BG Group plc is a British multinational oil and gas company headquartered in Reading, United Kingdom. It has operations in 25 countries across Africa, Asia, Australasia, Europe, North America and South America and produces around 680,000 barrels of oil equivalent per day. It has a major Liquefied Natural Gas business and is the largest supplier of LNG to the United States. As at 31 December 2009 it had total proven commercial reserves of 2.6 billion barrels of oil equivalent.BG Group is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. As of 6 July 2012 it had a market capitalisation of £44.9 billion, the seventh-largest company listed on the London Stock Exchange. Wikipedia.
News Article | May 4, 2017
Oil giant Royal Dutch Shell books a sevenfold increase in its bottom line profits in the first quarter (AFP Photo/CARL COURT) London (AFP) - Net profit at Royal Dutch Shell increased more than sevenfold in the first quarter as oil prices recovered from heavy declines, the energy giant said on Thursday. Profit after tax came in at $3.538 billion (3.240 billion euros) in the three months to March, compared with $484 million in the first quarter of 2016, the Anglo-Dutch group said in a statement. Royal Dutch Shell chief executive Ben van Beurden said the group had "benefited from improved operational performance and better market conditions". Energy producers across the world are reaping the benefits of higher oil prices, which have strongly increased their revenues and profits. Crude futures have recovered thanks to the OPEC oil producers' cartel adhering to an output cut agreed late last year. US energy giants ExxonMobil and Chevron, as well as French titan Total and British group BP have all posted bumper profits in the past week. Oil prices are trading around $50 a barrel, up from $30 at the start of 2016. The hike helped Shell to a revenue increase of 47 percent to $73.3 billion in the first quarter from a year ago. Shell on Thursday added that first-quarter profit adjusted for exceptional items and the changing value of oil and gas inventories more than quadrupled to $3.38 billion. "The first quarter 2017 was a strong quarter for Shell," added van Beurden, who said the company was helped also by reduced debt. Shell last year bought smaller British rival BG in a deal worth around $68 billion at the time to strengthen the Anglo-Dutch group's position in the liquefied natural gas (LNG) market. "Following the successful integration of BG, we are rapidly transforming Shell through the consistent and disciplined execution of our strategy," van Beurden said Thursday. "This includes investing around $25 billion this year and the delivery of new projects, which we expect to generate $10 billion in cash flow from operating activities by 2018." Royal Dutch Shell shares rose 2.4 percent in morning trades on the London stock exchange. The group's latest earnings on "renewed stability in oil prices... appear to justify the somewhat risky decision by Shell management to pay such a big price for BG Group and its LNG assets", noted Michael Hewson, analyst at CMC Markets UK. "In seeking to mitigate the cost of this, the company embarked on a $30-billion cost-cutting programme which it is making good progress on."
News Article | April 28, 2017
Global Liquid Natural Gas market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Liquid Natural Gas in these regions, from 2012 to 2022 (forecast), covering On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into Dry Natural Gas wet Natural Gas On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Liquid Natural Gas for each application, including Vehicle Fuel Marine Fuel Industrial Power Generation Living Fuel Others If you have any special requirements, please let us know and we will offer you the report as you want. Global Liquid Natural Gas Market Research Report 2017 1 Liquid Natural Gas Market Overview 1.1 Product Overview and Scope of Liquid Natural Gas 1.2 Liquid Natural Gas Segment by Type (Product Category) 1.2.1 Global Liquid Natural Gas Production and CAGR (%) Comparison by Type (Product Category) (2012-2022) 1.2.2 Global Liquid Natural Gas Production Market Share by Type (Product Category) in 2016 1.2.3 Dry Natural Gas 1.2.4 wet Natural Gas 1.3 Global Liquid Natural Gas Segment by Application 1.3.1 Liquid Natural Gas Consumption (Sales) Comparison by Application (2012-2022) 1.3.2 Vehicle Fuel 1.3.3 Marine Fuel 1.3.4 Industrial Power Generation 1.3.5 Living Fuel 1.3.6 Others 1.4 Global Liquid Natural Gas Market by Region (2012-2022) 1.4.1 Global Liquid Natural Gas Market Size (Value) and CAGR (%) Comparison by Region (2012-2022) 1.4.2 North America Status and Prospect (2012-2022) 1.4.3 Europe Status and Prospect (2012-2022) 1.4.4 China Status and Prospect (2012-2022) 1.4.5 Japan Status and Prospect (2012-2022) 1.4.6 Southeast Asia Status and Prospect (2012-2022) 1.4.7 India Status and Prospect (2012-2022) 1.5 Global Market Size (Value) of Liquid Natural Gas (2012-2022) 1.5.1 Global Liquid Natural Gas Revenue Status and Outlook (2012-2022) 1.5.2 Global Liquid Natural Gas Capacity, Production Status and Outlook (2012-2022) 7 Global Liquid Natural Gas Manufacturers Profiles/Analysis 7.1 Shell 7.1.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.1.2 Liquid Natural Gas Product Category, Application and Specification 18.104.22.168 Product A 22.214.171.124 Product B 7.1.3 Shell Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.1.4 Main Business/Business Overview 7.2 Chevron 7.2.