The British energy giant, Shell plc (SHEL) , which entered into a joint venture (JV) with EDF-RE Offshore Development, LLC through its subsidiary Shell New Energies US LLC to create Atlantic Shores Offshore Wind, has received final approval from the federal agencies for two of its wind farms. Overview of the SHEL's JV The Atlantic Shores JV is a partnership between SHEL and EDF Renewables where both companies share a 50% stake in constructing two offshore wind farms. The wind farms, located 8.7 miles off th ...

Core Points - Shell plc announced the final results of its Exchange Offers, aiming to exchange up to $12 billion of Old Notes for New Notes [1][2] - The total aggregate principal amount of Old Notes validly tendered and accepted for exchange was $11,462,980,000, exceeding the Maximum Amount [3][7] - The settlement and issuance of the New Notes is expected to occur on October 8, 2024 [7] Exchange Offers Details - The Exchange Offers were conducted to migrate existing Old Notes from Shell International Finance B.V. to Shell Finance US Inc. to optimize the capital structure [2] - Acceptance of Old Notes was based on a priority level system, with levels 1 through 8 accepted, while levels 9 through 12 were not accepted due to not meeting conditions [3][5] - The aggregate principal amounts of each series of Old Notes accepted for exchange were detailed in a table, showing significant amounts for the highest priority levels [4][6] Financial Institutions Involved - The dealer managers for the Exchange Offers included Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., and Wells Fargo Securities, LLC [7] - D.F. King & Co. Inc. served as the exchange agent and information agent for the Exchange Offers [8]

Company Overview - Shell's stock closed at $68.46, reflecting a 0.94% increase from the previous trading session, outperforming the S&P 500's 0.17% loss [1] - Over the past month, Shell's stock has decreased by 1.01%, underperforming the Oils-Energy sector's gain of 0.85% and the S&P 500's gain of 1.25% [1] Financial Performance - The upcoming EPS for Shell is projected at $1.79, indicating a 3.76% decline compared to the same quarter last year [2] - Revenue is estimated to be $84.58 billion, which is an 8.43% increase from the prior-year quarter [2] - For the entire fiscal year, earnings are projected at $8.44 per share, with revenue expected to be $315.17 billion, reflecting changes of +0.48% and -2.48% respectively from the prior year [3] Analyst Estimates - Changes in analyst estimates for Shell are crucial as they reflect short-term business trends [4] - The Zacks Consensus EPS estimate has decreased by 1.61% in the past month, and Shell currently holds a Zacks Rank of 3 (Hold) [6] Valuation Metrics - Shell's Forward P/E ratio is 8.04, which is a premium compared to the industry's average Forward P/E of 7.99 [7] - The PEG ratio for Shell is 1.56, aligning with the average PEG ratio for the Oil and Gas - Integrated - International industry [8] Industry Context - The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector, which has a Zacks Industry Rank of 226, placing it in the bottom 11% of over 250 industries [9]

