Title of Each Class | Trading Symbols | Name of Each Exchange on Which Registered | ||||||
American Depositary Shares representing two ordinary shares of the issuer with a nominal value of €0.07 each | SHEL | New York Stock Exchange | ||||||
0.375% Guaranteed Notes due 2023 | SHEL/23B | New York Stock Exchange | ||||||
3.5% Guaranteed Notes due 2023 | SHEL/23 | New York Stock Exchange | ||||||
Floating Rate Guaranteed Notes due 2023 | SHEL/23A | New York Stock Exchange | ||||||
2% Guaranteed Notes due 2024 | SHEL/24 | New York Stock Exchange | ||||||
3.25% Guaranteed Notes due 2025 | SHEL/25 | New York Stock Exchange | ||||||
2.5% Guaranteed Notes due 2026 | SHEL/26 | New York Stock Exchange | ||||||
2.875% Guaranteed Notes due 2026 | SHEL/26A | New York Stock Exchange | ||||||
3.875% Guaranteed Notes due 2028 | SHEL/28 | New York Stock Exchange | ||||||
2.375% Guaranteed Notes due 2029 | SHEL/29 | New York Stock Exchange | ||||||
2.75% Guaranteed Notes due 2030 | SHEL/30 | New York Stock Exchange | ||||||
4.125% Guaranteed Notes due 2035 | SHEL/35 | New York Stock Exchange | ||||||
6.375% Guaranteed Notes due 2038 | SHEL/38 | New York Stock Exchange | ||||||
5.5% Guaranteed Notes due 2040 | SHEL/40 | New York Stock Exchange | ||||||
2.875% Guaranteed Notes due 2041 | SHEL/41 | New York Stock Exchange | ||||||
3.625% Guaranteed Notes due 2042 | SHEL/42 | New York Stock Exchange | ||||||
4.55% Guaranteed Notes due 2043 | SHEL/43 | New York Stock Exchange | ||||||
4.375% Guaranteed Notes due 2045 | SHEL/45 | New York Stock Exchange | ||||||
3.75% Guaranteed Notes due 2046 | SHEL/46 | New York Stock Exchange | ||||||
4.00% Guaranteed Notes due 2046 | SHEL/46A | New York Stock Exchange | ||||||
3.125% Guaranteed Notes due 2049 | SHEL/49 | New York Stock Exchange | ||||||
3.25% Guaranteed Notes due 2050 | SHEL/50 | New York Stock Exchange | ||||||
3.00% Guaranteed Notes due 2051 | SHEL/51 | New York Stock Exchange |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | þ | Yes | ☐ | No | ||||||||||
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. | ☐ | Yes | þ | No | ||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | þ | Yes | ☐ | No | ||||||||||
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | þ | Yes | ☐ | No |
Large accelerated filer | þ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||
Emerging growth company | ☐ | ||||||||||||||||||||||
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
TABLE OF CONTENTS | |||||
Cover | |||||
Cross reference to Form 20-F | |||||
Terms and abbreviations | |||||
About this Report | |||||
Shell Powering Progress | |||||
Strategy and outlook | |||||
Risk factors | |||||
Summary of results | |||||
Performance indicators | |||||
Liquidity and capital resources | |||||
Market overview | |||||
Integrated gas | |||||
Upstream | |||||
Oil and gas information | |||||
Oil Products | |||||
Chemicals | |||||
Corporate | |||||
Climate change and energy transition | |||||
Environment and society | |||||
Our people | |||||
The Board of Shell plc | |||||
Senior Management | |||||
Governance | |||||
Governance framework | |||||
Governance | |||||
Nomination and Succession Committee | |||||
Safety, Environment and Sustainability Committee | |||||
Audit Committee Report | |||||
Directors' Remuneration Report | |||||
Annual Report on Remuneration | |||||
Directors' Remuneration Policy | |||||
Governance | |||||
Report of Independent Registered Public Accounting Firm (ID: 13020134) | |||||
Consolidated Statement of Income | |||||
Consolidated Statement of Comprehensive Income | |||||
Consolidated Balance Sheet | |||||
Consolidated Statement of Changes in Equity | |||||
Consolidated Statement of Cash Flows | |||||
Notes to the Consolidated Financial Statements | |||||
1.Basis of preparation | |||||
2.Significant accounting policies, judgements and estimates | |||||
3.Changes to IFRS not yet adopted | |||||
4.Climate change and energy transition |
5.Segment information | |||||
6.Interest and other income | |||||
7.Interest expense | |||||
8.Intangible assets | |||||
9.Property, plant and equipment | |||||
10.Joint ventures and associates | |||||
11.Investments in securities | |||||
12.Trade and other receivables | |||||
13.Inventories | |||||
14.Cash and cash equivalents | |||||
15.Debt and lease arrangements | |||||
16.Trade and other payables | |||||
17.Taxation | |||||
18.Retirement benefits | |||||
19.Decommissioning and other provisions | |||||
20.Financial instruments | |||||
21.Share capital | |||||
22.Share-based compensation plans and shares held in trust | |||||
23.Other reserves | |||||
24.Dividends | |||||
25.Earnings per share | |||||
26.Legal proceedings and other contingencies | |||||
27.Employees | |||||
28.Directors and Senior Management | |||||
29.Auditor's remuneration | |||||
30.Non-current assets held for sale | |||||
31.Emission schemes and related environmental plans | |||||
32.Post-balance sheet events | |||||
Supplementary information - oil and gas (unaudited) | |||||
Supplementary information - EU Taxonomy disclosure | |||||
Report of Independent Registered Public Accounting Firm (ID: 13020134) | |||||
Statement of Income | |||||
Statement of Comprehensive Income | |||||
Balance Sheet | |||||
Statement of Changes in Equity | |||||
Statement of Cash Flows | |||||
Notes to the RDS Dividend Access Trust Financial Statements | |||||
1.The Trust | |||||
2.Basis of preparation | |||||
3.Significant accounting policies | |||||
4.Unclaimed dividends | |||||
5.Capital account | |||||
6.Distributions made | |||||
7.Related parties | |||||
8.Auditor's remuneration |
CROSS REFERENCE TO FORM 20-F | |||||
$ | US dollar | ||||
€ | euro | ||||
£ | sterling |
acre | approximately 0.004 square kilometres | ||||
b(/d) | barrels (per day) | ||||
boe(/d) | barrels of oil equivalent (per day); natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel | ||||
kboe(/d) | thousand barrels of oil equivalent (per day); natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel | ||||
MMBtu | million British thermal units | ||||
megajoule | a unit of energy equal to one million joules | ||||
mtpa | million tonnes per annum | ||||
per day | volumes are converted into a daily basis using a calendar year | ||||
scf(/d) | standard cubic feet (per day) |
GTL | gas-to-liquids | ||||
LNG | liquefied natural gas | ||||
LPG | liquefied petroleum gas | ||||
NGL | natural gas liquids |
ADS | American Depositary Share | ||||
AGM | Annual General Meeting | ||||
API | American Petroleum Institute | ||||
CCS | carbon capture and storage | ||||
CCS earnings | earnings on a current cost of supplies basis | ||||
CO2 | carbon dioxide | ||||
EMTN | Euro medium-term note | ||||
EPS | earnings per share | ||||
FCF | free cash flow | ||||
FID | final investment decision | ||||
GAAP | generally accepted accounting principles | ||||
GHG | greenhouse gas | ||||
HSSE | health, safety, security and environment | ||||
IAS | International Accounting Standards | ||||
IEA | International Energy Agency | ||||
IFRS | International Financial Reporting Standard(s) | ||||
IOGP | International Association of Oil & Gas Producers | ||||
IPIECA | International Petroleum Industry Environmental Conservation Association | ||||
LTIP | Long-term Incentive Plan | ||||
OECD | Organisation for Economic Co-operation and Development | ||||
OML | oil mining lease | ||||
OPEC | Organization of the Petroleum Exporting Countries | ||||
OPL | oil prospecting licence | ||||
PSC | production-sharing contract | ||||
PSP | Performance Share Plan | ||||
REMCO | Remuneration Committee | ||||
SEC | US Securities and Exchange Commission | ||||
TRCF | total recordable case frequency | ||||
TSR | total shareholder return | ||||
WTI | West Texas Intermediate |
We are exposed to macroeconomic risks including fluctuating prices of crude oil, natural gas, oil products and chemicals. | ||
Risk description The prices of crude oil, natural gas, oil products and chemicals are affected by supply and demand, both globally and regionally. Macroeconomic, geopolitical and technological uncertainties can also affect production costs and demand for our products. Government actions may also affect the prices of crude oil, natural gas, oil products and chemicals. This could happen, for example, if governments promote the sale of lower-carbon electric vehicles or even prohibit future sales of new diesel or gasoline vehicles, such as the phasing out in the UK that will come into force in 2030. Oil and gas prices can also move independently of each other. Factors that influence supply and demand include operational issues, natural disasters, weather, pandemics such as COVID-19, political instability, conflicts, such as the recent Russian invasion of Ukraine, economic conditions, including inflation, and actions by major oil- and gas-producing countries. In a low oil and gas price environment, we would generate less revenue from our Upstream and Integrated Gas businesses, and parts of those businesses could become less profitable or incur losses. Low oil and gas prices have also resulted and could continue to result in the debooking of proved oil or gas reserves, if they become uneconomic in this type of price environment. Prolonged periods of low oil and gas prices, or rising costs, have resulted and could continue to result in projects being delayed or cancelled. Assets have been impaired in the past, and there could be impairments in the future. Low oil and gas prices have affected and could continue to affect our ability to maintain our long-term capital investment and shareholder distribution programmes. Prolonged periods of low oil and gas prices could adversely affect the financial, fiscal, legal, political and social stability of countries that rely significantly on oil and gas revenue. In a high oil and gas price environment, we could experience sharp increases in costs, and under some production-sharing contracts, our entitlement to proved reserves would be reduced. Higher prices could also reduce demand for our products, which could result in lower profitability, particularly in our Oil Products and Chemicals business. Higher prices can also lead to more capacity being built, potentially resulting in an oversupplied market which would negatively affect our Upstream, Integrated Gas, Oil Products and Chemicals businesses. Accordingly, price fluctuations could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Market overview”on page 41. | ||
Our ability to deliver competitive returns and pursue commercial opportunities depends in part on the accuracy of our price assumptions. | ||
Risk description We use a range of oil and gas price assumptions, which we review on a periodic basis. These ranges help us to evaluate the robustness of our capital allocation for our evaluation of projects and commercial opportunities. If our assumptions prove to be incorrect, this could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Market overview” on page 42. | ||
Our ability to achieve our strategic objectives depends on how we react to competitive forces. | ||
Risk description We face competition in all our businesses. We seek to differentiate our services and products, though many of our products are competing in commodity-type markets. Accordingly, failure to manage our costs and our operational performance could result in a material adverse effect on our earnings, cash flows and financial condition. We also compete with state-owned hydrocarbon entities and state-backed utility entities with access to financial resources and local markets. Such entities could be motivated by political or other factors in making their business decisions. Accordingly, when bidding on new leases or projects, we could find ourselves at a competitive disadvantage because these state-owned entities may not require a competitive return. If we are unable to obtain competitive returns when bidding on new leases or projects, this could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Strategy and outlook” on page 20. | ||
Rising concerns about climate change and effects of the energy transition could continue to lead to a fall in demand and potentially lower prices for fossil fuels. Climate change could also have a physical impact on our assets and supply chains. This risk may also lead to additional legal and/or regulatory measures, resulting in project delays or cancellations, potential additional litigation, operational restrictions and additional compliance obligations. | ||
Risk description Societal demand for urgent action has increased, especially since the Intergovernmental Panel on Climate Change (IPCC) Special Report of 2018 on 1.5°C effectively made the aspirational goal of the Paris Agreement to limit the rise in global average temperature this century to 1.5 degrees Celsius the default target. This increasing focus on climate change and drive for an energy transition have created a risk environment that is changing rapidly, resulting in a wide range of stakeholder actions at global, local and business levels. The potential impact and likelihood of the associated exposure for Shell could vary across different time horizons, depending on the specific components of the risk. We expect that a growing share of our GHG emissions will be subject to regulation, resulting in increased compliance costs and operational restrictions. Regulators may seek to limit certain oil and gas projects or make it more difficult to obtain required permits. Additionally, climate activists are challenging the grant of new and existing regulatory permits. We expect that these challenges are likely to continue and could delay or prohibit operations in certain cases. Achieving our target of becoming net zero on all emissions from our operations could result in additional costs. We also expect that actions by customers to reduce their emissions will continue to lower demand and potentially affect prices for fossil fuels, as will GHG emissions regulation through taxes, fees and/or other incentives. This could be a factor contributing to additional provisions for our assets and result in lower earnings, cancelled projects and potential impairment of certain assets. The physical effects of climate change such as, but not limited to, increases in temperature and sea levels and fluctuations in water levels could also adversely affect our operations and supply chains. Certain investors have decided to divest their investments in fossil fuel companies. If this were to continue, it could have a material adverse effect on the price of our securities and our ability to access capital markets. Stakeholder groups are also putting pressure on commercial and investment banks to stop financing fossil fuel companies. According to press reports, some financial institutions have started to limit their exposure to fossil fuel projects. Accordingly, our ability to use financing for these types of future projects may be adversely affected. This could also adversely affect our potential partners’ ability to finance their portion of costs, either through equity or debt. In some countries, governments, regulators, organisations and individuals have filed lawsuits seeking to hold fossil fuel companies liable for costs associated with climate change. While we believe these lawsuits to be without merit, losing could have a material adverse effect on our earnings, cash flows and financial condition. For example, in May 2021, the District Court in The Hague, Netherlands, ruled that, by 2030, Shell must reduce, from its consolidated subsidiaries, its Scope 1 net emissions by 45% from its 2019 levels and use its best efforts to reduce its Scope 2 and Scope 3 net emissions by 45% from its 2019 levels. In 2019, our Scope 1 emissions from our consolidated subsidiaries were 86 million tonnes carbon dioxide equivalent (CO2e), rounded. We expect to see additional regulatory requirements to provide disclosures related to climate risks and their impact on business performance. In summary, rising climate change concerns and effects of the energy transition have led and could lead to a decrease in demand and potentially affect prices for fossil fuels. If we are unable to find economically viable, publicly acceptable solutions that reduce our GHG emissions and/or GHG intensity for new and existing projects and for the products we sell, we could experience financial penalties or extra costs, delayed or cancelled projects, potential impairments of our assets, additional provisions and/or reduced production and product sales. This could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: For further explanations of our climate change governance, risk management approach, climate ambition and strategy and our portfolio and performance, please refer to the section “Climate change and energy transition” on pages 74 to 96. | ||
If we fail to stay in step with the pace and extent of society’s changing demands for energy as it transitions to a low-carbon future, we could fail in sustaining and developing our business. | ||
Risk description The pace and extent of the energy transition could pose a risk to Shell if our own actions to decarbonise our operations and the energy we sell move at a different speed relative to society. If we are slower than society, customers may prefer a different supplier, which would reduce demand for our products and adversely affect our reputation besides materially affecting our earnings and financial results. If we move much faster than society, we risk investing in technologies, markets or low-carbon products that are unsuccessful because there is limited demand for them. This could also have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See "Strategy and outlook" on page 18 and “Climate change and energy transition” on page 78. | ||
We seek to execute divestments in pursuing our strategy. We may be unable to divest these assets successfully in line with our strategy. | ||
Risk description We may be unable to divest assets at acceptable prices or within the timeline envisaged because of market conditions or credit risk. This would result in increased pressure on our cash position and potential impairments. In some cases, we have also retained certain liabilities following a divestment. Even in cases where we have not expressly retained certain liabilities, we may still be held liable for past acts, failures to act or liabilities that are different from those foreseen. We may also face liabilities if a buyer fails to honour their commitments. Accordingly, if any of the above circumstances arise, this could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Strategy and outlook” on page 21. |
We operate in more than 70 countries that have differing degrees of political, legal and fiscal stability. This exposes us to a wide range of political developments that could result in changes to contractual terms, laws and regulations. We and our joint arrangements and associates also face the risk of litigation and disputes worldwide. | ||
Risk description Developments in politics, laws and regulations can and do affect our operations. Potential impacts include: forced divestment of assets; expropriation of property; cancellation or forced renegotiation of contract rights; additional taxes including windfall taxes, restrictions on deductions and retroactive tax claims; antitrust claims; changes to trade compliance regulations; price controls; local content requirements; foreign exchange controls; changes to environmental regulations; changes to regulatory interpretations and enforcement; and changes to disclosure requirements. Tensions between nation states, such as Russia's recent invasion of Ukraine, can also affect our business. Any of these, individually or in aggregate, could have a material adverse effect on our earnings, cash flows and financial condition. Since 2020, many governments have run deficits to deal with the economic impacts of the COVID-19 pandemic. Given the ongoing nature of the pandemic, there will be uncertain long-term fiscal consequences, with possible subsequent effects on government policies that affect Shell’s business interests. From time to time, social and political factors play a role in unprecedented and unanticipated judicial outcomes that could adversely affect Shell. Non‑compliance with policies and regulations could result in regulatory investigations, litigation and, ultimately, sanctions. Certain governments and regulatory bodies have, in Shell’s opinion, exceeded their constitutional authority by: attempting unilaterally to amend or cancel existing agreements or arrangements; failing to honour existing contractual commitments; and seeking to adjudicate disputes between private litigants. Certain governments have also adopted laws and regulations that could potentially conflict with other countries’ laws and regulations, potentially subjecting us to criminal and civil sanctions. Such developments and outcomes could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See "Governance" on page 189. |
Russia’s invasion of Ukraine has affected the safety and security of our people and operations in these and neighbouring countries. The sanctions and export controls and the evolving geopolitical situation have caused wide-ranging challenges to our operations which could continue in the medium to longer-term. | ||
Risk description Russia’s recent invasion of Ukraine poses wide-ranging challenges to our operations. The immediate impacts include the safety and security of our people and operations in these and neighbouring countries. The subsequent sanctions and export controls imposed by countries around the world could have a material impact on a number of our activities, including supply, trading and treasury activities. More sanctions and export controls are expected. Given the evolving situation, there are many other unknown factors and events that could materially impact our operations, which may be temporary or more permanent in nature. These risks and future events could impact our supply chain, commodity prices, credit, commodity trading, treasury and legal risks. The tensions also create heightened cyber-security threats to our information technology infrastructure. The geopolitical situation may influence our future investment and financial decisions. Any of these factors, individually or in aggregate, could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Post-Balance Sheet Events” on page 261. |
The estimation of proved oil and gas reserves involves subjective judgements based on available information and the application of complex rules. This means subsequent downward adjustments are possible. | ||
Risk description The estimation of proved oil and gas reserves involves subjective judgements and determinations based on available geological, technical, contractual and economic information. Estimates can change over time because of new information from production or drilling activities, changes in economic factors, such as oil and gas prices, alterations in the regulatory policies of host governments, or other events. Estimates also change to reflect acquisitions, divestments, new discoveries, extensions of existing fields and mines, and improved recovery techniques. Published proved oil and gas reserves estimates could also be subject to correction because of errors in the application of published rules and changes in guidance. Downward adjustments could indicate lower future production volumes and could also lead to impairment of assets. This could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Supplementary information - oil and gas (unaudited)” on page 262. |
Our future hydrocarbon production depends on the delivery of large and integrated projects and our ability to replace proved oil and gas reserves. | ||
Risk description We face numerous challenges in developing capital projects, especially those which are large and integrated. Challenges include: uncertain geology; frontier conditions; the existence and availability of necessary technology and engineering resources; the availability of skilled labour; the existence of transport infrastructure; project delays; the expiration of licences; delays in obtaining required permits; potential cost overruns; and technical, fiscal, regulatory, political and other conditions. These challenges are particularly relevant in certain developing and emerging-market countries, in frontier areas and in deep-water fields, such as off the coast of Mexico. We may fail to assess or manage these and other risks properly. Such potential obstacles could impair our delivery of these projects, our ability to fulfil the full potential value of the project as assessed when the investment was approved, and our ability to fulfil related contractual commitments. This could lead to impairments and could have a material adverse effect on our earnings, cash flows and financial condition. Future oil and gas production will depend on our access to new proved reserves through exploration, negotiations with governments and other owners of proved reserves and acquisitions, and through developing and applying new technologies and recovery processes to existing fields. Failure to replace proved reserves could result in an accelerated decrease of future production, potentially having a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Shell Powering Progress” on page 15. |
Million boe [A] | |||||||||||
2021 | 2020 | 2019 | |||||||||
Shell subsidiaries | 1,047 | 1,104 | 1,182 | ||||||||
Shell share of joint ventures and associates | 134 | 135 | 156 | ||||||||
Total | 1,181 | 1,239 | 1,338 |
Million boe [C] | |||||||||||
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |||||||||
Shell subsidiaries | 8,456 | 8,222 | 9,980 | ||||||||
Shell share of joint ventures and associates | 909 | 902 | 1,116 | ||||||||
Total | 9,365 | 9,124 | 11,096 | ||||||||
Attributable to non-controlling interest of Shell subsidiaries | 267 | 322 | 304 |
The nature of our operations exposes us, and the communities in which we work, to a wide range of health, safety, security and environment risks. | ||
Risk description The health, safety, security and environment (HSSE) risks to which we and the communities in which we work are potentially exposed cover a wide spectrum, given the geographical range, operational diversity and technical complexity of our operations. These risks include the effects of natural disasters (including weather events), earthquakes, social unrest, pandemic diseases, criminal actions by external parties, and safety lapses. If a major risk materialises, such as an explosion or hydrocarbon leak or spill, this could result in injuries, loss of life, environmental harm, disruption of business activities, loss or suspension of permits, loss of our licence to operate and loss of our ability to bid on mineral rights. Accordingly, this could have a material adverse effect on our earnings, cash flows and financial condition. Our operations are subject to extensive HSSE regulatory requirements that often change and are likely to become more stringent over time. Governments could require operators to adjust their future production plans, as has occurred in the Netherlands, affecting production and costs. We could incur significant extra costs in the future because of the need to comply with such requirements. We could also incur significant extra costs due to violations of or liabilities under laws and regulations that involve elements such as fines, penalties, clean-up costs and third-party claims. If HSSE risks materialise, they could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Environment and society” on page 98. | ||
A further erosion of the business and operating environment in Nigeria could have a material adverse effect on us. | ||
Risk description In our Nigerian operations, we face various risks and adverse conditions. These include: security issues affecting the safety of our people, host communities and operations; sabotage and theft; issues affecting our ability to enforce existing contractual rights; litigation; limited infrastructure; potential legislation that could increase our taxes or operating costs; the challenges presented by limited government and state oil company budgets; and regional instability created by militant activities. Some of these risks and adverse conditions, such as security issues affecting the safety of our people and sabotage and theft have occurred in the past and are likely to continue in the future. These risks or adverse conditions could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Upstream” on page 53. | ||
An erosion of our business reputation could have a material adverse effect on our brand, our ability to secure new resources or access capital markets, and on our licence to operate. | ||
Risk description Our reputation is an important asset. The Shell General Business Principles (Principles) govern how Shell and its individual companies conduct their affairs, and the Shell Code of Conduct tells employees and contract staff how to behave in line with the Principles. Our challenge is to ensure that all employees and contract staff comply with the Principles and the Code of Conduct. Real or perceived failures of governance or regulatory compliance or a perceived lack of understanding of how our operations affect surrounding communities could harm our reputation. Societal expectations of businesses are increasing, with a focus on business ethics, quality of products, contribution to society, safety and minimising damage to the environment. There is increasing focus on the role of oil and gas in the context of climate change and energy transition. This could negatively affect our brand, reputation and licence to operate, which could limit our ability to deliver our strategy, reduce consumer demand for our branded and non-branded products, harm our ability to secure new resources and contracts, and restrict our ability to access capital markets or attract staff. Many other factors, including the materialisation of other risks discussed in this section, could negatively affect our reputation and could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See "Governance" on page 189 and "Our people" on page 115. |
We rely heavily on information technology systems in our operations. | ||
Risk description The operation of many of our business processes depends on reliable information technology (IT) systems. Our IT systems are evolving because of changing business models, our increasing focus on customers, ongoing digitalisation of business processes and migration to the cloud. Our IT systems are increasingly dependent on contractors supporting the delivery of IT services. The COVID-19 pandemic and geopolitical tensions altered the nature of the IT threat, increasing the frequency and ingenuity of malware attacks and increasing the temptation to attack targets for financial gain. In 2021, Shell was impacted by data security breaches, including one involving a third-party supplier who gained unauthorised access to various files during a limited window of time, some of which contained personal data. Shell contacted the impacted individuals and stakeholders and worked with them to address possible risks. We also informed relevant regulators and authorities. The factors described above continue to contribute to potential breaches and disruptions of critical IT services. If breaches are not detected early and responded to effectively, they could harm our reputation and have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Corporate” on page 73. | ||
Our business exposes us to risks of social instability, criminality, civil unrest, terrorism, piracy, cyber disruption and acts of war that could have a material adverse effect on our operations. | ||
Risk description As seen in recent years, these risks can manifest themselves in the countries where we operate and elsewhere. These risks affect people and assets. Potential risks include: acts of terrorism; acts of criminality including maritime piracy; cyber espionage or disruptive cyber attacks; conflicts including war - such as Russia's recent invasion of Ukraine - malicious acts carried out by individuals within Shell, civil unrest and environmental and climate activism (including disruptions by non-governmental and political organisations). The above risks can threaten the safe operation of our facilities and the transport of our products. They can harm the well-being of our people, inflict loss of life and injuries, damage the environment and disrupt our operational activities. These risks could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Environment and society” on pages 110. |
Production from the Groningen field in the Netherlands causes earthquakes that affect local communities. | ||
Risk description Shell and ExxonMobil are 50:50 shareholders in Nederlandse Aardolie Maatschappij B.V. (NAM). An important part of NAM’s gas production comes from the onshore Groningen gas field, in which EBN, a Dutch government entity, has a 40% interest and NAM a 60% interest. The gas field is in the process of being closed down owing to earthquakes induced by gas production. Some of these earthquakes have damaged houses and other structures in the region, resulting in complaints and lawsuits from the local community. The government has announced it intends to accelerate the close-down, bringing the end of production forward from 2030 to possibly mid-2022. The exact close-down date depends on security of supply considerations and is still to be decided. While we expect the earlier close-down of the Groningen gas field to further reduce the number and strength of earthquakes in the region, any additional earthquakes could have further adverse effects on our earnings, cash flows and financial condition. | ||
Further information: See “Upstream” on page 51. |
We are exposed to treasury and trading risks, including liquidity risk, interest rate risk, foreign exchange risk and credit risk. We are affected by the global macroeconomic environment and the conditions of financial and commodity markets. | ||
Risk description Our subsidiaries, joint arrangements and associates are subject to differing economic and financial market conditions around the world. Political or economic instability affects such markets. We use debt instruments, such as bonds and commercial paper, to raise significant amounts of capital. Should our access to debt markets become more difficult, the potential impact on our liquidity could have a material adverse effect on our operations. Our financing costs could also be affected by interest rate fluctuations or any credit rating deterioration. We are exposed to changes in currency values and to exchange controls as a result of our substantial international operations. Our reporting currency is the US dollar, although, to a material extent, we also hold assets and are exposed to liabilities in other currencies. While we undertake some foreign exchange hedging, we do not do so for all our activities. Even where hedging is in place, it may not function as expected. Commodity trading is an important component of our Upstream, Integrated Gas, Oil Products and Chemicals businesses. Processing, managing and monitoring many trading transactions across the world, some of them complex, exposes us to operational and market risks, including commodity price risks. We use derivative instruments such as futures and contracts for difference to hedge market risks. We do not hedge all our activities and even where hedging is in place, it may not function as expected. We are exposed to credit risk; our counterparties could fail or be unable to meet their payment and/or performance obligations under contractual arrangements. Although we do not have significant direct exposure to sovereign debt, it is possible that our partners and customers may have exposure which could impair their ability to meet their obligations. Our pension plans invest in government bonds, so they could be affected by a sovereign debt downgrade or other default. If any of the above risks materialise, they could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Liquidity and capital resources” on page 36 and Note 20 to the “Consolidated Financial Statements” on pages 246 to 251. | ||
Our future performance depends on the successful development and deployment of new technologies and new products. | ||
Risk description Technology and innovation are essential to our efforts to help meet the world’s energy demands competitively. If we fail to effectively develop or deploy new technology and products and services, or fail to make full, effective use of our data in a timely and cost-effective manner, there could be a material adverse effect on the delivery of our strategy and our licence to operate. We operate in environments where advanced technologies are used. In developing new technologies and new products, unknown or unforeseeable technological failures or environmental and health effects could harm our reputation and licence to operate or expose us to litigation or sanctions. The associated costs of new technology are sometimes underestimated. Sometimes the development of new technology is subject to delays. If we are unable to develop the right technology and products in a timely and cost-effective manner, or if we develop technologies and products that harm the environment or people's health, there could be a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Shell Powering Progress” on page 16. | ||
We have substantial pension commitments, the funding of which is subject to capital market risks and other factors. | ||
Risk description Liabilities associated with defined benefit pension plans are significant, and the cash funding requirement of such plans can also involve significant liabilities. They both depend on various assumptions. Volatility in capital markets or government policies could affect investment performance and interest rates, causing significant changes to the funding level of future liabilities. Changes in assumptions for mortality, retirement age or pensionable remuneration at retirement could also cause significant changes to the funding level of future liabilities. We operate a number of defined benefit pension plans and, in case of a shortfall, we could be required to make substantial cash contributions (depending on the applicable local regulations). This could result in a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Liquidity and capital resources” on page 37. |
We mainly self-insure our hazard risk exposures. Consequently, we could incur significant financial losses from different types of risks that are not insured with third-party insurers. | ||
Risk description Our Group insurance companies (wholly owned subsidiaries) provide insurance coverage to Shell subsidiaries and entities in which Shell has an interest. These subsidiaries and entities may also insure a portion of their risk exposures with third parties, but such external insurance would not provide any material coverage in the event of a large-scale safety or environmental incident. Accordingly, in the event of a material incident, we would have to meet our obligations without access to material proceeds from third-party insurers. We have incurred adverse impacts from events, such as Hurricane Ida in 2021. We may, in the future, incur significant losses from different types of hazard risks that are not insured with third-party insurers, potentially resulting in a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See “Corporate” on page 73. | ||
Many of our major projects and operations are conducted in joint arrangements or with associates. This could reduce our degree of control and our ability to identify and manage risks. | ||
Risk description When we are not the operator, we have less influence and control over the behaviour, performance and operating costs of joint arrangements or associates. Despite having less control, we could still be exposed to the risks associated with these operations, including reputational, litigation (where joint and several liability could apply) and government sanction risks. For example, our partners or members of a joint arrangement or an associate, (particularly local partners in developing countries), may be unable to meet their financial or other obligations to projects, threatening the viability of a given project. Where we are the operator of a joint arrangement, the other partner(s) could still be able to veto or block certain decisions, which could be to our overall detriment. Accordingly, where we have limited influence, we are exposed to operational risks that could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See "Governance" on page 191. |
We are exposed to conduct risk in our trading operations. | ||
Risk description Commodity trading is an important component of our Upstream, Integrated Gas, Renewables & Energy Solutions, Oil Products and Chemicals businesses. Our commodity trading entities are subject to many regulations including requirements for standards of conduct. The risk of ineffective controls, poor oversight of trading activities, and the risk that traders could deliberately operate outside compliance limits and controls, either individually or as a group, has occurred. This has resulted in losses in the past and may result in further losses in the future. This could have material adverse effects on our earnings, cash flows and financial condition. | ||
Further information: See "Governance" on page 190 and Note 20 to the “Consolidated Financial Statements” on pages 245 to 250. |
Violations of antitrust and competition laws carry fines and expose us and/or our employees to criminal sanctions and civil suits. | ||
Risk description Antitrust and competition laws apply to Shell and its joint arrangements and associates in the vast majority of countries where we do business. Shell and its joint arrangements and associates have been fined for violations of antitrust and competition laws in the past. This includes a number of fines by the European Commission Directorate-General for Competition (DG COMP). Because of DG COMP’s fining guidelines, any future conviction of Shell or any of its joint arrangements or associates for violation of EU competition law could potentially result in significantly larger fines and have a material adverse effect on us. Violation of antitrust laws is a criminal offence in many countries, and individuals can be imprisoned or fined. In certain circumstances, directors may receive director disqualification orders. It is also now common for persons or corporations allegedly injured by antitrust violations to sue for damages. Any violation of these laws can harm our reputation and could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See "Governance" on page 190. | ||
Violations of anti-bribery, tax-evasion and anti-money laundering laws carry fines and expose us and/or our employees to criminal sanctions and civil suits. | ||
Risk description Anti-bribery, tax-evasion and anti-money laundering laws apply to Shell, its joint arrangements and associates in all countries where we do business. Shell and its joint arrangements and associates have in the past settled with the US Securities and Exchange Commission regarding violations of the US Foreign Corrupt Practices Act. Any violation of anti-bribery, tax-evasion or anti-money laundering laws, including potential violations associated with Shell Nigeria Exploration and Production Company Limited's investment in Nigerian oil block OPL 245 and the 2011 settlement of litigation pertaining to that block, could harm our reputation or have a material adverse effect on our earnings, cash flows and financial condition. Violations of such laws also could expose us and/or our employees to criminal sanctions, civil suits and other consequences, such as debarment and the revocation of licences. | ||
Further information: See “Our people” on pages 246 to 251, "Governance" on page 190 and Note 26 to the “Consolidated Financial Statements” on pages 255 to 257. |
Violations of data protection laws carry fines and expose us and/or our employees to criminal sanctions and civil suits. | ||
Risk description Data protection laws apply to Shell and its joint arrangements and associates in the vast majority of countries where we do business. Since many countries in which we operate have data protection laws and regulations, Shell has adopted Binding Corporate Rules. This means we apply one consistent standard to data protection, across the Group and globally. The EU General Data Protection Regulation (GDPR) forms the basis of our Binding Corporate Rules. With data privacy legislation now in force in the USA, the risk of class actions is increased. Class actions after large-scale data breaches are increasingly common. Shell companies are increasingly processing large volumes of personal data as we continue to acquire small companies with relatively large amounts of customer data during the energy transition. The COVID-19 pandemic has increased the level of processing of sensitive personal data, for example to confirm the health or vaccination status of our employees and visitors. Some governments require immediate disclosure of information, including sensitive personal data. We must be able to update our guidance to employees quickly, so it includes the relevant points of country legislation on COVID-19. In some countries that are key to Shell’s business operations, such as China, relevant legislation continues to be amended or introduced. Shell must be able to adapt dynamically to such legislative changes and be capable of updating our internal programmes if necessary. Many countries require mandatory notification of data breaches in certain situations. In these circumstances we might be required to report to affected individuals and regulators in the relevant countries. Non-compliance with data protection laws could harm individuals and expose us to regulatory investigations. This could result in: fines, which could be up to 4% of global annual turnover if under GDPR; orders to stop processing certain data; harm to our reputation; and loss of the trust of existing and potential customers, stakeholders, governments, and employees. With regard to data breaches, we notified a number of data privacy regulators in 2021 of personal data breaches, and some investigations are still ongoing. To date, no material fines have been imposed, but no assurance can be provided that future breaches would have similar outcomes. In addition to imposing fines, regulators may also issue orders to stop processing personal data, which could disrupt operations. We could also be subject to litigation from persons or entities allegedly affected by data protection violations. Violation of data protection laws is a criminal offence in some countries, and individuals can be imprisoned or fined. Any violation of these laws or harm to our reputation could have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See "Governance" on page 190. | ||
Violations of trade compliance laws and regulations, including sanctions, carry fines and expose us and our employees to criminal proceedings and civil suits. | ||
Risk description We use “trade compliance” as an umbrella term for various national and international laws designed to regulate the movement of items across national boundaries and restrict or prohibit trade and other dealings with certain parties. For example, the EU and the USA continue to impose comprehensive sanctions on countries and territories such as Syria, North Korea and Crimea, and continue to adopt targeted restrictions and prohibitions on certain transactions in countries such as Venezuela and Russia. The USA continues to have comprehensive sanctions against Iran and Cuba. The EU and some nations continue to maintain targeted sanctions against Iran. The EU and the USA introduced sectoral sanctions against Venezuela in 2017, which the USA expanded in 2018 and 2019. The US sanctions primarily target the government of Venezuela and the oil industry. In 2014, the EU and the USA imposed additional restrictions and controls directed at defined oil and gas activities in Russia. These remain in force. The USA introduced further restrictions regarding Russia in 2017, expanding them in 2018. In February 2022, countries around the world began imposing additional sanctions and export controls against Russia over its invasion of Ukraine including, regional trade bans, designations of entities (including Russian banks and state-owned entities) and individuals as Specially Designated Nationals and Blocked Parties (SDNs), and restrictions on access by Russia to financial systems. Export controls have also been introduced targeting Russian defence, aerospace, and maritime sectors. More sanctions and export controls are expected. A number of countries have also implemented new sanctions against Belarus for its role in the Russian invasion. Many other nations are also adopting trade compliance programmes similar to those administered by the EU and the USA. Since January 2021, the UK has maintained a legal framework for trade compliance that is separate and distinct from those of the EU and USA. Abiding by all the laws and regulations on trade compliance and sanctions can sometimes be complex and challenging because of factors such as: the expansion of sanctions; the frequent addition of prohibited parties; the number of markets in which we operate; the risk of differences in how jurisdictions apply sanctions; and the large number of transactions we process. Shell has voluntarily self-disclosed potential violations of sanctions in the past. The COVID-19 pandemic has increased trade compliance risks, because of factors such as growing state involvement in business dealings, the need to maintain and develop business opportunities and cross-border movement of goods and technologies, and the increasing likelihood that counterparties will change ownership as the economic crisis continues. Any violation of sanctions could lead to loss of import or export privileges and significant penalties on or prosecution of Shell or its employees. This could harm our reputation and have a material adverse effect on our earnings, cash flows and financial condition. | ||
Further information: See "Governance" on page 190. |
The Company’s Articles of Association determine the jurisdiction for shareholder disputes. This could limit shareholder remedies. | ||
Risk description Our Articles of Association generally require that all disputes between our shareholders in such capacity and the Company or our subsidiaries (or our Directors or former Directors), or between the Company and our Directors or former Directors, be exclusively resolved by arbitration in The Hague, the Netherlands, under the Rules of Arbitration of the International Chamber of Commerce. Our Articles of Association also provide that, if this provision is to be determined invalid or unenforceable for any reason, the dispute could only be brought before the courts of England and Wales. Accordingly, the ability of shareholders to obtain monetary or other relief, including in respect of securities law claims, could be determined in accordance with these provisions. |
$ million, except where indicated | |||||||||||
2021 | 2020 | 2019 | |||||||||
Income/(loss) attributable to Shell plc shareholders | 20,101 | (21,680) | 15,842 | ||||||||
Income attributable to non-controlling interest | 529 | 146 | 590 | ||||||||
Income/(loss) for the period | 20,630 | (21,534) | 16,432 | ||||||||
Current cost of supplies adjustment | (3,148) | 1,833 | (605) | ||||||||
Total segment earnings [A][B], of which: | 17,482 | (19,701) | 15,827 | ||||||||
Integrated Gas | 6,340 | (6,278) | 8,628 | ||||||||
Upstream | 9,694 | (10,785) | 3,855 | ||||||||
Oil Products | 2,664 | (494) | 6,139 | ||||||||
Chemicals | 1,390 | 808 | 478 | ||||||||
Corporate | (2,606) | (2,952) | (3,273) | ||||||||
Identified Items [B] | (2,216) | (24,767) | (1,192) | ||||||||
Adjusted Earnings [B] | 19,289 | 4,846 | 16,462 | ||||||||
Adjusted EBITDA (CCS basis) [B] | 55,004 | 36,533 | 56,644 | ||||||||
Capital expenditure | 19,000 | 16,585 | 22,971 | ||||||||
Cash capital expenditure [B] | 19,698 | 17,827 | 23,919 | ||||||||
Operating expenses [B] | 35,964 | 34,789 | 37,893 | ||||||||
Underlying operating expenses [B] | 35,309 | 32,502 | 37,000 | ||||||||
Return on average capital employed [B] | 8.8% | (6.8)% | 6.7% | ||||||||
Net Debt at December 31 [C] | 52,556 | 75,386 | 79,093 | ||||||||
Gearing at December 31 [C] | 23.1% | 32.2% | 29.3% | ||||||||
Oil and gas production (thousand boe/d) | 3,237 | 3,386 | 3,665 | ||||||||
Proved oil and gas reserves at December 31 (million boe) | 9,365 | 9,124 | 11,096 |
Thousand boe/d | |||||||||||
2021 | 2020 | 2019 | |||||||||
Crude oil and natural gas liquids | 1,685 | 1,752 | 1,823 | ||||||||
Synthetic crude oil | 54 | 51 | 52 | ||||||||
Natural gas [B] | 1,498 | 1,583 | 1,790 | ||||||||
Total | 3,237 | 3,386 | 3,665 | ||||||||
Of which: | |||||||||||
Integrated Gas | 942 | 911 | 922 | ||||||||
Upstream | 2,240 | 2,424 | 2,691 | ||||||||
Oil sands (part of Oil Products) | 54 | 51 | 52 |
$ million | ||||||||
December 31, 2021 | December 31, 2020 | |||||||
Equity attributable to Shell plc shareholders | 171,966 | 155,310 | ||||||
Current debt | 8,218 | 16,899 | ||||||
Non-current debt | 80,868 | 91,115 | ||||||
Total debt [A] | 89,086 | 108,014 | ||||||
Total capitalisation | 261,052 | 263,324 |
$ billion | |||||||||||
2021 | 2020 | 2019 | |||||||||
Cash flow from operating activities excluding working capital movements | |||||||||||
Integrated Gas | 18.3 | 10.8 | 14.8 | ||||||||
Upstream | 22.6 | 9.8 | 19.9 | ||||||||
Oil Products | 12.0 | 7.0 | 10.7 | ||||||||
Chemicals | 3.3 | 1.8 | 1.7 | ||||||||
Corporate | (0.7) | 0.1 | (0.3) | ||||||||
Total | 55.5 | 29.5 | 47.0 | ||||||||
(Increase)/decrease in inventories | (7.3) | 4.5 | (2.6) | ||||||||
(Increase)/decrease in current receivables | (20.6) | 9.6 | (0.9) | ||||||||
Increase/(decrease) in current payables | 17.5 | (9.5) | (1.2) | ||||||||
(Increase)/decrease in working capital | (10.4) | 4.6 | (4.8) | ||||||||
Cash flow from operating activities | 45.1 | 34.1 | 42.2 | ||||||||
Cash flow from investing activities | (4.8) | (13.3) | (15.8) | ||||||||
Cash flow from financing activities | (34.7) | (7.2) | (35.2) | ||||||||
Currency translation differences relating to cash and cash equivalents | (0.5) | 0.2 | 0.1 | ||||||||
Increase/(decrease) in cash and cash equivalents | 5.1 | 13.8 | (8.7) | ||||||||
Cash and cash equivalents at the beginning of the year | 31.8 | 18.1 | 26.7 | ||||||||
Cash and cash equivalents at the end of the year | 37.0 | 31.8 | 18.1 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Integrated Gas | 3,195 | 503 | 723 | ||||||||
Upstream | 10,930 | 1,909 | 5,384 | ||||||||
Oil Products | 935 | 1,368 | 1,517 | ||||||||
Chemicals | 10 | 26 | 22 | ||||||||
Corporate | 44 | 205 | 225 | ||||||||
Total divestment proceeds | 15,113 | 4,010 | 7,871 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Integrated Gas | 5,767 | 4,301 | 4,299 | ||||||||
Upstream | 6,269 | 7,296 | 10,205 | ||||||||
Oil Products | 3,868 | 3,328 | 4,907 | ||||||||
Chemicals | 3,573 | 2,640 | 4,090 | ||||||||
Corporate | 221 | 262 | 418 | ||||||||
Total cash capital expenditure | 19,698 | 17,827 | 23,919 |
$ billion | |||||||||||||||||
Less than 1 year | Between 1 and 3 years | Between 3 and 5 years | 5 years and later | Total | |||||||||||||
Debt [A] | 4.1 | 8.2 | 10.3 | 38.4 | 61.0 | ||||||||||||
Leases | 5.8 | 9.1 | 6.8 | 18.3 | 40.0 | ||||||||||||
Purchase obligations [B] | 28.8 | 29.2 | 21.9 | 64.1 | 144.0 | ||||||||||||
Other long-term contractual liabilities [C] | 0.4 | 0.7 | 0.2 | 1.1 | 2.4 | ||||||||||||
Total | 39.1 | 47.2 | 39.2 | 121.9 | 247.4 |
A shares | B shares | A ADSs [B] | |||||||||||||||||||||||||||
Purchase period | Number purchased for employee share plans | Number purchased for cancellation [C] | Weighted average price ($)[D] | Number purchased for employee share plans | Number purchased for cancellation [C] | Weighted average price ($)[D] | Number purchased for employee share plans | Weighted average price ($)[D] | |||||||||||||||||||||
January | — | — | — | — | — | — | 1,525,265 | 37.23 | |||||||||||||||||||||
February | — | — | — | — | — | — | — | — | |||||||||||||||||||||
March | — | — | — | — | — | — | 34,140 | 40.17 | |||||||||||||||||||||
April | — | — | — | — | — | — | — | — | |||||||||||||||||||||
May | — | — | — | — | — | — | — | — | |||||||||||||||||||||
June | 156,668 | — | 20.61 | 91,523 | — | 19.70 | 23,603 | 40.74 | |||||||||||||||||||||
