ShellLNGOutlook2025ShellplcFebruary20252CautionarynoteThecompaniesinwhichShellplcdirectlyandindirectlyownsinvestmentsareseparatelegalentities.InthisLNGOutlook“Shell”,“ShellGroup”and“Group”aresometimesusedforconveniencewherereferencesaremadetoShellplcanditssubsidiariesingeneral.Likewise,thewords“we”,“us”and“our”arealsousedtorefertoShellplcanditssubsidiariesingeneralortothosewhoworkforthem.Thesetermsarealsousedwherenousefulpurposeisservedbyidentifyingtheparticularentityorentities.‘‘Subsidiaries’’,“Shellsubsidiaries”and“Shellcompanies”asusedinthisOutlookrefertoentitiesoverwhichShellplceitherdirectlyorindirectlyhascontrol.Theterm“jointventure”,“jointoperations”,“jointarrangements”,and“associates”mayalsobeusedtorefertoacommercialarrangementinwhichShellhasadirectorindirectownershipinterestwithoneormoreparties.Theterm“Shellinterest”isusedforconveniencetoindicatethedirectand/orindirectownershipinterestheldbyShellinanentityorunincorporatedjointarrangement,afterexclusionofallthird-partyinterest.Forward-LookingStatementsThisLNGOutlookcontainsforward-lookingstatements(withinthemeaningoftheU.S.PrivateSecuritiesLitigationReformActof1995)concerningthefinancialcondition,resultsofoperationsandbusinessesofShell.Allstatementsotherthanstatementsofhistoricalfactare,ormaybedeemedtobe,forward-lookingstatements.Forward-lookingstatementsarestatementsoffutureexpectationsthatarebasedonmanagement’scurrentexpectationsandassumptionsandinvolveknownandunknownrisksanduncertaintiesthatcouldcauseactualresults,performanceoreventstodiffermateriallyfromthoseexpressedorimpliedinthesestatements.Forward-lookingstatementsinclude,amongotherthings,statementsconcerningthepotentialexposureofShelltomarketrisksandstatementsexpressingmanagement’sexpectations,beliefs,estimates,forecasts,projectionsandassumptions.Theseforward-lookingstatementsareidentifiedbytheiruseoftermsandphrasessuchas“aim”;“ambition”;‘‘anticipate’’;‘‘believe’’;“commit”;“commitment”;‘‘could’’;‘‘estimate’’;‘‘expect’’;‘‘goals’’;‘‘intend’’;‘‘may’’;“milestones”;‘‘objectives’’;‘‘outlook’’;‘‘plan’’;‘‘probably’’;‘‘project’’;‘‘risks’’;“schedule”;‘‘seek’’;‘‘should’’;‘‘target’’;‘‘will’’;“would”andsimilartermsandphrases.ThereareanumberoffactorsthatcouldaffectthefutureoperationsofShellandcouldcausethoseresultstodiffermateriallyfromthoseexpressedintheforward-lookingstatementsincludedinthisOutlook,including(withoutlimitation):(a)pricefluctuationsincrudeoilandnaturalgas;(b)changesindemandforShell’sproducts;(c)currencyfluctuations;(d)drillingandproductionresults;(e)reservesestimates;(f)lossofmarketshareandindustrycompetition;(g)environmentalandphysicalrisks;(h)risksassociatedwiththeidentificationofsuitablepotentialacquisitionpropertiesandtargets,andsuccessfulnegotiationandcompletionofsuchtransactions;(i)theriskofdoingbusinessindevelopingcountriesandcountriessubjecttointernationalsanctions;(j)legislative,judicial,fiscalandregulatorydevelopmentsincludingregulatorymeasuresaddressingclimatechange;(k)economicandfinancialmarketconditionsinvariouscountriesandregions;(l)politicalrisks,includingtherisksofexpropriationandrenegotiationofthetermsofcontractswithgovernmentalentities,delaysoradvancementsintheapprovalofprojectsanddelaysinthereimbursementforsharedco...
