Internationally Renowned Public Health Expert Sten Vermund Appointed President of the Global Virus Network (GVN)

Brings Decades Of Infectious Disease Epidemiology & Prevention Experience Enhancing GVN’s Abilities To End Viral Threats & Advance Pandemic Preparedness

BALTIMORE, Nov. 02, 2023 (GLOBE NEWSWIRE) — The Global Virus Network (GVN) today announced the appointment of Sten Vermund, MD, PhD, as President of the GVN. Dr. Vermund is the Anna M.R. Lauder Professor of Public Health, former Dean of the Yale School of Public Health (2017-2022) and serves as a Professor in Pediatrics at the Yale School of Medicine. Dr. Vermund transitions into his new role as Christian Bréchot, MD, PhD, ends his second term as GVN President, becoming Vice Chairman of the GVN Board of Directors.

Said Mathew L. Evins, GVN Board of Directors Executive Chairman and Treasurer, “The GVN is delighted to have such an accomplished and distinguished professional as Sten to lead our indispensable organization into the future while building upon the exceptional foundation Christian Brechot established over the last six years. I look forward to working closely with Sten to enhance the GVN’s abilities to combat viral diseases through international collaborative research, surveillance, professional training, public health solutions and policy guidance, as well as partnering and collaborating with agencies, businesses and other organizations dedicated to advancing global health.”

Dr. Vermund was nominated by Robert Gallo, MD to succeed Dr. Brechot as GVN President and was unanimously supported by GVN leadership to serve the appointment. Dr. Gallo, who conceived and co-founded the GVN, is distinguished and revered for his pioneering discovery of human retroviruses known as Human T cell Leukemia Virus-1 and 2 (HTLV-1 and HTLV-2), co-discovery of HIV as the cause of AIDS and development of the HIV blood test. The GVN concept began back in the 1980’s when Dr. Gallo realized that virtually no working virologist had a global directive for researching the cause of AIDS during the earliest years of the epidemic. Conversely, important groups such as the World Health Organization which did have a global mandate for combatting the new disease had virtually no resident expertise in the kind of virus that was subsequently shown to be the cause of AIDS, namely, a retrovirus. Examining the history of other great epidemics of the 20th century, Influenza, Polio, and the more recent outbreak of SARS-Cov-2 as well as several other viruses, reveals similar disconnects between available expertise and the urgent public need to identify causation and prevention modes.

Dr. Vermund’s research has mainly focused on health care access, adolescent sexual and reproductive health and rights, and prevention of HIV transmission among general and key populations, including mother-to-child. Dr. Vermund became increasingly engaged in health policy, particularly related to sustainability of HIV/AIDS programs and their expansion to non-communicable diseases, the coronavirus pandemic response and prevention, and public health workforce development.

“I have been engaged with the GVN these past several months and am extremely impressed with the work it has accomplished to date under Christian’s guidance. The commitment and passion of GVN’s members throughout the world are the core for the essential and unique GVN role,” said Dr. Vermund. “The COVID-19 pandemic conclusively demonstrated the compelling need for an independent, global organization committed to the preparedness, defense and first collaborative research response to emerging, existing, and unidentified viruses that pose a clear and present threat to public health. The GVN must ensure that the world will never again be unprepared, untrained, ill-equipped, and uninformed to deal with viral threats.”

“It has been an honor leading and serving the GVN these past six years,” said Dr. Bréchot. “We were able to grow the GVN and make an impact in the field. Sten inherits an organization well-positioned to be a go-to resource for organizations and governments seeking science-driven solutions and data to make informed public health decisions and advance research initiatives. I am extremely pleased to continue as part of GVN’s leadership and serve as Vice Chairman of GVN’s Board of Directors.”