July | — | — | — | — | 1,474,422 | 19.95 | — | — | |||||||||||||||||||||
August | — | — | — | — | 25,134,113 | 19.81 | — | — | |||||||||||||||||||||
September | — | — | — | — | 23,807,741 | 20.27 | 32,670 | 41.01 | |||||||||||||||||||||
October | — | — | — | — | 25,200,000 | 23.82 | — | — | |||||||||||||||||||||
November | 960,000 | — | 20.93 | 120,000 | 17,217,286 | 22.6 | 233,300 | 41.88 | |||||||||||||||||||||
December | 7,185,000 | — | 22.03 | 911,200 | 33,393,418 | 21.75 | 975,299 | 43.66 | |||||||||||||||||||||
Total 2021 | 8,301,668 | — | 21.88 | 1,122,723 | 126,226,980 | 21.59 | 2,824,277 | 39.94 | |||||||||||||||||||||
January | — | — | — | — | 31,678,192 | 24.43 | 1,106,045 | 46.31 | |||||||||||||||||||||
Total 2022 | — | — | — | — | 31,678,192 | 24.43 | 1,106,045 | 46.31 |
2021 | 2020 | 2019 | |||||||||
Brent ($/b) | 71 | 42 | 64 | ||||||||
West Texas Intermediate ($/b) | 68 | 39 | 57 | ||||||||
Henry Hub ($/MMBtu) | 4.0 | 2.0 | 2.5 | ||||||||
EU TTF ($/MMBtu) | 16 | 3 | 5 | ||||||||
Japan Customs-cleared Crude ($/b) - 3 months | 60 | 51 | 70 |
$/b | |||||||||||
2021 | 2020 | 2019 | |||||||||
US West Coast | 14.6 | 8.5 | 13.5 | ||||||||
US Gulf Coast Coking | 9.8 | 2.3 | 4.9 | ||||||||
Rotterdam Complex | 1.9 | 0.4 | 2.3 | ||||||||
Singapore | (1.7) | (0.5) | (0.6) |
$/tonne | |||||||||||
2021 | 2020 | 2019 | |||||||||
North East/South East Asia naphtha | 229 | 362 | 302 | ||||||||
Western Europe naphtha | 597 | 513 | 528 | ||||||||
US ethane | 692 | 433 | 440 |
$ million, except where indicated | |||||||||||
2021 | 2020 | 2019 | |||||||||
Segment earnings/(loss) | 6,340 | (6,278) | 8,628 | ||||||||
Including: | |||||||||||
Revenue (including inter-segment sales) | 60,289 | 36,697 | 45,602 | ||||||||
Share of profit of joint ventures and associates | 1,906 | 562 | 1,791 | ||||||||
Interest and other income | 1,787 | 14 | 263 | ||||||||
Operating expenses [A] | 7,126 | 6,555 | 6,667 | ||||||||
Underlying operating expenses [A] | 6,892 | 5,769 | 6,534 | ||||||||
Exploration | 127 | 611 | 281 | ||||||||
Depreciation, depletion and amortisation | 6,188 | 17,704 | 6,238 | ||||||||
Taxation charge/(credit) | 2,246 | (2,507) | 2,242 | ||||||||
Identified Items [A] | (2,417) | (10,661) | (326) | ||||||||
Adjusted Earnings [A] | 8,757 | 4,383 | 8,955 | ||||||||
Adjusted EBITDA (CCS basis) [A] | 16,421 | 11,668 | 16,719 | ||||||||
Capital expenditure | 5,279 | 3,661 | 3,851 | ||||||||
Cash capital expenditure [A] | 5,767 | 4,301 | 4,299 | ||||||||
Oil and gas production available for sale (thousand boe/d) | 942 | 911 | 922 | ||||||||
LNG liquefaction volumes (million tonnes) | 31.0 | 33.2 | 35.6 | ||||||||
LNG sales volumes (million tonnes) | 64.2 | 71.9 | 74.5 |
Million tonnes | ||||||||||||||
2021 | 2020 | 2019 | ||||||||||||
Australia | 13.1 | 11.8 | 12.5 | |||||||||||
Brunei | 1.4 | 1.6 | 1.6 | |||||||||||
Egypt | 0.3 | 0.2 | 0.4 | |||||||||||
Nigeria | 4.3 | 5.3 | 5.3 | |||||||||||
Oman | 2.5 | 2.5 | 2.6 | |||||||||||
Peru | 0.6 | 0.9 | 0.9 | |||||||||||
Qatar | 2.4 | 2.4 | 2.5 | |||||||||||
Russia | 2.8 | 3.1 | 3.0 | |||||||||||
Trinidad and Tobago | 3.6 | 5.4 | 6.7 | |||||||||||
Other | — | 0.2 | 0.2 | |||||||||||
Total | 31.0 | 33.2 | 35.6 |
Asset | Location | Shell interest (%) | 100% capacity (mtpa) [B] | Shell-operated | ||||||||||||||||
Asia | ||||||||||||||||||||
Brunei | Brunei LNG | Lumut | 25 | 7.6 | No | |||||||||||||||
Oman | Oman LNG | Sur | 30 | 7.1 | No | |||||||||||||||
Qalhat LNG | Sur | 11 | [C] | 3.7 | No | |||||||||||||||
Qatar | Qatargas 4 [D] | Ras Laffan | 30 | 7.8 | No | |||||||||||||||
Russia | Sakhalin LNG [D] | Prigorodnoye | 27.5 | 10.9 | No | |||||||||||||||
Oceania | ||||||||||||||||||||
Australia | Australia North West Shelf [D] | Karratha | 16.7 | 16.9 | No | |||||||||||||||
Gorgon LNG [D] | Barrow Island | 25 | 15.6 | No | ||||||||||||||||
Prelude [D] | Browse Basin | 67.5 | 3.6 | Yes | ||||||||||||||||
Queensland Curtis LNG T1 [D] | Curtis Island | 50 | 4.3 | Yes | ||||||||||||||||
Queensland Curtis LNG T2 [D] | Curtis Island | 97.5 | 4.3 | Yes | ||||||||||||||||
Africa | ||||||||||||||||||||
Egypt [E] | Egyptian LNG T1 | Idku | 35.5 | 3.6 | No | |||||||||||||||
Egyptian LNG T2 | Idku | 38 | 3.6 | No | ||||||||||||||||
Nigeria | Nigeria LNG | Bonny | 25.6 | 24.1 | No | |||||||||||||||
South America | ||||||||||||||||||||
Peru | Peru LNG | Pampa Melchorita | 20 | 4.5 | No | |||||||||||||||
Trinidad and Tobago | Atlantic LNG T1 | Point Fortin | 46 | 3 | No | |||||||||||||||
Atlantic LNG T2/T3 | Point Fortin | 57.5 | 6.6 | No | ||||||||||||||||
Atlantic LNG T4 | Point Fortin | 51.1 | 5.2 | No |
Asset | Location | Shell interest (%) | 100% capacity (mtpa) [A] | Shell-operated | |||||||||||||
Africa | |||||||||||||||||
Nigeria | Train 7 [B] | Bonny | 25.6 | 7.6 | No | ||||||||||||
North America | |||||||||||||||||
Canada | LNG Canada T1-2 [C] | Kitimat | 40.0 | 14.0 | No |
Asset | Location | Shell interest (%) | 100% capacity (b/d) [A] | Shell-operated | |||||||||||||
Asia | |||||||||||||||||
Malaysia | Shell MDS | Bintulu | 72.0 | 14,700 | Yes | ||||||||||||
Qatar | Pearl | Ras Laffan | 100.0 | 140,000 | Yes |
Project name | Location | Shell capacity rights (mtpa) | Capacity rights period | Shell interest (%) and rights | ||||||||||
Costa Azul | Baja California, Mexico | 2.7 [A] | 2008–2028 | Capacity rights | ||||||||||
Cove Point | Lusby, MD, USA | 1.8 | 2003–2023 | Capacity rights | ||||||||||
Dragon LNG | Milford Haven, UK | 3.1 | 2009–2029 | 50 | ||||||||||
Elba Island Expansion | Elba Island, GA, USA | 4.2 | 2010–2035 | Leased | ||||||||||
Elba Island | Elba Island, GA, USA | 2.8 | 2006–2036 | Leased | ||||||||||
Elba Island | Elba Island, GA, USA | 4.6 | 2003–2027 | Leased | ||||||||||
GATE (Gas Access to Europe) | Rotterdam, the Netherlands | 1.5 | 2015–2031 | Capacity rights | ||||||||||
Shell Energy India Pvt Ltd (formerly Hazira) | Gujarat, India | 5 | 2005–2035 | 100 | ||||||||||
Lake Charles | Lake Charles, LA, USA | 4.4 | 2002–2030 | Leased | ||||||||||
Lake Charles Expansion | Lake Charles, LA, USA | 8.7 | 2005–2030 | Leased | ||||||||||
Singapore SGM | SLNG, Singapore | [B] | 2013–2029 | Import rights | ||||||||||
Singapore SETL | SLNG, Singapore | [B] | 2018–2035 | Import rights | ||||||||||
Singapore SETL | SLNG, Singapore | up to 1.0 [C] | 2021–2025 | Import rights | ||||||||||
Shell LNG Gibraltar | Gibraltar | up to 0.04 | 2018–2038 | 51 |
In operation | In development | ||||||||||||||||
Location | 100% capacity (MW) | Shell interest (MW) | 100% capacity (MW) | Shell interest (MW) | |||||||||||||
Asia | 398 | 123 | 1,488 | 1,064 | |||||||||||||
Europe | 923 | 337 | 929 | 756 | |||||||||||||
North America | 1,442 | 764 | 7,510 | 3,684 | |||||||||||||
Australia | 120 | 120 |
$ million, except where indicated | |||||||||||
2021 | 2020 | 2019 | |||||||||
Segment earnings/(loss) | 9,694 | (10,785) | 3,855 | ||||||||
Including: | |||||||||||
Revenue (including inter-segment sales) | 45,487 | 28,330 | 45,217 | ||||||||
Share of profit of joint ventures and associates | 632 | (7) | 379 | ||||||||
Interest and other income | 4,602 | 542 | 2,180 | ||||||||
Operating expenses [A] | 10,604 | 10,983 | 11,582 | ||||||||
Underlying operating expenses [A] | 10,362 | 10,227 | 11,284 | ||||||||
Exploration | 1,296 | 1,136 | 2,073 | ||||||||
Depreciation, depletion and amortisation | 13,539 | 23,119 | 16,881 | ||||||||
Taxation charge/(credit) | 6,100 | (467) | 5,878 | ||||||||
Identified Items [A] | 1,745 | (7,933) | (598) | ||||||||
Adjusted Earnings [A] | 7,950 | (2,852) | 4,452 | ||||||||
Adjusted EBITDA (CCS basis) [A] | 27,358 | 13,247 | 27,034 | ||||||||
Capital expenditure | 6,378 | 6,911 | 10,003 | ||||||||
Cash capital expenditure [A] | 6,269 | 7,296 | 10,205 | ||||||||
Oil and gas production available for sale (thousand boe/d) | 2,240 | 2,424 | 2,691 |
Crude oil and natural gas liquids (million barrels) | Synthetic crude oil (million barrels) | Bitumen (million barrels) | Natural gas (thousand million scf) | Total (million boe)[A] | |||||||||||||
Shell subsidiaries | |||||||||||||||||
Increase/(decrease) in 2021: | |||||||||||||||||
Revisions and reclassifications | 597 | (90) | — | 3,391 | 1,091 | ||||||||||||
Improved recovery | 30 | — | — | 9 | 31 | ||||||||||||
Extensions and discoveries | 175 | — | — | 1,477 | 430 | ||||||||||||
Purchases and sales of minerals in place | (165) | — | — | (383) | (230) | ||||||||||||
Total before taking production into account | 637 | (90) | — | 4,494 | 1,322 | ||||||||||||
Production [B] | (578) | (21) | — | (2,831) | (1,088) | ||||||||||||
Total | 59 | (111) | — | 1,663 | 234 | ||||||||||||
At January 1, 2021 | 3,761 | 644 | — | 22,132 | 8,222 | ||||||||||||
At December 31, 2021 | 3,820 | 533 | — | 23,795 | 8,456 | ||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||
Increase/(decrease) in 2021: | |||||||||||||||||
Revisions and reclassifications | 46 | — | — | 577 | 146 | ||||||||||||
Improved recovery | — | — | — | — | — | ||||||||||||
Extensions and discoveries | 2 | — | — | 2 | 2 | ||||||||||||
Purchases and sales of minerals in place | — | — | — | — | — | ||||||||||||
Total before taking production into account | 48 | — | — | 579 | 148 | ||||||||||||
Production [C] | (36) | — | — | (612) | (141) | ||||||||||||
Total | 12 | — | — | (33) | 7 | ||||||||||||
At January 1, 2021 | 216 | — | — | 3,982 | 902 | ||||||||||||
At December 31, 2021 | 228 | — | — | 3,949 | 909 | ||||||||||||
Total | |||||||||||||||||
Increase/(decrease) before taking production into account | 685 | (90) | — | 5,073 | 1,470 | ||||||||||||
Production | (614) | (21) | — | (3,443) | (1,229) | ||||||||||||
Increase/(decrease) | 71 | (111) | — | 1,630 | 241 | ||||||||||||
At January 1, 2021 | 3,977 | 644 | — | 26,114 | 9,124 | ||||||||||||
At December 31, 2021 | 4,048 | 533 | — | 27,744 | 9,365 | ||||||||||||
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31, 2021 | — | 267 | — | — | 267 |
Based on average prices for 2021 | ||||||||||||||
Crude oil and natural gas liquids (million barrels) | Natural gas (thousand million scf) | Synthetic crude oil (million barrels) | Total (million boe)[A] | |||||||||||
Proved developed | ||||||||||||||
Europe | 146 | 2,797 | — | 628 | ||||||||||
Asia | 1,545 | 11,886 | — | 3,594 | ||||||||||
Oceania | 71 | 4,162 | — | 789 | ||||||||||
Africa | 218 | 981 | — | 387 | ||||||||||
North America | ||||||||||||||
USA | 397 | 373 | — | 461 | ||||||||||
Canada | 2 | 756 | 533 | 667 | ||||||||||
South America | 790 | 1,306 | — | 1,015 | ||||||||||
Total proved developed | 3,169 | 22,261 | 533 | 7,541 | ||||||||||
Proved undeveloped | ||||||||||||||
Europe | 68 | 506 | — | 155 | ||||||||||
Asia | 193 | 1,247 | — | 408 | ||||||||||
Oceania | 9 | 1,218 | — | 219 | ||||||||||
Africa | 47 | 1,035 | — | 225 | ||||||||||
North America | ||||||||||||||
USA | 213 | 242 | — | 255 | ||||||||||
Canada | 3 | 783 | — | 138 | ||||||||||
South America | 346 | 452 | — | 424 | ||||||||||
Total proved undeveloped | 879 | 5,483 | — | 1,824 | ||||||||||
Total proved developed and undeveloped | ||||||||||||||
Europe | 214 | 3,303 | — | 783 | ||||||||||
Asia | 1,738 | 13,133 | — | 4,002 | ||||||||||
Oceania | 80 | 5,380 | — | 1,008 | ||||||||||
Africa | 265 | 2,016 | — | 612 | ||||||||||
North America | ||||||||||||||
USA | 610 | 615 | — | 716 | ||||||||||
Canada | 5 | 1,539 | 533 | 805 | ||||||||||
South America | 1,136 | 1,758 | — | 1,439 | ||||||||||
Total | 4,048 | 27,744 | 533 | 9,365 | ||||||||||
Reserves attributable to non-controlling interest in Shell subsidiaries | — | — | 267 | 267 |
Exploration | Development and/or Production | Shell operator [B] | |||||||||
Europe | |||||||||||
Albania | ● | ● | ● | ||||||||
Cyprus | ● | ||||||||||
Germany | ● | ● | |||||||||
Italy | ● | ||||||||||
Netherlands | ● | ● | |||||||||
Norway | ● | ● | ● | ||||||||
UK | ● | ● | ● | ||||||||
Asia | |||||||||||
Brunei | ● | ● | ● | ||||||||
China | ● | ● | |||||||||
Indonesia | ● | ||||||||||
Kazakhstan | ● | ● | |||||||||
Malaysia | ● | ● | ● | ||||||||
Oman | ● | ● | ● | ||||||||
Philippines | ● | ● | ● | ||||||||
Qatar | ● | ● | |||||||||
Russia | ● | ● | |||||||||
Turkey | ● | ● | |||||||||
Oceania | |||||||||||
Australia | ● | ● | ● | ||||||||
Africa | |||||||||||
Egypt | ● | ● | ● | ||||||||
Mauritania | ● | ● | |||||||||
Namibia | ● | ● | |||||||||
Nigeria | ● | ● | ● | ||||||||
Sao Tome and Principe | ● | ||||||||||
South Africa | ● | ● | |||||||||
Tanzania | ● | ● | |||||||||
Tunisia | ● | ● | |||||||||
North America | |||||||||||
Mexico | ● | ● | |||||||||
USA | ● | ● | ● | ||||||||
Canada | ● | ● | ● | ||||||||
South America | |||||||||||
Argentina | ● | ● | ● | ||||||||
Bolivia | ● | ||||||||||
Brazil | ● | ● | ● | ||||||||
Colombia | ● | ● | |||||||||
Suriname | ● | ● | |||||||||
Trinidad & Tobago | ● | ● | ● | ||||||||
Uruguay | ● | ● |
Thousand barrels | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||
Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | |||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Denmark | — | — | — | — | 7,490 | — | ||||||||||||||||||||
Italy | 9,677 | — | 11,342 | — | 9,747 | — | ||||||||||||||||||||
Norway | 4,878 | — | 6,914 | — | 7,025 | — | ||||||||||||||||||||
UK | 25,554 | — | 30,061 | — | 30,677 | — | ||||||||||||||||||||
Other [B] | 578 | 1,205 | 609 | 1,084 | 723 | 1,135 | ||||||||||||||||||||
Total Europe | 40,687 | 1,205 | 48,926 | 1,084 | 55,662 | 1,135 | ||||||||||||||||||||
Asia | ||||||||||||||||||||||||||
Brunei | 1,076 | 17,894 | 387 | 17,094 | 196 | 20,002 | ||||||||||||||||||||
Kazakhstan | 35,592 | — | 37,769 | — | 34,269 | — | ||||||||||||||||||||
Malaysia | 17,983 | — | 18,494 | — | 21,993 | — | ||||||||||||||||||||
Oman | 78,745 | — | 74,854 | — | 76,493 | — | ||||||||||||||||||||
Russia | 21,012 | 7,769 | 20,816 | 9,050 | 22,442 | 9,413 | ||||||||||||||||||||
Other [B] | 30,061 | 7,548 | 30,101 | 7,629 | 28,796 | 7,709 | ||||||||||||||||||||
Total Asia | 184,469 | 33,211 | 182,421 | 33,773 | 184,189 | 37,124 | ||||||||||||||||||||
Total Oceania [B] | 11,844 | — | 7,416 | — | 10,058 | — | ||||||||||||||||||||
Africa | ||||||||||||||||||||||||||
Nigeria | 35,911 | — | 48,620 | — | 56,589 | — | ||||||||||||||||||||
Other [B] | 5,540 | — | 8,485 | — | 7,802 | — | ||||||||||||||||||||
Total Africa | 41,451 | — | 57,105 | — | 64,391 | — | ||||||||||||||||||||
North America | ||||||||||||||||||||||||||
USA | 164,811 | — | 165,169 | — | 171,204 | — | ||||||||||||||||||||
Canada | 2,640 | — | 8,128 | — | 11,506 | — | ||||||||||||||||||||
Total North America | 167,451 | — | 173,297 | — | 182,710 | — | ||||||||||||||||||||
South America | ||||||||||||||||||||||||||
Brazil | 126,566 | — | 131,339 | — | 126,366 | — | ||||||||||||||||||||
Other [B] | 6,456 | 1,566 | 5,072 | 729 | 3,900 | — | ||||||||||||||||||||
Total South America | 133,022 | 1,566 | 136,411 | 729 | 130,266 | — | ||||||||||||||||||||
Total | 578,924 | 35,982 | 605,576 | 35,586 | 627,276 | 38,259 |
Thousand barrels | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Shell subsidiaries | Shell subsidiaries | Shell subsidiaries | |||||||||||||||
North America - Canada | 19,891 | 18,920 | 19,076 |
Million standard cubic feet | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||
Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | |||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Denmark | — | — | — | — | 24,433 | — | ||||||||||||||||||||
Germany | 36,798 | — | 35,918 | — | 41,846 | — | ||||||||||||||||||||
Netherlands | — | 159,107 | — | 131,648 | — | 244,286 | ||||||||||||||||||||
Norway | 178,577 | — | 187,627 | — | 182,683 | — | ||||||||||||||||||||
UK | 49,128 | — | 65,012 | — | 62,174 | — | ||||||||||||||||||||
Other [B] | 10,329 | — | 13,005 | — | 15,062 | — | ||||||||||||||||||||
Total Europe | 274,832 | 159,107 | 301,562 | 131,648 | 326,198 | 244,286 | ||||||||||||||||||||
Asia | ||||||||||||||||||||||||||
Brunei | 17,989 | 147,865 | 21,025 | 159,846 | 22,185 | 160,648 | ||||||||||||||||||||
China | 55,967 | — | 46,750 | — | 44,510 | — | ||||||||||||||||||||
Kazakhstan | 72,176 | — | 86,999 | — | 84,499 | — | ||||||||||||||||||||
Malaysia | 193,871 | — | 226,791 | — | 226,277 | — | ||||||||||||||||||||
Philippines | 34,361 | — | 40,549 | — | 44,374 | — | ||||||||||||||||||||
Russia | 4,113 | 125,973 | 4,301 | 142,418 | 4,563 | 134,807 | ||||||||||||||||||||
Other [B] | 413,382 | 118,397 | 411,979 | 118,153 | 407,899 | 118,253 | ||||||||||||||||||||
Total Asia | 791,859 | 392,235 | 838,394 | 420,417 | 834,307 | 413,708 | ||||||||||||||||||||
Oceania | ||||||||||||||||||||||||||
Australia | 696,562 | 19,272 | 633,580 | 20,646 | 686,956 | 20,840 | ||||||||||||||||||||
Total Oceania | 696,562 | 19,272 | 633,580 | 20,646 | 686,956 | 20,840 | ||||||||||||||||||||
Africa | ||||||||||||||||||||||||||
Egypt | 86,348 | — | 104,946 | — | 92,169 | — | ||||||||||||||||||||
Nigeria | 161,916 | — | 190,982 | — | 234,332 | — | ||||||||||||||||||||
Other [B] | 23,473 | — | 27,438 | — | 30,266 | — | ||||||||||||||||||||
Total Africa | 271,737 | — | 323,366 | — | 356,767 | — | ||||||||||||||||||||
North America | ||||||||||||||||||||||||||
USA | 198,578 | — | 255,383 | — | 389,130 | — | ||||||||||||||||||||
Canada | 116,423 | — | 164,451 | — | 220,005 | — | ||||||||||||||||||||
Total North America | 315,001 | — | 419,834 | — | 609,135 | — | ||||||||||||||||||||
South America | ||||||||||||||||||||||||||
Bolivia | 45,214 | — | 45,015 | — | 48,501 | — | ||||||||||||||||||||
Brazil | 72,107 | — | 73,914 | — | 78,526 | — | ||||||||||||||||||||
Trinidad and Tobago | 121,411 | — | 141,576 | — | 159,698 | — | ||||||||||||||||||||
Other [B] | 11,006 | 393 | 9,609 | 830 | 8,662 | — | ||||||||||||||||||||
Total South America | 249,738 | 393 | 270,114 | 830 | 295,387 | — | ||||||||||||||||||||
Total | 2,599,729 | 571,007 | 2,786,850 | 573,541 | 3,108,750 | 678,834 |
$/barrel | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||
Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | |||||||||||||||||||||
Europe | 68.30 | 64.18 | 39.51 | 39.05 | 65.11 | 58.08 | ||||||||||||||||||||
Asia | 63.82 | 70.09 | 38.73 | 42.51 | 58.16 | 65.25 | ||||||||||||||||||||
Oceania | 63.56 | — | 21.29 | — | 51.51 | — | ||||||||||||||||||||
Africa | 70.89 | — | 41.23 | — | 65.39 | — | ||||||||||||||||||||
North America - USA | 62.75 | — | 34.17 | — | 54.56 | — | ||||||||||||||||||||
North America - Canada | 46.58 | — | 27.17 | — | 36.61 | — | ||||||||||||||||||||
South America | 64.28 | 56.91 | 36.01 | 37.28 | 56.68 | — | ||||||||||||||||||||
Total | 64.28 | 69.34 | 36.72 | 42.31 | 57.56 | 65.05 |
$/barrel | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Shell subsidiaries | Shell subsidiaries | Shell subsidiaries | |||||||||||||||
North America - Canada | 60.11 | 31.13 | 50.27 |
$/thousand scf | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | |||||||||||||||||||||||||||
Europe | 10.71 | 9.86 | 3.66 | 3.76 | 5.59 | 4.95 | ||||||||||||||||||||||||||
Asia | 2.54 | 6.91 | 1.88 | [A] | 4.19 | 2.66 | 6.34 | |||||||||||||||||||||||||
Oceania | 7.74 | 4.04 | 5.95 | [A] | 3.15 | 7.83 | [A] | 3.91 | ||||||||||||||||||||||||
Africa | 3.43 | — | 2.55 | — | 2.92 | — | ||||||||||||||||||||||||||
North America - USA | 4.40 | — | 1.72 | — | 2.27 | — | ||||||||||||||||||||||||||
North America - Canada | 2.70 | — | 1.61 | — | 1.37 | — | ||||||||||||||||||||||||||
South America | 4.04 | 1.82 | 1.35 | 1.90 | 2.33 | — | ||||||||||||||||||||||||||
Total | 5.39 | 7.60 | 2.99 | [A] | 4.06 | 3.95 | 5.80 |
$/boe | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | Shell subsidiaries | Shell share of joint ventures and associates | ||||||||||||||||||||||||
Europe | 21.48 | 8.59 | 20.05 | [B] | 11.44 | 14.14 | 5.76 | ||||||||||||||||||||||
Asia | 5.66 | 7.64 | 5.54 | 6.83 | 6.30 | 6.17 | |||||||||||||||||||||||
Oceania | 9.26 | 24.68 | 8.92 | 20.23 | 9.17 | 24.49 | |||||||||||||||||||||||
Africa | 11.47 | — | 9.43 | — | 8.44 | — | |||||||||||||||||||||||
North America - USA | 10.88 | — | 12.50 | — | 11.78 | — | |||||||||||||||||||||||
North America - Canada | 10.64 | — | 10.52 | — | 11.88 | — | |||||||||||||||||||||||
South America | 5.80 | 5.51 | 5.18 | [B] | 9.18 | [B] | 6.33 | [B] | — | ||||||||||||||||||||
Total | 9.12 | 8.23 | 9.10 | [B] | 8.02 | [B] | 8.95 | 6.48 |
$/barrel | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Shell subsidiaries | Shell subsidiaries | Shell subsidiaries | |||||||||||||||
North America - Canada | 18.87 | 18.28 | 19.29 |
$ million, except where indicated | |||||||||||
2021 | 2020 | 2019 | |||||||||
Segment earnings/(loss) [A] | 2,664 | (494) | 6,139 | ||||||||
Including: | |||||||||||
Revenue (including inter-segment sales) | 194,734 | 134,930 | 288,279 | ||||||||
Share of profit of joint ventures and associates | 765 | 988 | 1,179 | ||||||||
Interest and other income | 328 | (93) | 273 | ||||||||
Operating expenses [B] | 14,376 | 13,511 | 15,730 | ||||||||
Underlying operating expenses [B] | 14,272 | 12,970 | 15,590 | ||||||||
Depreciation, depletion and amortisation | 5,657 | 10,473 | 4,461 | ||||||||
Taxation charge/(credit) | 751 | (898) | 1,319 | ||||||||
Identified Items [B] | (1,280) | (6,489) | (93) | ||||||||
Adjusted Earnings [B] | 3,944 | 5,995 | 6,231 | ||||||||
Adjusted EBITDA (CCS basis) [B] | 8,821 | 10,421 | 11,779 | ||||||||
Capital expenditure | 3,705 | 3,236 | 4,654 | ||||||||
Cash capital expenditure [B] | 3,868 | 3,328 | 4,907 | ||||||||
Refinery utilisation (%) | 72 | 72 | 78 | ||||||||
Refinery processing intake (thousand b/d) | 1,639 | 2,063 | 2,564 | ||||||||
Oil Products sales volumes (thousand b/d) | 4,459 | 4,710 | 6,561 |
Thousand b/d | |||||||||||
2021 | 2020 | 2019 | |||||||||
Europe | |||||||||||
Retail | 360 | 344 | 410 | ||||||||
Lubricants | 17 | 15 | 16 | ||||||||
Other Marketing | 120 | 107 | 178 | ||||||||
Refining & Trading | 426 | 472 | 1,183 | ||||||||
Total | 923 | 938 | 1,787 | ||||||||
Asia | |||||||||||
Retail | 512 | 475 | 535 | ||||||||
Lubricants | 46 | 35 | 36 | ||||||||
Other Marketing | 103 | 106 | 169 | ||||||||
Refining & Trading | 870 | 974 | 1,260 | ||||||||
Total | 1,531 | 1,590 | 2,000 | ||||||||
Africa | |||||||||||
Retail | 45 | 40 | 45 | ||||||||
Lubricants | 3 | 3 | 3 | ||||||||
Other Marketing | 7 | 7 | 11 | ||||||||
Refining & Trading | 47 | 70 | 78 | ||||||||
Total | 102 | 120 | 137 | ||||||||
Americas | |||||||||||
Retail | 828 | 782 | 924 | ||||||||
Lubricants | 25 | 24 | 27 | ||||||||
Other Marketing | 367 | 338 | 450 | ||||||||
Refining & Trading | 683 | 918 | 1,236 | ||||||||
Total | 1,903 | 2,062 | 2,637 | ||||||||
Total product sales [C][D] | |||||||||||
Retail | 1,745 | 1,641 | 1,914 | ||||||||
Lubricants | 91 | 77 | 82 | ||||||||
Other Marketing | 597 | 558 | 808 | ||||||||
Refining & Trading | 2,026 | 2,434 | 3,757 | ||||||||
Total | 4,459 | 4,710 | 6,561 |
2021 | 2020 | 2019 | |||||||||
Europe | 8,178 | 8,071 | 7,978 | ||||||||
Asia [B] | 10,753 | 10,387 | 10,138 | ||||||||
Oceania [B] | 1,060 | 1,071 | 1,038 | ||||||||
Africa | 2,724 | 2,622 | 2,494 | ||||||||
Americas [C] | 23,305 | 23,461 | 23,021 | ||||||||
Total | 46,020 | 45,612 | 44,669 |
$/barrel | |||||||||||
2021 | 2020 | 2019 | |||||||||
Total | 60.51 | 35.03 | 54.97 |
Thousand b/stream day [B] | |||||||||||
2021 | 2020 | 2019 | |||||||||
Europe | 1,023 | 1,059 | 1,057 | ||||||||
Asia | 307 | 573 | 767 | ||||||||
Africa | 90 | 90 | 90 | ||||||||
Americas | 729 | 1,028 | 1,171 | ||||||||
Total | 2,149 | 2,750 | 3,085 |
Thousand b/d | |||||||||||
2021 | 2020 | 2019 | |||||||||
Europe | 761 | 810 | 829 | ||||||||
Asia | 223 | 292 | 498 | ||||||||
Africa | 57 | 54 | 55 | ||||||||
Americas | 455 | 719 | 1,004 | ||||||||
Total | 1,496 | 1,875 | 2,386 |
Thousand b/d | |||||||||||
2021 | 2020 | 2019 | |||||||||
Crude oil | 1,496 | 1,876 | 2,342 | ||||||||
Feedstocks | 143 | 187 | 222 | ||||||||
Total | 1,639 | 2,063 | 2,564 | ||||||||
Europe | 806 | 854 | 875 | ||||||||
Asia | 225 | 302 | 517 | ||||||||
Africa | 57 | 54 | 55 | ||||||||
Americas | 551 | 853 | 1,117 | ||||||||
Total | 1,639 | 2,063 | 2,564 |
Thousand b/d | |||||||||||
2021 | 2020 | 2019 | |||||||||
Gasolines | 624 | 771 | 952 | ||||||||
Kerosines | 141 | 158 | 417 | ||||||||
Gas/Diesel oils | 611 | 774 | 818 | ||||||||
Fuel oil | 108 | 140 | 223 | ||||||||
Other | 258 | 279 | 282 | ||||||||
Total | 1,742 | 2,122 | 2,692 |
Thousand barrels/stream day, 100% capacity [B] | |||||||||||||||||||||||
Location | Asset class | Shell interest (%) [A] | Crude distillation capacity | Thermal cracking/ visbreaking/ coking | Catalytic cracking | Hydro- cracking | |||||||||||||||||
Europe | |||||||||||||||||||||||
Germany | Miro [C] | 32 | 313 | 40 | 96 | — | |||||||||||||||||
Rheinland | ■• | 100 | 354 | 49 | — | 90 | |||||||||||||||||
Schwedt [C] | 38 | 233 | 45 | 59 | — | ||||||||||||||||||
Netherlands | Pernis | ■• | 100 | 444 | — | 53 | 104 | ||||||||||||||||
Asia | |||||||||||||||||||||||
Singapore | Pulau Bukom | ■• | 100 | 307 | 55 | — | 61 | ||||||||||||||||
Africa | |||||||||||||||||||||||
South Africa | Durban [C] | ◆ | 36 | 180 | 25 | 37 | — | ||||||||||||||||
Americas | |||||||||||||||||||||||
Argentina | Buenos Aires [C] | •◆ | 44 | 108 | 20 | 22 | — | ||||||||||||||||
Canada | |||||||||||||||||||||||
Alberta | Scotford | ◆ | 100 | 100 | — | — | 83 | ||||||||||||||||
Ontario | Sarnia | ◆ | 100 | 85 | 5 | 21 | 10 | ||||||||||||||||
USA | |||||||||||||||||||||||
Louisiana | Norco | ■ | 100 | 250 | 29 | 119 | 44 | ||||||||||||||||
Texas | Deer Park [D] | ■• | 50 | 340 | 96 | 75 | 60 | ||||||||||||||||
$ million, except where indicated | |||||||||||
2021 | 2020 | 2019 | |||||||||
Segment earnings [A] | 1,390 | 808 | 478 | ||||||||
Including: | |||||||||||
Revenue (including inter-segment sales) | 23,355 | 14,571 | 17,485 | ||||||||
Share of profit of joint ventures and associates | 609 | 567 | 546 | ||||||||
Interest and other income | (14) | — | (7) | ||||||||
Operating expenses [B] | 3,335 | 3,235 | 3,430 | ||||||||
Underlying operating expenses [B] | 3,256 | 3,035 | 3,104 | ||||||||
Depreciation, depletion and amortisation | 1,520 | 1,116 | 1,074 | ||||||||
Taxation charge/(credit) | (41) | 7 | (2) | ||||||||
Identified Items [B] | (364) | (154) | (263) | ||||||||
Adjusted Earnings [B] | 1,753 | 962 | 741 | ||||||||
Adjusted EBITDA (CCS basis) [B] | 2,959 | 2,131 | 1,891 | ||||||||
Capital expenditure | 3,504 | 2,608 | 4,068 | ||||||||
Cash capital expenditure [B] | 3,573 | 2,640 | 4,090 | ||||||||
Chemical plant utilisation (%) | 78 | 80 | 76 | ||||||||
Chemicals sales volumes (thousand tonnes) | 14,216 | 15,036 | 15,223 |
Thousand tonnes/year | |||||||||||
2021 | 2020 | 2019 | |||||||||
Europe | 1,726 | 1,701 | 1,701 | ||||||||
Asia | 2,542 | 2,530 | 2,530 | ||||||||
Americas | 2,321 | 2,268 | 2,268 | ||||||||
Total | 6,589 | 6,499 | 6,499 |
Thousand tonnes/year | |||||||||||
2021 | 2020 | 2019 | |||||||||
Europe | |||||||||||
Base chemicals | 3,883 | 3,490 | 3,666 | ||||||||
Intermediates and other chemicals products | 2,076 | 1,990 | 1,872 | ||||||||
Total | 5,959 | 5,480 | 5,538 | ||||||||
Asia | |||||||||||
Base chemicals | 1,354 | 1,192 | 1,057 | ||||||||
Intermediates and other chemicals products | 2,656 | 2,969 | 2,848 | ||||||||
Total | 4,010 | 4,161 | 3,905 | ||||||||
Americas | |||||||||||
Base chemicals | 1,984 | 2,936 | 3,261 | ||||||||
Intermediates and other chemicals products | 2,263 | 2,459 | 2,519 | ||||||||
Total | 4,247 | 5,395 | 5,780 | ||||||||
Total product sales | |||||||||||
Base chemicals | 7,221 | 7,618 | 7,984 | ||||||||
Intermediates and other chemicals products | 6,995 | 7,418 | 7,239 | ||||||||
Total | 14,216 | 15,036 | 15,223 |
Thousand tonnes/year, Shell share capacity [B] | ||||||||||||||||||||
Location | Ethylene | Styrene monomer | Ethylene glycol | Higher olefins [C] | Additional products | |||||||||||||||
Europe | ||||||||||||||||||||
Germany | Rheinland | 340 | — | — | — | A | ||||||||||||||
Netherlands | Moerdijk | 971 | 815 | 153 | — | A, I | ||||||||||||||
UK | Mossmorran [D] | 415 | — | — | — | 0 | ||||||||||||||
Asia | ||||||||||||||||||||
China | Nanhai [D] | 1,100 | 645 | 415 | — | A, I, P | ||||||||||||||
Singapore | Jurong Island [E] | 281 | 1,069 | 1,081 | — | A, I, P, O | ||||||||||||||
Pulau Bukom | 1,161 | — | — | — | A, I | |||||||||||||||
Americas | ||||||||||||||||||||
Canada | Scotford | — | 475 | 461 | — | A, I | ||||||||||||||
USA | Deer Park | 889 | — | — | — | A, I | ||||||||||||||
Geismar | — | — | 400 | 1,390 | I | |||||||||||||||
Norco | 1,432 | — | — | — | A | |||||||||||||||
Total | 6,589 | 3,004 | 2,510 | 1,390 |
Location | Products | |||||||
Europe | ||||||||
Germany | Karlsruhe | A | ||||||
Schwedt | A | |||||||
Netherlands | Rotterdam | A, I, O | ||||||
Americas | ||||||||
Argentina | Buenos Aires | I | ||||||
Canada | Sarnia | A, I | ||||||
USA | Mobile | A | ||||||
Puget Sound | I |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Segment earnings | (2,606) | (2,952) | (3,273) | ||||||||
Comprising: | |||||||||||
Net interest [A] | (2,701) | (2,991) | (3,080) | ||||||||
Taxation and other [B] | 96 | 39 | (194) | ||||||||
Identified Items | 81 | 460 | 109 | ||||||||
Adjusted Earnings | (2,686) | (3,412) | (3,383) |
Climate performance and remuneration Climate-related key performance indicators were considered as part of the 2021 annual bonus scorecard (15% weighting) for almost all of Shell’s employees, as well as the 2021 Performance Share Plan (PSP) awards (10% weighting) and the 2021 Long-term Incentive Plan (20% weighting, vesting in 2023) for senior executives. See "Directors' Remuneration Report" on pages 156-160 for further information. |
Carbon Management Framework | ||
In 2021, we worked on augmenting our comprehensive Carbon Management Framework (CMF). The CMF seeks to implement an approach to managing and reducing our emissions that is similar to how we use our financial framework. This helps to ensure that management considers carbon emissions when making decisions. The CMF helps set carbon budgets in our operating plan. For the 2021 operating plan cycle, our net carbon intensity (NCI) targets were translated into Scope 1, 2 and 3 (see definition below) carbon budgets for each business. These were used as boundaries for optimising each business’ operating plan. As a result, the CMF makes it easier to assess the trade-offs between emitting carbon and generating value. This helps to inform portfolio decisions. Some examples of how our decarbonisation targets are taken into account in fundamental decisions across the organisation are as follows: •Our businesses further embedded carbon emissions objectives in their individual business units' Capital, Portfolio and Carbon forums. The forums consist of the most senior business management representatives who are responsible for active portfolio management through evaluation, and delivery of growth and divestment decisions. •Certain assets are required to identify GHG abatement opportunities and reflect them in their annual business plans. Definition – Scope 1, 2 and 3 emissions We follow the GHG Protocol’s Corporate Accounting and Reporting Standard, which defines three scopes of GHG emissions: •Scope 1: direct GHG emissions from sources that are owned or controlled by Shell. •Scope 2: indirect GHG emissions from generation of purchased energy consumed by Shell. •Scope 3: other indirect GHG emissions, including emissions associated with the use of energy products sold by Shell. |
Carbon pricing | |||||
To assess the resilience of new projects we consider the potential costs associated with operational GHG emissions. We have developed country-specific short-medium and long-term estimates of future costs of carbon which are reviewed and updated annually. In 2021, we increased the expected cost of carbon, so by 2050, in real terms our cost of carbon estimates for all countries increased to between $125 and $200 per tonne of GHG emissions. The process for developing our cost of carbon estimates uses short-term policy outlooks and long-term scenario forecasts. We believe our estimates appropriately reflect society’s current implementation of the Paris Agreement. Unfortunately, however, society is not yet on track to meet the goals of the Paris Agreement. Shell will continue to update the cost of carbon estimates to take account of changes in the economic environment and pace of energy transition. |
Greenhouse gas and energy management | |||||
Each Shell entity and Shell-operated venture is responsible for the development of their GHG and energy management plans. In 2021, we updated our Greenhouse Gas and Energy Management standard. It is part of both our health, safety, security, environment, and social performance (HSSE & SP) Control Framework, and Asset Management System. This update streamlines accountabilities for GHG and energy management within businesses, assets and projects, tightening the process for analysing our emissions, benchmarking performance, identifying improvement opportunities, and forecasting future performance. Shell's GHG and energy management process is integrated into our annual business planning cycles to provide leadership with the robust information required to make decisions on GHG reduction opportunities and portfolio choices required to achieve our decarbonisation targets. We also created the position of a Global Process Owner for GHG and energy management within our Safety, Environment and Carbon, and Asset Management (SEAM) organisation. The Global Process Owner is responsible for working across Shell businesses to ensure the GHG and energy management requirements are adopted and embedded in business operations, planning, and performance management processes. The Global Process Owner also facilitates the ongoing improvement of processes, tools, communications, and capabilities needed within the businesses to achieve our decarbonisation aspirations. |
Our strategy aims to support the ambitious goal of the Paris Agreement | ||
Tackling climate change is an urgent challenge. It requires a fundamental transformation of the global economy and the energy system so that society stops adding to the total amount of greenhouse gases in the atmosphere, achieving what is known as net-zero emissions. That is why Shell has set a target to become a net-zero emissions energy business by 2050, in step with society’s progress in achieving the goal of the Paris Agreement on climate change. There is no established standard for aligning an energy supplier’s decarbonisation targets with the temperature limit goal of the Paris Agreement. In the absence of a broadly accepted standard, we developed our own approach to demonstrate Paris alignment by setting carbon intensity targets using a pathway derived from the Intergovernmental Panel on Climate Change (IPCC) scenarios aligned with the Paris Agreement's goal. We believe our NCI and absolute emissions targets support the more ambitious goal of the Paris Agreement: to limit the increase in the average global temperature to 1.5 degrees Celsius above pre-industrial levels. It is aligned with the findings of the IPCC which concluded that the world must reach net-zero carbon emissions by around 2050 to limit global warming to 1.5 degrees Celsius and avoid the worst effects of climate change. We determined our targets using scenarios taken from a database developed for the IPCC Special Report on Global Warming of 1.5°C. We filtered out certain outlying IPCC scenarios to ensure that Shell’s targets are aligned with earlier action, and low-overshoot scenarios. Overshoot refers to the extent to which a scenario exceeds an emissions budget and subsequently relies on sinks to compensate for the excess emissions. Becoming a net-zero emissions energy business means that we are reducing emissions from our operations, and from the fuels and other energy products such as electricity that we sell to our customers. It also means capturing and storing any remaining emissions using technology, protecting natural carbon sinks, and providing high quality nature-based solutions to our customers to offset unavoidable emissions. Increasing numbers of countries and companies have announced targets to achieve net-zero emissions by the middle of the century, and we are starting to see some changes in the demand and supply of energy. Achieving the 1.5 degrees Celsius goal will be challenging and require unprecedented global collaboration. The pace of change will also vary around the world. |
CLIMATE-RELATED COMMERCIAL RISK ▪The transition to a low-carbon economy may lead to lower sales volumes and/or margins due to a general reduction or elimination of demand for oil and gas products, possibly resulting in under-utilised or stranded oil and gas assets and a failure to secure new opportunities. ▪Changing preferences of investors and financial institutions could reduce access to and increase the cost of capital. | Relevant time horizon: medium and long | |||||||
Potential material impacts on the organisation | ||||||||
Lower demand and margins for oil and gas products Changing customer sentiment towards renewable and sustainable energy products may reduce demand for our oil and gas products. An excess of supply over demand could reduce fossil fuel prices. This could be a factor contributing to additional provisions for our assets and result in lower earnings, cancelled projects and potential impairment of certain assets | Changing preferences of investors and financial institutions Financial institutions are increasingly aligning their portfolios to a low-carbon and net-zero world, driven by both regulatory and broader stakeholder pressures. A failure to decarbonise the business portfolios in line with investor and lender expectations could have a material adverse effect on our ability to use financing for these types of future projects. This could also adversely affect our potential partners’ ability to finance their portion of costs, either through equity or debt. | Remaining in step with the pace and extent of the energy transition The energy transition provides us with significant opportunities, as described in the “Transition opportunities” below. If we fail to stay in step with the pace and extent of change or customer and other stakeholders’ demand for low-carbon products, this could adversely affect our reputation and future earnings. If we move much faster than society, we risk investing in technologies, markets or low-carbon products that are unsuccessful, therefore we cannot transition too quickly or we will be trying to sell products that customers do not want. This could also have a material adverse effect on financial results. Our short-term remuneration targets are not conditioned by society’s progress towards net zero. However, our 2050 net zero target is conditioned by society’s progress as there is significant risk that Shell will not be able to meet its net-zero target if society is not net zero. |
CLIMATE-RELATED OPPORTUNITIES The transition to a low-carbon economy also brings significant opportunities for us to benefit from changing customer demands, given our position as a leading global energy provider. | Relevant time horizon: short, medium, and long | |||||||
Potential material impacts on the organisation | ||||||||
As the global energy mix changes, our current infrastructure, know-how and global footprint put us in an ideal position to service the changing energy demands of the market. Our research and development (R&D) activities are key to achieving our net-zero emissions target. As we shift from an asset-based to a customer-focused business model our current key focus areas for seizing this opportunity are: 1. Renewables and Energy Solutions This encompasses our wind, solar, hydrogen, electric vehicle charging, nature-based solutions, and carbon capture and storage businesses. Electricity generated by wind and solar power plays a direct role in reducing emissions in passenger transport and parts of industry. It can also be used to create hydrogen. We expect hydrogen to present a business opportunity for heavy-duty road freight over a shorter time horizon and within shipping, industry and, possibly, aviation, over a longer time horizon. Hydrogen also has the potential to become a material part of Shell’s business-to-business (B2B) operations, as heavy industry begins to transition away from energy sourced from hydrocarbons. | 2. Biofuels Shell and our joint venture Raízen (Shell interest 44%, not operated by Shell) are together one of the world’s largest blenders and distributors of biofuels . Shell plans to continue to invest in and increase the production of these low-carbon fuels. Our low-carbon fuels projects and operations around the world form part of a wider commitment to provide a range of energy choices for customers. For example, we believe that sustainable aviation fuels (SAF) provide the most effective way of removing emissions within the aviation sector, with wider adoption of SAF enabling us to provide more low-carbon fuels to our customers. Biofuels may also present opportunities in the shipping, road freight and other sectors. | 3. Natural gas Shifting from coal and oil to natural gas is one way for countries to take action as the world moves to a net-zero emissions future. It is a key component of the energy transition. Demand for liquefied natural gas (LNG) is expected to grow and we are a leading LNG supplier, with around 40 million tonnes of equity capacity. 4. Transforming refineries into energy and chemicals parks An important aim of our Powering Progress strategy is to transform refineries into energy and chemicals parks so that we can sell more low-carbon and sustainable products. |
Key financial and non-financial components of business planning | ||
The output of our annual business planning process is presented and approved by the Board. The plan contains operational and financial metrics, and its objective is to drive delivery of our Powering Progress strategy. Decarbonisation targets are key inputs of our business planning process. Each business owner offers viable Scope 1, 2 and 3 reduction opportunities as part of this process, in line with the Carbon Management Framework (CMF) (see page 76). The business plan is underpinned by assumptions about internal and external parameters. These assumptions are developed with input from our scenarios and internal estimates and outlooks. Some of the key assumptions relate to: ▪commodity prices; ▪refining margins; ▪production levels and product demand; ▪exchange rates; ▪future carbon costs; ▪the schedules of capital investment programmes; and ▪risks and opportunities that may have material impacts on free cash flow. The level of uncertainty around these assumptions increases over longer time horizons. |
Classifications of risks | ||
We identify and assess risks across the Group in terms of three distinct categories: ▪strategic risks: we consider current and future portfolio issues, examining parameters such as country concentration or exposure to higher-risk countries. We also consider long-range developments in order to test key assumptions or beliefs in relation to energy markets. ▪operational risks: we consider material operational exposures across Shell’s entire value chain which provides a more granular assessment of key risks that the organisation is facing. ▪conduct and culture risks: we consider alignment of our policies, practices and behaviours against our purpose and core values. The four sub-components of risk related to climate change and GHG emissions – commercial, regulatory, societal including litigation, and physical risk – are assessed using the above categories to ensure that we maintain strategic resilience, have robust day-to-day operational risk responses and that responses align with Shell’s purpose and core values. |
Project-level risk management in action | ||
During project development stages, we consider ways to reduce GHG emissions and whether to include them in the design. Measures considered and adopted in 2021 included: ▪flaring reduction: –Gbaran asset, Nigeria: improvement project including flare reduction and improved efficiency of power system; ▪CCS capabilities; ▪exclusion of high-intensity process equipment; ▪using renewable energy; and ▪electrification: –Timi, Malaysia: financial investment decision (FID) taken on fully electrified wellhead platform for gas production; –Linnorm, Norway: plan evolves full electrification of a gas production platform; currently past conceptual design phase and expected to take FID in 2022; and –F6 Vlap, Malaysia: conceptual planning completed, aimed at implementing an extension of existing platform with improved power production to reduce GHG intensity. The FID is expected in 2022. We also include considerations of potential physical climate change risks in the internal Design and Engineering Practice (DEP) requirements for new projects. |
Physical risk management in action | ||
In addition to the steps we are taking to manage climate-related risks and opportunities, we are also adapting to the changing physical risk environment. An example is: Port Fourchon Junction, USA, (comprising two Shell-operated ventures, with Shell interest of 75% in the Amberjack Pipeline Company and 71% in Mars Oil Pipeline Company). The Port Fourchon Junction facilities are located in the Mississippi Delta, one of the world's most vulnerable low-elevation coastal zones. These facilities are highly exposed to storm surge and wave-induced inundation under hurricanes which regularly visit the Gulf of Mexico. Another important factor is that the area experiences one of the largest rates of subsidence in the world, which, combined with sea level rise, could increase the site vulnerability in the coming decades. In 2021, Shell assessed the present and future scenarios of subsidence and sea level rise under extreme metocean conditions induced by hurricanes and their impact on Port Fourchon Junction. This led to a new project involving infrastructure changes. In 2021, it was developed past the conceptual design phase and is expected to take FID in 2022. The scope should allow for continued safe operations and accessibility to the location under different extreme circumstances which involves relocation of assets and raising all equipment as per metocean experts' recommendations. |
NCI reference year: 2016 (equity control boundary) | 2021 | 2020 | 2019 | 2016 | |||||||||||||
NCI [E] | gCO2e/MJ | 77 | 75 | 78 | 79 | ||||||||||||
Estimated total energy delivered by Shell [A] | trillion (10^12) MJ | 17.89 | 18.40 | 21.05 | 20.93 | ||||||||||||
Estimated total GHG emissions included in NCI (net) [B] | million tonnes CO2e | 1,375 | 1,384 | 1,646 | 1,645 | ||||||||||||
Carbon credits | million tonnes CO2e | 5.1 | 3.9 | 2.2 | 0.0 | ||||||||||||
Estimated total GHG emissions (gross) [C][D] | million tonnes CO2e | 1,381 | 1,388 | 1,648 | 1,645 |
Absolute emissions [D], [F] million tonnes of CO2e | Targets [E] | |||||||||||||||||||
Scope | 2016 | 2019 | 2020 | 2021 | Target 2030 | Target 2050 | ||||||||||||||
Scope 1 [A] | 72 | 70 | 63 | 60 | 50% reduction compared with 2016 levels on a net basis | 0 | ||||||||||||||
Scope 2 [B] | 11 | 10 | 8 | 8 | 0 | |||||||||||||||
Scope 3 [C] | 1,545 | 1,551 | 1,305 | 1,299 | No target | 0 |
2021 Target | 2021 Performance | 2021 Status | |||||||||
NCI reduction against 2016 reference year value of 79 grams of carbon dioxide equivalent per megajoule (gCO2e/MJ) | 2-3% | 77 | achieved |
2021 Target | 2021 Performance | 2021 Status | |||||||||
Growing a material power business | |||||||||||
New market entries for direct power sales to end customers | 2 | 1 | not achieved | ||||||||
Secure renewable power generation capacity options | |||||||||||
Options created for generation capacity | 5-10 GW | 25.6 GW | achieved | ||||||||
Post-FID capacity | 2 - 4 GW | 2.6 GW | achieved | ||||||||
Investment in energy access customers | $200m | $69m | not achieved | ||||||||
Commercialise advanced biofuels technology | |||||||||||
Technologies at TRL8 or Shell investment in a commercial scale advanced biofuels project | 1 | 2 | achieved | ||||||||
Develop emissions sinks | |||||||||||
FID on NBS origination projects verified by recognised carbon credit standards | 4-8 | 9 | achieved | ||||||||
FID on Carbon capture, utilisation and storage | 1 | 1 | achieved |
2021 Target | 2021 Performance | 2021 Status | |||||||||
Upstream and Integrated Gas tonnes CO2e/tonne of oil and gas available for sale (excluding Prelude floating liquefied natural gas (FLNG) facility) [A] | 0.152 | 0.17 | not achieved | ||||||||
Refining tonnes of CO2e as per Solomon's Utilised Equivalent Distillation Capacity (UEDCᵀᴹ) [A] | 1.03 | 1.05 | not achieved | ||||||||
Chemicals tonnes CO2e/tonne of high value chemicals [A] | 0.97 | 0.95 | achieved |
2021 Target | 2021 Performance | 2021 Status | |||||||||
Sustained emissions reductions from delivered GHG abatement projects in ktCO2e | 224 | 279 | achieved |
2021 | 2020 | 2019 | |||||||||
Total global direct (Scope 1) [A] | 60 | 63 | 70 | ||||||||
UK including offshore area [B] | 1.7 | 2 | 2.1 | ||||||||
Market-based | |||||||||||
Total global energy indirect (Scope 2) [C] | 8 | 8 | 10 | ||||||||
UK including offshore area | 0 | 0 | 0 | ||||||||
Location-based | |||||||||||
Total global energy indirect (Scope 2) [D] | 9 | 10 | 11 | ||||||||
UK including offshore area | 0.05 | 0.06 | 0.06 | ||||||||
Intensity ratio in tonnes per tonne | |||||||||||
Intensity ratio of all facilities [E] | 0.27 | 0.25 | 0.24 |
2021 | 2020 | 2019 | ||||||||||||
A | 8.1 Scope 1 - Direct GHG emissions [A] | 60 | 63 | 70 | ||||||||||
B | 8.2 Scope 2 - Energy Indirect GHG emissions [A] | 8 | 8 | 10 | ||||||||||
C=A+B | Total Scope 1 and 2 GHG emissions [A] | 68 | 71 | 80 | ||||||||||
D | 6.5 Total oil and gas production available for sale [B] | 128 | 149 | 166 | ||||||||||
E | 6.6 Refinery crude and feedstock processed [B] | 84 | 99 | 124 | ||||||||||
F | 6.3 Chemicals total production [B] | 25 | 26 | 24 | ||||||||||
G | 6.4 LNG production [B] | 10 | 8 | 9 | ||||||||||
H | 6.6 GTL production [B] | 6 | 6 | 6 | ||||||||||
I=D+E+F+G+H | Total Upstream, Integrated Gas and Downstream activity [B] | 253 | 288 | 329 | ||||||||||
J=C/I | GHG intensity ratio [C] | 0.27 | 0.25 | 0.24 |
2021 | 2020 [A] | 2019 | |||||||||
Own energy generated and consumed | |||||||||||
Total energy generated and consumed | 189 | 205 | 220 | ||||||||
UK including offshore area | 6.2 | 7.6 | 7.6 | ||||||||
Purchased and consumed energy | |||||||||||
Total purchased and consumed energy | 33 | 36 | 44 | ||||||||
UK including offshore area | 0.2 | 0.2 | 0.2 | ||||||||
Energy consumption | |||||||||||
Total energy consumed | 223 | 241 | 264 | ||||||||
UK including offshore area | 6.4 | 7.8 | 7.8 |
Biodiversity | |||||
•Our new projects in areas rich in biodiversity – critical habitats – will have a net positive impact on biodiversity, starting implementation in 2021. •Our nature-based solutions projects, which protect, transform or restore land, will have a net positive impact on biodiversity, starting implementation in 2021. •We will replant forests, achieving net-zero deforestation from new activities, while maintaining biodiversity and conservation value, starting implementation in 2022. | |||||
Circular economy and waste | |||||
We are aiming for zero waste by reducing waste generated and increasing reuse and recycling in our businesses and supply chains. We will set goals for waste reduction, reuse and recycling by the end of 2022. We will work with our suppliers and contractors to help end plastic waste in the environment: ▪By 2030, we will increase the amount of recycled plastic in our packaging to 30% and ensure that the packaging we use for our products is reusable or recyclable. ▪We will increase the amount of recycled materials used to make our products, starting with plastics. Our ambition is to use one million tonnes of plastic waste a year in our global chemicals plants by 2025. | |||||
Water | |||||
▪We will reduce the amount of fresh water consumed in our facilities, starting by reducing fresh-water consumption by 15% by 2025 compared with 2018 levels in areas where there is high pressure on fresh-water resources. ▪25 million cubic metres of fresh water were consumed by our facilities in highly water-stressed areas in 2018. ▪We will also assess options for further reduction goals by the end of 2022. | |||||
Air quality | |||||
We are helping to improve air quality by reducing emissions from our operations and providing cleaner ways to power transport and industry. | |||||
Collaboration and reporting | |||||
▪Supply chain: We will include requirements in our purchasing policies to reflect our environmental framework, and take the energy efficiency, material efficiency and sustainability of products into consideration in our purchases. ▪External partnerships: We will ensure external partnerships inform key areas of development and delivery of our ambitions. ▪External reporting: We will transparently report performance in our annual Sustainability Report. |
Thousand | |||||||||||
2021 | 2020 | 2019 | |||||||||
Europe | 26 | 27 | 27 | ||||||||
Asia | 30 | 31 | 31 | ||||||||
Oceania | 2 | 3 | 2 | ||||||||
Africa | 4 | 4 | 4 | ||||||||
North America | 18 | 20 | 21 | ||||||||
South America | 1 | 2 | 2 | ||||||||
Total | 82 | 87 | 87 |
Gender diversity data | Men | Women | ||||||||||||
Directors of the Company | 6 | 50% | 6 | 50% | ||||||||||
Senior managers [A] | 619 | 71% | 254 | 29% | ||||||||||
Employees (thousand) | 55 | 67% | 27 | 33% |
Number of selected key business countries | |||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||
Greater than 80% | 13 | 10 | 12 | ||||||||
Less than 80% | 7 | 10 | 8 | ||||||||
Total | 20 | 20 | 20 |
Ben van Beurden | CEO [A] [B] | ||||
Jessica Uhl | CFO [A] [B] | ||||
Harry Brekelmans | Projects & Technology Director [B] | ||||
Ronan Cassidy | Chief Human Resources & Corporate Officer [B] | ||||
Donny Ching | Legal Director [B] | ||||
Ed Daniels | Strategy, Sustainability and Corporate Relations Director [B] | ||||
Wael Sawan | Integrated Gas, Renewables and Energy Solutions Director [B] | ||||
Huibert Vigeveno | Downstream Director [B] | ||||
Zoë Yujnovich | Upstream Director [B] |
Senior Succession and Resourcing Review | ||
The annual Senior Succession and Resourcing Review focused on the strength of senior leadership and plans for its development and succession, while highlighting the breadth, depth and diversity of its pipeline, the developing profile of the leadership cadre, and recruitment and attrition levels. | ||
The Nomination and Succession Committee noted the effectiveness of succession planning, the impact of its associated execution, and the professional, data-driven, integrated approach to leadership and leadership development. It welcomed the continued focus on performance management, proactive management of Shell’s talent pipeline, and the focus on advancing Shell’s diversity agenda with increased attention on gender, race, LGBT+ and disabilities. This year’s insights provided a deeper understanding of the interplay between culture, identity, leadership talent and employee engagement across Shell. |
Examples of how some principal risks are managed We operate in more than 70 countries that have differing degrees of political, legal and economic stability. This exposes us to a wide range of political developments that could cause changes to contractual terms, laws and regulations. We and our joint arrangements and associates also face the risk of litigation and disputes worldwide (see “Risk Factors” on page 23). We continually monitor geopolitical developments and societal issues relevant to our interests. Employees who engage with government officials are subject to specific training programmes, procedures and regular communications, as well as the Shell General Business Principles and Shell Code of Conduct. We are prepared to exit a country if we believe we can no longer operate there in accordance with our standards and applicable law, and we have done so in the past. Many of our major projects and operations are conducted in joint arrangements or with associates, which may reduce our level of control and ability to identify and manage risks (see “Risk Factors” on page 23). In each case, Shell appoints a representative to manage its interests. This representative seeks to ensure that the projects operate under standards that are equivalent to Shell’s for certain critical areas. Climate change and risks resulting from greenhouse gas emissions are significant risk factors for Shell. They are monitored, like other significant risks, by the Executive Committee and the Board. Shell has a climate change risk management structure which is supported by standards, policies and controls (see “Risk factors” on page 23 and “Climate change and energy transition” on pages 74 to 97). |
