Fourth quarter and full year 2012 results presentations
Jan 31, 2013
Webcast of the fourth quarter and full year 2012 results as released on January 31, 2013. The presentation slides will be published shortly before the start of the webcast.
Fourth quarter 2012 results video comment
Simon Henry, CFO of Shell, comments on the Q1 2013 results
Hello, I am Simon Henry, the Chief Financial Officer of Royal Dutch Shell.
Today we announced our quarterly financial results.
Let me give you some of the highlights.
Our first quarter 2013 earnings were $7.5 billion on a clean CCS basis
and earnings per share increased by 2% from first quarter 2012.
On a Q1 to Q1 basis we saw lower earnings in Upstream and higher figures
Our Upstream underlying earnings were $5.7 billion, a decrease of 10%
versus the same quarter in 2012.
Our growth projects had a positive impact on the Q1 to Q1 comparison,
and there was some uplift from higher gas prices butÖ
Öthis was more than offset by lower oil prices and higher operating costs,
depreciation and exploration expenditure.
Our Downstream earnings were $1.8 billion, higher than year-ago levels
with improved earnings in Oil Products and Chemicals.
Our underlying oil and gas production, excluding asset sales,
exits and oil price impacts, increased by 2%.
Volumes were supported by growth from Pearl GTL in Qatar,
from North America liquids rich shales production and the Pluto LNG project
Shell is investing for growth whilst maintaining strong capital discipline.
During the quarter we recommenced production at the Port Arthur
Crude Expansion Project in Texas and started up 2 key projects:
an Enhanced Oil Recovery project in Oman and the 1st of our oil sands
debottlenecking projects in Canada.
There were also 4 new final investment decisions during the quarter. They were
in deep-water in Nigeria, two LNG for transport projects in North America and
also in petrochemicals in Singapore.
We also added new exploration acreage world-wide and found new gas reserves
Dividends are Shellís main route for returning cash to shareholders.
The first quarter 2013 dividend is increasing by 5%.
But our improving cash flow also enables us to accelerate our
share buyback programme.
This year so far we have repurchased over $1.2 billion of shares
by the end of April.
In the current environment we would expect to more than offset the scrip
dividend issue this year, and we are determined to implement the policy
to offset dilution over the full business cycle.
This underlines our commitment to shareholder returns.
Thank you for listening.
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