0001564590-19-028411.txt : 20190802 0001564590-19-028411.hdr.sgml : 20190802 20190802163519 ACCESSION NUMBER: 0001564590-19-028411 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190802 DATE AS OF CHANGE: 20190802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Royal Dutch Shell plc CENTRAL INDEX KEY: 0001306965 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32575 FILM NUMBER: 19996454 BUSINESS ADDRESS: STREET 1: CAREL VAN BYLANDTLAAN 30 CITY: THE HAGUE STATE: P7 ZIP: 2596 HR BUSINESS PHONE: 31-70-377-9111 MAIL ADDRESS: STREET 1: CAREL VAN BYLANDTLAAN 30 CITY: THE HAGUE STATE: P7 ZIP: 2596 HR FORMER COMPANY: FORMER CONFORMED NAME: Forthdeal LTD DATE OF NAME CHANGE: 20041026 6-K 1 rdsa-6k_20190630.htm 6-K rdsa-6k_20190630.htm
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2019

 

Commission File Number: 1-32575

Royal Dutch Shell plc

(Exact name of registrant as specified in its charter)

England and Wales

(Jurisdiction of incorporation or organization)

Carel van Bylandtlaan 30, 2596 HR, The Hague

The Netherlands

Tel No: 011 31 70 377 9111

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  

 

 

 

 


 

Royal Dutch Shell plc (the “Registrant”) is filing the following exhibits on this Report on Form 6-K, each of which is hereby incorporated by reference:

 

Exhibit
No.

 

Description

99.1

 

Regulatory release.

99.2

 

Royal Dutch Shell plc –Three and six month periods ended June 30, 2019 Unaudited Condensed Interim Financial Report.

This Unaudited Condensed Interim Financial Report contains the Unaudited Condensed Consolidated Interim Financial Statements of the Registrant and its consolidated subsidiaries for the three and six month periods ended June 30, 2019, and Business Review in respect of such periods. This Report on Form 6-K contains the Unaudited Condensed Interim Financial Report with additional information required to keep current our registration statement on Form F-3.

This Report on Form 6-K is incorporated by reference into:

 

 

a)

 

the Registration Statement on Form F-3 of Royal Dutch Shell plc and Shell International Finance B.V. (Registration Numbers 333-222005 and 333-222005-01); and

 

 

 

b)

 

the Registration Statements on Form S-8 of Royal Dutch Shell plc (Registration Numbers 333-126715, 333-141397, 333-171206, 333-192821, 333-200953, 333-215273, 333-222813 and 333-228137).

 

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

2

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Royal Dutch Shell plc
(Registrant)

 

By:

 

/s/ Linda Szymanski

 

 

 

 

 

 

 

 

 

Name: Linda Szymanski

 

 

 

 

Title: Company Secretary

 

 

Date: August 2, 2019

 


 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

3

 


 

Exhibit 99.1
Regulatory release

Three and six month periods ended June 30, 2019
Unaudited Condensed Interim Financial Report

On August 2, 2019, Royal Dutch Shell plc released the Unaudited Condensed Interim Financial Report for the three and six month periods ended June 30, 2019, of Royal Dutch Shell plc and its consolidated subsidiaries (collectively, “Shell”).

 

 

 

 

 

 

Contact – Investor Relations

 

 

 

 

International:

 

 

 

+31 (0)70 377 4540

North America:

 

 

 

+1 832 337 2034

 

 

 

 

 

Contact – Media

 

 

 

 

International:

 

 

 

+44 (0) 207 934 5550

USA:

 

 

 

+1 832 337 4355

 

 


 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

4

 


 

Exhibit 99.2

Royal Dutch Shell plc

Three and six month periods ended June 30, 2019
Unaudited Condensed Interim Financial Report

 

 

 

 

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

5

 


 

 

 

ROYAL DUTCH SHELL PLC

2ND QUARTER 2019 AND HALF YEAR UNAUDITED RESULTS

 

 

 

 

SUMMARY OF UNAUDITED RESULTS

 