Responding to the COVID-19 pandemic Although recovery is under way in many parts of the world, the COVID-19 pandemic continues to affect people’s lives, government policies, markets and businesses. In 2020, Shell implemented a broad, structured response to the pandemic. This aimed to ensure we supported our colleagues, suppliers, customers and the communities where we work. It also sought to maintain resilience in our day-to-day operations and our overall financial framework. Many of these responses remained in place throughout 2021 and were embedded in our day-to-day operational activities. For example: ▪We took many steps to protect the health of our colleagues, including requiring or encouraging office-based staff to work from home, depending on the advice of local authorities. We provided support to ensure all our colleagues can work remotely each day. We maintained comprehensive return-to-site approaches for Shell’s offices and these were reviewed and updated as necessary. ▪We continued to enforce social distancing at our offshore platforms and onshore facilities. We conducted health screening and implemented procedures to allow the safe evacuation of any suspected cases of COVID-19 from our offshore platforms or onshore facilities. ▪In our global network of retail stations, we enforced social distancing and carry out deeper cleaning. We also used other protective measures, such as screens for till operators. ▪Management at all levels continued to engage with staff to understand and respond to the stresses placed on them by the pandemic. A confidential counselling service was made available to help colleagues experiencing the psychological impact of the pandemic. We provided extra online resources to help people manage their physical and mental well-being. ▪To sustain our operations and supply chains, which in turn support our suppliers and customers, we ensured business continuity plans were in place for all our businesses, functions and operating sites. ▪We accelerated the adoption of digital technology (including the use of drones and robots) to monitor offshore and manufacturing equipment remotely. ▪We strengthened our global web content filtering capability in response to the switch from office to remote working and added new measures to improve cyber-awareness. ▪We continued to reiterate Shell’s compliance rules (including the Code of Conduct) and the importance of adhering to them. The Crisis Management Standard was used to guide our operational risk responses. ▪Our country chair network addressed specific challenges that arose at local levels. As governments and society continue to adjust and recover from the pandemic, we monitor the changing external environment and emerging risks across Shell’s entire operations. In this way, we seek to ensure we remain resilient and ready and able to respond to developments. For more detailed information about the impact of the pandemic on Shell's principal risks see pages 23-32. |
Risks | ||
The Board reviews reports on strategic risks annually, and considers reports on operational risks twice a year. These reports assess current business activities against risk appetite. | ||
Chief Ethics and Compliance Officer Report | ||
Data and insights include information from the Global Helpline, the Shell Ethics and Compliance organisation and the Shell People Survey. SESCo continues to strongly support the work of the Chief Ethics and Compliance Officer, including the efforts to ensure a safe working environment where staff feel confident to raise any concerns in good faith. | ||
The Audit Committee is kept updated when matters highlighted through the Global Helpline are investigated. The Audit Committee is also informed about the associated remediation. For more information see page 152 of the Audit Committee Report. |
Assurance activities | ||
Assurance activities, including items raised by businesses and functions (through the Group Assurance Letters process) and assurance (from Internal Audit, HSSE, Ethics and Compliance, Reserves Assurance and Reporting), provide additional evidence to the Board of the commitment to high standards of risk management and internal control. The assurance activities ensure that work can be done safely, within regulatory frameworks. | ||
The information provided within these reports further supports the Board’s annual review of the effectiveness of the Group’s system of risk management and internal control and feeds into the Group scorecard, against which staff bonuses are calculated. |
Committee member | Member since | Maximum possible meetings | Number of meetings attended | % of meetings attended | ||||||||||
Sir Andrew Mackenzie (Chair of the Committee from May 18, 2021) | Oct 1, 2020 | 5 | 5 | 100% | ||||||||||
Dick Boer | May 19, 2021 | 3 | 3 | 100% | ||||||||||
Ann Godbehere | October 27, 2021 | 1 | 1 | 100% | ||||||||||
Euleen Goh | July 1, 2019 | 5 | 5 | 100% | ||||||||||
Chad Holliday [A] | May 19, 2015 | 2 | 2 | 100% | ||||||||||
Sir Nigel Sheinwald [A] | May 20, 2020 | 2 | 2 | 100% |
CHAIR SUCCESSION Message from Euleen Goh In early 2018, the process of selecting the next Chair of the Board of Shell plc (at the time known as Royal Dutch Shell plc) began in response to the proposed limit on Chair tenure, outlined in the then draft version of the Code. The Nomination and Succession Committee (NOMCo) created a subcommittee, drew up a potential succession timeline, and initiated an internal and external search process. Hans Wijers, the Senior Independent Director at the time, led the subcommittee and the search process. Chad Holliday, the current Chair, was not a member of the subcommittee. My predecessor Gerard Kleisterlee took over from Hans in May 2018 and refined the selection criteria and succession timeline. The subcommittee agreed what qualities the successful candidate should have, and determined the functional focus elements of the new Chair’s role. Accordingly, the subcommittee considered and interviewed multiple candidates. After Gerard retired from the Board at the 2020 AGM, I assumed leadership of the subcommittee and we further reviewed the required qualities and functional focus elements of the role in the context of the current environment. The subcommittee also examined the main trends and factors affecting the long-term success and future viability of Shell, and the organisation’s strategic priorities, consulting on these with the wider Board. One-on-one discussions were held with each Board member. The review and the discussions helped us to refine our search process with a clear and updated understanding of the qualities, skills and attributes that the future Chair should possess. We engaged with some of our larger investors, as appropriate, seeking input on the skills, attributes and sector knowledge that they considered important for the Chair candidate profile. These discussions were very valuable. They helped inform our search and selection of the most appropriate individual for the role. After this thorough and robust search process, the Board agreed unanimously at its March 2021 meeting that Sir Andrew Mackenzie should be appointed Chair of the Board with effect from the conclusion of Shell’s 2021 Annual General Meeting, which was held on May 18, 2021. When reviewing candidates, our preferred qualities and functional focus elements included a strong requirement for a candidate who has experience in leading large, complex, international organisations. The candidate would have had significant experience in capital discipline. He/she should have an ability to balance the transformational changes that Shell needs to make against the timing of these changes as it navigates the energy transition. The successful candidate should have demonstrated sustainable actions with respect to the climate change agenda. An understanding of the energy market was essential, without it being necessary for the candidate to have spent their entire career working in the oil and gas sector. In Andrew we believe that we have found the required qualities and more. Andrew is a lifelong learner with a collaborative, agile mindset and he is a champion of good governance. His strategic vision has helped operations and companies under his leadership to transform. His leadership performance in the areas of environmental, social and governance (ESG) and climate action are outstanding. He was recently knighted by the Queen of the United Kingdom for his services to business, science and technology. Andrew firmly believes that business can be a force for good, for shareholders and society alike. Since joining the Board in October 2020, Andrew has dedicated significant time to familiarising himself with the business, the people, and the Powering Progress strategy which he and the Board fully support and are committed to delivering together with management. His broad experience, strategic vision, scientific curiosity and commercial acumen made him the ideal candidate to lead the Board of Shell plc. |
Committee Member | Member since | Maximum possible meetings | Number of meetings attended | % of meetings attended | ||||||||||
Catherine J. Hughes (Chair of the Committee since May 19, 2021) | November 1, 2017 | 5 | 5 | 100% | ||||||||||
Neil Carson OBE | June 1, 2019 | 5 | 5 | 100% | ||||||||||
Bram Schot | October 1, 2020 | 5 | 5 | 100% | ||||||||||
Sir Nigel Sheinwald (Chair of the Committee until May 18, 2021) [A] | July 1, 2012 | 2 | 2 | 100% | ||||||||||
Ann Godbehere [B] | May 20, 2020 | 4 | 4 | 100% |
Activities performed | Frequency | ||||
Review Shell’s practices and performance relating to safety, including the safe condition and responsible operation of Shell’s assets (Shell-operated ventures and non-Shell-operated ventures), with a focus on both employees and contractors | Every meeting | ||||
Review Shell’s practices and performance relating to environment, including in particular environmental protection and greenhouse gas emissions | Every meeting | ||||
Review any major incidents that impact, or had the potential to impact, Shell’s safety and environmental performance | As necessary | ||||
Review progress towards meeting Shell’s Powering Progress ambitions, including its near-term and longer term energy transition targets for net carbon intensity and becoming a net-zero emissions energy business, in step with society | Most meetings | ||||
Endorse Shell’s annual assurance plan for Health, Security, Safety, Environment and Social Performance (HSSE & SP) and Asset Management | Annually | ||||
Review execution of Shell’s HSSE & SP assurance plan and audit outcomes, and review relevant findings from Shell’s broader internal audit programme | Most meetings | ||||
Assess Shell’s overall sustainability performance and provide input to Shell’s annual reporting and disclosures regarding sustainability | Annually | ||||
Review how Shell addresses other major issues of public concern that could affect Shell’s reputation and licence to operate | Most meetings | ||||
Review and consider external stakeholder perspectives in relation to Shell’s business | Periodically | ||||
Advise the Remuneration Committee on metrics relating to safety and energy transition | Annually |
Committee Member | Member since | Maximum possible meetings | Number of meetings attended [A] | % of meetings attended | ||||||||||
Ann Godbehere (Chair) | May 23, 2018 | 6 | 6 | 100% | ||||||||||
Dick Boer | May 20, 2020 | 6 | 6 | 100% | ||||||||||
Jane Holl Lute [B] | July 28, 2021 | 2 | 2 | 100% | ||||||||||
Martina Hund-Mejean | May 20, 2020 | 6 | 6 | 100% | ||||||||||
Gerrit Zalm | March 8, 2017 | 6 | 6 | 100% |
Activities performed | Frequency | ||||
Risk Management and Internal Control | |||||
Review the policies and practices and monitor the effectiveness relating to Shell’s risk management and internal control system. | P | ||||
Receive briefings on regulatory developments. | P | ||||
Review management's SOX 404 assessment. | A | ||||
Discuss significant matters arising from completed internal audits with the Chief Internal Auditor, management and the external auditors. | Q | ||||
Assess management’s responses to significant audit findings, recommendations and notable control weaknesses, including potential improvements and agreed actions. | P | ||||
Review significant legal matters with Shell’s Legal Director. | Q | ||||
Review the oil and gas reserves control framework. | A | ||||
Review Shell’s information risk management. | P | ||||
Review Shell’s tax function, key tax risks and Shell’s approach to the evolving area of tax transparency. | P |
Activities performed | Frequency | ||||
Financial Reporting | |||||
Review Shell’s accounting policies and practices, including compliance with accounting and reporting standards. | Q | ||||
Assess the appropriateness of key judgements and the interpretation and application of accounting principles. | Q | ||||
Review the potential impact on the consolidated financial statements of the implementation of the Company's strategy, climate change and the energy transition | Q | ||||
Consider the integrity of the year-end financial statements and recommend to the Board whether the audited financial statements should be included in the Annual and statutory reports. | A | ||||
Consider the integrity of the half-yearly report and quarterly financial statements. | Q | ||||
Review management’s assessment of going concern and longer-term viability. | Q | ||||
Review Shell’s policies with respect to earnings releases; financial and non-financial performance information and earnings guidance; and significant financial reporting matters. | Q | ||||
Review Shell’s policies with respect to oil and gas reserves accounting and reporting including the outcome of the oil and gas reserves booking/debooking process. | A | ||||
Review the internal controls for financial reporting. | P | ||||
Advise the Board of the AC’s view on whether, taken as a whole, the Annual Report is fair, balanced and understandable and provides the information necessary for shareholders to assess Shell’s position and performance, business model and strategy. | A |
Activities performed | Frequency | ||||
Compliance and Governance | |||||
Monitor the receipt, retention, investigation and follow-up actions of complaints received, including those from the Shell Global Helpline. | P | ||||
Review with the Chief Ethics and Compliance Officer the implementation and effectiveness of the ethics and compliance programme and function. | A | ||||
Discuss compliance with applicable external legal and regulatory requirements. | P | ||||
Perform an evaluation of the AC’s performance and effectiveness and report the results to the Board. | A | ||||
Review and update the AC’s Terms of Reference. | A | ||||
Review the Chief Financial Officer’s significant business and investment transactions for potential conflicts or related party transactions. | A | ||||
Assess the Chief Financial Officer’s performance. | A |
Activities performed | Frequency | ||||
Internal Audit | |||||
Evaluate the quality, efficiency and effectiveness of the internal audit function including the competence, qualifications, expertise, compensation and budget. | A | ||||
Review and approve the internal audit function’s remit, charter and audit plan. | A | ||||
Assess the performance of the Chief Internal Auditor. | A |
Activities performed | Frequency | ||||
External Audit | |||||
Review and approve the engagement letter for EY's annual audit of the Company's consolidated and parent company financial statements. | A | ||||
Approve the remuneration for audit and non-audit services, including pre-approval of permissible non-audit services. | Q | ||||
Consider the annual external audit plan and monitor the execution and results of the audit. | P | ||||
Monitor the qualifications, expertise, resources and independence of EY. | A | ||||
Review the Company’s representation letter prior to signing by management. | A | ||||
Assess the performance, objectivity and effectiveness of EY, the audit process, the quality of the audit, EY’s handling of key judgements, and EY’s response to questions from the AC. | P | ||||
Recommend to the Board that the reappointment of EY be put to the Company’s shareholders for approval at the AGM. | A |
Pay outcomes for Executive Directors Annual bonus: €2,560,000 CEO and €1,600,000 CFO (129% of target). Long-term Incentive Plan (LTIP): below-target vesting of 49% based on three-year performance. Single-figure outcome: €7.4m (26% increase from 2020) for the CEO and €4.6m (24% increase from 2020) for the CFO. |
REMCO reflections on safety Safety is Shell’s number one priority. The Powering Progress strategy is underpinned by our focus on safety, and it is critical that our day-to-day operations run safely, and the well-being of all our people is ensured. As a result, the REMCO and the Safety, Environment and Sustainability Committee (SESCo) have carefully considered the fatalities which occurred in the year, paying attention to both the nature of the incidents and Shell’s wider progress on safety. Nigeria is a high-risk country, in which we review our larger contractors’ safety plans, including those for moving personnel to sites in the Delta. These plans are then implemented by the contractors. At times, there have been up to around 4,500 escorted personnel movements per month for Shell companies in Nigeria. The number is significantly larger for our contractor movements. Existing safety protocols have been effective in supporting these movements. The 2021 incident in Nigeria was unprecedented. The attack on a routine personnel transport was perpetrated by a criminal group which operates for extortion. The criminal group’s leader has been arrested and has admitted responsibility. The extreme violence of the attack has been shocking to Shell and the local community. A review is ongoing, which given the deteriorating security situation in Nigeria, may lead to some changes. Sadly, two contractors also died following separate incidents at retail sites in Pakistan and in Indonesia. In Pakistan, a contractor colleague died after a fire at a dealer-operated retail site. Another contractor lost his life when a wall fell over during demolition work at a retail site in Indonesia. In addition to reflecting on these tragedies, the REMCO also considered safety performance as a whole over the year. The REMCO noted that, in an industry where road safety continues to present one of the single most material risk areas, we passed 1 billion kilometres of road journeys without a recordable fatality in our operated assets. The REMCO also noted that in 2021, the ongoing transition of the Safety refresh programme reached full implementation, creating the bedrock for the changes aimed at eradicating fatalities and life-changing incidents from Shell’s business. Our updated approach to safety is rooted in a consistent focus on human performance, and the way people, culture, equipment, work systems and processes all interact. People are key to completing complex tasks and to finding solutions to problems. To deliver the Safety refresh, Shell aims to apply a learner mindset, believing people can always improve, enhance their capabilities, learn from mistakes and successes, and speak up freely. The REMCO acknowledges the commitment and contributions of the Executive Directors in embracing a learner mindset and driving this cultural change across the organisation. The Safety refresh also included the introduction of the Serious Injury and Fatality Frequency (SIF-F) metric designed to ensure we focus on those incidents with the potential to cause most harm. This metric ensures a heavy weighting is given to fatalities in determining the scorecard outcome, in a manner that was not captured by Total Recordable Case Frequency (TRCF) metrics. The REMCO carefully considered the fatalities in the context of Shell’s overall safety performance in 2021. It took account of the impact the fatalities had on the formulaic outcome. Without the fatalities, the overall scorecard outcome would have been 1.37, not 1.32, reflecting the heavy emphasis that SIF-F rightly gives to serious incidents. The REMCO determined that the overall scorecard outcome should be further adjusted downwards to 1.29. The overall reduction in the bonus outcome for the CEO and CFO as a result of fatalities is equal to 10% of their base salary. |
The Annual Report on Remuneration sets out: the REMCO’s responsibilities and activities, page 161; remuneration at a glance, page 162; Directors’ remuneration for 2021, page 163; and the statement of the planned implementation of policy in 2022, page 176. |
Committee Member | Member since | Maximum possible meetings | Number of meetings attended | % of meetings attended | ||||||||||
Neil Carson (Chair) | June 1, 2019 | 8 | 8 | 100 | % | |||||||||
Euleen Goh | May 20, 2020 | 8 | 8 | 100 | % | |||||||||
Catherine Hughes | July 26, 2017 | 8 | 8 | 100 | % | |||||||||
Gerrit Zalm [A] | May 21, 2014 | 8 | 7 | 88 | % |
Senior Management | |||||||||||
Executive Directors | Executive Committee | Company Secretary and EVP Taxation and Controller | |||||||||
Performance framework | P | O | O | ||||||||
Remuneration policy | P | P | O | ||||||||
Actual remuneration and benefits | P | P | P | ||||||||
Annual bonus and long-term incentive measures and targets | P | P | P |
€ thousand | ||||||||||||||||||||||||||
Fees | Taxable benefits [A] | Total | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
Dick Boer [B] | 167 | 98 | – | – | 167 | 98 | ||||||||||||||||||||
Neil Carson | 192 | 184 | – | – | 192 | 184 | ||||||||||||||||||||
Ann Godbehere | 212 | 206 | 1 | – | 213 | 206 | ||||||||||||||||||||
Euleen Goh | 224 | 201 | 1 | – | 225 | 201 | ||||||||||||||||||||
Charles O. Holliday [C] | 324 | 850 | 61 | 69 | 385 | 919 | ||||||||||||||||||||
Catherine J. Hughes | 185 | 180 | 1 | – | 186 | 180 | ||||||||||||||||||||
Martina Hund-Mejean [D] | 165 | 98 | 1 | – | 166 | 98 | ||||||||||||||||||||
Jane Holl Lute [E] | 99 | – | 1 | – | 100 | – | ||||||||||||||||||||
Sir Andrew Mackenzie [F] | 582 | 37 | 17 | – | 599 | 37 | ||||||||||||||||||||
Abraham Schot [G] | 152 | 38 | – | – | 152 | 38 | ||||||||||||||||||||
Sir Nigel Sheinwald [H] | 69 | 184 | – | – | 69 | 184 | ||||||||||||||||||||
Gerrit Zalm | 177 | 177 | – | – | 177 | 177 |
€ thousand | |||||||||||||||||
Ben van Beurden | Jessica Uhl | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Salaries [A] | 1,588 | 1,588 | 1,035 | 1,035 | |||||||||||||
Taxable benefits [B] | 17 | 16 | 323 | 418 | |||||||||||||
Pension [C] | 402 | 540 | 281 | 288 | |||||||||||||
Total fixed remuneration | 2,007 | 2,144 | 1,639 | 1,741 | |||||||||||||
Annual bonus [D] | 2,560 | — | 1,600 | — | |||||||||||||
LTIP [E] | 2,812 | 3,698 | 1,388 | 1,993 | |||||||||||||
Total variable remuneration | 5,372 | 3,698 | 2,988 | 1,993 | |||||||||||||
Total remuneration | 7,380 | 5,841 | 4,627 | 3,734 | |||||||||||||
in dollars | 8,728 | 6,671 | 5,473 | 4,264 | |||||||||||||
in sterling | 6,344 | 5,197 | 3,978 | 3,322 |
Ben van Beurden | Jessica Uhl | ||||
Against a backdrop of transformational strategic and organisational change, the strength of Shell integrated business, quality of portfolio and operational delivery allowed Shell to capitalise on improved prices to deliver adjusted earnings of $19.3bn and generated an outstanding $45.1bn of CFFO (including working capital). The work has also continued to reshape Shell’s portfolio with the delivery of divestment proceeds of $15.1bn in 2021, far beyond target. These operating cash flows and divestment proceeds significantly contributed to reducing net debt to $52.6 billion at the end 2021, down from $75.4 billion at the end of 2020. This strong financial performance has enabled Shell to deliver on our commitment to increase shareholder distributions in keeping with our successful net debt reduction. Starting from Q2 2021, we rebased our quarterly dividend to 24 US cents per share and started share buybacks. The REMCO acknowledges the fundamental role the CEO’s strategic and operational leadership has played in enabling these financial outcomes and delivery of shareholder returns. Tackling climate change is an urgent challenge. This is why Shell has set a target to become a net-zero emissions energy business by 2050, in step with society and our customers. The CEO has led the development of Shell’s updated strategy, Powering Progress, which sets out a comprehensive strategy on how Shell intends to decarbonise energy customers while running legacy businesses for value rather than volume, integrating business and investment decisions with Shell's longer-term ambitions. This was supported by the implementation of the new organisation (Project Reshape) necessary to support this updated strategy, which was completed in August 2021 without operational disruption.. Externally, the CEO has played a leading role in the energy transition debate through such initiatives as the first joint statement with institutional shareholders, encouraging other companies to adopt the net carbon intensity methodology. He has been instrumental in galvanising coalitions to start action on sectoral decarbonisation. His personal role, for example in the Aviation Clean Skies Initiative, is recognised by both customers and external stakeholders. His interventions have helped in shifting the climate agenda towards the practical measures that will be needed for creating sustained demand for lower-carbon products. The refreshed safety programme was rolled out and a new personal safety measure designed to focus attention on the most serious incidents was introduced. To deliver the safety refresh Shell aims to apply a learner mindset, believing people can always improve, enhance their capabilities, learn from mistakes and successes, and speak up freely. The REMCO recognise the work across the leadership team at Shell, from the CEO down, in embracing a learner mindset and driving this across the organisation. | The REMCO recognises the leadership of the CFO in delivering a number of key enterprise initiatives over the course of 2021. Notably this included the successful delivery of the simplification of Shell plc. This was a complex and challenging undertaking that involved the establishment of a single line of shares to eliminate the complexity of Shell’s A/B share structure and aligning Shell’s tax residence with its country of incorporation in the UK. Shell’s strong financial results were underpinned by discipline on capital, operating and lease expenditure and by the delivery of a divestment programme in excess of $15 billion. This enabled a reduction in net debt by $23 billion over the course of 2021. Dividends were increased twice in the year and share buybacks commenced, accelerating the pace of shareholder distributions. The CFO played a critical role in guiding the company through the implementation of an updated capital allocation framework to balance growth and shareholder distributions. To support ongoing transparency for shareholders, the CFO led the introduction of significantly improved external financial and operational quarterly disclosures in 2021 with positive feedback from the market. Over the performance period, the CFO has made significant progress maturing the internal management systems relating to carbon dioxide (CO₂) and ensuring these are reflected in decisions about portfolio, planning and resource allocation. In 2021, this included the delivery of carbon budgets within the annual business planning cycle for the first time. From the 2021 Annual Report, improved disclosure in the Annual Report. The CFO led the delivery of the Shell Energy Transition Strategy publication, which is part of our continuing work to implement the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The report sets out how Shell plans to be resilient to expected changes in the energy system and how its strategy helps it to thrive as the world transitions to lower-carbon energy culminating in the first shareholder advisory vote at the 2021 AGM in May (88.74% of votes cast were in favour). |
Scheme interest type | Type of interest awarded | End of performance period | Target award [A] | Potential amount vesting | |||||||||||||
Minimum performance (% of shares awarded) [B] | Maximum performance (% of shares of the target award) [A] | ||||||||||||||||
LTIP | Performance shares | December 31, 2023 | Ben van Beurden: 231,679 A shares, equivalent to 2.645 x base salary or €4,200,344. Jessica Uhl: 69,972 A ADS shares, equivalent to 2.485 x base salary or €2,572,119 | 0% | Maximum number of shares vesting is 200% of the shares awarded, before dividends. |
Shareholding guideline (% of base salary) | Value of shares counting towards guideline (% of base salary at December 31, 2021) [A] | |||||||
Ben van Beurden | 700% | 972% | ||||||
Jessica Uhl | 500% | 555% |
January 1, 2021 | December 31, 2021 | |||||||||||||||||||||||||
A shares | B shares | A shares | B shares | |||||||||||||||||||||||
Executive Directors [A] | ||||||||||||||||||||||||||
Ben van Beurden | 866,433 | [B] | – | 973,533 | ||||||||||||||||||||||
Jessica Uhl | 240,557 | [C] | – | 299,283 | [D] | |||||||||||||||||||||
Non-executive Directors | ||||||||||||||||||||||||||
Dick Boer | 10,000 | – | 10,000 | – | ||||||||||||||||||||||
Neil Carson | 16,000 | – | 16,000 | – | ||||||||||||||||||||||
Ann Godbehere | – | 10,000 | [E] | – | 10,000 | [E] | ||||||||||||||||||||
Euleen Goh | – | 12,895 | – | 12,895 | ||||||||||||||||||||||
Charles O. Holliday | – | 50,000 | [F] | – | 50,000 | [G] | ||||||||||||||||||||
Catherine J. Hughes | 4,080 | 51,904 | [H] | 4,080 | 51,904 | [H] | ||||||||||||||||||||
Martina Hund-Mejean | 20,000 | [I] | – | 20,000 | [I] | |||||||||||||||||||||
Jane Holl Lute | – | [J] | – | 5,002 | [K] | |||||||||||||||||||||
Sir Andrew Mackenzie | – | 20,732 | – | 27,623 | ||||||||||||||||||||||
Abraham Schot [L] | – | – | – | – | ||||||||||||||||||||||
Sir Nigel Sheinwald | – | 1,124 | 1,124 | [M] | ||||||||||||||||||||||
Gerrit Zalm | 2,026 | – | 2,026 | – |
Share plan interests [A] | ||||||||
LTIP subject to performance conditions [B] | ||||||||
2021 | 2020 | |||||||
Ben van Beurden [C] | 691,227 | 662,751 | ||||||
Jessica Uhl [D] | 196,751 | 179,565 |
Year | CEO | Single total figure of remuneration (€000) | Annual bonus award against maximum opportunity | LTI vesting against maximum opportunity | ||||||||||
2021 | Ben van Beurden | 7,380 | 64% | 25% | ||||||||||
2020 | Ben van Beurden | 5,841 | 0% | 45% | ||||||||||
2019 | Ben van Beurden | 9,963 | 21% | 74% | ||||||||||
2018 | Ben van Beurden | 20,138 | 79% | 95% | ||||||||||
2017 | Ben van Beurden | 8,909 | 81% | 35% | ||||||||||
2016 | Ben van Beurden | 8,593 | 66% | 42% | ||||||||||
2015 | Ben van Beurden | 5,576 | 98% | 8% | ||||||||||
2014 | Ben van Beurden [A] | 24,198 | 94% | 49% | ||||||||||
2013 | Peter Voser | 8,456 | 44% | 30% | ||||||||||
2012 | Peter Voser | 18,246 | 83% | 88% |
2020-2021 | 2019-2020 | ||||||||||
Employees [B] | |||||||||||
UK, USA and the Netherlands | Salaries/fees | 0.6% | 3.0% | ||||||||
Benefits | —% | —% | |||||||||
Bonus | N/A | (100.0)% | |||||||||
Executive Directors | |||||||||||
CEO | Salaries/fees | —% | 2.0% | ||||||||
Benefits | 8.6% | (23.7)% | |||||||||
Bonus | N/A | (100.0)% | |||||||||
CFO | Salaries/fees | —% | 2.0% | ||||||||
Benefits | (22.8)% | 28.1% | |||||||||
Bonus | N/A | (100.0)% | |||||||||
Non-executive Directors [C] | |||||||||||
Dick Boer | Salaries/fees | 70.4% | N/A | ||||||||
Benefits | —% | N/A | |||||||||
Neil Carson | Salaries/fees | 4.3% | 85.6% | ||||||||
Benefits | —% | —% | |||||||||
Ann Godbehere | Salaries/fees | 2.9% | 15.8% | ||||||||
Benefits | N/A | —% | |||||||||
Euleen Goh | Salaries/fees | 11.4% | 0.2% | ||||||||
Benefits | N/A | —% | |||||||||
Jane Holl Lute | Salaries/fees | N/A | N/A | ||||||||
Benefits | N/A | N/A | |||||||||
Charles O. Holliday | Salaries/fees | (61.9)% | —% | ||||||||
Benefits | (11.6)% | (2.4)% | |||||||||
Catherine J. Hughes | Salaries/fees | 2.8% | (10.0)% | ||||||||
Benefits | N/A | —% | |||||||||
Martina Hund Mejean | Salaries/fees | 68.4% | N/A | ||||||||
Benefits | N/A | N/A | |||||||||
Sir Andrew Mackenzie | Salaries/fees | 1473.0% | N/A | ||||||||
Benefits | N/A | N/A | |||||||||
Abraham Schot | Salaries/fees | 300.0% | N/A | ||||||||
Benefits | N/A | N/A | |||||||||
Sir Nigel Sheinwald | Salaries/fees | (62.5)% | (1.7)% | ||||||||
Benefits | N/A | (100.0)% | |||||||||
Gerrit Zalm | Salaries/fees | —% | —% | ||||||||
Benefits | N/A | —% |
Year | Dividends and share buybacks [A] | Spend on pay (all employees) [B] | |||||||||||||||
$ billion | Annual change | $ billion | Annual change | ||||||||||||||
2021 | 9.1 | —% | 12.1 | —% | |||||||||||||
2020 | 9.1 | -64% | 12.1 | -8% | |||||||||||||
2019 | 25.4 | 26% | 13.2 | -1% | |||||||||||||
2018 | 20.2 | 29% | 13.4 | -6% | |||||||||||||
2017 | 15.6 | 4% | 14.3 | -9% |
Thousand | Local | € | $ | ||||||||
Ben van Beurden [A] | 1,189 | 1,189 | 1,345 | ||||||||
Jessica Uhl [B] | 1,247 | 1,102 | 1,247 |
Votes | Number | Percentage | |||||||||
For | 3,567,342,830 | 95.86% | |||||||||
Against | 153,872,670 | 4.14% | |||||||||
Total cast | 3,721,215,500 | [A] | 100.00% | ||||||||
Withheld [B] | 54,753,918 |
Votes | Number | Percentage | |||||||||
For | 3,705,707,055 | 92.91% | |||||||||
Against | 282,966,810 | 7.09% | |||||||||
Total cast | 3,988,673,865 | [A] | 100.00% | ||||||||
Withheld [B] | 24,979,832 |
£ | Other fees | ||||||||||
Chair of the Board | 785,000 | Non-executive Directors receive an additional fee of £4,000 for any Board meeting involving intercontinental travel – except for one meeting a year held in a location other than London. | |||||||||
Non-executive Director | 120,000 | ||||||||||
Senior Independent Director | 49,000 | ||||||||||
Audit Committee | |||||||||||
Chair [A] | 53,000 | ||||||||||
Member | 22,000 | ||||||||||
Safety, Environment and Sustainability Committee | |||||||||||
Chair [A] | 31,000 | ||||||||||
Member | 15,000 | ||||||||||
Nomination and Succession Committee | |||||||||||
Chair [A] | 22,000 | ||||||||||
Member | 11,000 | ||||||||||
Remuneration Committee | |||||||||||
Chair [A] | 36,000 | ||||||||||
Member | 15,000 |
The Directors’ Remuneration Policy sets out: ▪A summary of proposed changes to the Directors’ Remuneration Policy, page 179; ▪Executive Directors’ Remuneration Policy, pages 180-186; and ▪Non-executive Directors’ Remuneration Policy, pages 186-187. |
Remuneration element | Proposed Changes to Policy | Rationale for the change | ||||||
Annual Bonus | •Reduction of the CEO’s target bonus from 150% to 125%; and | ▪Simplification: the asymmetry in the CEO’s bonus structure and the inclusion of individual performance factors were creating undue complexity; and ▪Transparency: The annual bonus is now solely linked to the performance of Shell to support clarity and transparency of outcomes. | ||||||
Long-Term Incentive Plan | •Reduction of the target LTIP grant from 400% to 300% of base salary; and •Inclusion of an energy transition metric. | •Management of Quantum: To moderate the quantum of pay and assist the REMCO in managing the range of outcomes; and •Alignment to Strategy: Inclusion of the energy transition metric strengthens the LTIP’s alignment to the strategy and purpose. | ||||||
Discretion, Malus and Clawback | •After reviewing the single figure outcomes for the year, the REMCO will consider an adjustment for the purposes of managing remuneration quantum, taking into account performance, the operation of the remuneration structures and any other relevant considerations. An explanation of any discretionary adjustment would be set out in the relevant Director’s Remuneration Report; •Alignment of malus and clawback provisions so that these are the same. Inclusion of corporate failure as an adjustment event; and •Amendment of provisions in the share plan such that for future grants, awards may be adjusted for any reason. | •Corporate Governance: Assist the REMCO in managing the risks from behavioural-based incentive schemes; and •Management of Quantum: To assist the REMCO in managing the range of outcomes. | ||||||
Pension | •New Executive Directors who are members of a defined benefit pension arrangement will have their pensionable salary capped at the salary applicable immediately prior to appointment, with the exception of existing US base country participants who will have the bonus removed from the definition of pensionable base salary instead. The Executive Director will join a defined contribution scheme in their base country for contributions made in respect of salary above the defined benefit pensionable salary, or in exceptional circumstances, receive a cash allowance equivalent to the contribution above the cap; and •For recruitment: Explicit confirmation that new appointees, whether internally promoted or newly hired, will be provided with a pension in line with the wider workforce in their base country. | •Management of Quantum: To moderate the quantum of pay and assist the REMCO in managing the range of outcomes; and •Corporate Governance: To adopt best practice in line with external guidelines. | ||||||
Shareholding Requirement | •CFO requirement increased to 500% of base salary; and •Extended so it applies for a period of two years post-employment (at the lower of the shareholding requirement or the number of shares held at departure). | •Alignment with Shareholders: Further aligns executives with the long-term interests of shareholders. |
Purpose and link to strategy | Maximum opportunity | Operation and performance management | ||||||
Salary and pensionable base salary | ||||||||
Provides a fixed level of earnings to attract and retain Executive Directors. | €2,000,000 | Reviewed annually with adjustments effective from January 1. In making salary determinations, the REMCO will consider: •the market positioning of the compensation packages; •comparison with Senior Management salaries; •the employee context, and planned average salary increase for other employees across the Netherlands, the UK and the USA; •the experience, skills and performance of the Executive Director, or any change in the scope and responsibility of their role; •general economic conditions, Shell’s financial performance, and governance trends; and •the impact of salary increases on pension benefits and other elements of the package. For Executive Directors employed outside their base country, euro base salaries are translated into their home currency for pension purposes. Pensionable base salaries are maintained in line with euro base salaries taking into account exchange rate fluctuations and other factors as determined by the REMCO. | ||||||
Benefits | ||||||||
Provides benefits, in line with those applicable to the wider workforce, in order to attract and retain Executive Directors. | The maximum opportunity is the cost of providing the benefit under Shell’s standard policy. These costs can vary. For certain benefits, for example, relocation and tax equalisation, the maximum opportunity will be the grossed-up cost of meeting the specific Executive Director’s costs. | Typical benefits include car allowances and home-to-office transport, risk benefits (for example ill-health, disability or death-in-service), security provision, and employer contributions to insurance plans (such as medical). Precise benefits will depend on the Executive Director’s specific circumstances. Post-retirement benefits such as healthcare and ongoing security provision may be applicable. Shell’s mobility policies may apply, such as for relocation and tax return preparation support, as may tax equalisation related to expatriate employment prior to Board appointment, or in other limited circumstances to offset double taxation. The REMCO may adjust the range and scope of the benefits offered in the context of developments for other employees in relevant countries. Personal loans or guarantees are not provided to Executive Directors. | ||||||
Annual bonus | ||||||||
Rewards the delivery of short-term operational targets as derived from Shell’s operating plan. To reinforce alignment with shareholder interests, 50% is delivered in cash and 50% is delivered in shares. The shares are subject to a three-year holding period, which applies beyond an Executive Director’s tenure. | Maximum bonus (as a percentage of base salary): •Chief Executive Officer (CEO): 250% •Chief Financial Officer (CFO): 240% Target levels (as a percentage of base salary): •CEO: 125% •CFO: 120% | ▪The bonus is determined by reference to performance from January 1 to December 31 each year; ▪Annual bonus = base salary x target bonus % x scorecard result (0–2); ▪Taking the Shell operating plan into consideration, REMCO sets stretching scorecard targets and weightings which support the delivery of the strategy. Measures are related to financial performance, operational excellence and sustainable development. Indicative weightings are 30%, 50% and 20% respectively. This balance ensures that the achievement of short-term financial performance does not undermine future shareholder value creation; ▪Scorecard targets will be disclosed in a subsequent Directors’ Remuneration Report when they are no longer deemed to be commercially sensitive; ▪There are no prescribed thresholds or minimum levels of performance that equate to a prescribed payment under the Policy and this structure can result in no bonus being awarded; ▪The annual bonus is subject to malus provisions before it is delivered and to clawback provisions thereafter; ▪The REMCO retains the ability to adjust performance measure targets and weightings year-by-year within the overall target and maximum payouts approved in the Policy; and ▪In the event that another Executive Director joins the Board, the REMCO will determine their target and maximum bonus, which will not exceed the target and maximum for the CEO. |
Purpose and link to strategy | Maximum opportunity | Operation and performance management | ||||||
Long-term Incentive Plan (LTIP) | ||||||||
Rewards longer-term value creation linked to Shell’s strategy. The measures predominantly focus on financial growth and increases in value compared with the other oil majors, supported by measures focused on the achievement of Shell’s ambitions in the energy transition. To reinforce alignment with shareholder interests, shares delivered from vested LTIP awards are subject to a three-year holding period, which applies beyond an Executive Director’s tenure. | Target award of 300% base salary. Awards may vest at up to 200% of the shares originally awarded, plus dividends. | ▪Award levels are determined annually by the REMCO within the approved policy maximum; ▪Awards may vest between 0% and 200% of the initial award, depending on Shell’s performance assessed on either an absolute basis against strategic targets or on a relative basis against the other oil majors; ▪Performance metrics and targets are set by the REMCO at the beginning of the relative performance period. When setting performance targets, the REMCO allocates weightings to each metric as it considers appropriate, taking into account strategic priorities; ▪For 2020, performance is assessed over three years based 90% on financial metrics (TSR, ROACE, FCF and CFFO) which support our strategic ambition to provide a world-class investment case and 10% on a measure focused on thriving in the energy transition; ▪Additional shares are released representing the value of dividends payable on the vested shares, as if these had been owned from the award date; ▪LTIP awards (net of tax) must be held for a further three years to align with Shell’s longer-term time horizon and strategy; ▪The LTIP award is subject to malus provisions before it is delivered and to clawback provisions thereafter; ▪The REMCO may adjust or change the LTIP measures, targets and weightings to ensure continued alignment with Shell’s strategy; and ▪In the event that another Executive Director joins the Board, the REMCO will determine their award level. | ||||||
Discretion, Malus and Clawback | ||||||||
Enables the management of risks from behavioural-based incentive schemes and the REMCO to manage the range of pay outcomes. | Adjustment events exist for the purposes of applying malus and clawback. The REMCO retains discretion to adjust pay outcomes. | The REMCO retains the discretion to adjust mathematical outcomes of the annual bonus scorecard and / or LTIP vesting for any Executive Director if and to the extent that it considers this appropriate at their sole discretion. The use of any discretion will be disclosed and explained. The REMCO may adjust pay outcomes for the purposes of managing quantum. This would be done at the REMCO’s discretion after considering single figure outcome for the year, taking into account Shell’s performance, the operation of the remuneration structures and any other relevant considerations. Please refer to page 183 for a summary of the defined adjustment events. | ||||||
Pension | ||||||||
Provides a competitive retirement provision under the individual’s base country benefits policy, to attract and retain Executive Directors. | Determined by the rules of the base country pension plan of which the Executive Director is a member. | Executive Directors’ retirement benefits are maintained in line with those of the wider workforce in their base country. Only base salary is pensionable, unless country plan regulations specify otherwise and cannot legally be disapplied. The rules of the relevant plans detail the pension benefits which members can receive. The REMCO retains the right to amend the form of any Executive Director’s pension arrangements where appropriate, for example in response to changes in legislation to ensure the original objective of this element of remuneration is preserved. New Executive Directors, whether internal appointees or external hires, will be provided with a retirement benefit in line with the wider workforce in their base country. For individuals who are members of a defined benefit pension arrangement: •The pensionable salary will be capped at the salary applicable immediately prior to appointment, with the exception of existing US base country participants who will have the bonus removed from the definition of pensionable base salary instead; and •The Executive Director will join a defined contribution scheme in their base country for contributions made in respect of salary above the defined benefit pensionable salary, or in exceptional circumstances, receive a cash allowance equivalent to the contribution above the cap. | ||||||
Shareholding requirement | ||||||||
Aligns interests of Executive Directors with those of shareholders by creating a connection between individual wealth and Shell’s long-term performance. | Shareholding (% of base salary): •CEO: 700% •CFO: 500% | Executive Directors are expected to build up their shareholding to the required level over a period of five years from appointment and, once reached, to maintain this level for the full period of their appointment. The intention is for the shareholding guideline to be reached through retention of vested shares from share plans. The REMCO will monitor individual progress and retains the ability to adjust the guideline in special circumstances on an individual basis. The Executive Director will be required to maintain their shareholding requirement (or existing shareholding if lower) for a period of two years from the date they cease to be an employee. In the event that another Executive Director joins the Board the REMCO will determine their Shareholding requirement level, which will not be less than 200% in line with corporate governance best practice. |
Allianz | Daimler | Rio Tinto | ||||||
AstraZeneca | Diageo | Roche | ||||||
BAT | GlaxoSmithKline | Siemens | ||||||
Bayer | Nestle | Unilever | ||||||
BHP Billiton | Novartis | Vodafone |
The detailed weightings and metrics applicable to the 2021 bonus scorecard are set out on page 164. The detailed weightings and metrics applicable to the 2021 grant are set out on page 168-170. |
Component | Approach | Maximum | ||||||
Ongoing remuneration | The salary, benefits, annual bonus, long-term incentives and pension benefits will be positioned and delivered within the framework of the Executive Directors’ remuneration policy. | As stated in the “Executive Directors’ remuneration policy table”. | ||||||
Compensation for the forfeiture of any awards under variable remuneration arrangements | To facilitate external recruitment, one-off compensation in consideration for forfeited awards under variable remuneration arrangements entered into with a previous employer may be required. The REMCO will use its judgement to determine the appropriate level of compensation by matching the value of any lost awards under variable remuneration arrangements with the candidate’s previous employer. This compensation may take the form of a one-off cash payment or an additional award under the LTIP. The compensation can alternatively be based on a newly created long-term incentive plan arrangement where the only participant is the new director. The intention is that any such compensation would, as far as possible, align to the duration and structure of the award being forfeited. | An amount equal to the value of the forfeited variable remuneration awards, as assessed by the REMCO. Consideration will be given to appropriate performance conditions, performance periods and clawback arrangements. | ||||||
Replacement of forfeited entitlements other than any awards under variable remuneration arrangements | There may also be a need to compensate a new Executive Director in respect of forfeited entitlements other than any awards under variable remuneration arrangements. This could include, for example, pension or contractual entitlements, or other benefits. On recruitment, these entitlements may be replicated within the Executive Directors’ remuneration policy or valued by the REMCO and compensated in cash. In cases of internal promotion to the Board, any commitments made which cannot be effectively replaced within the Executive Directors’ remuneration policy may, at the REMCO’s discretion, continue to be honoured. | An amount equal to the value of the forfeited entitlements, as assessed by the REMCO. | ||||||
Exceptional recruitment incentive | Apart from the ongoing annual remuneration package and any compensation in respect of the replacement of forfeited entitlements, there may be circumstances in which the REMCO needs to offer a one-off recruitment incentive in the form of cash or shares to ensure the right external candidate is attracted (e.g. to the industry). The REMCO recognises the importance of internal succession planning but it must also have the ability to compete for talent with other global companies. The necessity and level of this incentive will depend on the individual’s circumstances. The intention will be that this is only used in genuinely exceptional circumstances. | Subject to the limits set out in the “Executive Directors’ remuneration policy table”. | ||||||
Pension | New appointees will be provided with a pension in line with the wider workforce in their base country. For defined benefit members: •The pensionable salary is capped at executive committee level pay for defined benefit purposes (with the exception of participants in the US plan where the bonus is removed from the definition of pensionable pay; and •The member joins an appropriate base country defined contribution mechanism in excess of the cap, or exceptionally a pension cash allowance equivalent to the defined contribution level is payable in excess of the cap. | In accordance with the pension provision applicable to the wider workforce in the base country. |
Provision | Policy | ||||
Compensation for loss of office | For Executive Directors appointed between January 1, 2011 and December 31, 2016, employment contracts include a cap on termination payments of one times annual pay (base salary plus target bonus). Delivery of compensation is mitigated by a contractual obligation for the Executive Director to seek alternative employment and Shell’s ability to implement phased payment terms. For Executive Directors appointed on or after January 1, 2017, the REMCO may offer a termination payment of up to one times base salary (target bonus will not be included). However, REMCO may be obligated to pay statutory compensation over and above the compensation for loss of office to a departing Executive Director who asserts a statutory claim thereto. Delivery of compensation is mitigated by a contractual obligation for the Executive Director to seek alternative employment and Shell’s ability to implement phased payment terms. The provision of standard end-of-employment benefits such as repatriation costs, security provision and outplacement support may also be included, as deemed reasonable by the REMCO. The REMCO may adjust the termination payment for any situation where a full payment is inappropriate, taking into consideration applicable law, corporate governance provisions, the applicability of any statutory compensation and the best interests of Shell and shareholders as a whole. | ||||
Annual bonus | Any annual bonus in the year of departure is prorated based on service. Depending on the timing of the departure, the REMCO may consider the latest scorecard position or defer payment until the full-year scorecard result is known. Bonuses delivered in shares represent the bonus which a participant has already earned and carry no further performance conditions; therefore, these shares will be unrestricted at the conclusion of the normal deferral or holding period respectively and no proration will apply. | ||||
LTIP | Outstanding awards are prorated on a monthly basis, by reference to the Executive Director’s service within the performance period. They will generally survive the end of employment and will remain subject to the same vesting performance conditions, and malus and clawback provisions, as if the Executive Director had remained in employment. The three-year holding period will also remain in force for any awards made on or after January 1, 2017. If the participant dies before the end of the performance period, the award will vest at the target level on the date of death. In case of death after the end of the performance period, the award will vest as described in this Policy. |
$ million | |||||||||||||||||
December 31, 2021 | |||||||||||||||||
Maturity Date | Interest Rate | Outstanding Balance | Total Capacity | Available Capacity | |||||||||||||
2021 Ten Year Fixed Facility | March 16, 2031 | 2.96 | % | $ | 600 | $ | 600 | $ | — | ||||||||
Ten Year Fixed Facility | June 4, 2029 | 4.18 | % | $ | 600 | $ | 600 | $ | — | ||||||||
Seven Year Fixed Facility | July 31, 2025 | 4.06 | % | $ | 600 | $ | 600 | $ | — | ||||||||
Five Year Revolver | July 31, 2023 | 1.28 | % | $ | 494 | $ | 760 | $ | 266 | ||||||||
Five Year Revolver | December 1, 2022 | 1.47 | % | $ | 400 | $ | 1,000 | $ | 600 | ||||||||
Total | $2,694 | $ | 3,560 | $ | 866 |
Share class | % | ||||
A | 53.37 | ||||
B | 46.63 | ||||
Sterling deferred | de minimis |
Report of Independent Registered Public Accounting Firm | |||||
THE ESTIMATION OF OIL AND GAS RESERVES | |||||
Description of the matter | As described in Note 9 to the Consolidated Financial Statements, at December 31, 2021, production assets amounted to $118.4 billion and had an associated depreciation, depletion and amortisation (DD&A) charge of $15.8 billion. Also, as described in Note 9, exploration and evaluation (E&E) assets amounted to $7.1 billion at December 31, 2021. As further described in Note 9, impairment charges of $1.5 billion of production and E&E assets were recorded during the year. As described in Note 19 to the Consolidated Financial Statements, decommissioning and restoration (D&R) provisions amounted to $22.1 billion. Oil and gas reserves estimates are used in the calculation of DD&A, impairment testing and in the estimation of D&R provisions. The risk is the inappropriate recognition of proved reserves that impacts these accounting estimates. As stated in Note 4 to the Consolidated Financial Statements, in 2021 Shell launched their Powering Progress strategy to accelerate the transition of their business to net-zero emissions, including targets to reduce the carbon intensity of energy products they sell (scope 1, 2 and 3 emissions) by 6-8% by 2023, 20% by 2030, 45% by 2035 and 100% by 2050. Further in October 2021, Shell announced their target to reduce absolute scope 1 and scope 2 emissions by 50% by 2030, compared to 2016 levels. There is therefore a risk that Shell recognises oil and gas reserves that are not ultimately produced. If proved reserves are recognised that are not ultimately produced, depreciation will be understated, and the recoverable amount of assets may be overstated. Auditing the estimation of oil and gas reserves is complex, as there is significant estimation uncertainty in assessing the quantities of reserves and resources in place. Estimated reserves and resources in place are based on significant assumptions such as production curves and certain other inputs, including forecast production volumes, future capital and operating cost assumptions and life of field assumptions, all of which are inputs used by reserves experts to estimate oil and gas reserves. Estimation uncertainty is further elevated given the transition to a low-carbon economy which could impact life-of-field assumptions and increase the risk of underutilised or stranded oil and gas assets. | ||||
