Media & analyst webcast presentation Royal Dutch Shell first quarter 2012 results
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Media & analyst webcast presentation Royal Dutch Shell first quarter 2012 results

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Simon Henry, Chief Financial Officer of Royal Dutch Shell plc will host two audio webcasts of the First quarter 2012 results on Thursday April 26, 2012.

Simon Henry, Chief Financial Officer of Royal Dutch Shell plc will host two audio webcasts of the First quarter 2012 results on Thursday April 26, 2012.

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Media & analyst webcast presentation Royal Dutch Shell first quarter 2012 results Media & analyst webcast presentation Royal Dutch Shell first quarter 2012 results Presentation Transcript

  • ROYAL DUTCH SHELL PLCFIRST QUARTER 2012 RESULTSTHE HAGUEAPRIL 26, 2012Copyright of Royal Dutch Shell plc 26 April, 2012 1
  • ROYAL DUTCH SHELL PLCFIRST QUARTER 2012 RESULTSSIMON HENRYCHIEF FINANCIAL OFFICERCopyright of Royal Dutch Shell plc 26 April, 2012 2
  • DEFINITIONS AND CAUTIONARY NOTEThe companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this presentation “Shell”, “Shell group” and “RoyalDutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us”and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served byidentifying the particular company or companies. „„Subsidiaries‟‟, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to companies in whichRoyal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companiesin which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control arereferred to as “jointly controlled entities”. In this presentation, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term“Shell interest” is used for convenience to indicate the direct and/or indirect (for example, through our 23% shareholding in Woodside Petroleum Ltd.) ownershipinterest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements otherthan statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that arebased on management‟s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance orevents to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning thepotential exposure of Royal Dutch Shell to market risks and statements expressing management‟s expectations, beliefs, estimates, forecasts, projections andassumptions. These forward-looking statements are identified by their use of terms and phrases such as „„anticipate‟‟, „„believe‟‟, „„could‟‟, „„estimate‟‟, „„expect‟‟,„„intend‟‟, „„may‟‟, „„plan‟‟, „„objectives‟‟, „„outlook‟‟, „„probably‟‟, „„project‟‟, „„will‟‟, „„seek‟‟, „„target‟‟, „„risks‟‟, „„goals‟‟, „„should‟‟ and similar terms and phrases. Thereare a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in theforward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand forShell‟s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmentaland physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of suchtransactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developmentsincluding potential litigation and regulatory measures as a result of climate changes; (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 ofprojects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this presentation areexpressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-lookingstatements. Additional factors that may affect future results are contained in Royal Dutch Shell‟s 20-F for the year ended 31 December, 2011 (available atwww.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of thispresentation, 26 April 2012. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statementas 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 theforward-looking statements contained in this presentation. There can be no assurance that dividend payments will match or exceed those set out in this presentation inthe future, or that they will be made at all.We use certain terms in this presentation, such as discovery potential, that the United States Securities and Exchange Commission (SEC) guidelines strictly prohibit usfrom including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC websitewww.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.Copyright of Royal Dutch Shell plc 26 April, 2012 3
