Shell plc

For the period ended Dec 31, 2024. Filed Mar 25, 2025.

About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2024 · Filed Mar 25, 2025

Use the contents to explore the available documents and sections.

SHEL$99.09-1.0%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Shell plc

(Exact name of registrant as specified in its charter)

England and Wales

(Jurisdiction of incorporation or organization)

(Address of principal executive offices)

Sean Ashley, Company Secretary

Telephone Number:0044-20-7934-1234

E-mail Address: sean.ashley@shell.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Shell

Form 20-F 2024

Securities registered pursuant to Section 12(b) of the Act

Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
American Depositary Shares representing two ordinary shareswith a nominal value of €0.07 each	SHEL	New York Stock Exchange	*
3.25% Guaranteed Notes due 2025	SHEL/25	New York Stock Exchange
2.5% Guaranteed Notes due 2026	SHEL/26	New York Stock Exchange
2.875% Guaranteed Notes due 2026	SHEL/26A	New York Stock Exchange
3.875% Guaranteed Notes due 2028	SHEL/28	New York Stock Exchange
2.375% Guaranteed Notes due 2029	SHEL/29	New York Stock Exchange
2.375% Guaranteed Notes due 2029	SHEL/29A	New York Stock Exchange
2.75% Guaranteed Notes due 2030	SHEL/30	New York Stock Exchange
2.750% Guaranteed Notes due 2030	SHEL/30A	New York Stock Exchange
4.125% Guaranteed Notes due 2035	SHEL/35	New York Stock Exchange
4.125% Guaranteed Notes due 2035	SHEL/35A	New York Stock Exchange
6.375% Guaranteed Notes due 2038	SHEL/38	New York Stock Exchange
5.5% Guaranteed Notes due 2040	SHEL/40	New York Stock Exchange
2.875% Guaranteed Notes due 2041	SHEL/41	New York Stock Exchange
3.625% Guaranteed Notes due 2042	SHEL/42	New York Stock Exchange
4.55% Guaranteed Notes due 2043	SHEL/43	New York Stock Exchange
4.550% Guaranteed Notes due 2043	SHEL/43A	New York Stock Exchange
4.375% Guaranteed Notes due 2045	SHEL/45	New York Stock Exchange
4.375% Guaranteed Notes due 2045	SHEL/45A	New York Stock Exchange
3.75% Guaranteed Notes due 2046	SHEL/46	New York Stock Exchange
4.00% Guaranteed Notes due 2046	SHEL/46A	New York Stock Exchange
4.000% Guaranteed Notes due 2046	SHEL/46B	New York Stock Exchange
3.750% Guaranteed Notes due 2046	SHEL/46C	New York Stock Exchange
3.125% Guaranteed Notes due 2049	SHEL/49	New York Stock Exchange
3.25% Guaranteed Notes due 2050	SHEL/50	New York Stock Exchange
3.250% Guaranteed Notes due 2050	SHEL/50A	New York Stock Exchange
3.00% Guaranteed Notes due 2051	SHEL/51	New York Stock Exchange

Not for trading, but only in connection with the registration of the American Depositary Shares issued in respect thereof, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered pursuant to Section 12(g) of the Act: none

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: none

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

Outstanding as of December 31, 2024:

6,084,228,376 ordinary shares with a nominal value of €0.07 each.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.	þ	Yes	☐	No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.	☐	Yes	þ	No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.	þ	Yes	☐	No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).	þ	Yes	☐	No

Shell

Form 20-F 2024

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

	Large accelerated filer	þ	Accelerated filer	☐	Non-accelerated filer	☐
					Emerging growth company	☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.		☐

† The term "new or revised financial accounting standards" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.		þ
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.		☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).		☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:			U.S. GAAP	☐
International Financial Reporting Standards as issued by the International Accounting Standards Board.	þ		Other	☐
If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.	Item 17	☐		Item 18	☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).		☐	Yes		þ	No

Copies of notices and communications from the Securities and Exchange Commission should be sent to:

Attn:Sean Ashley

Shell

Form 20-F 2024

Cover	1
Cross reference to Form 20-F	8
Terms and abbreviations	10
About this Report	11
Chair's message	13
Chief Executive Officer's review	15
Shell's Strategy	17
This is Shell	17
Our strategy	19
Outlook	23
Risk factors and risk management	25
Performance in the year	35
Performance indicators	35
Generating shareholder value	37
Group Results	38
Liquidity and capital resources	41
Market overview	45
Integrated Gas	48
Upstream	55
Oil and gas information	64
Marketing	72
Chemicals and Products	77
Renewables and Energy Solutions	85
Corporate	89
Other central activities	91
Our journey to net zero	93
Energy transition strategy	94
Climate-related metrics and targets	110
Other regulatory disclosures	122
Respecting Nature	124
Powering Lives	129
Our People	130
Contribution to society	135
Safety	137
Living by our values	140
Our approach to sustainability	142
The Board of Shell plc	149

Shell

Form 20-F 2024

Executive Committee	154
Board Activities	156
Governance framework	157
Nomination and Succession Committee	163
Sustainability Committee	167
Audit and Risk Committee Report	168
Directors' Remuneration Report	180
Directors' Remuneration Policy	200
Other regulatory and statutory information	208
Report of Independent Registered Public Accounting Firm (ID: 1438)	219
Consolidated Statement of Income	223
Consolidated Statement of Comprehensive Income	223
Consolidated Balance Sheet	224
Consolidated Statement of Changes in Equity	225
Consolidated Statement of Cash Flows	226
Notes to the Consolidated Financial Statements	227
1.Basis of preparation	227
2.Material accounting policies, judgements and estimates	227
3.Changes to IFRS not yet adopted	237
4.Climate change and energy transition	237
5.Emission schemes and related environmental plans	250
6.Capital management	252
7.Segment information	252
8.Operating Revenues	257
9.Interest and other income	258
10.Interest expense	258
11.Goodwill and other Intangible assets	258
12.Property, plant and equipment	259
13.Impairment of property, plant and equipment, goodwill and other intangible assets	261
14.Joint ventures and associates	264
15.Investments in securities	265
16.Trade and other receivables	266
17.Inventories	266
18.Cash and cash equivalents	267
19.Assets held for sale	267
20.Trade and other payables	267
21.Debt	268

Shell

Form 20-F 2024

22.Leases	270
23.Taxation	271
24.Retirement benefits	274
25.Decommissioning and other provisions	281
26.Financial instruments	282
27.Share capital	289
28.Share-based compensation plans and shares held in trust	289
29.Other reserves	290
30.Dividends	292
31.Earnings per share	292
32.Legal proceedings and other contingencies	292
33.Employees	295
34.Directors and Senior Management	295
35.Auditor's remuneration	296
36.Post-balance sheet events	296
Supplementary information - oil and gas (unaudited)	297
Supplementary information - EU Taxonomy disclosure	317
Shareholder information	331
Section 13(r) of the US Securities Exchange Act of 1934 disclosure	336
Non-GAAP measures reconciliations	337
Index to the exhibits	338
Signatures	339
Financial calendar	347

Shell

Form 20-F 2024

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.