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.2.2 Liquid Natural Gas Product Category, Application and Specification 126.96.36.199 Product A 188.8.131.52 Product B 7.2.3 Chevron Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.2.4 Main Business/Business Overview 7.3 Total 7.3.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.3.2 Liquid Natural Gas Product Category, Application and Specification 184.108.40.206 Product A 220.127.116.11 Product B 7.3.3 Total Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.3.4 Main Business/Business Overview 7.4 Bechtel Corporation 7.4.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.4.2 Liquid Natural Gas Product Category, Application and Specification 18.104.22.168 Product A 22.214.171.124 Product B 7.4.3 Bechtel Corporation Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.4.4 Main Business/Business Overview 7.5 BG Group 7.5.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.5.2 Liquid Natural Gas Product Category, Application and Specification 126.96.36.199 Product A 188.8.131.52 Product B 7.5.3 BG Group Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.5.4 Main Business/Business Overview 7.6 Applied LNG 7.6.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.6.2 Liquid Natural Gas Product Category, Application and Specification 184.108.40.206 Product A 220.127.116.11 Product B 7.6.3 Applied LNG Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.6.4 Main Business/Business Overview 7.7 Cheniere 7.7.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.7.2 Liquid Natural Gas Product Category, Application and Specification 18.104.22.168 Product A 22.214.171.124 Product B 7.7.3 Cheniere Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.7.4 Main Business/Business Overview 7.8 Australia Pacific LNG 7.8.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.8.2 Liquid Natural Gas Product Category, Application and Specification 126.96.36.199 Product A 188.8.131.52 Product B 7.8.3 Australia Pacific LNG Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.8.4 Main Business/Business Overview 7.9 Guangdong Dapeng LNG Company 7.9.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.9.2 Liquid Natural Gas Product Category, Application and Specification 184.108.40.206 Product A 220.127.116.11 Product B 7.9.3 Guangdong Dapeng LNG Company Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.9.4 Main Business/Business Overview 7.10 Atlantic 7.10.1 Company Basic Information, Manufacturing Base, Sales Area and Its Competitors 7.10.2 Liquid Natural Gas Product Category, Application and Specification 18.104.22.168 Product A 22.214.171.124 Product B 7.10.3 Atlantic Liquid Natural Gas Capacity, Production, Revenue, Price and Gross Margin (2012-2017) 7.10.4 Main Business/Business Overview For more information, please visit https://www.wiseguyreports.com/sample-request/1227245-global-liquid-natural-gas-market-research-report-2017
News Article | May 22, 2017
Ben van Beurden, the chief executive of Royal Dutch Shell, took time to speak to The Washington Post on May 17 during a visit to Washington, and he touched on the oil giant’s transformation, climate change, millennials, the new Trump administration, economic sanctions and the Organization of the Petroleum Exporting Countries. It’s been a turbulent couple of years for the Shell CEO. With the roller coaster in crude oil prices, the company’s stock has lurched from a high of $83.12 a share six months after he took charge to a low of $36.87. The stock has climbed back, but revenue has plunged by a third since 2013. The shareholders’ annual meeting is on May 23 at The Hague. Along the way, van Beurden has been reorienting Shell, placing more emphasis on natural gas and less on oil, based on the theory that as climate concerns grow companies will favor gas because of its lower carbon dioxide emissions. Last year, Shell made a $53 billion acquisition of BG Group, which is big in the growing liquefied natural gas market. At the same time, van Beurden has abandoned some of Royal Dutch Shell’s high-profile oil ventures. He halted the unsuccessful $7 billion quest to find oil off Alaska’s Chukchi Sea coast; he sold the company’s oil, or tar, sands holdings in Alberta, and he sold some older oil fields in the North Sea. Eager to reduce debt after purchasing BG, van Beurden has sold about $30 billion worth of assets. This article is edited for clarity and brevity. You’ve said that Royal Dutch Shell was making a transition toward becoming more of a natural gas company. How is that going? It is not a just a single-minded transition from oil to gas. It is, actually, making investment choices and evolving our portfolio into what we think is very competitive but also very resilient portfolio. We’ve always seen that gas was going to be the fastest growing hydrocarbon, twice as fast as oil. And within the gas family, LNG is growing twice as fast as the average gas. Therefore, making a bet on that part of the hydrocarbon segment is a sensible choice. We have a strong focus also on petrochemicals. We believe petrochemicals, for slightly different but nevertheless fundamental demographic megatrend reasons, will continue to grow faster than GDP. But also we have to have investment strategies on renewable energy whether biofuels or straightforward investments or new business models that somehow are related. Gas is probably closest to our traditional pedigree, but also the single largest component in our growth strategy. We made a major step forward with BG. Now we are, of the international oil