Shell PLC (SHEL) Q4 2022 Earnings Call Transcript
Shell PLC (NYSE:SHEL) Q4 2022 Earnings Conference Call February 2, 2023 9:30 AM ET
Company Participants
Wael Sawan - CEO & Director
Sinead Gorman - CFO & Director
Conference Call Participants
Oswald Clint - Sanford C. Bernstein & Co.
Biraj Borkhataria - RBC Capital Markets
Christopher Kuplent - Bank of America Merrill Lynch
Amy Wong - Crédit Suisse
Irene Himona - Societe Generale
Lucas Herrmann - BNP Paribas Exane
Henri Patricot - UBS
Peter Low - Redburn
Alastair Syme - Citigroup
Lydia Rainforth - Barclays Bank
Giacomo Romeo - Jefferies
Michele Vigna - Goldman Sachs Group
Jason Gabelman - Cowen and Company
Christyan Malek - JPMorgan Chase & Co.
Paul Cheng - Scotiabank
Operator
Welcome to Shell's Fourth Quarter 2022 Financial Results Announcement. Shell's CEO, Wael Sawan; and CFO, Sinead Gorman, will present the results, then host a Q&A session. [Operator Instructions]. We will now begin the presentation.
Wael Sawan
Hi. I'm Wael Sawan, and I'm pleased to present to you for the first time as Shell's CEO. Today, alongside Sinead, we'll be presenting Shell's fourth quarter and full year results. I'd like to start by thanking Ben for his leadership over the last 9 years and for building the strong foundations that I now inherit. We have a world-class organization with exceptional people, a leading portfolio and the right strategy, all of which, I believe, position us very well for the future.
2022 was a year in which energy security was front and center. The world mobilized. We saw policy progress with Fit for 55 in Europe and the introduction of the Inflation Reduction Act in the U.S. This is evidence of moving from ambition into action. Despite this progress, the energy system still faces huge challenges, and it continues to need bold, decisive actions by companies, governments and society at large. The world requires a secure supply of affordable energy and, at the same time, needs this energy to be increasingly low carbon to make the transition to a net-zero emissions energy system.
In short, the world needs a balanced energy transition. Moving too fast by dismantling the current energy system before the new system is ready could worsen the situation. But moving too slowly could waste precious time and lose the momentum to build necessary solutions for low-carbon energy at scale. However, this transition will not be linear and will play out with different solutions needed at different times in different places across the world.