v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of cash flows [abstract]          
Income before taxation for the period $ 15,754 $ 9,328 $ 5,975 $ 25,082 $ 14,934
Adjustment for:          
– Interest expense (net) 799 1,102 515 1,901 1,151
– Depreciation, depletion and amortisation [1] 6,183 5,743 6,670 11,926 12,111
– Exploration well write-offs (1) 1 206 0 234
– Net (gains)/losses on sale and revaluation of non-current assets and businesses (642) (64) (128) (706) (1)
– Share of (profit)/loss of joint ventures and associates (642) 93 (712) (548) (1,327)
– Dividends received from joint ventures and associates 547 595 2,361 1,142 2,884
– (Increase)/decrease in inventories 3,739 (6,686) (27) (2,947) 827
– (Increase)/decrease in current receivables 1,593 (10,404) 3,635 (8,811) 1,025
– Increase/(decrease) in current payables (1,887) 5,912 (3,994) 4,025 (4,901)
– Derivative financial instruments (1,354) 2,475 626 1,121 381
– Retirement benefits (153) (80) (17) (232) (118)
– Decommissioning and other provisions (115) (1,086) (425) (1,200) (906)
– Other [1] 546 1,433 684 1,979 1,254
Tax paid (2,934) (2,301) (3,432) (5,235) (6,331)
Cash flow from operating activities 21,432 6,062 11,937 27,495 21,218
Capital expenditure (4,031) (3,757) (5,393) (7,787) (9,141)
Investments in joint ventures and associates (187) (426) (406) (613) (819)
Investments in equity securities (20) (20) (17) (39) (32)
Cash capital expenditure (4,237) (4,202) (5,817) (8,439) (9,993)
Proceeds from sale of property, plant and equipment and businesses 366 272 (57) 638 502
Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans 71 42 1 113 34
Proceeds from sale of equity securities 31 39 19 70 24
Interest received 374 362 508 736 1,016
Other investing cash inflows 176 694 360 870 866
Other investing cash outflows (689) (343) (420) (1,032) (1,814)
Cash flow from investing activities (3,908) (3,136) (5,406) (7,044) (9,365)
Net increase/(decrease) in debt with maturity period within three months 178 10 (208) 188 (127)
Other debt:          
– New borrowings 194 0 180 193 319
– Repayments (3,206) (2,794) (4,075) (6,000) (6,589)
Interest paid (1,167) (1,037) (1,212) (2,204) (2,059)
Derivative financial instruments 27 (316) 896 (289) 1,222
Change in non-controlling interest 4 30 0 34 (25)
Cash dividends paid to:          
– Shell plc shareholders (2,164) (2,100) (2,122) (4,264) (4,300)
– Non-controlling interest (29) (9) (27) (38) (113)
Repurchases of shares (3,001) (3,182) (3,533) (6,183) (6,844)
Shares held in trust: net sales/(purchases) and dividends received (2) (423) (5) (425) (773)
Cash flow from financing activities (9,166) (9,820) (10,106) (18,986) (19,289)
Effects of exchange rate changes on cash and cash equivalents (101) (205) 655 (306) 1,008
Increase/(decrease) in cash and cash equivalents 8,257 (7,098) (2,919) 1,159 (6,428)
Cash and cash equivalents at beginning of period 23,117 30,216 35,601 30,216 39,110
Cash and cash equivalents at end of period $ 31,374 $ 23,117 $ 32,682 $ 31,374 $ 32,682
[1] . See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.