v3.25.2
Financial instruments (Tables)
12 Months Ended
Dec. 31, 2024
Financial Instruments [Abstract]  
Disclosure of financial assets
2024
$ million
Carrying amount
NoteAmortised costFair value through profit or lossFair value through other comprehensive incomeTotal carrying amount
Financial assets
Investments in securities1537972,1212,255
Trade and other receivables1651,87851,878
Derivative financial instruments (non-designated)10,00710,007
Derivative hedging instruments (designated)4040
51,91510,1442,12164,180
Cash and cash equivalents1839,110
At December 31, 2024
51,91510,1442,121103,290
Financial liabilities
Debt2148,37648,376
Trade and other payables2063,98363,983
Derivative financial instruments (non-designated)7,0657,065
Derivative financial instruments (designated)2,5112,511
At December 31, 2024
112,3599,576121,935
2023
$ million
Carrying amount
NoteAmortised costFair value through profit or lossFair value through other comprehensive incomeTotal carrying amount
Financial assets
Investments in securities15283282,8903,246
Trade and other receivables1659,57159,571
Derivative financial instruments (non-designated)
15,70815,708
Derivative hedging instruments (designated)
191191
59,59916,2272,89078,716
Cash and cash equivalents1838,774
At December 31, 2023
59,59916,2272,890117,490
Financial liabilities
Debt2153,83253,832
Trade and other payables2071,34071,340
Derivative financial instruments (non-designated)
9,7739,773
Derivative financial instruments (designated)
2,0572,057
At December 31, 2023
125,17211,830137,002
Disclosure of financial liabilities
2024
$ million
Carrying amount
NoteAmortised costFair value through profit or lossFair value through other comprehensive incomeTotal carrying amount
Financial assets
Investments in securities1537972,1212,255
Trade and other receivables1651,87851,878
Derivative financial instruments (non-designated)10,00710,007
Derivative hedging instruments (designated)4040
51,91510,1442,12164,180
Cash and cash equivalents1839,110
At December 31, 2024
51,91510,1442,121103,290
Financial liabilities
Debt2148,37648,376
Trade and other payables2063,98363,983
Derivative financial instruments (non-designated)7,0657,065
Derivative financial instruments (designated)2,5112,511
At December 31, 2024
112,3599,576121,935
2023
$ million
Carrying amount
NoteAmortised costFair value through profit or lossFair value through other comprehensive incomeTotal carrying amount
Financial assets
Investments in securities15283282,8903,246
Trade and other receivables1659,57159,571
Derivative financial instruments (non-designated)
15,70815,708
Derivative hedging instruments (designated)
191191
59,59916,2272,89078,716
Cash and cash equivalents1838,774
At December 31, 2023
59,59916,2272,890117,490
Financial liabilities
Debt2153,83253,832
Trade and other payables2071,34071,340
Derivative financial instruments (non-designated)
9,7739,773
Derivative financial instruments (designated)
2,0572,057
At December 31, 2023
125,17211,830137,002
Summary of 10% Appreciation Against the Dollar of Main Currencies
Assuming other factors (principally interest rates and commodity prices) remained constant and that no further foreign exchange risk management actions were taken, a 10% appreciation against the dollar at December 31 of the main currencies to which Shell is exposed would have had the following effects:
$ million
Increase/(decrease)
in income before taxation
Increase in net assets
2024202320242023
10% appreciation against the dollar of:
Sterling(69)(270)7891,022
Euro98(46)2,4102,434
Malaysian ringgit3449274279
Australian dollar(103)(129)625780
Canadian dollar2091,3531,392
Schedule of Value at Risk Pre-tax The VAR average and year-end positions in respect of commodities traded in liquid markets, which are presented in the table below, are calculated on a diversified basis in order to reflect the effect of offsetting risk within combined portfolios.
