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Royal Dutch Shell (RDSA)

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Thursday 26 April, 2012

Royal Dutch Shell

RDS: 1st Q 2012 Unaudited Results


1ST QUARTER 2012 UNAUDITED RESULTS

  * Royal Dutch Shell's first quarter 2012 earnings, on a current cost of
    supplies (CCS) basis (see Note 1), were $7.7 billion compared with $6.9
    billion in the same quarter a year ago.

  * First quarter 2012 CCS earnings excluding identified items (see page 5)
    were $7.3 billion compared with $6.3 billion in the first quarter 2011, an
    increase of 16%.

  * Basic CCS earnings per share excluding identified items for the first
    quarter 2012 increased by 15% versus the same quarter a year ago.

  * Cash flow from operating activities for the first quarter 2012 was $13.4
    billion. Excluding net working capital movements, cash flow from operating
    activities in the first quarter 2012 was $12.7 billion.

  * Capital investment for the first quarter 2012 was $7.0 billion. Net capital
    investment (see Note 1) for the quarter was $4.6 billion. Total dividends
    distributed in the quarter were $2.7 billion, of which $1.0 billion were
    settled under the Scrip Dividend Programme.

  * Gearing at the end of the first quarter 2012 was 9.9%.

  * A first quarter 2012 dividend has been announced of $0.43 per ordinary
    share and $0.86 per American Depositary Share (ADS), an increase of 2.4%
    compared with the first quarter 2011 US dollar dividend.

SUMMARY OF UNAUDITED RESULTS                                                   
                                                                               
$ million                                    Quarters                          
                                                                               
                                             Q1 2012   Q4 2011   Q1 2011   %1  
                                                                               
Income attributable to shareholders          8,719     6,500     8,780     -1  
                                                                               
Current cost of supplies (CCS) adjustment                                      
for Downstream                               (1,060)   (41)      (1,855)       
                                                                               
CCS earnings                                 7,659     6,459     6,925     +11 
                                                                               
Less: Identified items2                      380       1,613     637           
                                                                               
CCS earnings excluding identified items      7,279     4,846     6,288     +16 
                                                                               
 Of which:                                                                     
                                                                               
  Upstream                                   6,253     5,107     4,638         
                                                                               
  Downstream                                 1,121     (278)     1,653         
                                                                               
  Corporate and Non-controlling interest     (95)      17        (3)           
                                                                               
Cash flow from operating activities          13,439    6,465     8,621     +56 
                                                                               
Basic CCS earnings per share ($)             1.23      1.04      1.12      +10 
                                                                               
Basic CCS earnings per ADS ($)               2.46      2.08      2.24          
                                                                               
Basic CCS earnings per share excl.                                             
identified items ($)                         1.17      0.78      1.02      +15 
                                                                               
Basic CCS earnings per ADS excl. identified                                    
items ($)                                    2.34      1.56      2.04          
                                                                               
Dividend per share ($)                       0.43      0.42      0.42      +2  
                                                                               
Dividend per ADS ($)                         0.86      0.84      0.84          
                                                                               
1 Q1 on Q1 change                                                              
                                                                               
2 See page 5                                                                   
                                                                               

Royal Dutch Shell Chief Executive Officer Peter Voser commented:

"We are making good progress against our targets to deliver a more competitive
performance. Our profits pay for Shell's dividends and substantial investments
in new energy projects, to ensure affordable, reliable energy supplies for our
customers, which create value for our shareholders.

Shell's first quarter 2012 earnings increased from year-ago levels, through a
combination of improved operating performance, increased upstream volumes and
strong oil prices. Energy demand fundamentals are robust, but with near-term
volatility in energy prices as a result of economic and political events. In
downstream and North American natural gas we see continued challenges for our
industry."

"We are implementing our strategy by improving near-term performance,
delivering a new wave of production growth and maturing the next generation of
growth options for shareholders. Shell sold $2.4 billion of upstream and
downstream positions during the quarter, enhancing our financial flexibility
and capital efficiency, and unlocking new growth potential. Asset sales for
2012 are likely to be over $4 billion, compared with our earlier guidance of
$2-3 billion."

"During the quarter, production commenced at the Caesar/Tonga project in the
Gulf of Mexico and the Pluto LNG project in Australia reached
ready-for-start-up status. These two non-operated positions are expected to add
a total of some 40 thousand barrels of oil equivalent per day ("boe/d") at peak
for Shell and 0.9 million tonnes per annum ("mtpa") of LNG capacity. The
ramp-up of Shell's flagship Pearl GTL project in Qatar continued during the
quarter, and the project is on track to reach full capacity in the middle of
2012. In the last few weeks, crude oil processing commenced at the Port Arthur
refinery expansion project, creating one of the largest refineries in the
United States."

"This is all part of a portfolio of 26 projects that Shell is developing
worldwide today," Voser continued. "This industry-leading project line-up,
combined with a focus on innovation and competitive performance across the
company, will drive Shell to the clear targets we have set out for
shareholders, namely around $175-200 billion of cash flow from operations in
total for 2012-15, and a production potential of some 4 million boe/d in
2017-18."1

Voser added: "We continue to mature new investment options for medium-term
growth, including new exploration acreage and positive results from the
on-going appraisal of the Appomattox oil discovery in the Gulf of Mexico, where
we see scope for some 500 million boe of resources with further upside
potential. I am also very pleased to welcome new strategic partners into
Shell's Prelude Floating LNG project in Australia, as we continue to develop
new international natural gas resources and markets."

"The resumption of measured, affordable dividend growth we have confirmed today
reflects the improving financial position of the company and delivery of our
strategy," concluded Voser.

