|
Title of Each Class
|
Trading Symbols
|
Name of Each Exchange on Which Registered
|
American Depositary Shares representing two A ordinary shares
of the issuer with a nominal value of €0.07 each |
RDS.A
|
New York Stock Exchange
|
American Depositary Shares representing two B ordinary shares
of the issuer with a nominal value of €0.07 each |
RDS.B
|
New York Stock Exchange
|
2.125% Guaranteed Notes due 2020
|
RDS/20A
|
New York Stock Exchange
|
2.25% Guaranteed Notes due 2020
|
RDS.A/20
|
New York Stock Exchange
|
4.375% Guaranteed Notes due 2020
|
RDS/20
|
New York Stock Exchange
|
Floating Rate Guaranteed Notes due 2020
|
RDS/20B
|
New York Stock Exchange
|
1.75% Guaranteed Notes due 2021
|
RDS/21
|
New York Stock Exchange
|
1.875% Guaranteed Notes due 2021
|
RDS.A/21
|
New York Stock Exchange
|
2.375% Guaranteed Notes due 2022
|
RDS/22
|
New York Stock Exchange
|
2.25% Guaranteed Notes due 2023
|
RDS/23
|
New York Stock Exchange
|
3.4% Guaranteed Notes due 2023
|
RDS/223A
|
New York Stock Exchange
|
3.5% Guaranteed Notes due 2023
|
RDS.A/23
|
New York Stock Exchange
|
Floating Rate Guaranteed Notes due 2023
|
RDS.A/23A
|
New York Stock Exchange
|
2% Guaranteed Notes due 2024
|
RDS.A/24
|
New York Stock Exchange
|
3.25% Guaranteed Notes due 2025
|
RDS/25
|
New York Stock Exchange
|
2.5% Guaranteed Notes due 2026
|
RDS/26
|
New York Stock Exchange
|
2.875% Guaranteed Notes due 2026
|
RDS.A/26
|
New York Stock Exchange
|
3.875% Guaranteed Notes due 2028
|
RDS.A/28
|
New York Stock Exchange
|
2.375% Guaranteed Notes due 2029
|
RDS.A/29
|
New York Stock Exchange
|
4.125% Guaranteed Notes due 2035
|
RDS/35
|
New York Stock Exchange
|
6.375% Guaranteed Notes due 2038
|
RDS.A/38
|
New York Stock Exchange
|
5.5% Guaranteed Notes due 2040
|
RDS/40
|
New York Stock Exchange
|
3.625% Guaranteed Notes due 2042
|
RDS/42
|
New York Stock Exchange
|
4.55% Guaranteed Notes due 2043
|
RDS/43
|
New York Stock Exchange
|
4.375% Guaranteed Notes due 2045
|
RDS/45
|
New York Stock Exchange
|
3.75% Guaranteed Notes due 2046
|
RDS/46
|
New York Stock Exchange
|
4.00% Guaranteed Notes due 2046
|
RDS.A/46
|
New York Stock Exchange
|
3.125% Guaranteed Notes due 2049
|
RDS.A/49
|
New York Stock Exchange
|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
|
þ
|
Yes
|
☐
|
No
|
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|
☐
|
Yes
|
þ
|
No
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
þ
|
Yes
|
☐
|
No
|
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
|
þ
|
Yes
|
☐
|
No
|
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
|
|
|
U.S. GAAP
|
☐
|
|
|
International Financial Reporting Standards as issued by the International Accounting Standards Board.
|
þ
|
|
Other
|
☐
|
|
|
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
|
Item 17
|
☐
|
|
Item 18
|
☐
|
|
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
|
☐
|
Yes
|
|
þ
|
No
|
Cross reference to Form 20-F
|
|
|
|
Part I
|
|
|
Pages
|
|
Item 1.
|
Identity of Directors, Senior Management and Advisers
|
N/A
|
|
|
Item 2.
|
Offer Statistics and Expected Timetable
|
N/A
|
|
|
Item 3.
|
Key Information
|
|
||
|
A.
|
Selected financial data
|
8, 214-215
|
|
|
B.
|
Capitalization and indebtedness
|
N/A
|
|
|
C.
|
Reasons for the offer and use of proceeds
|
N/A
|
|
|
D.
|
Risk factors
|
11-15
|
|
Item 4.
|
Information on the Company
|
|
||
|
A.
|
History and development of the company
|
6, 7, 9, 10, 18-19, 22-33, 43-46, 50-54, 213, 219-220
|
|
|
B.
|
Business overview
|
7-19, 22-50, 55-58, 189-206, 218
|
|
|
C.
|
Organizational structure
|
9-10, Exhibit 8.1
|
|
|
D.
|
Property, plants and equipment
|
9-10, 11-15, 18-19, 22-50, 55-58, 189-206
|
|
Item 4A.
|
Unresolved Staff Comments
|
N/A
|
|
|
Item 5.
|
Operating and Financial Review and Prospects
|
|
||
|
A.
|
Operating results
|
11-15, 18-50, 176-181
|
|
|
B.
|
Liquidity and capital resources
|
10, 11, 18-19, 22-23, 28-29, 43-44, 50-54, 153-156, 166-170, 173-181
|
|
|
C.
|
Research and development, patents and licences, etc.
|
10
|
|
|
D.
|
Trend information
|
10, 11-15, 16-21, 22-25, 28-33, 43-46, 50-65,
|
|
|
E.
|
Off-balance sheet arrangements
|
53
|
|
|
F.
|
Tabular disclosure of contractual obligations
|
53
|
|
|
G.
|
Safe harbor
|
5-6
|
|
Item 6.
|
Directors, Senior Management and Employees
|
|
||
|
A.
|
Directors and senior management
|
68-74, 127-130
|
|
|
B.
|
Compensation
|
102-115, 187
|
|
|
C.
|
Board practices
|
68-74, 75-115, 119-123, 126-129, 130-131
|
|
|
D.
|
Employees
|
66, 187
|
|
|
E.
|
Share ownership
|
67, 98-123, 130, 182-183, 213
|
|
Item 7.
|
Major Shareholders and Related Party Transactions
|
|
||
|
A.
|
Major shareholders
|
214
|
|
|
B.
|
Related party transactions
|
126-127, 152, 165, 187, 213
|
|
|
C.
|
Interests of experts and counsel
|
N/A
|
|
Item 8.
|
Financial Information
|
|
||
|
A.
|
Consolidated Statements and Other Financial Information
|
51-54, 138-188, 207-212
|
|
|
B.
|
Significant Changes
|
127, 188
|
|
Item 9.
|
The Offer and Listing
|
|
||
|
A.
|
Offer and listing details
|
213
|
|
|
B.
|
Plan of distribution
|
N/A
|
|
|
C.
|
Markets
|
213
|
|
|
D.
|
Selling shareholders
|
N/A
|
|
|
E.
|
Dilution
|
N/A
|
|
|
F.
|
Expenses of the issue
|
N/A
|
|
Item 10.
|
Additional Information
|
|
||
|
A.
|
Share capital
|
N/A
|
|
|
B.
|
Memorandum and articles of association
|
131-136
|
|
|
C.
|
Material contracts
|
N/A
|
|
|
D.
|
Exchange controls
|
216
|
|
|
E.
|
Taxation
|
216-217
|
|
|
F.
|
Dividends and paying agents
|
N/A
|
|
|
G.
|
Statement by experts
|
N/A
|
|
INTRODUCTION SHELL FORM 20-F 2019
|
02
|
|
INTRODUCTION SHELL FORM 20-F 2019
|
03
|
|
Terms and abbreviations
|
|
|
|
|
|
Currencies
|
|
$
|
US dollar
|
€
|
euro
|
£
|
sterling
|
Units of measurement
|
|
acre
|
approximately 0.004 square kilometres
|
b(/d)
|
barrels (per day)
|
boe(/d)
|
barrels of oil equivalent (per day); natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel
|
kboe(/d)
|
thousand barrels of oil equivalent (per day); natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel
|
MMBtu
|
million British thermal units
|
megajoule
|
a unit of energy equal to one million joules
|
mtpa
|
million tonnes per annum
|
per day
|
volumes are converted into a daily basis using a calendar year
|
scf(/d)
|
standard cubic feet (per day)
|
Products
|
|
GTL
|
gas to liquids
|
LNG
|
liquefied natural gas
|
LPG
|
liquefied petroleum gas
|
NGL
|
natural gas liquids
|
|
|
Miscellaneous
|
|
ADS
|
American Depositary Share
|
AGM
|
Annual General Meeting
|
API
|
American Petroleum Institute
|
CCS
|
carbon capture and storage
|
CCS earnings
|
earnings on a current cost of supplies basis
|
CO2
|
carbon dioxide
|
EMTN
|
Euro medium-term note
|
EPS
|
earnings per share
|
FCF
|
free cash flow
|
FID
|
final investment decision
|
GAAP
|
generally accepted accounting principles
|
GHG
|
greenhouse gas
|
HSSE
|
health, safety, security and environment
|
IAS
|
International Accounting Standard
|
IEA
|
International Energy Agency
|
IFRS
|
International Financial Reporting Standard(s)
|
IOGP
|
International Association of Oil & Gas Producers
|
IPIECA
|
International Petroleum Industry Environmental Conservation Association (global oil and gas industry association for environmental and social issues)
|
LTIP
|
Long-term Incentive Plan
|
OECD
|
Organisation for Economic Co-operation and Development
|
OML
|
oil mining lease
|
OPEC
|
Organization of the Petroleum Exporting Countries
|
OPL
|
oil prospecting licence
|
PSC
|
production-sharing contract
|
PSP
|
Performance Share Plan
|
REMCO
|
Remuneration Committee
|
SEC
|
US Securities and Exchange Commission
|
TRCF
|
total recordable case frequency
|
TSR
|
total shareholder return
|
WTI
|
West Texas Intermediate
|
INTRODUCTION SHELL FORM 20-F 2019
|
04
|
|
About this Report
|
|
|
|
INTRODUCTION SHELL FORM 20-F 2019
|
05
|
|
INTRODUCTION SHELL FORM 20-F 2019
|
06
|
|
Strategy and outlook
|
|
|
|
▪
|
to thrive in the energy transition by responding to society’s desire for more and cleaner, convenient and competitive energy;
|
▪
|
to provide a world-class investment case. This involves growing organic free cash flow and increasing returns, all built upon a strong financial framework and resilient portfolio; and
|
▪
|
to sustain a strong societal licence to operate and make a positive contribution to society through our activities.
