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1Copyright of Royal Dutch Shell plc 24 February, 2015
CS VAIL ENERGY CONFERENCE
BALANCING GROWTH & RETURNS
24 FEBRUARY 201...
2Copyright of Royal Dutch Shell plc 24 February, 2015
MARVIN ODUM
UPSTREAM AMERICAS
DIRECTOR
ROYAL DUTCH SHELL PLC
3Copyright of Royal Dutch Shell plc 24 February, 2015
DEFINITIONS & CAUTIONARY NOTE
Reserves: Our use of the term “reserve...
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2014 DELIVERY
BALANCING GROWTH AND RETURNS
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PRIORITIES 2015+
 Choices on new options
 Supply chain management...
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INVESTMENT PRIORITIES + PERFORMANCE
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COMPETITIVE FINANCIAL PERFORMANCE
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DEEP-WATER GULF OF MEXICO
PROJECT FLOW
Execute (under construction)...
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NORTH AMERICA LNG
PROGRESSING TO FID
 2 x 6.5 mtpa first phase
 2...
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SHELL ARCTIC & NEAR ARCTIC
CANADA
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PRIORITIES 2015+
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 Supply chain management...
20Copyright of Royal Dutch Shell plc 24 February, 2015
QUESTIONS & ANSWERS
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Marvin Odum - Credit Suisse 20th Annual Energy Summit in Vail, Colorado, February 24, 2015

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Marvin Odum, Upstream Americas Director of Royal Dutch Shell plc presented at the Credit Suisse 20th Annual Energy Summit in Vail, Colorado.

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Marvin Odum - Credit Suisse 20th Annual Energy Summit in Vail, Colorado, February 24, 2015

  1. 1. 1Copyright of Royal Dutch Shell plc 24 February, 2015 CS VAIL ENERGY CONFERENCE BALANCING GROWTH & RETURNS 24 FEBRUARY 2015 ROYAL DUTCH SHELL PLC
  2. 2. 2Copyright of Royal Dutch Shell plc 24 February, 2015 MARVIN ODUM UPSTREAM AMERICAS DIRECTOR ROYAL DUTCH SHELL PLC
  3. 3. 3Copyright of Royal Dutch Shell plc 24 February, 2015 DEFINITIONS & CAUTIONARY NOTE Reserves: Our use of the term “reserves” in this presentation means SEC proved oil and gas reserves. Resources: Our use of the term “resources” in this presentation includes quantities of oil and gas not yet classified as SEC proved oil and gas reserves. Resources are consistent with the Society of Petroleum Engineers 2P and 2C definitions. Organic: Our use of the term Organic includes SEC proved oil and gas reserves excluding changes resulting from acquisitions, divestments and year-average pricing impact. Resources plays: our use of the term ‘resources plays’ refers to tight, shale and coal bed methane oil and gas acreage. The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this presentation “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 presentation refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control are referred to as “jointly controlled entities”. In this presentation, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest. This presentation 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’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ 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 presentation, 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 potential litigation and regulatory measures as a result of climate changes; (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 presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended 31 December, 2013 (available at www.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, 24 February, 2015. Neither Royal Dutch Shell 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 presentation. There can be no assurance that dividend payments will match or exceed those set out in this presentation in the future, or that they will be made at all. We use certain terms in this presentation, such as discovery potential, that the United States Securities and Exchange Commission (SEC) guidelines strictly prohibit us from including in 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.
  4. 4. 4Copyright of Royal Dutch Shell plc 24 February, 2015 400 600 800 0 2 4 '04 '06 '08 '10 '12 '14 0 5 10 '04 '06 '08 '10 '12 '14E 92 96 100 104 '04 '06 '08 '10 '12 '14 0 200 400 2012 2013 2014 FOCUS ON HSSE 2014 UPDATE Injuries – TRCF/million working hours Goal Zero on safety Injuries – TRCF/million working hours Spills - operational Volume in thousand tonnes Energy intensity – refineries Energy Intensity Index (EEITM) Process safety Number of incidents million working hours Working hours (RHS)TRCF  HSSE priority  Performance + transparency Tier 1 incidents Tier 2 incidents
