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

CEO video comment

Fourth?quarter 2019 summary of unaudited results

Summary of unaudited results

$ million

Q4 2019 1
Q3 2019 1
Q4 2018
% 2
Reference
Full year 2019 1
Full year 2018
%
965
5,879
5,590
-83
Income/(loss) attributable to shareholders
15,843
23,352
-32
871
6,081
7,334
-88
CCS earnings attributable to shareholders
Note 2
15,270
23,833
-36
(2,060)
1,313
1,646
Of which: Identified items
A
(1,192)
2,429
2,931
4,767
5,688
-48
CCS earnings attributable to shareholders excluding identified items
16,462
21,404
-23
125
149
120
Add: CCS earnings attributable to non-controlling interest
535
531
3,056
4,917
5,808
-47
CCS earnings excluding identified items
16,997
21,935
-23
Of which:
1,986
2,674
2,363
Integrated Gas
8,955
9,399
778
907
1,881
Upstream
4,744
6,775
1,368
2,153
2,131
Downstream
6,680
7,567
(1,075)
(817)
(567)
Corporate
(3,383)
(1,806)
10,267
12,252
22,021
-53
Cash flow from operating activities
42,179
53,085
-21
(4,862)
(2,130)
(5,312)
Cash flow from investing activities
(15,779)
(13,659)
5,405
10,122
16,709
Free cash flow
H
26,400
39,426
0.12
0.73
0.68
-82
Basic earnings per share ($)
1.97
2.82
-30
0.11
0.76
0.89
-88
Basic CCS earnings per share ($)
B
1.89
2.88
-34
0.37
0.59
0.69
-46
Basic CCS earnings per share excl. identified items ($)
2.04
2.58
-21
0.47
0.47
0.47
Dividend per share ($)
1.88
1.88

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

(2) Q4 on Q4 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 at $2.9 billion reflected lower realised oil, gas and LNG prices, weaker realised refining and chemicals margins as well as negative movements in deferred tax positions, compared with the fourth quarter 2018. This was partly offset by stronger contributions from LNG trading and optimisation.

Cash flow from operating activities excluding working capital movements at $12.3 billion reflected lower inflows related to commodity derivatives and lower cash earnings, partly offset by lower tax payments, compared with the fourth quarter 2018.

Total dividends distributed to shareholders in the quarter were $3.7 billion. Today, Shell launches the next tranche of the share buyback programme, with a maximum aggregate consideration of $1 billion in the period up to and including April 27, 2020. Since the launch of the programme, Shell has bought back almost $15 billion in shares for cancellation.

Additional performance measures

$ million

Q4 2019
Q3 2019
Q4 2018
% 1
Reference
Full year 2019
Full year 2018
%
6,883
6,098
7,430
Cash capital expenditure 2
C
23,919
24,078
8,003
7,759
7,879
Capital investment 3
C
28,788
24,878
3,763
3,563
3,788
-1
Total production available for sale (thousand boe/d)
3,665
3,666
56.60
55.99
59.89
-5
Global liquids realised price ($/b)
57.76
63.85
-10
4.42
4.19
5.75
-23
Global natural gas realised price ($/thousand scf)
4.57
5.13
-11
10,384
8,650
10,279
+1
Operating expenses
G
37,893
39,316
-4
9,993
8,657
10,147
-2
Underlying operating expenses
G
36,993
39,025
-5
6.7%
8.6%
9.4%
ROACE (Net income basis)
E
6.7%
9.4%
6.9%
8.1%
8.7%
ROACE (CCS basis excluding identified items) ?
E
6.9%
8.7%
29.3%
27.9%
20.3%
Gearing
F
29.3%
20.3%

(1) Q4 on Q4 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.

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.zeusshone.com/investor.

The IFRS 16 impact on net debt in 2019 was an increase of $15,657 million. Fourth quarter 2019 reported Gearing was 29.3% on an IFRS 16 basis, comparable with 25.0% on an IAS 17 basis.

The impact of IFRS 16 is presented in Note 8 “Adoption of IFRS 16 Leases” and is not addressed in the performance analysis sections of this results announcement.

Fourth?quarter 2019 results financial documents

A revised fourth quarter 2019 and full year results announcement document has been published on January 31, 2020 to correct typographical errors in the Consolidated Statement of Cash Flows on page 12. The labels for four line items in Cash flow from operating activities have been corrected in this revised version.
?

Fourth?quarter 2019 dividend announcement

Fourth quarter 2019 dividend announcement

Ben van Beurden

CEO statement

Royal Dutch Shell Chief Executive Officer Ben van Beurden commented:

“The strength of Shell’s strategy and portfolio has enabled delivery of competitive cash flow performance in 2019 despite challenging macroeconomic conditions in refining and chemicals, as well as lower oil and gas prices. We generated $47 billion in cash flow from operating activities excluding working capital movements and distributed over $25 billion in dividends and share buybacks to our shareholders.

We remain committed to prudent capital discipline supported by world-class project delivery and are looking to further strengthen our balance sheet while we continue with share buybacks. Our intention to complete the $25 billion share buyback programme is unchanged, but the pace remains subject to macro conditions and further debt reduction."

Webcasts, presentation slides and transcript

Ben van Beurden, Chief Executive Officer of Royal Dutch Shell plc and Jessica Uhl, Chief Financial Officer of Royal Dutch Shell plc host audio webcasts of the fourth quarter 2019 results on Thursday January 30, 2020.

Fourth quarter 2019 results media webcast

Fourth quarter 2019 results analysts webcast

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