
(242)
(19,800)
Currency translation differences
(209)
(6,300)
(1,777)
(1,976)
(10,262)
At December 31
11,565
277,016
106,785
39,595
434,961
Depreciation, depletion and amortisation, including impairments
At January 1
5,580
167,530
55,131
13,596
241,837
Charge for the year [C]
397
9,709
5,149
2,055
17,310
Sales, retirements and other movements [B]
(765)
(13,207)
(2,054)
(396)
(16,422)
Currency translation differences
(50)
(4,370)
(1,325)
(661)
(6,406)
At December 31
5,162
159,662
56,901
14,594
236,319
Carrying amount at December 31
6,403
117,354
49,884
25,001
198,642
[A] Includes right-of-use assets under leases. (See Note 21).
[B] Includes the reclassification of assets classified as held for sale. (See Note 18).
[C] Includes impairment losses and reversals. (See Note 12).
The carrying amount of property, plant and equipment at December 31, 2023 , included $28,135 million ( 2022: $27,277 million) of assets
under\u00a0construction. This amount excludes exploration and evaluation assets.
The carrying amount of exploration and production assets at December 31, 2023 , included rights and concessions in respect of proved and
unproved properties of $6,097 million ( 2022: $7,662 million). Exploration and evaluation assets principally comprise rights and concessions
in\u00a0respect of unproved properties and capitalised exploration drilling costs.
The total contractual commitments for the purchase and lease of property, plant and equipment at December 31, 2023, amounted to $12,419
million of which $8,594 million related to lease commitments.
Capitalised exploration drilling costs
$ million
2023
2022
2021
At January 1
2,911
3,015
3,654
Additions pending determination of proved reserves
1,967
1,298
1,024
Amounts charged to expense
(868)
(881)
(639)
Reclassifications to productive wells on determination of proved reserves
(874)
(531)
(577)
Other movements
\u2014
10
(447)
At December 31
3,136
2,911
3,015
Projects
Wells
Number
$ million
Number
$ million
Between 1 and 5 years
13
721
14
353
Between 6 and 10 years
6
704
22
708
Between 11 and 15 years
2
69
20
390
Between 16 and 20 years
2
124
8
167
Total
23
1,618
64
1,618
Exploration drilling costs capitalised for periods greater than one year at December 31, 2023, analysed according to the most recent year of
activity, are presented in the table above. These comprise $273 million relating to five projects where drilling activities were under way or firmly
planned for the future, and $1,345 million relating to 18 projects awaiting development concepts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-551": { "value": "
12. Impairment of property, plant and equipment, goodwill and other intangible assets
Impairments
$ million
2023
2022
2021
Impairment losses
Goodwill
635
361
167
Intangible assets other than goodwill
130
153
4
Property, plant and equipment, of which [A]
8,182
1,799
3,894
Exploration and production
4,820
868
1,533
Manufacturing, supply and distribution
2,785
474
2,340
Other
577
457
21
Total [B]
8,947
2,313
4,065
Impairment reversals
Intangible assets other than goodwill
135
\u2014
\u2014
Property, plant and equipment, of which [A]
627
6,177
214
Exploration and production
528
5,954
213
Manufacturing, supply and distribution
91
72
\u2014
Other
8
151
1
Total [B]
762
6,177
214
[A] Includes right-of-use assets under leases. (See Note 21).
[B] See Note 7.
Discount rate and other assumptions
The discount rates applied in determining value in use reflect a current market assessment of the time value of money, adjusted for risks not
included in forecast cash flows. The discount rate applied is based on a nominal post-tax weighted average cost of capital (WACC), derived from
the following key assumptions:
\"Note_12_WACC.jpg\"
[A] The peer group of comparable energy companies is tailored to reflect relevant integrated power companies (for power activities in the Renewables and Energy Solutions segment) and
integrated oil and gas companies (for the rate applied to all other assets). The proportion of debt and equity in the WACC calculation reflects a target gearing ratio, tailored for power
activities and oil and gas activities as appropriate.
This rate is reassessed throughout the reporting period, with adjustments made when changes in assumptions applied would lead to a change
in\u00a0an investor's expected rate of return on a portfolio of similar assets. This assessment considers a range of factors, including macroeconomic
forecasts, the historical volatility of key assumptions and the level of risking reflected in cash flow forecasts, including the extent to which systemic
risks have been reflected in Shell's Operating Plan, which forms the basis of forecast cash flows in determining value in use.
Cash flow projections used in the determination of value in use were made using management's forecasts of commodity prices, market supply
and\u00a0demand, forecast expenditures, potential costs associated with operational GHG emissions, product margins including forecast refining
margins, chemical margins and expected production volumes (see Note 2). The level of risking reflected in these assumptions is a consideration
in\u00a0management's assessment of the discount rate to be applied in order to avoid duplication of systemic and asset-specific risking in calculating
value in use, and to ensure the discount rate applied is commensurate with risks included in forecast cash flows.
The discount rate increased in 2023, predominantly as a result of sustained increases in US Treasury yields. The discount rate applied was a
nominal post-tax WACC of 6% (2022: 5%) for the power activities in the Renewables and Energy Solutions segment and a nominal post-tax
WACC of 7.5% (2022: 6.5%) for all other businesses.
Recoverable value was predominantly assessed by reference to value in use. The pre-tax discount rates applied for value in use impairment
testing\u00a0vary according to the characteristics of the asset, including its useful life and cash flow profiles. The weighted average pre-tax discount
rate\u00a0applied in the recognition of impairment charges during the year was 9.9% for the Renewables and Energy Solutions segment and 12.9%
for\u00a0all other businesses. Prior year impairment charges were predominantly related to the withdrawal from Russia where value in use calculations
were not applicable.
The near-term commodity price assumptions applied in impairment testing were as follows:
Commodity price assumptions [A]
2023
2024
2025
2026
2027
Brent crude oil ($/b)
70
70
70
74
Henry Hub natural gas ($/MMBtu)
4.00
4
4
4
2022
2023
2024
2025
2026
Brent crude oil ($/b)
80
70
70
71
Henry Hub natural gas ($/MMBtu)
4.00
3.50
3.50
3.98
[A] Money of the day.
For periods after 2027, the real-terms price assumptions applied were: $70 per barrel (/b) (2022: $65/b) for Brent crude oil, $4.00 per\u00a0million
British thermal units (/MMBtu) (2022: $4.00/MMBtu) for Henry Hub natural gas.
Oil and gas price assumptions applied for impairment testing are reviewed and, where necessary, adjusted on a periodic basis. Reviews include
comparison with available market data and forecasts that reflect developments in demand such as global economic growth, technology efficiency,
policy measures and, in supply, consideration of investment and resource potential, cost of development of new supply, and behaviour of major
resource holders.
For certain assets in the Chemicals and Products and Renewables and Energy Solutions segments, the recoverable value was determined by
reference to fair value less costs of disposal. In determining fair value, adjustments are made to forecast cash flows to reflect assumptions used
by\u00a0market participants. These adjustments predominantly relate to the discount rate applied and commodity price assumptions. For certain assets
in the Renewables and Energy Solutions segment, the valuation methodology incorporates other adjustments to reflect comparable transactions.
The total carrying value of property, plant and equipment, goodwill and other intangible assets at December 31, 2023 for which recoverable
value was determined by reference to fair value less costs of\u00a0disposal was $2.6\u00a0billion related to assets in Renewables and Energy Solutions and
$2.5\u00a0billion in Chemicals and Products. The weighted average post-tax discount rate applied to impairments recognised during the year is 12% for
Renewables and Energy Solutions and 10% for\u00a0Chemicals and Products.
Goodwill
Goodwill impairments of $635 million in 2023 are mainly recognised in Renewables and Energy Solutions primarily related to an asset in
North\u00a0America, triggered by annual goodwill impairment testing reflecting factors including the impact of the deteriorated macro environment.
Property, plant and equipment
Exploration and production
Impairment losses recognised in Exploration and production in 2023 of $4,820 million related to various assets in Integrated Gas ($3,472
million) and Upstream ($1,348 million). Impairments recognised in Integrated Gas mainly related to an asset located in North America, triggered
by a change in the discount rate applied, and a project in Australia, triggered by factors including revised production estimates and regulatory
changes. Impairment losses recognised in Upstream principally relate to projects in North America, Nigeria and the UK triggered by factors
including revised reserves estimates and portfolio choices.
Manufacturing, supply and distribution
Impairment losses recognised in Manufacturing, supply and distribution in 2023 of $2,785 million mainly related to chemical assets in Singapore
in Chemicals and Products, triggered by lower expected chemical margins and associated with portfolio choices.
Other
Other impairment losses in 2023 of $577 million related to various assets in Marketing ($292 million) and assets in Renewables and Energy
Solutions mainly in Europe ($273 million).
Impairment reversals in 2023 of $627 million are mainly triggered by the reassessment of fair value less costs of disposal in Integrated Gas
($325 million) and revised reserves estimates in Upstream ($203 million).
Impairment losses in 2022 mainly related to the withdrawal from Russia ($854\u00a0million), the classification of an Upstream asset as held for sale
($320\u00a0million) and an impairment of capital expenditure additions in fully impaired sites in Chemicals and Products ($257\u00a0million).
The recognition of impairment reversals in 2022 was mainly triggered by the revision of Shell's mid- and long-term commodity price assumptions
reflecting the energy market demand and supply fundamentals. They are related to: i) Integrated Gas for $3,449 million, mainly relating to\u00a0the
Queensland Curtis LNG asset; and ii) Upstream for $2,504 million, mainly related to two offshore projects in Brazil and an asset in the US\u00a0Gulf of
Mexico.
Impairment losses in 2021 were predominantly triggered by reclassifications of assets held for sale and portfolio developments. They were mainly
related to three refineries in the USA within Chemicals and Products impaired on classification as held for sale ($1,537\u00a0million), and exploration
and evaluation assets both within Integrated Gas ($600\u00a0million) and Upstream ($373\u00a0million).
Sensitivities
The main sensitivities in relation to value in use impairment assessment are the commodity price assumptions in Integrated Gas and Upstream,
refining and chemical margins in Chemicals and Products, and discount rates in all segments.
Commodity price assumptions
A change of -10% or +10% in the commodity price assumptions over the entire cash\u00a0flow projection period would ceteris paribus result in
$5-8\u00a0billion impairments or $2-5\u00a0billion impairment reversal, respectively, in\u00a0Integrated Gas and Upstream.
Refining margins
Refining margins applied for impairment testing by reference to value in use are at an average of $7.6/bbl. A change of -$1/bbl or +$1/bbl
in long-term refining margins over the entire cash flow projection period would ceteris paribus result in $1-2\u00a0billion impairments or up to $1 billion
impairment reversal, respectively, in Chemicals and Products.
Chemical margins
Chemicals margins applied for impairment testing by reference to value in use are at an average of $252/tonne. A change of -$30/tonne or +
$30/tonne in long-term chemical margins over the entire cash flow projection period would ceteris paribus result in up to $2 billion impairments or
no impairment reversal, respectively, in Chemicals and Products.
Discount rates
A change of +1% in the discount rate would ceteris paribus result\u00a0in $2-4 billion impairments in Integrated Gas and Upstream, and up to
$1 billion in Chemicals and Products, and would have no significant impact in other segments.
Where carrying values have been supported by reference to fair value less costs of disposal, recoverable amounts are less sensitive to Shell's
planning assumptions. This is on the basis that key assumptions (including discount rates and commodity prices) have been adjusted to reflect
those used by market participants.
In calculating recoverable value, key assumptions are not determined in isolation, to ensure relevant interdependencies are appropriately
reflected. In particular, management considers the relationship between discount rates, forecast commodity prices and cash flow risking to ensure
impairment testing assumptions result in an implicit expected return which is balanced and appropriate for the asset under review. Each of the
sensitivities described above have been tested under a ceteris paribus assumption where all other factors remain unchanged, and as such do
not\u00a0reflect the potential offsetting effects of corresponding changes in other assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-554": { "value": "
13. Joint\u00a0ventures\u00a0and\u00a0associates
Shell share of comprehensive income of joint ventures and associates
$ million
2023
2022
2021
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Income for the period
1,619
2,106
3,725
2,589
1,383
[A]
3,972
1,955
2,142
4,097
Other comprehensive
(loss)/income for the period
(183)
\u2014
(183)
21
\u2014
21
(106)
\u2014
(106)
Comprehensive income for the period
1,436
2,106
3,542
2,610
1,383
3,993
1,849
2,142
3,991
[A] Includes an impairment charge of $1,614\u00a0million related to Sakhalin-2. (See Note 14).
Carrying amount of interests in joint ventures and associates
$ million
Dec 31, 2023
Dec 31, 2022
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Net assets
17,382
7,075
24,457
17,056
6,808
23,864
Transactions with joint ventures and associates [A]
$ million
2023
2022
2021
Sales and charges to joint ventures and associates
10,223
12,230
8,509
Purchases and charges from joint ventures and associates
15,084
22,286
13,584
[A] Includes 25% (2022: 29%) of sales and 19% (2022: 16%) purchases in transactions with one joint venture operating in the oil trading business.
These transactions principally comprise sales and purchases of goods and services in the ordinary course of business. Related balances
outstanding at December 31, 2023, and 2022, are presented in Notes 15 and 19.
Other arrangements in respect of joint ventures and associates
$ million
Dec 31, 2023
Dec 31, 2022
Commitments to make purchases from joint ventures and associates [A]
1,397
1,234
Commitments to provide debt or equity funding to joint ventures and associates
405
567
[A] Commitments to make purchases from joint ventures and associates mainly relate to contracts associated with LNG processing fees and transportation capacity. Shell has other purchase
obligations related to joint ventures and associates that are not fixed or determinable and are principally intended to be resold in a short period of time through sales agreements with third
parties. These include long-term LNG and natural gas purchase commitments and commitments to purchase refined products or crude oil at market prices.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-553": { "value": "
13. Joint\u00a0ventures\u00a0and\u00a0associates
Shell share of comprehensive income of joint ventures and associates
$ million
2023
2022
2021
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Income for the period
1,619
2,106
3,725
2,589
1,383
[A]
3,972
1,955
2,142
4,097
Other comprehensive
(loss)/income for the period
(183)
\u2014
(183)
21
\u2014
21
(106)
\u2014
(106)
Comprehensive income for the period
1,436
2,106
3,542
2,610
1,383
3,993
1,849
2,142
3,991
[A] Includes an impairment charge of $1,614\u00a0million related to Sakhalin-2. (See Note 14).
Carrying amount of interests in joint ventures and associates
$ million
Dec 31, 2023
Dec 31, 2022
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Net assets
17,382
7,075
24,457
17,056
6,808
23,864
Transactions with joint ventures and associates [A]
$ million
2023
2022
2021
Sales and charges to joint ventures and associates
10,223
12,230
8,509
Purchases and charges from joint ventures and associates
15,084
22,286
13,584
[A] Includes 25% (2022: 29%) of sales and 19% (2022: 16%) purchases in transactions with one joint venture operating in the oil trading business.
These transactions principally comprise sales and purchases of goods and services in the ordinary course of business. Related balances
outstanding at December 31, 2023, and 2022, are presented in Notes 15 and 19.
Other arrangements in respect of joint ventures and associates
$ million
Dec 31, 2023
Dec 31, 2022
Commitments to make purchases from joint ventures and associates [A]
1,397
1,234
Commitments to provide debt or equity funding to joint ventures and associates
405
567
[A] Commitments to make purchases from joint ventures and associates mainly relate to contracts associated with LNG processing fees and transportation capacity. Shell has other purchase
obligations related to joint ventures and associates that are not fixed or determinable and are principally intended to be resold in a short period of time through sales agreements with third
parties. These include long-term LNG and natural gas purchase commitments and commitments to purchase refined products or crude oil at market prices.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-552": { "value": "
13. Joint\u00a0ventures\u00a0and\u00a0associates
Shell share of comprehensive income of joint ventures and associates
$ million
2023
2022
2021
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Income for the period
1,619
2,106
3,725
2,589
1,383
[A]
3,972
1,955
2,142
4,097
Other comprehensive
(loss)/income for the period
(183)
\u2014
(183)
21
\u2014
21
(106)
\u2014
(106)
Comprehensive income for the period
1,436
2,106
3,542
2,610
1,383
3,993
1,849
2,142
3,991
[A] Includes an impairment charge of $1,614\u00a0million related to Sakhalin-2. (See Note 14).
Carrying amount of interests in joint ventures and associates
$ million
Dec 31, 2023
Dec 31, 2022
Joint
ventures
Associates
Total
Joint
ventures
Associates
Total
Net assets
17,382
7,075
24,457
17,056
6,808
23,864
Transactions with joint ventures and associates [A]
$ million
2023
2022
2021
Sales and charges to joint ventures and associates
10,223
12,230
8,509
Purchases and charges from joint ventures and associates
15,084
22,286
13,584
[A] Includes 25% (2022: 29%) of sales and 19% (2022: 16%) purchases in transactions with one joint venture operating in the oil trading business.
These transactions principally comprise sales and purchases of goods and services in the ordinary course of business. Related balances
outstanding at December 31, 2023, and 2022, are presented in Notes 15 and 19.
Other arrangements in respect of joint ventures and associates
$ million
Dec 31, 2023
Dec 31, 2022
Commitments to make purchases from joint ventures and associates [A]
1,397
1,234
Commitments to provide debt or equity funding to joint ventures and associates
405
567
[A] Commitments to make purchases from joint ventures and associates mainly relate to contracts associated with LNG processing fees and transportation capacity. Shell has other purchase
obligations related to joint ventures and associates that are not fixed or determinable and are principally intended to be resold in a short period of time through sales agreements with third
parties. These include long-term LNG and natural gas purchase commitments and commitments to purchase refined products or crude oil at market prices.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-555": { "value": "
14. Investments\u00a0in\u00a0 securities
Investments in securities
$ million
Dec 31, 2023
Dec 31, 2022
Equity securities:
1,605
1,533
Equity securities at fair value through other comprehensive income
1,605
1,533
Debt securities:
1,641
1,829
Debt securities at amortised cost
28
21
Debt securities at fair value through other comprehensive income
1,285
1,308
Debt securities at fair value through profit or loss
328
500
Total
3,246
3,362
At fair value
Measured by reference to prices in active markets for identical assets
1,983
1,884
Measured by reference to other observable inputs
92
158
Measured using predominantly unobservable inputs
1,143
1,299
Total
3,218
3,341
At cost
28
21
Total
3,246
3,362
As at December 31, 2023 , investments included equity securities comprising interests in which Shell has no significant influence; debt securities,
principally comprising a portfolio required to be held by the Company's internal insurance entities as security for their activities; and assets held
in\u00a0escrow in relation to the Group's UK pension arrangements.
Equity securities at fair value through other comprehensive income include a 27.5% (minus one share) interest in Sakhalin Energy Investment
Company Ltd. (SEIC). Up to March 31, 2022, this investment was accounted for as an associate applying the equity method. Significant influence
over the Sakhalin-2 investment was lost from April 1, 2022, leading to recognition, without financial impact, of the investment as a financial asset
accounted for at fair value from that date, with subsequent changes in fair value recognised in other comprehensive income. The carrying value
of\u00a0the investment is zero as at December 31, 2023 (2022: zero).
