Shell PLC Q1 2023 Earnings Call 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. One may be a bit granular. Looking at your E&P gas price realization, I was actually surprised how strong it is, given that the European spot gas price is probably down about $15 and the U.S. Handy HOP is probably down about $3. Can you help us try to reconcile why that your first quarter gas price realization is so strong there? Is it under some kind of lag effect or some one-off adjustments? Second question, I want to go back into CapEx. I mean you gave a range of $23 billion to $27 billion, for both including organic and inorganic. Could you give us a range what is the organic piece it's going to look like? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 04, 2023 / 1:30PM, SHEL.L - Q1 2023 Shell PLC Earnings Call

Question: Henry Michael Tarr - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Two, one is just on chemicals, which is clearly sort of cyclically weak currently and you have the cracker in Pennsylvania ramping up. But what's the outlook for the utilization of assets and margins there? And what are you aiming for as well as the assets do come back on in terms of sort of returns through cycle? And then secondly, just in terms of operating costs, I think you talked about those a little bit. Are you seeing inflation currently coming through the supply chain? Or is that moderating at this point?