|
INTRODUCTION SHELL FORM 20-F 2019
|
07
|
|
Selected financial data
|
|
|
|
|
||||||||||
Consolidated Statement of Income and of Comprehensive Income data
|
$ million
|
|
||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Revenue
|
344,877
|
|
388,379
|
|
305,179
|
|
233,591
|
|
264,960
|
|
Income for the period
|
16,432
|
|
23,906
|
|
13,435
|
|
4,777
|
|
2,200
|
|
Income attributable to non-controlling interest
|
590
|
|
554
|
|
458
|
|
202
|
|
261
|
|
Income attributable to Royal Dutch Shell plc shareholders
|
15,842
|
|
23,352
|
|
12,977
|
|
4,575
|
|
1,939
|
|
Comprehensive income/(loss) attributable to Royal Dutch Shell plc shareholders
|
13,773
|
|
24,475
|
|
18,828
|
|
(1,374
|
)
|
(811
|
)
|
|
||||||||||
Consolidated Balance Sheet data
|
$ million
|
|
||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Total assets
|
404,336
|
|
399,194
|
|
407,097
|
|
411,275
|
|
340,157
|
|
Total debt
|
96,424
|
|
76,824
|
|
85,665
|
|
92,476
|
|
58,379
|
|
Share capital
|
657
|
|
685
|
|
696
|
|
683
|
|
546
|
|
Equity attributable to Royal Dutch Shell plc shareholders
|
186,476
|
|
198,646
|
|
194,356
|
|
186,646
|
|
162,876
|
|
Non-controlling interest
|
3,987
|
|
3,888
|
|
3,456
|
|
1,865
|
|
1,245
|
|
|
||||||||||
Consolidated Statement of Cash Flows data
|
$ million
|
|
||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Cash flow from operating activities
|
42,178
|
|
53,085
|
|
35,650
|
|
20,615
|
|
29,810
|
|
Capital expenditure
|
22,971
|
|
23,011
|
|
20,845
|
|
22,116
|
|
26,131
|
|
Cash flow from investing activities
|
15,779
|
|
13,659
|
|
8,029
|
|
30,963
|
|
22,407
|
|
Cash dividends paid to Royal Dutch Shell plc shareholders
|
15,198
|
|
15,675
|
|
10,877
|
|
9,677
|
|
9,370
|
|
Repurchases of shares
|
10,188
|
|
3,947
|
|
—
|
|
—
|
|
409
|
|
|
||||||||||
Earnings per share
|
$
|
|
||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Basic earnings per €0.07 ordinary share
|
1.97
|
|
2.82
|
|
1.58
|
|
0.58
|
|
0.31
|
|
Diluted earnings per €0.07 ordinary share
|
1.95
|
|
2.80
|
|
1.56
|
|
0.58
|
|
0.30
|
|
Dividend per share
|
$
|
|
||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Dividend per share
|
1.88
|
|
1.88
|
|
1.88
|
|
1.88
|
|
1.88
|
|
|
||||||||||
Shares
|
Million
|
|
||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Basic weighted average number of A and B shares
|
8,058.3
|
|
8,282.8
|
|
8,223.4
|
|
7,833.7
|
|
6,320.3
|
|
Diluted weighted average number of A and B shares
|
8,112.5
|
|
8,348.7
|
|
8,299.0
|
|
7,891.7
|
|
6,393.8
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
8
|
|
Shell story
|
|
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
9
|
|
|
|
|
|
|||
Revenue by business segment (including inter-segment sales)
|
|
$ million
|
|
|||
|
2019
|
|
2018
|
|
2017
|
|
Integrated Gas
|
|
|
|
|||
Third parties
|
41,322
|
|
43,764
|
|
32,674
|
|
Inter-segment
|
4,280
|
|
5,031
|
|
4,096
|
|
Total
|
45,602
|
|
48,795
|
|
36,770
|
|
Upstream
|
|
|
|
|||
Third parties
|
9,965
|
|
9,892
|
|
7,723
|
|
Inter-segment
|
36,448
|
|
37,841
|
|
32,469
|
|
Total
|
46,413
|
|
47,733
|
|
40,192
|
|
Downstream
|
|
|
|
|||
Third parties
|
293,545
|
|
334,680
|
|
264,731
|
|
Inter-segment
|
1,132
|
|
917
|
|
1,090
|
|
Total
|
294,677
|
|
335,597
|
|
265,821
|
|
Corporate
|
|
|
|
|||
Third parties
|
45
|
|
43
|
|
51
|
|
Total
|
45
|
|
43
|
|
51
|
|
|
|
|
|
|||
Revenue by geographical area (excluding inter-segment sales)
|
|
$ million
|
|
|||
|
2019
|
|
2018
|
|
2017
|
|
Europe
|
98,455
|
|
118,960
|
|
100,609
|
|
Asia, Oceania, Africa
|
139,916
|
|
153,716
|
|
114,683
|
|
USA
|
83,212
|
|
89,876
|
|
66,854
|
|
Other Americas
|
23,294
|
|
25,827
|
|
23,033
|
|
Total
|
344,877
|
|
388,379
|
|
305,179
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
10
|
|
Risk factors
|
|
|
|
|
|
|
|
|||
Oil and gas production available for sale
|
|
Million boe [A]
|
|
|||
|
2019
|
|
2018
|
|
2017
|
|
Shell subsidiaries
|
1,182
|
|
1,179
|
|
1,168
|
|
Shell share of joint ventures and associates
|
156
|
|
159
|
|
170
|
|
Total
|
1,338
|
|
1,338
|
|
1,338
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
11
|
|
|
|
|
|
|||
Proved developed and undeveloped oil and gas reserves [A][B] (at December 31)
|
Million boe [C]
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Shell subsidiaries
|
9,980
|
|
10,294
|
|
10,177
|
|
Shell share of joint ventures and associates
|
1,116
|
|
1,285
|
|
2,056
|
|
Total
|
11,096
|
|
11,578
|
|
12,233
|
|
Attributable to non-controlling interest in Shell subsidiaries
|
304
|
|
331
|
|
325
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
12
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
13
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
14
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
15
|
|
Market overview
|
|
|
|
|
|
|
|
|||
Oil and gas average industry prices [A]
|
||||||
|
2019
|
|
2018
|
|
2017
|
|
Brent ($/b)
|
64
|
|
71
|
|
54
|
|
West Texas Intermediate ($/b)
|
57
|
|
65
|
|
51
|
|
Henry Hub ($/MMBtu)
|
2.5
|
|
3.1
|
|
3.0
|
|
UK National Balancing Point (pence/therm)
|
35
|
|
60
|
|
45
|
|
Japan Customs-cleared Crude ($/b)
|
67
|
|
73
|
|
54
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
16
|
|
|
|
|
|
|||
Refining marker average industry gross margins
|
|
$/b
|
|
|||
|
2019
|
|
2018
|
|
2017
|
|
US West Coast
|
13.5
|
|
11.5
|
|
14.0
|
|
US Gulf Coast Coking
|
4.9
|
|
7.0
|
|
9.9
|
|
Rotterdam Complex
|
2.3
|
|
2.5
|
|
4.3
|
|
Singapore
|
(0.6
|
)
|
1.4
|
|
3.6
|
|
|
|
|
|
|||
Cracker industry margins [A]
|
|
$/tonne
|
|
|||
|
2019
|
|
2018
|
|
2017
|
|
North East/South East Asia naphtha
|
302
|
|
594
|
|
688
|
|
Western Europe naphtha
|
531
|
|
562
|
|
727
|
|
US ethane
|
445
|
|
412
|
|
471
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
17
|
|
Summary of results
|
|
|
|
|
|
|
|
|||
Key statistics
|
$ million, except where indicated
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Income for the period
|
16,432
|
|
23,906
|
|
13,435
|
|
Current cost of supplies adjustment
|
(605
|
)
|
458
|
|
(964
|
)
|
Total segment earnings [A][B], of which:
|
15,827
|
|
24,364
|
|
12,471
|
|
Integrated Gas
|
8,628
|
|
11,444
|
|
5,078
|
|
Upstream
|
4,195
|
|
6,798
|
|
1,551
|
|
Downstream
|
6,277
|
|
7,601
|
|
8,258
|
|
Corporate
|
(3,273
|
)
|
(1,479
|
)
|
(2,416
|
)
|
Capital expenditure
|
22,971
|
|
23,011
|
20,845
|
||
Cash capital expenditure [B]
|
23,919
|
|
24,078
|
21,533
|
||
Capital investment [B]
|
28,788
|
|
24,878
|
23,655
|
|
|
Operating expenses [B]
|
37,893
|
|
39,316
|
|
38,083
|
|
Return on average capital employed [B]
|
6.7
|
%
|
9.4
|
%
|
5.8
|
%
|
Gearing at December 31 [C]
|
29.3
|
%
|
20.3
|
%
|
25.0
|
%
|
Oil and gas production (thousand boe/d)
|
3,665
|
|
3,666
|
|
3,664
|
|
Proved oil and gas reserves at December 31 (million boe)
|
11,096
|
|
11,578
|
|
12,233
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
18
|
|
|
|
|
|
|||
Oil and gas production
available for sale [A] |
Thousand boe/d
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Crude oil and natural gas liquids
|
1,823
|
|
1,749
|
|
1,730
|
|
Synthetic crude oil
|
52
|
|
53
|
|
91
|
|
Bitumen
|
—
|
|
—
|
|
4
|
|
Natural gas [B]
|
1,790
|
|
1,863
|
|
1,839
|
|
Total
|
3,665
|
|
3,666
|
|
3,664
|
|
Of which:
|
|
|
|
|||
Integrated Gas
|
922
|
|
957
|
|
887
|
|
Upstream
|
2,743
|
|
2,709
|
|
2,777
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
19
|
|
Performance indicators
|
|
|
|
Total shareholder return (%)
|
*
|
|||||
2019
|
0.5
|
|
2018
|
(4.2)
|
|
|
Cash flow from operating activities ($ million)
|
|
|
*
|
|||
2019
|
42,178
|
|
2018
|
53,085
|
|
|
Free cash flow ($ million)
|
*
|
|||||
2019
|
26,399
|
|
2018
|
39,426
|
|
|
Organic free cash flow ($ million)
|
|||||
2019
|
20,116
|
|
2018
|
31,183
|
|
Return on average capital employed (%)
|
*
|
|||||
2019
|
6.7
|
|
2018
|
9.4
|
|
|