Continued Mr. Evins, “During Christian’s tenure as President, he positioned the GVN on the world stage; significantly enhanced our credibility and visibility; expanded the Network; developed the GVN Academy, which currently consists of five programs with more than 120 alumni; established our Task Forces, Watch Groups and Webinars; created the GVN Rising Stars and Postdoctoral Fellowship programs; forged important partnerships with USF Health at the University of South Florida Tampa and the Centre Scientifique de Monaco among others. I have had the privilege and pleasure of working side-by-side with Christian over the last six years and I very much look forward to continuing our partnership as he becomes Vice Chairman of the GVN board and President Emeritus.”

Said Dr. Vermund at the GVN’s recently concluded Annual Scientific Meeting in Monaco, “I look forward to expanding our programing, enhancing our capabilities, increasing our financial and operational resources, developing new private/public partnerships and forging stronger collaborative relationships with the European Union and the World Health Organization, as well as such other agencies as the African, Chinese and U.S. Centers for Disease Control and Prevention to firmly establish the GVN as go-to resource for governments at a local, national, and international level. I also look forward to adding and diversifying GVN’s leadership, providing even more opportunities to emerging economies, while maintaining independence to promote data-driven science.”

About the Global Virus Network (GVN)
The GVN is essential and critical in the preparedness, defense, and first research response to emerging, existing, and unidentified viruses that pose a clear and present threat to public health. Working in close coordination with established national and international institutions, the GVN is a coalition comprised of eminent human and animal virologists from 71 Centers of Excellence and 9 Affiliates in 40 countries, working collaboratively to train the next generation, advance knowledge about how to identify and diagnose pandemic viruses, mitigate and control how such viruses spread and make us sick, as well as develop drugs, vaccines, and treatments to combat them. No single institution in the world has expertise in all viral areas other than the GVN, which brings together the finest medical virologists to leverage their individual expertise and coalesce global teams of specialists on the scientific challenges, issues, and problems posed by pandemic viruses. The GVN is a non-profit 501(c)(3) organization. For more information, please visit https://gvn.org/. Follow us on X at @GlobalVirusNews.

Media Contact:
Nora Samaranayake
+1 443 823 0613
nsamaranayake@gvn.org

GlobeNewswire Distribution ID 8971598

Doug Balut joins Meltwater as Senior Vice President of Global Alliances and Partnerships

SAN FRANCISCO, Nov. 02, 2023 (GLOBE NEWSWIRE) — Meltwater, a leading global provider of social, media and consumer intelligence, today announces the appointment of Doug Balut as Senior Vice President of Global Alliances and Partnerships.

In this pivotal role, Doug will spearhead the development of a dynamic partner ecosystem, build a robust channel sales organization, and drive go-to-market strategies, all aimed at propelling Meltwater’s growth, creating more value for customers and solidifying its position as an enterprise-grade suite of solutions.

Balut brings more than 25 years of experience and an impressive track record in the technology industry to Meltwater, most recently serving as the Senior Vice President of Global Alliances at Sprinklr. In his role at Sprinklr, he played a central role in establishing a partner organization and a successful methodology for growth, culminating in Sprinklr’s IPO in 2021. Additionally, Balut is a three-time recipient of CRN Channel Chiefs Award in 2021, 2022, and 2023.

Prior to his tenure at Sprinklr, Balut held a number of sales leadership positions in both direct and indirect partner sales at Cisco, leading teams across the globe and partnering with organizations including SAP, Accenture, Deloitte, IBM, Intel, and more.

At Meltwater, Balut will be integral to the company’s growth and commitment to customers, focusing on establishing a mutually beneficial partner program, fostering strategic relationships that put Meltwater customers at the core of success, leveraging social channel partnerships and ensuring that clients reap the full benefits of Meltwater’s offerings.

Balut expressed his enthusiasm for joining Meltwater, saying, “I am really excited to join Meltwater and to build out a new partner ecosystem to support Meltwater’s growth and Enterprise transformation plans. The timing is right to focus on large account growth across the globe, as the next evolution in Meltwater’s exciting history. Partnerships are a catalyst for this growth, and I am ready to build an organization and network of influential partners to help achieve those goals.”