Investments in securities measured using predominantly unobservable inputs [A]
$ million
2023
2022
At January 1
1,299
1,707
Losses recognised in other comprehensive income
(126)
(206)
Purchases
146
142
Sales
(207)
(37)
Other movements
31
(307)
At December 31
1,143
1,299
[A] Based on expected dividend flows, adjusted for country and other risks as appropriate and discounted to their present value.
Other movements in 2022 includes a reclassification to Property, plant and equipment, as a result of obtaining title to assets in a project in Asia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-556": { "value": "
15. Trade\u00a0and\u00a0other\u00a0 receivables
$ million
Dec 31, 2023
Dec 31, 2022
Current
Non-current
Current
Non-current
Trade receivables
36,273
\u2014
39,334
\u2014
Lease receivables
188
1,032
206
1,090
Other receivables
9,642
2,801
9,737
3,247
Amounts due from joint ventures and associates
1,014
278
2,722
423
Prepayments and deferred charges
6,156
2,187
14,511
2,160
Total
53,273
6,298
66,510
6,920
The fair value of financial assets included above approximates the carrying amount and was determined from predominantly unobservable inputs.
Other receivables at December 31, 2023, included receivables from certain governments in their capacity as joint arrangement partners of
$296\u00a0million ( 2022: $717\u00a0million ), after provisions for impairments, that are overdue in part or in full. Recoverability and timing thereof are subject
to uncertainty, however, the ultimate risk of default on the carrying amount is considered to be low. Other receivables at December 31, 2023,
also\u00a0included current income tax receivables of $558\u00a0million (2022: $363\u00a0million) and non-current income tax receivables of $568\u00a0million
( 2022:\u00a0$469\u00a0million).
Current prepayments and deferred charges at December 31, 2023, mainly decreased compared to prior year due to lower gas and power prices
and\u00a0a lower outstanding collateral position.
Provisions for impairments deducted from trade and other receivables amounted to $1,251\u00a0million at December 31, 2023 (2022: $1,510 million).
Allowance for expected credit losses - trade receivables
Shell uses a provision matrix to calculate expected credit losses (ECLs) for trade receivables. The provision matrix is initially based on Shell's
historical observed default rates. Shell calculates the ECL to adjust the historical credit loss experienced with forward-looking information.
The ECL at December 31, 2023, was $185\u00a0million (2022: $214\u00a0million), which represents 0.51-0.54% ( 2022 : 0.45- 0.54%) of all
trade\u00a0receivables.
A loss allowance provision of $415\u00a0million (2022 : $841 million) was established in addition to all other impairments to trade receivables
as at December 31, 2023, that are outside of the provision matrix calculations.
Lease receivables
Lease contracts where Shell is the lessor are classified as finance leases or operating leases. Receivables for lease contracts classified as finance
leases are as follows:
$ million
Dec 31, 2023
Dec 31, 2022
Less than one year
238
257
Between 1 and 5 years
848
792
5 years and later
453
532
Total undiscounted lease payments receivable
1,539
1,581
Unearned finance income
260
270
Net investment in leases
1,279
1,311
In addition, at December 31, 2023, Shell is entitled to future contractual payments under operating leases of $312\u00a0million (2022: $389\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-557": { "value": "
Allowance for expected credit losses - trade receivables
Shell uses a provision matrix to calculate expected credit losses (ECLs) for trade receivables. The provision matrix is initially based on Shell's
historical observed default rates. Shell calculates the ECL to adjust the historical credit loss experienced with forward-looking information.
The ECL at December 31, 2023, was $185\u00a0million (2022: $214\u00a0million), which represents 0.51-0.54% ( 2022 : 0.45- 0.54%) of all
trade\u00a0receivables.
A loss allowance provision of $415\u00a0million (2022 : $841 million) was established in addition to all other impairments to trade receivables
as at December 31, 2023, that are outside of the provision matrix calculations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-558": { "value": "
Lease receivables
Lease contracts where Shell is the lessor are classified as finance leases or operating leases. Receivables for lease contracts classified as finance
leases are as follows:
$ million
Dec 31, 2023
Dec 31, 2022
Less than one year
238
257
Between 1 and 5 years
848
792
5 years and later
453
532
Total undiscounted lease payments receivable
1,539
1,581
Unearned finance income
260
270
Net investment in leases
1,279
1,311
In addition, at December 31, 2023, Shell is entitled to future contractual payments under operating leases of $312\u00a0million (2022: $389\u00a0million).
21. Leases
Shell has lease contracts in Integrated Gas and Upstream, principally for floating production storage and offloading units, subsea equipment,
drilling and ancillary equipment, service vessels, LNG vessels and land and buildings; in Marketing, principally for land and retail sites; in
Chemicals and Products, principally for plant pipeline and machinery, tankers and storage capacity; in Renewables and Energy Solutions,
principally for power generation assets, storage capacity and land; and in Corporate, principally for land and buildings. Shell's obligations
under\u00a0its\u00a0leases are secured on the leased assets.
Right-of-use assets
Right-of-use assets are included in property, plant and equipment for the following amounts:
2023
$ million
Exploration\u00a0and\u00a0production
Manufacturing,
supply and
distribution
Exploration
and\u00a0evaluation
Production
Other [D]
Total
Cost
At January 1
\u2014
14,675
16,463
9,899
41,037
Additions
\u2014
790
2,442
1,308
4,540
Sales, retirements and other movements [A]
\u2014
(116)
29
(1,040)
(1,127)
Reclassifications [B]
\u2014
(2,779)
527
2,252
\u2014
Currency translation differences
\u2014
27
24
(268)
(217)
At December 31
\u2014
12,597
19,485
12,151
44,233
Depreciation, depletion and amortisation, including impairments
At January 1
\u2014
8,275
6,695
2,950
17,920
Charge for the year [C]
\u2014
1,382
2,428
998
4,808
Sales, retirements and other movements [A]
\u2014
(303)
(1,149)
(1,042)
(2,494)
Reclassifications [B]
\u2014
(2,217)
63
2,154
\u2014
Currency translation differences
\u2014
9
12
(101)
(80)
At December 31
\u2014
7,146
8,049
4,959
20,154
Carrying amount at December 31
\u2014
5,451
11,436
7,192
24,079
[A] Includes the reclassification of right-of-use assets to assets held for sale. (See Note 18).
[B] Reclassification from Production to Manufacturing, supply and distribution and Other.
[C] Includes impairment losses ($72\u00a0million) and reversals ($2\u00a0million). (See Note 12).
[D] Other mainly includes lease contracts for retail sites, land and buildings in Marketing, Renewables and Energy Solutions and Corporate.
2022
$ million
Exploration\u00a0and\u00a0production
Manufacturing,
supply and
distribution
Exploration
and\u00a0evaluation
Production
Other [C]
Total
Cost
At January 1
5
14,322
15,748
8,031
38,106
Additions
\u2014
1,088
2,305
2,111
5,504
Sales, retirements and other movements [A]
(5)
(569)
(1,530)
319
(1,785)
Currency translation differences
\u2014
(166)
(60)
(562)
(788)
At December 31
\u2014
14,675
16,463
9,899
41,037
Depreciation, depletion and amortisation, including impairments
At January 1
\u2014
7,935
5,946
2,273
16,154
Charge for the year [B]
\u2014
1,182
2,223
797
4,202
Sales, retirements and other movements [A]
\u2014
(751)
(1,444)
23
(2,172)
Currency translation differences
\u2014
(91)
(30)
(143)
(264)
At December 31
\u2014
8,275
6,695
2,950
17,920
Carrying amount at December 31
\u2014
6,400
9,768
6,949
23,117
[A] Includes the reclassification of right-of-use assets to assets held for sale. (See Note 18).
[B] Includes impairment losses ($160\u00a0million) and reversals ($206\u00a0million). (See Note 12).
[C] Other mainly includes lease contracts for retail sites, land and buildings in Marketing, Renewables and Energy Solutions and Corporate.
Lease arrangements
Shell also has certain lease contracts of items with lease terms of 12 months or less. For these lease contracts, Shell applies the short-term lease
recognition exemption. Lease expenses not included in the measurement of lease liability are:
Lease expenses not included in the measurement of lease liability
$ million
2023
2022
Expense relating to short-term leases
495
552
Expense relating to variable lease payments
1,415
1,251
The total cash outflow in respect of leases representing repayment of principal and payment of interest in 2023 was $7,512\u00a0million
(2022 :\u00a0$6,280\u00a0million ), recognised in the Consolidated Statement of Cash Flows within Cash flows from financing activities.
The future lease payments under lease contracts and the carrying amounts at December\u00a031, by\u00a0payment date are as follows:
2023
$ million
Contractual
lease
payments
Interest
Lease
liabilities
Less than 1 year
6,182
1,539
4,643
Between 1 and 5 years
16,105
4,443
11,662
5 years and later
16,794
5,390
11,404
Total
39,081
[A]
11,372
27,709
[A] Future cash outflows in respect of leases may differ from lease liabilities recognised due to future decisions that may be taken by Shell in respect of the use of leased assets. These decisions
may result in variable lease payments being made. In addition, Shell may reconsider whether it will exercise extension options or termination options, which are not reflected in the lease
liabilities. There is no exposure to these potential additional payments in excess of the recognised lease liabilities until these decisions have been taken by Shell.
2022
$ million
Contractual
lease
payments
Interest
Lease
liabilities
Less than 1 year
5,914
1,533
4,381
Between 1 and 5 years
15,624
4,655
10,969
5 years and later
17,935
5,642
12,293
Total
39,473
11,830
27,643
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-559": { "value": "
16. Inventories
$ million
Dec 31, 2023
Dec 31, 2022
Oil, gas and chemicals
22,232
27,823
Environmental certificates
2,108
2,557
Materials
1,679
1,514
Total
26,019
31,894
Inventories at December 31, 2023 , included write-downs to net realisable value of $1,567 million ( 2022 : $2,705 million ).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-560": { "value": "
17. Cash\u00a0and\u00a0cash\u00a0equivalents
$ million
Dec 31, 2023
Dec 31, 2022
Cash
5,886
6,608
Short-term bank deposits
6,590
5,147
Money market funds, reverse repos and other cash equivalents
26,298
28,491
Total
38,774
40,246
In 2023 , cash continued to be invested with an emphasis on capital preservation. Information about credit risk is presented in Note 25. Included
in cash and cash equivalents at December 31, 2023, were amounts totalling $460 million (2022: $156 million ) subject to currency controls or
other legal restrictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-561": { "value": "
18. Assets held for sale
$ million
Dec 31, 2023
Dec 31, 2022
Current
Non-current
Total
Current
Non-current
Total
Intangible assets
\u2014
71
71
\u2014
\u2014
\u2014
Property, plant and equipment
\u2014
250
250
\u2014
2,526
2,526
Joint ventures and associates
\u2014
19
19
\u2014
94
94
Investments in securities
\u2014
\u2014
\u2014
\u2014
128
128
Deferred tax
\u2014
10
10
\u2014
\u2014
\u2014
Retirement benefits
\u2014
1
1
\u2014
\u2014
\u2014
Trade and other receivables
103
34
137
44
51
95
Inventories
463
\u2014
463
8
\u2014
8
Assets classified as held for sale
566
385
951
52
2,799
2,851
Debt
2
82
84
3
1
4
Trade and other payables
94
\u2014
94
256
22
278
Retirement benefits
\u2014
53
53
\u2014
\u2014
\u2014
Decommissioning and other provisions
7
68
75
134
971
1,105
Income taxes payable
1
\u2014
1
8
\u2014
8
Liabilities directly associated with assets classified as held for sale
104
203
307
401
994
1,395
At December 31, 2023 , assets held for sale mainly related to an asset in Chemicals and Products in Europe, a Renewables and Energy Solutions
project in North America and an asset within Marketing in Asia. All transactions that resulted in the reclassification of assets held for sale at
December 31, 2023, are expected to be completed in 2024 .
At December 31, 2022, assets held for sale mainly related to three Upstream projects. All transactions that resulted in assets held for sale
reclassification at December 31, 2022 , were completed in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-562": { "value": "
20. Debt
Debt
$ million
Dec 31, 2023
Dec 31, 2022
Debt
(excluding
lease liabilities)
Lease
liabilities [A]
Total
Debt
(excluding
lease liabilities)
Lease
liabilities [A]
Total
Current debt:
5,288
4,643
9,931
4,620
4,381
9,001
Short-term debt
845
845
1,026
1,026
Long-term debt due within 1 year
4,443
4,643
9,086
3,594
4,381
7,975
Non-current debt
48,544
23,066
71,610
51,532
23,262
74,794
Total
53,832
27,709
81,541
56,152
27,643
83,795
[A] Further analysis of lease liabilities is provided in Note 21.
Net debt is the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments
used to hedge the volatility caused by fluctuations in foreign exchange and interest rates relating to debt, and associated collateral balances.
Net\u00a0debt is a non-GAAP measure, providing additional information to help demonstrate the economic impacts of debt, associated hedges,
and\u00a0cash and cash equivalents.
Net debt
$ million
(Asset)/liability
Current
debt
Non-current
debt
Derivative
financial
instruments
Cash and cash
equivalents
(see Note 17)
Net debt*
At January 1, 2023
9,001
74,794
1,288
(40,246)
44,837
Cash flow
(9,617)
(215)
723
1,778
(7,331)
Lease additions [A]
1,021
3,321
4,342
Other movements
9,619
(7,184)
(481)
\u2014
1,954
Currency translation differences and foreign exchange (gains)/losses
(93)
894
(755)
(306)
(260)
At December 31, 2023
9,931
71,610
775
(38,774)
43,542
At January 1, 2022
8,218
80,868
440
(36,970)
52,556
Cash flow
(7,618)
(254)
(1,799)
(4,012)
(13,683)
Lease additions [A]
1,111
4,077
5,188
Other movements
7,560
(7,883)
1,393
\u2014
1,070
Currency translation differences and foreign exchange (gains)/losses
(270)
(2,014)
1,254
736
(294)
At December 31, 2022
9,001
74,794
1,288
(40,246)
44,837
[A] Further analysis of lease liabilities is provided in Note 21.
Borrowing facilities and amounts undrawn
$ million
Facility
Amount undrawn
Dec 31, 2023
Dec 31, 2022
Dec 31, 2023
Dec 31, 2022
CP programmes
20,000
20,000
20,000
20,000
EMTN programme
unlimited
unlimited
N/A
N/A
US shelf registration
unlimited
unlimited
N/A
N/A
Committed credit facilities
9,920
9,920
9,920
9,920
* Non-GAAP measure (see page 365).
Shell has access to international debt capital markets via two commercial paper (CP) programmes, a Euro medium-term note (EMTN) programme
and a US universal shelf (US shelf) registration. Issuances under the CP programmes are supported by a committed credit facility and\u00a0cash.
Under the CP programmes, Shell can issue debt of up to $10,000\u00a0million with maximum maturities ranging between 183 days and 364 days
depending on the form of the notes issued; and $10,000\u00a0million with maturities not exceeding 397 days.
The EMTN programme is updated each year, most recently in November 2023. During 2023, no debt was issued under this programme
(2022 : no debt issued).
The US shelf registration provides Shell with the flexibility to issue debt securities, ordinary shares, preferred shares and warrants.
The\u00a0registration\u00a0is updated once every three years and was last updated in December 2023. During 2023, no debt was issued under the US
shelf\u00a0registration\u00a0(2022: no debt issued).
On December 13, 2019 , Shell refinanced its revolving credit facilities (RCF), which are linked to the Secured Overnight Financing Rate (SOFR), at
pre-agreed margins. In December 2023, Shell extended the short-dated tranche of the facility of $1,920\u00a0million until December 2024. The facility
retains a further one-year bank extension option, taking final maturity to 2025 . The additional RCF tranche is $8,000\u00a0million expiring in 2026
(2022: $320\u00a0million expiring in 2025 and $7,680\u00a0million expiring in 2026). The terms and availability are not conditional on Shell's financial
ratios nor its financial credit ratings. The interest and fees related to these facilities are linked to Shell's progress towards reaching its short-term
Net\u00a0Carbon Intensity target.
The following tables compare contractual cash flows for debt, excluding lease liabilities at December\u00a031, with the carrying amount in the
Consolidated Balance Sheet. Contractual amounts reflect the effects of changes in foreign exchange rates; differences from carrying amounts
reflect the effects of discounting, premiums and, where fair value hedge accounting is applied, fair value adjustments. Interest is estimated
assuming that interest rates applicable to variable-rate debt remain constant and there is no change in aggregate principal amounts of debt
other\u00a0than repayment at scheduled maturity, as reflected in the table.
2023
$ million
Contractual payments
Less\u00a0than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Between
4 and 5
years
5 years
and later
Total
Difference
from\u00a0carrying
amount
Carrying
amount
Bonds
4,292
6,194
3,856
2,489
5,442
30,049
52,322
(567)
51,755
EMTN
3,042
3,444
1,106
2,489
3,942
7,649
21,672
(414)
21,258
US shelf
1,250
2,750
2,750
\u2014
1,500
22,400
30,650
(153)
30,497
Bank and other borrowings
1,060
230
73
346
53
316
2,078
(1)
2,077
Total (excluding interest)
5,352
6,424
3,929
2,835
5,495
30,365
54,400
(568)
53,832
Interest
1,569
1,452
1,285
1,207
1,177
13,366
20,056
2022
$ million
Contractual payments
Less\u00a0than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Between
4 and 5
years
5 years
and later
Total
Difference
from\u00a0carrying
amount
Carrying
amount
Bonds
3,365
4,184
6,054
3,817
2,400
35,005
54,825
(1,210)
53,615
EMTN
865
2,934
3,304
1,067
2,400
11,105
21,675
(936)
20,739
US shelf
2,500
1,250
2,750
2,750
\u2014
23,900
33,150
(274)
32,876
Bank and other borrowings
1,229
335
64
156
63
704
2,551
(14)
2,537
Total (excluding interest)
4,594
4,519
6,118
3,973
2,463
35,709
57,376
(1,224)
56,152
Interest
1,669
1,574
1,463
1,314
1,233
14,757
22,010
Interest rate swaps have been entered into against certain fixed rate debt affecting the effective interest rate on these balances (see Note 25).
The fair value of debt excluding lease liabilities at December 31, 2023, was $50,866 million (2022: $51,959 million), mainly determined from
the prices quoted for those securities. The difference between the fair value of debt and the carrying amount is predominantly related to fixed
rate\u00a0debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-563": { "value": "
22. Taxation
Taxation charge
$ million
2023
2022
2021
Current tax:
Charge in respect of current period
13,066
16,383
7,254
Adjustments in respect of prior periods
(422)
(947)
(719)
Total
12,644
15,436
6,535
Deferred tax:
Relating to the origination and reversal of temporary differences, tax losses and credits
(305)
5,196
2,971
Relating to changes in tax rates and legislation
242
785
10
Adjustments in respect of prior periods
410
524
(317)
Total
347
6,505
2,664
Total taxation charge
12,991
21,941
9,199
Adjustments in respect of prior periods relate to events in the current period and reflect the effects of changes in rules, facts or other factors
compared with those used in establishing the current tax position or deferred tax balance in prior periods.
