GlobeNewswire Inc | Oct 28, 2021 02:00AM EDT

October 28, 2021



ROYAL DUTCH SHELL PLC 3RD QUARTER 2021 UNAUDITED RESULTS





SUMMARY OF UNAUDITED RESULTSQuarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 % Reference 2021 2020 % Income/(loss)(447) 3,428 489 -113 attributable to 8,640 (17,666) +149 shareholders CCS earnings(988) 2,634 177 -138 attributable to Note 2 5,992 (15,443) +139 shareholders4,130 5,534 955 -25 Adjusted A 12,898 4,453 +190 Earnings13,460 13,623 7,998 Adjusted EBITDA A 38,656 28,159 (CCS basis) Cash flow from16,025 12,617 10,403 +27 operating 36,935 27,818 +33 activities Cash flow from(3,804) (2,946) (2,833) investing (7,339) (7,871) activities12,221 9,671 7,571 Free cash flow G 29,596 19,947 4,840 4,383 3,737 Cash capital C 13,197 12,324 expenditure8,359 8,470 8,095 -1 Operating F 26,264 25,137 +4 expenses Underlying8,696 8,505 7,854 +2 operating F 25,924 23,958 +8 expenses2.9% 3.2% (4.9)% ROACE (Net D 2.9% (4.9)% income basis) ROACE on an Adjusted6.1% 4.9% 3.9% Earnings plus D 6.1% 3.9% Non-controlling interest (NCI) basis57,492 65,735 73,463 Net debt E 57,492 73,463 25.6% 27.7% 31.4% Gearing E 25.6% 31.4% Total production3,068 3,254 3,081 -6 available for 3,269 3,392 -4 sale (thousand boe/d)(0.06) 0.44 0.06 -114 Basic earnings 1.11 (2.27) +149 per share ($) Adjusted0.53 0.71 0.12 -25 Earnings per B 1.66 0.57 +191 share ($)0.24 0.24 0.1665 ? Dividend per 0.6535 0.4865 +34 share ($)



1. Q3 on Q2 change.

2. Adjusted Earnings is defined as income/(loss) attributable to shareholders plus cost of supplies adjustment (see Note 2) and excluding identified items (see Reference A).

Third quarter 2021 income attributable to Royal Dutch Shell plc shareholders was a loss of $0.4 billion, which included non-cash charges of $5.2 billion due to the fair value accounting of commodity derivatives and post-tax impairment charges of $0.3 billion, partly offset by net gains on sale of assets of $0.3 billion.

Adjusted Earnings for the quarter were $4.1billion. Cost of supplies adjustment attributable to Royal Dutch Shell plc shareholders for the third quarter 2021 was negative $0.5 billion. Hurricane Ida impacted our operations, with an aggregate adverse impact of around $0.4 billion on Adjusted Earnings.

Cash flow from operating activities for the third quarter 2021 was $16.0billion, which included positive impacts of $4.0 billion from commodity derivatives partly offset by negative working capital movements of $1.4billion. Cash flow from investing activities for the quarter was an outflow of $3.8billion, mainly driven by capital expenditure and partly offset by proceeds from sale of property, plant and equipment and businesses.

Compared with the second quarter 2021, current quarter Adjusted Earnings reflected comparative adverse one-off tax impacts, lower production volumes partly due to the impact of Hurricane Ida, and comparative lower contributions from trading and optimisation. This was partly offset by higher oil, LNG and gas prices.

At the end of the third quarter 2021, net debt was $57.5 billion, compared with $65.7 billion at the end of the second quarter 2021, mainly driven by free cash flow generation in the quarter, partly offset by dividends and share buybacks. Gearing was 25.6% at the end of the third quarter 2021, compared with 27.7% at the end of the second quarter 2021, mainly driven by net debt reduction.

Dividends declared to Royal Dutch Shell plc shareholders for the quarter amount to $0.24 per share. During the quarter, $1.0 billion of share buybacks were completed 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.





ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



This announcement, together with supplementary financial and operational disclosure and a separate press release for this quarter, is available at www.shell.com/investors1.

1. Not incorporated by reference.

THIRD QUARTER 2021 PORTFOLIO DEVELOPMENTS

Integrated Gas

In July 2021, we signed a memorandum of understanding with Deutsche Telekom to advance digital innovation as both companies accelerate their transitions to net-zero emissions.

In July 2021, we started production on Block 5C in the East Coast Marine Area (ECMA) in Trinidad and Tobago.

Upstream

In July 2021, we announced the final investment decision for Whale, a deep-water development in the US Gulf of Mexico.

In August 2021, we announced a final investment decision taken by the Libra consortium, operated by Petrobras, to contract the Mero-4 floating production, storage and offloading vessel to be deployed at the Mero field in offshore Brazil.

In August 2021, we announced a final investment decision on the Timi gas development project in Malaysia.

In September 2021, we reached an agreement for the sale of the Permian business in the USA for a base consideration of $9.5 billion in cash. The cash proceeds from this transaction will be used to fund $7 billion in additional shareholder distributions to start in 2022, post deal completion, with the remainder used for further strengthening of the balance sheet.

In September 2021, we completed the sale of upstream assets in Egypts Western Desert for a base consideration of $646 million.

Oil Products

In July 2021, we announced the start-up of Europe's largest polymer electrolyte membrane hydrogen electrolyser at the Energy and Chemicals Park Rheinland, Germany, producing green hydrogen.

In July 2021, we reached an agreement for the sale of the non-operated 37.5% shareholding in the Germany PCK Schwedt Refinery.

In August 2021, we marked the start of trading in shares of Razen S.A. on the So Paulo Stock Exchange (B3), following the successful execution of an initial public offering.

In September 2021, we announced a final investment decision to build an 820,000-tonnes-a-year biofuels facility at the Energy and Chemicals Park Rotterdam, Netherlands.

In October 2021, we signed an agreement to acquire 248 company-owned fuel and convenience retail sites from the Landmark group of companies, whose convenience stores operate in Texas under the Timewise brand. The agreement also includes supply agreements with an additional 117 independently operated fuel and convenience sites.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



PERFORMANCE BY SEGMENT



INTEGRATED GAS Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 % Reference 2021 2020 %(3,247) 422 (151) -869 Segment (297) (6,298) +95 earnings Of which:(4,927) (1,187) (920) Identified A (5,002) (9,572) items1,680 1,609 768 +4 Adjusted A 4,705 3,274 +44 Earnings Adjusted3,768 3,364 2,349 EBITDA (CCS A 10,339 8,999 basis) Cash flow from5,674 3,761 2,323 +51 operating 11,926 8,972 +33 activities Cash flow from operating activities7,871 4,350 2,396 +81 excluding H 15,874 8,619 +84 working capital movements1,272 880 1,020 Cash capital C 3,167 2,638 expenditure Liquids production166 162 143 +2 available for 166 152 +9 sale (thousand b/d) Natural gas production4,476 4,502 4,067 -1 available for 4,532 4,343 +4 sale (million scf/d) Total production938 938 844 0 available for 947 901 +5 sale (thousand boe/d) LNG liquefaction7.39 7.49 7.80 -1 volumes 23.04 25.03 -8 (million tonnes) LNG sales15.18 15.92 17.63 -5 volumes 47.48 54.73 -13 (million tonnes)



1.Q3 on Q2 change.