1Production outlook at $80 per barrel oil price, after ~250 thousand boe/d of
expected asset sales and licence expiries. Cash flow from operations outlook at
$80-$100 per barrel Brent oil price and improved North American natural gas
prices and downstream margins relative to 2011. Cash flow from operations
excludes working capital movements.

FIRST QUARTER 2012 PORTFOLIO DEVELOPMENTS

Upstream

In Australia, first gas entered the 4.3 mtpa capacity Pluto LNG project (Shell
indirect share 21%). The project is expected to produce some 140 thousand boe/d
at peak production.

Shell signed a binding agreement for the long-term supply of 2 mtpa of LNG to
CPC Corporation, Taiwan ("CPC") for 20 years from 2016.

In the United States, first production was achieved at the Caesar/Tonga
deepwater project (Shell share 22.5%) in the Gulf of Mexico. At peak the
project is expected to produce some 40 thousand boe/d.

Shell continued to divest Upstream positions during the first quarter of 2012,
with proceeds totalling some $2.1 billion, including among others its 40%
participating interest in the oil and gas exploration block BS-4 in the Santos
Basin offshore Brazil and the proceeds from the sale of Shell's interests in
the natural gas transport infrastructure joint venture Gassled in Norway.

Also, in Australia, Shell agreed to sell a combined 32.5% participating
interest in the Prelude Floating LNG project under separate agreements to Inpex
(17.5%), Kogas (10%) and CPC (5%), with divestment proceeds expected later in
2012. The completion of these transactions is subject to conditions precedent
including regulatory approvals. The combined 32.5% participating interest
represents a net book value of some $0.5 billion at the end of the first
quarter 2012.

During the first quarter of 2012, Shell had a successful appraisal at the
Appomattox discovery (Shell share 80%) in the Gulf of Mexico. This prospect is
now believed to hold around 500 million boe of potential resources, doubling
the previous estimates, with further upside potential.

As part of its global exploration programme, Shell spent some $0.6 billion on 
new acreage positions during the quarter, totalling some 77,000 square
kilometres. New offshore positions include Nova Scotia in Canada, Malaysia,
Tanzania, and United Kingdom North Sea as well as exploration rights in the
Orange Basin, South Africa. Onshore positions were added in Albania, Argentina,
Canada, China and the United States.

In April, Cove Energy plc's ("Cove Energy") management has recommended Shell's
intended cash offer of £2.20 per share for the entire issued and to be issued
share capital of Cove Energy. Cove Energy has a 8.5% stake in the Mozambique
Rovuma Offshore Area 1 Block, a 10% stake in an onshore block in Mozambique and
various stakes in 7 offshore blocks in Kenya. The offer values Cove Energy at
some $1.8 billion.

Downstream

Shell continued to divest Downstream positions during the first quarter of 2012
with proceeds totalling some $0.3 billion. Divestments included retail stations
in North America and an LPG business in Asia Pacific. Shell also completed the
sale of the majority of its shareholding of its downstream businesses in Côte
d'Ivoire, Burkina Faso and Guinea. This represents the second stage of the
divestment of the majority of Shell's shareholding in most of its downstream
businesses in Africa as announced in February 2011, with the remainder expected
to be completed later in 2012.

In April, crude oil processing commenced at the Port Arthur refinery expansion
project of Motiva Enterprises (Shell share 50%) in the United States. Following
this expansion of 325 thousand barrels per day ("b/d"), total capacity of the
Port Arthur refinery is some 600 thousand b/d, making it one of the largest
refineries in the country.

KEY FEATURES OF THE FIRST QUARTER 2012

  * First quarter 2012 CCS earnings (see Note 1) were $7,659 million, 11%
    higher than in the same quarter a year ago.

  * First quarter 2012 CCS earnings excluding identified items (see page 5)
    were $7,279 million compared with $6,288 million in the first quarter 2011.

  * Basic CCS earnings per share increased by 10% versus the same quarter a
    year ago.

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

  * Cash flow from operating activities for the first quarter 2012 was $13.4
    billion, compared with $8.6 billion in the same quarter last year.
    Excluding net working capital movements, cash flow from operating
    activities in the first quarter 2012 was $12.7 billion, compared with $13.1
    billion in the same quarter last year.

  * Net capital investment (see Note 1) for the first quarter 2012 was $4.6
    billion. Capital investment for the first quarter 2012 was $7.0 billion and
    proceeds from divestments were $2.4 billion.

  * Total dividends distributed in the first quarter 2012 were $2.7 billion of
    which $1.0 billion were settled by issuing some 27.5 million Class A shares
    under the Scrip Dividend Programme for the fourth quarter 2011.

  * Return on average capital employed (see Note 6) at the end of the first
    quarter 2012 on a reported income basis was 15.4%.

  * Gearing was 9.9% at the end of the first quarter 2012 versus 14.0% at the
    end of the first quarter 2011.

  * Oil and gas production for the first quarter 2012 was 3,552 thousand boe/d.
    Excluding the impact of divestments, exits and PSC price effects, first
    quarter 2012 production was 4% higher than in the same period last year.

  * LNG sales volumes of 5.17 million tonnes in the first quarter 2012 were 17%
    higher than in the same quarter a year ago.

  * Oil products sales volumes were 3% lower than in the first quarter 2011. 
    Chemicals product sales volumes in the first quarter 2012 decreased by 7%
    compared with the same quarter a year ago.

  * Supplementary financial and operational disclosure for the first quarter
    2012 is available at www.shell.com/investor .

SUMMARY OF IDENTIFIED ITEMS

Earnings in the first quarter 2012 reflected the following items, which in
aggregate amounted to a net gain of $380 million reflecting divestment gains,
which were partly offset by a tax provision, a charge related to a true-up of
employee compensation and the fair value accounting for commodity derivatives
(see Note 5), as summarised in the table below. Earnings in the first quarter
2011 included a net gain of $637 million.