Adjustments in respect of changes in tax rates and legislation in 2022 principally relate to the introduction of the UK Energy Profits Levy Act 2022
(EPL) on July 14, 2022.
On December 20, 2021, the OECD/G20 Inclusive Framework on BEPS released the Pillar Two Model Rules aimed to address the tax challenges
of\u00a0the digitalisation of the economy. The Pillar Two rules are designed to ensure large multinational enterprises (meeting certain conditions) pay
a\u00a0minimum level of tax on the income arising in each jurisdiction where they operate. On June 20, 2023, the UK substantively enacted Pillar Two.
Shell has established a Group-wide Pillar Two Project, with oversight from senior executives, to prepare and implement these new tax rules.
Shell has applied the exception, as set out in the amendments to IAS 12, to recognising and disclosing information about deferred tax assets
and\u00a0liabilities related to Pillar Two income taxes. The adoption of Pillar Two by the jurisdictions in which Shell operates is not expected to have
a\u00a0significant impact (see also Note 2).
Reconciliation of applicable tax charge at statutory tax rates to taxation charge
$ million
2023
2022
2021
Income before taxation
32,627
64,815
29,829
Less: share of profit of joint ventures and associates
(3,725)
(3,972)
(4,097)
Income before taxation and share of profit of joint ventures and associates
28,902
60,843
25,732
Applicable tax charge at standard statutory tax rates
11,921
22,170
10,097
Adjustments in respect of prior periods
(12)
(424)
(1,036)
Tax effects of:
Expenses not deductible for tax purposes
1,225
849
893
Incentives for investment and development
(553)
(1,388)
(467)
Derecognition/(recognition) of deferred tax assets
243
(457)
(113)
Changes in tax rates and legislation
242
785
10
Income not subject to tax at standard statutory rates
(213)
234
90
Disposals
(113)
39
(328)
Exchange rate differences
89
(102)
53
Other reconciling items
162
235
\u2014
Taxation charge
12,991
21,941
9,199
Weighted average of statutory tax rates [A]
41%
36%
39%
Effective tax rate based on income before taxation [B]
40%
34%
31%
Effective tax rate based on income before taxation excluding share of profit of joint ventures and associates [C]
45%
36%
36%
[A] The weighted average of statutory tax rates is calculated by dividing the applicable tax charge at standard statutory tax rates by Income before taxation and share of profit of joint ventures
and associates.
[B] The effective tax rate based on income before taxation is calculated by dividing Taxation charge by Income before taxation.
[C] The effective tax rate based on income before taxation excluding share of profit of joint ventures and associates is calculated by dividing Taxation charge by Income before taxation and
share of profit of joint ventures and associates.
Compared with 2022, the increase in the weighted average of statutory tax rates reflects a higher proportion of earnings mainly in the Upstream
segment subject to relatively higher tax rates.
2023 \u2013 Deferred tax
$ million
Deferred tax asset
Decommissioning
and other
provisions
Property,
plant and
equipment
Tax losses
and credits
carried
forward
Retirement
benefits
Other
Total
At January 1, 2023
6,049
4,290
6,446
1,977
4,827
23,589
(Charge)/credit to income
61
(680)
(2,025)
27
557
(2,060)
Currency translation differences
89
18
66
28
(11)
190
Other comprehensive income
\u2014
\u2014
(5)
104
23
122
Other movements
1,378
[A]
(2,044)
[A]
(202)
(386)
(964)
(2,218)
At December 31, 2023
7,577
1,584
4,280
1,750
4,432
19,623
Deferred tax liability
At January 1, 2023
(24,818)
(3,189)
(3,953)
(31,960)
Credit/(charge) to income
2,109
(228)
(168)
1,713
Currency translation differences
(173)
227
\u2014
54
Other comprehensive income
(3)
(90)
(3)
(96)
Other movements
889
400
484
1,773
At December 31, 2023
(21,996)
(2,880)
(3,640)
(28,516)
Net deferred tax liability at December 31, 2023
(8,893)
Deferred tax asset/(liability) as presented in the
balance sheet at December 31, 2023
Deferred tax asset
6,454
Deferred tax liability
(15,347)
[A] Includes the impact of the IAS 12 amendments Deferred Tax related to Assets and Liabilities arising from a Single Transaction. (See Note 2).
2022 \u2013 Deferred tax
$ million
Deferred tax asset
Decommissioning
and other
provisions
Property,
plant and
equipment
Tax losses
and credits
carried
forward
Retirement
benefits
Other
Total
At January 1, 2022
6,562
4,993
10,518
2,744
4,545
29,362
(Charge)/credit to income
(217)
(1,261)
(3,434)
(66)
160
(4,818)
Currency translation differences
(303)
(63)
(426)
(40)
(109)
(941)
Other comprehensive income
\u2014
\u2014
18
(618)
70
(530)
Other movements
7
621
(230)
(43)
161
516
At December 31, 2022
6,049
4,290
6,446
1,977
4,827
23,589
Deferred tax liability
At January 1, 2022
(23,144)
(2,736)
(3,603)
(29,483)
(Charge)/credit to income
(1,503)
93
(277)
(1,687)
Currency translation differences
380
287
170
837
Other comprehensive income
4
(870)
18
(848)
Other movements
(555)
37
(261)
(779)
At December 31, 2022
(24,818)
(3,189)
(3,953)
(31,960)
Net deferred tax asset at December 31, 2022
(8,371)
Deferred tax asset/(liability) as presented in the balance
sheet at December 31, 2022
Deferred tax asset
7,815
Deferred tax liability
(16,186)
The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax
jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to
that jurisdiction is presented within deferred tax assets or deferred tax liabilities.
Other movements in deferred tax assets and liabilities relates to acquisitions, sales of non-current assets and businesses.
The deferred tax category Other primarily includes deferred tax positions in respect of leases, financial assets and liabilities, inventories, intangible
assets other than goodwill and investments in subsidiaries, joint ventures and associates.
The deferred tax category Property, plant and equipment also includes deferred tax positions in respect of investments in\u00a0partnerships in the USA
which are considered pass-through entities by its parent for tax purposes.
Deferred tax assets of $6,454 million (2022: $7,815 million) are recognised only to the extent it is considered probable that those assets will
be\u00a0recoverable. This involves an assessment of when those assets are likely to be recovered, and a judgement as to whether or not there will
be\u00a0sufficient taxable profits available to offset the assets. It is considered probable based on business forecasts that such taxable profits will be
available. For Marketing, as well as Chemicals and Products, additional judgement is required; in some jurisdictions the assessment of forecasted
taxable profits resulting in deferred tax asset recognition of $455\u00a0million (2022: $382\u00a0million) extends for an additional 10 years beyond Shell's
regular 10-year planning horizon. In those situations, additional risking has been applied to the forecast of taxable profits. For Integrated Gas and
Upstream, deferred tax assets recognised are expected to be recovered within the period of production of each asset. For deferred tax assets of
$241 million (2022: $303\u00a0million) as at December 31, 2023, this period extends beyond 10 years.
The amount of deferred tax assets which are dependent on future taxable profits not arising from the reversal of existing deferred tax liabilities,
and which relate to tax jurisdictions where Shell has suffered a loss in the current or preceding year, was $2,027\u00a0million at December 31, 2023
(2022: $4,202\u00a0million). The decrease compared with 2022 is primarily attributable to the utilisation of deferred tax assets in 2023 and a higher
number of entities which have generated profit in both the current and preceding year.
Expected expiration of unused tax losses, unrecognised deductible temporary differences and tax credits
$ million
Expected expiration
Dec 31, 2023
Dec 31, 2022
Less than one year
1,496
1,034
Between 1 and 5 years
1,475
3,257
5 years and later [A]
71,709
72,032
Total
74,680
76,323
[A] Includes unrecognised losses for Petroleum Resource Rent Tax (PRRT) in Australia which, due to the annual augmentation, increased to $46,220 million as at the end of the most recent PRRT
fiscal year, June 30, 2023 (June 30, 2022: $43,832\u00a0million).
Unrecognised taxable temporary differences associated with undistributed retained earnings of investments in subsidiaries, joint ventures and
associates amounted to $5,311\u00a0million at December 31, 2023 (2022: $5,521\u00a0million). These retained earnings are subject to withholding tax upon
distribution.
Excluding unrecognised tax losses for PRRT, the unrecognised deductible temporary differences, unused tax losses and credits carried forward
amounted to $28,460 million at December 31, 2023 (2022: $32,491 million), and included amounts of $25,489 million (2022: $28,199 million)
that are subject to time limits for utilisation of five years or later, or are not time limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-564": { "value": "
23. Retirement\u00a0benefits
Retirement benefits are provided in most of the countries where Shell has operational activities. Shell offers these benefits through funded
and\u00a0unfunded defined benefit plans and defined contribution plans. The most significant pension plans are in the Netherlands, UK and USA.
Other post-employment benefits (OPEB) comprising retirement health care and life insurance are also provided in certain countries. The most
significant OPEB plan is in the USA.
Financial position
$ million
Dec 31, 2023
Dec 31, 2022
Obligations
(78,024)
(73,481)
Plan assets
79,961
76,756
Asset ceilings
(335)
(371)
Surplus
1,602
2,904
Retirement benefits in the Consolidated Balance Sheet:
Non-current assets
9,151
10,200
Non-current liabilities:
(7,549)
(7,296)
Non-current liabilities - Pensions
(4,448)
(4,417)
Non-current liabilities - OPEB
(3,101)
(2,879)
Total
1,602
2,904
Retirement benefit expense
$ million
2023
2022
2021
Defined benefit plans:
Current service cost, net of plan participants' contributions
731
1,100
1,385
Interest expense on defined pension benefit obligations
3,072
1,584
1,223
Interest income on plan assets
(3,417)
(1,732)
(1,160)
Interest expense on OPEB obligations
166
120
128
Current OPEB service cost
36
57
60
Other [A]
262
246
(343)
Total
850
1,375
1,293
Defined contribution plans
474
420
403
Total retirement benefit expense
1,324
1,795
1,696
[A] Mainly related to plan amendments and curtailments on pension and OPEB plans.
Retirement benefit expenses are presented principally within production and manufacturing expenses and selling, distribution and administrative
expenses in the Consolidated Statement of Income. Interest income on plan assets is calculated using the same rate as that applied to the related
defined benefit obligations for each plan to determine interest expense.
Remeasurements
$ million
2023
2022
2021
Actuarial (losses)/gains on obligations:
Due to changes in financial assumptions on pensions [A]
(1,513)
28,840
1,915
Due to changes in financial assumptions on OPEB [A]
(264)
527
59
Due to experience adjustments on pensions [B]
(491)
(2,956)
136
Due to experience adjustments on OPEB [B]
230
1,480
[C]
322
Due to changes in demographic assumptions on pensions [D]
(299)
27
(320)
Due to changes in demographic assumptions on OPEB [D]
(38)
25
(111)
Total
(2,375)
27,943
2,001
Return on plan assets in excess/(shortage) of interest income
1,243
(20,612)
8,185
Other movements
44
(349)
5
Total remeasurements
(1,088)
6,982
10,191
[A] Mainly relates to changes in the discount rate and inflation assumptions.
[B] Experience adjustments arise from differences between the actuarial assumptions made in respect of the year and actual outcomes.
[C] Includes $782\u00a0million to reflect the impact of prescription drug rebates.
[D] Mainly relates to updates in mortality assumptions.
Defined benefit plan obligations
2023
$\u00a0million, except where indicated
Pension benefits
Other post-
employment
benefits
The
Netherlands
UK
USA
Rest of the
world
OPEB [A]
Total
At January 1
24,608
17,791
14,793
13,410
2,879
73,481
Current service cost
184
145
215
179
36
759
Interest expense
904
881
695
592
166
3,238
Actuarial losses
929
257
832
285
72
2,375
Benefit payments
(1,032)
(1,014)
(956)
(757)
(88)
(3,847)
Other movements
252
\u2014
\u2014
(63)
\u2014
189
Currency translation differences
901
1,014
\u2014
(122)
36
1,829
At December 31
26,746
19,074
15,579
13,524
[B]
3,101
78,024
Comprising:
Funded pension plans
26,746
18,734
14,695
11,298
71,473
Weighted average duration
16 years
15 years
11 years
13 years
14 years
Unfunded pension plans
340
884
2,226
\u2014
3,450
Weighted average duration
16 years
8 years
11 years
11 years
Unfunded OPEB plans
3,101
3,101
Weighted average duration
13 years
13 years
[A] Mainly related to post-retirement medical benefits in the USA.
[B] Rest of the world includes pension plans in Germany ($3,647\u00a0million) and Canada ($3,930\u00a0million) which are the largest pension plans in this category.
2022
$\u00a0million, except where indicated
Pension benefits
Other post-
employment
benefits
The
Netherlands
UK
USA
Rest of the
world
OPEB [A]
Total
At January 1
35,340
29,913
19,003
18,213
4,867
107,336
Current service cost
286
259
282
261
57
1,145
Interest expense
298
489
417
380
120
1,704
Actuarial gains
(8,806)
(9,793)
(3,730)
(3,582)
(2,032)
(27,943)
Benefit payments
(942)
(1,124)
(1,088)
(771)
(178)
(4,103)
Other movements
374
130
(91)
(154)
37
296
Currency translation differences
(1,942)
(2,083)
\u2014
(937)
8
(4,954)
At December 31
24,608
17,791
14,793
13,410
[B]
2,879
73,481
Comprising:
Funded pension plans
24,608
17,474
13,925
11,258
67,265
Weighted average duration
17 years
15 years
12 years
13 years
15 years
Unfunded pension plans
317
868
2,152
3,337
Weighted average duration
15 years
9 years
12 years
11 years
Unfunded OPEB plans
2,879
2,879
Weighted average duration
14 years
14 years
[A] Mainly related to post-retirement medical benefits in the USA.
[B] Rest of the world includes pension plans in Germany ($3,477 million) and Canada ($3,482 million) which are the largest pension plans in this category.
Defined benefit plan assets
2023
$\u00a0million, except where indicated
Pension benefits
The
Netherlands
UK
USA
Rest of the
world
Total
At January 1
27,986
21,963
14,243
12,564
76,756
Return on plan assets in excess of interest income
833
(999)
609
800
1,243
Interest income
1,035
1,094
679
609
3,417
Employer contributions [A]
419
34
274
(23)
704
Plan participants' contributions
11
16
\u2014
7
34
Benefit payments
(1,032)
(1,014)
(957)
(703)
(3,706)
Other movements
(6)
(16)
(13)
17
(18)
Currency translation differences
1,020
1,242
\u2014
(731)
1,531
At December 31
30,266
22,320
14,835
12,540
[B]
79,961
[A] Includes the netted amount of $225 million received from the captive structure in relation to pension plans reinsured in Rest of the world.
[B] Rest of the world includes pension plans in Germany ($2,730\u00a0million) and Canada ($3,504\u00a0million) which are the largest pension plans in this category.
2022
$\u00a0million, except where indicated
Pension benefits
The
Netherlands
UK
USA
Rest of the
world
Total
At January 1
37,096
33,720
18,055
15,624
104,495
Return on plan assets in excess of interest income
(6,576)
(8,682)
(3,523)
(1,831)
(20,612)
Interest income
314
552
406
460
1,732
Employer contributions
228
54
408
41
731
Plan participants' contributions
11
16
\u2014
5
32
Benefit payments
(942)
(1,124)
(1,088)
(735)
(3,889)
Other movements
(9)
150
(15)
(184)
(58)
Currency translation differences
(2,136)
(2,723)
\u2014
(816)
(5,675)
At December 31
27,986
21,963
14,243
12,564
[A]
76,756
[A] Rest of the world includes pension plans in Germany ($2,538 million) and Canada ($3,497 million) which are the largest pension plans in this category.
Type of pension assets
2023
2022
Quoted in active markets:
Equities
12%
13%
Debt securities
71%
70%
Real estate
1%
\u2014%
Other
\u2014%
1%
Unquoted
Equities
12%
13%
Debt securities
4%
2%
Real estate
7%
7%
Investment funds
3%
4%
Debt repurchase agreements [A]
(11)%
(14)%
Cash
1%
4%
[A] Debt repurchase agreements are mainly related to UK member defined pension plans to fund liability-driven investments. In addition to these contracts, derivatives including interest rate
and\u00a0inflation swaps are used in the principal defined benefit plan in the Netherlands for liability matching strategies.
Employer contributions to funded defined benefit pension plans are based on actuarial valuations in accordance with local regulations and are
estimated to be $480 million in 2024.
Characteristics of significant defined benefit and defined contribution plans and regulatory framework
The Netherlands
The principal defined benefit pension plan in the Netherlands is a funded career-averaged pension arrangement with retired employees drawing
benefits as an annuity, with a surplus of $3,520\u00a0million reported as at December 31, 2023, (2022: $3,378 million surplus). While the plan was
closed to employees hired or rehired after July 1, 2013, it currently remains open for ongoing accrual for existing active members. Active members
account for 23% (2022: 23%) of the total defined benefit liability in the Netherlands. From July 1, 2013 onwards, new employees in the
Netherlands are entitled to membership of a defined contribution pension plan.
In line with Dutch regulations, the defined benefit pension plan has a joint Trustee Board with trustee representatives nominated by the Company,
the Central Staff Council and retired members. The defined benefit pension plan also has an Accountability Council comprised of members
nominated by the Company, the Central Staff Council and retired members. Furthermore, there is a Supervisory Committee, which includes
external experts from the pension industry, to oversee management, compliance and operations of the fund. The defined contribution pension
plan\u00a0has a one-tier Trustee Board with an independent chair, trustee representatives nominated by the Company and the Central Staff Council,
as\u00a0well as two executive board members. The defined contribution fund also has an Accountability Council comprised of members nominated
by\u00a0the Company and the Central Staff Council. Both Trustee Boards are responsible for administering the plans in line with the Dutch \"Pensioen
Wet\" (PW), including corporate governance, investment strategy for the pension plans' assets and paying member benefits, and are required
to\u00a0act in the best interests of the members.
As per July 1, 2023, new pension legislation (\"Wet Toekomst Pensioenen\") came into effect in the Netherlands which needs to be implemented
latest January 2028. This legislation aims to create a more resilient and adaptable pensions system that can better accommodate demographic
changes and economic fluctuations while providing adequate retirement income. The legislation requires all future pension accruals to be in a
defined contribution framework and also intends that benefits accrued in pension funds are converted into a defined contribution framework. The
new regulatory framework will have an impact on both the defined benefit pension plan and the defined contribution pension plan. The necessary
changes to the pension plans require Central Staff Council consent and acceptance by the Trustee Boards of the pension plans. It is our
expectation that consent will be obtained during 2024 and that following this, a transition plan will be offered to the Trustee Boards for
acceptance. Shell will continue to monitor and take appropriate actions when and as necessary, as required by the law. There remains a
degree\u00a0of\u00a0uncertainty regarding the potential outcome and impact on Shell's earnings, cash flows and financial position.