How we addressed the matter in our audit | We obtained an understanding of the controls over Shell’s oil and gas reserves’ estimation process. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested management’s controls over review of changes to year-on-year estimated oil and gas reserves volumes. We involved professionals with substantial oil and gas reserves audit experience to assist us in evaluating the key assumptions and methodologies applied by management. Our procedures included, amongst others, testing that significant additions or reductions in reserves had been made in the period in which new information became available, and assessing whether they were in compliance with Shell’s reserves and resources guidance. We evaluated the professional qualifications and objectivity of management’s reserves experts who performed the preparation of the reserve estimates and who are primarily responsible for providing independent review and challenge, and ultimately endorsement of, the reserve estimates. We also evaluated the completeness and accuracy of the inputs used by management in estimating the oil and gas reserves by agreeing the inputs to source documentation and we performed backtesting of historical data to identify indications of estimation bias over time. We evaluated management’s development plan for compliance with SEC rules that undrilled locations must be scheduled to be drilled within five years, unless specific circumstances justify a longer period. This evaluation was made by assessing the consistency of the development projections with Shell’s development plans and capital allocation framework. Where reserves are recognised beyond current licence terms, we assessed the assumption around licence renewal. In order to determine whether there is a risk that reserves recognised will not be produced, among other procedures, we estimated the carbon intensity of Shell’s Upstream and Integrated Gas fields, focussing on the most carbon intensive assets. We also analysed those assets that are currently forecast to be producing beyond 2030 and estimated the carbon intensity of the most significant fields that are expected to be producing after 2030. We analysed further the carbon intensity per barrel of those fields. For the assets where forecast emissions were highest, we evaluated whether Shell’s operating plan assumptions included planned actions and associated expenditures to reduce the carbon emissions of these projects. We gave specific consideration to whether the economic limit test incorporated Shell’s estimate of future carbon costs to reflect the potential impact of climate change and the energy transition. The economic limit is management’s estimation of the point at which the operating cash flow from a project becomes negative, and drives the Company's life of field assumption. Once the economic limit becomes negative, the fields would be decommissioned. |
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND JOINT VENTURE AND ASSOCIATES (JVA) | |||||
Description of the matter | As described in Notes 9 and 10 to the Consolidated Financial Statements, at December 31, 2021 Shell recognised $118.4 billion of production assets, $49.1 billion of manufacturing, supply and distribution assets (refineries) (collectively, PP&E) and $23.4 billion of joint ventures and associates (JVAs). As disclosed in Note 9, Shell recognised $0.3 billion of impairment charges relating to production assets and $2.3 billion relating to manufacturing, supply and distribution assets. As discussed in Note 10, Shell recognised impairment charges of $0.0 billion relating to JVAs. The carrying values of PP&E and JVAs are sensitive to small changes in key assumptions, which increases the risk of indicators of impairment or impairment reversal not being identified. Our audit effort has therefore focused on the completeness and timely identification of indicators of impairment charges or impairment reversals. Auditing the impairment of PP&E and JVAs is subjective due to the significant amount of judgement involved in determining whether indicators of impairment or impairment reversal exist, particularly for longer term assets. Key judgements in determining whether indicators of impairment or impairment reversal exist include changes in forecast commodity price and refining margin assumptions, forecast carbon prices, movements in oil and gas reserves, changes in asset performance and future development plans and the expected useful lives of assets. The estimation of forecast commodity prices, refining margins, forecast carbon prices and expected useful lives of assets assumptions are particularly judgmental because of, among other factors, increased demand uncertainty and pace of decarbonisation due to climate change and the energy transition. | ||||
How we addressed the matter in our audit | We obtained an understanding of the controls over Shell’s asset impairment process. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested the controls over management’s identification of indicators of impairment and reversals of impairment and the approval of oil and gas prices and refining margins. We evaluated Shell’s assessment of impairment and impairment reversal triggers, including changes in the forecast commodity price assumptions, movements in oil and gas reserves (see oil and gas reserves critical audit matter), changes in asset performance and changes in Shell’s business and operating plan assumptions. We further considered assets with high carbon intensity as a potential indicator of impairment, given Shell’s carbon emissions reductions targets. To test Shell’s commodity price assumptions, amongst other procedures, we compared future short and long-term oil and gas prices to an independently developed reasonable range of forecasts based on consensus analysts’ forecasts and those adopted by other international oil companies. To evaluate the impact of energy transition on Shell’s commodity price forecasts applied in the preparation of the financial statements, we also compared Shell’s oil and gas price scenarios to the IEA’s Net Zero Emissions 2050 (NZE) and to the IEA’s Announced Pledges Scenario (APS) price assumptions. We evaluated the reasonableness of Shell’s refining margin assumptions by comparing these to independent market and consultant forecasts. We also involved our oil and gas valuations specialists to assess the reasonableness of Shell’s refining margin estimation methodology and assumptions, including evaluating long-run demand forecasts, incorporating the impacts of the energy transition, supply dynamics, and the speed of the industry’s response to changing demand through either constructing new refineries or closing older refineries.Given the continued improvement in commodity prices and short-term refining margins, we assessed whether these higher price markers represented a trigger for impairment reversal and performed benchmarking to determine whether Shell’s oil and gas company peers reflected changes in oil and gas price and refining margin assumptions as indicators of impairment or impairment reversal. To test Shell’s forecast carbon price assumptions, we involved professionals with substantial climate change experience to review the methodology adopted and the reasonableness of the carbon prices applied in 25 different jurisdictions or regions, including 10 jurisdictions with the highest forecast carbon costs, by independently determining our view of a range of acceptable forecast carbon price assumptions. We also tested the carbon pricing included in the forecast cash flows and performed sensitivity analysis by using a range of carbon prices, such as those disclosed in the IEA Net Zero Emissions by 2050 scenario. Where carbon price assumptions were outside of our range, we carried out sensitivity analysis to assess if the impacts were material. To evaluate the accuracy of significant assumptions we performed a lookback by comparing actual performance of assets to the forecasts made in the prior year. We also assessed potential operational changes that have or are expected to have a significant adverse effect on an asset and whether such unplanned shutdowns should be considered as impairment triggers. In conjunction with our evaluation of the operating plan, we performed procedures to understand how management intend to achieve their planned Scope 1 and 2 and Net Carbon Footprint reductions and whether these actions have been reflected in Shell’s operating plan, which impact Shell’s financial statements and disclosures, specifically in impairment of PP&E, E&E assets, D&R provisions, and recognition of DTAs. Also, we assessed the operating and capital expenditure assumptions that were estimated necessary to achieve the emission reductions. This also involved assessing assumptions on acquisitions, divestments, investments in CCS technologies and Nature Based Solutions. |
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND JOINT VENTURE AND ASSOCIATES (JVA) (continued) | |||||
We considered potential impairment triggers related to climate change and energy transition by estimating the carbon intensity of Shell’s Upstream and Integrated Gas fields and identifying the most carbon intensive assets. We assessed management’s plans to reduce the carbon intensity of these assets in the future to determine whether there is a material risk that reserves recognised will not be produced or if the carbon intensity limited the expected useful lives of the assets. We assessed consistency of Shell’s plans to reduce the carbon intensity of these assets with their carbon emissions reductions targets. In addition, we considered contradictory evidence, such as the results of comparable market transactions by other energy companies in jurisdictions with similar environmental and regulatory focus that could indicate a significant increase or decrease in the recoverable amount of Shell’s assets. We also considered public comments or commitments made by Shell in relation to the Powering Progress strategy and whether these could impact the future potential value of any assets. We assessed the appropriateness of Shell’s disclosure of information about the assumptions Shell makes that could, in the future, have a significant risk of material adjustments to the carrying amounts of assets and liabilities, including sensitivity disclosures. This included evaluating the sensitivity disclosures in Note 4 of the carrying value of Shell’s Upstream and Integrated Gas PP&E assets against a range of future oil and gas price assumptions, reflecting reduced demand scenarios due to climate change and the energy transition, including the IEA Net Zero Emissions by 2050 scenario. | |||||
EXPLORATION AND EVALUATION ASSETS | |||||
Description of the matter | As described in Note 9 to the Consolidated Financial Statements, at December 31, 2021, Shell recognised $7.1 billion of E&E assets. During the year, management recorded $1.8 billion of E&E write offs and impairments. In assessing whether to test E&E assets for impairment, the judgements to consider include, whether a licence is expected to be renewed, whether sufficient data exists to indicate that the carrying amount of E&E assets is likely to be recovered and whether or not commercially viable quantities of resources exist. Auditing impairment assessments of E&E assets is inherently judgemental given the exploration for and evaluation of the resources has not always reached a stage at which information sufficient to estimate future cash flows is available. Given the current environment, and the capital allocation and emissions reductions decisions that Shell intend to take through the energy transition, there is a heightened risk that projects will no longer proceed, in which case they may need to be written off or impaired. As a result of these factors, there is significant auditor judgement relating to the risk that certain E&E costs are not written off in the appropriate reporting period. | ||||
How we addressed the matter in our audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over Shell’s E&E impairment assessment process. For example, we tested controls over management’s review of E&E assets for write off and impairment. To test the completeness and appropriateness of the E&E asset write off and impairment charges recorded, our procedures included, amongst others, assessing each significant licence area against the impairment criteria within IFRS 6 with a particular focus on those assets that were expected to be developed over the medium and long term, those assets where the dominant commodity that will be produced is oil, or highly carbon intensive projects. Through this analysis, we independently identified the assets that we considered most at risk of not being developed by Shell or being divested as a consequence of the Company’s emissions reductions targets. We evaluated the likelihood of management progressing the E&E assets, including the strategic fit of the assets, carbon intensity of the developments, planned capex and project economics and the expectation that sufficient cash resources will be available to fund the expected development of assets. For example, in evaluating the strategic fit of carbon intensive assets, we considered the inclusion of actions within Shell’s operating plan to achieve target Scope 1 and 2 and Net Carbon Footprint reductions, and that these were reflected in the asset-level forecasts. We assessed key internal and external evidence relevant to Shell's assessment of whether to continue to carry or write off assets in the group’s E&E portfolio, including analysing evidence of further activity being included in Shell’s operating plan and any contra evidence that suggests government or regulatory approvals will not be provided. In respect of E&E write offs and impairments recorded during the year, we considered whether evidence about current project activity, forecast future expenditure and operational plans was consistent with the decisions taken by management to write off or impair these assets. We also considered the disclosure of E&E asset write offs and impairments. | ||||
THE ESTIMATION OF DECOMMISSIONING AND RESTORATION PROVISIONS | |||||
Description of the matter | As described in Note 19 to the Consolidated Financial Statements, at December 31, 2021 Shell recognised $22.1 billion in D&R provisions. Auditing D&R provisions is complex because management’s estimation of future cash outflows involves significant judgement. As explained in Note 2 to the Consolidated Financial Statements, the estimate is based on current legal and constructive obligations, technology and price levels. However, the extent of the actual outflows incurred in the future may differ due to changes in laws, regulations, public expectations, technology, prices and conditions at the time of decommissioning, and can take place many years in the future. The timing of estimated future decommissioning activity is also a key judgement with the energy transition increasing the risk that oil and gas fields will be decommissioned earlier than anticipated. The key factor in determining the timing of decommissioning for Upstream and Integrated Gas assets will be the life of field assumptions, which is discussed in our oil and gas reserves critical audit matter. In respect of Oil Products and Chemicals operations, there is significant complexity in evaluating management’s judgements on the expected useful lives of manufacturing and production assets and, where decommissioning is expected to be generally more than 50 years into the future, that it is not possible to make an estimate of the obligation that is sufficiently reliable to use in recognising a D&R provision. | ||||
How we addressed the matter in our audit | We obtained an understanding of the controls over Shell’s process for the estimation of D&R provisions. We then evaluated the design of, and tested the operating effectiveness of, controls over the estimation of the D&R provision. For example, we tested controls over the review of the estimation and completeness of cost estimates. Our audit procedures included, amongst others, assessing changes in D&R cost estimates, and whether they reflected the latest regulatory requirements and technical developments. We audited cost assumptions relating to labour rates, rig type and rates, number of wells, well durations, and any contingencies applied by, amongst other procedures, inspecting contracts. We also evaluated whether the nature of the costs expected to be incurred were in accordance with the requirements of IAS 37. We evaluated management’s estimated life-of-field assumptions that determine the timing of decommissioning in Upstream and Integrated Gas as described in the estimation of oil and gas reserves critical audit matter. Also as described in the estimation of oil and gas reserves critical audit matter, we evaluated the estimated carbon intensity of the post 2030 production of Shell’s assets, in order to identify assets where there may be a higher risk of the reserves not ultimately being produced as this may impact the estimated cessation of production date for these assets. We tested the D&R accounting models and assumptions therein, including discount rates, and inflation rates. We validated the assumptions to external data sources and reconciled the assumptions with those used in other areas of measurement, such as impairment assessment. We evaluated the timing of recognition of D&R liabilities related to contingent liabilities and D&R liabilities arising from assets previously disposed of, including assessing the counterparty risk associated with those disposals. We also evaluated management’s assessment of the useful lives of manufacturing assets in the Oil Products and Chemicals portfolio. In particular, we evaluated whether D&R provisions were required for certain refineries and petrochemical facilities based on actions within Shell’s operating plan, including rationalisation of their manufacturing portfolio and plans to convert or dismantle existing units. This included assessing management’s ability to repurpose the units to increase production capabilities of refined products with lower carbon intensity. We assessed the disclosure of D&R provisions and contingent liabilities in the financial statements. We also evaluated management’s re-assessment of the need for contingent liability disclosures in respect of certain manufacturing assets. |
THE RECOGNITION AND MEASUREMENT OF DEFERRED TAX ASSETS (DTAs) | |||||
Description of the matter | As described in Note 17 to the Consolidated Financial Statements, at December 31, 2021 Shell recognised gross DTAs of $29.4 billion. Auditing the recognition and measurement of DTA balances is subjective because the estimation requires significant judgement, including the timing of reversals of DTLs and the availability of future profits against which tax deductions represented by the DTA can be offset. In addition, auditing the recognition of DTA balances that are supported by the expectation of future taxable profits arising beyond Shell’s 10-year planning horizon required significant audit judgement, which was of heightened complexity given the future demand and price uncertainty due to climate change and the energy transition. There is greater uncertainty regarding future taxable profits that exist outside the 10-year planning period and where future taxable profits relate to new and emerging businesses with less history and therefore greater forecasting uncertainty. | ||||
How we addressed the matter in our audit | We obtained an understanding of the controls over Shell’s processes for the recognition and measurement of DTAs. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested controls over projections of future taxable income and the deferred tax calculations that support the recognition of DTAs. Amongst other procedures, we assessed management’s determination of the expected timing of utilisation of the DTAs, including the application of relevant tax laws that apply to the utilisation of tax losses. We tested management’s forecasted timing of the reversal of taxable temporary differences by evaluating the projected sources of taxable income and considered the nature of the temporary differences and the relevant tax law. We performed sensitivity analyses over Shell’s risk-weighted future taxable profits by jurisdiction, which take into account potential costs of decarbonisation, and specific risking applied to profits forecast through Shell's operating plan process to be generated through new and growing business activities, including biofuels and Electric Vehicle (EV) charging. We reconciled the forecast to that used in other areas of analysis, such as impairment. Our testing also included evaluating management’s negative stress test to assess the tolerance of the estimation uncertainty to further risking. We involved professionals with experience in auditing renewable businesses, including EV charging, in challenging management’s assumptions and the outcome of the stress testing performed. |
REVENUE RECOGNITION: THE MEASUREMENT OF UNREALISED TRADING GAINS AND LOSSES | |||||
Description of the matter | As described in Note 5 of the Consolidated Financial Statements, at December 31, 2021 Shell recognised $262 billion of revenue. As described in Note 20, Shell recognised derivative financial instrument assets of $12.2 billion and derivative financial instrument liabilities of $17.2 billion. Shell’s trading and supply function is integrated within the Oil Products, Chemicals, Integrated Gas and Upstream segments and is spread across multiple regions. Auditing the measurement of unrealised trading gains and losses was complex because of the significant judgement used in determining the key assumptions used in valuing the trades, the risk of error, of unauthorised trading activity or of deliberate misstatement of Shell’s trading positions. Also, trading is not always carried out in active markets where prices are readily available, increasing subjectivity used in determining the pricing curve and volatility assumptions, which are key inputs to valuing the trades. Identifying unrealised trading gains and losses is also complex due to the significant volume of transactions entered into by Shell and the lack of market transparency of executed deals. The deliberate misstatement of Shell’s trading positions or mismarking of positions could result in understated trading losses, overstated trading profits and/or individual bonuses being manipulated through inappropriate inter-period profit/loss allocations. | ||||
How we addressed the matter in our audit | We obtained an understanding of the controls over Shell’s process for the recognition of revenue relating to unrealised trading gains and losses, including controls over management’s processes around complex deal valuations. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested controls around the review of pricing curve and volatility assumptions applied in the valuation models. We involved audit professionals with significant experience auditing large commodity trading organisations. We assessed Shell’s valuation methodology against market practice and analysed whether a consistent framework was applied across the business and assessed the consistency of inputs used in deal valuations and other assumptions. We tested the pricing curve and volatility assumptions in management’s valuation models, including by comparing these to external broker quotes, market consensus providers, and our independent assessments. We involved EY valuation specialists to assist us in performing independent testing of the valuation models of Level 3 contracts, including the valuation of long-dated offtake contracts and those with illiquid tenor or price components. Our valuations were established using independently sourced inputs, where available. We evaluated contract terms and key assumptions against independent market information, including assessing complex deals for the existence of non-standard contractual terms or features. To audit the measurement and valuation of open trading positions, we focused specifically on over the counter (OTC) physical and financial transactions. Amongst other procedures, we obtained external confirmation of a sample of open trading positions with brokers and counterparties and, where deemed necessary, tested the existence of the position by agreement to signed contracts. We performed additional confirmation testing by obtaining confirmations from key counterparties who had open positions in the prior trading year, but no reported trading positions in the current year. We also performed procedures to identify unrecorded liabilities by comparing sales to trade receivables and purchases to trade payables that occurred near the end of the financial year to evaluate whether or not the transactions had been recorded appropriately and in the correct period. We assessed the Level 3 disclosures included in the consolidated financial statements. |
$ million | ||||||||||||||
Notes | 2021 | 2020 | 2019 | |||||||||||
Revenue | 5 | 261,504 | 180,543 | 344,877 | ||||||||||
Share of profit of joint ventures and associates | 10 | 4,097 | 1,783 | 3,604 | ||||||||||
Interest and other income | 6 | 7,056 | 869 | 3,625 | ||||||||||
Total revenue and other income | 272,657 | 183,195 | 352,106 | |||||||||||
Purchases | 174,912 | 117,093 | 252,983 | |||||||||||
Production and manufacturing expenses | 5 | 23,822 | 24,001 | 26,438 | ||||||||||
Selling, distribution and administrative expenses | 5 | 11,328 | 9,881 | 10,493 | ||||||||||
Research and development | 5 | 815 | 907 | 962 | ||||||||||
Exploration | 5 | 1,423 | 1,747 | 2,354 | ||||||||||
Depreciation, depletion and amortisation | 5 | 26,921 | 52,444 | 28,701 | ||||||||||
Interest expense | 7 | 3,607 | 4,089 | 4,690 | ||||||||||
Total expenditure | 242,828 | 210,162 | 326,621 | |||||||||||
Income/(loss) before taxation | 29,829 | (26,967) | 25,485 | |||||||||||
Taxation charge/(credit) | 17 | 9,199 | (5,433) | 9,053 | ||||||||||
Income/(loss) for the period | 5 | 20,630 | (21,534) | 16,432 | ||||||||||
Income attributable to non-controlling interest | 5 | 529 | 146 | 590 | ||||||||||
Income/(loss) attributable to Shell plc shareholders | 5 | 20,101 | (21,680) | 15,842 | ||||||||||
Basic earnings per share ($) | 25 | 2.59 | (2.78) | 1.97 | ||||||||||
Diluted earnings per share ($) | 25 | 2.57 | (2.78) | 1.95 |
$ million | ||||||||||||||
Notes | 2021 | 2020 | 2019 | |||||||||||
Income/(loss) for the period | 5 | 20,630 | (21,534) | 16,432 | ||||||||||
Other comprehensive income/(loss) net of tax | ||||||||||||||
Items that may be reclassified to income in later periods: | ||||||||||||||
Currency translation differences | 23 | (1,413) | 1,179 | 344 | ||||||||||
Debt instruments remeasurements | 23 | (28) | 23 | 29 | ||||||||||
Cash flow hedging gains/(losses) | 23 | 21 | (160) | (276) | ||||||||||
Net investment hedging gains/(losses) | 23 | 295 | (423) | 9 | ||||||||||
Deferred cost of hedging | 23 | (39) | 100 | 66 | ||||||||||
Share of other comprehensive loss of joint ventures and associates | 10 | (109) | (42) | (76) | ||||||||||
Total | (1,273) | 677 | 96 | |||||||||||
Items that are not reclassified to income in later periods: | ||||||||||||||
Retirement benefits remeasurements | 7,198 | (2,702) | (2,102) | |||||||||||
Equity instruments remeasurements | 145 | 64 | (30) | |||||||||||
Share of other comprehensive income of joint ventures and associates | 10 | 3 | 119 | 2 | ||||||||||
Total | 7,346 | (2,519) | (2,130) | |||||||||||
Other comprehensive income/(loss) for the period | 6,073 | (1,842) | (2,034) | |||||||||||
Comprehensive income/(loss) for the period | 26,703 | (23,376) | 14,398 | |||||||||||
Comprehensive income attributable to non-controlling interest | 468 | 136 | 625 | |||||||||||
Comprehensive income/(loss) attributable to Shell plc shareholders | 26,235 | (23,512) | 13,773 |
$ million | |||||||||||
Notes | Dec 31, 2021 | Dec 31, 2020 | |||||||||
Assets | |||||||||||
Non-current assets | |||||||||||
Intangible assets | 8 | 24,693 | 22,710 | ||||||||
Property, plant and equipment | 9 | 194,932 | 209,700 | ||||||||
Joint ventures and associates | 10 | 23,415 | 22,451 | ||||||||
Investments in securities | 11 | 3,797 | 3,222 | ||||||||
Deferred tax | 17 | 12,426 | 16,311 | ||||||||
Retirement benefits | 18 | 8,471 | 2,474 | ||||||||
Trade and other receivables | 12 | 7,065 | 7,641 | ||||||||
Derivative financial instruments | 20 | 815 | 2,805 | ||||||||
275,614 | 287,314 | ||||||||||
Current assets | |||||||||||
Inventories | 13 | 25,258 | 19,457 | ||||||||
Trade and other receivables | 12 | 53,208 | 33,625 | ||||||||
Derivative financial instruments | 20 | 11,369 | 5,783 | ||||||||
Cash and cash equivalents | 14 | 36,970 | 31,830 | ||||||||
126,805 | 90,695 | ||||||||||
Assets classified as held for sale | 30 | 1,960 | 1,259 | ||||||||
128,765 | 91,954 | ||||||||||
Total assets | 404,379 | 379,268 | |||||||||
Liabilities | |||||||||||
Non-current liabilities | |||||||||||
Debt | 15 | 80,868 | 91,115 | ||||||||
Trade and other payables | 16 | 2,075 | 2,304 | ||||||||
Derivative financial instruments | 20 | 887 | 420 | ||||||||
Deferred tax | 17 | 12,547 | 10,463 | ||||||||
Retirement benefits [A] | 18 | 11,325 | 15,605 | ||||||||
Decommissioning and other provisions | 19 | 25,804 | 27,116 | ||||||||
133,506 | 147,023 | ||||||||||
Current liabilities | |||||||||||
Debt | 15 | 8,218 | 16,899 | ||||||||
Trade and other payables [A] | 16 | 63,173 | 44,572 | ||||||||
Derivative financial instruments | 20 | 16,311 | 5,308 | ||||||||
Income taxes payable [A] | 3,254 | 3,111 | |||||||||
Decommissioning and other provisions | 19 | 3,338 | 3,622 | ||||||||
94,294 | 73,512 | ||||||||||
Liabilities directly associated with assets classified as held for sale | 30 | 1,253 | 196 | ||||||||
95,547 | 73,708 | ||||||||||
Total liabilities | 229,053 | 220,731 | |||||||||
Equity | |||||||||||
Share capital | 21 | 641 | 651 | ||||||||
Shares held in trust | (610) | (709) | |||||||||
Other reserves | 23 | 18,909 | 12,752 | ||||||||
Retained earnings | 153,026 | 142,616 | |||||||||
Equity attributable to Shell plc shareholders | 171,966 | 155,310 | |||||||||
Non-controlling interest | 3,360 | 3,227 | |||||||||
Total equity | 175,326 | 158,537 | |||||||||
Total liabilities and equity | 404,379 | 379,268 |
$ million | |||||||||||||||||||||||
Equity attributable to Shell plc shareholders | |||||||||||||||||||||||
Share capital (see Note 21) | Shares held in trust | Other reserves (see Note 23) | Retained earnings | Total | Non- controlling interest | Total equity | |||||||||||||||||
At January 1, 2021 | 651 | (709) | 12,752 | 142,616 | 155,310 | 3,227 | 158,537 | ||||||||||||||||
Comprehensive income for the period | — | — | 6,134 | 20,101 | 26,235 | 468 | 26,703 | ||||||||||||||||
Transfer from other comprehensive income | — | — | (45) | 45 | — | — | — | ||||||||||||||||
Dividends (see Note 24) | — | — | — | (6,321) | (6,321) | (348) | (6,669) | ||||||||||||||||
Repurchases of shares [A] | (10) | — | 10 | (3,513) | (3,513) | — | (3,513) | ||||||||||||||||
Share-based compensation | — | 99 | 58 | 93 | 250 | — | 250 | ||||||||||||||||
Other changes in non-controlling interest | — | — | — | 5 | 5 | 13 | 18 | ||||||||||||||||
At December 31, 2021 | 641 | (610) | 18,909 | 153,026 | 171,966 | 3,360 | 175,326 | ||||||||||||||||
At January 1, 2020 | 657 | (1,063) | 14,451 | 172,431 | 186,476 | 3,987 | 190,463 | ||||||||||||||||
Comprehensive (loss)/income for the period | — | — | (1,832) | (21,397) | (23,229) | 136 | (23,093) | ||||||||||||||||
Transfer from other comprehensive income | — | — | 270 | (270) | — | — | — | ||||||||||||||||
Dividends (see Note 24) | — | — | — | (7,270) | (7,270) | (311) | (7,581) | ||||||||||||||||
Repurchases of shares | (6) | — | 6 | (1,214) | (1,214) | — | (1,214) | ||||||||||||||||
Share-based compensation | — | 354 | (143) | (230) | (19) | — | (19) | ||||||||||||||||
Other changes in non-controlling interest | — | — | — | 566 | 566 | (585) | (19) | ||||||||||||||||
At December 31, 2020 | 651 | (709) | 12,752 | 142,616 | 155,310 | 3,227 | 158,537 | ||||||||||||||||
At January 1, 2019 | 685 | (1,260) | 16,615 | 182,610 | 198,650 | 3,888 | 202,538 | ||||||||||||||||
Comprehensive income/(loss) for the period | — | — | (2,069) | 15,842 | 13,773 | 625 | 14,398 | ||||||||||||||||
Transfer from other comprehensive income | — | — | (74) | 74 | — | — | — | ||||||||||||||||
Dividends (see Note 24) | — | — | — | (15,198) | (15,198) | (537) | (15,735) | ||||||||||||||||
Repurchases of shares [A] | (28) | — | 28 | (10,286) | (10,286) | — | (10,286) | ||||||||||||||||
Share-based compensation | — | 197 | (49) | (613) | (465) | — | (465) | ||||||||||||||||
Other changes in non-controlling interest | — | — | — | 2 | 2 | 11 | 13 | ||||||||||||||||
At December 31, 2019 | 657 | (1,063) | 14,451 | 172,431 | 186,476 | 3,987 | 190,463 |
$ million | ||||||||||||||
Notes | 2021 | 2020 | 2019 | |||||||||||
Income/(loss) before taxation for the period | 29,829 | (26,967) | 25,485 | |||||||||||
Adjustment for: | ||||||||||||||
Interest expense (net) | 3,096 | 3,316 | 3,705 | |||||||||||
Depreciation, depletion and amortisation | 26,921 | 52,444 | 28,701 | |||||||||||
Exploration well write-offs | 9 | 639 | 815 | 1,218 | ||||||||||
Net gains on sale and revaluation of non-current assets and businesses | (5,995) | (286) | (2,519) | |||||||||||
Share of profit of joint ventures and associates | (4,097) | (1,783) | (3,604) | |||||||||||
Dividends received from joint ventures and associates | 3,929 | 2,591 | 4,139 | |||||||||||
(Increase)/decrease in inventories | (7,319) | 4,477 | (2,635) | |||||||||||
(Increase)/decrease in current receivables | (20,567) | 9,625 | (921) | |||||||||||
Increase/(decrease) in current payables | 17,519 | (9,494) | (1,223) | |||||||||||
Derivative financial instruments | 5,882 | 977 | (1,484) | |||||||||||
Retirement benefits | 16 | 568 | (365) | |||||||||||
Decommissioning and other provisions | (76) | 1,104 | (686) | |||||||||||
Other | 803 | 8 | (28) | |||||||||||
Tax paid | (5,476) | (3,290) | (7,605) | |||||||||||
Cash flow from operating activities | 45,104 | 34,105 | 42,178 | |||||||||||
Capital expenditure | (19,000) | (16,585) | (22,971) | |||||||||||
Investments in joint ventures and associates | (479) | (1,024) | (743) | |||||||||||
Investment in equity securities | (218) | (218) | (205) | |||||||||||
Proceeds from sale of property, plant and equipment and businesses | 14,233 | 2,489 | 4,803 | |||||||||||
Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans [A] | 584 | 1,240 | 2,599 | |||||||||||
Proceeds from sale of equity securities | 296 | 281 | 469 | |||||||||||
Interest received | 423 | 532 | 911 | |||||||||||
Other investing cash inflows | 2,928 | 3,239 | 2,921 | |||||||||||
Other investing cash outflows | (3,528) | (3,232) | (3,563) | |||||||||||
Cash flow from investing activities | (4,761) | (13,278) | (15,779) | |||||||||||
Net increase/(decrease) in debt with maturity period within three months | 14 | (63) | (308) | |||||||||||
Other debt: | ||||||||||||||
New borrowings | 1,791 | 23,033 | 11,185 | |||||||||||
Repayments | (21,534) | (17,385) | (14,292) | |||||||||||
Interest paid | (4,014) | (4,105) | (4,649) | |||||||||||
Derivative financial instruments | (1,165) | 1,157 | (48) | |||||||||||
Change in non-controlling interest | 19 | (42) | — | |||||||||||
Cash dividends paid to: | ||||||||||||||
Shell plc shareholders [B] | (6,253) | (7,424) | (15,198) | |||||||||||
Non-controlling interest | (348) | (311) | (537) | |||||||||||
Repurchases of shares | (2,889) | (1,702) | (10,188) | |||||||||||
Shares held in trust: net purchases and dividends received | (285) | (382) | (1,174) | |||||||||||
Cash flow from financing activities | (34,664) | (7,224) | (35,209) | |||||||||||
Effects of exchange rate changes on cash and cash equivalents | (539) | 172 | 124 | |||||||||||
Increase/(decrease) in cash and cash equivalents | 5,140 | 13,775 | (8,686) | |||||||||||
Cash and cash equivalents at beginning of year | 31,830 | 18,055 | 26,741 | |||||||||||
Cash and cash equivalents at end of year | 14 | 36,970 | 31,830 | 18,055 |
Judgements and estimates Proved oil and gas reserves Unit-of-production depreciation, depletion and amortisation charges are principally measured based on management’s estimates of proved developed oil and gas reserves. Also, exploration drilling costs are capitalised pending the results of further exploration or appraisal activity, which may take several years to complete, and before any related proved reserves can be booked. Proved reserves are estimated by a central group of reserves experts. The estimated proved reserves are determined by reference to available geological and engineering data and only include volumes for which access to market is assured with reasonable certainty. Yearly average oil and gas prices are applied in the determination of proved reserves. Estimates of proved reserves are inherently imprecise, require the application of judgement and are subject to regular revision, either upward or downward, based on new information such as from the drilling of additional wells, observation of long-term reservoir performance under producing conditions 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 the asset portfolio will limit the net effect of such revisions. The outcome of, or assessment of plans for, exploration or appraisal activity may result in the related capitalised exploration drilling costs being recognised in 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 the assets concerned (see "depreciation, depletion and amortisation"). Information about the carrying amounts of exploration and production assets and the amounts charged to income, including depreciation, depletion and amortisation and the quantitative impact of the use of an alternative reserves base, is presented in Note 9. |
Judgements and estimates continued 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 refining margins. In addition, management uses other assumptions such as potential costs associated with operational GHG emissions and expected production volumes appropriate to the local circumstances and environment. 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 discount future cash flow estimates or the risk-adjustment in the future cash flows. Judgement is applied to conclude whether changes in assumptions or economic conditions are an indicator that an asset may be impaired or that an impairment loss recognised in prior periods may 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 flows. As discussed in “Proved oil and gas reserves” above, reserves estimates are inherently imprecise. Furthermore, projections about unproved volumes are based on information that is necessarily less robust than that available for mature reservoirs. Estimation is involved with respect to the expected life of oil products manufacturing facilities and chemicals plants, and also 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 use 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 held for sale. A change in that judgement could result in impairment charges affecting income, depending on whether classification requires a write-down of the asset to its fair value less costs to sell. In assessing the value in use, the estimated risk-adjusted future post-tax cash flows are discounted to their present value using a post-tax discount rate that reflects Shell’s post-tax WACC. The discount rate applied does not reflect asset-specific risks for which future cash flow estimates have been adjusted. Significant estimates Future commodity price assumptions used in the impairment testing in Integrated Gas and Upstream (see Note 9) 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. Until 2019, management’s estimate of longer-term refining margins used in the impairment testing in Oil Products was based on the reversion to mean methodology, unless a fundamental shift in markets had been identified, over the life of the oil products manufacturing facilities. Under this approach, it was assumed that refining margins would revert to historical averages over time. As from 2020, a different price methodology applies, based on Shell management’s understanding and interpretation of demand and supply fundamentals in the near term and taking into account various other factors such as industry rationalisation and energy transition in the long term. Future commodity prices and refining margins used in impairment testing provide a source of estimation uncertainty as referred to in paragraph 125 of IAS 1 Presentation of Financial Statements (IAS 1.125). Information about the carrying amounts of assets and impairments and their sensitivity to changes in significant estimates is presented in Notes 8 and 9. |
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 an option to extend or to terminate the lease will be exercised. Where the rate implicit in the lease is not readily available, an incremental borrowing rate is applied. This incremental borrowing rate reflects the rate of interest that the lessee would have to pay to borrow over a similar term, with a similar security, the funds necessary to obtain an asset of a similar nature and value to the right-of-use asset in a similar economic environment. Determination of the incremental borrowing rate requires estimation. |
Judgements and estimates Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority. In such cases, provision is made for the amount that is expected to be settled, where this can be reasonably estimated. Provisions for uncertain income tax positions/treatments are measured at the most likely amount or the expected value, whichever method is more appropriate. Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. It is assumed that taxing authorities will examine positions taken if they have the right to do so and that they have full knowledge of the relevant information. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled would be recognised in income in the period in which the change occurs. This requires the application of judgement as to the ultimate outcome, which can change over time depending on facts and circumstances. Judgements mainly relate to transfer pricing, including inter-company financing, interpretation of PSCs, expenditure deductible for tax purposes and taxation arising on disposal. Deferred tax assets are recognised only to the extent it is considered probable that those assets will be recoverable. This involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there can be an increase or decrease in the amounts recognised in respect of deferred tax assets as well as in the amounts recognised in income in the period in which the change occurs. Taxation information, including charges and deferred tax assets and liabilities, is presented in Note 17. Income taxes include taxes at higher rates levied on income from certain Integrated Gas and Upstream activities. |
Significant judgements and estimates Defined benefit obligations and plan assets, and the resulting liabilities and assets that are recognised, require significant estimation as these are subject to volatility as (actuarial) assumptions regarding future outcomes and market values change. Substantial judgement is required in determining 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 1.125. 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 18. |
Estimates Estimates of provisions for future decommissioning and restoration costs are recognised and based on current legal and constructive requirements, technology and price levels. Because actual cash outflows can differ from estimates due to changes in laws, regulations, public expectations, technology, prices and conditions, and can take place many years in the future, the carrying amounts of provisions are regularly reviewed and adjusted to take account of such changes. Significant estimate The discount rate applied to reflect the time value of money in the carrying amount of provisions requires estimation. The discount rate 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 19. |
Judgements 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. |
Estimates Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs. For derivative contracts where publicly available information is not available, fair value estimations are generally determined using models and other valuation methods, the key inputs for which include future prices, volatility, price correlation, counterparty credit risk and market liquidity, as appropriate; for other assets and liabilities, fair value estimations are generally based on the net present value of expected future cash flows. |
RT21 $/b | |||||||||||||||||
2022 | 2025 | 2030 | 2035 | 2040 | |||||||||||||
Shell mid-price | 59 | 58 | 60 | 60 | 60 | ||||||||||||
Average prices from four 1.5-2 degrees Celsius external climate change scenarios | 45 | 43 | 46 | 41 | 38 | ||||||||||||
IEA NZE50 | 38 | 37 | 36 | 33 | 29 | ||||||||||||
NGFS GCAM NZE 2050 | 89 | 92 | 94 | 99 | 102 | ||||||||||||
IEA APS | 48 | 56 | 69 | 68 | 68 |
Upstream | 89 | (14) | (17) | ||||||||
Total | 154 | (27) | (33) |
$ billion | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
At December 31 | 19 | 19 | 18 | 15 | 9 | 7 |
$ billion | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
At December 31 | 169 | 154 | 149 | 141 | 125 | 112 | ||||||||||||||
Impact of IFRS 16 | 9 | 7 | 6 | |||||||||||||||||
Total at December 31 | 169 | 154 | 149 | 150 | 132 | 118 |
$ billion | ||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
At December 31 | 10 | 14 | 14 | 13 | 7 | 6 | ||||||||||||||
Assets classified as held for sale | 1 | |||||||||||||||||||
Total at December 31 | 10 | 14 | 14 | 13 | 7 | 7 |
$ million | |||||||||||||||||||||||
Integrated Gas | Upstream | Oil Products | Chemicals | Corporate | Total | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third-party | 52,407 | 9,162 | 182,899 | 16,993 | 43 | 261,504 | [A] | ||||||||||||||||
Inter-segment | 7,883 | 36,325 | 11,835 | 6,362 | — | 62,405 | |||||||||||||||||
Share of profit of joint ventures and associates (CCS basis) | 1,906 | 632 | 765 | 609 | 1 | 3,913 | [B] | ||||||||||||||||
Interest and other income, of which: | 1,787 | 4,602 | 328 | (14) | 353 | 7,056 | |||||||||||||||||
Interest income | 4 | 37 | 39 | — | 431 | 511 | |||||||||||||||||
Net gains on sale and revaluation of non-current assets and businesses | 1,595 | 4,140 | 277 | (17) | — | 5,995 | |||||||||||||||||
Other | 188 | 425 | 12 | 3 | (78) | 550 | |||||||||||||||||
Third-party and inter-segment purchases (CCS basis) | 41,888 | 9,152 | 172,314 | 17,740 | (5) | 241,089 | |||||||||||||||||
Production and manufacturing expenses | 6,042 | 10,068 | 5,665 | 2,079 | (32) | 23,822 | |||||||||||||||||
Selling, distribution and administrative expenses | 926 | 197 | 8,499 | 1,150 | 556 | 11,328 | |||||||||||||||||
Research and development expenses | 158 | 339 | 212 | 106 | — | 815 | |||||||||||||||||
Exploration expenses | 127 | 1,296 | — | — | — | 1,423 | |||||||||||||||||
Depreciation, depletion and amortisation charge, of which: | 6,188 | 13,539 | 5,657 | 1,520 | 17 | 26,921 | |||||||||||||||||
Impairment losses | 768 | 920 | 1,995 | 382 | — | 4,065 | [C] | ||||||||||||||||
Impairment reversals | — | (213) | (1) | — | — | (214) | [D] | ||||||||||||||||
Interest expense | 68 | 336 | 65 | 6 | 3,132 | 3,607 | |||||||||||||||||
Taxation charge/(credit) (CCS basis) | 2,246 | 6,100 | 751 | (41) | (665) | 8,391 | |||||||||||||||||
CCS earnings | 6,340 | 9,694 | 2,664 | 1,390 | (2,606) | 17,482 |
$ million | |||||||||||||||||||||||
Integrated Gas | Upstream | Oil Products | Chemicals | Corporate | Total | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third-party | 33,287 | 6,767 | 128,717 | 11,721 | 51 | 180,543 | [A] | ||||||||||||||||
Inter-segment | 3,410 | 21,564 | 6,213 | 2,850 | — | 34,037 | |||||||||||||||||
Share of profit/(loss) of joint ventures and associates (CCS basis) | 562 | (7) | 988 | 567 | (268) | 1,842 | |||||||||||||||||
Interest and other income, of which: | 14 | 542 | (93) | — | 406 | 869 | |||||||||||||||||
Interest income | 6 | 56 | 28 | — | 589 | 679 | |||||||||||||||||
Net gains on sale and revaluation of non-current assets and businesses | 218 | 55 | (9) | (2) | 24 | 286 | |||||||||||||||||
Other | (210) | 431 | (112) | 2 | (207) | (96) | |||||||||||||||||
Third-party and inter-segment purchases (CCS basis) | 21,112 | 4,505 | 113,177 | 9,969 | 8 | 148,771 | |||||||||||||||||
Production and manufacturing expenses | 5,723 | 10,521 | 5,942 | 1,787 | 28 | 24,001 | |||||||||||||||||
Selling, distribution and administrative expenses | 729 | (23) | 7,360 | 1,339 | 476 | 9,881 | |||||||||||||||||
Research and development expenses | 103 | 486 | 209 | 109 | — | 907 | |||||||||||||||||
Exploration expenses | 611 | 1,136 | — | — | — | 1,747 | |||||||||||||||||
Depreciation, depletion and amortisation charge, of which: | 17,704 | 23,119 | 10,473 | 1,116 | 32 | 52,444 | |||||||||||||||||
Impairment losses | 12,221 | 8,697 | 6,531 | 5 | 9 | 27,463 | [B] | ||||||||||||||||
Interest expense | 76 | 374 | 56 | 3 | 3,580 | 4,089 | |||||||||||||||||
Taxation (credit)/charge (CCS basis) | (2,507) | (467) | (898) | 7 | (983) | (4,848) | |||||||||||||||||
CCS earnings | (6,278) | (10,785) | (494) | 808 | (2,952) | (19,701) |
$ million | |||||||||||||||||||||||
Integrated Gas | Upstream | Oil Products | Chemicals | Corporate | Total | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third-party | 41,322 | 9,482 | 280,460 | 13,568 | 45 | 344,877 | [A] | ||||||||||||||||
Inter-segment | 4,280 | 35,735 | 7,819 | 3,917 | — | 51,751 | |||||||||||||||||
Share of profit/(loss) of joint ventures and associates (CCS basis) | 1,791 | 379 | 1,179 | 546 | (307) | 3,588 | |||||||||||||||||
Interest and other income, of which: | 263 | 2,180 | 273 | (7) | 916 | 3,625 | |||||||||||||||||
Interest income | — | — | — | — | 899 | 899 | |||||||||||||||||
Net gains on sale and revaluation of non-current assets and businesses | 282 | 1,888 | 305 | (8) | 52 | 2,519 | |||||||||||||||||
Other | (19) | 292 | (32) | 1 | (35) | 207 | |||||||||||||||||
Third-party and inter-segment purchases (CCS basis) | 23,498 | 6,982 | 262,004 | 13,039 | (6) | 305,517 | |||||||||||||||||
Production and manufacturing expenses | 5,768 | 11,102 | 7,536 | 1,995 | 37 | 26,438 | |||||||||||||||||
Selling, distribution and administrative expenses | 716 | 29 | 7,976 | 1,323 | 449 | 10,493 | |||||||||||||||||
Research and development expenses | 181 | 450 | 219 | 112 | — | 962 | |||||||||||||||||
Exploration expenses | 281 | 2,073 | — | — | — | 2,354 | |||||||||||||||||
Depreciation, depletion and amortisation charge, of which: | 6,238 | 16,881 | 4,461 | 1,074 | 47 | 28,701 | |||||||||||||||||
Impairment losses | 579 | 2,576 | 622 | 5 | — | 3,782 | [B] | ||||||||||||||||
Impairment reversals | — | — | (190) | — | — | (190) | [C] | ||||||||||||||||
Interest expense | 104 | 526 | 77 | 5 | 3,978 | 4,690 | |||||||||||||||||
Taxation charge/(credit) (CCS basis) | 2,242 | 5,878 | 1,319 | (2) | (578) | 8,859 | |||||||||||||||||
CCS earnings | 8,628 | 3,855 | 6,139 | 478 | (3,273) | 15,827 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Income/(loss) attributable to Shell plc shareholders | 20,101 | (21,680) | 15,842 | ||||||||
Income attributable to non-controlling interest | 529 | 146 | 590 | ||||||||
Income/(loss) for the period | 20,630 | (21,534) | 16,432 | ||||||||
Current cost of supplies adjustment: | |||||||||||
Purchases | (3,772) | 2,359 | (784) | ||||||||
Taxation | 808 | (585) | 194 | ||||||||
Share of profit of joint ventures and associates | (184) | 59 | (15) | ||||||||
Current cost of supplies adjustment | (3,148) | 1,833 | (605) | ||||||||
Of which: | |||||||||||
Attributable to Shell plc shareholders | (3,029) | 1,759 | (572) | ||||||||
Attributable to non-controlling interest | (119) | 74 | (33) | ||||||||
CCS earnings | 17,482 | (19,701) | 15,827 | ||||||||
Of which: | |||||||||||
CCS earnings attributable to Shell plc shareholders | 17,072 | (19,921) | 15,270 | ||||||||
CCS earnings attributable to non-controlling interest | 410 | 220 | 557 |
$ million | |||||||||||||||||||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | |||||||||||||||||||
Third-party revenue, by origin | 78,549 | [A] | 87,070 | 73,647 | 22,238 | 261,504 | |||||||||||||||||
Intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 38,881 | [B] | 97,278 | 58,286 | 48,595 | 243,040 |
$ million | |||||||||||||||||||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | |||||||||||||||||||
Third-party revenue, by origin | 50,138 | [A] | 65,139 | 50,856 | 14,410 | 180,543 | |||||||||||||||||
Intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 38,785 | [B] | 103,191 | 62,976 | 49,909 | 254,861 | [C] |
$ million | |||||||||||||||||||||||
Europe | Asia, Oceania, Africa | USA | Other Americas | Total | |||||||||||||||||||
Third-party revenue, by origin | 98,455 | [A] | 139,916 | 83,212 | 23,294 | 344,877 | |||||||||||||||||
Intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 43,262 | [B] | 119,684 | 65,966 | 54,347 | 283,259 | [C] |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Interest income | 511 | 679 | 899 | ||||||||
Dividend income (from investments in equity securities) | 91 | 22 | 23 | ||||||||
Net gains on sale and revaluation of non-current assets and businesses | 5,995 | 286 | 2,519 | ||||||||
Net foreign exchange gains/(losses) on financing activities | 118 | (391) | 5 | ||||||||
Other | 341 | 273 | 179 | ||||||||
Total | 7,056 | 869 | 3,625 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Interest incurred and similar charges | 2,086 | 2,174 | 2,406 | ||||||||
Interest expense related to leases | 1,987 | 2,185 | 2,186 | ||||||||
Less: interest capitalised | (917) | (799) | (752) | ||||||||
Other net losses on fair value and cash flow hedges of debt | 1 | 32 | 132 | ||||||||
Accretion expense | 450 | 497 | 718 | ||||||||
Total | 3,607 | 4,089 | 4,690 |
$ million | ||||||||||||||||||||
Goodwill | LNG off-take and sales contracts | Other | Total | |||||||||||||||||
Cost | ||||||||||||||||||||
At January 1 [A] | 15,101 | 10,030 | 7,927 | 33,058 | ||||||||||||||||
Additions | 1,546 | — | 3,674 | 5,220 | ||||||||||||||||
Sales, retirements and other movements [A] | (464) | (197) | (1,978) | (2,639) | ||||||||||||||||
Currency translation differences | (66) | — | (197) | (263) | ||||||||||||||||
At December 31 [A] | 16,117 | 9,833 | 9,426 | 35,376 | ||||||||||||||||
Depreciation, depletion and amortisation, including impairments | ||||||||||||||||||||
At January 1 | 1,062 | 4,668 | 4,618 | 10,348 | ||||||||||||||||
Charge for the year | 167 | 796 | 368 | 1,331 | ||||||||||||||||
Sales, retirements and other movements | (23) | (197) | (670) | (890) | ||||||||||||||||
Currency translation differences | (9) | — | (97) | (106) | ||||||||||||||||
At December 31 | 1,197 | 5,267 | 4,219 | 10,683 | ||||||||||||||||
Carrying amount at December 31 [A] | 14,920 | 4,566 | 5,207 | [B] | 24,693 |
$ million | |||||||||||||||||
Goodwill | LNG off-take and sales contracts | Other | Total | ||||||||||||||
Cost | |||||||||||||||||
At January 1 | 14,973 | 10,211 | 6,866 | 32,050 | |||||||||||||
Additions | 247 | — | 1,581 | 1,828 | |||||||||||||
Sales, retirements and other movements [A] | (176) | (181) | (714) | (1,071) | |||||||||||||
Currency translation differences | 57 | — | 194 | 251 | |||||||||||||
At December 31 [A] | 15,101 | 10,030 | 7,927 | 33,058 | |||||||||||||
Depreciation, depletion and amortisation, including impairments | |||||||||||||||||
