Royal Dutch Shell plc capital markets day 2016

Royal Dutch Shell plc
June 7, 2016
Capital markets day 2016
Re-shaping Shell,
to create a world-class investment case
“Let’s make the future”
Royal Dutch Shell | June 7, 2016

Ben van Beurden
Chief Executive Officer

Royal Dutch Shell | June 7, 2016 3
Definitions &
cautionary note
Reserves: Our use of the term “reserves” in this presentation means SEC proved oil and gas reserves.
Resources: Our use of the term “resources” in this presentation includes quantities of oil and gas not yet classified as SEC proved oil and gas reserves. Resources are consistent with the Society of
Petroleum Engineers (SPE) 2P + 2C definitions.
Resources and potential: Our use of the term “resources and potential” are consistent with SPE 2P + 2C + 2U definitions.
Organic: Our use of the term Organic includes SEC proved oil and gas reserves excluding changes resulting from acquisitions, divestments and year-average pricing impact.
Shales: Our use of the term ‘shales’ refers to tight, shale and coal bed methane oil and gas acreage.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this release “Shell”, “Shell group” and “Royal Dutch 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 by identifying the particular company or companies. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell
companies” as used in this release refer to companies over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint
control are generally referred to as “joint ventures” and “joint operations” respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as
“associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-
party interest.
This release contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch 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 Royal Dutch 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 ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’,
‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are 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 the forward-looking statements included in this release,
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, 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;
and (m) changes in trading conditions. There can be no assurance that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this
release 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 Royal Dutch Shell’s 20-F for the year ended December 31, 2015 (available at www.shell.com/investor and www.sec.gov ).
These risk factors also expressly qualify all forward looking statements contained in this release and should be considered by the reader. Each forward-looking statement speaks only as of the date
of this release, June 7, 2016. Neither Royal Dutch 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
release.
With respect to operating costs synergies indicated, such savings and efficiencies in procurement spend include economies of scale, specification standardisation and operating efficiencies across
operating, capital and raw material cost areas.
We may have used certain terms, such as resources, in this release that United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our 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 website www.sec.gov.

Key messages
 Cash engines
 today’s free cash flow
 Growth priorities
 deep water and
chemicals
 Future opportunities
 2020+ shales and new
energies
 Create a world class
investment case
 Grow free cash flow per
share, higher ROCE
 More resilient and more
focused company
RE-SHAPING
SHELL
MANAGING THE
DOWN-CYCLE
PORTFOLIO
PRIORITIES
 Pulling levers to manage
financial framework
 Re-set our costs
 Reduce debt
BG acquisition enables and accelerates change

Breakout Q&A
panels
Upstream + Projects & Technology
 Andrew Brown – Upstream Director
 Peter Sharpe – EVP Wells
Downstream
 John Abbott – Downstream Director
 Istvan Kapitany – EVP Retail
Integrated Gas
 Maarten Wetselaar – Integrated Gas Director
 Steve Hill – EVP Gas and Energy Marketing & Trading
Andrew Brown
Maarten Wetselaar
Peter Sharpe
John Abbott Istvan Kapitany
Steve Hill

Industry context
Substantial +
long lasting
shifts in energy
landscape
2005 2010 Q1 2016
2000 2050
$
From 7 to 9 billion by 2050
75% will live in cities
Global energy demand to
double between 2000 & 2050
World needs
more energy;
less CO2
New sources
New energy carriers
New business models
OPEC, shales, shorter price cycles Requires new value creation
models
Global population Growth in oil & gas demand Energy system in transition
Customer choice Continued oil price volatility Changing resources access

“2 degree
world” Global energy demand, million boe per day
0
100
200
300
2000 2013 2030
IEA 450
Global energy mix IEA ‘450’ scenario
Primary
energy
supply
Oil 32%
Coal 29%
Gas 21%
Renewables 4%
Nuclear 4%
13.7
btoe
Energy
consumption
9.4
btoe
4.3
btoe
Losses +
transformation
Bio-energy 10%
 Managing our emissions
 Continued investing in gas
 New energies business
Gas
Oil
Nuclear
Coal
Bio-energy
Hydro
Other renewables

Strategy
“Let’s make
the future”
Focus portfolio on
resilient positions
Invest in advantaged
projects
Unrelenting focus on HSSE
and licence to operate
Value chain integration
First class execution
projects + operations
Reset cost and capital
spending
Strategic Operational
FCF/share + ROCE growth
Conservative financial
management
Create a
world-class
investment case
8
Shell ambition:
 World-class investment case
 Relevant in our industry +
growing value share
 Reducing our carbon
intensity
 Shared value

Consideration
paid
Today Pre-completion view
Re-shape Shell
BG deal delivery
* The net asset value, in line with accounting standards, is determined by reference to oil and gas prices, as reflected in the prevailing market view on the day of completion.
Oil and gas prices are based on the forward price curve for the first two years (2016: $38, 2017:$44), and subsequent years based on the market consensus price view @ 15 Feb 2016
 Synergies: $4.5 billion 2018
 Asset value ahead of
expectation
 Considerable upside potential:
 Oil price recovery
 Shell reset
Cash & shares
Net debt
Portfolio NAV
Synergies PV
Valuation based on forward curves / consensus @ 15 Feb 2016*
Shell reset
Oil price uplift>$10 billion

Track record
Significant
changes
delivered
ROACE on a clean CCS basis
0
100
200
300
Downstream
Upstream
Integrated Gas
Corporate
Downstream
Upstream
Integrated Gas
Corporate
$35 billion
Free cash flow
8%
ROACE
$35 billion
Dividend & buybacks
$22 billion
Divestments
2013-15 >>
2013 Today
Capital employed in $ billion, end 2013 / Q1 2016
 BG acquisition:
Deep water + LNG growth accelerated
 Reduced and re-phased pre-FID options
 Cancelled Carmon Creek + Alaska
 Divested Woodside (part), Australia
downstream, proceeds from MLP, others
 ~500 kboed start-ups + 13 FIDs
 Restructured conv. oil + gas, Nigeria, shales
& oil products