companies, far and away the largest LNG integrated gas player. The last time we met the United States and Europe had imposed economic sanctions on Russia over the annexation of Crimea. Does Shell believe these sanctions are still needed and how might it deal with an easing of sanctions there and in Iran, where sanctions have already been eased somewhat. We have a history in Iran but, at the moment, we have nothing in Iran. We comply with sanctions, and there is no question about it. When sanctions were put on we ceased all our activities in and with Iran as we were obligated to do. We have a trading relationship with the national oil company of Iran which is allowed under the loosened sanctions regime. We established that again. But investment in Iran is a different story. The country has lot of potential. Iranians would like to have access to modern technology like the technologies we have. We have been in a dialogue with the Iranians but ultimately we have to decide: Is the opportunity there attractive for us within the terms and conditions that would allow us to compete for capital in our portfolio? We are a long way off from making that determination. How would investing in Iran work and specifically what do we think the attitude of Europe and the United States would be toward Iran and would that be an environment that would allow us to move forward? The good thing is we have plenty of options. We are in a continuous mode of deciding which ones to move forward with within the capital discipline we have placed ourselves under. We have said we are going to invest no more than $25 billion to $30 billion a year, definitely not more than $30 billion. In today’s oil price environment probably closer to $25 billion. We are not scraping the bottom of the barrel so to speak for opportunities. Russia is a different story. We are a significant player in Russia. We have some very high quality and strategic assets. The sanctions regime on Russia is such that we are free to invest in these opportunities. Of course there are constraints on certain areas of the industry and we’re not playing in those. In terms of investments that we can do we are pursuing our venture with Gazprom in Sakhalin [Island, a giant oil and gas export facility on Russia’s east coast]. We are looking for opportunities to replicate a joint venture on the Baltic Sea, an energy project that would be very strategic for both our companies. We also have a downstream business we invest in. And we play a small role, more of a financing role, with Gazprom in the Nord Stream 2 [gas pipeline] project coming into Europe. We consider Russia in that sense a strategic partner, certainly Gazprom. Simply also because if you look at geology and geography — two things that you cannot change — it makes a lot of sense to bring gas from the largest gas resource in world close to the largest market. So there is an intrinsic rationale for developing that resource. We want to be a player in that space. Certainly if we are free to do so. How do you view President Trump and his administration and the prospect of changes in policies? It will take some time before the policy contours become very clear. More philosophically what you could say is that this administration is clearly keen to improve the investment climate in the United States, certainly for energy. The United States is the single most important country in our portfolio by whatever metric you choose. There is no country in which we invest as much as in the United States. He wants to revive the Keystone XL pipeline in which you had originally reserved space for oil from Alberta’s oil sands. We basically sold down our oil sands position. We don’t see ourselves investing more in oil sands. We now have basically gotten out of it. To have evacuation infrastructure may still be needed but not for us. How do you see future oil and gas demand amid political pressure over carbon emissions and the changing driving habits of millennials? Will these political and demographic changes constrain the oil and gas industry? I believe what has changed most is the acceptance by ever more people that this energy transition — driven by climate change and the actions of governments, or the attitudes of millennials [and their] lifestyle changes — all that has pointed more and more toward an energy transition that is unstoppable. At same time, it is clear that the growth in energy demand is also unstoppable. And the demographics or megatrends there are that more people and more people aspire to the lifestyle of the western developed world and that also has to be accommodated. What hasn’t quite registered in people’s minds is that these two forces that compete and collide with each other and make up an exquisitely complex puzzle that we have to solve as a society. Therefore the relatively simplistic narrative that more renewables will take care of everything or that we just need to leave it in ground and everything will be fine is in my mind an impossible story to believe in. [In Western society, people say] if I can have an electric car everybody can. If I can insulate my house everybody can. And my son doesn’t have driver’s license nobody will anymore. But the big global trend is a different story altogether. It’s unfortunate. I would love for society to finally grasp the magnitude of the challenge that we are really dealing with. The opportunity set that comes with it is evolving all the time. The more we see individual governments taking actions, the more we see disruptions taking place, the more we are able to find business models that take advantage of it. For a company like ours, we aren’t in the business of just getting oil out of the ground and putting it in a pipe or into a ship and then we make money. We are a much more sophisticated company. We are not a one trick pony. We have never been a one trick pony. Increasingly we see more ways to differentiate ourselves to be not only a successful navigator in the energy transition but to be an absolute winner at the end. Many members of the Trump administration don’t believe in climate change. What are your views? We believe that climate change is real. We believe that the threat of climate change is real. And we believe that action is needed. It doesn’t mean we have to kiss hydrocarbons goodbye. In fact, we can’t. But it does mean that we have to make more intelligent choices. The Organization of the Petroleum Exporting Countries meets on May 25. How do you view OPEC? The demise of OPEC, which has many times been touted as imminent or already happened, is overdone. OPEC is a very significant voice and a very significant actor. Maybe its volumetric share is less than what it used to be decades ago, but they still have a very important role in stabilizing oil markets. In a way, stable oil markets is a good thing. My concern is not whether the oil price is $30 or $130. My concern is whether it will be oscillating. [When prices fluctuate,] people are drawn in by the hundreds of thousands and then laid off by the hundreds of thousands. Socially it is not a good thing and it creates a structure that breeds inefficiency. So I’m a great fan of stability.
News Article | May 18, 2017
As a world leader in advanced inspection solutions, Eddyfi Technologies is thrilled to announce the acquisition of TSC Inspection Systems. Headquartered in Milton Keynes, UK, TSC has significantly contributed in shaping the landscape of electromagnetic testing technologies over the last 30 years. The company developed the field-proven ACFM® technology with support from BP, BG Group, Conoco, and Shell, who were keen to significantly improve the reliability of underwater inspections, reduce operator dependence, and provide auditable inspection records. Decades later, the ACFM technology is specified by owners and operators of safety-critical infrastructures worldwide and is accepted as one of the most reliable methods of detecting surface-breaking cracks in steel structures and metallic components. The company’s StressProbe™ technology also provides highly versatile, non-contacting strain measurement systems that can operate through coatings in harsh environments, both onshore and subsea. TSC currently has 35 employees and satellite offices in Aberdeen and Singapore. After its successful acquisition of Silverwing in 2016, this additional strategic transaction reinforces Eddyfi Technologies’ presence in the UK and broadens the company’s portfolio of technologies and addressable markets. Martin Thériault, president and CEO of Eddyfi Technologies says: “We will be investing significantly to advance TSC technologies and products, while preserving the widely recognized history of ACFM and StressProbe. We will move the company closer to a technology provider role in better collaboration with the various players of the industry. Our wide network of sales and applications engineers will allow us to support ACFM users worldwide and offer the best to all those relying on the technology to perform surface inspections, topside and underwater. Finally, we are especially excited about entering the subsea market and expand our range of solutions for the world’s most challenging offshore oil and gas applications.” Chris Walters, CEO of TSC adds: “We are extremely pleased to see TSC joining an expanding and progressive NDT technology group that really understands the dynamics of the industry today, with a team and vision for growth that offer incredible synergies to the TSC brand, technologies, and products. We believe that Eddyfi Technologies’ scale, expertise, and reputation in advanced NDT technology will be key to advancing the capabilities and applications for ACFM and StressProbe in new exciting markets. It is fantastic to join forces as a unique, world-class NDT technology provider and we appreciate very much the support of our institutional backers Octopus Investments and Encore Capital, and our advisers Simmons & Company International that helped make it happen.” With this acquisition, Eddyfi Technologies further accelerates its scaling and growth with more than 235 employees and sales in 70 countries. Last March, Caisse de dépôt et placement du Québec (CDPQ), one of North America’s leading institutional fund managers, invested in Eddyfi Technologies to help it pursue its international growth plan. As a minority shareholder of the company, CDPQ’s investment has helped finance this new acquisition. Eddyfi Technologies maximizes the potential of multiple advanced and niche NDT inspection technology brands. With its three centers of excellence in Québec (Canada), Swansea (UK), and Milton Keynes (UK), Eddyfi Technologies focuses on offering high-performance NDT solutions for the inspection of critical components and assets through three strong, complementary brands: Eddyfi, Silverwing, and TSC. Eddyfi Technologies serves customers in more than 70 countries in such major industries as nuclear, power generation, oil & gas, and aerospace, leveraging several offices around the globe, all staffed by NDT experts.