  * Upstream earnings included a net gain of $453 million, mainly reflecting
    gains related to divestments. Earnings for the first quarter 2011 included
    a net gain of $1,120 million.

  * Downstream earnings included a net gain of $198 million, mainly reflecting
    gains related to divestments. Earnings for the first quarter 2011 included
    a net charge of $483 million.

  * Corporate and Non-controlling interest earnings included a net charge of
    $271 million, mainly reflecting a tax provision.

SUMMARY OF IDENTIFIED ITEMS                                                    
                                                                               
$ million                                          Quarters                    
                                                                               
                                                   Q1 2012  Q4 2011    Q1 2011 
                                                                               
Segment earnings impact of identified items:                                   
                                                                               
 Upstream                                          453      1,458      1,120   
                                                                               
 Downstream                                        198      34         (483)   
                                                                               
 Corporate and Non-controlling interest            (271)    121        -       
                                                                               
Earnings impact                                    380      1,613      637     
                                                                               

These identified items generally relate to events with an impact of more than
$50 million on Royal Dutch Shell's CCS earnings and are shown to provide
additional insight into segment earnings and income attributable to
shareholders. Further comments on the business segments are provided in the
section 'Earnings by Business Segment' on pages 6 to 8 and onwards.

EARNINGS BY BUSINESS SEGMENT

UPSTREAM                                                                       
                                                                               
$ million                                       Quarters                       
                                                                               
                                                Q1 2012  Q4 2011  Q1 2011  %1  
                                                                               
Upstream earnings excluding identified items    6,253    5,107    4,638    +35 
                                                                               
Upstream earnings                               6,706    6,565    5,758    +16 
                                                                               
Upstream cash flow from operating activities    8,788    6,485    6,672    +32 
                                                                               
Upstream net capital investment                 3,772    7,363    1,727    +118
                                                                               
Liquids production available for sale (thousand                                
b/d)                                            1,682    1,644    1,678    -   
                                                                               
Natural gas production available for sale                                      
(million scf/d)                                 10,844   9,633    10,593   +2  
                                                                               
Barrels of oil equivalent (thousand boe/d)      3,552    3,305    3,504    +1  
                                                                               
LNG sales volumes (million tonnes)              5.17     4.84     4.42     +17 
                                                                               
1 Q1 on Q1 change                                                              
                                                                               

First quarter Upstream earnings excluding identified items were $6,253 million
compared with $4,638 million a year ago. Identified items were a net gain of
$453 million, compared with a net gain of $1,120 million in the first quarter
2011 (see page 5).

Upstream earnings excluding identified items increased compared with the first
quarter 2011. Earnings benefited from increased liquids sales volumes, mainly
as a result of the ramp-up of Pearl GTL, and higher liquids realisations.
Earnings also reflected increased LNG realisations, LNG sales volumes and
trading contributions. These items were partly offset by higher depreciation,
increased operating expenses and lower gas realisations in North America.

Global liquids realisations were 15% higher than in the first quarter 2011.
Global natural gas realisations were 8% higher than in the same quarter a year
ago. Natural gas realisations in the Americas decreased by 32%, whereas natural
gas realisations outside the Americas increased by 20%.

First quarter 2012 production was 3,552 thousand boe/d compared with 3,504
thousand boe/d a year ago. Liquids production was in line and natural gas
production increased by 2% compared with the first quarter 2011. Excluding the
impact of divestments, exits and PSC price effects, first quarter 2012
production was 4% higher than in the same period last year.

New field start-ups and the continuing ramp-up of fields contributed some 290
thousand boe/d to production in the first quarter 2012, in particular from
Pearl GTL and Qatargas 4 LNG in Qatar, which more than offset the impact of
field declines.

LNG sales volumes of 5.17 million tonnes were 17% higher than in the same
quarter a year ago, reflecting the contribution from the Qatargas 4 project as
well as higher volumes from Nigeria LNG.

DOWNSTREAM                                                                     
                                                                               
$ million                                       Quarters                       
                                                                               
                                                Q1 2012  Q4 2011  Q1 2011  %1  
                                                                               
Downstream CCS earnings excluding identified                                   
items                                           1,121    (278)    1,653    -32 
                                                                               
Downstream CCS earnings                         1,319    (244)    1,170    +13 
                                                                               
Downstream cash flow from operating activities  3,208    324      451      +611
                                                                               
Downstream net capital investment               786      2,362    (118)    -   
                                                                               
Refinery processing intake (thousand boe/d)     2,782    2,666    3,030    -8  
                                                                               
Oil products sales volumes (thousand b/d)       5,960    6,155    6,167    -3  
                                                                               
Chemicals sales volumes (thousand tonnes)       4,679    4,440    5,010    -7  
                                                                               
1 Q1 on Q1 change                                                              
                                                                               

First quarter Downstream earnings excluding identified items were $1,121
million compared with $1,653 million in the first quarter 2011. Identified
items were a net gain of $198 million, compared with a net charge of $483
million in the first quarter 2011 (see page 5).

Downstream earnings excluding identified items decreased compared with the
first quarter 2011. Earnings benefited from the Raízen joint venture in Brazil
and lower operating expenses. These items were more than offset by lower
realised refining margins, reflecting the weaker global refining environment,
and lower marketing contributions mainly as a result of a reduced portfolio
following divestments. Chemicals earnings were in line with the first quarter
2011.

Oil products sales volumes decreased by 3% compared with the same period a year
ago, mainly as a result of portfolio divestments. Excluding the impact of
divestments and the effects of the formation of the Raízen joint venture,
totalling some 190 thousand b/d, sales volumes were in line with the same
period last year.

Chemicals sales volumes decreased by 7% compared with the same quarter last
year, mainly due to reductions in European capacity and rationalisation of the
contract portfolio. Chemicals manufacturing plant availability increased to 94%
compared with 92% in the first quarter 2011.

Refinery intake volumes decreased by 8% compared with the first quarter 2011.
Excluding portfolio impacts, refinery intake volumes were 1% lower than in the
same period a year ago. Refinery availability increased to 94% compared with
92% in the first quarter 2011.

CORPORATE AND NON-CONTROLLING INTEREST                                        
                                                                              
$ million                                           Quarters                  
                                                                              
                                                    Q1 2012  Q4 2011  Q1 2011 
                                                                              
Corporate and Non-controlling interest excluding                              
identified items                                    (95)     17       (3)     
                                                                              
Of which:                                                                     
                                                                              
  Corporate                                         (30)     24       99      
                                                                              
  Non-controlling interest                          (65)     (7)      (102)   
                                                                              
Corporate and Non-controlling interest              (366)    138      (3)     
                                                                              

First quarter Corporate results and Non-controlling interest excluding
identified items were a loss of $95 million, compared with a loss of $3 million
in the same period last year. Identified items in the first quarter of 2012
were a net charge of $271 million (see page 5).

Corporate results excluding identified items decreased compared with the first
quarter 2011. Results mainly reflected increased net interest expense which was
partly offset by currency exchange gains.

FORTHCOMING EVENTS

Second quarter 2012 results and second quarter 2012 dividend are scheduled to
be announced on July 26, 2012. Third quarter 2012 results and third quarter
2012 dividend are scheduled to be announced on November 1, 2012. The Annual
General Meeting will be held on May 22, 2012.

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME                                               
                                                                               
$ million                                       Quarters                       
                                                                               
                                                Q1 2012  Q4 2011  Q1 2011  %1  
                                                                               
Revenue                                         119,920  115,575  109,923      
                                                                               
Share of profit of equity-accounted investments 2,940    2,233    2,337        
                                                                               
Interest and other income                       914      1,320    2,582        
                                                                               
Total revenue and other income                  123,774  119,128  114,842      
                                                                               
Purchases                                       94,069   91,865   84,810       
                                                                               
Production and manufacturing expenses           6,049    6,993    5,913        
                                                                               
Selling, distribution and administrative                                       
expenses                                        3,689    3,706    3,364        
                                                                               
Research and development                        295      404      219          
                                                                               
Exploration                                     362      825      401          
                                                                               
Depreciation, depletion and amortisation        3,402    3,243    3,317        
                                                                               
Interest expense                                552      287      395          
                                                                               
Income before taxation                          15,356   11,805   16,423   -6  
                                                                               
Taxation                                        6,522    5,337    7,498        
                                                                               
Income for the period                           8,834    6,468    8,925    -1  
                                                                               
Income attributable to non-controlling interest 115      (32)     145          
                                                                               
Income attributable to Royal Dutch Shell plc                                   
shareholders                                    8,719    6,500    8,780    -1  
                                                                               

Current cost of supplies (CCS) adjustment for                                  
Downstream                                      (1,060)  (41)     (1,855)      
                                                                               
CCS earnings                                    7,659    6,459    6,925    +11 
                                                                               
Less: Identified items                          380      1,613    637          
                                                                               
CCS earnings excluding identified items         7,279    4,846    6,288    +16 
                                                                               

BASIC EARNINGS PER SHARE                                                      
                                                                              
$                                                Quarters                     
                                                                              
                                                 Q1 2012   Q4 2011   Q1 2011  
                                                                              
Earnings per share                               1.40      1.04      1.42     
                                                                              
CCS earnings per share                           1.23      1.04      1.12     
                                                                              
CCS earnings per share excluding identified                                   
items                                            1.17      0.78      1.02     
                                                                              
DILUTED EARNINGS PER SHARE                                                    
                                                                              
$                                                Quarters                     
                                                                              
                                                 Q1 2012   Q4 2011   Q1 2011  
                                                                              
Earnings per share                               1.40      1.04      1.42     
                                                                              
CCS earnings per share                           1.23      1.03      1.12     
                                                                              
CCS earnings per share excluding identified                                   
items                                            1.17      0.78      1.02     
                                                                              
SHARES2                                                                       
                                                                              
Millions                                         Quarters                     
                                                                              
                                                 Q1 2012   Q4 2011   Q1 2011  
                                                                              
Weighted average number of shares as the basis                                
for:                                                                          
                                                                              
  Basic earnings per share                       6,229.4   6,231.3   6,163.3  
                                                                              
  Diluted earnings per share                     6,239.1   6,241.0   6,174.0  
                                                                              
Shares outstanding at the end of the period      6,273.8   6,220.1   6,207.4  
                                                                              
1 Q1 on Q1 change.                                                            
                                                                              
2 Royal Dutch Shell plc ordinary shares of euro 0.07 each.                   
                                                                              

   Notes 1 to 6 are an integral part of these Condensed Consolidated Interim   
                             Financial Statements                              

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                  
                                                                                
$ million                                          Quarters                     
                                                                                
                                                   Q1 2012   Q4 2011   Q1 2011  
                                                                                
Income for the period                              8,834     6,468     8,925    
                                                                                
Other comprehensive income, net of tax:                                         
                                                                                
  Currency translation differences                 1,885     (1,310)   2,134    
                                                                                
  Unrealised gains/(losses) on securities          (105)     1,671     (19)     
                                                                                
  Cash flow hedging gains/(losses)                 (450)     (133)     22       
                                                                                
  Share of other comprehensive income/(loss) of                                 
equity-accounted investments                       (109)     (39)      99       
                                                                                
Other comprehensive income for the period          1,221     189       2,236    
                                                                                
Comprehensive income for the period                10,055    6,657     11,161   
                                                                                
Comprehensive income/(loss) attributable to                                     
non-controlling interest                           158       (603)     173      
                                                                                
Comprehensive income attributable to Royal Dutch                                
Shell plc shareholders                             9,897     7,260     10,988   
                                                                                

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                                          
                                                                                     
                   Equity attributable to Royal Dutch Shell                          
                   plc shareholders                                                  
                                                                                     
                           Shares                                                    
                   Share   held in  Other    Retained         Non-controlling Total  
$ million          capital trust    reserves earnings Total   interest        equity 
                                                                                     
At January 1, 2012 536     (2,990)  8,984    162,987  169,517 1,486           171,003
                                                                                     
Comprehensive                                                                        
income for the                                                                       
period             -       -        1,178    8,719    9,897   158             10,055 
                                                                                     
Capital                                                                              
contributions from                                                                   
and other changes                                                                    
in non-controlling                                                                   
interest           -       -        -        48       48      (75)            (27)   
                                                                                     
Dividends paid     -       -        -        (2,670)  (2,670) (24)            (2,694)
                                                                                     
Scrip dividends1   3       -        (3)      999      999     -               999    
                                                                                     
Repurchases of                                                                       
shares2            -       -        -        (627)    (627)   -               (627)  
                                                                                     
Shares held in                                                                       
trust: net sales/                                                                    
(purchases) and                                                                      
dividends received -       1,013    -        44       1,057   -               1,057  
                                                                                     
Share-based                                                                          
compensation       -       -        (135)    (439)    (574)   -               (574)  
                                                                                     
At March 31, 2012  539     (1,977)  10,024   169,061  177,647 1,545           179,192
                                                                                     
1 During the first quarter of 2012 some 27.5 million Class A shares, equivalent      
to $1.0 billion, were issued under the Scrip Dividend Programme.                     
                                                                                     
2 Includes shares committed to repurchase and repurchases subject to settlement      
at March 31, 2012.                                                                   
                                                                                     
                                                                                     
                                                                                     

                   Equity attributable to Royal Dutch Shell                          
                   plc shareholders                                                  
                                                                                     
                           Shares                                                    
                   Share   held in  Other    Retained         Non-controlling Total  
$ million          capital trust    reserves earnings Total   interest        equity 
                                                                                     
At January 1, 2011 529     (2,789)  10,094   140,179  148,013 1,767           149,780
                                                                                     
Comprehensive                                                                        
income for the                                                                       
period             -       -        2,208    8,780    10,988  173             11,161 
                                                                                     
Capital                                                                              
contributions from                                                                   
and other changes                                                                    
in non-controlling                                                                   
interest           -       -        -        -        -       9               9      
                                                                                     
Dividends paid     -       -        -        (2,626)  (2,626) (71)            (2,697)
                                                                                     
Scrip dividends1   3       -        (3)      1,068    1,068   -               1,068  
                                                                                     
Shares held in                                                                       
trust: net sales/                                                                    
(purchases) and                                                                      
dividends received -       603      -        42       645     -               645    
                                                                                     
Share-based                                                                          
compensation       -       -        (307)    24       (283)   -               (283)  
                                                                                     
At March 31, 2011  532     (2,186)  11,992   147,467  157,805 1,878           159,683
                                                                                     
1 During the first quarter 2011 some 31.1 million Class A shares, equivalent to      
$1.1 billion, were issued under the Scrip Dividend Programme.                        
                                                                                     

   Notes 1 to 6 are an integral part of these Condensed Consolidated Interim   
                             Financial Statements                              

CONDENSED CONSOLIDATED BALANCE SHEET                                           
                                                                               
                                         $ million                             
                                                                               
                                         March 31,                 March 31,   
                                         2012         Dec 31, 2011 2011        
                                                                               
Assets                                                                         
                                                                               
Non-current assets:                                                            
                                                                               
Intangible assets                        4,545        4,521        4,725       
                                                                               
Property, plant and equipment            155,239      152,081      144,835     
                                                                               
Equity-accounted investments             39,534       37,990       35,558      
                                                                               
Investments in securities                5,454        5,492        3,971       
                                                                               
Deferred tax                             4,666        4,732        5,661       
                                                                               
Prepaid pension costs                    11,816       11,408       10,874      
                                                                               
Trade and other receivables              10,061       9,256        9,360       
                                                                               
                                         231,315      225,480      214,984     
                                                                               
Current assets:                                                                
                                                                               
Inventories                              34,163       28,976       33,632      
                                                                               
Trade and other receivables              78,798       79,509       78,103      
                                                                               
Cash and cash equivalents                15,024       11,292       16,608      
                                                                               
                                         127,985      119,777      128,343     
                                                                               
Total assets                             359,300      345,257      343,327     
                                                                               
Liabilities                                                                    
                                                                               
Non-current liabilities:                                                       
                                                                               
Debt                                     29,116       30,463       31,788      
                                                                               
Trade and other payables                 4,542        4,921        4,417       
                                                                               
Deferred tax                             15,887       14,649       15,573      
                                                                               
Retirement benefit obligations           6,064        5,931        6,105       
                                                                               
Decommissioning and other provisions     16,010       15,631       14,321      
                                                                               
                                         71,619       71,595       72,204      
                                                                               
Current liabilities:                                                           
                                                                               
