Balanced capital allocation | |||
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. 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, when relevant, is\u00a0presented in Note 12. 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. Significant estimates 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 13). 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. 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 13) 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. The discount rate, future commodity prices and chemicals 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 13. | ||
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 probable that there will be a future outflow of funds to a taxing authority. In such cases, a provision is made for the amount expected to be settled, provided it can be reasonably estimated. Provisions for uncertain income tax positions or treatments are measured at the most likely amount or by the expected value method, depending on which method better predicts the resolution of the uncertainty. Generally, uncertain tax treatments are assessed on an individual basis unless they are expected to be\u00a0settled collectively. It is assumed that taxing authorities will examine positions taken if they have the right to do so and have full knowledge of the relevant information. Changes in estimates regarding the likelihood of a future outflow of funds or the expected amount\u00a0to be settled are recognised in the Consolidated Statement of Income in the period in which the change occurs. This requires the application of judgement, which can change over time depending on new facts and circumstances. Judgements primarily relate to\u00a0transfer pricing, including inter-company financing, interpretation of PSCs, deductible expenditure for tax purposes, and taxation arising from disposal. | ||
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. Significant 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 24. | ||
Estimates Estimates of provisions for future decommissioning and restoration costs are recognised and based on current legal and constructive obligations, 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 are reflected in the risk-free rate, and given the long-term investment nature of the oil and gas industry, 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 25. | ||
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. Where observable market information is not available, fair value is determined using valuation techniques that estimate market-based assumptions relevant to the asset or liability, using more than an insignificant proportion of 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, volumes, 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. | ||
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. 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, when relevant, is\u00a0presented in Note 12. 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. Significant estimates 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 13). 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. 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 13) 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. The discount rate, future commodity prices and chemicals 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 13. | ||
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 probable that there will be a future outflow of funds to a taxing authority. In such cases, a provision is made for the amount expected to be settled, provided it can be reasonably estimated. Provisions for uncertain income tax positions or treatments are measured at the most likely amount or by the expected value method, depending on which method better predicts the resolution of the uncertainty. Generally, uncertain tax treatments are assessed on an individual basis unless they are expected to be\u00a0settled collectively. It is assumed that taxing authorities will examine positions taken if they have the right to do so and have full knowledge of the relevant information. Changes in estimates regarding the likelihood of a future outflow of funds or the expected amount\u00a0to be settled are recognised in the Consolidated Statement of Income in the period in which the change occurs. This requires the application of judgement, which can change over time depending on new facts and circumstances. Judgements primarily relate to\u00a0transfer pricing, including inter-company financing, interpretation of PSCs, deductible expenditure for tax purposes, and taxation arising from disposal. | ||
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. Significant 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 24. | ||
Estimates Estimates of provisions for future decommissioning and restoration costs are recognised and based on current legal and constructive obligations, 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 are reflected in the risk-free rate, and given the long-term investment nature of the oil and gas industry, 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 25. | ||
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. Where observable market information is not available, fair value is determined using valuation techniques that estimate market-based assumptions relevant to the asset or liability, using more than an insignificant proportion of 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, volumes, 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. | ||
Commodity price assumptions [A] |
2025 | 2026 | 2027 | 2028 | 2029 |
Brent crude oil ($/b) | 60 | 70 | 70 | 74 |
Henry Hub natural gas ($/MMBtu) | 3.90 | 3.80 | 3.60 | 3.80 |
2024 | 2025 | 2026 | 2027 | 2028 |
Brent crude oil ($/b) | 70 | 70 | 70 | 74 |
Henry Hub natural gas ($/MMBtu) | 3.30 | 4.00 | 4.00 | 4.24 |
Taxation charge |
$ million | |||
2025 | 2024 | 2023 | |
Current tax: | |||
Charge in respect of current period | 11,752 | 13,648 | 13,066 |
Adjustments in respect of prior periods | (277) | 58 | (422) |
Total | 11,475 | 13,706 | 12,644 |
Deferred tax: | |||
Relating to the origination and reversal of temporary differences, tax losses and credits | (356) | (491) | (305) |
Relating to changes in tax rates and legislation | 593 | 112 | 242 |
Adjustments in respect of prior periods | (75) | 74 | 410 |
Total | 162 | (305) | 347 |
Total taxation charge | 11,637 | 13,401 | 12,991 |
Pillar Two [A] | |||
$ million | |||
2025 | 2024 | 2023 | |
Taxation charge | 11,637 | 13,401 | 12,991 |
Of which: | |||
Income tax excluding Pillar Two income tax | 11,339 | 13,150 | 12,991 |
Income tax related to Pillar Two income tax | 298 | 251 | \u2014 |
Reconciliation of applicable tax charge at statutory tax rates to taxation charge |
$ million | |||
2025 | 2024 | 2023 | |
Income before taxation | 29,756 | 29,922 | 32,627 |
Less: share of profit of joint ventures and associates | (1,618) | (2,993) | (3,725) |
Income before taxation and share of profit of joint ventures and associates | 28,138 | 26,929 | 28,902 |
Applicable tax charge at standard statutory tax rates | 12,036 | 11,782 | 11,921 |
Adjustments in respect of prior periods | (352) | 132 | (12) |
Tax effects of: | |||
Expenses not deductible for tax purposes | 538 | 747 | 1,225 |
Incentives for investment and development | (300) | (374) | (553) |
Derecognition of deferred tax assets | 373 | 255 | 243 |
Changes in tax rates and legislation | 593 | 112 | 242 |
Income not subject to tax at standard statutory rates | 276 | 360 | (213) |
Disposals | (1,553) | (134) | (113) |
Exchange rate differences | (212) | (12) | 89 |
Other reconciling items | 238 | 533 | 162 |
Taxation charge | 11,637 | 13,401 | 12,991 |
Weighted average of statutory tax rates [A] | 43% | 44% | 41% |
Effective tax rate based on income before taxation [B] | 39% | 45% | 40% |
Effective tax rate based on income before taxation excluding share of profit of joint ventures and associates [C] | 41% | 50% | 45% |
2025 \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, 2025 | 6,841 | 1,814 | 3,567 | 1,854 | 5,235 | 19,311 |
Credit/(charge) to income | 396 | (271) | 455 | (8) | (70) | 502 |
Currency translation differences | 194 | 11 | 164 | 78 | 13 | 460 |
Other comprehensive income | 4 | \u2014 | 7 | 165 | 43 | 219 |
Other movements | (1,003) | (27) | 69 | (488) | (46) | (1,495) |
At December 31, 2025 | 6,432 | 1,527 | 4,262 | 1,601 | 5,175 | 18,997 |
Deferred tax liability | ||||||
At January 1, 2025 | (18,914) | (3,250) | (3,795) | (25,959) | ||
(Charge)/credit to income | (1,130) | 57 | 414 | (659) | ||
Currency translation differences | (229) | (271) | (79) | (579) | ||
Other comprehensive income | (2) | 2,001 | 27 | 2,026 | ||
Other movements | 2,472 | 4 | (112) | 2,364 | ||
At December 31, 2025 | (17,803) | (1,459) | (3,545) | (22,807) | ||
Net deferred tax liability at December 31, 2025 | (3,810) | |||||
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2025 | ||||||
Deferred tax asset | 8,173 | |||||
Deferred tax liability | (11,983) |
2024 \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, 2024 | 7,577 | 1,584 | 4,280 | 1,750 | 4,432 | 19,623 |
(Charge)/credit to income | 528 | 254 | (388) | \u2014 | 799 | 1,193 |
Currency translation differences | (94) | (7) | (129) | (77) | (31) | (338) |
Other comprehensive income | \u2014 | \u2014 | 33 | (162) | 46 | (83) |
Other movements | (1,170) | (17) | (229) | 343 | (11) | (1,084) |
At December 31, 2024 | 6,841 | 1,814 | 3,567 | 1,854 | 5,235 | 19,311 |
Deferred tax liability | ||||||
At January 1, 2024 | (21,996) | (2,880) | (3,640) | (28,516) | ||
Credit/(charge) to income | (799) | (138) | 49 | (888) | ||
Currency translation differences | 231 | 386 | 68 | 685 | ||
Other comprehensive income | (2) | (267) | (15) | (284) | ||
Other movements | 3,652 | (351) | (257) | 3,044 | ||
At December 31, 2024 | (18,914) | (3,250) | (3,795) | (25,959) | ||
Net deferred tax asset at December 31, 2024 | (6,648) | |||||
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2024 | ||||||
Deferred tax asset | 6,857 | |||||
Deferred tax liability | (13,505) |
Expected expiration of unused tax losses, unrecognised deductible temporary differences and tax credits |
$ million | ||
Expected expiration | Dec 31, 2025 | Dec 31, 2024 |
Less than 1 year | 1,041 | 375 |
Between 1 and 5 years | 682 | 1,318 |
5 years and later [A] | 75,324 | 75,768 |
Total | 77,047 | 77,461 |
$ million | |||||||
Decommissioning and restoration | Legal | Onerous contracts | Environmental | Redundancy | Other | Total | |
At January 1, 2025 | |||||||
Current | 1,356 | 457 | 238 | 267 | 932 | 1,219 | 4,469 |
Non-current | 17,128 | 1,364 | 824 | 616 | 189 | 1,106 | 21,227 |
18,484 | 1,821 | 1,062 | 883 | 1,121 | 2,325 | 25,696 | |
Additions | 873 | 1,836 | 121 | 133 | 756 | 1,164 | 4,883 |
Amounts charged against provisions | (968) | (480) | (238) | (137) | (799) | (171) | (2,793) |
Accretion | 894 | 59 | 43 | 18 | 4 | 6 | 1,024 |
Disposals and liabilities classified as held for sale | (1,283) | (17) | (2) | (27) | (1) | (1) | (1,331) |
Remeasurements and other movements | 278 | (59) | (26) | (30) | (332) | (769) | (938) |
Currency translation differences | 523 | 3 | 5 | 36 | 72 | 115 | 754 |
317 | 1,342 | (97) | (7) | (300) | 344 | 1,599 | |
At December 31, 2025 | |||||||
Current | 1,475 | 1,912 | 279 | 274 | 643 | 1,301 | 5,884 |
Non-current | 17,326 | 1,251 | 686 | 602 | 178 | 1,368 | 21,411 |
18,801 | 3,163 | 965 | 876 | 821 | 2,669 | 27,295 | |
At January 1, 2024 | |||||||
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 | |
Additions | 629 | 261 | 184 | 125 | 1,258 | 665 | 3,122 |
Amounts charged against provisions | (1,034) | (409) | (227) | (148) | (354) | (316) | (2,488) |
Accretion | 830 | 76 | 35 | 14 | 3 | 9 | 967 |
Disposals and liabilities classified as held for sale | (3,115) | \u2014 | \u2014 | (3) | 2 | 11 | (3,105) |
Remeasurements and other movements | 1,994 | (161) | (33) | (39) | (241) | (505) | 1,015 |
Currency translation differences | (273) | (2) | (1) | (22) | (37) | (52) | (387) |
(969) | (235) | (42) | (73) | 631 | (188) | (876) | |
At December 31, 2024 | |||||||
Current | 1,356 | 457 | 238 | 267 | 932 | 1,219 | 4,469 |
Non-current | 17,128 | 1,364 | 824 | 616 | 189 | 1,106 | 21,227 |
18,484 | 1,821 | 1,062 | 883 | 1,121 | 2,325 | 25,696 |
$ million | |||
Dec 31, 2025 | |||
Less than 1 year | 1,475 | ||
Between 1 to 5 years | 3,988 | ||
Between 6 to 10 years | 3,302 | ||
11 years and later | 10,036 | ||
Total | 18,801 |
Interim dividends |
$ per share | $ million | ||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||
Cash: | |||||||
March | 0.358 | 0.344 | 0.2875 | 2,179 | 2,210 | 2,030 | |
June | 0.358 | 0.344 | 0.2875 | 2,123 | 2,177 | 1,984 | |
September | 0.358 | 0.344 | 0.3310 | 2,103 | 2,169 | 2,179 | |
December | 0.358 | 0.344 | 0.3310 | 2,067 | 2,112 | 2,196 | |
Total | 1.432 | 1.376 | 1.237 | 8,472 | 8,668 | 8,389 |
Cost of emission schemes and related environmental programmes recognised in the Consolidated Statement of Income |
$ million | |||
2025 | 2024 | 2023 | |
ETS and related schemes | 398 | 381 | 493 |
Biofuels [A] | 4,203 | 2,942 | 2,581 |
Renewable power | 530 | 623 | 552 |
Total | 5,131 | 3,946 | 3,626 |
Purchased environmental certificates (presented under Other intangible assets, see Note 11 ) [A] |
$ million | ||||
ETS and related schemes | Biofuels | Renewable power | Total | |
At January 1, 2025 | 301 | 2,082 | 131 | 2,514 |
Additions | 134 | 3,057 | 468 | 3,659 |
Settlements | (317) | (2,793) | (415) | (3,525) |
Other movements | 43 | 255 | (67) | 231 |
At December 31, 2025 | 161 | 2,601 | 117 | 2,879 |
At January 1, 2024 | 441 | 1,805 | 145 | 2,391 |
Additions | 299 | 3,146 | 417 | 3,862 |
Settlements | (392) | (2,804) | (411) | (3,607) |
Other movements | (47) | (65) | (20) | (132) |
At December 31, 2024 | 301 | 2,082 | 131 | 2,514 |
2025 |
$ million | |||||||
Other intangible assets | |||||||
Goodwill | LNG\u00a0off-take and sales contracts | Environmental certificates | Other | Total | |||
Cost | |||||||
At January 1 | 18,282 | 6,587 | 2,514 | 9,798 | 18,899 | ||
Additions | 289 | 1,675 | 3,659 | 661 | 5,995 | ||
Sales, retirements and other movements [A] | (808) | \u2014 | (3,588) | (572) | (4,160) | ||
Currency translation differences | 252 | \u2014 | 294 | 461 | 755 | ||
At December 31 | 18,015 | 8,262 | 2,879 | 10,348 | 21,489 | ||
Depreciation, depletion and amortisation, including impairments | |||||||
At January 1 | 2,250 | 4,194 | 5,225 | 9,419 | |||
Charge for the year [B] | 161 | 706 | 645 | 1,351 | |||
Sales, retirements and other movements [A] | (122) | \u2014 | (517) | (517) | |||
Currency translation differences | 64 | \u2014 | 226 | 226 | |||
At December 31 | 2,353 | 4,900 | 5,579 | 10,479 | |||
Carrying amount at December 31 | 15,662 | 3,362 | 2,879 | 4,769 | [C] | 11,010 |
2024 |
$ million | |||||||
Other intangible assets | |||||||
Goodwill | LNG\u00a0off-take and sales contracts | Environmental certificates | Other | Total | |||
Cost | |||||||
At January 1 | 18,542 | 9,734 | 2,391 | 9,642 | 21,767 | ||
Additions | 155 | \u2014 | 3,862 | 594 | 4,456 | ||
Sales, retirements and other movements [A] | (195) | (3,147) | (3,668) | (180) | (6,995) | ||
Currency translation differences | (220) | \u2014 | (71) | (258) | (329) | ||
At December 31 | 18,282 | 6,587 | 2,514 | 9,798 | 18,899 | ||
Depreciation, depletion and amortisation, including impairments | |||||||
At January 1 | 1,882 | 6,751 | 4,763 | 11,514 | |||
Charge for the year [B] | 510 | 590 | 744 | 1,334 | |||
Sales, retirements and other movements [A] | (101) | (3,147) | (169) | (3,316) | |||
Currency translation differences | (41) | \u2014 | (113) | (113) | |||
At December 31 | 2,250 | 4,194 | 5,225 | 9,419 | |||
Carrying amount at December 31 | 16,032 | 2,393 | 2,514 | 4,573 | [C] | 9,480 |
Purchased environmental certificates (presented under Other intangible assets, see Note 11 ) [A] |
$ million | ||||
ETS and related schemes | Biofuels | Renewable power | Total | |
At January 1, 2025 | 301 | 2,082 | 131 | 2,514 |
Additions | 134 | 3,057 | 468 | 3,659 |
Settlements | (317) | (2,793) | (415) | (3,525) |
Other movements | 43 | 255 | (67) | 231 |
At December 31, 2025 | 161 | 2,601 | 117 | 2,879 |
At January 1, 2024 | 441 | 1,805 | 145 | 2,391 |
Additions | 299 | 3,146 | 417 | 3,862 |
Settlements | (392) | (2,804) | (411) | (3,607) |
Other movements | (47) | (65) | (20) | (132) |
At December 31, 2024 | 301 | 2,082 | 131 | 2,514 |
2025 |
$ million | |||||||
Other intangible assets | |||||||
Goodwill | LNG\u00a0off-take and sales contracts | Environmental certificates | Other | Total | |||
Cost | |||||||
At January 1 | 18,282 | 6,587 | 2,514 | 9,798 | 18,899 | ||
Additions | 289 | 1,675 | 3,659 | 661 | 5,995 | ||
Sales, retirements and other movements [A] | (808) | \u2014 | (3,588) | (572) | (4,160) | ||
Currency translation differences | 252 | \u2014 | 294 | 461 | 755 | ||
At December 31 | 18,015 | 8,262 | 2,879 | 10,348 | 21,489 | ||
Depreciation, depletion and amortisation, including impairments | |||||||
At January 1 | 2,250 | 4,194 | 5,225 | 9,419 | |||
Charge for the year [B] | 161 | 706 | 645 | 1,351 | |||
Sales, retirements and other movements [A] | (122) | \u2014 | (517) | (517) | |||
Currency translation differences | 64 | \u2014 | 226 | 226 | |||
At December 31 | 2,353 | 4,900 | 5,579 | 10,479 | |||
Carrying amount at December 31 | 15,662 | 3,362 | 2,879 | 4,769 | [C] | 11,010 |
2024 |
$ million | |||||||
Other intangible assets | |||||||
Goodwill | LNG\u00a0off-take and sales contracts | Environmental certificates | Other | Total | |||
Cost | |||||||
At January 1 | 18,542 | 9,734 | 2,391 | 9,642 | 21,767 | ||
Additions | 155 | \u2014 | 3,862 | 594 | 4,456 | ||
Sales, retirements and other movements [A] | (195) | (3,147) | (3,668) | (180) | (6,995) | ||
Currency translation differences | (220) | \u2014 | (71) | (258) | (329) | ||
At December 31 | 18,282 | 6,587 | 2,514 | 9,798 | 18,899 | ||
Depreciation, depletion and amortisation, including impairments | |||||||
At January 1 | 1,882 | 6,751 | 4,763 | 11,514 | |||
Charge for the year [B] | 510 | 590 | 744 | 1,334 | |||
Sales, retirements and other movements [A] | (101) | (3,147) | (169) | (3,316) | |||
Currency translation differences | (41) | \u2014 | (113) | (113) | |||
At December 31 | 2,250 | 4,194 | 5,225 | 9,419 | |||
Carrying amount at December 31 | 16,032 | 2,393 | 2,514 | 4,573 | [C] | 9,480 |
Obligation (presented under Other payables, see Note 20 ) |
$ million | |||||
ETS and related schemes | Biofuels | Renewable power | Total | ||
At January 1, 2025 | |||||
Current | (388) | (2,594) | (536) | (3,518) | |
Non-current | \u2014 | (408) | (9) | (417) | |
(388) | (3,002) | (545) | (3,935) | ||
Additions | (1,078) | (4,205) | (536) | (5,819) | |
Additions covered by government grants | 666 | [A] | 666 | ||
Settlements | 389 | 3,153 | 621 | 4,163 | |
Other movements | (71) | (345) | 20 | (396) | |
(94) | (1,397) | 105 | (1,386) | ||
At December 31, 2025 | |||||
Current | (445) | (3,823) | (337) | (4,605) | |
Non-current | (37) | (576) | (103) | (716) | |
(482) | (4,399) | (440) | (5,321) | ||
At January 1, 2024 | |||||
Current | (498) | (3,012) | (343) | (3,853) | |
Non-current | \u2014 | (105) | (88) | (193) | |
(498) | (3,117) | (431) | (4,046) | ||
Additions | (1,051) | (2,981) | (612) | (4,644) | |
Additions covered by government grants | 675 | [A] | 675 | ||
Settlements | 453 | 3,011 | 467 | 3,931 | |
Other movements | 33 | 85 | 31 | 149 | |
110 | 115 | (114) | 111 | ||
At December 31, 2024 | |||||
Current | (388) | (2,594) | (536) | (3,518) | |
Non-current | \u2014 | (408) | (9) | (417) | |
(388) | (3,002) | (545) | (3,935) |
$ million | |||||
Dec 31, 2025 | Dec 31, 2024 | ||||
Current | Non-current | Current | Non-current | ||
Trade payables | 28,140 | \u2014 | 29,767 | \u2014 | |
Other payables [A] | 10,621 | 4,061 | 9,838 | 2,990 | |
Sales taxes, excise duties and similar levies | 2,861 | \u2014 | 3,439 | \u2014 | |
Amounts due to joint ventures and associates | 5,225 | 133 | 6,410 | 67 | |
Accruals and deferred income | 10,923 | 269 | 11,239 | 233 | |
Total | 57,770 | 4,463 | 60,693 | 3,290 |
Balanced capital allocation | |||
Total distributions [B] Enhanced shareholder distributions 40% - 50% of CFFO* through the cycle [C] | Cash capital expenditure (cash capex) Disciplined investment $20 - 22 billion p.a. 2025-2028 | |||
Prioritising buybacks 17 consecutive quarters \u2265$3 billion | Dividend consistency + 4% announced at Q4 2025 | Integrated Gas and Upstream cash capex [D] ~ $12 - 14 billion | Downstream, Renewables and Energy Solutions cash\u00a0capex [D] ~ $8 billion | |||
Intrinsic value creation >10% p.a. normalised free cash flow per share*growth through to 2030 [E] | Progressive dividend 4% annual increase [F] | Capital reallocation \u2265 10% ROACE* across segments [G] |
Balance sheet Maintain strong investment grade rating through the cycle [C] |
2025 |
$ million | |||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |||
Revenue: | |||||||||
Third-party | 38,457 | 5,105 | 111,855 | 77,071 | 34,359 | 39 | 266,886 | ||
Inter-segment | 10,288 | 35,968 | 7,539 | 35,293 | 4,384 | \u2014 | 93,472 | ||
Share of profit/(loss) of joint ventures and associates | 1,407 | 814 | (821) | 383 | (165) | \u2014 | 1,618 | ||
Interest and other income, of which: | 169 | 3,083 | (259) | 885 | 50 | 1,299 | 5,227 | ||
Interest income | 37 | 120 | 14 | 99 | 13 | 1,677 | 1,960 | ||
Net gains/(losses) on sale and revaluation of non- current assets and businesses | 81 | 2,516 | [A] | (180) | 720 | 39 | 14 | 3,190 | |
Other | 51 | 447 | (93) | 66 | (2) | (392) | 77 | ||
Third-party and inter-segment purchases | 27,613 | 5,833 | 100,843 | 100,543 | 35,811 | 23 | 270,666 | ||
Operating expenses, of which: | 4,217 | 9,004 | 10,649 | 8,372 | 2,550 | 883 | 35,675 | ||
Production and manufacturing expenses | 3,943 | 8,546 | 1,151 | 6,401 | 1,836 | 21 | 21,898 | ||
Selling, distribution and administrative expenses | 140 | 207 | 9,292 | 1,835 | 623 | 510 | 12,607 | ||
Research and development expenses | 134 | 251 | 206 | 136 | 91 | 352 | 1,170 | ||
Exploration expenses | 115 | 1,021 | \u2014 | \u2014 | \u2014 | \u2014 | 1,136 | ||
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,792 | 10,142 | 3,499 | 4,173 | 656 | 37 | 25,299 | ||
Impairment losses | 686 | 237 | 1,229 | 713 | 299 | 11 | 3,175 | [B] | |
Impairment reversals | \u2014 | \u2014 | (32) | (7) | (3) | \u2014 | (42) | [C] | |
Interest expense | 216 | 718 | 61 | 53 | 11 | 3,612 | 4,671 | ||
Taxation charge/(credit) | 2,548 | 8,809 | 1,205 | 229 | 89 | (1,243) | 11,637 | ||
Income/(loss) for the period | 8,820 | 9,443 | 2,057 | 262 | (489) | (1,974) | 18,119 | ||
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 304 | 567 | \u2014 | \u2014 | 871 | ||
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (75) | (155) | \u2014 | \u2014 | (230) | ||
Identified items before taxation | (698) | (2,399) | 2,080 | 404 | 805 | 64 | 256 | ||
Tax on identified items [D] | (98) | 398 | (372) | (27) | (144) | 40 | (203) | ||
Adjusted Earnings | 8,024 | 7,442 | 3,994 | 1,051 | 172 | (1,870) | 18,813 | ||
Adjusted Earnings attributable to Shell plc shareholders | 18,528 | ||||||||
Adjusted Earnings attributable to non-controlling interest | 285 |
2024 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 | |
Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | \u2014 | 96,944 | |
Share of profit/(loss) of joint ventures and associates | 1,931 | 1,189 | 32 | 648 | (807) | \u2014 | 2,993 | |
Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | |
Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | |
Net (losses)/gains on sale and revaluation of non- current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | |
Third-party and inter-segment purchases | 24,055 | 7,368 | 107,490 | 115,080 | 31,074 | (3) | 285,064 | |
Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | |
Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | |
Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | |
Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | |
Exploration expenses | 414 | 1,997 | \u2014 | \u2014 | \u2014 | \u2014 | 2,411 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | |
Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] |
Impairment reversals | (9) | (75) | (1) | (114) | (134) | \u2014 | (333) | [B] |
Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | |
Taxation charge/(credit) | 3,144 | 9,387 | 825 | 155 | 99 | (209) | 13,401 | |
Income/(loss) for the period | 9,590 | 7,772 | 1,709 | 1,671 | (1,229) | (2,992) | 16,521 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 254 | 109 | \u2014 | \u2014 | 363 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (68) | (23) | \u2014 | \u2014 | (91) | |
Identified items before taxation | 2,176 | 1,100 | 2,402 | 1,364 | 720 | 1,105 | 8,867 | |
Tax on identified items [C] | (376) | (477) | (412) | (187) | 12 | (81) | (1,521) | |
Adjusted Earnings | 11,390 | 8,395 | 3,885 | 2,934 | (497) | (1,968) | 24,139 | |
Adjusted Earnings attributable to Shell plc shareholders | 23,716 | |||||||
Adjusted Earnings attributable to non-controlling interest | 423 |
2023 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,645 | 6,475 | 130,559 | 97,080 | 44,819 | 42 | 316,620 | |
Inter-segment | 11,560 | 41,230 | 5,299 | 42,816 | 4,707 | \u2014 | 105,612 | |
Share of profit/(loss) of joint ventures and associates | 1,951 | 768 | 536 | 569 | (96) | (3) | 3,725 | |
Interest and other income, of which: | 137 | 671 | 73 | 64 | 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 | 1 | (46) | 110 | 5 | 257 | |
Other | 153 | 435 | 63 | 53 | (47) | (389) | 268 | |
Third-party and inter-segment purchases | 27,356 | 7,890 | 119,366 | 123,698 | 40,170 | 15 | 318,495 | |
Operating expenses, of which: | 4,809 | 9,830 | 11,142 | 9,598 | 3,763 | 818 | 39,960 | |
Production and manufacturing expenses | 4,529 | 9,186 | 1,463 | 7,394 | 2,610 | 58 | 25,240 | |
Selling, distribution and administrative expenses | 154 | 326 | 9,427 | 2,022 | 1,058 | 446 | 13,433 | |
Research and development expenses | 126 | 318 | 252 | 182 | 95 | 314 | 1,287 | |
Exploration expenses | 216 | 1,534 | \u2014 | \u2014 | \u2014 | \u2014 | 1,750 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 8,903 | 12,463 | 2,477 | 6,269 | 1,159 | 19 | 31,290 | |
Impairment losses | 3,472 | 1,360 | 430 | 2,777 | 908 | \u2014 | 8,947 | [A] |
Impairment reversals | (324) | (206) | (1) | (90) | (141) | \u2014 | (762) | [B] |
Interest expense | 146 | 507 | 53 | 61 | 4 | 3,902 | 4,673 | |
Taxation charge/(credit) | 2,806 | 8,380 | 739 | (301) | 1,320 | 47 | 12,991 | |
Income/(loss) for the period | 7,057 | 8,540 | 2,690 | 1,204 | 3,089 | (2,944) | 19,636 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 478 | 370 | \u2014 | \u2014 | 848 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (110) | (93) | \u2014 | \u2014 | (203) | |
Identified items before taxation | 7,892 | 1,166 | 339 | 2,632 | (3,311) | 14 | 8,732 | |
Tax on identified items [C] | (1,030) | 100 | (85) | (497) | 978 | 55 | (479) | |
Adjusted Earnings | 13,919 | 9,806 | 3,312 | 3,616 | 756 | (2,875) | 28,534 | |
Adjusted Earnings attributable to Shell plc shareholders | 28,250 | |||||||
Adjusted Earnings attributable to non-controlling interest | 284 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | 81 | 2,823 | (97) | 722 | 40 | 13 | 3,582 |
Impairment (impairments)/reversals | (685) | (238) | (1,630) | (737) | (367) | (11) | (3,668) |
Redundancy and restructuring | (52) | (67) | (148) | (104) | (31) | (19) | (421) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,322 | (4) | (2) | (186) | (397) | \u2014 | 733 |
Other [B] | 32 | (115) | (203) | (99) | (50) | (47) | (482) |
Total identified items included in Income before taxation | 698 | 2,399 | (2,080) | (404) | (805) | (64) | (256) |
Total identified items included in Taxation (charge)/credit | 98 | (398) | 372 | 27 | 144 | (40) | 203 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | 78 | 2,655 | (72) | 564 | 69 | 9 | 3,303 |
Impairment (impairments)/reversals | (433) | (162) | (1,384) | (634) | (334) | (8) | (2,955) |
Redundancy and restructuring | (37) | (30) | (107) | (82) | (24) | (13) | (293) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,171 | (1) | (7) | (150) | (299) | \u2014 | 714 |
Impact of exchange rate movements and inflationary adjustments on tax balances [C] | 34 | 62 | \u2014 | \u2014 | \u2014 | (45) | 51 |
Other [B] | (17) | (523) | (138) | (75) | (73) | (47) | (873) |
Impact on Income for the period | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Impact on Income for the period attributable to Shell plc shareholders | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
2024 |
$ million | ||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Identified items included in Income before taxation | ||||||||
Divestment (losses)/gains | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Impairment (impairments)/reversals | (555) | (362) | (1,747) | (1,205) | (1,181) | (1) | (5,051) | |
Redundancy and restructuring | (106) | (320) | (296) | (195) | (97) | 2 | (1,012) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,286) | (58) | 49 | (117) | 399 | \u2014 | (1,013) | |
Other [A] | (129) | (449) | (9) | 147 | 40 | (1,103) | [B] | (1,503) |
Total identified items included in Income before taxation | (2,176) | (1,100) | (2,402) | (1,364) | (720) | (1,105) | (8,867) | |
Total identified items included in Taxation credit/(charge) | 376 | 477 | 412 | 187 | (12) | 81 | 1,521 | |
Identified items included in Income for the period | ||||||||
Divestment (losses)/gains | (96) | 67 | (386) | 4 | 94 | (2) | (319) | |
Impairment (impairment)/reversals | (363) | (323) | (1,423) | (1,176) | (1,085) | (1) | (4,371) | |
Redundancy and restructuring | (71) | (214) | (214) | (142) | (71) | 1 | (711) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,088) | (14) | 40 | (86) | 300 | \u2014 | (848) | |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | (49) | 313 | \u2014 | \u2014 | \u2014 | 99 | 363 | |
Other [A] | (133) | (452) | (7) | 223 | 30 | (1,121) | [B] | (1,460) |
Impact on Income for the period | (1,800) | (623) | (1,990) | (1,177) | (732) | (1,024) | (7,346) | |
Impact on Income for the period attributable to non- controlling interest | \u2014 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | 18 | |
Impact on Income for the period attributable to Shell plc shareholders | (1,800) | (623) | (1,990) | (1,195) | (732) | (1,024) | (7,364) |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | (22) | 209 | 1 | (46) | 110 | 5 | 257 |
Impairment (impairments)/reversals | (3,147) | (1,187) | (509) | (2,690) | (767) | \u2014 | (8,300) |
Redundancy and restructuring | (1) | (21) | (150) | (106) | (32) | (19) | (329) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,754) | 448 | 19 | 276 | 3,592 | \u2014 | (419) |
Other [A] | 32 | (615) | 300 | (66) | 408 | \u2014 | 59 |
Total identified items included in Income before taxation | (7,892) | (1,166) | (339) | (2,632) | 3,311 | (14) | (8,732) |
Total identified items included in Taxation credit/(charge) | 1,030 | (100) | 85 | 497 | (978) | (55) | 479 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | (14) | 208 | 1 | (35) | 114 | 3 | 277 |
Impairment (impairments)/reversals | (2,247) | (642) | (466) | (2,195) | (669) | \u2014 | (6,219) |
Redundancy and restructuring | \u2014 | (9) | (113) | (82) | (25) | (12) | (241) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,408) | 128 | 26 | 214 | 2,755 | \u2014 | (1,285) |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | \u2014 | (295) | \u2014 | \u2014 | \u2014 | (60) | (355) |
Other [A] | (193) | (656) | 298 | (37) | 158 | \u2014 | (430) |
Impact on Income for the period | (6,862) | (1,266) | (254) | (2,135) | 2,333 | (69) | (8,253) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | (11) | \u2014 | \u2014 | \u2014 | (11) |
Impact on Income for the period attributable to Shell plc shareholders | (6,862) | (1,266) | (243) | (2,135) | 2,333 | (69) | (8,242) |
2025 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 91,808 | [A] | 90,838 | 57,728 | 26,512 | 266,886 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 46,689 | [B] | 89,236 | 53,899 | 49,700 | 239,524 |
2024 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
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 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,952 | 8,849 | 1,841 | 2,716 | 1,477 | 112 | 18,947 |
Investments in joint ventures and associates | 737 | 467 | 18 | 345 | 314 | 5 | 1,886 |
Investments in equity securities | \u2014 | \u2014 | 3 | 2 | 75 | 2 | 82 |
Cash capital expenditure | 4,689 | 9,316 | 1,862 | 3,063 | 1,866 | 119 | 20,915 |
2024 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 |
Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 |
Investments in equity securities | \u2014 | 1 | \u2014 | \u2014 | 73 | 6 | 80 |
Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 |
Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 |
Investments in equity securities | \u2014 | \u2014 | \u2014 | 2 | 106 | 89 | 197 |
Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
2025 |
$ million | |||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |||
Revenue: | |||||||||
Third-party | 38,457 | 5,105 | 111,855 | 77,071 | 34,359 | 39 | 266,886 | ||
Inter-segment | 10,288 | 35,968 | 7,539 | 35,293 | 4,384 | \u2014 | 93,472 | ||
Share of profit/(loss) of joint ventures and associates | 1,407 | 814 | (821) | 383 | (165) | \u2014 | 1,618 | ||
Interest and other income, of which: | 169 | 3,083 | (259) | 885 | 50 | 1,299 | 5,227 | ||
Interest income | 37 | 120 | 14 | 99 | 13 | 1,677 | 1,960 | ||
Net gains/(losses) on sale and revaluation of non- current assets and businesses | 81 | 2,516 | [A] | (180) | 720 | 39 | 14 | 3,190 | |
Other | 51 | 447 | (93) | 66 | (2) | (392) | 77 | ||
Third-party and inter-segment purchases | 27,613 | 5,833 | 100,843 | 100,543 | 35,811 | 23 | 270,666 | ||
Operating expenses, of which: | 4,217 | 9,004 | 10,649 | 8,372 | 2,550 | 883 | 35,675 | ||
Production and manufacturing expenses | 3,943 | 8,546 | 1,151 | 6,401 | 1,836 | 21 | 21,898 | ||
Selling, distribution and administrative expenses | 140 | 207 | 9,292 | 1,835 | 623 | 510 | 12,607 | ||
Research and development expenses | 134 | 251 | 206 | 136 | 91 | 352 | 1,170 | ||
Exploration expenses | 115 | 1,021 | \u2014 | \u2014 | \u2014 | \u2014 | 1,136 | ||
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,792 | 10,142 | 3,499 | 4,173 | 656 | 37 | 25,299 | ||
Impairment losses | 686 | 237 | 1,229 | 713 | 299 | 11 | 3,175 | [B] | |
Impairment reversals | \u2014 | \u2014 | (32) | (7) | (3) | \u2014 | (42) | [C] | |
Interest expense | 216 | 718 | 61 | 53 | 11 | 3,612 | 4,671 | ||
Taxation charge/(credit) | 2,548 | 8,809 | 1,205 | 229 | 89 | (1,243) | 11,637 | ||
Income/(loss) for the period | 8,820 | 9,443 | 2,057 | 262 | (489) | (1,974) | 18,119 | ||
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 304 | 567 | \u2014 | \u2014 | 871 | ||
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (75) | (155) | \u2014 | \u2014 | (230) | ||
Identified items before taxation | (698) | (2,399) | 2,080 | 404 | 805 | 64 | 256 | ||
Tax on identified items [D] | (98) | 398 | (372) | (27) | (144) | 40 | (203) | ||
Adjusted Earnings | 8,024 | 7,442 | 3,994 | 1,051 | 172 | (1,870) | 18,813 | ||
Adjusted Earnings attributable to Shell plc shareholders | 18,528 | ||||||||
Adjusted Earnings attributable to non-controlling interest | 285 |
2024 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 | |
Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | \u2014 | 96,944 | |
Share of profit/(loss) of joint ventures and associates | 1,931 | 1,189 | 32 | 648 | (807) | \u2014 | 2,993 | |
Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | |
Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | |
Net (losses)/gains on sale and revaluation of non- current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | |
Third-party and inter-segment purchases | 24,055 | 7,368 | 107,490 | 115,080 | 31,074 | (3) | 285,064 | |
Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | |
Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | |
Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | |
Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | |
Exploration expenses | 414 | 1,997 | \u2014 | \u2014 | \u2014 | \u2014 | 2,411 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | |
Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] |
Impairment reversals | (9) | (75) | (1) | (114) | (134) | \u2014 | (333) | [B] |
Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | |
Taxation charge/(credit) | 3,144 | 9,387 | 825 | 155 | 99 | (209) | 13,401 | |
Income/(loss) for the period | 9,590 | 7,772 | 1,709 | 1,671 | (1,229) | (2,992) | 16,521 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 254 | 109 | \u2014 | \u2014 | 363 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (68) | (23) | \u2014 | \u2014 | (91) | |
Identified items before taxation | 2,176 | 1,100 | 2,402 | 1,364 | 720 | 1,105 | 8,867 | |
Tax on identified items [C] | (376) | (477) | (412) | (187) | 12 | (81) | (1,521) | |
Adjusted Earnings | 11,390 | 8,395 | 3,885 | 2,934 | (497) | (1,968) | 24,139 | |
Adjusted Earnings attributable to Shell plc shareholders | 23,716 | |||||||
Adjusted Earnings attributable to non-controlling interest | 423 |
2023 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,645 | 6,475 | 130,559 | 97,080 | 44,819 | 42 | 316,620 | |
Inter-segment | 11,560 | 41,230 | 5,299 | 42,816 | 4,707 | \u2014 | 105,612 | |
Share of profit/(loss) of joint ventures and associates | 1,951 | 768 | 536 | 569 | (96) | (3) | 3,725 | |
Interest and other income, of which: | 137 | 671 | 73 | 64 | 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 | 1 | (46) | 110 | 5 | 257 | |
Other | 153 | 435 | 63 | 53 | (47) | (389) | 268 | |
Third-party and inter-segment purchases | 27,356 | 7,890 | 119,366 | 123,698 | 40,170 | 15 | 318,495 | |
Operating expenses, of which: | 4,809 | 9,830 | 11,142 | 9,598 | 3,763 | 818 | 39,960 | |
Production and manufacturing expenses | 4,529 | 9,186 | 1,463 | 7,394 | 2,610 | 58 | 25,240 | |
Selling, distribution and administrative expenses | 154 | 326 | 9,427 | 2,022 | 1,058 | 446 | 13,433 | |
Research and development expenses | 126 | 318 | 252 | 182 | 95 | 314 | 1,287 | |
Exploration expenses | 216 | 1,534 | \u2014 | \u2014 | \u2014 | \u2014 | 1,750 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 8,903 | 12,463 | 2,477 | 6,269 | 1,159 | 19 | 31,290 | |
Impairment losses | 3,472 | 1,360 | 430 | 2,777 | 908 | \u2014 | 8,947 | [A] |
Impairment reversals | (324) | (206) | (1) | (90) | (141) | \u2014 | (762) | [B] |
Interest expense | 146 | 507 | 53 | 61 | 4 | 3,902 | 4,673 | |
Taxation charge/(credit) | 2,806 | 8,380 | 739 | (301) | 1,320 | 47 | 12,991 | |
Income/(loss) for the period | 7,057 | 8,540 | 2,690 | 1,204 | 3,089 | (2,944) | 19,636 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 478 | 370 | \u2014 | \u2014 | 848 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (110) | (93) | \u2014 | \u2014 | (203) | |
Identified items before taxation | 7,892 | 1,166 | 339 | 2,632 | (3,311) | 14 | 8,732 | |
Tax on identified items [C] | (1,030) | 100 | (85) | (497) | 978 | 55 | (479) | |
Adjusted Earnings | 13,919 | 9,806 | 3,312 | 3,616 | 756 | (2,875) | 28,534 | |
Adjusted Earnings attributable to Shell plc shareholders | 28,250 | |||||||
Adjusted Earnings attributable to non-controlling interest | 284 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | 81 | 2,823 | (97) | 722 | 40 | 13 | 3,582 |
Impairment (impairments)/reversals | (685) | (238) | (1,630) | (737) | (367) | (11) | (3,668) |
Redundancy and restructuring | (52) | (67) | (148) | (104) | (31) | (19) | (421) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,322 | (4) | (2) | (186) | (397) | \u2014 | 733 |
Other [B] | 32 | (115) | (203) | (99) | (50) | (47) | (482) |
Total identified items included in Income before taxation | 698 | 2,399 | (2,080) | (404) | (805) | (64) | (256) |
Total identified items included in Taxation (charge)/credit | 98 | (398) | 372 | 27 | 144 | (40) | 203 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | 78 | 2,655 | (72) | 564 | 69 | 9 | 3,303 |
Impairment (impairments)/reversals | (433) | (162) | (1,384) | (634) | (334) | (8) | (2,955) |
Redundancy and restructuring | (37) | (30) | (107) | (82) | (24) | (13) | (293) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,171 | (1) | (7) | (150) | (299) | \u2014 | 714 |
Impact of exchange rate movements and inflationary adjustments on tax balances [C] | 34 | 62 | \u2014 | \u2014 | \u2014 | (45) | 51 |
Other [B] | (17) | (523) | (138) | (75) | (73) | (47) | (873) |
Impact on Income for the period | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Impact on Income for the period attributable to Shell plc shareholders | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
2024 |
$ million | ||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Identified items included in Income before taxation | ||||||||
Divestment (losses)/gains | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Impairment (impairments)/reversals | (555) | (362) | (1,747) | (1,205) | (1,181) | (1) | (5,051) | |
Redundancy and restructuring | (106) | (320) | (296) | (195) | (97) | 2 | (1,012) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,286) | (58) | 49 | (117) | 399 | \u2014 | (1,013) | |
Other [A] | (129) | (449) | (9) | 147 | 40 | (1,103) | [B] | (1,503) |
Total identified items included in Income before taxation | (2,176) | (1,100) | (2,402) | (1,364) | (720) | (1,105) | (8,867) | |
Total identified items included in Taxation credit/(charge) | 376 | 477 | 412 | 187 | (12) | 81 | 1,521 | |
Identified items included in Income for the period | ||||||||
Divestment (losses)/gains | (96) | 67 | (386) | 4 | 94 | (2) | (319) | |
Impairment (impairment)/reversals | (363) | (323) | (1,423) | (1,176) | (1,085) | (1) | (4,371) | |
Redundancy and restructuring | (71) | (214) | (214) | (142) | (71) | 1 | (711) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,088) | (14) | 40 | (86) | 300 | \u2014 | (848) | |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | (49) | 313 | \u2014 | \u2014 | \u2014 | 99 | 363 | |
Other [A] | (133) | (452) | (7) | 223 | 30 | (1,121) | [B] | (1,460) |
Impact on Income for the period | (1,800) | (623) | (1,990) | (1,177) | (732) | (1,024) | (7,346) | |
Impact on Income for the period attributable to non- controlling interest | \u2014 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | 18 | |
Impact on Income for the period attributable to Shell plc shareholders | (1,800) | (623) | (1,990) | (1,195) | (732) | (1,024) | (7,364) |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | (22) | 209 | 1 | (46) | 110 | 5 | 257 |
Impairment (impairments)/reversals | (3,147) | (1,187) | (509) | (2,690) | (767) | \u2014 | (8,300) |
Redundancy and restructuring | (1) | (21) | (150) | (106) | (32) | (19) | (329) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,754) | 448 | 19 | 276 | 3,592 | \u2014 | (419) |
Other [A] | 32 | (615) | 300 | (66) | 408 | \u2014 | 59 |
Total identified items included in Income before taxation | (7,892) | (1,166) | (339) | (2,632) | 3,311 | (14) | (8,732) |
Total identified items included in Taxation credit/(charge) | 1,030 | (100) | 85 | 497 | (978) | (55) | 479 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | (14) | 208 | 1 | (35) | 114 | 3 | 277 |
Impairment (impairments)/reversals | (2,247) | (642) | (466) | (2,195) | (669) | \u2014 | (6,219) |
Redundancy and restructuring | \u2014 | (9) | (113) | (82) | (25) | (12) | (241) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,408) | 128 | 26 | 214 | 2,755 | \u2014 | (1,285) |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | \u2014 | (295) | \u2014 | \u2014 | \u2014 | (60) | (355) |
Other [A] | (193) | (656) | 298 | (37) | 158 | \u2014 | (430) |
Impact on Income for the period | (6,862) | (1,266) | (254) | (2,135) | 2,333 | (69) | (8,253) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | (11) | \u2014 | \u2014 | \u2014 | (11) |
Impact on Income for the period attributable to Shell plc shareholders | (6,862) | (1,266) | (243) | (2,135) | 2,333 | (69) | (8,242) |
2025 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 91,808 | [A] | 90,838 | 57,728 | 26,512 | 266,886 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 46,689 | [B] | 89,236 | 53,899 | 49,700 | 239,524 |
2024 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
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 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,952 | 8,849 | 1,841 | 2,716 | 1,477 | 112 | 18,947 |
Investments in joint ventures and associates | 737 | 467 | 18 | 345 | 314 | 5 | 1,886 |
Investments in equity securities | \u2014 | \u2014 | 3 | 2 | 75 | 2 | 82 |
Cash capital expenditure | 4,689 | 9,316 | 1,862 | 3,063 | 1,866 | 119 | 20,915 |
2024 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 |
Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 |
Investments in equity securities | \u2014 | 1 | \u2014 | \u2014 | 73 | 6 | 80 |
Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 |
Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 |
Investments in equity securities | \u2014 | \u2014 | \u2014 | 2 | 106 | 89 | 197 |
Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
2025 |
$ million | |||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |||
Revenue: | |||||||||
Third-party | 38,457 | 5,105 | 111,855 | 77,071 | 34,359 | 39 | 266,886 | ||
Inter-segment | 10,288 | 35,968 | 7,539 | 35,293 | 4,384 | \u2014 | 93,472 | ||
Share of profit/(loss) of joint ventures and associates | 1,407 | 814 | (821) | 383 | (165) | \u2014 | 1,618 | ||
Interest and other income, of which: | 169 | 3,083 | (259) | 885 | 50 | 1,299 | 5,227 | ||
Interest income | 37 | 120 | 14 | 99 | 13 | 1,677 | 1,960 | ||
Net gains/(losses) on sale and revaluation of non- current assets and businesses | 81 | 2,516 | [A] | (180) | 720 | 39 | 14 | 3,190 | |
Other | 51 | 447 | (93) | 66 | (2) | (392) | 77 | ||
Third-party and inter-segment purchases | 27,613 | 5,833 | 100,843 | 100,543 | 35,811 | 23 | 270,666 | ||
Operating expenses, of which: | 4,217 | 9,004 | 10,649 | 8,372 | 2,550 | 883 | 35,675 | ||
Production and manufacturing expenses | 3,943 | 8,546 | 1,151 | 6,401 | 1,836 | 21 | 21,898 | ||
Selling, distribution and administrative expenses | 140 | 207 | 9,292 | 1,835 | 623 | 510 | 12,607 | ||
Research and development expenses | 134 | 251 | 206 | 136 | 91 | 352 | 1,170 | ||
Exploration expenses | 115 | 1,021 | \u2014 | \u2014 | \u2014 | \u2014 | 1,136 | ||
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,792 | 10,142 | 3,499 | 4,173 | 656 | 37 | 25,299 | ||
Impairment losses | 686 | 237 | 1,229 | 713 | 299 | 11 | 3,175 | [B] | |
Impairment reversals | \u2014 | \u2014 | (32) | (7) | (3) | \u2014 | (42) | [C] | |
Interest expense | 216 | 718 | 61 | 53 | 11 | 3,612 | 4,671 | ||
Taxation charge/(credit) | 2,548 | 8,809 | 1,205 | 229 | 89 | (1,243) | 11,637 | ||
Income/(loss) for the period | 8,820 | 9,443 | 2,057 | 262 | (489) | (1,974) | 18,119 | ||
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 304 | 567 | \u2014 | \u2014 | 871 | ||
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (75) | (155) | \u2014 | \u2014 | (230) | ||
Identified items before taxation | (698) | (2,399) | 2,080 | 404 | 805 | 64 | 256 | ||
Tax on identified items [D] | (98) | 398 | (372) | (27) | (144) | 40 | (203) | ||
Adjusted Earnings | 8,024 | 7,442 | 3,994 | 1,051 | 172 | (1,870) | 18,813 | ||
Adjusted Earnings attributable to Shell plc shareholders | 18,528 | ||||||||
Adjusted Earnings attributable to non-controlling interest | 285 |
2024 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 | |
Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | \u2014 | 96,944 | |
Share of profit/(loss) of joint ventures and associates | 1,931 | 1,189 | 32 | 648 | (807) | \u2014 | 2,993 | |
Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | |
Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | |
Net (losses)/gains on sale and revaluation of non- current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | |
Third-party and inter-segment purchases | 24,055 | 7,368 | 107,490 | 115,080 | 31,074 | (3) | 285,064 | |
Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | |
Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | |
Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | |
Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | |
Exploration expenses | 414 | 1,997 | \u2014 | \u2014 | \u2014 | \u2014 | 2,411 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | |
Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] |
Impairment reversals | (9) | (75) | (1) | (114) | (134) | \u2014 | (333) | [B] |
Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | |
Taxation charge/(credit) | 3,144 | 9,387 | 825 | 155 | 99 | (209) | 13,401 | |
Income/(loss) for the period | 9,590 | 7,772 | 1,709 | 1,671 | (1,229) | (2,992) | 16,521 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 254 | 109 | \u2014 | \u2014 | 363 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (68) | (23) | \u2014 | \u2014 | (91) | |
Identified items before taxation | 2,176 | 1,100 | 2,402 | 1,364 | 720 | 1,105 | 8,867 | |
Tax on identified items [C] | (376) | (477) | (412) | (187) | 12 | (81) | (1,521) | |
Adjusted Earnings | 11,390 | 8,395 | 3,885 | 2,934 | (497) | (1,968) | 24,139 | |
Adjusted Earnings attributable to Shell plc shareholders | 23,716 | |||||||
Adjusted Earnings attributable to non-controlling interest | 423 |
2023 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,645 | 6,475 | 130,559 | 97,080 | 44,819 | 42 | 316,620 | |
Inter-segment | 11,560 | 41,230 | 5,299 | 42,816 | 4,707 | \u2014 | 105,612 | |
Share of profit/(loss) of joint ventures and associates | 1,951 | 768 | 536 | 569 | (96) | (3) | 3,725 | |
Interest and other income, of which: | 137 | 671 | 73 | 64 | 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 | 1 | (46) | 110 | 5 | 257 | |
Other | 153 | 435 | 63 | 53 | (47) | (389) | 268 | |
Third-party and inter-segment purchases | 27,356 | 7,890 | 119,366 | 123,698 | 40,170 | 15 | 318,495 | |
Operating expenses, of which: | 4,809 | 9,830 | 11,142 | 9,598 | 3,763 | 818 | 39,960 | |
Production and manufacturing expenses | 4,529 | 9,186 | 1,463 | 7,394 | 2,610 | 58 | 25,240 | |
Selling, distribution and administrative expenses | 154 | 326 | 9,427 | 2,022 | 1,058 | 446 | 13,433 | |
Research and development expenses | 126 | 318 | 252 | 182 | 95 | 314 | 1,287 | |
Exploration expenses | 216 | 1,534 | \u2014 | \u2014 | \u2014 | \u2014 | 1,750 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 8,903 | 12,463 | 2,477 | 6,269 | 1,159 | 19 | 31,290 | |
Impairment losses | 3,472 | 1,360 | 430 | 2,777 | 908 | \u2014 | 8,947 | [A] |
Impairment reversals | (324) | (206) | (1) | (90) | (141) | \u2014 | (762) | [B] |
Interest expense | 146 | 507 | 53 | 61 | 4 | 3,902 | 4,673 | |
Taxation charge/(credit) | 2,806 | 8,380 | 739 | (301) | 1,320 | 47 | 12,991 | |
Income/(loss) for the period | 7,057 | 8,540 | 2,690 | 1,204 | 3,089 | (2,944) | 19,636 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 478 | 370 | \u2014 | \u2014 | 848 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (110) | (93) | \u2014 | \u2014 | (203) | |
Identified items before taxation | 7,892 | 1,166 | 339 | 2,632 | (3,311) | 14 | 8,732 | |
Tax on identified items [C] | (1,030) | 100 | (85) | (497) | 978 | 55 | (479) | |
Adjusted Earnings | 13,919 | 9,806 | 3,312 | 3,616 | 756 | (2,875) | 28,534 | |
Adjusted Earnings attributable to Shell plc shareholders | 28,250 | |||||||
Adjusted Earnings attributable to non-controlling interest | 284 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | 81 | 2,823 | (97) | 722 | 40 | 13 | 3,582 |
Impairment (impairments)/reversals | (685) | (238) | (1,630) | (737) | (367) | (11) | (3,668) |
Redundancy and restructuring | (52) | (67) | (148) | (104) | (31) | (19) | (421) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,322 | (4) | (2) | (186) | (397) | \u2014 | 733 |
Other [B] | 32 | (115) | (203) | (99) | (50) | (47) | (482) |
Total identified items included in Income before taxation | 698 | 2,399 | (2,080) | (404) | (805) | (64) | (256) |
Total identified items included in Taxation (charge)/credit | 98 | (398) | 372 | 27 | 144 | (40) | 203 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | 78 | 2,655 | (72) | 564 | 69 | 9 | 3,303 |
Impairment (impairments)/reversals | (433) | (162) | (1,384) | (634) | (334) | (8) | (2,955) |
Redundancy and restructuring | (37) | (30) | (107) | (82) | (24) | (13) | (293) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,171 | (1) | (7) | (150) | (299) | \u2014 | 714 |
Impact of exchange rate movements and inflationary adjustments on tax balances [C] | 34 | 62 | \u2014 | \u2014 | \u2014 | (45) | 51 |
Other [B] | (17) | (523) | (138) | (75) | (73) | (47) | (873) |
Impact on Income for the period | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Impact on Income for the period attributable to Shell plc shareholders | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
2024 |
$ million | ||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Identified items included in Income before taxation | ||||||||
Divestment (losses)/gains | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Impairment (impairments)/reversals | (555) | (362) | (1,747) | (1,205) | (1,181) | (1) | (5,051) | |
Redundancy and restructuring | (106) | (320) | (296) | (195) | (97) | 2 | (1,012) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,286) | (58) | 49 | (117) | 399 | \u2014 | (1,013) | |
Other [A] | (129) | (449) | (9) | 147 | 40 | (1,103) | [B] | (1,503) |
Total identified items included in Income before taxation | (2,176) | (1,100) | (2,402) | (1,364) | (720) | (1,105) | (8,867) | |
Total identified items included in Taxation credit/(charge) | 376 | 477 | 412 | 187 | (12) | 81 | 1,521 | |
Identified items included in Income for the period | ||||||||
Divestment (losses)/gains | (96) | 67 | (386) | 4 | 94 | (2) | (319) | |
Impairment (impairment)/reversals | (363) | (323) | (1,423) | (1,176) | (1,085) | (1) | (4,371) | |
Redundancy and restructuring | (71) | (214) | (214) | (142) | (71) | 1 | (711) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,088) | (14) | 40 | (86) | 300 | \u2014 | (848) | |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | (49) | 313 | \u2014 | \u2014 | \u2014 | 99 | 363 | |
Other [A] | (133) | (452) | (7) | 223 | 30 | (1,121) | [B] | (1,460) |
Impact on Income for the period | (1,800) | (623) | (1,990) | (1,177) | (732) | (1,024) | (7,346) | |
Impact on Income for the period attributable to non- controlling interest | \u2014 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | 18 | |
Impact on Income for the period attributable to Shell plc shareholders | (1,800) | (623) | (1,990) | (1,195) | (732) | (1,024) | (7,364) |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | (22) | 209 | 1 | (46) | 110 | 5 | 257 |
Impairment (impairments)/reversals | (3,147) | (1,187) | (509) | (2,690) | (767) | \u2014 | (8,300) |
Redundancy and restructuring | (1) | (21) | (150) | (106) | (32) | (19) | (329) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,754) | 448 | 19 | 276 | 3,592 | \u2014 | (419) |
Other [A] | 32 | (615) | 300 | (66) | 408 | \u2014 | 59 |
Total identified items included in Income before taxation | (7,892) | (1,166) | (339) | (2,632) | 3,311 | (14) | (8,732) |
Total identified items included in Taxation credit/(charge) | 1,030 | (100) | 85 | 497 | (978) | (55) | 479 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | (14) | 208 | 1 | (35) | 114 | 3 | 277 |
Impairment (impairments)/reversals | (2,247) | (642) | (466) | (2,195) | (669) | \u2014 | (6,219) |
Redundancy and restructuring | \u2014 | (9) | (113) | (82) | (25) | (12) | (241) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,408) | 128 | 26 | 214 | 2,755 | \u2014 | (1,285) |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | \u2014 | (295) | \u2014 | \u2014 | \u2014 | (60) | (355) |
Other [A] | (193) | (656) | 298 | (37) | 158 | \u2014 | (430) |
Impact on Income for the period | (6,862) | (1,266) | (254) | (2,135) | 2,333 | (69) | (8,253) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | (11) | \u2014 | \u2014 | \u2014 | (11) |
Impact on Income for the period attributable to Shell plc shareholders | (6,862) | (1,266) | (243) | (2,135) | 2,333 | (69) | (8,242) |
2025 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 91,808 | [A] | 90,838 | 57,728 | 26,512 | 266,886 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 46,689 | [B] | 89,236 | 53,899 | 49,700 | 239,524 |
2024 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
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 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,952 | 8,849 | 1,841 | 2,716 | 1,477 | 112 | 18,947 |
Investments in joint ventures and associates | 737 | 467 | 18 | 345 | 314 | 5 | 1,886 |
Investments in equity securities | \u2014 | \u2014 | 3 | 2 | 75 | 2 | 82 |
Cash capital expenditure | 4,689 | 9,316 | 1,862 | 3,063 | 1,866 | 119 | 20,915 |
2024 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 |
Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 |
Investments in equity securities | \u2014 | 1 | \u2014 | \u2014 | 73 | 6 | 80 |
Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 |
Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 |
Investments in equity securities | \u2014 | \u2014 | \u2014 | 2 | 106 | 89 | 197 |
Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
$ million | |||
2025 | 2024 | 2023 | |
Crude oil | 35,711 | 40,625 | 39,609 |
Oil products | 114,660 | 129,554 | 144,985 |
Natural gas and NGL | 22,825 | 19,309 | 28,010 |
LNG | 33,467 | 30,923 | 32,976 |
Power | 12,260 | 11,566 | 11,822 |
Lubricants | 11,544 | 11,511 | 11,548 |
Chemicals products | 6,922 | 8,529 | 8,360 |
Other [B] | 19,963 | 22,330 | 23,703 |
Revenue from contracts with customers | 257,352 | 274,347 | 301,013 |
Revenue from other sources | 9,534 | 9,965 | 15,607 |
Total revenue | 266,886 | 284,312 | 316,620 |
2025 |
$ million | |||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |||
Revenue: | |||||||||
Third-party | 38,457 | 5,105 | 111,855 | 77,071 | 34,359 | 39 | 266,886 | ||
Inter-segment | 10,288 | 35,968 | 7,539 | 35,293 | 4,384 | \u2014 | 93,472 | ||
Share of profit/(loss) of joint ventures and associates | 1,407 | 814 | (821) | 383 | (165) | \u2014 | 1,618 | ||
Interest and other income, of which: | 169 | 3,083 | (259) | 885 | 50 | 1,299 | 5,227 | ||
Interest income | 37 | 120 | 14 | 99 | 13 | 1,677 | 1,960 | ||
Net gains/(losses) on sale and revaluation of non- current assets and businesses | 81 | 2,516 | [A] | (180) | 720 | 39 | 14 | 3,190 | |
Other | 51 | 447 | (93) | 66 | (2) | (392) | 77 | ||
Third-party and inter-segment purchases | 27,613 | 5,833 | 100,843 | 100,543 | 35,811 | 23 | 270,666 | ||
Operating expenses, of which: | 4,217 | 9,004 | 10,649 | 8,372 | 2,550 | 883 | 35,675 | ||
Production and manufacturing expenses | 3,943 | 8,546 | 1,151 | 6,401 | 1,836 | 21 | 21,898 | ||
Selling, distribution and administrative expenses | 140 | 207 | 9,292 | 1,835 | 623 | 510 | 12,607 | ||
Research and development expenses | 134 | 251 | 206 | 136 | 91 | 352 | 1,170 | ||
Exploration expenses | 115 | 1,021 | \u2014 | \u2014 | \u2014 | \u2014 | 1,136 | ||
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,792 | 10,142 | 3,499 | 4,173 | 656 | 37 | 25,299 | ||
Impairment losses | 686 | 237 | 1,229 | 713 | 299 | 11 | 3,175 | [B] | |
Impairment reversals | \u2014 | \u2014 | (32) | (7) | (3) | \u2014 | (42) | [C] | |
Interest expense | 216 | 718 | 61 | 53 | 11 | 3,612 | 4,671 | ||
Taxation charge/(credit) | 2,548 | 8,809 | 1,205 | 229 | 89 | (1,243) | 11,637 | ||
Income/(loss) for the period | 8,820 | 9,443 | 2,057 | 262 | (489) | (1,974) | 18,119 | ||
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 304 | 567 | \u2014 | \u2014 | 871 | ||
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (75) | (155) | \u2014 | \u2014 | (230) | ||
Identified items before taxation | (698) | (2,399) | 2,080 | 404 | 805 | 64 | 256 | ||
Tax on identified items [D] | (98) | 398 | (372) | (27) | (144) | 40 | (203) | ||
Adjusted Earnings | 8,024 | 7,442 | 3,994 | 1,051 | 172 | (1,870) | 18,813 | ||
Adjusted Earnings attributable to Shell plc shareholders | 18,528 | ||||||||
Adjusted Earnings attributable to non-controlling interest | 285 |
2024 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 | |
Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | \u2014 | 96,944 | |
Share of profit/(loss) of joint ventures and associates | 1,931 | 1,189 | 32 | 648 | (807) | \u2014 | 2,993 | |
Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | |
Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | |
Net (losses)/gains on sale and revaluation of non- current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | |
Third-party and inter-segment purchases | 24,055 | 7,368 | 107,490 | 115,080 | 31,074 | (3) | 285,064 | |
Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | |
Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | |
Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | |
Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | |
Exploration expenses | 414 | 1,997 | \u2014 | \u2014 | \u2014 | \u2014 | 2,411 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | |
Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] |
Impairment reversals | (9) | (75) | (1) | (114) | (134) | \u2014 | (333) | [B] |
Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | |
Taxation charge/(credit) | 3,144 | 9,387 | 825 | 155 | 99 | (209) | 13,401 | |
Income/(loss) for the period | 9,590 | 7,772 | 1,709 | 1,671 | (1,229) | (2,992) | 16,521 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 254 | 109 | \u2014 | \u2014 | 363 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (68) | (23) | \u2014 | \u2014 | (91) | |
Identified items before taxation | 2,176 | 1,100 | 2,402 | 1,364 | 720 | 1,105 | 8,867 | |
Tax on identified items [C] | (376) | (477) | (412) | (187) | 12 | (81) | (1,521) | |
Adjusted Earnings | 11,390 | 8,395 | 3,885 | 2,934 | (497) | (1,968) | 24,139 | |
Adjusted Earnings attributable to Shell plc shareholders | 23,716 | |||||||
Adjusted Earnings attributable to non-controlling interest | 423 |
2023 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,645 | 6,475 | 130,559 | 97,080 | 44,819 | 42 | 316,620 | |
Inter-segment | 11,560 | 41,230 | 5,299 | 42,816 | 4,707 | \u2014 | 105,612 | |
Share of profit/(loss) of joint ventures and associates | 1,951 | 768 | 536 | 569 | (96) | (3) | 3,725 | |
Interest and other income, of which: | 137 | 671 | 73 | 64 | 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 | 1 | (46) | 110 | 5 | 257 | |
Other | 153 | 435 | 63 | 53 | (47) | (389) | 268 | |
Third-party and inter-segment purchases | 27,356 | 7,890 | 119,366 | 123,698 | 40,170 | 15 | 318,495 | |
Operating expenses, of which: | 4,809 | 9,830 | 11,142 | 9,598 | 3,763 | 818 | 39,960 | |
Production and manufacturing expenses | 4,529 | 9,186 | 1,463 | 7,394 | 2,610 | 58 | 25,240 | |
Selling, distribution and administrative expenses | 154 | 326 | 9,427 | 2,022 | 1,058 | 446 | 13,433 | |
Research and development expenses | 126 | 318 | 252 | 182 | 95 | 314 | 1,287 | |
Exploration expenses | 216 | 1,534 | \u2014 | \u2014 | \u2014 | \u2014 | 1,750 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 8,903 | 12,463 | 2,477 | 6,269 | 1,159 | 19 | 31,290 | |
Impairment losses | 3,472 | 1,360 | 430 | 2,777 | 908 | \u2014 | 8,947 | [A] |
Impairment reversals | (324) | (206) | (1) | (90) | (141) | \u2014 | (762) | [B] |
Interest expense | 146 | 507 | 53 | 61 | 4 | 3,902 | 4,673 | |
Taxation charge/(credit) | 2,806 | 8,380 | 739 | (301) | 1,320 | 47 | 12,991 | |
Income/(loss) for the period | 7,057 | 8,540 | 2,690 | 1,204 | 3,089 | (2,944) | 19,636 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 478 | 370 | \u2014 | \u2014 | 848 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (110) | (93) | \u2014 | \u2014 | (203) | |
Identified items before taxation | 7,892 | 1,166 | 339 | 2,632 | (3,311) | 14 | 8,732 | |
Tax on identified items [C] | (1,030) | 100 | (85) | (497) | 978 | 55 | (479) | |
Adjusted Earnings | 13,919 | 9,806 | 3,312 | 3,616 | 756 | (2,875) | 28,534 | |
Adjusted Earnings attributable to Shell plc shareholders | 28,250 | |||||||
Adjusted Earnings attributable to non-controlling interest | 284 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | 81 | 2,823 | (97) | 722 | 40 | 13 | 3,582 |
Impairment (impairments)/reversals | (685) | (238) | (1,630) | (737) | (367) | (11) | (3,668) |
Redundancy and restructuring | (52) | (67) | (148) | (104) | (31) | (19) | (421) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,322 | (4) | (2) | (186) | (397) | \u2014 | 733 |
Other [B] | 32 | (115) | (203) | (99) | (50) | (47) | (482) |
Total identified items included in Income before taxation | 698 | 2,399 | (2,080) | (404) | (805) | (64) | (256) |
Total identified items included in Taxation (charge)/credit | 98 | (398) | 372 | 27 | 144 | (40) | 203 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | 78 | 2,655 | (72) | 564 | 69 | 9 | 3,303 |
Impairment (impairments)/reversals | (433) | (162) | (1,384) | (634) | (334) | (8) | (2,955) |
Redundancy and restructuring | (37) | (30) | (107) | (82) | (24) | (13) | (293) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,171 | (1) | (7) | (150) | (299) | \u2014 | 714 |
Impact of exchange rate movements and inflationary adjustments on tax balances [C] | 34 | 62 | \u2014 | \u2014 | \u2014 | (45) | 51 |
Other [B] | (17) | (523) | (138) | (75) | (73) | (47) | (873) |
Impact on Income for the period | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Impact on Income for the period attributable to Shell plc shareholders | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
2024 |
$ million | ||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Identified items included in Income before taxation | ||||||||
Divestment (losses)/gains | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Impairment (impairments)/reversals | (555) | (362) | (1,747) | (1,205) | (1,181) | (1) | (5,051) | |
Redundancy and restructuring | (106) | (320) | (296) | (195) | (97) | 2 | (1,012) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,286) | (58) | 49 | (117) | 399 | \u2014 | (1,013) | |
Other [A] | (129) | (449) | (9) | 147 | 40 | (1,103) | [B] | (1,503) |
Total identified items included in Income before taxation | (2,176) | (1,100) | (2,402) | (1,364) | (720) | (1,105) | (8,867) | |
Total identified items included in Taxation credit/(charge) | 376 | 477 | 412 | 187 | (12) | 81 | 1,521 | |
Identified items included in Income for the period | ||||||||
Divestment (losses)/gains | (96) | 67 | (386) | 4 | 94 | (2) | (319) | |
Impairment (impairment)/reversals | (363) | (323) | (1,423) | (1,176) | (1,085) | (1) | (4,371) | |
Redundancy and restructuring | (71) | (214) | (214) | (142) | (71) | 1 | (711) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,088) | (14) | 40 | (86) | 300 | \u2014 | (848) | |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | (49) | 313 | \u2014 | \u2014 | \u2014 | 99 | 363 | |
Other [A] | (133) | (452) | (7) | 223 | 30 | (1,121) | [B] | (1,460) |
Impact on Income for the period | (1,800) | (623) | (1,990) | (1,177) | (732) | (1,024) | (7,346) | |
Impact on Income for the period attributable to non- controlling interest | \u2014 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | 18 | |
Impact on Income for the period attributable to Shell plc shareholders | (1,800) | (623) | (1,990) | (1,195) | (732) | (1,024) | (7,364) |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | (22) | 209 | 1 | (46) | 110 | 5 | 257 |
Impairment (impairments)/reversals | (3,147) | (1,187) | (509) | (2,690) | (767) | \u2014 | (8,300) |
Redundancy and restructuring | (1) | (21) | (150) | (106) | (32) | (19) | (329) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,754) | 448 | 19 | 276 | 3,592 | \u2014 | (419) |
Other [A] | 32 | (615) | 300 | (66) | 408 | \u2014 | 59 |
Total identified items included in Income before taxation | (7,892) | (1,166) | (339) | (2,632) | 3,311 | (14) | (8,732) |
Total identified items included in Taxation credit/(charge) | 1,030 | (100) | 85 | 497 | (978) | (55) | 479 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | (14) | 208 | 1 | (35) | 114 | 3 | 277 |
Impairment (impairments)/reversals | (2,247) | (642) | (466) | (2,195) | (669) | \u2014 | (6,219) |
Redundancy and restructuring | \u2014 | (9) | (113) | (82) | (25) | (12) | (241) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,408) | 128 | 26 | 214 | 2,755 | \u2014 | (1,285) |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | \u2014 | (295) | \u2014 | \u2014 | \u2014 | (60) | (355) |
Other [A] | (193) | (656) | 298 | (37) | 158 | \u2014 | (430) |
Impact on Income for the period | (6,862) | (1,266) | (254) | (2,135) | 2,333 | (69) | (8,253) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | (11) | \u2014 | \u2014 | \u2014 | (11) |
Impact on Income for the period attributable to Shell plc shareholders | (6,862) | (1,266) | (243) | (2,135) | 2,333 | (69) | (8,242) |
2025 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 91,808 | [A] | 90,838 | 57,728 | 26,512 | 266,886 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 46,689 | [B] | 89,236 | 53,899 | 49,700 | 239,524 |
2024 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
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 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,952 | 8,849 | 1,841 | 2,716 | 1,477 | 112 | 18,947 |
Investments in joint ventures and associates | 737 | 467 | 18 | 345 | 314 | 5 | 1,886 |
Investments in equity securities | \u2014 | \u2014 | 3 | 2 | 75 | 2 | 82 |
Cash capital expenditure | 4,689 | 9,316 | 1,862 | 3,063 | 1,866 | 119 | 20,915 |
2024 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 |
Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 |
Investments in equity securities | \u2014 | 1 | \u2014 | \u2014 | 73 | 6 | 80 |
Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 |
Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 |
Investments in equity securities | \u2014 | \u2014 | \u2014 | 2 | 106 | 89 | 197 |
Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
Impairments |
$ million | |||
2025 | 2024 | 2023 | |
Impairment losses | |||
Goodwill | 161 | 510 | 635 |
Intangible assets other than goodwill | 215 | 319 | 130 |
Property, plant and equipment, of which [A] | 2,799 | 3,673 | 8,182 |
Exploration and production | 881 | 783 | 4,820 |
Manufacturing, supply and distribution | 686 | 1,278 | 2,785 |
Other | 1,232 | 1,612 | 577 |
Total [B] | 3,175 | 4,502 | 8,947 |
Impairment reversals | |||
Intangible assets other than goodwill | \u2014 | \u2014 | 135 |
Property, plant and equipment, of which [A] | 42 | 333 | 627 |
Exploration and production | \u2014 | 74 | 528 |
Manufacturing, supply and distribution | 1 | 114 | 91 |
Other | 41 | 145 | 8 |
Total [B] | 42 | 333 | 762 |
WACC assumptions | ||||||||||||
Risk-free rate Derived from benchmark US Treasury yields with maturities that align with the horizon typically applied in deriving equity market risk premiums. | Cost of debt [A] Derived from observable risk premiums on corporate debt issued by comparable energy companies, using peer yield curves with maturities commensurate with other assumptions, and adjusted for a blended statutory tax rate. | Cost of equity [A] Calculated per the capital asset pricing model. Equity risk premiums are derived from a range of published sources, adjusted to reflect a beta derived from a peer group of comparable energy companies. | ||||||||||
Commodity price assumptions [A] |
2025 | 2026 | 2027 | 2028 | 2029 |
Brent crude oil ($/b) | 60 | 70 | 70 | 74 |
Henry Hub natural gas ($/MMBtu) | 3.90 | 3.80 | 3.60 | 3.80 |
2024 | 2025 | 2026 | 2027 | 2028 |
Brent crude oil ($/b) | 70 | 70 | 70 | 74 |
Henry Hub natural gas ($/MMBtu) | 3.30 | 4.00 | 4.00 | 4.24 |
2025 |
$ million | |||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |||
Revenue: | |||||||||
Third-party | 38,457 | 5,105 | 111,855 | 77,071 | 34,359 | 39 | 266,886 | ||
Inter-segment | 10,288 | 35,968 | 7,539 | 35,293 | 4,384 | \u2014 | 93,472 | ||
Share of profit/(loss) of joint ventures and associates | 1,407 | 814 | (821) | 383 | (165) | \u2014 | 1,618 | ||