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[FORM 6-K Filing Information](index=1&type=section&id=FORM%206-K%20Filing%20Information) [General Information and Notification](index=1&type=section&id=General%20Information%20and%20Notification) This section details the filing of Form 6-K by Shell plc for September 2024, specifically notifying the acquisition of dividend shares by Persons Discharging Managerial Responsibilities (PDMRs) following the Q2 2024 interim dividend payment on September 23, 2024 - **Shell plc** filed **Form 6-K** for the month of **September 2024** to report transactions by **Persons Discharging Managerial Responsibilities (PDMRs)**[1](index=1&type=chunk)[2](index=2&type=chunk) - **PDMRs** acquired dividend shares on **September 26, 2024**, in respect of shares previously delivered under annual bonus and/or vested under employee share plans, following the interim dividend payment on **September 23, 2024**[2](index=2&type=chunk) [Summary of PDMR Dividend Share Acquisitions](index=2&type=section&id=Summary%20of%20PDMR%20Dividend%20Share%20Acquisitions) A summary table provides an overview of dividend shares acquired by several PDMRs on September 26, 2024, including the share type, number of shares, and purchase price per share in both GBP and EUR | PDMR | Date Acquired | Share Type | Number of dividend shares acquired | Purchase price per Share | | :--------------- | :--------------- | :---------- | :--------------------------------- | :----------------------- | | Sinead Gorman | 26 September 2024| SHEL (LSE) | 1,109.67 | GBP 24.34 | | Philippa Bounds | 26 September 2024| SHELL (AMS) | 0.01 | EUR 29.41 | | Philippa Bounds | 26 September 2024| SHEL (LSE) | 47.30 | GBP 24.34 | | Robertus Mooldijk| 26 September 2024| SHELL (AMS) | 721.54 | EUR 29.41 | | Rachel Solway | 26 September 2024| SHEL (LSE) | 6.01 | GBP 24.34 | | Huibert Vigeveno | 26 September 2024| SHELL (AMS) | 1,187.00 | EUR 29.41 | | Zoe Yujnovich | 26 September 2024| SHELL (AMS) | 1,172.43 | EUR 29.41 | - All reported transactions for **PDMRs** occurred on **September 26, 2024**, involving shares listed on either the **London Stock Exchange (LSE)** or **Euronext Amsterdam (AMS)**[3](index=3&type=chunk) [Detailed PDMR Transaction Disclosures](index=3&type=section&id=Detailed%20PDMR%20Transaction%20Disclosures) [Sinead Gorman - Chief Financial Officer](index=3&type=section&id=Sinead%20Gorman%20-%20Chief%20Financial%20Officer) Sinead Gorman, Shell plc's Chief Financial Officer, acquired 1,109.67 dividend shares of SHEL (LSE) at GBP 24.34 per share, totaling GBP 27,009.37, on September 26, 2024, in London | Detail | Value | | :---------------------- | :------------------------------------- | | Position/status | Chief Financial Officer | | Financial Instrument | Ordinary shares of €0.07 each | | Identification Code | GB00BP6MXD84 | | Nature of Transaction | Dividend shares | | Currency | GBP | | Price per Share | 24.34 | | Volume | 1,109.67 | | Total Value | 27,009.37 | | Date of Transaction | 26/09/2024 | | Place of Transaction | London | [Philippa Bounds - Legal Director](index=4&type=section&id=Philippa%20Bounds%20-%20Legal%20Director) Philippa Bounds, Legal Director, conducted two separate dividend share acquisitions on September 26, 2024: one for 0.01 shares in EUR on Euronext Amsterdam and another for 47.30 shares in GBP on the London Stock Exchange | Detail | Transaction 1 (AMS) | Transaction 2 (LSE) | | :---------------------- | :------------------------------------- | :------------------------------------- | | Position/status | Legal Director | Legal Director | | Financial Instrument | Ordinary shares of €0.07 each | Ordinary shares of €0.07 each | | Identification Code | GB00BP6MXD84 | GB00BP6MXD84 | | Nature of Transaction | Dividend shares | Dividend shares | | Currency | EUR | GBP | | Price per Share | 29.41 | 24.34 | | Volume | 0.01 | 47.30 | | Total Value | 0.29 | 1,151.28 | | Date of Transaction | 26/09/2024 | 26/09/2024 | | Place of Transaction | Amsterdam | London | [Robertus Mooldijk - Projects & Technology Director](index=6&type=section&id=Robertus%20Mooldijk%20-%20Projects%20%26%20Technology%20Director) Robertus Mooldijk, Projects & Technology Director, acquired 721.54 dividend shares at EUR 29.41 per share, totaling EUR 21,220.49, on September 26, 2024, in Amsterdam | Detail | Value | | :---------------------- | :------------------------------------- | | Position/status | Projects & Technology Director | | Financial Instrument | Ordinary shares of €0.07 each | | Identification Code | GB00BP6MXD84 | | Nature of Transaction | Dividend shares | | Currency | EUR | | Price per Share | 29.41 | | Volume | 721.54 | | Total Value | 21,220.49 | | Date of Transaction | 26/09/2024 | | Place of Transaction | Amsterdam | [Rachel Solway - Chief Human Resources & Corporate Officer](index=7&type=section&id=Rachel%20Solway%20-%20Chief%20Human%20Resources%20%26%20Corporate%20Officer) Rachel Solway, Chief Human Resources & Corporate Officer, acquired 6.01 dividend shares at GBP 24.34 per share, totaling GBP 146.28, on September 26, 2024, in London | Detail | Value | | :---------------------- | :------------------------------------- | | Position/status | Chief Human Resources & Corporate Officer | | Financial Instrument | Ordinary shares of €0.07 each | | Identification Code | GB00BP6MXD84 | | Nature of Transaction | Dividend shares | | Currency | GBP | | Price per Share | 24.34 | | Volume | 6.01 | | Total Value | 146.28 | | Date of Transaction | 26/09/2024 | | Place of Transaction | London | [Huibert Vigeveno - Downstream, Renewables & Energy Solutions Director](index=8&type=section&id=Huibert%20Vigeveno%20-%20Downstream%2C%20Renewables%20%26%20Energy%20Solutions%20Director) Huibert Vigeveno, Downstream, Renewables & Energy Solutions Director, acquired 1,187.00 dividend shares at EUR 29.41 per share, totaling EUR 34,909.67, on September 26, 2024, in Amsterdam | Detail | Value | | :---------------------- | :------------------------------------- | | Position/status | Downstream, Renewables & Energy Solutions Director | | Financial Instrument | Ordinary shares of €0.07 each | | Identification Code | GB00BP6MXD84 | | Nature of Transaction | Dividend shares | | Currency | EUR | | Price per Share | 29.41 | | Volume | 1,187.00 | | Total Value | 34,909.67 | | Date of Transaction | 26/09/2024 | | Place of Transaction | Amsterdam | [Zoe Yujnovich - Integrated Gas and Upstream Director](index=9&type=section&id=Zoe%20Yujnovich%20-%20Integrated%20Gas%20and%20Upstream%20Director) Zoe Yujnovich, Integrated Gas and Upstream Director, acquired 1,172.43 dividend shares at EUR 29.41 per share, totaling EUR 34,481.17, on September 26, 2024, in Amsterdam | Detail | Value | | :---------------------- | :------------------------------------- | | Position/status | Integrated Gas and Upstream Director | | Financial Instrument | Ordinary shares of €0.07 each | | Identification Code | GB00BP6MXD84 | | Nature of Transaction | Dividend shares | | Currency | EUR | | Price per Share | 29.41 | | Volume | 1,172.43 | | Total Value | 34,481.17 | | Date of Transaction | 26/09/2024 | | Place of Transaction | Amsterdam | [Additional Filing Information](index=10&type=section&id=Additional%20Filing%20Information) [Incorporation by Reference](index=10&type=section&id=Incorporation%20by%20Reference) This Form 6-K report is incorporated by reference into several of Shell plc's registration statements, including Form F-3, Form S-8, and Form F-4, for various entities and purposes - This Report on **Form 6-K** is incorporated by reference into **Shell plc's Registration Statements** on **Form F-3** (Registration Numbers **333-276068**, **333-276068-01**, **333-276068-02**), **Form S-8** (Registration Numbers **333-262396**, **333-272192**), and **Form F-4** (Registration Numbers **333-281941**, **333-281941-01**)[12](index=12&type=chunk) [Signatures](index=11&type=section&id=Signatures) The report is duly signed on behalf of Shell plc by Julie Keefe, Deputy Company Secretary, on September 30, 2024, in accordance with the Securities Exchange Act of 1934 requirements - The report was signed by **Julie Keefe**, **Deputy Company Secretary** of **Shell plc**, on **September 30, 2024**, pursuant to the requirements of the **Securities Exchange Act of 1934**[13](index=13&type=chunk)