  • SUMMARY Performance focus  Q1 earnings $7.3 bln; EPS +15%  2012 asset sales increased to > $4 bln CONTINUOUS IMPROVEMENT Growth delivery  4% underlying production growth GROWTH DELIVERY  Start-up of 3 new projects  Resumption of dividend growth MATURE NEW OPTIONS PERFORMANCE FOCUS New growth options  Appomattox appraisal success ~500 mboe  New exploration acreageEarnings CCS basis, earnings and EPS excluding identified itemsCopyright of Royal Dutch Shell plc 26 April, 2012 4
  • PRICES & MARGINSSHELL OIL & GAS REALISATIONS INDUSTRY REFINING MARGINS INDUSTRY CHEMICALS MARGINS$/barrel $/mscf $/barrel $/tonne 8 1000 10110 800 8 7 600 6100 400 4 6 2 200 90 0 0 80 5 -2 -200 Q111 Q211 Q311 Q411 Q112 Q111 Q211 Q311 Q411 Q112 Q111 Q211 Q311 Q411 Q112 Oil US West Coast US ethane Gas (RHS) US Gulf Coast coking Western Europe naphtha Rotterdam complex NE/SE Asia naphtha SingaporeCopyright of Royal Dutch Shell plc 26 April, 2012 5
  • Q1 2012 FINANCIAL HIGHLIGHTSQ1 2011 TO Q1 2012$ billion Q1 2011 Q1 2012 UPSTREAM 4.6 6.3 8 DOWNSTREAM (CCS) 1.7 1.1 BUSINESS SEGMENTS TOTAL 6.3 7.4 CORPORATE & MINORITIES 0 (0.1) 6 CCS NET EARNINGS 6.3 7.3 CCS EARNINGS, $ PER SHARE 1.02 1.17 4 CASH FROM OPERATIONS 8.6 13.4 2 SHARE BUY BACKS - - DIVIDENDS 2.6 2.7 DIVIDEND, $ PER SHARE 0.42 0.43 0Earnings CCS basis, earnings and EPS excluding identified itemsCopyright of Royal Dutch Shell plc 26 April, 2012 6
  • Q1 2012 PERFORMANCEUPSTREAM DOWNSTREAMearnings in $ billion earnings in $ billion 6 2 4 1 2 0 0 -1 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Other Upstream Integrated Gas Oil Products Chemicalsproduction in million boe/day million tonnes % availability volume4 6 100 7 95 4 902 5 85 2 800 0 75 3 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Oil Gas LNG Sales (RHS) Refinery availability Oil Product sales (mln bbl/d) Chemicals availability Chemicals sales (mln tonnes)Earnings excluding identified itemsCopyright of Royal Dutch Shell plc 26 April, 2012 7
  • CASH PERFORMANCE 12 MONTHSBUSINESSES GROUP$ billion $ billion 40 Sources 60 Sources 50 30 Uses 40 Uses 20 30 20 Sources 10 Uses 10 0 - Upstream Downstream Cash flow from Operations excl. net movements in working capital Capex (excl. acquisitions) + Equity Acc. Investments Asset sales Dividend Acquisitions Buy-backsCopyright of Royal Dutch Shell plc 26 April, 2012 8
  • CAPITAL EFFICIENCY & PORTFOLIO FOCUSINCREASING OUR ASSET SALES TARGETDIVESTMENTS 2009-2011 Q1 portfolio development  Prelude dilution + strategic partnering $17  Ongoing portfolio refocus: BILLION  Non-core Upstream and Downstream  Continued exploration acreage buildACQUISITIONS 2009-2011 $15 BILLION RECYCLING CAPITAL INTO NEW GROWTH 2012 DIVESTMENTS >$4 BLN Upstream DownstreamCopyright of Royal Dutch Shell plc 26 April, 2012 9
  • GROWTH DELIVERY + NEW OPTIONSPORTFOLIO PROGRESS Q1 2012 FUSHUN – YONGCHUAN  1st PSC shale gas China  3,500 km2  CNPC/Shell North Sea, UK Canada onshore Nova Scotia, Albania Canada US onshorePORT ARTHUR 325 kbd refinery  APPOMATTOX APPRAISAL expansion  Resources potential 500 mboe Starting up Q2 2012  Drilling for further upside Shell 50%  Shell 80% Malaysia CAESAR TONGA  Tanzania Bid for Cove Energy  40 kboe/d at peak  Shell 22% Argentina PLUTO LNG   1st gas South Africa  4.3 mtpa  Shell 21% Upstream Downstream 3 START-UPS New acreage APPRAISAL SUCCESS APPOMATTOX NEW EXPLORATION ACREAGE Start-upCopyright of Royal Dutch Shell plc 26 April, 2012 10
  • DIVIDEND TRACK RECORDRDS VERSUS FTSE 100 RDS VERSUS PEERS – 10-YEAR CUMULATIVE DIVIDENDTotal dividend growth rate versus 2006 $ billion 10030% 8020% 60 4010% 20 0% 0 2006 2007 2008 2009 2010 2011 RDS Other majors-10%-20% RDS dividend growth FTSE100 dividend growthRDS dividend declared per share times shares outstandingCopyright of Royal Dutch Shell plc 26 April, 2012 11
  • SUMMARY Performance focus  Q1 earnings $7.3 bln; EPS +15%  2012 asset sales increased to > $4 bln CONTINUOUS IMPROVEMENT Growth delivery  4% underlying production growth GROWTH DELIVERY  Start-up of 3 new projects  Resumption of dividend growth MATURE NEW OPTIONS PERFORMANCE FOCUS New growth options  Appomattox appraisal success ~500 mboe  New exploration acreageEarnings CCS basis, earnings and EPS excluding identified itemsCopyright of Royal Dutch Shell plc 26 April, 2012 12
  • FIRST QUARTER2012 RESULTSQUESTIONS & ANSWERSCopyright of Royal Dutch Shell plc 26 April, 2012 13
  • ROYAL DUTCH SHELL PLCFIRST QUARTER 2012 RESULTSTHE HAGUEAPRIL 26, 2012Copyright of Royal Dutch Shell plc 26 April, 2012 14