Oil and Gas Press

Royal Dutch Shell’s 1st Quarter 2008 Unaudited Results

Royal Dutch Shell’s first quarter 2008 earnings, on a current cost of supplies (CCS) basis, were $7.8 billion compared to $6.9 billion a year ago. Basic CCS earnings per share increased by 15% versus the same quarter a year ago.
A first quarter 2008 dividend has been announced of $0.40 per share, an increase of 11% over the US dollar dividend for the same period in 2007.
$1.1 billion or 0.5% of Royal Dutch Shell issued ordinary shares were bought back for cancellation during the quarter.

Royal Dutch Shell Chief Executive Jeroen van der Veer commented:“Good operating performance, combined with increased oil and gas prices, offset the impact of downstream conditions in the first quarter 2008. We have delivered another competitive set of earnings for Shell’s shareholders. Shell has the largest capital spending programme in our industry today, to grow the company and play our part in ensuring that energy markets remain well supplied. Our strategy is on track.”

SUMMARY UNAUDITED RESULTS
 
$ million    Quarters                                                                                                Q1 2008       Q4 2007     Q1 2007    %1
 
Income attributable to shareholders                                                                             9,083          8,467        7,281       +25
Less: Estimated CCS adjustment for Oil Products and Chemicals (see note 2)               1,307          1,783          349
CCS earnings                                                                                                            7,776          6,684         6,932      +12
 Basic earnings per share ($)                                                                                       1.47           1.36           1.16        +27
 Less: Estimated CCS adjustment per share ($)                                                            0.21           0.29            0.06   
Basic CCS earnings per share ($)                                                                                1.26           1.07            1.10       +15
 Dividend per ordinary share ($)                                                                                     0.40          0.36            0.36       +11
 
1 Q1 on Q1 change
 
KEY FEATURES OF THE FIRST QUARTER 2008

First quarter 2008 CCS earnings were $7,776 million or 12% higher than in the same quarter a year ago.

First quarter 2008 reported income was $9,083 million or 25% higher than in the same quarter a year ago.

Basic CCS earnings per share increased by 15% versus the same quarter a year ago.

Total cash returned to shareholders in the form of dividends and share repurchases in the first quarter 2008 was $3.4 billion.

Cash flow from operating activities was $16.9 billion compared to $11.2 billion in the first quarter 2007. Excluding net working capital movements, cash flow from operating activities was $14.1 billion compared to $11.6 billion a year ago.

Capital investment for the first quarter 2008 was $8.1 billion. Net capital investment (capital investment, less divestment proceeds) for the first quarter 2008 was $7.6 billion.

Return on average capital employed (ROACE), on a reported income basis (see note 3), was 24.5%.

Gearing (see note 5) was 12.7% at the end of the first quarter 2008 versus 14.6% at the end of the first quarter 2007.

Oil and gas production, including oil sands production, for the first quarter 2008 was 3,522 thousand barrels of oil equivalent per day (boe/d), compared to 3,509 thousand boe/d in the same quarter last year. Excluding the impact of divestments, Canadian royalty changes and production sharing contracts (PSC) pricing effects, first quarter 2008 production increased by 1% compared to the same quarter last year.

Liquefied Natural Gas (LNG) equity sales volumes of 3.51 million tonnes were a record and 6% higher than in the same quarter a year ago.

Oil Products refinery availability increased to 92% compared to 85% in the first quarter of 2007. Chemicals manufacturing plant availability was 95% compared to 91% in the first quarter 2007. Oil Sands upgrader availability was 94%, compared to 93% in the same quarter last year.

Oil Products sales volumes in the first quarter 2008 increased by 7% compared to the same quarter last year. Chemical product sales volumes decreased by 2% compared to the first quarter 2007.

see full report on: http://www.shell.com/home/content/investor-en/financial_information/quarterlyresults/2008/q1/q1_2008_results_29042008.html
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Tags: 1st Quarter 2008, Royal Dutch, shell, Unaudited Results