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Our Performance
The latest earnings updates for the Shell chemicals companies are posted here each quarter.
The Shell chemicals companies are part of the Shell Group and as such do not publish their own separate financial results or annual reports.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 Group results please click on the link to 'Group investor relations' in the related websites option box.
| Q3 2009 | Q2 2009 | Q3 2008 | % change Q3 2009 to Q3 2008 | Nine months 2009 | Nine months 2008 | % change | |
|---|---|---|---|---|---|---|---|
| 1,292 | (275) | 2,419 | -47 | Downstream CCS earnings (USD million) | 2,020 | 4,748 | -57 |
| 251 | 1,539 | (2,543) | Estimated CCS adjustment | 1,986 | 2,540 | ||
| 1,543 | 1,264 | (123) | Downstream earnings | 4,006 | 7,288 | -45 | |
| 129 | (18) | 116 | 11 | Chemicals CCS earnings | 37 | 175 | -79 |
| 4,723 | 4,459 | 4,989 | -5 | Chemicals sales volumes(thousand tonnes) | 13,476 | 15,844 | -15 |
Third quarter Downstream CCS earnings were $1,292 million compared to $2,419 million in the third quarter 2008. Earnings included net gains of $536 million related to the estimated fair value accounting of commodity derivatives and tax credits, which were partly offset by charges related to asset impairments and restructuring provisions. Earnings for the third quarter 2008 included a gain of $445 million.
Downstream CCS earnings compared to the third quarter 2008 reflected substantially lower realised refining margins and lower refinery plant intake volumes, and lower marketing and chemicals margins which were partly offset by lower costs.
Chemicals CCS earnings compared to the third quarter 2008 reflected improved income from equity accounted investments and lower realised chemicals margins.
Chemicals sales volumes decreased by 5% compared to the same quarter last year. Chemicals manufacturing plant availability increased to 95%, some 9% higher than in the third quarter 2008, which was impacted by hurricanes in the USA.
Full year results for 2008
Full year Chemicals segment results were a loss of $405 million, reflecting the result of chemicals net realised inventory effects due to declining commodity prices in the second half of 2008, compared to earnings of $2,051 million in 2007.
Full year Chemicals CCS segment earnings were $156 million compared to $1,682 million in 2007. Earnings included a net charge of $210 million related to identified items, compared to a net charge of $28 million in 2007.
CCS earnings compared to full year 2007 reflected lower income from equity-accounted investments, lower realised margins, reduced sales volumes and higher operating costs.
Sales volumes decreased by 10% compared to full year 2007, mainly as a result of reduced global demand.
Chemicals manufacturing plant availability was 94%, some 1% higher than in 2007.