Third quarter segment earnings amounted to a loss of $3,247 million and Adjusted Earnings for the quarter were $1,680 million. As part of our normal business, commodity derivative hedge contracts are entered into for mitigation of future purchases, sales and inventory. As these commodity derivatives are fair value accounted for, this creates an accounting mismatch over periods. As a result, this quarter included losses of $4,929 million due to the fair value accounting of commodity derivatives (primarily due to gas price developments) and are part of identified items (see Reference A).

Cash flow from operating activities excluding working capital movements for the quarter was $7,871 million, primarily driven by Adjusted EBITDA of $3,768 million and derivatives cash inflows of $4,280 million driven by variation margin in gas and power trading due to significant gas and electricity price increases. As these variation margin cash inflows reflect underlying hedges, this effect could reverse in future quarters.

Compared with the second quarter 2021, Integrated Gas Adjusted Earnings primarily reflected higher realised prices for LNG, oil and gas. This was partly offset by comparative lower earnings contribution from the Renewables & Energy Solutions business due to lower margins in North America and comparative adverse one-off tax impacts.

Compared with the second quarter 2021, total oil and gas production remained at a similar level due to lower maintenance activities, offset by field decline and lower demand. LNG liquefaction volumes decreased by 1% due to feedgas constraints and cargo timing, partly offset by lower maintenance activities.

Nine months segment earnings amounted to a loss of $297million. This included losses of $5,447 million due to the fair value accounting of commodity derivatives. These are mainly related to gas and power trading in Europe to hedge supply and purchase contracts as well as inventory and to physical future global LNG sales that are partially hedged through paper derivative positions. There were also post-tax impairment charges of $588 million, partly offset by gains on sale of assets of $1,094 million. These gains and losses are part of identified items (see Reference A). Adjusted Earnings for the nine months were $4,705 million.

Cash flow from operating activities excluding working capital movements for the first nine months of 2021 was $15,874 million, primarily driven by Adjusted EBITDA of $10,339 million and cash inflows of $6,768 million from commodity derivatives.

Compared with the first nine months 2020, Integrated Gas Adjusted Earnings primarily reflected higher realised prices for oil, gas and LNG as well as one-off favourable tax impacts. This was partly offset by lower contributions from trading and optimisation.

Compared with the first nine months 2020, total oil and gas production increased by 5% mainly due to the restart of production at the Prelude floating LNG operations in Australia, production sharing contract effects and increased demand, partly offset by field decline. LNG liquefaction volumes decreased by 8% due to feedgas constraints and higher maintenance activities, partly offset by the restart of production at the Prelude floating LNG operations in Australia.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS





UPSTREAM Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 % Reference 2021 2020 %1,274 2,415 (1,110) -47 Segment 4,786 (8,694) +155 earnings Of which:(412) (53) (226) Identified A (332) (6,590) items1,686 2,469 (884) -32 Adjusted A 5,118 (2,104) +343 Earnings Adjusted6,766 6,714 2,911 EBITDA (CCS A 18,866 9,421 basis) Cash flow5,777 5,056 2,101 +14 from 14,940 8,026 +86 operating activities Cash flow from operating5,889 5,444 2,629 +8 activities H 16,035 6,894 +133 excluding working capital movements Cash1,502 1,696 1,245 capital C 4,732 5,642 expenditure Liquids production1,497 1,558 1,520 -4 available 1,544 1,619 -5 for sale (thousand b /d) Natural gas production3,387 4,082 3,960 -17 available 4,192 4,768 -12 for sale (million scf/d) Total production2,081 2,262 2,203 -8 available 2,267 2,441 -7 for sale (thousand boe/d)



1.Q3 on Q2 change.

Third quarter segment earnings were $1,274 million. This included a net charge of $192 million related to the impact of the weakening Brazilian real on a deferred tax position, losses of $181 million due to the fair value accounting of commodity derivatives and post-tax impairment charges of $116 million, partly offset by a gain of $51 million related to remeasurement of redundancy and restructuring costs. These net losses are part of identified items (see Reference A). Adjusted Earnings were $1,686 million.

Cash flow from operating activities for the quarter was $5,777 million, primarily driven by Adjusted Earnings before non-cash expenses including depreciation, partly offset by negative working capital movements.

Compared with the second quarter 2021, Upstream Adjusted Earnings reflected the comparative adverse impact of a one-off release of a tax provision in Nigeria in the second quarter, higher well write-offs and lower volumes. These were partly offset by higher realised oil and gas prices.

Compared with the second quarter 2021, total production decreased by 8%, mainly due to the effects of Hurricane Ida and unfavourable seasonal effects.

Nine months segment earnings were $4,786 million. This included losses of $378 million due to the fair value accounting of commodity derivatives, a net charge of $99 million related to the impact of the weakening Brazilian real on a deferred tax position, and post-tax impairment charges of $72 million, partly offset by a net gain of $240 million related to the sale of assets. These net gains are part of identified items (see Reference A). Adjusted Earnings were $5,118 million.

Cash flow from operating activities for the first nine months of 2021 was $14,940 million, primarily driven by Adjusted Earnings before non-cash expenses including depreciation, partly offset by negative working capital movements.

Compared with the first nine months 2020, Upstream Adjusted Earnings reflected higher realised oil and gas prices, the one-off release of a tax provision in Nigeria and lower depreciation.

Compared with the first nine months 2020, total production decreased by 7%, mainly due to the impact of divestments and higher maintenance activities.



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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS





OIL PRODUCTS Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 % Reference 2021 2020 %1,362 33 2,092 +4065 Segment 2,044 1,281 +60 earnings Of which:150 (1,267) 411 Identified A (1,344) (4,174) items1,212 1,299 1,680 -7 Adjusted A 3,389 5,454 -38 Earnings Of which: (3) 112 55 -102 Refining & 5 1,713 -100 Trading1,215 1,187 1,626 +2 Marketing 3,384 3,742 -10 Adjusted2,360 2,608 2,520 EBITDA (CCS A 7,080 9,134 basis) Of which: 415 676 228 Refining & 1,558 3,425 Trading1,945 1,932 2,293 Marketing 5,522 5,710 Cash flow3,757 2,213 5,131 +70 from 6,863 9,647 -29 operating activities Cash flow from operating3,262 3,365 3,476 -3 activities H 9,939 6,259 +59 excluding working capital movements Cash976 882 832 capital C 2,527 2,019 expenditure Refinery processing1,629 1,833 1,972 -11 intake 1,737 2,104 -17 (thousand b /d) Oil Products4,665 4,552 4,740 +3 sales 4,462 4,686 -5 volumes (thousand b /d)



1.Q3 on Q2 change.

2.Earnings are presented on a CCS basis (see Note 2).

