Disclosure of detailed information about operating segments |
| | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | $ billion | | Goodwill | Other intangible assets | Property, plant and equipment | Joint ventures and associates | Total | Integrated Gas | 4.9 | 2.6 | 60.0 | 6.4 | 73.9 | Upstream | 5.3 | 0.1 | 63.4 | 8.0 | 76.8 | Chemicals and Products | 0.3 | 1.0 | 32.6 | 4.0 | 37.9 | Marketing | 4.3 | 4.6 | 21.4 | 3.9 | 34.2 | Renewables and Energy Solutions | 1.2 | 1.2 | 5.7 | 1.0 | 9.1 | Corporate | — | — | 2.1 | 0.1 | 2.2 | Total | 16.0 | 9.5 | 185.2 | 23.4 | 234.1 | 4. Climate change and energy transition continued
| | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | $ billion | | Goodwill | Other intangible assets | Property, plant and equipment | Joint ventures and associates | Total | Integrated Gas | 4.9 | 3.2 | 57.7 | 6.1 | 71.9 | Upstream | 5.4 | 0.3 | 70.9 | 7.6 | 84.2 | Chemicals and Products [A] | 0.3 | 0.9 | 35.5 | 4.0 | 40.7 | Marketing [A] | 4.4 | 4.4 | 23.6 | 4.7 | 37.1 | Renewables and Energy Solutions | 1.7 | 1.5 | 4.8 | 2.0 | 10.0 | Corporate | — | — | 2.3 | 0.1 | 2.4 | Total | 16.7 | 10.3 | 194.8 | 24.5 | 246.3 |
[A]Following resegmentation in 2024 (see Note 7), prior period comparatives have been revised to conform with current year presentation with an offsetting impact between Marketing and Chemicals & Products segments. Information by segment on a current cost of supplies basis is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total | | Revenue: | | | | | | | | | Third-party | 37,290 | 6,606 | 120,089 | 90,918 | 29,366 | 43 | 284,312 |
| Inter-segment | 8,715 | 39,939 | 4,938 | 38,381 | 4,971 | — | 96,944 | | Share of profit/(loss) of joint ventures and associates (CCS basis) | 1,931 | 1,189 | 6 | 648 | (807) | — | 2,967 | | Interest and other income, of which: | 48 | 609 | (432) | 121 | 242 | 1,136 | 1,724 | | Interest income | 8 | 18 | 1 | 79 | 2 | 2,264 | 2,372 | | Net (losses)/gains on sale and revaluation of non-current assets and businesses | (100) | 89 | (399) | 6 | 119 | (3) | (288) | | Other | 140 | 502 | (34) | 36 | 121 | (1,125) | (360) | | Third-party and inter-segment purchases (CCS basis) | 24,055 | 7,368 | 107,210 | 114,972 | 31,074 | (3) | 284,676 | | Operating expenses, of which: | 4,442 | 9,790 | 10,681 | 8,392 | 2,915 | 697 | 36,917 | | Production and manufacturing expenses | 4,153 | 9,351 | 1,322 | 6,605 | 1,934 | 14 | 23,379 | | Selling, distribution and administrative expenses | 164 | 176 | 9,150 | 1,636 | 887 | 426 | 12,439 | | Research and development expenses | 125 | 263 | 209 | 151 | 94 | 257 | 1,099 | | Exploration expenses | 414 | 1,997 | — | — | — | — | 2,411 | | Depreciation, depletion and amortisation charge, of which: | 6,150 | 11,223 | 3,866 | 4,700 | 907 | 26 | 26,872 | | Impairment losses | 564 | 327 | 1,633 | 1,319 | 658 | 1 | 4,502 | [A] | Impairment reversals | (9) | (75) | (1) | (114) | (134) | — | (333) | [B] | Interest expense | 189 | 806 | 56 | 70 | 6 | 3,660 | 4,787 | | Taxation charge/(credit) (CCS basis) | 3,144 | 9,387 | 894 | 177 | 99 | (209) | 13,492 | | CCS earnings | 9,590 | 7,772 | 1,894 | 1,757 | (1,229) | (2,992) | 16,792 | |
[A]Impairment losses comprise Property, plant and equipment ($3,673 million), Goodwill ($510 million) and Other intangible assets ($319 million). (See Note 13). [B]Impairment reversals comprise Property, plant and equipment ($333 million). (See Note 13). 7. Segment information continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | | Upstream | Marketing [A] | | Chemicals and Products [A] | | Renewables and Energy Solutions | Corporate | Total | | Revenue: | | | | | | | | | | | | Third-party | 37,645 | | 6,475 | 130,559 | | 97,080 | | 44,819 | 42 | 316,620 |