Quarters

 

 

$ million

 

 

 

Half year

 

Q2 20191

 

 

Q1 20191

 

 

Q2 2018

 

%²

 

 

 

 

Reference

 

20191

 

 

2018

 

 

%

 

 

2,998

 

 

 

6,001

 

 

6,024

 

-50

 

 

Income/(loss) attributable to shareholders

 

 

 

 

8,999

 

 

 

11,923

 

 

-25

 

 

3,025

 

 

 

5,293

 

 

5,226

 

-42

 

 

CCS earnings attributable to shareholders

 

Note 2

 

 

8,318

 

 

 

10,929

 

 

-24

 

 

(437

)

 

 

(8

)

 

535

 

 

 

 

 

Of which: Identified items

 

A

 

 

(445

)

 

 

837

 

 

 

 

 

 

3,462

 

 

 

5,301

 

 

4,691

 

-26

 

 

CCS earnings attributable to shareholders excluding identified items

 

 

 

 

8,763

 

 

 

10,092

 

 

-13

 

 

130

 

 

 

131

 

 

121

 

 

 

 

 

Add: CCS earnings attributable to non-controlling interest

 

 

 

 

260

 

 

 

242

 

 

 

 

 

 

3,592

 

 

 

5,432

 

 

4,812

 

-25

 

 

CCS earnings excluding identified items

 

 

 

 

9,024

 

 

 

10,334

 

 

-13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Of which:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,726

 

 

 

2,569

 

 

2,305

 

 

 

 

 

Integrated Gas

 

 

 

 

4,294

 

 

 

4,744

 

 

 

 

 

 

1,335

 

 

 

1,725

 

 

1,457

 

 

 

 

 

Upstream

 

 

 

 

3,060

 

 

 

3,008

 

 

 

 

 

 

1,338

 

 

 

1,822

 

 

1,660

 

 

 

 

 

Downstream

 

 

 

 

3,160

 

 

 

3,426

 

 

 

 

 

 

(806

)

 

 

(684

)

 

(610)

 

 

 

 

 

Corporate

 

 

 

 

(1,490

)

 

 

(844

)

 

 

 

 

 

11,031

 

 

 

8,630

 

 

9,500

 

+16

 

 

Cash flow from operating activities

 

 

 

 

19,661

 

 

 

18,972

 

 

+4

 

 

(4,166

)

 

 

(4,622

)

 

29

 

 

 

 

 

Cash flow from investing activities

 

 

 

 

(8,788

)

 

 

(4,265

)

 

 

 

 

 

6,865

 

 

 

4,008

 

 

9,529

 

 

 

 

 

Free cash flow

 

H

 

 

10,873

 

 

 

14,707

 

 

 

 

 

0.37

 

 

0.74

 

 

0.72

 

-49

 

 

Basic earnings per share ($)

 

 

 

1.11

 

 

1.44

 

 

-23

 

0.37

 

 

0.65

 

 

0.63

 

-41

 

 

Basic CCS earnings per share ($)

 

B

 

1.02

 

 

1.32

 

 

-23

 

0.43

 

 

0.65

 

 

0.56

 

-23

 

 

Basic CCS earnings per share excl. identified items ($)

 

 

 

1.08

 

 

1.21

 

 

-11

 

0.47

 

 

0.47

 

 

0.47

 

 

 

 

Dividend per share ($)

 

 

 

0.94

 

 

0.94

 

 

 

 

1.

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

2.

Q2 on Q2 change.

Compared with the second quarter 2018, CCS earnings attributable to shareholders excluding identified items were $3.5 billion, reflecting lower realised oil, gas and LNG prices, weaker realised chemicals and refining margins as well as higher provisions, partly offset by improved production. Earnings also included a negative impact of $63 million related to the implementation of IFRS 16.

Cash flow from operating activities for the second quarter 2019 was $11.0 billion and included positive working capital movements of $0.6 billion. Compared with the second quarter 2018, cash flow from operating activities excluding working capital movements mainly reflected lower earnings, partly offset by reduced cash margining outflows on commodity derivatives. This also included a positive impact of $1.0 billion related to the implementation of IFRS 16.