3.With effect from Q1 2021, changes are made in the cost and activity allocation between Marketing and Refining & Trading. This resulted in a net Q3 2021 charge of $120 million (nine months 2021: $339 million) to Refining & Trading, with an offsetting amount in Marketing. This change does not impact consolidated Oil Products Adjusted Earnings.

Third quarter segment earnings were $1,362 million. This included a gain of $301 million related to the dilution of interest in the Raizen joint venture, partly offset by post-tax impairment charges of $138 million. These net gains are part of identified items (see Reference A). Adjusted Earnings were $1,212 million.

Cash flow from operating activities for the third quarter 2021 was $3,757 million, primarily driven by Adjusted Earnings before non-cash expenses including depreciation and cost-of-sales adjustments, as well as positive working capital movements due to lower volumes held in inventory.

Compared with the second quarter 2021, Oil Products Adjusted Earnings reflected lower contributions from trading and optimisation, partly offset by favourable deferred tax movements.

Oil Products sales volumes increased due to favourable seasonal effects and continued demand recovery.

Refining & Trading Adjusted Earnings reflected lower refinery processing intake and utilisation due to planned maintenance and the impact of Hurricane Ida, as well as lower contributions from trading and optimisation.

Marketing Adjusted Earnings reflected higher sales volumes.

Refinery utilisation was 71% compared with 76% in the second quarter 2021, due to higher planned maintenance and the impact of Hurricane Ida.

Nine months segment earnings were $2,044 million. This included post-tax impairment charges of $1,268 million, losses of $158 million due to the fair value accounting of commodity derivatives, and redundancy and restructuring costs of $134 million, partly offset by a gain of $301 million related to the dilution of interest in the Raizen joint venture. These net losses are part of identified items (see Reference A). Adjusted Earnings were $3,389 million.

Cash flow from operating activities for the first nine months of 2021 was $6,863 million, primarily driven by Adjusted Earnings before non-cash expenses including depreciation and cost-of-sales adjustments, partly offset by negative working capital movements and cash outflows for commodity derivatives.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



Compared with the first nine months 2020, Oil Products Adjusted Earnings reflected lower contributions from trading and optimisation and higher operating expenses. These were partly offset by higher marketing volumes and Oil Sands margins.

Oil Products sales volumes decreased due to lower trading volumes compared with the first nine months of 2020.

Refining & Trading Adjusted Earnings reflected lower contributions from trading and optimisation and higher operating expenses. These were partly offset by higher Oil Sands margins and lower depreciation.

Marketing Adjusted Earnings reflected higher operating expenses and favourable tax impacts in the first nine months of 2020, offset by higher sales volumes.

Refinery utilisation was 73% compared with 72% in the first nine months of 2020.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS





CHEMICALS Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 % Reference 2021 2020 %357 462 131 -23 Segment 1,509 441 +242 earnings Of which:(38) (208) (96) Identified A (286) (140) items395 670 227 -41 Adjusted A 1,795 581 +209 Earnings Adjusted715 1,036 466 EBITDA (CCS A 2,792 1,439 basis) Cash flow840 1,133 335 -26 from 2,297 891 +158 operating activities Cash flow from operating684 1,225 488 -44 activities H 2,953 981 +201 excluding working capital movements Cash1,053 895 595 capital C 2,678 1,810 expenditure Chemicals sales3,549 3,609 3,823 -2 volumes 10,741 11,318 -5 (thousand tonnes)



1.Q3 on Q2 change.

2.Earnings are presented on a CCS basis (see Note 2).

Third quarter segment earnings were $357 million. This included post-tax impairment charges, and a legal provision. These net losses are part of identified items (see Reference A). Adjusted earnings were $395million.

Cash flow from operating activities for the quarter was $840 million, primarily driven by Adjusted Earnings before non-cash expenses including depreciation, as well as positive working capital movements, partly offset by the timing impact of dividends from Joint Ventures and Associates.

Compared with the second quarter 2021, Chemicals Adjusted Earnings reflected the operational impact of Hurricane Ida, lower intermediate and base chemicals margins, as well as lower income from Joint Ventures and Associates.

Chemicals manufacturing plant utilisation was 78% compared with 82% in the second quarter 2021, due to the impact of Hurricane Ida and higher planned maintenance.

Nine months segment earnings were $1,509 million. This included post-tax impairment charges of $227 million, and legal provisions of $37 million. These net losses are part of identified items (see Reference A). Adjusted earnings were $1,795million.

Cash flow from operating activities for the first nine months was $2,297 million, primarily driven by Adjusted Earnings before non-cash expenses including depreciation and cost-of-sales adjustments, partly offset by negative working capital movements.

Compared with the first nine months 2020, Chemicals Adjusted Earnings reflected higher realised margins in base chemicals and intermediates from a stronger price environment.

Chemicals manufacturing plant utilisation was 79% compared with 81% for the first nine months 2020 due to the impact of Hurricane Ida.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS







CORPORATE Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 Reference 2021 2020(623) (592) (739) Segment earnings (1,747) (1,998) 109 (193) 52 Of which: Identified A 50 578 items(732) (399) (792) Adjusted Earnings A (1,797) (2,576) (147) (101) (247) Adjusted EBITDA (CCS A (421) (834) basis)(22) 454 514 Cash flow from 909 282 operating activities Cash flow from(233) (208) (33) operating activities H (471) 118 excluding working capital movements



Third quarter segment earnings were an expense of $623 million. This included a gain of $108 million from the deferred tax impact of the weakening Brazilian real on financing positions, which is part of identified items (see Reference A). Adjusted Earnings were a net expense of $732 million.

Compared with the second quarter 2021, Adjusted Earnings reflected unfavourable movements in tax credits and currency exchange rate effects, partly offset by lower operating and net interest expenses.

Nine months segment earnings were an expense of $1,747 million. This included a gain of $50 million from the deferred tax impact of the weakening Brazilian real on financing positions, which is part of identified items (see Reference A). Adjusted Earnings were a net expense of $1,797 million.

Compared with the first nine months 2020, Adjusted Earnings reflected lower net interest expense and favourable currency exchange rate effects.

OUTLOOK FOR THE FOURTH QUARTER 2021

Cash capital expenditure was $13.2 billion for the first nine months 2021 and is expected to be around $20 billion for the full year 2021.

Integrated Gas production is expected to be approximately 940 - 980 thousand boe/d and LNG liquefaction volumes are expected to benefit from lower maintenance activities and be approximately 8.0 - 8.6 million tonnes.

Upstream production is expected to be approximately 2,100 - 2,350 thousand boe/d.

Refinery utilisation is expected to be approximately 68% - 76%.

Oil Products sales volumes are expected to be approximately 4,200 - 5,200 thousand b/d.

Chemicals manufacturing plant utilisation is expected to be approximately 73% - 81%.

Chemicals sales volumes are expected to be approximately 3,500 - 3,900 thousand tonnes.