“I am thrilled to welcome Doug Balut to the Meltwater team as our new SVP of Alliances & Partnerships. Doug brings over 25 years of experience in building and leading strategic alliances, channel sales, and business development in the SaaS industry. He has a proven track record of driving revenue growth, expanding market reach, and creating value for customers and partners. Doug will play a key role in strengthening our partner ecosystem and accelerating our global expansion. I look forward to working with him to deliver the best media, social and consumer intelligence solutions to our clients,” said John Box, CEO of Meltwater.

For more information, please contact:
Kelly Costello
Corporate Communications Director
pr@meltwater.com

About Meltwater
Meltwater empowers companies with a suite of solutions that spans media, social, consumer and sales intelligence. By analyzing ~1 billion pieces of content each day and transforming them into vital insights, Meltwater unlocks the competitive edge to drive results. With 27,000 global customers, 50 offices across six continents and 2,300 employees, Meltwater is the industry partner of choice for global brands making an impact. Learn more at meltwater.com.

GlobeNewswire Distribution ID 8971034

Fortrea Completes Expansion of Clinical Pharmacology Solutions Following Targeted Investments at its Four Clinical Research Units in U.S. and U.K.

Adds speed and agility with cGMP production at on-site pharmacies, adds capacity, improves flexible therapeutic capabilities and enhances experience for study volunteers

DURHAM, N.C., Nov. 02, 2023 (GLOBE NEWSWIRE) — Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced that it has completed a multi-year effort to expand its clinical pharmacology solutions and capacity, which are now fully available for customers. The expansion includes a 100,000 square feet state-of-the-art facility in Leeds, U.K. as well as approximately 20,000 square feet of new or renovated space, adding capacity and capabilities across its clinical research units (CRUs) in Dallas, Texas; Daytona, Florida; and Madison, Wisconsin.

“The increasing complexity of clinical pharmacology studies demands fit-for-purpose infrastructure, experience and expertise to protect the safety of study participants and the integrity of critically important data,” said Oren Cohen, M.D., Fortrea’s president of Clinical Pharmacology and chief medical officer. “Our integrated platform of services includes best-in-class infrastructure and experienced professionals who are fully dedicated to clinical pharmacology, including physicians, nurses, clinical scientists, CRAs and pharmacokineticists. The investments we have made target the capabilities and capacity that customers need to accurately assess early pipeline candidates and speed those with promise to later-phase development and ultimately to patients who need them.”

Facility enhancements following the completed expansion include Fortrea’s new CRU in Leeds as well as purpose-built rooms in Madison and Daytona designed for flexibility in executing complex early phase clinical studies. Improvements in recreational, living and “work-from-home” spaces at Fortrea CRUs have been constructed to enhance the experience of volunteers participating in research at the sites.

The expansion of Fortrea’s early clinical development pharmacy services facilities includes new state-of-the-art cGMP pharmacies in the Leeds and Daytona CRUs. All Fortrea CRUs will now have cGMP pharmacies within them. This enables on-site manufacture of sterile and non-sterile drug product. The design of its GMP-compliant facilities provides safe handling and delivery of GMP-quality drug product for the unique demands of clinical pharmacology studies, focusing on efficiency and flexibility with the level of controls expected by regulatory authorities and sponsors.

Enhancements in science and technology include the addition of artificial intelligence-enabled programs that optimize bed space utilization and clinic scheduling, and the application of failure modes and effects analysis to de-risk study execution before a study begins. Following investments in data collection systems, all clinical pharmacology study data collected within Fortrea’s CRUs are input directly into a digital bedside data capture system, which can also be used as an efficient electronic data capture solution.

“I believe Fortrea’s early clinical development solutions set a new standard for what the research industry should expect from its partners,” said Dr. Cohen. “I’m so proud of this team and know they will also benefit from the changes we have made. Just as they are inspired by our mission of bringing life-changing treatments to patients faster, I’m inspired by their dedication each day as we deliver solutions to our customers.”

