Ben van Beurden, Chief Executive Officer of Royal Dutch Shell plc hosted a live analyst video webcast of the 2016 fourth quarter and full year results on Thursday February 2, 2017.
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Royal Dutch Shell plc fourth quarter 2016 results webcast presentation
1. Royal Dutch Shell February 2, 2017
Royal Dutch Shell plc
February 2, 2017
Fourth quarter 2016 results
Re-shaping Shell, to create a world-class investment case
#makethefuture
2. Royal Dutch Shell February 2, 2017
Ben van Beurden
Chief Executive Officer
Royal Dutch Shell
3. Royal Dutch Shell February 2, 2017 3
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 (SPE) 2P + 2C definitions.
Discovered and prospective resources: Our use of the term “discovered and prospective resources” are consistent with SPE 2P + 2C + 2U 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.
Shales: Our use of the term ‘shales’ refers to tight, shale and coal bed methane oil and gas acreage.
Underlying operating cost is defined as operating cost less identified items. A reconciliation can be found in the quarterly results announcement.
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this release “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 release 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 release 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 release,
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. There can be no assurance that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this
release 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 20-F for the year ended December 31, 2015 (available at www.shell.com/investor and www.sec.gov ).
These risk factors also expressly qualify all forward looking statements contained in this release and should be considered by the reader. Each forward-looking statement speaks only as of the date
of this release, February 2, 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
release.
With respect to operating costs synergies indicated, such savings and efficiencies in procurement spend include economies of scale, specification standardisation and operating efficiencies across
operating, capital and raw material cost areas.
We may have used certain terms, such as resources, in this release that United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. U.S.
Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
4. Royal Dutch Shell February 2, 2017 4
Key messages
Cash engines
today’s free cash flow
Growth priorities
deep water and
chemicals
Future opportunities
shales and new
energies
Create a world class
investment case
Grow free cash flow per
share, higher ROCE
More resilient and more
focused company
RE-SHAPING
SHELL
MANAGING THE
DOWN-CYCLE
PORTFOLIO
PRIORITIES
Pulling levers to manage
financial framework
Re-set our costs
Reduce debt
BG integration completed; synergy delivery continues
5. Royal Dutch Shell February 2, 2017 5
Transition 2016 +
delivery 2017+
Earnings on CCS basis, excluding identified items
Business mix underpins results
Downstream + Integrated Gas offsetting Upstream
Underlying CCS earnings 2016 $7 billion
CFFO 2016 $21 billion
Expected Q117 dividend $0.47 per share, unchanged
Continued drive to re-shape Shell
Consolidated BG into Shell
2017 capital investment
Progressing 4 levers: cost reductions, capital spend,
divestments and project start-ups
Leader: value
+ influence
Reducing our
carbon
intensity
Shared
value with
society
World-class
investment case
FCF/share + ROCE growth
Conservative financial
management
6. Royal Dutch Shell February 2, 2017
Strong free cash flow and returns
Re-shape Shell
Driving strategy
in multiple time
horizons
CONVENTIONAL
OIL + GAS
CHEMICALS
OIL
PRODUCTS
DEEP WATERINTEGRATED
GAS
OIL SANDS
MINING
SHALES NEW
ENERGIES
Cash engines:
today
Growth priorities:
2016+
Future opportunities:
2020+
Competitive + resilient
Funds dividends + balance sheet
FCF + ROACE pathway
Affordable growth in
advantaged positions
Material value + upside
Managed exposure
Path to profitability
Cash engines 2020+
