Our strategy

Shell has balance sheet flexibility to maintain investment and grow dividends in the downturn, and to fund future growth projects. Shell makes long-term investments to create longterm shareholder value.

Major investments today include*:

• Oil and gas fields with approx.1 million barrels oil equivalent per day (boe/d) of capacity, which will generate 2-3% annual production growth early in the next decade, to 2012
• 6.5 million tonnes per year of new liquefied natural gas (LNG) capacity, an increase of 40% over 2008 levels
• New refining and downstream Gas to Liquid (GTL) assets, totalling some 300,000 barrels per day of
• New refining and downstream Gas to Liquid (GTL) assets, totalling some 300,000 barrels per day of downstream capacity for Shell, an increase of some 7% for 2011-12 compared to end-2008
• Positioning Shell’s leading fuels and lubricants marketing businesses in new growth markets and lower costs
• 800,000 tonnes per year of ethylene and 750,000 tonnes per year of mono-ethylene glycol. This is a 13% increase in Shell’s ethylene capacity and a 60% increase in its mono-ethylene glycol capacity
• Pre-FID options upstream that could add more than 1 million boe/d of additional capacity, from a resources base that can support growth to at least 2020.

Shell will invest some $31-$32 billion in 2009 to create this industry-leading portfolio.

Dividends are an important statement of confidence in the future. Dividends for 2009 are expected to be some $10 billion. Shell announced that the Q1 2009 dividend will be an increase of 5% over the dividend for the same period in 2008*.

* see cautionary statement