Debt                                     5,657        6,712        10,839      
                                                                               
Trade and other payables                 85,360       81,846       82,270      
                                                                               
Taxes payable                            14,113       10,606       14,794      
                                                                               
Retirement benefit obligations           408          387          393         
                                                                               
Decommissioning and other provisions     2,951        3,108        3,144       
                                                                               
                                         108,489      102,659      111,440     
                                                                               
Total liabilities                        180,108      174,254      183,644     
                                                                               
Equity attributable to Royal Dutch Shell                                       
plc shareholders                         177,647      169,517      157,805     
                                                                               
Non-controlling interest                 1,545        1,486        1,878       
                                                                               
Total equity                             179,192      171,003      159,683     
                                                                               
Total liabilities and equity             359,300      345,257      343,327     
                                                                               

   Notes 1 to 6 are an integral part of these Condensed Consolidated Interim   
                             Financial Statements                              

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                                  
                                                                                
$ million                                    Quarters                           
                                                                                
                                             Q1 2012     Q4 2011     Q1 2011    
                                                                                
Cash flow from operating activities                                             
                                                                                
Income for the period                        8,834       6,468       8,925      
                                                                                
Adjustment for:                                                                 
                                                                                
- Current taxation                           5,479       5,816       5,901      
                                                                                
- Interest expense (net)                     499         275         356        
                                                                                
- Depreciation, depletion and amortisation   3,402       3,243       3,316      
                                                                                
- Net (gains)/losses on sale of assets       (524)       (1,150)     (2,192)    
                                                                                
- Decrease/(increase) in net working capital 770         (688)       (4,511)    
                                                                                
- Share of profit of equity-accounted                                           
investments                                  (2,940)     (2,233)     (2,337)    
                                                                                
- Dividends received from equity-accounted                                      
investments                                  2,582       3,196       1,523      
                                                                                
- Deferred taxation and decommissioning and                                     
other provisions                             971         (159)       1,578      
                                                                                
- Other                                      (408)       (550)       213        
                                                                                
Net cash from operating activities (pre-tax) 18,665      14,218      12,772     
                                                                                
Taxation paid                                (5,226)     (7,753)     (4,151)    
                                                                                
Net cash from operating activities           13,439      6,465       8,621      
                                                                                
Cash flow from investing activities                                             
                                                                                
Capital expenditure                          (6,456)     (9,914)     (4,146)    
                                                                                
Investments in equity-accounted investments  (1,298)     (315)       (703)      
                                                                                
Proceeds from sales of assets                2,372       1,175       3,111      
                                                                                
Proceeds from sales of equity-accounted                                         
investments                                  57          43          53         
                                                                                
Proceeds from sales/(purchases) of                                              
securities (net)                             (40)        83          1          
                                                                                
Interest received                            48          11          37         
                                                                                
Net cash used in investing activities        (5,317)     (8,917)     (1,647)    
                                                                                
Cash flow from financing activities                                             
                                                                                
Net (decrease)/increase in debt with                                            
maturity period                                                                 
                                                                                
within three months                          (453)       (841)       (2,637)    
                                                                                
Other debt: New borrowings                   610         5           481        
                                                                                
  Repayments                                 (2,967)     (585)       (236)      
                                                                                
Interest paid                                (454)       (470)       (500)      
                                                                                
Change in non-controlling interest           10          11          9          
                                                                                
Cash dividends paid to:                                                         
                                                                                
- Royal Dutch Shell plc shareholders         (1,671)     (1,688)     (1,558)    
                                                                                
- Non-controlling interest                   (24)        (64)        (71)       
                                                                                
Repurchases of shares                        -           (289)       -          
                                                                                
Shares held in trust: net sales/(purchases)                                     
and dividends received                       205         (1,342)     144        
                                                                                
Net cash used in financing activities        (4,744)     (5,263)     (4,368)    
                                                                                
Currency translation differences relating to                                    
cash and                                                                        
                                                                                
cash equivalents                             354         (249)       558        
                                                                                
Increase/(decrease) in cash and cash                                            
equivalents                                  3,732       (7,964)     3,164      
                                                                                
Cash and cash equivalents at beginning of                                       
period                                       11,292      19,256      13,444     
                                                                                
Cash and cash equivalents at end of period   15,024      11,292      16,608     
                                                                                

Notes 1 to 6 are an integral part of these Condensed Consolidated Interim
Financial Statements

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

1. Basis of preparation

These Condensed Consolidated Interim Financial Statements ("Interim
Statements") of Royal Dutch Shell plc and its subsidiaries (collectively
"Shell") are prepared on the basis of the same accounting principles as, and
should be read in conjunction with, the Annual Report and Form 20-F for the
year ended December 31, 2011 (pages 105 to 110) as filed with the U.S.
Securities and Exchange Commission.

The financial information presented in the Interim Statements does not comprise
statutory accounts for the purposes of section 435 of the Companies Act 2006.
Statutory accounts for the year ended December 31, 2011 were published in
Shell's Annual Report and delivered to the Registrar of Companies. The report
of the auditors on those accounts was unqualified, did not include a reference
to any matters to which the auditors drew attention by way of emphasis without
qualifying the report, and did not contain any statement under sections 498(2)
or (3) of the Companies Act 2006.

The Interim Statements are unaudited; however, in the opinion of management,
the interim data includes all adjustments, consisting only of normal recurring
adjustments, necessary for a fair statement of the results for the interim
period.

Segment information

Segment earnings are presented on a current cost of supplies basis (CCS
earnings). On this basis, the purchase price of volumes sold during the period
is based on the current cost of supplies during the same period after making
allowance for the tax effect. CCS earnings therefore exclude the effect of
changes in the oil price on inventory carrying amounts. Net capital investment
information is presented as measured based on capital expenditure as reported
in the Condensed Consolidated Statement of Cash Flows, adjusted for: proceeds
from divestments; exploration expense excluding exploration wells written off;
investments in equity-accounted investments; and leases and other items.

CCS earnings and net capital investment information are the dominant measures
used by the Chief Executive Officer for the purposes of making decisions about
allocating resources and assessing performance.

2. Information by business segment

$ million                                   Quarters                           
                                                                               
                                            Q1 2012           Q1 2011          
                                                                               
Third-party revenue                                                            
                                                                               
  Upstream                                  11,990            9,652            
                                                                               
  Downstream                                107,918           100,259          
                                                                               
  Corporate                                 12                12               
                                                                               
Total third-party revenue                   119,920           109,923          
                                                                               
Inter-segment revenue                                                          
                                                                               
  Upstream                                  13,451            11,998           
                                                                               
  Downstream                                212               180              
                                                                               
  Corporate                                 -                 -                
                                                                               
Segment earnings                                                               
                                                                               
  Upstream                                  6,706             5,758            
                                                                               
  Downstream                                1,319             1,170            
                                                                               
  Corporate                                 (264)             99               
                                                                               
Total segment earnings                      7,761             7,027            
                                                                               
$ million                                   Quarters                           
                                                                               
                                            Q1 2012           Q1 2011          
                                                                               
Total segment earnings                      7,761             7,027            
                                                                               
Current cost of supplies adjustment:                                           
                                                                               
  Purchases                                 1,195             2,223            
                                                                               
  Taxation                                  (342)             (633)            
                                                                               
  Share of profit of equity-accounted                                          
investments                                 220               308              
                                                                               
Income for the period                       8,834             8,925            
                                                                               

3. Share capital

Issued and fully paid

                                                             Sterling deferred
                           Ordinary shares of euro 0.07 each shares           
                                                                              
Number of shares           Class A          Class B          of £1 each       
                                                                              
At January 1, 2012         3,668,550,437    2,661,403,172    50,000           
                                                                              
Scrip dividends            27,498,073       -                -                
                                                                              
At March 31, 2012          3,696,048,510    2,661,403,172    50,000           
                                                                              

Nominal value

$ million                  Class A           Class B           Total           
                                                                               
At January 1, 2012         312               224               536             
                                                                               
Scrip dividends            3                 -                 3               
                                                                               
At March 31, 2012          315               224               539             
                                                                               
  The total nominal value of sterling deferred shares is less than $1 million. 
                                                                               
                                                                               
                                                                               

At Royal Dutch Shell's Annual General Meeting on May 17, 2011, the Board was
authorised to allot shares and grant rights to subscribe for or convert any
securities into shares of Royal Dutch Shell plc up to a total nominal amount of
euro 146 million (representing 2,086 million ordinary shares of euro 0.07
each). This authority expires at the earlier of August 17, 2012, and the
conclusion of the Annual General Meeting held in 2012, unless previously
revoked or varied in a General Meeting of Shareholders.

4. Other reserves

                                                             Accumulated         
                                 Share    Capital    Share   other               
                        Merger   premium  redemption plan    comprehensive       
$ million               reserve1 reserve1 reserve2   reserve income        Total 
                                                                                 
At January 1, 2012      3,432    154      60         1,571   3,767         8,984 
                                                                                 
Other comprehensive                                                              
income attributable to                                                           
Royal Dutch Shell plc                                                            
shareholders            -        -        -          -       1,178         1,178 
                                                                                 
Scrip dividends         (3)      -        -          -       -             (3)   
                                                                                 
Share-based                                                                      
compensation            -        -        -          (135)   -             (135) 
                                                                                 
At March 31, 2012       3,429    154      60         1,436   4,945         10,024
                                                                                 

At January 1, 2011       3,442    154      57       1,483    4,958      10,094 
                                                                               
Other comprehensive                                                            
income attributable to                                                         
Royal Dutch Shell plc                                                          
shareholders             -        -        -        -        2,208      2,208  
                                                                               
Scrip dividends          (3)      -        -        -        -          (3)    
                                                                               
Share-based compensation -        -        -        (307)    -          (307)  
                                                                               
At March 31, 2011        3,439    154      57       1,176    7,166      11,992 
                                                                               
1 The merger reserve and share premium reserve were established as a           
consequence of Royal Dutch Shell plc becoming the single parent company of     
Royal Dutch Petroleum Company and of The "Shell" Transport and Trading Company 
plc, now The Shell Transport and Trading Company Limited, in 2005.             
                                                                               
2 The capital redemption reserve was established in connection with repurchases
of shares of Royal Dutch Shell plc.                                            
                                                                               
                                                                               
                                                                               

5. Impacts of accounting for derivatives

In the ordinary course of business Shell enters into contracts to supply or
purchase oil and gas products, and also enters into derivative contracts to
mitigate resulting economic exposures (generally price exposure). Derivative
contracts are carried at period-end market price (fair value), with movements
in fair value recognised in income for the period. Supply and purchase
contracts entered into for operational purposes are, by contrast, recognised
when the transaction occurs (see also below); furthermore, inventory is carried
at historical cost or net realisable value, whichever is lower.

As a consequence, accounting mismatches occur because: (a) the supply or
purchase transaction is recognised in a different period; or (b) the inventory
is measured on a different basis.

In addition, certain UK gas contracts held by Upstream are, due to pricing or
delivery conditions, deemed to contain embedded derivatives or written options
and are also required to be carried at fair value even though they are entered
into for operational purposes.

The accounting impacts of the aforementioned are reported as identified items
in the quarterly results.