Relentless portfolio high-grading
6
7. Royal Dutch Shell February 2, 2017 7
Re-shape Shell
Divestments
progress:
Gaining
momentum
Showa Shell SADAF JV exit UK North Sea assets
Divestments
Reduce
capital investment
Reduce
operating costs
Deliver
new projects
Sale of ~31% of Showa Shell
Sekiyu KK to Idemitsu
~$1.4 billion
Lubricants and fuel brand
licensing agreements
Completed in 2016
Sale of 50% petrochemicals
SADAF joint venture to SABIC
~$0.8 billion
Completion expected in 2017
Showa Shell Sekiyu K.K. Kawasaki Refinery,
Japan
Sale of package of UK North
Sea assets to Chrysaor
$3 billion + up to ~$0.8 billion
115 kboe/d production in
2016
Completion expected in 2017
SADAF Petrochemicals facility,
Kingdom of Saudi Arabia
$30 billion 2016-18
Completed: ~$5 billion
Announced: ~$5 billion
Advanced progress:
>$5 billion
8. Royal Dutch Shell February 2, 2017 8
Re-shape Shell
Capital
discipline,
supporting
growth
Excludes BG acquisition in 2016
Historical BG Capital investment is based on BG’s published 2014 Annual Report
Future
opportunities
Growth
priorities
Cash
engines
$ billion
Capital investment
-$20 billion
Shell BG
30
25
$ billion 2016 2017E 2018
Oil products 4 ~4 3-4
Conventional
oil + gas
5 ~4 5-6
Integrated gas 4 ~5 4-5
Oil sands
mining
<1 <1 <1
Deep water 9 ~7 6-7
Chemicals 2 ~3 3-4
Shales 2 ~2 2-3
New energies <1 <1 <1
Total 27 ~25 25-30
More predictable
development flow
Economic resilience of
projects
Divestments
Reduce
capital investment
Reduce
operating costs
Deliver
new projects
9. Royal Dutch Shell February 2, 2017
Shell
Prince Rupert
9
Re-shape Shell
2016: Moving quickly
on office footprint
# staff x 1,000
FTE movements
BG
Net reductions
Shell
Calgary
BG
x Office closure
Kitimat
Vancouver x x
Houstonx
Mexico x
x Trinidad &
Tobago
Bolivia
Uruguay
x Tanzania
Kenya
Equatorial
Guinea
x
Cairo
x
Tunisia
Stavangerx
x Oslo
Astanax
New Delhix
Mumbai
Myanmar
x
x
Bangkok
Singapore
x
Tokyo
x
Brisbane
Perth x
Aberdeen x
xManchester
xReading London
Rio de Janeirox
Iconic moves London, Houston
25 closures in ‘16/’17
Divestments
Reduce
capital investment
Reduce
operating costs
Deliver
new projects
x
Rotterdamx
Beijing
x
x
12. Royal Dutch Shell February 2, 2017
Simon Henry
Chief Financial Officer
Royal Dutch Shell
13. Royal Dutch Shell February 2, 2017
$ billion Q4 2015 Q4 2016
Upstream (1.0) 0.1
Integrated Gas 1.2 0.9
Downstream (CCS) 1.5 1.3
Corporate & non-controlling
interest
(0.2) (0.5)
CCS net earnings 1.6 1.8
CCS earnings, $ per share 0.25 0.22
Cash flow from operations 5.4 9.2
ROACE (%) 5.2 2.9
Dividends 3.0 3.8
Dividend, $ per share 0.47 0.47
13
Q4 2016
Financial
highlights:
Strong cash
performance
Earnings and ROACE on CCS basis, excluding identified items
$ billion
Earnings Q4 2015 to Q4 2016
Environment Choice
14. Royal Dutch Shell February 2, 2017 14
Q4 2016
Earnings and
cash flow
momentum
Earnings on CCS basis, excluding identified items
$ billion
Earnings
Cash flow from operations excluding working capital
Cash flow from operations excluding working capital - 4 quarters rolling (RHS)
$ billion
15. Royal Dutch Shell February 2, 2017
2016 Reserves performance
2016 RRR 208%
2014-16 RRR 81%
BG Feb’16 ~2.4 billion boe
Reserves life at end 2016 ~9.6 years
15
Preliminary results
SEC proved
reserves position
1 Reserves attributable to Royal Dutch Shell shareholders
Billion boe
Reserves performance
2015 2016
(billion boe) 2015 2016 Avg 3-yr
Production 1.1 1.4 1.2
SEC proved reserves1 11.7 13.2 12.7
Reserves life ~10.5 ~9.6 ~10.4
RRR -20% 208% 81%
16. Royal Dutch Shell February 2, 2017 16
Integration with BG
BG portfolio
is delivering
Thousand boe per day
Increasing production
Thousand boe per day
Queensland LNG
$ billion
Synergies BG
Thousand boe per day
Brazil pre-salt
Majority of synergies
captured
Production delivery
Re-shaping Shell – learning
BG
LNG Deep waterConventional oil + gas
2.8
4.0
4.5
#
1st LNG Train 1
Dec 2014
T2 start up
Nov 2015
Production
Number of cargoes delivered in the quarter (RHS)
+30%
Costs Exploration
FPSO Cidade de Caraguatatuba
Lapa Field started on the 19th of December.
