Shell PLC

Welcome to Shell's first quarter 2023 financial results announcement. Shell's CFO Sinead Gorman will present the results, then host a Q&A session along with Shell's CEO Wael Sawan. If you would like to ask a question, please press star 1. If you wish to be removed from the queue, please press star 2. We will now begin the presentation.

Welcome to Shell's 2023 first quarter results presentation. Despite a less favourable macro environment than last quarter, we delivered another set of strong results. Our performance was due to our well-positioned, resilient portfolio and improved off-shore platform in the Gulf of Mexico, which has started production. Vito has an estimated peak production of 100,000 barrels of oil equivalent a day. Changes to the original design created a reduction of approximately 80% in CO2. This rework also brought about a cost reduction of more than 70% from the original house concept. Projects like Vito serve as a blueprint for other projects, allowing us to generate greater value from the Gulf of Mexico. Also in the Gulf of Mexico, we allow us to bring on new production through our existing Appomattox platform. And in the UK, we have restarted operations at our Pierce field, following a significant upgrade to allow gas to be produced. Peak production is now expected to reach more than twice what it was before the redevelopment, bringing much needed gas to the UK. We also continue to make progress in building our low carbon portfolio. We completed the acquisition of Nature Energy, Europe's largest producer of renewable natural gas, complementing our US position. And we also completed the acquisition of Volta, which means we now own and operate one of the largest public charging networks for electric vehicles in the US. As part of our focus on delivering more value from the portfolio, we divested three non-core upstream positions. Two of them are in Malaysia's Baram Delta and the other is Era Energy in California. In summary, we delivered strong results, significant shareholder returns and continue to high grade the portfolio whilst navigating a volatile market. Lastly, there are two important upcoming events. Our annual general meeting on May 23rd, where we ask you to support the progress we have made against our energy transition targets by voting for our energy transition progress report. And please also join Wael, myself, and several of the senior leadership team for our Capital Markets Day in New York on June 14th, when we intend to share more on how we are driving value through improved operational performance and disciplined portfolio management to deliver attractive shareholder returns. Thank you.

We will now begin the question and answer session. People dialed in, if you have a question, please press star one. If you wish to be removed from the queue, please press star 2. Phone callers are requested to mute the audio on their computer webcast and listen attentively to their telephone audio as we begin to progress through the telephone questions.