Shell reports 2025 payments to governments

Shell plc – Report on Payments to Governments for the year 2025 Basis for Preparation - Report on Payments to Governments for the year 2025 This Report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (hereinafter referred to as "Shell") for the year 2025 as required under the UK's Reports on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom.

This report is also published pursuant to article 5:25e of the Dutch FMSA (Wft) and is furnished with the US Securities and Exchange Commission ("SEC") according to Section 13(q) under the US Securities Exchange Act of 1934. This Report is available for download from www.shell.com/payments. Legislation This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015.

Reporting entities This Report includes payments to governments made by Shell plc and its subsidiary undertakings (Shell). Payments made by entities where Shell has joint control are excluded from this Report. Activities Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report.

It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. For a fully integrated project, which does not have an interim contractual cut-off point where a value can be attached or ascribed separately to the extractive activities and to other processing activities, payments to governments are not artificially split but are disclosed in full. Government Government includes any national, regional, or local authority of a country, and includes a department, agency or entity that is a subsidiary of a government, including a national oil company.

Project Payments are reported at a project level except those payments that are not attributable to a specific project which are reported at entity level. Project is defined as operational activities which are governed by a single contract, licence, lease, concession, or similar legal agreement, and form the basis for payment liabilities with a government. If such agreements are substantially interconnected, those agreements are to be treated as a single project.

"Substantially interconnected" means forming a set of operationally and geographically integrated contracts, licences, leases or concessions or related agreements with substantially similar terms that are signed with a government giving rise to payment liabilities. Such agreements can be governed by a single contract, joint venture, production sharing agreement, or other overarching legal agreement. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.

Payment The information is reported under the following payment types: Production entitlements These are the host government's share of production in the reporting period derived from projects operated by Shell. This includes the government's share as a sovereign entity or through its participation as an equity or interest holder in projects within its sovereign jurisdiction (home country). Production entitlements arising from activities or interests outside of its home country are excluded.

In certain contractual arrangements, typically a production sharing contract, a government through its participation interest may contribute funding of capital and operating expenditure to projects, from which it derives production entitlement to cover such funding (cost recovery). Such cost recovery production entitlement is included. In situations where a government settles Shell's income tax obligation on behalf of Shell by utilising its share of production entitlements (typically under a tax-paid concession), such amount will be deducted from the reported production entitlement.

Taxes These are taxes paid by Shell on its income, profits or production (which include resource severance tax, and petroleum resource rent tax), including those settled by a government on behalf of Shell under a tax-paid concession. Payments are reported net of refunds. Consumption taxes, personal income taxes, sales taxes, property and environmental taxes are excluded.

Royalties These are payments for the rights to extract oil and gas resources, typically at a set percentage of revenue less any deductions that may be taken. Dividends These are dividend payments other than dividends paid to a government as an ordinary shareholder of an entity unless paid in lieu of production entitlements or royalties. For the year ended December 31, 2025, there were no reportable dividend payments to a government.

Bonuses These are payments for bonuses. These are usually paid upon signing an agreement or a contract, or when a commercial discovery is declared, or production has commenced, or production has reached a milestone. Licence fees, rental fees, entry fees and other considerations for licences and/or concessions These are fees and other sums paid as consideration for acquiring a licence for gaining access to an area where extractive activities are performed.

Administrative government fees that are not specifically related to the extractive sector, or to access to extractive resources, are excluded. Also excluded are payments made in return for services provided by a government. Infrastructure improvements These are payments which relate to the construction of infrastructure (road, bridge, or rail) not substantially dedicated for the use of extractive activities.

Payments which are a social investment in nature, for example building of a school or hospital, are excluded. Other Operatorship When Shell makes a payment directly to a government arising from a project, regardless of whether Shell is the operator, the full amount paid is disclosed even where Shell as the operator is proportionally reimbursed by its non-operating venture partners through a partner billing process (cash-call). When a national oil company is the operator of a project to whom Shell makes a reportable payment, which is distinguishable in the cash-call, it is included in this Report.