Total dividends distributed to shareholders in the quarter were $3.8 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 October 28, 2019. In aggregate, since the launch of the share buyback programme, almost 294 million A ordinary shares have been bought back for cancellation for a consideration of $9.25 billion

Royal Dutch Shell Chief Executive Officer Ben van Beurden commented: “We have delivered good cash flow performance, despite earnings volatility, in a quarter that has seen challenging macroeconomic conditions in refining and chemicals as well as lower gas prices. This quarter we achieved some key milestones, such as the start-up of Appomattox and the first LNG cargo from Prelude. These add to our competitive portfolio, which is expected to generate additional cash in the coming quarters.

The resilience of our Upstream and customer-facing businesses and their ability to generate cash support the delivery of our 2020 outlook, which remains unchanged.”

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

6

 


 

ADDITIONAL PERFORMANCE MEASURES

 

Quarters

 

$ million

 

 

 

Half year

Q2 2019

 

 

Q1 2019

 

 

Q2 2018

 

 

%1

 

 

 

Reference

 

2019

 

 

2018

 

 

%

 

5,337

 

 

 

5,601

 

 

 

5,518

 

 

 

 

Cash capital expenditure²

 

C

 

 

10,938

 

 

 

10,746

 

 

 

 

6,341

 

 

 

6,685

 

 

 

5,750

 

 

 

 

Capital investment³

 

C

 

 

13,026

 

 

 

11,282

 

 

 

 

3,583

 

 

 

3,752

 

 

3,442

 

 

+4

 

Total production available for sale (thousand boe/d)

 

 

 

 

3,667

 

 

 

3,639

 

 

+1

61.26

 

 

57.42

 

 

 

66.24

 

 

-8

 

Global liquids realised price ($/b)

 

 

 

 

59.26

 

 

 

63.49

 

 

-7

4.21

 

 

5.37

 

 

4.86

 

 

-13

 

Global natural gas realised price ($/thousand scf)

 

 

 

 

4.83

 

 

4.91

 

 

-2

 

9,941

 

 

 

8,917

 

 

10,006

 

 

-1

 

Operating expenses

 

G

 

 

18,859

 

 

 

19,725

 

 

-4

 

9,477

 

 

 

8,865

 

 

9,844

 

 

-4

 

Underlying operating expenses

 

G

 

 

18,343

 

 

 

19,630

 

 

-7

8.4%

 

 

9.2%

 

 

8.1%

 

 

 

 

ROACE (Net income basis)

 

E

 

 

8.4

%

 

8.1%

 

 

 

8.2%

 

 

8.4%

 

 

 

7.6

%

 

 

 

ROACE (CCS basis excluding identified items)

 

E

 

 

8.2

%

 

 

7.6

%

 

 

27.6%

 

 

26.5%

 

 

23.6%

 

 

 

 

Gearing

 

F

 

 

27.6

%

 

23.6%

 

 

 

1.

Q2 on Q2 change.

2.

With effect from 2019, Cash capital expenditure has been introduced as a capital spent performance measure (see Reference C).

3.

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

4.

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

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 $16,103 million. Second quarter 2019 reported Gearing was 27.6% on an IFRS 16 basis, comparable with 23.0% on an IAS 17 basis. Gearing included an additional negative impact of 0.4%, arising from IFRS 11 accounting interpretations (see Note 1).

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

7

 


 

Second Quarter 2019 PORTFOLIO DEVELOPMENTS

Integrated Gas

During the quarter, Shell, along with its joint venture partners, announced that the first shipment of LNG sailed from Shell’s Prelude Floating Liquefied Natural Gas facility (Shell interest 67.5%).

Upstream

Shell announced, during the quarter, the start-up of Appomattox ahead of schedule. Appomattox (Shell interest 79%) is the first commercial discovery brought into production in the deep-water US Gulf of Mexico Norphlet formation and has an expected peak production of 175 thousand boe/d.

During the quarter, the Libra Consortium (Shell interest 20%) announced the final investment decision to contract the Mero 2 floating production, storage and offloading (FPSO) vessel to be deployed at the Mero field offshore Santos Basin in Brazil. The FPSO has the capacity to process up to 180 thousand boe/d.

In July, Shell completed the divestment of its 22.5% non-operating interest in the Caesar Tonga asset in the US Gulf of Mexico to Equinor for $965 million.

Downstream

During the quarter, Shell announced the sale of Shell’s Martinez refinery in the US to PBF Energy, Inc., for up to $1.0 billion consideration plus the value of hydrocarbon inventory, crude oil supply and product offtake agreements, capex and other adjustments. The transaction is subject to closing conditions and regulatory approvals and is expected to close in 2019.

PERFORMANCE BY SEGMENT

INTEGRATED GAS

 

Quarters

 

 

$ million

 

Half year

 

Q2 20191

 

 

Q1 20191

 

 

Q2 2018

 

 

%2

 

 

 

 

20191

 

 

2018

 

 

%

 

 

1,340

 

 

 

2,795

 

 

3,358

 

 

-60

 

 

Segment earnings

 

 

4,134

 

 

 

5,749

 

 

-28

 

 

(386

)

 

 

226

 

 

1,053

 

 

 

 

 

 

Of which: Identified items (Reference A)

 

 

(160

)

 

 

1,005

 

 

 

 

 

 

1,726

 

 

 

2,569

 

 

2,305

 

 

-25

 

 

Earnings excluding identified items

 

 

4,294

 

 

 

4,744

 

 

-9

 

 

3,403

 

 

 

4,227

 

 

2,950

 

 

+15

 

 

Cash flow from operating activities

 

 

7,630

 

 

 

5,511

 

 

+38

 

 

738

 

 

 

1,344

 

 

 

745

 

 

 

 

 

 

Cash capital expenditure (Reference C)³

 

 

2,081

 

 

 

1,870

 

 

 

 

 

 

836

 

 

 

1,964

 

 

 

781

 

 

 

 

 

 

Capital investment (Reference C)

 

 

2,800

 

 

 

2,044

 

 

 

 

 

 

159

 

 

 

137

 

 

223

 

 

-29

 

 

Liquids production available for sale (thousand b/d)

 

 

148

 

 

 

217

 

 

-32

 

 

4,456

 

 

 

4,143

 

 

4,243

 

 

+5

 

 

Natural gas production available for sale (million scf/d)

 

 

4,300

 

 

 

4,324

 

 

-1

 

 

927

 

 

 

851

 

 

954

 

 

-3

 

 

Total production available for sale (thousand boe/d)

 

 

889

 

 

 

963

 

 

-8

 

 

8.66

 

 

8.74

 

 

8.46

 

 

+2

 

 

LNG liquefaction volumes (million tonnes)

 

 

17.39

 

 

17.36

 

 

 

 

 

17.95

 

 

17.51

 

 

17.97

 

 

 

 

 

LNG sales volumes (million tonnes)

 

 

35.46

 

 

36.55

 

 

-3

 

1.

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

2.

Q2 on Q2 change.

3.

With effect from 2019, Cash capital expenditure has been introduced as a capital spent performance measure (see Reference C).

4.

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

Second quarter identified items primarily reflected impairments and write-offs totalling $479 million, mainly in Trinidad and Tobago and Australia, as well as a loss of $112 million related to the fair value accounting of commodity derivatives. Identified items also comprised a gain of $193 million on sale of assets.

Compared with the second quarter 2018, Integrated Gas earnings excluding identified items reflected lower realised oil, gas and LNG prices, decreased production, the impacts following the Heads of Agreement with the government of Trinidad and Tobago as well as tax provisions. Earnings also included a positive impact of $39 million related to the implementation of IFRS 16.

Total production was 3% lower compared with the second quarter 2018, mainly due to divestments and the transfer of the Salym asset into the Upstream segment, partly offset by production from field ramp-ups in Australia and Trinidad and Tobago. LNG liquefaction volumes increased by 2% compared with the second quarter 2018, benefiting from higher feedgas availability, partly offset by divestments.

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

8

 


 

Cash flow from operating activities of $3,403 million included positive working capital movements of $579 million. Compared with the second quarter 2018, cash flow from operating activities excluding working capital movements mainly reflected lower earnings, partly offset by reduced cash margining outflows on commodity derivatives and lower tax payments. This also included a positive impact of $323 million related to the implementation of IFRS 16.

Half year identified items included impairments and write-offs totalling $479 million, mainly in Trinidad and Tobago and Australia, as well as a gain of $122 million related to the fair value accounting of commodity derivatives. Identified items also comprised a gain of $188 million on sale of assets.

Compared with the first half 2018, Integrated Gas earnings excluding identified items were impacted by lower realised oil prices, decreased production and the impacts following the Heads of Agreement with the government of Trinidad and Tobago, partly offset by increased contributions from LNG portfolio optimisation. Earnings also included a positive impact of $98 million related to the implementation of IFRS 16.  

Compared with the first half 2018, total production was impacted by divestments and the transfer of the Salym asset into the Upstream segment, partly offset by production from field ramp-ups in Australia and Trinidad and Tobago. LNG liquefaction volumes were at a similar level as in the first half 2018 with the additional volumes from higher feedgas availability being offset by divestments.

Cash flow from operating activities of $7,630 million included positive working capital movements of $1,090 million. Compared with the first half 2018, cash flow from operating activities excluding working capital movements increased slightly. This also included a positive impact of $554 million related to the implementation of IFRS 16.

UPSTREAM

 

Quarters

 

$ million

 

Half year

Q2 20191

 

 

Q1 20191

 

 

Q2 2018

 

 

%2

 

 

 

20191

 

 

2018

 

 

%

 

1,554

 

 

 

1,706

 

 

1,094

 

 

+42

 

Segment earnings

 

 

3,260

 

 

 

2,948

 

 

+11

 

219

 

 

 

(19

)

 

 

(363

)

 

 

 

Of which: Identified items (Reference A)

 

 

200

 

 

 

(60

)

 

 

 

1,335

 

 

 

1,725

 

 

1,457

 

 

-8

 

Earnings excluding identified items

 

 

3,060

 

 

 

3,008

 

 

+2

 

5,616

 

 

 

5,280

 

 

5,528

 

 

+2

 

Cash flow from operating activities

 

 

10,895

 

 

 

9,129

 

 

+19

 

2,342

 

 

 

2,501

 

 

 

2,877

 

 

 

 

Cash capital expenditure (Reference C)³

 

 

4,843

 

 

 

5,623

 

 

 

 

2,700

 

 

 

2,737

 

 

 

3,020

 

 

 

 

Capital investment (Reference C)

 

 

5,437

 

 

 

5,881

 

 

 

 

1,683

 

 

 

1,718

 

 

1,507

 

 

+12

 

Liquids production available for sale (thousand b/d)

 

 

1,700

 

 

 

1,540

 

 

+10

 

5,640

 

 

 

6,864

 

 

5,687

 

 

-1

 

Natural gas production available for sale (million scf/d)

 

 

6,249

 

 

 

6,591

 

 

-5

 

2,656

 

 

 

2,901

 

 

2,488

 

 

+7

 

Total production available for sale (thousand boe/d)

 

 

2,778

 

 

 

2,676

 

 

+4

1.

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

2.

Q2 on Q2 change.

3.

With effect from 2019, Cash capital expenditure has been introduced as a capital spent performance measure (see Reference C).

4.

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

Second quarter identified items primarily reflected a gain of $98 million associated with sale of assets and a gain of $79 million due to a tax rate change. Identified items also included a gain of $52 million related to the impact of the strengthening Brazilian real on a deferred tax position.