Interest and other income, of which: | 169 | 3,083 | (259) | 885 | 50 | 1,299 | 5,227 | ||
Interest income | 37 | 120 | 14 | 99 | 13 | 1,677 | 1,960 | ||
Net gains/(losses) on sale and revaluation of non- current assets and businesses | 81 | 2,516 | [A] | (180) | 720 | 39 | 14 | 3,190 | |
Other | 51 | 447 | (93) | 66 | (2) | (392) | 77 | ||
Third-party and inter-segment purchases | 27,613 | 5,833 | 100,843 | 100,543 | 35,811 | 23 | 270,666 | ||
Operating expenses, of which: | 4,217 | 9,004 | 10,649 | 8,372 | 2,550 | 883 | 35,675 | ||
Production and manufacturing expenses | 3,943 | 8,546 | 1,151 | 6,401 | 1,836 | 21 | 21,898 | ||
Selling, distribution and administrative expenses | 140 | 207 | 9,292 | 1,835 | 623 | 510 | 12,607 | ||
Research and development expenses | 134 | 251 | 206 | 136 | 91 | 352 | 1,170 | ||
Exploration expenses | 115 | 1,021 | \u2014 | \u2014 | \u2014 | \u2014 | 1,136 | ||
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,792 | 10,142 | 3,499 | 4,173 | 656 | 37 | 25,299 | ||
Impairment losses | 686 | 237 | 1,229 | 713 | 299 | 11 | 3,175 | [B] | |
Impairment reversals | \u2014 | \u2014 | (32) | (7) | (3) | \u2014 | (42) | [C] | |
Interest expense | 216 | 718 | 61 | 53 | 11 | 3,612 | 4,671 | ||
Taxation charge/(credit) | 2,548 | 8,809 | 1,205 | 229 | 89 | (1,243) | 11,637 | ||
Income/(loss) for the period | 8,820 | 9,443 | 2,057 | 262 | (489) | (1,974) | 18,119 | ||
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 304 | 567 | \u2014 | \u2014 | 871 | ||
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (75) | (155) | \u2014 | \u2014 | (230) | ||
Identified items before taxation | (698) | (2,399) | 2,080 | 404 | 805 | 64 | 256 | ||
Tax on identified items [D] | (98) | 398 | (372) | (27) | (144) | 40 | (203) | ||
Adjusted Earnings | 8,024 | 7,442 | 3,994 | 1,051 | 172 | (1,870) | 18,813 | ||
Adjusted Earnings attributable to Shell plc shareholders | 18,528 | ||||||||
Adjusted Earnings attributable to non-controlling interest | 285 |
2024 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 | |
Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | \u2014 | 96,944 | |
Share of profit/(loss) of joint ventures and associates | 1,931 | 1,189 | 32 | 648 | (807) | \u2014 | 2,993 | |
Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | |
Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | |
Net (losses)/gains on sale and revaluation of non- current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | |
Third-party and inter-segment purchases | 24,055 | 7,368 | 107,490 | 115,080 | 31,074 | (3) | 285,064 | |
Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | |
Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | |
Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | |
Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | |
Exploration expenses | 414 | 1,997 | \u2014 | \u2014 | \u2014 | \u2014 | 2,411 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | |
Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] |
Impairment reversals | (9) | (75) | (1) | (114) | (134) | \u2014 | (333) | [B] |
Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | |
Taxation charge/(credit) | 3,144 | 9,387 | 825 | 155 | 99 | (209) | 13,401 | |
Income/(loss) for the period | 9,590 | 7,772 | 1,709 | 1,671 | (1,229) | (2,992) | 16,521 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 254 | 109 | \u2014 | \u2014 | 363 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (68) | (23) | \u2014 | \u2014 | (91) | |
Identified items before taxation | 2,176 | 1,100 | 2,402 | 1,364 | 720 | 1,105 | 8,867 | |
Tax on identified items [C] | (376) | (477) | (412) | (187) | 12 | (81) | (1,521) | |
Adjusted Earnings | 11,390 | 8,395 | 3,885 | 2,934 | (497) | (1,968) | 24,139 | |
Adjusted Earnings attributable to Shell plc shareholders | 23,716 | |||||||
Adjusted Earnings attributable to non-controlling interest | 423 |
2023 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,645 | 6,475 | 130,559 | 97,080 | 44,819 | 42 | 316,620 | |
Inter-segment | 11,560 | 41,230 | 5,299 | 42,816 | 4,707 | \u2014 | 105,612 | |
Share of profit/(loss) of joint ventures and associates | 1,951 | 768 | 536 | 569 | (96) | (3) | 3,725 | |
Interest and other income, of which: | 137 | 671 | 73 | 64 | 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 | 1 | (46) | 110 | 5 | 257 | |
Other | 153 | 435 | 63 | 53 | (47) | (389) | 268 | |
Third-party and inter-segment purchases | 27,356 | 7,890 | 119,366 | 123,698 | 40,170 | 15 | 318,495 | |
Operating expenses, of which: | 4,809 | 9,830 | 11,142 | 9,598 | 3,763 | 818 | 39,960 | |
Production and manufacturing expenses | 4,529 | 9,186 | 1,463 | 7,394 | 2,610 | 58 | 25,240 | |
Selling, distribution and administrative expenses | 154 | 326 | 9,427 | 2,022 | 1,058 | 446 | 13,433 | |
Research and development expenses | 126 | 318 | 252 | 182 | 95 | 314 | 1,287 | |
Exploration expenses | 216 | 1,534 | \u2014 | \u2014 | \u2014 | \u2014 | 1,750 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 8,903 | 12,463 | 2,477 | 6,269 | 1,159 | 19 | 31,290 | |
Impairment losses | 3,472 | 1,360 | 430 | 2,777 | 908 | \u2014 | 8,947 | [A] |
Impairment reversals | (324) | (206) | (1) | (90) | (141) | \u2014 | (762) | [B] |
Interest expense | 146 | 507 | 53 | 61 | 4 | 3,902 | 4,673 | |
Taxation charge/(credit) | 2,806 | 8,380 | 739 | (301) | 1,320 | 47 | 12,991 | |
Income/(loss) for the period | 7,057 | 8,540 | 2,690 | 1,204 | 3,089 | (2,944) | 19,636 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 478 | 370 | \u2014 | \u2014 | 848 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (110) | (93) | \u2014 | \u2014 | (203) | |
Identified items before taxation | 7,892 | 1,166 | 339 | 2,632 | (3,311) | 14 | 8,732 | |
Tax on identified items [C] | (1,030) | 100 | (85) | (497) | 978 | 55 | (479) | |
Adjusted Earnings | 13,919 | 9,806 | 3,312 | 3,616 | 756 | (2,875) | 28,534 | |
Adjusted Earnings attributable to Shell plc shareholders | 28,250 | |||||||
Adjusted Earnings attributable to non-controlling interest | 284 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | 81 | 2,823 | (97) | 722 | 40 | 13 | 3,582 |
Impairment (impairments)/reversals | (685) | (238) | (1,630) | (737) | (367) | (11) | (3,668) |
Redundancy and restructuring | (52) | (67) | (148) | (104) | (31) | (19) | (421) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,322 | (4) | (2) | (186) | (397) | \u2014 | 733 |
Other [B] | 32 | (115) | (203) | (99) | (50) | (47) | (482) |
Total identified items included in Income before taxation | 698 | 2,399 | (2,080) | (404) | (805) | (64) | (256) |
Total identified items included in Taxation (charge)/credit | 98 | (398) | 372 | 27 | 144 | (40) | 203 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | 78 | 2,655 | (72) | 564 | 69 | 9 | 3,303 |
Impairment (impairments)/reversals | (433) | (162) | (1,384) | (634) | (334) | (8) | (2,955) |
Redundancy and restructuring | (37) | (30) | (107) | (82) | (24) | (13) | (293) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,171 | (1) | (7) | (150) | (299) | \u2014 | 714 |
Impact of exchange rate movements and inflationary adjustments on tax balances [C] | 34 | 62 | \u2014 | \u2014 | \u2014 | (45) | 51 |
Other [B] | (17) | (523) | (138) | (75) | (73) | (47) | (873) |
Impact on Income for the period | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Impact on Income for the period attributable to Shell plc shareholders | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
2024 |
$ million | ||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Identified items included in Income before taxation | ||||||||
Divestment (losses)/gains | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Impairment (impairments)/reversals | (555) | (362) | (1,747) | (1,205) | (1,181) | (1) | (5,051) | |
Redundancy and restructuring | (106) | (320) | (296) | (195) | (97) | 2 | (1,012) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,286) | (58) | 49 | (117) | 399 | \u2014 | (1,013) | |
Other [A] | (129) | (449) | (9) | 147 | 40 | (1,103) | [B] | (1,503) |
Total identified items included in Income before taxation | (2,176) | (1,100) | (2,402) | (1,364) | (720) | (1,105) | (8,867) | |
Total identified items included in Taxation credit/(charge) | 376 | 477 | 412 | 187 | (12) | 81 | 1,521 | |
Identified items included in Income for the period | ||||||||
Divestment (losses)/gains | (96) | 67 | (386) | 4 | 94 | (2) | (319) | |
Impairment (impairment)/reversals | (363) | (323) | (1,423) | (1,176) | (1,085) | (1) | (4,371) | |
Redundancy and restructuring | (71) | (214) | (214) | (142) | (71) | 1 | (711) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,088) | (14) | 40 | (86) | 300 | \u2014 | (848) | |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | (49) | 313 | \u2014 | \u2014 | \u2014 | 99 | 363 | |
Other [A] | (133) | (452) | (7) | 223 | 30 | (1,121) | [B] | (1,460) |
Impact on Income for the period | (1,800) | (623) | (1,990) | (1,177) | (732) | (1,024) | (7,346) | |
Impact on Income for the period attributable to non- controlling interest | \u2014 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | 18 | |
Impact on Income for the period attributable to Shell plc shareholders | (1,800) | (623) | (1,990) | (1,195) | (732) | (1,024) | (7,364) |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | (22) | 209 | 1 | (46) | 110 | 5 | 257 |
Impairment (impairments)/reversals | (3,147) | (1,187) | (509) | (2,690) | (767) | \u2014 | (8,300) |
Redundancy and restructuring | (1) | (21) | (150) | (106) | (32) | (19) | (329) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,754) | 448 | 19 | 276 | 3,592 | \u2014 | (419) |
Other [A] | 32 | (615) | 300 | (66) | 408 | \u2014 | 59 |
Total identified items included in Income before taxation | (7,892) | (1,166) | (339) | (2,632) | 3,311 | (14) | (8,732) |
Total identified items included in Taxation credit/(charge) | 1,030 | (100) | 85 | 497 | (978) | (55) | 479 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | (14) | 208 | 1 | (35) | 114 | 3 | 277 |
Impairment (impairments)/reversals | (2,247) | (642) | (466) | (2,195) | (669) | \u2014 | (6,219) |
Redundancy and restructuring | \u2014 | (9) | (113) | (82) | (25) | (12) | (241) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,408) | 128 | 26 | 214 | 2,755 | \u2014 | (1,285) |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | \u2014 | (295) | \u2014 | \u2014 | \u2014 | (60) | (355) |
Other [A] | (193) | (656) | 298 | (37) | 158 | \u2014 | (430) |
Impact on Income for the period | (6,862) | (1,266) | (254) | (2,135) | 2,333 | (69) | (8,253) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | (11) | \u2014 | \u2014 | \u2014 | (11) |
Impact on Income for the period attributable to Shell plc shareholders | (6,862) | (1,266) | (243) | (2,135) | 2,333 | (69) | (8,242) |
2025 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 91,808 | [A] | 90,838 | 57,728 | 26,512 | 266,886 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 46,689 | [B] | 89,236 | 53,899 | 49,700 | 239,524 |
2024 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
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 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,952 | 8,849 | 1,841 | 2,716 | 1,477 | 112 | 18,947 |
Investments in joint ventures and associates | 737 | 467 | 18 | 345 | 314 | 5 | 1,886 |
Investments in equity securities | \u2014 | \u2014 | 3 | 2 | 75 | 2 | 82 |
Cash capital expenditure | 4,689 | 9,316 | 1,862 | 3,063 | 1,866 | 119 | 20,915 |
2024 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 |
Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 |
Investments in equity securities | \u2014 | 1 | \u2014 | \u2014 | 73 | 6 | 80 |
Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 |
Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 |
Investments in equity securities | \u2014 | \u2014 | \u2014 | 2 | 106 | 89 | 197 |
Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
2025 |
$ million | |||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |||
Revenue: | |||||||||
Third-party | 38,457 | 5,105 | 111,855 | 77,071 | 34,359 | 39 | 266,886 | ||
Inter-segment | 10,288 | 35,968 | 7,539 | 35,293 | 4,384 | \u2014 | 93,472 | ||
Share of profit/(loss) of joint ventures and associates | 1,407 | 814 | (821) | 383 | (165) | \u2014 | 1,618 | ||
Interest and other income, of which: | 169 | 3,083 | (259) | 885 | 50 | 1,299 | 5,227 | ||
Interest income | 37 | 120 | 14 | 99 | 13 | 1,677 | 1,960 | ||
Net gains/(losses) on sale and revaluation of non- current assets and businesses | 81 | 2,516 | [A] | (180) | 720 | 39 | 14 | 3,190 | |
Other | 51 | 447 | (93) | 66 | (2) | (392) | 77 | ||
Third-party and inter-segment purchases | 27,613 | 5,833 | 100,843 | 100,543 | 35,811 | 23 | 270,666 | ||
Operating expenses, of which: | 4,217 | 9,004 | 10,649 | 8,372 | 2,550 | 883 | 35,675 | ||
Production and manufacturing expenses | 3,943 | 8,546 | 1,151 | 6,401 | 1,836 | 21 | 21,898 | ||
Selling, distribution and administrative expenses | 140 | 207 | 9,292 | 1,835 | 623 | 510 | 12,607 | ||
Research and development expenses | 134 | 251 | 206 | 136 | 91 | 352 | 1,170 | ||
Exploration expenses | 115 | 1,021 | \u2014 | \u2014 | \u2014 | \u2014 | 1,136 | ||
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,792 | 10,142 | 3,499 | 4,173 | 656 | 37 | 25,299 | ||
Impairment losses | 686 | 237 | 1,229 | 713 | 299 | 11 | 3,175 | [B] | |
Impairment reversals | \u2014 | \u2014 | (32) | (7) | (3) | \u2014 | (42) | [C] | |
Interest expense | 216 | 718 | 61 | 53 | 11 | 3,612 | 4,671 | ||
Taxation charge/(credit) | 2,548 | 8,809 | 1,205 | 229 | 89 | (1,243) | 11,637 | ||
Income/(loss) for the period | 8,820 | 9,443 | 2,057 | 262 | (489) | (1,974) | 18,119 | ||
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 304 | 567 | \u2014 | \u2014 | 871 | ||
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (75) | (155) | \u2014 | \u2014 | (230) | ||
Identified items before taxation | (698) | (2,399) | 2,080 | 404 | 805 | 64 | 256 | ||
Tax on identified items [D] | (98) | 398 | (372) | (27) | (144) | 40 | (203) | ||
Adjusted Earnings | 8,024 | 7,442 | 3,994 | 1,051 | 172 | (1,870) | 18,813 | ||
Adjusted Earnings attributable to Shell plc shareholders | 18,528 | ||||||||
Adjusted Earnings attributable to non-controlling interest | 285 |
2024 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 | |
Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | \u2014 | 96,944 | |
Share of profit/(loss) of joint ventures and associates | 1,931 | 1,189 | 32 | 648 | (807) | \u2014 | 2,993 | |
Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | |
Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | |
Net (losses)/gains on sale and revaluation of non- current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | |
Third-party and inter-segment purchases | 24,055 | 7,368 | 107,490 | 115,080 | 31,074 | (3) | 285,064 | |
Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | |
Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | |
Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | |
Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | |
Exploration expenses | 414 | 1,997 | \u2014 | \u2014 | \u2014 | \u2014 | 2,411 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | |
Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] |
Impairment reversals | (9) | (75) | (1) | (114) | (134) | \u2014 | (333) | [B] |
Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | |
Taxation charge/(credit) | 3,144 | 9,387 | 825 | 155 | 99 | (209) | 13,401 | |
Income/(loss) for the period | 9,590 | 7,772 | 1,709 | 1,671 | (1,229) | (2,992) | 16,521 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 254 | 109 | \u2014 | \u2014 | 363 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (68) | (23) | \u2014 | \u2014 | (91) | |
Identified items before taxation | 2,176 | 1,100 | 2,402 | 1,364 | 720 | 1,105 | 8,867 | |
Tax on identified items [C] | (376) | (477) | (412) | (187) | 12 | (81) | (1,521) | |
Adjusted Earnings | 11,390 | 8,395 | 3,885 | 2,934 | (497) | (1,968) | 24,139 | |
Adjusted Earnings attributable to Shell plc shareholders | 23,716 | |||||||
Adjusted Earnings attributable to non-controlling interest | 423 |
2023 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,645 | 6,475 | 130,559 | 97,080 | 44,819 | 42 | 316,620 | |
Inter-segment | 11,560 | 41,230 | 5,299 | 42,816 | 4,707 | \u2014 | 105,612 | |
Share of profit/(loss) of joint ventures and associates | 1,951 | 768 | 536 | 569 | (96) | (3) | 3,725 | |
Interest and other income, of which: | 137 | 671 | 73 | 64 | 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 | 1 | (46) | 110 | 5 | 257 | |
Other | 153 | 435 | 63 | 53 | (47) | (389) | 268 | |
Third-party and inter-segment purchases | 27,356 | 7,890 | 119,366 | 123,698 | 40,170 | 15 | 318,495 | |
Operating expenses, of which: | 4,809 | 9,830 | 11,142 | 9,598 | 3,763 | 818 | 39,960 | |
Production and manufacturing expenses | 4,529 | 9,186 | 1,463 | 7,394 | 2,610 | 58 | 25,240 | |
Selling, distribution and administrative expenses | 154 | 326 | 9,427 | 2,022 | 1,058 | 446 | 13,433 | |
Research and development expenses | 126 | 318 | 252 | 182 | 95 | 314 | 1,287 | |
Exploration expenses | 216 | 1,534 | \u2014 | \u2014 | \u2014 | \u2014 | 1,750 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 8,903 | 12,463 | 2,477 | 6,269 | 1,159 | 19 | 31,290 | |
Impairment losses | 3,472 | 1,360 | 430 | 2,777 | 908 | \u2014 | 8,947 | [A] |
Impairment reversals | (324) | (206) | (1) | (90) | (141) | \u2014 | (762) | [B] |
Interest expense | 146 | 507 | 53 | 61 | 4 | 3,902 | 4,673 | |
Taxation charge/(credit) | 2,806 | 8,380 | 739 | (301) | 1,320 | 47 | 12,991 | |
Income/(loss) for the period | 7,057 | 8,540 | 2,690 | 1,204 | 3,089 | (2,944) | 19,636 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 478 | 370 | \u2014 | \u2014 | 848 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (110) | (93) | \u2014 | \u2014 | (203) | |
Identified items before taxation | 7,892 | 1,166 | 339 | 2,632 | (3,311) | 14 | 8,732 | |
Tax on identified items [C] | (1,030) | 100 | (85) | (497) | 978 | 55 | (479) | |
Adjusted Earnings | 13,919 | 9,806 | 3,312 | 3,616 | 756 | (2,875) | 28,534 | |
Adjusted Earnings attributable to Shell plc shareholders | 28,250 | |||||||
Adjusted Earnings attributable to non-controlling interest | 284 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | 81 | 2,823 | (97) | 722 | 40 | 13 | 3,582 |
Impairment (impairments)/reversals | (685) | (238) | (1,630) | (737) | (367) | (11) | (3,668) |
Redundancy and restructuring | (52) | (67) | (148) | (104) | (31) | (19) | (421) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,322 | (4) | (2) | (186) | (397) | \u2014 | 733 |
Other [B] | 32 | (115) | (203) | (99) | (50) | (47) | (482) |
Total identified items included in Income before taxation | 698 | 2,399 | (2,080) | (404) | (805) | (64) | (256) |
Total identified items included in Taxation (charge)/credit | 98 | (398) | 372 | 27 | 144 | (40) | 203 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | 78 | 2,655 | (72) | 564 | 69 | 9 | 3,303 |
Impairment (impairments)/reversals | (433) | (162) | (1,384) | (634) | (334) | (8) | (2,955) |
Redundancy and restructuring | (37) | (30) | (107) | (82) | (24) | (13) | (293) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,171 | (1) | (7) | (150) | (299) | \u2014 | 714 |
Impact of exchange rate movements and inflationary adjustments on tax balances [C] | 34 | 62 | \u2014 | \u2014 | \u2014 | (45) | 51 |
Other [B] | (17) | (523) | (138) | (75) | (73) | (47) | (873) |
Impact on Income for the period | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Impact on Income for the period attributable to Shell plc shareholders | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
2024 |
$ million | ||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Identified items included in Income before taxation | ||||||||
Divestment (losses)/gains | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Impairment (impairments)/reversals | (555) | (362) | (1,747) | (1,205) | (1,181) | (1) | (5,051) | |
Redundancy and restructuring | (106) | (320) | (296) | (195) | (97) | 2 | (1,012) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,286) | (58) | 49 | (117) | 399 | \u2014 | (1,013) | |
Other [A] | (129) | (449) | (9) | 147 | 40 | (1,103) | [B] | (1,503) |
Total identified items included in Income before taxation | (2,176) | (1,100) | (2,402) | (1,364) | (720) | (1,105) | (8,867) | |
Total identified items included in Taxation credit/(charge) | 376 | 477 | 412 | 187 | (12) | 81 | 1,521 | |
Identified items included in Income for the period | ||||||||
Divestment (losses)/gains | (96) | 67 | (386) | 4 | 94 | (2) | (319) | |
Impairment (impairment)/reversals | (363) | (323) | (1,423) | (1,176) | (1,085) | (1) | (4,371) | |
Redundancy and restructuring | (71) | (214) | (214) | (142) | (71) | 1 | (711) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,088) | (14) | 40 | (86) | 300 | \u2014 | (848) | |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | (49) | 313 | \u2014 | \u2014 | \u2014 | 99 | 363 | |
Other [A] | (133) | (452) | (7) | 223 | 30 | (1,121) | [B] | (1,460) |
Impact on Income for the period | (1,800) | (623) | (1,990) | (1,177) | (732) | (1,024) | (7,346) | |
Impact on Income for the period attributable to non- controlling interest | \u2014 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | 18 | |
Impact on Income for the period attributable to Shell plc shareholders | (1,800) | (623) | (1,990) | (1,195) | (732) | (1,024) | (7,364) |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | (22) | 209 | 1 | (46) | 110 | 5 | 257 |
Impairment (impairments)/reversals | (3,147) | (1,187) | (509) | (2,690) | (767) | \u2014 | (8,300) |
Redundancy and restructuring | (1) | (21) | (150) | (106) | (32) | (19) | (329) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,754) | 448 | 19 | 276 | 3,592 | \u2014 | (419) |
Other [A] | 32 | (615) | 300 | (66) | 408 | \u2014 | 59 |
Total identified items included in Income before taxation | (7,892) | (1,166) | (339) | (2,632) | 3,311 | (14) | (8,732) |
Total identified items included in Taxation credit/(charge) | 1,030 | (100) | 85 | 497 | (978) | (55) | 479 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | (14) | 208 | 1 | (35) | 114 | 3 | 277 |
Impairment (impairments)/reversals | (2,247) | (642) | (466) | (2,195) | (669) | \u2014 | (6,219) |
Redundancy and restructuring | \u2014 | (9) | (113) | (82) | (25) | (12) | (241) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,408) | 128 | 26 | 214 | 2,755 | \u2014 | (1,285) |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | \u2014 | (295) | \u2014 | \u2014 | \u2014 | (60) | (355) |
Other [A] | (193) | (656) | 298 | (37) | 158 | \u2014 | (430) |
Impact on Income for the period | (6,862) | (1,266) | (254) | (2,135) | 2,333 | (69) | (8,253) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | (11) | \u2014 | \u2014 | \u2014 | (11) |
Impact on Income for the period attributable to Shell plc shareholders | (6,862) | (1,266) | (243) | (2,135) | 2,333 | (69) | (8,242) |
2025 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 91,808 | [A] | 90,838 | 57,728 | 26,512 | 266,886 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 46,689 | [B] | 89,236 | 53,899 | 49,700 | 239,524 |
2024 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
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 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,952 | 8,849 | 1,841 | 2,716 | 1,477 | 112 | 18,947 |
Investments in joint ventures and associates | 737 | 467 | 18 | 345 | 314 | 5 | 1,886 |
Investments in equity securities | \u2014 | \u2014 | 3 | 2 | 75 | 2 | 82 |
Cash capital expenditure | 4,689 | 9,316 | 1,862 | 3,063 | 1,866 | 119 | 20,915 |
2024 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 |
Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 |
Investments in equity securities | \u2014 | 1 | \u2014 | \u2014 | 73 | 6 | 80 |
Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 |
Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 |
Investments in equity securities | \u2014 | \u2014 | \u2014 | 2 | 106 | 89 | 197 |
Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
