Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity File Number | 1-32575 |
Entity Registrant Name | Shell plc |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001306965 |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Profit or loss [abstract] | ||||||
Revenue | [1],[2] | $ 100,059 | $ 84,204 | $ 60,515 | $ 184,263 | $ 116,181 |
Share of profit/(loss) of joint ventures and associates | [2] | 2,031 | (303) | 1,114 | 1,728 | 2,108 |
Interest and other income/(expenses) | [2],[3] | 993 | (737) | 134 | 257 | 2,590 |
Total revenue and other income/(expenses) | 103,083 | 83,164 | 61,764 | 186,247 | 120,879 | |
Purchases | 66,658 | 55,657 | 39,717 | 122,315 | 74,086 | |
Production and manufacturing expenses | 6,359 | 6,029 | 5,162 | 12,389 | 11,970 | |
Selling, distribution and administrative expenses | [2] | 2,924 | 3,239 | 3,107 | 6,163 | 5,569 |
Research and development | 264 | 189 | 201 | 452 | 366 | |
Exploration | 370 | 269 | 332 | 639 | 617 | |
Depreciation, depletion and amortisation | [2],[4] | (348) | 6,295 | 8,223 | 5,947 | 14,119 |
Interest expense | 695 | 711 | 893 | 1,406 | 1,784 | |
Total expenditure | 76,923 | 72,388 | 57,634 | 149,311 | 108,512 | |
Income/(loss) before taxation | 26,160 | 10,776 | 4,130 | 36,936 | 12,367 | |
Taxation charge/(credit) | 7,922 | 3,457 | 571 | 11,379 | 3,024 | |
Income/(loss) for the period | [1] | 18,238 | 7,319 | 3,559 | 25,557 | 9,343 |
Income/(loss) attributable to non-controlling interest | 198 | 203 | 131 | 401 | 255 | |
Income/(loss) attributable to Shell plc shareholders | $ 18,040 | $ 7,116 | $ 3,428 | $ 25,156 | $ 9,087 | |
Basic earnings per share ($ per share) | [5] | $ 2.42 | $ 0.94 | $ 0.44 | $ 3.34 | $ 1.17 |
Diluted earnings per share ($ per share) | [5] | $ 2.40 | $ 0.93 | $ 0.44 | $ 3.31 | $ 1.16 |
[1]See Note 2 “Segment information”.[2]See Note 9 “Withdrawal from Russian oil and gas activities”.[3] See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Statement of comprehensive income [abstract] | ||||||
Income/(loss) for the period | [1] | $ 18,238 | $ 7,319 | $ 3,559 | $ 25,557 | $ 9,343 |
Items that may be reclassified to income in later periods: | ||||||
– Currency translation differences | (2,644) | 259 | 575 | (2,385) | (277) | |
– Debt instruments remeasurements | (24) | (41) | (2) | (65) | (16) | |
– Cash flow hedging gains/(losses) | (98) | 267 | (84) | 169 | 48 | |
– Net investment hedging gains/(losses) | 211 | 50 | (51) | 261 | 120 | |
– Deferred cost of hedging | 9 | 212 | (20) | 222 | (54) | |
– Share of other comprehensive income/(loss) of joint ventures and associates | (22) | 190 | (7) | 168 | (63) | |
Total | (2,567) | 938 | 410 | (1,630) | (242) | |
Items that are not reclassified to income in later periods: | ||||||
– Retirement benefits remeasurements | 5,712 | 1,718 | 1,675 | 7,430 | 6,303 | |
– Equity instruments remeasurements | (457) | 24 | 10 | (433) | 50 | |
– Share of other comprehensive income/(loss) of joint ventures and associates | 36 | (74) | (42) | (38) | (67) | |
Total | 5,291 | 1,668 | 1,643 | 6,959 | 6,285 | |
Other comprehensive income/(loss) for the period | 2,724 | 2,606 | 2,053 | 5,330 | 6,044 | |
Comprehensive income/(loss) for the period | 20,962 | 9,925 | 5,612 | 30,887 | 15,386 | |
Comprehensive income/(loss) attributable to non-controlling interest | 327 | 218 | 145 | 545 | 266 | |
Comprehensive income/(loss) attributable to Shell plc shareholders | $ 20,635 | $ 9,707 | $ 5,467 | $ 30,342 | $ 15,121 | |
[1]See Note 2 “Segment information”. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Non-current assets | |||
Intangible assets | $ 25,540 | $ 24,693 | |
Property, plant and equipment | [1] | 200,122 | 194,932 |
Joint ventures and associates | 23,264 | 23,415 | |
Investments in securities | 3,507 | 3,797 | |
Deferred tax | [2] | 8,575 | 12,426 |
Retirement benefits | [2] | 14,973 | 8,471 |
Trade and other receivables | 5,853 | 7,065 | |
Derivative financial instruments | [3] | 839 | 815 |
Non-current assets | 282,674 | 275,614 | |
Current assets | |||
Inventories | 36,087 | 25,258 | |
Trade and other receivables | 66,708 | 53,208 | |
Derivative financial instruments | [3] | 23,257 | 11,369 |
Cash and cash equivalents | 38,970 | 36,970 | |
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 165,022 | 126,805 | |
Assets classified as held for sale | [2] | 203 | 1,960 |
Current assets | 165,224 | 128,765 | |
Total assets | 447,898 | 404,379 | |
Non-current liabilities | |||
Debt | 77,220 | 80,868 | |
Trade and other payables | 3,829 | 2,075 | |
Derivative financial instruments | [3] | 3,238 | 887 |
Deferred tax | [2] | 16,145 | 12,547 |
Retirement benefits | [2] | 8,693 | 11,325 |
Decommissioning and other provisions | 25,798 | 25,804 | |
Non-current liabilities | 134,922 | 133,506 | |
Current liabilities | |||
Debt | 6,521 | 8,218 | |
Trade and other payables | 75,445 | 63,173 | |
Derivative financial instruments | [3] | 28,881 | 16,311 |
Income taxes payable | 4,506 | 3,254 | |
Decommissioning and other provisions | 2,943 | 3,338 | |
Current liabilities other than liabilities included in disposal groups classified as held for sale | 118,295 | 94,294 | |
Liabilities directly associated with assets classified as held for sale | [2] | 382 | 1,253 |
Current liabilities | 118,678 | 95,547 | |
Total liabilities | 253,600 | 229,053 | |
Equity attributable to Shell plc shareholders | 190,500 | 171,966 | |
Non-controlling interest | 3,799 | 3,360 | |
Total equity | 194,299 | 175,326 | |
Total liabilities and equity | $ 447,898 | $ 404,379 | |
[1]See Note 8 “Impairments and reversals of impairments”.[2]See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.[3]See Note 6 “Derivative financial instruments and debt excluding lease liabilities”. |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Total | Share capital | [1] | Shares held in trust | Other reserves | Retained earnings | Non-controlling interest | ||
Beginning balance at Dec. 31, 2020 | $ 158,537 | $ 155,310 | $ 651 | $ (709) | $ 12,752 | [2] | $ 142,616 | $ 3,227 | ||
Comprehensive income/(loss) for the period | 15,386 | 15,121 | 6,033 | [2] | 9,087 | 266 | ||||
Transfer from other comprehensive income | 0 | 0 | (15) | [2] | 15 | |||||
Dividends | [3] | (2,886) | (2,620) | (2,620) | (265) | |||||
Repurchases of shares | 0 | |||||||||
Share-based compensation | 190 | 190 | 350 | (219) | [2] | 59 | ||||
Other changes | 15 | (2) | (2) | 16 | ||||||
Ending balance at Jun. 30, 2021 | 171,243 | 167,999 | 651 | (358) | 18,552 | [2] | 149,155 | 3,244 | ||
Beginning balance at Dec. 31, 2021 | 175,326 | 171,966 | 641 | (610) | 18,909 | [2] | 153,026 | 3,360 | ||
Comprehensive income/(loss) for the period | 30,887 | 30,342 | 5,186 | [2] | 25,156 | 545 | ||||
Transfer from other comprehensive income | 0 | 0 | 13 | [2] | (13) | |||||
Dividends | [3] | (3,790) | (3,680) | (3,680) | (110) | |||||
Repurchases of shares | [4] | (8,544) | (8,544) | (27) | 27 | [2] | (8,544) | |||
Share-based compensation | 465 | 465 | 427 | (137) | [2] | 175 | ||||
Other changes | (47) | (49) | (49) | 3 | ||||||
Ending balance at Jun. 30, 2022 | $ 194,299 | $ 190,500 | $ 614 | $ (184) | $ 23,998 | [2] | $ 166,072 | $ 3,799 | ||
[1]See Note 4 “Share capital”.[2]See Note 5 “Other reserves”.[3]The amount charged to retained earnings is based on prevailing exchange rates on payment date.[4]Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter. |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Statement of cash flows [abstract] | ||||||
Income before taxation for the period | $ 26,160 | $ 10,776 | $ 4,130 | $ 36,936 | $ 12,367 | |
Adjustment for: | ||||||
– Interest expense (net) | 551 | 599 | 797 | 1,150 | 1,554 | |
– Depreciation, depletion and amortisation | [1] | (348) | 6,295 | 8,223 | 5,947 | 14,119 |
– Exploration well write-offs | 189 | 79 | 108 | 268 | 244 | |
– Net (gains)/losses on sale and revaluation of non-current assets and businesses | (334) | (193) | 55 | (527) | (2,018) | |
– Share of (profit)/loss of joint ventures and associates | [2] | (2,031) | 303 | (1,114) | (1,728) | (2,108) |
– Dividends received from joint ventures and associates | 1,245 | 926 | 782 | 2,171 | 1,361 | |
– (Increase)/decrease in inventories | (6,833) | (4,914) | (2,495) | (11,747) | (5,921) | |
– (Increase)/decrease in current receivables | (4,066) | (10,005) | (4,080) | (14,071) | (10,909) | |
– Increase/(decrease) in current payables | 6,656 | 7,495 | 5,016 | 14,150 | 10,881 | |
– Derivative financial instruments | (1,779) | 3,495 | 2,173 | 1,716 | 2,358 | |
– Retirement benefits | 123 | 247 | 47 | 370 | 156 | |
– Decommissioning and other provisions | 571 | (9) | (124) | 562 | (46) | |
– Other | [3] | 1,706 | 1,876 | 561 | 3,582 | 1,145 |