Compared with the second quarter 2018, Upstream earnings excluding identified items reflected lower realised oil and gas prices, higher depreciation from field ramp-ups as well as increased receivables provisions, partly offset by higher volumes and lower taxation arising from currency exchange rate effects. Earnings also included a positive impact of $47 million related to the implementation of IFRS 16.

Compared with the second quarter 2018, total production increased by 7%, mainly due to field ramp-ups in North America and the transfer of the Salym asset from the Integrated Gas segment, partly offset by field decline and divestments.

Cash flow from operating activities of $5,616 million included positive working capital movements of $238 million. Compared with the second quarter 2018, cash flow from operating activities excluding working capital movements mainly benefited from lower tax payments. This also included a positive impact of $212 million related to the implementation of IFRS 16.

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

9

 


 

Half year identified items primarily reflected a gain of $151 million associated with sale of assets and a gain of $79 million related to a tax rate change. Identified items also comprised a loss of $45 million related to the fair value accounting of commodity derivatives.

Compared with the first half 2018, Upstream earnings excluding identified items reflected lower realised oil prices and higher depreciation from field ramp-ups, partly offset by higher volumes. Earnings also included a positive impact of $90 million related to the implementation of IFRS 16.

Compared with the first half 2018, total production increased by 4%, mainly due to field ramp-ups in North America and the transfer of the Salym asset from the Integrated Gas segment, partly offset by field decline and divestments.

Cash flow from operating activities of $10,895 million included positive working capital movements of $127 million. Compared with the first half 2018, cash flow from operating activities excluding working capital movements mainly benefited from higher volumes and lower tax payments. This also included a positive impact of $400 million related to the implementation of IFRS 16.

DOWNSTREAM

Quarters

 

$ million

 

Half year

Q2 20191

 

 

Q1 20191

 

 

Q2 2018

 

 

%2

 

 

 

20191

 

 

2018

 

 

%

 

1,072

 

 

 

1,595

 

 

1,168

 

 

-8

 

Segment earnings³

 

 

2,666

 

 

 

2,974

 

 

-10

 

(266

)

 

 

(227

)

 

 

(492

)

 

 

 

Of which: Identified items (Reference A)

 

 

(493

)

 

 

(452

)

 

 

 

1,338

 

 

 

1,822

 

 

1,660

 

 

-19

 

Earnings excluding identified items³

 

 

3,160

 

 

 

3,426

 

 

-8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Of which:

 

 

 

 

 

 

 

 

 

 

 

1,206

 

 

 

1,371

 

 

1,102

 

 

+9

 

Oil Products

 

 

2,577

 

 

 

2,183

 

 

+18

 

(20

)

 

 

343

 

 

114

 

 

-117

 

Refining & Trading

 

 

323

 

 

 

255

 

 

27

 

1,225

 

 

 

1,029

 

 

988

 

 

+24

 

Marketing

 

 

2,254

 

 

 

1,928

 

 

+17

 

132

 

 

 

451

 

 

558

 

 

-76

 

Chemicals

 

 

582

 

 

 

1,243

 

 

-53

 

2,398

 

 

 

(611

)

 

990

 

 

+142

 

Cash flow from operating activities

 

 

1,787

 

 

 

4,097

 

 

-56

 

2,176

 

 

 

1,671

 

 

 

1,856

 

 

 

 

Cash capital expenditure (Reference C)

 

 

3,848

 

 

 

3,173

 

 

 

 

2,731

 

 

 

1,870

 

 

1,908

 

 

 

 

Capital investment (Reference C)

 

 

4,602

 

 

 

3,277

 

 

 

 

2,632

 

 

 

2,666

 

 

2,557

 

 

+3

 

Refinery processing intake (thousand b/d)

 

 

2,649

 

 

 

2,597

 

 

+2

 

6,608

 

 

 

6,467

 

 

6,745

 

 

-2

 

Oil products sales volumes (thousand b/d)

 

 

6,538

 

 

 

6,765

 

 

-3

 

3,787

 

 

 

4,137

 

 

4,875

 

 

-22

 

Chemicals sales volumes (thousand tonnes)

 

 

7,924

 

 

 

9,389

 

 

-16

1.