+70%
+100%
Bid announced
17. Royal Dutch Shell February 2, 2017 17
Re-shape Shell
Integrated Gas
from growth
priority to cash
engine –
Global LNG
Earnings on CCS basis, excluding identified items
Million tonnes per annum
LNG volumes
Peru LNG
QG-4
Atlantic LNG
Oman
Sakhalin
Malaysia
Sabine Pass
Equatorial
Guinea
Pluto
NWS
Brunei
QCLNG
Gorgon
LNG liquefaction volumesLNG sales volumes
IOC leadership position
Global footprint
Integrated Gas is >30%
capital employed of Shell
Value from optionality
Integrated Gas: earnings + cash flow
Nigeria
Equity capacity
Long-term offtake agreement
Spot offtake in 2015-16 FY
Deliveries in 2015-16 FY
$ billion
Earnings Cash flow from operations
19. Royal Dutch Shell February 2, 2017 19
Deep water:
Growing now Thousand boe per day
2016 delivery good progress to 2020 production
growth to ~900 kboe/d
Reducing break-even: new projects less than
$45/bbl
Brazil pre-salt well below $40/bbl
Structural improvements in capital efficiency and
operating cost reductions
Deep water growth
Strong deep water capabilities
combined with advantaged
portfolio
2009
BC-10
2014
Mars B
Gumusut-
Kakap
2010
Perdido
2005
Bonga
2001
Brutus
1999
Ursa
1997
Ram
Powell
1996
Mars
2016
Stones
Malikai
Brazil
pre-salt
1994
Auger
Under construction
Coulomb
Appomattox
Kaikias
Brazil pre-salt
BrazilGulf of Mexico Other
20. Royal Dutch Shell February 2, 2017 20
Americas shales:
Growth to come
Discovered + prospective resources shown at year end 2016; consistent with the Society of Petroleum Engineers 2P (Proved + Probable Reserves) , 2C (Contingent Resources) and 2U (Prospective Resources) definitions.
