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Note 7 - Capital management

Shell manages its businesses to deliver strong cash flows to sustain its strategy and for profitable growth. Management's current priorities for applying Shell’s cash are:

Sustainable progressive dividendTotal shareholder distributions ≥ 20-30%[A] of cash flow from operating activities(2021: 20-30%)Total shareholder distributions (dividends + sharebuybacks) based on cash generation, macro-outlookand balance sheet trajectory.CapitaldisciplineSignificantshareholderdistributionsResilientbalancesheetCash capex within $23-27 billion(2021: $19-22 billion)Capital disciplineIncludes inorganic capexResilient balance sheetTargeting AA credit metrics through the cycleContinued focus on Net debt reduction inupcycleDivest for valueInvest for valueAround 4% annual growth in dividend pershare, subject to Board approval (2021: 4%)Significant shareholder distributionsSustainable progressive dividendTotal shareholder distributions ≥ 20-30% [A] of cash flowfrom operating activities (2021: 20-30%)Total shareholder distributions (dividends + share buybacks) based on cash generation, macro-outlook and balance sheet trajectory.CapitaldisciplineCash capex within $23-27 billion(2021: $19-22 billion)Capital disciplineSignificantshareholderdistributionsResilientbalancesheetResilient balance sheetTargeting AA credit metrics through the cycleAround 4% annual growth in dividendper share, subject to Board approval(2021: 4%)Significant shareholder distributionsIncludes inorganic capexContinued focus on Net debt reduction in upcycleDivest for valueInvest for value
[A] Subject to Board approval and prevailing market conditions.