  5. 5. 5Copyright of Royal Dutch Shell plc 24 February, 2015 50 100 150 200 1/1/05 2006 2008 2010 2012 2014 EXECUTING A CONSISTENT, LONG-TERM STRATEGY  Unrelenting focus on HSSE  Technology, integration and scale  Disciplined capital investment by strategic theme  Growth in cash flow through cycle  Competitive shareholder returns Total shareholder returns growth – 10 years Index 1/1/2005 =100  2014+ drive to rebalance growth and returns Shell S&P500 FTSE100
  6. 6. 6Copyright of Royal Dutch Shell plc 24 February, 2015 0 100 200 300 400 1990 2010 2030 2050 2050 outlook  Population increases from 7 to 9 billion  Enabled by cheap and reliable energy Realities  Requirement to mitigate climate change  Oil supply -70% by 2030 without new investment  Key role of gas & CCS ENERGY TRANSITIONS Long-term energy supply mix Million boe per day Gas Biomass Wind Coal Nuclear Other renewables Solar Shell activities Oil  Energy transitions underway +50% +50%
  7. 7. 7Copyright of Royal Dutch Shell plc 24 February, 2015 Oil market downturn  Entering 2015 with low oil prices  Requirement for $500 billion industry investment in upstream oil during 2014-20  Under-spending amplifies price spike risks Shell response  Long-term $70 - $90 - $110 Brent oil price screens unchanged  Planning for low prices 2015+; uncertain recovery timing  Hard choices on our growth pipeline + options  Opportunity to reduce costs 0 20 40 60 80 100 2014 decline growth 2020 OIL MARKET + SHELL RESPONSE Source: IEA estimates Oil supply Million barrels of oil per day
  8. 8. 8Copyright of Royal Dutch Shell plc 24 February, 2015 -5 0 5 10 15 -10 0 10 20 30 2010 2011 2012 2013 2014 0 5 10 15 20 25 0 10 20 30 40 50 2010 2011 2012 2013 2014 0 10 20 30 0 10 20 2010 2011 2012 2013 2014 FINANCIAL PERFORMANCE 2014 DELIVERY CCS earnings + ROACE excluding identified items Earnings + ROACE $ billion Cash flow $ billion Dividend, buyback + gearing $ billion % % Upstream Downstream Corporate/Other Dividend announced Buyback CFFO CFFI ROACE (RHS) Free cash flow (RHS) Gearing (RHS) $ billion Gearing range  Well-positioned into oil market downturn  Asset sales delivered ahead of oil price decline  Enhanced free cash flow + lower gearing
  9. 9. 9Copyright of Royal Dutch Shell plc 24 February, 2015 2014 DELIVERY BALANCING GROWTH AND RETURNS CCS earnings excluding identified items  CCS earnings $22.6 billion; CFFO $45.0 billion  Dividend growth + buyback  Restructuring in Oil Products + North America resources plays  Moderated spending + growth  Improved free cash flow; reduced gearing  Early completion of 14-15 divestment plan  4 operated deep-water start-ups  Repsol LNG integration: >$1 billion CFFO impact  New options in FEED; improved exploration Improve our financial performance Enhance our capital efficiency Deliver new projects
  10. 10. 10Copyright of Royal Dutch Shell plc 24 February, 2015 PRIORITIES 2015+  Choices on new options  Supply chain management  Managing affordability + financial flexibility  Preserving our competitive growth pipeline in downturn  Continued ramp-up of 2014 start-ups  2015 transition year into 2016/17+ growth  Returns and cash flow  Competitive returns for shareholders  Restructuring underperforming businesses  Cost reduction programmes Competitive financial performance Capital efficiency Project delivery
  11. 11. 11Copyright of Royal Dutch Shell plc 24 February, 2015 INVESTMENT PRIORITIES + PERFORMANCE 1 Iraq, Nigeria onshore (SPDC), Kazakhstan, Arctic, heavy oil Engines (Downstream, Upstream engine)  Free cash flow businesses  Maintain competitiveness  Asset integrity + selective growth Growth priority (Integrated Gas, deep water)  Global leadership established  High-grading our rich opportunity set Longer term (resources plays, future opportunities1)  Major potential; managing non-technical risks  Slower pace + capital allocation  Investment choices driven on a global thematic basis  Assets tested for attractiveness + resilience -5 0 5 10 15 -20% 0% 20% 40% ROACE (%) CFFO in billion $ Downstream engine Upstream engine Integrated gas Deep water Resources plays Future opportunities 2014 (Brent $99/bbl) 2013 (Brent $109/bbl) Bubble size represents year-end capital employed
  12. 12. 12Copyright of Royal Dutch Shell plc 24 February, 2015 -5 0 5 10 15 2011 2012 2013 2014 0.0 0.2 0.4 0.6 0.8 2011 2012 2013 2014 UPSTREAM AMERICAS PORTFOLIO Production million boe per day Deep-water Resources plays Heavy oil Capital investment $ billion Deep-water Resources plays Heavy oil Pre-FID/other +30% -20% Resources plays Deep-water Gas monetization options Heavy oil Western Canada dry gas + LRS Appalachia dry gas AOSP + in-situ Gulf of Mexico Brazil LNG Canada Gas-to-chemicals Elba LNG Integration potential Completed divestments AERA heavy oil Permian LRS Argentina Eastern Canada Colombia Resources Deep-water Resources plays Heavy oil 8.8 billion boe Major undeveloped resources Completed divestments
  13. 13. 13Copyright of Royal Dutch Shell plc 24 February, 2015 COMPETITIVE FINANCIAL PERFORMANCE RESTRUCTURING RESOURCES PLAYS PORTFOLIO Production excludes volumes from divestments Production kboe per day Capital investment $ billion E&A On-stream Gas Liquids Rich Colombia Argentina Neuquen Ukraine Oman Sichuan Changbei Arrow CBM Changbei 2 Russia Americas International 0 50 100 150 200 2011 2012 2013 2014 0 2 4 6 2013 2014 2015E Liquids Gas Permian Appalachia W. Canada LRS W. Canada gas  2014: North America portfolio restructured ($3.3 billion asset sales / 110 kboe/d)  2015+:  International portfolio reduction + possible write-downs  Potential to further reduce spending Tunisia -30% ` Germany Algeria Turkey
  14. 14. 14Copyright of Royal Dutch Shell plc 24 February, 2015 DEEP-WATER GULF OF MEXICO PROJECT FLOW Execute (under construction) On stream Select/Define Auger Mars Ursa Nakika Brutus Vito  ~100 kboe/d potential  >300 million boe resources  Shell 51.33% (operator) Appomattox  >150 kboe/d potential  >700 million boe resources  Shell ~80% (operator) Caesar Tonga Cardamom Mars B 100 km Growth outlook1:  228 kboe/d on stream in 2014  50 kboe/d under construction  >170 kboe/d new options 1 Shell share Rydberg  ~100mmboe discovery  Shell ~57% (operator) 2014/15 exploration success Ram Powell Stones FPSO Kaikias  Oil discovery; appraisal well spudded  Shell 100% (operator) Perdido Stones  ~50 kboe/d FPSO  >250 million boe resources  Shell 100% (operator)  FPSO under construction  2016 start-up Gettysburg  Oil discovery, evaluating results  Shell 80% (operator) Powernap  Oil discovery plus down-dip sidetrack oil discovery , evaluating results  Shell 50% (operator)
  15. 15. 15Copyright of Royal Dutch Shell plc 24 February, 2015 NORTH AMERICA LNG PROGRESSING TO FID  2 x 6.5 mtpa first phase  25-year export license for 24 mtpa in place  Joint venture agreement signed  FEED contract awarded  Joint venture: Shell (50%), Kogas, Mitsubishi, PetroChina  Two phased liquefaction project with up to 2.5 mtpa capacity  Joint venture 49% Shell + 51% Kinder Morgan  Shell will be single LNG off-taker (100%)  FERC application filed in March 2014  FEED completed LNG Canada Elba LNG
  16. 16. 16Copyright of Royal Dutch Shell plc 24 February, 2015 SHELL ARCTIC & NEAR ARCTIC CANADA RUSSIA KAZAKHSTAN NORWAY GREENLAND UNITED STATES SALYM KASHAGAN SAKHALIN NORTH POLE ORMEN LANGE BAFFIN BAY NIGLINTGAK CHUKCHI BEAUFORT KANUMAS NORWAY BARENTS Alaska, Chukchi Greenland, Baffin Bay Norway, Ormen Lange Russia, Sakhalin Russia, Salym Kazakhstan, Kashagan
  17. 17. 17Copyright of Royal Dutch Shell plc 24 February, 2015 0% 50% 100%  Growth priorities unchanged  Driving competitive cash flow CAPITAL EFFICIENCY INVESTMENT PRIORITIES 1 Resources plays, Majnoon, infill drilling Organic capital investmentInvestment themes 0% 50% 100% Growth priorities: 40% Longer term: 25% Engines: 35% 2015 organic capital investment 50% 10% 40% Pre-FID large project options Base Short-cycle projects1 Post-FID large projects Conventional exploration 2015 organic capital investment CFFO impact of 2015 investment ’15-’16 ’17-’18 ‘19+
  18. 18. 18Copyright of Royal Dutch Shell plc 24 February, 2015 0 70 140 0 25 50 0 4 8 12 2006 2007 2008 2009 2010 2011 2012 2013 2014 CASH PERFORMANCE + PAY-OUT Cash flow $ billion Cash flow from operations Cash flow from investments1  2014 dividend and buyback $15 billion  2015 dividend ~$12 billion  Buybacks in 2015 subject to oil prices  Gearing likely to increase in 2015 $ billion Gearing and pay-out Dividend track record $ billion Dividends announced 2012-2014 2014 Dividend Free cash flow % -10% 0% 10% 20% 30% -10 0 10 20 30 2009 2010 2011 2012 2013 2014 Gearing (RHS)Buybacks Pay-out Dividend is dividend announced 1 Includes MLP proceeds
  19. 19. 19Copyright of Royal Dutch Shell plc 24 February, 2015 PRIORITIES 2015+  Choices on new options  Supply chain management  Managing affordability + financial flexibility  Preserving our competitive growth pipeline in downturn  Continued ramp-up of 2014 start-ups  2015 transition year into 2016/17+ growth  Returns and cash flow  Competitive returns for shareholders  Restructuring underperforming businesses  Cost reduction programmes Competitive financial performance Capital efficiency Project delivery
  20. 20. 20Copyright of Royal Dutch Shell plc 24 February, 2015 QUESTIONS & ANSWERS

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