UK
The three largest defined benefit pension plans for employees in the UK are funded final salary pension arrangements with retired employees
mainly drawing benefits as an annuity with the option to take a portion as a lump sum. The three plans are separate and independent plans
and\u00a0cannot be netted against each other. In total, the plans reported a surplus of $3,246\u00a0million as at December 31, 2023 (2022: surplus of
$4,172\u00a0million), which is after netting of unfunded plans of $340\u00a0million (2022: $317\u00a0million) which are reported as non-current liabilities on the
balance sheet. All three plans were closed to new employees hired or rehired. However, two plans currently remain open for ongoing accrual
for\u00a0existing active members. Active members account for 16% (2022: 17%) of the total defined benefit liability in the UK. From March 1, 2013,
onwards\u00a0new employees in the UK are entitled to membership of a defined contribution pension plan.
In line with UK regulations, the principal defined benefit pension plan is governed by a corporate trustee whose board is comprised of four trustee
directors nominated by the Company, including the chair and four member-nominated trustee directors. The defined contribution pension plan is
governed by a corporate trustee whose board is comprised of three company-nominated directors, including the chair and two member-nominated
trustee directors. The trustees are responsible for administering the plans in line with the Trust Deed and Regulations, including setting the investment
strategy for the pension plans' assets and paying member benefits, and are required to act in the best interests of the members of the pension plans.
USA
The principal defined benefit pension plan in the USA is a funded final average pay pension plan with a surplus of $140\u00a0million reported as at
December 31, 2023 (2022: $318 million surplus). After retirement, all retirees can choose to draw their benefits as an annuity, whereas others
also\u00a0have the choice to take their benefit in a lump sum. There is also an unfunded defined benefit pension plan with a deficit of $884\u00a0million
(2022: $868 million deficit). The benefits under this plan are taken primarily in a lump sum. In addition, the Company provides a defined
contribution benefit plan. The funded defined benefit, unfunded defined benefit, and Shell's defined contribution pension plans are\u00a0subject
to\u00a0the\u00a0provisions of the Employee Retirement Income Security Act (ERISA). Active members account for 23% (2022: 24%) of the total defined
benefit liability in the USA.
Both the funded defined benefit pension plan and the defined contribution pension plan are governed by trustees who are appointed by the Plan
Sponsor and are named fiduciaries with respect to the plans. The trustees are generally responsible for investment-related matters, appointing
the\u00a0Plan Administrator, maintaining general oversight and deciding appeals of participants.
In line with Shell group's strategic objectives and risk management, on January 30, 2024, the principal defined benefit pension plan in the USA,
Shell Pension Plan, entered into a contract with \"The Prudential Insurance Company of America\" to settle $5,052 million of pension liabilities. The
settlement price consisted of $4,920\u00a0million of pension assets. As a result of this transaction, all legal and constructive obligations for a tranche
of\u00a0benefits provided by the Shell Pension Plan have been eliminated. A gain on settlement of $101\u00a0million (after tax) will be recognised in Shell's
Consolidated Statement of Income in 2024.
USA OPEB
The Company also sponsors \"other post-retirement employee benefits\" (OPEB), mainly in the USA. The OPEB plans in the USA provide medical,
dental and vision benefits, as well as life insurance benefits to eligible retired employees. The plans are unfunded, and the Company and retirees
share the costs with a deficit of $2,267\u00a0million reported as at December 31, 2023 (2022: $2,135 million deficit). The plan that provides post-
retirement medical benefits in the USA is closed to employees hired or rehired on or after January 1, 2017. Certain life insurance benefits are
paid\u00a0by the Company.
Significant funding requirements:
\uffee Additional contributions to the Dutch defined benefit pension plan would be required if the 12-month rolling average local funding percentage
falls below 105% for six months or more. At the most recent (2023) funding valuation, the local funding percentage was above this level.
\uffee There are no set minimum statutory funding requirements for the UK plans. A professional qualified independent actuary, appointed by the
trustee board, undertakes a local funding valuation typically every three years. The most recent completed funding valuation for the principal
defined benefit plan was undertaken as at December 31, 2020, and revealed a funding ratio of 103% and therefore no sponsor contributions
(except for salary sacrifice contributions) were payable under the schedule of contributions.
\uffee Under the Pension Protection Act, US pension plans are subject to minimum required contribution levels based on the funding position.
No contributions are required based on the most recent funding valuation.
Associated risks to which retirement benefits are exposed
There are inherent risks associated with defined benefit pension and OPEB plans. These risks are related to various assumptions made on valuation
of the liabilities and the cash funding requirement of the underlying plans. Volatility in capital markets or government policies, and the resulting
consequences for investment performance, interest and inflation rates, as well as changes in assumptions for mortality, retirement age or
pensionable remuneration at retirement, could result in significant changes to the funding level of future liabilities. In case of a shortfall,
there\u00a0could\u00a0be a requirement to make substantial cash contributions (depending on the applicable local regulations).
These inherent risks are managed by a pension forum, chaired by the Chief Financial Officer, which oversees Shell's pension strategy, policy
and\u00a0operations. The forum is supported by a risk committee in reviewing the results of the assurance process with respect to pension risk.
Investment strategies
Long-term investment strategies of plans are generally determined by the relevant pension plan trustees using a structured asset/liability
modelling\u00a0approach to define the asset mix that best meets the objectives of optimising returns within agreed risk levels, while maintaining
adequate funding levels.
Principal and actuarial assumptions
The principal assumptions applied in determining the present value of defined benefit obligations and their bases were as follows:
\uffee rates of increase in pensionable remuneration, pensions in payment and health-care costs: historical experience and management's
long-term expectation;
\uffee discount rates: prevailing long-term AA corporate bond yields, chosen to match the currency and duration of the relevant obligation; and
\uffee mortality rates: published standard mortality tables for the individual countries concerned adjusted for Shell experience where statistically
significant.
The weighted averages for those assumptions and related sensitivity information as at December 31, 2023 are presented below. Sensitivity
information indicates by how much the defined benefit obligations would increase or decrease if a given assumption were to increase or decrease
with no change in other assumptions. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as
it\u00a0is unlikely that changes in assumptions would occur in isolation from one another. The weighted averages are at nominal terms and based on
market expectations at December 31, 2023.
$ million, except where indicated
Effect of using alternative assumptions
Assumptions used
at nominal rates
Increase/(decrease) in defined benefit obligations
Dec 31, 2023
Dec 31, 2022
Range
of\u00a0assumptions
Dec 31, 2023
Dec 31, 2022
Rate of increase in pensionable remuneration [A]
3.9%
4.0%
-1% to +1%
(828)
915
(833)
921
of which the Netherlands
3.3%
3.3%
of which UK
4.1%
4.1%
of which USA
4.6%
4.6%
Rate of increase in pensions in payment
1.9%
2.1%
-1% to +1%
(5,599)
6,713
(5,542)
6,657
of which the Netherlands
2.4%
2.6%
of which UK
2.8%
3.0%
of which USA
\u2014%
\u2014%
Discount rate for pension plans
4.1%
4.5%
-1% to +1%
10,560
(8,472)
10,522
(8,328)
of which the Netherlands
3.3%
3.7%
of which UK
4.6%
4.8%
of which USA
4.9%
5.0%
Inflation rate for defined benefit obligation [B]
2.0%
2.2%
-1% to +1%
(6,034)
7,300
(6,002)
7,271
of which the Netherlands
2.4%
2.6%
of which UK
2.9%
3.1%
Expected age at death for persons aged 60:
Men
88 years
87 years
-1 year to +1 year
(1,166)
1,143
(1,130)
1,103
of which the Netherlands
88 years
88 years
of which UK
87 years
87 years
of which USA
87 years
85 years
Women
89 years
89 years
-1 year to +1 year
(1,006)
1,041
(993)
1,077
of which the Netherlands
90 years
89 years
of which UK
89 years
90 years
of which USA
89 years
86 years
Rate of increase in health-care costs [C]
7.0%
6.4%
-1% to +1%
(338)
422
(298)
372
Discount rate for health-care plans [C]
5.6%
5.7%
-1% to +1%
457
(358)
401
(309)
[A] Based on active members.
[B] Excluding US funds in the weighted average inflation rate, because of the insignificant impact on the defined benefit obligation.
[C] Mainly related to post-retirement health-care benefits in the USA.
32. Employees
Employee costs
$ million
2023
2022
2021
Remuneration
10,648
10,509
9,038
Social security contributions
957
860
819
Retirement benefits (see Note 23)
1,324
1,795
1,696
Share-based compensation (see Note 27)
700
807
539
Total [A]
13,629
13,971
12,092
[A] Excludes employees seconded to joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-565": { "value": "
25. Financial\u00a0instruments
Financial instruments in the Consolidated Balance Sheet include investments in securities (see Note 14), cash and cash equivalents (see Note 17),
debt (see Note 20) and derivative contracts.
Risks
In the normal course of business, financial instruments of various kinds are used for the purposes of managing exposure to interest rate, foreign
exchange and commodity price movements.
Treasury standards are applicable to all subsidiaries and each subsidiary is required to adopt a treasury policy consistent with these standards.
These policies cover: financing structure; interest rate and foreign exchange risk management; insurance; counterparty risk management; and use
of derivative contracts. Wherever possible, treasury operations are carried out through specialist regional organisations without removing from
each subsidiary the responsibility to formulate and implement appropriate treasury policies.
Apart from forward foreign exchange contracts to meet known commitments, the use of derivative contracts by most subsidiaries is not permitted
by their treasury policy.
Other than in exceptional cases, the use of external derivative contracts is confined to specialist trading and central treasury organisations that
have appropriate skills, experience, supervision, control and reporting systems.
Shell's operations expose it to market, credit and liquidity risk, as described below.
Market risk
Market risk is the possibility that changes in interest rates, foreign exchange rates or the prices of crude oil, natural gas, LNG, refined products,
chemical feedstocks, power and environmental certificates will adversely affect the value of assets, liabilities or expected future cash flows.
Interest rate risk
Most debt is raised from central borrowing programmes. Shell's policy continues to be to have debt principally denominated in dollars and to
maintain a largely floating interest rate exposure profile. However, Shell has issued a significant amount of fixed rate debt in recent years, taking
advantage of historically low interest rates available in debt markets. As a result, the majority of the debt portfolio at December 31, 2023, is at
fixed rates and this reduces Shell's adverse exposure to rising floating dollar interest rates (see Note 2).
The financing of most subsidiaries is structured on a floating-rate basis, and any further interest rate risk management is only applied under
exceptional circumstances.
On the basis of the floating-rate net cash position at December 31, 2023, (both issued and hedged), and assuming other factors (principally
foreign exchange rates and commodity prices) remained constant and that no further interest rate management action was taken, an increase
in\u00a0interest rates of 1% would have increased 2023 income before taxation by $226\u00a0million (2022: $234\u00a0million increase).
The carrying amounts and maturities of debt and borrowing facilities are presented in Note 20. Interest expense is presented in Note 9.
Foreign exchange risk
Many of the markets in which Shell operates are priced, directly or indirectly, in dollars. As a result, the functional currency of most Integrated Gas
and Upstream entities and those with significant cross-border business is the dollar. For Chemicals and Products entities, the functional currency is
typically the local currency. Consequently, Shell is exposed to varying levels of foreign exchange risk: when an entity enters into transactions that
are not denominated in its functional currency; when foreign currency monetary assets and liabilities are translated at the balance sheet date; and
as a result of holding net investments in operations that are not dollar-functional. Each entity is required to adopt treasury policies that are
designed to measure and manage its foreign exchange exposures by reference to its functional currency.
Foreign exchange gains and losses arise in the normal course of business from the recognition of receivables and payables and other monetary
items in currencies other than an entity's functional currency. Foreign exchange risk may also arise in connection with capital expenditure. For
major projects, an assessment is made at the final investment decision stage of whether to hedge any resulting exposure.
Assuming other factors (principally interest rates and commodity prices) remained constant and that no further foreign exchange risk management
actions were taken, a 10% appreciation against the dollar at December\u00a031 of the main currencies to which Shell is exposed would have the
following effects:
$ million
Increase/(decrease)
in income before taxation
Increase in net assets
2023
2022
2023
2022
10% appreciation against the dollar of:
Sterling
(270)
(168)
1,022
894
Euro
(46)
124
2,434
1,486
Malaysian ringgit
49
65
279
313
Australian dollar
(129)
(65)
780
837
Canadian dollar
9
(44)
1,392
1,575
The above sensitivity information was calculated by reference to carrying amounts of assets and liabilities at December 31 only. The effect on
income before taxation arises in connection with monetary balances denominated in currencies other than an entity's functional currency; the
effect on net assets arises principally from the translation of assets and liabilities of entities that are not dollar-functional.
Foreign exchange gains and losses included in income are presented in Note 8.
Commodity price risk
Certain subsidiaries have a mandate to trade crude oil, natural gas, LNG, refined products, chemical feedstocks, power and environmental
certificates, and to use commodity derivative contracts (forwards, futures, swaps and options) as a means of managing price and timing risks
arising from this trading activity. In effecting these transactions, the entities concerned operate within procedures and policies designed to ensure
that risks, including those relating to the default of counterparties, are managed within authorised limits. A department that is independent from
Shell's traders monitors market risk exposures daily.
Value-at-risk (VAR) techniques based on variance/covariance or Monte Carlo simulation models are used to make a statistical assessment of the
market risk arising from possible future changes in market values for commodity positions held by these subsidiaries over a 1-day holding period
and within a 95% confidence level. The calculation of potential changes in fair value takes into account positions, the history of price movements
and the correlation of these price movements. Models are regularly reviewed against actual fair value movements to ensure integrity is
maintained. The VAR average and year-end positions in respect of commodities traded in active markets, which are presented in the table
below,\u00a0are calculated on a diversified basis in order to reflect the effect of offsetting risk within combined portfolios.
Value-at-risk (pre-tax)
$ million
2023
2022
Average
Year-end
Average
Year-end
Global oil
43
25
72
56
North America gas and power
13
10
18
23
Europe gas and power
31
12
54
40
Australia gas and power
4
2
12
12
Environmental certificates
9
4
10
13
Furthermore, commodity derivative hedge contracts are used to partially mitigate price volatility on future LNG sales and purchases.
As contracts to buy and sell physical LNG are accounted for on an accrual basis (see Note 2) and commodity derivatives are accounted for on a
fair-value basis, this creates an accounting mismatch over periods. The fair value accounting of commodity derivatives can result in gains or losses
in the Consolidated Statement of Income.
These derivative contracts are based on a mix of European and North American gas price indices, global crude price indices and Asian LNG price
indices. In previous years, Shell has seen high volatility in these markets. On that basis, a sensitivity analysis has been performed for a 50% price
increase or decrease of this basket of derivative contracts at year-end 2023, which would result in a gain or\u00a0loss of $1.5 billion (pre-tax) in the
Consolidated Statement of Income (2022: $2.7\u00a0billion), whereas the same sensitivity analysis applied to the average exposures for the period
was $0.8\u00a0billion (2022: $2.5\u00a0billion).
Credit risk
Policies are in place to ensure that sales of products are made to customers with appropriate creditworthiness. These policies include credit
analysis and monitoring of trading partners against counterparty credit limits. Credit information is regularly shared between business and finance
functions, with dedicated teams in place to quickly identify and respond to cases of credit deterioration. Mitigation measures are defined and
implemented for higher-risk business partners and customers, and include shortened payment terms, collateral or other security posting and
vigorous collections. In addition, policies limit the amount of credit exposure to any individual financial institution.
A defined portfolio credit risk appetite is in place to manage credit risk concentrations. It includes a set of thresholds and alerts set at different
portfolio levels (e.g. country, industry sector, creditworthiness). Utilisation against these thresholds is actively monitored, and actions are taken
to\u00a0ensure compliance where appropriate. In 2023, there were no material concentrations of credit risk, with individual customers or
geographically. In 2022, elevated commodity prices, mainly in relation to strategic long-term contracts in the gas portfolios resulted in a material
concentration of\u00a0risk representing around 25% of total Shell net credit exposure after offsetting for cash collateral and other instruments held.
Surplus cash is invested in a range of short-dated, secure and liquid instruments including short-term bank deposits, money market funds, reverse
repos and similar instruments. The portfolio of these investments is diversified to avoid concentrating risk in any one instrument, country or
counterparty. Management monitors the investments regularly and adjusts the investment portfolio in light of new market information where
necessary to ensure credit risk is effectively diversified.
In commodity trading, counterparty credit risk is managed within a framework approved by the CEO and CFO, and for which delegations are
in\u00a0place to other executives in the business. Credit limits are defined and their utilisation is regularly reviewed. Credit risk\u00a0exposure is continuously
monitored and the acceptable level of credit exposure is determined in accordance with the approved delegations. Credit checks are performed
by a\u00a0department independent of traders, and are undertaken before contractual commitment. Where appropriate, netting arrangements, credit
insurance, prepayments and collateral are used to manage specific risks.
Shell routinely enters into offsetting, master netting and similar arrangements with trading and other counterparties to manage credit risk. Where
there is a legally enforceable right of offset under such arrangements and Shell has the intention to settle on a net basis or realise the asset and
settle the liability simultaneously, the net asset or liability is recognised in the Consolidated Balance Sheet, otherwise assets and liabilities are
presented gross. These amounts, as presented net and gross within trade and other receivables, trade and other payables and derivative
financial\u00a0instruments in the Consolidated Balance Sheet at December 31, were as follows:
2023
$ million
Amounts
offset
Amounts not
offset
Gross
amounts
before offset
Amounts
offset
Net amounts
as presented
Cash collateral
received/pledged
Other
offsetting
instruments
Net amounts
Assets:
Within trade receivables
20,810
12,350
8,460
18
356
8,086
Within derivative financial instruments
26,166
13,140
13,026
1,688
2,616
8,722
Liabilities:
Within trade payables
18,423
12,351
6,072
69
356
5,647
Within derivative financial instruments
23,037
13,163
9,874
2,040
2,636
5,198
2022
$ million
Amounts
offset
Amounts not
offset
Gross
amounts
before offset
Amounts
offset
Net amounts
as presented
Cash collateral
received/pledged
Other
offsetting
instruments
Net amounts
Assets:
Within trade receivables
28,259
17,200
11,059
292
495
10,272
Within derivative financial instruments
56,154
34,685
21,469
1,904
4,563
15,002
Liabilities:
Within trade payables
29,981
17,200
12,781
608
495
11,678
Within derivative financial instruments
58,991
34,710
24,281
4,788
3,364
16,129
Amounts not offset principally relate to contracts where the intention to settle on a net basis was not clearly established at December 31.
The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities at December 31, 2023, presented within trade
and other receivables, was $3,437 million (2022: $11,133 million). The decrease in financial assets pledged as collateral is driven by the reduction
in overall derivative exposure, mainly due to the decline in gas and power forward prices. The carrying amount of collateral held at December 31,
2023, presented within trade and other payables, was $1,404 million (2022: $1,648 million). Collateral mainly relates to initial margins held with
commodity exchanges and over-the-counter counterparty variation margins. Some derivative contracts are fully cash collateralised, thereby
eliminating both counterparty risk and the Group's own non-performance risk.
