\nNet debt<\/td>\n | 52.6<\/td>\n | 48.5<\/td>\n | 46.4<\/td>\n | 48.3<\/td>\n | 44.8<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \nQ4 2022 FINANCIAL PERFORMANCE DRIVERS<\/b><\/p>\n\n\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n INTEGRATED GAS<\/b><\/p>\n\n\n\nKey data<\/strong><\/td>\nQ3 2022<\/strong><\/td>\nQ4 2022<\/strong><\/td>\nQ1 2023 outlook<\/strong><\/td>\n<\/tr>\n\nRealised liquids price ($\/bbl)<\/td>\n | 76.75<\/td>\n | 69.62<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nRealised gas price ($\/mscf)<\/td>\n | 13.18<\/td>\n | 12.31<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nProduction (kboe\/d)<\/td>\n | 924<\/td>\n | 917<\/td>\n | 910 – 970<\/td>\n<\/tr>\n | \nLNG liquefaction volumes (MT)<\/td>\n | 7.24<\/td>\n | 6.78<\/td>\n | 6.6 – 7.2<\/td>\n<\/tr>\n | \nLNG sales volumes (MT)<\/td>\n | 15.66<\/td>\n | 16.82<\/td>\n | \u2014<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n- Lower liquefaction volumes mainly reflect longer-than-expected maintenance at Prelude and operational issues at QGC in Australia.<\/li>\n
- Adjusted Earnings were higher than in Q3 2022 due to higher trading and optimisation results coupled with favourable movements in deferred tax positions.<\/li>\n
- Trading and optimisation results driven by seasonality combined with capturing unique optimisation opportunities generated through the large scale and scope of our LNG trading portfolio.\u00a0<\/b><\/li>\n<\/ul>\n
\n\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n UPSTREAM<\/b><\/p>\n\n\n\nKey data<\/strong><\/td>\nQ3 2022<\/strong><\/td>\nQ4 2022<\/strong><\/td>\nQ1 2023 outlook<\/strong><\/td>\n<\/tr>\n\nRealised liquids price ($\/bbl)<\/td>\n | 93.02<\/td>\n | 82.42<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nRealised gas price ($\/mscf)<\/td>\n | 18.38<\/td>\n | 12.78<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nLiquids production (kboe\/d)<\/td>\n | 1,273<\/td>\n | 1,331<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nGas production (mscf\/d)<\/td>\n | 2,995<\/td>\n | 3,067<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nTotal production (kboe\/d)<\/td>\n | 1,789<\/td>\n | 1,859<\/td>\n | 1,750 – 1,950<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n- Q4 2022 production was higher than in Q3 2022, mainly driven by lower scheduled maintenance and lower unscheduled deferment.<\/li>\n
- Adjusted Earnings impacted by a decline in oil and gas prices. Q3 2022 earnings benefited from one-off non-cash provision releases and gains related to storage transfer effects in a joint venture.<\/li>\n<\/ul>\n
\n\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n MARKETING<\/b><\/p>\n\n\n\nKey data<\/strong><\/td>\nQ3 2022<\/strong><\/td>\nQ4 2022<\/strong><\/td>\nQ1 2023 outlook<\/strong><\/td>\n<\/tr>\n\nMarketing sales volumes (kb\/d)<\/td>\n | 2,581<\/td>\n | 2,543<\/td>\n | 2,150 – 2,650<\/td>\n<\/tr>\n | \nMobility (kb\/d)<\/td>\n | 1,686<\/td>\n | 1,692<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nLubricants (kb\/d)<\/td>\n | 80<\/td>\n | 74<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nSectors & Decarbonisation (kb\/d)<\/td>\n | 815<\/td>\n | 777<\/td>\n | \u2014<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n- Marketing earnings were lower than in Q3 2022, due to the seasonal impact of lower volumes and lower margins in Mobility, as well as higher opex.<\/li>\n<\/ul>\n
\n\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n CHEMICALS & PRODUCTS<\/b><\/p>\n\n\n\nKey data<\/strong><\/td>\nQ3 2022<\/strong><\/td>\nQ4 2022<\/strong><\/td>\nQ1 2023 outlook<\/strong><\/td>\n<\/tr>\n\nRefining & Trading sales volumes (kb\/d)<\/td>\n | 1,803<\/td>\n | 1,800<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nChemicals sales volumes (kT)<\/td>\n | 2,879<\/td>\n | 3,017<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nRefinery utilisation** (%)<\/td>\n | 88<\/td>\n | 90<\/td>\n | 87 – 95<\/td>\n<\/tr>\n | \nChemicals manufacturing plant utilisation** (%)<\/td>\n | 76<\/td>\n | 75<\/td>\n | 68 – 76<\/td>\n<\/tr>\n | \nGlobal indicative refining margin ($\/bbl)<\/td>\n | 15<\/td>\n | 19<\/td>\n | \u2014<\/td>\n<\/tr>\n | \nGlobal indicative chemical margin ($\/t)<\/td>\n | (27)<\/td>\n | 37<\/td>\n | \u2014<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n* Products covers refining and trading<\/em><\/p>\n\n- Lower trading and optimisation margins were offset by higher refining margins.<\/li>\n