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

2.

Q2 on Q2 change.

3.

Earnings are presented on a CCS basis (See Note 2).

4.

With effect from 2019, Cash capital expenditure has been introduced as a capital spent performance measure (see Reference C).

5.

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

Second quarter identified items primarily reflected a charge of $237 million related to legal provisions in Chemicals as well as impairments, net of reversals, of $140 million associated with divestments, partly offset by a gain of $113 million related to the fair value accounting of commodity derivatives.

Compared with the second quarter 2018, Downstream earnings excluding identified items reflected lower realised base chemicals, intermediates and refining margins, partly offset by higher realised retail and global commercial margins. Earnings also included a positive impact of $46 million related to the implementation of IFRS 16.

Cash flow from operating activities of $2,398 million included negative working capital movements of $64 million. Compared with the second quarter 2018, cash flow from operating activities excluding working capital movements mainly reflected lower earnings and higher cash cost of sales. This also included a positive impact of $510 million related to the implementation of IFRS 16.

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

10

 


 

Oil Products

Refining & Trading earnings excluding identified items included a positive impact of $19 million related to the implementation of IFRS 16. Excluding this impact, earnings reflected lower realised refining margins, mainly in the US Gulf Coast and Europe, partly offset by favourable currency exchange rate effects compared with the second quarter 2018.

 

Refinery availability increased to 89% from 87% in the second quarter 2018, mainly due to lower planned maintenance activities.

Marketing earnings excluding identified items included a positive impact of $21 million related to the implementation of IFRS 16. Excluding this impact, earnings reflected increased realised retail and global commercial margins compared with the second quarter 2018.

 

Compared with the second quarter 2018, Oil Products sales volumes decreased by 2%, mainly due to lower trading volumes.

Chemicals

Chemicals earnings excluding identified items included a positive impact of $6 million related to the implementation of IFRS 16. Excluding this impact, earnings reflected lower realised base chemicals and intermediates margins in Asia and Europe as well as lower volumes.

 

Chemicals manufacturing plant availability decreased to 85% from 93% in the second quarter 2018, mainly reflecting higher maintenance activities in Asia and Europe, including the impact of strike actions in the Netherlands.

Half year identified items primarily reflected a charge of $237 million related to legal provisions in Chemicals as well as impairments, net of reversals, of $204 million, mainly related to divestments.

Compared with the first half 2018, Downstream earnings excluding identified items reflected lower realised base chemicals, intermediates and refining margins, partly offset by higher realised retail and global commercial margins. Earnings also included a positive impact of $84 million related to the implementation of IFRS 16.

Cash flow from operating activities of $1,787 million included negative working capital movements of $3,666 million. Compared with the first half 2018, cash flow from operating activities excluding working capital movements mainly reflected lower earnings and higher cash cost of sales. This also included a positive impact of $904 million related to the implementation of IFRS 16.

Oil Products

Refining & Trading earnings excluding identified items included a positive impact of $33 million related to the implementation of IFRS 16. Excluding this impact, earnings reflected increased contributions from crude oil and oil products trading, partly offset by lower realised refining margins, compared with the first half 2018.

 

Refinery availability was 90%, at a similar level as in the first half 2018.

Marketing earnings excluding identified items included a positive impact of $38 million related to the implementation of IFRS 16. Excluding this impact, earnings reflected increased realised retail and global commercial margins compared with the first half 2018.

 

Compared with the first half 2018, Oil Products sales volumes decreased by 3%, mainly reflecting lower trading volumes.

Chemicals

Chemicals earnings excluding identified items included a positive impact of $13 million related to the implementation of IFRS 16. Excluding this impact, earnings reflected lower realised base chemicals and intermediates margins.

 

Chemicals manufacturing plant availability decreased to 90% from 94% in the first half 2018, mainly reflecting higher maintenance activities in Asia and Europe, including the impact of strike actions in the Netherlands.