2025 |
$ million | |||||||
Other intangible assets | |||||||
Goodwill | LNG\u00a0off-take and sales contracts | Environmental certificates | Other | Total | |||
Cost | |||||||
At January 1 | 18,282 | 6,587 | 2,514 | 9,798 | 18,899 | ||
Additions | 289 | 1,675 | 3,659 | 661 | 5,995 | ||
Sales, retirements and other movements [A] | (808) | \u2014 | (3,588) | (572) | (4,160) | ||
Currency translation differences | 252 | \u2014 | 294 | 461 | 755 | ||
At December 31 | 18,015 | 8,262 | 2,879 | 10,348 | 21,489 | ||
Depreciation, depletion and amortisation, including impairments | |||||||
At January 1 | 2,250 | 4,194 | 5,225 | 9,419 | |||
Charge for the year [B] | 161 | 706 | 645 | 1,351 | |||
Sales, retirements and other movements [A] | (122) | \u2014 | (517) | (517) | |||
Currency translation differences | 64 | \u2014 | 226 | 226 | |||
At December 31 | 2,353 | 4,900 | 5,579 | 10,479 | |||
Carrying amount at December 31 | 15,662 | 3,362 | 2,879 | 4,769 | [C] | 11,010 |
2024 |
$ million | |||||||
Other intangible assets | |||||||
Goodwill | LNG\u00a0off-take and sales contracts | Environmental certificates | Other | Total | |||
Cost | |||||||
At January 1 | 18,542 | 9,734 | 2,391 | 9,642 | 21,767 | ||
Additions | 155 | \u2014 | 3,862 | 594 | 4,456 | ||
Sales, retirements and other movements [A] | (195) | (3,147) | (3,668) | (180) | (6,995) | ||
Currency translation differences | (220) | \u2014 | (71) | (258) | (329) | ||
At December 31 | 18,282 | 6,587 | 2,514 | 9,798 | 18,899 | ||
Depreciation, depletion and amortisation, including impairments | |||||||
At January 1 | 1,882 | 6,751 | 4,763 | 11,514 | |||
Charge for the year [B] | 510 | 590 | 744 | 1,334 | |||
Sales, retirements and other movements [A] | (101) | (3,147) | (169) | (3,316) | |||
Currency translation differences | (41) | \u2014 | (113) | (113) | |||
At December 31 | 2,250 | 4,194 | 5,225 | 9,419 | |||
Carrying amount at December 31 | 16,032 | 2,393 | 2,514 | 4,573 | [C] | 9,480 |
2025 [A] |
$ million | |||||
Exploration\u00a0and\u00a0production | Manufacturing, supply and distribution | ||||
Exploration and\u00a0evaluation | Production | Other | Total | ||
Cost | |||||
At January 1 | 7,214 | 273,025 | 103,907 | 46,600 | 430,746 |
Additions | 985 | 13,095 | 5,292 | 4,451 | 23,823 |
Sales, retirements and other movements [B] | (1,707) | (13,489) | (1,494) | (3,395) | (20,085) |
Currency translation differences | 138 | 4,288 | 3,404 | 2,624 | 10,454 |
At December 31 | 6,630 | 276,919 | 111,109 | 50,280 | 444,938 |
Depreciation, depletion and amortisation, including impairments | |||||
At January 1 | 3,106 | 170,846 | 53,101 | 18,474 | 245,527 |
Charge for the year [C] | 66 | 14,328 | 6,412 | 3,488 | 24,294 |
Sales, retirements and other movements [B] | (598) | (11,750) | (2,368) | (1,814) | (16,530) |
Currency translation differences | 76 | 2,869 | 2,476 | 1,149 | 6,570 |
At December 31 | 2,650 | 176,293 | 59,621 | 21,297 | 259,861 |
Carrying amount at December 31 | 3,980 | 100,626 | 51,488 | 28,983 | 185,077 |
2024 [A] |
$ million | |||||
Exploration\u00a0and\u00a0production | Manufacturing, supply and distribution | ||||
Exploration and\u00a0evaluation | Production | Other | Total | ||
Cost | |||||
At January 1 | 8,635 | 285,670 | 113,069 | 47,696 | 455,070 |
Additions | 1,174 | 12,835 | 8,256 | 4,181 | 26,446 |
Sales, retirements and other movements [B] | (2,390) | (22,324) | (15,636) | (3,430) | (43,780) |
Currency translation differences | (205) | (3,156) | (1,782) | (1,847) | (6,990) |
At December 31 | 7,214 | 273,025 | 103,907 | 46,600 | 430,746 |
Depreciation, depletion and amortisation, including impairments | |||||
At January 1 | 3,323 | 174,973 | 63,826 | 18,113 | 260,235 |
Charge for the year [C] | 159 | 15,004 | 6,652 | 3,739 | 25,554 |
Sales, retirements and other movements [B] | (243) | (17,540) | (16,096) | (2,618) | (36,497) |
Currency translation differences | (133) | (1,591) | (1,281) | (760) | (3,765) |
At December 31 | 3,106 | 170,846 | 53,101 | 18,474 | 245,527 |
Carrying amount at December 31 | 4,108 | 102,179 | 50,806 | 28,126 | 185,219 |
2025 |
$ million | |||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |||
Revenue: | |||||||||
Third-party | 38,457 | 5,105 | 111,855 | 77,071 | 34,359 | 39 | 266,886 | ||
Inter-segment | 10,288 | 35,968 | 7,539 | 35,293 | 4,384 | \u2014 | 93,472 | ||
Share of profit/(loss) of joint ventures and associates | 1,407 | 814 | (821) | 383 | (165) | \u2014 | 1,618 | ||
Interest and other income, of which: | 169 | 3,083 | (259) | 885 | 50 | 1,299 | 5,227 | ||
Interest income | 37 | 120 | 14 | 99 | 13 | 1,677 | 1,960 | ||
Net gains/(losses) on sale and revaluation of non- current assets and businesses | 81 | 2,516 | [A] | (180) | 720 | 39 | 14 | 3,190 | |
Other | 51 | 447 | (93) | 66 | (2) | (392) | 77 | ||
Third-party and inter-segment purchases | 27,613 | 5,833 | 100,843 | 100,543 | 35,811 | 23 | 270,666 | ||
Operating expenses, of which: | 4,217 | 9,004 | 10,649 | 8,372 | 2,550 | 883 | 35,675 | ||
Production and manufacturing expenses | 3,943 | 8,546 | 1,151 | 6,401 | 1,836 | 21 | 21,898 | ||
Selling, distribution and administrative expenses | 140 | 207 | 9,292 | 1,835 | 623 | 510 | 12,607 | ||
Research and development expenses | 134 | 251 | 206 | 136 | 91 | 352 | 1,170 | ||
Exploration expenses | 115 | 1,021 | \u2014 | \u2014 | \u2014 | \u2014 | 1,136 | ||
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,792 | 10,142 | 3,499 | 4,173 | 656 | 37 | 25,299 | ||
Impairment losses | 686 | 237 | 1,229 | 713 | 299 | 11 | 3,175 | [B] | |
Impairment reversals | \u2014 | \u2014 | (32) | (7) | (3) | \u2014 | (42) | [C] | |
Interest expense | 216 | 718 | 61 | 53 | 11 | 3,612 | 4,671 | ||
Taxation charge/(credit) | 2,548 | 8,809 | 1,205 | 229 | 89 | (1,243) | 11,637 | ||
Income/(loss) for the period | 8,820 | 9,443 | 2,057 | 262 | (489) | (1,974) | 18,119 | ||
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 304 | 567 | \u2014 | \u2014 | 871 | ||
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (75) | (155) | \u2014 | \u2014 | (230) | ||
Identified items before taxation | (698) | (2,399) | 2,080 | 404 | 805 | 64 | 256 | ||
Tax on identified items [D] | (98) | 398 | (372) | (27) | (144) | 40 | (203) | ||
Adjusted Earnings | 8,024 | 7,442 | 3,994 | 1,051 | 172 | (1,870) | 18,813 | ||
Adjusted Earnings attributable to Shell plc shareholders | 18,528 | ||||||||
Adjusted Earnings attributable to non-controlling interest | 285 |
2024 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 | |
Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | \u2014 | 96,944 | |
Share of profit/(loss) of joint ventures and associates | 1,931 | 1,189 | 32 | 648 | (807) | \u2014 | 2,993 | |
Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | |
Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | |
Net (losses)/gains on sale and revaluation of non- current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | |
Third-party and inter-segment purchases | 24,055 | 7,368 | 107,490 | 115,080 | 31,074 | (3) | 285,064 | |
Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | |
Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | |
Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | |
Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | |
Exploration expenses | 414 | 1,997 | \u2014 | \u2014 | \u2014 | \u2014 | 2,411 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | |
Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] |
Impairment reversals | (9) | (75) | (1) | (114) | (134) | \u2014 | (333) | [B] |
Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | |
Taxation charge/(credit) | 3,144 | 9,387 | 825 | 155 | 99 | (209) | 13,401 | |
Income/(loss) for the period | 9,590 | 7,772 | 1,709 | 1,671 | (1,229) | (2,992) | 16,521 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 254 | 109 | \u2014 | \u2014 | 363 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (68) | (23) | \u2014 | \u2014 | (91) | |
Identified items before taxation | 2,176 | 1,100 | 2,402 | 1,364 | 720 | 1,105 | 8,867 | |
Tax on identified items [C] | (376) | (477) | (412) | (187) | 12 | (81) | (1,521) | |
Adjusted Earnings | 11,390 | 8,395 | 3,885 | 2,934 | (497) | (1,968) | 24,139 | |
Adjusted Earnings attributable to Shell plc shareholders | 23,716 | |||||||
Adjusted Earnings attributable to non-controlling interest | 423 |
2023 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,645 | 6,475 | 130,559 | 97,080 | 44,819 | 42 | 316,620 | |
Inter-segment | 11,560 | 41,230 | 5,299 | 42,816 | 4,707 | \u2014 | 105,612 | |
Share of profit/(loss) of joint ventures and associates | 1,951 | 768 | 536 | 569 | (96) | (3) | 3,725 | |
Interest and other income, of which: | 137 | 671 | 73 | 64 | 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 | 1 | (46) | 110 | 5 | 257 | |
Other | 153 | 435 | 63 | 53 | (47) | (389) | 268 | |
Third-party and inter-segment purchases | 27,356 | 7,890 | 119,366 | 123,698 | 40,170 | 15 | 318,495 | |
Operating expenses, of which: | 4,809 | 9,830 | 11,142 | 9,598 | 3,763 | 818 | 39,960 | |
Production and manufacturing expenses | 4,529 | 9,186 | 1,463 | 7,394 | 2,610 | 58 | 25,240 | |
Selling, distribution and administrative expenses | 154 | 326 | 9,427 | 2,022 | 1,058 | 446 | 13,433 | |
Research and development expenses | 126 | 318 | 252 | 182 | 95 | 314 | 1,287 | |
Exploration expenses | 216 | 1,534 | \u2014 | \u2014 | \u2014 | \u2014 | 1,750 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 8,903 | 12,463 | 2,477 | 6,269 | 1,159 | 19 | 31,290 | |
Impairment losses | 3,472 | 1,360 | 430 | 2,777 | 908 | \u2014 | 8,947 | [A] |
Impairment reversals | (324) | (206) | (1) | (90) | (141) | \u2014 | (762) | [B] |
Interest expense | 146 | 507 | 53 | 61 | 4 | 3,902 | 4,673 | |
Taxation charge/(credit) | 2,806 | 8,380 | 739 | (301) | 1,320 | 47 | 12,991 | |
Income/(loss) for the period | 7,057 | 8,540 | 2,690 | 1,204 | 3,089 | (2,944) | 19,636 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 478 | 370 | \u2014 | \u2014 | 848 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (110) | (93) | \u2014 | \u2014 | (203) | |
Identified items before taxation | 7,892 | 1,166 | 339 | 2,632 | (3,311) | 14 | 8,732 | |
Tax on identified items [C] | (1,030) | 100 | (85) | (497) | 978 | 55 | (479) | |
Adjusted Earnings | 13,919 | 9,806 | 3,312 | 3,616 | 756 | (2,875) | 28,534 | |
Adjusted Earnings attributable to Shell plc shareholders | 28,250 | |||||||
Adjusted Earnings attributable to non-controlling interest | 284 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | 81 | 2,823 | (97) | 722 | 40 | 13 | 3,582 |
Impairment (impairments)/reversals | (685) | (238) | (1,630) | (737) | (367) | (11) | (3,668) |
Redundancy and restructuring | (52) | (67) | (148) | (104) | (31) | (19) | (421) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,322 | (4) | (2) | (186) | (397) | \u2014 | 733 |
Other [B] | 32 | (115) | (203) | (99) | (50) | (47) | (482) |
Total identified items included in Income before taxation | 698 | 2,399 | (2,080) | (404) | (805) | (64) | (256) |
Total identified items included in Taxation (charge)/credit | 98 | (398) | 372 | 27 | 144 | (40) | 203 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | 78 | 2,655 | (72) | 564 | 69 | 9 | 3,303 |
Impairment (impairments)/reversals | (433) | (162) | (1,384) | (634) | (334) | (8) | (2,955) |
Redundancy and restructuring | (37) | (30) | (107) | (82) | (24) | (13) | (293) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,171 | (1) | (7) | (150) | (299) | \u2014 | 714 |
Impact of exchange rate movements and inflationary adjustments on tax balances [C] | 34 | 62 | \u2014 | \u2014 | \u2014 | (45) | 51 |
Other [B] | (17) | (523) | (138) | (75) | (73) | (47) | (873) |
Impact on Income for the period | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Impact on Income for the period attributable to Shell plc shareholders | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
2024 |
$ million | ||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Identified items included in Income before taxation | ||||||||
Divestment (losses)/gains | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Impairment (impairments)/reversals | (555) | (362) | (1,747) | (1,205) | (1,181) | (1) | (5,051) | |
Redundancy and restructuring | (106) | (320) | (296) | (195) | (97) | 2 | (1,012) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,286) | (58) | 49 | (117) | 399 | \u2014 | (1,013) | |
Other [A] | (129) | (449) | (9) | 147 | 40 | (1,103) | [B] | (1,503) |
Total identified items included in Income before taxation | (2,176) | (1,100) | (2,402) | (1,364) | (720) | (1,105) | (8,867) | |
Total identified items included in Taxation credit/(charge) | 376 | 477 | 412 | 187 | (12) | 81 | 1,521 | |
Identified items included in Income for the period | ||||||||
Divestment (losses)/gains | (96) | 67 | (386) | 4 | 94 | (2) | (319) | |
Impairment (impairment)/reversals | (363) | (323) | (1,423) | (1,176) | (1,085) | (1) | (4,371) | |
Redundancy and restructuring | (71) | (214) | (214) | (142) | (71) | 1 | (711) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,088) | (14) | 40 | (86) | 300 | \u2014 | (848) | |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | (49) | 313 | \u2014 | \u2014 | \u2014 | 99 | 363 | |
Other [A] | (133) | (452) | (7) | 223 | 30 | (1,121) | [B] | (1,460) |
Impact on Income for the period | (1,800) | (623) | (1,990) | (1,177) | (732) | (1,024) | (7,346) | |
Impact on Income for the period attributable to non- controlling interest | \u2014 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | 18 | |
Impact on Income for the period attributable to Shell plc shareholders | (1,800) | (623) | (1,990) | (1,195) | (732) | (1,024) | (7,364) |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | (22) | 209 | 1 | (46) | 110 | 5 | 257 |
Impairment (impairments)/reversals | (3,147) | (1,187) | (509) | (2,690) | (767) | \u2014 | (8,300) |
Redundancy and restructuring | (1) | (21) | (150) | (106) | (32) | (19) | (329) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,754) | 448 | 19 | 276 | 3,592 | \u2014 | (419) |
Other [A] | 32 | (615) | 300 | (66) | 408 | \u2014 | 59 |
Total identified items included in Income before taxation | (7,892) | (1,166) | (339) | (2,632) | 3,311 | (14) | (8,732) |
Total identified items included in Taxation credit/(charge) | 1,030 | (100) | 85 | 497 | (978) | (55) | 479 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | (14) | 208 | 1 | (35) | 114 | 3 | 277 |
Impairment (impairments)/reversals | (2,247) | (642) | (466) | (2,195) | (669) | \u2014 | (6,219) |
Redundancy and restructuring | \u2014 | (9) | (113) | (82) | (25) | (12) | (241) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,408) | 128 | 26 | 214 | 2,755 | \u2014 | (1,285) |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | \u2014 | (295) | \u2014 | \u2014 | \u2014 | (60) | (355) |
Other [A] | (193) | (656) | 298 | (37) | 158 | \u2014 | (430) |
Impact on Income for the period | (6,862) | (1,266) | (254) | (2,135) | 2,333 | (69) | (8,253) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | (11) | \u2014 | \u2014 | \u2014 | (11) |
Impact on Income for the period attributable to Shell plc shareholders | (6,862) | (1,266) | (243) | (2,135) | 2,333 | (69) | (8,242) |
2025 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 91,808 | [A] | 90,838 | 57,728 | 26,512 | 266,886 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 46,689 | [B] | 89,236 | 53,899 | 49,700 | 239,524 |
2024 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
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 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,952 | 8,849 | 1,841 | 2,716 | 1,477 | 112 | 18,947 |
Investments in joint ventures and associates | 737 | 467 | 18 | 345 | 314 | 5 | 1,886 |
Investments in equity securities | \u2014 | \u2014 | 3 | 2 | 75 | 2 | 82 |
Cash capital expenditure | 4,689 | 9,316 | 1,862 | 3,063 | 1,866 | 119 | 20,915 |
2024 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 |
Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 |
Investments in equity securities | \u2014 | 1 | \u2014 | \u2014 | 73 | 6 | 80 |
Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 |
Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 |
Investments in equity securities | \u2014 | \u2014 | \u2014 | 2 | 106 | 89 | 197 |
Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
2025 |
$ million | |||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |||
Revenue: | |||||||||
Third-party | 38,457 | 5,105 | 111,855 | 77,071 | 34,359 | 39 | 266,886 | ||
Inter-segment | 10,288 | 35,968 | 7,539 | 35,293 | 4,384 | \u2014 | 93,472 | ||
Share of profit/(loss) of joint ventures and associates | 1,407 | 814 | (821) | 383 | (165) | \u2014 | 1,618 | ||
Interest and other income, of which: | 169 | 3,083 | (259) | 885 | 50 | 1,299 | 5,227 | ||
Interest income | 37 | 120 | 14 | 99 | 13 | 1,677 | 1,960 | ||
Net gains/(losses) on sale and revaluation of non- current assets and businesses | 81 | 2,516 | [A] | (180) | 720 | 39 | 14 | 3,190 | |
Other | 51 | 447 | (93) | 66 | (2) | (392) | 77 | ||
Third-party and inter-segment purchases | 27,613 | 5,833 | 100,843 | 100,543 | 35,811 | 23 | 270,666 | ||
Operating expenses, of which: | 4,217 | 9,004 | 10,649 | 8,372 | 2,550 | 883 | 35,675 | ||
Production and manufacturing expenses | 3,943 | 8,546 | 1,151 | 6,401 | 1,836 | 21 | 21,898 | ||
Selling, distribution and administrative expenses | 140 | 207 | 9,292 | 1,835 | 623 | 510 | 12,607 | ||
Research and development expenses | 134 | 251 | 206 | 136 | 91 | 352 | 1,170 | ||
Exploration expenses | 115 | 1,021 | \u2014 | \u2014 | \u2014 | \u2014 | 1,136 | ||
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,792 | 10,142 | 3,499 | 4,173 | 656 | 37 | 25,299 | ||
Impairment losses | 686 | 237 | 1,229 | 713 | 299 | 11 | 3,175 | [B] | |
Impairment reversals | \u2014 | \u2014 | (32) | (7) | (3) | \u2014 | (42) | [C] | |
Interest expense | 216 | 718 | 61 | 53 | 11 | 3,612 | 4,671 | ||
Taxation charge/(credit) | 2,548 | 8,809 | 1,205 | 229 | 89 | (1,243) | 11,637 | ||
Income/(loss) for the period | 8,820 | 9,443 | 2,057 | 262 | (489) | (1,974) | 18,119 | ||
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 304 | 567 | \u2014 | \u2014 | 871 | ||
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (75) | (155) | \u2014 | \u2014 | (230) | ||
Identified items before taxation | (698) | (2,399) | 2,080 | 404 | 805 | 64 | 256 | ||
Tax on identified items [D] | (98) | 398 | (372) | (27) | (144) | 40 | (203) | ||
Adjusted Earnings | 8,024 | 7,442 | 3,994 | 1,051 | 172 | (1,870) | 18,813 | ||
Adjusted Earnings attributable to Shell plc shareholders | 18,528 | ||||||||
Adjusted Earnings attributable to non-controlling interest | 285 |
2024 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 | |
Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | \u2014 | 96,944 | |
Share of profit/(loss) of joint ventures and associates | 1,931 | 1,189 | 32 | 648 | (807) | \u2014 | 2,993 | |
Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | |
Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | |
Net (losses)/gains on sale and revaluation of non- current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | |
Third-party and inter-segment purchases | 24,055 | 7,368 | 107,490 | 115,080 | 31,074 | (3) | 285,064 | |
Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | |
Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | |
Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | |
Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | |
Exploration expenses | 414 | 1,997 | \u2014 | \u2014 | \u2014 | \u2014 | 2,411 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | |
Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] |
Impairment reversals | (9) | (75) | (1) | (114) | (134) | \u2014 | (333) | [B] |
Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | |
Taxation charge/(credit) | 3,144 | 9,387 | 825 | 155 | 99 | (209) | 13,401 | |
Income/(loss) for the period | 9,590 | 7,772 | 1,709 | 1,671 | (1,229) | (2,992) | 16,521 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 254 | 109 | \u2014 | \u2014 | 363 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (68) | (23) | \u2014 | \u2014 | (91) | |
Identified items before taxation | 2,176 | 1,100 | 2,402 | 1,364 | 720 | 1,105 | 8,867 | |
Tax on identified items [C] | (376) | (477) | (412) | (187) | 12 | (81) | (1,521) | |
Adjusted Earnings | 11,390 | 8,395 | 3,885 | 2,934 | (497) | (1,968) | 24,139 | |
Adjusted Earnings attributable to Shell plc shareholders | 23,716 | |||||||
Adjusted Earnings attributable to non-controlling interest | 423 |
2023 |
$ million | ||||||||
Integrated \u00a0Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Revenue: | ||||||||
Third-party | 37,645 | 6,475 | 130,559 | 97,080 | 44,819 | 42 | 316,620 | |
Inter-segment | 11,560 | 41,230 | 5,299 | 42,816 | 4,707 | \u2014 | 105,612 | |
Share of profit/(loss) of joint ventures and associates | 1,951 | 768 | 536 | 569 | (96) | (3) | 3,725 | |
Interest and other income, of which: | 137 | 671 | 73 | 64 | 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 | 1 | (46) | 110 | 5 | 257 | |
Other | 153 | 435 | 63 | 53 | (47) | (389) | 268 | |
Third-party and inter-segment purchases | 27,356 | 7,890 | 119,366 | 123,698 | 40,170 | 15 | 318,495 | |
Operating expenses, of which: | 4,809 | 9,830 | 11,142 | 9,598 | 3,763 | 818 | 39,960 | |
Production and manufacturing expenses | 4,529 | 9,186 | 1,463 | 7,394 | 2,610 | 58 | 25,240 | |
Selling, distribution and administrative expenses | 154 | 326 | 9,427 | 2,022 | 1,058 | 446 | 13,433 | |
Research and development expenses | 126 | 318 | 252 | 182 | 95 | 314 | 1,287 | |
Exploration expenses | 216 | 1,534 | \u2014 | \u2014 | \u2014 | \u2014 | 1,750 | |
Depreciation, depletion and amortisation charge, of\u00a0which: | 8,903 | 12,463 | 2,477 | 6,269 | 1,159 | 19 | 31,290 | |
Impairment losses | 3,472 | 1,360 | 430 | 2,777 | 908 | \u2014 | 8,947 | [A] |
Impairment reversals | (324) | (206) | (1) | (90) | (141) | \u2014 | (762) | [B] |
Interest expense | 146 | 507 | 53 | 61 | 4 | 3,902 | 4,673 | |
Taxation charge/(credit) | 2,806 | 8,380 | 739 | (301) | 1,320 | 47 | 12,991 | |
Income/(loss) for the period | 7,057 | 8,540 | 2,690 | 1,204 | 3,089 | (2,944) | 19,636 | |
Current cost of supplies adjustment before taxation | \u2014 | \u2014 | 478 | 370 | \u2014 | \u2014 | 848 | |
Tax on current cost of supplies adjustment | \u2014 | \u2014 | (110) | (93) | \u2014 | \u2014 | (203) | |
Identified items before taxation | 7,892 | 1,166 | 339 | 2,632 | (3,311) | 14 | 8,732 | |
Tax on identified items [C] | (1,030) | 100 | (85) | (497) | 978 | 55 | (479) | |
Adjusted Earnings | 13,919 | 9,806 | 3,312 | 3,616 | 756 | (2,875) | 28,534 | |
Adjusted Earnings attributable to Shell plc shareholders | 28,250 | |||||||
Adjusted Earnings attributable to non-controlling interest | 284 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | 81 | 2,823 | (97) | 722 | 40 | 13 | 3,582 |
Impairment (impairments)/reversals | (685) | (238) | (1,630) | (737) | (367) | (11) | (3,668) |
Redundancy and restructuring | (52) | (67) | (148) | (104) | (31) | (19) | (421) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,322 | (4) | (2) | (186) | (397) | \u2014 | 733 |
Other [B] | 32 | (115) | (203) | (99) | (50) | (47) | (482) |
Total identified items included in Income before taxation | 698 | 2,399 | (2,080) | (404) | (805) | (64) | (256) |
Total identified items included in Taxation (charge)/credit | 98 | (398) | 372 | 27 | 144 | (40) | 203 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | 78 | 2,655 | (72) | 564 | 69 | 9 | 3,303 |
Impairment (impairments)/reversals | (433) | (162) | (1,384) | (634) | (334) | (8) | (2,955) |
Redundancy and restructuring | (37) | (30) | (107) | (82) | (24) | (13) | (293) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | 1,171 | (1) | (7) | (150) | (299) | \u2014 | 714 |
Impact of exchange rate movements and inflationary adjustments on tax balances [C] | 34 | 62 | \u2014 | \u2014 | \u2014 | (45) | 51 |
Other [B] | (17) | (523) | (138) | (75) | (73) | (47) | (873) |
Impact on Income for the period | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Impact on Income for the period attributable to Shell plc shareholders | 796 | 2,001 | (1,708) | (377) | (661) | (104) | (53) |