Material discovered + prospective resources >11
billion boe
25% liquids, 75% gas
Selective acceleration of liquids development
Capital investment $2-3 billion per annum
Permian and Fox Creek growth of ~140 kboe/d
Average break-even price ~$40 per barrel
Thousand boe per day
Production
Western Canada Gas
Western Canada LRS
Appalachia
Permian
Argentina
Haynesville
Liquids rich
Dry gas
Advantaged positions in
Permian and Fox Creek
Improving capital efficiency
and reducing unit operating
costs
Permian Fox Creek Other
Fox creek
Permian well site
21. Royal Dutch Shell February 2, 2017 21
Manage down-cycle
Cash flow
priorities 2016-18
Powerful levers to underpin
financial framework
Priorities
for cash
Debt reduction Dividends
Buybacks
& capital
investment
1 2 3
Divestments
Reduce capital
investment
Reduce
operating costs
Deliver new
projects
22. Royal Dutch Shell February 2, 2017 22
Manage down-cycle
Divestments
2016-2018 2016-2018 completed + announced ($ billion)
2016
Completed Announced
Upstream 1.5 ~3.0
Integrated Gas 0.4 ~0.9
Downstream/Corporate 2.9 ~1.3
TOTAL 4.7 ~5.2
Divestments
Reduce
capital investment
Reduce
operating costs
Deliver
new projects
$30 billion 2016-18
Completed: ~$5 billion
Announced: ~$5 billion
Advanced progress: >$5 billion
23. Royal Dutch Shell February 2, 2017
BG
$25-30 billion
23
Manage down-cycle
Predictable high-
quality
investment
funnel
Excludes BG acquisition in 2016
$ billion
Capital investment
Growth options/explorationBase + short cycle Committed growth projects
58
47
36
27
Divestments
Reduce
capital investment
Reduce
operating costs
Deliver
new projects
Shell + BG C.I. on a cash basis
~25
Planning for $25-$30 billion range
2016 $27 billion
2017 around $25 billion
Focus on economic resilience of projects
-$20 billion
2017E
24. Royal Dutch Shell February 2, 2017 24
Manage down-cycle
Reduce
operating cost:
20% down in
2 years
Operating costs excluding identified items
$ billion
Underlying operating cost
$10 billion reductions delivered
“Lower for ever” mindset + BG synergies
Divestments, growth, FX impacts
2017 less than $40 billion
Divestments
Reduce
capital investment
Reduce
operating costs
Deliver
new projects
Shell BG
-$10 billion
< $40 billion
39
2016 identified items
25. Royal Dutch Shell February 2, 2017
2016 CFFO (RHS)
25
Manage down-cycle
Deliver new
projects:
~$10 billion
by 2018
BG organic growth from 1.1.2016; LNG volume includes offtake; 2016 RT $60 oil price scenario 2018
Thousand boe per day / mtpa
Shell projects start-ups 2014+
~$10 billion CFFO
> 1 million boe/day
Cash operating cost
<$15/boe
Tax rate ~35%
Divestments
Reduce
capital investment
Reduce
operating costs
Deliver
new projects
Start-up
$ billion
Gorgon
Cardamom
Permian
Bonga NW
Gumusut-Kakap
Malikai
Stones QCLNG
7-9th FPSO
Kashagan
/ 15
/ 10
/ 5
Production
LNG volume 2018E CFFO (RHS)
26. Royal Dutch Shell February 2, 2017 26
Capital investment excludes BG acquisition; BG organic growth from 1.1.2016; *2016 RT $60 oil price scenario 2018
Manage down-cycle
Pulling levers to
manage
financial
framework
$ billion
2015 baseline:
Shell + BG
2016
2017-2018
potential
Operating costs 46
39
(underlying)
Multi-billion p.a.
