Management Day in London, March 13, 2014
Mar 13, 2014
On Thursday, March 13, 2014 Royal Dutch Shell plc hosted a Management Day in London.
Shell 2014 Strategy update
Hello, I am Ben van Beurden, the CEO of Royal Dutch Shell.
We’re holding a management day today with shareholders and analysts, and let me give you a summary of that.
Shell adds value through technology, disciplined capital investment, integrated operations and scale
and our strategy is to deliver cash flow growth through the cycle, and competitive returns.
And all of this is of course underpinned by an unrelenting focus on safety.
We’ve achieved a lot in the last few years and Shell has considerable strengths in portfolio,
technology and management capabilities.
This is an ambitious company, with plans for further growth.
However, our 2013 results underlined the need to shift the emphasis in 2014.
We’ve laid out an agenda for 2014 and beyond for a better financial performance in particular
in our Upstream Americas and Downstream businesses to enhance our capital efficiency
and to continue with strong project delivery so that we can continue to grow our cash flow
and improve our returns.
In Upstream Americas, let me highlight that we are seeing good profitability and growth potential
in both deep-water and heavy oil, for example with the start up of the Mars B field recently in the Gulf.
The resources plays positions, such as shales, are in a loss and we have restructuring programmes
underway there, including asset sales and a 20% spending reduction.
In Downstream, businesses like chemicals and biofuels are actually performing well,
but there is a large range of performance in refining high and low returns and we need to
improve right across the portfolio.
Overall, we are taking stock, all the way through our development and production pipeline
and are challenging ourselves if our assets are attractive economically,
and are they resilient to industry cycles?
Are our plans for new projects credible, are they competitive and are they affordable?
In this way, we aim to continue to balance cash flow growth with improved returns,
to add value for our shareholders.
Management Day webcasts
Ben van Beurden, Chief Executive Officer of Royal Dutch Shell plc hosted two webcast of the 2014 management day presentation on Thursday March 13, 2014.