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Shell's first quarter 2022 results presentation | Investor Relations - YouTube
Channel: Shell
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[Music]
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[Music]
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welcome to our first quarter 2022
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results presentation before i look at
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our performance i would like to thank
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jessica ewell who is leaving shell after
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17 years
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her distinguished shell career
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culminated in five years as chief
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financial officer and she leaves an
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impressive legacy
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she has been key in strengthening
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shell's financial position whilst
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delivering some of the industry's best
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cash flows year after year
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and i am honored and excited to follow
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in her footsteps
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today i will talk about our key
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developments strategy delivery and our
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q1 performance
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as the war continues in ukraine shell is
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working hard to ensure the safety of our
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staff and contractors there and support
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relief
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efforts we are doing our utmost to keep
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retail sites operating in the country
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and supplies moving
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we are supporting our staff in ukraine
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and taking care of our staff fleeing the
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war by offering assistance and means for
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relocation
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we have announced our intention to
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withdraw from all russian hydrocarbons
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in a phased manner
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so we have stopped buying russian crude
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oil and liquefied natural gas or lng on
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the spot market and we will not renew
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any long-term contracts
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we have also stopped spot purchases of
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cargos of refined products directly
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exported from russia
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for the first quarter 2022 we have taken
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post-tax charges of around 3.9 billion
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dollars in relation to russian oil and
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gas activities
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as well as causing human tragedy the
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wars led to deep uncertainty about
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supplies and rising prices
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the disruption in global energy markets
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shows that secure reliable and
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affordable energy must be managed
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through engagement with government
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customers and suppliers
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we are continuing to deliver a secure
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supply of energy across the world and as
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the world's largest supplier of lng we
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continue shipping natural gas to where
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it is needed most
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one example is the agreement we have
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just signed to ship lng through the
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terminal that will be built in germany
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in q1 2022 we have safely on time and on
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budget completed the largest turnaround
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in shell's history at pearl and qatar
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additionally we have successfully
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started up the powernup calibri and mira
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1 oil and gas projects private floating
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lng is also back online and supplying
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additional volumes since mid april
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at the same time we are accelerating our
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transition to low carbon energy
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this includes our successful bids
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together with our partners to develop
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large-scale offshore wind farms in the
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usa and uk
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together they represent 6.5 gigawatts of
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total generation capacity
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and just last week we announced the
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acquisition of spring energy group one
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of india's leading renewable power
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platforms
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this deal positioned shell as one of the
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first movers in building a truly
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integrated energy transition business in
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india
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while we deliver a secure supply of
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energy we are also meeting the climate
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targets that form part of our powering
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progress strategy to be a net zero
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emissions energy business by 2050
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so by the end of 2021 we achieved our
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short-term target to reduce the net
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carbon intensity of the energy products
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we sell by 2.5 percent compared with
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2016.
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as an energy user and producer shell has
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set a bold target to reduce net absolute
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emissions from its operations including
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the energy it buys and uses by 50 by
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2030 compared to 2016 levels
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we are making good progress towards this
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target with an 18 reduction at the end
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of 2021 compared with 2016.
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the recently published shell energy
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transition progress report outlines our
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strong progress against our strategy and
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will be put to an advisory vote at our
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annual general meeting this month
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turning to our q1 2022 performance
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this was a strong quarter for shell and
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made volatile geopolitical and macro
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conditions
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our adjusted earnings were 9.1 billion
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dollars and our adjusted ebitda was 19
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billion dollars
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we delivered 14.8 billion dollars of
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cash flow from operations which included
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7.4 billion dollars of working capital
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outflow due to rising commodity prices
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these results reflect the benefits of
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the strong integration of trading and
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optimization activities across all of
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our businesses including renewables and
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energy solutions or res
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in res which we are reporting as a
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separate segment for the first time we
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delivered adjusted earnings of more than
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300 million dollars and adjusted ebitda
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of some 500 million dollars primarily
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driven by the exceptional market
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environment as well as seasonality
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starting this quarter we have enhanced
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our disclosures to offer more
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transparency about our growth pillar you
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can find insights into the new group
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segmentation and additional disclosures
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in the informative video and in the
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quarterly data book all available on
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shell.com
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this quarter we are increasing our
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dividend by some four percent as
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previously announced
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also we've made substantial progress in
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buying back shares
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we have now completed 4 billion of our
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planned total of 8.5 billion share
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buyback program for the first half of
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2022
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the remaining 4.5 billion dollars is
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expected to be completed before the q2
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results announcement
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this quarter we have further
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strengthened our balance sheet by
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reducing net debt to 48.5 billion
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dollars we will stay disciplined with
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our investments and any incremental
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capex will be to provide energy security
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and accelerate the energy transition
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including our investment in spring
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energy our cash capex will remain within
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the 23 to 27 billion range for 2022
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strong cash flows a healthy balance
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sheet and continued discipline delivery
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of our strategy gives us a solid
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foundation to invest in the energy
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transition whilst also safeguarding the
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company
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with the current macroeconomic outlook
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we expect to be distributing more than
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30 of our cfo in the second half of the
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year subject to board approval
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we will provide more details on our
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capital allocation framework at our q2
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results announcement
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our delivery this quarter demonstrates
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the leading role we intend to play in
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the world's energy security and
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transition to a low-carbon energy system
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thank you
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[Music]
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you
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