News Article | May 4, 2017
Cash flow from operating activities for the first quarter 2017 was $9.5 billion, which included negative working capital movements of $1.8 billion, compared with $0.7 billion in the first quarter 2016, which included negative working capital movements of $3.9 billion. Total dividends distributed to shareholders in the quarter were $3.9 billion, of which $1.2 billion were settled by issuing 47.8 million A shares under the Scrip Dividend Programme. Royal Dutch Shell Chief Executive Officer Ben van Beurden commented: "The first quarter 2017 was a strong quarter for Shell. Cash flow from operating activities of $9.5 billion and free cash flow of $5.2 billion enabled us to reduce debt, and cover our cash dividend for the third consecutive quarter. We saw notable improvements in Upstream and Chemicals, which benefited from improved operational performance and better market conditions. Our operations in Qatar are restarting during the second quarter. We continue to reshape Shell's portfolio and to transform the company with over $20 billion divestments completed or announced that will strengthen the balance sheet as they are completed. The strategy we have outlined to deliver a world-class investment case is taking shape. Following the successful integration of BG, we are rapidly transforming Shell through the consistent and disciplined execution of our strategy. This includes investing around $25 billion this year and the delivery of new projects, which we expect to generate $10 billion in cash flow from operating activities by 2018." Supplementary financial and operational disclosure for this quarter is available at www.shell.com/investor. During the quarter, Shell announced the sale of its interest in the Bongkot field in Thailand, and in April, Shell announced the sale of its interest in the Kapuni assets in New Zealand. In April, Shell signed an agreement with Nord Stream 2 AG to provide a long-term funding facility of €285 million expected to be drawn down in 2017 and funds of up to €665 million to cover a combination of short and long-term funding and guarantees for a pipeline project. During the quarter, Shell made a final investment decision ("FID") for the Kaikias deep-water project in the Gulf of Mexico. Shell announced the sale of a package of United Kingdom North Sea assets, oil sands and in-situ interests in Canada, and onshore interests in Gabon. During the quarter, Shell announced the sale of its interest in the SADAF chemicals joint venture in Saudi Arabia, and in April, Shell announced the sale of its LPG business in Hong Kong. In April, Shell completed the sale of its interest in Vivo Energy in Africa, and in May Shell completed the separation of Motiva assets in the United States. First quarter identified items primarily reflected a gain of some $473 million related to the impact of the strengthening Australian dollar on a deferred tax position and a net gain on fair value accounting of certain commodity derivatives of some $168 million. Compared with the first quarter 2016, Integrated Gas earnings excluding identified items benefited from higher realised oil, gas, and LNG prices, higher LNG volumes, and increased contributions from trading. This more than offset the impacts of lower liquids production volumes, the accounting reclassification of Woodside in the second quarter 2016, and higher taxation. Despite higher earnings, cash flow from operating activities decreased compared with the same quarter a year ago as a result of negative working capital movements. Compared with the first quarter 2016, production volumes decreased mainly as a result of a controlled shutdown of Pearl GTL, partly offset by the contribution of BG assets for an additional month. New field start-ups and the continuing ramp-up of existing fields, in particular Gorgon in Australia, contributed some 62 thousand boe/d to production compared with the first quarter 2016. Compared with the first quarter 2016, LNG liquefaction volumes mainly reflected the start-up of Gorgon in Australia and the contribution of BG assets for an additional month. LNG sales volumes mainly reflected increased trading of third-party volumes and higher liquefaction volumes compared with the same quarter a year ago. First quarter identified items primarily reflected the impact of the divestment of Shell's oil sands interests in Canada, including an impairment loss of $1,436 million partly offset by a gain of $329 million related to the recognition of a deferred tax asset. Identified items also included a gain of $118 million related to the impact of the strengthening Brazilian real on a deferred tax position. Compared with the first quarter 2016, Upstream earnings excluding identified items benefited from higher realised oil and gas prices, increased production volumes mainly from new assets and improved operational performance, and lower depreciation including the impact of assets held for sale. Compared with the same quarter a year ago, cash flow from operating activities increased as a result of higher prices and volumes. The production contribution of BG assets for an additional month, compared with the first quarter 2016, was some 211 thousand boe/d. New field start-ups and the continuing ramp-up of existing fields, in particular Lula Central, Lula Alto and Lapa in Brazil, Kashagan in Kazakhstan, Sabah Gas Kebabangan in Malaysia, and Stones in the Gulf of Mexico, contributed some 142 thousand boe/d to production compared with the first quarter 2016, which more than offset the impact of field declines. First quarter identified items primarily reflected a net gain on fair value accounting of commodity derivatives of $278 million, partly offset by impairments of $100 million. Other identified items included an onerous contract provision of $39 million, a loss on divestment of $24 million and redundancy and restructuring charges of $24 million. Compared with the first quarter 2016, Downstream earnings excluding identified items benefited from stronger chemicals and refining industry conditions, improved operational performance, and lower operating expenses, partly offset by lower