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Royal Dutch Shell (RDSA)

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Thursday 30 January, 2014

Royal Dutch Shell

4th Quarter and Full Year 2013 Unaudited Results


ROYAL DUTCH SHELL PLC                                                          
                                                                               
 4TH QUARTER AND FULL YEAR 2013 UNAUDITED RESULTS                               
                                                                               
                                                                               
                                                                               



  * Royal Dutch Shell's fourth quarter 2013 earnings, on a current cost of
    supplies (CCS) basis (see Note 1), were $2.2 billion compared with $7.4
    billion in the same quarter a year ago. Full year 2013 CCS earnings were
    $16.7 billion compared with $27.2 billion in 2012.

  * Fourth quarter 2013 CCS earnings excluding identified items (see page 6)
    were $2.9 billion compared with $5.6 billion in the fourth quarter of 2012.
    Full year 2013 CCS earnings excluding identified items were $19.5 billion
    compared with $25.3 billion in 2012.

  * Compared with the fourth quarter 2012, CCS earnings excluding identified
    items were impacted by higher depreciation, increased exploration expenses,
    lower upstream volumes and weak industry conditions in downstream oil
    products.

  * Fourth quarter 2013 basic CCS earnings per share excluding identified items
    decreased by 49% versus the fourth quarter 2012. Full year 2013 basic CCS
    earnings per share excluding identified items decreased by 23% versus 2012.

  * Total dividends distributed in the fourth quarter were some $2.8 billion,
    of which $1.2 billion were settled under the Scrip Dividend Programme.
    During the fourth quarter some 27.2 million shares were bought back for
    cancellation for a consideration of $1.0 billion.

  * Gearing at the end of 2013 was 16.1% compared with 9.8% at the end of 2012.

  * A fourth quarter 2013 dividend has been announced of $0.45 per ordinary
    share and $0.90 per American Depositary Share ("ADS"), an increase of 5%
    compared with the fourth quarter 2012.

  * The first quarter 2014 dividend is expected to be declared at $0.47 per
    ordinary share and $0.94 per American Depositary Share ("ADS"), an increase
    of 4% compared with the first quarter 2013.

SUMMARY OF UNAUDITED RESULTS                                                    
                                                                                
Quarters                  $ million                          Full year          
                                                                                
Q4     Q3     Q4                                                                
2013   2013   20121  %2                                      2013    20121  %   
                                                                                
                          Income attributable to                                
1,781  4,677  6,728  -74  shareholders                       16,371  26,712 -39 
                                                                                
                          Current cost of supplies (CCS)                        
371    (429)  623         adjustment for Downstream          374     452        
                                                                                
2,152  4,248  7,351  -71  CCS earnings                       16,745  27,164 -38 
                                                                                
(763)  (209)  1,712       Less: Identified items3            (2,747) 1,905      
                                                                                
                          CCS earnings excluding identified                     
2,915  4,457  5,639  -48  items                              19,492  25,259 -23 
                                                                                
                           Of which:                                            
                                                                                
2,477  3,466  4,401         Upstream                         15,117  20,107     
                                                                                
558    892    1,190         Downstream                       4,466   5,343      
                                                                                
                            Corporate and Non-controlling                       
(120)  99     48          interest                           (91)    (191)      
                                                                                
                          Cash flow from operating                              
6,028  10,409 9,913  -39  activities                         40,440  46,140 -12 
                                                                                
0.34   0.68   1.17   -71  Basic CCS earnings per share ($)   2.66    4.34   -39 
                                                                                
0.68   1.36   2.34        Basic CCS earnings per ADS ($)     5.32    8.68       
                                                                                
                          Basic CCS earnings per share excl.                    
0.46   0.71   0.90   -49  identified items ($)               3.10    4.04   -23 
                                                                                
                          Basic CCS earnings per ADS excl.                      
0.92   1.42   1.80        identified items ($)               6.20    8.08       
                                                                                
0.45   0.45   0.43   +5   Dividend per share ($)             1.80    1.72   +5  
                                                                                
0.90   0.90   0.86        Dividend per ADS ($)               3.60    3.44       
                                                                                
1 Restated for accounting policy change (see Note 2)                            
                                                                                
2 Q4 on Q4 change 3 See page 6                                                  
                                                                                

Royal Dutch Shell Chief Executive Officer Ben van Beurden:                     
                                                                               
"Our momentum slowed in 2013. We must improve our financial results, achieve   
better capital efficiency and continue to strengthen our operational           
performance and project delivery."                                             
                                                                               

FOURTH QUARTER 2013 PORTFOLIO DEVELOPMENTS

Upstream

In Brazil, Shell paid $1.3 billion as its share of the signature bonus for the
35-year production-sharing contract ("PSC") to develop the Libra discovery
(Shell interest 20%), a potentially multi-billion barrel oil field in pre-salt
reservoirs located in the Santos Basin.

Also in Brazil, Shell completed the acquisition of an additional 23% interest
in the Shell-operated deepwater project BC-10, for a consideration of some $1
billion.

During the fourth quarter 2013, Shell announced positive well test results in
Block 2-3 (Shell interest 75%) onshore south-central Albania, demonstrating
light oil potential in a fractured carbonate play. In addition, Shell drilled a
number of successful exploration and appraisal wells during 2013 near its
established production infrastructure.

As part of its global exploration programme Shell added new acreage positions
during the fourth quarter 2013, including offshore positions in Australia and
Greenland as well as onshore positions in Tunisia.

Upstream divestment proceeds totalled some $0.3 billion for the fourth quarter
2013 and included proceeds from the divestment of certain liquids-rich shales
acreage positions in Ohio, United States.

In January 2014, Shell completed the acquisition of Repsol S.A.'s LNG portfolio
outside of North America, including supply positions in Peru and Trinidad &
Tobago, for a net cash purchase price of $3.8 billion, subject to post-closing
adjustments. As part of the transaction, Shell also assumed $1.6 billion of
balance sheet liabilities relating to existing leases for LNG ship charters.
The acquisition adds 7.2 million tonnes per annum ("mtpa") of directly managed
LNG volumes through long-term offtake agreements, including 4.2 mtpa of equity
LNG plant capacity. Shell's fourth quarter 2013 capital investment includes
$3.4 billion for this transaction, with the remaining $2.0 billion booked in
the first quarter 2014, of which $1.6 billion is a non-cash item relating to
the LNG ship charter finance leases.