Earnings on a current cost of supplies basis ($ million)
|
|||||
2019
|
15,827
|
|
2018
|
24,364
|
|
Earnings per share on a current cost of supplies basis ($)
|
|||||
2019
|
1.88
|
|
2018
|
2.85
|
|
Capital investment ($ million)
|
|||||
2019
|
28,788
|
|
2018
|
24,878
|
|
Cash capital expenditure ($ million)
|
|||||
2019
|
23,919
|
|
2018
|
24,078
|
|
Gearing (%)
|
|||||
2019
|
29.3
|
|
2018
|
20.3
|
|
Production available for sale (thousand boe/d)
|
*
|
|||||
2019
|
3,665
|
|
2018
|
3,666
|
|
|
LNG liquefaction volumes (million tonnes)
|
*
|
|||||
2019
|
35.6
|
|
2018
|
34.3
|
|
|
Refinery and chemical plant availability (%)
|
*
|
|||||
2019
|
90.8
|
|
2018
|
91.9
|
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
20
|
|
Project delivery on schedule (%)
|
*
|
|||||
2019
|
90
|
|
2018
|
75
|
|
|
Project delivery on budget (%)
|
*
|
|||||
2019
|
99
|
|
2018
|
97
|
|
|
Proved oil and gas reserves (million boe)
|
|||||
2019
|
11,096
|
|
2018
|
11,578
|
|
Total recordable case frequency (injuries per million working hours)
|
*
|
|||||
2019
|
0.9
|
|
2018
|
0.9
|
|
|
Number of operational Tier 1 and 2 process safety events
|
*
|
|||||
2019
|
130
|
|
2018
|
121
|
|
|
Upstream and Integrated Gas GHG intensity (tonnes of CO2 equivalent/tonne of hydrocarbon production available for sale)
|
*
|
|||||
2019
|
0.17
|
|
2018
|
0.16
|
|
|
Refining GHG intensity (tonnes of CO2 equivalent/UEDCTM)
|
*
|
|||||
2019
|
1.06
|
|
2018
|
1.05
|
|
|
Chemicals GHG intensity (tonnes of CO2 equivalent/tonne petrochemicals produced)
|
|
*
|
||||
2019
|
1.04
|
|
2018
|
0.96
|
|
|
Number of operational spills of more than 100 kg
|
|||||
2019
|
70
|
|
2018
|
93
|
|
Direct GHG emissions (million tonnes of CO2 equivalent)
|
|||||
2019
|
70
|
|
2018
|
71
|
|
Net Carbon Footprint (grams of CO2 equivalent per megajoule)
|
*
|
|||||
2019
|
78
|
|
2018
|
79
|
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
21
|
|
Integrated Gas
|
|
|
|
|
|
|
|
|||
Key statistics
|
$ million, except where indicated
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Segment earnings
|
8,628
|
|
11,444
|
|
5,078
|
|
Including:
|
|
|
|
|||
Revenue (including inter-segment sales)
|
45,602
|
|
48,795
|
|
36,770
|
|
Share of profit of joint ventures and associates
|
1,791
|
|
2,273
|
|
1,714
|
|
Interest and other income
|
263
|
|
2,230
|
|
687
|
|
Operating expenses [A]
|
6,667
|
|
6,014
|
|
5,471
|
|
Exploration
|
281
|
|
208
|
|
141
|
|
Depreciation, depletion and amortisation
|
6,238
|
|
4,850
|
|
4,965
|
|
Taxation charge
|
2,242
|
|
2,795
|
|
790
|
|
Capital expenditure
|
3,851
|
|
3,262
|
|
3,515
|
|
Cash capital expenditure [A]
|
4,299
|
|
3,819
|
|
3,616
|
|
Capital investment [A]
|
6,706
|
|
4,259
|
|
3,921
|
|
Oil and gas production available for sale (thousand boe/d)
|
922
|
|
957
|
|
887
|
|
LNG liquefaction volumes (million tonnes)
|
35.6
|
|
34.3
|
|
33.2
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
22
|
|
▪
|
In December 2018, we formed two joint ventures: with EDF Renewables to build wind farms off the New Jersey coast; and with EDP Renewables (EDPR) to build wind farms off Massachusetts, in the USA. Leases were granted by the authorities for JV with EDF in December 2018 and with EDPR in February 2019. In November, Massachusetts state authorities selected our JV with EDPR (Shell interest 50%) to develop and supply 804 MW of clean, renewable energy from offshore wind to the electricity customers in the state.
|
▪
|
In February, we acquired sonnen, a provider of smart energy storage systems.
|
▪
|
In November, we acquired ERM Power, one of Australia's leading commercial and industrial electricity retailers
|
▪
|
In June, the first shipment of LNG sailed from our Prelude Floating Liquefied Natural Gas facility (Shell interest 67.5%).
|
▪
|
In September, the first of 10 Moveable Modular Liquefaction System (MMLS) Units started up at Elba Island in Savannah, Georgia, USA.
|
▪
|
In November, FID was taken for the Barracuda Project (Shell interest 100%), a subsea tie-back of two gas wells to an existing platform on the East Coast of Trinidad.
|
▪
|
In Timor-Leste (East Timor), we sold our 26.6% interest in the undeveloped Sunrise gas field to the Timor-Leste government.
|
▪
|
In India, we sold our 10% interest in Mahanagar Gas Limited.
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
23
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
24
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
25
|
|
|
|
|
|
|
|
|||
LNG liquefaction volumes
|
Million tonnes
|
|||||||
|
2019
|
|
2018
|
|
|
2017
|
|
|
Australia
|
12.5
|
|
12.1
|
|
|
11.1
|
|
[A]
|
Brunei
|
1.6
|
|
1.6
|
|
|
1.6
|
|
|
Egypt
|
0.4
|
|
0.3
|
|
|
0.2
|
|
|
Malaysia
|
-
|
|
0.6
|
|
[B]
|
1.3
|
|
[B]
|
Nigeria
|
5.3
|
|
5.1
|
|
|
5.2
|
|
|
Norway
|
0.1
|
|
0.1
|
|
|
0.1
|
|
|
Oman
|
2.6
|
|
2.4
|
|
|
2.0
|
|
|
Peru
|
0.9
|
|
0.8
|
|
|
0.9
|
|
|
Qatar
|
2.5
|
|
2.3
|
|
|
2.4
|
|
|
Russia
|
3.0
|
|
3.1
|
|
|
3.1
|
|
|
Trinidad and Tobago
|
6.7
|
|
5.8
|
|
|
5.3
|
|
|
United States
|
0.1
|
|
—
|
|
|
—
|
|
|
Total
|
35.6
|
|
34.3
|
|
|
33.2
|
|
|
|
|
|
|
|
|
||
LNG liquefaction plants in operation
|
|
|
|
|
|||
|
Asset
|
Location
|
Shell interest (%)
|
|
|
100% capacity (mtpa) [A]
|
|
Europe
|
|
|
|
|
|
||
Norway
|
Gasnor
|
Bergen
|
100.0
|
|
|
0.3
|
|
Asia
|
|
|
|
|
|
||
Brunei
|
Brunei LNG
|
Lumut
|
25.0
|
|
|
7.6
|
|
Oman
|
Oman LNG
|
Sur
|
30.0
|
|
|
7.1
|
|
|
Qalhat LNG
|
Sur
|
11.0
|
|
[B]
|
3.7
|
|
Qatar
|
Qatargas 4
|
Ras Laffan
|
30.0
|
|
|
7.8
|
|
Russia
|
Sakhalin LNG
|
Prigorodnoye
|
27.5
|
|
|
9.6
|
|
Oceania
|
|
|
|
|
|
||
Australia
|
Australia North West Shelf
|
Karratha
|
16.7
|
|
|
16.9
|
|
|
Gorgon LNG
|
Barrow Island
|
25.0
|
|
|
15.6
|
|
|
Prelude
|
Browse Basin
|
67.5
|
|
|
3.6
|
|
|
Queensland Curtis LNG T1
|
Curtis Island
|
50.0
|
|
|
4.3
|
|
|
Queensland Curtis LNG T2
|
Curtis Island
|
97.5
|
|
|
4.3
|
|
Africa
|
|
|
|
|
|
||
Egypt
|
Egyptian LNG T1
|
Idku
|
35.5
|
|
|
3.6
|
|
|
Egyptian LNG T2
|
Idku
|
38.0
|
|
|
3.6
|
|
Nigeria
|
Nigeria LNG
|
Bonny
|
25.6
|
|
|
24.1
|
|
South America
|
|
|
|
|
|
||
Peru
|
Peru LNG
|
Pampa Melchorita
|
20.0
|
|
|
4.5
|
|
Trinidad and Tobago
|
Atlantic LNG T1
|
Point Fortin
|
46.0
|
|
|
3.0
|
|
|
Atlantic LNG T2/T3
|
Point Fortin
|
57.5
|
|
|
6.6
|
|
|
Atlantic LNG T4
|
Point Fortin
|
51.1
|
|
|
5.2
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
26
|
|
|
|
|
|
|
|
|
GTL plants in operation
|
|
|
|
|
||
|
Asset
|
Location
|
Shell interest (%)
|
100% capacity (b/d)
|
|
|
Asia
|
|
|
|
|
|
|
Malaysia
|
Shell MDS
|
Bintulu
|
72.0
|
|
14,700
|
|
Qatar
|
Pearl
|
Ras Laffan
|
100.0
|
|
140,000
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
27
|
|
Upstream
|
|
|
|
|
|
|
|
|||
Key statistics
|
$ million, except where indicated
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Segment earnings
|
4,195
|
|
6,798
|
|
1,551
|
|
Including:
|
|
|
|
|||
Revenue (including inter-segment sales)
|
46,413
|
|
47,733
|
|
40,192
|
|
Share of profit of joint ventures and associates
|
379
|
|
285
|
|
623
|
|
Interest and other income
|
2,180
|
|
600
|
|
1,188
|
|
Operating expenses [A]
|
12,043
|
|
12,157
|
|
12,656
|
|
Exploration
|
2,073
|
|
1,132
|
|
1,804
|
|
Depreciation, depletion and amortisation
|
17,003
|
|
13,006
|
|
17,303
|
|
Taxation charge/(credit)
|
5,954
|
|
8,791
|
|
2,409
|
|
Capital expenditure
|
10,074
|
|
12,447
|
|
11,389
|
|
Cash capital expenditure [A]
|
10,277
|
|
12,582
|
|
11,670
|
|
Capital investment [A]
|
11,075
|
|
12,785
|
|
13,160
|
|
Oil and gas production available for sale (thousand boe/d)
|
2,743
|
|
2,709
|
|
2,777
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
28
|
|
▪
|
Also in Argentina, we agreed a 50:50 partnering with Equinor to jointly acquire Schlumberger’s 49% interest in the Bandurria Sur block located in the Vaca Muerta basin (Shell interest 24.5%).
