Shell PLC (SHEL) CEO Ben Van Beurden on Q2 2022 Results - Earnings Call Transcript

Shell PLC (NYSE:SHEL) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET

Company Participants

Ben Van Beurden - CEO & Director

Sinead Gorman - EVP, Finance Upstream, CFO & Director

Conference Call Participants

Lydia Rainforth - Barclays Bank

Biraj Borkhataria - RBC Capital Markets

Christyan Malek - JPMorgan Chase & Co.

Jason Kenney - Banco Santander

Christopher Kuplent - Bank of America Merrill Lynch

Irene Himona - Societe Generale

Henri Patricot - UBS

Amy Wong - Crédit Suisse

Lucas Herrmann - BNP Paribas Exane

Martijn Rats - Morgan Stanley

Peter Low - Redburn

Roger Read - Wells Fargo Securities

Giacomo Romeo - Jefferies

Paul Cheng - Scotiabank

Operator

Welcome to Shell's Second Quarter 2022 Financial Results Announcement. Shell's CEO, Ben van Beurden; and CFO, Sinead Gorman, will present the results, then host a Q&A session. [Operator Instructions]. We will now begin the presentation.

Ben Van Beurden

Hello. Sinead and I welcome you to our second quarter results presentation. It was a turbulent quarter for the world and the global economy. The war in the Ukraine continued, destroying lives and disrupting supplies of food and energy, and aggravating the life of so many more through high energy prices and the cost of living crisis. It all reinforces the importance of getting the balance right. We need a system that provides secure supply of energy that is reliable and low carbon and affordable. And governments play a crucial part in achieving this balance, not least because that policies affect our long-term investment planning. And we need reliable policies that ensure a stable supply of energy products today and significant investments in the energy system of tomorrow. For example, by speeding up reviews for offshore wind projects and allowing the accelerated tax depreciation of renewable assets.

But we know we also have a significant role to play. And Shell has been taken action in Q2 to deliver the energy the world needs today. In the North Sea, in the short term, we are adding vital gas production by completing the refit of a floating production storage and offloading vessel to produce natural gas from the PS oilfield. It's expected to start delivering gas as soon as this autumn. And we have taken the final investment decision for the Jack Door field, which has the potential to supply more than 6% of the U.K.'s gas production in the years ahead.