Also in January 2014, Shell agreed to sell its 8% interest in the
Wheatstone-Iago joint venture and its 6.4% interest in the 8.9 mtpa Wheatstone
LNG project in Western Australia to the Kuwait Foreign Petroleum Exploration
Company for $1.1 billion, subject to closing.

In Upstream Americas resources plays, insights from ongoing exploration and
appraisal drilling results and production information, and Shell's ongoing
restructuring of this portfolio, could potentially lead to future asset sales
and/or impairments.

Downstream

Shell is restructuring its Oil Products business to improve profitability.

In the Czech Republic, Shell agreed to sell its 16.3% interest in Ceska
Rafinerska, which includes the Kralupy and Litvinov refineries with a combined
capacity of 160 thousand barrels per day ("b/d") (100%). The transaction is
expected to complete during the first half of 2014.

Shell sold its 21% interest in the Mongstad refinery (capacity 205 thousand b/
d) in Norway and, under the transaction, acquired an additional 10% interest in
the Pernis refinery (capacity 404 thousand b/d) in the Netherlands. Following
this transaction, Shell's interest in the Pernis refinery increased to 100%.

Downstream divestment proceeds totalled some $0.2 billion for the fourth
quarter 2013 and included proceeds from the divestment of certain downstream
marketing businesses in Egypt, the first phase of the sale of the Harburg
refinery (capacity 108 thousand b/d) in Germany and the divestment of the LPG
business in the Philippines.

Shell commenced a review of its global refining portfolio, in the context of
the growth of light crude supply in North America, and excess industry refining
capacity world-wide. These factors are affecting the dynamics of the global
refining industry environment. The portfolio review could potentially lead to
further asset sales, closures and/or impairments.

Shell is also considering the sale of certain of its marketing assets in Norway
and Italy. In Australia, Shell has received indications of interest to acquire
its refining and parts of its marketing portfolio. The company is considering
its options for divestment, subject to achieving satisfactory commercial terms
for these positions.

KEY FEATURES OF THE FOURTH QUARTER AND FULL YEAR 2013

  * Fourth quarter 2013 CCS earnings (see Note 1) were $2,152 million, 71%
    lower than for the same quarter a year ago. Full year 2013 CCS earnings
    were $16,745 million, 38% lower than in 2012.

  * Fourth quarter 2013 CCS earnings excluding identified items (see page 6)
    were $2,915 million compared with $5,639 million in the fourth quarter
    2012, a decrease of 48%. Fourth quarter 2013 CCS earnings excluding
    identified items were impacted by higher depreciation, increased
    exploration expenses, lower upstream volumes and weak industry conditions
    in downstream oil products.

    Full year 2013 CCS earnings excluding identified items were $19,492 million
    compared with $25,259 million in the fourth quarter 2012, a decrease of 23%.

  * Basic CCS earnings per share for the fourth quarter 2013 decreased by 71%
    versus the same quarter a year ago. Full year 2013 basic CCS earnings per
    share decreased by 39% versus 2012.

  * Basic CCS earnings per share excluding identified items for the fourth
    quarter 2013 decreased by 49% versus the same quarter a year ago. Full year
    2013 basic CCS earnings per share excluding identified items decreased by
    23% versus 2012.

  * Cash flow from operating activities for the fourth quarter 2013 was $6.0
    billion, compared with $9.9 billion in the same quarter last year.
    Excluding working capital movements, cash flow from operating activities
    for the fourth quarter 2013 was $7.7 billion, compared with $8.9 billion in
    the same quarter last year.

    Full year 2013 cash flow from operating activities was $40.4 billion, compared
    with $46.1 billion in 2012. Excluding working capital movements, cash flow from
    operating activities for the full year 2013 was $37.5 billion, compared with
    $42.7 billion in 2012.

  * Net capital investment (see Note 1) for the fourth quarter 2013 was $15.8
    billion. Capital investment for the fourth quarter 2013 was $16.3 billion
    and divestment proceeds were some $0.5 billion.

    Full year 2013 net capital investment was $44.3 billion. Capital investment for
    the full year 2013 was $46.0 billion and divestment proceeds were $1.7 billion.

  * Total dividends distributed in the fourth quarter 2013 were some $2.8
    billion, of which $1.2 billion were settled by issuing some 37.3 million A
    shares under the Scrip Dividend Programme for the third quarter 2013. Total
    dividends distributed in the full year 2013 were $11.3 billion, of which
    $4.1 billion were settled by issuing some 125.6 million A shares under the
    Scrip Dividend Programme.

  * Under our share buyback programme some 27.2 million B shares were bought
    back for cancellation during the fourth quarter 2013 for a consideration of
    $1.0 billion. During the full year 2013 some 144.9 million B shares were
    bought back for cancellation for a consideration of $5.0 billion.

  * Return on average capital employed (see Note 5) on a reported income basis
    was 7.9% at the end of 2013 compared with 13.6% at the end of 2012 (see
    Note 2).

  * Gearing was 16.1% at the end of 2013 versus 9.8% at the end of 2012 (see
    Note 2).

  * Oil and gas production for the fourth quarter 2013 was 3,251 thousand
    barrels of oil equivalent per day ("boe/d"), a decrease of 5% compared with
    the fourth quarter 2012. Excluding the impact of the deteriorated security
    situation in Nigeria, divestments and PSC price effects, fourth quarter
    2013 production volumes were 3% lower than in the same period last year.
    Production volumes were impacted by higher maintenance and asset
    replacement activities during the fourth quarter 2013.

    Full year 2013 oil and gas production was 3,199 thousand boe/d, a decrease of
    2% compared with 2012. Excluding the impact of the deteriorated operating
    environment in Nigeria, divestments and PSC price effects, 2013 production
    volumes were in line with 2012. Production volumes were impacted by higher
    maintenance and asset replacement activities during 2013.

  * Equity LNG sales volumes of 4.93 million tonnes for the fourth quarter 2013
    were 10% lower than in the same quarter a year ago.

    Full year 2013 equity LNG sales volumes of 19.64 million tonnes were 3% lower
    than in 2012.