2024 |
$ million | ||||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | ||
Identified items included in Income before taxation | ||||||||
Divestment (losses)/gains | (100) | 89 | (399) | 6 | 119 | (3) | (288) | |
Impairment (impairments)/reversals | (555) | (362) | (1,747) | (1,205) | (1,181) | (1) | (5,051) | |
Redundancy and restructuring | (106) | (320) | (296) | (195) | (97) | 2 | (1,012) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,286) | (58) | 49 | (117) | 399 | \u2014 | (1,013) | |
Other [A] | (129) | (449) | (9) | 147 | 40 | (1,103) | [B] | (1,503) |
Total identified items included in Income before taxation | (2,176) | (1,100) | (2,402) | (1,364) | (720) | (1,105) | (8,867) | |
Total identified items included in Taxation credit/(charge) | 376 | 477 | 412 | 187 | (12) | 81 | 1,521 | |
Identified items included in Income for the period | ||||||||
Divestment (losses)/gains | (96) | 67 | (386) | 4 | 94 | (2) | (319) | |
Impairment (impairment)/reversals | (363) | (323) | (1,423) | (1,176) | (1,085) | (1) | (4,371) | |
Redundancy and restructuring | (71) | (214) | (214) | (142) | (71) | 1 | (711) | |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (1,088) | (14) | 40 | (86) | 300 | \u2014 | (848) | |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | (49) | 313 | \u2014 | \u2014 | \u2014 | 99 | 363 | |
Other [A] | (133) | (452) | (7) | 223 | 30 | (1,121) | [B] | (1,460) |
Impact on Income for the period | (1,800) | (623) | (1,990) | (1,177) | (732) | (1,024) | (7,346) | |
Impact on Income for the period attributable to non- controlling interest | \u2014 | \u2014 | \u2014 | 18 | \u2014 | \u2014 | 18 | |
Impact on Income for the period attributable to Shell plc shareholders | (1,800) | (623) | (1,990) | (1,195) | (732) | (1,024) | (7,364) |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | |
Identified items included in Income before taxation | |||||||
Divestment gains/(losses) | (22) | 209 | 1 | (46) | 110 | 5 | 257 |
Impairment (impairments)/reversals | (3,147) | (1,187) | (509) | (2,690) | (767) | \u2014 | (8,300) |
Redundancy and restructuring | (1) | (21) | (150) | (106) | (32) | (19) | (329) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,754) | 448 | 19 | 276 | 3,592 | \u2014 | (419) |
Other [A] | 32 | (615) | 300 | (66) | 408 | \u2014 | 59 |
Total identified items included in Income before taxation | (7,892) | (1,166) | (339) | (2,632) | 3,311 | (14) | (8,732) |
Total identified items included in Taxation credit/(charge) | 1,030 | (100) | 85 | 497 | (978) | (55) | 479 |
Identified items included in Income for the period | |||||||
Divestment gains/(losses) | (14) | 208 | 1 | (35) | 114 | 3 | 277 |
Impairment (impairments)/reversals | (2,247) | (642) | (466) | (2,195) | (669) | \u2014 | (6,219) |
Redundancy and restructuring | \u2014 | (9) | (113) | (82) | (25) | (12) | (241) |
Fair value accounting of commodity derivatives and certain gas contracts [A] | (4,408) | 128 | 26 | 214 | 2,755 | \u2014 | (1,285) |
Impact of exchange rate movements and inflationary adjustments on tax balances [A] | \u2014 | (295) | \u2014 | \u2014 | \u2014 | (60) | (355) |
Other [A] | (193) | (656) | 298 | (37) | 158 | \u2014 | (430) |
Impact on Income for the period | (6,862) | (1,266) | (254) | (2,135) | 2,333 | (69) | (8,253) |
Impact on Income for the period attributable to non-controlling interest | \u2014 | \u2014 | (11) | \u2014 | \u2014 | \u2014 | (11) |
Impact on Income for the period attributable to Shell plc shareholders | (6,862) | (1,266) | (243) | (2,135) | 2,333 | (69) | (8,242) |
2025 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 91,808 | [A] | 90,838 | 57,728 | 26,512 | 266,886 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 46,689 | [B] | 89,236 | 53,899 | 49,700 | 239,524 |
2024 |
$ million | ||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | ||
Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 |
Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
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 |
2025 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,952 | 8,849 | 1,841 | 2,716 | 1,477 | 112 | 18,947 |
Investments in joint ventures and associates | 737 | 467 | 18 | 345 | 314 | 5 | 1,886 |
Investments in equity securities | \u2014 | \u2014 | 3 | 2 | 75 | 2 | 82 |
Cash capital expenditure | 4,689 | 9,316 | 1,862 | 3,063 | 1,866 | 119 | 20,915 |
2024 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 |
Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 |
Investments in equity securities | \u2014 | 1 | \u2014 | \u2014 | 73 | 6 | 80 |
Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 |
2023 |
$ million | |||||||
Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | |
Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 |
Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 |
Investments in equity securities | \u2014 | \u2014 | \u2014 | 2 | 106 | 89 | 197 |
Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
$ million | |||
2025 | 2024 | 2023 | |
Crude oil | 35,711 | 40,625 | 39,609 |
Oil products | 114,660 | 129,554 | 144,985 |
Natural gas and NGL | 22,825 | 19,309 | 28,010 |
LNG | 33,467 | 30,923 | 32,976 |
Power | 12,260 | 11,566 | 11,822 |
Lubricants | 11,544 | 11,511 | 11,548 |
Chemicals products | 6,922 | 8,529 | 8,360 |
Other [B] | 19,963 | 22,330 | 23,703 |
Revenue from contracts with customers | 257,352 | 274,347 | 301,013 |
Revenue from other sources | 9,534 | 9,965 | 15,607 |
Total revenue | 266,886 | 284,312 | 316,620 |
$ million | ||||
2025 | 2024 | 2023 | ||
Interest income | 1,960 | 2,372 | 2,313 | |
Dividend income (from investments in equity securities) | 82 | 83 | 49 | |
Net gains/(losses) on sale and revaluation of non-current assets and businesses | 3,190 | [A] | (288) | 257 |
Net foreign exchange losses on financing activities | (537) | (1,025) | (458) | |
Other | 532 | 582 | 677 | |
Total | 5,227 | 1,724 | 2,838 |
$ million | |||
2025 | 2024 | 2023 | |
Interest incurred and similar charges | 2,363 | 2,800 | 2,669 |
Interest expense related to leases | 1,866 | 1,722 | 1,772 |
Less: interest capitalised | (521) | (638) | (532) |
Other net (gains)/losses on fair value and cash flow hedges of debt | (70) | (71) | 45 |
Accretion expense | 1,033 | 974 | 719 |
Total | 4,671 | 4,787 | 4,673 |
$ million | ||||
2025 | 2024 | 2023 | ||
Interest income | 1,960 | 2,372 | 2,313 | |
Dividend income (from investments in equity securities) | 82 | 83 | 49 | |
Net gains/(losses) on sale and revaluation of non-current assets and businesses | 3,190 | [A] | (288) | 257 |
Net foreign exchange losses on financing activities | (537) | (1,025) | (458) | |
Other | 532 | 582 | 677 | |
Total | 5,227 | 1,724 | 2,838 |
$ million | |||
2025 | 2024 | 2023 | |
Interest incurred and similar charges | 2,363 | 2,800 | 2,669 |
Interest expense related to leases | 1,866 | 1,722 | 1,772 |
Less: interest capitalised | (521) | (638) | (532) |
Other net (gains)/losses on fair value and cash flow hedges of debt | (70) | (71) | 45 |
Accretion expense | 1,033 | 974 | 719 |
Total | 4,671 | 4,787 | 4,673 |
$ million | ||||
2025 | 2024 | 2023 | ||
Interest income | 1,960 | 2,372 | 2,313 | |
Dividend income (from investments in equity securities) | 82 | 83 | 49 | |
Net gains/(losses) on sale and revaluation of non-current assets and businesses | 3,190 | [A] | (288) | 257 |
Net foreign exchange losses on financing activities | (537) | (1,025) | (458) | |
Other | 532 | 582 | 677 | |
Total | 5,227 | 1,724 | 2,838 |
$ million | ||||
2025 | 2024 | 2023 | ||
Interest income | 1,960 | 2,372 | 2,313 | |
Dividend income (from investments in equity securities) | 82 | 83 | 49 | |
Net gains/(losses) on sale and revaluation of non-current assets and businesses | 3,190 | [A] | (288) | 257 |
Net foreign exchange losses on financing activities | (537) | (1,025) | (458) | |
Other | 532 | 582 | 677 | |
Total | 5,227 | 1,724 | 2,838 |
$ million | ||||
2025 | 2024 | 2023 | ||
Interest income | 1,960 | 2,372 | 2,313 | |
Dividend income (from investments in equity securities) | 82 | 83 | 49 | |
Net gains/(losses) on sale and revaluation of non-current assets and businesses | 3,190 | [A] | (288) | 257 |
Net foreign exchange losses on financing activities | (537) | (1,025) | (458) | |
Other | 532 | 582 | 677 | |
Total | 5,227 | 1,724 | 2,838 |
$ million | |||
2025 | 2024 | 2023 | |
Interest incurred and similar charges | 2,363 | 2,800 | 2,669 |
Interest expense related to leases | 1,866 | 1,722 | 1,772 |
Less: interest capitalised | (521) | (638) | (532) |
Other net (gains)/losses on fair value and cash flow hedges of debt | (70) | (71) | 45 |
Accretion expense | 1,033 | 974 | 719 |
Total | 4,671 | 4,787 | 4,673 |
$ million | |||
2025 | 2024 | 2023 | |
Interest incurred and similar charges | 2,363 | 2,800 | 2,669 |
Interest expense related to leases | 1,866 | 1,722 | 1,772 |
Less: interest capitalised | (521) | (638) | (532) |
Other net (gains)/losses on fair value and cash flow hedges of debt | (70) | (71) | 45 |
Accretion expense | 1,033 | 974 | 719 |
Total | 4,671 | 4,787 | 4,673 |
2025 |
$ million | |||||||
Other intangible assets | |||||||
Goodwill | LNG\u00a0off-take and sales contracts | Environmental certificates | Other | Total | |||
Cost | |||||||
At January 1 | 18,282 | 6,587 | 2,514 | 9,798 | 18,899 | ||
Additions | 289 | 1,675 | 3,659 | 661 | 5,995 | ||
Sales, retirements and other movements [A] | (808) | \u2014 | (3,588) | (572) | (4,160) | ||
Currency translation differences | 252 | \u2014 | 294 | 461 | 755 | ||
At December 31 | 18,015 | 8,262 | 2,879 | 10,348 | 21,489 | ||
Depreciation, depletion and amortisation, including impairments | |||||||
At January 1 | 2,250 | 4,194 | 5,225 | 9,419 | |||
Charge for the year [B] | 161 | 706 | 645 | 1,351 | |||
Sales, retirements and other movements [A] | (122) | \u2014 | (517) | (517) | |||
Currency translation differences | 64 | \u2014 | 226 | 226 | |||
At December 31 | 2,353 | 4,900 | 5,579 | 10,479 | |||
Carrying amount at December 31 | 15,662 | 3,362 | 2,879 | 4,769 | [C] | 11,010 |
2024 |
$ million | |||||||
Other intangible assets | |||||||
Goodwill | LNG\u00a0off-take and sales contracts | Environmental certificates | Other | Total | |||
Cost | |||||||
At January 1 | 18,542 | 9,734 | 2,391 | 9,642 | 21,767 | ||
Additions | 155 | \u2014 | 3,862 | 594 | 4,456 | ||
Sales, retirements and other movements [A] | (195) | (3,147) | (3,668) | (180) | (6,995) | ||
Currency translation differences | (220) | \u2014 | (71) | (258) | (329) | ||
At December 31 | 18,282 | 6,587 | 2,514 | 9,798 | 18,899 | ||
Depreciation, depletion and amortisation, including impairments | |||||||
At January 1 | 1,882 | 6,751 | 4,763 | 11,514 | |||
Charge for the year [B] | 510 | 590 | 744 | 1,334 | |||
Sales, retirements and other movements [A] | (101) | (3,147) | (169) | (3,316) | |||
Currency translation differences | (41) | \u2014 | (113) | (113) | |||
At December 31 | 2,250 | 4,194 | 5,225 | 9,419 | |||
Carrying amount at December 31 | 16,032 | 2,393 | 2,514 | 4,573 | [C] | 9,480 |
2025 [A] |
$ million | |||||
Exploration\u00a0and\u00a0production | Manufacturing, supply and distribution | ||||
Exploration and\u00a0evaluation | Production | Other | Total | ||
Cost | |||||
At January 1 | 7,214 | 273,025 | 103,907 | 46,600 | 430,746 |
Additions | 985 | 13,095 | 5,292 | 4,451 | 23,823 |
Sales, retirements and other movements [B] | (1,707) | (13,489) | (1,494) | (3,395) | (20,085) |
Currency translation differences | 138 | 4,288 | 3,404 | 2,624 | 10,454 |
At December 31 | 6,630 | 276,919 | 111,109 | 50,280 | 444,938 |
Depreciation, depletion and amortisation, including impairments | |||||
At January 1 | 3,106 | 170,846 | 53,101 | 18,474 | 245,527 |
Charge for the year [C] | 66 | 14,328 | 6,412 | 3,488 | 24,294 |
Sales, retirements and other movements [B] | (598) | (11,750) | (2,368) | (1,814) | (16,530) |
Currency translation differences | 76 | 2,869 | 2,476 | 1,149 | 6,570 |
At December 31 | 2,650 | 176,293 | 59,621 | 21,297 | 259,861 |
Carrying amount at December 31 | 3,980 | 100,626 | 51,488 | 28,983 | 185,077 |
2024 [A] |
$ million | |||||
Exploration\u00a0and\u00a0production | Manufacturing, supply and distribution | ||||
Exploration and\u00a0evaluation | Production | Other | Total | ||
Cost | |||||
At January 1 | 8,635 | 285,670 | 113,069 | 47,696 | 455,070 |
Additions | 1,174 | 12,835 | 8,256 | 4,181 | 26,446 |
Sales, retirements and other movements [B] | (2,390) | (22,324) | (15,636) | (3,430) | (43,780) |
Currency translation differences | (205) | (3,156) | (1,782) | (1,847) | (6,990) |
At December 31 | 7,214 | 273,025 | 103,907 | 46,600 | 430,746 |
Depreciation, depletion and amortisation, including impairments | |||||
At January 1 | 3,323 | 174,973 | 63,826 | 18,113 | 260,235 |
Charge for the year [C] | 159 | 15,004 | 6,652 | 3,739 | 25,554 |
Sales, retirements and other movements [B] | (243) | (17,540) | (16,096) | (2,618) | (36,497) |
Currency translation differences | (133) | (1,591) | (1,281) | (760) | (3,765) |
At December 31 | 3,106 | 170,846 | 53,101 | 18,474 | 245,527 |
Carrying amount at December 31 | 4,108 | 102,179 | 50,806 | 28,126 | 185,219 |
Capitalised exploration drilling costs |
$ million | |||
2025 | 2024 | 2023 | |
At January 1 | 2,054 | 3,136 | 2,911 |
Additions pending determination of proved reserves | 842 | 1,104 | 1,967 |
Amounts charged to expense | (377) | (1,622) | (868) |
Reclassifications to productive wells on determination of proved reserves | (265) | (333) | (874) |
Other movements [A] | (110) | (231) | \u2014 |
At December 31 | 2,144 | 2,054 | 3,136 |
Projects | Wells | ||||
Number | $ million | Number | $ million | ||
Between 1 and 5 years | 14 | 727 | 32 | 727 | |
Between 6 and 10 years | 8 | 702 | 15 | 644 | |
Between 11 and 15 years | 8 | 157 | 12 | 183 | |
Between 16 and 20 years | 5 | 96 | 7 | 128 | |
Total | 35 | 1,682 | 66 | 1,682 |
Impairments |
$ million | |||
2025 | 2024 | 2023 | |
Impairment losses | |||
Goodwill | 161 | 510 | 635 |
Intangible assets other than goodwill | 215 | 319 | 130 |
Property, plant and equipment, of which [A] | 2,799 | 3,673 | 8,182 |
Exploration and production | 881 | 783 | 4,820 |
Manufacturing, supply and distribution | 686 | 1,278 | 2,785 |
Other | 1,232 | 1,612 | 577 |
Total [B] | 3,175 | 4,502 | 8,947 |
Impairment reversals | |||
Intangible assets other than goodwill | \u2014 | \u2014 | 135 |
Property, plant and equipment, of which [A] | 42 | 333 | 627 |
Exploration and production | \u2014 | 74 | 528 |
Manufacturing, supply and distribution | 1 | 114 | 91 |
Other | 41 | 145 | 8 |
Total [B] | 42 | 333 | 762 |
WACC assumptions | ||||||||||||
Risk-free rate Derived from benchmark US Treasury yields with maturities that align with the horizon typically applied in deriving equity market risk premiums. | Cost of debt [A] Derived from observable risk premiums on corporate debt issued by comparable energy companies, using peer yield curves with maturities commensurate with other assumptions, and adjusted for a blended statutory tax rate. | Cost of equity [A] Calculated per the capital asset pricing model. Equity risk premiums are derived from a range of published sources, adjusted to reflect a beta derived from a peer group of comparable energy companies. | ||||||||||
Commodity price assumptions [A] |
2025 | 2026 | 2027 | 2028 | 2029 |
Brent crude oil ($/b) | 60 | 70 | 70 | 74 |
Henry Hub natural gas ($/MMBtu) | 3.90 | 3.80 | 3.60 | 3.80 |
2024 | 2025 | 2026 | 2027 | 2028 |
Brent crude oil ($/b) | 70 | 70 | 70 | 74 |
Henry Hub natural gas ($/MMBtu) | 3.30 | 4.00 | 4.00 | 4.24 |
Shell share of comprehensive income of joint ventures and associates |
$ million | |||||||||||||
2025 | 2024 | 2023 | |||||||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | Joint ventures | Associates | Total | |||||
Income for the period | 243 | 1,375 | 1,618 | [A] | 970 | 2,023 | 2,993 | [B] | 1,619 | 2,106 | 3,725 | ||
Other comprehensive income/(loss) for the period | 131 | \u2014 | 131 | (71) | \u2014 | (71) | (183) | \u2014 | (183) | ||||
Comprehensive income for the period | 374 | 1,375 | 1,749 | 899 | 2,023 | 2,922 | 1,436 | 2,106 | 3,542 |
Carrying amount of interests in joint ventures and associates |
$ million | |||||||
Dec 31, 2025 | Dec 31, 2024 | ||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | ||
Net assets | 19,814 | 7,961 | 27,775 | 15,783 | 7,662 | 23,445 |
Transactions with joint ventures and associates |
$ million | |||
2025 | 2024 | 2023 | |
Sales and charges to joint ventures and associates | 8,389 | 9,652 | 10,223 |
Purchases and charges from joint ventures and associates | 11,770 | 13,076 | 15,084 |
Other arrangements in respect of joint ventures and associates |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Commitments to make purchases from joint ventures and associates [A] | 1,632 | 1,078 |
Commitments to provide debt or equity funding to joint ventures and associates | 215 | 323 |
Shell share of comprehensive income of joint ventures and associates |
$ million | |||||||||||||
2025 | 2024 | 2023 | |||||||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | Joint ventures | Associates | Total | |||||
Income for the period | 243 | 1,375 | 1,618 | [A] | 970 | 2,023 | 2,993 | [B] | 1,619 | 2,106 | 3,725 | ||
Other comprehensive income/(loss) for the period | 131 | \u2014 | 131 | (71) | \u2014 | (71) | (183) | \u2014 | (183) | ||||
Comprehensive income for the period | 374 | 1,375 | 1,749 | 899 | 2,023 | 2,922 | 1,436 | 2,106 | 3,542 |
Carrying amount of interests in joint ventures and associates |
$ million | |||||||
Dec 31, 2025 | Dec 31, 2024 | ||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | ||
Net assets | 19,814 | 7,961 | 27,775 | 15,783 | 7,662 | 23,445 |
Transactions with joint ventures and associates |
$ million | |||
2025 | 2024 | 2023 | |
Sales and charges to joint ventures and associates | 8,389 | 9,652 | 10,223 |
Purchases and charges from joint ventures and associates | 11,770 | 13,076 | 15,084 |
Other arrangements in respect of joint ventures and associates |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Commitments to make purchases from joint ventures and associates [A] | 1,632 | 1,078 |
Commitments to provide debt or equity funding to joint ventures and associates | 215 | 323 |
Shell share of comprehensive income of joint ventures and associates |
$ million | |||||||||||||
2025 | 2024 | 2023 | |||||||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | Joint ventures | Associates | Total | |||||
Income for the period | 243 | 1,375 | 1,618 | [A] | 970 | 2,023 | 2,993 | [B] | 1,619 | 2,106 | 3,725 | ||
Other comprehensive income/(loss) for the period | 131 | \u2014 | 131 | (71) | \u2014 | (71) | (183) | \u2014 | (183) | ||||
Comprehensive income for the period | 374 | 1,375 | 1,749 | 899 | 2,023 | 2,922 | 1,436 | 2,106 | 3,542 |
Carrying amount of interests in joint ventures and associates |
$ million | |||||||
Dec 31, 2025 | Dec 31, 2024 | ||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | ||
Net assets | 19,814 | 7,961 | 27,775 | 15,783 | 7,662 | 23,445 |
Transactions with joint ventures and associates |
$ million | |||
2025 | 2024 | 2023 | |
Sales and charges to joint ventures and associates | 8,389 | 9,652 | 10,223 |
Purchases and charges from joint ventures and associates | 11,770 | 13,076 | 15,084 |
Other arrangements in respect of joint ventures and associates |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Commitments to make purchases from joint ventures and associates [A] | 1,632 | 1,078 |
Commitments to provide debt or equity funding to joint ventures and associates | 215 | 323 |
Shell share of comprehensive income of joint ventures and associates |
$ million | |||||||||||||
2025 | 2024 | 2023 | |||||||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | Joint ventures | Associates | Total | |||||
Income for the period | 243 | 1,375 | 1,618 | [A] | 970 | 2,023 | 2,993 | [B] | 1,619 | 2,106 | 3,725 | ||
Other comprehensive income/(loss) for the period | 131 | \u2014 | 131 | (71) | \u2014 | (71) | (183) | \u2014 | (183) | ||||
Comprehensive income for the period | 374 | 1,375 | 1,749 | 899 | 2,023 | 2,922 | 1,436 | 2,106 | 3,542 |
Carrying amount of interests in joint ventures and associates |
$ million | |||||||
Dec 31, 2025 | Dec 31, 2024 | ||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | ||
Net assets | 19,814 | 7,961 | 27,775 | 15,783 | 7,662 | 23,445 |
Transactions with joint ventures and associates |
$ million | |||
2025 | 2024 | 2023 | |
Sales and charges to joint ventures and associates | 8,389 | 9,652 | 10,223 |
Purchases and charges from joint ventures and associates | 11,770 | 13,076 | 15,084 |
Other arrangements in respect of joint ventures and associates |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Commitments to make purchases from joint ventures and associates [A] | 1,632 | 1,078 |
Commitments to provide debt or equity funding to joint ventures and associates | 215 | 323 |
Investments in securities |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Equity securities: | 1,079 | 1,104 |
Equity securities at fair value through other comprehensive income | 1,079 | 1,104 |
Debt securities: | 478 | 1,151 |
Debt securities at amortised cost | 39 | 37 |
Debt securities at fair value through other comprehensive income | 399 | 1,017 |
Debt securities at fair value through profit or loss | 40 | 97 |
Total | 1,557 | 2,255 |
At fair value | ||
Measured by reference to prices in active markets for identical assets | 580 | 1,197 |
Measured by reference to other observable inputs | 70 | 95 |
Measured using more than an insignificant proportion of unobservable inputs | 868 | 926 |
Total | 1,518 | 2,218 |
At cost | 39 | 37 |
Total | 1,557 | 2,255 |
Investments in securities measured using more than an insignificant proportion of unobservable inputs [A] |
$ million | ||
2025 | 2024 | |
At January 1 | 926 | 1,143 |
Losses recognised in other comprehensive income | (63) | (16) |
Purchases | 80 | 63 |
Sales | (49) | (260) |
Other movements | (26) | (4) |
At December 31 | 868 | 926 |
Debt |
$ million | |||||||
Dec 31, 2025 | Dec 31, 2024 | ||||||
Debt (excluding lease liabilities) | Lease liabilities [A] | Total | Debt (excluding lease liabilities) | Lease liabilities [A] | Total | ||
Current debt: | 4,517 | 4,611 | 9,128 | 6,920 | 4,710 | 11,630 | |
Short-term debt | 506 | 506 | 642 | 642 | |||
Long-term debt due within 1 year | 4,011 | 4,611 | 8,622 | 6,278 | 4,710 | 10,988 | |
Non-current debt | 42,193 | 24,322 | 66,515 | 41,456 | 23,992 | 65,448 | |
Total | 46,710 | 28,933 | 75,643 | 48,376 | 28,702 | 77,078 |
Net debt |
$ million | ||||||
(Asset)/liability | ||||||
Current debt | Non-current debt | Derivative financial instruments | Cash and cash equivalents (see Note 18 ) | Net debt | ||
At January 1, 2025 | 11,630 | 65,448 | 841 | (39,110) | 38,809 | |
Cash flow | (11,799) | 2,651 | 1,256 | 9,760 | 1,868 | |
Lease additions [A] | 840 | 3,133 | 3,973 | |||
Other movements | 8,067 | (6,783) | (50) | \u2014 | 1,234 | |
Currency translation differences and foreign exchange (gains)/losses | 390 | 2,066 | (1,787) | (866) | (197) | |
At December 31, 2025 | 9,128 | 66,515 | 260 | (30,216) | 45,687 | |
At January 1, 2024 | 9,931 | 71,610 | 775 | (38,774) | 43,542 | |
Cash flow | (9,653) | 35 | (594) | (1,097) | (11,309) | |
Lease additions [A] | 763 | 5,083 | 5,846 | |||
Other movements | 10,909 | (10,040) | (319) | \u2014 | 550 | |
Currency translation differences and foreign exchange losses/(gains) | (320) | (1,240) | 979 | 761 | 180 | |
At December 31, 2024 | 11,630 | 65,448 | 841 | (39,110) | 38,809 |
Borrowing facilities and amounts undrawn |
$ million | |||||
Facility | Amount undrawn | ||||
Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2025 | Dec 31, 2024 | ||
CP programmes | 20,000 | 20,000 | 20,000 | 20,000 | |
EMTN programme | unlimited | N/A | N/A | N/A | |
US shelf registration | unlimited | unlimited | N/A | N/A | |
Committed credit facilities | 8,000 | 8,000 | 8,000 | 8,000 |
2025 |
$ 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 | 3,922 | 2,638 | 5,678 | 2,438 | 3,771 | 26,635 | 45,082 | (336) | 44,746 |