Corporate Adjusted Earnings are expected to be a net expense of approximately $650 - $750 million in the fourth quarter 2021 and a net expense of approximately $2,450 - $2,550million for the full year 2021. This excludes the impact of currency exchange rate effects.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



FORTHCOMING EVENTS

Fourth quarter 2021 and full year results and dividends are scheduled to be announced on February 3, 2022. First quarter 2022 results and dividends are scheduled to be announced on May 5, 2022. Second quarter 2022 and half year results and dividends are scheduled to be announced on July 28, 2022. Third quarter 2022 results and dividends are scheduled to be announced on October 27, 2022.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS



CONSOLIDATED STATEMENT OF INCOME Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 202060,044 60,515 44,021 Revenue 176,224 136,554 Share of profit1,014 1,114 461 of joint ventures 3,122 1,154 and associates497 134 234 Interest and 3,087 458 other income61,555 61,764 44,717 Total revenue and 182,434 138,167 other income44,260 39,717 27,276 Purchases 118,346 88,582 Production and5,322 5,162 5,496 manufacturing 17,292 17,299 expenses Selling,2,892 3,107 2,366 distribution and 8,461 7,130 administrative expenses145 201 233 Research and 511 708 development526 332 222 Exploration 1,143 1,239 Depreciation,6,358 8,223 7,689 depletion and 20,477 42,871 amortisation859 893 992 Interest expense 2,643 3,181 60,362 57,634 44,275 Total expenditure 168,874 161,009 1,193 4,130 442 Income/(loss) 13,560 (22,842) before taxation1,510 571 (104) Taxation charge/ 4,535 (5,265) (credit)(317) 3,559 546 Income/(loss) for 9,025 (17,578) the period Income/(loss)130 131 57 attributable to 385 88 non-controlling interest Income/(loss)(447) 3,428 489 attributable to 8,640 (17,666) Royal Dutch Shell plc shareholders(0.06) 0.44 0.06 Basic earnings 1.11 (2.27) per share ($)^(0.06) 0.44 0.06 Diluted earnings 1.10 (2.27) per share ($)^



1.See Note 2 Segment information.

2.See Note 7 Other notes to the unaudited Condensed Consolidated Interim Financial Statements.

3.See Note 3 Earnings per share.



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020(317) 3,559 546 Income/(loss) for the period 9,025 (17,578) Other comprehensive income/ (loss) net of tax: Items that may be reclassified to income in later periods:(943) 575 1,246 ? Currency translation (1,219) (1,101) differences(1) (2) 5 ? Debt instruments (17) 20 remeasurements102 (84) 75 ? Cash flow hedging gains/ 150 (214) (losses)89 (51) (153) ? Net investment hedging gains/ 209 (253) (losses)16 (20) (59) ? Deferred cost of hedging (38) 97 ? Share of other comprehensive(104) (7) (51) income/(loss) of joint ventures (167) (80) and associates(841) 410 1,063 Total (1,083) (1,530) Items that are not reclassified to income in later periods:291 1,675 (580) ? Retirement benefits 6,594 (3,747) remeasurements(25) 10 36 ? Equity instruments 25 (24) remeasurements ? Share of other comprehensive41 (42) 45 income/(loss) of joint ventures (26) 112 and associates307 1,643 (499) Total 6,592 (3,659) (534) 2,053 564 Other comprehensive income/ 5,510 (5,189) (loss) for the period(851) 5,612 1,111 Comprehensive income/(loss) for 14,535 (22,767) the period Comprehensive income/(loss)85 145 82 attributable to non-controlling 351 2 interest Comprehensive income/(loss)(937) 5,467 1,029 attributable to Royal Dutch 14,184 (22,768) Shell plc shareholders



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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS





CONDENSED CONSOLIDATED BALANCE SHEET$ million September 30, December 31, 2021 2020 4Assets Non-current assets Intangible assets 22,344 22,710 Property, plant and equipment 196,261 209,700 Joint ventures and associates 23,724 22,451 Investments in securities 3,662 3,222 Deferred tax 14,542 16,311 Retirement benefits^1 8,009 2,474 Trade and other receivables 7,605 7,641 Derivative financial instruments 1,052 2,805 277,199 287,315 Current assets Inventories 24,596 19,457 Trade and other receivables 46,366 33,625 Derivative financial instruments 14,613 5,783 Cash and cash equivalents 38,073 31,830 123,648 90,695 Assets classified as held for sale^1 7,922 1,258 131,570 91,953 Total assets 408,769 379,268 Liabilities Non-current liabilities Debt 84,705 91,115 Trade and other payables 2,224 2,304 Derivative financial instruments 571 420 Deferred tax 12,159 10,463 Retirement benefits^1,3 11,835 15,605 Decommissioning and other provisions 26,361 27,116 137,856 147,023 Current liabilities Debt 10,686 16,899 Trade and other payables 59,722 44,572 Derivative financial instruments 26,118 5,308 Income taxes payable 2,809 3,111 Decommissioning and other provisions 3,139 3,622 102,473 73,512 Liabilities directly associated with assets 1,758 196 classified as held for sale^1 104,230 73,708 Total liabilities 242,086 220,731 Equity attributable to Royal Dutch Shell plc 163,390 155,310 shareholdersNon-controlling interest 3,293 3,227 Total equity 166,683 158,537 Total liabilities and equity 408,769 379,268



1.See Note 7 "Other notes to the unaudited Condensed Consolidated Interim Financial Statements".

2.See Note 6 Derivative financial instruments and debt excluding lease liabilities.

3. As from January 1, 2021 the 'Retirement benefits' liability has been classified under non-current liabilities (previously partly presented within current liabilities) and taxes payable not related to income tax are presented within 'Trade and other payables' (previously 'Taxes payable'). Prior period comparatives have been revised to conform with current year presentation. See Note 7.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



4. For Q3 2021, assets held for sale are presented separately. Prior period comparatives have been revised to conform with current year presentation.





CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to Royal Dutch Shell plc shareholders Share Shares Other Retained Non-controlling Total$ million capital held in reserves earnings Total interest equity trustAt January 1, 651 (709) 12,752 142,616 155,310 3,227 158,537 2021Comprehensiveincome/(loss) for ? ? 5,544 8,640 14,184 351 14,535 the periodTransfer fromother ? ? (14) 14 ? ? ? comprehensiveincomeDividends ? ? ? (4,475) (4,475) (305) (4,780) Repurchases of (4) ? 4 (2,003) (2,003) ? (2,003) shares^4Share-based ? 350 (68) 93 375 ? 375 compensationOther changes innon-controlling ? ? ? (1) (1) 20 19 interestAt September 30, 647 (359) 18,218 144,884 163,390 3,293 166,683 2021At January 1, 657 (1,063) 14,451 172,431 186,476 3,987 190,463 2020Comprehensiveincome/(loss) for ? ? (5,102) (17,666) (22,768) 2 (22,767) the periodTransfer fromother ? ? 185 (185) ? ? ? comprehensiveincomeDividends^3 ? ? ? (5,956) (5,956) (242) (6,198) Repurchases of (6) ? 6 (1,214) (1,214) ? (1,214) sharesShare-based ? 539 (237) (230) 73 ? 73 compensationOther changes innon-controlling ? ? ? 557 557 (573) (16) interestAt September 30, 651 (523) 9,303 147,737 157,168 3,173 160,341 2020



1.See Note 4 Share capital.