  * Oil products sales volumes for the fourth quarter 2013 were 5% lower than
    for the fourth quarter 2012. Chemicals sales volumes for the fourth quarter
    2013 decreased by 5% compared with the same quarter a year ago.

    Full year 2013 oil products sales volumes were 1% lower than in 2012. Full year
    2013 chemicals sales volumes decreased by 7% compared with 2012.

  * When final volumes are reported in the 2013 Annual Report and Form 20-F,
    Shell expects that proved oil and gas reserves additions before taking into
    account production on an SEC basis will be around 1.6 billion barrels of
    oil equivalent ("boe").

    With 2013 production of some 1.2 billion boe, our headline proved Reserves
    Replacement Ratio for the year on an SEC basis is expected to be around 131%.
    Our Organic Reserves Replacement Ratio, which excludes the impact of oil and
    gas price movements in the year, acquisitions and divestments, is expected to
    be around 123%.

    At the end of 2013, total proved reserves on an SEC basis are expected to be
    around 13.9 billion boe, after taking into account 2013 production.

    The 3-year average headline proved Reserves Replacement Ratio on an SEC basis
    is expected to be around 91%. Our 3-year average Organic Reserves Replacement
    Ratio, which excludes the impact of oil and gas price movements in the year,
    acquisitions and divestments, is expected to be around 112%.

    Further information will be provided in our Annual Report and Form 20-F, which
    is expected to be filed in March 2014.

  * Comparative information in this Report has been restated following the
    adoption of revised IAS 19 Employee Benefits on January 1, 2013, with
    retrospective effect (see Note 2). Comparative information was not restated
    for other accounting policy changes (see Note 1) for which the impacts are
    not significant, including the adoption of IFRS 11 Joint Arrangements on
    January 1, 2013, which results in certain previously equity-accounted
    entities now in effect being proportionately consolidated.

  * Supplementary financial and operational disclosure for the fourth quarter
    and full year 2013 is available at www.shell.com/investor.

SUMMARY OF IDENTIFIED ITEMS

Earnings for the fourth quarter 2013 reflected the following items, which in
aggregate amounted to a net charge of $763 million (compared with a net gain of
$1,712 million in the fourth quarter 2012), as summarised in the table below:

  * Upstream earnings included a net charge of $631 million, reflecting
    impairments of $687 million, mainly related to two liquids-rich shales
    properties, gas infrastructure and the Kulluk drilling rig, all in North
    America. Identified items also included redundancy and restructuring
    charges of $31 million and a net charge of $16 million related to
    divestments. This was partly offset by a net gain of $55 million from
    movements in tax provisions and by the net impact of fair value accounting
    of commodity derivatives and certain gas contracts of $48 million. Upstream
    earnings for the fourth quarter 2012 included a net gain of $1,801 million.

  * Downstream earnings included a net charge of $86 million, reflecting
    impairments of $105 million, mainly related to a bitumen refinery in North
    America, redundancy and restructuring charges of $27 million and the net
    impact of fair value accounting of commodity derivatives of $27 million.
    This was partly offset by a net gain of $73 million related to divestments.
    Downstream earnings for the fourth quarter 2012 included a net charge of
    $89 million.

  * Corporate results and Non-controlling interest included a net charge of $46
    million, mainly reflecting a net charge from movements in tax provisions.
    Earnings for the fourth quarter 2012 did not include any identified items.

SUMMARY OF IDENTIFIED ITEMS                                                    
                                                                               
Quarters                   $ million                        Full year          
                                                                               
Q4 2013  Q3 2013  Q4 2012                                   2013      2012     
                                                                               
                           Segment earnings impact of                          
                           identified items:                                   
                                                                               
(631)    (176)    1,801     Upstream                        (2,479)   2,137    
                                                                               
(86)     14       (89)      Downstream                      (597)     39       
                                                                               
                            Corporate and Non-controlling                      
(46)     (47)     -        interest                         329       (271)    
                                                                               
(763)    (209)    1,712    Earnings impact                  (2,747)   1,905    
                                                                               

These identified items are shown to provide additional insight into segment
earnings and income attributable to shareholders. From the first quarter 2013
onwards, identified items include the full impact on Shell's CCS earnings of
the following items:

  * Divestment gains and losses

  * Impairments

  * Fair value accounting of commodity derivatives and certain gas contracts
    (see Note 4)

  * Redundancy and restructuring

Further items may be identified in addition to the above. Prior period
comparatives have not been restated.

EARNINGS BY BUSINESS SEGMENT

UPSTREAM                                                                        
                                                                                
Quarters                     $ million                        Full year         
                                                                                
Q4 2013 Q3 2013 Q4 2012 %2                                    2013   2012   %   
                                                                                
                             Upstream earnings excluding                        
2,477   3,466   4,401   -44  identified items1                15,117 20,107 -25 
                                                                                
1,846   3,290   6,202   -70  Upstream earnings1               12,638 22,244 -43 
                                                                                
                             Upstream cash flow from                            
5,557   6,709   6,165   -10  operating activities             30,114 33,061 -9  
                                                                                
14,150  8,148   9,323   +52  Upstream net capital investment  39,217 25,320 +55 
                                                                                
                             Liquids production available for                   
1,539   1,485   1,640   -6   sale (thousand b/d)              1,541  1,633  -6  
                                                                                
                             Natural gas production available                   
9,925   8,383   10,288  -4   for sale (million scf/d)         9,616  9,449  +2  
                                                                                
                             Total production available for                     
3,251   2,931   3,414   -5   sale (thousand boe/d)            3,199  3,262  -2  
                                                                                
                             Equity LNG sales volumes                           
4.93    4.88    5.49    -10  (million tonnes)                 19.64  20.20  -3  
                                                                                
1  Fourth quarter 2012 and full year 2012 comparatives restated for accounting  
policy change (see Note 2)                                                      
                                                                                
2  Q4 on Q4 change                                                              
                                                                                

Fourth quarter Upstream earnings excluding identified items were $2,477 million
compared with $4,401 million a year ago. Identified items were a net charge of
$631 million, compared with a net gain of $1,801 million in the fourth quarter
2012 (see page 6).