contributions from trading. Cash flow from operating activities included negative working capital movements of $221 million compared with negative working capital movements of $3,582 million in the same quarter a year ago. First quarter identified items mainly reflected a tax charge of $56 million related to an exchange rate gain on financing of the Upstream business. Compared with the first quarter 2016, Corporate earnings excluding identified items were impacted by higher net interest expense driven by increased debt following the acquisition of BG, partly offset by higher tax credits. Compared with the same quarter a year ago, cash flow from operating activities increased mainly as a result of lower costs and favourable working capital movements. OUTLOOK FOR THE SECOND QUARTER 2017 Compared with the second quarter 2016, Integrated Gas production volumes are expected to be impacted by a reduction of some 25 thousand boe/d mainly associated with the impact of restoring production at Pearl GTL, partly offset by the start-up of Gorgon. Compared with the second quarter 2016, Upstream earnings are expected to be negatively impacted by a reduction of some 45 thousand boe/d associated with completed divestments, and by some 50 thousand boe/d associated with the impact of lower production at NAM in the Netherlands. Earnings are expected to be positively impacted by some 55 thousand boe/d associated with lower levels of maintenance. Refinery availability is expected to increase in the second quarter 2017 as a result of lower maintenance compared with the same period a year ago. Chemicals manufacturing plant availability is expected to increase in the second quarter 2017 as a result of improved operational performance at Bukom and lower maintenance compared with the second quarter 2016. As a result of completed divestments in Malaysia and Denmark, and the separation of Motiva assets, oil products sales volumes are expected to decrease by some 200 thousand barrels per day compared with the same period a year ago. Corporate earnings excluding identified items, excluding the impact of currency exchange rate effects and interest rate movements, are expected to be a net charge of $350 - 450 million in the second quarter and a net charge of around $1.4 - 1.6 billion for the full year. Downstream earnings are expected to include a non-cash tax charge of up to $600 million in the second quarter 2017, associated with the completion of the separation of Motiva assets, which will be treated as an identified item. Corporate earnings are expected to include a non-cash charge of some $500 - 600 million in the second quarter 2017, driven by the restructuring of the funding of our businesses in North America, which will be treated as an identified item. NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS These unaudited Condensed Consolidated Interim Financial Statements ("Interim Statements") of Royal Dutch Shell plc ("the Company") and its subsidiaries (collectively referred to as "Shell") have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board and as adopted by the European Union, and 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, 2016 (pages 122 to 127) as filed with the U.S. Securities and Exchange Commission. The financial information presented in the Interim Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 ("the Act"). Statutory accounts for the year ended December 31, 2016 were published in Shell's Annual Report and a copy was 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 498(3) of the Act. Segment earnings are presented on a current cost of supplies basis (CCS earnings), which is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. 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. Sales between segments are based on prices generally equivalent to commercially available prices. At Royal Dutch Shell plc's Annual General Meeting on May 24, 2016, the Board was authorised to allot ordinary shares in Royal Dutch Shell plc, and to grant rights to subscribe for or to convert any security into ordinary shares in Royal Dutch Shell plc, up to an aggregate nominal amount of €185 million (representing 2,643 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 24, 2017, and the end of the Annual General Meeting to be held in 2017, unless previously renewed, revoked or varied by Royal Dutch Shell plc in a general meeting. 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 The "Shell" Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The capital redemption reserve was established in connection with repurchases of shares of Royal Dutch Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans. The table below provides the carrying amounts of derivatives contracts held, disclosed in accordance with IFRS 13 Fair Value Measurement . As disclosed in the Consolidated Financial Statements for the year ended December 31, 2016, presented in the Annual Report and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at March 31, 2017 are consistent with those used in the year ended December 31, 2016, and the carrying amounts of derivative contracts measured using predominantly unobservable inputs have not changed materially since that date. The table below provides the comparison of the fair value with the carrying amount of debt excluding finance lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures. A. Earnings on a current cost of supplies basis attributable to shareholders CCS earnings is defined in Note 2 "Segment information" to the Interim Statements in this Report. CCS earnings attributable to Royal Dutch Shell plc shareholders excludes the non-controlling interest share of CCS earnings and is reconciled to income/(loss) attributable to Royal Dutch Shell plc shareholders as follows. Identified items comprise: divestment gains and losses, impairments, fair value accounting of commodity derivatives and certain gas contracts, redundancy and restructuring, the impact of exchange rate movements on certain deferred tax balances, and other items. These items, either individually or collectively, can cause volatility to net income, in some cases driven by external factors, which may hinder the comparative understanding of Shell's financial results from period to period. The impact of identified items on Shell's CCS earnings is shown below. The categories above represent the nature of the items identified irrespective of whether the items relate to Shell subsidiaries or joint ventures and associates. The after-tax impact of identified items of joint ventures and associates is fully reported within "Share of profit and joint ventures and associates" on the Consolidated Statement of Income. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income. Only pre-tax identified items reported by subsidiaries are taken into account in the calculation of "underlying operating expenses" (Definition G). Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products as well as power and environmental products. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these 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. Impacts of exchange rate movements on tax balances represent the impact on tax balances of exchange rate movements arising on (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as losses (this primarily impacts the Integrated Gas and Upstream segments) and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment). Other identified items represent other credits or charges Shell's management assesses should be excluded to provide additional insight, such as certain provisions for onerous contracts or litigation. Capital investment is a measure used to make decisions about allocating resources and assessing performance. It comprises capital expenditure, exploration expense excluding well write-offs, new investments in joint ventures and associates, new finance leases and investments in Integrated Gas, Upstream and Downstream securities, all of which on an accruals basis. In 2016, it also included the capital investment related to the acquisition of BG Group plc. The reconciliation of "Capital expenditure" to "Capital investment" is as follows. Divestments is a measure used to monitor the progress of Shell's divestment programme. This measure comprises proceeds from sale of property, plant and equipment and businesses, joint ventures and associates, and other Integrated Gas, Upstream and Downstream investments, reported in "Cash flow from investing activities", adjusted onto an accruals basis and for any share consideration received or contingent consideration recognised upon divestment, as well as proceeds from the sale of interests in entities while retaining control (for example, proceeds from sale of interest in Shell Midstream Partners, L.P.), which are included in "Change in non-controlling interest" within "Cash flow from financing activities". With effect from January 1, 2017, consideration received in the form of shares is valued and included in this measure upon completion of the divestment transactions, instead of when these shares are disposed of. This change in timing of recognition enables Shell to better evaluate its progress against its divestment programme. The share or contingent consideration is not remeasured thereafter, including if and when the shares received are eventually disposed of, or contingent consideration is realised. Comparative information for 2016 has been adjusted to include the share consideration received upon the divestments of Shell's interests in the Deep Basin and Gundy acreages (Canada) and the Brutus TLP and Glider subsea production system (USA), both in the fourth quarter 2016. In future periods, the proceeds from any disposal of shares received as divestment consideration, and proceeds from realisation of contingent consideration, will be included in "Cash flow from investing activities". The reconciliation of "Proceeds from sale of property, plant and equipment and businesses" to "Divestments" is as follows. Return on average capital employed (ROACE) measures the efficiency of Shell's utilisation of the capital that it employs. In this calculation, ROACE is defined as 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. Return on average capital employed on a CCS basis excluding identified items is defined as the sum of CCS earnings attributable to shareholders excluding identified items for the current and previous three quarters, as a percentage of the average capital employed for the same period. Gearing is a key measure of Shell's capital structure and is calculated as follows. Operating expenses is a measure of Shell's total operating expenses performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses. Underlying operating expenses measures Shell's total operating expenses performance excluding identified items. Free cash flow is used to evaluate cash available for financing activities, including dividend payments, after investment in maintaining and growing our business. It is defined as the sum of "Cash flow from operating activities" and "Cash flow from investing activities" as shown on page 1. All amounts shown throughout this announcement are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement "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 announcement refer to companies over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as "joint ventures" and "joint operations" respectively. Entities 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 ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest. This announcement 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 announcement, 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. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement 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, 2016 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, May 4, 2017. 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 announcement. This Report contains references to Shell's website. These references are for the readers' convenience only. Shell is not incorporating by reference any information posted on www.shell.com We may have used certain terms, such as resources, in this announcement 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. 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.