|
▪
|
In Brazil, we announced the Final Investment Decision (FID) to contract the Mero 2 floating production, storage and offloading (FPSO) vessel to be deployed at the Mero field offshore Santos Basin in Brazil.
|
▪
|
In Brunei, we acquired the deep-water exploration Block CA-1 (Shell interest 86.95%). The deal is expected to complete in 2020.
|
▪
|
In Egypt, we announced the intention to sell our onshore upstream assets in the country.
|
▪
|
Also in Egypt, we were awarded onshore concessions with 100% Shell interest (West El Fayum, South East Horus, South Abu Sennan) and one producing concession extension (Bed 2-17).
|
▪
|
Also in Egypt, we were awarded two concessions in the Red Sea bid round: Block 4 (Shell interest 70%) and Block 3 as the sole operator. This is awaiting ratification.
|
▪
|
In Kazakhstan, we decided not to progress the Kalamkas-Khazar projects. These projects were not deemed competitive compared to other opportunities in our global portfolio.
|
▪
|
In Malaysia, we took FID on the second phase of the Malikai deep water development (Shell interest 35%).
|
▪
|
In Nigeria, we announced the release of Invitation to Tender (ITT) to contractors for the development of the Bonga South West Aparo (BSWA) oil field.
|
▪
|
In Oman, our partnership with Oman Oil Company Exploration production to explore for oil and gas in Block 42 was ratified (Shell interest 50%).
|
▪
|
Also in Oman, we signed an Exploration & Production Sharing Agreement for Block 55 in the southeast of the Sultanate (Shell interest 100%). This agreement is awaiting ratification via Royal Decree.
|
▪
|
In São Tomé and Príncipe, in the Gulf of Guinea, we acquired interests in Block 6 (Shell interest 20%) and Block 11 (Shell interest 30%) exploration licences.
|
▪
|
In South Africa, we entered the frontier deep-water Cape Basin (Shell interest 40%) and a second block adjacent to our existing acreage in the Namibian Orange Basin (Shell interest 45%).
|
▪
|
In the UK, we announced FID to export gas and oil from the Pierce field, which is located 165 miles east of Aberdeen (Shell interest 92.5%).
|
▪
|
In the US Gulf of Mexico, we announced FID to develop the PowerNap field (Shell interest 100%).
|
▪
|
Also in the US Gulf of Mexico, we acquired 77 blocks across multiple plays in the Gulf of Mexico Lease Sale 252.
|
▪
|
In the USA, we made a significant discovery at the Blacktip prospect in the deep-water US Gulf of Mexico (Shell interest 52.4%). Blacktip is our second significant discovery in the Perdido Corridor and is part of a continuing exploration strategy to add competitive deep-water options to extend our heartlands.
|
▪
|
In deep water off Brazil, we announced first production from two of our FPSOs: P-67, in Lula North (Shell interest 23%, post-unitisation); and P-68, in Berbigão (Shell interest 25%, subject to unitisation).
|
▪
|
In Italy, the Tempa Rossa oil field started up in December 2019 (Shell interest 25%).
|
▪
|
In Malaysia, we completed phase 2 of the Gumusut-Kakap deep-water project, drilling four additional subsea wells (Shell interest 29%).
|
▪
|
In Malaysia offshore Sarawak, we produced first oil and gas from the E6 field in SK308 PSC (Shell interest 50%). We also produced first gas from the Larak field in the SK408 PSC (Shell interest 30%).
|
▪
|
In the US Gulf of Mexico, we announced first production from Appomattox (Shell interest 79%). It is the first commercial discovery brought into production in the deep-water Norphlet formation in the US Gulf of Mexico.
|
▪
|
In Canada, we sold our Foothills sour gas plants and the gas fields which feed them.
|
▪
|
In Denmark, we completed the sale of our 36.8% non-operating interest in our joint venture the Danish Underground Consortium, for $1.9 billion.
|
▪
|
In Norway, we sold 10% of our 12% interest in Nyhamna gas plant.
|
▪
|
In the US Gulf of Mexico, we sold our 22.45% non-operating interest in the Caesar Tonga asset.
|
▪
|
Also in the USA, we sold our non-Shell operated interest in the Haynesville shale gas formation in Northern Louisiana.
|
▪
|
Also in the USA, we sold our Norphlet deep-water gathering pipeline system in the US Gulf of Mexico.
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
29
|
|
▪
|
Licences (or concessions), which entitle the holder to explore for hydrocarbons and exploit any commercial discoveries. Under a licence, the holder bears the risk of exploration, development and production activities, and is responsible for financing these activities. In principle, the licence holder is entitled to the totality of production less any royalties in kind. The government, state-owned company or government-run oil and gas company may sometimes enter into a joint arrangement as a participant, sharing the rights and obligations of the licence but usually without sharing the exploration risk. In a few cases, the state-owned company, government-run oil and gas company or agency has an option to purchase a certain share of production.
|
▪
|
Lease agreements, which are typically used in North America and are usually governed by terms similar to licences. Participants may include governments or private entities. Royalties are either paid in cash or in kind.
|
▪
|
PSCs entered into with a government, state-owned company or government-run oil and gas company. PSCs generally oblige the independent oil and gas company, as contractor, to provide all the financing and bear the risk of exploration, development and production activities in exchange for a share of the production. Usually, this share consists of a fixed or variable part that is reserved for the recovery of the contractor’s cost (cost oil). The remaining production is split with the government, state-owned company or government-run oil and gas company on a fixed or volume/revenue-dependent basis. In some cases, the government, state-owned company or government-run oil and gas company will participate in the rights and obligations of the contractor and will share in the costs of development and production. Such participation can be across the venture or on a field-by-field basis. Additionally, as the price of oil or gas increases above certain predetermined levels, the independent oil and gas company’s entitlement share of production normally decreases, and vice versa. Accordingly, its interest in a project may not be the same as its entitlement.
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
30
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
31
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
32
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
33
|
|
Oil and gas information
|
|
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
34
|
|
▪
|
BG Egypt Development NOV: The government decision to divert gas from the offshore West Delta Deep Marine fields to domestic use has caused a tangible shortfall of 806 billion scf (87% of the promised gas delivery), expected to continue in the near future leaving LNG gas commitment mostly under force majeure;
|
▪
|
Trinidad and Tobago (East Coast Marine Area and North Coast Marine Area), where PD for all fields fail the economic test at the yearly average price for natural gas. However, we expect to cover 83% of our delivery commitments from existing developed resource volumes and new projects, resulting in an expected true shortfall of some 119 billion scf; and
|
▪
|
In Malaysia, one of the third-party gas supply lines is under repair during 2020. Force majeure has been declared, and no penalties have been incurred.
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
35
|
|
|
|
|
|
|
||||
Summary of proved oil and gas reserves of Shell subsidiaries and Shell share of joint ventures and associates (at December 31, 2019)
|
||||||||
Based on average prices for 2019
|
|
|||||||
|
Crude oil and
natural gas liquids (million barrels) |
|
Natural gas
(thousand million scf) |
|
Synthetic crude oil
(million barrels) |
|
Total
(million boe) [A] |
|
Proved developed
|
|
|
|
|
||||
Europe
|
167
|
|
2,615
|
|
—
|
|
618
|
|
Asia
|
1,643
|
|
13,610
|
|
—
|
|
3,989
|
|
Oceania
|
106
|
|
5,805
|
|
—
|
|
1,107
|
|
Africa
|
314
|
|
1,523
|
|
—
|
|
577
|
|
North America
|
|
|
|
|
||||
USA
|
641
|
|
1,615
|
|
—
|
|
920
|
|
Canada
|
15
|
|
781
|
|
607
|
|
757
|
|
South America
|
675
|
|
968
|
|
—
|
|
841
|
|
Total proved developed
|
3,561
|
|
26,917
|
|
607
|
|
8,809
|
|
Proved undeveloped
|
|
|
|
|
||||
Europe
|
119
|
|
976
|
|
—
|
|
287
|
|
Asia
|
180
|
|
1,208
|
|
—
|
|
388
|
|
Oceania
|
15
|
|
2,591
|
|
—
|
|
462
|
|
Africa
|
80
|
|
1,085
|
|
—
|
|
267
|
|
North America
|
|
|
|
|
||||
USA
|
341
|
|
254
|
|
—
|
|
385
|
|
Canada
|
3
|
|
499
|
|
—
|
|
89
|
|
South America
|
358
|
|
291
|
|
—
|
|
409
|
|
Total proved undeveloped
|
1,096
|
|
6,904
|
|
—
|
|
2,287
|
|
Total proved developed and undeveloped
|
|
|
|
|
||||
Europe
|
286
|
|
3,591
|
|
—
|
|
905
|
|
Asia
|
1,823
|
|
14,818
|
|
—
|
|
4,377
|
|
Oceania
|
121
|
|
8,396
|
|
—
|
|
1,569
|
|
Africa
|
394
|
|
2,608
|
|
—
|
|
844
|
|
North America
|
|
|
|
|
|
|||
USA
|
982
|
|
1,869
|
|
—
|
|
1,305
|
|
Canada
|
18
|
|
1,280
|
|
607
|
|
846
|
|
South America
|
1,033
|
|
1,259
|
|
—
|
|
1,250
|
|
Total
|
4,657
|
|
33,821
|
|
607
|
|
11,096
|
|
Reserves attributable to non-controlling interest in Shell subsidiaries
|
—
|
|
—
|
|
304
|
|
304
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
36
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
37
|
|
LOCATION OF OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES
|
|||
|
|
|
|
Location of oil and gas exploration and production activities [A] (at December 31, 2019)
|
|||
|
Exploration
|
Development
and/or production |
Shell operator[B]
|
Europe
|
|
|
|
Albania
|
●
|
|
●
|
Bulgaria
|
●
|
|
●
|
Cyprus
|
●
|
|
|
Germany
|
●
|
●
|
|
Italy
|
●
|
●
|
●
|
Netherlands
|
●
|
●
|
●
|
Norway
|
●
|
●
|
●
|
UK
|
●
|
●
|
●
|
Asia
|
|
|
|
Brunei
|
●
|
●
|
●
|
China
|
|
●
|
●
|
Indonesia
|
|
●
|
|
Kazakhstan
|
●
|
●
|
|
Malaysia
|
●
|
●
|
●
|
Myanmar
|
●
|
|
|
Oman
|
●
|
●
|
●
|
Philippines
|
●
|
●
|
●
|
Qatar
|
|
●
|
●
|
Russia
|
●
|
●
|
|
Turkey
|
●
|
|
●
|
Oceania
|
|
|
|
Australia
|
●
|
●
|
●
|
Africa
|
|
|
|
Egypt
|
●
|
●
|
●
|
Mauritania
|
●
|
|
●
|
Morocco
|
●
|
|
|
Namibia
|
●
|
|
●
|
Nigeria
|
●
|
●
|
●
|
São Tomé and Príncipe
|
●
|
|
|
South Africa
|
●
|
|
●
|
Tanzania
|
●
|
|
●
|
Tunisia
|
|
●
|
●
|
North America
|
|
|
|
Canada
|
●
|
●
|
●
|
Mexico
|
●
|
|
●
|
USA
|
●
|
●
|
●
|
South America
|
|
|
|
Argentina
|
●
|
●
|
●
|
Bolivia
|
●
|
●
|
●
|
Brazil
|
●
|
●
|
●
|
Colombia
|
●
|
|
●
|
Trinidad and Tobago
|
●
|
●
|
●
|
Uruguay
|
|
|
●
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
38
|
|
OIL AND GAS PRODUCTION AVAILABLE FOR SALE
|
||||||||||||||
|
||||||||||||||
Crude oil and natural gas liquids [A]
|
Thousand barrels
|
|
||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
Europe
|
|
|
|
|
|
|
|
|
||||||
Denmark
|
7,490
|
|
—
|
|
|
13,036
|
|
—
|
|
|
15,467
|
|
—
|
|
Italy
|
9,747
|
|
—
|
|
|
10,921
|
|
—
|
|
|
8,733
|
|
—
|
|
Norway
|
7,025
|
|
—
|
|
|
13,528
|
|
—
|
|
|
19,529
|
|
—
|
|
UK
|
30,677
|
|
—
|
|
|
31,431
|
|
—
|
|
|
45,020
|
|
—
|
|
Other [B]
|
723
|
|
1,135
|
|
|
795
|
|
1,417
|
|
|
860
|
|
1,272
|
|
Total Europe
|
55,662
|
|
1,135
|
|
|
69,711
|
|
1,417
|
|
|
89,609
|
|
1,272
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brunei
|
196
|
|
20,002
|
|
|
283
|
|
18,738
|
|
|
1,138
|
|
15,831
|
|
Kazakhstan
|
34,269
|
|
—
|
|
|
32,432
|
|
—
|
|
|
29,491
|
|
—
|
|
Malaysia
|
21,993
|
|
—
|
|
|
24,650
|
|
—
|
|
|
26,574
|
|
—
|
|
Oman
|
76,493
|
|
—
|
|
|
76,847
|
|
—
|
|
|
77,687
|
|
—
|
|
Russia
|
22,442
|
|
9,413
|
|
|
22,003
|
|
10,403
|
|
|
22,049
|
|
10,899
|
|
Other [B]
|
28,796
|
|
7,709
|
|
|
28,769
|
|
7,768
|
|
|
30,180
|
|
7,859
|
|
Total Asia
|
184,189
|
|
37,124
|
|
|
184,984
|
|
36,909
|
|
|
187,119
|
|
34,589
|
|
Total Oceania [B]
|
10,058
|
|
—
|
|
|
8,883
|
|
—
|
|
|
9,098
|
|
—
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gabon
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
9,750
|
|
—
|
|
Nigeria
|
56,589
|
|
—
|
|
|
53,102
|
|
—
|
|
|
56,337
|
|
—
|
|
Other [B]
|
7,802
|
|
—
|
|
|
8,265
|
|
—
|
|
|
9,003
|
|
—
|
|
Total Africa
|
64,391
|
|
—
|
|
|
61,367
|
|
—
|
|
|
75,090
|
|
—
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA
|
171,204
|
|
—
|
|
|
140,035
|
|
—
|
|
|
109,430
|
|
—
|
|
Canada
|
11,506
|
|
—
|
|
|
13,111
|
|
—
|
|
|
10,775
|
|
—
|
|
Total North America
|
182,710
|
|
—
|
|
|
153,146
|
|
—
|
|
|
120,205
|
|
—
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
126,366
|
|
—
|
|
|
118,681
|
|
—
|
|
|
111,093
|
|
—
|
|
Other [B]
|
3,900
|
|
—
|
|
|
3,414
|
|
—
|
|
|
3,325
|
|
—
|
|
Total South America
|
130,266
|
|
—
|
|
|
122,095
|
|
—
|
|
|
114,418
|
|
—
|
|
Total
|
627,276
|
|
38,259
|
|
|
600,186
|
|
38,326
|
|
|
595,539
|
|
35,861
|
|
|
|
|
|
|
|
|
|
|
|||
Synthetic crude oil
|
|
Thousand barrels
|
|
||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
North America - Canada
|
|
19,076
|
|
|
|
19,514
|
|
|
|
33,183
|
|
|
|
|
|
|
|
|
|
|
|||
Bitumen
|
|
Thousand barrels
|
|
||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
North America - Canada
|
|
—
|
|
|
|
—
|
|
|
|
1,681
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
39
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural gas [A]
|
Million standard cubic feet
|
|
||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
Europe
|
|
|
|
|
|
|
|
|
||||||
Denmark
|
24,433
|
|
—
|
|
|
45,027
|
|
—
|
|
|
52,105
|
|
—
|
|
Germany
|
41,846
|
|
—
|
|
|
40,368
|
|
—
|
|
|
48,002
|
|
—
|
|
Ireland
|
—
|
|
—
|
|
|
44,833
|
|
—
|
|
|
52,515
|
|
—
|
|
Netherlands
|
—
|
|
244,286
|
|
|
—
|
|
271,303
|
|
|
—
|
|
343,126
|
|
Norway
|
182,683
|
|
—
|
|
|
239,253
|
|
—
|
|
|
243,352
|
|
—
|
|
UK
|
62,174
|
|
—
|
|
|
82,695
|
|
—
|
|
|
174,478
|
|
—
|
|
Other [B]
|
15,062
|
|
—
|
|
|
16,422
|
|
—
|
|
|
13,125
|
|
—
|
|
Total Europe
|
326,198
|
|
244,286
|
|
|
468,598
|
|
271,303
|
|
|
583,577
|
|
343,126
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brunei
|
22,185
|
|
160,648
|
|
|
21,205
|
|
157,476
|
|
|
29,880
|
|
158,877
|
|
China
|
44,510
|
|
—
|
|
|
42,419
|
|
—
|
|
|
43,899
|
|
—
|
|
Kazakhstan
|
84,499
|
|
—
|
|
|
78,575
|
|
—
|
|
|
80,623
|
|
—
|
|
Malaysia
|
226,277
|
|
—
|
|
|
237,102
|
|
—
|
|
|
221,590
|
|
—
|
|
Philippines
|
44,374
|
|
—
|
|
|
44,017
|
|
—
|
|
|
42,958
|
|
—
|
|
Russia
|
4,563
|
|
134,807
|
|
|
4,044
|
|
136,652
|
|
|
4,052
|
|
137,890
|
|
Thailand
|
—
|
|
—
|
|
|
25,973
|
|
—
|
|
|
60,742
|
|
—
|
|
Other [B]
|
407,899
|
|
118,253
|
|
|
378,785
|
|
117,976
|
|
|
288,728
|
|
118,352
|
|
Total Asia
|
834,307
|
|
413,708
|
|
|
832,120
|
|
412,104
|
|
|
772,472
|
|
415,119
|
|
Oceania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia
|
686,956
|
|
20,840
|
|
|
648,735
|
|
18,923
|
|
|
591,860
|
|
18,708
|
|
New Zealand
|
—
|
|
—
|
|
|
40,153
|
|
—
|
|
|
51,943
|
|
—
|
|
Total Oceania
|
686,956
|
|
20,840
|
|
|
688,888
|
|
18,923
|
|
|
643,803
|
|
18,708
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Egypt
|
92,169
|
|
—
|
|
|
148,721
|
|
—
|
|
|
122,439
|
|
—
|
|
Nigeria
|
234,332
|
|
—
|
|
|
232,899
|
|
—
|
|
|
236,370
|
|
—
|
|
Other [B]
|
30,266
|
|
—
|
|
|
30,669
|
|
—