Compared with the fourth quarter 2012, earnings excluding identified items were
impacted by higher exploration expenses, mainly due to well write-offs in
French Guiana and in resources plays globally. Increased maintenance
activities, affecting high value oil and gas volumes as well as LNG sales
volumes, adversely impacted earnings by some $500 million compared with the
fourth quarter 2012. Depreciation increased, and the impact of the weakening
Australian dollar on a deferred tax liability reduced earnings by some $170
million compared with the fourth quarter 2012. Earnings also reflected lower
liquids and gas realisations, higher operating expenses and the deteriorated
security situation onshore Nigeria. Earnings benefited from the contribution of
growth projects and from higher LNG realisations.

Upstream Americas excluding identified items continued to incur a loss.

Global liquids realisations were 6% lower than for the fourth quarter 2012. In
Canada, synthetic crude oil realisations were 2% higher than for the same
period last year. Global natural gas realisations were 1% higher than for the
same quarter a year ago, with a 4% increase in the Americas and a 1% decrease
outside the Americas.

Fourth quarter 2013 production was 3,251 thousand boe/d compared with 3,414
thousand boe/d a year ago. Liquids production decreased by 6% and natural gas
production decreased by 4% compared with the fourth quarter 2012. The
deteriorated security situation in Nigeria impacted production volumes by some
40 thousand boe/d compared with the fourth quarter 2012. Excluding the impact
of the deteriorated security situation environment in Nigeria, divestments and
PSC price effects, fourth quarter 2013 production was 3% lower than for the
same period last year. Compared with the fourth quarter 2012, production
volumes were impacted by some 95 thousand boe/d due to higher maintenance and
asset replacement activities.

New field start-ups and the continuing ramp-up of existing fields contributed
some 115 thousand boe/d to production for the fourth quarter 2013.

Equity LNG sales volumes of 4.93 million tonnes decreased by 10% compared with
the same quarter a year ago, mainly reflecting higher planned maintenance
activities at several LNG plants, partly offset by stronger operating
performance.

Full year Upstream earnings excluding identified items were $15,117 million
compared with $20,107 million in 2012. Identified items were a net charge of
$2,479 million, compared with a net gain of $2,137 million in 2012 (see page
6).

Compared with 2012, Upstream earnings excluding identified items reflected
higher exploration expenses, increased operating expenses, higher depreciation
as well as lower liquids and LNG realisations. Earnings were also impacted by
the deteriorated operating environment in Nigeria and the impact of the
weakening Australian dollar on a deferred tax liability. This was partly offset
by the contribution of Pearl GTL, and higher gas realisations in the Americas.

Global liquids realisations were 6% lower than in 2012. In Canada, synthetic
crude oil realisations were 7% higher than in 2012. Global natural gas
realisations were 6% higher than in 2012, with a 27% increase in the Americas
and a 3% increase outside the Americas.

Full year 2013 production was 3,199 thousand boe/d compared with 3,262 thousand
boe/d in 2012. Liquids production was down 6% and natural gas production
increased by 2% compared with 2012. The deteriorated operating environment in
Nigeria impacted production volumes by some 50 thousand boe/d compared with
2012. Excluding the impact of divestments, PSC price effects and the
deteriorated operating environment in Nigeria, production volumes in 2013 were
in line with 2012. Production volumes were impacted by higher maintenance and
asset replacement activities.

New field start-ups and the continuing ramp-up of existing fields, in
particular Pearl GTL in Qatar, contributed some 170 thousand boe/d to
production in 2013.

Equity LNG sales volumes of 19.64 million tonnes were 3% lower than in 2012,
mainly reflecting lower volumes from Nigeria LNG due to reduced feedgas supply
as a result of the deteriorated operating environment in Nigeria. Excluding the
impact of the challenging operating environment in Nigeria, equity LNG sales
volumes were in line with 2012.

DOWNSTREAM                                                                      
                                                                                
Quarters                     $ million                        Full year         
                                                                                
Q4 2013 Q3 2013 Q4 2012 %2                                    2013   2012   %   
                                                                                
                             Downstream CCS earnings                            
558     892     1,190   -53  excluding identified items1      4,466  5,343  -16 
                                                                                
472     906     1,101   -57  Downstream CCS earnings1         3,869  5,382  -28 
                                                                                
                             Downstream cash flow from                          
808     2,969   4,303   -81  operating activities             7,903  11,111 -29 
                                                                                
                             Downstream net capital                             
1,571   1,166   1,471   +7   investment                       4,885  4,275  +14 
                                                                                
                             Refinery processing intake                         
2,910   2,947   2,804   +4   (thousand b/d)                   2,915  2,819  +3  
                                                                                
                             Oil products sales volumes                         
6,038   6,398   6,367   -5   (thousand b/d)                   6,164  6,235  -1  
                                                                                
                             Chemicals sales volumes                            
4,412   4,620   4,620   -5   (thousand tonnes)                17,386 18,669 -7  
                                                                                
1  Fourth quarter 2012 and full year 2012 comparatives restated for accounting  
policy change (see Note 2)                                                      
                                                                                
2  Q4 on Q4 change                                                              
                                                                                

Fourth quarter Downstream earnings excluding identified items were $558 million
compared with $1,190 million for the fourth quarter 2012. Identified items were
a net charge of $86 million, compared with a net charge of $89 million for the
fourth quarter 2012 (see page 6).

Compared with the fourth quarter 2012, Downstream earnings excluding identified
items were mainly impacted by significantly weaker refining industry
conditions, in particular in Asia and Europe. Earnings also reflected lower
contributions from marketing and trading. This was partly offset by positive
contributions from the Motiva joint venture in the United States and by higher
Chemicals earnings, as a result of improved chemicals industry conditions in
Asia and the United States, as well as continued strong operating performance.

Oil products sales volumes decreased by 5% compared with the same period a year
ago, as a result of lower marketing and trading volumes, partly offset by an
accounting policy change (see Note 1b).

Chemicals sales volumes also decreased by 5% compared with the same quarter
last year, mainly as a result of an accounting policy change (see Note 1b) and
contract expirations, partly offset by higher trading volumes. Chemicals
manufacturing plant availability of 91% was in line with the fourth quarter
2012 and reflected continued strong operating performance, offset by higher
planned maintenance.

Refinery intake volumes were 4% higher compared with the same quarter last
year, mainly as a result of an accounting policy change (see Note 1b) and also
from higher volumes from the Motiva joint venture. Refinery availability was
93%, compared with 92% for the fourth quarter 2012.