Tax paid | (3,155) | (2,155) | (1,465) | (5,310) | (2,274) | |
Cash flow from operating activities | 18,655 | 14,815 | 12,617 | 33,470 | 20,910 | |
Capital expenditure | (6,677) | (4,237) | (4,232) | (10,914) | (8,117) | |
Investments in joint ventures and associates | (264) | (755) | (115) | (1,019) | (184) | |
Investments in equity securities | (83) | (72) | (36) | (156) | (57) | |
Proceeds from sale of property, plant and equipment and businesses | 783 | 557 | 1,162 | 1,340 | 4,268 | |
Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans | 51 | 138 | 4 | 190 | 279 | |
Proceeds from sale of equity securities | 4 | 12 | 108 | 16 | 139 | |
Interest received | 160 | 92 | 110 | 252 | 209 | |
Other investing cash inflows | 293 | 753 | 799 | 1,046 | 1,510 | |
Other investing cash outflows | (474) | (762) | (746) | (1,236) | (1,583) | |
Cash flow from investing activities | (6,207) | (4,273) | (2,946) | (10,481) | (3,535) | |
Net increase/(decrease) in debt with maturity period within three months | 640 | 131 | (34) | 772 | 79 | |
Other debt: | ||||||
– New borrowings | 35 | 101 | 57 | 135 | 166 | |
– Repayments | (2,531) | (2,541) | (3,901) | (5,072) | (9,607) | |
Interest paid | (1,090) | (657) | (1,162) | (1,747) | (1,968) | |
Derivative financial instruments | (828) | (483) | (57) | (1,311) | (506) | |
Change in non-controlling interest | 2 | 3 | 0 | 5 | 15 | |
Cash dividends paid to: | ||||||
– Shell plc shareholders | [4] | (1,851) | (1,950) | (1,310) | (3,802) | (2,602) |
– Non-controlling interest | (63) | (47) | (140) | (110) | (265) | |
Repurchases of shares | (5,541) | (3,472) | 0 | (9,013) | (216) | |
Shares held in trust: net sales/(purchases) and dividends received | 78 | (103) | (2) | (25) | (65) | |
Cash flow from financing activities | (11,150) | (9,019) | (6,550) | (20,168) | (14,970) | |
Effects of exchange rate changes on cash and cash equivalents | (688) | (134) | (2) | (822) | (130) | |
Increase/(decrease) in cash and cash equivalents | 609 | 1,389 | 3,119 | 1,999 | 2,275 | |
Cash and cash equivalents at beginning of period | 38,360 | 36,970 | 30,985 | 36,970 | 31,830 | |
Cash and cash equivalents at end of period | $ 38,970 | $ 38,360 | $ 34,104 | $ 38,970 | $ 34,104 | |
[1]See Note 8 “Impairments and reversals of impairments”.[2]See Note 9 “Withdrawal from Russian oil and gas activities”.[3]See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.[4]Cash dividends paid represents the payment of net dividends (after deduction of withholding taxes where applicable) and payment of withholding taxes on dividends paid in the previous quarter. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Basis Of Preparation Of Financial Statements [Abstract] | |
Basis of Preparation | Basis of preparation These unaudited Condensed Consolidated Interim Financial Statements (“Interim Statements”) of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts (pages 228 to 283) and Form 20-F (pages 204 to 261) for the year ended December 31, 2021 as filed with the Registrar of Companies for England and Wales, the Autoriteit Financiële Markten (the Netherlands) and the US Securities and Exchange Commission, and should be read in conjunction with these filings. The financial information presented in the unaudited Interim Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2021 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell's Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act. Going concern These unaudited Interim Statements have been prepared on the going concern basis of accounting. In assessing the appropriateness of the going concern assumption over the period to December 31, 2023 (the “going concern period”), management have stress tested Shell’s most recent financial projections to incorporate a range of potential future outcomes by considering Shell’s principal risks, potential downside pressures on commodity prices and cash preservation measures, including reduced future operating costs, capital expenditure, shareholder distributions and increased divestments. This assessment confirmed that Shell has adequate cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due in order to continue its operations during the going concern period. Therefore, the Directors consider it appropriate to continue to adopt the going concern basis of accounting in preparing these unaudited Interim Statements. Key accounting considerations, significant judgements and estimates Future long-term commodity price assumptions and management’s view on the future development of refining margins represent a significant estimate. Future long-term commodity price assumptions were subject to change in the second quarter 2022, resulting in reversal of impairment losses recognised previously. See Note 8. Changes to IFRS not yet adopted IFRS 17 Insurance contracts was issued in 2017, with amendments published in 2020 and 2021, and is required to be adopted for annual reporting periods beginning on or after January 1, 2023. Shell is in the process of implementing the standard. The standard is not expected to have a significant effect on future financial reporting. |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2022 | |
Operating Segments [Abstract] | |
Segment information | Segment information As from January 1, 2022, onwards reporting segments are aligned with Shell’s Powering Progress strategy. The Renewables and Energy Solutions business is now reported separately from Integrated Gas. Oil Products and Chemicals were reorganised into two segments – Marketing and Chemicals and Products. The shales assets in Canada are now reported as part of the Integrated Gas segment instead of the Upstream segment. Prior period comparatives have been revised to conform with current year presentation. The reporting segment changes have no impact on a Shell Group level. Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices. INFORMATION BY SEGMENT Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 Third-party revenue 12,403 14,074 5,537 Integrated Gas 26,477 11,559 2,253 1,531 2,281 Upstream 3,784 4,217 34,121 26,136 20,165 Marketing 60,257 36,742 39,793 33,420 28,861 Chemicals and Products 73,213 54,752 11,477 9,026 3,658 Renewables and Energy Solutions 20,503 8,885 12 16 12 Corporate 28 26 100,059 84,204 60,515 Total third-party revenue¹ 184,263 116,181 Inter-segment revenue 4,176 3,532 1,871 Integrated Gas 7,708 3,470 13,951 11,940 8,793 Upstream 25,892 15,852 153 101 55 Marketing 254 108 718 667 505 Chemicals and Products 1,385 875 1,522 1,242 785 Renewables and Energy Solutions 2,764 1,668 — — — Corporate — — CCS earnings 8,103 3,079 969 Integrated Gas 11,183 3,421 6,391 3,095 2,458 Upstream 9,486 3,370 836 165 977 Marketing 1,000 1,633 2,131 1,072 (508) Chemicals and Products 3,203 152 (173) (1,536) (564) Renewables and Energy Solutions (1,709) (282) (529) (736) (592) Corporate (1,264) (1,124) 16,759 5,140 2,741 Total CCS earnings 21,899 7,171 1. Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. Second quarter 2022 included income of $3,477 million(Q1 2022: $1,700 million losses; Q2 2021: $340 million losses). This amount includes both the reversal of prior losses of $2,094 million (Q1 2022: $2,867 million losses; Q2 2021: $374 million losses) related to sales contracts and prior gains of $1,982 million (Q1 2022: $2,137 million gains; Q2 2021: $434 million gains) related to purchase contracts that were previously recognised and where physical settlement took place in the second quarter 2022. RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 18,040 7,116 3,428 Income/(loss) attributable to Shell plc shareholders 25,156 9,087 198 203 131 Income/(loss) attributable to non-controlling interest 401 255 18,238 7,319 3,559 Income/(loss) for the period 25,557 9,343 Current cost of supplies adjustment: (1,929) (2,794) (994) Purchases (4,723) (2,625) 496 682 208 Taxation 1,178 562 (46) (68) (33) Share of profit/(loss) of joint ventures and associates (114) (108) (1,479) (2,180) (818) Current cost of supplies adjustment (3,659) (2,172) of which: (1,363) (2,090) (793) Attributable to Shell plc shareholders (3,453) (2,108) (116) (89) (25) Attributable to non-controlling interest (205) (64) 16,759 5,140 2,741 CCS earnings 21,899 7,171 of which: 16,677 5,026 2,634 CCS earnings attributable to Shell plc shareholders 21,703 6,980 82 114 106 CCS earnings attributable to non-controlling interest 196 191 |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share [abstract] | |
Earnings per Share | Earnings per share EARNINGS PER SHARE Quarters Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 18,040 7,116 3,428 Income/(loss) attributable to Shell plc shareholders ($ million) 25,156 9,087 Weighted average number of shares used as the basis for determining: 7,453.2 7,603.0 7,790.1 Basic earnings per share (million) 7,527.7 7,786.1 7,518.5 7,661.6 7,835.9 Diluted earnings per share (million) 7,589.6 7,834.2 |
