Dutch Shell Chief Executive Officer Peter Voser commented:
“Our 2010 earnings increased substantially from 2009 levels, driven by improving industry fundamentals, and Shell’s production growth and cost performance. Our 2010 oil and natural gas production volumes were 3.3 million boe/d, an increase of 5%. LNG sales volumes increased by 25%, with continued growth in Downstream. Fourth quarter and full year 2010 earnings were supported by higher oil prices and chemicals margins. However, our earnings were impacted by weak refining margins, pressure on certain regional natural gas prices, and volatility in Downstream marketing margins as a result of rising oil prices.

In 2010 Shell made good progress on implementing strategy, improving near-term performance, delivering a new wave of production growth, and maturing the next generation of growth options for shareholders.

. Royal Dutch Shell’s fourth quarter 2010 earnings, on a current cost of supplies (CCS) basis, were $5.7 billion compared to $1.2 billion a year ago.
.Basic CCS earnings per share increased to $0.93 from $0.19 in the fourth quarter 2009.
. Fourth quarter 2010 CCS earnings, excluding identified items (see page 5), were $4.1 billion compared to $2.8 billion in the fourth quarter 2009.
. Full year 2010 earnings, on a current cost of supplies (CCS) basis, were $18.6 billion compared to $9.8 billion a year ago. Basic CCS earnings per share increased by 90% versus a year ago.
. Cash flow from operating activities, excluding net working capital movements, for the fourth quarter 2010 was $6.2 billion, compared to $4.4 billion in the same quarter last year. On the same basis, full year 2010 cash flow from operating activities was $33.3 billion compared to $23.8 billion in 2009.
. Net capital investment for the quarter was $1.5 billion. Total cash dividends paid to shareholders during the fourth quarter 2010 were $2.0 billion. Some 18.3 million class A Ordinary shares, equivalent to $0.6 billion, were issued under the Scrip Dividend Programme for the third quarter 2010.
. Gearing at the end of 2010 was 17.1%.
. A fourth quarter 2010 dividend has been announced of $0.42 per ordinary share, unchanged from the US dollar dividend per share for the same period in 2009. The first quarter 2011 dividend is expected to be declared at $0.42 per share.

FOURTH QUARTER 2010 portfolio developmentS

Upstream
In Australia, Shell sold 29.18% of its interest in Woodside, or 10.0% of Woodside’s issued capital, for a total price of $3.2 billion, reducing Shell’s share in the company to 24.27%.

In Norway, production started on the Gjoa field (Shell share 12%), with a production capacity of 107 thousand barrels of oil equivalent per day (boe/d).

In Russia, Shell signed a protocol on strategic global cooperation with Gazprom establishing basic guidelines for the companies’ broader collaboration in both the Upstream and Downstream businesses.

In the USA, Shell completed, in January 2011, the sale of a group of predominately mature tight gas fields in South Texas producing some 200 million cubic feet of gas equivalent per day (Shell share), for approximately $1.8 billion.

Also in the USA, Shell agreed to sell its interest in six Gulf of Mexico oil and gas fields for $450 million. These fields are predominately mature and produce some 18 thousand boe/d (Shell share).

During the fourth quarter 2010, Shell participated in 3 exploration discoveries, 2 in Brazil and 1 in Brunei. During 2010, Shell participated in 8 exploration discoveries and 6 successful appraisals, in Australia, Brazil, Brunei, the US Gulf of Mexico and North America gas. Shell also increased its overall acreage position, completing acquisitions of new exploration licences in China, Egypt, Greenland, Qatar, Russia, Tunisia and the USA.

Downstream
In Finland and Sweden, Shell sold the majority of its refining and marketing businesses, including Shell’s 100% owned 87 thousand bbl/d Gothenburg Refinery.

Shell also completed the sale of its Downstream businesses in Gibraltar, Panama, Costa Rica and Laos in separate transactions.

In Qatar, Shell and Qatar Petroleum signed a Memorandum of Understanding to jointly study the development of a major petrochemicals complex that would include a mono-ethylene glycol plant of up to 1.5 million tonnes per annum and other olefin derivatives to yield over 2 million tonnes of finished products.

In Germany, Shell announced, in January 2011, negotiations with potential buyers for the base oil manufacturing and associated refining facilities of its 100% owned Harburg refinery (105 thousand bbl/d capacity), with the intention to convert the remaining portions of the refinery into a distribution terminal for oil products.

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http://www.shell.com/home/content/investor/financial_information/quarterlyresults/2010/q4/#voser

tijd 09.11
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