Liquidity risk
Liquidity risk is the risk that suitable sources of funding for Shell's business activities may not be available. Management believes that it has access
to sufficient cash and cash equivalents, debt funding sources (capital markets) and to undrawn committed borrowing facilities to meet foreseeable
requirements. Information about borrowing facilities is presented in Note 20.
Derivative contracts and hedges
Derivative contracts are used principally as hedging instruments. However, because hedge accounting is not always applied, movements in the
carrying amounts of derivative contracts that are recognised in income may not be matched in the same period by the recognition of the income
effects of the related hedged items.
Carrying amounts, maturities and hedges
The carrying amounts of derivative contracts at December 31, designated and not designated as hedging instruments for hedge accounting
purposes, were as follows:
2023
$ million
Assets
Liabilities
Designated
Not
designated
Total
Designated
Not
designated
Total
Net
Interest rate swaps
14
2
16
98
\u2014
98
(82)
Forward foreign exchange contracts
\u2014
697
697
\u2014
592
592
105
Currency swaps and options
177
\u2014
177
1,959
13
1,972
(1,795)
Commodity derivatives
\u2014
14,783
14,783
\u2014
9,161
9,161
5,622
Other contracts
\u2014
226
226
\u2014
7
7
219
Total
191
15,708
15,899
2,057
9,773
11,830
4,069
2022
$ million
Assets
Liabilities
Designated
Not
designated
Total
Designated
Not
designated
Total
Net
Interest rate swaps
\u2014
1
1
169
\u2014
169
(168)
Forward foreign exchange contracts
\u2014
907
907
\u2014
996
996
(89)
Currency swaps and options
31
24
55
2,925
5
2,930
(2,875)
Commodity derivatives
\u2014
23,676
23,676
\u2014
22,858
22,858
818
Other contracts
\u2014
380
380
\u2014
389
389
(9)
Total
31
24,988
25,019
3,094
24,248
27,342
(2,323)
As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of future purchases, sales and inventory.
Net gains before tax on derivative contracts, excluding those designed as hedges, were $5,189\u00a0million in 2023 (2022: $1,331\u00a0million gains;
2021: $8,377\u00a0million losses).
Certain contracts, mainly to hedge price risk relating to forecast commodity transactions, were designated in cash flow hedging relationships
and\u00a0are presented after the offset of related margin balances with exchanges. Contracts to hedge foreign exchange risks were also designated
in\u00a0cash flow hedging relationships and the net carrying amount of these contracts at December 31, 2023, was a liability of $373\u00a0million
(2022:\u00a0$828\u00a0million liability). See Note 28 for the accumulated balance recognised within other comprehensive income.
Certain interest rate and currency swaps were designated in fair value hedges, principally in respect of debt for which the net carrying amount
of\u00a0the related derivative contracts, net of accrued interest, at December 31, 2023, was a liability of $1,441\u00a0million (2022: $2,191\u00a0million liability).
At December 31, 2023, no debt instruments (2022: \u20ac3\u00a0billion) were designated as hedges of net investments in foreign operations, relating to the
foreign exchange risk arising between certain intermediate holding companies and their subsidiaries. See Note 28 for the accumulated balance
recognised within other comprehensive income.
In the course of trading operations, certain contracts are entered into for delivery of commodities that are accounted for as derivatives.
The\u00a0resulting price exposures are managed by entering into related derivative contracts. These contracts are managed on a fair value basis
and\u00a0the maximum exposure to liquidity risk is the undiscounted fair value of derivative liabilities.
For a minority of commodity derivatives contracts, carrying amounts cannot be derived from quoted market prices or other observable inputs,
in\u00a0which case fair value is estimated using valuation techniques, such as Black-Scholes; option spread models; and extrapolation, using quoted
spreads with assumptions developed internally based on observable market activity.
Other contracts include certain contracts that are held to sell or purchase commodities and others containing embedded derivatives, which
are\u00a0required to be recognised at fair value because of pricing or delivery conditions, even though they were entered into to meet operational
requirements. These contracts are expected to mature in 2024-2025, with certain contracts having early termination rights (for either party).
Valuations are derived from other observable inputs.
The contractual maturities of derivative liabilities at December 31 compare with their carrying amounts in the Consolidated Balance Sheet
as\u00a0follows:
2023
$ million
Contractual maturities
Less than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Between
4 and 5
years
5 years
and\u00a0later
Total
Difference
from carrying
amount [A]
Carrying
amount
Interest rate swaps
78
9
3
3
5
\u2014
98
\u2014
98
Forward foreign exchange contracts
465
77
25
1
\u2014
(3)
565
27
592
Currency swaps and options
551
609
521
392
186
859
3,118
(1,146)
1,972
Commodity derivatives
5,767
1,902
799
381
225
597
9,671
(510)
9,161
Other contracts
2
4
2
\u2014
\u2014
\u2014
8
(1)
7
Total
6,863
2,601
1,350
777
416
1,453
13,460
(1,630)
11,830
[A] Mainly related to the effect of discounting.
2022
$ million
Contractual maturities
Less than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Between
4 and 5
years
5 years
and\u00a0later
Total
Difference
from carrying
amount [A]
Carrying
amount
Interest rate swaps
120
50
2
1
1
1
175
(6)
169
Forward foreign exchange contracts
629
294
18
(1)
(2)
(3)
935
61
996
Currency swaps and options
582
554
750
588
507
1,353
4,334
(1,404)
2,930
Commodity derivatives
17,273
3,678
1,203
515
270
793
23,732
(874)
22,858
Other contracts
212
148
22
1
1
\u2014
384
5
389
Total
18,816
4,724
1,995
1,104
777
2,144
29,560
(2,218)
27,342
[A] Mainly related to the effect of discounting.
Fair value measurements
The net carrying amounts of derivative contracts held at December 31 categorised according to the predominant source and nature of inputs
used\u00a0in determining the fair value of each contract were as follows:
2023
$ million
Prices in active
markets for
identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps
\u2014
(82)
\u2014
(82)
Forward foreign exchange contracts
\u2014
105
\u2014
105
Currency swaps and options
\u2014
(1,795)
\u2014
(1,795)
Commodity derivatives
(39)
3,191
2,470
5,622
Other contracts
\u2014
223
(4)
219
Total
(39)
1,642
2,466
4,069
2022
$ million
Prices in active
markets for
identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps
\u2014
(168)
\u2014
(168)
Forward foreign exchange contracts
\u2014
(89)
\u2014
(89)
Currency swaps and options
\u2014
(2,875)
\u2014
(2,875)
Commodity derivatives
68
(1,161)
1,911
818
Other contracts
\u2014
(7)
(2)
(9)
Total
68
(4,300)
1,909
(2,323)
Net carrying amounts of derivative contracts measured using predominantly unobservable inputs
$ million
2023
2022
At January 1
1,909
389
Net gains recognised in revenue
576
1,190
Purchases
271
886
Sales
(185)
(623)
Settlements
(125)
46
Recategorisations (net)
25
17
Currency translation differences
(5)
4
At December 31
2,466
1,909
Included in net gains recognised in revenue in 2023 were unrealised net gains totalling $797\u00a0million relating to assets and liabilities held\u00a0at
December 31, 2023 (2022: $449\u00a0million gains).
Unrecognised day one gains or losses
Certain long-term commodity contracts extend to periods where observable pricing data are limited and their value may include estimates.
Where\u00a0this is more than an insignificant part of the overall contract valuation, any gains or losses will be deferred. Valuation techniques are
further\u00a0described in Note 2. The unrecognised gains on these derivative contracts at December 31, 2023, were as follows:
$ million
2023
2022
At January 1
1,620
1,024
Movements
(13)
596
At December 31
1,607
1,620
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-566": { "value": "
Risks
In the normal course of business, financial instruments of various kinds are used for the purposes of managing exposure to interest rate, foreign
exchange and commodity price movements.
Treasury standards are applicable to all subsidiaries and each subsidiary is required to adopt a treasury policy consistent with these standards.
These policies cover: financing structure; interest rate and foreign exchange risk management; insurance; counterparty risk management; and use
of derivative contracts. Wherever possible, treasury operations are carried out through specialist regional organisations without removing from
each subsidiary the responsibility to formulate and implement appropriate treasury policies.
Apart from forward foreign exchange contracts to meet known commitments, the use of derivative contracts by most subsidiaries is not permitted
by their treasury policy.
Other than in exceptional cases, the use of external derivative contracts is confined to specialist trading and central treasury organisations that
have appropriate skills, experience, supervision, control and reporting systems.
Shell's operations expose it to market, credit and liquidity risk, as described below.
Market risk
Market risk is the possibility that changes in interest rates, foreign exchange rates or the prices of crude oil, natural gas, LNG, refined products,
chemical feedstocks, power and environmental certificates will adversely affect the value of assets, liabilities or expected future cash flows.
Interest rate risk
Most debt is raised from central borrowing programmes. Shell's policy continues to be to have debt principally denominated in dollars and to
maintain a largely floating interest rate exposure profile. However, Shell has issued a significant amount of fixed rate debt in recent years, taking
advantage of historically low interest rates available in debt markets. As a result, the majority of the debt portfolio at December 31, 2023, is at
fixed rates and this reduces Shell's adverse exposure to rising floating dollar interest rates (see Note 2).
The financing of most subsidiaries is structured on a floating-rate basis, and any further interest rate risk management is only applied under
exceptional circumstances.
On the basis of the floating-rate net cash position at December 31, 2023, (both issued and hedged), and assuming other factors (principally
foreign exchange rates and commodity prices) remained constant and that no further interest rate management action was taken, an increase
in\u00a0interest rates of 1% would have increased 2023 income before taxation by $226\u00a0million (2022: $234\u00a0million increase).
The carrying amounts and maturities of debt and borrowing facilities are presented in Note 20. Interest expense is presented in Note 9.
Foreign exchange risk
Many of the markets in which Shell operates are priced, directly or indirectly, in dollars. As a result, the functional currency of most Integrated Gas
and Upstream entities and those with significant cross-border business is the dollar. For Chemicals and Products entities, the functional currency is
typically the local currency. Consequently, Shell is exposed to varying levels of foreign exchange risk: when an entity enters into transactions that
are not denominated in its functional currency; when foreign currency monetary assets and liabilities are translated at the balance sheet date; and
as a result of holding net investments in operations that are not dollar-functional. Each entity is required to adopt treasury policies that are
designed to measure and manage its foreign exchange exposures by reference to its functional currency.
Foreign exchange gains and losses arise in the normal course of business from the recognition of receivables and payables and other monetary
items in currencies other than an entity's functional currency. Foreign exchange risk may also arise in connection with capital expenditure. For
major projects, an assessment is made at the final investment decision stage of whether to hedge any resulting exposure.
Assuming other factors (principally interest rates and commodity prices) remained constant and that no further foreign exchange risk management
actions were taken, a 10% appreciation against the dollar at December\u00a031 of the main currencies to which Shell is exposed would have the
following effects:
$ million
Increase/(decrease)
in income before taxation
Increase in net assets
2023
2022
2023
2022
10% appreciation against the dollar of:
Sterling
(270)
(168)
1,022
894
Euro
(46)
124
2,434
1,486
Malaysian ringgit
49
65
279
313
Australian dollar
(129)
(65)
780
837
Canadian dollar
9
(44)
1,392
1,575
The above sensitivity information was calculated by reference to carrying amounts of assets and liabilities at December 31 only. The effect on
income before taxation arises in connection with monetary balances denominated in currencies other than an entity's functional currency; the
effect on net assets arises principally from the translation of assets and liabilities of entities that are not dollar-functional.
Foreign exchange gains and losses included in income are presented in Note 8.
Commodity price risk
Certain subsidiaries have a mandate to trade crude oil, natural gas, LNG, refined products, chemical feedstocks, power and environmental
certificates, and to use commodity derivative contracts (forwards, futures, swaps and options) as a means of managing price and timing risks
arising from this trading activity. In effecting these transactions, the entities concerned operate within procedures and policies designed to ensure
that risks, including those relating to the default of counterparties, are managed within authorised limits. A department that is independent from
Shell's traders monitors market risk exposures daily.
Value-at-risk (VAR) techniques based on variance/covariance or Monte Carlo simulation models are used to make a statistical assessment of the
market risk arising from possible future changes in market values for commodity positions held by these subsidiaries over a 1-day holding period
and within a 95% confidence level. The calculation of potential changes in fair value takes into account positions, the history of price movements
and the correlation of these price movements. Models are regularly reviewed against actual fair value movements to ensure integrity is
maintained. The VAR average and year-end positions in respect of commodities traded in active markets, which are presented in the table
below,\u00a0are calculated on a diversified basis in order to reflect the effect of offsetting risk within combined portfolios.
Value-at-risk (pre-tax)
$ million
2023
2022
Average
Year-end
Average
Year-end
Global oil
43
25
72
56
North America gas and power
13
10
18
23
Europe gas and power
31
12
54
40
Australia gas and power
4
2
12
12
Environmental certificates
9
4
10
13
Furthermore, commodity derivative hedge contracts are used to partially mitigate price volatility on future LNG sales and purchases.
As contracts to buy and sell physical LNG are accounted for on an accrual basis (see Note 2) and commodity derivatives are accounted for on a
fair-value basis, this creates an accounting mismatch over periods. The fair value accounting of commodity derivatives can result in gains or losses
in the Consolidated Statement of Income.
These derivative contracts are based on a mix of European and North American gas price indices, global crude price indices and Asian LNG price
indices. In previous years, Shell has seen high volatility in these markets. On that basis, a sensitivity analysis has been performed for a 50% price
increase or decrease of this basket of derivative contracts at year-end 2023, which would result in a gain or\u00a0loss of $1.5 billion (pre-tax) in the
Consolidated Statement of Income (2022: $2.7\u00a0billion), whereas the same sensitivity analysis applied to the average exposures for the period
was $0.8\u00a0billion (2022: $2.5\u00a0billion).
Credit risk
Policies are in place to ensure that sales of products are made to customers with appropriate creditworthiness. These policies include credit
analysis and monitoring of trading partners against counterparty credit limits. Credit information is regularly shared between business and finance
functions, with dedicated teams in place to quickly identify and respond to cases of credit deterioration. Mitigation measures are defined and
implemented for higher-risk business partners and customers, and include shortened payment terms, collateral or other security posting and
vigorous collections. In addition, policies limit the amount of credit exposure to any individual financial institution.
A defined portfolio credit risk appetite is in place to manage credit risk concentrations. It includes a set of thresholds and alerts set at different
portfolio levels (e.g. country, industry sector, creditworthiness). Utilisation against these thresholds is actively monitored, and actions are taken
to\u00a0ensure compliance where appropriate. In 2023, there were no material concentrations of credit risk, with individual customers or
geographically. In 2022, elevated commodity prices, mainly in relation to strategic long-term contracts in the gas portfolios resulted in a material
concentration of\u00a0risk representing around 25% of total Shell net credit exposure after offsetting for cash collateral and other instruments held.
Surplus cash is invested in a range of short-dated, secure and liquid instruments including short-term bank deposits, money market funds, reverse
repos and similar instruments. The portfolio of these investments is diversified to avoid concentrating risk in any one instrument, country or
counterparty. Management monitors the investments regularly and adjusts the investment portfolio in light of new market information where
necessary to ensure credit risk is effectively diversified.
In commodity trading, counterparty credit risk is managed within a framework approved by the CEO and CFO, and for which delegations are
in\u00a0place to other executives in the business. Credit limits are defined and their utilisation is regularly reviewed. Credit risk\u00a0exposure is continuously
monitored and the acceptable level of credit exposure is determined in accordance with the approved delegations. Credit checks are performed
by a\u00a0department independent of traders, and are undertaken before contractual commitment. Where appropriate, netting arrangements, credit
insurance, prepayments and collateral are used to manage specific risks.
Shell routinely enters into offsetting, master netting and similar arrangements with trading and other counterparties to manage credit risk. Where
there is a legally enforceable right of offset under such arrangements and Shell has the intention to settle on a net basis or realise the asset and
settle the liability simultaneously, the net asset or liability is recognised in the Consolidated Balance Sheet, otherwise assets and liabilities are
presented gross. These amounts, as presented net and gross within trade and other receivables, trade and other payables and derivative
financial\u00a0instruments in the Consolidated Balance Sheet at December 31, were as follows:
2023
$ million
Amounts
offset
Amounts not
offset
Gross
amounts
before offset
Amounts
offset
Net amounts
as presented
Cash collateral
received/pledged
Other
offsetting
instruments
Net amounts
Assets:
Within trade receivables
20,810
12,350
8,460
18
356
8,086
Within derivative financial instruments
26,166
13,140
13,026
1,688
2,616
8,722
Liabilities:
Within trade payables
18,423
12,351
6,072
69
356
5,647
Within derivative financial instruments
23,037
13,163
9,874
2,040
2,636
5,198
2022
$ million
Amounts
offset
Amounts not
offset
Gross
amounts
before offset
Amounts
offset
Net amounts
as presented
Cash collateral
received/pledged
Other
offsetting
instruments
Net amounts
Assets:
Within trade receivables
28,259
17,200
11,059
292
495
10,272
Within derivative financial instruments
56,154
34,685
21,469
1,904
4,563
15,002
Liabilities:
Within trade payables
29,981
17,200
12,781
608
495
11,678
Within derivative financial instruments
58,991
34,710
24,281
4,788
3,364
16,129
Amounts not offset principally relate to contracts where the intention to settle on a net basis was not clearly established at December 31.
The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities at December 31, 2023, presented within trade
and other receivables, was $3,437 million (2022: $11,133 million). The decrease in financial assets pledged as collateral is driven by the reduction
in overall derivative exposure, mainly due to the decline in gas and power forward prices. The carrying amount of collateral held at December 31,
2023, presented within trade and other payables, was $1,404 million (2022: $1,648 million). Collateral mainly relates to initial margins held with
commodity exchanges and over-the-counter counterparty variation margins. Some derivative contracts are fully cash collateralised, thereby
eliminating both counterparty risk and the Group's own non-performance risk.
Liquidity risk
Liquidity risk is the risk that suitable sources of funding for Shell's business activities may not be available. Management believes that it has access
to sufficient cash and cash equivalents, debt funding sources (capital markets) and to undrawn committed borrowing facilities to meet foreseeable
requirements. Information about borrowing facilities is presented in Note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-567": { "value": "
Market risk
Market risk is the possibility that changes in interest rates, foreign exchange rates or the prices of crude oil, natural gas, LNG, refined products,
chemical feedstocks, power and environmental certificates will adversely affect the value of assets, liabilities or expected future cash flows.
Interest rate risk
Most debt is raised from central borrowing programmes. Shell's policy continues to be to have debt principally denominated in dollars and to
maintain a largely floating interest rate exposure profile. However, Shell has issued a significant amount of fixed rate debt in recent years, taking
advantage of historically low interest rates available in debt markets. As a result, the majority of the debt portfolio at December 31, 2023, is at
fixed rates and this reduces Shell's adverse exposure to rising floating dollar interest rates (see Note 2).