Share capital
Share capital | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital | Share capital ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH 1 Number of shares Nominal value ($ million) A B Ordinary shares A B Ordinary shares Total At January 1, 2022 4,101,239,499 3,582,892,954 345 296 641 Repurchases of shares before assimilation — (34,106,548) — (3) (3) Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022 (4,101,239,499) (3,548,786,406) 7,650,025,905 (345) (293) 638 — Repurchases of B shares on January 27 and 28, 2022, cancelled as ordinary shares on February 2 and 3, 2022 (507,742) — — Repurchases of shares after assimilation (294,476,534) (25) (25) At June 30, 2022 7,355,041,629 614 614 At January 1, 2021 4,101,239,499 3,706,183,836 345 306 651 At June 30, 2021 4,101,239,499 3,706,183,836 345 306 651 1. . Share capital at June 30, 2022 also included 50,000 issued and fully paid sterling deferred shares of £1 each. On January 29, 2022, as part of the simplification announced on December 20, 2021, the Company's A shares and B shares assimilated into a single line of ordinary shares. This is reflected in the above table. |
Other reserves
Other reserves | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Other reserves | Other reserves OTHER RESERVES $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total At January 1, 2022 37,298 154 139 964 (19,646) 18,909 Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — 5,186 5,186 Transfer from other comprehensive income — — — — 13 13 Repurchases of shares — — 27 — — 27 Share-based compensation — — — (137) — (137) At June 30, 2022 37,298 154 168 827 (14,447) 23,998 At January 1, 2021 37,298 154 129 906 (25,735) 12,752 Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — 6,033 6,033 Transfer from other comprehensive income — — — — (15) (15) Repurchases of shares — — — — — — Share-based compensation — — — (219) — (219) At June 30, 2021 37,298 154 129 687 (19,717) 18,552 |
Derivative financial instrument
Derivative financial instruments and debt excluding lease liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments [Abstract] | |
Derivative financial instruments and debt excluding lease liabilities | Derivative financial instruments and debt excluding lease liabilities As disclosed in the Consolidated Financial Statements for the year ended December 31, 2021, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at June 30, 2022, are consistent with those used in the year ended December 31, 2021, though the carrying amounts of derivative financial instruments measured using predominantly unobservable inputs have changed since that date. The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures. DEBT EXCLUDING LEASE LIABILITIES $ million June 30, 2022 December 31, 2021 Carrying amount 56,709 61,579 Fair value¹ 54,304 67,066 |
Other notes to the unaudited Co
Other notes to the unaudited Condensed Consolidated Interim Financial Statements | 6 Months Ended |
Jun. 30, 2022 | |
Other notes to the unaudited Condensed Consolidated Interim Financial Statements [Abstract] | |
Other notes to the unaudited Condensed Consolidated Interim Financial Statements | Other notes to the unaudited Condensed Consolidated Interim Financial Statements Consolidated Statement of Income Interest and other income Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 993 (737) 134 Interest and other income/(expenses) 257 2,590 of which: 144 111 95 Interest income 255 230 198 1 34 Dividend income (from investments in equity securities) 199 35 334 193 (55) Net gains on sales and revaluation of non-current assets and businesses 527 2,018 166 15 4 Net foreign exchange gains/(losses) on financing activities 182 90 151 (1,057) 56 Other (907) 217 For the first quarter 2022, Other includes the write-down of the loan to Nord Stream 2 amounting to $1,126 million. See Note 9. Condensed Consolidated Balance Sheet Application of IAS 29 Financial Reporting in Hyperinflationary Economies As from the second quarter 2022, Shell applies IAS 29 Financial Reporting in Hyperinflationary Economies (IAS 29) for its Turkish lira functional currency entities. The application of IAS 29 had no significant impact. Deferred tax $ million June 30, 2022 December 31, 2021 Non-current assets Deferred tax 8,575 12,426 Non-current liabilities Deferred tax 16,145 12,547 Net deferred liability (7,570) (121) The presentation in the balance sheet takes into consideration the offsetting of deferred tax assets and deferred tax liabilities within the same tax jurisdiction, where this is permitted. The overall deferred tax position in a particular tax jurisdiction determines if a deferred tax balance related to that jurisdiction is presented within deferred tax assets or deferred tax liabilities. Shell's net deferred tax position was a liability of $7,570 million at June 30, 2022 (December 31, 2021: $121 million). The increase in the net liability since December 31, 2021, was mainly driven by utilisation of tax losses ($2.4 billion), pension remeasurements ($2.4 billion) and impairment reversals ($1.8 billion). On July 14, 2022, the Energy (Oil & Gas) Profits Levy Act 2022 (EPL) was enacted in the United Kingdom which applies an additional tax on the profits earned by oil and gas companies from the production of oil and gas on the United Kingdom Continental Shelf. The new tax will be applied to income generated after May 26, 2022 and its introduction is expected to have a negative impact of some $400 million on the deferred tax position recognised in the balance sheet at June 30, 2022. Assets classified as held for sale $ million June 30, 2022 December 31, 2021 Assets classified as held for sale 203 1,960 Liabilities directly associated with assets classified as held for sale 382 1,253 Assets classified as held for sale and associated liabilities at June 30, 2022 relate to one entity held for sale. The major classes of assets and liabilities classified as held for sale are Property, plant and equipment ($129 million; December 31, 2021: $896 million) and Trade and other payables ($228 million; December 31, 2021: $375 million). Retirement benefits $ million June 30, 2022 December 31, 2021 Non-current assets Retirement benefits 14,973 8,471 Non-current liabilities Retirement benefits 8,693 11,325 Surplus/(deficit) 6,280 (2,854) Amounts recognised in the balance sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis. The change of the net retirement benefit liability as at December 31, 2021, into the net retirement benefit asset as at June 30, 2022, is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone as well as a decrease in long-term UK and Eurozone inflation rate expectations since the end of Q1 2022 partly offset by losses on plan assets. Consolidated Statement of Cash Flows Cash flow from operating activities - Other Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 1,706 1,876 561 Other 3,582 1,145 Cash flow from operating activities - Other for the second quarter 2022 includes $685 million of net inflows (first quarter 2022: $490 million; second quarter 2021: $710 million) due to the timing of payments relating to emissions and biofuel programmes in Europe and North America and $425 million (first quarter 2022: $115 million; second quarter 2021: $11 million) in relation to reversal of currency losses on Cash and cash equivalents.In the first quarter 2022, it also included $1,126 million for the write-down of the Nord Stream 2 loan (see Note 9). |
Impairments and reversals
Impairments and reversals | 6 Months Ended |
Jun. 30, 2022 | |
Impairment Of Assets [Abstract] | |