2.See Note 5 Other reserves.

3.The amount charged to retained earnings is based on prevailing exchange rates on payment date.

4. Includes shares committed to repurchase and repurchases subject to settlement at the end of the quarter.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS





CONSOLIDATED STATEMENT OF CASH FLOWS Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 20201,193 4,130 442 Income before taxation for 13,560 (22,842) the period Adjustment for: 723 797 814 ? Interest expense (net) 2,277 2,600 6,358 8,223 7,689 ? Depreciation, depletion 20,477 42,871 and amortisation323 108 14 ? Exploration well 567 615 write-offs ? Net (gains)/losses on(298) 55 (103) sale and revaluation of (2,316) (124) non-current assets and businesses ? Share of (profit)/loss(1,014) (1,114) (461) of joint ventures and (3,122) (1,154) associates ? Dividends received from956 782 468 joint ventures and 2,318 1,609 associates(538) (2,495) 405 ? (Increase)/decrease in (6,459) 6,286 inventories(2,859) (4,080) (540) ? (Increase)/decrease in (13,768) 9,733 current receivables1,950 5,016 1,583 ? Increase/(decrease) in 12,831 (11,073) current payables10,116 2,173 233 ? Derivative financial 12,474 899 instruments(113) 47 152 ? Retirement benefits 43 355 (206) (124) 43 ? Decommissioning and (252) 333 other provisions894 561 265 ? Other 2,038 363 (1,459) (1,465) (601) Tax paid (3,733) (2,653) 16,025 12,617 10,403 Cash flow from operating 36,935 27,818 activities(4,648) (4,232) (3,679) Capital expenditure (12,764) (11,379) (151) (115) (34) Investments in joint (335) (754) ventures and associates(41) (36) (23) Investments in equity (98) (190) securities Proceeds from sale of1,122 1,162 571 property, plant and 5,390 2,395 equipment and businesses Proceeds from joint ventures and associates168 4 159 from sale, capital 447 1,129 reduction and repayment of long-term loans^16 108 139 Proceeds from sale of 145 274 equity securities93 110 112 Interest received 302 422 929 799 588 Other investing cash 2,440 2,617 inflows(1,283) (746) (665) Other investing cash (2,866) (2,384) outflows(3,804) (2,946) (2,833) Cash flow from investing (7,339) (7,871) activities Net increase/(decrease) in(33) (34) (176) debt with maturity period 46 236 within three months Other debt: 23 57 4,745 ? New borrowings 189 20,986 (4,077) (3,901) (2,688) ? Repayments (13,684) (12,523) (788) (1,162) (831) Interest paid (2,756) (2,952) (268) (57) 419 Derivative financial (774) 662 instruments4 ? ? Change in non-controlling 19 (40) interest Cash dividends paid to: (1,812) (1,310) (1,236) ? Royal Dutch Shell plc (4,414) (6,117) shareholders^2(40) (140) (65) ? Non-controlling interest (305) (242) (971) ? ? Repurchases of shares (1,187) (1,702) Shares held in trust: net34 (2) 1 sales/(purchases) and (32) (198) dividends received(7,930) (6,550) 169 Cash flow from financing (22,900) (1,892) activities Effects of exchange rate(322) (2) 36 changes on cash and cash (453) (395) equivalents3,969 3,119 7,775 Increase/(decrease) in 6,244 17,659 cash and cash equivalents34,104 30,985 27,939 Cash and cash equivalents 31,830 18,055 at beginning of period38,073 34,104 35,714 Cash and cash equivalents 38,073 35,714 at end of period



1. As from 2021 renamed from 'Proceeds from sale of joint ventures and associates'.

2. Cash dividends paid represents the payment of net dividends (after deduction of withholding taxes where applicable) and payment of withholding taxes on dividends paid in the previous quarter.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

These unaudited Condensed Consolidated Interim Financial Statements ("Interim Statements") of Royal Dutch Shell plc (the Company) and its subsidiaries (collectively referred to as Shell) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and as adopted by the UK. For periods beginning on or after January 1, 2021, Shell's (interim) financial statements are prepared in accordance with UK-adopted international accounting standards which were established as a result of the UK's exit from the European Union. As applied to Shell there are no material differences from International Financial Reporting Standards as issued by the IASB. Except for the application of UK-adopted international accounting standards these Interim Statements have been prepared on the basis of the same accounting principles as those used in the Annual Report and Accounts (pages 216 to 264) and Form 20-F (pages 164 to 211) for the year ended December31, 2020 as filed with the Registrar of Companies for England and Wales and the US Securities and Exchange Commission, respectively, and should be read in conjunction with these filings.

The financial information presented in the unaudited Interim Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (the Act). Statutory accounts for the year ended December31, 2020 were published in Shells Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell's Form 20-F. The auditors report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

Key accounting considerations, significant judgements and estimates

Future commodity price assumptions and management's view on the future development of refining margins represent a significant estimate and both were subject to change in 2020, resulting in the recognition of impairments in 2020. These assumptions continue to apply for impairment testing purposes in the third quarter 2021.



2. Segment information

Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies during the same period after making allowance for the tax effect. CCS earnings therefore exclude the effect of changes in the oil price on inventory carrying amounts. Sales between segments are based on prices generally equivalent to commercially available prices.

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INFORMATION BY SEGMENT Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020 Third-party revenue 6,994 9,247 7,684 Integrated Gas 27,499 25,277 2,368 2,242 1,670 Upstream 6,551 5,191 46,281 44,570 31,823 Oil Products 129,233 97,716 4,390 4,444 2,831 Chemicals 12,904 8,335 11 12 13 Corporate 36 35 60,044 60,515 44,021 Total third-party revenue 176,224 136,554 Inter-segment revenue 1,887 1,794 864 Integrated Gas 5,032 2,313 9,191 8,924 5,111 Upstream 25,370 15,704 3,094 3,017 1,547 Oil Products 8,567 4,480 1,663 1,633 715 Chemicals 4,483 2,065 ? ? ? Corporate ? ? CCS earnings (3,247) 422 (151) Integrated Gas (297) (6,298) 1,274 2,415 (1,110) Upstream 4,786 (8,694) 1,362 33 2,092 Oil Products 2,044 1,281 357 462 131 Chemicals 1,509 441 (623) (592) (739) Corporate (1,747) (1,998) (876) 2,741 222 Total CCS earnings 6,295 (15,268)



1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives. Third quarter 2021 included losses of $5,032million mainly driven by Integrated Gas, refer to Performance by Segment (Q2 2021: $340 million losses; Q3 2020: $1,803million income). This amount includes both the reversal of prior losses of $1,205 million (Q2 2021: $374 million losses; Q3 2020: $15 million losses) related to sales contracts and prior gains of $1,517 million (Q2 2021: $434 million gains; Q3 2020: $22 million gains) related to purchase contracts that were previously recognised and where physical settlement took place in the third quarter 2021.