Strong free cash flow and returns
Re-shape Shell
Driving strategy
in multiple time
horizons
CONVENTIONAL
OIL + GAS
CHEMICALS
OIL
PRODUCTS
DEEP WATERINTEGRATED
GAS
OIL SANDS
MINING
SHALES NEW
ENERGIES
11
Cash engines:
today
Growth priorities:
2016+
Future opportunities:
2020+
Competitive + resilient
Funds dividends + balance sheet
FCF + ROACE pathway
Affordable growth in
advantaged positions
Material value + upside
Managed exposure
Path to profitability
Cash engines 2020+
Relentless portfolio high-grading

Re-shape Shell
Cash flow
performance
2013-15
Free
cash flow
$35 billion
ROACE
8%
Interest & other
$4 billion
Cash dividend
$26 billion
Buybacks
$9 billion
Cash Engines
$140 billion
Growth Priorities
$39 billion
Future Opportunities
$15 billion
Corporate/other
Divestments
Capital Employed Cash flow Free cash flow + ROACE
$87 billion
$23 billion
12 % ROACE
$24 billion $0 billion
11 %
-$2 billion
$64 billion
-$13 billion
-12 %
$22 billion
$3 billion$5 billion
$24 billion
$11 billion
$2 billion
Investment
(cash)
$29 billion
Net debt
movement
& other
$4 billion
 Balancing cash-in
& cash-out
 Oil price ~$87
12
Slide shows end 2015 capital employed and 2013-15 cumulative CFFO and FCF

Re-shape Shell
Capital
allocation
Excludes BG acquisition in 2016
0
25
50
2014 2016E 2017 - 20 avg
 Reducing capital investment
 More predictable
development flow
Future
opportunities
Growth
priorities
Cash
engines
$ billion
Capital investment
-35%
Shell BG
30
25
$ billion 2016 2017-18
Oil products 3 3-4
Conventional
oil + gas
5 5-6
Integrated gas 6 4-5
Oil sands mining <1 <1
Deep water 8 6-7
Chemicals 3 3-4
Shales 2 2-3
New energies <1 <1
Total ~29 25-30

Re-shape Shell
Cash engines
Conventional oil + gas
Integrated Gas
Oil Products
Oil sands mining
 High grade portfolio
 Exploration to maintain running room
 Moderate capacity growth rate
 Prioritise for cash delivery
 Strengthen the retained core
 Selective marketing growth
 Improve macro resilience
 Capture price upside
Name

0
15
30
45
2000 2005 2010 2015
Re-shape Shell
Integrated Gas
from growth
priority to cash
engine
Period-end in million tonnes per annum
Liquefaction capacity
Million tonnes per annum
LNG liquefaction volumes
0
20
40
2000 2005 2010 2015
Liquefaction (Shell) LNG offtake (BG)
LNG Peru
Nigeria
QG-4
Atlantic LNG
Oman
Sakhalin
Malaysia
Sabine Pass
Equatorial
Guinea
Pluto
NWS
Brunei
QCLNG
Gorgon
 Integrated gas is over 30% of Shell
 13 mtpa liquefaction growth in Australia 2018
 ~75 mtpa liquefaction projects in growth funnel
 ~20 mtpa market access in growth funnel
Optimise for free
cash flow growth
16Q1
extrapolated
2018
15
Liquefaction (BG)

Re-shape Shell
Growth priorities
Deep water
Chemicals
 Growth in advantaged geology
 Brazil + GOM in focus
 Multi-billion barrels potential
 Advantaged feedstock + growth markets
 USA + China growth

0
2
4
6
8
2015 2020
Re-shape Shell
Deliver
profitable
growth
Million tonnes per annum, ethylene
 Advantaged feed stocks + Shell technology
 Pennsylvania chemicals: polyethylene
 Gulf Coast expansion: alpha olefins
 China expansion: EOG, SMPO/POD
Chemicals capacity
Thousand boe per day
Deep water production
 Building on GOM exploration + BG Brazil
 Brazil pre-salt: 15 FPSOs ~2020
 Gulf of Mexico: Stones + Appomattox developments
 Growth outlook driven by
discovered oil & gas and
established chemicals
positions
0
200
400
600
800
1000
2015 2020
Under constructionOn-stream FEEDUnder constructionOn-stream

Re-shape Shell
Future
opportunities
Shales
New energies
 ~12 billion barrels resources + potential
 Mature to ‘growth priority’
 Energy transition themes
 Explore + invest for longer term

Future opportunities
New energies
 Hydrogen & biofuels
 Wind & solar alongside gas
 Customer solutions
New energiesInvestment context
Energy
Transition
Digital
platforms
Increasing
electrification
Greater
customer
choice
Renewables
growth
Disruptive
business
models
Mobility
transition
Integrated
energy
solutions
New fuels
Connected
customer

Re-shape Shell
Expectation:
end of decade
2019-21: ~$60 scenario, mid-cycle Downstream
2013-15 ~$90
Capital
employed
($ bln end ‘15)
Free
cash flow
($ bln p.a)
ROACE
(%)
Oil products 5 12
Conventional oil + gas -1 13
Integrated gas 4 13
Oil sands mining 0 1
Cash engines ~65% 8 12
Deep water -1 10
Chemicals 1 15
Growth priorities ~20% 0 11
Shales -4 -12
New energies - -
Future opportunities ~5% -4 -12
Organic FCF 5
Divestments 7
Total (incl. Corporate) 223 12 8
2019-21 ~$60
Capital
employed
($ bln)
Free
cash flow
($ bln p.a.)
ROACE
(%)
>5 ~15
~5 ~10
>5 ~10
~1 ~5
~65% 15-20 ~10
~5 ~10
~0 ~10
~25% ~5 ~10
~0 <5
~0 <5
~5% ~0 <5
20-25
~5
270-290 20-30 ~10
GROWTH PRIORITIES
Deep water delivering
free cash flow; Chemicals
continues to grow
CASH ENGINES
Stable portfolio + step up
in financial performance
FUTURE OPPORTUNITIES
Transitioning to
growth businesses