News Article | May 17, 2017
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(APCI) Albert Heijn Alpha Natural Resources Anhui Huaqiang Natural Gas Anthony Veder Apache APNG Barents NaturGass Bayernwerk AG Bechtel and Chart Energy & Chemicals BG Group Black & Veatch Blu LNG BOC Bomin Linde LNG BP Buffalo Marine Service Buquebus CCB - Gasnor CETS (CNOOC) Chart Industries, Inc. Cheniere Texas Chesapeake Energy Chevron China LNG Group Limited China National Petroleum Corporation (CNPC) Chinese Construction Bank (CCB) Chinese National Offshore Oil Corp (CNOOC) Chive Fuels Chuo Kaiun CH4 Energy Clean Energy Corp. CME Colony Energy Partners Conferenza GNL ConocoPhillips Conrad Shipyard Consol Energy Copenhagen Malmo Port COSCO Group Cryonorm BV Cryostar Group CSR Daiichi Dalian Inteh Group Danyang Dart Energy Deen Shipping DHL Bawtry DNV GL Donsotank / Jahre Marine AS Dresser Rand Dunkerque LNG DUON Elengy Enagas Encana Energigas Engie (GDF Suez) Eni ENN ENOSLNG Evergas Evol LNG Exmar ExxonMobil Fairbanks Natural Gas Fenosa Reganosa Ferus Finish Gas Association Fjord Line AS Flint Hills Resources Fluxys Fordonsgas Fortis BC Energy Fujian Energy Gas Natural GasEner SLR Gasnor Shell Gasrec Gasum Gasunie Gavle Hamn Gaz Métro LNG Gazprom GE-Energy GNF Golar LNG GoldEnergy GoldEnergy Commercializadora de Energia, S.A GoLNG INDONESIA Gyproc AS HAM Group Harvey Gulf Harvey Gulf International Marine Hawaiian Electric Company Herose Hess Corporation Hiroshima LNG Hogaki Zosen Hokkaido Gas Honeywell I.M. Skaugen InterStream Barging Itochu Jahre Marine Japan Exploration Co. Ltd (Japex) Japan Liquid Gas Jensen Maritime Jereh Group Jiangnan Shipyard Group JX Energy JX Nippon Oil & Energy Klapeidos Nafta Knutsen Kogas Kosan Crisplant Kunlun Energy Company Limited Linde Group Liquefied Natural Gas Limited Liqueline Lloyds Register LNG 24 LNG America LNG Europe B.V. LNG Hybrid LNG Silesia Manga LNG Marubeni MCGC MedoEnergi Meyer Werft GmbH Mitsui Monfort National Grid Naturgass New Times Energy New York City Department of Transportation Nihon Gas Ningbo Xinle Shipbuilding Group Noble Energy Norgas Carriers NYK Ohio Gas Company Okinawa EP Osaka Gas Oy AGA Ab Perbadanan/NYK Pertamina Perusahaan Gas Negara PetroChina Petronet PGNIG Plum Energy ONLG Polish Oil and Gas Co. Polski LNG Polski LNG - Polish Oil and Gas Co. Port of Antwerp - Exmar Portal Gas Group Preem Petroleum Corporation PT Perusahaan Listrik Negara Puget Sound Energy Reola Gaas Repsol Rolande LNG Rolls Royce Marine Royal Bodewes Royal Dutch Shell plc Saga Fjordbase Saibu Gas Sakaide LNG Salof Sendai Municipal Gas SGA: Swedish Gas Association Shaanxi Yanchang Petroleum Group Shell Shinwa Simon Loos Sinopec Skangas Skangass AS SOCAR South Korean Ministry of Trade Spectrum Spectrum LNG Stabilis Energy Statoil/AGA Stobart Group STX Offshore & Shipbuilding Swedegas Tenaska NG Fuels Tenaska NG Fuels - Waller Marine The Linde Group Toho Gas Tokyo Gas Total TOTE Travel Centers of America Tsurumi Sunmarine U.S. Maritime Administration United Shipbuilding Company Universal Shipbuilding Corporation Vanzetti Veka Deen LNG Veka Group Via Augusta Gas VICO Indonesia Vicuna Vopak Vopak - Gasunie Vos Logistics Waller Marine Wartsila Hamworthy Wuchang Shipbuilding Xilan Natural Gas Group To see a report overview please email Sara Peerun on email@example.com