RECONCILIATION OF INCOME FOR THE PERIOD TO CCS EARNINGS Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020 Income/(loss) attributable(447) 3,428 489 to Royal Dutch Shell plc 8,640 (17,666) shareholders Income/(loss) attributable130 131 57 to non-controlling 385 88 interest(317) 3,559 546 Income/(loss) for the 9,025 (17,578) period Current cost of supplies adjustment:(666) (994) (395) Purchases (3,291) 2,947 142 208 100 Taxation 703 (719) Share of profit/(loss) of(35) (33) (29) joint ventures and (143) 82 associates(559) (818) (324) Current cost of supplies (2,730) 2,310 adjustment of which: Attributable to Royal(541) (793) (312) Dutch Shell plc (2,648) 2,222 shareholders(18) (25) (12) Attributable to (82) 88 non-controlling interest(876) 2,741 222 CCS earnings 6,295 (15,268) of which: CCS earnings attributable(988) 2,634 177 to Royal Dutch Shell plc 5,992 (15,443) shareholders CCS earnings attributable112 106 45 to non-controlling 303 176 interest





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3. Earnings per share



EARNINGS PER SHAREQuarters Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020 Income/(loss) attributable(447) 3,428 489 to Royal Dutch 8,640 (17,666) Shell plc shareholders ($ million) Weighted average number of shares used as the basis for determining: Basic earnings7,773.3 7,790.1 7,788.7 per share 7,781.8 7,799.4 (million) Diluted7,773.3 7,835.9 7,823.6 earnings per 7,827.9 7,799.4 share (million)



4. Share capital



ISSUED AND FULLY PAID ORDINARY SHARES OF ?0.07 EACH1 Number of shares Nominal value ($ million) A B A B TotalAt January 1, 2021 4,101,239,499 3,706,183,836 345 306 651Repurchases of ? (48,493,633) ? (4) (4)sharesAt September 30, 4,101,239,499 3,657,690,203 345 302 6472021At January 1, 2020 4,151,787,517 3,729,407,107 349 308 657Repurchases of (50,548,018) (23,223,271) (4) (2) (6)sharesAt September 30, 4,101,239,499 3,706,183,836 345 306 6512020



1.Share capital at September 30, 2021 also included 50,000 issued and fully paid sterling deferred shares of 1 each.

At Royal Dutch Shell plcs Annual General Meeting on May18, 2021, the Board was authorised to allot ordinary shares in Royal Dutch Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Royal Dutch Shell plc, up to an aggregate nominal amount of 182.1 million (representing 2,602 million ordinary shares of 0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August18, 2022, and the end of the Annual General Meeting to be held in 2022, unless previously renewed, revoked or varied by Royal Dutch Shell plc in a general meeting.

5. Other reserves



OTHER RESERVES Share Capital Share Accumulated$ million Merger premium redemption plan other Total reserve reserve reserve reserve comprehensive incomeAt January 1, 37,298 154 129 906 (25,735) 12,752 2021Othercomprehensiveincome/(loss) ? ? ? ? 5,544 5,544 attributable toRoyal Dutch Shellplc shareholdersTransfer fromother ? ? ? ? (14) (14) comprehensiveincomeRepurchases of ? ? 4 ? ? 4 sharesShare-based ? ? ? (68) ? (68) compensationAt September 30, 37,298 154 133 838 (20,206) 18,218 2021At January 1, 37,298 154 123 1,049 (24,173) 14,451 2020Othercomprehensiveincome/(loss) ? ? ? ? (5,102) (5,102) attributable toRoyal Dutch Shellplc shareholdersTransfer fromother ? ? ? ? 185 185 comprehensiveincomeRepurchases of ? ? 6 ? ? 6 sharesShare-based ? ? ? (237) ? (237) compensationAt September 30, 37,298 154 129 812 (29,091) 9,303 2020



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The merger reserve and share premium reserve were established as a consequence of Royal Dutch Shell plc becoming the single parent company of Royal Dutch Petroleum Company and The Shell Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Royal Dutch Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

6. Derivative financial instruments and debt excluding lease liabilities

As disclosed in the Consolidated Financial Statements for the year ended December31, 2020, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at September 30, 2021, are consistent with those used in the year ended December31, 2020, though the carrying amounts of derivative financial instruments measured using predominantly unobservable inputs have changed since that date.

The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.



DEBT EXCLUDING LEASE LIABILITIES$ million September 30, 2021 December 31, 2020Carrying amount 67,422 79,594 Fair value 74,397 88,294



1.Mainly determined from the prices quoted for these securities.



7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

Consolidated Statement of Income

Interest and other income



Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020497 134 234 Interest and other income 3,087 458 of which: 136 95 154 Interest income 366 511 Dividend income (from9 34 3 investments in equity 44 19 securities) Net gains on sales and298 (55) 103 revaluation of non-current 2,316 124 assets and businesses(42) 4 (150) Net foreign exchange gains/ 48 (355) (losses) on financing activities96 56 123 Other 313 159



Depreciation, depletion and amortisation



Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 20206,358 8,223 7,689 Depreciation, depletion 20,477 42,871 and amortisation



Depreciation, depletion and amortisation in Q3 2021 includes $352million pre-tax (Q2 2021: $2,333 million; Q3 2020: $1,615 million; nine months 2021: $2,770 million; nine months 2020: $24,145) of impairments.

Condensed Consolidated Balance Sheet

Assets classified as held for sale

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$ million September 30, December 2021 31, 2020Assets classified as held for sale 7,922 1,258 Liabilities directly associated with assets 1,758 196 classified as held for sale



Assets classified as held for sale and associated liabilities at September 30, 2021 mainly relate to the Permian business in the USA and two refineries. Themajor classes of assets and liabilities classified as held for sale are Property, plant and equipment ($6,192 million; December 31, 2020: $1,146 million), Inventories ($787 million; December 31, 2020: zero), Decommissioning and other provisions ($692 million; December 31, 2020: $196 million) and Debt ($531 million; December 31, 2020: zero).

Retirement benefits



$ million September 30, 2021 December 31, 2020Non-current assets Retirement benefits 8,009 2,474 Non-current liabilities Retirement benefits 11,835 15,605 Deficit 3,826 13,131



1.As from January 1, 2021 the 'Retirement benefits' liability has been classified under non-current liabilities (previously partly presented within current liabilities). Prior period comparatives have been revised by $437million to conform with current year presentation.

The decrease in the net retirement benefit liability is mainly driven by an increase of the market yield on high-quality corporate bonds in the USA, the UK and Eurozone and positive returns on plan assets, partly offset by an increase in expected inflation in the UK and Eurozone. Amounts recognised in the balance sheet in relation to defined benefit plans include both plan assets and obligations that are presented on a net basis on a plan-by-plan basis.