Impairments and reversals | Impairments and reversals of impairments Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 (348) 6,295 8,223 Depreciation, depletion and amortisation 5,947 14,119 of which: 5,608 5,388 5,890 Depreciation 10,997 11,702 153 907 2,334 Impairments 1,059 2,622 (6,109) — (1) Impairment reversals (6,109) (205) The gain in the second quarter 2022 resulting from reversals of impairments recognised previously was mainly triggered by revision of Shell's mid- and long-term commodity price assumptions reflecting the current energy market demand and supply fundamentals. In the second quarter 2022, gains from reversals were recognised of $6,169 million pre-tax (first quarter 2022: zero, second quarter 2021: $1 million), of which $6,109 million (first quarter 2022: zero, second quarter 2021: $1 million) recognised in depreciation, depletion and amortisation and $60 million (first quarter 2022: zero, second quarter 2021: zero) recognised in share of profit of joint ventures and associates . Gains from reversals of impairments of $6,109 million pre-tax ($4,355 million post-tax) are mainly related to i) Integrated Gas for $3,450 million pre-tax ($2,448 million post-tax), mainly relating to the QGC Integrated Gas asset, ii) Upstream for $2,523 million pre-tax ($1,771 million post-tax), mainly related to two offshore projects in Brazil and an asset in the US Gulf of Mexico, and iii) to Marketing for $136 million pre-tax ($136 million post-tax). For impairment testing purposes and potential reversal of impairments recognised previously, the respective carrying amounts of property, plant and equipment and intangible assets were compared with their value in use. Cash flow projections used in the determination of value in use were made using management’s forecasts of commodity prices, market supply and demand, operational and capital expenditures, potential costs associated with operational GHG emissions and expected production volumes. The discount rate applied is based on a nominal post-tax weighted average cost of capital (WACC) of 5% (2021: 5%) for the Renewables and Energy Solutions segment and a nominal post-tax WACC of 6.5% (2021: 6.5%) for all other segments. Oil and gas price assumptions applied for impairment testing in Integrated Gas and Upstream are reviewed and, where necessary, adjusted on a periodic basis. Reviews include comparison with available market data and forecasts that reflect developments in demand such as global economic growth, technology efficiency, and policy measures. Factors impacting supply include consideration of investment and resource potential, cost of development of new supply, and behaviour of major resource holders. The near-term commodity price assumptions applied in the relevant impairment testing in the second quarter 2022 were as follows: Commodity price assumptions [A] 2023 2024 2025 2026 Brent crude oil ($/b) 80 70 70 71 Henry Hub natural gas ($/MMBtu) 4.00 3.50 3.50 3.98 [A] Money of the day. For periods after 2026, the real-term price assumptions applied were $65 per barrel (/b) for Brent crude oil and $4.00 per million British thermal units (/MMBtu) for Henry Hub natural gas. |
Withdrawal from Russian oil and
Withdrawal from Russian oil and gas activities | 6 Months Ended |
Jun. 30, 2022 | |
Interest in other entities [Abstract] | |
Intent to withdraw from Russian oil and gas activities | Withdrawal from Russian oil and gas activities Following the invasion of Ukraine by Russia, Shell announced in the first quarter 2022 its intent to: a. Withdraw from its ventures in Russia with Gazprom and related entities, and to end its involvement in the Nord Stream 2 pipeline project; b. Withdraw from its service station and lubricants operations in Russia. Shell is working on a plan to help to achieve this in a phased manner, ensuring it is done safely for Shell's staff and operations; c. Orderly withdrawal from its involvement in all Russian hydrocarbons, including crude oil, petroleum products, gas and LNG in a phased manner, aligned with new government guidance. Since these announcements, Shell has stopped all spot purchases of Russian crude, liquefied natural gas, and of cargoes of refined products directly exported from Russia. Shell will not renew long-term contracts for Russian oil, unless under explicit government direction, but is still legally obliged to take delivery of crude bought under contracts that were signed before the invasion. By the end of this year, all of Shell's long-term 3rd party purchases of Russian crude will stop, except for two contracts with a small, independent Russian producer. All of Shell's contracts to purchase refined products exported from Russia will also end. Shell still has long-term contractual commitments for Russian LNG. Reducing European reliance on piped natural gas supplies from Russia is also a very complex challenge that requires concerted action by governments, as well as energy suppliers and customers. Subsequently, this led to recognition of net pre-tax charges of $4,235 million (post-tax: $3,894 million) in the first quarter 2022 and of net pre-tax negative charges of $111 million (post-tax: $136 million) in the second quarter 2022. These were recognised in: Q2 2022 Q1 2022 Half year 2022 Revenue (133) (335) (468) Share of profit of joint ventures and associates — (1,614) (1,614) Interest and other income/(expenses) (71) 1 (1,126) (1,197) Selling, distribution and administrative expenses 115 (219) (104) Depreciation, depletion and amortisation 163 (858) (695) Other 37 (83) (46) Income/(loss) before taxation 111 (4,235) (4,124) Taxation charge/(credit) 25 341 366 Income/(loss) for the period 136 (3,894) (3,758) 1. Mainly related to the loss following release of currency translation adjustments ($376 million) for Shell Neft and Gydan, partly offset by Sakhalin dividends received ($165 million) and termination of leases ($140 million). In relation to the assets with a potential exposure to Shell's intended exit from all Russian hydrocarbons, including those assets for which the above charges were recognised in the first and second quarters 2022, the remaining balance sheet carrying amount as at June 30, 2022, is $0.2 billion (March 31, 2022: $1 billion). Further details are provided below. Integrated Gas Sakhalin-2 Shell has a 27.5% (minus one share) interest in Sakhalin Energy Investment Company Ltd. (SEIC), the project operator of Sakhalin-2, an integrated oil and gas project located on Sakhalin island, Russia. Other ownership interests are Gazprom 50% (plus one share), Mitsui 12.5%, Mitsubishi 10%. Up to March 31, 2022, this investment was accounted for as an associate applying the equity method. Following the first quarter announcements, the recoverable amount of the investment was estimated as the risk-adjusted dividends declared on Sakhalin's 2021 results, of which the first part was received in April 2022. This resulted in recognition of an impairment charge of $1,614 million in the first quarter 2022. Significant influence over the Sakhalin-2 investment has been lost from April 1, 2022, with the resignation of Shell's executive directors and withdrawal of managerial and technical staff, leading to recognition, without financial impact, of the investment as a financial asset accounted for at fair value from that date, with subsequent changes in fair value recognised in other comprehensive income. On June 30, 2022, a Russian Presidential Decree was passed that aims to transfer licences and assets of SEIC into a newly created Russian company that would assume the rights and obligations of SEIC. The decree states that the foreign shareholders will be invited to receive shares in that entity equivalent to their shareholding in SEIC. Shell is assessing its rights and still working towards reaching an acceptable agreement that enables Shell to withdraw in line with all applicable legal requirements and agreements. Following the receipt of dividends in the second quarter 2022 and the Presidential Decree, appropriate fair value adjustments to the investment value have been recognised, against other comprehensive income. The remaining carrying value of the investment is zero as at June 30, 2022. Nord Stream 2 Shell is one of five energy companies which have each committed to provide financing and guarantees for up to 10% of the total cost of the project. Following the first quarter announcements, Shell assessed the recoverability of the loan to Nord Stream 2, leading to a full write-down in the first quarter 2022 of the loan amounting to $1,126 million. Upstream Salym Shell has a 50% interest in Salym Petroleum Development N.V. (Salym), a joint operation with GazpromNeft that is developing the Salym fields in the Khanty Mansiysk Autonomous District of western Siberia. Shell consolidates its share in the joint operation. Following the first quarter announcements, Shell assessed the recoverability of the Salym carrying amounts, leading to full impairment amounting to $233 million in the first quarter 2022. In July 2022, the Shell directors on Salym resigned. Following recent events, joint control was lost early in the third quarter 2022 and as of that date Salym will be accounted for as a financial asset at fair value, with a carrying value of zero. Gydan Shell had a 50% interest in LLC Gydan Energy, a joint operation with GazpromNeft to explore and develop blocks in the Gydan peninsula, in north-western Siberia. This project is in the exploration phase, with no production. Following the first quarter announcements, Shell assessed the recoverability of the Gydan carrying amounts, leading to full impairment amounting to $153 million and other charges of $35 million in the first quarter 2022. During the second quarter 2022, all rights and obligations for Shell’s 50% interest have been transferred to GazpromNeft with an insignificant impact on the income statement. Marketing Shell Neft’s retail network consisted of 240 sites owned by Shell Neft and 171 sites owned by dealers and Shell Neft operated a lubricant blending plant. Shell Neft was a 100% Shell-owned subsidiary and was fully consolidated until the date of the disposal. Following the first quarter announcements, Shell assessed the recoverability of Shell Neft carrying amounts, resulting in an impairment of non-current assets of $358 million and other charges of $236 million. In the second quarter 2022, Shell transferred all shares of Shell Neft to Lukoil leading to net charges of $83 million, including the release of currency translation losses ($343 million). Other Marked to market risk adjustments of $335 million related to long-term offtake natural gas contracts, an impairment of right-of-use assets of $114 million and other charges of $36 million were recognised in the first quarter 2022. In the second quarter 2022, further Marked to market risk adjustments of $133 million were recognised following changes demanded to the contractual payment mechanism leading to the suspension by Gazprom of gas deliveries under these long-term offtake |
Post-Balance Sheet Events
Post-Balance Sheet Events | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Post-balance sheet events | Post-balance sheet eventsOn July 25, 2022, Shell announced that it will acquire all of the common units representing limited partner interests in Shell Midstream Partners, L.P. (NYSE: SHLX) held by the public at $15.85 per Public Common Unit in cash for a total value of approximately $1.96 billion. Shell currently owns approximately 68.5% of SHLX common units. The transaction is expected to close in the fourth quarter 2022, subject to customary closing conditions. In the consolidated statement of cash flows this transaction will be reflected as 'cash flow from financing activities'. Should this full transaction complete, the Net debt of Shell will increase by up to the value of the transaction, all else being equal. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Basis Of Preparation Of Financial Statements [Abstract] | |
Key accounting considerations, significant judgements and estimates | Key accounting considerations, significant judgements and estimates Future long-term commodity price assumptions and management’s view on the future development of refining margins represent a significant estimate. Future long-term commodity price assumptions were subject to change in the second quarter 2022, resulting in reversal of impairment losses recognised previously. See Note 8. |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Operating Segments [Abstract] | |
Summary of Information by Segment | INFORMATION BY SEGMENT Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 Third-party revenue 12,403 14,074 5,537 Integrated Gas 26,477 11,559 2,253 1,531 2,281 Upstream 3,784 4,217 34,121 26,136 20,165 Marketing 60,257 36,742 39,793 33,420 28,861 Chemicals and Products 73,213 54,752 11,477 9,026 3,658 Renewables and Energy Solutions 20,503 8,885 12 16 12 Corporate 28 26 100,059 84,204 60,515 Total third-party revenue¹ 184,263 116,181 Inter-segment revenue 4,176 3,532 1,871 Integrated Gas 7,708 3,470 13,951 11,940 8,793 Upstream 25,892 15,852 153 101 55 Marketing 254 108 718 667 505 Chemicals and Products 1,385 875 1,522 1,242 785 Renewables and Energy Solutions 2,764 1,668 — — — Corporate — — CCS earnings 8,103 3,079 969 Integrated Gas 11,183 3,421 6,391 3,095 2,458 Upstream 9,486 3,370 836 165 977 Marketing 1,000 1,633 2,131 1,072 (508) Chemicals and Products 3,203 152 (173) (1,536) (564) Renewables and Energy Solutions (1,709) (282) (529) (736) (592) Corporate (1,264) (1,124) 16,759 5,140 2,741 Total CCS earnings 21,899 7,171 |
Summary of Reconciliation of CCS Earnings to Income | RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 18,040 7,116 3,428 Income/(loss) attributable to Shell plc shareholders 25,156 9,087 198 203 131 Income/(loss) attributable to non-controlling interest 401 255 18,238 7,319 3,559 Income/(loss) for the period 25,557 9,343 Current cost of supplies adjustment: (1,929) (2,794) (994) Purchases (4,723) (2,625) 496 682 208 Taxation 1,178 562 (46) (68) (33) Share of profit/(loss) of joint ventures and associates (114) (108) (1,479) (2,180) (818) Current cost of supplies adjustment (3,659) (2,172) of which: (1,363) (2,090) (793) Attributable to Shell plc shareholders (3,453) (2,108) (116) (89) (25) Attributable to non-controlling interest (205) (64) 16,759 5,140 2,741 CCS earnings 21,899 7,171 of which: 16,677 5,026 2,634 CCS earnings attributable to Shell plc shareholders 21,703 6,980 82 114 106 CCS earnings attributable to non-controlling interest 196 191 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings per share [abstract] | |
Schedule of Earnings per Share | EARNINGS PER SHARE Quarters Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 18,040 7,116 3,428 Income/(loss) attributable to Shell plc shareholders ($ million) 25,156 9,087 Weighted average number of shares used as the basis for determining: 7,453.2 7,603.0 7,790.1 Basic earnings per share (million) 7,527.7 7,786.1 7,518.5 7,661.6 7,835.9 Diluted earnings per share (million) 7,589.6 7,834.2 |
Share capital (Tables)
Share capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Summary of Issued and Fully Paid Ordinary Shares | ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH 1 Number of shares Nominal value ($ million) A B Ordinary shares A B Ordinary shares Total At January 1, 2022 4,101,239,499 3,582,892,954 345 296 641 Repurchases of shares before assimilation — (34,106,548) — (3) (3) Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022 (4,101,239,499) (3,548,786,406) 7,650,025,905 (345) (293) 638 — Repurchases of B shares on January 27 and 28, 2022, cancelled as ordinary shares on February 2 and 3, 2022 (507,742) — — Repurchases of shares after assimilation (294,476,534) (25) (25) At June 30, 2022 7,355,041,629 614 614 At January 1, 2021 4,101,239,499 3,706,183,836 345 306 651 At June 30, 2021 4,101,239,499 3,706,183,836 345 306 651 |
Other reserves (Tables)
Other reserves (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Summary of Other Reserves Attributable to Royal Dutch Shell Plc Shareholders | OTHER RESERVES $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total At January 1, 2022 37,298 154 139 964 (19,646) 18,909 Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — 5,186 5,186 Transfer from other comprehensive income — — — — 13 13 Repurchases of shares — — 27 — — 27 Share-based compensation — — — (137) — (137) At June 30, 2022 37,298 154 168 827 (14,447) 23,998 At January 1, 2021 37,298 154 129 906 (25,735) 12,752 Other comprehensive income/(loss) attributable to Shell plc shareholders — — — — 6,033 6,033 Transfer from other comprehensive income — — — — (15) (15) Repurchases of shares — — — — — — Share-based compensation — — — (219) — (219) At June 30, 2021 37,298 154 129 687 (19,717) 18,552 |
Derivative financial instrume_2
Derivative financial instruments and debt excluding lease liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments [Abstract] | |
Comparison of the Fair Value with the Carrying Amount of Debt Excluding Lease Liabilities | The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures. DEBT EXCLUDING LEASE LIABILITIES $ million June 30, 2022 December 31, 2021 Carrying amount 56,709 61,579 Fair value¹ 54,304 67,066 |
Other notes to the unaudited _2
Other notes to the unaudited Condensed Consolidated Interim Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other notes to the unaudited Condensed Consolidated Interim Financial Statements [Abstract] | |
Interest and other income | Interest and other income Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 993 (737) 134 Interest and other income/(expenses) 257 2,590 of which: 144 111 95 Interest income 255 230 198 1 34 Dividend income (from investments in equity securities) 199 35 334 193 (55) Net gains on sales and revaluation of non-current assets and businesses 527 2,018 166 15 4 Net foreign exchange gains/(losses) on financing activities 182 90 151 (1,057) 56 Other (907) 217 |
Deferred tax | Deferred tax $ million June 30, 2022 December 31, 2021 Non-current assets Deferred tax 8,575 12,426 Non-current liabilities Deferred tax 16,145 12,547 Net deferred liability (7,570) (121) |