CORPORATE

 

Quarters

 

 

$ million

 

Half year

 

Q2 20191

 

 

Q1 20191

 

 

Q2 2018

 

 

 

 

20191

 

 

2018

 

 

(789

)

 

 

(671

)

 

 

(273

)

 

Segment earnings

 

 

(1,460

)

 

 

(500

)

 

18

 

 

 

13

 

 

337

 

 

Of which: Identified items (Reference A)

 

 

31

 

 

 

344

 

 

(806

)

 

 

(684

)

 

 

(610

)

 

Earnings excluding identified items

 

 

(1,490

)

 

 

(844

)

 

(385

)

 

 

(266

)

 

32

 

 

Cash flow from operating activities

 

 

(652

)

 

 

235

 

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

11

 


 

1.

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

Second quarter identified items mainly reflected a gain of $53 million on sale of assets, partly offset by a tax charge of $36 million related to the impact of the strengthening Brazilian real on a financing position.

Compared with the second quarter 2018, Corporate earnings excluding identified items included a negative impact of $195 million related to the implementation of IFRS 16. Excluding this impact, earnings mainly reflected higher interest expenses, partly offset by favourable currency exchange rate effects.

Half year identified items mainly reflected a gain of $53 million on sale of assets, partly offset by a tax charge of $26 million related to the impact of the strengthening Brazilian real on a financing position.

Compared with the first half 2018, Corporate earnings excluding identified items included a negative impact of $378 million related to the implementation of IFRS 16. Excluding this impact, earnings mainly reflected lower tax credits and higher interest expenses, partly offset by favourable currency exchange rate effects.

OUTLOOK FOR THE THIRD QUARTER 2019

Integrated Gas production is expected to be at a similar level as in the third quarter 2018. LNG liquefaction volumes are expected to increase slightly compared with the third quarter 2018, mainly due to project ramp-ups.

Compared with the third quarter 2018, Upstream production is expected to be higher by some 50 – 100 thousand boe/d, mainly due to field ramp-ups and the transfer of the Salym asset from the Integrated Gas segment, partly offset by field decline and divestments.

Refinery availability is expected to be at a similar level as in the third quarter 2018.

Oil Products sales volumes are expected to decrease by some 40 – 70 thousand boe/d compared with the same period a year ago, mainly as a result of the divestment in Argentina.

Chemicals manufacturing plant availability is expected to be at a similar level as in the third quarter 2018.

Corporate earnings excluding identified items are expected to be a net charge of $700 – 850 million in the third quarter 2019 and a net charge of $2,900 – 3,200 million for the full year 2019. This excludes the impact of currency exchange rate effects.

 

Royal Dutch Shell plc

Unaudited Condensed Interim Financial Report

12

 


 

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME

 

Quarters

 

$ million

 

Half year

Q2 20191

 

 

Q1 20191

 

Q2 2018

 

 

 

20191

 

 

2018

 

90,544

 

 

83,735

 

96,765

 

Revenue²

 

 

174,278

 

 

186,000

 

632

 

 

1,484

 

716

 

Share of profit of joint ventures and associates

 

 

2,116

 

 

1,755

 

662

 

 

443

 

1,787

 

Interest and other income

 

 

1,105

 

 

2,627

 

91,838

 

 

85,662

 

99,268

 

Total revenue and other income

 

 

177,499

 

 

190,382

 

68,590

 

 

59,923

 

73,121

 

Purchases

 

 

128,513

 

 

139,649

 

6,835

 

 

6,354

 

6,988

 

Production and manufacturing expenses

 

 

13,189

 

 

13,911

 

2,881

 

 

2,352

 

2,781

 

Selling, distribution and administrative expenses

 

 

5,233

 

 

5,369

 

225

 

 

212

 

237

 

Research and development

 

 

437

 

 

445

 

439

 

 

306

 

243

 

Exploration

 

 

745

 

 

473

 

6,699

 

 

5,950

 

5,359

 

Depreciation, depletion and amortisation

 

 

12,649

 

 

10,693

 

1,252