schreef:
Liquidity and capital resources
Shell generated cash flow from operations of $68.4 billion, including a negative impact from working capital of $5.4 billion, and free cash flow of $46.0 billion in 2022, aided by the improving global macro environment for oil and gas businesses, and divestments (for more information on free cash flow see "Non-GAAP measures reconciliations" on pages 362-365).
Net debt decreased to $44.8 billion at December 31, 2022 (December 31, 2021: $52.6 billion). Gearing fell to 18.9% at December 31, 2022, compared with 23.1% at December 31, 2021, as higher income increased equity and cash flow generation reduced net debt. Note 20 to the "Consolidated Financial Statements" on pages 279-280 provides information on our debt arrangements, including net debt and gearing definitions.