Simon Henry
Chief Financial Officer

CFFO + Divestments
Attractiveness,
resilience
Dividends +
Buybacks
0 – 30% gearing
through cycle
Financial
framework Cash Performance
InvestmentPay-out
Balance Sheet
 Creating value for shareholders through cycle
 Pulling levers today to manage the financial
framework
 Multi-year timescales and planning
 Positioning to cover dividends in down-cycle,
and generate excess free cash flow in up-cycle

Integration with BG
Portfolio
* Shell’s reserves are calculated on a SEC basis and BG‘s 1P reserves are calculated on a PRMS basis, as published by the SPE
Equity liquefaction capacity in million tonnes per annum
0
25
50
Shell + BG Exxon Chevron Total BP
LNG
billion boe
0
10
20
30
Exxon BP Shell + BG* Total Chevron
Oil & gas proved reserves - 2015
Million boe per day
Oil and gas production
 BG transaction accelerates our growth strategy
 Increased scale and portfolio quality – an
opportunity to re-set Shell
Liquids Gas2015 2018
Shell BG
0
2
4
Exxon Shell + BG Chevron Total BP

Integration with BG
BG portfolio
is delivering
Source: BG
 BG production Q1 2016: 0.8 mboed (+25% Q1-Q1)
 Asset availability 93%
 Reducing capital spend
Increasing production
$ billion
Reducing capital investment
0
200
400
600
800
0
1
2
3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
LNGDeep water Conventional oil + gas Capital investment
Q1 Q2Q3 Q4 Q3 Q4 Q1
2014 2015 2016
+25%
2014 2015 2016

Integration with BG
Integration
timeline
 Deliver safe, efficient operations
 Management announcements + talent review
 Understand BG business & practices
 UK + US office footprint
 Transition plan: resourcing, systems & processes
End 2016
Integration
completed
15 February 2016
BG acquisition
completed
Day 60Day 30 Day 90
 Combine best practices and retain best staff
 Staffing of combined organisation
 Integrated business plan
 Transition teams move to business as usual
Today
 Joint integration
planning team
established
 Early preparation for
successful integration
August 2015

2016 2017 2018
-1
0
1
2
3
4
Integration with BG
Synergies
update
1 Synergies span operating, capital, and raw material cost areas
$ billion
Synergies update
 2018 synergies increased
from $3.5 bln to $4.5 billion
 2017 delivery of prior 2018
target
Additional
synergies
SG&A
Procurement
Marketing &
shipping
 Corporate, administrative,
organisation and IT operational
efficiencies
 Reduced costs
 Procurement spend1
Exploration  Reduced activity via BG combination
Exploration synergies
Costs synergies Synergies target as per
prospectus

Manage down-cycle
Cash flow
priorities 2016-18
 Powerful levers to underpin
financial framework
Priorities
for cash
Debt reduction Dividends
Buybacks
& capital
investment
1 2 3
Divestments
Reduce capital
investment
Reduce
operating costs
Deliver new
projects

Manage down-cycle
Divestments
Integrated gas split out from Upstream from 2011 onwards
$ billion
2016-18
 Portfolio simplification and
high-grading
 Earmarked for disposal
 Up to10% of oil + gas
production
 ~5-10 oil + gas countries
 Selected mid-stream and
downstream
Divestments program
 $30 billion 2016-18
 Progressing $6-8 billion
2016
0
10
20
30
2007-09 2010-12 2013-15 2016-18
Downstream/Corporate High grading ‘tail’
Infrastructure + mature positions
Refocus portfolio
2016-18 announced:
 Showa Shell
 Maui pipeline
 Denmark marketing 
 Malaysia refining
 Motiva JV end
 Further divestments
pending
completed
Upstream
Integrated gas

Manage down-cycle
Deliver new
projects
* BG organic growth from 1.1.2016
LNG volume includes offtake
Thousand boe per day*
 Significant oil & gas +
Downstream production under
construction
 Capex to free cash flow
 High margin / price upside
barrels
2016-17 start-ups
2014-15 start-ups
LNG volume (RHS)
2018+ start-ups
 Cash operating cost <$15/boe
 Tax rate ~35%
0
5
10
15
0
400
800
1200
2014-15 2016-17 2018+

Track record
Significant
reduction in
project flow

2013 2014 2015 2016 2017+
Oil sands mining Carmon Creek
Shales Shales
Deep water Appomattox
Bonga South West
Integrated Gas Arrow Greenfield LNG
Elba LNG
Browse LNG
US GTL
Wheatstone LNG
Abadi redesign
MLNG Dua JVA
LNG Canada
Lake Charles
Sakhalin Train 3
Conventional Bab
oil + gas ADNOC Expiry
MLNG DUA PSC
Bokor & Betty EOR
Val d’Agri ph2
Majnoon FFD
Chemicals Al Karaana
Geismar alpha olefins
Pennsylvania cracker
Nanhai 2nd cracker
Oil products Scotford de-bottleneck
Pernis de-asphalting














 ~$45 billion spending
mitigated 2014-2020
FID Cancelled/divestPotential FID Delay/deferral

Frontier
 Material reduction in exploration spend
 BG acquisition + recent Shell discoveries reduces our requirement for exploration
 More emphasis on Shell’s producing basins
 Reduced activity, restructuring, lower costs
Reduced
exploration
spend
$ billion
Exploration expenditure
0
2
4
6
8
2013 2014 2015 2016E 2017/18 avg
 $3 billion reduction
BGHeartlands
~2.5
7
5
5.5
~2.5

Manage down-cycle
Lower & more
predictable
capital
investment
$ billion; excludes BG acquisition in 2016
Capital investment
 Planning for $25-$30 billion range
 $30 billion/year ceiling
 Trending low in range today
 Options to further reduce below $25 billion if warranted
0
20
40
60
2013 2014 2015 2016E 2017 - 20 avg
Growth options/explorationBase + short cycle Committed growth projects BG
$25-30 billion
58
47
36
29
-35%

Manage down-cycle
Reduce
operating cost
$ billion
Operating cost
0
20
40
60
2013 2014 2015 end-2016
run-rate
$40 billion
-20%
 Substantial reductions delivered
 “Lower for ever” mindset + BG synergies
 Staff, supply chain + contractors
 Divestments , growth, FX impacts
Shell BG
48
50
46
40

Manage down-cycle
Pulling levers to
manage
financial
framework
* $60 oil price scenario 2018
2016-18 levers
 Reducing our cash break-even
 Further options available
 +/- $10 Brent = ~5 billion CFFO
Divestments
Reduce
capital
investment
Reduce
operating
costs
Deliver new
projects
$ billion
2015 baseline:
Shell + BG 2016
2017-2018
potential
Operating costs 46
Trend to 40
(underlying)
Multi-billion p.a.
Capital investment 36 29 25-30
Divestments 6 + 5
6-8 in
progress
30 over
2016-18
Projects start-up post-2014
(CFFO)
n/a ~$2 billion
~10 billion
by 2018*

John Abbott
Downstream Director

Downstream Cash engine
 Improve our financial
performance
 Upgrading our portfolio
 Returns + free cash flow
improvement
 Chemicals growth priority
Marketing Refining & Trading Chemicals
Growth priority
 Differentiated products
 Brand leverage + customer offer
 Selective growth
 Full integration with trading
 Improve retained assets
 Reducing refining capacity
 Feedstock plays
 Capacity growth

Downstream
financial
performance
Earnings and ROACE on CCS basis, excluding identified items
$ billion
Earnings + ROACE
$49 billion as at end Q116
Capital employed
$ billion
Cash flow
0
10
20
0
5
10
2012 2013 2014 2015 16Q1
4Q rolling
%
ROACE (RHS)Refining & trading
ChemicalsMarketing
0
5
10
15
2012 2013 2014 2015 16Q1
4Q rolling
Working capital movements
Cash flow excluding working capital
Free cash flow
Refining & trading
Chemicals
Marketing
 Contribute sustainable and growing cash surplus
 Deliver competitive returns

0
2
4
6
8
0
2
4
6
8
2007 2015
Million barrels/day
Stronger results from smaller portfolio
Financial performance
Oil Products
Earnings on CCS basis, excluding identified items
0
1
2
3
4
Refining capacity Marketing volumes
$ billion $ per barrel
2007 2015
Global weighted average
refining margin (RHS)
Oil products earnings
-20% -30% +25%
 Advantaged feedstock + supply
 Asset sales
 Products + brand

Improving our
Downstream
footprint and
performance
Portfolio change
$ billion
Asset sales
 Optimise footprint
 Growth markets
 Capital discipline and project
delivery
Resilience
Attractiveness
Backbone / grow:
 Chemicals
 China
 LNG for transport
 Premium fuels + lubes
 Refinery crude flexibility
 others
Fix:
 Netherlands +
Rheinland
manufacturing
 Singapore fuels
 Motiva JV restructuring
 others
Exit:
 Australia 
 Denmark 
 Harburg 
 Italy 
 LPG France 
 Norway 
 Selected UK retail sites 
 Tongyi lubricants China 
 Showa Shell
 Malaysia refining
 others
 completed 0
1
2
3
4
2011 2012 2013 2014 2015
Stanlow refinery
Shell Chile
LPG Northwest Europe
others
Australia DS
Italy DS
MLP
others
Norway
UK retail sites
LPG France
MLP
Tongyi
others
2016
announced
Denmark 
MLP
Showa Shell
others

Oil Products
Optimization
of footprint
Motiva JV split is subject to ongoing negotiation
 Exit from JV with Saudi Aramco
 Integrate retained assets with Shell
 Brand licensing agreement
Motiva JV restructuring
 Sale of ~33% of Showa Shell Sekiyu KK to Idemitsu
 ~$1.4 billion
 Lubricants and fuel brand licensing agreements
 Completion expected in 2016
Showa Shell divestment
Terminals (26) – Saudi Aramco
Ethanol Hub
Terminals (9) – Shell
Showa Shell Sekiyu K.K. Kawasaki Refinery, Japan
Refinery
40
Norco
Convent
Port
Arthur

No.1 market share in global retail + global lubricants
0%
10%
20%
30%
2012 2013 2014 2015 2016
YTD
0%
10%
20%
30%
2012 2013 2014 2015 2016
YTD
0
1
2
3
4
5
2012 2013 2014 2015 16Q1
4Q
rolling
Investing in selective growth
Shell Oil Products – marketing
 Shell V-Power is the world’s most
widely sold premium fuel (68
markets)
 #1 or #2 in high quality fuels
across 90% of our markets
 Leveraging GTL base oils with
Pureplus®
 Top 3 in critical markets, #1 in
China.
Marketing - ROACE
0%
10%
20%
30%
2012 2013 2014 2015 16Q1
4Q
rolling
Marketing – free cash flow Global retail -
premium product penetration
Global lubes -
premium products penetration
$ billion% % %
41
ROACE on CCS basis, excluding identified items

Growth priority
Chemicals
1Cracker base chemicals (Aromatic derivatives, Ethylene, Propylene and Isobutylene)
Million metric tonnes1
Chemicals demand outlook
Million metric tonnes Ethylene and Propylene
Geographic balance
North America
Asia Pacific & Middle East
Europe2016
Gas
Liquid
2016
Million metric tonnes Ethylene and Propylene
Feedstock balance
0
100
200
300
400
2005 2015 2020
 Strengthening our core
 Growing our footprint
 Crackers + derivatives
Rest of world Asia

Growth priority
Chemicals Million metric tonnes
0
2
4
6
8
2000 2005 2010 2015 2020 2025
Under constructionEthylene capacity
Nanhai II
Pennsylvania
cracker
Geismar, USA
Nanhai, China
Pennsylvania, USA
USGC
restructuring
Nanhai I
Bukom
start-up
 425,000 tonnes additional
Alpha Olefins capacity
 New liquids cracker and
derivatives units
 Capacity: ~1.2 million tonnes
ethylene per annum
 50/50 JV CNOOC
 Greenfield FID 2016
 Capacity: ~1.5 million tonnes
ethylene per annum and
polyethylene derivatives
43
2006 Nanhai 2010 USGC go-light strategy 2010 Singapore 2016+ China + USA

Downstream
competitive
landscape
Downstream: Earnings on local GAAP basis adjusted for inventory valuation differences and excluding identified items; Peer group: Chevron, Total, BP, XOM, RDS
Chemicals: Earnings excluding identified items; peer group: XOM, LBI, DOW, BP, RDS Source brand preference: Ipsos – Global Customer Tracker (covering 30+ markets)
%
Downstream ROACE
%
Chemicals ROACE
%
Oil Products ROACE
Global brand preference
Brand
0
10
20
30
2011 2012 2013 2014 2015 Q1 2016
0
10
20
30
2011 2012 2013 2014 2015 Q1 2016
0%
5%
10%
15%
20%
2011 2012 2013 2014 20152011 2012 2013 2014 2015
Shell Peers
Shell Other majors
Q1 2016
44
0
10
20
30
Shell Chemicals peer group

Andrew Brown
Upstream Director

Upstream Cash engine
 ‘Fit for future’ cost + uptime
programme
 Deliver profitable growth
Conventional oil & gas Deep water Shales
 Maintain resilience
 Drive improvement
 Advantaged growth,
 Track record + competitive portfolio
 Lowering cost further
 Large resource base
 Future growth priority
 Improve competitiveness
$45 billion
1.8 mboe/d
Growth priorities
Capital employed:
Production:
$55 billion
0.6 mboe/d
$17 billion
0.26 mboe/d
Capital employed:
Production:
Capital employed:
Production:
Capital employed and production based on Q1 2016

Upstream
financial
performance
Earnings and ROACE on CCS basis, excluding identified items
$ billion
Earnings by strategic theme
$ billion
Cash flow + ROACE
Earnings by geography
Capital investment 2016
 Drive improvement + sustain
cash delivery
%
-5
0
5
10
15
20
-5
0
5
10
15
20
2012 2013 2014 2015 16 Q1
4Q rolling
Cash flow ROACE (RHS)
47
Conventional oil + gas Shales
Deep water Other
$ billion
Deep water
Shales
-5
0
5
10
2012 2013 2014 2015 16Q1
4Q rolling
Rest of the world Americas
-60
0
60
120
-5
0
5
10
2013 2014 2015 16Q1
4Q rolling
$ per barrel
Brent (RHS)

Reducing costs
+ improving
performance
Upstream
$ billion
 Reduce costs + headcount 2014+
 >5,000 staff + contractor positions
 Exit ‘tail’ assets
 Potentially 5-10 country exits
Upstream costs
$ per barrel
0
10
20
30
-
5
10
15
2014 2015 2016E
Operating costs Unit cost
BG
-8%
-15%
48

40%
60%
80%
100%
0 10 20
Upstream
“Fit for the future”
1Operated assets only
Availability
Conventional oil & gas
Availability
Deep water
Unit operating costs $/boe
Shales
40%
60%
80%
100%
0 15 30 45 60
Direct unit operating costs $/boe1
0
10
20
2014 2015 2016E
-35%
Direct operating costs Direct overhead
Direct unit operating costs $/boe1
2014 2015
 Targeting sustained improvement by 2018:
 Asset availability improvement
 >150 kboe/d potential through wells + reservoir management
 Cost reduction
2016 Q1 2014 2015 2016 Q1

~12 billion boe
0
2
4
2013 2014 2015 2016E
Americas shales
Maturing a new growth option
2020+
Production excludes divested assets (2013-14) and BG Haynesville addition (16Q1)
$ million per well
Average drill and complete costs – LRS wells
$ billion
Capital investment
Production
Western Canada Gas
Western Canada LRS
Appalachia
Permian
Argentina
Haynesville
 Material resource + potential
~12 billion boe
 25% liquids, 75% gas
 Reducing costs + improving
capital efficiency
0
80
160
240
2013 2014 2015 16Q1
-60%
Liquids Gas
+35%
0
4
8
12
2013 2014 2015 2016 Q1
-50%
Resources
Reserves
Contingent resources -
other
Contingent resources -
development pending
Prospective resources

0
15
30
45
60
75
0
50
100
150
200
Deep water
Capital efficient + profitable
growth
Shell + BG deep water growth
0
200
400
600
800
1000
2015 2020
Brazil
Gulf of Mexico Other
Lowering capital intensity
$ per boe break-even cost (examples)
Reducing drilling costs
0
250
500
750
# drilling days
2014
baseline
Current
-30%
-40%
Current
2013/14
baseline
Variable spread
rate + drilling
materials cost
$ thousand
 Delivering world class development funnel
 Reducing break-even: new projects ~$45/bbl
2009
BC-10
2014
Mars B
Gumusut-Kakap
2010
Perdido
2005
Bonga
2001
Brutus
1999
Ursa
1997
Ram Powell
1996
Mars
1994
Auger
Brazil
Pre-salt
CoulombAppo VitoKaikias
Current estimate - under construction
Previous estimateCurrent estimate - pre-FID
Example Gulf of Mexico
Under construction
Malikai
Stones
Coulomb
Appomattox
Brazil pre-salt

2010-15 2016 2017 2018 2019 2020+
1 Operator’s view
2 The Berbigão, Sururu and Atapu accumulations subject to unitisation agreements
 Strong partnership with Petrobras
 Libra consortium continues appraisal work
 High well productivity
 Average 25,000 boe/d
Lula
(25%)
Sapinhoá
(30%)
Lapa
(30%)
Pre-salt FPSOs delivery1
Iracema
(25%)
6. Iracema N.
5. Iracema S.
4. Sapinhoá N.
3. Lula NE.
2. Sapinhoá S.
1. Lula 7. Lula Alto
Lula Central
Lapa
Lula S
Lula ext S.
Lula N
Atapu S.2
Atapu N.2
Berbigão
/Sururu2 Lula W.
Libra pilot
On-stream
chartered
Chartered
Replicant owned
Chartering under
evaluation
Libra EWT
0 15 30 45
Iracema #1
Iracema #2
Sapinhoá #1
Iracema #3
Sapinhoá #2
Jubarte
Lula #1
Iracema #4
Sapinhoá #3
Lula #2
Top 10 pre-salt producer wells - ANP
Strong flow rates and performance
Shell equity No Shell equity
Flow rate in kboe per day
Berbigão/
Sururu/Atapu2
(25%)
Libra
(20%)
BM-S-54
(80%)
Sagitário
(20%)
Pending development
On-stream
Exploration
100 km
Deep water Brazil:
step change in
Shell position

Deep water Gulf
of Mexico
Established + profitable basin
1 Block MC943
Auger
Mars
Ursa
Na Kika
Brutus
Appomattox
 ~175 kboe/d potential
 ~650 million boe resources
 Shell 79% (operator)
Caesar Tonga
Cardamom
Mars B
100 km
Ram Powell
Kaikias
 >100 million boe resources
 Tie-back option
Perdido
Stones
 ~50 kboe/d FPSO
 2016 start-up
Vito
 Re-scoping to a regional
production facility
 Shell 51.33% (operator)
Powernap1
 Potential integration with Vito
Drilling
moratorium
Production
0
100
200
300
09 10 11 12 13 14 15 Q116
Rydberg
 Shell ~57% (operator)
Kepler North
 2016 discovery
 Tie-back to Na Kika
 Shell 50%
Coulomb
 ~20 kboe/d
 Tie-back to Na Kika
 Stones and Appomattox under construction
 New options: focus on capital efficient tie-backs + low cost hosts
 Selective exploration
Under construction
On stream
Option
2014-16 exploration success

0
100
200
300
2014-15 2016-17 2018-19 ~2020
Conventional oil
+ gas
Significant cash engine for
Shell
Thousand barrels per day
Selective growth
$ billion
0
5
10
2013-2015 2016-18
Capital investment
 Substantial growth ‘17-’19
 Drives improved free cash
flow
Clair ph2
Tempa Rossa
others
Kashagan
Schiehallion
G-U ph2
others
Corrib
Sabah gas
Knarr
Kashagan, Kazakhstan
2016-172014-15 2018+
-30%
Schiehallion FPSO Start-ups:

Track record +
exploration
strategy
Prospect
size
(million boe)
Time to
production
(years)
FRONTIER
Under-
explored
basins
HEART
LANDS
Near field
exploration
and new
plays
>250
1-250 1-5+
10+
2016 targets
Heartland Resources (billion boe)
Australia 1.4
Gulf of Mexico 1.2
Brazil 1.0
Malaysia 0.5
Nigeria 0.3
Brunei 0.3
Oman 0.2
Heartlands
Frontier
Resources added 2010-2015
Trinidad
&Tobago
USA
Canada
Tanzania
Nigeria
Germany
UK
Netherlands
Albania
Oman
Egypt
Russia
China
Brunei
Malaysia
 Spend ~$2.5 billion/year
 50% reduction 2015-16
 Heartlands + near field focus

Upstream Cash engine
 ‘Fit for future’ cost + uptime
programme
 Deliver profitable growth
Conventional oil & gas Deep water Shales
 Maintain resilience
 Drive improvement
 Advantaged growth,
 Track record + competitive portfolio
 Lowering cost further
 Large resource base
 Future growth priority
 Improve competitiveness
$45 billion
1.8 mboe/d
Growth priorities
Capital employed:
Production:
$55 billion
0.6 mboe/d
$17 billion
0.26 mboe/d
Capital employed:
Production:
Capital employed:
Production:
Capital employed and production based on Q1 2016

Maarten Wetselaar
Integrated Gas Director

Integrated Gas Cash engine
 Focus on:
 Cash + returns
 Create + secure new
demand
 Moderate growth
 New energies opportunities
Integrated Gas New energies
Oil + gas production
Liquefaction
Regasification
Gas-to-Liquids
Marketing & trading
 IOC leadership in growing market
 BG integration benefits
 Moderate growth
Qatargas 4
Muscat LNG
Pearl GTL
Sakhalin LNG
Hazira, India:
LNG jetty
LNG
 Operational excellence
 Building GTL product premium
 Energy transition
 Leverage adjacencies
 Explore + invest

Integrated Gas
financial
performance
$ billion
0
5
10
2012 2013 2014 2015 2016 Q1
4Q rolling
Earnings
$ billion
Cash flow + ROACE
$91 billion as at Q1 2016
Capital employed
%
LNG plant availability
%
In service
Under construction
Cash flow
ROACE (RHS)
0
10
20
30
0
5
10
15
2012 2013 2014 2015 2016 Q1
4Q rolling
59
70
80
90
100
Q115 Q215 Q315 Q415 Q116

LNG supply +
demand Million tonnes per annum
Global LNG supply + demand outlook Demand growth drivers 2015-2030
 2015-20: >100 mtpa supply growth
 Predominantly contracted volumes
 Supply driven market till end of decade
 2020 to 2030
 Asia continues as main growth area
 Majority of new supplies from North America and potentially East Africa
 Supply gap emerging early 2020s
0
100
200
300
400
500
2000 2005 2010 2015 2020 2025 2030
In operation Under construction Demand forecasts
~55%
~10%
Established LNG markets
~15% New LNG markets
Downstream LNG
2015
~20%
2030
Newly importing LNG markets*
* Markets importing LNG less than 5 years

LNG: Shell + BG
LNG volumes
Capacity at year-end in million tonnes per annum
LNG Peru
QG-4
Atlantic LNG
Oman
Sakhalin
Malaysia
Sabine Pass
Equatorial
Guinea
Pluto
NWS
Brunei
QCLNG
Gorgon
0
25
50
2011 2013 2015
0
20
40
Exxon BP Total Chevron
2015
Shell LNG liquefaction volumes
Shell LNG sales volumes
Shell + BG
16Q1
extrapolated IOC leadership position
 Global footprint
 Value from optionality
Liquefaction capacity
Nigeria
Equity capacity
Long-term offtake agreement
Spot offtake in 2015
Deliveries in 2015