The financing of most subsidiaries is structured on a floating-rate basis, and any further interest rate risk management is only applied under
exceptional circumstances.
On the basis of the floating-rate net cash position at December 31, 2023, (both issued and hedged), and assuming other factors (principally
foreign exchange rates and commodity prices) remained constant and that no further interest rate management action was taken, an increase
in\u00a0interest rates of 1% would have increased 2023 income before taxation by $226\u00a0million (2022: $234\u00a0million increase).
The carrying amounts and maturities of debt and borrowing facilities are presented in Note 20. Interest expense is presented in Note 9.
Foreign exchange risk
Many of the markets in which Shell operates are priced, directly or indirectly, in dollars. As a result, the functional currency of most Integrated Gas
and Upstream entities and those with significant cross-border business is the dollar. For Chemicals and Products entities, the functional currency is
typically the local currency. Consequently, Shell is exposed to varying levels of foreign exchange risk: when an entity enters into transactions that
are not denominated in its functional currency; when foreign currency monetary assets and liabilities are translated at the balance sheet date; and
as a result of holding net investments in operations that are not dollar-functional. Each entity is required to adopt treasury policies that are
designed to measure and manage its foreign exchange exposures by reference to its functional currency.
Foreign exchange gains and losses arise in the normal course of business from the recognition of receivables and payables and other monetary
items in currencies other than an entity's functional currency. Foreign exchange risk may also arise in connection with capital expenditure. For
major projects, an assessment is made at the final investment decision stage of whether to hedge any resulting exposure.
Assuming other factors (principally interest rates and commodity prices) remained constant and that no further foreign exchange risk management
actions were taken, a 10% appreciation against the dollar at December\u00a031 of the main currencies to which Shell is exposed would have the
following effects:
$ million
Increase/(decrease)
in income before taxation
Increase in net assets
2023
2022
2023
2022
10% appreciation against the dollar of:
Sterling
(270)
(168)
1,022
894
Euro
(46)
124
2,434
1,486
Malaysian ringgit
49
65
279
313
Australian dollar
(129)
(65)
780
837
Canadian dollar
9
(44)
1,392
1,575
The above sensitivity information was calculated by reference to carrying amounts of assets and liabilities at December 31 only. The effect on
income before taxation arises in connection with monetary balances denominated in currencies other than an entity's functional currency; the
effect on net assets arises principally from the translation of assets and liabilities of entities that are not dollar-functional.
Foreign exchange gains and losses included in income are presented in Note 8.
Commodity price risk
Certain subsidiaries have a mandate to trade crude oil, natural gas, LNG, refined products, chemical feedstocks, power and environmental
certificates, and to use commodity derivative contracts (forwards, futures, swaps and options) as a means of managing price and timing risks
arising from this trading activity. In effecting these transactions, the entities concerned operate within procedures and policies designed to ensure
that risks, including those relating to the default of counterparties, are managed within authorised limits. A department that is independent from
Shell's traders monitors market risk exposures daily.
Value-at-risk (VAR) techniques based on variance/covariance or Monte Carlo simulation models are used to make a statistical assessment of the
market risk arising from possible future changes in market values for commodity positions held by these subsidiaries over a 1-day holding period
and within a 95% confidence level. The calculation of potential changes in fair value takes into account positions, the history of price movements
and the correlation of these price movements. Models are regularly reviewed against actual fair value movements to ensure integrity is
maintained. The VAR average and year-end positions in respect of commodities traded in active markets, which are presented in the table
below,\u00a0are calculated on a diversified basis in order to reflect the effect of offsetting risk within combined portfolios.
Value-at-risk (pre-tax)
$ million
2023
2022
Average
Year-end
Average
Year-end
Global oil
43
25
72
56
North America gas and power
13
10
18
23
Europe gas and power
31
12
54
40
Australia gas and power
4
2
12
12
Environmental certificates
9
4
10
13
Furthermore, commodity derivative hedge contracts are used to partially mitigate price volatility on future LNG sales and purchases.
As contracts to buy and sell physical LNG are accounted for on an accrual basis (see Note 2) and commodity derivatives are accounted for on a
fair-value basis, this creates an accounting mismatch over periods. The fair value accounting of commodity derivatives can result in gains or losses
in the Consolidated Statement of Income.
These derivative contracts are based on a mix of European and North American gas price indices, global crude price indices and Asian LNG price
indices. In previous years, Shell has seen high volatility in these markets. On that basis, a sensitivity analysis has been performed for a 50% price
increase or decrease of this basket of derivative contracts at year-end 2023, which would result in a gain or\u00a0loss of $1.5 billion (pre-tax) in the
Consolidated Statement of Income (2022: $2.7\u00a0billion), whereas the same sensitivity analysis applied to the average exposures for the period
was $0.8\u00a0billion (2022: $2.5\u00a0billion).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-568": { "value": "
Credit risk
Policies are in place to ensure that sales of products are made to customers with appropriate creditworthiness. These policies include credit
analysis and monitoring of trading partners against counterparty credit limits. Credit information is regularly shared between business and finance
functions, with dedicated teams in place to quickly identify and respond to cases of credit deterioration. Mitigation measures are defined and
implemented for higher-risk business partners and customers, and include shortened payment terms, collateral or other security posting and
vigorous collections. In addition, policies limit the amount of credit exposure to any individual financial institution.
A defined portfolio credit risk appetite is in place to manage credit risk concentrations. It includes a set of thresholds and alerts set at different
portfolio levels (e.g. country, industry sector, creditworthiness). Utilisation against these thresholds is actively monitored, and actions are taken
to\u00a0ensure compliance where appropriate. In 2023, there were no material concentrations of credit risk, with individual customers or
geographically. In 2022, elevated commodity prices, mainly in relation to strategic long-term contracts in the gas portfolios resulted in a material
concentration of\u00a0risk representing around 25% of total Shell net credit exposure after offsetting for cash collateral and other instruments held.
Surplus cash is invested in a range of short-dated, secure and liquid instruments including short-term bank deposits, money market funds, reverse
repos and similar instruments. The portfolio of these investments is diversified to avoid concentrating risk in any one instrument, country or
counterparty. Management monitors the investments regularly and adjusts the investment portfolio in light of new market information where
necessary to ensure credit risk is effectively diversified.
In commodity trading, counterparty credit risk is managed within a framework approved by the CEO and CFO, and for which delegations are
in\u00a0place to other executives in the business. Credit limits are defined and their utilisation is regularly reviewed. Credit risk\u00a0exposure is continuously
monitored and the acceptable level of credit exposure is determined in accordance with the approved delegations. Credit checks are performed
by a\u00a0department independent of traders, and are undertaken before contractual commitment. Where appropriate, netting arrangements, credit
insurance, prepayments and collateral are used to manage specific risks.
Shell routinely enters into offsetting, master netting and similar arrangements with trading and other counterparties to manage credit risk. Where
there is a legally enforceable right of offset under such arrangements and Shell has the intention to settle on a net basis or realise the asset and
settle the liability simultaneously, the net asset or liability is recognised in the Consolidated Balance Sheet, otherwise assets and liabilities are
presented gross. These amounts, as presented net and gross within trade and other receivables, trade and other payables and derivative
financial\u00a0instruments in the Consolidated Balance Sheet at December 31, were as follows:
2023
$ million
Amounts
offset
Amounts not
offset
Gross
amounts
before offset
Amounts
offset
Net amounts
as presented
Cash collateral
received/pledged
Other
offsetting
instruments
Net amounts
Assets:
Within trade receivables
20,810
12,350
8,460
18
356
8,086
Within derivative financial instruments
26,166
13,140
13,026
1,688
2,616
8,722
Liabilities:
Within trade payables
18,423
12,351
6,072
69
356
5,647
Within derivative financial instruments
23,037
13,163
9,874
2,040
2,636
5,198
2022
$ million
Amounts
offset
Amounts not
offset
Gross
amounts
before offset
Amounts
offset
Net amounts
as presented
Cash collateral
received/pledged
Other
offsetting
instruments
Net amounts
Assets:
Within trade receivables
28,259
17,200
11,059
292
495
10,272
Within derivative financial instruments
56,154
34,685
21,469
1,904
4,563
15,002
Liabilities:
Within trade payables
29,981
17,200
12,781
608
495
11,678
Within derivative financial instruments
58,991
34,710
24,281
4,788
3,364
16,129
Amounts not offset principally relate to contracts where the intention to settle on a net basis was not clearly established at December 31.
The carrying amount of financial assets pledged as collateral for liabilities or contingent liabilities at December 31, 2023, presented within trade
and other receivables, was $3,437 million (2022: $11,133 million). The decrease in financial assets pledged as collateral is driven by the reduction
in overall derivative exposure, mainly due to the decline in gas and power forward prices. The carrying amount of collateral held at December 31,
2023, presented within trade and other payables, was $1,404 million (2022: $1,648 million). Collateral mainly relates to initial margins held with
commodity exchanges and over-the-counter counterparty variation margins. Some derivative contracts are fully cash collateralised, thereby
eliminating both counterparty risk and the Group's own non-performance risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-569": { "value": "
Liquidity risk
Liquidity risk is the risk that suitable sources of funding for Shell's business activities may not be available. Management believes that it has access
to sufficient cash and cash equivalents, debt funding sources (capital markets) and to undrawn committed borrowing facilities to meet foreseeable
requirements. Information about borrowing facilities is presented in Note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-570": { "value": "
Derivative contracts and hedges
Derivative contracts are used principally as hedging instruments. However, because hedge accounting is not always applied, movements in the
carrying amounts of derivative contracts that are recognised in income may not be matched in the same period by the recognition of the income
effects of the related hedged items.
Carrying amounts, maturities and hedges
The carrying amounts of derivative contracts at December 31, designated and not designated as hedging instruments for hedge accounting
purposes, were as follows:
2023
$ million
Assets
Liabilities
Designated
Not
designated
Total
Designated
Not
designated
Total
Net
Interest rate swaps
14
2
16
98
\u2014
98
(82)
Forward foreign exchange contracts
\u2014
697
697
\u2014
592
592
105
Currency swaps and options
177
\u2014
177
1,959
13
1,972
(1,795)
Commodity derivatives
\u2014
14,783
14,783
\u2014
9,161
9,161
5,622
Other contracts
\u2014
226
226
\u2014
7
7
219
Total
191
15,708
15,899
2,057
9,773
11,830
4,069
2022
$ million
Assets
Liabilities
Designated
Not
designated
Total
Designated
Not
designated
Total
Net
Interest rate swaps
\u2014
1
1
169
\u2014
169
(168)
Forward foreign exchange contracts
\u2014
907
907
\u2014
996
996
(89)
Currency swaps and options
31
24
55
2,925
5
2,930
(2,875)
Commodity derivatives
\u2014
23,676
23,676
\u2014
22,858
22,858
818
Other contracts
\u2014
380
380
\u2014
389
389
(9)
Total
31
24,988
25,019
3,094
24,248
27,342
(2,323)
As part of Shell's normal business, commodity derivative hedge contracts are entered into for mitigation of future purchases, sales and inventory.
Net gains before tax on derivative contracts, excluding those designed as hedges, were $5,189\u00a0million in 2023 (2022: $1,331\u00a0million gains;
2021: $8,377\u00a0million losses).
Certain contracts, mainly to hedge price risk relating to forecast commodity transactions, were designated in cash flow hedging relationships
and\u00a0are presented after the offset of related margin balances with exchanges. Contracts to hedge foreign exchange risks were also designated
in\u00a0cash flow hedging relationships and the net carrying amount of these contracts at December 31, 2023, was a liability of $373\u00a0million
(2022:\u00a0$828\u00a0million liability). See Note 28 for the accumulated balance recognised within other comprehensive income.
Certain interest rate and currency swaps were designated in fair value hedges, principally in respect of debt for which the net carrying amount
of\u00a0the related derivative contracts, net of accrued interest, at December 31, 2023, was a liability of $1,441\u00a0million (2022: $2,191\u00a0million liability).
At December 31, 2023, no debt instruments (2022: \u20ac3\u00a0billion) were designated as hedges of net investments in foreign operations, relating to the
foreign exchange risk arising between certain intermediate holding companies and their subsidiaries. See Note 28 for the accumulated balance
recognised within other comprehensive income.
In the course of trading operations, certain contracts are entered into for delivery of commodities that are accounted for as derivatives.
The\u00a0resulting price exposures are managed by entering into related derivative contracts. These contracts are managed on a fair value basis
and\u00a0the maximum exposure to liquidity risk is the undiscounted fair value of derivative liabilities.
For a minority of commodity derivatives contracts, carrying amounts cannot be derived from quoted market prices or other observable inputs,
in\u00a0which case fair value is estimated using valuation techniques, such as Black-Scholes; option spread models; and extrapolation, using quoted
spreads with assumptions developed internally based on observable market activity.
Other contracts include certain contracts that are held to sell or purchase commodities and others containing embedded derivatives, which
are\u00a0required to be recognised at fair value because of pricing or delivery conditions, even though they were entered into to meet operational
requirements. These contracts are expected to mature in 2024-2025, with certain contracts having early termination rights (for either party).
Valuations are derived from other observable inputs.
The contractual maturities of derivative liabilities at December 31 compare with their carrying amounts in the Consolidated Balance Sheet
as\u00a0follows:
2023
$ million
Contractual maturities
Less than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Between
4 and 5
years
5 years
and\u00a0later
Total
Difference
from carrying
amount [A]
Carrying
amount
Interest rate swaps
78
9
3
3
5
\u2014
98
\u2014
98
Forward foreign exchange contracts
465
77
25
1
\u2014
(3)
565
27
592
Currency swaps and options
551
609
521
392
186
859
3,118
(1,146)
1,972
Commodity derivatives
5,767
1,902
799
381
225
597
9,671
(510)
9,161
Other contracts
2
4
2
\u2014
\u2014
\u2014
8
(1)
7
Total
6,863
2,601
1,350
777
416
1,453
13,460
(1,630)
11,830
[A] Mainly related to the effect of discounting.
2022
$ million
Contractual maturities
Less than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Between
4 and 5
years
5 years
and\u00a0later
Total
Difference
from carrying
amount [A]
Carrying
amount
Interest rate swaps
120
50
2
1
1
1
175
(6)
169
Forward foreign exchange contracts
629
294
18
(1)
(2)
(3)
935
61
996
Currency swaps and options
582
554
750
588
507
1,353
4,334
(1,404)
2,930
Commodity derivatives
17,273
3,678
1,203
515
270
793
23,732
(874)
22,858
Other contracts
212
148
22
1
1
\u2014
384
5
389
Total
18,816
4,724
1,995
1,104
777
2,144
29,560
(2,218)
27,342
[A] Mainly related to the effect of discounting.
Fair value measurements
The net carrying amounts of derivative contracts held at December 31 categorised according to the predominant source and nature of inputs
used\u00a0in determining the fair value of each contract were as follows:
2023
$ million
Prices in active
markets for
identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps
\u2014
(82)
\u2014
(82)
Forward foreign exchange contracts
\u2014
105
\u2014
105
Currency swaps and options
\u2014
(1,795)
\u2014
(1,795)
Commodity derivatives
(39)
3,191
2,470
5,622
Other contracts
\u2014
223
(4)
219
Total
(39)
1,642
2,466
4,069
2022
$ million
Prices in active
markets for
identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps
\u2014
(168)
\u2014
(168)
Forward foreign exchange contracts
\u2014
(89)
\u2014
(89)
Currency swaps and options
\u2014
(2,875)
\u2014
(2,875)
Commodity derivatives
68
(1,161)
1,911
818
Other contracts
\u2014
(7)
(2)
(9)
Total
68
(4,300)
1,909
(2,323)
Net carrying amounts of derivative contracts measured using predominantly unobservable inputs
$ million
2023
2022
At January 1
1,909
389
Net gains recognised in revenue
576
1,190
Purchases
271
886
Sales
(185)
(623)
Settlements
(125)
46
Recategorisations (net)
25
17
Currency translation differences
(5)
4
At December 31
2,466
1,909
Included in net gains recognised in revenue in 2023 were unrealised net gains totalling $797\u00a0million relating to assets and liabilities held\u00a0at
December 31, 2023 (2022: $449\u00a0million gains).
Unrecognised day one gains or losses
Certain long-term commodity contracts extend to periods where observable pricing data are limited and their value may include estimates.
Where\u00a0this is more than an insignificant part of the overall contract valuation, any gains or losses will be deferred. Valuation techniques are
further\u00a0described in Note 2. The unrecognised gains on these derivative contracts at December 31, 2023, were as follows:
$ million
2023
2022
At January 1
1,620
1,024
Movements
(13)
596
At December 31
1,607
1,620
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-572": { "value": "
Fair value measurements
The net carrying amounts of derivative contracts held at December 31 categorised according to the predominant source and nature of inputs
used\u00a0in determining the fair value of each contract were as follows:
2023
$ million
Prices in active
markets for
identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps
\u2014
(82)
\u2014
(82)
Forward foreign exchange contracts
\u2014
105
\u2014
105
Currency swaps and options
\u2014
(1,795)
\u2014
(1,795)
Commodity derivatives
(39)
3,191
2,470
5,622
Other contracts
\u2014
223
(4)
219
Total
(39)
1,642
2,466
4,069
2022
$ million
Prices in active
markets for
identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps
\u2014
(168)
\u2014
(168)
Forward foreign exchange contracts
\u2014
(89)
\u2014
(89)
Currency swaps and options
\u2014
(2,875)
\u2014
(2,875)
Commodity derivatives
68
(1,161)
1,911
818
Other contracts
\u2014
(7)
(2)
(9)
Total
68
(4,300)
1,909
(2,323)
Net carrying amounts of derivative contracts measured using predominantly unobservable inputs
$ million
2023
2022
At January 1
1,909
389
Net gains recognised in revenue
576
1,190
Purchases
271
886
Sales
(185)
(623)
Settlements
(125)
46
Recategorisations (net)
25
17
Currency translation differences
(5)
4
At December 31
2,466
1,909
Included in net gains recognised in revenue in 2023 were unrealised net gains totalling $797\u00a0million relating to assets and liabilities held\u00a0at
December 31, 2023 (2022: $449\u00a0million gains).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-571": { "value": "
Fair value measurements
The net carrying amounts of derivative contracts held at December 31 categorised according to the predominant source and nature of inputs
used\u00a0in determining the fair value of each contract were as follows:
2023
$ million
Prices in active
markets for
identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps
\u2014
(82)
\u2014
(82)
Forward foreign exchange contracts
\u2014
105
\u2014
105
Currency swaps and options
\u2014
(1,795)
\u2014
(1,795)
Commodity derivatives
(39)
3,191
2,470
5,622
Other contracts
\u2014
223
(4)
219
Total
(39)
1,642
2,466
4,069
2022
$ million
Prices in active
markets for
identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps
\u2014
(168)
\u2014
(168)
Forward foreign exchange contracts
\u2014
(89)
\u2014
(89)
Currency swaps and options
\u2014
(2,875)
\u2014
(2,875)
Commodity derivatives
68
(1,161)
1,911
818
Other contracts
\u2014
(7)
(2)
(9)
Total
68
(4,300)
1,909
(2,323)
Net carrying amounts of derivative contracts measured using predominantly unobservable inputs
$ million
2023
2022
At January 1
1,909
389
Net gains recognised in revenue
576
1,190
Purchases
271
886
Sales
(185)
(623)
Settlements
(125)
46
Recategorisations (net)
25
17
Currency translation differences
(5)
4
At December 31
2,466
1,909
Included in net gains recognised in revenue in 2023 were unrealised net gains totalling $797\u00a0million relating to assets and liabilities held\u00a0at
December 31, 2023 (2022: $449\u00a0million gains).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-574": { "value": "
26. Share capital
Issued and fully paid ordinary shares of \u20ac0.07 each\u00a0[A]
Number of shares
Nominal value
$ million
A
B
Ordinary
shares
A
B
Ordinary
shares
Total
At January 1, 2023
7,003,503,393
584
584
Repurchases of shares
(479,394,344)
(40)
(40)
At December 31, 2023
6,524,109,049
544
544
At January 1, 2022
4,101,239,499
3,582,892,954
345
296
641
Repurchases of shares before assimilation
\u2014
(34,106,548)
(3)
(3)
Assimilation of ordinary A and B shares into
ordinary shares
(4,101,239,499)
(3,548,786,406)
7,650,025,905
(345)
(293)
638
\u2014
Repurchases of B shares on January 27 and
28, 2022, cancelled as ordinary shares on
February 2 and 3, 2022
(507,742)
\u2014
\u2014
Repurchases of shares after assimilation
(646,014,770)
(54)
(54)
At December 31, 2022
7,003,503,393
584
584
[A] Share capital at December 31, 2022, also i ncluded 50,000 issued and fully paid sterling deferred shares of \u00a31 each, which were redeemed on March 27, 2023. Upon redemption, the
sterling deferred shares were treated as cancelled and the Company's issued share capital was reduced by the nominal value of the shares redeemed in accordance with section 688
of\u00a0the\u00a0UK Companies Act 2006.
