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“Shell”, “Shell Group” and “Group” are sometimes used for
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Forward-looking statements
This content contains forward-looking statements (within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995) concerning the financial condition, results of operations
and businesses of Shell. All statements other than statements of
historical fact are, or may be deemed to be, forward-looking
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and assumptions and involve known and unknown risks and
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events to differ materially from those expressed or implied in
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and production results; (e) reserves estimates; (f) loss of
market share and industry competition; (g) environmental and
physical risks; (h) risks associated with the identification of
suitable potential acquisition properties and targets, and
successful negotiation and completion of such transactions; (i)
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addressing climate change; (k) economic and financial market
conditions in various countries and regions; (l) political
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the terms of contracts with governmental entities, delays or
advancements in the approval of projects and delays in the
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impact of pandemics, such as the COVID-19 (coronavirus)
outbreak; and (n) changes in trading conditions. No assurance is
provided that future dividend payments will match or exceed
previous dividend payments. All forward-looking statements
contained in this content are expressly qualified in their
entirety by the cautionary statements contained or referred to
in this section. Readers should not place undue reliance on
forward-looking statements. Additional risk factors that may
affect future results are contained in Shell plc’s Form 20-F for
the year ended December 31, 2022 (available at
www.shell.com/investor and www.sec.gov). These risk factors also
expressly qualify all forward-looking statements contained in
this content and should be considered by the reader. Each
forward-looking statement speaks only as of the date of this
content, March 20, 2023. Neither Shell plc nor any of its
subsidiaries undertake any obligation to publicly update or
revise any forward-looking statement as a result of new
information, future events or other information. In light of
these risks, results could differ materially from those stated,
implied or inferred from the forward-looking statements
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Shell’s net-carbon intensity
Also, in this content we may refer to Shell’s “net carbon
intensity”, which include Shell’s carbon emissions from the
production of our energy products, our suppliers’ carbon
emissions in supplying energy for that production and our
customers’ carbon emissions associated with their use of the
energy products we sell. Shell only controls its own emissions.
The use of the term Shell’s “net carbon intensity” is for
convenience only and not intended to suggest these emissions are
those of Shell plc or its subsidiaries.
Shell’s net zero-emissions target
Shell’s operating plan, outlook and budgets are forecasted for a
ten-year period and are updated every year. They reflect the
current economic environment and what we can reasonably expect
to see over the next ten years. Accordingly, they reflect our
Scope 1, Scope 2 and net carbon intensity (NCI) targets over the
next ten years. However, Shell’s operating plans cannot reflect
our 2050 net-zero emissions target and 2035 NCI target, as these
targets are currently outside our planning period. In the
future, as society moves towards net-zero emissions, we expect
Shell’s operating plans to reflect this movement. However, if
society is not net zero in 2050, as of today, there would be
significant risk that Shell may not meet this target.
Forward-looking non-GAAP measures
This content may contain certain forward-looking non-GAAP
measures such as cash capital expenditure and divestments. We
are unable to provide a reconciliation of these forward-looking
non-GAAP measures to the most comparable GAAP financial measures
because certain information needed to reconcile those Non-GAAP
measures to the most comparable GAAP financial measures is
dependent on future events some of which are outside the control
of Shell, such as oil and gas prices, interest rates and
exchange rates. Moreover, estimating such GAAP measures with the
required precision necessary to provide a meaningful
reconciliation is extremely difficult and could not be
accomplished without unreasonable effort. Non-GAAP measures in
respect of future periods which cannot be reconciled to the most
comparable GAAP financial measure are calculated in a manner
which is consistent with the accounting policies applied in
Shell plc’s consolidated financial statements.
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We may have used certain terms, such as resources, in this
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filings with the SEC. Investors are urged to consider closely
the disclosure in our Form 20-F, File No 1-32575, available on
the SEC website www.sec.gov.