- Higher opex and depreciation includes the impact of commencement of operations at Shell Polymers Monaca (the Pennsylvania project) partly offset by favourable movements in deferred tax positions.\u00a0
\n<\/em><\/li>\n<\/ul>\n**With effect from Q2 2022, the methodology applied in calculating both Chemicals manufacturing plant utilisation and Refinery utilisation has been revised. For details, see the Quarterly Results Announcement.<\/p>\n \n\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n RENEWABLES & ENERGY SOLUTIONS<\/b><\/p>\n\n\n\nKey data<\/strong><\/td>\nQ3 2022<\/strong><\/td>\nQ4 2022<\/strong><\/td>\n<\/tr>\n\nAdj. Earnings ($ billion)*<\/td>\n | 0.4<\/td>\n | 0.3<\/td>\n<\/tr>\n | \nAdj. EBITDA ($ billion)<\/td>\n | 0.5<\/td>\n | 0.4<\/td>\n<\/tr>\n | \nExternal power sales (TWh)<\/td>\n | 67<\/td>\n | 66<\/td>\n<\/tr>\n | \nSales of natural gas to end-use customers (TWh)<\/td>\n | 157<\/td>\n | 241<\/td>\n<\/tr>\n | \nRenewables power generation capacity**<\/td>\n | 5.2<\/td>\n | 6.4<\/td>\n<\/tr>\n | \n\n\n- in operation (GW)<\/li>\n<\/ul>\n<\/td>\n
2.2<\/td>\n | 2.2<\/td>\n<\/tr>\n | \n\n\n- under construction and\/or committed for sale (GW)<\/li>\n<\/ul>\n<\/td>\n
3.0<\/td>\n | 4.2<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n *Segment earnings for Q4 2022 are $4.7 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com\/investors<\/a>. \n**Excluding Shell’s equity share of associates where information cannot be obtained and prior period comparatives have been revised accordingly<\/p>\n\n- Q4 2022 Adjusted Earnings resulted from strong trading and optimisation margins for gas and power mainly driven by European and Australian markets as significant price volatility continued. This was partly offset by higher operating and development costs.<\/li>\n
- Won bid with Eneco to jointly develop 760 MW installed capacity offshore wind power project in the Netherlands at Hollandse Kust (west) VI.<\/li>\n
- Completed acquisition of Daystar Power Group, a provider of Solar-as-a-Service and Power-as-a-Service solutions to commercial and industrial customers in West Africa.<\/li>\n
- Acquired 50% in Kondinin Energy Pty Ltd which holds land access for a wind, solar and battery energy storage development in Western Australia.<\/li>\n
- Acquired Green Tie Capital\u2019s platform with ten medium mature solar energy projects across Spain and potential for 2 GW of solar power generation capacity.<\/li>\n<\/ul>\n
The Renewables and Energy Solutions segment includes Shell\u2019s Integrated Power activities, comprising electricity generation, marketing, trading and optimisation of power and pipeline gas, and digitally enabled customer solutions. The segment also includes production and marketing of hydrogen, development of commercial carbon capture storage hubs, trading of carbon credits and investment in nature-based projects that avoid or reduce carbon.<\/em><\/p>\n\n\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n CORPORATE<\/b><\/p>\n\n\n\nKey data<\/strong><\/td>\nQ3 2022<\/strong><\/td>\nQ4 2022<\/strong><\/td>\nQ1 2023 outlook<\/strong><\/td>\n<\/tr>\n\nAdjusted Earnings ($ million)<\/td>\n | (571)<\/td>\n | (626)<\/td>\n | (600) – (400)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n- The Adjusted Earnings outlook is a net expense of $1,700 – 2,300 million for the full year 2023. This excludes the impact of currency exchange effects.<\/em><\/li>\n<\/ul>\n
\n\n\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n UPCOMING INVESTOR EVENTS <\/b><\/p>\n\n\n\n16 February 2023<\/b><\/strong><\/td>\nShell LNG Outlook 2023<\/td>\n<\/tr>\n | \n22 March 2023<\/b><\/strong><\/td>\nAnnual ESG Update<\/td>\n<\/tr>\n | \n4 May 2023<\/b><\/strong><\/td>\nFirst quarter 2023 results and dividends<\/td>\n<\/tr>\n | \n23 May 2023<\/b><\/strong><\/td>\nAnnual General Meeting<\/td>\n<\/tr>\n | \n14 June 2023<\/b><\/strong><\/td>\nCapital Markets Day 2023<\/td>\n<\/tr>\n | \n27 July 2023<\/b><\/strong><\/td>\nSecond quarter 2023 results and dividends<\/td>\n<\/tr>\n | \n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |