Main content | back to top
Our Performance
The latest earnings updates for the Shell chemicals companies are posted here each quarter.
The Shell chemicals companies are part of Royal Dutch Shell and as such do not publish their own separate financial results or annual reports. Latest earnings data for the Chemicals class of business are reported here, but for more detailed information and the full Shell results please click on the link to 'Group investor relations' in the related websites option box.
| Q4 2011 | Q3 2011 | Q4 2010 | % change Q4 2011 to Q4 2010 | Full Year 2011 | Full Year 2010 | % | |
|---|---|---|---|---|---|---|---|
| (244) | 1,480 | 411 | - | Downstream CCS earnings (USD million) | 4,289 | 2,950 | +45 |
| (278) | 1,818 | 482 | - | Downstream CCS earnings excluding identified items | 4,274 | 3,873 | +10 |
| 380 | 653 | 493 | - | Chemicals CCS earnings (USD million) | 2,054 | 1,511 | +36 |
| 4,440 | 4,832 | 5,297 | -16 | Chemicals sales volumes (thousand tonnes) | 18,831 | 20,653 | -9 |
Fourth quarter Downstream earnings excluding identified items were a loss of $278 million compared with a profit of $482 million in the fourth quarter 2010. Identified items were a net gain of $34 million, compared with a net charge of $71 million in the fourth quarter 2010. The net gain of $34 million, mainly reflecting a tax credit and a net divestment gain, partly offset by a provision.
Downstream results excluding identified items decreased compared with the fourth quarter 2010. Earnings reflected lower operating expenses and improved oil products unit marketing margins. These items were more than offset by lower realised refining margins, reflecting the deterioration in the global refining environment. Compared to the same quarter last year, Downstream results were also impacted by lower oil products and chemicals sales volumes as well as reduced trading contributions.
Oil products sales volumes decreased by 8% compared with the same period a year ago as a result of portfolio divestments and weakening global demand. Excluding the impact of divestments and the effects of the formation of the Raízen joint venture, a total of some 260 thousand b/d, sales volumes were 4% lower than in the same period last year.
Chemicals sales volumes decreased by 16% compared with the same quarter last year, due to lower plant availability and the impact of weakening global demand. Chemicals manufacturing plant availability decreased to 86% compared with 94% in the fourth quarter 2010, as a result of increased maintenance activities.
Refinery intake volumes decreased by 17% compared with the fourth quarter of 2010, mainly as a result of portfolio divestments. Excluding portfolio impacts, refinery intake volumes were 9% lower than in the same period a year ago. Refinery availability of 92% was in line with the fourth quarter 2010.
Full year Downstream earnings excluding identified items were $4,274 million compared with $3,873 million in 2010. Identified items were a net gain of $15 million, compared with a net charge of $923 million in 2010.
Downstream earnings excluding identified items increased compared with 2010. Earnings reflected higher contributions from trading, lower operating expenses and higher chemicals unit margins, due to favourable market conditions during most of the year. These items were partly offset by lower realised refining margins, as a result of the weaker global refining environment. Compared to the previous year, Downstream earnings were also impacted by lower oil products and chemicals sales volumes.
Oil products sales volumes decreased by 4% compared with 2010, as a result of portfolio divestments and weakening demand. Excluding both the impact of divestments and the effects of the formation of the Raízen joint venture, a total of some 210 thousand b/d, sales volumes decreased by 1% compared with 2010.
Chemicals sales volumes decreased by 9% compared with 2010, mainly due to lower plant availability. Chemicals manufacturing plant availability decreased to 89% compared with 92% in 2010, as a result of increased maintenance activities.
Refinery intake volumes decreased by 11% compared with 2010, mainly as a result of portfolio divestments and refinery closures. Excluding portfolio impacts, refinery intake volumes were 2% lower compared with 2010. Refinery availability of 92% was in line with 2010.