Capital investment 36 27 25-30
Divestments 6 + 5 5
30 over
2016-18
Projects start-up post-2014
(CFFO)
n/a >$1
~10
by 2018*
Divestments
Reduce
capital investment
Reduce
operating costs
Deliver
new projects
2016-18 levers
Reducing our cash break-
even
Further options available
+/- $10 Brent = ~$5 billion
CFFO
Underlying operating costs
<$40 billion
27. Royal Dutch Shell February 2, 2017
Ben van Beurden
Chief Executive Officer
Royal Dutch Shell
28. Royal Dutch Shell February 2, 2017 28
Key messages
Cash engines
today’s free cash flow
Growth priorities
deep water and
chemicals
Future opportunities
shales and new
energies
Create a world class
investment case
Grow free cash flow per
share, higher ROCE
More resilient and more
focused company
RE-SHAPING
SHELL
MANAGING THE
DOWN-CYCLE
PORTFOLIO
PRIORITIES
Pulling levers to manage
financial framework
Re-set our costs
Reduce debt
BG integration completed; synergy delivery continues
29. Royal Dutch Shell February 2, 2017 29
Questions & Answers
Ben van Beurden
Chief Executive Officer
Simon Henry
Chief Financial Officer
Royal Dutch Shell February 2, 2017
30. Royal Dutch Shell February 2, 2017
Royal Dutch Shell plc
February 2, 2017
Fourth quarter 2016 results
Re-shaping Shell, to create a world-class investment case
“Let’s make the future”
31. Royal Dutch Shell February 2, 2017 31
Q1 2017
Outlook
Q1 – Q1 OUTLOOK: Year-ago baseline reflects Shell’s earnings seasonality
BG fully consolidated, Q116 was 2 months
Integrated gas
Earnings negatively impacted by reduction ~-100 kboe/d
Upstream
Divestment impact: ~-45 kboe/d
Maintenance: ~-40 kboe/d
One additional month of production from BG assets
Downstream
Refinery availability increase
Chemicals availability increase
Divestment impact oil products sales volumes: ~-35 kboe/d
2017 OUTLOOK:
Corporate segment : net charge, excluding the impact of currency exchange rate effects and
interest rate movements, of $350 – 450 million in Q1; $1.4 - 1.6 billion 2017
Shell + BG earnings sensitivity:
Brent: $10/bbl Brent +/- ~$5 billion earnings per annum, of which:
Upstream +/- ~$3 billion
Integrated Gas +/- ~$2 billion (4-6 month LNG price lag versus Brent)
Henry Hub: $1/mmbtu +/- ~$250 million earnings per annum
32. Royal Dutch Shell February 2, 2017
Q4 2016
Prices & margins $/barrel
Shell oil & gas realisations
$/barrel
Industry refining margins
$/tonne
Industry chemicals margins
US ethane
Western Europe naphtha
NE/SE Asia naphtha
US West Coast
US Gulf Coast coking
Rotterdam complex
Singapore
Oil
Gas (RHS)
32
$/mscf
33. Royal Dutch Shell February 2, 2017 33
Q4 2016
Upstream results
Earnings on CCS basis, excluding identified items
$ billion
Earnings Q4 2015 to Q4 2016
Environment Choice
34. Royal Dutch Shell February 2, 2017 34
Q4 2016
Integrated Gas
results
Earnings on CCS basis, excluding identified items
$ billion
Earnings Q4 2015 to Q4 2016
Environment Choice
2.0
0
1.0
35. Royal Dutch Shell February 2, 2017 35
Q4 2016
Downstream
results
Earnings on CCS basis, excluding identified items
$ billion
Earnings Q4 2015 to Q4 2016
$ billion
Earnings mix
Marketing
Refining & Trading
Chemicals
36. Royal Dutch Shell February 2, 2017
2.75
3.00
3.50
36
Q4 2016
Oil and gas
production
Million boe per day
Upstream + Integrated Gas – oil & gas
Million tonnes
LNG liquefaction volumes
Choice: +31%
3.25
3.75
4.00
37. Royal Dutch Shell February 2, 2017 37
2016
Financial
highlights
Earnings on CCS basis, excluding identified items
$ billion
Earnings 2015 to 2016
$ billion
Earnings Q4 2015 to Q4 2016
38. Royal Dutch Shell February 2, 2017
Financial
dashboard
Competitive financial data as published. Free cash flow: cash flow from operations less cash used in investing activities. $/ADR for European companies.
ROACE underlying: European companies: CCS basis excluding identified items. US companies: reported earnings excluding special non-operating items. Capital employed on gross debt basis.