Income taxes payable



$ million September 30, 2021 December 31, 2020Income taxes payable 2,809 3,111



As from January 1, 2021 taxes payable not related to income tax are presented within 'Trade and other payables' (previously within 'Taxes payable') and 'Taxes payable' has been renamed into 'Income taxes payable'. Prior period comparatives have been revised by $2,895 million to conform with current year presentation.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

A.Adjusted Earnings and Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA)

The Adjusted Earnings measure aims to facilitate a comparative understanding of Shells financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shells financial results from period to period. This measure excludes earnings attributable to non-controlling interest.

The Adjusted EBITDA (CCS basis) and Adjusted EBITDA (FIFO basis) measures are introduced with effect from January 1, 2021. Management uses both measures to evaluate Shells performance in the period and over time.

We define "Adjusted EBITDA (CCS basis)" as "Income/(loss) for the period" adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component.

We define Adjusted EBITDA (FIFO basis) as Income/(loss) for the period adjusted for identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component.



ADJUSTED EARNINGSQuarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020 Income/(loss)(447) 3,428 489 attributable to 8,640 (17,666) Royal Dutch Shell plc shareholders Add: Current cost of supplies adjustment(541) (793) (312) attributable to (2,648) 2,222 Royal Dutch Shell plc shareholders (Note 2) Less: Identified(5,118) (2,899) (778) items attributable (6,906) (19,897) to Royal Dutch Shell plc shareholders4,130 5,534 955 Adjusted Earnings 12,898 4,453 Of which: 1,680 1,609 768 Integrated Gas 4,705 3,274 1,686 2,469 (884) Upstream 5,118 (2,104) 1,212 1,299 1,680 Oil Products 3,389 5,454 (3) 112 55 Refining and Trading 5 1,713 1,215 1,187 1,626 Marketing 3,384 3,742 395 670 227 Chemicals 1,795 581 (732) (399) (792) Corporate (1,797) (2,576) Less:(112) (115) (45) Non-controlling (312) (176) interest











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ADJUSTED EBITDAQuarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 20204,130 5,534 955 Adjusted Earnings 12,898 4,453 112 115 45 Add: Non-controlling 312 176 interest Add: Taxation charge2,168 1,178 72 /(credit) excluding 4,896 1,520 tax impact of identified items Add: Depreciation, depletion and6,005 5,890 6,074 amortisation 17,707 18,726 excluding impairments323 108 14 Add: Exploration 567 615 well write-offs Add: Interest859 893 992 expense excluding 2,643 3,180 identified items136 95 154 Less: Interest 366 511 income13,460 13,623 7,998 Adjusted EBITDA (CCS 38,656 28,159 basis)^1 Of which: 3,768 3,364 2,349 Integrated Gas 10,339 8,999 6,766 6,714 2,911 Upstream 18,866 9,421 2,360 2,608 2,520 Oil Products 7,080 9,134 415 676 228 Refining and Trading 1,558 3,425 1,945 1,932 2,293 Marketing 5,522 5,710 715 1,036 466 Chemicals 2,792 1,439 (147) (101) (247) Corporate (421) (834) Less: Current cost(559) (818) (324) of supplies (2,730) 2,310 adjustment (Note 2) Add: Current cost of142 208 100 supplies adjustment 703 (719) to taxation charge/ (credit) (Note 2)14,160 14,647 8,423 Adjusted EBITDA 42,090 25,130 (FIFO basis)1 Of which: 3,768 3,364 2,349 Integrated Gas 10,339 8,999 6,766 6,714 2,911 Upstream 18,866 9,421 2,965 3,553 2,863 Oil Products 10,104 6,478 892 1,370 578 Refining and Trading 3,977 1,017 2,073 2,182 2,286 Marketing 6,126 5,463 810 1,117 548 Chemicals 3,201 1,066 (147) (101) (247) Corporate (421) (834)



1.With effect from Q3 2021, Adjusted EBITDA includes the non-controlling interest component of Adjusted Earnings. Prior period comparatives have been revised and had been previously reported as Q2 2021 Adjusted EBITDA (CCS basis): $13,507 million and Adjusted EBITDA (FIFO basis): $14,508 million.











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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



Identified items

Identified items comprise: divestment gains and losses, impairments, redundancy and restructuring, provisions for onerous contracts, fair value accounting of commodity derivatives and certain gas contracts and the impact of exchange rate movements on certain deferred tax balances, and other items.



IDENTIFIED ITEMSQuarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020 Identified items before tax 316 (55) 103 Divestment gains/(losses) 2,334 154 (352) (2,333) (1,636) Impairments (2,770) (24,718) 321 68 25 Redundancy and restructuring (358) (511) (107) ? (133) Provisions for onerous (107) (133) contracts Fair value accounting of(6,110) (1,373) 721 commodity derivatives and (7,095) (195) certain gas contracts15 (29) (134) Other 17 (561) (5,917) (3,722) (1,055) Total identified items (7,978) (25,963) before tax799 815 276 Total tax impact of 1,064 6,066 identified items Identified items after tax 301 (83) 46 Divestment gains/(losses) 1,629 24 (275) (1,787) (1,143) Impairments (2,155) (18,521) 204 45 4 Redundancy and restructuring (237) (378) (82) ? (126) Provisions for onerous (82) (126) contracts Fair value accounting of(5,164) (1,181) 532 commodity derivatives and (5,980) (171) certain gas contracts(121) 121 13 Impact of exchange rate (110) (397) movements on tax balances19 (23) (104) Other 21 (328) (5,118) (2,908) (778) Impact on CCS earnings (6,914) (19,897) Of which: (4,927) (1,187) (920) Integrated Gas (5,002) (9,572) (412) (53) (226) Upstream (332) (6,590) 150 (1,267) 411 Oil Products (1,344) (4,174) (38) (208) (96) Chemicals (286) (140) 109 (193) 52 Corporate 50 578 (5,118) (2,899) (778) Impact on CCS earnings (6,906) (19,897) attributable to shareholders Impact on CCS earnings? (8) ? attributable to (8) ? non-controlling interest



The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within "Share of profit of joint ventures and associates" in the Consolidated Statement of Income, and fully reported as identified items before tax in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of underlying operating expenses (Reference F).

Provisions for onerous contracts: Provisions for onerous contracts that relate to businesses that Shell has exited or to redundant assets or assets that cannot be used.

Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower.

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As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period, or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

Impacts of exchange rate movements on tax balances represent the impact on tax balances of exchange rate movements arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Upstream and Integrated Gas segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

Other identified items represent other credits or charges that based on Shell management's assessment hinder the comparative understanding of Shell's financial results from period to period.

B.Adjusted Earnings per share

Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).

C.Cash capital expenditure

Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.



Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 20204,648 4,232 3,679 Capital expenditure 12,764 11,379 Investments in joint151 115 34 ventures and 335 754 associates41 36 23 Investments in 98 190 equity securities4,840 4,383 3,737 Cash capital 13,197 12,324 expenditure Of which: 1,272 880 1,020 Integrated Gas 3,167 2,638 1,502 1,696 1,245 Upstream 4,732 5,642 976 882 832 Oil Products 2,527 2,019 1,053 895 595 Chemicals 2,678 1,810 36 30 45 Corporate 94 215



D.Return on average capital employed

Return on average capital employed ("ROACE") measures the efficiency of Shells utilisation of the capital that it employs. Shell uses two ROACE measures: ROACE on a Net income basis and ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis, both adjusted for after-tax interest expense.

