Shell PLC Q1 2022 Earnings Call (Q&A) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Two questions, please. Ben, you mentioned earlier that second quarter refinery run rate is low because you have a heavy maintenance downtime. But just curious that is there any impact at least in your European operation due to the Russian sanction or that your decision there to reduce so that impact on the feedstock as well as on the crew that you may have some difficulty to fund total replacement. Also if the high natural price there have impacted the economy and as such, you guys decided to run at a somewhat lower or suboptimum way. So I just want to see if the low run rate, is it solely a matter of the maintenance activity or is somewhat based on the -- driven by the market condition. The second question is just want to see, in your renewable electricity business, in the rising power price environment, generally that how that translates into your earnings? Is it a net benefit to you guys? Or that it would hurt you given you probably have some fixed price points or PPA? So I want to understand there how the dynamic work. And then finally, I just want to comment that really appreciate you got to be the first company break out the renewable business as a separate segment and provide information there. Really appreciate it.

Question: Henry Michael Tarr - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : So 2 quick questions. One is we've seen obviously some pretty material working capital moves with derivative effects, et cetera. I understand it's an extremely volatile environment. But is there anything that we should think about as we look over the next few quarters from that sort of working capital and fair value effects, either unwinding or something similar? And then just lastly, I'm sure it will come up again at Q2. But shareholder returns going above the 30% CFFO level. Is this because you sort of crossed the threshold on the net debt side? Is it linked to gearing in that sense?