About Fortrea

Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development and patient access solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, medical device and diagnostic companies to drive healthcare innovation that accelerates life changing therapies to patients in need. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, differentiated technology enabled trial solutions and post-approval services.

Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team of more than 19,000 people working in more than 90 countries is scaled to deliver focused and agile solutions to customers globally.

Learn more about how Fortrea is becoming a transformative force from pipeline to patient at Fortrea.com and follow us on LinkedIn and X (formerly Twitter) @Fortrea.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements in this press release, particularly those relating to the anticipated financial and other benefits, including, but not limited to, whether the investments at clinical research units in U.S. and U.K. will add capacity, improve therapeutic capabilities, enhance experience for study volunteers, speed development to later-phase trials and improve the integrity of data and whether the addition of artificial intelligence-enabled programs will optimize bed space utilization and clinic scheduling, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, many of which are beyond the Company’s control. Actual results could differ materially from expectations expressed or implied in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in Fortrea’s registration statement on Form 10 initially filed with the SEC on May 15, 2023 (as amended and further supplemented), Fortrea’s quarterly report on Form 10-Q filed with the SEC on August 14, 2023, and in Fortrea’s other filings with the SEC. These forward-looking statements are based on management’s current expectations and are subject to certain risks, uncertainty and changes in circumstances. Fortrea does not undertake responsibility for updating these statements, and these statement speak only as of the date of this press release.

Fortrea Contacts:

Fortrea Media: Sue Zaranek – 919-943-5422, media@fortrea.com
Fortrea Media: Kate Dillon – 646-818-9115, kdillon@prosek.com
Fortrea Investors: Hima Inguva – 877-495-0816, hima.inguva@fortrea.com

GlobeNewswire Distribution ID 8971131

Philips and County Durham and Darlington NHS Foundation Trust collaborate on a sustainability blueprint to reduce carbon emissions and waste

November 2, 2023

Amsterdam, the Netherlands and Farnborough, UK – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology and County Durham and Darlington NHS Foundation Trust (CDDFT), one of the largest integrated care providers in England, today announced the results of a comprehensive 360 sustainability analysis. The program identified key opportunities to reduce the carbon footprint and waste material within the intensive care unit (ICU) at Darlington Memorial Hospital. Understood to be the first sustainability collaboration of its kind within the NHS, the program illustrates the growing demand for ‘greener’ services in the healthcare sector and showcases the potential for health systems around the world to transform critical care pathways and embed sustainability within their operations.

“Philips took time to undertake quantitative analysis which validated our suspicions and provided outputs we could present back to the wider Trust. The quality of care we provide on the unit has gone up because of the work, as well as through the direct way we serve certain groups of patients,” said Dr. Richard Hixson, Consultant in Anesthesia and Critical Care Medicine at CDDFT. “For example, by looking at patient flow and de-medicalization of patients, we are helping to ease demand on critical care by adjusting medication, removing monitoring that is no longer required and moving patients onto new pathways, in a positive way.”

ICUs are at the center of diverse clinical practices and in the UK, represent a significant portion of the carbon footprint, while also being one of the most expensive types of care. The analysis, developed as part of the existing 14-year strategic agreement between Philips and the Trust, supports its aims to become a leading example for environmental sustainability in human healthcare.

A team of nine clinical and environmental specialists from Philips worked with the Trust over six months to identify efficiency improvements, with the potential to reduce the carbon footprint of a critical care department. The team analyzed data, interviewed clinical staff including physicians and nurses and undertook shadowing and observation sessions. These focused on clinical workflow, supply chain and procurement, medical technology, and staff and patient experience. The results form a blueprint to drive further change and improvement across the Trust, in line with the NHS’s overall target of being the world’s first net zero national health service by 2040.