At January 1 | 768 | 4,014 | 3,782 | 8,564 | |||||||||||||
Charge for the year [B] | 276 | 835 | 851 | 1,962 | |||||||||||||
Sales, retirements and other movements | — | (181) | (120) | (301) | |||||||||||||
Currency translation differences | 18 | — | 105 | 123 | |||||||||||||
At December 31 | 1,062 | 4,668 | 4,618 | 10,348 | |||||||||||||
Carrying amount at December 31 [A] | 14,039 | 5,362 | 3,309 | [C] | 22,710 |
$ million | |||||||||||||||||
Exploration and production | |||||||||||||||||
Exploration and evaluation | Production | Manufacturing, supply and distribution | Other | Total | |||||||||||||
Cost | |||||||||||||||||
At January 1 [A] | 14,484 | 298,882 | 107,876 | 32,402 | 453,644 | ||||||||||||
Additions | 1,216 | 8,942 | 7,917 | 3,644 | 21,719 | ||||||||||||
Sales, retirements and other movements [A] | (3,014) | (20,005) | (9,607) | (455) | (33,081) | ||||||||||||
Currency translation differences | (7) | (1,916) | (2,004) | (1,586) | (5,513) | ||||||||||||
At December 31 | 12,679 | 285,903 | 104,182 | 34,005 | 436,769 | ||||||||||||
Depreciation, depletion and amortisation, including impairments | |||||||||||||||||
At January 1 [A] | 5,258 | 167,711 | 58,242 | 12,733 | 243,944 | ||||||||||||
Charge for the year | 1,311 | 15,800 | 7,112 | 1,770 | 25,993 | ||||||||||||
Sales, retirements and other movements [A] | (999) | (14,590) | (8,624) | (240) | (24,453) | ||||||||||||
Currency translation differences | 10 | (1,391) | (1,599) | (667) | (3,647) | ||||||||||||
At December 31 | 5,580 | 167,530 | 55,131 | 13,596 | 241,837 | ||||||||||||
Carrying amount at December 31 | 7,099 | 118,373 | 49,051 | 20,409 | 194,932 |
$ million | |||||||||||||||||
Exploration and production | |||||||||||||||||
Exploration and evaluation | Production | Manufacturing, supply and distribution | Other | Total | |||||||||||||
Cost | |||||||||||||||||
At January 1 [A] | 18,399 | 286,666 | 101,379 | 29,081 | 435,525 | ||||||||||||
Additions | 1,728 | 9,659 | 6,287 | 3,460 | 21,134 | ||||||||||||
Sales, retirements and other movements [A] | (5,735) | (1,075) | (2,072) | (1,109) | (9,991) | ||||||||||||
Currency translation differences | 92 | 3,632 | 2,282 | 970 | 6,976 | ||||||||||||
At December 31 | 14,484 | 298,882 | 107,876 | 32,402 | 453,644 | ||||||||||||
Depreciation, depletion and amortisation, including impairments | |||||||||||||||||
At January 1 [A] | 4,010 | 136,300 | 46,621 | 11,629 | 198,560 | ||||||||||||
Charge for the year [B] | 3,336 | 34,209 | 11,680 | 1,693 | 50,918 | ||||||||||||
Sales, retirements and other movements [A] | (2,152) | (5,603) | (1,878) | (1,091) | (10,724) | ||||||||||||
Currency translation differences | 64 | 2,805 | 1,819 | 502 | 5,190 | ||||||||||||
At December 31 | 5,258 | 167,711 | 58,242 | 12,733 | 243,944 | ||||||||||||
Carrying amount at December 31 | 9,226 | 131,171 | 49,634 | 19,669 | 209,700 |
$ million | |||||||||||||||||
Exploration and production | Manufacturing, supply and distribution | ||||||||||||||||
Exploration and evaluation | Production | Other | Total | ||||||||||||||
Cost | |||||||||||||||||
At January 1 | 5 | 14,440 | 14,526 | 7,384 | 36,355 | ||||||||||||
Additions | — | 311 | 2,149 | 1,420 | 3,880 | ||||||||||||
Sales, retirements and other movements | — | (365) | (868) | (259) | (1,492) | ||||||||||||
Currency translation differences | — | (64) | (59) | (514) | (637) | ||||||||||||
At December 31 | 5 | 14,322 | 15,748 | 8,031 | 38,106 | ||||||||||||
Depreciation, depletion and amortisation, including impairments | |||||||||||||||||
At January 1 | — | 6,997 | 5,013 | 1,793 | 13,803 | ||||||||||||
Charge for the year | — | 1,373 | 2,060 | 783 | 4,216 | ||||||||||||
Sales, retirements and other movements | — | (400) | (1,093) | (157) | (1,650) | ||||||||||||
Currency translation differences | — | (35) | (34) | (146) | (215) | ||||||||||||
At December 31 | — | 7,935 | 5,946 | 2,273 | 16,154 | ||||||||||||
Carrying amount at December 31 | 5 | 6,387 | 9,802 | 5,758 | 21,952 |
$ million | |||||||||||||||||
Exploration and production | Manufacturing, supply and distribution | ||||||||||||||||
Exploration and evaluation | Production | Other | Total | ||||||||||||||
Cost | |||||||||||||||||
At January 1 [A] | 5 | 15,213 | 13,478 | 5,759 | 34,455 | ||||||||||||
Additions | — | 502 | 1,570 | 1,580 | 3,652 | ||||||||||||
Sales, retirements and other movements [A] | — | (1,370) | (579) | (75) | (2,024) | ||||||||||||
Currency translation differences | — | 95 | 57 | 120 | 272 | ||||||||||||
At December 31 | 5 | 14,440 | 14,526 | 7,384 | 36,355 | ||||||||||||
Depreciation, depletion and amortisation, including impairments | |||||||||||||||||
At January 1 [A] | — | 5,761 | 2,907 | 1,164 | 9,832 | ||||||||||||
Charge for the year | — | 1,898 | 2,675 | 760 | 5,333 | ||||||||||||
Sales, retirements and other movements [A] | — | (712) | (598) | (158) | (1,468) | ||||||||||||
Currency translation differences | — | 50 | 29 | 27 | 106 | ||||||||||||
At December 31 [A] | — | 6,997 | 5,013 | 1,793 | 13,803 | ||||||||||||
Carrying amount at December 31 [A] | 5 | 7,443 | 9,513 | 5,591 | 22,552 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Impairment losses | |||||||||||
Exploration and production | 1,533 | 20,155 | 2,983 | ||||||||
Manufacturing, supply and distribution | 2,340 | 6,490 | 654 | ||||||||
Other | 21 | 31 | 2 | ||||||||
Total [A] | 3,894 | 26,676 | 3,639 | ||||||||
Impairment reversals | |||||||||||
Exploration and production | 213 | — | — | ||||||||
Manufacturing, supply and distribution | — | — | 190 | ||||||||
Other | 1 | — | — | ||||||||
Total [A] | 214 | — | 190 |
2022 | 2023 | 2024 | 2025 | |||||||||||
Brent crude oil ($/b) | 60 | 60 | 60 | 63 | ||||||||||
Henry Hub natural gas ($/MMBtu) | 2.75 | 2.75 | 2.75 | 3.00 |
$ million | ||||||||||||||
2021 | 2020 | 2019 | ||||||||||||
At January 1 | 3,654 | 5,668 | 6,629 | |||||||||||
Additions pending determination of proved reserves | 1,024 | 1,016 | 2,036 | |||||||||||
Amounts charged to expense | (639) | (815) | (1,218) | |||||||||||
Reclassifications to productive wells on determination of proved reserves | (577) | (1,385) | (1,655) | |||||||||||
Other movements | (447) | [A] | (830) | (124) | ||||||||||
At December 31 | 3,015 | 3,654 | 5,668 |
Projects | Wells | ||||||||||||||||
Number | $ million | Number | $ million | ||||||||||||||
Between 1 and 5 years | 17 | 1,189 | 33 | 821 | |||||||||||||
Between 6 and 10 years | 14 | 961 | 38 | 1,110 | |||||||||||||
Between 11 and 15 years | 5 | 184 | 21 | 366 | |||||||||||||
Between 16 and 20 years | 1 | 28 | 4 | 65 | |||||||||||||
Total | 37 | 2,362 | 96 | 2,362 |
$ million | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Joint ventures | Associates | Total | [A] | Joint ventures | Associates | Total | Joint ventures | Associates | Total | |||||||||||||||||||||||||||||
Income for the period | 1,955 | 2,142 | 4,097 | [A] | 629 | 1,154 | 1,783 | 1,121 | 2,483 | 3,604 | ||||||||||||||||||||||||||||
Other comprehensive (loss)/income for the period | (106) | — | (106) | 76 | 1 | 77 | (82) | 8 | (74) | |||||||||||||||||||||||||||||
Comprehensive income for the period | 1,849 | 2,142 | 3,991 | 705 | 1,155 | 1,860 | 1,039 | 2,491 | 3,530 |
$ million | |||||||||||||||||||||||
Dec 31, 2021 | Dec 31, 2020 | ||||||||||||||||||||||
Joint ventures | Associates | Total | Joint ventures | Associates | Total | ||||||||||||||||||
Net assets | 15,767 | 7,648 | 23,415 | 14,406 | 8,045 | 22,451 |
$ million | |||||||||||
2021 [A] | 2020 | 2019 | |||||||||
Sales and charges to joint ventures and associates | 8,509 | 5,426 | 7,748 | ||||||||
Purchases and charges from joint ventures and associates | 13,584 | 8,262 | 11,581 |
$ million | ||||||||
Dec 31, 2021 | Dec 31, 2020 | |||||||
Commitments to make purchases from joint ventures and associates [A] | 1,437 | 1,674 | ||||||
Commitments to provide debt or equity funding to joint ventures and associates | 533 | 900 |
$ million | ||||||||
Dec 31, 2021 | Dec 31, 2020 | |||||||
Equity securities: | 1,710 | 1,396 | ||||||
Equity securities at fair value through other comprehensive income | 1,710 | 1,396 | ||||||
Debt securities: | 2,087 | 1,826 | ||||||
Debt securities at amortised cost | 4 | 12 | ||||||
Debt securities at fair value through other comprehensive income | 1,306 | 1,165 | ||||||
Debt securities at fair value through profit or loss | 777 | 649 | ||||||
Total | 3,797 | 3,222 | ||||||
At fair value | ||||||||
Measured by reference to prices in active markets for identical assets | 1,909 | 1,637 | ||||||
Measured by reference to other observable inputs | 177 | 68 | ||||||
Measured using predominantly unobservable inputs | 1,707 | 1,505 | ||||||
Total | 3,793 | 3,210 | ||||||
At cost | 4 | 12 | ||||||
Total | 3,797 | 3,222 |
$ million | ||||||||
2021 | 2020 | |||||||
At January 1 | 1,505 | 1,253 | ||||||
Gains recognised in other comprehensive income | 44 | 45 | ||||||
Purchases | 299 | 329 | ||||||
Sales | (17) | (60) | ||||||
Other movements | (124) | (62) | ||||||
At December 31 | 1,707 | 1,505 |
$ million | |||||||||||||||||
Dec 31, 2021 | Dec 31, 2020 | ||||||||||||||||
Current | Non-current | Current | Non-current | ||||||||||||||
Trade receivables | 34,717 | — | 21,781 | — | |||||||||||||
Lease receivables | 228 | 1,285 | 186 | 1,380 | |||||||||||||
Other receivables [A] | 8,240 | 3,761 | 7,251 | 4,109 | |||||||||||||
Amounts due from joint ventures and associates | 1,048 | 499 | 726 | 829 | |||||||||||||
Prepayments and deferred charges | 8,975 | 1,520 | 3,681 | 1,323 | |||||||||||||
Total | 53,208 | 7,065 | 33,625 | 7,641 |
$ million | ||||||||
Dec 31, 2021 | Dec 31, 2020 | |||||||
Less than one year | 278 | 262 | ||||||
Between 1 and 5 years | 852 | 859 | ||||||
5 years and later | 715 | 852 | ||||||
Total undiscounted lease payments receivable | 1,845 | 1,973 | ||||||
Unearned finance income | 339 | 407 | ||||||
Net investment in leases | 1,506 | 1,566 |
$ million | ||||||||
Dec 31, 2021 | Dec 31, 2020 | |||||||
Oil, gas and chemicals [A] | 22,145 | 16,710 | ||||||
Environmental certificates [A] | 1,727 | 1,300 | ||||||
Materials [A] | 1,386 | 1,447 | ||||||
Total | 25,258 | 19,457 |
$ million | ||||||||
Dec 31, 2021 | Dec 31, 2020 | |||||||
Cash | 5,849 | 4,831 | ||||||
Short-term bank deposits | 4,416 | 2,220 | ||||||
Money market funds, reverse repos and other cash equivalents | 26,705 | 24,779 | ||||||
Total | 36,970 | 31,830 |
$ million | |||||||||||||||||||||||
Dec 31, 2021 | Dec 31, 2020 | ||||||||||||||||||||||
Debt (excluding lease liabilities) | Lease liabilities | Total | Debt (excluding lease liabilities) | Lease liabilities | Total | ||||||||||||||||||
Current debt: | 4,080 | 4,138 | 8,218 | 12,756 | 4,143 | 16,899 | |||||||||||||||||
Short-term debt | 515 | — | 515 | 7,535 | — | 7,535 | |||||||||||||||||
Long-term debt due within 1 year | 3,565 | 4,138 | 7,703 | 5,221 | 4,143 | 9,364 | |||||||||||||||||
Non-current debt | 57,499 | 23,369 | 80,868 | 66,838 | 24,277 | 91,115 | |||||||||||||||||
Total | 61,579 | 27,507 | 89,086 | 79,594 | 28,420 | 108,014 |
$ million | |||||||||||||||||||||||
(Asset)/liability | |||||||||||||||||||||||
Current debt | Non-current debt | Derivative financial instruments | Cash and cash equivalents (see Note 14) | Net debt | |||||||||||||||||||
At January 1, 2021 | 16,899 | 91,115 | (798) | (31,830) | 75,386 | ||||||||||||||||||
Cash flow | (17,887) | (1,842) | [B] | (1,165) | (5,679) | (26,573) | |||||||||||||||||
Lease additions | 899 | 2,889 | 3,788 | ||||||||||||||||||||
Other movements | 8,655 | [A] | (9,034) | [A] | 688 | — | 309 | ||||||||||||||||
Currency translation differences and foreign exchange (gains)/losses | (348) | (2,260) | 1,715 | 539 | (354) | ||||||||||||||||||
At December 31, 2021 | 8,218 | 80,868 | 440 | (36,970) | 52,556 | ||||||||||||||||||
At January 1, 2020 [A] | 15,058 | 81,294 | 724 | (18,055) | 79,021 | ||||||||||||||||||
Cash flow | (7,536) | 13,121 | 1,157 | (13,603) | (6,861) | ||||||||||||||||||
Lease additions | 870 | 2,268 | 3,138 | ||||||||||||||||||||
Other movements | 8,386 | [A] | (8,288) | [A] | (524) | — | (426) | ||||||||||||||||
Currency translation differences and foreign exchange losses/(gains) | 121 | 2,720 | (2,155) | (172) | 514 | ||||||||||||||||||
At December 31, 2020 | 16,899 | 91,115 | (798) | (31,830) | 75,386 |
$ million, except where indicated | ||||||||
Dec 31, 2021 | Dec 31, 2020 | |||||||
Net debt | 52,556 | 75,386 | ||||||
Total equity | 175,326 | 158,537 | ||||||
Total capital | 227,882 | 233,923 | ||||||
Gearing | 23.1% | 32.2% |
$ million | |||||||||||||||||
Facility | Amount undrawn | ||||||||||||||||
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2020 | ||||||||||||||
CP programmes | 20,000 | 20,000 | 20,000 | 13,254 | |||||||||||||
EMTN programme | unlimited | unlimited | N/A | N/A | |||||||||||||
US shelf registration | unlimited | — | N/A | N/A | |||||||||||||
Committed credit facilities | 9,920 | 22,651 | 9,920 | 22,651 |
$ million | |||||||||||||||||||||||||||||
Contractual payments | |||||||||||||||||||||||||||||
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 later | Total | Difference from carrying amount | Carrying amount | |||||||||||||||||||||
Bonds | 3,423 | 3,376 | 4,362 | 6,310 | 3,882 | 38,327 | 59,680 | 578 | 60,258 | ||||||||||||||||||||
Bank and other borrowings | 646 | 452 | 36 | 9 | 143 | 35 | 1,321 | — | 1,321 | ||||||||||||||||||||
Total (excluding interest) | 4,069 | 3,828 | 4,398 | 6,319 | 4,025 | 38,362 | 61,001 | 578 | 61,579 | ||||||||||||||||||||
Interest | 1,637 | 1,587 | 1,524 | 1,416 | 1,268 | 15,642 | 23,074 |
$ million | |||||||||||||||||||||||||||||
Contractual payments | |||||||||||||||||||||||||||||
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 later | Total | Difference from carrying amount | Carrying amount | |||||||||||||||||||||
Commercial paper | 6,746 | — | — | — | — | — | 6,746 | (15) | 6,731 | ||||||||||||||||||||
Bonds | 5,080 | 4,720 | 5,408 | 4,633 | 8,043 | 41,853 | 69,737 | 1,308 | 71,045 | ||||||||||||||||||||
Bank and other borrowings | 944 | 162 | 33 | 215 | 47 | 417 | 1,818 | — | 1,818 | ||||||||||||||||||||
Total (excluding interest) | 12,770 | 4,882 | 5,441 | 4,848 | 8,090 | 42,270 | 78,301 | 1,293 | 79,594 | ||||||||||||||||||||
Interest | 1,834 | 1,707 | 1,630 | 1,527 | 1,412 | 15,985 | 24,095 |
$ million | ||||||||
2021 | 2020 | |||||||
Expense relating to short-term leases | 644 | 1,156 | ||||||
Expense relating to variable lease payments not included in the lease liabilities | 1,172 | 1,209 |
$ million | ||||||||||||||
Contractual lease payments | Interest | Lease liabilities | ||||||||||||
Less than 1 year | 5,805 | 1,667 | 4,138 | |||||||||||
Between 1 and 5 years | 15,889 | 4,972 | 10,917 | |||||||||||
5 years and later | 18,309 | 5,857 | 12,452 | |||||||||||
Total | 40,003 | [A] | 12,496 | 27,507 |
$ million | |||||||||||
Contractual lease payments | Interest | Lease liabilities | |||||||||
Less than 1 year | 6,059 | 1,916 | 4,143 | ||||||||
Between 1 and 5 years | 16,681 | 5,617 | 11,064 | ||||||||
5 years and later | 19,999 | 6,786 | 13,213 | ||||||||
Total | 42,739 | 14,319 | 28,420 |
$ million | |||||||||||||||||
Dec 31, 2021 | Dec 31, 2020 | ||||||||||||||||
Current | Non-current | Current | Non-current | ||||||||||||||
Trade payables | 34,136 | — | 22,664 | — | |||||||||||||
Other payables [A] | 9,617 | 1,675 | 6,941 | 1,843 | |||||||||||||
Sales taxes, excise duties and similar levies | 3,522 | — | 2,895 | — | |||||||||||||
Amounts due to joint ventures and associates | 4,793 | 36 | 3,281 | 39 | |||||||||||||
Accruals and deferred income | 11,105 | 364 | 8,791 | 422 | |||||||||||||
Total | 63,173 | 2,075 | 44,572 | 2,304 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Current tax: | |||||||||||
Charge in respect of current period | 7,254 | 3,272 | 7,597 | ||||||||
Adjustments in respect of prior periods | (719) | (56) | (1) | ||||||||
Total | 6,535 | 3,216 | 7,596 | ||||||||
Deferred tax: | |||||||||||
Relating to the origination and reversal of temporary differences, tax losses and credits | 2,971 | (9,063) | 1,377 | ||||||||
Relating to changes in tax rates and legislation | 10 | (16) | (67) | ||||||||
Adjustments in respect of prior periods | (317) | 430 | 147 | ||||||||
Total | 2,664 | (8,649) | 1,457 | ||||||||
Total taxation charge/(credit) | 9,199 | (5,433) | 9,053 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Income/(loss) before taxation | 29,829 | (26,967) | 25,485 | ||||||||
Less: share of profit of joint ventures and associates | (4,097) | (1,783) | (3,604) | ||||||||
Income/(loss) before taxation and share of profit of joint ventures and associates | 25,732 | (28,750) | 21,881 | ||||||||
Applicable tax charge/(credit) at standard statutory tax rates | 10,097 | (8,330) | 7,214 | ||||||||
Adjustments in respect of prior periods | (1,036) | 374 | 146 | ||||||||
Tax effects of: | |||||||||||
Expenses not deductible for tax purposes | 893 | 1,239 | 1,493 | ||||||||
Incentives for investment and development | (467) | (557) | (757) | ||||||||
Disposals | (328) | (34) | (235) | ||||||||
(Recognition)/derecognition of deferred tax assets | (113) | 1,458 | 846 | ||||||||
Income not subject to tax at standard statutory rates | 90 | 6 | 159 | ||||||||
Exchange rate differences | 53 | 339 | (34) | ||||||||
Changes in tax rates and legislation | 10 | (16) | (67) | ||||||||
Other reconciling items | — | 88 | 288 | ||||||||
Taxation charge/(credit) | 9,199 | (5,433) | 9,053 |
$ 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, 2021 | 6,567 | 5,232 | 12,496 | 3,774 | 5,084 | 33,153 | ||||||||||||||
(Charge)/credit to income | 63 | (163) | (1,669) | (537) | (395) | (2,701) | ||||||||||||||
Currency translation differences | (64) | (75) | (252) | (72) | (46) | (509) | ||||||||||||||
Other comprehensive income | (3) | — | 64 | (435) | (74) | (448) | ||||||||||||||
Other | (1) | (1) | (121) | 14 | (24) | (133) | ||||||||||||||
At December 31, 2021 | 6,562 | 4,993 | 10,518 | 2,744 | 4,545 | 29,362 | ||||||||||||||
Deferred tax liability | ||||||||||||||||||||
At January 1, 2021 | (23,801) | (673) | (2,831) | (27,305) | ||||||||||||||||
Credit/(charge) to income | 566 | 319 | (848) | 37 | ||||||||||||||||
Currency translation differences | 71 | 114 | 48 | 233 | ||||||||||||||||
Other comprehensive income | (18) | (2,481) | 4 | (2,495) | ||||||||||||||||
Other | 38 | (15) | 24 | 47 | ||||||||||||||||
At December 31, 2021 | (23,144) | (2,736) | (3,603) | (29,483) | ||||||||||||||||
Net deferred tax liability at December 31, 2021 | (121) | |||||||||||||||||||
Deferred tax asset/liability as presented in the balance sheet at December 31, 2021 | ||||||||||||||||||||
Deferred tax asset | 12,426 | |||||||||||||||||||
Deferred tax liability | (12,547) |
$ 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, 2020 | 5,380 | 3,014 | 11,629 | 3,660 | 4,361 | 28,044 | ||||||||||||||
Credit/(charge) to income | 1,057 | 1,975 | 685 | (250) | 605 | 4,072 | ||||||||||||||
Currency translation differences | 140 | 163 | 286 | 122 | 58 | 769 | ||||||||||||||
Other comprehensive income | — | — | 9 | 242 | (12) | 239 | ||||||||||||||
Other | (10) | 80 | (113) | — | 72 | 29 | ||||||||||||||
At December 31, 2020 | 6,567 | 5,232 | 12,496 | 3,774 | 5,084 | 33,153 | ||||||||||||||
Deferred tax liability | ||||||||||||||||||||
At January 1, 2020 | (28,040) | (1,093) | (2,909) | (32,042) | ||||||||||||||||
Credit to income | 4,355 | 4 | 218 | 4,577 | ||||||||||||||||
Currency translation differences | (143) | (2) | (39) | (184) | ||||||||||||||||
Other comprehensive income | (1) | 511 | — | 510 | ||||||||||||||||
Other | 28 | (93) | (101) | (166) | ||||||||||||||||
At December 31, 2020 | (23,801) | (673) | (2,831) | (27,305) | ||||||||||||||||
Net deferred tax asset at December 31, 2020 | 5,848 | |||||||||||||||||||
Deferred tax asset/liability as presented in the balance sheet at December 31, 2020 | ||||||||||||||||||||
Deferred tax asset | 16,311 | |||||||||||||||||||
Deferred tax liability | (10,463) |
$ million | ||||||||
Dec 31, 2021 | Dec 31, 2020 | |||||||
Obligations | (107,336) | (115,792) | ||||||
Plan assets | 104,495 | 102,678 | ||||||
Asset ceilings | (13) | (17) | ||||||
Deficit | (2,854) | (13,131) | ||||||
Retirement benefits in the Consolidated Balance Sheet: | ||||||||
Non-current assets | 8,471 | 2,474 | ||||||
Non-current liabilities: | (11,325) | (15,605) | ||||||
Non-current liabilities - Pensions | (6,458) | (10,237) | ||||||
Non-current liabilities - OPEB | (4,867) | (5,368) | ||||||
Total | (2,854) | (13,131) |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Defined benefit plans: | |||||||||||
Current service cost, net of plan participants’ contributions | 1,385 | 1,359 | 1,127 | ||||||||
Interest expense on defined pension benefit obligations | 1,223 | 1,683 | 2,192 | ||||||||
Interest income on plan assets | (1,160) | (1,657) | (2,253) | ||||||||
Interest expense on OPEB obligations | 128 | 145 | 172 | ||||||||
Current OPEB service cost | 60 | 72 | 61 | ||||||||
Other [A] | (343) | (174) | 26 | ||||||||
Total | 1,293 | 1,428 | 1,325 | ||||||||
Defined contribution plans | 403 | 423 | 428 | ||||||||
Total retirement benefit expense | 1,696 | 1,851 | 1,753 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Actuarial gains/(losses) on obligations: | |||||||||||
Due to changes in financial assumptions on pensions [A] | 1,915 | (9,500) | (10,913) | ||||||||
Due to changes in financial assumptions on OPEB [A] | 59 | (650) | (798) | ||||||||
Due to experience adjustments on pensions [B] | 136 | 616 | 96 | ||||||||
Due to experience adjustments on OPEB [B] | 322 | 188 | 136 | ||||||||
Due to changes in demographic assumptions on pensions [C] | (320) | 1,310 | (4) | ||||||||
Due to changes in demographic assumptions on OPEB [C] | (111) | 65 | (71) | ||||||||
Total | 2,001 | (7,971) | (11,554) | ||||||||
Return on plan assets in excess of interest income | 8,185 | 4,509 | 8,460 | ||||||||
Other movements | 5 | 7 | (12) | ||||||||
Total remeasurements | 10,191 | (3,455) | (3,106) |
$ million, except where indicated | |||||||||||||||||||||||
Pension benefits | Other post-employment benefits | ||||||||||||||||||||||
The Netherlands | UK | USA | Rest of the world [A] | OPEB [B] | Total | ||||||||||||||||||
At January 1 | 37,268 | 32,269 | 20,367 | 20,520 | 5,368 | 115,792 | |||||||||||||||||
Current service cost | 377 | 323 | 339 | 339 | 60 | 1,438 | |||||||||||||||||
Interest expense | 155 | 376 | 357 | 335 | 128 | 1,351 | |||||||||||||||||
Actuarial (gains)/losses | 1,477 | (1,418) | (695) | (1,095) | (270) | (2,001) | |||||||||||||||||
Benefit payments | (979) | (1,306) | (1,220) | (870) | (200) | (4,575) | |||||||||||||||||
Other movements | (27) | 3 | (145) | (167) | (187) | (523) | |||||||||||||||||
Currency translation differences | (2,931) | (334) | — | (849) | (32) | (4,146) | |||||||||||||||||
At December 31 [C] | 35,340 | 29,913 | 19,003 | 18,213 | 4,867 | 107,336 | |||||||||||||||||
Comprising: | |||||||||||||||||||||||
Funded pension plans | 35,340 | 29,440 | 17,874 | 15,341 | 97,995 | ||||||||||||||||||
Weighted average duration | 19 years | 19 years | 12 years | 17 years | 18 years | ||||||||||||||||||
Unfunded pension plans | 473 | 1,129 | 2,872 | 4,474 | |||||||||||||||||||
Weighted average duration | 18 years | 9 years | 14 years | 13 years | |||||||||||||||||||
Unfunded OPEB plans | 4,867 | 4,867 | |||||||||||||||||||||
Weighted average duration | 14 years | 14 years |
$ million, except where indicated | |||||||||||||||||||||||
Pension benefits | Other post-employment benefits | ||||||||||||||||||||||
The Netherlands | UK | USA | Rest of the world [A] | OPEB [B] | Total | ||||||||||||||||||
At January 1 | 32,696 | 28,397 | 19,090 | 18,337 | 5,025 | 103,545 | |||||||||||||||||
Current service cost | 352 | 300 | 398 | 313 | 72 | 1,435 | |||||||||||||||||
Interest expense | 295 | 491 | 489 | 408 | 145 | 1,828 | |||||||||||||||||
Actuarial losses | 1,720 | 2,897 | 1,611 | 1,346 | 397 | 7,971 | |||||||||||||||||
Benefit payments | (925) | (1,119) | (1,024) | (808) | (183) | (4,059) | |||||||||||||||||
Other movements | (21) | (162) | (197) | (65) | 1 | (444) | |||||||||||||||||
Currency translation differences | 3,151 | 1,465 | — | 989 | (89) | 5,516 | |||||||||||||||||
At December 31 | 37,268 | 32,269 | 20,367 | 20,520 | 5,368 | 115,792 | |||||||||||||||||
Comprising: | |||||||||||||||||||||||
Funded pension plans | 37,268 | 31,839 | 18,892 | 17,339 | 105,338 | ||||||||||||||||||
Weighted average duration | 19 years | 19 years | 13 years | 18 years | 18 years | ||||||||||||||||||
Unfunded pension plans | 430 | 1,475 | 3,181 | 5,086 | |||||||||||||||||||
Weighted average duration | 19 years | 8 years | 15 years | 13 years | |||||||||||||||||||
Unfunded OPEB plans | 5,368 | 5,368 | |||||||||||||||||||||
Weighted average duration | 15 years | 15 years |
$ million, except where indicated | |||||||||||||||||||||||
Pension benefits | |||||||||||||||||||||||
The Netherlands | UK | USA | Rest of the world [A] | Total | |||||||||||||||||||
At January 1 | 37,673 | 32,193 | 17,046 | 15,766 | 102,678 | ||||||||||||||||||
Return on plan assets in excess of interest income | 3,199 | 2,575 | 1,377 | 1,034 | 8,185 | ||||||||||||||||||
Interest income | 158 | 376 | 308 | 318 | 1,160 | ||||||||||||||||||
Employer contributions | 170 | 266 | 559 | (58) | [B] | 937 | |||||||||||||||||
Plan participants’ contributions | 13 | 19 | — | 7 | 39 | ||||||||||||||||||
Benefit payments | (979) | (1,306) | (1,220) | (821) | (4,326) | ||||||||||||||||||
Other movements | (6) | (13) | (15) | (13) | (47) | ||||||||||||||||||
Currency translation differences | (3,132) | (390) | — | (609) | (4,131) | ||||||||||||||||||
At December 31 | 37,096 | 33,720 | 18,055 | 15,624 | 104,495 |
$ million, except where indicated | |||||||||||||||||||||||
Pension benefits | |||||||||||||||||||||||
The Netherlands | UK | USA | Rest of the world [A] | Total | |||||||||||||||||||
At January 1 | 33,863 | 30,260 | 16,042 | 14,661 | 94,826 | ||||||||||||||||||
Return on plan assets in excess of interest income | 1,001 | 1,302 | 1,545 | 661 | 4,509 | ||||||||||||||||||
Interest income | 307 | 523 | 404 | 423 | 1,657 | ||||||||||||||||||
Employer contributions | 218 | 73 | 129 | 194 | [B] | 614 | |||||||||||||||||
Plan participants’ contributions | 15 | 21 | — | 6 | 42 | ||||||||||||||||||
Benefit payments | (925) | (1,119) | (1,024) | (775) | (3,843) | ||||||||||||||||||
Other movements | (5) | (173) | (50) | (53) | (281) | ||||||||||||||||||
Currency translation differences | 3,199 | 1,306 | — | 649 | 5,154 | ||||||||||||||||||
At December 31 | 37,673 | 32,193 | 17,046 | 15,766 | 102,678 |
2021 | 2020 | |||||||
Quoted in active markets: | ||||||||
Equities | 22% | 25% | ||||||
Debt securities | 53% | 52% | ||||||
Real estate | 1% | 0% | ||||||
Other: | ||||||||
Equities | 10% | 8% | ||||||
Debt securities | 4% | 5% | ||||||
Real estate | 6% | 6% | ||||||
Investment funds | 3% | 3% | ||||||
Cash | 1% | 1% |
$ million, except where indicated | ||||||||||||||||||||||||||
Effect of using alternative assumptions | ||||||||||||||||||||||||||
Assumptions used at nominal rates | Increase/(decrease) in defined benefit obligations | |||||||||||||||||||||||||
Dec 31, 2021 | Dec 31, 2020 | Range of assumptions | Dec 31, 2021 | Dec 31, 2020 | ||||||||||||||||||||||
Rate of increase in pensionable remuneration [A] | 3.4 | % | 3.9% | -1% to +1% | (1,519) | 1,672 | (1,780) | 1,948 | ||||||||||||||||||
of which The Netherlands | 2.8 | % | 3.5% | |||||||||||||||||||||||
of which UK | 3.6 | % | 3.6% | |||||||||||||||||||||||
of which USA | 4.1 | % | 4.9% | |||||||||||||||||||||||
Rate of increase in pensions in payment | 2.0 | % | 1.6% | -1% to +1% | (9,908) | 12,171 | (10,937) | 13,523 | ||||||||||||||||||
of which The Netherlands | 2.2 | % | 1.5% | |||||||||||||||||||||||
of which UK | 3.0 | % | 2.7% | |||||||||||||||||||||||
of which USA | — | % | —% | |||||||||||||||||||||||
Discount rate for pension plans | 2.0 | % | 1.5% | -1% to +1% | 18,954 | (14,599) | 21,463 | (16,382) | ||||||||||||||||||
of which The Netherlands | 1.2 | % | 0.7% | |||||||||||||||||||||||
of which UK | 1.9 | % | 1.5% | |||||||||||||||||||||||
of which USA | 2.9 | % | 2.6% | |||||||||||||||||||||||
Inflation rate for defined benefit obligation [B] | 2.1 | % | 1.7% | -1% to +1% | (10,691) | 13,325 | (11,514) | 14,414 | ||||||||||||||||||
of which The Netherlands | 2.2 | % | 1.5% | |||||||||||||||||||||||
of which UK | 3.2 | % | 2.8% | |||||||||||||||||||||||
Expected age at death for persons aged 60: | ||||||||||||||||||||||||||
Men | 87 years | 87 years | -1 year to +1 year | (1,946) | 1,937 | (2,022) | 2,112 | |||||||||||||||||||
of which The Netherlands | 88 years | 88 years | ||||||||||||||||||||||||
of which UK | 88 years | 88 years | ||||||||||||||||||||||||
of which USA | 85 years | 85 years | ||||||||||||||||||||||||
Women | 89 years | 88 years | -1 year to +1 year | (1,863) | 1,972 | (1,985) | 2,070 | |||||||||||||||||||
of which The Netherlands | 89 years | 89 years | ||||||||||||||||||||||||
of which UK | 90 years | 90 years | ||||||||||||||||||||||||
of which USA | 86 years | 86 years | ||||||||||||||||||||||||
Rate of increase in health-care costs [C] | 6.2 | % | 6.0% | -1% to +1% | (513) | 630 | (605) | 751 | ||||||||||||||||||
Discount rate for health-care plans [C] | 2.9 | % | 2.6% | -1% to +1% | 678 | (539) | 791 | (624) |
$ million | ||||||||||||||||||||||||||
Decommissioning and restoration | Onerous contracts | Legal | Environmental | Redundancy | Other | Total | ||||||||||||||||||||
At January 1, 2021 | ||||||||||||||||||||||||||
Current [A] | 900 | 532 | 521 | 273 | 673 | 723 | 3,622 | |||||||||||||||||||
Non-current [A] | 22,081 | 1,207 | 1,229 | 952 | 265 | 1,382 | 27,116 | |||||||||||||||||||
22,981 | 1,739 | 1,750 | 1,225 | 938 | 2,105 | 30,738 | ||||||||||||||||||||
Additions | 1,040 | [B] | 229 | 197 | 153 | 991 | 752 | 3,362 | ||||||||||||||||||
Amounts charged against provisions | (662) | (264) | (340) | (154) | (733) | (292) | (2,445) | |||||||||||||||||||
Accretion expense | 405 | 14 | 11 | 9 | 1 | 10 | 450 | |||||||||||||||||||
Disposals and liabilities classified as held for sale [A] | (819) | — | (5) | (17) | (1) | (27) | (869) | |||||||||||||||||||
Remeasurements and other movements [C] | (609) | (36) | (196) | (11) | (512) | (339) | (1,703) | |||||||||||||||||||
Currency translation differences | (252) | — | (6) | (26) | (39) | (68) | (391) | |||||||||||||||||||
(897) | (57) | (339) | (46) | (293) | 36 | (1,596) | ||||||||||||||||||||
At December 31, 2021 | ||||||||||||||||||||||||||
Current | 871 | 653 | 270 | 332 | 410 | 802 | 3,338 | |||||||||||||||||||
Non-current | 21,213 | 1,029 | 1,141 | 847 | 235 | 1,339 | 25,804 | |||||||||||||||||||
22,084 | 1,682 | 1,411 | 1,179 | 645 | 2,141 | 29,142 | ||||||||||||||||||||
At January 1, 2020 | ||||||||||||||||||||||||||
Current | 755 | 79 | 626 | 263 | 295 | 793 | 2,811 | |||||||||||||||||||
Non-current | 18,264 | 17 | 1,185 | 934 | 220 | 1,179 | 21,799 | |||||||||||||||||||
19,019 | 96 | 1,811 | 1,197 | 515 | 1,972 | 24,610 | ||||||||||||||||||||
Additions | 1,697 | [B] | 1,722 | 502 | 199 | 986 | 664 | 5,770 | ||||||||||||||||||
Amounts charged against provisions | (433) | (71) | (522) | (138) | (375) | (317) | (1,856) | |||||||||||||||||||
Accretion expense | 448 | 3 | 17 | 21 | 1 | 7 | 497 | |||||||||||||||||||
Disposals and liabilities classified as held for sale [A] | (348) | (11) | — | (7) | — | (9) | (375) | |||||||||||||||||||
Remeasurements and other movements [C] | 2,090 | — | (59) | (73) | (241) | (265) | 1,452 | |||||||||||||||||||
Currency translation differences | 508 | — | 1 | 26 | 52 | 53 | 640 | |||||||||||||||||||
3,962 | 1,643 | (61) | 28 | 423 | 133 | 6,128 | ||||||||||||||||||||
At December 31, 2020 | ||||||||||||||||||||||||||
Current [A] | 900 | 532 | 521 | 273 | 673 | 723 | 3,622 | |||||||||||||||||||
Non-current [A] | 22,081 | 1,207 | 1,229 | 952 | 265 | 1,382 | 27,116 | |||||||||||||||||||
22,981 | 1,739 | 1,750 | 1,225 | 938 | 2,105 | 30,738 |
$ million | |||||||||||||||||
Increase/(decrease) in income before taxation | Increase in net assets | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
10% appreciation against the dollar of: | |||||||||||||||||
Euro | (123) | (263) | 601 | 451 | |||||||||||||
Malaysian ringgit | 119 | 255 | 399 | 270 | |||||||||||||
Australian dollar | (3) | 179 | 591 | 598 | |||||||||||||
Sterling | (180) | (166) | 738 | 328 | |||||||||||||
Canadian dollar | (44) | 1 | 1,439 | 1,299 |
$ million | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Average | Year-end | Average | Year-end | ||||||||||||||
Global oil | 26 | 30 | 32 | 24 | |||||||||||||
North America gas and power | 12 | 15 | 11 | 14 | |||||||||||||
Europe gas and power | 11 | 13 | 8 | 11 | |||||||||||||
Environmental certificates | 8 | 10 | 6 | 7 |
$ million | |||||||||||||||||||||||
Amounts offset | Amounts not offset | ||||||||||||||||||||||
Gross amounts before offset | Amounts offset | Net amounts as presented | Cash collateral received/pledged | Other offsetting instruments | Net amounts | ||||||||||||||||||
Assets: | |||||||||||||||||||||||
Within trade receivables | 20,561 | 11,937 | 8,624 | 164 | 283 | 8,177 | |||||||||||||||||
Within derivative financial instruments | 48,813 | 39,819 | 8,994 | 902 | 3,098 | 4,994 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Within trade payables | 19,347 | 11,935 | 7,412 | 61 | 283 | 7,068 | |||||||||||||||||
Within derivative financial instruments | 54,534 | 40,350 | 14,184 | 697 | 3,109 | 10,378 |
$ 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 | 10,658 | 6,470 | 4,188 | 14 | 79 | 4,095 | |||||||||||||||||
Within derivative financial instruments | 12,798 | 6,125 | 6,673 | 1,573 | 1,750 | 3,350 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Within trade payables | 10,580 | 6,467 | 4,113 | 1 | 79 | 4,033 | |||||||||||||||||
Within derivative financial instruments | 10,502 | 5,893 | 4,609 | 797 | 1,761 | 2,051 |
$ million | |||||||||||
December 31, 2021 | |||||||||||
Non-derivative financial assets - carrying value | Non-derivative financial liabilities - carrying value | Derivatives - Nominal amount | |||||||||
USD LIBOR (1 month) | 62 | — | |||||||||
USD LIBOR (3 months) | 1,155 | 1,200 | 5,828 | ||||||||
USD LIBOR (6 months) | 75 | ||||||||||
Cross-currency interest rate swaps: | |||||||||||
EUR Fixed to USD LIBOR (3 months) | 8,311 | ||||||||||
GBP Fixed to USD LIBOR (3 months) | 1,227 | ||||||||||
CHF Fixed to USD LIBOR (3 months) | 1,359 | ||||||||||
MYR LIBOR (3 months) to USD LIBOR (3 months) | 360 | ||||||||||
Total | 1,292 | 1,200 | 17,085 |
$ million | ||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||
Designated | Not designated | Total | Designated | Not designated | Total | Net | ||||||||||||||||||||
Interest rate swaps | 237 | — | 237 | 24 | 14 | 38 | 199 | |||||||||||||||||||
Forward foreign exchange contracts | — | 456 | 456 | — | 280 | 280 | 176 | |||||||||||||||||||
Currency swaps and options | 277 | 22 | 299 | 860 | 33 | 893 | (594) | |||||||||||||||||||
Commodity derivatives | 12 | 10,979 | 10,991 | — | 15,732 | 15,732 | (4,741) | |||||||||||||||||||
Other contracts | — | 201 | 201 | — | 255 | 255 | (54) | |||||||||||||||||||
Total | 526 | 11,658 | 12,184 | 884 | 16,314 | 17,198 | (5,014) |
$ million | ||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||
Designated | Not designated | Total | Designated | Not designated | Total | Net | ||||||||||||||||||||
Interest rate swaps | 451 | — | 451 | 26 | 22 | 48 | 403 | |||||||||||||||||||
Forward foreign exchange contracts | — | 276 | 276 | — | 651 | 651 | (375) | |||||||||||||||||||
Currency swaps and options | 1,890 | 13 | 1,903 | 280 | 63 | 343 | 1,560 | |||||||||||||||||||
Commodity derivatives | — | 5,534 | 5,534 | 92 | 4,565 | 4,657 | 877 | |||||||||||||||||||
Other contracts | — | 424 | 424 | — | 29 | 29 | 395 | |||||||||||||||||||
Total | 2,341 | 6,247 | 8,588 | 398 | 5,330 | 5,728 | 2,860 |
$ 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 later | Total | Difference from carrying amount [A] | Carrying amount | |||||||||||||||||||||
Interest rate swaps | 13 | 13 | 5 | 4 | 3 | 4 | 42 | (4) | 38 | ||||||||||||||||||||
Forward foreign exchange contracts | 170 | 40 | 114 | — | — | — | 324 | (44) | 280 | ||||||||||||||||||||
Currency swaps and options | 321 | 150 | 159 | 287 | 356 | 808 | 2,081 | (1,188) | 893 | ||||||||||||||||||||
Commodity derivatives | 12,614 | 1,401 | 783 | 274 | 158 | 531 | 15,761 | (29) | 15,732 | ||||||||||||||||||||
Other contracts | 222 | 34 | — | — | — | — | 256 | (1) | 255 | ||||||||||||||||||||
Total | 13,340 | 1,638 | 1,061 | 565 | 517 | 1,343 | 18,464 | (1,266) | 17,198 |
$ 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 later | Total | Difference from carrying amount [A] | Carrying amount | |||||||||||||||||||||
Interest rate swaps | 12 | 10 | 9 | 7 | 5 | 6 | 49 | (1) | 48 | ||||||||||||||||||||
Forward foreign exchange contracts | 504 | 56 | 22 | 38 | — | — | 620 | 31 | 651 | ||||||||||||||||||||
Currency swaps and options | 174 | 13 | 28 | — | 159 | — | 374 | (31) | 343 | ||||||||||||||||||||
Commodity derivatives | 2,990 | 743 | 265 | 174 | 115 | 391 | 4,678 | (21) | 4,657 | ||||||||||||||||||||
Other contracts | 15 | 15 | — | — | — | — | 30 | (1) | 29 | ||||||||||||||||||||
Total | 3,695 | 837 | 324 | 219 | 279 | 397 | 5,751 | (23) | 5,728 |
$ million | ||||||||||||||
Prices in active markets for identical assets/liabilities | Other observable inputs | Unobservable inputs | Total | |||||||||||
Interest rate swaps | — | 199 | — | 199 | ||||||||||
Forward foreign exchange contracts | — | 176 | — | 176 | ||||||||||
Currency swaps and options | — | (594) | — | (594) | ||||||||||
Commodity derivatives | 41 | (5,171) | 389 | (4,741) | ||||||||||
Other contracts | 6 | (60) | — | (54) | ||||||||||
Total | 47 | (5,450) | 389 | (5,014) |
$ million | ||||||||||||||
Prices in active markets for identical assets/liabilities | Other observable inputs | Unobservable inputs | Total | |||||||||||
Interest rate swaps | — | 403 | — | 403 | ||||||||||
Forward foreign exchange contracts | — | (375) | — | (375) | ||||||||||
Currency swaps and options | — | 1,560 | — | 1,560 | ||||||||||
Commodity derivatives | 37 | (237) | 1,077 | 877 | ||||||||||
Other contracts | 20 | 375 | — | 395 | ||||||||||
Total | 57 | 1,726 | 1,077 | 2,860 |
$ million | ||||||||
2021 | 2020 | |||||||
At January 1 | 1,077 | 754 | ||||||
Net (losses)/gains recognised in revenue | (569) | 564 | ||||||
Purchases | 440 | 217 | ||||||
Sales | (442) | (450) | ||||||
Settlements | (32) | (9) | ||||||
Recategorisations (net) | (87) | (12) | ||||||
Currency translation differences | 2 | 13 | ||||||
At December 31 | 389 | 1,077 |
$ million | ||||||||
2021 | 2020 | |||||||
At January 1 | 968 | 929 | ||||||
Movements | 56 | 39 | ||||||
At December 31 | 1,024 | 968 |
Number of shares | Nominal value ($ million) | |||||||||||||||||||
A | B | A | B | Total | ||||||||||||||||
At January 1, 2021 | 4,101,239,499 | 3,706,183,836 | 345 | 306 | 651 | |||||||||||||||
Repurchases of shares | — | (123,290,882) | — | (10) | (10) | |||||||||||||||
At December 31, 2021 | 4,101,239,499 | 3,582,892,954 | 345 | 296 | 641 | |||||||||||||||
At January 1, 2020 | 4,151,787,517 | 3,729,407,107 | 349 | 308 | 657 | |||||||||||||||
Repurchases of shares | (50,548,018) | (23,223,271) | (4) | (2) | (6) | |||||||||||||||
At December 31, 2020 | 4,101,239,499 | 3,706,183,836 | 345 | 306 | 651 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Equity-settled [A] | 539 | 359 | 537 | ||||||||
Total | 539 | 359 | 537 |
Number of A shares (million) | Number of B shares (million) | Number of A ADSs (million) | Weighted Average remaining contractual life (years) | |||||||||||
At January 1, 2021 | 29 | 10 | 8 | 1.0 | ||||||||||
Granted | 20 | 6 | 4 | |||||||||||
Vested | (9) | (3) | (2) | |||||||||||
Forfeited | (2) | (1) | (1) | |||||||||||
At December 31, 2021 | 38 | 12 | 9 | 1.2 | ||||||||||
At January 1, 2020 | 29 | 10 | 8 | 1.0 | ||||||||||
Granted | 10 | 4 | 3 | |||||||||||
Vested | (9) | (4) | (3) | |||||||||||
Forfeited | (1) | — | — | |||||||||||
At December 31, 2020 | 29 | 10 | 8 | 1.0 |
$ million | ||||||||||||||||||||
Merger reserve | Share premium reserve | Capital redemption reserve | Share plan reserve | Accumulated other comprehensive income | Total | |||||||||||||||
At January 1, 2021 | 37,298 | 154 | 129 | 906 | (25,735) | 12,752 | ||||||||||||||
Other comprehensive income attributable to Shell plc shareholders | — | — | — | — | 6,134 | 6,134 | ||||||||||||||
Transfer from other comprehensive income | — | — | — | — | (45) | (45) | ||||||||||||||
Repurchases of shares | — | — | 10 | — | — | 10 | ||||||||||||||
Share-based compensation | — | — | — | 58 | — | 58 | ||||||||||||||
At December 31, 2021 | 37,298 | 154 | 139 | 964 | (19,646) | 18,909 | ||||||||||||||
At January 1, 2020 | 37,298 | 154 | 123 | 1,049 | (24,173) | 14,451 | ||||||||||||||
Other comprehensive loss attributable to Shell plc shareholders | — | — | — | — | (1,832) | (1,832) | ||||||||||||||
Transfer from other comprehensive income | — | — | — | — | 270 | 270 | ||||||||||||||
Repurchases of shares | — | — | 6 | — | — | 6 | ||||||||||||||
Share-based compensation | — | — | — | (143) | — | (143) | ||||||||||||||
At December 31, 2020 | 37,298 | 154 | 129 | 906 | (25,735) | 12,752 | ||||||||||||||
At January 1, 2019 | 37,298 | 154 | 95 | 1,098 | (22,030) | 16,615 | ||||||||||||||
Other comprehensive income attributable to Shell plc shareholders | — | — | — | — | (2,069) | (2,069) | ||||||||||||||
Transfer from other comprehensive income | — | — | — | — | (74) | (74) | ||||||||||||||
Repurchases of shares | — | — | 28 | — | — | 28 | ||||||||||||||
Share-based compensation | — | — | — | (49) | — | (49) | ||||||||||||||
At December 31, 2019 | 37,298 | 154 | 123 | 1,049 | (24,173) | 14,451 |
$ 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, 2021 | (8,175) | 1,144 | 31 | (485) | (2,439) | (187) | (15,624) | (25,735) | ||||||||||||||||||
Recognised in other comprehensive income | (1,841) | 180 | (23) | 88 | 295 | (145) | 10,191 | 8,745 | ||||||||||||||||||
Reclassified to income | 368 | — | (5) | (38) | — | 92 | — | 417 | ||||||||||||||||||
Reclassified to the balance sheet | — | — | — | (13) | — | — | — | (13) | ||||||||||||||||||
Reclassified to retained earnings | — | (45) | — | — | — | — | — | (45) | ||||||||||||||||||
Tax on amounts recognised/reclassified | 60 | (35) | — | (16) | — | 14 | (2,993) | (2,970) | ||||||||||||||||||
Total, net of tax | (1,413) | 100 | (28) | 21 | 295 | (39) | 7,198 | 6,134 | ||||||||||||||||||
Share of joint ventures and associates | (36) | 50 | — | (72) | — | — | (48) | (106) | ||||||||||||||||||
Other comprehensive income/(loss) for the period | (1,449) | 150 | (28) | (51) | 295 | (39) | 7,150 | 6,028 | ||||||||||||||||||
Less: non-controlling interest | 61 | — | — | — | — | — | — | 61 | ||||||||||||||||||
Attributable to Shell plc shareholders | (1,388) | 150 | (28) | (51) | 295 | (39) | 7,150 | 6,089 | ||||||||||||||||||
At December 31, 2021 | (9,563) | 1,294 | 3 | (536) | (2,144) | (226) | (8,474) | (19,646) | ||||||||||||||||||
January 1, 2020 | (9,415) | 793 | 8 | (233) | (2,016) | (287) | (13,023) | (24,173) | ||||||||||||||||||
Recognised in other comprehensive income | 1,204 | 68 | 31 | (9) | (423) | 17 | (3,455) | (2,567) | ||||||||||||||||||
Reclassified to income | (28) | — | (8) | (173) | — | 94 | — | (115) | ||||||||||||||||||
Reclassified to the balance sheet | — | — | — | 16 | — | — | — | 16 | ||||||||||||||||||
Reclassified to retained earnings | — | 169 | — | — | — | — | 101 | 270 | ||||||||||||||||||
Tax on amounts recognised/reclassified | 3 | (4) | — | 6 | — | (11) | 753 | 747 | ||||||||||||||||||
Total, net of tax | 1,179 | 233 | 23 | (160) | (423) | 100 | (2,601) | (1,649) | ||||||||||||||||||
Share of joint ventures and associates | 51 | 118 | — | (92) | — | — | — | 77 | ||||||||||||||||||
Other comprehensive loss for the period | 1,230 | 351 | 23 | (252) | (423) | 100 | (2,601) | (1,572) | ||||||||||||||||||
Less: non-controlling interest | 10 | — | — | — | — | — | — | 10 | ||||||||||||||||||
Attributable to Shell plc shareholders | 1,240 | 351 | 23 | (252) | (423) | 100 | (2,601) | (1,562) | ||||||||||||||||||
At December 31, 2020 | (8,175) | 1,144 | 31 | (485) | (2,439) | (187) | (15,624) | (25,735) | ||||||||||||||||||
At January 1, 2019 | (9,722) | 906 | (21) | 117 | (2,025) | (353) | (10,932) | (22,030) | ||||||||||||||||||
Recognised in other comprehensive income | 302 | (17) | 24 | (592) | 13 | 9 | (3,106) | (3,367) | ||||||||||||||||||
Reclassified to income | 38 | — | 5 | 268 | — | 86 | — | 397 | ||||||||||||||||||
Reclassified to the balance sheet | — | — | — | 11 | — | — | — | 11 | ||||||||||||||||||
Reclassified to retained earnings | — | (85) | — | — | — | — | 11 | (74) | ||||||||||||||||||
Tax on amounts recognised/reclassified | 4 | (13) | — | 37 | (4) | (29) | 1,004 | 999 | ||||||||||||||||||
Total, net of tax | 344 | (115) | 29 | (276) | 9 | 66 | (2,091) | (2,034) | ||||||||||||||||||
Share of joint ventures and associates | (2) | 2 | — | (74) | — | — | — | (74) | ||||||||||||||||||
Other comprehensive loss/income for the period | 342 | (113) | 29 | (350) | 9 | 66 | (2,091) | (2,108) | ||||||||||||||||||
Less: non-controlling interest | (35) | — | — | — | — | — | — | (35) | ||||||||||||||||||
Attributable to Shell plc shareholders | 307 | (113) | 29 | (350) | 9 | 66 | (2,091) | (2,143) | ||||||||||||||||||
At December 31, 2019 | (9,415) | 793 | 8 | (233) | (2,016) | (287) | (13,023) | (24,173) |
$ per share | $ million | ||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||
A shares: | |||||||||||||||||||||||
Cash: | |||||||||||||||||||||||
March | 0.1665 | 0.47 | 0.47 | 677 | 1,862 | 2,100 | |||||||||||||||||
June | 0.1735 | 0.16 | 0.47 | 698 | 653 | 2,062 | |||||||||||||||||
September | 0.24 | 0.16 | 0.47 | 974 | 654 | 2,007 | |||||||||||||||||
December | 0.24 | 0.1665 | 0.47 | 981 | 691 | 1,978 | |||||||||||||||||
Total - A shares | 0.82 | 0.9565 | 1.88 | 3,330 | 3,860 | 8,147 | |||||||||||||||||
B shares: | |||||||||||||||||||||||
Cash: | |||||||||||||||||||||||
March | 0.1665 | 0.47 | 0.47 | 613 | 1,620 | 1,775 | |||||||||||||||||
June | 0.1735 | 0.16 | 0.47 | 633 | 586 | 1,762 | |||||||||||||||||
September | 0.24 | 0.16 | 0.47 | 880 | 582 | 1,765 | |||||||||||||||||
December | 0.24 | 0.1665 | 0.47 | 865 | 622 | 1,749 | |||||||||||||||||
Total - B shares | 0.82 | 0.9565 | 1.88 | 2,991 | 3,410 | 7,051 | |||||||||||||||||
Total | 6,321 | 7,270 | 15,198 |
2021 | 2020 | 2019 | |||||||||
Income/(loss) attributable to Shell plc shareholders ($ million) | 20,101 | (21,680) | 15,842 | ||||||||
Weighted average number of A and B shares used as the basis for determining: | |||||||||||
Basic earnings per share (million of shares) | 7,761.7 | 7,795.6 | 8,058.3 | ||||||||
Diluted earnings per share (million of shares) | 7,806.8 | 7,795.6 | 8,112.5 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Remuneration | 9,038 | 9,128 | 10,075 | ||||||||
Social security contributions | 819 | 793 | 844 | ||||||||
Retirement benefits (see Note 18) | 1,696 | 1,851 | 1,753 | ||||||||
Share-based compensation (see Note 22) | 539 | 359 | 537 | ||||||||
Total [A] | 12,092 | 12,131 | 13,209 |
Thousand | |||||||||||
2021 | 2020 | 2019 | |||||||||
Integrated Gas | 11 | 11 | 10 | ||||||||
Upstream | 12 | 14 | 14 | ||||||||
Oil Products | 30 | 34 | 32 | ||||||||
Chemicals | 2 | 2 | 4 | ||||||||
Corporate [A] | 27 | 25 | 23 | ||||||||
Total [B] | 82 | 86 | 83 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Emoluments | 12 | 6 | 8 | ||||||||
Value of released awards under long-term incentive plans | 5 | 6 | 12 | ||||||||
Employer contributions to pension plans | 1 | 1 | 1 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Short-term benefits | 27 | 14 | 18 | ||||||||
Retirement benefits | 3 | 3 | 3 | ||||||||
Share-based compensation | 16 | 17 | 15 | ||||||||
Termination and related amounts | 2 | 2 | 2 | ||||||||
Total | 48 | 36 | 38 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements, including audit of consolidation returns | 39 | 36 | 32 | ||||||||
Other audit fees, principally in respect of audits of accounts of subsidiaries | 18 | 17 | 18 | ||||||||
Total audit fees | 57 | 53 | 50 | ||||||||
Audit-related fees | 3 | 3 | 4 | ||||||||
Fees in respect of other non-audit services | 3 | 2 | — | ||||||||
Total | 63 | 58 | 54 |
$ million | ||||||||||||||||||||
2020 | ||||||||||||||||||||
Current | Non-current | Total | Current | Non-current | Total | |||||||||||||||
Intangible assets | — | 116 | 116 | — | 112 | 112 | ||||||||||||||
Property, plant and equipment | — | 896 | 896 | — | 1,147 | 1,147 | ||||||||||||||
Trade and other receivables | 349 | 71 | 420 | — | — | — | ||||||||||||||
Inventories | 528 | — | 528 | — | — | — | ||||||||||||||
Assets classified as held for sale | 877 | 1,083 | 1,960 | — | 1,259 | 1,259 | ||||||||||||||
Debt | 257 | 199 | 456 | — | — | — | ||||||||||||||
Trade and other payables | 235 | 140 | 375 | — | — | — | ||||||||||||||
Deferred tax | — | 41 | 41 | — | — | — | ||||||||||||||
Retirement benefits | — | 108 | 108 | — | — | — | ||||||||||||||
Decommissioning and other provisions | 10 | 219 | 229 | 2 | 194 | 196 | ||||||||||||||
Income taxes payable | 44 | — | 44 | — | — | — | ||||||||||||||
Liabilities directly associated with assets classified as held for sale | 546 | 707 | 1,253 | 2 | 194 | 196 |
$ million | |||||||||||
2021 | 2020 | ||||||||||
ETS and related schemes | 331 | 150 | |||||||||
Biofuels [A] | 2,609 | [B] | 1,137 | ||||||||
Renewable power | 455 | 364 | |||||||||
Total | 3,395 | 1,651 |
$ million | ||||||||||||||
ETS and related schemes | Biofuels | Renewable power | Total | |||||||||||
At January 1, 2021 | 157 | 780 | 76 | 1,013 | ||||||||||
Additions | 292 | 2,450 | 405 | 3,147 | ||||||||||
Settlements | (115) | (754) | (355) | (1,224) | ||||||||||
Other movements | (50) | (114) | (25) | (189) | ||||||||||
At December 31, 2021 | 284 | 2,362 | 101 | 2,747 |
$ million | |||||||||||||||||
ETS and related schemes | Biofuels [B] | Renewable power | Total | ||||||||||||||
At January 1, 2021 | |||||||||||||||||
Current | (154) | (1,549) | (290) | (1,993) | |||||||||||||
Non-current | — | (54) | (6) | (60) | |||||||||||||
(154) | (1,603) | (296) | (2,053) | ||||||||||||||
Additions | (781) | (2,756) | (487) | (4,024) | |||||||||||||
Additions covered by government grants | 456 | [A] | 456 | ||||||||||||||
Settlements | 150 | 755 | 491 | 1,396 | |||||||||||||
Other movements | 59 | 160 | (10) | 209 | |||||||||||||
(116) | (1,841) | (6) | (1,963) | ||||||||||||||
At December 31, 2021 | |||||||||||||||||
Current | (270) | (3,262) | (273) | (3,805) | |||||||||||||
Non-current | — | (182) | (29) | (211) | |||||||||||||
(270) | (3,444) | (302) | (4,016) |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 178 | 1,573 | 73 | 379 | 728 | 15 | 644 | — | 815 | 3,761 | 644 | — | 4,405 | ||||||||||||||||||||||||||||
Revisions and reclassifications | 67 | 121 | 18 | (53) | 119 | — | (90) | — | 325 | 597 | (90) | — | 507 | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | 9 | — | — | — | 21 | 30 | — | — | 30 | ||||||||||||||||||||||||||||
Extensions and discoveries | 4 | 11 | — | 1 | 55 | 1 | — | — | 103 | 175 | — | — | 175 | ||||||||||||||||||||||||||||
Purchases of minerals in place | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Sales of minerals in place | — | — | — | (21) | (136) | (8) | — | — | — | (165) | — | — | (165) | ||||||||||||||||||||||||||||
Production [A] | (41) | (184) | (11) | (41) | (165) | (3) | (21) | — | (133) | (578) | (21) | — | (599) | ||||||||||||||||||||||||||||
At December 31 | 208 | 1,521 | 80 | 265 | 610 | 5 | 533 | — | 1,131 | 3,820 | 533 | — | 4,353 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 6 | 210 | — | — | — | — | — | — | — | 216 | — | — | 216 | ||||||||||||||||||||||||||||
Revisions and reclassifications | 2 | 40 | — | — | — | — | — | — | 4 | 46 | — | — | 46 | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | — | — | — | — | — | — | — | — | 2 | 2 | — | — | 2 | ||||||||||||||||||||||||||||
Purchases of minerals in place | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Sales of minerals in place | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Production | (1) | (33) | — | — | — | — | — | — | (2) | (36) | — | — | (36) | ||||||||||||||||||||||||||||
At December 31 | 7 | 217 | — | — | — | — | — | — | 4 | 228 | — | — | 228 | ||||||||||||||||||||||||||||
Total [B] | 215 | 1,738 | 80 | 265 | 610 | 5 | 533 | — | 1,135 | 4,048 | 533 | — | 4,581 | ||||||||||||||||||||||||||||
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31 | — | — | — | — | — | — | 267 | — | — | — | 267 | — | 267 |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 103 | 1,417 | 69 | 316 | 539 | 12 | 644 | — | 674 | 3,130 | 644 | — | 3,774 | ||||||||||||||||||||||||||||
At December 31 | 140 | 1,348 | 71 | 218 | 397 | 2 | 533 | — | 786 | 2,962 | 533 | — | 3,495 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 6 | 192 | — | — | — | — | — | — | 1 | 199 | — | — | 199 | ||||||||||||||||||||||||||||
At December 31 | 7 | 197 | — | — | — | — | — | — | 4 | 208 | — | — | 208 |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 76 | 156 | 5 | 63 | 189 | 3 | — | — | 141 | 633 | — | — | 633 | ||||||||||||||||||||||||||||
At December 31 | 68 | 173 | 9 | 47 | 213 | 3 | — | — | 345 | 858 | — | — | 858 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | — | 18 | — | — | — | — | — | — | — | 18 | — | — | 18 | ||||||||||||||||||||||||||||
At December 31 | — | 20 | — | — | — | — | — | — | — | 20 | — | — | 20 |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 274 | 1,551 | 121 | 395 | 982 | 18 | 607 | — | 1,033 | 4,374 | 607 | — | 4,981 | ||||||||||||||||||||||||||||
Revisions and reclassifications | (46) | 181 | (41) | 42 | (116) | (2) | 57 | — | (82) | (63) | 57 | — | (6) | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | — | 14 | — | — | 27 | 7 | — | — | — | 48 | — | — | 48 | ||||||||||||||||||||||||||||
Purchases of minerals in place | — | 9 | — | — | — | — | — | — | — | 9 | — | — | 9 | ||||||||||||||||||||||||||||
Sales of minerals in place | (1) | — | — | — | — | — | — | — | — | (1) | — | — | (1) | ||||||||||||||||||||||||||||
Production [A] | (49) | (182) | (7) | (58) | (165) | (9) | (20) | — | (136) | (606) | (20) | — | (626) | ||||||||||||||||||||||||||||
At December 31 | 178 | 1,573 | 73 | 379 | 728 | 15 | 644 | — | 815 | 3,761 | 644 | — | 4,405 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 12 | 271 | — | — | — | — | — | — | — | 283 | — | — | 283 | ||||||||||||||||||||||||||||
Revisions and reclassifications | (5) | (27) | — | — | — | — | — | — | — | (32) | — | — | (32) | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extensions and discoveries | — | — | — | — | — | — | — | — | 1 | 1 | — | — | 1 | ||||||||||||||||||||||||||||
Purchases of minerals in place | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Sales of minerals in place | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Production | (1) | (34) | — | — | — | — | — | — | (1) | (36) | — | — | (36) | ||||||||||||||||||||||||||||
At December 31 | 6 | 210 | — | — | — | — | — | — | — | 216 | — | — | 216 | ||||||||||||||||||||||||||||
Total | 184 | 1,783 | 73 | 379 | 728 | 15 | 644 | — | 815 | 3,977 | 644 | — | 4,621 | ||||||||||||||||||||||||||||
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31 | — | — | — | — | — | — | 322 | — | — | — | 322 | — | 322 |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 156 | 1,403 | 106 | 314 | 641 | 15 | 607 | — | 675 | 3,310 | 607 | — | 3,917 | ||||||||||||||||||||||||||||
At December 31 | 103 | 1,417 | 69 | 316 | 539 | 12 | 644 | — | 674 | 3,130 | 644 | — | 3,774 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 11 | 240 | — | — | — | — | — | — | — | 251 | — | — | 251 | ||||||||||||||||||||||||||||
At December 31 | 6 | 192 | — | — | — | — | — | — | 1 | 199 | — | — | 199 |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 118 | 149 | 15 | 80 | 341 | 3 | — | — | 358 | 1,064 | — | — | 1,064 | ||||||||||||||||||||||||||||
At December 31 | 76 | 156 | 5 | 63 | 189 | 3 | — | — | 141 | 633 | — | — | 633 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 1 | 31 | — | — | — | — | — | — | — | 32 | — | — | 32 | ||||||||||||||||||||||||||||
At December 31 | — | 18 | — | — | — | — | — | — | — | 18 | — | — | 18 |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 368 | 1,502 | 129 | 420 | 1,017 | 23 | 661 | — | 1,027 | 4,486 | 661 | — | 5,147 | ||||||||||||||||||||||||||||
Revisions and reclassifications | 27 | 226 | 2 | 33 | 86 | (2) | (34) | — | 72 | 444 | (34) | — | 410 | ||||||||||||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | 4 | 4 | — | — | 4 | ||||||||||||||||||||||||||||