|
|
|
36,187
|
|
—
|
|
Total Africa
|
356,767
|
|
—
|
|
|
412,289
|
|
—
|
|
|
394,996
|
|
—
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA
|
389,130
|
|
—
|
|
|
355,075
|
|
—
|
|
|
286,529
|
|
—
|
|
Canada
|
220,005
|
|
—
|
|
|
247,890
|
|
—
|
|
|
224,529
|
|
—
|
|
Total North America
|
609,135
|
|
—
|
|
|
602,965
|
|
—
|
|
|
511,058
|
|
—
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bolivia
|
48,501
|
|
—
|
|
|
55,480
|
|
—
|
|
|
59,673
|
|
—
|
|
Brazil
|
78,526
|
|
—
|
|
|
68,865
|
|
—
|
|
|
70,100
|
|
—
|
|
Trinidad and Tobago
|
159,698
|
|
—
|
|
|
104,454
|
|
—
|
|
|
73,000
|
|
—
|
|
Other [B]
|
8,662
|
|
—
|
|
|
8,062
|
|
—
|
|
|
8,370
|
|
—
|
|
Total South America
|
295,387
|
|
—
|
|
|
236,861
|
|
—
|
|
|
211,143
|
|
—
|
|
Total
|
3,108,750
|
|
678,834
|
|
|
3,241,721
|
|
702,330
|
|
|
3,117,049
|
|
776,953
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
40
|
|
AVERAGE REALISED PRICE BY GEOGRAPHICAL AREA
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||
Crude oil and natural gas liquids
|
$/barrel
|
|
||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
Europe
|
65.11
|
|
58.08
|
|
|
68.23
|
|
64.24
|
|
|
50.52
|
|
46.88
|
|
Asia
|
58.16
|
|
65.25
|
|
|
64.06
|
|
70.66
|
|
|
49.08
|
|
53.44
|
|
Oceania
|
51.51
|
|
—
|
|
|
61.63
|
|
—
|
|
|
45.64
|
|
—
|
|
Africa
|
65.39
|
|
—
|
|
|
71.02
|
|
—
|
|
|
53.39
|
|
—
|
|
North America - USA
|
54.56
|
|
—
|
|
|
61.87
|
|
—
|
|
|
47.23
|
|
—
|
|
North America - Canada
|
36.61
|
|
—
|
|
|
43.72
|
|
—
|
|
|
36.00
|
|
—
|
|
South America
|
56.68
|
|
—
|
|
|
62.67
|
|
—
|
|
|
48.10
|
|
—
|
|
Total
|
57.56
|
|
65.05
|
|
|
63.96
|
|
70.43
|
|
|
49.00
|
|
53.23
|
|
|
|
|
|
|
|
|
|
|
|||
Synthetic crude oil
|
$/barrel
|
|
|||||||||
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
North America - Canada
|
|
50.27
|
|
|
|
48.90
|
|
|
|
45.90
|
|
|
|
|
|
|
|
|
|
|
|||
Bitumen
|
|
$/barrel
|
|
||||||||
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
North America - Canada
|
|
—
|
|
|
|
—
|
|
|
|
34.46
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Natural gas
|
$/thousand scf
|
|
||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||
|
Shell
subsidiaries |
|
Shell share of
joint ventures and associates |
|
|
Shell
subsidiaries |
|
|
Shell share of
joint ventures and associates |
|
|
Shell
subsidiaries |
|
|
Shell share of
joint ventures and associates |
|
Europe
|
5.59
|
|
4.95
|
|
|
7.08
|
|
[A]
|
4.06
|
|
|
5.48
|
|
|
4.77
|
|
Asia
|
2.66
|
|
6.34
|
|
|
2.99
|
|
|
7.06
|
|
|
2.84
|
|
|
5.45
|
|
Oceania
|
8.22
|
|
3.91
|
|
|
8.66
|
|
[A]
|
4.15
|
|
|
6.21
|
|
|
3.11
|
|
Africa
|
2.92
|
|
—
|
|
|
3.02
|
|
|
—
|
|
|
2.44
|
|
|
—
|
|
North America - USA
|
2.27
|
|
—
|
|
|
3.12
|
|
|
—
|
|
|
3.00
|
|
|
—
|
|
North America - Canada
|
1.37
|
|
—
|
|
|
1.35
|
|
|
—
|
|
|
1.85
|
|
|
—
|
|
South America
|
2.33
|
|
—
|
|
|
3.50
|
|
|
—
|
|
|
2.93
|
|
[A]
|
—
|
|
Total
|
3.95
|
|
5.80
|
|
|
4.63
|
|
[A]
|
5.74
|
|
|
3.90
|
|
[A]
|
5.11
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
41
|
|
|
|
|
|
|
|
|
|
|
|||
Synthetic crude oil
|
|
$/barrel
|
|
||||||||
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
North America - Canada
|
|
19.29
|
|
|
|
20.15
|
|
|
|
23.77
|
|
|
|
|
|
|
|
|
|
|
|||
Bitumen
|
|
$/barrel
|
|
||||||||
|
|
2019
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
|
|
Shell
subsidiaries |
|
North America - Canada
|
|
—
|
|
|
|
—
|
|
|
|
16.19
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
42
|
|
Downstream
|
|
|
|
|
|
|
|
|||
Key statistics
|
$ million, except where indicated
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Segment earnings [A]
|
6,277
|
|
7,601
|
|
8,258
|
|
Including:
|
|
|
|
|||
Revenue (including inter-segment sales)
|
294,677
|
|
335,597
|
|
265,821
|
|
Share of profit of joint ventures and associates [A]
|
1,725
|
|
1,785
|
|
1,956
|
|
Interest and other income
|
266
|
|
345
|
|
154
|
|
Operating expenses [B]
|
18,697
|
|
20,743
|
|
19,583
|
|
Depreciation, depletion and amortisation
|
5,413
|
|
4,064
|
|
3,877
|
|
Taxation charge [A]
|
1,241
|
|
1,515
|
|
1,783
|
|
Capital expenditure
|
8,650
|
|
7,083
|
|
5,826
|
|
Cash capital expenditure [B]
|
8,926
|
|
7,408
|
|
6,090
|
|
Capital investment [B]
|
10,542
|
|
7,565
|
|
6,418
|
|
Refinery availability (%) [C]
|
91
|
|
91
|
|
91
|
|
Chemical plant availability (%) [C]
|
89
|
|
93
|
|
92
|
|
Refinery processing intake (thousand b/d)
|
2,564
|
|
2,648
|
|
2,572
|
|
Oil products sales volumes (thousand b/d)
|
6,561
|
|
6,783
|
|
6,599
|
|
Chemicals sales volumes (thousand tonnes)
|
15,223
|
|
17,644
|
|
18,239
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
43
|
|
▪
|
Refining and Trading earnings were $279 million lower than in 2018, principally due to lower realised Refining margins due to adverse price variance across all regions driven by lower global demand growth and increase in worldwide refining capacity; and higher maintenance costs. Partly offsetting this were higher earnings from oil products trading and optimisation, mainly fuel oil.
|
▪
|
Marketing earnings were $727 million higher than in 2018. This was due to stronger unit margins and lower operating expenses in Retail and Lubricants, better revenue from Retail ventures, and lower pension costs. Partly offsetting these were lower earnings from Raízen, the joint venture (Shell interest 50%) in Brazil, due to adverse foreign exchange and lower fuel margins.
|
▪
|
Chemicals earnings were $1,334 million lower than in 2018. Results were impacted by lower realised base chemicals and intermediate margins and higher maintenance activities in Asia and Europe, including the impact of strike action in the Netherlands, partly offset by lower operating expenses.
|
•
|
impairment charges of $341 million (mainly expenditure at Bukom and other assets);
|
•
|
costs related to restructuring of $88 million (various initiatives across Downstream);
|
•
|
other net charges of $273 million (mainly legal provision in Chemicals); and
|
•
|
net charge from fair value accounting of commodity derivatives of $68 million.
|
•
|
net gains from disposal of assets of $318 million; and
|
•
|
gain from one-off tax items of $49 million (tax rate changes in Alberta, Canada).
|
•
|
net gains from fair value accounting of commodity derivatives of $233 million;
|
•
|
gains from disposal of assets of $225 million (mainly our Downstream assets in Argentina and other smaller disposals);
|
•
|
gains from one-off tax items of $118 million (mainly corporation tax rate changes in the Netherlands and the USA).
|
•
|
impairment charge of $386 million (mainly expenditure at Bukom and on assets at Stanlow);
|
•
|
costs related to restructuring of $109 million (various of initiatives across Downstream); and
|
•
|
other net charges of $47 million, which included a one-off gain from the Ontario cap-and-trade scheme and onerous contracts related to decommissioning of the Stanlow site.
|
▪
|
In the Kingdom of Saudi Arabia, we completed the sale of our 50% interest in Shell Saudi Arabia (Refining) Limited (SASREF), a joint venture in Jubail Industrial City, to Saudi Arabian Oil Company (Saudi Aramco) for $631 million.
|
▪
|
In the USA, our subsidiary Equilon Enterprises LLC, doing business as Shell Oil Products US, announced in June 2019 that we have reached an agreement for the sale of Martinez Refinery in California to PBF Holding Company LLC for a $1.0 billion consideration. The sale was concluded in February 2020 in exchange for $1.2 billion which includes the refinery and inventory.
|
▪
|
Also in the USA, in March 2020, we announced our intention to sell the Puget Sound refinery in Washington and Mobile site in Alabama.