EMTN | 1,172 | 2,638 | 4,178 | 938 | 671 | 6,485 | 16,082 | (220) | 15,862 |
US shelf | 2,750 | \u2014 | 1,500 | 1,500 | 3,100 | 20,150 | 29,000 | (116) | 28,884 |
Bank and other borrowings | 596 | 167 | 530 | 230 | 263 | 178 | 1,964 | \u2014 | 1,964 |
Total (excluding interest) | 4,518 | 2,805 | 6,208 | 2,668 | 4,034 | 26,813 | 47,046 | (336) | 46,710 |
Interest | 1,412 | 1,341 | 1,324 | 1,186 | 1,103 | 11,589 | 17,955 |
2024 |
$ 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 | 6,036 | 3,792 | 2,344 | 5,207 | 2,333 | 27,369 | 47,081 | (395) | 46,686 |
EMTN | 3,286 | 1,042 | 2,344 | 3,707 | 833 | 6,469 | 17,681 | (260) | 17,421 |
US shelf | 2,750 | 2,750 | \u2014 | 1,500 | 1,500 | 20,900 | 29,400 | (135) | 29,265 |
Bank and other borrowings | 885 | 169 | 69 | 289 | 32 | 246 | 1,690 | \u2014 | 1,690 |
Total (excluding interest) | 6,921 | 3,961 | 2,413 | 5,496 | 2,365 | 27,615 | 48,771 | (395) | 48,376 |
Interest | 1,437 | 1,265 | 1,184 | 1,162 | 1,055 | 12,214 | 18,317 |
$ million | |||||
Dec 31, 2025 | Dec 31, 2024 | ||||
Current | Non-current | Current | Non-current | ||
Trade receivables | 30,005 | \u2014 | 31,041 | \u2014 | |
Lease receivables | 194 | 778 | 189 | 875 | |
Other receivables | 9,288 | 5,668 | 8,014 | 3,528 | |
Amounts due from joint ventures and associates | 788 | 174 | 903 | 152 | |
Prepayments and deferred charges | 4,322 | 1,632 | 5,713 | 1,463 | |
Total | 44,597 | 8,252 | 45,860 | 6,018 |
Lease receivables |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Less than 1 year | 225 | 234 |
Between 1 and 5 years | 553 | 732 |
5 years and later | 339 | 316 |
Total undiscounted lease payments receivable | 1,117 | 1,282 |
Unearned finance income | 145 | 218 |
Net investment in leases | 972 | 1,064 |
Lease receivables |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Less than 1 year | 225 | 234 |
Between 1 and 5 years | 553 | 732 |
5 years and later | 339 | 316 |
Total undiscounted lease payments receivable | 1,117 | 1,282 |
Unearned finance income | 145 | 218 |
Net investment in leases | 972 | 1,064 |
2025 |
$ million | ||||
Manufacturing, supply and distribution | ||||
Production | Other [C] | Total | ||
Cost | ||||
At January 1 | 13,565 | 23,738 | 9,927 | 47,230 |
Additions | 886 | 2,097 | 1,048 | 4,031 |
Sales, retirements and other movements [A] | (647) | (1) | (1,019) | (1,667) |
Currency translation differences | 127 | 271 | 276 | 674 |
At December 31 | 13,931 | 26,105 | 10,232 | 50,268 |
Depreciation, depletion and amortisation, including impairments | ||||
At January 1 | 7,754 | 9,305 | 3,718 | 20,777 |
Charge for the year [B] | 1,552 | 2,915 | 1,133 | 5,600 |
Sales, retirements and other movements [A] | (1,002) | (850) | (814) | (2,666) |
Currency translation differences | 82 | 49 | 94 | 225 |
At December 31 | 8,386 | 11,419 | 4,131 | 23,936 |
Carrying amount at December 31 | 5,545 | 14,686 | 6,101 | 26,332 |
2024 |
$ million | ||||
Manufacturing, supply and distribution | ||||
Production | Other [C] | Total | ||
Cost | ||||
At January 1 | 12,597 | 19,485 | 12,151 | 44,233 |
Additions | 1,669 | 4,912 | 660 | 7,241 |
Sales, retirements and other movements [A] | (554) | (565) | (2,463) | (3,582) |
Currency translation differences | (147) | (94) | (421) | (662) |
At December 31 | 13,565 | 23,738 | 9,927 | 47,230 |
Depreciation, depletion and amortisation, including impairments | ||||
At January 1 | 7,146 | 8,049 | 4,959 | 20,154 |
Charge for the year [B] | 1,525 | 2,837 | 1,066 | 5,428 |
Sales, retirements and other movements [A] | (891) | (1,552) | (2,130) | (4,573) |
Currency translation differences | (26) | (29) | (177) | (232) |
At December 31 | 7,754 | 9,305 | 3,718 | 20,777 |
Carrying amount at December 31 | 5,811 | 14,433 | 6,209 | 26,453 |
Lease expenses not included in the measurement of lease liability |
$ million | ||
2025 | 2024 | |
Expense relating to short-term leases | 404 | 360 |
Expense relating to variable lease payments | 1,423 | 1,448 |
2025 |
$ million | ||||
Contractual lease payments | Interest | Lease liabilities | ||
Less than 1 year | 6,263 | 1,652 | 4,611 | |
Between 1 and 5 years | 15,866 | 4,683 | 11,183 | |
5 years and later | 20,029 | 6,890 | 13,139 | |
Total | 42,158 | [A] | 13,225 | 28,933 |
2024 |
$ million | |||
Contractual lease payments | Interest | Lease liabilities | |
Less than 1 year | 6,367 | 1,657 | 4,710 |
Between 1 and 5 years | 15,772 | 4,662 | 11,110 |
5 years and later | 19,814 | 6,932 | 12,882 |
Total | 41,953 | 13,251 | 28,702 |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Oil, gas and chemicals | 17,925 | 20,211 |
Environmental certificates | 2,699 | 1,602 |
Materials | 1,592 | 1,613 |
Total | 22,216 | 23,426 |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Cash | 4,867 | 5,551 |
Short-term bank deposits | 8,370 | 10,706 |
Money market funds, reverse repos and other cash equivalents | 16,979 | 22,853 |
Total | 30,216 | 39,110 |
$ million | |||||||
Dec 31, 2025 | Dec 31, 2024 [A] | ||||||
Current | Non-current | Total | Current | Non-current | Total | ||
Intangible assets | \u2014 | 17 | 17 | \u2014 | 67 | 67 | |
Property, plant and equipment | \u2014 | 662 | 662 | \u2014 | 8,283 | 8,283 | |
Joint ventures and associates | \u2014 | 32 | 32 | \u2014 | \u2014 | \u2014 | |
Deferred tax | \u2014 | 46 | 46 | \u2014 | \u2014 | \u2014 | |
Retirement benefits | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Trade and other receivables | 130 | 11 | 141 | 276 | 47 | 323 | |
Derivative financial instruments | \u2014 | \u2014 | \u2014 | 4 | \u2014 | 4 | |
Inventories | 132 | \u2014 | 132 | 1,180 | \u2014 | 1,180 | |
Assets classified as held for sale | 262 | 768 | 1,030 | 1,460 | 8,397 | 9,857 | |
Debt | 22 | 163 | 185 | 49 | 575 | 624 | |
Trade and other payables | 82 | 1 | 83 | 476 | 8 | 484 | |
Deferred tax | \u2014 | \u2014 | \u2014 | \u2014 | 2,042 | 2,042 | |
Retirement benefits | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | |
Decommissioning and other provisions | 41 | 474 | 515 | 134 | 2,919 | 3,053 | |
Income taxes payable | 37 | \u2014 | 37 | \u2014 | \u2014 | \u2014 | |
Liabilities directly associated with assets classified as held for sale | 182 | 638 | 820 | 659 | 5,544 | 6,203 |
Debt |
$ million | |||||||
Dec 31, 2025 | Dec 31, 2024 | ||||||
Debt (excluding lease liabilities) | Lease liabilities [A] | Total | Debt (excluding lease liabilities) | Lease liabilities [A] | Total | ||
Current debt: | 4,517 | 4,611 | 9,128 | 6,920 | 4,710 | 11,630 | |
Short-term debt | 506 | 506 | 642 | 642 | |||
Long-term debt due within 1 year | 4,011 | 4,611 | 8,622 | 6,278 | 4,710 | 10,988 | |
Non-current debt | 42,193 | 24,322 | 66,515 | 41,456 | 23,992 | 65,448 | |
Total | 46,710 | 28,933 | 75,643 | 48,376 | 28,702 | 77,078 |
Net debt |
$ million | ||||||
(Asset)/liability | ||||||
Current debt | Non-current debt | Derivative financial instruments | Cash and cash equivalents (see Note 18 ) | Net debt | ||
At January 1, 2025 | 11,630 | 65,448 | 841 | (39,110) | 38,809 | |
Cash flow | (11,799) | 2,651 | 1,256 | 9,760 | 1,868 | |
Lease additions [A] | 840 | 3,133 | 3,973 | |||
Other movements | 8,067 | (6,783) | (50) | \u2014 | 1,234 | |
Currency translation differences and foreign exchange (gains)/losses | 390 | 2,066 | (1,787) | (866) | (197) | |
At December 31, 2025 | 9,128 | 66,515 | 260 | (30,216) | 45,687 | |
At January 1, 2024 | 9,931 | 71,610 | 775 | (38,774) | 43,542 | |
Cash flow | (9,653) | 35 | (594) | (1,097) | (11,309) | |
Lease additions [A] | 763 | 5,083 | 5,846 | |||
Other movements | 10,909 | (10,040) | (319) | \u2014 | 550 | |
Currency translation differences and foreign exchange losses/(gains) | (320) | (1,240) | 979 | 761 | 180 | |
At December 31, 2024 | 11,630 | 65,448 | 841 | (39,110) | 38,809 |
Borrowing facilities and amounts undrawn |
$ million | |||||
Facility | Amount undrawn | ||||
Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2025 | Dec 31, 2024 | ||
CP programmes | 20,000 | 20,000 | 20,000 | 20,000 | |
EMTN programme | unlimited | N/A | N/A | N/A | |
US shelf registration | unlimited | unlimited | N/A | N/A | |
Committed credit facilities | 8,000 | 8,000 | 8,000 | 8,000 |
2025 |
$ 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 | 3,922 | 2,638 | 5,678 | 2,438 | 3,771 | 26,635 | 45,082 | (336) | 44,746 |
EMTN | 1,172 | 2,638 | 4,178 | 938 | 671 | 6,485 | 16,082 | (220) | 15,862 |
US shelf | 2,750 | \u2014 | 1,500 | 1,500 | 3,100 | 20,150 | 29,000 | (116) | 28,884 |
Bank and other borrowings | 596 | 167 | 530 | 230 | 263 | 178 | 1,964 | \u2014 | 1,964 |
Total (excluding interest) | 4,518 | 2,805 | 6,208 | 2,668 | 4,034 | 26,813 | 47,046 | (336) | 46,710 |
Interest | 1,412 | 1,341 | 1,324 | 1,186 | 1,103 | 11,589 | 17,955 |
2024 |
$ 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 | 6,036 | 3,792 | 2,344 | 5,207 | 2,333 | 27,369 | 47,081 | (395) | 46,686 |
EMTN | 3,286 | 1,042 | 2,344 | 3,707 | 833 | 6,469 | 17,681 | (260) | 17,421 |
US shelf | 2,750 | 2,750 | \u2014 | 1,500 | 1,500 | 20,900 | 29,400 | (135) | 29,265 |
Bank and other borrowings | 885 | 169 | 69 | 289 | 32 | 246 | 1,690 | \u2014 | 1,690 |
Total (excluding interest) | 6,921 | 3,961 | 2,413 | 5,496 | 2,365 | 27,615 | 48,771 | (395) | 48,376 |
Interest | 1,437 | 1,265 | 1,184 | 1,162 | 1,055 | 12,214 | 18,317 |
Taxation charge |
$ million | |||
2025 | 2024 | 2023 | |
Current tax: | |||
Charge in respect of current period | 11,752 | 13,648 | 13,066 |
Adjustments in respect of prior periods | (277) | 58 | (422) |
Total | 11,475 | 13,706 | 12,644 |
Deferred tax: | |||
Relating to the origination and reversal of temporary differences, tax losses and credits | (356) | (491) | (305) |
Relating to changes in tax rates and legislation | 593 | 112 | 242 |
Adjustments in respect of prior periods | (75) | 74 | 410 |
Total | 162 | (305) | 347 |
Total taxation charge | 11,637 | 13,401 | 12,991 |
Pillar Two [A] | |||
$ million | |||
2025 | 2024 | 2023 | |
Taxation charge | 11,637 | 13,401 | 12,991 |
Of which: | |||
Income tax excluding Pillar Two income tax | 11,339 | 13,150 | 12,991 |
Income tax related to Pillar Two income tax | 298 | 251 | \u2014 |
Reconciliation of applicable tax charge at statutory tax rates to taxation charge |
$ million | |||
2025 | 2024 | 2023 | |
Income before taxation | 29,756 | 29,922 | 32,627 |
Less: share of profit of joint ventures and associates | (1,618) | (2,993) | (3,725) |
Income before taxation and share of profit of joint ventures and associates | 28,138 | 26,929 | 28,902 |
Applicable tax charge at standard statutory tax rates | 12,036 | 11,782 | 11,921 |
Adjustments in respect of prior periods | (352) | 132 | (12) |
Tax effects of: | |||
Expenses not deductible for tax purposes | 538 | 747 | 1,225 |
Incentives for investment and development | (300) | (374) | (553) |
Derecognition of deferred tax assets | 373 | 255 | 243 |
Changes in tax rates and legislation | 593 | 112 | 242 |
Income not subject to tax at standard statutory rates | 276 | 360 | (213) |
Disposals | (1,553) | (134) | (113) |
Exchange rate differences | (212) | (12) | 89 |
Other reconciling items | 238 | 533 | 162 |
Taxation charge | 11,637 | 13,401 | 12,991 |
Weighted average of statutory tax rates [A] | 43% | 44% | 41% |
Effective tax rate based on income before taxation [B] | 39% | 45% | 40% |
Effective tax rate based on income before taxation excluding share of profit of joint ventures and associates [C] | 41% | 50% | 45% |
2025 \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, 2025 | 6,841 | 1,814 | 3,567 | 1,854 | 5,235 | 19,311 |
Credit/(charge) to income | 396 | (271) | 455 | (8) | (70) | 502 |
Currency translation differences | 194 | 11 | 164 | 78 | 13 | 460 |
Other comprehensive income | 4 | \u2014 | 7 | 165 | 43 | 219 |
Other movements | (1,003) | (27) | 69 | (488) | (46) | (1,495) |
At December 31, 2025 | 6,432 | 1,527 | 4,262 | 1,601 | 5,175 | 18,997 |
Deferred tax liability | ||||||
At January 1, 2025 | (18,914) | (3,250) | (3,795) | (25,959) | ||
(Charge)/credit to income | (1,130) | 57 | 414 | (659) | ||
Currency translation differences | (229) | (271) | (79) | (579) | ||
Other comprehensive income | (2) | 2,001 | 27 | 2,026 | ||
Other movements | 2,472 | 4 | (112) | 2,364 | ||
At December 31, 2025 | (17,803) | (1,459) | (3,545) | (22,807) | ||
Net deferred tax liability at December 31, 2025 | (3,810) | |||||
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2025 | ||||||
Deferred tax asset | 8,173 | |||||
Deferred tax liability | (11,983) |
2024 \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, 2024 | 7,577 | 1,584 | 4,280 | 1,750 | 4,432 | 19,623 |
(Charge)/credit to income | 528 | 254 | (388) | \u2014 | 799 | 1,193 |
Currency translation differences | (94) | (7) | (129) | (77) | (31) | (338) |
Other comprehensive income | \u2014 | \u2014 | 33 | (162) | 46 | (83) |
Other movements | (1,170) | (17) | (229) | 343 | (11) | (1,084) |
At December 31, 2024 | 6,841 | 1,814 | 3,567 | 1,854 | 5,235 | 19,311 |
Deferred tax liability | ||||||
At January 1, 2024 | (21,996) | (2,880) | (3,640) | (28,516) | ||
Credit/(charge) to income | (799) | (138) | 49 | (888) | ||
Currency translation differences | 231 | 386 | 68 | 685 | ||
Other comprehensive income | (2) | (267) | (15) | (284) | ||
Other movements | 3,652 | (351) | (257) | 3,044 | ||
At December 31, 2024 | (18,914) | (3,250) | (3,795) | (25,959) | ||
Net deferred tax asset at December 31, 2024 | (6,648) | |||||
Deferred tax asset/(liability) as presented in the balance sheet at December 31, 2024 | ||||||
Deferred tax asset | 6,857 | |||||
Deferred tax liability | (13,505) |
Expected expiration of unused tax losses, unrecognised deductible temporary differences and tax credits |
$ million | ||
Expected expiration | Dec 31, 2025 | Dec 31, 2024 |
Less than 1 year | 1,041 | 375 |
Between 1 and 5 years | 682 | 1,318 |
5 years and later [A] | 75,324 | 75,768 |
Total | 77,047 | 77,461 |
Financial position |
$ million | ||
Dec 31, 2025 | Dec 31, 2024 | |
Obligations | (67,718) | (66,054) |
Plan assets | 72,913 | 69,707 |
Asset ceilings [A] | (7,279) | (402) |
(Deficit)/Surplus | (2,084) | 3,251 |
Retirement benefits in the Consolidated Balance Sheet: | ||
Non-current assets | 5,052 | 10,003 |
Non-current liabilities: | (7,136) | (6,752) |
Non-current liabilities - Pensions | (4,152) | (3,874) |
Non-current liabilities - OPEB | (2,984) | (2,878) |
Total | (2,084) | 3,251 |
Retirement benefit expense |
$ million | |||
2025 | 2024 | 2023 | |
Defined benefit plans: | |||
Current service cost, net of plan participants' contributions | 680 | 802 | 731 |
Interest expense on defined pension benefit obligations | 2,769 | 2,757 | 3,072 |
Interest income on plan assets | (3,153) | (2,999) | (3,417) |
Interest expense on OPEB obligations | 172 | 154 | 166 |
Current OPEB service cost | 31 | 38 | 36 |
Interest expenses on asset ceilings | 92 | 10 | 10 |
Other [A] | (31) | (467) | 252 |
Total | 560 | 295 | 850 |
Defined contribution plans | 515 | 514 | 474 |
Total retirement benefit expense | 1,075 | 809 | 1,324 |
Remeasurements |
$ million | |||
2025 | 2024 | 2023 | |
Actuarial gains/(losses) on obligations: | |||
Due to changes in financial assumptions on pensions [A] | 3,581 | 4,445 | (1,513) |
Due to changes in financial assumptions on OPEB [A] | (174) | 249 | (264) |
Due to experience adjustments on pensions [B] | (537) | (701) | (491) |
Due to experience adjustments on OPEB [B] | 140 | (259) | 230 |
Due to changes in demographic assumptions on pensions [C] | (148) | 445 | (299) |
Due to changes in demographic assumptions on OPEB [C] | 9 | 87 | (38) |
Total | 2,871 | 4,266 | (2,375) |
Return on plan assets in (shortage)/excess of interest income | (2,449) | (2,319) | 1,243 |
Adjustments in respect to changes in asset ceilings [D] | (6,725) | (86) | 49 |
Other movements | (10) | (7) | (5) |
Total remeasurements | (6,313) | 1,854 | (1,088) |
2025 |
$\u00a0million, except where indicated | ||||||||
Pension benefits | Other post- employment benefits | |||||||
The Netherlands | UK | USA | Rest of the world | OPEB [B] | Total | |||
At January 1 | 23,577 | 16,957 | 9,596 | 13,046 | 2,878 | 66,054 | ||
Current service cost | 168 | 102 | 199 | 193 | 31 | 693 | ||
Interest expense | 811 | 907 | 485 | 566 | 172 | 2,941 | ||
Actuarial (gains)/losses | (2,636) | (248) | 282 | (294) | 25 | (2,871) | ||
Benefit payments | (1,158) | (1,151) | (732) | (912) | (156) | (4,109) | ||
Other movements | \u2014 | (8) | 1 | (14) | (9) | (30) | ||
Currency translation differences | 2,836 | 1,175 | \u2014 | 985 | 44 | 5,040 | ||
At December 31 | 23,598 | 17,734 | 9,831 | 13,570 | [A] | 2,985 | 67,718 | |
Comprising: | ||||||||
Funded pension plans | 23,598 | 17,352 | 9,089 | 11,348 | 61,387 | |||
Weighted average duration | 14 years | 12 years | 12 years | 13 years | 13 years | |||
Unfunded pension plans | 382 | 742 | 2,222 | 3,346 | ||||
Weighted average duration | 13 years | 8 years | 11 years | 11 years | ||||
Unfunded OPEB plans | 2,985 | 2,985 | ||||||
Weighted average duration | 14 years | 14 years |
2024 |
$\u00a0million, except where indicated | |||||||||
Pension benefits | Other post- employment benefits | ||||||||
The Netherlands | UK | USA | Rest of the world | OPEB [C] | Total | ||||
At January 1 | 26,746 | 19,074 | 15,579 | 13,524 | 3,101 | 78,024 | |||
Current service cost | 186 | 148 | 239 | 215 | 38 | 826 | |||
Interest expense | 847 | 847 | 507 | 556 | 154 | 2,911 | |||
Actuarial gains | (1,377) | (1,793) | (997) | (22) | (77) | (4,266) | |||
Benefit payments | (1,076) | (1,081) | (702) | (770) | (141) | (3,770) | |||
Other movements | (251) | (1) | (5,030) | [A] | 540 | (95) | (4,837) | ||
Currency translation differences | (1,498) | (237) | \u2014 | (997) | (102) | (2,834) | |||
At December 31 | 23,577 | 16,957 | 9,596 | 13,046 | [B] | 2,878 | 66,054 | ||
Comprising: | |||||||||
Funded pension plans | 23,577 | 16,638 | 8,787 | 10,913 | 59,915 | ||||
Weighted average duration | 15 years | 12 years | 12 years | 13 years | 13 years | ||||
Unfunded pension plans | 319 | 809 | 2,133 | 3,261 | |||||
Weighted average duration | 15 years | 8 years | 11 years | 11 years | |||||
Unfunded OPEB plans | 2,878 | 2,878 | |||||||
Weighted average duration | 12 years | 12 years |
2025 |
$\u00a0million | ||||||
Pension benefits | ||||||
The Netherlands | UK | USA | Rest of the world | Total | ||
At January 1 | 28,330 | 19,560 | 9,425 | 12,392 | 69,707 | |
Return on plan assets in excess of interest income | (2,098) | (479) | 64 | 64 | (2,449) | |
Interest income | 983 | 1,052 | 486 | 632 | 3,153 | |
Employer contributions | 218 | 19 | 297 | 105 | [A] | 639 |
Plan participants' contributions | 11 | 16 | \u2014 | 6 | 33 | |
Benefit payments | (1,158) | (1,151) | (732) | (864) | (3,905) | |
Other movements | (11) | (22) | (11) | 68 | 24 | |
Currency translation differences | 3,428 | 1,371 | \u2014 | 912 | 5,711 | |
At December 31 | 29,703 | 20,366 | 9,529 | 13,315 | [B] | 72,913 |
2024 |
$\u00a0million | |||||||
Pension benefits | |||||||
The Netherlands | UK | USA | Rest of the world | Total | |||
At January 1 | 30,266 | 22,320 | 14,835 | 12,540 | 79,961 | ||
Return on plan assets in excess of interest income | (34) | (2,435) | (566) | 716 | (2,319) | ||
Interest income | 946 | 995 | 487 | 571 | 2,999 | ||
Employer contributions | 2 | 36 | 262 | 109 | [B] | 409 | |
Plan participants' contributions | 12 | 17 | \u2014 | 7 | 36 | ||
Benefit payments | (1,076) | (1,081) | (702) | (731) | (3,590) | ||
Other movements | (9) | (22) | (4,891) | [A] | 470 | (4,452) | |
Currency translation differences | (1,777) | (270) | \u2014 | (1,290) | (3,337) | ||
At December 31 | 28,330 | 19,560 | 9,425 | 12,392 | [C] | 69,707 |
Type of pension assets |
2025 | 2024 | |
Quoted in active markets: | ||
Equities [A] | 12% | 12% |
Debt securities [B] | 62% | 68% |
Real estate | 2% | 2% |
Unquoted | ||
Equities | 12% | 13% |
Debt securities | 1% | 4% |
Real estate | 6% | 6% |
Investment funds | 3% | 3% |
Debt repurchase agreements [C] | (11)% | (12)% |
Other | 2% | 1% |
Cash and cash equivalents [D] | 11% | 3% |
$ million, except where indicated | ||||||||
Effect of using alternative assumptions | ||||||||
Assumptions used at nominal rates | Increase/(decrease) in defined benefit obligations | |||||||
Dec 31, 2025 | Dec 31, 2024 | Range of\u00a0assumptions | Dec 31, 2025 | Dec 31, 2024 | ||||
Rate of increase in pensionable remuneration [A] | 3.8% | 3.9% | -1% to +1% | (365) | 411 | (421) | 469 | |
of which the Netherlands | 3.3% | 3.3% | ||||||
of which the UK | 3.5% | 3.5% | ||||||
of which the USA | 4.6% | 4.6% | ||||||
Rate of increase in pensions in payment | 1.9% | 2.0% | -1% to +1% | (4,994) | 6,015 | (4,978) | 6,045 | |
of which the Netherlands | 2.1% | 2.1% | ||||||
of which the UK | 2.6% | 2.9% | ||||||
of which the USA | \u2014% | \u2014% | ||||||
Discount rate for pension plans | 4.9% | 4.5% | -1% to +1% | 8,283 | (6,705) | 8,641 | (6,925) | |
of which the Netherlands | 4.3% | 3.5% | ||||||
of which the UK | 5.5% | 5.5% | ||||||
of which the USA | 5.5% | 5.6% | ||||||
Inflation rate for defined benefit obligation [B] | 2.0% | 2.1% | -1% to +1% | (5,217) | 6,217 | (5,328) | 6,494 | |
of which the Netherlands | 2.1% | 2.1% | ||||||
of which the UK | 2.7% | 3.0% | ||||||
Expected age at death for persons aged 60: | ||||||||
Men | 88 years | 88 years | -1 year to +1 year | (960) | 990 | (970) | 981 | |
of which the Netherlands | 88 years | 88 years | ||||||
of which the UK | 88 years | 87 years | ||||||
of which USA | 88 years | 88 years | ||||||
Women | 90 years | 89 years | -1 year to +1 year | (825) | 843 | (850) | 874 | |
of which the Netherlands | 90 years | 90 years | ||||||
of which the UK | 89 years | 89 years | ||||||
of which the USA | 89 years | 89 years | ||||||
Rate of increase in health care costs [C] | 7.6% | 8.0% | -1% to +1% | (305) | 371 | (295) | 359 | |
Discount rate for health care plans [C] | 6.1% | 6.0% | -1% to +1% | 407 | (327) | 390 | (314) |
Employee costs |
$ million | |||
2025 | 2024 | 2023 | |
Remuneration [A] | 11,183 | 11,907 | 11,456 |
Social security contributions [A] | 1,047 | 1,124 | 1,085 |
Retirement benefits (see Note 24 ) | 1,075 | 809 | 1,324 |
Share-based compensation (see Note 28 ) | 774 | 732 | 700 |
Total [B] | 14,079 | 14,572 | 14,565 |
2025 |
$ million | ||||||
Carrying amount | ||||||
Note | Amortised cost | Fair value through profit or loss | Fair value through other comprehensive income | Total carrying amount | ||
Financial assets | ||||||
Investments in securities | 15 | 39 | 40 | 1,478 | 1,557 | |
Trade and other receivables | 16 | 50,959 | 1,747 | [A] | 143 | 52,849 |
Derivative financial instruments (non-designated) | 9,322 | \u2014 | 9,322 | |||
Derivative hedging instruments (designated) | 411 | 411 | ||||
50,998 | 11,520 | 1,621 | 64,139 | |||
Cash and cash equivalents | 18 | 30,216 | ||||
At December 31, 2025 | 50,998 | 11,520 | 1,621 | 94,355 | ||
Financial liabilities | ||||||
Debt | 21 | 46,710 | 46,710 | |||
Trade and other payables | 20 | 62,233 | 62,233 | |||
Derivative financial instruments (non-designated) | 5,835 | 5,835 | ||||
Derivative financial instruments (designated) | 937 | 937 | ||||
At December 31, 2025 | 108,943 | 6,772 | 115,715 |
2024 |
$ million | |||||
Carrying amount | |||||
Note | Amortised cost | Fair value through profit or loss | Fair value through other comprehensive income | Total carrying amount | |
Financial assets | |||||
Investments in securities | 15 | 37 | 97 | 2,121 | 2,255 |
Trade and other receivables | 16 | 51,878 | 51,878 | ||
Derivative financial instruments (non-designated) | 10,007 | 10,007 | |||
Derivative hedging instruments (designated) | 40 | 40 | |||
51,915 | 10,144 | 2,121 | 64,180 | ||
Cash and cash equivalents | 18 | 39,110 | |||
At December 31, 2024 | 51,915 | 10,144 | 2,121 | 103,290 | |
Financial liabilities | |||||
Debt | 21 | 48,376 | 48,376 | ||
Trade and other payables | 20 | 63,983 | 63,983 | ||
Derivative financial instruments (non-designated) | 7,065 | 7,065 | |||
Derivative financial instruments (designated) | 2,511 | 2,511 | |||
At December 31, 2024 | 112,359 | 9,576 | 121,935 |
$ million | |||||
Increase/(decrease) in income before taxation | Increase in net assets | ||||
2025 | 2024 | 2025 | 2024 | ||
