Shell plc – 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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

For each payment type, total payments below £86,000 to a government are excluded from this Report.

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.

Summary Report (in USD)Countries:Production EntitlementsTaxesRoyaltiesBonusesFeesInfrastructure ImprovementsTotalEurope       Albania                       –                          –                          –                      –               228,097                      –               228,097Bulgaria                       –                          –                          –           658,383               145,695                      –               804,078Germany                       –          77,755,904                          –                      –                          –                      –          77,755,904Italy                       –            3,351,499          74,686,060                      –          66,336,536                      –        144,374,094Norway  2,120,072,656     1,649,751,614                          –                      –                          –                      –     3,769,824,270United Kingdom                       –        110,374,110                          –                      –          11,857,193                      –        122,231,303Asia       Brunei         3,313,159          40,519,441            7,202,519                      –                          –                      –          51,035,119China                       –          18,523,634                          –                      –                          –                      –          18,523,634India                       –         -14,562,223                          –                      –                          –                      –         -14,562,223Kazakhstan                       –        256,637,895                          –                      –                          –                      –        256,637,895Malaysia  1,691,805,666        285,593,040        405,405,924                      –                          –                      –     2,382,804,630Middle East       Oman     576,872,405     3,412,390,365                 900,000      3,990,162,769Qatar  1,479,379,939     1,401,933,995                          –                      –          31,476,961                      –     2,912,790,895Oceania       Australia                       –     1,445,905,137        358,637,902                      –          13,413,472           461,434     1,818,417,944Africa       Egypt                       –        155,405,582                          –        6,042,288                          –                      –        161,447,870Nigeria  1,237,467,592        236,994,532        454,028,549                      –          87,895,758                      –     2,016,386,431Sao Tome and Principe                       –                          –                          –                      –               200,000                      –               200,000Tanzania                       –                          –                          –                      –               142,811                      –               142,811Tunisia                       –            3,083,119            1,785,824                      –                          –                      –            4,868,943North America       Canada                       –        109,370,682            4,882,029                      –            1,542,623                      –        115,795,334Mexico                       –                          –                          –                      –              -137,827                      –              -137,827United States of America                       –         -23,901,400     1,120,356,065                      –          20,817,759           860,822     1,118,133,246South America       Argentina       34,615,936            1,880,988        136,470,329                      –               335,780                      –        173,303,033Brazil     459,707,687        865,744,450     1,203,877,226    338,891,043     1,385,827,494                      –     4,254,047,901Colombia                       –                          –                          –                      –               488,120                      –               488,120Trinidad and Tobago     433,047,898               784,943               631,618      15,000,000          11,750,134                      –        461,214,593Grand Total  8,036,282,937   10,037,537,308     3,767,964,045    360,591,715     1,633,220,604        1,322,256   23,836,918,866