On January 29, 2022, as part of the Simplification announced on December 20, 2021, the Company's A and B shares were assimilated into
a\u00a0single line of ordinary shares. This is reflected in the above table.
At the Company's Annual General Meeting (AGM) on May 23, 2023 , the Board was authorised to allot ordinary shares in the Company, and to
grant rights to subscribe for or to convert any security into ordinary shares in the Company, up to an aggregate nominal amount of approximately
\u20ac161\u00a0million (representing approximately 2,307\u00a0million ordinary shares of \u20ac0.07 each), and to list such shares or rights on any stock exchange.
This authority expires at the earlier of the close of business on August 22, 2024, and the end of the AGM to be held in 2024, unless previously
renewed, revoked or varied by\u00a0the Company in a general meeting.
At the May\u00a023, 2023, AGM, shareholders granted the Company the authority to repurchase (i) up to 692\u00a0million ordinary shares \"on-
market\" (excluding any treasury shares), less the number of ordinary shares purchased or committed to be purchased in terms of the buyback
contracts (\"off-market\"), made under the authority in (ii); and (ii) up to 692\u00a0million ordinary shares off-market, less any on-market purchases
made\u00a0under the authority in (i).
In the case of both on-market and off-market purchases of the ordinary shares, the minimum price, exclusive of expenses, which may be paid for
an\u00a0ordinary share is \u20ac0.07 and the maximum price, exclusive of expenses, which may be paid for an ordinary share is the higher of: (i) an amount
equal to 5% above the average market value for an ordinary share for the five business days immediately preceding the date of the purchase;
and\u00a0(ii) the higher of the price of the last independent trade and the highest current independent bid in relation to ordinary shares on the trading
venues where the purchase is carried out. The authorities for both on-market and off-market purchases of the ordinary shares will expire at the
earlier of the close of business on August\u00a022, 2024, and the end of the AGM of the Company to be held in 2024. Ordinary shares purchased
by\u00a0the Company pursuant to these authorities will either be cancelled or held in treasury. Treasury shares are shares in the Company which are
owned by the Company itself.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-573": { "value": "
26. Share capital
Issued and fully paid ordinary shares of \u20ac0.07 each\u00a0[A]
Number of shares
Nominal value
$ million
A
B
Ordinary
shares
A
B
Ordinary
shares
Total
At January 1, 2023
7,003,503,393
584
584
Repurchases of shares
(479,394,344)
(40)
(40)
At December 31, 2023
6,524,109,049
544
544
At January 1, 2022
4,101,239,499
3,582,892,954
345
296
641
Repurchases of shares before assimilation
\u2014
(34,106,548)
(3)
(3)
Assimilation of ordinary A and B shares into
ordinary shares
(4,101,239,499)
(3,548,786,406)
7,650,025,905
(345)
(293)
638
\u2014
Repurchases of B shares on January 27 and
28, 2022, cancelled as ordinary shares on
February 2 and 3, 2022
(507,742)
\u2014
\u2014
Repurchases of shares after assimilation
(646,014,770)
(54)
(54)
At December 31, 2022
7,003,503,393
584
584
[A] Share capital at December 31, 2022, also i ncluded 50,000 issued and fully paid sterling deferred shares of \u00a31 each, which were redeemed on March 27, 2023. Upon redemption, the
sterling deferred shares were treated as cancelled and the Company's issued share capital was reduced by the nominal value of the shares redeemed in accordance with section 688
of\u00a0the\u00a0UK Companies Act 2006.
On January 29, 2022, as part of the Simplification announced on December 20, 2021, the Company's A and B shares were assimilated into
a\u00a0single line of ordinary shares. This is reflected in the above table.
At the Company's Annual General Meeting (AGM) on May 23, 2023 , the Board was authorised to allot ordinary shares in the Company, and to
grant rights to subscribe for or to convert any security into ordinary shares in the Company, up to an aggregate nominal amount of approximately
\u20ac161\u00a0million (representing approximately 2,307\u00a0million ordinary shares of \u20ac0.07 each), and to list such shares or rights on any stock exchange.
This authority expires at the earlier of the close of business on August 22, 2024, and the end of the AGM to be held in 2024, unless previously
renewed, revoked or varied by\u00a0the Company in a general meeting.
At the May\u00a023, 2023, AGM, shareholders granted the Company the authority to repurchase (i) up to 692\u00a0million ordinary shares \"on-
market\" (excluding any treasury shares), less the number of ordinary shares purchased or committed to be purchased in terms of the buyback
contracts (\"off-market\"), made under the authority in (ii); and (ii) up to 692\u00a0million ordinary shares off-market, less any on-market purchases
made\u00a0under the authority in (i).
In the case of both on-market and off-market purchases of the ordinary shares, the minimum price, exclusive of expenses, which may be paid for
an\u00a0ordinary share is \u20ac0.07 and the maximum price, exclusive of expenses, which may be paid for an ordinary share is the higher of: (i) an amount
equal to 5% above the average market value for an ordinary share for the five business days immediately preceding the date of the purchase;
and\u00a0(ii) the higher of the price of the last independent trade and the highest current independent bid in relation to ordinary shares on the trading
venues where the purchase is carried out. The authorities for both on-market and off-market purchases of the ordinary shares will expire at the
earlier of the close of business on August\u00a022, 2024, and the end of the AGM of the Company to be held in 2024. Ordinary shares purchased
by\u00a0the Company pursuant to these authorities will either be cancelled or held in treasury. Treasury shares are shares in the Company which are
owned by the Company itself.
28. Other\u00a0reserves
Other reserves attributable to Shell plc shareholders
$ million
Merger
reserve
Share
premium
reserve
Capital
redemption
reserve
Share plan
reserve
Accumulated
other
comprehensive
income
Total
At January 1, 2023
37,298
154
196
1,140
(17,656)
21,132
Other comprehensive income attributable to Shell plc shareholders
\u2014
\u2014
\u2014
\u2014
(83)
(83)
Transfer from other comprehensive income
\u2014
\u2014
\u2014
\u2014
(112)
(112)
Repurchases of shares
\u2014
\u2014
40
\u2014
\u2014
40
Share-based compensation
\u2014
\u2014
\u2014
168
\u2014
168
At December 31, 2023
37,298
154
236
1,308
(17,851)
21,145
At January 1, 2022
37,298
154
139
964
(19,646)
18,909
Other comprehensive income attributable to Shell plc shareholders
\u2014
\u2014
\u2014
\u2014
2,024
2,024
Transfer from other comprehensive income
\u2014
\u2014
\u2014
\u2014
(34)
(34)
Repurchases of shares
\u2014
\u2014
57
\u2014
\u2014
57
Share-based compensation
\u2014
\u2014
\u2014
176
\u2014
176
At December 31, 2022
37,298
154
196
1,140
(17,656)
21,132
At January 1, 2021
37,298
154
129
906
(25,735)
12,752
Other comprehensive loss attributable to Shell plc shareholders
\u2014
\u2014
\u2014
\u2014
6,134
6,134
Transfer from other comprehensive income
\u2014
\u2014
\u2014
\u2014
(45)
(45)
Repurchases of shares
\u2014
\u2014
10
\u2014
\u2014
10
Share-based compensation
\u2014
\u2014
\u2014
58
\u2014
58
At December 31, 2021
37,298
154
139
964
(19,646)
18,909
The merger reserve and share premium reserve were established as a consequence of the Company becoming the single parent company of Royal
Dutch Petroleum Company and The \"Shell\" Transport and Trading Company, plc, now The Shell Transport and Trading Company Limited, in 2005.
The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc.
The capital redemption reserve was established in connection with repurchases of shares of the Company.
The share plan reserve is in respect of equity-settled share-based compensation plans (see Note 27). The movement comprises the net of the
charge for the year and the release as a result of vested awards.
Accumulated other comprehensive income comprises the following:
Accumulated other comprehensive income attributable to Shell plc shareholders
$ million
Currency
translation
differences
Equity
instruments
remeasurements
Debt
instruments
remeasurements
Cash flow
hedging
(losses)/
gains
Net
investment
hedging
(losses)/
gains
Deferred
cost of
hedging
Retirement
benefits
remeasurements
Total
At January 1, 2023
(12,590)
487
(75)
(524)
(1,964)
(26)
(2,964)
(17,656)
Recognised in other comprehensive
income
1,393
(67)
33
(196)
(44)
(273)
(1,088)
(242)
Reclassified to income
1
\u2014
9
162
\u2014
61
\u2014
233
Reclassified to the balance sheet
\u2014
\u2014
(1)
117
`
1
\u2014
117
Reclassified to retained earnings
\u2014
(112)
\u2014
\u2014
\u2014
\u2014
\u2014
(112)
Tax on amounts recognised/reclassified
3
(32)
\u2014
(12)
\u2014
63
5
27
Total, net of tax
1,397
(211)
41
71
(44)
(148)
(1,083)
23
Share of joint ventures and associates
16
(202)
\u2014
2
\u2014
\u2014
1
(183)
Other comprehensive (loss)/income for
the period
1,413
(413)
41
73
(44)
(148)
(1,082)
(160)
Less: non-controlling interest
(36)
(1)
\u2014
\u2014
\u2014
\u2014
2
(35)
Attributable to Shell plc shareholders
1,377
(414)
41
73
(44)
(148)
(1,080)
(195)
At December 31, 2023
(11,213)
73
(34)
(451)
(2,008)
(174)
(4,044)
(17,851)
At January 1, 2022
(9,563)
1,294
3
(536)
(2,144)
(226)
(8,474)
(19,646)
Recognised in other comprehensive
income
(3,422)
(524)
(90)
426
180
64
6,982
3,616
Reclassified to income
437
\u2014
12
(636)
\u2014
81
\u2014
(106)
Reclassified to the balance sheet
\u2014
\u2014
\u2014
(81)
\u2014
\u2014
\u2014
(81)
Reclassified to retained earnings
\u2014
(32)
\u2014
\u2014
\u2014
\u2014
(2)
(34)
Tax on amounts recognised/reclassified
(1)
33
\u2014
59
\u2014
55
(1,516)
(1,370)
Total, net of tax
(2,986)
(523)
(78)
(232)
180
200
5,464
2,025
Share of joint ventures and associates
30
(283)
\u2014
244
\u2014
\u2014
30
21
Other comprehensive income/(loss) for
the period
(2,956)
(806)
(78)
12
180
200
5,494
2,046
Less: non-controlling interest
(71)
(1)
\u2014
\u2014
\u2014
\u2014
16
(56)
Attributable to Shell plc shareholders
(3,027)
(807)
(78)
12
180
200
5,510
1,990
At December 31, 2022
(12,590)
487
(75)
(524)
(1,964)
(26)
(2,964)
(17,656)
At January 1, 2021
(8,175)
1,144
31
(485)
(2,439)
(187)
(15,624)
(25,735)
Recognised in other comprehensive
income
(1,841)
180
(23)
88
295
(145)
10,191
8,745
Reclassified to income
368
\u2014
(5)
(38)
\u2014
92
\u2014
417
Reclassified to the balance sheet
\u2014
\u2014
\u2014
(13)
\u2014
\u2014
\u2014
(13)
Reclassified to retained earnings
\u2014
(45)
\u2014
\u2014
\u2014
\u2014
\u2014
(45)
Tax on amounts recognised/reclassified
60
(35)
\u2014
(16)
\u2014
14
(2,993)
(2,970)
Total, net of tax
(1,413)
100
(28)
21
295
(39)
7,198
6,134
Share of joint ventures and associates
(36)
50
\u2014
(72)
\u2014
\u2014
(48)
(106)
Other comprehensive income/(loss) for
the period
(1,449)
150
(28)
(51)
295
(39)
7,150
6,028
Less: non-controlling interest
61
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
61
Attributable to Shell plc shareholders
(1,388)
150
(28)
(51)
295
(39)
7,150
6,089
At December 31, 2021
(9,563)
1,294
3
(536)
(2,144)
(226)
(8,474)
(19,646)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-575": { "value": "
27. Share-based\u00a0compensation plans\u00a0and\u00a0shares\u00a0held\u00a0in\u00a0trust
Share-based compensation expense
$ million
2023
2022
2021
Equity-settled [A]
700
807
539
[A] On an incidental basis awards may be cash-settled, where an equity settlement is not possible under local regulations.
The principal share-based employee compensation plans are the PSP and LTIP. Awards of shares and American Depositary Shares (ADS) of the
Company under the PSP and LTIP are granted upon certain conditions to eligible employees. The actual number of shares that may vest ranges
from 0% to 200% of the awards, depending on the outcomes of prescribed performance conditions over a three -year period beginning on
January\u00a01 of the award year.
Share awards [A]
Number of A
shares
(million)
Number of B
shares
(million)
Number of
ordinary shares
(million) [B]
Number of
ADSs
(million)
Weighted
average
remaining
contractual life
(years)
At January 1, 2023
58
10
1.1
Granted
19
3
Vested
(17)
(3)
Forfeited
(2)
\u2014
At December 31, 2023
58
10
0.9
At January 1, 2022
38
12
9
1.2
Assimilation of ordinary A and B shares into ordinary shares
(38)
(12)
50
Granted
\u2014
\u2014
28
4
Vested
\u2014
\u2014
(13)
(2)
Forfeited
\u2014
\u2014
(7)
(1)
At December 31, 2022
\u2014
\u2014
58
10
1.1
[A] As revised, includes notional dividends.
[B] On January 29, 2022, as part of the Simplification announced on December 20, 2021, the Company's A and B shares were assimilated into a single line of ordinary shares.
Other plans offer eligible employees opportunities to acquire shares and ADSs of the Company or receive cash benefits measured by reference
to\u00a0the Company's share price.
Shell employee share ownership trusts and trust-like entities purchase the Company's shares in the open market to meet delivery commitments
under employee share plans. At December 31, 2023, they held a total of 24.2\u00a0million ordinary shares ( 2022: 23.9 million) and 6.8 million ADSs
(2022: 4.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-576": { "value": "
28. Other\u00a0reserves
Other reserves attributable to Shell plc shareholders
$ million
Merger
reserve
Share
premium
reserve
Capital
redemption
reserve
Share plan
reserve
Accumulated
other
comprehensive
income
Total
At January 1, 2023
37,298
154
196
1,140
(17,656)
21,132
Other comprehensive income attributable to Shell plc shareholders
\u2014
\u2014
\u2014
\u2014
(83)
(83)
Transfer from other comprehensive income
\u2014
\u2014
\u2014
\u2014
(112)
(112)
Repurchases of shares
\u2014
\u2014
40
\u2014
\u2014
40
Share-based compensation
\u2014
\u2014
\u2014
168
\u2014
168
At December 31, 2023
37,298
154
236
1,308
(17,851)
21,145
At January 1, 2022
37,298
154
139
964
(19,646)
18,909
Other comprehensive income attributable to Shell plc shareholders
\u2014
\u2014
\u2014
\u2014
2,024
2,024
Transfer from other comprehensive income
\u2014
\u2014
\u2014
\u2014
(34)
(34)
Repurchases of shares
\u2014
\u2014
57
\u2014
\u2014
57
Share-based compensation
\u2014
\u2014
\u2014
176
\u2014
176
At December 31, 2022
37,298
154
196
1,140
(17,656)
21,132
At January 1, 2021
37,298
154
129
906
(25,735)
12,752
Other comprehensive loss attributable to Shell plc shareholders
\u2014
\u2014
\u2014
\u2014
6,134
6,134
Transfer from other comprehensive income
\u2014
\u2014
\u2014
\u2014
(45)
(45)
Repurchases of shares
\u2014
\u2014
10
\u2014
\u2014
10
Share-based compensation
\u2014
\u2014
\u2014
58
\u2014
58
At December 31, 2021
37,298
154
139
964
(19,646)
18,909
The merger reserve and share premium reserve were established as a consequence of the Company becoming the single parent company of Royal
Dutch Petroleum Company and The \"Shell\" Transport and Trading Company, plc, now The Shell Transport and Trading Company Limited, in 2005.
The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc.
The capital redemption reserve was established in connection with repurchases of shares of the Company.
The share plan reserve is in respect of equity-settled share-based compensation plans (see Note 27). The movement comprises the net of the
charge for the year and the release as a result of vested awards.