The key areas highlighted by the team for enhancing sustainable care were:

  • Optimizing ICU capacity for earlier patient discharge, freeing up resources, improving health outcomes, and reducing the carbon footprint
  • Reducing supply chain waste, including high CO2 impact single-use items, and promoting cost savings and eco-friendly alternatives
  • Cultivating a sustainable staff culture through training, identifying ambassadors, idea sharing, success measurement, and staff recognition
  • Efficient management of medical technology to conserve power, reduce waste, and minimize disruptive noise from patient alarms
  • Strategically refurbishing existing buildings to cut costs and CO2 emissions by extending their lifespan

Following the analysis, the Trust has implemented a number of recommended initiatives. For more information, read the full case study “Working Together to Green Critical Care”.

Mark Leftwich, Managing Director at Philips UK&I: “Healthcare providers have a responsibility to safeguard both our well-being and our environment, with climate change and human health working hand in hand. This first of kind partnership between Philips and County Durham and Darlington NHS Foundation Trust is an important milestone in the race to reach net zero and provide more sustainable care. As the first 360 sustainability assessment for the NHS, this collaboration shows the potential of finding solutions that care for patients, our health workforce, and the planet all at once, helping to create more resilient health systems for the future.”

This program with CDDFT follows similar analyses conducted by Philips at Tampere Heart Hospital (Tampere, Finland), Vanderbilt University Medical Center (Nashville, USA) and Champalimaud Foundation (Lisbon, Portugal).

Philips has operated globally carbon-neutral since 2020, embedding EcoDesign principles and circular business models into its innovation processes and ways of working. The company offers a range of health technologies and innovations that help reduce healthcare providers’ impact on the environment. For example, its Philips Spectral CT 7500 uses 62.5% less energy [1], and the Philips MR – Ingenia Ambition 1.5T, which uses a breakthrough design where the magnetic components are completely sealed and only need seven liters of helium over its lifetime compared to roughly 1,500 liters with other Philips systems [2]. Additionally, with Philips MR SmartSpeed, the Ingenia Ambition 1.5T uses up to 53% less power per patient scan [2].

[1] When compared to an equivalent CT model of one of the industry leaders
[2] Applicable to Ambition S. Philips SmartSpeed power consumption versus Philips SENSE-based scanning. Based on COCIR and an in-house simulated environment. Results can vary based on site conditions.

For further information, please contact:

Joost Maltha
Philips Global Press Office
Tel. : +31 6 10558116
E-mail : joost.maltha@philips.com

Dominique Monaghan
Philips UK&I
E-mail : dominique.monaghan@philips.com

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2022 sales of EUR 17.8 billion and employs approximately 70,700 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

About County Durham and Darlington NHS Foundation Trust
The Trust is one of the largest integrated care providers in England, employing over 7,000 members of staff and serving a population of over 650,000 people, and as such recognises its key role to play in reducing carbon emissions and supporting the local community to adapt to climate change.

Attachments

GlobeNewswire Distribution ID 1000897256

Schneider Electric finalizes acquisition of EcoAct

Schneider Electric, the global leader in the digital transformation of energy management and automation, announces that subsequent to entering into exclusive negotiations with Atos Group on July 3, 2023 it has finalized the acquisition of EcoAct SAS (“EcoAct”), an international leader in climate consulting and net zero solutions headquartered in Paris, France. The completion of the transaction follows consultation with the relevant employee representative bodies and approval from the competent regulatory authorities.

The acquisition represents the coming together of two best-in-class organizations to accelerate business solutions that deliver true value for both climate and clients. EcoAct’s portfolio of net zero and nature-based products and services, including consulting, climate data tools, and carbon offset project development, will expand and accelerate Schneider Electric’s global Sustainability Business, a leading provider of advisory services in the areas of energy management, energy efficiency, renewable energy and environmental commodity procurement, sustainability and net zero consulting, climate risk, sustainability communications, and reporting & disclosure.

The joining of the two organizations expands Schneider Electric’s capabilities to provide end-to-end solutions that lead organizations through the net zero transformation and beyond. The company’s advisory services support the development of sustainability strategy and target setting through to decarbonization across scope 1, 2, and 3, enhanced by its AI-led portfolio of digital and data management tools.

