Shell manages its businesses to deliver strong cash flows to sustain its strategy and for profitable growth. Management's current priorities for applying Shell's cash are:

Balanced Capital Allocation

Enhanced shareholder distributions [A]

Targeting total shareholder distributions of 30-40% of cash flow from operating activities through the cycle (2022: 20-30%)

Around 4% annual growth
in dividend per share, subject
to Board approval (2022: 4%)

Strong balance sheet

Targeting AA credit metrics through the cycle

￮Continued focus on Net debt reduction in upcycle

￮Divest for value

￮Invest for value

Disciplined investment

Cash capital expenditure (see Note 7) within $22-25 billion
per annum for 2024 and 2025 (2022: $23-27 billion)

￮Includes inorganic capex

[A] Total shareholder distributions (dividends + share buybacks) based on cash generation, macro-outlook and balance sheet trajectory.