- Efficient access to the debt capital markets;
- Financial resilience; and
- Sufficient flexibility for continued growth.
We satisfy our funding and working capital requirements from the cash generated from our operations, the issuance of debt and divestments.
Our access to the international debt capital markets is strong, with our debt principally financed from these markets through central debt programmes consisting of:
- a $10 billion global commercial paper (CP) programme, with maturities not exceeding 270 days;
- a $10 billion US CP programme, with maturities not exceeding 397 days;
- an unlimited Euro medium-term note (EMTN) programme (also referred to as the Multi-Currency Debt Securities Programme); and
- an unlimited US universal shelf (US shelf) registration.
All these CP, EMTN and US shelf issuances are issued by Shell International Finance B.V., the issuance company for Shell, with its debt being guaranteed by Royal Dutch Shell plc.
We also maintain $22 billion of undrawn revolving committed credit facilities, with $2 billion now expiring in 2021, $12 billion expiring in 2022, and $8 billion in 2025. Other than certain borrowing by local subsidiaries, we do not have any other committed credit facilities.