Assets classified as held for sale | Assets classified as held for sale $ million June 30, 2022 December 31, 2021 Assets classified as held for sale 203 1,960 Liabilities directly associated with assets classified as held for sale 382 1,253 |
Retirement benefits | Retirement benefits $ million June 30, 2022 December 31, 2021 Non-current assets Retirement benefits 14,973 8,471 Non-current liabilities Retirement benefits 8,693 11,325 Surplus/(deficit) 6,280 (2,854) |
Cash flows from operating activities - Other | Cash flow from operating activities - Other Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 1,706 1,876 561 Other 3,582 1,145 |
Impairments and reversals (Tabl
Impairments and reversals (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Impairment Of Assets [Abstract] | |
Disclosure of impairment loss and reversal of impairment loss | Quarters $ million Half year Q2 2022 Q1 2022 Q2 2021 2022 2021 (348) 6,295 8,223 Depreciation, depletion and amortisation 5,947 14,119 of which: 5,608 5,388 5,890 Depreciation 10,997 11,702 153 907 2,334 Impairments 1,059 2,622 (6,109) — (1) Impairment reversals (6,109) (205) |
Commodity price assumptionsaApplied in impairment testing | The near-term commodity price assumptions applied in the relevant impairment testing in the second quarter 2022 were as follows: Commodity price assumptions [A] 2023 2024 2025 2026 Brent crude oil ($/b) 80 70 70 71 Henry Hub natural gas ($/MMBtu) 4.00 3.50 3.50 3.98 [A] Money of the day. |
Withdrawal from Russian oil a_2
Withdrawal from Russian oil and gas activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Interest in other entities [Abstract] | |
Analysis of incomes and expenses | Subsequently, this led to recognition of net pre-tax charges of $4,235 million (post-tax: $3,894 million) in the first quarter 2022 and of net pre-tax negative charges of $111 million (post-tax: $136 million) in the second quarter 2022. These were recognised in: Q2 2022 Q1 2022 Half year 2022 Revenue (133) (335) (468) Share of profit of joint ventures and associates — (1,614) (1,614) Interest and other income/(expenses) (71) 1 (1,126) (1,197) Selling, distribution and administrative expenses 115 (219) (104) Depreciation, depletion and amortisation 163 (858) (695) Other 37 (83) (46) Income/(loss) before taxation 111 (4,235) (4,124) Taxation charge/(credit) 25 341 366 Income/(loss) for the period 136 (3,894) (3,758) 1. Mainly related to the loss following release of currency translation adjustments ($376 million) for Shell Neft and Gydan, partly offset by Sakhalin dividends received ($165 million) and termination of leases ($140 million). |
Segment information - Narrative
Segment information - Narrative (Details) | Jun. 30, 2022 segement |
Operating Segments [Abstract] | |
Operating segments consolidated | 2 |
Segment information - Informati
Segment information - Information by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | [1],[2] | $ 100,059 | $ 84,204 | $ 60,515 | $ 184,263 | $ 116,181 |
Gains (losses) on change in fair value of derivatives | (3,477) | 1,700 | 340 | |||
Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 100,059 | 84,204 | 60,515 | 184,263 | 116,181 | |
Integrated Gas | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 12,403 | 14,074 | 5,537 | 26,477 | 11,559 | |
Integrated Gas | Inter-segment | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 4,176 | 3,532 | 1,871 | 7,708 | 3,470 | |
Upstream | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 2,253 | 1,531 | 2,281 | 3,784 | 4,217 | |
Upstream | Inter-segment | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 13,951 | 11,940 | 8,793 | 25,892 | 15,852 | |
Marketing | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 34,121 | 26,136 | 20,165 | 60,257 | 36,742 | |
Marketing | Inter-segment | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 153 | 101 | 55 | 254 | 108 | |
Chemicals and Products | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 39,793 | 33,420 | 28,861 | 73,213 | 54,752 | |
Chemicals and Products | Inter-segment | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 718 | 667 | 505 | 1,385 | 875 | |
Renewables and Energy Solutions | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 11,477 | 9,026 | 3,658 | 20,503 | 8,885 | |
Renewables and Energy Solutions | Inter-segment | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 1,522 | 1,242 | 785 | 2,764 | 1,668 | |
Corporate | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 12 | 16 | 12 | 28 | 26 | |
Corporate | Inter-segment | ||||||
Disclosure of operating segments [line items] | ||||||
Third-party revenue | 0 | 0 | 0 | 0 | 0 | |
CCS earnings | ||||||
Disclosure of operating segments [line items] | ||||||
CCS earnings | 16,759 | 5,140 | 2,741 | 21,899 | 7,171 | |
CCS earnings | Integrated Gas | ||||||
Disclosure of operating segments [line items] | ||||||
CCS earnings | 8,103 | 3,079 | 969 | 11,183 | 3,421 | |
CCS earnings | Upstream | ||||||
Disclosure of operating segments [line items] | ||||||
CCS earnings | 6,391 | 3,095 | 2,458 | 9,486 | 3,370 | |
CCS earnings | Marketing | ||||||
Disclosure of operating segments [line items] | ||||||
CCS earnings | 836 | 165 | 977 | 1,000 | 1,633 | |
CCS earnings | Chemicals and Products | ||||||
Disclosure of operating segments [line items] | ||||||
CCS earnings | 2,131 | 1,072 | (508) | 3,203 | 152 | |
CCS earnings | Renewables and Energy Solutions | ||||||
Disclosure of operating segments [line items] | ||||||
CCS earnings | (173) | (1,536) | (564) | (1,709) | (282) | |
CCS earnings | Corporate | ||||||
Disclosure of operating segments [line items] | ||||||
CCS earnings | (529) | (736) | (592) | $ (1,264) | $ (1,124) | |
Sales contract | ||||||
Disclosure of operating segments [line items] | ||||||
Reversal of losses on purchase contracts | 2,094 | 2,867 | 374 | |||
Purchase contract | ||||||
Disclosure of operating segments [line items] | ||||||
Reversal of gains on sales contracts | $ 1,982 | $ 2,137 | $ 434 | |||
[1]See Note 2 “Segment information”.[2]See Note 9 “Withdrawal from Russian oil and gas activities”. |
Segment information - Summary o
Segment information - Summary of Reconciliation of Income to CCS Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Disclosure Of Reconciliation Of Ccs Earnings To Income [Line Items] | ||||||
Income/(loss) attributable to Shell plc shareholders | $ 18,040 | $ 7,116 | $ 3,428 | $ 25,156 | $ 9,087 | |
Income/(loss) attributable to non-controlling interest | 198 | 203 | 131 | 401 | 255 | |
Income/(loss) for the period | [1] | 18,238 | 7,319 | 3,559 | 25,557 | 9,343 |
CCS earnings | ||||||
Current cost of supplies adjustment: | ||||||
Purchases | (1,929) | (2,794) | (994) | (4,723) | (2,625) | |
Taxation | 496 | 682 | 208 | 1,178 | 562 | |
Share of profit/(loss) of joint ventures and associates | (46) | (68) | (33) | (114) | (108) | |
Current cost of supplies adjustment | (1,479) | (2,180) | (818) | (3,659) | (2,172) | |
of which: | ||||||
Attributable to Shell plc shareholders | (1,363) | (2,090) | (793) | (3,453) | (2,108) | |
Attributable to non-controlling interest | (116) | (89) | (25) | (205) | (64) | |
CCS earnings | 16,759 | 5,140 | 2,741 | 21,899 | 7,171 | |
of which: | ||||||
CCS earnings attributable to Shell plc shareholders | 16,677 | 5,026 | 2,634 | 21,703 | 6,980 | |
CCS earnings attributable to non-controlling interest | $ 82 | $ 114 | $ 106 | $ 196 | $ 191 | |
[1]See Note 2 “Segment information”. |
Earnings per share - Schedule o
Earnings per share - Schedule of Earnings per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings per share [abstract] | |||||
Income/(loss) attributable to Shell plc shareholders | $ 18,040 | $ 7,116 | $ 3,428 | $ 25,156 | $ 9,087 |
Weighted average number of shares used as the basis for determining: | |||||
Basic earnings per share (in shares) | 7,453.2 | 7,603 | 7,790.1 | 7,527.7 | 7,786.1 |
Diluted earnings per share (in shares) | 7,518.5 | 7,661.6 | 7,835.9 | 7,589.6 | 7,834.2 |
Share capital - Summary of Issu
Share capital - Summary of Issued and Fully Paid Ordinary Shares (Details) $ in Millions | 1 Months Ended | 5 Months Ended | 6 Months Ended | ||||||||
Feb. 03, 2022 USD ($) shares | Jan. 29, 2022 USD ($) shares | Jan. 26, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2022 £ / shares € / shares shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2020 £ / shares shares | Jun. 30, 2021 € / shares | |||
Disclosure of classes of share capital [line items] | |||||||||||
Repurchases of shares | [1] | $ (8,544) | |||||||||
Share capital | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Beginning balance | $ 641 | 641 | $ 651 | ||||||||
Repurchases of shares (in shares) | shares | 507,742 | 294,476,534 | |||||||||
Repurchases of shares | $ 0 | $ (3) | $ (25) | $ (27) | [1],[2] | ||||||
