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1. In alignment with Shell’s target to become a net zero-emissions energy business by 2050, AeroShell has confirmed its commitment to continue working to avoid and reduce carbon emissions by optimising production and product design, embedding circularity into product packaging, improving the energy efficiency of facilities, and using renewable energy to reduce emissions across the supply chain. Shell will then purchase high-quality independently verified carbon credits to compensate for carbon emissions which are not currently being avoided or reduced.
2. The full AeroShell portfolio will be covered by the lifecycle sustainability strategy, including market leading products such as AeroShell Turbine Oil 560 (TEO), AeroShell Ascender (TEO), AeroShell Oil W100 (PEO), AeroShell Oil W 15W-50 (PEO), AeroShell Grease 33 (grease), and AeroShell Fluid 41 (fluid).
3. In 2023, Shell Aviation launched its new lifecycle sustainability approach to avoid, reduce, and then compensate for lifecycle carbon emissions of AeroShell aviation lubricants. This will support Air Europa’s efforts to reduce emissions from its operations, one of its environmental ambitions that forms part of the airline’s Flight 2030 sustainability programme.
4. Using AeroShell products for the majority of its fleet maintenance requirements will help support Air Europa in its efforts to streamline its operations and increase cost efficiencies. The airline will also benefit from Shell’s supply chain capabilities around its headquarters in Spain, supporting local access to new supplies.
5. Both AeroShell Ascender and ASTO 560 are High Thermal Stability (HTS) oils according to MIL-PRF-23699G. The improved thermal and oxidative stability of the oils will help to ensure minimal coke formation in engines, so any traditional engine problems associated with coke should be reduced. It has also been tested extensively for elastomer compatibility, which is a known service problem. AeroShell Ascender and ASTO 560 therefore offers the customer the balance of low coking performance with excellent elastomer compatibility.
6. AeroShell Ascender was the first oil approved to the SAE AS5780 HPC specification that was specifically developed to meet the growing demand for a turbine oil for modern fuel efficient civil engines.

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release, “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 press release, 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.

Forward-looking statements

This press release 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 press release, 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 press release 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 ). These risk factors also expressly qualify all forward-looking statements contained in this press release, and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, April 20, 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 press release.

Shell’s net-carbon intensity

Also, in this press release we may refer to Shell’s “net carbon intensity”, which include 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.