Accumulated other comprehensive income comprises the following:
Accumulated other comprehensive income attributable to Shell plc shareholders
$ million
Currency
translation
differences
Equity
instruments
remeasurements
Debt
instruments
remeasurements
Cash flow
hedging
(losses)/
gains
Net
investment
hedging
(losses)/
gains
Deferred
cost of
hedging
Retirement
benefits
remeasurements
Total
At January 1, 2023
(12,590)
487
(75)
(524)
(1,964)
(26)
(2,964)
(17,656)
Recognised in other comprehensive
income
1,393
(67)
33
(196)
(44)
(273)
(1,088)
(242)
Reclassified to income
1
\u2014
9
162
\u2014
61
\u2014
233
Reclassified to the balance sheet
\u2014
\u2014
(1)
117
`
1
\u2014
117
Reclassified to retained earnings
\u2014
(112)
\u2014
\u2014
\u2014
\u2014
\u2014
(112)
Tax on amounts recognised/reclassified
3
(32)
\u2014
(12)
\u2014
63
5
27
Total, net of tax
1,397
(211)
41
71
(44)
(148)
(1,083)
23
Share of joint ventures and associates
16
(202)
\u2014
2
\u2014
\u2014
1
(183)
Other comprehensive (loss)/income for
the period
1,413
(413)
41
73
(44)
(148)
(1,082)
(160)
Less: non-controlling interest
(36)
(1)
\u2014
\u2014
\u2014
\u2014
2
(35)
Attributable to Shell plc shareholders
1,377
(414)
41
73
(44)
(148)
(1,080)
(195)
At December 31, 2023
(11,213)
73
(34)
(451)
(2,008)
(174)
(4,044)
(17,851)
At January 1, 2022
(9,563)
1,294
3
(536)
(2,144)
(226)
(8,474)
(19,646)
Recognised in other comprehensive
income
(3,422)
(524)
(90)
426
180
64
6,982
3,616
Reclassified to income
437
\u2014
12
(636)
\u2014
81
\u2014
(106)
Reclassified to the balance sheet
\u2014
\u2014
\u2014
(81)
\u2014
\u2014
\u2014
(81)
Reclassified to retained earnings
\u2014
(32)
\u2014
\u2014
\u2014
\u2014
(2)
(34)
Tax on amounts recognised/reclassified
(1)
33
\u2014
59
\u2014
55
(1,516)
(1,370)
Total, net of tax
(2,986)
(523)
(78)
(232)
180
200
5,464
2,025
Share of joint ventures and associates
30
(283)
\u2014
244
\u2014
\u2014
30
21
Other comprehensive income/(loss) for
the period
(2,956)
(806)
(78)
12
180
200
5,494
2,046
Less: non-controlling interest
(71)
(1)
\u2014
\u2014
\u2014
\u2014
16
(56)
Attributable to Shell plc shareholders
(3,027)
(807)
(78)
12
180
200
5,510
1,990
At December 31, 2022
(12,590)
487
(75)
(524)
(1,964)
(26)
(2,964)
(17,656)
At January 1, 2021
(8,175)
1,144
31
(485)
(2,439)
(187)
(15,624)
(25,735)
Recognised in other comprehensive
income
(1,841)
180
(23)
88
295
(145)
10,191
8,745
Reclassified to income
368
\u2014
(5)
(38)
\u2014
92
\u2014
417
Reclassified to the balance sheet
\u2014
\u2014
\u2014
(13)
\u2014
\u2014
\u2014
(13)
Reclassified to retained earnings
\u2014
(45)
\u2014
\u2014
\u2014
\u2014
\u2014
(45)
Tax on amounts recognised/reclassified
60
(35)
\u2014
(16)
\u2014
14
(2,993)
(2,970)
Total, net of tax
(1,413)
100
(28)
21
295
(39)
7,198
6,134
Share of joint ventures and associates
(36)
50
\u2014
(72)
\u2014
\u2014
(48)
(106)
Other comprehensive income/(loss) for
the period
(1,449)
150
(28)
(51)
295
(39)
7,150
6,028
Less: non-controlling interest
61
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
61
Attributable to Shell plc shareholders
(1,388)
150
(28)
(51)
295
(39)
7,150
6,089
At December 31, 2021
(9,563)
1,294
3
(536)
(2,144)
(226)
(8,474)
(19,646)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-577": { "value": "
30. Earnings\u00a0per\u00a0share
2023
2022
2021
Income attributable to Shell plc shareholders ($ million)
19,359
42,309
20,101
Weighted average number of shares used as the basis for determining:
Basic earnings per share (million of shares)
6,733.5
7,347.5
7,761.7
Diluted earnings per share (million of shares)
6,799.8
7,410.5
7,806.8
Basic earnings per share are calculated by dividing the income attributable to Shell plc shareholders for the year by the weighted average
number\u00a0of shares outstanding during the year. The weighted average number of shares outstanding excludes shares held in trust.
Diluted earnings per share are based on the same income figures. The weighted average number of shares outstanding during the year is
increased by dilutive shares related to share-based compensation plans. If the inclusion of potentially issuable shares could decrease diluted
loss\u00a0per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted
earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-578": { "value": "
31. Legal proceedings and other contingencies
General
In the ordinary course of business, Shell subsidiaries are subject to a number of contingencies arising from litigation and claims brought by
governmental authorities, including tax authorities, and private parties. The operations and earnings of Shell subsidiaries continue, from time to
time, to be affected to varying degrees by political, legislative, fiscal and regulatory developments, including those relating to the protection of the
environment and indigenous groups in the countries where they operate. The industries in which Shell subsidiaries are engaged are also subject to
physical risks of various types.
The amounts claimed in relation to such events and, if such claims against Shell were successful, the costs of implementing the remedies sought in
the various cases could be substantial. Based on information available to date and taking into account that in some cases it is not practicable to
estimate the possible magnitude or timing of any resultant payments, management believes that the foregoing are not expected to have a material
adverse impact on Shell's Consolidated Financial Statements. However, there remains a high degree of uncertainty around these contingencies,
as\u00a0well as their potential effect on future operations, earnings, cash flows and Shell's financial condition.
In certain divestment transactions, liabilities related to decommissioning and restoration are de-recognised upon transfer of these obligations to the
buyer. For certain of these obligations Shell has issued guarantees to third parties and continues to be liable in case the primary obligor is not able
to meet its obligation. These potential obligations arising from issuance of these guarantees are assessed to be remote.
Decommissioning and restoration of manufacturing facilities
For long-lived manufacturing facilities, where decommissioning would generally be more than 50 years away, while there is a present obligation
that has arisen from past events, the amount of the obligation cannot be reliably measured. This is because the settlement dates are indeterminate;
and other estimates, such as extremely long-term discount rates for which there is no observable measure, cannot be reliably determined.
Consequently, the decommissioning and restoration obligation that exists for such long-lived manufacturing facilities cannot be reliably quantified
and is disclosed as a contingent liability. There remains a high degree of uncertainty concerning such obligations and their potential effects on
future operations, earnings, cash flows, reputation and Shell's financial condition.
Pesticide litigation
Shell USA, Inc. (Shell USA), along with another agricultural chemical pesticide manufacturer and several distributors, has been sued by public
and\u00a0quasi-public water purveyors, water storage districts and private landowners alleging responsibility for groundwater contamination caused by
applications of chemical pesticides. There are approximately 24 such cases currently pending, four claims made but not yet filed, and an active
subpoena for records. These matters assert various theories of strict liability and negligence, seeking to recover actual damages, including drinking
well treatment and remediation costs. Most assert claims for punitive damages. While Shell USA continues to vigorously defend these actions, in
January 2018 an environmental regulatory standard became effective in the State of California, where a majority of the suits are pending. The
2018 standard requires public water systems state-wide to perform quarterly or monthly sampling of their drinking water sources for a chemical
contained in certain pesticides. Water systems deemed out of compliance with the regulatory standard must take corrective action to resolve the
exceedance or take the potable water source out of service. In response to this regulatory standard, Shell USA monitors the sampling results to
determine the number of wells potentially impacted. Based on the claims asserted and Shell USA's history with regard to amounts paid to resolve
varying actions, management does not expect the outcome of the matters pending at December 31, 2023, to have a material adverse impact on
Shell. However, there remains a high degree of uncertainty regarding the potential outcome of some of these pending lawsuits, as well as their
potential effect on future operations, earnings, cash flows and Shell's financial condition.
Climate change litigation
In the USA, energy companies (including Shell), industry associations, and others have been named in several matters alleging responsibility for
the impacts of climate change due to the use of fossil fuels. These matters assert a number of different theories of liability for a wide variety of
harms, including but not limited to, impacts to public and private infrastructure, natural resources, and public health and services. As of December
31, 2023, 24 lawsuits naming Shell as a defendant were pending, three claims were filed but not yet served, and one petition to preserve
testimony was pending.
In the Netherlands, in a case against Shell brought by a group of environmental non-governmental organisations (eNGOs) and individual
claimants, the Court found that while Shell is not currently acting unlawfully, Shell must reduce the aggregate annual volume of CO2 emissions of
Shell operations and energy-carrying products sold across Scopes 1, 2 and 3 by 45% (net) by the end of 2030 relative to its 2019 emissions levels
(the \"Dutch Court Order\"). For Scopes 2 and 3, this is a significant best-efforts obligation. Shell appealed that ruling and a hearing is scheduled to
take place before the Dutch Court of Appeal of The Hague in April 2024.
Management believes the outcome of these matters should be resolved in a manner favourable to Shell, but there remains a high degree of
uncertainty regarding the ultimate outcome of these lawsuits, as well as their potential effect on future operations, earnings, cash flows and Shell's
financial condition.
NAM (Groningen gas field) litigation
Since 1963, NAM \u2013 a joint venture between Shell and ExxonMobil (50%:50%) \u2013 has been producing gas from the Groningen field, the largest
gas field in Western Europe. After smaller tremors in the 1990s and the late 2000s, an earthquake measuring 3.6 on the Richter scale occurred
in\u00a02012, causing damage to properties in the affected area, and the area continues to experience tremor/earthquake-type events. NAM has
successfully settled close to 80,000 claims for physical damage to property. The Dutch State has\u00a0taken over the damage-claim-handling from
NAM for all claim categories, and the strengthening operation in the region, while NAM remains financially responsible insofar as the costs
corresponded to NAM's liability. In 2022, NAM started arbitrations with the Dutch government to have its financial liability determined for costs
which the Dutch government compensated to claimants and subsequently charged to NAM. These claims include but are not limited to physical
damage to property, housing value loss, emotional damage and loss of living enjoyment.
Shell and ExxonMobil seek to reach a final, all-encompassing settlement with the Dutch government on the new design of the Dutch \"Gasgebouw\"
and the wind-down of natural gas production in Groningen. Shell, ExxonMobil and the Dutch government reached agreements in 2018 (Heads of
Agreement) and 2019 (Interim Agreement) and subsequently have been engaged in discussions on the interpretation and implementation of these
agreements and on a final and all-encompassing settlement. As these discussions have not led to such a settlement, in December 2023, the NAM
shareholders asked an independent arbitration panel to rule on the interpretation and implementation of the agreements made in 2018/2019. The
purpose of this arbitration is for a neutral third party to assess the situation and provide clarity. The arbitration is expected to take several years
and the judgement will be binding. The arbitration does not preclude a final and all-encompassing settlement, provided Shell, ExxonMobil and
the\u00a0Dutch government agree to pursue such a settlement.
There remains a high degree of uncertainty concerning the ultimate outcome of these disputes and their potential effect on future operations,
earnings, cash flows, reputation and Shell's financial condition.
Kazakhstan
Shell has several matters in dispute involving the Republic of Kazakhstan. One litigation matter involving a Shell NOV relates to a Sulphur
permitting inspection outcome. An unfavourable ruling was issued by the Administrative Collegium of Astana City Court in February 2024. The
Shell NOV is assessing its next steps, including filing an appeal to the Kazakhstan Supreme Court.
The other matters are two Shell NOVs concerning disputes as to cost recovery for the period 2010 to\u00a02019 under the applicable production
sharing contracts. In March 2023, the Republic of Kazakhstan appointed its arbitrator in each of the disputes, formally starting the arbitration
process. No Statement of Claim has been filed in either matter.
Accordingly, at this time, it is not possible to\u00a0reliably estimate the magnitude and timing of any\u202fpossible obligations or payments in respect of the
matters above or whether any payments will be due. There remains a high degree of uncertainty regarding the ultimate outcomes, as well as the
potential effect on future operations, earnings, cash flows and Shell's financial condition.
Nigerian litigation
Shell subsidiaries and associates operating in Nigeria are parties to various environmental, non-environmental and contractual disputes brought
in\u00a0the courts of Nigeria and England. These disputes are at different stages in litigation, including at the appellate stage, where judgements have
been rendered against Shell entities in some of these disputes. If taken at face value, the aggregate amount of these judgements could be seen
as\u00a0material. Management, however, believes that the outcomes of these disputes, once determined, will be favourable to Shell. However, there
remains a high degree of uncertainty regarding these cases, as well as\u00a0their\u00a0potential effect on future operations, earnings, cash flows and Shell's
financial condition.
OPL 245
On January 27, 2017 , the Nigeria Federal High Court issued an Interim Order of Attachment for Oil Prospecting Licence 245 (OPL 245), pending
the conclusion of the investigation of Shell Nigeria Exploration and Production Company Ltd.'s (SNEPCO's) investment in the Nigeria oil block OPL
245 and the 2011 settlement of litigation pertaining to that block with regard to potential anti-bribery, anti-corruption and anti-money laundering
laws. SNEPCO applied for and was granted a discharge of this order on constitutional and procedural grounds. Also in Nigeria, in March 2017,
criminal charges alleging official corruption and conspiracy to commit official corruption were filed against SNEPCO, one then current now former
Shell employee and third parties including ENI SpA and one of its subsidiaries. Those proceedings are in abeyance. In January 2020, criminal
charges alleging disobeying direction of law related to tax waivers were filed in Nigeria against Shell Nigeria Ultra Deep Ltd., SNEPCO, and third
parties including Nigeria Agip Exploration Limited (NAE). Those proceedings are ongoing. In March 2017, parties alleging to be shareholders of
Malabu Oil and Gas Company Ltd. (Malabu) filed two actions to challenge the 2011 settlement and the award of OPL 245 to SNEPCO and an
ENI SpA subsidiary by the Federal Government of Nigeria. Both actions are currently stayed awaiting the outcome of appeals filed against
procedural decisions. Those appeal proceedings are ongoing. On May 8, 2018, Human Environmental Development Agenda (HEDA) sought
permission from the Federal High Court of Nigeria to apply for an order to direct the Attorney General of the Federation to revoke OPL 245 on
grounds that the entire Malabu transaction in relation to the OPL is unconstitutional, illegal and void as it was obtained through fraudulent and
corrupt practice. On July 3, 2019, the Nigerian Federal High Court upheld objections from SNEPCO and NAE and struck the lawsuit filed by
HEDA. The suit was struck because of the statute of limitations and lack of jurisdiction to hear the matter. HEDA has appealed the\u00a0judgement,
which is ongoing.
On a separate OPL 245 matter, pre-trial criminal proceedings are pending against an individual who also did not work for or on behalf of Shell.
On July 21, 2022, the Dutch Public Prosecutor's office announced it had dismissed its investigation into bribery allegations related to OPL 245.
On\u00a0October 24, 2022, Re:Common, HEDA and The Corner House announced that they filed a complaint at the Court of Appeal in The Hague,
pursuant to Article 12 of the Dutch Code for Criminal Procedure, challenging the decision by the Dutch Public Prosecutor to dismiss its investigation.
There remains a high degree of uncertainty around the OPL 245 matters and contingencies discussed above, as well as their potential effect on
future operations, earnings, cash flows and Shell's financial condition. Accordingly, at this time, it is not possible to reliably estimate the possible
obligations and timing of any payments. Any violation of anti-bribery, anti-corruption or anti-money laundering legislation could have a material
adverse effect on Shell plc's earnings, cash flows and financial condition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-579": { "value": "
Average employee numbers [A]
Thousand
2023
2022
2021
Integrated Gas
6
6
6
Upstream
11
12
13
Marketing
26
17
14
Chemicals and Products
22
21
22
Renewables and Energy Solutions
5
4
3
Corporate
30
27
25
- of which Shell Business Service Centre (SBSC)
23
20
19
Total [B]
100
87
83
[A] Employee numbers are based on headcount.
[B] Excludes employees seconded to joint ventures and associates (2023: 2,000 employees; 2022 : 2,000 employees; 2021: 2,000 employees).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-580": { "value": "
33.\u00a0Directors\u00a0and\u00a0Senior\u00a0Management
Remuneration of Directors of the Company
$ million
2023
2022
2021
Emoluments
12
12
12
Value of released awards under long-term incentive plans
4
7
5
Employer contributions to pension plans
1
1
1
Emoluments comprise salaries and fees, annual bonuses (for the period for which performance is assessed) and other benefits. The value of
released awards under long-term incentive plans for the period is in respect of the performance period ending in that year. In 2023, no Director
accrued retirement benefits in respect of qualifying services under defined benefit plans.
Further information on the remuneration of the Directors can be found in the Directors' Remuneration Report on pages 191-193 .
Directors and Senior Management expense
$ million
2023
2022
2021
Short-term benefits
31
33
27
Retirement benefits
2
2
3
Share-based compensation
17
17
16
Termination and related amounts
7
1
2
Total
57
53
48
Directors and Senior Management comprise members of the Executive Committee and the Non-executive Directors of the Company.
Short-term benefits comprise salaries and fees, annual bonuses delivered in cash and shares (for the period for which performance is assessed),
other benefits and employer social security contributions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-581": { "value": "
34. Auditor's\u00a0remuneration
$ million
2023
2022
2021
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements, including audit of
consolidation returns
42
45
39
Other audit fees, principally in respect of audits of accounts of subsidiaries
19
18
18
Total audit fees
61
63
57
Audit-related fees
3
3
3
Fees in respect of other non-audit services
2
3
3
Total
66
69
63
In addition, the auditor provided audit services to retirement benefit plans for employees of subsidiaries. Remuneration paid by those benefit plans
amounted to $1 million in 2023 (2022 : $1\u00a0million ; 2021: $1\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-582": { "value": "
35. Post-balance she et events
On January 16, 2024, Shell reached an agreement to sell its Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria
Limited (SPDC) for a consideration of $1.3\u00a0billion with additional cash payments up to $1.1\u00a0billion as well as further contingent payments. Under
the agreed deal structure, economic performance accrues to the buyer with effect from December 31, 2021, however, Shell will continue to
consolidate SPDC until control transfers at completion. At completion Shell will provide secured term loans of up to $1.2\u00a0billion and additional
financing of up to $1.3\u00a0billion over future years. Completion of the transaction is subject to approvals by the Federal Government of Nigeria and
other conditions.
On January 30, 2024, the principal defined benefit pension plan in the USA, Shell Pension Plan, entered into a contract with \"The Prudential
Insurance Company of America\" to settle $5,052\u00a0million of pension liabilities. The settlement price consisted of $4,920\u00a0million of pension assets.
As a result of this transaction, all legal and constructive obligations for a tranche of benefits provided by the Shell Pension Plan have been
eliminated. This transaction will have no significant impact on the Consolidated Statement of Income, Consolidated Balance Sheet
or\u00a0Consolidated Statement of Cash Flows.
On February 1, 2024, Shell announced the commencement of a $3.5\u00a0billion share buyback programme covering an aggregate contract term of
approximately three months (the \"programme\"). The purpose of the programme is to reduce the issued share capital of the Company. All shares
repurchased as part of the programme will be cancelled. It is intended that, subject to market conditions, the programme will be completed prior
to the Company's first quarter 2024 results announcement, scheduled for May 2, 2024. The Company has entered into an arrangement with a
single broker consisting of three irrevocable, non-discretionary contracts, to enable the purchase of ordinary shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-583": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-584": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-585": { "value": "Shell\u00a0Centre, London, SE1 7NA.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-586": { "value": "Shell\u00a0Centre, London, SE1 7NA.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:21380068P1DRHMJ8KU70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }