Shell Chief Executive Officer, Ben van Beurden, said:
"The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted. The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide. We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can.

Generating value through strong earnings and cash flow, coupled with maintaining a healthy balance sheet and continuing the disciplined delivery of our strategy, are crucial for Shell to play a leading role in the energy transition. This allows us to support our customers as they shift to cleaner energy. It's also the best way for us to contribute to the security of energy supplies. Today's results, the progress we are making with our $8.5 billion share buyback programme and the reduction of our net debt to $48.5 billion all show we remain on track, and give us the confidence to plan future shareholder distributions and disciplined investments that will accelerate our strategy."

STRONG RESULTS IN VOLATILE TIMES

• Strong Q1 2022 Adjusted Earnings of $9.1 billion in a volatile geopolitical and macroeconomic environment. Adjusted EBITDA of $19.0 billion in Q1 2022 versus $16.3 billion in Q4 2021.
• Dividend increased by ~4% to $0.25 per share for Q1 2022. Of the $8.5 billion share buyback programme announced for the first half of 2022, $4 billion has been completed to date. The remaining $4.5 billion share buybacks are expected to be completed before the Q2 2022 results announcement. With the current macro outlook and subject to Board approval, shareholder distributions for the second half of 2022 are expected to be in excess of 30% of CFFO.
• Following decisive action on Russia, taken $3.9 billion of post-tax charges in Q1 2022 as part of Identified items.
• Share simplification completed and new reporting segments launched - additional Renewables & Energy Solutions and Marketing disclosures.

UPSTREAM

• Production 4% below Q4 2021, mainly driven by Permian divestment and lower demand due to a milder winter, partly offset by comparative help from Hurricane Ida recovery and lower maintenance.
• Adjusted Earnings benefited from higher prices, partly offset by impacts from the Permian divestment.
• The Q2 2022 production outlook reflects lower seasonal gas demand and higher scheduled maintenance, mainly in the US Gulf of Mexico. 

RENEWABLES & ENERGY SOLUTIONS

• Adjusted Earnings and Adjusted EBITDA benefited from higher trading and optimisation margins for gas and power, due to exceptional market environment, particularly in Europe, as well as seasonality.
• Signed an agreement in April 2022, to acquire Sprng Energy group, one of India’s leading renewable power platforms.
• Won bids for 6.5 GW of offshore wind power generation, 5 GW in the UK with ScottishPower and 1.5 GW in the USA through the Atlantic Shores joint venture with a 50% Shell share in each.
• Completed the Powershop Australia acquisition and announced the acquisition of 49% of WestWind, a wind farm developer with a 3 GW project pipeline.
• Started production of green hydrogen at a 20 MW electrolyser in China, supplying fuel cell vehicles at the Olympic Games. The start-up increases Shell's decarbonised hydrogen capacity in operation to 30 MW or 10% of global electrolyser capacity today.

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