ShellplcShellLNGOutlook2024ShellplcCautionarynoteThecompaniesinwhichShellplcdirectlyandindirectlyownsinvestmentsareseparatelegalentities.InthisLNGOutlook“Shell”,“ShellGroup”and“Group”aresometimesusedforconveniencewherereferencesaremadetoShellplcanditssubsidiariesingeneral.Likewise,thewords“we”,“us”and“our”arealsousedtorefertoShellplcanditssubsidiariesingeneralortothosewhoworkforthem.Thesetermsarealsousedwherenousefulpurposeisservedbyidentifyingtheparticularentityorentities.‘‘Subsidiaries’’,“Shellsubsidiaries”and“Shellcompanies”asusedinthisLNGOutlookrefertoentitiesoverwhichShellplceitherdirectlyorindirectlyhascontrol.EntitiesandunincorporatedarrangementsoverwhichShellhasjointcontrolaregenerallyreferredtoas“jointventures”and“jointoperations”,respectively.“Jointventures”and“jointoperations”arecollectivelyreferredtoas“jointarrangements”.EntitiesoverwhichShellhassignificantinfluencebutneithercontrolnorjointcontrolarereferredtoas“associates”.Theterm“Shellinterest”isusedforconveniencetoindicatethedirectand/orindirectownershipinterestheldbyShellinanentityorunincorporatedjointarrangement,afterexclusionofallthird-partyinterest.Forward-LookingStatementsThisLNGOutlookcontainsforward-lookingstatements(withinthemeaningoftheU.S.PrivateSecuritiesLitigationReformActof1995)concerningthefinancialcondition,resultsofoperationsandbusinessesofShell.Allstatementsotherthanstatementsofhistoricalfactare,ormaybedeemedtobe,forward-lookingstatements.Forward-lookingstatementsarestatementsoffutureexpectationsthatarebasedonmanagement’scurrentexpectationsandassumptionsandinvolveknownandunknownrisksanduncertaintiesthatcouldcauseactualresults,performanceoreventstodiffermateriallyfromthoseexpressedorimpliedinthesestatements.Forward-lookingstatementsinclude,amongotherthings,statementsconcerningthepotentialexposureofShelltomarketrisksandstatementsexpressingmanagement’sexpectations,beliefs,estimates,forecasts,projectionsandassumptions.Theseforward-lookingstatementsareidentifiedbytheiruseoftermsandphrasessuchas“aim”,“ambition”,‘‘anticipate’’,‘‘believe’’,‘‘could’’,‘‘estimate’’,‘‘expect’’,‘‘goals’’,‘‘intend’’,‘‘may’’,“milestones”,‘‘objectives’’,‘‘outlook’’,‘‘plan’’,‘‘probably’’,‘‘project’’,‘‘risks’’,“schedule”,‘‘seek’’,‘‘should’’,‘‘target’’,‘‘will’’andsimilartermsandphrases.ThereareanumberoffactorsthatcouldaffectthefutureoperationsofShellandcouldcausethoseresultstodiffermateriallyfromthoseexpressedintheforward-lookingstatementsincludedinthisOutlook,including(withoutlimitation):(a)pricefluctuationsincrudeoilandnaturalgas;(b)changesindemandforShell’sproducts;(c)currencyfluctuations;(d)drillingandproductionresults;(e)reservesestimates;(f)lossofmarketshareandindustrycompetition;(g)environmentalandphysicalrisks;(h)risksassociatedwiththeidentificationofsuitablepotentialacquisitionpropertiesandtargets,andsuccessfulnegotiationandcompletionofsuchtransactions;(i)theriskofdoingbusinessindevelopingcountriesandcountriessubjecttointernationalsanctions;(j)legislative,judicial,fiscalandregulatorydevelopmentsincludingregulatorymeasuresaddressingclimatechange;(k)economicandfinancialmarketconditionsinvariouscountriesandregions;(l)politicalrisks,includingtherisksofexpropriationandrenegotiationofthetermsofcontractswit...