Both measures refer to Capital employed which consists of total equity, current debt and non-current debt.

ROACE on a Net income basis

In this calculation, the sum of income for the current and previous three quarters, adjusted for after-tax interest expense, is expressed as a percentage of the average capital employed for the same period.

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$ million Quarters Q3 2021 Q2 2021 Q3 2020Income - current and previous three quarters 5,069 5,933 (16,489)Interest expense after tax - current and previous 2,636 2,668 2,933three quartersIncome before interest expense - current and previous 7,705 8,601 (13,556)three quartersCapital employed ? opening 269,397 265,435 281,505Capital employed ? closing 262,074 271,319 269,397Capital employed ? average 265,735 268,377 275,451ROACE on a Net income basis 2.9% 3.2% (4.9)%



ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis

In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense, is expressed as a percentage of the average capital employed for the same period. This measure was previously referred to as ROACE on a CCS basis excluding identified items and was renamed to improve clarity with effect from the second quarter 2021. There is no change to the calculation outcome as result of this nomenclature update.



$ million Quarters Q3 2021 Q2 2021 Q3 2020Adjusted Earnings - current and previous three 13,290 10,115 7,384quarters (Reference A)Add: Income/(loss) attributable to NCI - current and 443 371 212previous three quartersAdd: Current cost of supplies adjustment attributable (96) (90) 89to NCI - current and previous three quartersLess: Identified items attributable to NCI (Reference (18) (18) ?A) - current and previous three quartersAdjusted Earnings plus NCI excluding identified items 13,656 10,414 7,685- current and previous three quartersAdd: Interest expense after tax - current and 2,636 2,668 2,933previous three quartersAdjusted Earnings plus NCI excluding identified itemsbefore interest expense - current and previous three 16,292 13,081 10,618quartersCapital employed - average 265,735 268,377 275,451ROACE on an Adjusted Earnings plus NCI basis 6.1% 4.9% 3.9%



E.Gearing

Gearing is a measure of Shells capital structure and is defined as net debt as a percentage of total capital. Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under Trade and other receivables or Trade and other payables as appropriate.

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$ million Quarters September June 30, September 30, 2021 2021 30, 2020Current debt 10,686 13,042 17,811Non-current debt 84,705 87,034 91,245Total debt 95,390 100,076 109,056Of which lease liabilities 27,969 28,340 28,930Add: Debt-related derivative financial (231) (912) (564)instruments: net liability/(asset)Add: Collateral on debt-related derivatives: 407 675 686net liability/(asset)Less: Cash and cash equivalents (38,073) (34,104) (35,714)Net debt 57,492 65,735 73,463Add: Total equity 166,683 171,243 160,341Total capital 224,175 236,978 233,804Gearing 25.6 % 27.7 % 31.4 %



F.Operating expenses

Operating expenses is a measure of Shells cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.



Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 20205,322 5,162 5,496 Production and manufacturing 17,292 17,299 expenses2,892 3,107 2,366 Selling, distribution and 8,461 7,130 administrative expenses145 201 233 Research and development 511 708 8,359 8,470 8,095 Operating expenses 26,264 25,137 Of which identified items: 322 68 25 Redundancy and restructuring (357) (501) (charges)/reversal15 (31) (267) (Provisions)/reversal (16) (678) ? (2) ? Other 33 ? 337 35 (242) (340) (1,179) 8,696 8,505 7,854 Underlying operating expenses 25,924 23,958



G.Free cash flow

Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of Cash flow from operating activities and Cash flow from investing activities.

Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

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Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 202016,025 12,617 10,403 Cash flow from operating 36,935 27,818 activities(3,804) (2,946) (2,833) Cash flow from investing (7,339) (7,871) activities12,221 9,671 7,571 Free cash flow 29,596 19,947 1,297 1,274 869 Less: Divestment proceeds 5,983 3,798 (Reference I) Add: Tax paid on divestments? 24 ? (reported under "Other 24 ? investing cash outflows") Add: Cash outflows related to181 2 12 inorganic capital expenditure^ 272 614 111,105 8,424 6,713 Organic free cash flow^2 23,910 16,763



1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell's activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

H.Cash flow from operating activities excluding working capital movements

Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows:(i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.



Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020 Cash flow from16,025 12,617 10,403 operating 36,935 27,818 activities (Increase)/(538) (2,495) 405 decrease in (6,459) 6,286 inventories (Increase)/(2,859) (4,080) (540) decrease in (13,768) 9,733 current receivables Increase/1,950 5,016 1,583 (decrease) in 12,831 (11,073) current payables (Increase)/(1,447) (1,559) 1,448 decrease in (7,396) 4,947 working capital Cash flow from operating17,472 14,176 8,955 activities 44,331 22,871 excluding working capital movements Of which: 7,871 4,350 2,396 Integrated Gas 15,874 8,619 5,889 5,444 2,629 Upstream 16,035 6,894 3,262 3,365 3,476 Oil Products 9,939 6,259 684 1,225 488 Chemicals 2,953 981 (233) (208) (33) Corporate (471) 118



I.Divestment proceeds

Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver sustainable cash flow.



Quarters $ million Nine monthsQ3 2021 Q2 2021 Q3 2020 2021 2020 Proceeds from sale of property,1,122 1,162 571 plant and equipment and 5,390 2,395 businesses Proceeds from joint ventures and168 4 159 associates from sale, capital 447 1,129 reduction and repayment of long-term loans6 108 139 Proceeds from sale of equity 145 274 securities1,297 1,274 869 Divestment proceeds 5,983 3,798



1.As from 2021 renamed from 'Proceeds from sale of joint ventures and associates'.

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ROYAL DUTCH SHELL PLC3RD QUARTER 2021 UNAUDITED RESULTS



CAUTIONARY STATEMENT

All amounts shown throughout this announcement are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement Shell, Shell Group and Group are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words we, us and our are also used to refer to Royal Dutch 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 announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as joint ventures and joint operations, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as associates. 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.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on managements current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing managements expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as aim, ambition, anticipate, believe, could, estimate, expect, goals, intend, may, milestones, objectives, outlook, plan, probably, project, risks, schedule, seek, should, target, will and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shells products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell plc's Form 20-F for the year ended December31, 2020 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, October 28, 2021. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

This announcement contains inside information.

October28, 2021

The information in this announcement reflects the unaudited consolidatedfinancial position and results of Royal Dutch Shell plc. Company No. 4366849,Registered Office: Shell Centre, London, SE1 7NA, England, UK.



Contacts:

- Linda M. Coulter, Company Secretary

- Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

LEI number of Royal Dutch Shell plc: 21380068P1DRHMJ8KU70

Classification: Inside Information

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