Assimilation of ordinary A and B shares into ordinary shares (in shares) | shares | 7,650,025,905 | ||||||||||
Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022 | $ 0 | ||||||||||
Ending balance (in shares) | shares | 7,355,041,629 | 7,355,041,629 | |||||||||
Ending balance | $ 614 | $ 614 | $ 651 | ||||||||
Share capital | Ordinary shares [member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Repurchases of shares | $ 0 | (25) | |||||||||
Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022 | $ 638 | ||||||||||
Ending balance | $ 614 | $ 614 | |||||||||
Class A Shares | Share capital | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Par value per share (in eur per share) | € / shares | € 0.07 | € 0.07 | |||||||||
Beginning balance (in shares) | shares | 4,101,239,499 | 4,101,239,499 | 4,101,239,499 | ||||||||
Beginning balance | $ 345 | $ 345 | $ 345 | ||||||||
Repurchases of shares (in shares) | shares | 0 | ||||||||||
Repurchases of shares | $ 0 | ||||||||||
Assimilation of ordinary A and B shares into ordinary shares (in shares) | shares | (4,101,239,499) | ||||||||||
Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022 | $ (345) | ||||||||||
Ending balance (in shares) | shares | 4,101,239,499 | ||||||||||
Ending balance | $ 345 | ||||||||||
Number of shares issued (in shares) | shares | 50,000 | ||||||||||
Deferred shares (in gbp per share) | £ / shares | € 1 | ||||||||||
Class B Shares | Share capital | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Beginning balance (in shares) | shares | 3,582,892,954 | 3,582,892,954 | 3,706,183,836 | ||||||||
Beginning balance | $ 296 | $ 296 | $ 306 | ||||||||
Repurchases of shares (in shares) | shares | 34,106,548 | ||||||||||
Repurchases of shares | $ (3) | ||||||||||
Assimilation of ordinary A and B shares into ordinary shares (in shares) | shares | (3,548,786,406) | ||||||||||
Assimilation of ordinary A and B shares into ordinary shares on January 29, 2022 | $ (293) | ||||||||||
Ending balance (in shares) | shares | 3,706,183,836 | ||||||||||
Ending balance | $ 306 | ||||||||||
Number of shares issued (in shares) | shares | 50,000 | ||||||||||
Deferred shares (in gbp per share) | £ / shares | £ 1 | ||||||||||
[1]Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.[2]See Note 4 “Share capital”. |
Share capital - Narrative (Deta
Share capital - Narrative (Details) - Ordinary shares issue mandate € / shares in Units, € in Millions, shares in Millions | May 24, 2022 EUR (€) € / shares shares |
Disclosure of classes of share capital [line items] | |
Common stock, value authorised | € | € 177 |
Common stock, shares authorised (in shares) | shares | 2,530 |
Par value per share (in eur per share) | € / shares | € 0.07 |
Other reserves - Summary of Oth
Other reserves - Summary of Other Reserves Attributable to Royal Dutch Shell Plc Shareholders (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Other comprehensive income/(loss) attributable to Shell plc shareholders | $ 20,635 | $ 9,707 | $ 5,467 | $ 30,342 | $ 15,121 | ||
Repurchases of shares | [1] | (8,544) | |||||
Total | |||||||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | 18,909 | 18,909 | 12,752 | ||||
Other comprehensive income/(loss) attributable to Shell plc shareholders | 5,186 | 6,033 | |||||
Transfer from other comprehensive income | 13 | (15) | |||||
Repurchases of shares | 27 | [1],[2] | 0 | ||||
Share-based compensation | (137) | (219) | |||||
Ending balance | 23,998 | 18,552 | 23,998 | 18,552 | |||
Merger reserve | |||||||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | 37,298 | 37,298 | 37,298 | ||||
Other comprehensive income/(loss) attributable to Shell plc shareholders | 0 | 0 | |||||
Transfer from other comprehensive income | 0 | 0 | |||||
Repurchases of shares | 0 | 0 | |||||
Share-based compensation | 0 | 0 | |||||
Ending balance | 37,298 | 37,298 | 37,298 | 37,298 | |||
Share premium reserve | |||||||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | 154 | 154 | 154 | ||||
Other comprehensive income/(loss) attributable to Shell plc shareholders | 0 | 0 | |||||
Transfer from other comprehensive income | 0 | 0 | |||||
Repurchases of shares | 0 | 0 | |||||
Share-based compensation | 0 | 0 | |||||
Ending balance | 154 | 154 | 154 | 154 | |||
Capital redemption reserve | |||||||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | 139 | 139 | 129 | ||||
Other comprehensive income/(loss) attributable to Shell plc shareholders | 0 | 0 | |||||
Transfer from other comprehensive income | 0 | 0 | |||||
Repurchases of shares | 27 | 0 | |||||
Share-based compensation | 0 | 0 | |||||
Ending balance | 168 | 129 | 168 | 129 | |||
Share plan reserve | |||||||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | 964 | 964 | 906 | ||||
Other comprehensive income/(loss) attributable to Shell plc shareholders | 0 | 0 | |||||
Transfer from other comprehensive income | 0 | 0 | |||||
Repurchases of shares | 0 | 0 | |||||
Share-based compensation | (137) | (219) | |||||
Ending balance | 827 | 687 | 827 | 687 | |||
Accumulated other comprehensive income | |||||||
Disclosure Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | $ (19,646) | (19,646) | (25,735) | ||||
Other comprehensive income/(loss) attributable to Shell plc shareholders | 5,186 | 6,033 | |||||
Transfer from other comprehensive income | 13 | (15) | |||||
Repurchases of shares | 0 | 0 | |||||
Share-based compensation | 0 | 0 | |||||
Ending balance | $ (14,447) | $ (19,717) | $ (14,447) | $ (19,717) | |||
[1]Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.[2]See Note 5 “Other reserves”. |
Derivative financial instrume_3
Derivative financial instruments and debt excluding lease liabilities - Comparison of the Fair Value with the Carrying Amount of Debt Excluding Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Financial Instruments [Abstract] | ||
Carrying amount | $ 56,709 | $ 61,579 |
Fair value | $ 54,304 | $ 67,066 |
Other notes to the unaudited _3
Other notes to the unaudited Condensed Consolidated Interim Financial Statements - Interest and Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Other notes to the unaudited Condensed Consolidated Interim Financial Statements [Abstract] | ||||||
Interest and other income/(expenses) | [1],[2] | $ 993 | $ (737) | $ 134 | $ 257 | $ 2,590 |
of which: | ||||||
Interest income | 144 | 111 | 95 | 255 | 230 | |
Dividend income (from investments in equity securities) | 198 | 1 | 34 | 199 | 35 | |
Net gains on sales and revaluation of non-current assets and businesses | 334 | 193 | (55) | 527 | 2,018 | |
Net foreign exchange gains/(losses) on financing activities | 166 | 15 | 4 | 182 | 90 | |
Other | $ 151 | $ (1,057) | $ 56 | $ (907) | $ 217 | |
[1] See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”. |
Other notes to the unaudited _4
Other notes to the unaudited Condensed Consolidated Interim Financial Statements - Deferred tax (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Other notes to the unaudited Condensed Consolidated Interim Financial Statements [Abstract] | |||
Deferred tax assets | [1] | $ 8,575 | $ 12,426 |
Deferred tax liabilities | [1] | 16,145 | 12,547 |
Net deferred liability | $ (7,570) | $ (121) | |
[1]See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”. |
Other notes to the unaudited _5
Other notes to the unaudited Condensed Consolidated Interim Financial Statements - Assets held for sale (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Other notes to the unaudited Condensed Consolidated Interim Financial Statements [Abstract] | |||
Assets classified as held for sale | [1] | $ 203 | $ 1,960 |
Liabilities directly associated with assets classified as held for sale | [1] | $ 382 | $ 1,253 |
[1]See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”. |
Other notes to the unaudited _6
Other notes to the unaudited Condensed Consolidated Interim Financial Statements - Retirement Benefits (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Non-current assets | |||
Retirement benefits | [1] | $ 14,973 | $ 8,471 |
Non-current liabilities | |||
Retirement benefits | [1] | 8,693 | 11,325 |
Surplus/(deficit) | $ 6,280 | $ (2,854) | |
[1]See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”. |
Other notes to the unaudited _7
Other notes to the unaudited Condensed Consolidated Interim Financial Statements - Cash flow from operating activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Other notes to the unaudited Condensed Consolidated Interim Financial Statements [Abstract] | ||||||
Other | [1] | $ 1,706 | $ 1,876 | $ 561 | $ 3,582 | $ 1,145 |
[1]See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”. |
Other notes to the unaudited _8