0
5
10
15
20
25
2005 2007 2009 2011 2013 2015
LNG pricing
Million tonnes per annum (2015 basis, Shell +BG)
Shell LNG sales + pricing linkage
$ per mmbtu
Regional gas prices
0
10
20
30
40
50
60
Short-term ‘spot’
Gas hubs (e.g. NBP, HH)
Oil linked: 3-6 months lag
Term contracts
(2-20 years)
~80%
 Continued demand for oil +
gas hub linked LNG pricing
 Oil-price linkage reinforced Japan landed LNG price
National balancing point (UK)
Henry hub (US)
Brent
Sources Deliveries
Term purchase
Liquefaction volumes
Spot purchase

Developing new
LNG markets Million tonnes per annum
 Portfolio of opportunities to
market LNG
 Regas terminals
 Create a new value chain in
LNG to transport
Growing and diversifying market: Asia
0
100
200
300
2000 2005 2010 2015 2020 2025
Japan
Korea
Taiwan
India
China
Indonesia
Malaysia
Others
Hazira
Spain
UK
The Netherlands
Philippines
Myanmar
Gibraltar China
Singapore
Vietnam
Capacity rights
Proposed
LNG for transport project
LNG truck re-fuelling station Rotterdam,
Netherlands
Kakinada
RegasificationTransport
Qatar

Moderating our
growth rate:
Shell + BG LNG
* Offtake rights
FEED On stream LNG salesOptions Under construction
 Reduce FID pace
 Focus on project cost competitiveness
Prelude
Gorgon T2-3
Arrow
Gorgon T4
NLNG T7
Sakhalin T3
Browse
LNG Canada
Lake Charles
Tanzania LNG
Prince Rupert
Abadi
Elba*
QCLNG T3 others*
Sabine Pass T2-4*
Option recycled
Prelude 2018
Gorgon 2016

New energies
Exploring new opportunities
 Cleaner transportation
 Biofuels + hydrogen
 NL + USA wind
 Solar for EOR Oman
 Connected mobility
 Connected energy
 Winning company in the
energy transition
 Established credentials:
exploring options
Integrated
energy
solutions
New fuels
Connected
customer
New fuels Integrated energy
solutions
Connected customer

Ben van Beurden
Chief Executive Officer

Transformation
CREATE A
WORLD CLASS
INVESTMENT CASE
Improved capital
efficiency: reduced
investment/FCF ratio
Energy transition:
CO2 footprint & new
energies strategy
Simpler company: Exit
~10% production;
5-10 countries
Less cost + fewer
people with BG than
Shell stand-alone:
12,500 fewer staff
Capital efficiency:
2013 spending
halved & $45 billion
mitigated
Improving our metrics:
FCF/share; ROCE;
net debt
$30bn divestments:
Innovative deals like
Motiva, Showa
and MLP
Portfolio growth:
1 mboe/d adds
$10 bln cash flow
2019-2021
average
2013-2015
average
Brent
ROACE
~$60
~10%
~$90
8%
Organic free cash flow $20-25 billion p.a.$5 billion p.a.
67

Questions & Answers

Projects under
construction
Integrated Gas
Oil sands mining
Oil Products
Deep water
Chemicals
Shales
New energies
69
Start up Project Country Shell share
(direct &
indirect) %
Peak
Production
100%
kboe/d
LNG 100%
Capacity
mtpa
Products Legend Theme Shell
Operated
2016-17 Forcados Yokri Interagted Project (FYIP) Nigeria 30 50  Conventional oil + gas 
Gbaran-Ubie Ph2 Nigeria 30 150  Conventional oil + gas 
Geismar AO4 United States 100 425 kta alpha olephins  Chemicals 
Kashagan ph1 Kazakhstan 17 300  Conventional oil + gas
Lapa Brazil 30 79  Deep water
Lula Central Brazil 25 131  Deep water
Lula Extreme South Brazil 25 142  Deep water
Lula South Brazil 25 145  Deep water
Malikai Malaysia 35 60  Deep water 
ML South Brunei 35 35  Conventional oil + gas
NA LRS / tight gas USA/Canada various 82  Shales 
Pernis solvent deasphalting Netherlands 100 7.2 kbpd  Oil Products 
Schiehallion Redevelopment United Kingdom 55 125  Conventional oil + gas
Scotford HCU debottleneck Canada 100 14 kbpd  Oil Products 
Stones United States 100 50  Deep water 
2018+ Appomattox United States 79 175  Deep water 
Atapu North** Brazil 25 148  Deep water
Atapu South** Brazil 25 147  Deep water
Baronia / Tukau Timur Malaysia 40 65  Conventional oil + gas
Berbigão/Sururu** Brazil 25 134  Deep water
Clair Ph2 United Kingdom 28 100  Conventional oil + gas
Coulomb United States 100 20  Deep water 
Lula North Brazil 25 147  Deep water
Nanhai China Chemicals China 50 1200 kta C2  Chemicals
Pennsylvania cracker United States 100 1500 kta C2  Chemicals 
Prelude FLNG Australia 68 110 3.6 1.7 mtpa NGLs  Integrated gas 
Rabab Harweel Integrated Project Oman 34 40  Conventional oil + gas
Southern Swamp AG Nigeria 30 30  Conventional oil + gas 
Tempa Rossa Italy 25 45  Conventional oil + gas
** The Berbigão, Sururu and Atapu accumulations subject to unitisation agreements