| Inter-segment | 11,560 | | 41,230 | 5,299 | | 42,816 | | 4,707 | — | 105,612 | [A] | Share of profit/(loss) of joint ventures and associates (CCS basis) | 1,951 | | 768 | 561 | | 577 | | (96) | (3) | 3,758 | | Interest and other income, of which: | 137 | | 671 | 73 | | 64 | | 75 | 1,818 | 2,838 | | Interest income | 6 | | 27 | 9 | | 57 | | 12 | 2,202 | 2,313 | | Net gains/(losses) on sale and revaluation of non-current assets and businesses | (22) | | 209 | 1 | | (46) | | 110 | 5 | 257 | | Other | 153 | | 435 | 63 | | 53 | | (47) | (389) | 268 | | Third-party and inter-segment purchases (CCS basis) | 27,356 | | 7,890 | 118,912 | | 123,337 | | 40,170 | 15 | 317,680 | [A] | Operating expenses, of which: [B] | 4,809 | | 9,830 | 11,142 | | 9,598 | | 3,763 | 818 | 39,960 | | Production and manufacturing expenses | 4,529 | | 9,186 | 1,463 | | 7,394 | | 2,610 | 58 | 25,240 | | Selling, distribution and administrative expenses [B] | 154 | | 326 | 9,427 | | 2,022 | | 1,058 | 446 | 13,433 | | Research and development expenses [B] | 126 | | 318 | 252 | | 182 | | 95 | 314 | 1,287 | | Exploration expenses | 216 | | 1,534 | — | | — | | — | — | 1,750 | | Depreciation, depletion and amortisation charge, of which: | 8,903 | | 12,463 | 2,477 | | 6,269 | | 1,159 | 19 | 31,290 | | Impairment losses | 3,472 | | 1,360 | 430 | | 2,777 | | 908 | — | 8,947 | [C] | Impairment reversals | (324) | | (206) | (1) | | (90) | | (141) | — | (762) | [D] | Interest expense | 146 | | 507 | 53 | | 61 | | 4 | 3,902 | 4,673 | | Taxation charge/(credit) (CCS basis) [B] | 2,806 | | 8,380 | 851 | | (210) | | 1,320 | 47 | 13,194 | | CCS earnings [B] | 7,057 | | 8,540 | 3,057 | | 1,482 | | 3,089 | (2,944) | 20,281 | |
[A]From January 1, 2024, Wholesale Commercial Fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the year 2023 have been reclassified accordingly for each of the above financial parameters to conform with current period presentation. The net impact on CCS earnings is $104 million. [B]From January 1, 2024, costs for Shell's centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Comparatives for Corporate for the year 2023 have been reclassified accordingly to conform with current period presentation. The net impact on CCS earnings is $133 million with offsetting impact in all other segments. [C]Impairment losses comprise Property, plant and equipment ($8,182 million), Goodwill ($635 million) and Other intangible assets ($130 million). (See Note 13). [D]Impairment reversals comprise Property, plant and equipment ($627 million) and Other intangible assets ($135 million). (See Note 13). 7. Segment information continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | | Upstream | Marketing [A] | | Chemicals and Products [A] | | Renewables and Energy Solutions | Corporate | Total | | Revenue: | | | | | | | | | | | | Third-party | 54,751 | | 8,352 | 149,439 | | 115,541 | | 53,190 | 41 | 381,314 |
| Inter-segment | 18,412 | | 52,285 | 6,195 | | 48,999 | | 6,791 | — | 132,682 | [A] | Share of profit/(loss) of joint ventures and associates (CCS basis) | 1,219 | | 2,111 | 249 | | 362 | | (7) | (4) | 3,930 | | Interest and other income, of which: | (714) | | 726 | (82) | | 222 | | 57 | 706 | 915 | | Interest income | 43 | | 22 | — | | 24 | | (2) | 959 | 1,046 | | Net gains/(losses) on sale and revaluation of non-current assets and businesses | 101 | | 437 | (169) | | 265 | | 8 | — | 642 | | Other | (858) | [C] | 267 | 87 | | (67) | | 51 | (253) | (773) | | Third-party and inter-segment purchases (CCS basis) | 37,785 | | 10,666 | 140,368 | | 147,069 | | 57,024 | (28) | 392,884 | [A] | Operating expenses, of which: [B] | 5,226 | | 10,321 | 10,149 | | 9,564 | | 3,547 | 669 | 39,476 | | Production and manufacturing expenses | 4,907 | | 9,676 | 1,293 | | 7,100 | | 2,520 | 22 | 25,518 | | Selling, distribution and administrative expenses [B] | 207 | | 327 | 8,631 | | 2,303 | | 972 | 443 | 12,883 | | Research and development expenses [B] | 112 | | 318 | 225 | | 161 | | 55 | 204 | 1,075 | | Exploration expenses | 240 | | 1,472 | — | | — | | — | — | 1,712 | | Depreciation, depletion and amortisation charge, of which: | 2,211 | | 10,334 | 2,027 | | 3,162 | | 777 | 18 | 18,529 | | Impairment losses | 115 | | 950 | 479 | | 357 | | 412 | — | 2,313 | [D] | Impairment reversals | (3,449) | | (2,504) | (151) | | (73) | | — | — | (6,177) | [E] | Interest expense | 84 | | 345 | 47 | | 21 | | 2 | 2,682 | 3,181 | | Taxation charge/(credit) (CCS basis) [B] | 5,901 | | 14,078 | 918 | | 928 | | (292) | (36) | 21,497 | | CCS earnings [B] | 22,221 | | 16,258 | 2,292 | | 4,380 | | (1,027) | (2,562) | 41,562 | |