Company Performance - Shell (SHEL) closed at $66.11, reflecting a +1.18% change from the previous day, outperforming the S&P 500 which fell by 0.13% [1] - Over the past month, Shell's shares have decreased by 9.9%, while the Oils-Energy sector declined by 4.69% and the S&P 500 increased by 2.43% [1] Earnings Forecast - Shell is expected to report an EPS of $1.79, representing a 3.76% decrease from the same quarter last year [2] - Revenue is forecasted at $84.58 billion, indicating an 8.43% increase compared to the corresponding quarter of the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are projected at $8.44 per share, with revenue estimated at $315.17 billion, reflecting changes of +0.48% and -2.48% respectively from the previous year [3] - Recent analyst estimate revisions indicate short-term business trends, with positive revisions suggesting optimism about Shell's profitability [3] Valuation Metrics - Shell has a Forward P/E ratio of 7.74, which is slightly lower than the industry average of 7.75 [5] - The company holds a PEG ratio of 1.51, matching the average PEG ratio of the Oil and Gas - Integrated - International industry [6] Industry Ranking - The Oil and Gas - Integrated - International industry ranks 233rd, placing it in the bottom 8% of over 250 industries [7] - The Zacks Industry Rank indicates that the top 50% of rated industries outperform the bottom half by a factor of 2 to 1 [7]

