Shell (SHEL)

• Shell plc released its Q4 2025 outlook, with final results scheduled for publication on February 5, 2026.
• The Marketing segment's adjusted earnings are projected to be below Q4 2024 due to a non-cash deferred tax adjustment, and the Chemicals and Products segment's adjusted earnings are expected to be below break-even in Q4 2025, impacted by a significant loss in the Chemicals sub-segment.
• Shell Group anticipates an ~$1.5 billion outflow in Cash Flow From Operations (CFFO) excluding working capital for emissions certificates and a ~$1.2 billion payment for German Mineral Oil Taxes within working capital movements in Q4 2025.

• Shell plc purchased a total of 16,734,988 shares for cancellation across various venues in December 2025.
• These share purchases are part of an existing share buy-back programme that was previously announced on October 30, 2025.
• Merrill Lynch International is responsible for making independent trading decisions for this program, which runs from October 30, 2025, up to and including January 30, 2026.
• The program adheres to Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU (EU MAR and UK MAR).

Calculations for December 2025 Total Shares Purchased:

• December 2, 2025: 745,510 (LSE) + 740,501 (XAMS) = 1,486,011 shares
• December 3, 2025: 736,192 (LSE) + 731,646 (XAMS) = 1,467,838 shares
• December 5, 2025: 745,195 (LSE) + 739,886 (XAMS) = 1,485,081 shares
• December 8, 2025: 697,461 (LSE) + 42,067 (BATS) + 740,816 (XAMS) = 1,480,344 shares
• December 9, 2025: 752,348 (LSE) + 748,411 (XAMS) = 1,500,759 shares
• December 11, 2025: 755,759 (LSE) + 753,848 (XAMS) = 1,509,607 shares
• December 17, 2025: 752,611 (LSE) + 751,601 (XAMS) = 1,504,212 shares
• December 18, 2025: 742,541 (LSE) + 744,235 (XAMS) = 1,486,776 shares
• December 22, 2025: 735,375 (LSE) + 728,790 (XAMS) = 1,464,165 shares
• December 29, 2025: 745,612 (LSE) + 740,686 (XAMS) = 1,486,298 shares
• December 30, 2025: 931,618 (LSE) + 932,279 (XAMS) = 1,863,897 shares
• Total Shares Purchased in December 2025: 1,486,011 + 1,467,838 + 1,485,081 + 1,480,344 + 1,500,759 + 1,509,607 + 1,504,212 + 1,486,776 + 1,464,165 + 1,486,298 + 1,863,897 = 16,734,988 shares

• Shell plc subsidiaries have entered an agreement with DNO ASA to place DNO's North Sea oil production, effective January 1, 2026.
• The agreement with Shell Trading and Shipping Company Limited (STASCO) covers approximately half of DNO's North Sea oil output.
• This agreement has an initial tenor of one year and includes a related prepayment facility with a European bank of up to USD 225 million.

• Shell is seeking to divest a 20% stake in its Gato do Mato oilfield cluster in Brazil to help fund the project's multibillion-dollar offshore development.
• The Gato do Mato project, now comprising the Orca and Sul fields, is projected to start production in 2029 with an anticipated capacity of 120,000 barrels per day.
• The development cost is estimated at nearly $3 billion, and this project is vital for Shell to sustain its position as a leading oil producer in Brazil.

• Shell plc announced the final results of its Exchange Offers for notes issued by Shell International Finance B.V. and BG Energy Capital plc.
• The Exchange Offers were conducted to optimize the Shell Group's capital structure by migrating existing Old Notes to Shell Finance US Inc., aligning indebtedness with its U.S. business.
• A total aggregate principal amount of $6,347,729,000 of Old Notes was validly tendered and accepted for exchange.
• The settlement and issuance of the new notes are expected to occur on December 8, 2025.

• Shell plc purchased a total of 14,735,409 shares for cancellation across the LSE and XAMS venues on various dates in November 2025.
• These share purchases are part of an existing buy-back programme that was previously announced on October 30, 2025.
• Merrill Lynch International is independently managing the trading decisions for this programme from October 30, 2025, up to and including January 30, 2026.

• Shell plc announced that $6,222,581,000 in Old Notes were validly tendered by the November 17, 2025, Early Participation Deadline for its Exchange Offers.
• The company has extended the Early Participation Premium to all eligible holders who tender Old Notes by the final Expiration Time of December 3, 2025, 5:00 p.m., New York City time.
• The Exchange Offers aim to optimize Shell Group's capital structure by migrating existing notes from Shell International Finance and BGEC to Shell Finance US, aligning indebtedness with its U.S. business.
• Eligible holders will receive $1,000 principal amount of corresponding New Notes and a $1.00 cash component for each $1,000 principal amount of Old Notes tendered.

• JOLT is set to acquire a significant portion of the Volta Media Network from Shell, marking its official entry into the US market and expanding its footprint to 34 states and 64 designated marketing areas.
• This acquisition will create the world's largest combined electric vehicle (EV) charging and digital out-of-home (DOOH) network, operating across Australia, New Zealand, Canada, the UK, and the US.
• Shell's shares declined by 0.3% initially and then by another 0.7% during the announcement period, influenced by a broader downturn in energy shares linked to falling oil prices.
• The integration builds on JOLT's model of combining EV charging with DOOH advertising, aiming to accelerate the transition to electric vehicles and provide advertisers with global scale and data-driven insights.

• Computer Modelling Group Ltd. (CMG) has entered into a multi-year software licensing agreement with Shell for CMG's suite of simulation solutions.
• The agreement specifically includes CoFlow™, which is described as the industry's first enterprise solution integrating reservoir and production simulation workflows.
• This milestone signifies the transition of CoFlow™ from a joint research initiative to a full commercial software product, following over a decade of collaboration between CMG and Shell.

• Shell Plc has withdrawn from two offshore wind projects off the coast of Scotland, selling its 50% stake in MarramWind and returning the CampionWind lease, as part of a strategy to reduce significant investments in renewable energy.
• This move reflects a strategic shift back to its core oil and gas business, driven by rising development costs, regulatory challenges, high interest rates, and a prioritization of energy security and affordability.
• Despite these withdrawals, Shell maintains a robust financial position with a market capitalization exceeding $214 billion and globally diversified oil and gas production and reserves.