6. Return on average capital employed

Return on average capital employed measures the efficiency of Shell's
utilisation of the capital that it employs. In this calculation, return on
average capital employed is defined as the sum of income for the current and
previous three quarters adjusted for after-tax interest expense as a percentage
of the average capital employed for the same period. Capital employed consists
of total equity, current debt and non-current debt. The tax rate is derived
from calculations at the published segment level.

LIQUIDITY AND CAPITAL RESOURCES

Net cash from operating activities in the first quarter 2012 was $13.4 billion
compared with $8.6 billion for the same period last year.

Total current and non-current debt decreased to $34.8 billion at March 31, 2012
from $42.6 billion at March 31, 2011 while cash and cash equivalents decreased
to $15.0 billion at March 31, 2012 from $16.6 billion at March 31, 2011. No new
debt was issued under the US shelf registration programme or under the euro
medium-term note programme during the first quarter of 2012.

Net capital investment in the first quarter 2012 was $4.6 billion, of which
$3.8 billion was invested in Upstream and $0.8 billion in Downstream. Net
capital investment in the same period of 2011 was $1.7 billion, of which $1.7
billion was invested in Upstream and $0.1 billion in Corporate whereas there
were net receipts in Downstream of $0.1 billion.

Dividends of $0.43 per share are announced on April 26, 2012 in respect of the
first quarter. These dividends are payable on June 21, 2012. In the case of the
Class B shares, the dividends will be payable through the dividend access
mechanism and are expected to be treated as UK-source rather than Dutch-source.
See the Annual Report and Form 20-F for the year ended December 31, 2011 for
additional information on the dividend access mechanism.

Shell provides shareholders with a choice to receive dividends in cash or in
shares via a Scrip Dividend Programme. Under the Scrip Dividend Programme
shareholders can increase their shareholding in Shell by choosing to receive
new shares instead of cash dividends. Only new Class A shares will be issued
under the Programme, including to shareholders who currently hold Class B
shares.

CAUTIONARY STATEMENT

All amounts shown throughout this Report are unaudited.

We may have used certain terms, such as resources, in this report that United
States Securities and Exchange Commission (SEC) strictly prohibits us from
including in our filings with the SEC. U.S. Investors are urged to consider
closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC
website www.sec.gov. You can also obtain these forms from the SEC by calling
1-800-SEC-0330.

The companies in which Royal Dutch Shell plc directly and indirectly owns
investments are separate entities. In this document "Shell", "Shell Group" and
"Royal Dutch Shell" are sometimes used for convenience where references are
made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the
words "we", "us" and "our" are also used to refer to subsidiaries in general or
to those who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or companies.
"Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this
document refer to companies in which Royal Dutch Shell either directly or
indirectly has control, by having either a majority of the voting rights or the
right to exercise a controlling influence. The companies in which Shell has
significant influence but not control are referred to as "associated companies"
or "associates" and companies in which Shell has joint control are referred to
as "jointly controlled entities". In this document, associates and jointly
controlled entities are also referred to as "equity-accounted investments". The
term "Shell interest" is used for convenience to indicate the direct and/or
indirect (for example, through our 23 per cent shareholding in Woodside
Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or
company, after exclusion of all third-party interest.

This document contains forward looking statements concerning the financial
condition, results of operations and businesses of Royal Dutch Shell. All
statements other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Forward-looking statements are statements of
future expectations that are based on management's current expectations and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in these statements. Forward-looking statements include,
among other things, statements concerning the potential exposure of Shell and
the Shell Group to market risks and statements expressing management's
expectations, beliefs, estimates, forecasts, projections and assumptions. These
forward looking statements are identified by their use of terms and phrases
such as "anticipate", "believe", "could", "estimate", "expect", "goals",
"intend", "may", "objectives", "outlook", "plan", "probably", "project",
"risks", "seek", "should", "target", "will" and similar terms and phrases.
There are a number of factors that could affect the future operations of Shell
and the Shell Group and could cause those results to differ materially from
those expressed in the forward looking statements included in this document,
including (without limitation): (a) price fluctuations in crude oil and natural
gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d)
drilling and production results; (e) reserves estimates; (f) loss of market
share and industry competition; (g) environmental and physical risks; (h) risks
associated with the identification of suitable potential acquisition properties
and targets, and successful negotiation and completion of such transactions;
(i) the risk of doing business in developing countries and countries subject to
international sanctions; (j) legislative, fiscal and regulatory developments
including regulatory measures addressing climate change; (k) economic and
financial market conditions in various countries and regions; (l) political
risks, including the risks of expropriation and renegotiation of the terms of
contracts with governmental entities, delays or advancements in the approval of
projects and delays in the reimbursement for shared costs; and (m) changes in
trading conditions. All forward looking statements contained in this document
are expressly qualified in their entirety by the cautionary statements
contained or referred to in this section. Readers should not place undue
reliance on forward looking statements. Additional factors that may affect
future results are contained in Shell's Annual Report and Form 20-F for the
year ended December 31, 2011 (available at www.shell.com/investor and
www.sec.gov ). These factors also should be considered by the reader. Each
forward looking statement speaks only as of the date of this document, April
26, 2012. Neither Shell nor any of its subsidiaries nor the Shell Group
undertake any obligation to publicly update or revise any forward looking
statement as a result of new information, future events or other information.
In light of these risks, results could differ materially from those stated,
implied or inferred from the forward looking statements contained in this
document.

April 26, 2012

Contacts:

  * Investor Relations: Europe: + 31 (0)70 377 4540; USA: +1 713 241 1042

  * Media: Europe: + 31 (0)70 377 3600


The information in these quarterly results reflects the consolidated financial position and results of Royal Dutch Shell plc (“Royal Dutch Shell”). All amounts shown throughout this report are unaudited. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.