We have long admired the team at EcoAct, and bringing our two organizations together will help us to accelerate the ability to serve our clients all over the world,” said Steve Wilhite, President, Sustainability Business. “Companies understand the urgency to act but continue to face complexities when it comes to decarbonization. I’m confident that our combined best-in-class teams will help our clients to accelerate even faster towards their net zero ambitions.”

Urgent climate action is at the heart of our mission, and I know we’ve found the right partner in Schneider Electric,” said Stuart Lemmon, CEO of EcoAct. “The company’s own demonstrated commitments to net zero – in its own operations and for its clients – speaks loudly in the market, and our EcoActors are excited to join together with another leading advisory team, putting climate and nature center stage to accelerate sustainable corporate transformation.”

Schneider Electric and the Atos Group have established a foundation for a strategic partnership on decarbonization by combining Technology and Sustainability expertise to build products and solutions that enhance their customers’ paths to net zero.

More information about Schneider’s Sustainability Business can be found here.

Attachment

GlobeNewswire Distribution ID 1000897245

Shell plc publishes third quarter 2023 press release

London, November 2, 2023

“Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. We continue to simplify our portfolio while delivering more value with less emissions.

Shell is commencing a $3.5 billion buyback programme for the next three months, bringing the buybacks for the second half of 2023 to $6.5 billion, well in excess of the $5 billion announced at Capital Markets Day in June. This takes total announced shareholder distributions for 2023 to ~$23 billion.” 

Shell plc Chief Executive Officer, Wael Sawan

CONSISTENT PERFORMANCE, SUPPORTING ENHANCED DISTRIBUTIONS 

  • Q3 2023 Adjusted Earnings of $6.2 billion, reflecting robust operational performance and higher oil prices and refining margins. CFFO of $12.3 billion for the quarter, with a $0.4 billion working capital inflow, despite higher oil prices.
  • Enhancing shareholder distributions with $3.5 billion share buybacks announced, expected to be completed by Q4 2023 results announcement. Total announced distributions for 2023 ~$23 billion, with dividend per share this quarter being 32% higher than in Q3 2022.
  • Demonstrating capital discipline with cash capex outlook for 2023 of $23 – 25 billion.
$ million Adj. Earnings1 Adj. EBITDA1 CFFO Cash capex
Integrated Gas 2,529 4,871 4,009 1,099
Upstream 2,221 7,412 5,336 2,007
Marketing 720 1,519 880 917
Mobility 456 988 669
Lubricants 226 425 86
Sectors & Decarbonisation 38 106 163
Chemicals & Products 1,380 2,591 2,379 879
Chemicals (329) 34 486
Products 1,710 2,557 393
Renewables & Energy Solutions (67) 79 (34) 659
Corporate (482) (136) (238) 87
Less: Non-controlling interest (NCI) 77
Shell Q3 2023 6,224 16,336 12,332 5,649
Q2 2023 5,073 14,435 15,130 5,130

1Income/(loss) attributable to shareholders for Q3 2023 is $7.0 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

  • CFFO of $12.3 billion for Q3 2023 includes a working capital inflow of $0.4 billion, with the impact of higher prices on inventory offset by favourable timing effects of accounts payable/receivable. Stable net debt, $40.5 billion at the end of Q3 2023.
$ billion Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Divestment proceeds 0.3 0.2 1.7 0.5 0.3
Free cash flow 7.5 15.5 9.9 12.1 7.5
Net debt 48.3 44.8 44.2 40.3 40.5

Q3 2023 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Realised liquids price ($/bbl) 60 63
Realised gas price ($/mscf) 8 8
Production (kboe/d) 985 900 870 – 930
LNG liquefaction volumes (MT) 7.2 6.9 6.7 – 7.3
LNG sales volumes (MT) 16.0 16.0
  • Adjusted Earnings similar to Q2 2023, reflecting favourable trading and optimisation results combined with higher realised liquids prices offset by lower volumes. Trading and optimisation results were higher than in Q2 2023, benefiting from stable supply and capturing additional optimisation opportunities.
  • Q4 2023 outlook reflects ongoing maintenance at Prelude and lower expected liquefaction volumes from Egypt.