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
44
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
45
|
|
|
|
|
|
|||
Oil products - cost of crude oil
processed or consumed [A] |
$/barrel
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Total
|
54.97
|
|
59.94
|
|
46.78
|
|
|
|
|
|
|||
Crude distillation capacity [A]
|
Thousand b/calendar day [B]
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Europe
|
970
|
|
970
|
|
970
|
|
Asia
|
704
|
|
704
|
|
704
|
|
Oceania
|
—
|
|
—
|
|
—
|
|
Africa
|
83
|
|
82
|
|
82
|
|
Americas
|
1,075
|
|
1,157
|
|
1,176
|
|
Total
|
2,832
|
|
2,913
|
|
2,932
|
|
|
|
|
|
|||
Ethylene capacity [A]
|
Thousand tonnes/year
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Europe
|
1,701
|
|
1,701
|
|
1,702
|
|
Asia
|
2,530
|
|
2,529
|
|
1,904
|
|
Oceania
|
—
|
|
—
|
|
—
|
|
Africa
|
—
|
|
—
|
|
—
|
|
Americas
|
2,268
|
|
2,268
|
|
2,267
|
|
Total
|
6,499
|
|
6,498
|
|
5,873
|
|
|
|
|
|
|||
Oil products - crude oil processed [A]
|
Thousand b/d
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Europe
|
829
|
|
897
|
|
892
|
|
Asia
|
498
|
|
545
|
|
528
|
|
Oceania
|
—
|
|
—
|
|
—
|
|
Africa
|
55
|
|
66
|
|
54
|
|
Americas
|
1,004
|
|
1,041
|
|
997
|
|
Total
|
2,386
|
|
2,549
|
|
2,471
|
|
|
|
|
|
|||
Refinery processing intake [A]
|
Thousand b/d
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Crude oil
|
2,342
|
|
2,434
|
|
2,364
|
|
Feedstocks
|
222
|
|
214
|
|
208
|
|
Total
|
2,564
|
|
2,648
|
|
2,572
|
|
Europe
|
875
|
|
896
|
|
892
|
|
Asia
|
517
|
|
543
|
|
539
|
|
Oceania
|
—
|
|
—
|
|
—
|
|
Africa
|
55
|
|
66
|
|
54
|
|
Americas
|
1,117
|
|
1,143
|
|
1,087
|
|
Total
|
2,564
|
|
2,648
|
|
2,572
|
|
|
|
|
|
|||
Refinery processing outturn [A]
|
Thousand b/d
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Gasolines
|
952
|
|
966
|
|
955
|
|
Kerosines
|
417
|
|
321
|
|
290
|
|
Gas/Diesel oils
|
818
|
|
965
|
|
925
|
|
Fuel oil
|
223
|
|
284
|
|
265
|
|
Other
|
282
|
|
321
|
|
334
|
|
Total
|
2,692
|
|
2,858
|
|
2,769
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
46
|
|
|
|
|
|
|||
Oil product sales volumes [A][B]
|
Thousand b/d
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Europe
|
|
|
|
|||
Gasolines
|
334
|
|
323
|
|
317
|
|
Kerosines
|
317
|
|
294
|
|
272
|
|
Gas/Diesel oils
|
720
|
|
745
|
|
758
|
|
Fuel oil
|
138
|
|
178
|
|
170
|
|
Other products
|
278
|
|
314
|
|
362
|
|
Total
|
1,787
|
|
1,854
|
|
1,879
|
|
Asia
|
|
|
|
|||
Gasolines
|
408
|
|
373
|
|
399
|
|
Kerosines
|
208
|
|
210
|
|
216
|
|
Gas/Diesel oils
|
535
|
|
543
|
|
516
|
|
Fuel oil
|
330
|
|
407
|
|
349
|
|
Other products
|
518
|
|
620
|
|
536
|
|
Total
|
2,000
|
|
2,153
|
|
2,016
|
|
Oceania
|
|
|
|
|||
Gasolines
|
—
|
|
—
|
|
—
|
|
Kerosines
|
—
|
|
—
|
|
23
|
|
Gas/Diesel oils
|
—
|
|
—
|
|
—
|
|
Fuel oil
|
—
|
|
—
|
|
—
|
|
Other products
|
—
|
|
—
|
|
—
|
|
Total
|
—
|
|
—
|
|
23
|
|
Africa
|
|
|
|
|||
Gasolines
|
46
|
|
42
|
|
43
|
|
Kerosines
|
13
|
|
10
|
|
13
|
|
Gas/Diesel oils
|
70
|
|
74
|
|
78
|
|
Fuel oil
|
2
|
|
2
|
|
2
|
|
Other products
|
6
|
|
6
|
|
6
|
|
Total
|
137
|
|
134
|
|
142
|
|
Americas
|
|
|
|
|||
Gasolines
|
1,419
|
|
1,446
|
|
1,415
|
|
Kerosines
|
239
|
|
236
|
|
212
|
|
Gas/Diesel oils
|
582
|
|
567
|
|
545
|
|
Fuel oil
|
120
|
|
117
|
|
92
|
|
Other products
|
277
|
|
276
|
|
275
|
|
Total
|
2,637
|
|
2,642
|
|
2,539
|
|
Total product sales [C][D]
|
|
|
|
|||
Gasolines
|
2,207
|
|
2,184
|
|
2,174
|
|
Kerosines
|
777
|
|
750
|
|
736
|
|
Gas/Diesel oils
|
1,907
|
|
1,929
|
|
1,897
|
|
Fuel oil
|
590
|
|
704
|
|
613
|
|
Other products
|
1,079
|
|
1,216
|
|
1,179
|
|
Total
|
6,561
|
|
6,783
|
|
6,599
|
|
|
|
|
|
|||
Chemicals sales volumes [A]
|
Thousand tonnes
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Europe
|
|
|
|
|||
Base chemicals
|
3,666
|
|
4,069
|
|
4,059
|
|
Intermediates and others
|
1,872
|
|
1,994
|
|
2,056
|
|
Total
|
5,538
|
|
6,063
|
|
6,115
|
|
Asia
|
|
|
|
|||
Base chemicals
|
1,057
|
|
2,140
|
|
2,515
|
|
Intermediates and others
|
2,848
|
|
3,082
|
|
3,243
|
|
Total
|
3,905
|
|
5,222
|
|
5,758
|
|
Oceania
|
|
|
|
|||
Base chemicals
|
—
|
|
—
|
|
—
|
|
Intermediates and others
|
—
|
|
—
|
|
—
|
|
Total
|
—
|
|
—
|
|
—
|
|
Africa
|
|
|
|
|||
Base chemicals
|
—
|
|
—
|
|
—
|
|
Intermediates and others
|
—
|
|
—
|
|
—
|
|
Total
|
—
|
|
—
|
|
—
|
|
Americas
|
|
|
|
|||
Base chemicals
|
3,261
|
|
3,842
|
|
3,839
|
|
Intermediates and others
|
2,519
|
|
2,517
|
|
2,527
|
|
Total
|
5,780
|
|
6,359
|
|
6,366
|
|
Total product sales
|
|
|
|
|||
Base chemicals
|
7,984
|
|
10,051
|
|
10,413
|
|
Intermediates and others
|
7,239
|
|
7,593
|
|
7,826
|
|
Total
|
15,223
|
|
17,644
|
|
18,239
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
47
|
|
|
|
|
|
|
|
|
|
|||||
Refineries in operation
|
|
|
|
|
|
|
|
|||||
|
Thousand barrels/calendar day, 100% capacity [B]
|
|
||||||||||
|
Location
|
Asset class
|
Shell interest (%)
[A] |
|
Crude
distillation capacity |
|
Thermal
cracking/ visbreaking/ coking |
|
Catalytic
cracking |
|
Hydro-
cracking |
|
Europe
|
|
|
|
|
|
|
|
|||||
Denmark
|
Fredericia
|
•
|
100
|
|
68
|
|
39
|
|
—
|
|
—
|
|
Germany
|
Miro [C]
|
|
32
|
|
287
|
|
36
|
|
87
|
|
—
|
|
|
Rheinland
|
■•
|
100
|
|
325
|
|
44
|
|
—
|
|
80
|
|
|
Schwedt [C]
|
|
38
|
|
214
|
|
40
|
|
53
|
|
—
|
|
Netherlands
|
Pernis
|
■•
|
100
|
|
405
|
|
23
|
|
48
|
|
82
|
|
Asia
|
|
|
|
|
|
|
|
|||||
Philippines
|
Tabangao
|
|
55
|
|
95
|
|
31
|
|
—
|
|
—
|
|
Singapore
|
Pulau Bukom
|
■•
|
100
|
|
463
|
|
72
|
|
34
|
|
54
|
|
Africa
|
|
|
|
|
|
|
|
|||||
South Africa
|
Durban [C]
|
◆
|
36
|
|
165
|
|
22
|
|
33
|
|
—
|
|
Americas
|
|
|
|
|
|
|
|
|||||
Argentina
|
Buenos Aires [C]
|
•◆
|
50
|
|
99
|
|
18
|
|
20
|
|
—
|
|
Canada
|
|
|
|
|
|
|
|
|||||
Alberta
|
Scotford
|
◆
|
100
|
|
92
|
|
—
|
|
—
|
|
74
|
|
Ontario
|
Sarnia
|
◆
|
100
|
|
78
|
|
4
|
|
19
|
|
9
|
|
USA
|
|
|
|
|
|
|
|
|||||
California
|
Martinez [D]
|
•
|
100
|
|
144
|
|
43
|
|
65
|
|
37
|
|
Louisiana
|
Convent
|
◆
|
100
|
|
239
|
|
—
|
|
83
|
|
49
|
|
|
Norco
|
■
|
100
|
|
229
|
|
26
|
|
108
|
|
39
|
|
Texas
|
Deer Park
|
■•
|
50
|
|
312
|
|
82
|
|
68
|
|
53
|
|
Washington
|
Puget Sound
|
•◆
|
100
|
|
137
|
|
22
|
|
52
|
|
—
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
48
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
49
|
|
Corporate
|
|
|
|
|
|
|
|
|||
Earnings
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Segment earnings
|
(3,273
|
)
|
(1,479
|
)
|
(2,416
|
)
|
Comprising:
|
|
|
|
|||
Net interest and investment expense [A]
|
(3,425
|
)
|
(2,192
|
)
|
(2,413
|
)
|
Net foreign exchange losses [B]
|
(67
|
)
|
(67
|
)
|
(292
|
)
|
Taxation and other [C]
|
219
|
|
780
|
|
289
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
50
|
|
Liquidity and capital resources
|
|
|
|
|
|
|
||
Capitalisation table
|
$ million
|
|
||
|
December 31, 2019
|
|
December 31, 2018
|
|
Equity attributable to Royal Dutch Shell plc shareholders
|
186,476
|
|
198,646
|
|
Current debt
|
15,064
|
|
10,134
|
|
Non-current debt
|
81,360
|
|
66,690
|
|
Total debt [A]
|
96,424
|
|
76,824
|
|
Total capitalisation
|
282,900
|
|
275,470
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
51
|
|
Capital investment [A]
|
$ million
|
||
|
2019
|
2018
|
2017
|
Integrated Gas
|
6,706
|
4,259
|
3,921
|
Upstream
|
11,075
|
12,785
|
13,160
|
Downstream
|
10,542
|
7,565
|
6,418
|
Corporate
|
465
|
269
|
157
|
Total capital investment
|
28,788
|
24,878
|
26,655
|
Cash capital expenditure
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Integrated Gas
|
4,299
|
3,819
|
3,616
|
|||
Upstream
|
10,277
|
12,582
|
11,670
|
|||
Downstream
|
8,926
|
7,408
|
6,090
|
|||
Corporate
|
418
|
269
|
157
|
|||
Total cash capital expenditure
|
23,919
|
|
24,078
|
|
21,533
|
|
Cash flow information [A]
|
$ billion
|
|||||||
|
2019
|
|
2018
|
|
|
2017
|
|
|
Cash flow from operating activities excluding working capital movements
|
|
|
|
|
|
|
|
|
Integrated Gas
|
14.8
|
|
16.3
|
|
|
8.7
|
|
|
Upstream
|
20.5
|
|
21.9
|
|
|
16.3
|
|
|
Downstream
|
11.9
|
|
10.8
|
|
|
12.6
|
|
|
Corporate
|
(0.3
|
)
|
0.7
|
|
|
0.3
|
|
|
Total
|
47.0
|
|
49.7
|
|
|
37.9
|
|
|
(Increase)/decrease in inventories
|
(2.6
|
)
|
2.8
|
|
|
(2.1
|
)
|
|
(Increase)/decrease in current receivables
|
(0.9
|
)
|
2.0
|
|
|
(2.6
|
)
|
|
Increase/(decrease) in current payables
|
(1.2
|
)
|
(1.3
|
)
|
|
2.4
|
|
|
(Increase)/decrease in working capital
|
(4.8
|
)
|
3.4
|
|
|
(2.3
|
)
|
|
Cash flow from operating activities
|
42.2
|
|
53.1
|
|
|
35.7
|
|
|
Cash flow from investing activities
|
(15.8
|
)
|
(13.7
|
)
|
|
(8.0
|
)
|
|
Cash flow from financing activities
|
(35.2
|
)
|
(32.5
|
)
|
|
(27.1
|
)
|
|
Currency translation differences relating to cash and cash equivalents
|
0.1
|
|
(0.4
|
)
|
|
0.6
|
|
|
Increase/(decrease) in cash and cash equivalents
|
(8.7
|
)
|
6.4
|
|
|
1.2
|
|
|
Cash and cash equivalents at the beginning of the year
|
26.7
|
|
20.3
|
|
|
19.1
|
|
|
Cash and cash equivalents at the end of the year
|
18.1
|
|
26.7
|
|
|
20.3
|
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
52
|
|
|
|
|
|
|
|
|||||
Contractual obligations
|
$ billion
|
|
||||||||
|
Less than
1 year |
|
Between
1 and 3 years |
|
Between
3 and 5 years |
|
5 years
and later |
|
Total
|
|
Debt [A]
|
10.1
|
|
9.9
|
|
6.5
|
