• Highest ever CFFO excl. working capital of $17.5 billion, supported by outstanding cash generation across the businesses and
• boosted by commodity derivatives.
• Disciplined cash capex of $13.2 billion in the first nine months; expected to be around $20 billion in 2021.
• Share buybacks of $1.0 billion in Q3 2021 out of a total target of $2 billion in the second half of 2021. Additional shareholder
• distributions of $7 billion related to the Permian sale to start in 2022, post deal completion.
• An absolute emissions reduction target of 50% by 2030, compared to 2016 levels on a net basis, covering all Scope 1 and 2
• emissions under Shell’s operational control.

"This quarter we've generated record cash flow, maintained capital discipline and announced our intention to distribute $7 billion
to our shareholders from the sale of our Permian assets. Today, we also set a new 2030 target to halve the absolute emissions
from our operations, compared to 2016 levels on a net basis. Altogether, this is clear evidence of how we are accelerating our
Powering Progress strategy, purposefully and profitably."

Royal Dutch Shell Chief Executive Officer, Ben van Beurden

PORTFOLIO DELIVERING RECORD CASH

Highest ever CFFO excl. working capital of $17.5 billion, supported by outstanding cash generation across the businesses and
boosted by commodity derivatives.
Disciplined cash capex of $13.2 billion in the first nine months; expected to be around $20 billion in 2021.
Share buybacks of $1.0 billion in Q3 2021 out of a total target of $2 billion in the second half of 2021. Additional shareholder
distributions of $7 billion related to the Permian sale to start in 2022, post deal completion.
An absolute emissions reduction target of 50% by 2030, compared to 2016 levels on a net basis, covering all Scope 1 and 2
emissions under Shell’s operational control.

INTEGRATED GAS, RENEWABLES AND ENERGY SOLUTIONS

Adjusted Earnings benefited from higher realised prices, partly offset by lower earnings contribution from the Renewables &
Energy Solutions business due to lower margins in North America.
Strong cash flow, with CFFO excluding working capital of $7.9 billion, benefiting from $4.3 billion derivatives cash inflows
from variation margin in gas and power trading due to significant price increases. These variation margin inflows could reverse
in future quarters.

UPSTREAM

Adjusted Earnings benefited from higher prices, offset by lower volumes. Q2 2021 included a one-off release of a non-cash tax
provision of approximately $600 million.
Continued strong cash conversion, with CFFO excluding working capital of $5.9 billion.
Higher cash generation than in Q2 2021, despite 8% lower production due to seasonality and Hurricane Ida.

OIL PRODUCTS

Strong Marketing Adjusted Earnings driven by higher volumes.
Refinery processing intake and utilisation impacted by planned maintenance and Hurricane Ida.
Trading and optimisation contributions to earnings lower when compared to second quarter 2021.
Strong cash conversion with CFFO excluding working capital of $3.3 billion. 

CORPORATE

Corporate segment Adjusted Earnings were a net expense of $732 million in line with expectations.
The full year estimate for Corporate Adjusted Earnings is a net expense of $2,450 - 2,550 million. This excludes the impact of
currency exchange rate effects.
Net debt decreased by $8.2 billion to $57.5 billion in Q3 2021 driven by improvement in the macroeconomic environment
and commodity derivatives inflows, partly offset by a working capital outflow.