Full year Downstream earnings excluding identified items were $4,466 million
compared with $5,343 million in 2012. Identified items were a net charge of
$597 million, compared with a net gain of $39 million in 2012 (see page 6).

Compared with 2012, Downstream earnings excluding identified items reflected
higher contributions from Chemicals and trading, with continued strong
contributions from marketing, which were broadly similar to 2012. This was more
than offset by significantly lower realised refining margins, mainly as a
result of a severe deterioration of industry conditions in most regions.
Contributions from North American refineries were also impacted by the narrower
price differential between North American crude oil markers and the Brent crude
oil marker. As a result of these developments, refining incurred a loss in
2013.

Oil products sales volumes were 1% lower compared with 2012, reflecting lower
marketing and trading volumes, partly offset by the effect of an accounting
policy change (see Note 1b).

Chemicals sales volumes decreased by 7% compared with 2012, mainly as a result
of an accounting policy change (see Note 1b) and contract expirations, partly
offset by higher trading volumes. Chemicals manufacturing plant availability
increased to 92% from 91% in 2012, reflecting improved operational performance.

Refinery intake volumes were 3% higher than in 2012, mainly as a result of an
accounting policy change (see Note 1b). Refinery availability was 92%, compared
with 93% in 2012.

CORPORATE AND NON-CONTROLLING INTEREST                                        
                                                                              
Quarters                $ million                                Full year    
                                                                              
Q4 2013 Q3 2013 Q4 2012                                          2013   2012  
                                                                              
                        Corporate and Non-controlling interest                
(120)   99      48      excl. identified items1                  (91)   (191) 
                                                                              
                        Of which:                                             
                                                                              
(73)    135     82        Corporate1                             73     31    
                                                                              
(47)    (36)    (34)      Non-controlling interest               (164)  (222) 
                                                                              
(166)   52      48      Corporate and Non-controlling interest1  238    (462) 
                                                                              
1 Fourth quarter 2012 and full year 2012 comparatives restated for accounting 
policy change (see Note 2)                                                    
                                                                              

Fourth quarter Corporate results and Non-controlling interest excluding
identified items were a loss of $120 million, compared with a gain of $48
million in the same period last year. Identified items for the fourth quarter
2013 were a net charge of $46 million, whereas earnings for the fourth quarter
2012 did not include any identified items (see page 6).

Compared with the fourth quarter 2012, Corporate results excluding identified
items mainly reflected higher net interest expense and adverse currency
exchange rate effects, partly offset by lower costs.

Full year Corporate results and Non-controlling interest excluding identified
items were a loss of $91 million compared with a loss of $191 million in 2012.
Identified items for 2013 were a net gain of $329 million, compared with a net
charge of $271 million in 2012 (see page 6).

Compared with 2012, Corporate results excluding identified items mainly
reflected lower net interest expense and lower costs, partly offset by adverse
currency exchange rate effects.

FORTHCOMING EVENTS

Shell's annual Management Day is scheduled for March 13, 2014 in London, United
Kingdom, and will also be webcast on www.shell.com/investor. On March 17, 2014
a Management Day will be held in New York, United States.

First quarter 2014 results and first quarter 2014 dividend are scheduled to be
announced on May 1, 2014. Second quarter 2014 results and second quarter 2014
dividend are scheduled to be announced on July 31, 2014. Third quarter 2014
results and third quarter 2014 dividend are scheduled to be announced on
October 30, 2014.

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF INCOME                                                
                                                                                
Quarters                      $ million                     Full year           
                                                                                
                 Q4                                                             
Q4 2013  Q3 2013 20121   %2                                 2013    20121   %   
                                                                                
109,243  116,513 118,047      Revenue                       451,235 467,153     
                                                                                
                              Share of profit of joint                          
2,024    1,515   2,127        ventures and associates       7,275   8,948       
                                                                                
212      230     2,437        Interest and other income     1,089   5,599       
                                                                                
                              Total revenue and other                           
111,479  118,258 122,611      income                        459,599 481,700     
                                                                                
85,853   91,842  93,350       Purchases                     353,199 369,725     
                                                                                
                              Production and manufacturing                      
7,512    7,416   7,319        expenses                      28,386  26,215      
                                                                                
                              Selling, distribution and                         
3,861    3,566   3,698        administrative expenses       14,675  14,465      
                                                                                
428      291     416          Research and development      1,318   1,307       
                                                                                
1,766    1,636   1,167        Exploration                   5,278   3,104       
                                                                                
                              Depreciation, depletion and                       
5,629    4,153   3,835        amortisation                  21,509  14,615      
                                                                                
470      392     379          Interest expense              1,642   1,757       
                                                                                
5,960    8,962   12,447  -52  Income before taxation        33,592  50,512  -33 
                                                                                
4,138    4,225   5,691        Taxation                      17,066  23,552      
                                                                                
1,822    4,737   6,756   -73  Income for the period         16,526  26,960  -39 
                                                                                
                              Income attributable to                            
41       60      28           non-controlling interest      155     248         
                                                                                
                              Income attributable to Royal                      
1,781    4,677   6,728   -74  Dutch Shell plc shareholders  16,371  26,712  -39 
                                                                                
 1 Restated for accounting policy change (see Note 2)                           
                                                                                
  2 Q4 on Q4 change                                                             
                                                                                

EARNINGS PER SHARE                                                             
                                                                               
Quarters                   $                                Full year          
                                                                               
Q4 2013  Q3 2013  Q4 20121                                  2013      20121    
                                                                               
0.28     0.75     1.07     Basic earnings per share         2.60      4.27     
                                                                               
0.28     0.75     1.07     Diluted earnings per share       2.60      4.26     
                                                                               
1 Restated for accounting policy change (see Note 2)                           
                                                                               

SHARES1                                                                        
                                                                               
Quarters                   Millions                         Full year          
                                                                               
Q4 2013  Q3 2013  Q4 2012                                   2013      2012     
                                                                               
                           Weighted average number of                          
                           shares as the basis for:                            
                                                                               
6,272.9  6,269.7  6,282.8    Basic earnings per share       6,291.1   6,261.2  
                                                                               
6,275.1  6,272.5  6,289.2    Diluted earnings per share     6,293.4   6,267.8  
                                                                               
                           Shares outstanding at the end of                    
6,295.4  6,282.2  6,305.9  the period                       6,295.4   6,305.9  
                                                                               
1 Royal Dutch Shell plc ordinary shares of euro 0.07 each                      
                                                                               

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                                 
                                                                               
Quarters                $ million                           Full year          
                                                                               
                Q4                                                             
Q4 2013 Q3 2013 20121                                       2013      20121    
                                                                               
1,822   4,737   6,756   Income for the period               16,526    26,960   
                                                                               
                        Other comprehensive income, net of                     
                        tax:                                                   
                                                                               
                        Items that may be reclassified to                      
                        income in later periods:                               
                                                                               
(326)   1,064   36      Currency translation differences    (1,938)   1,394    
                                                                               
                        Unrealised gains/(losses) on                           
28      (154)   (683)   securities                          (166)     (815)    
                                                                               
(2)     25      101     Cash flow hedging gains/(losses)    178       31       
                                                                               
                        Share of other comprehensive loss                      
(43)    (39)    (179)   of joint ventures and associates    (167)     (222)    
                                                                               
(343)   896     (725)   Total                               (2,093)   388      
                                                                               
                          Items that are not reclassified                      
                        to income in later periods:                            
                                                                               
2,370   (557)   (2,500) Retirement benefits remeasurements  3,833     (2,578)  
                                                                               
2,370   (557)   (2,500) Total                               3,833     (2,578)  
                                                                               
                        Other comprehensive income/(loss)                      
2,027   339     (3,225) for the period                      1,740     (2,190)  
                                                                               
3,849   5,076   3,531   Comprehensive income for the period 18,266    24,770   
                                                                               
                        Comprehensive income attributable                      
(14)    34      46      to non-controlling interest         23        300      
                                                                               
                        Comprehensive income attributable                      
                        to Royal Dutch Shell plc                               
3,863   5,042   3,485   shareholders                        18,243    24,470   
                                                                               
1 Restated for accounting policy change (see Note 2)                           
                                                                               
CONDENSED CONSOLIDATED BALANCE SHEET                                           
                                                                               
                                         $ million                             
                                                                               
                                                      Sept 30,     Dec 31,     
                                         Dec 31, 2013 2013         20121       
                                                                               
Assets                                                                         
                                                                               
Non-current assets:                                                            
                                                                               
Intangible assets                        4,394        4,348        4,470       
                                                                               
Property, plant and equipment            191,897      186,541      172,293     
                                                                               
Joint ventures and associates            34,613       34,010       38,350      
                                                                               
Investments in securities                4,715        4,703        4,867       
                                                                               
Deferred tax                             5,785        5,514        4,288       
                                                                               
Retirement benefits                      3,574        3,205        2,301       
                                                                               
Trade and other receivables              9,191        9,633        8,991       
                                                                               
                                         254,169      247,954      235,560     
                                                                               
Current assets:                                                                
                                                                               
Inventories                              30,009       29,820       30,781      
                                                                               
Trade and other receivables              63,638       62,561       65,403      
                                                                               
Cash and cash equivalents                9,696        14,278       18,550      
                                                                               
                                         103,343      106,659      114,734     
                                                                               
Total assets                             357,512      354,613      350,294     
                                                                               
Liabilities                                                                    
                                                                               
Non-current liabilities:                                                       
                                                                               
Debt                                     36,218       31,972       29,921      
                                                                               
Trade and other payables                 4,065        4,198        4,175       
                                                                               
Deferred tax                             11,943       11,678       10,312      
                                                                               
Retirement benefits                      11,182       13,738       15,290      
                                                                               
Decommissioning and other provisions     19,698       18,839       17,435      
                                                                               
                                         83,106       80,425       77,133      
                                                                               
Current liabilities:                                                           
                                                                               
Debt                                     8,344        5,106        7,833       
                                                                               
Trade and other payables                 70,112       71,988       72,839      
                                                                               
Taxes payable                            11,173       13,110       12,684      
                                                                               
Retirement benefits                      382          383          402         
                                                                               
Decommissioning and other provisions     3,247        3,195        3,221       
                                                                               
                                         93,258       93,782       96,979      
                                                                               
Total liabilities                        176,364      174,207      174,112     
                                                                               
Equity attributable to Royal Dutch Shell                                       
plc shareholders                         180,047      179,147      174,749     
                                                                               
Non-controlling interest                 1,101        1,259        1,433       
                                                                               
Total equity                             181,148      180,406      176,182     
                                                                               
Total liabilities and equity             357,512      354,613      350,294     
                                                                               
1 Restated for accounting policy change (see Note 2)                           
                                                                               

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, 20131 542     (2,287)  (3,752)  180,246  174,749  1,433           176,182 
                                                                                        
Comprehensive                                                                           
income for the                                                                          
period              -       -        1,872    16,371   18,243   23              18,266  
                                                                                        
Capital                                                                                 
contributions from,                                                                     
and other changes                                                                       
in, non-controlling                                                                     
interest            -       -        -        18       18       (103)           (85)    
                                                                                        
Dividends paid      -       -        -        (11,338) (11,338) (252)           (11,590)
                                                                                        
Scrip dividends2    12      -        (12)     4,140    4,140    -               4,140   
                                                                                        
Repurchases of                                                                          
shares3             (12)    -        12       (5,757)  (5,757)  -               (5,757) 
                                                                                        
Shares held in                                                                          
trust: net sales/                                                                       
(purchases) and                                                                         
dividends received  -       355      -        126      481      -               481     
                                                                                        
Share-based                                                                             
compensation        -       -        (157)    (332)    (489)    -               (489)   
                                                                                        
At December 31,                                                                         
2013                542     (1,932)  (2,037)  183,474  180,047  1,101           181,148 
                                                                                        
At January 1, 20121 536     (2,990)  (1,961)  162,895  158,480  1,486           159,966 
                                                                                        
Comprehensive                                                                           
income for the                                                                          
period1             -       -        (2,242)  26,712   24,470   300             24,770  
                                                                                        
Capital                                                                                 
contributions from,                                                                     
and other changes                                                                       
in, non-controlling                                                                     
interest            -       -        -        39       39       (61)            (22)    
                                                                                        
Dividends paid      -       -        -        (10,955) (10,955) (292)           (11,247)
                                                                                        