Other notes to the unaudited Condensed Consolidated Interim Financial Statements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jul. 14, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Disclosure of depreciation, depletion and amortisation [Line Items] | ||||||||
Impairments | $ 153 | $ 907 | $ 2,334 | $ 1,059 | $ 2,622 | |||
Net deferred tax liabilities | 7,570 | 7,570 | $ 121 | |||||
Tax benefit arising from previously unrecognised tax loss, tax credit or temporary difference of prior period used to reduce deferred tax expense | 2,400 | |||||||
Property, plant and equipment | [1] | 200,122 | 200,122 | 194,932 | ||||
Decrease (increase) in emissions instruments | 685 | 490 | 710 | |||||
Effects of reversal of exchange rate changes on cash and cash equivalents | $ 425 | 115 | $ 11 | |||||
Assets and liabilities classified as held for sale | ||||||||
Disclosure of depreciation, depletion and amortisation [Line Items] | ||||||||
Property, plant and equipment | 129 | 896 | ||||||
Trade and other payables | 228 | $ 375 | ||||||
Forecast | Tax laws enacted or announced | ||||||||
Disclosure of depreciation, depletion and amortisation [Line Items] | ||||||||
Expected deferred tax expense relating to imposition of new taxes | $ 400 | |||||||
Pension remeasurements | ||||||||
Disclosure of depreciation, depletion and amortisation [Line Items] | ||||||||
Increase in deferred tax liability | 2,400 | |||||||
Impairment reversals | ||||||||
Disclosure of depreciation, depletion and amortisation [Line Items] | ||||||||
Increase in deferred tax liability | $ 1,800 | |||||||
Loans receivable | ||||||||
Disclosure of depreciation, depletion and amortisation [Line Items] | ||||||||
Impairments | $ 1,126 | |||||||
[1]See Note 8 “Impairments and reversals of impairments”. |
Impairments and reversals - Dep
Impairments and reversals - Depreciation and impairment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Impairment Of Assets [Abstract] | ||||||
Depreciation, depletion and amortisation | [1],[2] | $ (348) | $ 6,295 | $ 8,223 | $ 5,947 | $ 14,119 |
Depreciation | 5,608 | 5,388 | 5,890 | 10,997 | 11,702 | |
Impairments | 153 | 907 | 2,334 | 1,059 | 2,622 | |
Impairment reversals | $ (6,109) | $ 0 | $ (1) | $ (6,109) | $ (205) | |
[1]See Note 8 “Impairments and reversals of impairments”.[2]See Note 9 “Withdrawal from Russian oil and gas activities”. |
Impairments and reversals - Nar
Impairments and reversals - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) $ / barrel $ / MMBTU | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Reversals of impairments, pre tax | $ 6,109 | $ 0 | $ 1 | $ 6,109 | $ 205 | |
Reversals of impairments, post tax | 4,355 | |||||
Reversal of impairment loss | 6,169 | 0 | 1 | |||
Reversal of impairment loss, share of profit of JVs and associate | $ 60 | $ 0 | $ 0 | |||
Brent crude oil ($/b) | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Commodity price, after 2026 | $ / barrel | 65 | |||||
Henry Hub natural gas ($/MMBtu) | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Commodity price, after 2026 | $ / MMBTU | 4 | |||||
Integrated Gas | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Reversals of impairments, pre tax | $ 3,450 | |||||
Reversals of impairments, post tax | 2,448 | |||||
Upstream | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Reversals of impairments, pre tax | 2,523 | |||||
Reversals of impairments, post tax | 1,771 | |||||
Marketing | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Reversals of impairments, pre tax | 136 | |||||
Reversals of impairments, post tax | $ 136 | |||||
All segments, excl renewables and energy | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Nominal post-tax WACC | 6.50% | 6.50% | 6.50% | |||
Renewables and Energy Solutions | ||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||||
Nominal post-tax WACC | 5% | 5% | 5% |
Impairments and reversals - Com
Impairments and reversals - Commodity Price Assumptions Applied in Impairment Testing (Details) | 3 Months Ended |
Jun. 30, 2022 $ / barrel $ / MMBTU | |
Brent crude oil ($/b) | |
Explanation Of Inputs Assumptions And Estimation Techniques Used To Apply Impairment Requirements Explanatory [Line Items] | |
2023 | $ / barrel | 80 |
2024 | $ / barrel | 70 |
2025 | $ / barrel | 70 |
2026 | $ / barrel | 71 |
Henry Hub natural gas ($/MMBtu) | |
Explanation Of Inputs Assumptions And Estimation Techniques Used To Apply Impairment Requirements Explanatory [Line Items] | |
2023 | $ / MMBTU | 4 |
2024 | $ / MMBTU | 3.50 |
2025 | $ / MMBTU | 3.50 |
2026 | $ / MMBTU | 3.98 |
Withdrawal from Russian oil a_3
Withdrawal from Russian oil and gas activities (Details) - Russian Federation - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | |
Schedule of interests in other entities [Line Items] | |||
Revenue | $ (133) | $ (335) | $ (468) |
Share of profit of joint ventures and associates | 0 | (1,614) | (1,614) |
Interest and other income/(expenses) | (71) | (1,126) | (1,197) |
Selling, distribution and administrative expenses | 115 | (219) | (104) |
Depreciation, depletion and amortisation | 163 | (858) | (695) |
Other | 37 | (83) | (46) |
Income/(loss) before taxation | 111 | (4,235) | (4,124) |
Taxation charge/(credit) | 25 | 341 | 366 |
Income/(loss) for the period | 136 | $ (3,894) | $ (3,758) |
Net foreign exchange loss | 376 | ||
Decrease in lease expense | 140 | ||
Sakhalin-2 | |||
Schedule of interests in other entities [Line Items] | |||
Dividends received | $ 165 |
Withdrawal from Russian oil a_4
Withdrawal from Russian oil and gas activities - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) contract | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) site energyCompany | Jun. 30, 2021 USD ($) | |
Schedule of interests in other entities [Line Items] | |||||
Number of energy companies | energyCompany | 5 | ||||
Impairments | $ 153 | $ 907 | $ 2,334 | $ 1,059 | $ 2,622 |
Other operating income (expense) | 36 | ||||
Adjustments for fair value losses (gains) | 133 | 335 | |||
Right-of-use assets | |||||
Schedule of interests in other entities [Line Items] | |||||
Impairments | $ 114 | ||||
Shell Neft | |||||
Schedule of interests in other entities [Line Items] | |||||
Impairments | 358 | ||||
Other operating income (expense) | $ 236 | ||||
Sites owned by subsidiary | site | 240 | ||||
Sites owned by dealers | site | 171 | ||||
Proportion of ownership interest in subsidiary | 100% | ||||
Share disposal cost | 83 | ||||
Net foreign exchange loss | $ 343 | ||||
Salym Petroleum Development N.V | |||||
Schedule of interests in other entities [Line Items] | |||||
Impairments | $ 233 | ||||
Proportion of ownership interest in joint operation | 50% | ||||
Gydan | |||||
Schedule of interests in other entities [Line Items] | |||||
Impairments | 153 | ||||
Proportion of ownership interest in joint operation | 50% | 50% | |||
Other operating income (expense) | 35 | ||||
Loans receivable | |||||
Schedule of interests in other entities [Line Items] | |||||
Impairments | 1,126 | ||||
Provision for credit commitments | |||||
Schedule of interests in other entities [Line Items] | |||||
Funding commitment percentage | 10% | 10% | |||
Sakhalin-2 | |||||
Schedule of interests in other entities [Line Items] | |||||
Impairments | $ 1,614 | ||||
Proportion of ownership interest in associate | 27.50% | ||||
Sakhalin-2 | Gazprom Neft | |||||
Schedule of interests in other entities [Line Items] | |||||
Proportion of ownership interest in associate | 50% | ||||
Sakhalin-2 | Mitsui | |||||
Schedule of interests in other entities [Line Items] | |||||
Proportion of ownership interest in associate | 12.50% | ||||
Sakhalin-2 | Mitsubishi | |||||
Schedule of interests in other entities [Line Items] | |||||
Proportion of ownership interest in associate | 10% | ||||
Russian Federation | |||||
Schedule of interests in other entities [Line Items] | |||||
Remaining purchase contracts | contract | 2 | ||||
Net foreign exchange loss | $ 376 | ||||
Decrease in lease expense | $ 140 |
Post-Balance Sheet Events (Deta
Post-Balance Sheet Events (Details) - Shell Midstream Partners, L.P. - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jul. 25, 2022 | Jun. 30, 2022 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Proportion of ownership interest in subsidiary | 68.50% | |
Announcement of plan to purchase shares in subsidiary | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Share price | $ 15.85 | |
Announcement of plan to purchase shares in subsidiary | Forecast | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Consideration payable | $ 1,960 |
Uncategorized Items - _IXDS
Label | Element | Value |
RUSSIAN FEDERATION | ||
Non-current assets | ifrs-full_NoncurrentAssets | $ 200,000,000 |
Non-current assets | ifrs-full_NoncurrentAssets | $ 1,000,000,000 |