Extensions and discoveries | — | 7 | — | 6 | 74 | 11 | — | — | 60 | 158 | — | — | 158 | ||||||||||||||||||||||||||||
Purchases of minerals in place | — | — | — | — | 5 | — | — | — | — | 5 | — | — | 5 | ||||||||||||||||||||||||||||
Sales of minerals in place | (65) | — | — | — | (29) | (2) | — | — | — | (96) | — | — | (96) | ||||||||||||||||||||||||||||
Production [A] | (56) | (184) | (10) | (64) | (171) | (12) | (20) | — | (130) | (627) | (20) | — | (647) | ||||||||||||||||||||||||||||
At December 31 | 274 | 1,551 | 121 | 395 | 982 | 18 | 607 | — | 1,033 | 4,374 | 607 | — | 4,981 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 9 | 281 | — | — | — | — | — | — | — | 290 | — | — | 290 | ||||||||||||||||||||||||||||
Revisions and reclassifications | 4 | 21 | — | — | — | — | — | — | — | 25 | — | — | 25 | ||||||||||||||||||||||||||||
Improved recovery | — | 4 | — | — | — | — | — | — | — | 4 | — | — | 4 | ||||||||||||||||||||||||||||
Extensions and discoveries | — | 2 | — | — | — | — | — | — | — | 2 | — | — | 2 | ||||||||||||||||||||||||||||
Purchases of minerals in place | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Sales of minerals in place | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Production | (1) | (37) | — | — | — | — | — | — | — | (38) | — | — | (38) | ||||||||||||||||||||||||||||
At December 31 | 12 | 271 | — | — | — | — | — | — | — | 283 | — | — | 283 | ||||||||||||||||||||||||||||
Total | 286 | 1,822 | 121 | 395 | 982 | 18 | 607 | — | 1,033 | 4,657 | 607 | — | 5,264 | ||||||||||||||||||||||||||||
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31 | — | — | — | — | — | — | 304 | — | — | — | 304 | — | 304 |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 243 | 1,318 | 108 | 335 | 629 | 21 | 661 | — | 634 | 3,288 | 661 | — | 3,949 | ||||||||||||||||||||||||||||
At December 31 | 156 | 1,403 | 106 | 314 | 641 | 15 | 607 | — | 675 | 3,310 | 607 | — | 3,917 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 8 | 251 | — | — | — | — | — | — | — | 259 | — | — | 259 | ||||||||||||||||||||||||||||
At December 31 | 11 | 240 | — | — | — | — | — | — | — | 251 | — | — | 251 |
Million barrels | |||||||||||||||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||||||||||||||
Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | Oil and NGL | Oil and NGL | Synthetic crude oil | Bitumen | All products | |||||||||||||||||||||||||||||
Shell subsidiaries | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 124 | 185 | 21 | 85 | 388 | 2 | — | — | 394 | 1,199 | — | — | 1,199 | ||||||||||||||||||||||||||||
At December 31 | 118 | 149 | 15 | 80 | 341 | 3 | — | — | 358 | 1,064 | — | — | 1,064 | ||||||||||||||||||||||||||||
Shell share of joint ventures and associates | |||||||||||||||||||||||||||||||||||||||||
At January 1 | 1 | 30 | — | — | — | — | — | — | — | 31 | — | — | 31 | ||||||||||||||||||||||||||||
At December 31 | 1 | 31 | — | — | — | — | — | — | — | 32 | — | — | 32 |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 2,442 | 9,927 | 4,176 | 2,363 | 801 | 1,295 | 1,128 | 22,132 | ||||||||||||||||||
Revisions and reclassifications | 838 | (37) | 1,905 | (63) | 90 | 123 | 535 | 3,391 | ||||||||||||||||||
Improved recovery | — | — | — | — | 5 | — | 4 | 9 | ||||||||||||||||||
Extensions and discoveries | 1 | 559 | — | 126 | 158 | 277 | 357 | 1,477 | ||||||||||||||||||
Purchases of minerals in place | 1 | — | — | — | — | — | — | 1 | ||||||||||||||||||
Sales of minerals in place | — | — | — | (122) | (225) | (37) | — | (384) | ||||||||||||||||||
Production [A] | (291) | (876) | (774) | (288) | (214) | (118) | (271) | (2,831) | ||||||||||||||||||
At December 31 | 2,991 | 9,573 | 5,307 | 2,016 | 615 | 1,540 | 1,753 | 23,795 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 262 | 3,678 | 41 | — | — | — | 1 | 3,982 | ||||||||||||||||||
Revisions and reclassifications | 210 | 313 | 51 | — | — | — | 3 | 577 | ||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | ||||||||||||||||||
Extensions and discoveries | — | — | — | — | — | — | 2 | 2 | ||||||||||||||||||
Purchases of minerals in place | — | — | — | — | — | — | — | — | ||||||||||||||||||
Sales of minerals in place | — | — | — | — | — | — | — | — | ||||||||||||||||||
Production [B] | (160) | (431) | (21) | — | — | — | — | (612) | ||||||||||||||||||
At December 31 | 312 | 3,560 | 71 | — | — | — | 6 | 3,949 | ||||||||||||||||||
Total [C] | 3,303 | 13,133 | 5,378 | 2,016 | 615 | 1,540 | 1,759 | 27,744 | ||||||||||||||||||
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31 | — | — | — | — | — | — | — | — |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 1,590 | 9,675 | 3,656 | 1,341 | 670 | 720 | 924 | 18,576 | ||||||||||||||||||
At December 31 | 2,532 | 8,789 | 4,089 | 981 | 373 | 757 | 1,301 | 18,822 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 227 | 3,175 | 42 | — | — | — | 1 | 3,445 | ||||||||||||||||||
At December 31 | 265 | 3,097 | 71 | — | — | — | 6 | 3,439 |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 852 | 252 | 520 | 1,022 | 132 | 575 | 203 | 3,556 | ||||||||||||||||||
At December 31 | 459 | 784 | 1,218 | 1,035 | 242 | 783 | 452 | 4,973 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 35 | 502 | — | — | — | — | — | 537 | ||||||||||||||||||
At December 31 | 47 | 463 | — | — | — | — | — | 510 |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 2,998 | 10,618 | 8,360 | 2,608 | 1,868 | 1,281 | 1,259 | 28,992 | ||||||||||||||||||
Revisions and reclassifications | (209) | 249 | (3,512) | 93 | (319) | 59 | 162 | (3,477) | ||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | ||||||||||||||||||
Extensions and discoveries | — | 2 | 33 | 5 | 66 | 122 | — | 228 | ||||||||||||||||||
Purchases of minerals in place | — | — | — | — | — | — | — | — | ||||||||||||||||||
Sales of minerals in place | (28) | (29) | — | — | (542) | — | — | (599) | ||||||||||||||||||
Production [A] | (319) | (913) | (705) | (343) | (272) | (167) | (293) | (3,012) | ||||||||||||||||||
At December 31 | 2,442 | 9,927 | 4,176 | 2,363 | 801 | 1,295 | 1,128 | 22,132 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 595 | 4,198 | 36 | — | — | — | — | 4,829 | ||||||||||||||||||
Revisions and reclassifications | (200) | (62) | 27 | — | — | — | 1 | (234) | ||||||||||||||||||
Improved recovery | — | — | — | — | — | — | — | — | ||||||||||||||||||
Extensions and discoveries | — | 1 | — | — | — | — | 1 | 2 | ||||||||||||||||||
Purchases of minerals in place | — | — | — | — | — | — | — | — | ||||||||||||||||||
Sales of minerals in place | — | — | — | — | — | — | — | — | ||||||||||||||||||
Production [B] | (133) | (459) | (22) | — | — | — | (1) | (615) | ||||||||||||||||||
At December 31 | 262 | 3,678 | 41 | — | — | — | 1 | 3,982 | ||||||||||||||||||
Total | 2,703 | 13,605 | 4,219 | 2,363 | 801 | 1,295 | 1,128 | 26,114 | ||||||||||||||||||
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31 | — | — | — | — | — | — | — | — |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 2,060 | 10,091 | 5,769 | 1,523 | 1,615 | 781 | 968 | 22,807 | ||||||||||||||||||
At December 31 | 1,590 | 9,675 | 3,656 | 1,341 | 670 | 720 | 924 | 18,576 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 555 | 3,519 | 36 | — | — | — | — | 4,110 | ||||||||||||||||||
At December 31 | 227 | 3,175 | 42 | — | — | — | 1 | 3,445 |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 937 | 528 | 2,591 | 1,085 | 254 | 499 | 291 | 6,185 | ||||||||||||||||||
At December 31 | 852 | 252 | 520 | 1,022 | 132 | 575 | 203 | 3,556 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 39 | 680 | — | — | — | — | — | 719 | ||||||||||||||||||
At December 31 | 35 | 502 | — | — | — | — | — | 537 |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 3,600 | 10,631 | 8,427 | 2,544 | 2,147 | 989 | 1,509 | 29,847 | ||||||||||||||||||
Revisions and reclassifications | (46) | 859 | 699 | 290 | 114 | 235 | 29 | 2,180 | ||||||||||||||||||
Improved recovery | — | — | — | — | — | — | 3 | 3 | ||||||||||||||||||
Extensions and discoveries | — | 36 | — | 152 | 142 | 317 | 37 | 684 | ||||||||||||||||||
Purchases of minerals in place | — | — | — | — | 5 | — | — | 5 | ||||||||||||||||||
Sales of minerals in place | (210) | — | — | — | (132) | (30) | — | (372) | ||||||||||||||||||
Production [A] | (346) | (908) | (766) | (378) | (408) | (230) | (319) | (3,355) | ||||||||||||||||||
At December 31 | 2,998 | 10,618 | 8,360 | 2,608 | 1,868 | 1,281 | 1,259 | 28,992 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 1,163 | 4,581 | 24 | — | — | — | — | 5,768 | ||||||||||||||||||
Revisions and reclassifications | (322) | 64 | 34 | — | — | — | — | (224) | ||||||||||||||||||
Improved recovery | — | 1 | — | — | — | — | — | 1 | ||||||||||||||||||
Extensions and discoveries | — | 5 | — | — | — | — | — | 5 | ||||||||||||||||||
Purchases of minerals in place | — | — | — | — | — | — | — | — | ||||||||||||||||||
Sales of minerals in place | — | — | — | — | — | — | — | — | ||||||||||||||||||
Production [B] | (246) | (453) | (22) | — | — | — | — | (721) | ||||||||||||||||||
At December 31 | 595 | 4,198 | 36 | — | — | — | — | 4,829 | ||||||||||||||||||
Total | 3,593 | 14,816 | 8,396 | 2,608 | 1,868 | 1,281 | 1,259 | 33,821 | ||||||||||||||||||
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31 | — | — | — | — | — | — | — | — |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 2,658 | 10,092 | 5,820 | 1,573 | 1,706 | 721 | 1,238 | 23,808 | ||||||||||||||||||
At December 31 | 2,060 | 10,091 | 5,769 | 1,523 | 1,615 | 781 | 968 | 22,807 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 1,136 | 3,938 | 24 | — | — | — | — | 5,099 | ||||||||||||||||||
At December 31 | 555 | 3,519 | 36 | — | — | — | — | 4,110 |
Thousand million standard cubic feet | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Shell subsidiaries | ||||||||||||||||||||||||||
At January 1 | 942 | 539 | 2,607 | 971 | 441 | 268 | 271 | 6,039 | ||||||||||||||||||
At December 31 | 937 | 528 | 2,591 | 1,085 | 254 | 499 | 291 | 6,185 | ||||||||||||||||||
Shell share of joint ventures and associates | ||||||||||||||||||||||||||
At January 1 | 27 | 643 | — | — | — | — | — | 670 | ||||||||||||||||||
At December 31 | 39 | 680 | — | — | — | — | — | 719 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Future cash inflows | 37,801 | 115,068 | 37,462 | 22,663 | 41,431 | 34,835 | 81,239 | 370,499 | ||||||||||||||||||
Future production costs | 11,977 | 30,567 | 13,446 | 8,742 | 23,314 | 15,565 | 35,787 | 139,398 | ||||||||||||||||||
Future development costs | 5,347 | 12,989 | 6,718 | 3,078 | 7,787 | 4,063 | 16,130 | 56,112 | ||||||||||||||||||
Future tax expenses | 12,311 | 28,834 | 2,206 | 7,584 | 1,572 | 3,153 | 7,829 | 63,489 | ||||||||||||||||||
Future net cash flows | 8,166 | 42,678 | 15,092 | 3,259 | 8,758 | 12,054 | 21,493 | 111,500 | ||||||||||||||||||
Effect of discounting cash flows at 10% | 1,754 | 18,771 | 4,205 | 497 | 1,207 | 7,331 | 7,270 | 41,035 | ||||||||||||||||||
Standardised measure of discounted future net cash flows | 6,412 | 23,907 | 10,887 | 2,762 | 7,551 | 4,723 | 14,223 | 70,465 | ||||||||||||||||||
Non-controlling Interest Included | — | — | — | — | — | 1,906 | — | 1,906 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Future cash inflows | 4,006 | 36,365 | 326 | — | — | — | 283 | 40,980 | ||||||||||||||||||
Future production costs | 2,869 | 15,653 | 245 | — | — | — | 128 | 18,895 | ||||||||||||||||||
Future development costs | 931 | 6,819 | 82 | — | — | — | 15 | 7,847 | ||||||||||||||||||
Future tax expenses | 1,623 | 6,229 | — | — | — | — | 9 | 7,861 | ||||||||||||||||||
Future net cash flows | -1,417 | 7,664 | -1 | — | — | — | 131 | 6,377 | ||||||||||||||||||
Effect of discounting cash flows at 10% | -316 | 1,630 | -29 | — | — | — | 34 | 1,319 | ||||||||||||||||||
Standardised measure of discounted future net cash flows | -1,101[A] | 6,034 | 28 | — | — | — | 97 | 5,058 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Future cash inflows | 16,581 | 75,128 | 23,787 | 19,743 | 27,891 | 22,447 | 34,502 | 220,079 | ||||||||||||||||||
Future production costs | 6,776 | 26,896 | 10,240 | 9,837 | 20,341 | 15,475 | 19,137 | 108,702 | ||||||||||||||||||
Future development costs | 4,352 | 12,416 | 7,441 | 3,354 | 7,274 | 4,559 | 7,440 | 46,836 | ||||||||||||||||||
Future tax expenses | 4,525 | 12,585 | 254 | 4,713 | 54 | 407 | 1,847 | 24,385 | ||||||||||||||||||
Future net cash flows | 928 | 23,231 | 5,852 | 1,838 | 222 | 2,006 | 6,079 | 40,156 | ||||||||||||||||||
Effect of discounting cash flows at 10% | 338 | 9,792 | 493 | -50 | -1,469 | 1,231 | 1,369 | 11,704 | ||||||||||||||||||
Standardised measure of discounted future net cash flows | 590 | 13,440 | 5,359[A] | 1,889 | 1,691 | 775 | 4,709 | 28,452[B] | ||||||||||||||||||
Non-controlling interest included | — | — | — | — | — | 398 | — | 398 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Future cash inflows | 1,209 | 22,209 | 139 | — | — | — | 21 | 23,578 | ||||||||||||||||||
Future production costs | 2,801 | 11,472 | 136 | — | — | — | 17 | 14,426 | ||||||||||||||||||
Future development costs | 948 | 5,165 | 111 | — | — | — | 2 | 6,226 | ||||||||||||||||||
Future tax expenses | — | 3,026 | — | — | — | — | — | 3,026 | ||||||||||||||||||
Future net cash flows | (2,540) | 2,546 | (108) | — | — | — | 2 | (100) | ||||||||||||||||||
Effect of discounting cash flows at 10% | (583) | 412 | (35) | — | — | — | — | (206) | ||||||||||||||||||
Standardised measure of discounted future net cash flows | (1,957)[A] | 2,134 | (73) | — | — | — | 2 | 106 |
South America | $ million | |||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Future cash inflows | 33,762 | 111,802 | 71,775 | 31,046 | 55,800 | 31,522 | 64,957 | 400,664 | ||||||||||||||||||
Future production costs | 11,818 | 32,581 | 21,589 | 12,158 | 30,139 | 16,651 | 32,362 | 157,298 | ||||||||||||||||||
Future development costs | 6,047 | 13,449 | 10,103 | 4,081 | 11,137 | 4,603 | 13,219 | 62,639 | ||||||||||||||||||
Future tax expenses | 9,285 | 25,938 | 7,016 | 10,542 | 2,397 | 2,313 | 5,429 | 62,920 | ||||||||||||||||||
Future net cash flows | 6,612 | 39,834 | 33,067 | 4,265 | 12,127 | 7,955 | 13,947 | 117,807 | ||||||||||||||||||
Effect of discounting cash flows at 10% | 1,917 | 17,851 | 13,328 | 377 | 1,815 | 5,571 | 4,094 | 44,953 | ||||||||||||||||||
Standardised measure of discounted future net cash flows | 4,695 | 21,983 | 19,739 | 3,888 | 10,312 | 2,384 | 9,853 | 72,854 | ||||||||||||||||||
Non-controlling interest included | — | — | — | — | — | 1,371 | — | 1,371 |
$ million | |||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | |||||||||||||||||||||||
Future cash inflows | 3,615 | 38,099 | 122 | — | — | — | — | 41,836 | |||||||||||||||||||||
Future production costs | 2,810 | 18,336 | 81 | — | — | — | — | 21,227 | |||||||||||||||||||||
Future development costs | 935 | 6,946 | 36 | — | — | — | — | 7,917 | |||||||||||||||||||||
Future tax expenses | 718 | 6,160 | 4 | — | — | — | — | 6,882 | |||||||||||||||||||||
Future net cash flows | (848) | 6,657 | 1 | — | — | — | — | 5,812 | |||||||||||||||||||||
Effect of discounting cash flows at 10% | (266) | 1,190 | (7) | — | — | — | — | 917 | |||||||||||||||||||||
Standardised measure of discounted future net cash flows | (582) | [A] | 5,467 | 8 | — | — | — | — | 4,893 |
$ million | |||||||||||
Shell subsidiaries | Shell share of joint ventures and associates | Total | |||||||||
At January 1 | 28,452 | 106 | 28,558 | ||||||||
Net changes in prices and production costs | 74,896 | 9,188 | 84,084 | ||||||||
Revisions of previous reserves estimates | 19,435 | 3,253 | 22,688 | ||||||||
Extensions, discoveries and improved recovery | 5,631 | 60 | 5,691 | ||||||||
Purchases and sales of minerals in place | (880) | — | (880) | ||||||||
Development cost related to future production | (10,652) | (982) | (11,634) | ||||||||
Sales and transfers of oil and gas, net of production costs | (35,754) | (4,455) | (40,209) | ||||||||
Development cost incurred during the year | 8,594 | 969 | 9,563 | ||||||||
Accretion of discount | 3,832 | 170 | 4,002 | ||||||||
Net change in income tax | (23,089) | (3,251) | (26,340) | ||||||||
At December 31 | 70,465 | 5,058 | 75,523 |
$ million | |||||||||||
Shell subsidiaries | Shell share of joint ventures and associates | Total | |||||||||
At January 1 | 72,854 | 4,893 | 77,747 | ||||||||
Net changes in prices and production costs | (71,184) | (6,097) | (77,281) | ||||||||
Revisions of previous reserves estimates | 574 | (459) | 115 | ||||||||
Extensions, discoveries and improved recovery | 691 | 17 | 709 | ||||||||
Purchases and sales of minerals in place | (540) | 0 | (540) | ||||||||
Development cost related to future production | 2,906 | (426) | 2,480 | ||||||||
Sales and transfers of oil and gas, net of production costs | (16,990) | (1,954) | (18,944) | ||||||||
Development cost incurred during the year | 8,197 | 759 | 8,956 | ||||||||
Accretion of discount | 9,881 | 832 | 10,713 | ||||||||
Net change in income tax | 22,063 | 2,541 | 24,604 | ||||||||
At December 31 | 28,452 [A] | 106 | 28,558 [B] |
$ million | |||||||||||
Shell subsidiaries | Shell share of joint ventures and associates | Total | |||||||||
At January 1 | 89,845 | 7,229 | 97,074 | ||||||||
Net changes in prices and production costs | (18,759) | (1,017) | (19,776) | ||||||||
Revisions of previous reserves estimates | 13,777 | (293) | 13,484 | ||||||||
Extensions, discoveries and improved recovery | 5,193 | 93 | 5,286 | ||||||||
Purchases and sales of minerals in place | (2,831) | — | (2,831) | ||||||||
Development cost related to future production | (9,417) | (2) | (9,419) | ||||||||
Sales and transfers of oil and gas, net of production costs | (33,319) | (3,918) | (37,237) | ||||||||
Development cost incurred during the year | 10,430 | 702 | 11,132 | ||||||||
Accretion of discount | 12,004 | 1,133 | 13,137 | ||||||||
Net change in income tax | 5,931 | 966 | 6,897 | ||||||||
At December 31 | 72,854 | 4,893 | 77,747 |
$ million | ||||||||
2021 | 2020 | |||||||
Cost | ||||||||
Proved properties [A] [B] | 261,085 | 276,239 | ||||||
Unproved properties | 12,754 | 14,563 | ||||||
Support equipment and facilities [B] | 11,067 | 10,741 | ||||||
284,906 | 301,543 | |||||||
Depreciation, depletion and amortisation | ||||||||
Proved properties [A] [B] | 156,554 | 157,844 | ||||||
Unproved properties | 5,660 | 5,342 | ||||||
Support equipment and facilities [B] | 5,891 | 4,990 | ||||||
168,105 | 168,176 | |||||||
Net capitalised costs | 116,801 | 133,367 |
$ million | ||||||||
2021 | 2020 | |||||||
Cost | ||||||||
Proved properties [A] | 52,762 | 50,644 [C] | ||||||
Unproved properties | 1,853 | 2,512 | ||||||
Support equipment and facilities | 4,982 | 5,037 | ||||||
59,597 | 58,193 [C] | |||||||
Depreciation, depletion and amortisation | ||||||||
Proved properties [A] | 38,844 | 36,994 [C] | ||||||
Unproved properties [B] | 452 | 473 | ||||||
Support equipment and facilities | 3,182 | 3,070 | ||||||
42,478 | 40,537 [C] | |||||||
Net capitalised costs | 17,119 | 17,656 [C] |
$ million | |||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other [A] | Total | |||||||||||||||||||||||
Acquisition of properties | |||||||||||||||||||||||||||||
Proved | 2 | — | — | 246 | — | — | — | 247 | |||||||||||||||||||||
Unproved | — | — | — | 2 | 26 | 34 | 42 | 103 | |||||||||||||||||||||
Exploration | 301 | 103 | 26 | 136 | 920 | 217 | 170 | 1,873 | [B] | ||||||||||||||||||||
Development | 996 | 693 | 600 | 166 | 3,116 | 106 | 1,436 | 7,113 |
$ million | |||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other [A] | Total | |||||||||||||||||||||||
Acquisition of properties | |||||||||||||||||||||||||||||
Proved | 4 | 156 | — | 5 | — | — | — | 165 | |||||||||||||||||||||
Unproved | 115 | 19 | — | 48 | 80 | 6 | 180 | 448 | |||||||||||||||||||||
Exploration | 287 | 102 | 33 | 168 | 951 | 275 | 390 | 2,206 | [B] | ||||||||||||||||||||
Development | 1,612 | 1,018 | 1,465 | 807 | 4,186 | 325 | 1,930 | 11,343 |
$ million | |||||||||||||||||||||||||||||
North America | South America | ||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other [A] | Total | |||||||||||||||||||||||
Acquisition of properties | |||||||||||||||||||||||||||||
Proved | 3 | 105 | — | 10 | — | — | — | 118 | |||||||||||||||||||||
Unproved | — | 11 | — | 67 | 118 | 5 | 3 | 204 | |||||||||||||||||||||
Exploration | 428 | 165 | 117 | 253 | 1,723 | 402 | 500 | 3,588 | [B} | ||||||||||||||||||||
Development | 2,054 | 1,434 | 1,225 | 1,480 | 4,455 | 287 | 2,418 | 13,353 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other | Total | ||||||||||||||||||||
Exploration | — | 69 | 1 | — | — | — | 41 | 111 | ||||||||||||||||||
Development | 101 | 1,648 | 205 | — | — | — | 49 | 2,002 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other | Total | ||||||||||||||||||||
Acquisition of properties | ||||||||||||||||||||||||||
Unproved | — | — | — | — | — | — | 128 | 128 | ||||||||||||||||||
Exploration | — | 94 | 10 | — | — | — | 105 | 209 | ||||||||||||||||||
Development | 124 | 2,225 [A] | 67 | — | — | — | 2 | 2,418 [A] |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other | Total | ||||||||||||||||||||
Exploration | 1 | 116 | 12 | — | — | — | — | 129 | ||||||||||||||||||
Development | 94 | 1,400 | 65 | — | — | — | — | 1,559 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other [A] | Total | ||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Third parties | 1,502 | 3,089 | 681 | 1,849 | 3,411 | 816 | 1,224 | 12,572 | ||||||||||||||||||
Sales between businesses | 5,524 | 11,107 | 5,256 | 2,214 | 8,009 | 1,815 | 8,249 | 42,174 | ||||||||||||||||||
Total | 7,026 | 14,196 | 5,937 | 4,063 | 11,420 | 2,631 | 9,473 | 54,746 | ||||||||||||||||||
Production costs excluding taxes | 1,892 | 1,817 | 1,222 | 1,013 | 2,165 | 679 | 1,045 | 9,833 | ||||||||||||||||||
Taxes other than income tax | 77 | 863 | 234 | 250 | 120 | — | 2,904 | 4,448 | ||||||||||||||||||
Exploration | 242 | 70 | 21 | 133 | 616 | 191 | 150 | 1,423 | ||||||||||||||||||
Depreciation, depletion and amortisation | 1,342 | 2,817 | 1,805 | 1,227 | 5,201 | 181 | 3,973 | 16,546 | ||||||||||||||||||
Other costs/(income) | 3,867 | 1,210 | (155) | (349) | (2,550) | 1,045 | 233 | 3,301 | ||||||||||||||||||
Earnings before taxation | (394) | 7,419 | 2,810 | 1,789 | 5,868 | 535 | 1,168 | 19,195 | ||||||||||||||||||
Taxation charge/(credit) | 473 | 4,473 | 831 | 35 | 1,268 | 180 | 256 | 7,516 | ||||||||||||||||||
Earnings after taxation | (867) | 2,946 | 1,979 | 1,754 | 4,600 | 355 | 912 | 11,679 |
$ million | ||||||||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other [A] | Total | ||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||
Third parties | 767 | 2,104 | 589 | 1,540 | 1,008 | 753 | 567 | 7,328 | ||||||||||||||||||||||||
Sales between businesses | 2,879 | 6,792 | [B] | 3,366 | [B] | 1,816 | 5,239 | 943 | 4,656 | 25,691 | ||||||||||||||||||||||
Total | 3,646 | 8,896 | 3,955 | 3,356 | 6,247 | 1,696 | 5,223 | 33,019 | ||||||||||||||||||||||||
Production costs excluding taxes | 2,023 | 1,811 | 1,040 | 1,064 | 2,615 | 735 | 936 | 10,224 | ||||||||||||||||||||||||
Taxes other than income tax | 64 | 389 | 93 | 245 | 64 | — | 1,494 | 2,349 | ||||||||||||||||||||||||
Exploration | 256 | 149 | 234 | 202 | 325 | 108 | 473 | 1,747 | ||||||||||||||||||||||||
Depreciation, depletion and amortisation | 3,618 | 2,120 | 10,178 | 2,589 | 7,927 | 2,147 | 6,282 | 34,861 | ||||||||||||||||||||||||
Other costs/(income) | 553 | 1,559 | [B] | 314 | [B] | 645 | 230 | 631 | 161 | 4,093 | ||||||||||||||||||||||
Earnings before taxation | (2,868) | 2,868 | (7,904) | [B] | (1,389) | (4,914) | (1,925) | (4,123) | (20,255) | |||||||||||||||||||||||
Taxation charge/(credit) | (423) | 1,854 | (3,175) | (104) | (790) | (449) | (300) | (3,387) | ||||||||||||||||||||||||
Earnings after taxation | (2,445) | 1,014 | (4,729) | [B] | (1,285) | (4,124) | (1,476) | (3,823) | (16,868) |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Other [A] | Total | ||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Third parties | 1,257 | 3,065 | 931 | 1,936 | 2,638 | 632 | 844 | 11,303 | ||||||||||||||||||
Sales between businesses | 4,911 | 10,526 | 4,918 [B] | 3,289 | 7,786 | 1,936 | 7,647 | 41,013 | ||||||||||||||||||
Total | 6,168 | 13,591 | 5,849 [B] | 5,225 | 10,424 | 2,568 | 8,491 | 52,316 | ||||||||||||||||||
Production costs excluding taxes | 1,582 | 2,065 | 1,178 | 1,062 | 2,807 | 983 | 1,135 | 10,812 | ||||||||||||||||||
Taxes other than income tax | 94 | 749 | 136 | 370 | 103 | — | 2,613 | 4,065 | ||||||||||||||||||
Exploration | 619 | 583 | 107 | 187 | 411 | 159 | 288 | 2,354 | ||||||||||||||||||
Depreciation, depletion and amortisation | 2,604 | 2,130 | 1,957 | 1,354 | 6,932 | 858 | 3,929 | 19,764 | ||||||||||||||||||
Other costs/(income) | (20) | 1,599 | (105) | 121 | (575) | 818 | 1,379 | 3,217 | ||||||||||||||||||
Earnings before taxation | 1,289 | 6,465 | 2,576 [B] | 2,131 | 746 | (250) | (853) | 12,104 | ||||||||||||||||||
Taxation charge/(credit) | 848 | 4,013 | 1,094 | 1,431 | 154 | (110) | (78) | 7,352 | ||||||||||||||||||
Earnings after taxation | 441 | 2,452 | 1,482 [B] | 700 | 592 | (140) | (775) | 4,752 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Third-party revenue | 1,632 | 5,473 | 78 | — | — | — | 102 | 7,285 | ||||||||||||||||||
Total | 1,632 | 5,473 | 78 | — | — | — | 102 | 7,285 | ||||||||||||||||||
Production costs excluding taxes | 246 | 770 | 82 | — | — | — | 9 | 1,107 | ||||||||||||||||||
Taxes other than income tax | 48 | 900 | 7 | — | — | — | 12 | 967 | ||||||||||||||||||
Exploration | 2 | 27 | — | — | — | — | — | 29 | ||||||||||||||||||
Depreciation, depletion and amortisation | 254 | 1,262 | 32 | — | — | — | 38 | 1,586 | ||||||||||||||||||
Other costs/(income) | 732 | 355 | (22) | — | (8) | — | 11 | 1,068 | ||||||||||||||||||
Earnings before taxation | 350 | 2,159 | (21) | — | 8 | — | 32 | 2,528 | ||||||||||||||||||
Taxation charge | 62 | 877 | — | — | 2 | — | (2) | 939 | ||||||||||||||||||
Earnings after taxation | 288 | 1,282 | (21) | — | 6 | — | 34 | 1,589 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Third-party revenue | 514 | 3,464 | 65 | — | — | — | 32 | 4,075 | ||||||||||||||||||
Total | 514 | 3,464 | 65 | — | — | — | 32 | 4,075 | ||||||||||||||||||
Production costs excluding taxes | 272 | 726 | 72 | — | — | — | 8 | 1,078 | ||||||||||||||||||
Taxes other than income tax | 22 | 423 | 5 | — | — | — | 4 | 454 | ||||||||||||||||||
Exploration | 2 | 97 | — | — | — | — | — | 99 | ||||||||||||||||||
Depreciation, depletion and amortisation | 366 | 1,219 | 270 | — | (7) | — | 23 | 1,871 | ||||||||||||||||||
Other costs/(income) | 296 | 365 | (14) | — | (1) | — | 12 | 658 | ||||||||||||||||||
Earnings before taxation | (444) | 634 | (268) | — | 8 | — | (15) | (85) | ||||||||||||||||||
Taxation charge | (281) | 162 | — | — | 2 | — | (9) | (126) | ||||||||||||||||||
Earnings after taxation | (163) | 472 | (268) | — | 6 | — | (6) | 41 |
$ million | ||||||||||||||||||||||||||
North America | South America | |||||||||||||||||||||||||
Europe | Asia | Oceania | Africa | USA | Canada | Total | ||||||||||||||||||||
Third-party revenue | 1,233 | 5,475 | 81 | — | — | — | — | 6,789 | ||||||||||||||||||
Total | 1,233 | 5,475 | 81 | — | — | — | — | 6,789 | ||||||||||||||||||
Production costs excluding taxes | 249 | 669 | 88 | — | — | — | — | 1,006 | ||||||||||||||||||
Taxes other than income tax | 75 | 1,037 | 6 | — | — | — | — | 1,118 | ||||||||||||||||||
Exploration | 4 | 51 | — | — | — | — | — | 55 | ||||||||||||||||||
Depreciation, depletion and amortisation | 217 | 949 | 415 | — | — | — | — | 1,581 | ||||||||||||||||||
Other costs/(income) | 547 | 622 | (18) | — | 1 | 1 | — | 1,153 | ||||||||||||||||||
Earnings before taxation | 141 | 2,147 | (410) | — | (1) | (1) | — | 1,876 | ||||||||||||||||||
Taxation charge | 39 | 957 | — | — | — | — | — | 996 | ||||||||||||||||||
Earnings after taxation | 102 | 1,190 | (410) | — | (1) | (1) | — | 880 |
Thousand Acres | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Developed | Undeveloped | Developed | Undeveloped | Developed | Undeveloped | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||
Europe | 6,009 | 1,875 | 8,090 | 3,833 | 6,075 | 1,900 | 13,399 | 5,663 | 6,278 | 1,910 | 13,844 | 6,077 | ||||||||||||||||||||||||||
Asia | 21,360 | 7,651 | 31,620 | 17,022 | 21,360 | 7,651 | 34,545 | 18,003 | 21,387 | 7,672 | 31,486 | 14,880 | ||||||||||||||||||||||||||
Oceania | 2,485 | 947 | 9,577 | 5,132 | 2,653 [A] | 993 [A] | 9,654 [B] | 5,256 [B] | 2,563 [C] | 949 [C] | 12,182 [D] | 6,525 [D] | ||||||||||||||||||||||||||
Africa | 3,937 | 1,457 | 71,398 | 35,633 | 4,764 | 1,996 | 67,197 [E] | 36,944 [E] | 4,663 | 1,938 | 60,968 [F] | 31,765 [F] | ||||||||||||||||||||||||||
North America - USA | 487 | 286 | 2,049 | 1,555 | 1,145 | 728 | 1,916 | 1,408 | 1,346 | 906 | 2,483 | 1,911 | ||||||||||||||||||||||||||
North America - Mexico | — | — | 5,407 | 3,335 | - | - | 5,178 | 3,291 | - | - | 5,178 | 3,291 | ||||||||||||||||||||||||||
North America - Canada | 359 | 206 | 1,334 | 823 | 490 | 336 | 1,689 | 1,177 | 483 | 329 | 1,783 | 1,265 | ||||||||||||||||||||||||||
South America | 1,463 | 616 | 23,467 | 12,629 | 1,449 | 609 | 20,037 [G] | 11,709 [G] | 1,393 | 595 | 16,336 [H] | 10,192 [H] | ||||||||||||||||||||||||||
Total | 36,100 | 13,038 | 152,942 | 79,962 | 37,936 | 14,213 | 153,615 | 83,451 | 38,113 | 14,299 | 144,260 | 75,906 |
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Oil | Gas | Oil | Gas | Oil | Gas | |||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||
Europe | 796 | 193 | 1,021 | 324 | 814 | 197 | 1,047 [B] | 335 [B] | 894 | 217 | 1,095 | 345 | ||||||||||||||||||||||||||
Asia | 8,819 | 3,219 | 364 | 210 | 8,505 | 3,105 | 342 | 193 | 7,860 | 2,874 | 336 | 193 | ||||||||||||||||||||||||||
Oceania | — | — | 3,398 | 1,974 | — | — | 3,369 [C] | 1,920 [C] | — | — | 3,348 | 1,891 | ||||||||||||||||||||||||||
Africa | 391 | 126 | 114 | 56 | 567 | 235 | 209 | 141 | 514 | 206 | 202 | 139 | ||||||||||||||||||||||||||
North America – USA | 13,042 | 6,627 | 28 | 20 | 14,505 | 7,402 | 401 | 223 | 14,953 | 7,650 | 824 | 518 | ||||||||||||||||||||||||||
North America – Canada | — | — | 510 | 440 | — | — | 757 | 684 | — | — | 748 | 676 | ||||||||||||||||||||||||||
South America | 229 | 112 | 67 | 39 | 179 | 82 | 63 | 37 | 137 | 63 | 58 | 36 | ||||||||||||||||||||||||||
Total | 23,277 | 10,277 | 5,502 | 3,063 | 24,570 | 11,021 | 6,188 | 3,533 | 24,358 | 11,010 | 6,611 | 3,798 |
2021 | 2020 | 2019 | ||||||||||||||||||
Productive | Dry | Productive | Dry | Productive | Dry | |||||||||||||||
Exploratory [A] | ||||||||||||||||||||
Europe | — | — | — | 1 | — | 4 | ||||||||||||||
Asia | 5 | 10 | 10 | 8 | 25 | 17 | ||||||||||||||
Oceania | — | 2 | — | 6 | — | 2 | ||||||||||||||
Africa | — | 11 | 5 | 7 | 8 | 8 | ||||||||||||||
North America - USA | 3 | 39 | 57 | 81 | 89 | 9 | ||||||||||||||
North America - Canada | — | 15 | 17 | 1 | 24 | — | ||||||||||||||
South America | 5 | 1 | 5 | 3 | 8 | 1 | ||||||||||||||
Total | 13 | 78 | 94 | 107 | 154 | 41 | ||||||||||||||
Development | ||||||||||||||||||||
Europe | 3 | 1 | 5 [B] | — | 4 | 1 | ||||||||||||||
Asia | 218 | — | 169 | — | 182 | — | ||||||||||||||
Oceania | 7 | — | 20 [C] | — | 16 | — | ||||||||||||||
Africa | 6 [D] | — | 19 | — | 34 | — | ||||||||||||||
North America - USA | 46 [E] | — | 110 | — | 280 | 5 | ||||||||||||||
North America - Canada | — | — | — | — | 6 | — | ||||||||||||||
South America | 31 | — | 14 | — | 10 | 1 | ||||||||||||||
Total | 311 | 1 | 337 | — | 532 | 7 |
2021 | ||||||||||||||||||||||||||||||||
At January 1 | Wells in the process of drilling at January 1 and allocated proved reserves during the year | Wells in the process of drilling at January 1 and determined as dry during the year | New wells in the process of drilling at December 31 | At December 31 | ||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||
Europe | 12 | 8 [B] | — | — | — | — | 1 | — | 13 | 8 | ||||||||||||||||||||||
Asia | 56 | 21 | 6 | 2 | 10 | 4 | 15 | 6 | 55 | 21 | ||||||||||||||||||||||
Oceania | 32 | 11 | — | — | 9 | 2 | 45 | 21 | 68 | 30 | ||||||||||||||||||||||
Africa | 28 | 19 | — | — | 10 [C] | 10 [C] | 1 | 1 | 19 | 10 | ||||||||||||||||||||||
North America - USA | 92 | 43 | 4 | 3 | 79 [D] | 35 [D] | 2 | 1 | 11 | 8 | ||||||||||||||||||||||
North America - Canada | 15 | 15 | — | — | 15 [E] | 15 [E] | — | — | — | — | ||||||||||||||||||||||
South America | 35 | 13 | 17 | 5 | 2 | 1 | 13 | 5 | 29 | 11 | ||||||||||||||||||||||
Total | 270 | 130 | 27 | 10 | 125 | 67 | 77 | 34 | 195 | 88 |
2021 | ||||||||||||||
At January 1 | At December 31 | |||||||||||||
Gross | Net | Gross | Net | |||||||||||
Europe | 12 [A] | 2 | 1 | 1 | ||||||||||
Asia | 41 | 24 | 38 | 20 | ||||||||||
Oceania | 191 | 124 | 181 | 111 | ||||||||||
Africa | 4 | 1 | 5 | 2 | ||||||||||
North America - USA | 30 | 20 | 9 | 6 | ||||||||||
North America - Canada | — | — | 6 | 5 | ||||||||||
South America | 30 | 21 | 46 | 30 | ||||||||||
Total | 308 | 192 | 286 | 175 |
$ million, except where indicated | |||||||||||
Turnover | Capex | Opex | |||||||||
Eligible | 14,984 | 4,548 | 820 | ||||||||
Non-Eligible | 246,520 | 20,845 | 4,479 | ||||||||
Total | 261,504 | 25,393 | 5,299 | ||||||||
Eligible % of total | 6% | 18% | 15% | ||||||||
Non-eligible % of total | 94% | 82% | 85% |
$ million | |||||
2021 | |||||
Additions to property, plant and equipment | 21,719 | ||||
Additions to intangible assets | 5,220 | ||||
Less: Goodwill | 1,546 | ||||
Total EU Taxonomy capex | 25,393 |
$ million | |||||
2021 | |||||
Production and manufacturing expenses | 23,822 | ||||
Selling, distribution and administrative expenses | 11,328 | ||||
Research and development | 815 | ||||
Total operating expenses | 35,964 | ||||
Less: Non-maintenance expenses | 19,981 | ||||
Less: Selling, distribution and administrative expenses | 11,328 | ||||
Add: Expenses relating to short-term leases | 644 | ||||
Total EU Taxonomy opex | 5,299 |
$ million | |||||||||||||||||
No | Activity Description | Turnover | Capex | Opex | Notes | ||||||||||||
3.14 3.17 | Manufacture of organic basic chemicals Manufacture of plastics in primary form | 14,672 | 3,854 | 715 | [A], [B], [C], [D] | ||||||||||||
4.1 4.3 7.6 | Electricity generation using solar photovoltaic energy Electricity generation from wind power Installation, maintenance and repair of renewable energy technologies | 228 | 288 | 9 | [A], [B], [C], [E], [F], [G] | ||||||||||||
3.10 4.13 | Manufacture of hydrogen Manufacture of biogas and biofuels for use in transport and of bioliquids | 0 | 284 | 82 | [A], [B], [C], [E] | ||||||||||||
1.4 5.11 5.12 | Conservation forestry Transport of CO2 Underground permanent geological storage of CO2 | 13 | 4 | 8 | [A], [B], [H], [I] | ||||||||||||
6.15 7.4 | Infrastructure enabling low-carbon road transport and public transport Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | 71 | 118 | 7 | [A], [F] | ||||||||||||
Total | 14,984 | 4,548 | 820 |
£ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Dividend income | 2,201 | 2,777 | 5,484 | ||||||||
Income before taxation and for the period | 2,201 | 2,777 | 5,484 |
£ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Income for the period | 2,201 | 2,777 | 5,484 | ||||||||
Comprehensive income for the period | 2,201 | 2,777 | 5,484 |
£ million | |||||||||||
Notes | Dec 31, 2021 | Dec 31, 2020 | |||||||||
Assets | |||||||||||
Other current assets | 7 | 7 | |||||||||
Cash and cash equivalents | — | — | |||||||||
Total assets | 7 | 7 | |||||||||
Liabilities | |||||||||||
Unclaimed dividends | 4 | 7 | 7 | ||||||||
Total liabilities | 7 | 7 | |||||||||
Equity | |||||||||||
Capital account | 5 | — | — | ||||||||
Revenue account | — | — | |||||||||
Total equity | — | — | |||||||||
Total liabilities and equity | 7 | 7 |
£ million | ||||||||||||||
Notes | Capital account | Revenue account | Total equity | |||||||||||
At January 1, 2021 | — | — | — | |||||||||||
Comprehensive income for the period | — | 2,201 | 2,201 | |||||||||||
Distributions made | 6 | — | (2,201) | (2,201) | ||||||||||
At December 31, 2021 | — | — | — | |||||||||||
At January 1, 2020 | — | — | — | |||||||||||
Comprehensive income for the period | — | 2,777 | 2,777 | |||||||||||
Distributions made | 6 | — | (2,777) | (2,777) | ||||||||||
At December 31, 2020 | — | — | — | |||||||||||
At January 1, 2019 | — | — | — | |||||||||||
Comprehensive income for the period | — | 5,484 | 5,484 | |||||||||||
Distributions made | 6 | — | (5,484) | (5,484) | ||||||||||
At December 31, 2019 | — | — | — |
£ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Income for the period | 2,201 | 2,777 | 5,484 | ||||||||
Adjustment for: | |||||||||||
Dividends received | (2,201) | (2,777) | (5,484) | ||||||||
Cash flow from operating activities | — | — | — | ||||||||
Dividends received | 2,200 | 2,772 | 5,484 | ||||||||
Cash flow from investing activities | 2,200 | 2,772 | 5,484 | ||||||||
Cash distributions made | (2,200) | (2,775) | (5,484) | ||||||||
Cash flow from financing activities | (2,200) | (2,775) | (5,484) | ||||||||
Change in cash and cash equivalents | — | (3) | — | ||||||||
Cash and cash equivalents at January 1 | — | 3 | 3 | ||||||||
Cash and cash equivalents at December 31 | — | — | 3 |
Identifiers | Euronext Amsterdam | London Stock Exchange | NYSE | ||||||||
Ordinary share | Ordinary share | ADS [*] | |||||||||
Market | Primary | Primary | Primary | ||||||||
Ticker symbol | SHELL | SHEL | SHEL | ||||||||
ISIN | GB00BP6MXD84 | GB00BP6MXD84 | US7802593050 | ||||||||
SEDOL | BP6MXT4 | BP6MXD8 | BPK3CG3 | ||||||||
CUSIP | G80827 101 | G80827 101 | 780259 305 | ||||||||
Index weight at 31/12/21 | AEX: 12.9% (**) | FTSE: 7.39% | - |
Issued and fully paid | ||||||||
Number | Nominal value | |||||||
Ordinary shares of €0.07 each | ||||||||
A Shares | 4,101,239,499.00 | 287,086,764.93 | ||||||
B Shares | 3,582,892,954.00 | 250,802,506.78 | ||||||
Sterling deferred shares of £1 each | 50,000 | £50,000 |
Issued and fully paid | ||||||||
Number | Nominal value | |||||||
Ordinary shares of €0.07 each | 7,622,217,098 | €533,555,196.86 | ||||||
Sterling deferred shares of £1 each | 50,000 | £50,000 |
A Shares | B Shares | Ordinary Shares | ||||||||||||||||||
Number | % | Number | % | Number | % | |||||||||||||||
BlackRock, Inc. [A] | 299,354,761 | 3.9 | 286,618,332 | 3.8 | 585,973,093 | 7.7 | ||||||||||||||
Norges Bank [B] | — | — | 237,637,302 | 3.1 | 237,637,302 | 3.1 |
$ | |||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||
Q1 | 0.17 | 0.16 | 0.47 | 0.47 | 0.47 | ||||||||||||
Q2 | 0.24 | 0.16 | 0.47 | 0.47 | 0.47 | ||||||||||||
Q3 | 0.24 | 0.17 | 0.47 | 0.47 | 0.47 | ||||||||||||
Q4 | 0.24 | 0.17 | 0.47 | 0.47 | 0.47 | ||||||||||||
Total announced in respect of the year | 0.89 | 0.65 | 1.88 | 1.88 | 1.88 |
€ [B] | |||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||
Q1 | 0.14 | 0.14 | 0.42 | 0.4 | 0.42 | ||||||||||||
Q2 | 0.20 | 0.14 | 0.43 | 0.4 | 0.39 | ||||||||||||
Q3 | 0.21 | 0.14 | 0.42 | 0.41 | 0.4 | ||||||||||||
Q4 [C] | TBA | 0.14 | 0.42 | 0.42 | 0.38 | ||||||||||||
Total announced in respect of the year [C] | TBA | 0.56 | 1.68 | 1.64 | 1.59 | ||||||||||||
Amount paid during the year | 0.97 | 0.84 | 1.68 | 1.6 | 1.65 |
Pence [B] | |||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||
Q1 | 12.26 | 12.68 | 36.97 | 35.18 | 37.12 | ||||||||||||
Q2 | 17.38 | 12.09 | 38.01 | 36.5 | 36.28 | ||||||||||||
Q3 | 18.06 | 12.48 | 35.73 | 36.77 | 35.02 | ||||||||||||
Q4 [C] | TBA | 11.96 | 36.4 | 35.94 | 33.91 | ||||||||||||
Total announced in respect of the year [C] | TBA | 49.21 | 147.11 | 144.39 | 142.33 | ||||||||||||
Amount paid during the year | 59.66 | 73.65 | 146.65 | 142.36 | 147.06 |
$ | |||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||
Q1 | 0.34 | 0.32 | 0.94 | 0.94 | 0.94 | ||||||||||||
Q2 | 0.48 | 0.32 | 0.94 | 0.94 | 0.94 | ||||||||||||
Q3 | 0.48 | 0.333 | 0.94 | 0.94 | 0.94 | ||||||||||||
Q4 | 0.48 | 0.333 | 0.94 | 0.94 | 0.94 | ||||||||||||
Total announced in respect of the year | 1.78 | 1.306 | 3.76 | 3.76 | 3.76 | ||||||||||||
Amount paid during the year | 1.63 | 1.913 | 3.76 | 3.76 | 3.76 |
£ | ||||||||
March 31, 1982 | July 20, 2005 | |||||||
Royal Dutch Petroleum Company (N.V. Koninklijke Nederlandsche Petroleum Maatschappij) which ceased to exist on December 21, 2005 | 1.1349 | 17.6625 | ||||||
The “Shell” Transport and Trading Company, p.l.c. which delisted on July 19, 2005 | 1.4502 | Not applicable |
SECTION 13(r) OF THE US SECURITIES EXCHANGE ACT OF 1934 DISCLOSURE | |||||
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Income/(loss) attributable to Shell plc shareholders | 20,101 | (21,680) | 15,842 | ||||||||
Income/(loss) attributable to non-controlling interest | 529 | 146 | 590 | ||||||||
Income/(loss) for the period | 20,630 | (21,534) | 16,432 | ||||||||
Current cost of supplies adjustment | (3,148) | 1,833 | (605) | ||||||||
Of which: | |||||||||||
Attributable to Shell plc shareholders | (3,029) | 1,759 | (572) | ||||||||
Attributable to non-controlling interest | (119) | 74 | (33) | ||||||||
CCS earnings | 17,482 | (19,701) | 15,827 | ||||||||
Of which: | |||||||||||
Attributable to Shell plc shareholders | 17,072 | (19,921) | 15,270 | ||||||||
Attributable to non-controlling interest | 410 | 220 | 557 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Income/(loss) attributable to Shell PLC shareholders | 20,101 | (21,680) | 15,842 | ||||||||
Add: Current cost of supplies adjustment attributable to Shell plc shareholders | (3,029) | 1,759 | (572) | ||||||||
Less: Identified items attributable to Shell plc shareholders | (2,216) | (24,767) | (1,192) | ||||||||
Adjusted Earnings | 19,289 | 4,846 | 16,462 | ||||||||
Of which: | |||||||||||
Integrated Gas | 8,757 | 4,383 | 8,955 | ||||||||
Upstream | 7,950 | (2,852) | 4,452 | ||||||||
Oil Products | 3,944 | 5,995 | 6,231 | ||||||||
Chemicals | 1,753 | 962 | 741 | ||||||||
Corporate | (2,686) | (3,412) | (3,383) | ||||||||
less: Non-controlling interest | (429) | (230) | (535) |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Adjusted Earnings | 19,289 | 4,846 | 16,462 | ||||||||
Add: Non-controlling interest | 429 | 230 | 535 | ||||||||
Add: Taxation charge/(credit) excluding tax impact of identified items | 8,482 | 2,252 | 9,533 | ||||||||
Add: Depreciation, depletion and amortisation excluding impairments | 23,071 | 24,981 | 25,108 | ||||||||
Add: Exploration well write-offs | 639 | 815 | 1,218 | ||||||||
Add: Interest expense excluding identified items | 3,607 | 4,088 | 4,687 | ||||||||
Less: Interest income | 510 | 679 | 899 | ||||||||
Adjusted EBITDA (CCS basis) | 55,004 | 36,533 | 56,644 | ||||||||
Of which: | |||||||||||
Integrated Gas | 16,421 | 11,668 | 16,719 | ||||||||
Upstream | 27,358 | 13,247 | 27,034 | ||||||||
Oil Products | 8,821 | 10,421 | 11,779 | ||||||||
Chemicals | 2,959 | 2,131 | 1,891 | ||||||||
Corporate | (554) | (933) | (780) | ||||||||
Less: Current cost of supplies adjustment | (3,148) | 1,833 | (605) | ||||||||
Add: Current cost of supplies adjustment to taxation charge/(credit) | 808 | (585) | 194 | ||||||||
Adjusted EBITDA (FIFO basis) | 58,960 | 34,114 | 57,443 | ||||||||
Of which: | |||||||||||
Integrated Gas | 16,421 | 11,668 | 16,719 | ||||||||
Upstream | 27,358 | 13,247 | 27,034 | ||||||||
Oil Products | 12,267 | 8,288 | 12,674 | ||||||||
Chemicals | 3,470 | 1,847 | 1,796 | ||||||||
Corporate | (554) | (933) | (780) |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Identified items before tax | |||||||||||
Of which: | |||||||||||
Divestment gains/(losses) | 5,996 | 316 | 2,611 | ||||||||
Impairments | (3,884) | (28,061) | (4,155) | ||||||||
Redundancy and restructuring | (227) | (883) | (132) | ||||||||
Provisions for onerous contracts | (340) | (1,392) | — | ||||||||
Fair value accounting of commodity derivatives and certain gas contracts | (3,249) | (1,151) | 602 | ||||||||
Other | (621) | (706) | (770) | ||||||||
Total identified items before tax | (2,326) | (31,877) | (1,844) | ||||||||
Tax impact | 91 | 7,100 | 674 | ||||||||
Identified items after tax | (2,235) | (24,777) | (1,170) | ||||||||
Of which: | |||||||||||
Divestment gains/(losses) | 4,632 | 4 | 2,170 | ||||||||
Impairments | (2,993) | (21,267) | (3,162) | ||||||||
Redundancy and restructuring | (140) | (644) | (89) | ||||||||
Provisions for onerous contracts | (299) | (1,120) | — | ||||||||
Fair value accounting of commodity derivatives and certain gas contracts | (2,764) | (1,034) | 650 | ||||||||
Impact of exchange rate movements on tax balances | (128) | (240) | (69) | ||||||||
Other | (543) | (475) | (670) | ||||||||
Impact on CCS earnings | (2,235) | (24,777) | (1,170) | ||||||||
Of which: | |||||||||||
Integrated Gas | (2,417) | (10,661) | (326) | ||||||||
Upstream | 1,745 | (7,933) | (598) | ||||||||
Oil Products | (1,280) | (6,489) | (93) | ||||||||
Chemicals | (364) | (154) | (263) | ||||||||
Corporate | 81 | 460 | 109 | ||||||||
Identified items attributable to Shell plc shareholders | (2,216) | (24,767) | (1,192) | ||||||||
Identified items attributable to Non-controlling interest | (19) | (10) | 22 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Capital expenditure [A] | 19,000 | 16,585 | 22,971 | ||||||||
Investments in joint ventures and associates [A] | 479 | 1,024 | 743 | ||||||||
Investments in equity securities [A] | 218 | 218 | 205 | ||||||||
Cash capital expenditure | 19,698 | 17,827 | 23,919 | ||||||||
Of which: | |||||||||||
Integrated Gas | 5,767 | 4,301 | 4,299 | ||||||||
Upstream | 6,269 | 7,296 | 10,205 | ||||||||
Oil Products | 3,868 | 3,328 | 4,907 | ||||||||
Chemicals | 3,573 | 2,640 | 4,090 | ||||||||
Corporate | 221 | 262 | 418 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Production and manufacturing expenses | 23,822 | 24,001 | 26,438 | ||||||||
Selling, distribution and administrative expenses | 11,328 | 9,881 | 10,493 | ||||||||
Research and development | 815 | 907 | 962 | ||||||||
Total | 35,964 | 34,789 | 37,893 | ||||||||
Of which | |||||||||||
Integrated Gas | 7,126 | 6,555 | 6,667 | ||||||||
Upstream | 10,604 | 10,983 | 11,582 | ||||||||
Oil Products | 14,376 | 13,511 | 15,730 | ||||||||
Chemicals | 3,335 | 3,235 | 3,430 | ||||||||
Corporate | 524 | 505 | 486 | ||||||||
Identified Items, of which: | |||||||||||
Redundancy and restructuring (charges)/reversal | (226) | (872) | (123) | ||||||||
(Provisions)/reversal | (254) | (1,415) | (639) | ||||||||
Other | (175) | — | (131) | ||||||||
Underlying operating expenses | 35,309 | 32,502 | 37,000 | ||||||||
Of which: | |||||||||||
Integrated Gas | 6,892 | 5,769 | 6,534 | ||||||||
Upstream | 10,362 | 10,227 | 11,284 | ||||||||
Oil Products | 14,272 | 12,970 | 15,590 | ||||||||
Chemicals | 3,256 | 3,035 | 3,104 | ||||||||
Corporate | 527 | 501 | 488 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Income for the period | 20,630 | (21,534) | 16,432 | ||||||||
Interest expense after tax | 2,741 | 2,822 | 3,024 | ||||||||
Income before interest expense | 23,371 | (18,712) | 19,456 | ||||||||
Capital employed - opening | 266,551 | 286,887 | 295,398 | ||||||||
Capital employed - closing | 264,413 | 266,551 | 286,887 | ||||||||
Capital employed - average | 265,482 | 276,719 | 291,142 | ||||||||
ROACE | 8.8% | (6.8)% | 6.7% |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Cash flow from operating activities | 45,104 | 34,105 | 42,178 | ||||||||
Cash flow from investing activities | (4,761) | (13,278) | (15,779) | ||||||||
Free cash flow | 40,343 | 20,828 | 26,399 | ||||||||
Less: Cash inflows related to divestments [A] | 15,113 | 4,010 | 7,871 | ||||||||
Add: Tax paid on divestments | 188 | — | 187 | ||||||||
Add: Cash outflows related to inorganic capital expenditure [B] | 1,658 | 817 | 1,400 | ||||||||
Organic free cash flow | 27,076 | 17,634 | 20,116 |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Cash dividends paid to Shell plc shareholders | (6,253) | (7,424) | (15,198) | ||||||||
Repurchases of shares | (2,889) | (1,702) | (10,188) | ||||||||
Shareholder distribution | (9,142) | (9,126) | (25,386) |
$ million | |||||||||||
2021 | 2020 | 2019 | |||||||||
Proceeds from sale of property, plant and equipment and businesses | 14,233 | 2,489 | 4,803 | ||||||||
Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans [A] | 584 | 1,240 | 2,599 | ||||||||
Proceeds from sale of equity securities | 296 | 281 | 469 | ||||||||
Divestment proceeds | 15,113 | 4,010 | 7,871 | ||||||||
Of which: | |||||||||||
Integrated Gas | 3,195 | 503 | 723 | ||||||||
Upstream | 10,930 | 1,909 | 5,384 | ||||||||
Oil Products | 935 | 1,368 | 1,517 | ||||||||
Chemicals | 10 | 26 | 22 | ||||||||
Corporate | 44 | 205 | 225 |
Index to the Exhibits | |||||
12.1 | |||||||||||
12.2 | |||||||||||
13.1 | |||||||||||
99.1 | |||||||||||
99.2 | |||||||||||
101 | Inline Interactive data files. | ||||||||||
104 | Cover page inline interactive data file (formatted as Inline XBRL and contained in Exhibit 101). |
SIGNATURES | |||||
/s/ Ben van Beurden | |||||
Ben van Beurden | |||||
Chief Executive Officer | |||||
March 9, 2022 |
2021 Fourth quarter [A] | 2022 First quarter [B] | 2022 Second quarter [B] | 2022 Third quarter [B] | |||||||||||
Results announcements | February 3 | May 5 | July 28 | October 27 | ||||||||||
Interim dividend timetable | ||||||||||||||
Announcement date | February 3 [C] | May 5 | July 28 | October 27 | ||||||||||
Ex-dividend date for SHEL ADS [D] | February 17 | May 19 | August 11 | November 9 | ||||||||||
Ex-dividend date for SHEL ordinary shares | February 17 | May 19 | August 11 | November 10 | ||||||||||
Record date | February 18 | May 20 | August 12 | November 11 | ||||||||||
Closing of currency election date [E] | March 4 | June 7 | August 26 | November 25 | ||||||||||
Pounds sterling and euro equivalents announcement date | March 14 | June 13 | September 5 | December 5 | ||||||||||
Payment date | March 28 | June 27 | September 19 | December 19 |
REGISTERED OFFICE Shell plc Shell Centre London SE1 7NA United Kingdom Registered in England and Wales Company number 4366849 Registered with the Dutch Trade Register under number 34179503 HEADQUARTERS Shell plc Shell Centre London SE1 7NA United Kingdom | SHAREHOLDER RELATIONS Shell plc Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands or Shell plc Shell Centre London SE1 7NA United Kingdom www.shell.com/investors | INVESTOR RELATIONS Shell plc PO Box 162 2501 AN The Hague The Netherlands or Shell Oil Company Investor Relations 150 N Dairy Ashford Houston, TX 77079 USA www.shell.com/investors | ||||||
SHARE REGISTRATION Equiniti Aspect House Spencer Road Lancing West Sussex BN99 6DA United Kingdom 0800 169 1679 customer@equiniti.com For online information about your holding and to change the way you receive your company documents: www.shareview.co.uk | AMERICAN DEPOSITARY SHARES (ADSS) JPMorgan Chase Bank, N.A. Shareowner Services P.O. Box 64504 St. Paul, MN 55164-0504 USA Overnight correspondence to: Shareowner Services 1110 Centre Pointe Curve, Suite 101 Mendota Heights, MN 55120-4100 USA +1 800 990 1135 (USA only) +1 651 453 2128 (International) Email: https://www.shareowneronline.com/informational/contact-us/ www.adr.com/shareholder | REPORT ORDERING www.shell.com/order Annual Report/20-F service for US residents +1 888 301 0504 |
Exhibit 2.5 | |||||
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 1 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 2 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 3 |
(i) | The term “Share Dispute” is defined as any action, dispute, controversy, claim or cause of action (a) between the Company and Holders and/or owners of interests in ADSs or (b) between and directly involving as named parties each of the Company, the Depositary and one or more Holders and/or owners of interests in ADSs, in each case arising out of, or relating to, this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated hereby or thereby (whether in tort, in contract, under statute, including for the avoidance of doubt, any derivative claim thereunder, or otherwise), including any question regarding existence, validity, interpretation, breach or termination of the Deposit Agreement and any alleged violation of the U.S. federal securities laws. |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 4 |
(ii) | Any and all Share Disputes shall be finally and exclusively resolved by arbitration under the Rules of Arbitration rules of the International Chamber of Commerce (“ICC”) (the "ICC Rules"), as amended from time to time, which ICC Rules are deemed to be incorporated by reference into this Deposit Agreement. |
(iii) | The arbitral tribunal (the "Tribunal") shall consist of three arbitrators, to be appointed in accordance with the ICC Rules. The chairman of the tribunal must have at least 20 years’ experience as a lawyer qualified to practise in a common law jurisdiction within the Commonwealth (as constituted on 12 May 2005), and each other arbitrator must have at least 20 years’ experience as a qualified lawyer. |
(iv) | If any Share Dispute raises issues which are substantially the same as or connected with issues raised in a Share Dispute which has already been referred to arbitration (an "Existing Share Dispute") or arises out of substantially the same facts as are the subject of an Existing Share Dispute (a "Related Share Dispute"), then the Tribunal appointed or to be appointed in respect of any such Existing Share Dispute shall also be appointed as the Tribunal in respect of any Related Share Dispute, save where the Tribunal considers such appointment would be inappropriate. |
(v) | Where, pursuant to the above provisions, the same Tribunal has been appointed in relation to two or more Related Share Disputes, the Tribunal may order that the whole or part of the matters at issue shall be heard together upon such terms or conditions as the Tribunal thinks fit. |
(vi) | The Tribunal shall have power to make such directions and any interim, partial or final awards as it considers just and desirable. The Tribunal, upon the request of a party to a Share Dispute, or another party which itself wishes to be joined in any reference to arbitration commenced in accordance with this Clause, may join any party to the reference to arbitration proceedings and may make a single, final award determining all Share Disputes between them. |
(vii) | Each of the parties to the Deposit Agreement hereby agrees to be joined to any reference to arbitration proceedings in relation to any Share Dispute at the request of a party to that Share Dispute, and to accept the joinder of a party requesting to be joined pursuant to this paragraph (14). |
(viii) | The place of the arbitration shall be The Hague, The Netherlands. The language of the arbitration shall be English. |
(ix) | Each person hereby waives, as far as permitted by law: (a) any right under the laws of any jurisdiction to apply to any court of law or other judicial authority to determine any preliminary point of law, and/or (b) any right he or she may otherwise have under the laws of any jurisdiction to appeal or otherwise challenge the award, ruling or decision of the tribunal. |
(x) | The governing law applicable to such Share Dispute, including the submission to arbitration and written arbitration agreement contained in or evidenced by the Articles, shall be the substantive law of England. |
(xi) | If any court of competent jurisdiction or other competent authority including for the avoidance of doubt, a court or authority in any jurisdiction which is not a signatory to the New York Convention in any jurisdiction determines that this arbitration provision is invalid or unenforceable in relation to any Share Dispute, the Company and the Holder or owner of interests in ADSs, in each case, irrevocably agree that any related proceeding, suit or action can only be brought in the courts of England and Wales and the governing law applicable to such proceedings shall be the substantive law of England. |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 5 |
Series of Senior Debt Securities (interest rate) | Principal | Interest Payment Dates (in arrear) | Date of Issuance | Maturity Date | Prospectus Supplement | ||||||||||||
0.375% Guaranteed Notes due 2023 | $1,000,000,000 | March 15 and September 15 of each year | September 15, 2020 | September 15, 2023 | Prospectus Supplement dated September 10, 2020 | ||||||||||||
3.5% Guaranteed Notes due 2023 | $1,000,000,000 | May 13 and November 13 of each year* | November 13, 2018 | November 13, 2023 | Prospectus Supplement dated November 7, 2018 | ||||||||||||
Floating Rate Guaranteed Notes due 2023 | $500,000,000 | February 13, May 13, August 13 and November 13 of each year* | November 13, 2018 | November 13, 2023 | Prospectus Supplement dated November 7, 2018 | ||||||||||||