UPSTREAM

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Realised liquids price ($/bbl) 72 79
Realised gas price ($/mscf)* 7 7
Liquids production (kboe/d) 1,283 1,311
Gas production (mscf/d) 2,425 2,564
Total production (kboe/d) 1,701 1,753 1,750 – 1,950

*With the completion of the 2022-2023 gas year at the end of September 2023, the Groningen gas field has been closed (subject to exceptional circumstances under which the Dutch government may instruct to re-open the field to a certain extent). Upstream realised gas prices have been restated for 2022 and 2023 to exclude the impact of GasTerra.

  • Adjusted Earnings higher in Q3 2023 due to higher oil prices and higher production volumes. Production was higher, with strong performance in Deep Water.
  • Q4 2023 production outlook reflects the closure of the Groningen gas field.

MARKETING

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Marketing sales volumes (kb/d) 2,607 2,654 2,250 – 2,750
Mobility (kb/d)* 1,791 1,782
Lubricants (kb/d)* 83 82
Sectors & Decarbonisation (kb/d)* 733 790

*Comparative information has been revised – see Quarterly Databook

  • Adjusted Earnings impacted by compressed fuels margins due to rising feedstock costs in Mobility, offset by improved margin performance in Sectors & Decarbonisation. Adjusted Earnings also reflect one-off tax charges.

CHEMICALS & PRODUCTS

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Refining & Trading sales volumes (kb/d) 1,466 1,548
Chemicals sales volumes (kT) 2,828 2,998
Refinery utilisation (%) 85 84 75 – 83
Chemicals manufacturing plant utilisation (%) 70 70 62 – 70
Global indicative refining margin ($/bbl) 9 16
Global indicative chemical margin ($/t) 153 115
  • Higher refining margins in Q3 2023 driven by lower global product supply combined with higher demand. Chemicals margins continue to be impacted by weak demand. Trading and optimisation margins are higher than in Q2 2023.
  • Q4 2023 Refinery utilisation outlook lower than Q3 2023 due to planned maintenance activities in North America.

RENEWABLES & ENERGY SOLUTIONS

Key data Q2 2023 Q3 2023
External power sales (TWh) 67 76
Sales of natural gas to end-use customers (TWh) 172 170
Renewables power generation capacity* 7.1 7.4
  • in operation (GW)
2.5 2.5
  • under construction and/or committed for sale (GW)
4.6 4.9

 *Excluding Shell’s equity share of associates where information cannot be obtained

  • Adjusted Earnings are lower than in Q2 2023 mainly driven by lower margins due to seasonal impacts, primarily in Europe, and lower trading and optimisation results.

Renewables and Energy Solutions includes renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

CORPORATE

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Adjusted Earnings ($ billion) (0.7) (0.5) (0.6) – (0.8)
  • The Adjusted Earnings outlook is a net expense of $2.8 – 3.0 billion for the full year 2023. This excludes the impact of currency exchange rate and fair value accounting effects.

UPCOMING INVESTOR EVENTS

1 February 2024 Fourth quarter 2023 results and dividends
2 May 2024 First quarter 2024 results and dividends
1 August 2024 Second quarter 2024 results and dividends
31 October 2024 Third quarter 2024 results and dividends

USEFUL LINKS

Results materials Q3 2023

Quarterly Databook Q3 2023

Dividend announcement Q3 2023

Webcast registration Q3 2023

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement contains a forward-looking non-GAAP measure for cash capital expenditure and divestments. We are unable to provide a reconciliation of this forward-looking non-GAAP measure to the most comparable GAAP financial measure because certain information needed to reconcile the non-GAAP measure to the most comparable GAAP financial measure is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”.  Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect’’, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2022 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, November 2, 2023. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Shell’s Net carbon intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2022 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s third quarter 2023 unaudited results available on www.shell.com/investors.

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