
Celebrating a back-to-back win at the 2024 Indianapolis 500
Josef Newgarden wins his second consecutive Indianapolis 500, as the NTT INDYCAR Series continues their sustainability journey.
Josef Newgarden and Shell Eco-marathon students talk innovation on the track
On May 26, 2024, 34 engines roared to life. Engines known to Indianapolis 500 enthusiasts as a celebration of automotive technology, speed and endurance. Held annually since 1911, the sport has captivated fans as talented drivers compete in a 500-mile race at the Indianapolis Motor Speedway, awed by the powerful engines that propel these race cars to incredible speeds of more than 230 mph.
For his second consecutive Indianapolis 500 triumph, Josef Newgarden climbed through the same hole in the fence as the year prior, to once again be surrounded by fans celebrating his big win.
Becoming the first back-to-back winner of the Indy 500 since Helio Castroneves 22 years ago, and giving Roger Penske a record-extending 20th win in the biggest race in the world, made this an Indy to remember.

Josef Newgarden, back-to-back Indy 500 winner"To be able to drive that race car has been a dream of mine, and to represent a great company like Shell that is powering innovation and driving sustainability for our series is something I am incredibly proud about, and I know every driver in our series is proud of"
Last year, the NTT INDYCAR Series incorporated renewable race fuel and tires containing sustainable materials to the track, helping demonstrate that reliability, drivability, and performance remain paramount on this journey to decarbonization of the sport. This year, in the series’ effort to continue to find ways to help make the sport of racing more sustainable, a new motor oil specifically formulated for INDYCAR – made with re-refined base oil2 -- was launched at the Sonsio Grand Prix and used during the Indianapolis 500 qualifying and practice weekends to gather testing and data to prove the performance on the track. Shell scientists and engineers continue to work with Chevrolet and Honda Racing Corporation on behalf of American Honda to test the products ahead of the launch of the new hybrid engines in July.
The use of re-refined base oil conserves non-renewable resources by reducing the products’ use of base oils made from primary fossil material. The re-refined base oil component used reduces greenhouse gas emissions by 50%³ compared to the base oil used in the products formulated for the 2023 NTT INDYCAR SERIES.




Cautionary note
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. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. 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 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’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” 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, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; 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, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html 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, June 15, 2024. 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.
Shell’s Net Carbon Intensity
Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), 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’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are 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 NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is 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.
Forward-Looking non-GAAP measures
This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures 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 calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
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Follow the Indy 500 on their sustainability journey
1 The Renewable Race Fuel is blended from components derived from bio-waste that meet the renewable fuel definition in the Renewable Fuel Standard. The definition for renewable fuel can be found here: eCFR: 40 CFR Part 80 Subpart M -- Renewable Fuel Standard. The Renewable Race Fuel is not available at Shell retail stations.
2 The re-refined base oil is created from used lubricants that undergo an advanced re-refining processes, resulting in high-quality base oil that can be used as a component to formulate new lubricant products. Generally, when oil has reached the end of its ‘useful’ life and has been drained from a vehicle or equipment, re-refining can remove depleted additives and contaminants that accumulate in motor oil during use.
3 For the purpose of claims related to the re-refined base oil component used in the formulation, references to "reduced greenhouse gas emissions" refer to "Cradle-to-Refinery Gate" emissions of the re-refined base oil component only attributed to this Pennzoil product. "Cradle-to-Refinery-Gate" includes raw materials and production of the base oil only and for the avoidance of doubt, this excludes emissions associated with other raw materials, production, distribution, a customer's use and end- of- life of the Pennzoil product specifically formulated for the 2024 NTT INDYCAR SERIES. The carbon intensity associated with re-refined base oil is calculated based on primary activity data from the producer following industry best practice guidance, including API Technical Report 1533 (Lubricants Life Cycle Assessment and Carbon Footprinting—Methodology and Best Practice). This Technical Report , published by the American Petroleum Institute, defines terminology and identifies and captures industry practices. "Cradle-to-Refinery Gate" emissions may be subject to change as a result of changes in the product specifications, changes in emission factors, or otherwise.