10% appreciation against the dollar of: | |||||
Sterling | (156) | (69) | 547 | 789 | |
Euro | (46) | 98 | 1,896 | 2,410 | |
Malaysian ringgit | (49) | 34 | 271 | 274 | |
Australian dollar | (71) | (103) | 573 | 625 | |
Canadian dollar | 153 | 20 | 1,280 | 1,353 |
Value-at-risk (pre-tax) |
$ million | |||||
2025 | 2024 | ||||
Average | Year-end | Average | Year-end | ||
Global oil | 36 | 60 | 29 | 22 | |
North America gas and power | 11 | 8 | 15 | 16 | |
Europe gas and power | 9 | 7 | 13 | 13 | |
Australia gas and power | 3 | 4 | 3 | 3 | |
Environmental certificates | 2 | 1 | 5 | 2 |
2025 |
$ 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 | 18,909 | 12,003 | 6,906 | 83 | 183 | 6,640 | |
Within derivative financial instruments | 10,701 | 3,470 | 7,231 | 755 | 1,331 | 5,145 | |
Liabilities: | |||||||
Within trade payables | 17,203 | 11,999 | 5,204 | 51 | 183 | 4,970 | |
Within derivative financial instruments | 8,727 | 3,470 | 5,257 | 1,106 | 1,329 | 2,822 |
2024 |
$ 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 | 18,569 | 11,452 | 7,117 | 58 | 227 | 6,832 | |
Within derivative financial instruments | 12,200 | 4,490 | 7,710 | 951 | 1,730 | 5,029 | |
Liabilities: | |||||||
Within trade payables | 17,106 | 11,449 | 5,657 | 121 | 227 | 5,309 | |
Within derivative financial instruments | 12,760 | 4,490 | 8,270 | 2,049 | 1,730 | 4,491 |
2025 |
$ million | ||||||||
Assets | Liabilities | |||||||
Designated | Not designated | Total | Designated | Not designated | Total | Net | ||
Interest rate swaps | 16 | 5 | 21 | 20 | 25 | 45 | (24) | |
Forward foreign exchange contracts | \u2014 | 337 | 337 | \u2014 | 290 | 290 | 47 | |
Currency swaps and options | 395 | 2 | 397 | 917 | 101 | 1,018 | (621) | |
Commodity derivatives | \u2014 | 8,832 | 8,832 | \u2014 | 5,252 | 5,252 | 3,580 | |
Other contracts | \u2014 | 146 | 146 | \u2014 | 167 | 167 | (21) | |
Total | 411 | 9,322 | 9,733 | 937 | 5,835 | 6,772 | 2,961 |
2024 |
$ million | ||||||||
Assets | Liabilities | |||||||
Designated | Not designated | Total | Designated | Not designated | Total | Net | ||
Interest rate swaps | 7 | 1 | 8 | 64 | \u2014 | 64 | (56) | |
Forward foreign exchange contracts | \u2014 | 682 | 682 | \u2014 | 379 | 379 | 303 | |
Currency swaps and options | 33 | 5 | 38 | 2,447 | 42 | 2,489 | (2,451) | |
Commodity derivatives | \u2014 | 9,204 | 9,204 | \u2014 | 6,630 | 6,630 | 2,574 | |
Other contracts | \u2014 | 115 | 115 | \u2014 | 14 | 14 | 101 | |
Total | 40 | 10,007 | 10,047 | 2,511 | 7,065 | 9,576 | 471 |
2025 |
$ 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 | 19 | 5 | 8 | 4 | 4 | 15 | 55 | (10) | 45 |
Forward foreign exchange contracts | 258 | 16 | 9 | 2 | 1 | \u2014 | 286 | 4 | 290 |
Currency swaps and options | 383 | 223 | 60 | 224 | 55 | 444 | 1,389 | (371) | 1,018 |
Commodity derivatives | 2,876 | 1,015 | 529 | 296 | 217 | 652 | 5,585 | (333) | 5,252 |
Other contracts | 3 | 175 | 1 | \u2014 | 1 | 1 | 181 | (14) | 167 |
Total | 3,539 | 1,434 | 607 | 526 | 278 | 1,112 | 7,496 | (724) | 6,772 |
2024 |
$ 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 | 20 | 16 | 16 | 16 | \u2014 | \u2014 | 68 | (4) | 64 |
Forward foreign exchange contracts | 393 | 84 | 3 | (3) | \u2014 | \u2014 | 477 | (98) | 379 |
Currency swaps and options | 925 | 693 | 627 | 423 | 316 | 1,008 | 3,992 | (1,503) | 2,489 |
Commodity derivatives | 4,345 | 1,088 | 524 | 326 | 184 | 458 | 6,925 | (295) | 6,630 |
Other contracts | 6 | 5 | 2 | \u2014 | \u2014 | \u2014 | 13 | 1 | 14 |
Total | 5,689 | 1,886 | 1,172 | 762 | 500 | 1,466 | 11,475 | (1,899) | 9,576 |
2025 |
$ million | |||
Other observable inputs | Unobservable inputs | Total | |
Interest rate swaps | (24) | \u2014 | (24) |
Forward foreign exchange contracts | 47 | \u2014 | 47 |
Currency swaps and options | (621) | \u2014 | (621) |
Commodity derivatives | 1,473 | 2,107 | 3,580 |
Other contracts | (101) | 80 | (21) |
Total | 774 | 2,187 | 2,961 |
2024 |
$ million | ||||
Prices in active markets for identical assets/liabilities | Other observable inputs | Unobservable inputs | Total | |
Interest rate swaps | \u2014 | (56) | \u2014 | (56) |
Forward foreign exchange contracts | \u2014 | 303 | \u2014 | 303 |
Currency swaps and options | \u2014 | (2,451) | \u2014 | (2,451) |
Commodity derivatives | 44 | 487 | 2,043 | 2,574 |
Other contracts | \u2014 | 107 | (6) | 101 |
Total | 44 | (1,610) | 2,037 | 471 |
Net carrying amounts of derivative contracts measured using more than an insignificant proportion of unobservable inputs |
$ million | ||
2025 | 2024 | |
At January 1 | 2,037 | 2,466 |
Net (losses)/gains recognised in revenue | (163) | (191) |
Purchases | 195 | 310 |
Sales | (69) | (363) |
Recategorisations (net) | 50 | (127) |
Currency translation differences | 137 | (58) |
At December 31 | 2,187 | 2,037 |
$ million | ||
2025 | 2024 | |
At January 1 | 745 | 1,607 |
Movements | (23) | (862) |
At December 31 | 722 | 745 |
$ million | |||||
Increase/(decrease) in income before taxation | Increase in net assets | ||||
2025 | 2024 | 2025 | 2024 | ||
10% appreciation against the dollar of: | |||||
Sterling | (156) | (69) | 547 | 789 | |
Euro | (46) | 98 | 1,896 | 2,410 | |
Malaysian ringgit | (49) | 34 | 271 | 274 | |
Australian dollar | (71) | (103) | 573 | 625 | |
Canadian dollar | 153 | 20 | 1,280 | 1,353 |
Value-at-risk (pre-tax) |
$ million | |||||
2025 | 2024 | ||||
Average | Year-end | Average | Year-end | ||
Global oil | 36 | 60 | 29 | 22 | |
North America gas and power | 11 | 8 | 15 | 16 | |
Europe gas and power | 9 | 7 | 13 | 13 | |
Australia gas and power | 3 | 4 | 3 | 3 | |
Environmental certificates | 2 | 1 | 5 | 2 |
2025 |
$ 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 | 18,909 | 12,003 | 6,906 | 83 | 183 | 6,640 | |
Within derivative financial instruments | 10,701 | 3,470 | 7,231 | 755 | 1,331 | 5,145 | |
Liabilities: | |||||||
Within trade payables | 17,203 | 11,999 | 5,204 | 51 | 183 | 4,970 | |
Within derivative financial instruments | 8,727 | 3,470 | 5,257 | 1,106 | 1,329 | 2,822 |
2024 |
$ 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 | 18,569 | 11,452 | 7,117 | 58 | 227 | 6,832 | |
Within derivative financial instruments | 12,200 | 4,490 | 7,710 | 951 | 1,730 | 5,029 | |
Liabilities: | |||||||
Within trade payables | 17,106 | 11,449 | 5,657 | 121 | 227 | 5,309 | |
Within derivative financial instruments | 12,760 | 4,490 | 8,270 | 2,049 | 1,730 | 4,491 |
$ million | |||||
Increase/(decrease) in income before taxation | Increase in net assets | ||||
2025 | 2024 | 2025 | 2024 | ||
10% appreciation against the dollar of: | |||||
Sterling | (156) | (69) | 547 | 789 | |
Euro | (46) | 98 | 1,896 | 2,410 | |
Malaysian ringgit | (49) | 34 | 271 | 274 | |
Australian dollar | (71) | (103) | 573 | 625 | |
Canadian dollar | 153 | 20 | 1,280 | 1,353 |
Value-at-risk (pre-tax) |
$ million | |||||
2025 | 2024 | ||||
Average | Year-end | Average | Year-end | ||
Global oil | 36 | 60 | 29 | 22 | |
North America gas and power | 11 | 8 | 15 | 16 | |
Europe gas and power | 9 | 7 | 13 | 13 | |
Australia gas and power | 3 | 4 | 3 | 3 | |
Environmental certificates | 2 | 1 | 5 | 2 |
$ million | |||||
Increase/(decrease) in income before taxation | Increase in net assets | ||||
2025 | 2024 | 2025 | 2024 | ||
10% appreciation against the dollar of: | |||||
Sterling | (156) | (69) | 547 | 789 | |
Euro | (46) | 98 | 1,896 | 2,410 | |
Malaysian ringgit | (49) | 34 | 271 | 274 | |
Australian dollar | (71) | (103) | 573 | 625 | |
Canadian dollar | 153 | 20 | 1,280 | 1,353 |
2025 |
$ 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 | 18,909 | 12,003 | 6,906 | 83 | 183 | 6,640 | |
Within derivative financial instruments | 10,701 | 3,470 | 7,231 | 755 | 1,331 | 5,145 | |
Liabilities: | |||||||
Within trade payables | 17,203 | 11,999 | 5,204 | 51 | 183 | 4,970 | |
Within derivative financial instruments | 8,727 | 3,470 | 5,257 | 1,106 | 1,329 | 2,822 |
2024 |
$ 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 | 18,569 | 11,452 | 7,117 | 58 | 227 | 6,832 | |
Within derivative financial instruments | 12,200 | 4,490 | 7,710 | 951 | 1,730 | 5,029 | |
Liabilities: | |||||||
Within trade payables | 17,106 | 11,449 | 5,657 | 121 | 227 | 5,309 | |
Within derivative financial instruments | 12,760 | 4,490 | 8,270 | 2,049 | 1,730 | 4,491 |
2025 |
$ million | ||||||||
Assets | Liabilities | |||||||
Designated | Not designated | Total | Designated | Not designated | Total | Net | ||
Interest rate swaps | 16 | 5 | 21 | 20 | 25 | 45 | (24) | |
Forward foreign exchange contracts | \u2014 | 337 | 337 | \u2014 | 290 | 290 | 47 | |
Currency swaps and options | 395 | 2 | 397 | 917 | 101 | 1,018 | (621) | |
Commodity derivatives | \u2014 | 8,832 | 8,832 | \u2014 | 5,252 | 5,252 | 3,580 | |
Other contracts | \u2014 | 146 | 146 | \u2014 | 167 | 167 | (21) | |
Total | 411 | 9,322 | 9,733 | 937 | 5,835 | 6,772 | 2,961 |
2024 |
$ million | ||||||||
Assets | Liabilities | |||||||
Designated | Not designated | Total | Designated | Not designated | Total | Net | ||
Interest rate swaps | 7 | 1 | 8 | 64 | \u2014 | 64 | (56) | |
Forward foreign exchange contracts | \u2014 | 682 | 682 | \u2014 | 379 | 379 | 303 | |
Currency swaps and options | 33 | 5 | 38 | 2,447 | 42 | 2,489 | (2,451) | |
Commodity derivatives | \u2014 | 9,204 | 9,204 | \u2014 | 6,630 | 6,630 | 2,574 | |
Other contracts | \u2014 | 115 | 115 | \u2014 | 14 | 14 | 101 | |
Total | 40 | 10,007 | 10,047 | 2,511 | 7,065 | 9,576 | 471 |
2025 |
$ 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 | 19 | 5 | 8 | 4 | 4 | 15 | 55 | (10) | 45 |
Forward foreign exchange contracts | 258 | 16 | 9 | 2 | 1 | \u2014 | 286 | 4 | 290 |
Currency swaps and options | 383 | 223 | 60 | 224 | 55 | 444 | 1,389 | (371) | 1,018 |
Commodity derivatives | 2,876 | 1,015 | 529 | 296 | 217 | 652 | 5,585 | (333) | 5,252 |
Other contracts | 3 | 175 | 1 | \u2014 | 1 | 1 | 181 | (14) | 167 |
Total | 3,539 | 1,434 | 607 | 526 | 278 | 1,112 | 7,496 | (724) | 6,772 |
2024 |
$ 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 | 20 | 16 | 16 | 16 | \u2014 | \u2014 | 68 | (4) | 64 |
Forward foreign exchange contracts | 393 | 84 | 3 | (3) | \u2014 | \u2014 | 477 | (98) | 379 |
Currency swaps and options | 925 | 693 | 627 | 423 | 316 | 1,008 | 3,992 | (1,503) | 2,489 |
Commodity derivatives | 4,345 | 1,088 | 524 | 326 | 184 | 458 | 6,925 | (295) | 6,630 |
Other contracts | 6 | 5 | 2 | \u2014 | \u2014 | \u2014 | 13 | 1 | 14 |
Total | 5,689 | 1,886 | 1,172 | 762 | 500 | 1,466 | 11,475 | (1,899) | 9,576 |
2025 |
$ million | |||
Other observable inputs | Unobservable inputs | Total | |
Interest rate swaps | (24) | \u2014 | (24) |
Forward foreign exchange contracts | 47 | \u2014 | 47 |
Currency swaps and options | (621) | \u2014 | (621) |
Commodity derivatives | 1,473 | 2,107 | 3,580 |
Other contracts | (101) | 80 | (21) |
Total | 774 | 2,187 | 2,961 |
2024 |
$ million | ||||
Prices in active markets for identical assets/liabilities | Other observable inputs | Unobservable inputs | Total | |
Interest rate swaps | \u2014 | (56) | \u2014 | (56) |
Forward foreign exchange contracts | \u2014 | 303 | \u2014 | 303 |
Currency swaps and options | \u2014 | (2,451) | \u2014 | (2,451) |
Commodity derivatives | 44 | 487 | 2,043 | 2,574 |
Other contracts | \u2014 | 107 | (6) | 101 |
Total | 44 | (1,610) | 2,037 | 471 |
Net carrying amounts of derivative contracts measured using more than an insignificant proportion of unobservable inputs |
$ million | ||
2025 | 2024 | |
At January 1 | 2,037 | 2,466 |
Net (losses)/gains recognised in revenue | (163) | (191) |
Purchases | 195 | 310 |
Sales | (69) | (363) |
Recategorisations (net) | 50 | (127) |
Currency translation differences | 137 | (58) |
At December 31 | 2,187 | 2,037 |
$ million | ||
2025 | 2024 | |
At January 1 | 745 | 1,607 |
Movements | (23) | (862) |
At December 31 | 722 | 745 |
2025 |
$ million | |||
Other observable inputs | Unobservable inputs | Total | |
Interest rate swaps | (24) | \u2014 | (24) |
Forward foreign exchange contracts | 47 | \u2014 | 47 |
Currency swaps and options | (621) | \u2014 | (621) |
Commodity derivatives | 1,473 | 2,107 | 3,580 |
Other contracts | (101) | 80 | (21) |
Total | 774 | 2,187 | 2,961 |
2024 |
$ million | ||||
Prices in active markets for identical assets/liabilities | Other observable inputs | Unobservable inputs | Total | |
Interest rate swaps | \u2014 | (56) | \u2014 | (56) |
Forward foreign exchange contracts | \u2014 | 303 | \u2014 | 303 |
Currency swaps and options | \u2014 | (2,451) | \u2014 | (2,451) |
Commodity derivatives | 44 | 487 | 2,043 | 2,574 |
Other contracts | \u2014 | 107 | (6) | 101 |
Total | 44 | (1,610) | 2,037 | 471 |
Net carrying amounts of derivative contracts measured using more than an insignificant proportion of unobservable inputs |
$ million | ||
2025 | 2024 | |
At January 1 | 2,037 | 2,466 |
Net (losses)/gains recognised in revenue | (163) | (191) |
Purchases | 195 | 310 |
Sales | (69) | (363) |
Recategorisations (net) | 50 | (127) |
Currency translation differences | 137 | (58) |
At December 31 | 2,187 | 2,037 |
2025 |
$ million | |||
Other observable inputs | Unobservable inputs | Total | |
Interest rate swaps | (24) | \u2014 | (24) |
Forward foreign exchange contracts | 47 | \u2014 | 47 |
Currency swaps and options | (621) | \u2014 | (621) |
Commodity derivatives | 1,473 | 2,107 | 3,580 |
Other contracts | (101) | 80 | (21) |
Total | 774 | 2,187 | 2,961 |
2024 |
$ million | ||||
Prices in active markets for identical assets/liabilities | Other observable inputs | Unobservable inputs | Total | |
Interest rate swaps | \u2014 | (56) | \u2014 | (56) |
Forward foreign exchange contracts | \u2014 | 303 | \u2014 | 303 |
Currency swaps and options | \u2014 | (2,451) | \u2014 | (2,451) |
Commodity derivatives | 44 | 487 | 2,043 | 2,574 |
Other contracts | \u2014 | 107 | (6) | 101 |
Total | 44 | (1,610) | 2,037 | 471 |
Net carrying amounts of derivative contracts measured using more than an insignificant proportion of unobservable inputs |
$ million | ||
2025 | 2024 | |
At January 1 | 2,037 | 2,466 |
Net (losses)/gains recognised in revenue | (163) | (191) |
Purchases | 195 | 310 |
Sales | (69) | (363) |
Recategorisations (net) | 50 | (127) |
Currency translation differences | 137 | (58) |
At December 31 | 2,187 | 2,037 |
Number of shares | Nominal value $ million | |
At January 1, 2025 | 6,115,031,158 | 510 |
Repurchases of shares | (396,394,760) | (33) |
At December 31, 2025 | 5,718,636,398 | 477 |
At January 1, 2024 | 6,524,109,049 | 544 |
Repurchases of shares | (409,077,891) | (34) |
At December 31, 2024 | 6,115,031,158 | 510 |
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, 2025 | 37,298 | 154 | 270 | 1,417 | (19,373) | 19,766 |
Other comprehensive income attributable to Shell plc shareholders | \u2014 | \u2014 | \u2014 | \u2014 | 1,467 | 1,467 |
Transfer from other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 26 | 26 |
Repurchases of shares | \u2014 | \u2014 | 33 | \u2014 | \u2014 | 33 |
Share-based compensation | \u2014 | \u2014 | \u2014 | (58) | \u2014 | (58) |
At December 31, 2025 | 37,298 | 154 | 303 | 1,359 | (17,880) | 21,234 |
At January 1, 2024 | 37,298 | 154 | 236 | 1,308 | (17,851) | 21,145 |
Other comprehensive income attributable to Shell plc shareholders | \u2014 | \u2014 | \u2014 | \u2014 | (1,715) | (1,715) |
Transfer from other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 193 | 193 |
Repurchases of shares | \u2014 | \u2014 | 34 | \u2014 | \u2014 | 34 |
Share-based compensation | \u2014 | \u2014 | \u2014 | 109 | \u2014 | 109 |
At December 31, 2024 | 37,298 | 154 | 270 | 1,417 | (19,373) | 19,766 |
At January 1, 2023 | 37,298 | 154 | 196 | 1,140 | (17,656) | 21,132 |
Other comprehensive loss 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 |
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, 2025 | (14,482) | (40) | (29) | (311) | (2,008) | (247) | (2,256) | (19,373) |
Recognised in other comprehensive income | 5,819 | (60) | 22 | (295) | 22 | 13 | (6,313) | (792) |
Reclassified to income | 108 | \u2014 | 2 | (31) | \u2014 | 18 | \u2014 | 97 |
Reclassified to the balance sheet | \u2014 | \u2014 | \u2014 | 61 | \u2014 | (60) | \u2014 | 1 |
Reclassified to retained earnings | \u2014 | 22 | \u2014 | \u2014 | \u2014 | \u2014 | 4 | 26 |
Tax on amounts recognised/reclassified | (10) | 19 | \u2014 | 66 | (6) | (3) | 2,157 | 2,223 |
Total, net of tax | 5,917 | (19) | 24 | (199) | 16 | (32) | (4,152) | 1,555 |
Share of joint ventures and associates | 64 | (45) | \u2014 | 101 | \u2014 | \u2014 | 11 | 131 |
Other comprehensive income/(loss) for the period | 5,981 | (64) | 24 | (98) | 16 | (32) | (4,141) | 1,686 |
Less: non-controlling interest | (199) | 1 | \u2014 | \u2014 | \u2014 | \u2014 | 5 | (193) |
Attributable to Shell plc shareholders | 5,782 | (63) | 24 | (98) | 16 | (32) | (4,136) | 1,493 |
At December 31, 2025 | (8,700) | (103) | (5) | (409) | (1,992) | (279) | (6,392) | (17,880) |
At January 1, 2024 | (11,213) | 73 | (34) | (451) | (2,008) | (174) | (4,044) | (17,851) |
Recognised in other comprehensive income | (4,574) | (7) | 20 | 211 | \u2014 | (137) | 1,854 | (2,633) |
Reclassified to income | 1,256 | \u2014 | 16 | 29 | \u2014 | 24 | \u2014 | 1,325 |
Reclassified to the balance sheet | \u2014 | \u2014 | (11) | 32 | \u2014 | \u2014 | \u2014 | 21 |
Reclassified to retained earnings | \u2014 | (182) | \u2014 | \u2014 | \u2014 | \u2014 | 375 | 193 |
Tax on amounts recognised/reclassified | 70 | 35 | (20) | (56) | \u2014 | 40 | (447) | (378) |
Total, net of tax | (3,248) | (154) | 5 | 216 | \u2014 | (73) | 1,782 | (1,472) |
Share of joint ventures and associates | (42) | 43 | \u2014 | (76) | \u2014 | \u2014 | 4 | (71) |
Other comprehensive (loss)/income for the period | (3,290) | (111) | 5 | 140 | \u2014 | (73) | 1,786 | (1,543) |
Less: non-controlling interest | 21 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 21 |
Attributable to Shell plc shareholders | (3,269) | (113) | 5 | 140 | \u2014 | (73) | 1,788 | (1,522) |
At December 31, 2024 | (14,482) | (40) | (29) | (311) | (2,008) | (247) | (2,256) | (19,373) |
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 | \u2014 | 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) |
Number of shares | Nominal value $ million | |
At January 1, 2025 | 6,115,031,158 | 510 |
Repurchases of shares | (396,394,760) | (33) |
At December 31, 2025 | 5,718,636,398 | 477 |
At January 1, 2024 | 6,524,109,049 | 544 |
Repurchases of shares | (409,077,891) | (34) |
At December 31, 2024 | 6,115,031,158 | 510 |
Share-based compensation expense |
$ million | |||
2025 | 2024 | 2023 | |
Equity-settled [A] | 774 | 732 | 700 |
Share awards |
Number of ordinary shares (million) | Number of ADSs (million) | Weighted average remaining contractual life (years) | |
At January 1, 2025 | 49 | 9 | 0.9 |
Granted | 21 | 4 | |
Vested | (31) | (5) | |
Forfeited | (3) | \u2014 | |
At December 31, 2025 | 36 | 8 | 0.9 |
At January 1, 2024 | 58 | 10 | 0.9 |
Granted | 20 | 3 | |
Vested | (26) | (4) | |
Forfeited | (3) | \u2014 | |
At December 31, 2024 | 49 | 9 | 0.9 |
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, 2025 | 37,298 | 154 | 270 | 1,417 | (19,373) | 19,766 |
Other comprehensive income attributable to Shell plc shareholders | \u2014 | \u2014 | \u2014 | \u2014 | 1,467 | 1,467 |
Transfer from other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 26 | 26 |
Repurchases of shares | \u2014 | \u2014 | 33 | \u2014 | \u2014 | 33 |
Share-based compensation | \u2014 | \u2014 | \u2014 | (58) | \u2014 | (58) |
At December 31, 2025 | 37,298 | 154 | 303 | 1,359 | (17,880) | 21,234 |
At January 1, 2024 | 37,298 | 154 | 236 | 1,308 | (17,851) | 21,145 |
Other comprehensive income attributable to Shell plc shareholders | \u2014 | \u2014 | \u2014 | \u2014 | (1,715) | (1,715) |
Transfer from other comprehensive income | \u2014 | \u2014 | \u2014 | \u2014 | 193 | 193 |
Repurchases of shares | \u2014 | \u2014 | 34 | \u2014 | \u2014 | 34 |
Share-based compensation | \u2014 | \u2014 | \u2014 | 109 | \u2014 | 109 |
At December 31, 2024 | 37,298 | 154 | 270 | 1,417 | (19,373) | 19,766 |
At January 1, 2023 | 37,298 | 154 | 196 | 1,140 | (17,656) | 21,132 |
Other comprehensive loss 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 |
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, 2025 | (14,482) | (40) | (29) | (311) | (2,008) | (247) | (2,256) | (19,373) |
Recognised in other comprehensive income | 5,819 | (60) | 22 | (295) | 22 | 13 | (6,313) | (792) |
Reclassified to income | 108 | \u2014 | 2 | (31) | \u2014 | 18 | \u2014 | 97 |
Reclassified to the balance sheet | \u2014 | \u2014 | \u2014 | 61 | \u2014 | (60) | \u2014 | 1 |
Reclassified to retained earnings | \u2014 | 22 | \u2014 | \u2014 | \u2014 | \u2014 | 4 | 26 |
Tax on amounts recognised/reclassified | (10) | 19 | \u2014 | 66 | (6) | (3) | 2,157 | 2,223 |
Total, net of tax | 5,917 | (19) | 24 | (199) | 16 | (32) | (4,152) | 1,555 |
Share of joint ventures and associates | 64 | (45) | \u2014 | 101 | \u2014 | \u2014 | 11 | 131 |
Other comprehensive income/(loss) for the period | 5,981 | (64) | 24 | (98) | 16 | (32) | (4,141) | 1,686 |
Less: non-controlling interest | (199) | 1 | \u2014 | \u2014 | \u2014 | \u2014 | 5 | (193) |
Attributable to Shell plc shareholders | 5,782 | (63) | 24 | (98) | 16 | (32) | (4,136) | 1,493 |
At December 31, 2025 | (8,700) | (103) | (5) | (409) | (1,992) | (279) | (6,392) | (17,880) |
At January 1, 2024 | (11,213) | 73 | (34) | (451) | (2,008) | (174) | (4,044) | (17,851) |
Recognised in other comprehensive income | (4,574) | (7) | 20 | 211 | \u2014 | (137) | 1,854 | (2,633) |
Reclassified to income | 1,256 | \u2014 | 16 | 29 | \u2014 | 24 | \u2014 | 1,325 |
Reclassified to the balance sheet | \u2014 | \u2014 | (11) | 32 | \u2014 | \u2014 | \u2014 | 21 |
Reclassified to retained earnings | \u2014 | (182) | \u2014 | \u2014 | \u2014 | \u2014 | 375 | 193 |
Tax on amounts recognised/reclassified | 70 | 35 | (20) | (56) | \u2014 | 40 | (447) | (378) |
Total, net of tax | (3,248) | (154) | 5 | 216 | \u2014 | (73) | 1,782 | (1,472) |
Share of joint ventures and associates | (42) | 43 | \u2014 | (76) | \u2014 | \u2014 | 4 | (71) |
Other comprehensive (loss)/income for the period | (3,290) | (111) | 5 | 140 | \u2014 | (73) | 1,786 | (1,543) |
Less: non-controlling interest | 21 | (2) | \u2014 | \u2014 | \u2014 | \u2014 | 2 | 21 |
Attributable to Shell plc shareholders | (3,269) | (113) | 5 | 140 | \u2014 | (73) | 1,788 | (1,522) |
At December 31, 2024 | (14,482) | (40) | (29) | (311) | (2,008) | (247) | (2,256) | (19,373) |
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 | \u2014 | 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) |
2025 | 2024 | 2023 | |
Income attributable to Shell plc shareholders ($ million) | 17,837 | 16,094 | 19,359 |
Weighted average number of shares used as the basis for determining: | |||
Basic earnings per share (million of shares) | 5,890.8 | 6,299.6 | 6,733.5 |
Diluted earnings per share (million of shares) | 5,948.6 | 6,363.7 | 6,799.8 |
Average employee numbers [A] |
Thousand | |||
2025 | 2024 | 2023 | |
Integrated Gas | 6 | 6 | 6 |
Upstream | 11 | 13 | 11 |
Marketing | 22 | 24 | 26 |
Chemicals and Products | 20 | 22 | 22 |
Renewables and Energy Solutions | 2 | 3 | 5 |
Corporate [B] | 27 | 30 | 30 |
Total [C] | 88 | 98 | 100 |
Remuneration of Directors of the Company |
$ million | |||
2025 | 2024 | 2023 | |
Emoluments | 13 | 13 | 12 |
Value of released awards under long-term incentive plans | 19 | 10 | 4 |
Employer contributions to pension plans | 1 | 1 | 1 |
Directors and Senior Management expense |
$ million | |||
2025 | 2024 | 2023 | |
Short-term benefits | 39 | 33 | 31 |
Retirement benefits | 2 | 2 | 2 |
Share-based compensation | 14 | 11 | 17 |
Termination and related amounts | 4 | \u2014 | 7 |
Total | 59 | 46 | 57 |
$ million | |||
2025 | 2024 | 2023 | |
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements, including audit of consolidation returns | 38 | 41 | 42 |
Other audit fees, principally in respect of audits of accounts of subsidiaries | 18 | 19 | 19 |
Total audit fees | 56 | 60 | 61 |
Audit-related fees | 3 | 3 | 3 |
Fees in respect of other non-audit services | 4 | 3 | 2 |
Total | 63 | 66 | 66 |