Value-at-risk (pre-tax)
$ million
20242023
AverageYear-endAverageYear-end
Global oil29224325
North America gas and power15161310
Europe gas and power13133112
Australia gas and power3342
Environmental certificates5294
Schedule of Trade and Other Receivables, Other Payables and Derivative Financial Instruments These amounts, as presented net and gross within trade and other receivables, trade and other payables and derivative financial instruments in the Consolidated Balance Sheet at December 31, were as follows:
2024
$ million
Amounts offsetAmounts not offset
Gross amounts
before offset
Amounts
offset
Net amounts
as presented
Cash collateral
received/pledged
Other offsetting
instruments
Net amounts
Assets:
Within trade receivables18,56911,4527,117582276,832
Within derivative financial instruments12,2004,4907,7109511,7305,029
Liabilities:
Within trade payables17,10611,4495,6571212275,309
Within derivative financial instruments12,7604,4908,2702,0491,7304,491
2023
$ million
Amounts offsetAmounts not offset
Gross amounts
before offset
Amounts
offset
Net amounts
as presented
Cash collateral
received/pledged
Other offsetting instrumentsNet amounts
Assets:
Within trade receivables20,81012,3508,460183568,086
Within derivative financial instruments26,16613,14013,0261,6882,6168,722
Liabilities:
Within trade payables18,42312,3516,072693565,647
Within derivative financial instruments23,03713,1639,8742,0402,6365,198
Disclosure of detailed information about hedging instruments
The carrying amounts of derivative contracts at December 31, designated and not designated as hedging instruments for hedge accounting purposes, were as follows:
2024
$ million
AssetsLiabilities
DesignatedNot
designated
TotalDesignatedNot
designated
TotalNet
Interest rate swaps7186464(56)
Forward foreign exchange contracts682682379379303
Currency swaps and options335382,447422,489(2,451)
Commodity derivatives9,2049,2046,6306,6302,574
Other contracts1151151414101
Total4010,00710,0472,5117,0659,576471
2023
$ million
AssetsLiabilities
DesignatedNot
designated
TotalDesignatedNot
designated
TotalNet
Interest rate swaps142169898(82)
Forward foreign exchange contracts697697592592105
Currency swaps and options1771771,959131,972(1,795)
Commodity derivatives14,78314,7839,1619,1615,622
Other contracts22622677219
Total19115,70815,8992,0579,77311,8304,069
Contractual Maturities of Derivative Liabilities
The following table compares contractual maturities of derivative liabilities at December 31 with their carrying amounts in the Consolidated Balance Sheet.
2024
$ million
Contractual maturities
Less than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Between
4 and 5
years
5 years
and later
TotalDifference
from carrying
amount [A]
Carrying
amount
Interest rate swaps2016161668(4)64
Forward foreign exchange contracts393843(3)477(98)379
Currency swaps and options9256936274233161,0083,992(1,503)2,489
Commodity derivatives4,3451,0885243261844586,925(295)6,630
Other contracts65213114
Total5,6891,8861,1727625001,46611,475(1,899)9,576
[A]Mainly related to the effect of discounting.
2023
$ million
Contractual maturities
Less than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Between
4 and 5
years
5 years
and later
TotalDifference
from carrying
amount [A]
Carrying
amount
Interest rate swaps7893359898
Forward foreign exchange contracts46577251(3)56527592
Currency swaps and options5516095213921868593,118(1,146)1,972
Commodity derivatives5,7671,9027993812255979,671(510)9,161
Other contracts2428(1)7
Total6,8632,6011,3507774161,45313,460(1,630)11,830
[A]Mainly related to the effect of discounting.
Summary of Net Carrying Amounts of Derivative Contracts Held
The net carrying amounts of derivative contracts held at December 31 categorised according to the predominant source and nature of inputs used in determining the fair value of each contract were as follows:
2024
$ million
Prices in active markets for identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps(56)(56)
Forward foreign exchange contracts303303
Currency swaps and options(2,451)(2,451)
Commodity derivatives444872,0432,574
Other contracts107(6)101
Total44(1,610)2,037471
2023
$ million
Prices in active markets for identical
assets/liabilities
Other
observable
inputs
Unobservable
inputs
Total
Interest rate swaps(82)(82)
Forward foreign exchange contracts105105
Currency swaps and options(1,795)(1,795)
Commodity derivatives(39)3,1912,4705,622
Other contracts223(4)219
Total(39)1,6422,4664,069
Summary of Net Carrying Amounts of Derivative Contracts Measured Using Predominantly Unobservable Inputs
$ million
20242023
At January 12,4661,909
Net (losses)/gains recognised in revenue
(191)576
Purchases310271
Sales(363)(185)
Settlements(125)
Recategorisations (net)(127)25
Currency translation differences(58)(5)
At December 312,0372,466
Reconciliation of Derivative Contracts with Unrecognized Day One Gains or Losses The unrecognised gains on these derivative contracts at December 31, 2024, were as follows:
$ million
20242023
At January 11,6071,620
Movements(862)(13)
At December 317451,607