%
Gearing
%
ROACE
$/share
Free cash flow per share
%
Total shareholder return
Shell Peer group
3-years: 2014 - 2016 % 2016
38
39. Royal Dutch Shell February 2, 2017
$ billion Q4 2016 2016
Beginning cash 20.0 31.8
Earnings 1.6 4.8
Depreciation 6.6 25.0
Working capital / other 1.0 (9.2)
Divestments 3.0 4.7
Capex / other investment (6.1) (23.2)
BG acquisition cash - (11.4)
Shareholder distributions (2.4) (9.9)
Debt / other financing 4.5 6.5
Ending cash 19.1 19.1
39
Q4 2016
Sources and
uses of cash
$ billion
2016 Full year
Dividend
Capex / other investment
Debt / other financing
Divestments
BG acquisition – cash element
Cash flow from operations
Priorities for cash:
Debt reduction
Dividends
Buybacks + capital
investment
40. Royal Dutch Shell February 2, 2017
Projects under
construction
40
Start up Project Country Shell share
(direct &
indirect) %
Peak
Production
100% kboe/d
LNG 100%
Capacity mtpa
Products Legend Theme Shell
Operated
2017-18 Baronia / Tukau Timur Malaysia 40 65 Conventional oil + gas
Berbigão** Brazil 25 150 Deep water
Clair Ph2 United Kingdom 28 100 Conventional oil + gas
Coulomb United States 100 20 Deep water
Fox Creek* Canada various 26 Shales
Forcados Yokri Interagted Project (FYIP) Nigeria 30 50 Conventional oil + gas
Gbaran-Ubie Ph2 Nigeria 30 150 Conventional oil + gas
Geismar AO4 United States 100 425 kta AO Chemicals
Gorgon T3 Australia 25 5.2 Integrated Gas
Lula Extreme South** Brazil 25 150 Deep water
Lula North** Brazil 25 150 Deep water
Lula South** Brazil 25 150 Deep water
Permian* United States various 54 Shales
Prelude FLNG Australia 68 131 3.6 1.7 mtpa NGLs Integrated Gas
Pernis solvent deasphalting Netherlands 100 7.2 kbpd Oil Products
Schiehallion Redevelopment United Kingdom 55 125 Conventional oil + gas
Tempa Rossa Italy 25 50 Conventional oil + gas
2019+ Appomattox United States 79 175 Deep water
Atapu 1** Brazil 25 150 Deep water
Atapu 2** Brazil 25 150 Deep water
Kaikias Ph1 United States 80 40 Deep water
Nanhai China Chemicals China 50 1200 kta C2 Chemicals
Pennsylvania cracker United States 100 1500 kta C2 Chemicals
Rabab Harweel Integrated Project Oman 34 40 Conventional oil + gas
Southern Swamp AG Nigeria 30 30 Conventional oil + gas
* Permian and Fox Creek production represents Shell entitlement share of production and is the production growth expected between 2016 peak to 2018 peak production
** The Lula, Berbigão, Sururu, Atapu accumulations are subject to unitisation agreements; production shown is FPSO oil capacity as per operator
41. Royal Dutch Shell February 2, 2017
Pre-FID options
* Production shown is FPSO oil capacity as per operator
41
Phase Project Country Shell share
(direct &
indirect) %
Peak
Production
100% kboe/d
LNG 100%
Capacity mtpa
Products Legend Theme Shell
Operated
Select Bonga Main Integrated Redevelopment Nigeria 55 112 Deep water
Libra pilot FPSO* Brazil 20 180 Deep water
LNG Canada T3-4 Canada 50 14 Integrated Gas
Define Bonga South West Nigeria 43 154 Deep water
Bokor Malaysia 40 12 Conventional oil + gas
Changbei II China 50 57 Integrated Gas
Lake Charles United States 100 16 Integrated Gas
LNG Canada T1-2 Canada 50 14 Integrated Gas
Penguins Redevelopment United Kingdom 50 40 Conventional oil + gas
Sakhalin T3 Russia 28 69 ~5 Integrated Gas
Val d'Agri Ph2 Italy 39 60 Conventional oil + gas
Vito United States 63 100 Deep water