On this page a summarised overview of the Royal Dutch Shell plc first quarter 2019 results and links to the full set of results documents and webcast.

CFO video comment

First quarter 2019 summary of unaudited results

Summary of unaudited results

$ million

Q1 2019 (1)
Q4 2018
Q1 2018
% (2)
Reference
6,001
5,590
5,899
+2
Income/(loss) attributable to shareholders
5,293
7,334
5,703
-7
CCS earnings attributable to shareholders
Note 2
(8)
1,646
302
Of which: Identified items
A
5,301
5,688
5,401
-2
CCS earnings attributable to shareholders excluding identified items
131
120
121
Add: CCS earnings attributable to non-controlling interest
5,432
5,808
5,522
-2
CCS earnings excluding identified items
Of which:
2,569
2,363
2,439
Integrated Gas
1,725
1,881
1,551
Upstream
1,822
2,131
1,766
Downstream
(684)
(567)
(234)
Corporate
8,630
22,021
9,472
-9
Cash flow from operating activities
(4,622)
(5,312)
(4,294)
Cash flow from investing activities
4,008
16,709
5,178
Free cash flow
H
0.74
0.68
0.71
+4
Basic earnings per share ($)
0.65
0.89
0.69
-6
Basic CCS earnings per share ($)
B
0.65
0.69
0.65
-
Basic CCS earnings per share excl. identified items ($)
0.47
0.47
0.47
-
Dividend per share ($)

(1)  IFRS 16 Leases (IFRS 16) was adopted with effect from January 1, 2019. See Note 8 “Adoption of IFRS 16 Leases”.

(2) Q1 on Q1 change.

Please refer to the full quarterly results announcement for Notes 1 through 8 and Alternative performance measures A through I.

CCS earnings attributable to shareholders excluding identified items were $5.3 billion, reflecting lower realised chemicals and refining margins, decreased realised oil prices and lower tax credits, partly offset by stronger contributions from trading as well as increased realised LNG and gas prices compared with the first quarter 2018. In addition, there was a negative impact of $43 million related to the implementation of IFRS 16.

Cash flow from operating activities for the first quarter 2019 of $8.6 billion included negative working capital movements of $3.5 billion, leading to cash flow from operating activities excluding working capital movements of $12.1 billion. Excluding working capital movements and a positive impact of $949 million related to the implementation of IFRS 16, cash flow from operating activities increased to $11.3 billion compared with $10.4 billion in the first quarter 2018, mainly due to a higher cash-generative portfolio of assets.

Total dividends distributed to shareholders in the quarter were $3.9 billion. Today, Shell launches the next tranche of the share buyback programme, with a maximum aggregate consideration of $2.75 billion in the period up to and including July 29, 2019. In aggregate, since the launch of the share buyback programme, 215.7 million A ordinary shares were bought back for cancellation for a consideration of $6.75 billion.

Additional performance measures

$ million

Q1 2019
Q4 2018
Q1 2018
% (1)
Reference
6,685
7,879
5,532
Capital investment (2)
C
3,752
3,788
3,839
-2
Total production available for sale (thousand boe/d)
57.42
59.89
60.74
-5
Global liquids realised price ($/b)
5.37
5.75
4.95
+8
Global natural gas realised price ($/thousand scf)
8,917
10,279
9,719
-8
Operating expenses
G
8,865
10,147
9,786
-9
Underlying operating expenses
G
9.2%
9.4%
6.4%
ROACE (Net income basis)
E
8.4%
8.7%
7.1%
ROACE (CCS basis excluding identified items) (3)
E
26.5%
20.3%
24.7%
Gearing
F

(1) Q1 on Q1 change.

(2) With effect from 2019, the definition has been amended (see Reference C). Comparative information has been revised.

(3) With effect from 2019, the definition has been amended (see Reference E). Comparative information has been revised.

Please refer to the full quarterly results announcement for Notes 1 through 8 and Alternative performance measures A through I.

 

Supplementary financial and operational disclosure for this quarter is available at www.shell.com/investor.

As a result of the implementation of IFRS 16, net debt increased by $16,170 million. First quarter 2019 reported Gearing increased to 26.5% on an IFRS 16 basis, from 21.9% on an IAS17 basis.

First quarter 2019 results financial documents


First quarter 2019 dividend announcement

First quarter 2019 dividend announcement

Ben van Beurden

CEO statement

Royal Dutch Shell Chief Executive Officer Ben van Beurden commented:

“Shell has made a strong start to 2019, with the first quarter financial performance demonstrating the strength of our strategy and the quality of our portfolio of assets. The power of our brand, serving millions of customers every day, continues to be a differentiator. Our integrated value chain enabled our Downstream business to deliver robust results despite challenging market conditions.The consistent financial performance across all our businesses provides confidence in meeting our 2020 outlook.”

Webcasts, presentation slides and transcript

Jessica Uhl, Chief Financial Officer of Royal Dutch Shell plc live audio webcasts of the 2019 first quarter results on Thursday May 2, 2019.

First quarter 2019 results media webcast

First quarter 2019 results analysts webcast

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