Scrip dividends2    9       -        (9)      3,565    3,565    -               3,565   
                                                                                        
Repurchases of                                                                          
shares3             (3)     - -      3        (1,728)  (1,728)  -               (1,728) 
                                                                                        
Shares held in                                                                          
trust: net sales/                                                                       
(purchases) and                                                                         
dividends received  -       703      -        150      853      -               853     
                                                                                        
Share-based                                                                             
compensation        -       -        457      (432)    25       -               25      
                                                                                        
At December 31,                                                                         
20121               542     (2,287)  (3,752)  180,246  174,749  1,433           176,182 
                                                                                        
1 Restated for accounting policy change (see Note 2)                                    
                                                                                        
2 Under the Scrip Dividend Programme some 125.6 million A shares, equivalent to         
$4.1 billion, were issued during 2013 and some 103.8 million A shares,                  
equivalent to $3.6 billion, were issued during 2012.                                    
                                                                                        
3 Includes shares committed to repurchase and repurchases subject to settlement         
at the end of the period                                                                
                                                                                        
                                                                                        
                                                                                        

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                                  
                                                                                
Quarters                   $ million                         Full year          
                                                                                
Q4 2013  Q3 2013  Q4 20121                                   2013      20121    
                                                                                
                           Cash flow from operating                             
                           activities                                           
                                                                                
1,822    4,737    6,756    Income for the period             16,526    26,960   
                                                                                
                           Adjustment for:                                      
                                                                                
4,677    4,965    5,966    - Current taxation                18,582    22,722   
                                                                                
436      354      324      - Interest expense (net)          1,448     1,543    
                                                                                
                           - Depreciation, depletion and                        
5,629    4,153    3,835    amortisation                      21,509    14,615   
                                                                                
(87)     (38)     (2,083)  - Net gains on sale of assets     (382)     (4,228)  
                                                                                
                           - Decrease/(increase) in working                     
(1,682)  551      994      capital                           2,988     3,391    
                                                                                
                           - Share of profit of joint                           
(2,024)  (1,515)  (2,127)  ventures and associates           (7,275)   (8,948)  
                                                                                
                           - Dividends received from joint                      
1,865    1,307    2,655    ventures and associates           7,117     10,573   
                                                                                
                           - Deferred taxation, retirement                      
                           benefits, decommissioning                            
                                                                                
(938)    (907)    (422)      and other provisions            (2,701)   341      
                                                                                
1,338    788      553      - Other                           2,937     201      
                                                                                
                           Net cash from operating                              
11,036   14,395   16,451   activities (pre-tax)              60,749    67,170   
                                                                                
(5,008)  (3,986)  (6,538)  Taxation paid                     (20,309)  (21,030) 
                                                                                
                           Net cash from operating                              
6,028    10,409   9,913    activities                        40,440    46,140   
                                                                                
                           Cash flow from investing                             
                           activities                                           
                                                                                
(14,508) (8,788)  (10,674) Capital expenditure2              (40,145)  (32,576) 
                                                                                
                           Investments in joint ventures and                    
(523)    (352)    (217)    associates                        (1,538)   (3,028)  
                                                                                
432      79       1,513    Proceeds from sales of assets     1,212     6,346    
                                                                                
                           Proceeds from sales of joint                         
109      212      415      ventures and associates           538       698      
                                                                                
2        (63)     (30)     Other investments (net)           (388)     (86)     
                                                                                
37       31       53       Interest received                 175       193      
                                                                                
                           Net cash used in investing                           
(14,451) (8,881)  (8,940)  activities                        (40,146)  (28,453) 
                                                                                
                           Cash flow from financing                             
                           activities                                           
                                                                                
                           Net increase/(decrease) in debt                      
                           with maturity period                                 
                                                                                
3,239    124      (467)    within three months               3,126     (165)    
                                                                                
4,366    4,402    1,813    Other debt: New borrowings        9,146     5,108    
                                                                                
(464)    (672)    (278)      Repayments                      (6,877)   (4,960)  
                                                                                
(650)    (323)    (283)    Interest paid                     (1,307)   (1,428)  
                                                                                
                           Change in non-controlling                            
(60)     8        25       interest                          (51)      23       
                                                                                
                           Cash dividends paid to:                              
                                                                                
                           - Royal Dutch Shell plc                              
(1,610)  (1,637)  (1,634)  shareholders                      (7,198)   (7,390)  
                                                                                
(36)     (136)    (26)     - Non-controlling interest        (252)     (292)    
                                                                                
(996)    (1,525)  (453)    Repurchases of shares             (5,000)   (1,492)  
                                                                                
                           Shares held in trust: net                            
                           (purchases)/sales and dividends                      
66       (189)    (43)     received                          (565)     (34)     
                                                                                
                           Net cash used in financing                           
3,855    52       (1,346)  activities                        (8,978)   (10,630) 
                                                                                
                           Currency translation differences                     
                           relating to cash and                                      
(14)     158      84       cash equivalents                  (170)     201      
                                                                                
                           (Decrease)/increase in cash and                      
(4,582)  1,738    (289)    cash equivalents                  (8,854)   7,258    
                                                                                
                           Cash and cash equivalents at                         
14,278   12,540   18,839   beginning of period               18,550    11,292   
                                                                                
                           Cash and cash equivalents at end                     
9,696    14,278   18,550   of period                         9,696     18,550   
                                                                                
1 Restated for accounting policy change (see Note 2)                            
                                                                                
2 See Note 6                                                                    
                                                                                

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of preparation

The unaudited quarterly and full year Condensed Consolidated Financial
Statements of Royal Dutch Shell plc and its subsidiaries (collectively known as
Shell) have been 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, 2012 (pages 103 to 108) as filed with the U.S.
Securities and Exchange Commission, except as described below:

A) Revised IAS 19 Employee Benefits was adopted on January 1, 2013, with
retrospective effect (see Note 2).

B) IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and
revised standards IAS 27 Separate Financial Statements and IAS 28 Investments
in Associates and Joint Ventures were adopted on January 1, 2013. The standards
reinforce the principles for determining when an investor controls another
entity and in certain cases amend the accounting for arrangements where an
investor has joint control. The impact of the changes on the accounting for
Shell's interests is not significant, hence comparative information was not
restated; the major investments affected are listed in Note 3.

