London, October 27, 2022 Shell plc Chief Executive Officer, Ben van Beurden
"We are delivering robust results at a time of ongoing volatility in global energy markets. We continue to strengthen Shell's
portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working
closely with governments and customers to address their short and long-term energy needs.
Today we are announcing a new share buyback programme resulting in an additional $4 billion of distributions, which we
expect to complete by our Q4 2022 results announcement. Furthermore, we plan to increase the dividend per share (DPS) for
the fourth quarter, which will be paid in March 2023, by an expected 15%, subject to Board approval."
ROBUST RESULTS FROM A RESILIENT PORTFOLIO
• Robust performance in a turbulent economic environment with lower crude prices and higher gas prices compared with Q2
2022. Adjusted Earnings of $9.5 billion in Q3 2022, with Adjusted EBITDA of $21.5 billion.
• Strengthening and simplifying the portfolio through the energy transition with completion of the Sprng Energy (India)
acquisition, participation in the North Field South LNG expansion (Qatar) in October, the Rosmari-Marjoram field FID
(Malaysia), the announced Aera Energy divestment (California, USA) and the acquisition of Shell Midstream Partners (USA).
• Disciplined cash capex: expected to be in the $23 - 27 billion range in 2022, evenly split between our Growth, Transition and
Upstream pillars.
• $4 billion share buybacks announced, expected to be completed by Q4 2022 results announcement; total distributions in
excess of 30% of CFFO for the last four quarters. Subject to Board approval, intention to increase DPS by an expected 15%
for the fourth quarter, which will be paid in March 2023. Announced 2022 shareholder distributions ~$26 billion.
• Wael Sawan to succeed Ben van Beurden as Chief Executive Officer, effective January 1, 2023