SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

May 10, 2023

2. SEC Identification Number

14829

3. BIR Tax Identification No.

000-164-757

4. Exact name of issuer as specified in its charter

Shell Pilipinas Corporation

5. Province, country or other jurisdiction of incorporation

Taguig City, Metro Manila, Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Brgy. Fort Bonifacio Taguig City, Metro Manila Postal Code 1635

8. Issuer's telephone number, including area code

63234994001

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common	1,613,444,202

11. Indicate the item numbers reported herein

Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Shell Pilipinas CorporationSHLPH

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Shell Pilipinas delivers P0.8B Core Earnings as sales volume increase by 8%
Background/Description of the Disclosure
Shell Pilipinas Corporation (“SPC”) continues to recover from the pandemic as it pursues its growth targets in 2023 despite various challenges such as oil price volatility, high inflation, and elevated interest rates. The Company ended the first quarter with P0.8 billion in core earnings, 45% higher versus same period last year. This was driven by strong marketing delivery, as sales volume increased by 8% and premium product mix remains healthy. However, this was overshadowed by the P1.1 billion inventory holding loss arising from the decline in oil prices closing the quarter with a P0.3 billion net loss. Cash flow from operations excluding working capital movement stands at PhP1.4 billion. “We create value for all our shareholders by growing our reach and impact, profitably. Guided by our Powering Progress strategy, we sustain our momentum of recovery quarter by quarter,” SPC President and Chief Executive Officer Lorelie Quiambao-Osial said. “We are pleased to report that growth in fuels and lubes sales volumes continued across businesses such as Mobility, Lubricants, and Aviation, while our Non-Fuel Retail business maintained its double-digit growth.”
Other Relevant Information
N/A