Group 1: Shell plc's Recent Developments - Shell plc has won a shallow water block from the government of Trinidad and Tobago, surpassing bids from major competitors like BP and EOG Resources [1] - The government of Trinidad and Tobago is actively seeking to increase natural gas production rates and has organized bidding rounds to attract producers for exploration and production [2] - Shell holds a majority stake in the Atlantic LNG project in Trinidad, which has a production capacity of 15.3 million tons per annum, and is working to increase gas supply for the project's liquefaction trains [3] Group 2: Modified U(c) Block and Gas Reserves - Shell is in discussions with the Trinidad and Tobago government to finalize terms for the Modified U(c) block, which was the most sought-after area in the recent shallow water auction [4] - The 13 areas presented in the shallow water auction are estimated to contain approximately 13.4 trillion cubic feet of gas [4] Group 3: Industry Context and Competitors - The energy sector is seeing companies like PEDEVCO, TechnipFMC, and VAALCO Energy performing well, with PEDEVCO benefiting from its holdings in prolific oil-producing regions [5][6] - TechnipFMC reported a record backlog of $13.9 million in Q2 2024, reflecting a year-over-year increase of 4.51%, indicating strong revenue growth potential [7] - VAALCO Energy has a diversified presence in Africa and Canada, with a promising production outlook due to its large inventory of drilling locations [8]

Group 1 - Shell's Norwegian unit has canceled its blue hydrogen project, the Aukra Hydrogen Hub, due to a lack of demand, following a similar decision by Equinor ASA [1][4] - The project aimed to produce approximately 1,200 tons of blue hydrogen per day by 2030 using natural gas from the Nyhamna processing facility, but was deemed unfeasible [2] - Blue hydrogen production, while significant for decarbonizing European industry, faces challenges such as high costs and low demand compared to traditional grey hydrogen production methods [3] Group 2 - Equinor also abandoned plans for a hydrogen pipeline to Germany, citing the same issues of low demand, high production costs, and inadequate regulatory frameworks [4] - Shell is not currently engaged in any hydrogen projects in Norway but has other active projects, including a ten-year agreement with BOTAS to supply up to four billion cubic meters of LNG annually [5] - Investors may consider other energy sector stocks such as PEDEVCO Corp. and Sasol, with PEDEVCO showing a 33.3% improvement in earnings estimates for 2024 [6][7]

Core Viewpoint - Shell plc is facing delays in the sale of its 37.5% stake in the Schwedt refinery to Prax Group due to pending lawsuits and regulatory approvals [1][3][4] Group 1: Sale Challenges - The planned sale of Shell's stake in the Schwedt refinery has been delayed, with expectations for closure by the first half of 2024 [1] - Shell has been attempting to divest its stake in the refinery for several years, which is a crucial facility for fuel supply in the Berlin-Brandenburg region [2] - Rosneft, a major stakeholder in the refinery, poses challenges due to its ownership rights, despite being stripped of control by Berlin following the Russian invasion of Ukraine [3][5] Group 2: Legal Complications - One pending lawsuit involves Rosneft's attempt to block the sale to Prax, although a German court has indicated low chances of success for this bid [4] - A previous ruling by the Berlin administration court theoretically granted the Alcmene group the right to take over Shell's stake, adding further complications to the divestment process [7] Group 3: Financial Aspects - The estimated value of Shell's stake in the Schwedt refinery ranges from 155 to 190 million euros, but it has a negative equity value of approximately 14 million euros [6] - The agreement between Shell and Prax includes a clause for renegotiation if the deal is not concluded by mid-September 2024 [8] Group 4: Prax Group's Activity - Prax has made several successful acquisitions this year, including the Greater Laggan area oil and gas fields from TotalEnergies and the Lancaster oil field operator Hurricane Energy for 250 million euros [9]

Core Viewpoint - Shell International Finance B.V. and Shell plc have published a Prospectus Supplement and various financial reports, providing updated financial information and regulatory compliance details [1][2]. Group 1: Financial Reports - Shell plc's unaudited condensed consolidated interim financial report for the six-month period ended June 30, 2024, is now available [1]. - The Annual Report for Shell plc for the year ended December 31, 2023, has been published [1]. - Shell International Finance B.V. has released its unaudited condensed non-consolidated interim financial report for the six-month period ended June 30, 2024 [1]. Group 2: Regulatory Compliance - The documents must be read in conjunction with the Information Memorandum dated November 8, 2023, supplemented by the first supplement dated February 6, 2024, which serves as a base prospectus under Regulation (EU) 2017/1129 [1]. - The Information Memorandum is not directed at U.S. persons or individuals in the United States, indicating a targeted audience for the financial documents [3].