2% Guaranteed Notes due 2024 | $1,250,000,000 | May 7 and November 7 of each year* | November 7, 2019 | November 7, 2024 | Prospectus Supplement dated November 4, 2019 | ||||||||||||
3.25% Guaranteed Notes due 2025 | $2,750,000,000 | May 11 and November 11 of each year* | May 11, 2015 | May 11, 2025 | Prospectus Supplement dated May 6, 2015 | ||||||||||||
2.5% Guaranteed Notes due 2026 | $1,000,000,000 | March 12 and September 12 of each year* | September 12, 2016 | September 12, 2026 | Prospectus Supplement dated September 7, 2016 | ||||||||||||
2.875% Guaranteed Notes due 2026 | $1,750,000,000 | May 10 and November 10 of each year* | May 10, 2016 | May 10, 2026 | Prospectus Supplement dated May 5, 2016 | ||||||||||||
3.875% Guaranteed Notes due 2028 | $1,500,000,000 | May 13 and November 13 of each year* | November 13, 2018 | November 13, 2028 | Prospectus Supplement dated November 7, 2018 | ||||||||||||
2.375% Guaranteed Notes due 2029 | $1,500,000,000 | May 7 and November 7 of each year* | November 7, 2019 | November 7, 2029 | Prospectus Supplement dated November 4, 2019 | ||||||||||||
2.75% Guaranteed Notes due 2030 | $1,000,000,000 | April 6 and October 6 of each year | April 6, 2020 | April 6, 2030 | Prospectus Supplement dated April 1, 2020 | ||||||||||||
2.75% Guaranteed Notes due 2030 | $750,000,000 | April 6 and October 6 of each year | September 15, 2020 | April 6, 2030 | Prospectus Supplement dated September 10, 2020 | ||||||||||||
4.125% Guaranteed Notes due 2035 | $1,500,000,000 | May 11 and November 11 of each year* | May 11, 2015 | May 11, 2035 | Prospectus Supplement dated May 6, 2015 | ||||||||||||
6.375% Guaranteed Notes due 2038 | $2,750,000,000 | June 15 and December 15 | December 11, 2008 | December 15, 2038 | Prospectus Supplement dated December 8, 2008 | ||||||||||||
5.5% Guaranteed Notes due 2040 | $1,000,000,000 | March 25 and September 25 of each year* | March 25, 2010 | March 25, 2040 | Prospectus Supplement dated March 18, 2010 | ||||||||||||
2.875% Guaranteed Notes due 2041 | $500,000,000 | May 26 and November 26 of each year | November 26, 2021 | November 26, 2041 | Prospectus Supplement dated November 22, 2022 | ||||||||||||
3.625% Guaranteed Notes due 2042 | $500,000,000 | February 21 and August 21 of each year* | August 21, 2012 | August 21, 2042 | Prospectus Supplement dated August 14, 2012 | ||||||||||||
4.55% Guaranteed Notes due 2043 | $1,250,000,000 | February 12 and August 12 of each year | August 12, 2013 | August 12, 2043 | Prospectus Supplement dated August 7, 2013 | ||||||||||||
4.375% Guaranteed Notes due 2045 | $3,000,000,000 | May 11 and November 11 of each year* | May 11, 2015 | May 11, 2045 | Prospectus Supplement dated May 6, 2015 | ||||||||||||
3.75% Guaranteed Notes due 2046 | $1,250,000,000 | March 12 and September 12 of each year* | September 12, 2016 | September 12, 2046 | Prospectus Supplement dated September 7, 2016 | ||||||||||||
4.00% Guaranteed Notes due 2046 | $2,250,000,000 | May 10 and November 10 of each year* | May 10, 2016 | May 10, 2046 | Prospectus Supplement dated May 5, 2016 | ||||||||||||
3.125% Guaranteed Notes due 2049 | $1,250,000,000 | May 7 and November 7 of each year* | November 7, 2019 | November 7, 2049 | Prospectus Supplement dated November 4, 2019 | ||||||||||||
3.25% Guaranteed Notes dues 2050 | $1,250,000,000 | April 6 and October 6 of each year | April 6, 2020 | April 6, 2050 | Prospectus Supplement dated April 1, 2020 | ||||||||||||
3.00% Guaranteed Notes due 2051 | $1,000,000,000 | May 26 and November 26 of each year | November 26, 2021 | November 26, 2051 | Prospectus Supplement dated November 22, 2022 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 6 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 7 |
it is the continuing corporation; or |
if it is not the continuing corporation, the resulting entity or transferee assumes the performance of its covenants and obligations under the 2006 Indenture and, in the case of the Company or Shell Finance as issuer, the due and punctual payments on the Senior Debt Securities or, in the case of the Company with respect to the Senior Debt Securities of Shell Finance, the performance of the related guarantee. |
failure to pay interest or any additional amounts on that series of Senior Debt Securities for 30 days when due; |
failure to pay principal of or any premium on that series of Senior Debt Securities for 14 days when due; |
failure to redeem or purchase Senior Debt Securities of that series for 14 days when required; |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 8 |
failure to comply with any covenant or agreement in that series of Senior Debt Securities for 90 days after written notice by the trustee or by the holders of at least 25% in principal amount of the outstanding Senior Debt Securities issued under that indenture that are affected by that failure; |
specified events involving bankruptcy, insolvency or reorganization of the Company and, with respect to Shell Finance’s Senior Debt Securities, the Company or Shell Finance; and |
any other event of default provided for that series of Senior Debt Securities in the applicable prospectus supplement. |
the holder gives the trustee written notice of a continuing event of default for that series; |
the holders of at least 25% in principal amount of the outstanding Senior Debt Securities of that series make a written request to Deutsche Bank Trust Company Americas to pursue the remedy; |
the holders offer to Deutsche Bank Trust Company Americas indemnity satisfactory to it; |
Deutsche Bank Trust Company Americas fails to act for a period of 60 days after receipt of the request and offer of indemnity; and |
during that 60-day period, the holders of a majority in principal amount of the Senior Debt Securities of that series do not give the trustee a direction inconsistent with the request. |
conducting any proceeding for any remedy available to Deutsche Bank Trust Company Americas; and |
exercising any trust or power conferred on Deutsche Bank Trust Company Americas relating to or arising as a result of an event of default. |
reduce the amount of Senior Debt Securities whose holders must consent to an amendment, supplement or waiver; |
reduce the rate of or change the time for payment of interest on the Senior Debt Security; |
reduce the principal of the Senior Debt Security or change its stated maturity; |
reduce any premium payable on the redemption of the Senior Debt Security or change the time at which the Senior Debt Security may or must be redeemed; |
change any obligation to pay additional amounts on the Senior Debt Security; |
make payments on or with respect to the Senior Debt Security payable in currency other than as originally stated in the Senior Debt Security, except as permitted under “Redenomination” below; |
impair the holder’s right to institute suit for the enforcement of any payment on or with respect to the Senior Debt Security; |
make any change in the percentage of principal amount of Senior Debt Securities necessary to waive compliance with certain provisions of the 2006 Indenture or to make any change in the provision related to modification; |
modify the provisions relating to the subordination of any of the Senior Debt Securities in a manner adverse to the rights of holder of that security in any material respect; or |
waive a continuing default or event of default regarding any payment on or with respect to the Senior Debt Securities. |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 9 |
to cure any ambiguity, omission, defect or inconsistency; |
to comply with the sections of the 2006 Indenture governing when the Company or Shell Finance may merge (or consummate a similar transaction), transfer their assets or substitute obligors, including any assumption of the obligations of Shell Finance under any series of Senior Debt Securities by the Company or any other subsidiary of the Company or any Voluntary Assumption; |
to provide for uncertificated Senior Debt Securities in addition to or in place of certificated Senior Debt Securities; provided, however, that the uncertificated Senior Debt Securities are issued in a registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended (the “Code”) or in such a manner that such uncertificated Senior Debt Securities are described in Section 163(f)(2)(B) of the Code; |
to provide any security for, any guarantees of or any additional obligors on any series of Senior Debt Securities or the related guarantees; |
to comply with any requirement to effect or maintain the qualification of the 2006 Indenture under the Trust Indenture Act of 1939, as amended; |
to add covenants that would benefit the holders of any Senior Debt Securities or to surrender any rights the Company or Shell Finance have under the 2006 Indenture; |
to add events of default with respect to any Senior Debt Securities; |
to establish the form or terms of securities of any series as permitted by the 2006 Indenture; |
to supplement any of the provisions of the 2006 Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of securities pursuant to the indenture; provided, however, that any such action shall not adversely affect the interest of the holders of securities of such series or any other series of securities in any material respect; |
to provide for the appointment of a successor trustee with respect of the securities of one or more series or to provide for the administration of the trusts under the 2006 Indenture by more than one trustee; and |
to make any change that does not adversely affect the rights of holders of any outstanding Senior Debt Securities of any series issued under that indenture. |
The Company and Shell Finance will be discharged from its or their obligations with respect to the Senior Debt Securities of that series and, if applicable, the related guarantees (“legal defeasance”); or |
The Company and Shell Finance will no longer have any obligation to comply with the merger covenant and other specified covenants under the 2006 Indenture, and the related events of default will no longer apply (“covenant defeasance”). |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 10 |
The Company or Shell Finance are required to pay additional amounts as described later under “Payment of Additional Amounts”; or |
The Company or any of its subsidiaries would have to deduct or withhold tax on any payment to any of the issuers to enable them to make a payment of principal or interest on a Senior Debt Security. |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 11 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 12 |
PRIVATE AND CONFIDENTIAL [NAME | Royal Dutch Shell plc Shell Centre London SE1 7NA United Kingdom |
I, [NAME] accept the terms of appointment as set out above. .................................................………………………. (Signature) ……………………………………………………. (Date) |
Exhibit 8.1 | |||||
Company by country of incorporation | Address of registered office | % | ||||||
ARGENTINA | ||||||||
Bandurria Sur Investments S.A. | Avenida Pte. Roque Sáenz Pena 788, 2nd Floor, Ciudad de Buenos Aires, 1035 | 50 | ||||||
Shell Argentina S.A. | Avenida Pte. Roque Sáenz Pena 788, 2nd Floor, Ciudad de Buenos Aires, 1035 | 100 | ||||||
AUSTRALIA | ||||||||
1st Energy Pty Ltd | Level 4, 459 Little Collins Street, Melbourne, VIC 3000 | 30 | ||||||
Alliance Automation Pty Ltd | c/o Alands Accountants, Level 1/293 Queen Street, Brisbane, QLD 4000 | 50 | ||||||
Arrow Energy Holdings Pty Ltd | Level 39, 111 Eagle Street, Brisbane, QLD 4000 | 50 | ||||||
Austen & Butta Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
BC 789 Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
BG CPS Pty Limited | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
BNG (Surat) Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
CCM Energy Solutions Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Condamine 1 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Condamine 2 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Condamine 3 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Condamine 4 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Condamine Power Station Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
E.R.M. Oakey Power Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Braemar 3 Power Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Braemar 3 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Employee Share Plan Administrator Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Energy Solutions Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Financial Services Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Gas Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Gas WA01 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Innovation Labs Pty Ltd | Level 52, 111 Eagle Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Land Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Neerabup Power Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Power International Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Power Investments Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Power Services Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Power Utility Systems Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ERM Wellington 1 Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
ESCO Pacific Holdings Pty Ltd | Level 4, 13 Cremorne Street, Richmond, VIC 3121 | 49 | ||||||
Greensense Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Lumaled Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
New South Oil Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
NewGen Neerabup Pty Ltd [b] | Infrastructure Capital Group, Level 15 Martin Place, Sydney, NSW 2000 | 50 | ||||||
NewGen Power Neerabup Pty Ltd [b] | Infrastructure Capital Group, Level 15 Martin Place, Sydney, NSW 2000 | 50 | ||||||
North West Shelf LNG Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Oakey Power Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
OME Resources Australia Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
OVIDRIVE APPLABS PTY LTD | 5 TULLY ROAD, EAST PERTH, 6004 | 42 | ||||||
Petroleum Resources (Thailand) Pty. Limited | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Powermetric Metering Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Pure Energy Resources Pty Limited | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QCLNG Operating Company Pty Ltd [g] | Level 30, 275 George Street, Brisbane, QLD 4000 | 75 | ||||||
QCLNG Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC (B7) Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC (Exploration) Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E1 |
QGC (Infrastructure) Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Common Facilities Company Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Holdings 2 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Holdings 3 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Holdings 4 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Holdings 5 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Holdings 6 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Holdings 7 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Holdings 8 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Holdings 9 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Midstream Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Midstream Investments Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Midstream Land Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Midstream Limited Partnership | Level 42, Bourke Place, 600 Bourke Street, Melbourne, VIC 3000 | 100 | ||||||
QGC Midstream Services Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Northern Forestry Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Pty Limited | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Sales Qld Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Train 1 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Train 1 Tolling Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Train 1 UJV Manager Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Train 2 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Train 2 Tolling No.2 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Train 2 Tolling Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Train 2 UJV Manager Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Upstream Finance Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Upstream Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Upstream Investments Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
QGC Upstream Limited Partnership | Level 42, Bourke Place, 600 Bourke Street, Melbourne, VIC 3000 | 100 | ||||||
Queensland Electricity Investors Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Queensland Gas Company Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Richmond Valley Solar Thermal Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Roma Petroleum Pty Limited | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
SASF Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Select Carbon Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
SGA (Queensland) Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
SGAI Pty Limited | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Australia FLNG Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Shell Australia Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Shell Australia Services Company Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Shell Development (PSC19) Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Shell Development (PSC20) Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Shell Energy Australia Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy BESS 1 Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Certificate Trading Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Engineering Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Environmental Products Australia Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Holdings Australia Limited | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Shell Energy Neerabup Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Oakey Power Holdings Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Operations Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Power Developments Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Power Generation Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Projects Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Energy Retail Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Global Solutions Australia Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Shell New Energies Australia Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell QGC Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Shell Tankers Australia Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Solpod Pty Ltd | c/o Jeffery Zivin, Unit 4, 4 George Street, Camberwell, VIC 3124 | 24 | ||||||
Sonnen Australia Pty Limited | Tenancy 6, Lionsgate Business Park, 180 Philip Highway, Elizabeth South, SA 5112 | 100 | ||||||
Starzap Pty Ltd | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E2 |
Sunshine 685 Pty Limited | Level 30, 275 George Street, Brisbane, QLD 4000 | 100 | ||||||
Trident LNG Shipping Services Pty Ltd | Shell House, 562 Wellington Street, Perth, WA 6000 | 100 | ||||||
Walloons Coal Seam Gas Company Pty Limited [g] | Level 30, 275 George Street, Brisbane, QLD 4000 | 75 | ||||||
AUSTRIA | ||||||||
Next Kraftwerke AT GmbH | Franz-Josefs-Kai 27, Vienna, 1010 | 100 | ||||||
Salzburg Fuelling GmbH | Innsbrucker Bundesstrasse 95, Salzburg, 5020 | 33 | ||||||
Shell Austria Gesellschaft mbH | Tech Gate, Donau-City-Str. 1, Vienna, 1220 | 100 | ||||||
Shell Brazil Holding GmbH | Tech Gate, Donau-City-Str. 1, Vienna, 1220 | 100 | ||||||
Shell China Holding GmbH | Schulhof 6/1, Vienna, 1010 | 100 | ||||||
TBG Tanklager Betriebsgesellschaft m.b.H. | Rettenlackstrasse 3, Salzburg, 5020 | 50 | ||||||
Transalpine Ölleitung in Österreich GmbH | Kienburg 11, Matrei in Osttirol, 9971 | 19 | ||||||
BAHAMAS | ||||||||
Shell Bahamas Power Company Inc. | P.O. Box N4805, St. Andrew's Court, Frederick Street Steps, Nassau | 100 | ||||||
Shell Western Supply and Trading Limited | GTC Corporate Services Limited, Sassoon House, Shirley Street & Victoria Avenue, Nassau | 100 | ||||||
BARBADOS | ||||||||
Shell Trinidad and Tobago Resources SRL | One Welches, Welches, St. Thomas, BB22025 | 100 | ||||||
BELGIUM | ||||||||
Belgian Shell S.A. | Cantersteen 47, Brussels, 1000 | 100 | ||||||
New Market Belgium S.A. | Cantersteen 47, Brussels, 1000 | 100 | ||||||
Next Kraftwerke Belgium BVBA | Paleizenstraat 153 Rue des Palais, Gebouw/Bâtiment: Lustrerie, Brussels, 1030 | 100 | ||||||
Shell Catalysts & Technologies Belgium N.V. | Pantserschipstraat 331, Gent, 9000 | 100 | ||||||
Shell EV Charging Solutions Belgium BV | Borsbeeksebrug 34/1, Antwerpen, 2600 | 100 | ||||||
BERMUDA | ||||||||
Egypt LNG Shipping Limited | Clarendon House, 2 Church Street, Hamilton, HM 11 | 25 | ||||||
Gas Investments & Services Company Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 85 | ||||||
Qatar Shell GTL Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Sakhalin Energy Investment Company Ltd | Clarendon House, 2 Church Street, Hamilton, HM 11 | 28 | ||||||
Shell Australia Natural Gas Shipping Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Shell Holdings (Bermuda) Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Shell International Trading Middle East Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Shell Markets (Middle East) Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Shell Oman Trading Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Shell Petroleum (Malaysia) Ltd | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Shell Saudi Arabia (Refining) Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Shell Trust (Bermuda) Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
Solen Life Insurance Limited | 3rd Floor Continental Building, 25 Church Street, Hamilton, HM 12 | 100 | ||||||
BRAZIL | ||||||||
BG Comercio e Importacao Ltda. | Avenida das Republica do Chile 330, 23º Andar, Torre 2, Centro, Rio de Janeiro, 20031-170 | 100 | ||||||
BG Petroleo & Gas Brasil Ltda. | Avenida das Republica do Chile 330, 23º Andar (parte) - Torre 2, Centro, Rio de Janeiro, 20031-170 | 100 | ||||||
Marlim Azul Energia S.A. | Avenida Paulista, 1274, 8º andar, Conjunto 23, Sala B, Bela Vista, São Paulo, 01310-100 | 30 | ||||||
Neolubes Indústria DE Lubrificantes LTDA | Praia Intendente Bitencourt nº 2, E 8N, Ribeira, Rio de Janeiro, 21930-030 | 100 | ||||||
Pecten do Brasil Servicos de Petroleo Ltda. | Avenida República do Chile nº 330, Bloco 2, Sala 2301, Centro, Rio de Janeiro, 20031-170 | 100 | ||||||
Raizen S.A. | Avenida das Almirante Barroso, nº 81, 36º Andar, Sala 36A104, Rio de Janeiro, 20031-004 | 44 | ||||||
Seapos Ltda. | Avenida República do Chile nº 330, Bloco 2, Sala 2401, Centro, Rio de Janeiro, 20031-170 | 100 | ||||||
Shell Brasil Petroleo Ltda. | Avenida República do Chile nº 330, Bloco 2, Salas 2001, 2301, 2401, 2501, 3101, 3201, 3301 e 3401, Centro, Rio de Janeiro, 20031-170 | 100 | ||||||
Shell Energy do Brasil Gás Ltda. | Avenida República do Chile nº 330, Bloco 2, Sala 2001, Centro, Rio de Janeiro, 20031-170 | 100 | ||||||
Shell Energy do Brasil Ltda. | Avenida Brigadeiro Faria Lima nº 3.311, Conjunto 82, Itaim Bibi, São Paulo, 04538-133 | 100 | ||||||
BRUNEI | ||||||||
Brunei LNG Sendirian Berhad | Lumut, Seria, KC2935 | 25 | ||||||
Brunei Shell Marketing Company Sendirian Berhad | Brunei Shell Petroleum Company, Sendirian Berhad, Seria, KB2933 | 50 | ||||||
Brunei Shell Petroleum Company Sendirian Berhad | Jalan Utara, Panaga, Seria, KB2933 | 50 | ||||||
Brunei Shell Tankers Sendirian Berhad | Jalan Utara, Panaga, Seria, KB2933 | 25 | ||||||
Shell Borneo Sendirian Berhad | c/o BSP Head Office, NDCO Block, Ground Floor, Jalan Utara, Panaga Seria, KB3534 | 100 | ||||||
BULGARIA | ||||||||
Shell Bulgaria Ead | 48, Sitnyakovo Blvd., Serdika Offices, 8th floor, Sofia, 1505 | 100 | ||||||
CANADA | ||||||||
10084751 Canada Limited | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
1745844 Alberta Ltd. | 2100, 855 - 2nd Street S.W., Calgary, Alberta, T2P 4J8 | 50 | ||||||
7026609 Canada Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
7645929 Canada Limited | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Alberta Products Pipe Line Ltd. | 5305 McCall Way N.E., Calgary, Alberta, T2E 7N7 | 20 | ||||||
Cansolv Technologies Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E3 |
Coral Cibola Canada Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
FP Solutions Corporation | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 33 | ||||||
LNG Canada Development Inc. [b] | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 40 | ||||||
Sable Offshore Energy Inc. | 1701 Hollis Street, Suite 1400, Halifax, Nova Scotia, B3J 3M8 | 33 | ||||||
SCL Pipeline Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
SFJ Inc. | 199 Bay Street, Suite 5300, Commerce Court West, Toronto, Ontario, M5L 1B9 | 50 | ||||||
Shell Americas Funding (Canada) Limited | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Canada BROS Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Canada Energy [c] | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Canada Limited | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Canada OP Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Canada Products | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Canada Services Limited | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Catalysts & Technologies Canada Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Chemicals Canada [c] | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Energy North America (Canada) Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Global Solutions Canada Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Quebec Limitée | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Shell Trading Canada [c] | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
Sun-Canadian Pipe Line Company Limited | 830 Highway No. 6 North, Flamborough, Ontario, L0R 2H0 | 45 | ||||||
Trans-Northern Pipelines Inc. | 45 Vogel Road, Suite 310, Richmond Hill, Ontario, L4B 3P6 | 33 | ||||||
Zeco Systems (Canada) Inc. | 400 4th Avenue S.W., Calgary, Alberta, T2P 0J4 | 100 | ||||||
CAYMAN ISLANDS | ||||||||
Beryl North Sea Limited | Sterling Trust (Cayman) Limited, Whitehall House, 238 North Church Street, P.O. Box 1043, George Town, Grand Cayman, KY1-1102 | 100 | ||||||
BG Egypt S.A. | Piccadilly Centre, 28 Elgin Avenue, Suite 201, P.O. Box 2570, George Town, Grand Cayman, KY1-1103 | 100 | ||||||
BG Exploration and Production India Limited | Campbells, Floor 4, Willow House, Cricket Square, George Town, Grand Cayman, KY1-9010 | 100 | ||||||
Gas Resources Limited | Piccadilly Centre, 28 Elgin Avenue, Suite 201, P.O. Box 2570, George Town, Grand Cayman, KY1-1103 | 100 | ||||||
Schiehallion Oil & Gas Limited | Caledonian Trust (Cayman) Limited, Caledonian House, 69 Dr Roy's Drive P.O. Box 1043, George Town, Grand Cayman, KY1-1102 | 100 | ||||||
Shell Bolivia Corporation | Piccadilly Centre, 28 Elgin Avenue, Suite 201, P.O. Box 2570, George Town, Grand Cayman, KY1-1103 | 100 | ||||||
Shell North Sea Holdings Limited | Maples Corporate Services Limited, Ugland House, P.O. Box 309, George Town, Grand Cayman, KY1-1104 | 100 | ||||||
CHILE | ||||||||
Shell Chile S.A. | c/o Carey y Cia Abogados, Miraflores 222, Piso 28, Santiago | 100 | ||||||
CHINA | ||||||||
Anhui Shell Energy Company Limited | Room 2519-2522, 25/F, Greenland Center, Cross-area of Susong Rd and Changqin St, South Erhuan, Baohe District, Hefei, Anhui, 230000 | 100 | ||||||
Beijing Shell Petroleum Company Ltd. | Unit 1101-1104, level 11, Building 1, No. 19 Chaoyang Park Road, Chaoyang District, Beijing, 100125 | 49 | ||||||
Chongqing Shell Energy Company Limited | No. 196, Shuang Yuan Street, Beibei Zone, Chongqing, 400700 | 100 | ||||||
Climate Bridge (Shanghai) Ltd. | Room 609, building No. 1, No. 388 North Mu Hua Road, Fengxian Dist, Shanghai, 200120 | 49 | ||||||
CNOOC and Shell Petrochemicals Company Limited | Dayawan Petrochemical Industrial Park, Huizhou, Guangdong, 516086 | 50 | ||||||
Fujian Xiangyu and Shell Petroleum Company Limited | Unit 604, 6/F, Building C, No. 3 Yunan Fourth Road, FTPZ Xiamen Sub-zone (Tariff-free Zone), Xiamen, 361000 | 49 | ||||||
Hubei Shell Energy Company Limited | No. 4, 5, 12/F, Unit A, Oceanwide International Center Office, 249 Huaihai Road, 187 Yunxia Road, 185 Yunxia Road, CBD, Jianhan District, Wuhan, 430000 | 100 | ||||||
Hunan Shell Energy Company Limited | Room 2407-2409, Building 15, Fangmaoyuan (Phase II), No. 1177 Huanhu Road, Yuelu District, Changsha, 410006 | 100 | ||||||
Infineum (China) Co. Ltd. | No. 1 Dongxin Road, Jiangsu Yangtze River International, Chemical Industry Park, Zhangjiagang, Jiangsu, 215600 | 50 | ||||||
Jiangsu Shell Energy Company Limited | Room 1801, Building 1, International Finance Center, No. 347, Jiangdong Middle Road, Jianye District, Nanjing, Jiangsu, 210019 | 100 | ||||||
Shell (Beijing) Real Estate Consulting Ltd. | Unit 01, 32/F, No. 16 Building, No. 1 Courtyard, Jian Guo Men Wai Avenue, Chaoyang District, Beijing, 100004 | 100 | ||||||
Shell (China) Limited | 30/F Unit 01-02, No. 16 Building, No. 1 Courtyard, Jian Guo Men Wai Avenue, Chaoyang District, Beijing, 100004 | 100 | ||||||
Shell (China) Projects & Technology Limited | Unit 01-08, Level 31, No. 16 Building, No. 1 Jian Guo Men Wai Avenue, Chaoyang District, Beijing, 100004 | 100 | ||||||
Shell (Shanghai) Petroleum Company Limited | 8/F, No. 818 Shenchang Road, Minhang District, Shanghai, 201107 | 100 | ||||||
Shell (Shanghai) Technology Limited | Building 4, Jin Chuang Building, No. 4560, Jin Ke Road, Pilot Free Trade Zone, Shanghai | 100 | ||||||
Shell (Tianjin) Lubricants Company Limited | North to Gang Bei Road and East to Hai Gang Road, Nangang Industrial Zone, Tianjin Economic-Technological Development Area, Tianjin, 300280 | 100 | ||||||
Shell (Tianjin) Oil and Petrochemical Company Limited | No. 286 Nansan Road, Tianjin Harbour Nanjiang Dev. Zone, Tanggu, Binhai NewDistrict, Tianjin, 300452 | 100 | ||||||
Shell (Zhejiang) Petroleum Trading Limited | No. 1 Wangjiaba, Xinmiaozhi Village, Puyuan Town, Tongxiang, Jiaxing, Zhejiang, 314502 | 100 | ||||||
Shell (Zhuhai) Lubricants Company Limited | Nanjin Wan, Gaolan Dao, Gaolan Harbour Economic Zone, Zhuhai, 519050 | 100 | ||||||
Shell Energy (China) Limited | Room 530, 5th Floor, Building 1, No. 239 Gang'ao Road, China (Shanghai) Free Trade Zone, Shanghai, 200137 | 100 | ||||||
Shell Management and Consulting Company Limited | 8/F, Building 1, No. 818 Shenchang Road, Minhang District, Shanghai, 201106 | 100 | ||||||
Shell North China Petroleum Group Co., Ltd. | Room 518, 5th Floor, Office Building, Tianjin Food Group Company Ltd, No. 96, Qixiangtai Road, Hexi District, Tianjin, 300074 | 49 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E4 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E5 |
Parc Eolien HM1 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Parc Eolien Jura 1 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Parc Eolien Marne 1 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Parc Eolien Oise 1 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Parc Eolien Oise 2 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Parc Eolien Somme 1 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Parc Eolien Somme 2 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Parc Eolien Yonne 1 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Parc Eolien Yonne 2 | 10 place de Catalogne, Paris, 75014 | 100 | ||||||
Service Aviation Paris SNC | Orly Sud No. 144 - Bat. 438, Orly Aerogares, 94541 | 33 | ||||||
Shell Retraites SAS | Tour Pacific, 11/13 Cours Valmy - La Défense, Puteaux, 92800 | 100 | ||||||
Société de Gestion Mobilière et Immobilière SAS | Tour Pacific, 11/13 Cours Valmy - La Défense, Puteaux, 92800 | 100 | ||||||
Société des Pétroles Shell SAS | Tour Pacific, 11/13 Cours Valmy - La Défense, Puteaux, 92800 | 100 | ||||||
Ste du Pipeline Sud Européen S.A. | route d'Arles, La Fenouillère, Fos-sur-Mer, 13270 | 22 | ||||||
The New Motion France SAS | 92 Avenue Charles de Gaulle, CS 30082, Neuilly sur Seine, 92522 | 100 | ||||||
GERMANY | ||||||||
AGES Maut System GmbH & Co. KG | Berghausener Straße 96, Langenfeld, 40764 | 25 | ||||||
BEB Erdgas und Erdoel GmbH & Co. KG [b] | Riethorst 12, Hannover, 30659 | 50 | ||||||
BEB Holding GmbH [b] | Caffamacherreihe 5, Hamburg, 20355 | 50 | ||||||
Carissa Einzelhandel- und Tankstellenservice GmbH & Co. KG | Willinghusener Weg 5 D-E, Oststeinbek, 22113 | 100 | ||||||
Carissa Verwaltungsgesellschaft mbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
CRI Deutschland GmbH | Am Haupttor, Bau 8322, Leuna, 06237 | 100 | ||||||
Deutsche Infineum GmbH & Co. KG | Neusser Landstraße 16, Köln, 50735 | 50 | ||||||
Deutsche Shell Holding GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Deutsche Shell Verwaltungsgesellschaft mbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Deutsche Transalpine Oelleitung GmbH | Paul Wassermann Str. 3, Munich, 81829 | 19 | ||||||
Energeticum Energiesysteme GmbH | St.-Leonhard-Straße 26, Balzhausen, 86483 | 100 | ||||||
Enersol GmbH | Einsteinstr. 47, Vaihingen an der Enz, 71665 | 100 | ||||||
Erdoel-Raffinerie Deurag-Nerag GmbH | Riethorst 12, Hannover, 30659 | 50 | ||||||
euroShell Deutschland GmbH & Co. KG | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
euroShell Deutschland Verwaltungsgesellschaft mbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
H2 Mobility Deutschland GmbH and Co. KG | EUREF-Campus 10-11, Berlin, 10829 | 27 | ||||||
Infineum Deutschland Verwaltungsgesellschaft mbH | Neusser Landstraße 16, Köln, 50735 | 50 | ||||||
Mineraloelraffinerie Oberrhein Verwaltungs GmbH | DEA-Scholven-Str., Karlsruhe, 76187 | 32 | ||||||
Next Kraftwerke GmbH | Lichtstraße 43g, Koeln, 50825 | 100 | ||||||
Nord-West Oelleitung GmbH [b] | Zum Oelhafen 207, Wilhelmshaven, 26384 | 20 | ||||||
Oberrheinische Mineraloelwerke GmbH [b] | DEA-Scholven-Str., Karlsruhe, 76187 | 42 | ||||||
OLF Deutschland GmbH | WeWork Europapassage, Hermannstraße 13, Hamburg, 20095 | 100 | ||||||
PCK Raffinerie GmbH [b] | Passower Chaussee 111, Schwedt/Oder, 16303 | 38 | ||||||
Rheinland Kraftstoff GmbH | Auf dem Schollbruch 24-26, Gelsenkirchen, 45899 | 100 | ||||||
Rhein-Main-Rohrleitungstransportgesellschaft mbH [b] | Godorfer Hauptstrasse 186, Köln, 50997 | 63 | ||||||
Shell Catalysts & Technologies Leuna GmbH | Am Haupttor, Bau 8322, Leuna, 06237 | 100 | ||||||
Shell Deutschland Additive GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Deutschland GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Energy Deutschland GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Energy Retail GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Erdgas Beteiligungsgesellschaft mbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Erdgas Marketing GmbH & Co. KG | Suhrenkamp 71 - 77, Hamburg, 22335 | 75 | ||||||
Shell Erdoel und Erdgas Exploration GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell EV Charging Solutions Germany GmbH | Wattstraße 11, Berlin, 13355 | 100 | ||||||
Shell Exploration and Development Libya GmbH I | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Exploration and Production Colombia GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Exploration and Production Libya GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Exploration et Production du Maroc GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Exploration New Ventures One GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Global Solutions (Deutschland) GmbH | Hohe-Schaar-Straße 36, Hamburg, 21107 | 100 | ||||||
Shell Hydrogen Deutschland GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Tunisia Offshore GmbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Shell Verwaltungsgesellschaft für Erdgasbeteiligungen mbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Sonnen eServices Deutschland GmbH | Am Riedbach 1, Wildpoldsried, 87499 | 100 | ||||||
Sonnen eServices GmbH | Am Riedbach 1, Wildpoldsried, 87499 | 100 | ||||||
Sonnen GmbH | Am Riedbach 1, Wildpoldsried, 87499 | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E6 |
Sonnen Holding GmbH | Am Riedbach 1, Wildpoldsried, 87499 | 100 | ||||||
SPNV Deutschland Beteiligungsges. mbH | Suhrenkamp 71 - 77, Hamburg, 22335 | 100 | ||||||
Toll4Europe GmbH | Französische Straße 33 a-c, Berlin, 10117 | 15 | ||||||
Ubimeter GmbH | EUREF-Campus 7-8, Berlin, 10829 | 100 | ||||||
Ubitricity Gesellschaft für verteilte Energiesysteme mbH | EUREF-Campus 7-8, Berlin, 10829 | 100 | ||||||
Wasserbeschaffungsverband Wesseling-Hersel | Bruehler Str. 95, Wesseling, 50389 | 35 | ||||||
GHANA | ||||||||
Shell Energy Ghana Limited | No 4 Momotse Avenue, Adabraka, Accra, GP 1632 | 100 | ||||||
GIBRALTAR | ||||||||
Shell LNG Gibraltar Limited | 57/63 Line Wall Road, P.O. Box 199, Gibraltar | 51 | ||||||
GREECE | ||||||||
Shell & MOH Aviation Fuels A.E. | 151 Kifisias Ave., Marousi, Athens, 15124 | 51 | ||||||
GREENLAND | ||||||||
Shell Greenland A/S | P.O. Box 510, Issortarfimmut 6, 102, Nuussuaq, 3905 | 100 | ||||||
GUAM | ||||||||
Shell Guam Inc. | 643 Chalan San Antonio, Suite 100, Tamuning, GU 96911 | 100 | ||||||
HONG KONG | ||||||||
AFSC Operations Limited | 3 Scenic Road, Chek Lap Kok, Lantau | 11 | ||||||
AFSC Refuelling Limited | 3 Scenic Road, Chek Lap Kok, Lantau | 11 | ||||||
Fulmart Limited | 35/F AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon | 100 | ||||||
Hong Kong Response Limited | Esso Tsing Yi Terminal, Lot 46 Tsing Yi Road, Tsing Yi Island, New Territories | 25 | ||||||
Ocean Century Tf Limited [g] | 35/F AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon | 100 | ||||||
Shell Developments (HK) Limited [g] | 35/F AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon | 100 | ||||||
Shell Hong Kong Limited | 35/F AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon | 100 | ||||||
Shell Korea Limited | 35/F AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon | 100 | ||||||
Shell Macau Limited | 35/F AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon | 100 | ||||||
HUNGARY | ||||||||
Shell Hungary Trading close Company Limited by shares | Bocskai út 134-146., Budapest, 1113 | 100 | ||||||
INDIA | ||||||||
BG India Energy Private Limited | 3-C World Trade Tower, New Barakhamba Lane, New Delhi, 110001 | 100 | ||||||
BG India Energy Services Private Limited | 3-C World Trade Tower, New Barakhamba Lane, New Delhi, 110001 | 100 | ||||||
BG India Energy Solutions Private Limited | 3-C World Trade Tower, New Barakhamba Lane, New Delhi, 110001 | 100 | ||||||
BG LNG Regas India Private Limited | 3-C World Trade Tower, New Barakhamba Lane, New Delhi, 110001 | 100 | ||||||
Greenlots Technology India LLP | Platina Tower MG Road, Near Sikandarpur Metro Station, Section, Haryana, Gurugram, 122001 | 100 | ||||||
Hazira Port Private Limited | Office No 2008, Westgate - D Block, Nr YMCA Club, S.G.Highway, Makarba, Ahmedabad, Gujarat, 380051 | 100 | ||||||
Shell Energy India Private Limited | Office No 2008, Westgate - D Block, Nr YMCA Club, S.G.Highway, Makarba, Ahmedabad, Gujarat, 380051 | 100 | ||||||
Shell Energy Marketing and Trading India Private Limited | 2nd floor, Campus 4A, RMZ Millenia Business Park II, 143 Dr MGR Road, Kandhanchavady, Perungudi, Chennai, TN 600096 | 100 | ||||||
Shell India Markets Private Limited | 2nd floor, Campus 4A, RMZ Millenia Business Park II, 143 Dr MGR Road, Kandhanchavady, Perungudi, Chennai, TN 600096 | 100 | ||||||
Shell MRPL Aviation Fuels and Services Limited | 102, Prestige Sigma, Vittal Mallya Road, Bangalore, 560001 | 50 | ||||||
Shell Pahal Social Welfare Association | 7, Bangalore Hardware Park, Devanahalli Industrial Park, Mahadeva-Kodigehalli, Bangalore, 562149 | 100 | ||||||
Tiki Tar and Shell India Private Limited | Tiki Tar Industries Village Road, Near Bhandup village, Bhandup West Mumbai, Mumbai, MH 400078 | 45 | ||||||
INDONESIA | ||||||||
PT Shell LNG Indonesia | Talavera Office Park 22-26th Floor, Jl. Letjen. TB Simatupang Kav. 22-26, Jakarta Selatan, Jakarta, 12430 | 100 | ||||||
PT. Shell Indonesia | Talavera Office Park 22-26th Floor, Jl. Letjen. TB Simatupang Kav. 22-26, Jakarta Selatan, Jakarta, 12430 | 100 | ||||||
PT. Shell Manufacturing Indonesia | Talavera Office Park 22-26th Floor, Jl. Letjen. TB Simatupang Kav. 22-26, Jakarta Selatan, Jakarta, 12430 | 100 | ||||||
IRAQ | ||||||||
Basrah Gas Company | Khor Al Zubair, Basrah | 44 | ||||||
IRELAND | ||||||||
Asiatic Petroleum Company (Dublin) Limited | 1st Floor, Temple Hall, Temple Road, Blackrock, Co. Dublin, A94 K3K0 | 100 | ||||||
Emerald Offshore Wind Limited | Woodbine Hill, Youghal (County Cork), P36 NW52 | 51 | ||||||
Irish Shell Trust Designated Activity Company | 1st Floor, Temple Hall, Temple Road, Blackrock, Co. Dublin, A94 K3K0 | 100 | ||||||
Shell and Topaz Aviation Ireland Limited | Suite 7 Northwood House, Northwood Business Park, Santry, Dublin, 9 | 50 | ||||||
Western Star Wind Limited | Woodbine Hill, Youghal, County Cork, P36 NW52 | 51 | ||||||
ISLE OF MAN | ||||||||
Petrolon Europe Limited | First Names House, Victoria Road, Douglas, IM2 4DF | 100 | ||||||
Petrolon International Limited | First Names House, Victoria Road, Douglas, IM2 4DF | 100 | ||||||
Shell Marine Personnel (I.O.M.) Limited | Euromanx House, Freeport, Ballasalla, IM9 2AP | 100 | ||||||
Shell Ship Management Limited | Euromanx House, Freeport, Ballasalla, IM9 2AP | 100 | ||||||
ISRAEL | ||||||||
Ravin AI Ltd. | Derech Aba Hilel 16, Ramat Gan, 5250608 | 36 | ||||||
ITALY | ||||||||
Alle S.R.L. | Via Vittor Pisani 16, Milano, 20124 | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E7 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E8 |
Shell Macau Petroleum Company Limited | 876 Avenida da Amizade, Edificio Marina Gardens, Room 310, 3rd Floor | 100 | ||||||
MALAYSIA | ||||||||
Bonuskad Loyalty Sdn. Bhd. [g] | Level 8, Symphony House, Block D13, Pusat Dagangan Dana 1, Jalan PJU 1A/46, Petaling Jaya/Selangor Darul Ehsan, 47301 | 33 | ||||||
IOT Management Sdn. Bhd. | Lot 7689 and Lot 7690, Section 64, Kuching Town Land District, Jalan Pending, Kuching, Sarawak, 93450 | 7 | ||||||
Kebabangan Petroleum Operating Company Sdn. Bhd. [b] | Suite 13.03, 13 Floor, Menara Tan & Tan, 207 Tun Razak, Kuala Lumpur/Federal Territory, 50400 | 30 | ||||||
P S Pipeline Sendirian Berhad | Level 30, Tower 1, Petronas Twin Towers, KLCC, Kuala Lumpur/Federal Territory, 50088 | 50 | ||||||
P S Terminal Sendirian Berhad | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 35 | ||||||
Pertini Vista Sdn. Bhd. | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Provista Ventures Sdn. Bhd. | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Sarawak Shell Berhad | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Shell Business Service Centre Sdn. Bhd. | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Shell Global Solutions (Malaysia) Sdn. Bhd. | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Shell Malaysia Trading Sendirian Berhad | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Shell MDS (Malaysia) Sendirian Berhad | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 72 | ||||||
Shell New Ventures Malaysia Sdn. Bhd. [g] | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Shell People Services Asia Sdn. Bhd. | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Shell Sabah Selatan Sendirian Berhad | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 100 | ||||||
Shell Timur Sdn. Bhd. | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, Petaling Jaya/Selangor Darul Ehsan, 46200 | 70 | ||||||
Shell Treasury Malaysia (L) Limited | Kensington Gardens, No. U1317, Lot 7616, Jalan Jumidar Buyong, Labuan F.T., 87000 | 100 | ||||||
Tanjung Manis Oil Terminal Management Sdn. Bhd. | Lot 7689 and Lot 7690, Section 64, Kuching Town Land District, Jalan Pending, Kuching, Sarawak, 93450 | 14 | ||||||
MAURITIUS | ||||||||
BG Mauritius LNG Holdings Ltd | 6th Floor, Tower A, 1 Cybercity, Ebene, 72201 | 100 | ||||||
BG Mumbai Holdings Limited | 6th Floor, Tower A, 1 Cybercity, Ebene, 72201 | 100 | ||||||
Pennzoil Products International Company | 33 Edith Cavell Street, Port Louis, 11324 | 100 | ||||||
MEXICO | ||||||||
Comercial Importadora S.A. De C.V. | Guillermo González Camarena No. 400, Santa Fe, lvaro Obregón, Ciudad de México, 1210 | 50 | ||||||
Concilia Asesores y Servicios, S.A. de C.V. | Guillermo González Camarena No. 400, Santa Fe, lvaro Obregón, Ciudad de México, 1210 | 50 | ||||||
Gas Del Litoral, S. de R.L. de C.V. | Avenida Paseo de las Palmas 340, 1st floor, Colonia Lomas de Chapultepec, Delegación Miguel Hidalgo, Ciudad de México, 11000 | 75 | ||||||
Mega Gasolineras SA de CV | Avenida Cerro Gordo del Campestre, number 201, interior 202, of Colonia Las Quintas, León, Guanajuato, 37125 | 50 | ||||||
Shell Energy Mexico, S.A. de C.V. | Avenida Paseo de las Palmas 340, 1st floor, Colonia Lomas de Chapultepec, Delegación Miguel Hidalgo, Ciudad de México, 11000 | 100 | ||||||
Shell Exploracion y Exrtraccion de Mexico, S.A. de C.V. | Avenida Paseo de las Palmas 340, 1st floor, Colonia Lomas de Chapultepec, Delegación Miguel Hidalgo, Ciudad de México, 11000 | 100 | ||||||
Shell México Gas Natural, S. de R.L. de C.V. | Avenida Paseo de las Palmas 340, 1st floor, Colonia Lomas de Chapultepec, Delegación Miguel Hidalgo, Ciudad de México, 11000 | 100 | ||||||
Shell México, S.A. de C.V. | Avenida Paseo de las Palmas 340, 1st floor, Colonia Lomas de Chapultepec, Delegación Miguel Hidalgo, Ciudad de México, 11000 | 100 | ||||||
Shell Servicios México, S.A. de C.V. | Avenida Paseo de las Palmas 340, 1st floor, Colonia Lomas de Chapultepec, Delegación Miguel Hidalgo, Ciudad de México, 11000 | 100 | ||||||
Shell Solutions Mexico S.A. de C.V. | Avenida Paseo de las Palmas 340, 1st floor, Colonia Lomas de Chapultepec, Delegación Miguel Hidalgo, Ciudad de México, 11000 | 100 | ||||||
Shell Trading México, S. de R.L. de C.V. | Avenida Paseo de las Palmas 340, 1st floor, Colonia Lomas de Chapultepec, Delegación Miguel Hidalgo, Ciudad de México, 11000 | 100 | ||||||
NETHERLANDS | ||||||||
Amsterdam Schiphol Pijpleiding Beheer B.V. | Amsterdamseweg 55, 1182 GP Amstelveen, P.O. Box 75650, Luchthaven Schiphol, 1118 ZS | 40 | ||||||
Attiki Gas B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
B.R.E. B.V. | Henri Berssenbruggestraat 9, Deventer, 7425 SB | 100 | ||||||
B.V. Dordtsche Petroleum Maatschappij | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
B.V. Petroleum Assurantie Maatschappij | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
BG Gas Brazil E&P 12 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
BG Gas Brazil Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
BG Gas International B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
BG Gas International Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
BG Gas Netherlands Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
BG Gas Sao Paulo Investments B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
BJS Oil Operations B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 80 | ||||||
BJSA Exploration and Production B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Blauwwind II C.V. [d] | Weena 70, Rotterdam, 3012 CM | 20 | ||||||
Blauwwind Management II B.V. | Weena 70, Rotterdam, 3012 CM | 20 | ||||||
BlueAlp Holding B.V. | Voorstraat 67, Groot-Ammers, 2964 AJ | 21 | ||||||
Bogstone Holding B.V. | Herikerbergweg 238, Amsterdam, 1101 CM | 51 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E9 |
Caspi Meruerty Operating Company B.V. [b] | Muiderstraat 1, Amsterdam, 1011 PZ | 40 | ||||||
Chosun Shell B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Cicerone Holding B.V. | Herikerbergweg 238, Amsterdam, 1101 CM | 51 | ||||||
CrossWind Beheer B.V. [b] | Carel van Bylandtlaan 30, The Hague, 2596 HR | 80 | ||||||
Crosswind C.V. [b] [d] | Carel van Bylandtlaan 30, The Hague, 2596 HR | 80 | ||||||
Ellba B.V. [b] | Vondelingenweg 601, Vondelingenplaat, Rotterdam, 3196 KK | 50 | ||||||
Ellba C.V. [b] [d] | Vondelingenweg 601, Vondelingenplaat, Rotterdam, 3196 KK | 50 | ||||||
Energiepark Pottendijk B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Euroshell Cards B.V. | Weena 70, Rotterdam, 3012 CM | 100 | ||||||
Gasterra B.V. | P.O. Box 477, Groningen, 9700 AL | 25 | ||||||
Geocombinatie Leeuwarden B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 30 | ||||||
Guara B.V. | Weena 762, 9e verdieping, Rotterdam, 3014 DA | 30 | ||||||
HKN LP 1 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
HKN LP 2 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
HKN LP 3 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
HKN LP 4 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
HKN LP 5 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
HKN LP 6 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Hkz Lp 18 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Hkz Lp 19 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Hkz Lp 20 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Hkz Lp 21 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Hkz Lp 22 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Iara B.V. | Weena 762, 9e verdieping, Rotterdam, 3014 DA | 4 | ||||||
Infineum Holdings B.V. | Herikerbergweg 238, Amsterdam, 1101 CM | 50 | ||||||
Integral Investments B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Jordan Oil Shale Company B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Karachaganak Petroleum Operating B.V. [b] | Strawinskylaan 1345, Amsterdam, 1077 XX | 29 | ||||||
KE STP Company B.V. | c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, P.O. Box 500, George Town, Grand Cayman, KY1-1106 | 100 | ||||||
KE Suriname B.V. | c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, P.O. Box 500, George Town, Grand Cayman, KY1-1106 | 100 | ||||||
Lapa Oil & Gas B.V. | Weena 762, 9e verdieping, Rotterdam, 3014 DA | 30 | ||||||
Libra Oil & Gas B.V. | Weena 762, 9e verdieping, Rotterdam, 3014 DA | 20 | ||||||
LNG Shipping Operation Services Netherlands B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Loyalty Management Netherlands B.V. | Polaris Avenue 81, P.O. Box 2047, 2130 GE, Hoofddorp, 2132 JH | 40 | ||||||
Maasvlakte Olie Terminal C.V. [d] | Europaweg 975, Maasvlakte, Rotterdam, 3199 LC | 16 | ||||||
MS Europe B.V. | Vormerlaan 5, Rijswijk, 2288 GC | 100 | ||||||
Multi Tank Card B.V. | Antareslaan 39, P.O. Box 3068, 2130 KB, Hoofddorp, 2132 JE | 30 | ||||||
N.V. Rotterdam-Rijn Pijpleiding Maatschappij [b] | Butaanweg 215, Vondelingplaat, Rotterdam, 3196 KC | 56 | ||||||
Nederlandse Aardolie Maatschappij B.V. | Schepersmaat 2, Assen, 9405 TA | 50 | ||||||
Netherlands Alng Holding Company B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Next Kraftwerke Benelux B.V. | Graaf Engelbertlaan 75, Breda, 4837DS | 100 | ||||||
Noordzeewind B.V. | 2e Havenstraat 5b, Ijmuiden, 1976 CE | 100 | ||||||
Noordzeewind C.V. [d] | 2e Havenstraat 5b, Ijmuiden, 1976 CE | 100 | ||||||
North Caspian Operating Company N.V. [b] | Oostduinlaan 2, The Hague, 2596 JM | 17 | ||||||
Paqell B.V. | Reactorweg 301, unit 1.3, Utrecht, 3542 AD | 50 | ||||||
Portfolio Holdings B.V. | c/o Appleby Global Services (Cayman) Limited, 71 Fort Street, P.O. Box 500, George Town, Grand Cayman, KY1-1106 | 100 | ||||||
Pottendijk Energie B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Pottendijk Wind B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Pottendijk Zon B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
PTC Kampen B.V. | Voorstraat 67, Groot-Ammers, 2964AJ | 80 | ||||||
RESCO B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Rotterdam Hydrogen Company B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Salym Petroleum Development N.V. [b] | Carel van Bylandtlaan 30, The Hague, 2596 HR | 50 | ||||||
Shell & AMG Recycling B.V [d] | Strawinskylaan 1343, Amsterdam, 1077 XX | 50 | ||||||
Shell Abu Dhabi B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Additives Holdings (I) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Additives Holdings (II) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Albania Block 4 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell and Vivo Lubricants B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 50 | ||||||
Shell Brazil Holding B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Business Development Central Asia B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E10 |
Shell Caspian B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Caspian Pipeline Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Chemicals Europe B.V. | Weena 70, Rotterdam, 3012 CM | 100 | ||||||
Shell China B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell China Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Deepwater Borneo B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Deepwater Tanzania B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Development Iran B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Downstream Services International B.V. | Weena 70, Rotterdam, 3012 CM | 100 | ||||||
Shell E and P Offshore Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Egypt N.V. [e] | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Energy Europe B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Energy Retail B.V. | Weena 70, Rotterdam, 3012 CM | 100 | ||||||
Shell EP Holdings (EE&ME) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell EP Middle East Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell EP Oman B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell EP Russia Investments (III) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell EP Russia Investments (V) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell EP Somalia B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell EP Wells Equipment Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell EV Charging Solutions B.V. | Rigakade 20, Amsterdam, 1013 BC | 100 | ||||||
Shell Exploration and Production (100) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (101) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (102) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (103) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (106) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (107) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (82) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (84) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (89) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (90) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (91) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (92) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (93) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (94) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (96) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (99) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (LI) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (LVIII) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (LXI) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (LXII) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (LXV) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (LXVI) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (LXXI) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production (LXXV) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Brunei B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Investments B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Mauritania (C10) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Mauritania (C19) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Services (RF) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production South Africa B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Ukraine I B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Ukraine Investments (I) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production Ukraine Investments (II) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration and Production West-Siberia B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration Company (RF) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration Company (West) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration Company B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Exploration Venture Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Finance (Netherlands) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E11 |
