•Q3 2023 Adjusted Earnings of $6.2 billion, reflecting robust operational performance and higher oil prices and refining margins. CFFO of $12.3 billion for the quarter, with a $0.4 billion working capital inflow, despite higher oil prices.
•Enhancing shareholder distributions with $3.5 billion share buybacks announced, expected to be completed by Q4 2023 results announcement. Total announced distributions for 2023 ~$23 billion, with dividend per share this quarter being 32% higher than in Q3 2022.
•Demonstrating capital discipline with cash capex outlook for 2023 of $23 – 25 billion.
• CFFO of $12.3 billion for Q3 2023 includes a working capital inflow of $0.4 billion, with the impact of higher prices on inventory offset by favourable timing effects of accounts payable / receivable. Stable net debt, $40.5 billion at the end of Q3 2023.
Q3 2023 FINANCIAL PERFORMANCE DRIVERS
• djusted Earnings similar to Q2 2023, reflecting favourable trading and optimisation results combined with higher realised liquids prices offset by lower volumes. Trading and optimisation results were higher than in Q2 2023, benefiting from stable supply and capturing additional optimisation opportunities.
• Q4 2023 outlook reflects ongoing maintenance at Prelude and lower expected liquefaction volumes from Egypt.
UPSTREAM
• justed Earnings higher in Q3 2023 due to higher oil prices and higher production volumes. Production was higher, with strong performance in Deep Water.
• Q4 2023 production outlook reflects the closure of the Groningen gas field.

MARKETING
• djusted Earnings impacted by compressed fuels margins due to rising feedstock costs in Mobility, offset by improved margin performance in Sectors & Decarbonisation. Adjusted Earnings also reflect one-off tax charges.

CHEMICALS & PRODUCTS
•Higher refining margins in Q3 2023 driven by lower global product supply combined with higher demand. Chemicals margins continue to be impacted by weak demand. Trading and optimisation margins are higher than in Q2 2023.
•Q4 2023 Refinery utilisation outlook lower than Q3 2023 due to planned maintenance activities in North America.

RENEWABLES & ENERGY SOLUTIONS
•Adjusted Earnings are lower than in Q2 2023 mainly driven by lower margins due to seasonal impacts, primarily in Europe, and lower trading and optimisation results.

CORPORATE
•The Adjusted Earnings outlook is a net expense of $2.8 – 3.0 billion for the full year 2023. This excludes the impact of currency exchange rate and fair value accounting effects.
Source: Shell