UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2023
Commission File Number: 1-32575
Shell plc
(Exact name of registrant as specified in its charter)
England and Wales
(Jurisdiction of incorporation or organization)
Shell Centre
London, SE1 7NA
United Kingdom
(Address of principal executive office)
________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
As disclosed during Shell’s Capital Markets Day on June 14, 2023, the targets provided
below represent all business targets that Shell will report on going forward:
Shell
Targets |
Shareholder distributions
of 30-40% of CFFO through the cycle |
>6% p.a. absolute free
cash growth through 20301 |
Grow FCF/share >10%
p.a. through 20251 |
Structural cost reduction
$2–3 billion by 2025 |
Net-zero emissions by
2050 (Scopes 1, 2 and 3) |
Halving
Scope 1 & 2 emissions by 2030 under operational control (2016 baseline) |
Eliminating
routine flaring from Upstream operations by 20252 |
Maintain methane emissions
intensity below 0.2% by 2025 and achieve near-zero methane emissions by 2030 |
1 FCF 2022 to 2025/2030,
for price assumptions see below
Price assumptions
Year |
Assumption |
2022 –price adjusted |
$65/bbl Brent, $4/MMBtu Henry Hub (and related gas markers),and historic average chemical
and refining margins. |
2025 / 2030 projections |
$65/bbl Brent and $4/MMBtu Henry Hub (both real 2022), indicative chemical margins
of $150 to $250 per tonne (nominal) and indicative refining margins of $4 to $6 per barrel (nominal). |
2 Provided previously announced intention
to exit from onshore Nigeria is realised.
All other business targets, including those targets from Shell’s Strategy Day in February
2021 have been retired as part of our normal business planning process. Beyond the targets above, forward looking ambitions and projections
in Capital Markets Day materials are used internally to guide Shell’s business plans but are not targets. These other forward-looking
ambitions and projections, such as ROACE uplift are not targets and therefore, will not be reported out against. Shell’s Sustainability
and climate targets remain in place and are not the focus of our Capital Markets Day presentation. Our climate targets will be managed
through Shell’s Energy Transition Strategy (ETS) update in March 2024.
The Capital Markets Day slides are available on our website.
Cautionary Note
The companies in which Shell plc directly and indirectly owns investments
are separate legal entities. In this Form 6-K “Shell”, “Shell Group” and “Group” are sometimes used
for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us”
and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are
also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’,
“Shell subsidiaries” and “Shell companies” as used in this Form 6-K refer to entities over which Shell plc either
directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred
to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations”
are collectively referred to as “joint arrangements”. Entities over which Shell has significant influence but neither control
nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate
the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party
interest.
Forward-Looking Statements
This Form 6-K 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 statements. Forward-looking
statements are statements of future expectations that are based on management’s current expectations and assumptions and involve
known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed
or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of
Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions.
These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’,
‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’,
‘‘goals’’, ‘‘intend’’, ‘‘may’’, “milestones”, ‘‘objectives’’,
‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’,
‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’,
‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations
of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Form
6-K, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products;
(c) currency fluctuations; (d) drilling 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) the risk of doing business in developing countries and countries subject
to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate
change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation
and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays
in the reimbursement for shared costs; (m) risks associated with the 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 Form 6-K 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 Form 6-K and should be considered
by the reader. Each forward-looking statement speaks only as of the date of this Form 6-K, June 14, 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 contained in this Form 6-K.
Shell’s net carbon intensity
Also, in this Form 6-K we may refer to Shell’s “Net Carbon Intensity”, which
includes 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 Form 6-K 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.
The contents of websites referred to in this Form 6-K do not form part of this Form 6-K.
This Report on Form 6-K is incorporated by reference into:
| (a) | the Registration Statement on Form F-3 of Shell plc and Shell International Finance B.V. (Registration Numbers 333-254137 and 333-254137-01); and |
| (b) | the Registration Statements on Form S-8 of Shell plc (Registration Numbers 333-262396 and 333-272192). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | Shell plc |
| | (Registrant) |
| | |
| | |
Date: June 14, 2023 | | /s/ Caroline Omloo |
| | Caroline Omloo |
| | Company Secretary |
| | |
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