Cash and in-kind payments Payments are reported on a cash basis. In-kind payments are converted to an equivalent cash value based on the most appropriate and relevant valuation method for each payment, which can be at cost or market value, or such value as stated in the contract. In-kind payments are reported in both volumes and the equivalent cash value.

Materiality Level For each payment type, total payments below £86,000 to a government are excluded from this Report. Exchange Rate Payments made in currencies other than US dollars are translated for this Report based on the foreign exchange rate at the relevant quarterly average rate. Report on Payments to Governments [1] The figures in this Report are rounded.

Albania Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Bulgaria Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Germany Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Italy Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Norway Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Includes payment in kind of $869,052,105 for 12,508 KBOE valuated at market price.

Includes payment in kind of $1,251,020,551 for 18,006 KBOE valuated at market price. Includes payment in kind of $2,120,072,656 for 30,514 KBOE valuated at market price. United Kingdom Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Brunei Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. China Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. India Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Kazakhstan Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Malaysia Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Includes payment in kind of $290,279,641 for 3,911 KBOE valuated at market price and $94,989,601 for 5,021 KBOE valuated at fixed price.

Includes payment in kind of $78,413,013 for 3,143 KBOE valuated at fixed price and $21,451,480 for 247 KBOE valuated at market price. Includes payment in kind of $782,926,973 for 10,575 KBOE valuated at market price and $110,524,567 for 5,960 KBOE valuated at fixed price. Includes payment in kind of $480,500,276 for 6,501 KBOE valuated at market price and $266,209,765 for 14,220 KBOE valuated at fixed price.

Includes payment in kind of $1,089,763,624 for 14,572 KBOE valuated at market price. Includes payment in kind of $259,666,784 for 3,467 KBOE valuated at market price. Includes payment in kind of $455,147,345 for 23,323 KBOE valuated at fixed price and $195,115,105 for 2,752 KBOE valuated at market price.

Includes payment in kind of $94,989,601 for 5,021 KBOE valuated at fixed price and $30,612,857 for 443 KBOE valuated at market price. Oman Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Includes payment in kind of $518,222,403 for 7,294 KBOE valuated at Gov. selling price and of $58,650,002 for 4,477 KBOE valuated at fixed price.

Qatar Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Australia Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Egypt Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Nigeria Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Includes payment in kind of $217,538,780 for 3,121 KBOE valued at market price. Includes payment in kind of $1,237,467,592 for 22,346 KBOE valued at market price.

Includes payment in kind of $387,429,297 for 5,442 KBOE valuated at market price. Includes payment in kind of $238,832,621 for 8,726 KBOE valuated at market price. Includes payment in kind of $93,824,926 for 1,330 KBOE valuated at market price.

Includes payment in kind of $689,820,582 for 9,634 KBOE valuated at market price. Includes payment in kind of $123,713,854 for 1,791 KBOE valuated at market price. Includes payment in kind of $387,429,297 for 5,442 KBOE valuated at market price.

Includes payment in kind of $308,814,389 for 3,986 KBOE valuated at market price. Sao Tome and Principe Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Tanzania Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Tunisia Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Includes payment in kind of $534,110 for 11 KBOE valuated at market price. Canada Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Mexico Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. United States of America Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Argentina Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Includes payment in kind of $34,615,936 for 580 KBOE valuated at market price. Brazil Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Includes payment in kind of $459,707,687 for 7,627 KBOE valuated at market price.

Includes payment in kind of $21,415,909 for 357 KBOE valuated at market price. Includes payment in kind of $438,291,778 for 7,270 KBOE valuated at market price. Colombia Government Reports (in USD) [1]  Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report.

Trinidad and Tobago Government Reports (in USD) [1] Project Reports (in USD) For the definitions of any terms used in this chart (e.g. activities and payment types), please refer to pages 2-3 of the Report. Cautionary note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Report "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general.

Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this Report refer to entities over which Shell plc either directly or indirectly has control.

The terms "joint venture", "joint operation", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.