Pre-FID options
70
Integrated Gas
Oil sands mining
Oil Products
Deep water
Chemicals
Shales
New Energies
Phase Project Country Shell share
(direct &
indirect) %
Peak
Production
100%
kboe/d
LNG 100%
Capacity
mtpa
Products Legend Theme Shell
Operated
SELECT Kaikias United States 100 40  Deep water 
Libra pilot FPSO Brazil 20 150  Deep water
LNG Canada T3-4 Canada 50 13  Integrated gas
DEFINE Bonga South West Nigeria 43 205  Deep water 
Bokor Malaysia 40 12  Conventional oil + gas
Changbei II China 50 57  Integrated gas 
Deer Park OP3 United States 100 ~800 kta C2  Oil Products 
Lake Charles United States 100 15  Integrated gas 
LNG Canada T1-2 Canada 50 13  Integrated gas
Penguins Redevelopment United Kingdom 50 40  Conventional oil + gas 
Sakhalin T3 Russia 28 ~5  Integrated gas
Val d'Agri Ph2 Italy 39 60  Conventional oil + gas
Vito United States 51 100  Deep water 

HSSE
performance
Excludes BG
Injuries – TRCF/million working hours
Goal Zero on safety
Energy Intensity Index (EEITM)
Energy intensity – refineries
Volume in thousand tonnes
Spills - operational
Number of incidents
Process safety
 HSSE priority
 Performance + transparency
400
600
800
0
2
4
'05 '07 '09 '11 '13 '15
0
5
10
'05 '07 '09 '11 '13 '15E
Working hours (RHS)TRCF
16Q1 16Q1
0
200
400
2013 2014 2015 16Q1
92
96
100
104
'05 '07 '09 '11 '13 '15
Tier 1 incidents Tier 2 incidents
million working hours
71
16Q1

Manage down-cycle
Financial
performance
$ billion
-5
0
5
10
15
-10
0
10
20
30
2012 2013 2014 2015 16Q1
4Q rolling
Earnings + ROACE
$ billion
0
10
20
30
0
10
20
2012 2013 2014 2015 16Q1
4Q rolling
Dividend, buyback + gearing
$ billion
-15
0
15
30
45
-15
0
15
30
45
2012 2013 2014 2015 16Q1
4Q rolling
Cash flow
CFFO
Cash investment
Free cash flow (RHS)
Dividend declared
Buyback
End period gearing (RHS)
$ billion
%
Upstream
Integrated gas
Downstream ROACE (RHS)
Corporate/Other
%
 Integrated business + results
 Lower oil prices

Deliver new
projects
Project management
Construction time elapsed %
Project status
 Oversight and accountability
 Track record
0 50 100
ML South
Stones
Lula Central
Lapa NE
Lula South
Gbaran Ubie Ph2B
Schiehallion Redevelopment
Forcados Yokri Integrated Project (FYIP)
Malikai
Lula Extreme South
Lula North
Scotford HCU Debottleneck
Atapu North
Atapu South
Gbaran Ubie Ph2A
Clair Ph2
Berbigao
Prelude FLNG
Tempa Rossa
Southern Swamp
Nanhai China Chemicals
Rabab Harweel Integrated Project
Coulomb
Baronia/Tukau Timur
Appomattox
Pernis solvent de-asphalting
Geismar AO4
Pennsylvania cracker
73

0
10
20
2013 2014 2015 2016 Q1
0
100
200
300
2013 2014 2015
 Premier LRS play in North America
 ~300,000 net acres with >5,000 well locations
 Multiple areas de-risked + ready for development
 Moving to longer laterals + well-pad activity
Permian
Delaware Basin %
Wolfcamp EUR improvement
$ million
Wolfcamp well cost improvement
SHELL LEASES
TEXAS
NEW MEXICO
Drilling Completion Facilities Land + site prep
+130%
-60%

Oil products:
Marketing led
growth
 Marketing led growth
 Growth in China, India,
Indonesia, Russia and
Mexico
 Retail presence in 70
countries + 43,000 sites
Marketing growth
North America
16,000
Europe
9,000
East
9,000
Africa
2,000
Latin America
7,000
Retail presence
Retail sites#
75

Refining projects
Improving our
refining footprint
Canada - Scotford NW Europe – Pernis
 High return projects
improving site
competitiveness
Scotford, Canada
 Quest carbon capture + storage (CCS) start-up 2015
 Hydrocracker debottlenecking
 Expansion 14 kbbl/d
 Start-up Q4 2016
 Pernis: aromatics project
 Pernis: solvent de-asphalting
 Pernis: base-oil plant closure
Pernis, The Netherlands

Oil sands mining
GJ per tonne produced
Energy intensity Canada AOSP
$ per barrel
Shell unit operating costs
0
2
4
6
2010 2011 2012 2013 2014 2015
0
20
40
60
2010 2011 2012 2013 2014 2015 Q116
 Focus on emissions management
 Aiming for equivalent intensity to average barrel
refined in US
 Progress over a number of years:
 Integrated mine planning
 Start up of Quest CCS – 1 mtpa CO2
 Successful turnarounds in 2015 and 2016
 Significant focus on cost
 Staff and contractor reductions of >700
Cash operating cost excl. energy
Energy
DD&A (clean)
-50%

LNG: Australia
 16.3 mtpa LNG
 First Australian LNG
 Operating since 1970s
 Shell 16.67%
 8.5 mtpa LNG
 2010: FID
 2014: first LNG
 2015: commercial
operations T1&T2
 2016:100th cargo
 Shell 50% T1 + 97.5% T2
(operator)
 15.6 mtpa LNG
 2009: FID
 2016 : first LNG
 Shell 25%
 5.3 mtpa LNG + NGLs
 2011: FID
 LNG vessel under
construction
 Drilled and completed all
wells
 Shell 67.5% (operator)
North West Shelf (1989) Queensland Curtis (2015) Prelude FLNG (2018)Gorgon LNG (2016)

Integration with BG
BG portfolio:
Australia + Brazil
Source: BG
Queensland LNG
0
50
100
150
200
2014-Jan 2015-Jan 2016-Jan
Brazil pre-salt
0
10
20
30
40
0
50
100
150
200
2015-Jan 2016-Jan
QCLNG terminal, Curtis island, Australia FPSO Cidade de Itaguaí, Brazil
1st LNG Train 1
Dec 2014
T2 start up
Nov 2015
#
production Number of cargoes delivered in the quarter (RHS)
Cidade Itaguaí
Q3 2015
FPSO Cidade de Maricá
Q1 2016

Royal Dutch Shell plc capital markets day 2016

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