Shell Gas & Power Developments B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Gas (LPG) Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Gas B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Gas Iraq B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Gas Nigeria B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Gas Venezuela B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Generating (Holding) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Geothermal B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Global Solutions (Eastern Europe) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Global Solutions International B.V. | Lange Kleiweg 40, Rijswijk, 2288 GK | 100 | ||||||
Shell Global Solutions Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Hydrogen Operations & Production BV | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Information Technology International B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Integrated Gas Oman B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell International B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell International Exploration and Production B.V. | Carel van Bylandtlaan 16, The Hague, 2596 HR | 100 | ||||||
[*] Shell International Finance B.V. [a] | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Internationale Research Maatschappij B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Internet Ventures B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Iraq Petroleum Development B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Iraq Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Kazakhstan B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Kazakhstan Development B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Kuwait Exploration and Production B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell LNG Bunkering B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell LNG Port Spain B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Lubricants Supply Company B.V. | Weena 70, Rotterdam, 3012 CM | 100 | ||||||
Shell Manufacturing Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Mozambique B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell MSPO 2 Holding B.V. | Vondelingenweg 601, Vondelingenplaat, Rotterdam, 3196 KK | 100 | ||||||
Shell Namibia Upstream B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Nanhai B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Nederland B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Nederland Chemie B.V. [g] | Chemieweg 25, P.O. Box 6060, Moerdijk, 4780 LN | 100 | ||||||
Shell Nederland Raffinaderij B.V. | Vondelingenweg 601, Vondelingenplaat, Rotterdam, 3196 KK | 100 | ||||||
Shell Nederland Verkoopmaatschappij B.V. | Weena 70, Rotterdam, 3012 CM | 100 | ||||||
Shell Netherlands Canada Financing B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell New Energies Holding Europe B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell New Energies NL B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Offshore (Personnel) Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Offshore Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Offshore Upstream South Africa B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell OKLNG Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Olie OG Gas Holding B.V. [i] | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Oman Exploration and Production B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Overseas Holdings (Oman) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Overseas Investments B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
[*] Shell Petroleum N.V. [a] | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Philippines Exploration B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Project Development (VIII) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell RDS Holding B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Sakhalin Holdings B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Sakhalin Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Salym Development B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Sao Tome and Principe B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Services Oman B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Shared Services (Asia) B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell South Syria Exploration B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell TapUp B.V. | Hofplein 20, Rotterdam, 3032 AC | 100 | ||||||
Shell Technology Ventures Fund 1 B.V. | Herikerbergweg 88, Amsterdam, 1101 CM | 52 | ||||||
Shell Trademark Management B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Trading Rotterdam B.V. | Weena 70, Rotterdam, 3012 CM | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E12 |
Shell Trading Russia B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Upstream Albania B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Upstream Development B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Upstream Indonesia Services B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Upstream Turkey B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Ventures B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Ventures Investments B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Western LNG B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Windenergy Netherlands B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Shell Windenergy NZW I B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Snijders Olie B.V. | Weena 70, Rotterdam, 3012 CM | 100 | ||||||
Solar-EP II B.V. | Carel van Bylandtlaan 30, The Hague, 2596HR | 100 | ||||||
Solar-EW II B.V. | Carel van Bylandtlaan 30, Den Haag, 2596 HP | 100 | ||||||
SolarNow B.V. | Zeelandsestraat 1, Millingen aan de Rijn, 6566 DE | 23 | ||||||
Syria Shell Petroleum Development B.V. [h] | Carel van Bylandtlaan 30, The Hague, 2596 HR | 65 | ||||||
Tamba B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 50 | ||||||
Tankstation Exploitatie Maatschappij Holding B.V. | Weena 70, Rotterdam, 3012 CM | 100 | ||||||
The Green Near Future 5 B.V. | Carel van Bylandtlaan 30, The Hague, 2596 HR | 100 | ||||||
Travis Road Services International B.V. | Dr. Hub van Doorneweg 183, Tilburg, 5026 RD | 34 | ||||||
Tupi B.V. | Weena 762, 9e verdieping, Rotterdam, 3014 DA | 23 | ||||||
Waalbrug Exploitatie Maatschappij B.V. | Henri Berssenbruggestraat 9, Deventer, 7425 SB | 100 | ||||||
Zeolyst C.V. | Oosterhorn 36, Farmsum, 9936 HD | 50 | ||||||
NEW ZEALAND | ||||||||
Energy Finance NZ Limited | c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340 | 100 | ||||||
Energy Holdings Offshore Limited | c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340 | 100 | ||||||
Shell (Petroleum Mining) Company Limited | c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340 | 100 | ||||||
Shell Energy Asia Limited | c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340 | 100 | ||||||
Shell Investments NZ Limited | c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340 | 100 | ||||||
Shell New Zealand Pensions Limited | Mercer (N.Z.) Limited, Floor 2, 20 Customhouse Quay, Wellington, 6011 | 100 | ||||||
Southern Petroleum No Liability | c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340 | 100 | ||||||
NIGERIA | ||||||||
All on Partnerships for Energy Access Limited by Guarantee | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
BG Exploration and Production Nigeria Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
BG Upstream A Nigeria Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Delta Business Development Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Nigeria LNG Limited | Corporate Office, Intels Aba Road Estate, Km16 Aba Expressway, Port Harcourt, 500211 | 26 | ||||||
NLNG Shipping Management Limited | Corporate Office, Intels Aba Road Estate, Km16 Aba Expressway, Port Harcourt, 500211 | 20 | ||||||
Shell Exploration and Production Africa Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Business Operations Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Closed Pension Fund Administrator Ltd | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Exploration and Production Company Ltd | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Exploration Properties Charlie Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Gas Ltd (SNG) | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Infrastructure Development Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Oil Products Limited (SNOP) | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Ultra Deep Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Nigeria Upstream Ventures Limited | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 100 | ||||||
Shell Thrift & Loan Fund Trustees Nig Ltd | Freeman House, 21/22 Marina, P.M.B. 2418, Lagos | 99 | ||||||
The Shell Petroleum Development Company of Nigeria Limited | Shell Industrial Area, P.O. Box 263, Rivers State, Port Harcourt, 500272 | 100 | ||||||
NORWAY | ||||||||
A/S Norske Shell | Tankvegen 1, Tananger, 4056 | 100 | ||||||
Aviation Fuelling Services Norway AS | Kristian Augusts Gate 13, Oslo, 0164 | 50 | ||||||
Enhanced Well Technologies Group AS | Kongsgårdbakken 1, Stavanger, 4005 | 22 | ||||||
Northern Lights JV DA [d] | Byfjordparken 15, Stavanger, 4007 | 33 | ||||||
Ormen Lange Eiendom DA | Nyhamna, Aukra, 6480 | 18 | ||||||
Shell New Energies Norway AS | Karenslyst Allé 2, Oslo, 0278 | 100 | ||||||
Technology Centre Mongstad DA | Mongstad 71A, Mongstad, 5954 | 9 | ||||||
OMAN | ||||||||
Oman LNG LLC | P.O. Box 560, Mina Al Fahal, Muscat, 116 | 30 | ||||||
Petroleum Development Oman LLC | P.O. Box 81, Mina Al Fahal, Muscat, 113 | 34 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E13 |
Shell Development Oman LLC | Bait Salam, Salam Square, P.O. Box 74, Muscat, P.C. 116 | 100 | ||||||
Shell Oman Marketing Company SAOG | P.O. Box 38, Mina Al Fahal, Muscat, 116 | 49 | ||||||
Sohar Solar Qabas (FZC) LLC | P.O. Box 398, Sohar Free Zone, North Al Batinah Governorate, Sohar, 322 | 100 | ||||||
PAKISTAN | ||||||||
Pak Arab Pipeline Company Limited | Office no 8, Level 3, Ground Floor, Serena Business Complex, Khayaban-e-Suhrdwardy, G-5/1, Islamabad, 44000 | 20 | ||||||
Pakistan Energy Gateway Limited | E110, Khayaban e Jinnah, Lahore Cantonement, Punjab, Cantonement, 54810 | 33 | ||||||
Shell Energy Pakistan (Private) Limited | Shell House, 6 Ch. Khaliquzzaman Road, Karachi, 75530 | 100 | ||||||
Shell Pakistan Limited | Shell House, 6 Ch. Khaliquzzaman Road, Karachi, 75530 | 77 | ||||||
PERU | ||||||||
Shell GNL Peru S.A.C. | Calle Dean Valdivia 111, Oficina 802, San Isidro, Lima, Lima 27 | 100 | ||||||
Shell Operaciones Peru S.A.C. | Calle Dean Valdivia 111, Oficina 802, San Isidro, Lima, Lima 27 | 100 | ||||||
PHILIPPINES | ||||||||
Bonifacio Gas Corporation | 2nd Floor, Bonifacio Technology Center, 31st Street corner 2nd Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635 | 24 | ||||||
Kamayan Realty Corporation | NDC Bldg., 116 Tordesillas St., Salcedo Village, Makati City, Metro Manila, 1227 | 22 | ||||||
Pilipinas Shell Petroleum Corporation | 41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635 | 55 | ||||||
Shell Chemicals Philippines, Inc. | 41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635 | 100 | ||||||
Shell Energy Philippines Inc | 41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635 | 100 | ||||||
Shell Gas and Energy Philippines Corporation | 41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635 | 100 | ||||||
Shell Gas Trading (Asia Pacific), Inc. | Subic Bay Free Port Zone, Olangapo City, 2200 | 100 | ||||||
Shell Solar Philippines Corporation | 41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635 | 100 | ||||||
Tabangao Realty, Inc. | Unit D 9th Floor Inoza Tower, 40th Street, North Bonifacio, Bonifacio Global City, Taguig, Metro Manila, 1634 | 40 | ||||||
POLAND | ||||||||
Next Kraftwerke Sp. z o.o. | Astoria, Przeskok 2, Warsaw, 00-032 | 100 | ||||||
Shell Energy Retail Poland Sp. z o.o. | ul. Pawia 21, Krakow, 31-154 | 100 | ||||||
Shell Mobility Polska Sp. z o.o. | Ul. Bitwy Warszawskiej 1920r. 7a, Warszawa, 02-366 | 100 | ||||||
Shell Polska Sp. z o.o. | ul. Bitwy Warszawskiej 1920 r. nr 7A, Warsaw, 02-366 | 100 | ||||||
PUERTO RICO | ||||||||
Station Managers of Puerto Rico, Inc. | P.O. Box 186, Yabucoa, PR 00767-0186 | 100 | ||||||
QATAR | ||||||||
Marine LNG Solutions LLC [b] | 1st Floor, Al-Mirqab Tower, Doha | 50 | ||||||
Qatar Liquefied Gas Company Limited (4) | P.O. Box 22666, Doha | 30 | ||||||
Qatar Shell Research & Technology Centre QSTP-LLC | Qatar Science & Technology Park Tech1, Office 101, P.O. Box 3747, Doha | 100 | ||||||
Qatar Shell Service Company W.L.L. | Al Mirqab Tower, West Bay, P.O. Box 3747, Doha | 100 | ||||||
ROMANIA | ||||||||
Shell Romania S.R.L. | Ing. George Constantinescu Street, no. 4B and 2-4, Building A, Floor 7, office 727, District 2, Bucharest, 20337 | 100 | ||||||
RUSSIA | ||||||||
Gydan Energy LLC [b] | Sinopskaya Naberezhnaya, 22 A, office 811, Sankt-Peterburg, 191167 | 50 | ||||||
Khanty-Mansiysk Petroleum Alliance Closed Joint Stock Company [b] | 24 A Yakubovicha ul., Saint Petersburg, 190000 | 50 | ||||||
Limited Liability Company "Shell Neft" | 9 Lesnaya street, floor 3, Moscow, 125196 | 100 | ||||||
Limited Liability Company "Shell Neftegaz Development (V)" | 9 Lesnaya street, floor 4, Moscow, 125196 | 100 | ||||||
LLC Shell NefteGaz Development | 9 Lesnaya street, floor 4, Moscow, 125196 | 100 | ||||||
Syriaga Neftegaz Development LLC | 9 Lesnaya street, floor 4, Moscow, 125196 | 100 | ||||||
SAINT KITTS AND NEVIS | ||||||||
Shell Oil & Gas (Malaysia) LLC | Morning Star Holdings Limited, Main Street, Suite 556, Charlestown, Nevis, West Indies | 90 | ||||||
SAINT LUCIA | ||||||||
BG Atlantic 2/3 Holdings Limited | Mercury Court, Choc Estate, Castries | 100 | ||||||
SAUDI ARABIA | ||||||||
Al Jomaih and Shell Lubricating Oil Co.Ltd. | P.O. Box 41467, Riyadh, 11521 | 50 | ||||||
SINGAPORE | ||||||||
BG Asia Pacific Holdings Pte. Limited | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
BG Asia Pacific Services Pte. Ltd. | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
BG Exploration & Production Myanmar Pte. Ltd. | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
BG Insurance Company (Singapore) Pte Ltd | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
BG Myanmar Pte. Ltd. | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Changi Airport Fuel Hydrant Installation Pte. Ltd. | 15, Airline Road, Singapore, 819828 | 11 | ||||||
Cleantech Renewable Assets Pte Ltd | 25 Church Street, 03-04 Capital Square three, Singapore, 049482 | 49 | ||||||
Connected Freight Pte. Ltd. | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 80 | ||||||
Fuelng Pte. Ltd [b] | 50 Gul Road, Singapore, 629351 | 50 | ||||||
Infineum Singapore LLP | 1 Harbourfront Avenue, #08-01/08, Keppel Bay Tower, Singapore, 098632 | 50 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E14 |
Orb Energy Pte Ltd. | 50 Raffles Place #06-00, Singapore Land Tower, Singapore, 048623 | 24 | ||||||
QPI and Shell Petrochemicals (Singapore) Pte Ltd | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 51 | ||||||
Shell Catalysts & Technologies Pte. Ltd. | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Chemicals Seraya Pte. Ltd. | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Eastern Petroleum (Pte) Ltd [g] | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Eastern Trading (Pte) Ltd [g] | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Gas Marketing Pte. Ltd. | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Integrated Gas Thailand Pte.Limited | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell International Shipping Services (Pte) Ltd | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Myanmar Energy Pte. Ltd. | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Pulau Moa Pte Ltd | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Tankers (Singapore) Private Limited | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Shell Treasury Centre East (Pte) Ltd | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 100 | ||||||
Singapore Lube Park Pte. Ltd. [b] | 160 Tuas South Avenue 5, Singapore, 637364 | 44 | ||||||
Sirius Well Manufacturing Services Pte. Ltd. [b] | The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588 | 50 | ||||||
Zeco Systems Pte. Ltd. | 1 Commonwealth Lane, #09-30, One Commonwealth, Singapore, 149544 | 99 | ||||||
SLOVAKIA | ||||||||
SHELL Slovakia s.r.o. | Einsteinova 23, Bratislava, 851 01 | 100 | ||||||
SLOVENIA | ||||||||
Shell Adria d.o.o. | Bravnicarjeva ulica 13, Ljubljana, 1000 | 100 | ||||||
SOUTH AFRICA | ||||||||
Bituguard Southern Africa (Pty) Ltd | Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021 | 36 | ||||||
Blendcor (Pty) Ltd. [b] | Honshu Road, Durban, 4001 | 36 | ||||||
Sekelo Oil Trading (Pty) Limited | 1st Floor Oxford Parks, 199 Oxford Road, Dunkeld, Gauteng, 2196 | 43 | ||||||
Shell & BP South African Petroleum Refineries (Pty) Limited [b] | Reunion, Durban, 4001 | 36 | ||||||
Shell Downstream South Africa (Pty) Ltd | Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021 | 72 | ||||||
Shell South Africa Energy (Pty) Ltd | Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021 | 100 | ||||||
Shell South Africa Exploration (Pty) Limited | Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021 | 100 | ||||||
Shell South Africa Holdings (Pty) Ltd | Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021 | 100 | ||||||
STISA (Pty) Limited | Suite OE/2, The Nautica, The Waterclub, Beach Road, Granger Bay, Cape Town, 8001 | 72 | ||||||
SOUTH KOREA | ||||||||
Hankook Shell Oil Company | No. 250, Sinsun-ro, Nam-gu, Busan, 48561 | 54 | ||||||
Hyundai and Shell Base Oil Co., Ltd | 640-6, Daejuk-ri, Daesan-eup, Seosan-shi, Chungchongnam-do, 356-713 | 40 | ||||||
Korea Impact Carbon Corporation | #704-3, Tower B. Hyundai Knowledge Industrial Center, 70 Dusan-ro, Geumcheon-gu, Seoul, 08584 | 40 | ||||||
MunmuBaram Co.,Ltd. | 903, 21, Centum 6-ro, HaeUnDae-Gu, Busan, 0 | 80 | ||||||
SPAIN | ||||||||
BG Energy Iberian Holdings, S.L. | Paseo de la Castellana, 257-6º, Madrid, 28046 | 100 | ||||||
Shell & Disa Aviation España, S.L. | Rio Bullaque, 2, Madrid, 28034 | 50 | ||||||
Shell España, S.A. | Paseo de la Castellana, 257-6º, Madrid, 28046 | 100 | ||||||
Shell Spain LNG, S.A.U. | Paseo de la Castellana, 257-6º, Madrid, 28046 | 100 | ||||||
SWEDEN | ||||||||
A Flygbränslehantering Aktiebolag | P.O. Box 135, Stockholm-Arlanda, 190 46 | 25 | ||||||
BG International Services AB | Deloitte, P.O. Box 450, Östersund, 831 26 | 100 | ||||||
Gothenburg Fuelling Company AB | P.O. Box 2154, Gothenburg, 438 14 | 33 | ||||||
Malmö Fuelling Services AB | Sturup Flygplats, P.O. Box 22, Malmö, 230 32 | 33 | ||||||
Shell Aviation Sweden AB | Gustavslundsvägen 22, Bromma, 16751 | 100 | ||||||
Stockholm Fuelling Services AB | P.O. Box 85, Stockholm-Arlanda, 190 45 | 25 | ||||||
SWITZERLAND | ||||||||
Saraco SA | Route de Pré-Bois 17, Cointrin, 1216 | 20 | ||||||
Shell (Switzerland) AG | Baarermatte, Baar, 6340 | 100 | ||||||
Shell Brands International AG | Baarermatte, Baar, 6340 | 100 | ||||||
Shell Corporate Services Switzerland AG | Baarermatte, Baar, 6340 | 100 | ||||||
Shell Finance Switzerland AG | Baarermatte, Baar, 6340 | 100 | ||||||
Shell Holdings Switzerland AG | Baarermatte, Baar, 6340 | 100 | ||||||
Shell Lubricants Switzerland AG | Steigerhubelstrasse 8, Bern, 3008 | 100 | ||||||
Shell Trading Switzerland AG | Baarermatte, Baar, 6340 | 100 | ||||||
Shell Treasury Company Switzerland AG | Baarermatte, Baar, 6340 | 100 | ||||||
SOGEP Sociéte Genevoise des Pétroles SA | Route de Vernier 132, Vernier, 1214 | 34 | ||||||
Solen Versicherungen AG | Baarermatte, Baar, 6340 | 100 | ||||||
Stazioni Autostradali Bellinzona SA | Autostrada A2 (direzione Gottardo), Hotel Bellinzona Sud, Monte Carasso, 6513 | 50 | ||||||
Suisse Next GmbH | Bahnhofstr. 10, Zurich, 8001 | 100 | ||||||
UBAG - Unterflurbetankungsanlage Flughafen Zürich AG | Zwüscheteich, Rümlang, 8153 | 20 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E15 |
SYRIA | ||||||||
Al Badiah Petroleum Company | Damascus New Sham Western Dummar, Island No. 1 - Property 2299, P.O. Box 7660, Damascus | 22 | ||||||
Al Furat Petroleum Company | Damascus New Sham Western Dummar, Island No. 1 - Property 2299, P.O. Box 7660, Damascus | 20 | ||||||
TAIWAN | ||||||||
CPC Shell Lubricants Co. Ltd | No. 2, Tso-Nan Road, Nan-Tze District, P.O. Box 25-30, Kaohsiung, 811 | 51 | ||||||
Shell Taiwan Limited | International Trade Building, Room 2001, 20th Floor, 333, Keelung Road Section 1, Taipei, 110 | 100 | ||||||
TANZANIA | ||||||||
Fahari Gas Marketing Company Limited | 1st Floor Kilwa House, Plot 369, Toure Drive, Oyster Bay, P.O. Box 105833, Dar es Salaam | 53 | ||||||
Mzalendo Gas Processing Company Limited | 1st Floor Kilwa House, Plot 369, Toure Drive, Oyster Bay, P.O. Box 105833, Dar es Salaam | 53 | ||||||
Ruvuma Pipeline Company Limited | 1st Floor Kilwa House, Plot 369, Toure Drive, Oyster Bay, P.O. Box 105833, Dar es Salaam | 53 | ||||||
Tanzania LNG Limited | 1st Floor Kilwa House, Plot 369, Toure Drive, Oyster Bay, P.O. Box 105833, Dar es Salaam | 100 | ||||||
THAILAND | ||||||||
Pattanadhorn Company Limited | 10 Soonthornkosa Road, Klongtoey, Bangkok, 10110 | 42 | ||||||
Sahapanichkijphun Company Limited | 10 Soonthornkosa Road, Klongtoey, Bangkok, 10110 | 42 | ||||||
Shell Global Solutions (Thailand) Limited | 10 Soonthornkosa Road, Klongtoey, Bangkok, 10110 | 100 | ||||||
Shell Global Solutions Holdings (Thailand) Limited | 10 Soonthornkosa Road, Klongtoey, Bangkok, 10110 | 100 | ||||||
Shell Global Solutions Service (Thailand) Company Limited | 10 Soonthornkosa Road, Klongtoey, Bangkok, 10110 | 100 | ||||||
Thai Energy Company Limited | 10 Soonthornkosa Road, Klongtoey, Bangkok, 10110 | 100 | ||||||
Unitas Company Limited | 10 Soonthornkosa Road, Klongtoey, Bangkok, 10110 | 42 | ||||||
TRINIDAD AND TOBAGO | ||||||||
BG 2/3 Investments Limited | 5 Saint Clair Avenue, Saint Clair, Port of Spain | 100 | ||||||
Point Fortin LNG Exports Limited | 5 Saint Clair Avenue, Saint Clair, Port of Spain | 81 | ||||||
Shell Gas Supply Trinidad Limited | 5 Saint Clair Avenue, Saint Clair, Port of Spain | 100 | ||||||
Shell LNG T&T Ltd | 5 Saint Clair Avenue, Saint Clair, Port of Spain | 100 | ||||||
Shell Manatee Limited | 5 Saint Clair Avenue, Saint Clair, Port of Spain | 100 | ||||||
Shell Trinidad Central Block Limited | 5 Saint Clair Avenue, Saint Clair, Port of Spain | 100 | ||||||
Shell Trinidad Ltd | Shell Energy House, 5 St. Clair Avenue, Port of Spain | 100 | ||||||
Shell Trinidad North Coast Limited | 5 Saint Clair Avenue, Saint Clair, Port of Spain | 100 | ||||||
The International School of Port of Spain Limited | 1 International Drive, Westmoorings | 25 | ||||||
TRINLING Limited | 5 Saint Clair Avenue, Saint Clair, Port of Spain | 100 | ||||||
TUNISIA | ||||||||
Amilcar Petroleum Operations S.A. | Immeuble Mezghenni, Rue du Lac Windermere, Les Berges du Lac, Tunis, 1053 - BP 36 | 50 | ||||||
Shell Tunisia LPG S.A. | Immeuble Le Tanit du Lac, Rue du Lac Windermere, Les Berges du Lac, Tunis, 1053 | 100 | ||||||
Tunisian Processing S.A. | Immeuble Le Tanit du Lac, Rue du Lac Windermere, Les Berges du Lac, Tunis, 1053 | 100 | ||||||
TURKEY | ||||||||
Cekisan Depolama Hizmetleri Ltd. Sti. | Liman Mahallesi 60. Sokak No. 25, Konyaalti, Antalya, 07070 | 46 | ||||||
Marmara Depoculuk Hizmetleri A.S. | Sultankoy Mahallesi Maltepe Sokak No:66, Marmara Ereglisi, Tekirdag, 59750 | 35 | ||||||
Samsun Akaryakit VE Depolama A.S. | Dilovasi Organize Sanayi Bolgesi 1.Kisim, 1004 Sokak No:10, Dilovasi, Kocaeli | 35 | ||||||
Shell & Turcas Petrol A.S. | Gulbahar Mah.Salih Tozan Sok., Karamancilar Is Merkezi B Blok No:18, Esentepe, Sisli, Istanbul, 34394 | 70 | ||||||
Shell Enerji A.S. | Gulbahar Mah.Salih Tozan Sok., Karamancilar Is Merkezi B Blok No:18, Esentepe, Sisli, Istanbul, 34394 | 100 | ||||||
Shell Petrol A.S. | Gulbahar Mah.Salih Tozan Sok., Karamancilar Is Merkezi B Blok No:18, Esentepe, Sisli, Istanbul, 34394 | 70 | ||||||
UK | ||||||||
Applied Blockchain Ltd | Level 39, One Canada Square, London, E14 5AB | 22 | ||||||
BG Central Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Cyprus Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Delta Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Energy Capital Plc | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Energy Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Energy Marketing Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Equatorial Guinea Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Gas Services Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG General Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG General Partner Limited | 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | 100 | ||||||
BG Great Britain Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Group Employee Shares Trustees Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Group Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Group Pension Trustees Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Group Trustees Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Intellectual Property Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG International Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Karachaganak Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Kenya L10A Limited | Shell Centre, London, SE1 7NA | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E16 |
BG Kenya L10B Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG LNG Investments Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Mongolia Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Netherlands Financing Unlimited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Norge Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG North Sea Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG OKLNG Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Overseas Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Overseas Investments Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Overseas Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Rosetta Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG South East Asia Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Subsea Well Project Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Tanzania Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG Trinidad LNG Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
BG UK Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Brazil Shipping I Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
British Pipeline Agency Limited | 5-7 Alexandra Road, Hemel Hempstead, Hertfordshire, HP2 5BS | 50 | ||||||
B-Snug Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
CRI Catalyst Company Europe Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Derivatives Trading Atlantic Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Dragon LNG Group Limited [b] | Main Road, Waterston, Milford Haven, Pembrokeshire, SA73 1DR | 50 | ||||||
Eastham Refinery Limited [b] | Shell Centre, London, SE1 7NA | 50 | ||||||
Enterprise Oil Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Enterprise Oil Middle East Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Enterprise Oil Norge Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Enterprise Oil U.K. Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
First Telecommunications Limited | Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS | 100 | ||||||
First Utility Limited | Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS | 100 | ||||||
Gainrace Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Gatwick Airport Storage and Hydrant Company Limited | One Bartholomew Close, London, EC1A 7BL | 13 | ||||||
GOGB Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Heathrow Airport Fuel Company Limited | Building 1204, Sandringham Road, Heathrow Airport, Hounslow, Middlesex, TW6 3SH | 14 | ||||||
Heathrow Hydrant Operating Company Limited | Building 1204, Sandringham Road, Heathrow Airport, Hounslow, Middlesex, TW6 3SH | 10 | ||||||
Impello Limited | Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS | 100 | ||||||
Limejump Energy Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Intermediate 1 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Ltd | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 1 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 10 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 11 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 12 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 13 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 14 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 15 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 2 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 3 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 4 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 5 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 6 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 7 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 8 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Limejump Virtual 9 Limited | Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE | 100 | ||||||
Machine Max Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Manchester Airport Storage and Hydrant Company Limited | One Bartholomew Close, London, EC1A 7BL | 25 | ||||||
Methane Services Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Murphy Schiehallion Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Private Oil Holdings Oman Limited | Shell Centre, London, SE1 7NA | 85 | ||||||
Sabah Shell Petroleum Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Saxon Oil Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Saxon Oil Miller Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
SELAP Limited | Shell Centre, London, SE1 7NA | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E17 |
Shell Aircraft Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Aviation Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Business Development Middle East Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Caribbean Investments Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Catalysts & Technologies Limited | Shell Centre, York Road, London, SE1 7NA | 100 | ||||||
Shell Chemical Company of Eastern Africa Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Chemicals (Hellas) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Chemicals Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Chemicals U.K. Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell China Exploration and Production Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Clair UK Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Club Corringham Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Company (Hellas) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Company (Pacific Islands) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Corporate Director Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Corporate Secretary Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Distributor (Holdings) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Employee Benefits Trustee Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Energy Europe Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Energy Investments Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Energy Retail Limited | Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS | 100 | ||||||
Shell Energy Supply UK LTD. | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Energy UK Limited | Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS | 100 | ||||||
Shell EP Offshore Ventures Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell EV Charging Solutions UK Ltd. | 3 Waterhouse Square, 138 - 142 Holborn, London, EC1N 2SW | 100 | ||||||
Shell Exploration and Production Tanzania Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Finance GB Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Gas Holdings (Malaysia) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Gas Marketing U.K Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Global LNG Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Hasdrubal Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Holdings (U.K.) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Information Technology International Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell International Gas Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell International Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell International Petroleum Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell International Trading and Shipping Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Malaysia Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Marine Products Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell New Energies Holding Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell New Energies UK Ltd | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Overseas Holdings Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Overseas Services Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Pension Reserve Company (SIPF) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Pension Reserve Company (SOCPF) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Pension Reserve Company (UK) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Pensions Trust Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Property Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell QGC Holdings Limited [g] | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell QGC Midstream 1 Limited [g] | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell QGC Midstream 2 Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell QGC Upstream 1 Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell QGC Upstream 2 Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Research Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Response Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell South Asia LNG Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Supplementary Pension Plan Trustees Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Tankers (U.K.) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Trading International Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
[*] Shell Treasury Centre Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
[*] Shell Treasury Dollar Company Limited | Shell Centre, London, SE1 7NA | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E18 |
Shell Treasury UK Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Trinidad 5(A) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Trinidad and Tobago Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Trinidad Block E Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Trustee Solutions Limited | 1 Altens Farm Road, Nigg, Aberdeen, AB12 3FY | 100 | ||||||
Shell Tunisia Upstream Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell U.K. Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell U.K. North Atlantic Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell U.K. Oil Products Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Upstream Overseas Services (I) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Ventures New Zealand Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell Ventures U.K. Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Shell-Mex and B.P. Limited | Shell Centre, London, SE1 7NA | 60 | ||||||
Steama Company Limited | Pannone Corporate LLP, 378-380 Deansgate, Castlefield, Manchester, M3 4LY | 33 | ||||||
STT (Das Beneficiary) Limited [a] | Shell Centre, London, SE1 7NA | 100 | ||||||
Synthetic Chemicals (Northern) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Telegraph Service Stations Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Anglo-Saxon Petroleum Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Asiatic Petroleum Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Consolidated Petroleum Company Limited | Shell Centre, London, SE1 7NA | 50 | ||||||
The Mexican Eagle Oil Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Shell Company (W.I.) Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Shell Company of Hong Kong Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Shell Company of India Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Shell Company of Nigeria Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Shell Company of Thailand Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Shell Company of The Philippines Limited | Shell Centre, London, SE1 7NA | 75 | ||||||
The Shell Company of Turkey Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
The Shell Marketing Company of Borneo Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
[*] The Shell Petroleum Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
[*] The Shell Transport and Trading Company Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Thermocomfort Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
Ubitricity Distributed Energy Systems UK Limited | 16 Great Queen Street, Covent Garden, London, WC2B 5AH | 100 | ||||||
UK Shell Pension Plan Trust Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
United Kingdom Oil Pipelines Limited [b] | 5-7 Alexandra Road, Hemel Hempstead, Hertfordshire, HP2 5BS | 48 | ||||||
Walton-Gatwick Pipeline Company Limited [b] | 5-7 Alexandra Road, Hemel Hempstead, Hertfordshire, HP2 5BS | 52 | ||||||
West London Pipeline and Storage Limited [b] | 5-7 Alexandra Road, Hemel Hempstead, Hertfordshire, HP2 5BS | 38 | ||||||
Wonderbill Limited | Shell Centre, London, SE1 7NA | 100 | ||||||
UKRAINE | ||||||||
Alliance Holding LLC [d] | N. Grinchenko, 4, Kiev, 03038 | 51 | ||||||
Invest-Region LLC [d] | N. Grinchenko, 4, Kiev, 03038 | 51 | ||||||
UNITED ARAB EMIRATES | ||||||||
Abu Dhabi Gas Industries Limited (GASCO) | P.O. Box 665, Abu Dhabi | 15 | ||||||
Emdad Aviation Fuel Storage FZCO | Emdad Aviation Fuel Storage FZCO, P.O. Box 261781, Jebel Ali, Dubai | 33 | ||||||
URUGUAY | ||||||||
BG (Uruguay) S.A. | La Cumparsita, 1373 4th Floor, Montevideo, 11200 | 100 | ||||||
Dinarel S.A. | La Cumparsita, 1373 4th Floor, Montevideo, 11200 | 50 | ||||||
Gasoducto Cruz del Sur S.A. | La Cumparsita, 1373 4th Floor, Montevideo, 11200 | 40 | ||||||
USA | ||||||||
Aera Energy LLC [b] | 10000 Ming Avenue, Bakersfield, CA 93311 | 52 | ||||||
Aera Energy Services Company | 10000 Ming Avenue, Bakersfield, CA 93311 | 50 | ||||||
Airbiquity Inc. | 1191 2nd Avenue, Suite 1900, Seattle, WA 98101 | 26 | ||||||
Amberjack Pipeline Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 43 | ||||||
Arizona A1 LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Arizona B1 LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Atlantic 1 Holdings LLC [c] | RL & F Service Corp, 920 N King St Floor 2, New Castle, Wilmington, DE 19801 | 46 | ||||||
Atlantic 2/3 Holdings LLC [c] | RL & F Service Corp, 920 N King St Floor 2, New Castle, Wilmington, DE 19801 | 58 | ||||||
Atlantic 4 Holdings LLC [c] | RL & F Service Corp, 920 N King St Floor 2, New Castle, Wilmington, DE 19801 | 51 | ||||||
Atlantic Shores Offshore Wind, LLC [c] | Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | 50 | ||||||
Au Energy, LLC | 41805 Albrae Street, Fremont, CA 94538 | 50 | ||||||
Baconton Power LLC [c] | 2237 Hatcher Hill Road, Baconton, GA 31716 | 35 | ||||||
Bengal Pipeline Company LLC | Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | 40 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E19 |
BG Brasilia, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
BG Energy Finance, Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
BG Energy Merchants, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
BG Gulf Coast LNG, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
BG LNG Services, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
BG LNG Trading, LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
BG North America, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
BG US Services, Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Bluware Headwave Ventures Inc. | 16285 Park Ten Place, Suit 300, Houston, TX 77084 | 20 | ||||||
Brazil Crude Services, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Brazos Wind Ventures, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Caesar Oil Pipeline Company, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 15 | ||||||
California Western Grid Development, LLC [c] | Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | 100 | ||||||
Colbea Enterprises, LLC | 2050 Plainfield Pike, Cranston, RI 02921 | 50 | ||||||
Colonial Pipeline Company | Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | 11 | ||||||
Concha Chemical Pipeline LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Crestwood Permian Basin LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 34 | ||||||
CRI Sales and Services Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
CRI Zeolites Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Cumulus Digital Systems, Inc. | Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | 30 | ||||||
D.Light Design Inc. | 2100 Geng Road, Suite 210, Santa Clara, Palo Alto, CA 94303 | 34 | ||||||
Deer Park Refining Limited Partnership [b] [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 50 | ||||||
Diamond Energy. LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 50 | ||||||
Distributed Generation Solutions LLC | 2441 High Timbers Drive, Suite 220, The Woodlands, TX 77380 | 33 | ||||||
Eleox LLC ERROR | 850 New Burton Road, Suite 201, Dover, Delaware, DE 19904 | 17 | ||||||
Ellwood Land Holdings, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Endymion Oil Pipeline Company, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 7 | ||||||
Enterprise Oil North America Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
EPP LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
Equilon Enterprises LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Explorer Pipeline Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 26 | ||||||
Gaviota Terminal Company [d] | 150 N. Dairy Ashford, Houston, TX 77079 | 20 | ||||||
GI Energy Storage LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Husk Power Systems, Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 30 | ||||||
Hyder PVS LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Infineum USA Inc. | 1900 East Linden Avenue, Linden, NJ 07036 | 50 | ||||||
Infineum USA L.P. [f] | Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808 | 50 | ||||||
Inspire Digital Services California LLC [c] | 3402 Pico Boulevard, Suite 300, Santa Monica, CA 90405 | 100 | ||||||
Inspire Digital Services PJM LLC [c] | 3402 Pico Boulevard, Suite 300, Santa Monica, CA 90405 | 100 | ||||||
Inspire Digital Services USA LLC [c] | 3402 Pico Boulevard, Suite 300, Santa Monica, CA 90405 | 100 | ||||||
Inspire Energy Capital, LLC | 160 Greentree, Suite 101, Dover, DE 19904 | 100 | ||||||
Inspire Energy Holdings LLC [c] | 3402 Pico Boulevard, Suite 300, Santa Monica, CA 90405 | 100 | ||||||
Inspire Energy Technologies LLC [c] | 3402 Pico Boulevard, Suite 300, Santa Monica, CA 90405 | 100 | ||||||
J & J Lubrication, LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
Jiffy Lube International, Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Lazlyng Real Estate Company, LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
LOCAP LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 28 | ||||||
LOOP LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 46 | ||||||
Maple Power Holdings LLC [b] | Bechtel Enterprises, 12011 Sunset Hills Road, Reston, VA 20190 | 68 | ||||||
Mars Oil Pipeline Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 49 | ||||||
Mattox Pipeline Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 54 | ||||||
Mayflower Wind Energy LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 50 | ||||||
MP2 Energy LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
MP2 Energy NE LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
MP2 Energy NY LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
MP2 Energy Retail Holdings LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
MP2 Energy Texas LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
MP2 Generation LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
MP2 Mesquite Creek Wind LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
Mpower2 LLC [c] | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
MSTS Payments, LLC [c] | 8595 WEST 110TH STREET, OVERLAND PARK, 66210 | 100 | ||||||
Noble Assurance Company | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E20 |
Odyssey Pipeline L.L.C. [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 49 | ||||||
Oryx Caspian Pipeline, L.L.C. [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pacwest Energy, LLC. | 3450 E. Commercial Ct., Meridian, ID 83642 | 50 | ||||||
Pecten Arabian Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pecten Brazil Exploration Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pecten Midstream LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 69 | ||||||
Pecten Orient Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pecten Orient Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pecten Producing Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pecten Trading Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pecten Victoria Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pecten Yemen Masila Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pennzoil-Quaker State Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pennzoil-Quaker State International Corporation | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Pennzoil-Quaker State Nominee Company | The Corporation Trust Company of Nevada, 311 South Division Street, Carson City, NV 89703 | 100 | ||||||
Peru LNG Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 20 | ||||||
Poseidon Oil Pipeline Company, LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 25 | ||||||
Positive Energies, LLC [c] | CT Corporation System, 7700 E Arapahoe Rd, Ste 220, Centennial, CO 80112-1268 | 100 | ||||||
Power Limited Partnership [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
PR Microgrids LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Premium Velocity Auto LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Proteus Oil Pipeline Company, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 7 | ||||||
Pulse Power, LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Quaker State Investment Corporation | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
RDK Ventures, LLC | 4080 West Jonathan Moore Pike, Columbus, IN 47201 | 50 | ||||||
RK Caspian Shipping Company, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
S T Exchange, Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Sand Dollar Pipeline LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 69 | ||||||
Savion LLC [c] | 422 Admiral Blvd, Kansas, MO 64106 | 100 | ||||||
SCOGI GP [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell & Whitmore Reliability Solutions, LLC [c] | 930 Whitmore Drive, Rockwall, 75087 | 50 | ||||||
Shell (US) Gas & Power M&T Holdings, Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell California Pipeline Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Catalysts & Technologies Americas LP [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Catalysts & Technologies Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Catalysts & Technologies Holdings Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Catalysts & Technologies LP [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Catalysts & Technologies US LP [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Catalysts Ventures Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Chemical Appalachia LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Chemical LP [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Chemicals Arabia L.L.C. [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Communications, Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Deepwater Royalties Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Downstream Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Energy Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Energy Holding GP LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Energy North America (US), L.P. [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Energy Resources Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Enterprises LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell EP Holdings Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Expatriate Employment US Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Exploration & Production Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Exploration Company Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Frontier Oil & Gas Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Gas Gathering Corp. #2 | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Global Solutions (US) Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell GOM Pipeline Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Gulf of Mexico Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Information Technology International Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell International Exploration and Production Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Lake Charles Operations, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E21 |
Shell Leasing Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Legacy Holdings LLC | C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201 | 100 | ||||||
Shell Marine Products (US) Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Midstream LP Holdings LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Midstream Operating LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 69 | ||||||
Shell Midstream Partners GP LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Midstream Partners, L.P. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 69 | ||||||
Shell NA Gas & Power Holding Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell NA LNG LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell New Energies US LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell North America Gas & Power Services Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Offshore and Chemical Investments Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Offshore Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Offshore Response Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Oil Company Investments Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Oil Products Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Onshore Ventures Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
[*] Shell Petroleum Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Pipeline Company LP [d] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Pipeline GP LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Retail and Convenience Operations LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell RSC Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Thailand E&P Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Trademark Management Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Trading (US) Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Trading North America Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Trading Risk Management, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Trading Services Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Transportation Holdings LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Treasury Center (West) Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell US E&P Investments LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell US Gas & Power LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell US Hosting Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell US LNG, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
[*] Shell USA, Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell Ventures LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell WindEnergy Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Shell WindEnergy Services Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Ship Shoal Pipeline Company LLC [d] | 150 N. Dairy Ashford, Houston, TX 77079 | 43 | ||||||
Silicon Ranch Corporation | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 47 | ||||||
SOI Finance Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Sonnen Inc. | 2048 Weems Road, Bldg C, Tucker, GA 30084 | 100 | ||||||
SOPC Holdings East LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
SOPC Holdings West LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
SOPC Southeast Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Studio X LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
SWEPI LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Tejas Coral GP, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Tejas Coral Holding, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Tejas Power Generation, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Texas Petroleum Group LLC | 11111 Wilcrest Green, Suite 100, Houston, TX 77042 | 50 | ||||||
Texas-New Mexico Pipe Line Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
The Valley Camp Coal Company | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Three Wind Holdings, LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 50 | ||||||
TMR Company LLC | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Tri Star Energy LLC | 1740 Ed Temple Blvd, Nashville, TN 37208 | 33 | ||||||
Triton Diagnostics Inc. | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Triton Terminaling LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 100 | ||||||
Triton West LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 69 | ||||||
True North Energy LLC | 10346 Brecksville Rd, Brecksville, OH 44141 | 50 | ||||||
URSA Oil Pipeline Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 45 | ||||||
West Shore Pipe Line Company | Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | 19 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E22 |
Zeco Holdings, Inc. | 1013 Centre Road, County of New Castle, Delaware, Wilmington, DE 19805 | 100 | ||||||
Zeco Systems, Inc. | 1013 Centre Road, County of New Castle, Delaware, Wilmington, DE 19805 | 100 | ||||||
Zeolyst International | 3333 Hwy 6 South, Houston, TX 77082 | 50 | ||||||
Zydeco Pipeline Company LLC [c] | The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801 | 69 | ||||||
VENEZUELA | ||||||||
Shell Venezuela Productos, C.A. | Avenida Orinoco, Edificio Centro Empresarial Premium, Piso 2, Oficinas 2-A y 2-B, Urbanización Las Mercedes, Caracas, Distrito Capital, 1060 | 100 | ||||||
Shell Venezuela, S.A. | Avenida Orinoco, Edificio Centro Empresarial Premium, Piso 2, Oficinas 2-A y 2-B, Urbanización Las Mercedes, Caracas, Distrito Capital, 1060 | 100 | ||||||
Sucre Gas, S.A. | Avenida Leonardo Da Vinci, Edificio PDV Servicios, Caracas, Distrito Capital | 30 | ||||||
VIETNAM | ||||||||
Shell Vietnam Ltd | Go Dau Industrial Zone, Phuoc Thai Commune, Long Thanh District, Dong Nai Province | 100 | ||||||
ZIMBABWE | ||||||||
Central African Petroleum Refineries (Private) Limited | Block 1, Tendeseka Office Park, CNR Samora Machel Avenue, Renfrew Road, Harare | 21 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2020 | E23 |
Exhibit 12.1 | |||||
/s/ Ben van Beurden | |||||
Ben van Beurden | |||||
Chief Executive Officer | |||||
March 9, 2022 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 |
Exhibit 12.2 | |||||
/s/ Jessica Uhl | ||
Jessica Uhl | ||
Chief Financial Officer | ||
March 9, 2022 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 1 |
Exhibit 13.1 | |||||
/s/ Ben van Beurden | |||||
Ben van Beurden | |||||
Chief Executive Officer |
/s/ Jessica Uhl | |||||
Jessica Uhl | |||||
Chief Financial Officer | |||||
March 9, 2022 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 1 |
Exhibit 99.1 | |||||
/s/ Ernst & Young LLP | |||||
Ernst & Young LLP | |||||
London, United Kingdom | |||||
March 9, 2022 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 1 |
Exhibit 99.2 | |||||
/s/ Ernst & Young LLP | |||||
Ernst & Young LLP | |||||
London, United Kingdom | |||||
March 9, 2022 |
ADDITIONAL INFORMATION SHELL FORM 20-F 2021 | 1 |