C) IFRS 13 Fair Value Measurement was adopted on January 1, 2013, with prospective
effect. The standard affects nearly all instances where assets and liabilities
are currently recognised at fair value, primarily by refining the measurement
concept to represent an asset or liability's exit value. The standard also
introduces certain additional considerations to the measurement process and
additional disclosures. The impact of the changes for Shell is not significant.

The financial information presented in these Condensed Consolidated Financial
Statements does not constitute statutory accounts within the meaning of section
434(3) of the Companies Act 2006. Statutory accounts for the year ended
December 31, 2012 were published in Shell's Annual Report and a copy delivered
to the Registrar of Companies in England and Wales. The auditors' report 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 a statement under sections 498(2) or (3) of the
Companies Act 2006.

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 is defined as capital expenditure as reported in the
Condensed Consolidated Statement of Cash Flows, adjusted for: proceeds from
disposals (excluding those in the Corporate segment relating to other
investments); exploration expense excluding exploration wells written off;
investments in joint ventures and associates; 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. Accounting for defined benefit plans

Revised IAS 19 Employee Benefits (IAS 19R) was adopted on January 1, 2013, with
retrospective effect; comparative information is therefore restated.

The revised standard requires immediate recognition of actuarial gains and
losses and return on assets arising in connection with defined benefit plans
through other comprehensive income (see page 12). Previously, Shell applied the
corridor method of accounting under which amounts falling inside the corridor
remained unrecognised, while amounts falling outside it were recognised
(amortised) in income over a number of years. For the periods presented in this
Report, the elimination of this amortisation is approximately offset by lower
interest income being recognised in income under the IAS 19R "net interest"
approach. Under this approach, interest income from defined benefit plan assets
is determined based on the same discount rate as applied to measure plan
obligations, rather than on an expected rate of return reflecting the plan's
investment portfolio.

The following table sets out the impact of the change on relevant lines in the
Condensed Consolidated Balance Sheet, on gearing, and on the return on average
capital employed (ROACE, see Note 5) for the twelve months ending December 31,
2012.

$ million               Dec 31, 2012                                           
                                                                               
                                           Effect of                           
                        As previously      accounting policy                   
                        stated             change             Restated         
                                                                               
Non-current assets                                                             
                                                                               
 Deferred tax           4,045              243                4,288            
                                                                               
 Retirement benefits    12,575             (10,274)           2,301            
                                                                               
Non-current liabilities                                                        
                                                                               
 Deferred tax           15,590             (5,278)            10,312           
                                                                               
 Retirement benefits    6,298              8,992              15,290           
                                                                               
Total equity                                                                   
                                                                               
Other reserves          10,021             (13,773)           (3,752)          
                                                                               
Retained earnings       180,218            28                 180,246          
                                                                               
Gearing1                9.2%               0.6%               9.8%             
                                                                               
ROACE                   12.7%              0.9%               13.6%            
                                                                               
1 Net debt (total debt less cash and cash equivalents) as percentage of total  
capital (net debt plus equity)                                                 
                                                                               

The effect of the accounting policy change at January 1, 2012 was to reduce
Accumulated other comprehensive income (within Other reserves) by $10,945
million, Retained earnings by $92 million and Total equity by $11,037 million.

Income for the fourth quarter 2012 increased by $57 million, of which Upstream
segment earnings increased by $24 million, Downstream segment earnings
increased by $27 million and Corporate segment earnings increased by $6
million. Basic and diluted earnings per share for the fourth quarter 2012
increased by $0.01. There was no impact on net cash from operating activities.

Income for the full year 2012 increased by $120 million, of which Upstream
segment earnings increased by $82 million, Downstream segment earnings
increased by $32 million and Corporate segment earnings increased by $6
million. Basic and diluted earnings per share for the full year 2012 increased
by $0.02. There was no impact on net cash from operating activities.

3. Major investments in joint ventures and associates

Of the major investments in joint ventures and associates listed in the Annual
Report and Form 20-F for the year ended December 31, 2012 (page 117), Aera,
Deer Park and Saudi Aramco Shell Refinery have been assessed as joint
operations under IFRS 11 Joint Arrangements (see Note 1b) and are no longer
accounted for using the equity method as from January 1, 2013.

4. 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 this Report.

5. Return on average capital employed

Return on average capital employed (ROACE) measures the efficiency of Shell's
utilisation of the capital that it employs and is a common measure of business
performance. In this calculation, ROACE 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.

6. Acquisition of Repsol LNG businesses

On January 1, 2014, Shell completed the acquisition of part of Repsol S.A.'s
LNG portfolio for a net cash purchase price of $3.8 billion, subject to
post-closing adjustments. Of this amount, $3.4 billion was paid on December 31,
2013 (reflected within Trade and other receivables in the Condensed
Consolidated Balance Sheet and within Capital expenditure in the Condensed
Consolidated Statement of Cash Flows), with the balance settled on completion.

CAUTIONARY STATEMENT

All amounts shown throughout this Report are unaudited.

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 over which Royal Dutch Shell plc either directly or
indirectly has control. Companies over which Shell has joint control are
generally referred to as "joint ventures" and companies over which Shell has
significant influence but neither control nor joint control are referred to as
"associates". The term "Shell interest" is used for convenience to indicate the
direct and/or indirect (for example, through our 23% 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 Royal Dutch
Shell 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'', "schedule", ''seek'', ''should'',
''target'', ''will'' and similar terms and phrases. There are a number of
factors that could affect the future operations of Royal Dutch Shell 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 risk factors that may affect
future results are contained in Royal Dutch Shell's Form 20-F for the year
ended December 31, 2012 (available at www.shell.com/investor and www.sec.gov).
These risk factors also expressly qualify all forward-looking statements
contained in this document and should be considered by the reader. Each
forward-looking statement speaks only as of the date of this document, January
30, 2014. Neither Royal Dutch Shell plc nor any of its subsidiaries 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.

We may have used certain terms, such as resources, in this document that the
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 this form from the SEC by
calling 1-800-SEC-0330.

January 30, 2014

The information in this Report reflects the unaudited consolidated financial
position and results of Royal Dutch Shell plc. Company No. 4366849, Registered
Office: Shell Centre, London, SE1 7NA, England, UK.

Contacts:

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