[A]From January 1, 2024, Wholesale Commercial Fuels has been reallocated from the Chemicals and Products segment to the Marketing segment. Comparatives for the year 2023 have been reclassified accordingly for each of the above financial parameters to conform with current period presentation. The net impact on CCS earnings is $158 million. [B]From January 1, 2024, costs for Shell's centrally managed longer-term innovation portfolio are reported as part of the Corporate segment. Comparatives for Corporate for the year 2023 have been reclassified accordingly to conform with current period presentation. The net impact on CCS earnings is $101 million with offsetting impact in all other segments. [C]Includes the full write-down of the Nord Stream 2 loan amounting to $1,126 million as a result of the withdrawal from Russian oil and gas activities. [D]Impairment losses comprise Property, plant and equipment ($1,799 million), Goodwill ($361 million) and Other intangible assets ($153 million). (See Note 13). [E]Impairment reversals fully comprise Property, plant and equipment. (See Note 13). Cash capital expenditure Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing | Chemicals and Products | Renewables and Energy Solutions | Corporate | Total [A] | | Capital expenditure | 4,095 | 7,739 | 2,357 | 2,943 | 2,338 | 129 | 19,601 | | Investments in joint ventures and associates | 672 | 150 | 88 | 347 | 138 | 9 | 1,404 | | Investments in equity securities | — | 1 | — | — | 73 | 6 | 80 | | Cash capital expenditure | 4,767 | 7,890 | 2,445 | 3,290 | 2,549 | 144 | 21,085 | |
[A]See Consolidated Statement of Cash Flows. 7. Segment information continued
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing [A] | Chemicals and Products [A] | Renewables and Energy Solutions | Corporate | Total [B] | Capital expenditure | 3,491 | 8,249 | 5,741 | 2,928 | 2,314 | 270 | 22,993 | Investments in joint ventures and associates | 705 | 94 | 49 | 84 | 261 | 9 | 1,202 | Investments in equity securities | — | — | — | 2 | 106 | 89 | 197 | Cash capital expenditure | 4,196 | 8,343 | 5,790 | 3,014 | 2,681 | 368 | 24,392 |
[A]Revised to conform with reporting segment changes applicable from 2024. [B]See Consolidated Statement of Cash Flows. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Integrated Gas | Upstream | Marketing [A] | Chemicals and Products [A] | Renewables and Energy Solutions | Corporate | Total [B] | Capital expenditure | 3,433 | 8,020 | 4,674 | 3,688 | 2,610 | 175 | 22,600 | Investments in joint ventures and associates | 832 | 123 | 304 | 2 | 703 | 9 | 1,973 | Investments in equity securities | — | — | — | 1 | 156 | 103 | 260 | Cash capital expenditure | 4,265 | 8,143 | 4,978 | 3,691 | 3,469 | 287 | 24,833 |
[A]Revised to conform with reporting segment changes applicable from 2024. [B]See Consolidated Statement of Cash Flows.
|
Summary of information by geographical area |
Information by geographic area is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Europe | | Asia, Oceania, Africa | USA | Other Americas | Total | Third-party revenue, by origin | 92,480 | [A] | 98,343 | 65,089 | 28,400 | 284,312 | Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,971 | [B] | 88,588 | 55,245 | 49,372 | 234,176 |
[A]Includes $28,011 million that originated from the UK. [B]Includes $15,822 million located in the UK (excluding assets reclassified as held for sale). (See Note 19). | | | | | | | | | | | | | | | | | | | | | | | $ million | | Europe | | Asia, Oceania, Africa | USA | Other Americas | Total | Third-party revenue, by origin | 118,135 | [A] | 99,967 | 70,291 | 28,227 | 316,620 | Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 48,008 | [B] | 91,374 | 57,261 | 49,562 | 246,205 |
[A]Includes $44,815 million that originated from the UK. [B]Includes $21,478 million located in the UK. | | | | | | | | | | | | | | | | | | | | | | | | | | | $ million | | Europe | | Asia, Oceania, Africa | USA | Other Americas | Total | Third-party revenue, by origin | 135,975 | [A] | 126,643 | 87,085 | 31,611 | 381,314 | Goodwill, other intangible assets, property, plant and equipment, joint ventures and associates at December 31 | 40,161 | [B] | 97,019 | 59,233 | 51,794 | 248,207 |
[A]Includes $50,236 million that originated from the UK. [B]Includes $20,772 million located in the UK.
|