On this page a summarised overview of the Royal Dutch Shell plc first quarter 2020 results and links to the full set of results documents and webcast.

CEO & CFO video comment

First quarter 2020 summary of unaudited results

Summary of unaudited results

$ million

Q1 2020
Q4 2019
Q1 2019
Reference
(24)
965
6,001
-100
Income/(loss) attributable to shareholders
2,756
871
5,293
-48
CCS earnings attributable to shareholders
Note 2
(104)
(2,060)
(8)
Of which: Identified items
A
2,860
2,931
5,301
-46
CCS earnings attributable to shareholders excluding identified items
97
125
131
Add: CCS earnings attributable to non-controlling interest
2,957
3,056
5,432
-46
CCS earnings excluding identified items
Of which:
2,143
1,986
2,569
Integrated Gas
291
709
1,648
Upstream
1,363
1,501
1,448
Oil Products
148
(65)
451
Chemicals
(989)
(1,075)
(684)
Corporate
14,851
10,267
8,630
+72
Cash flow from operating activities
(2,718)
(4,862)
(4,622)
Cash flow from investing activities
12,133
5,405
4,008
Free cash flow
G
0.00
0.12
0.74
-100
Basic earnings per share ($)
0.35
0.11
0.65
-46
Basic CCS earnings per share ($)
B
0.37
0.37
0.65
-43
Basic CCS earnings per share excl. identified items ($)
0.16
0.47
0.47
-66
Dividend per share ($)

1 Q1 on Q1 change.

CCS earnings attributable to shareholders excluding identified items were $2.9 billion, reflecting lower realised oil, gas and LNG prices, weaker realised refining and chemicals margins as well as lower sales volumes, compared with the first quarter 2019. This was partly offset by favourable movements in deferred tax positions and lower operating expenses.

Cash flow from operating activities excluding working capital movements was $7.4 billion, reflecting lower earnings and higher cost-of-sales adjustment, partly offset by higher cash inflows related to commodity derivatives and lower tax payments, compared with the first quarter 2019.

Total dividends distributed to shareholders in the quarter were $3.5 billion. During the quarter, Shell completed another tranche of the share buyback programme. Since the launch of the programme, Shell has bought back almost $16 billion in shares for cancellation.

Additional performance measures

$ million

Q1 2020
Q4 2019
Q1 2019
Reference
4,970
6,883
5,601
Cash capital expenditure
C
3,719
3,763
3,752
-1
Total production available for sale (thousand boe/d)
46.53
56.60
57.42
-19
Global liquids realised price ($/b)
4.31
4.42
5.37
-20
Global natural gas realised price ($/thousand scf)
8,618
10,384
8,917
-3
Operating expenses
F
8,600
9,993
8,865
-3
Underlying operating expenses
F
4.6%
6.7%
9.2%
ROACE (Net income basis)
D
6.1%
6.9%
8.4%
ROACE (CCS basis excluding identified items)
D
28.9%
29.3%
26.5%
Gearing
E

1 Q1 on Q1 change.

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

 

First quarter 2020 results financial documents

 

First quarter 2020 dividend announcement

First quarter 2020 dividend announcement

Ben van Beurden

CEO statement

Royal Dutch Shell Chief Executive Officer Ben van Beurden commented:

"Under extremely challenging conditions, Shell is stepping up to protect our people and support communities around the globe while delivering strong safety and operational performance across our business. Our Integrated Gas and Marketing businesses continued to achieve robust results this quarter, bringing resilience to our cash flows. In March, we took decisive actions to reduce our spending, increase our liquidity and position our business to manage the deteriorating macroeconomic and commodity price outlook. Our integrated business model, the high quality of our assets and the resourcefulness of our people have allowed us to respond swiftly.

Given the continued deterioration in the macroeconomic outlook and the significant mid and long-term uncertainty, we are taking further prudent steps to bolster our resilience, underpin the strength of our balance sheet and support the long-term value creation of Shell. Starting this quarter, the Board has decided to reduce our quarterly dividend to 16 US cents per share."

Chad Holliday

Chair of the Board statement

Chair of the Board of Royal Dutch Shell Chad Holliday commented:

“Shareholder returns are a fundamental part of Shell’s financial framework. However, given the risk of a prolonged period of economic uncertainty, weaker commodity prices, higher volatility and uncertain demand outlook, the Board believes that maintaining the current level of shareholder distributions is not prudent. Following the announcement not to continue with the next tranche of the share buyback programme, the Board has also decided to reduce the first quarter 2020 dividend and reset to 16 US cents per share.

As conditions allow, the Board will continue to evaluate our capital allocation priorities between ongoing investment in our business, maintaining a strong balance sheet and increasing returns to shareholders which remains our ambition."


Webcasts and presentation slides

Ben van Beurden, Chief Executive Officer of Royal Dutch Shell plc and Jessica Uhl, Chief Financial Officer of Royal Dutch Shell plc will host a live audio webcast of the first quarter 2020 results on Thursday April 30, 2020 at 12:30 BST (13:30 CEST and 07:30 EDT).

First quarter 2020 results media webcast

First quarter 2020 results analysts webcast

Webcast presentation slides

Webcast presentation transcript

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