|
38.7
|
|
65.2
|
|
Leases
|
7.3
|
|
9.9
|
|
7.6
|
|
21.3
|
|
46.1
|
|
Purchase obligations [B]
|
24.6
|
|
25.1
|
|
18.3
|
|
48.6
|
|
116.6
|
|
Other long-term contractual liabilities [C]
|
—
|
|
0.4
|
|
—
|
|
0.7
|
|
1.1
|
|
Total
|
42.0
|
|
45.3
|
|
32.4
|
|
109.3
|
|
229.0
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
53
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
54
|
|
Environment and society
|
|
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
55
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
56
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
57
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
58
|
|
Climate change and energy transition
|
|
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
59
|
|
▪
|
ensure consistent assessment of climate risk across Shell;
|
▪
|
clarify expectations for risk management and reporting, including roles and responsibilities;
|
▪
|
strengthen decision-making through better visibility and understanding of the climate risk by line of business; and
|
▪
|
enable integration of Shell’s reporting.
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
60
|
|
▪
|
supplying more natural gas to replace coal for power generation;
|
▪
|
developing carbon capture and storage (CCS);
|
▪
|
implementing energy-efficiency measures in our operations where reasonably practicable;
|
▪
|
developing new fuels for transport such as advanced biofuels and hydrogen;
|
▪
|
maintaining a focus on using natural gas and renewable electricity to generate power; and
|
▪
|
working with nature-based solutions.
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
61
|
|
▪
|
commercial risk: the potential for structural shifts in demand profiles for industry products;
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
62
|
|
▪
|
regulatory risk: the potential for strengthening of existing and introduction of new regulations;
|
▪
|
physical risk: the potential impact on our facilities and the communities in which we operate due to changing physical conditions; and
|
▪
|
societal risk: the potential for a deteriorating relationship with the public, other companies, and governments in countries where Shell operates.
|
▪
|
Short term (up to three years): detailed financial projections are developed and used to manage performance and expectations on a three-year cycle. This three-year plan is shared with the Board;
|
▪
|
Medium term (three years up to around 10 years): the majority of production and earnings expected to be generated in this period come from our existing assets; and
|
▪
|
Long term (beyond around 10 years): for this period, it is expected for the current Shell portfolio to go through changes and evolution with the energy transition. Decision-making and risk identification on the thematic structure of the future portfolio are guided by the pace of progress of society and in step with society as it moves towards the goals of the Paris Agreement.
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
63
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
64
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
65
|
|
Our people
|
|
|
|
|
|
|
|
|
|
|||
Actual number of employees by geographical area
|
Thousand
|
|||||||
|
2019
|
|
2018
|
|
[A]
|
2017
|
|
[A]
|
Europe
|
24
|
|
24
|
|
|
24
|
|
|
Asia
|
30
|
|
28
|
|
|
28
|
|
|
Oceania
|
2
|
|
2
|
|
|
2
|
|
|
Africa
|
4
|
|
4
|
|
|
5
|
|
|
North America
|
21
|
|
21
|
|
|
21
|
|
|
South America
|
2
|
|
2
|
|
|
3
|
|
|
Total
|
83
|
|
81
|
|
|
83
|
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
66
|
|
STRATEGIC REPORT SHELL FORM 20-F 2019
|
67
|
|
The Board of Royal Dutch Shell plc
|
|
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
68
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
69
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
70
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
71
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
72
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
73
|
|
Senior Management
|
|
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
74
|
|
Introduction from the Chair
|
|
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
75
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
76
|
|
Statement of compliance with the UK Corporate Governance Code
|
|
|
|
•
|
Was the Director’s re-election supported at the last AGM? Did the level of support, or communication from investors ahead of the AGM indicate concern about the Director’s independence?
|
•
|
Have the conferred interests of other Directors or management unduly influenced behaviour or approach to decision-making?
|
•
|
How has any potential influence - as a result of familiarity amongst Directors and between Directors and management who have served together for more than the nine years - been avoided?
|
•
|
How proactive is the Director? Have they stood themselves apart from, or avoided, any potential influence when making decisions?
|
•
|
Where good working relationships with fellow Directors and management have been developed, are these strictly professional and limited to work-related matters only? Are there any known situations where they have attended the same events in a non-Shell- related capacity and in what context?
|
•
|
Has the Director previously been involved in the industry in which the Company operates? Is there a network of contacts that could reduce the ability to be objective or contaminate their views?
|
•
|
Are the views and opinions of Directors and management challenged appropriately and at what frequency?
|
•
|
Have there been circumstances when the Board is reaching consensus, but the Director has not been afraid to speak up or offer an alternative view?
|
•
|
Are boardroom behaviours indicative of a strong culture of collaboration, but with robust debate, and in a way that means no one Director dominates discussions?
|
•
|
How is the Board satisfied that there is no reliance on one or certain viewpoints and that there is inclusive, diverse-thinking boardroom culture?
|
•
|
How has performance as a Director and, where relevant, performance in a particular role or duty changed over recent years, and since reaching more than nine years of service?
|
GOVERNANCE SHELL FORM 20-F 2019
|
77
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
78
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
79
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
80
|
|
Board evaluation and activities
|
|
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
81
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
82
|
|
Understanding and engaging with our stakeholders
|
|
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
83
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
84
|
|
Audit Committee visit to the finance operations centre in Chennai and the IT Hub in Bangalore
|
||
Discussions were held with Audit Committee members ahead of the visit to formulate the agenda and ensure that key areas of interest were covered.
|
Chennai and Bangalore - Engagements covered presentations from a number of individuals from various parts of the business, on matters such as data analytics and engineering, market risk, reporting and analysis and centres of excellence, digitalisation, and the context of the IT hub, local collaboration with Shell retail operations, process automation and how the business contributes to Shell’s overall strategy on digitalisation. Further, the Committee received an overview of the Shell India Diversity and Inclusion
Network, and spent time with the women’s network, senior leaders and local employees.
|
The Committee gained an understanding of the operations and met with the local teams in
both regions, gaining a deeper understanding of the different processes and challenges the business and its workforce faces.
|
SESCo visit to Singapore
|
||
Discussions were held with the
SESCo Committee members
ahead of the visit to formulate
the agenda and ensure that
key areas of interest were
covered.
|
The Committee met and engaged with a range of representatives from the contractor workforce, communities and social investment partners. Other engagements were held with Shell’s partners in the
energy transition, a women’s network, government and the World Business Council for Sustainable Development. The Directors also had lunch with frontline staff and extended leadership team members. Over the course of these various engagements, a range of topics were considered and discussed including process safety and the environment and societal expectations.
|
This visit provided Directors with many insights, including Shell’s broad and growing capability in developing cleaner energy solutions and the energy transition journey in Singapore.
|
Director Visits included
|
||
Discussions were held with the respective Directors ahead of the visit to formulate the agenda and ensure that key areas of interest
were covered.
|
Shell QGC Midstream operations in Queensland, Australia
The visit included a site tour of the Control room, the LNG plant and the maintenance centre, providing opportunity to engage with the workforce in each location. The Director also spent time with the local leadership team, graduates, engineers and others from the broader functions.
Houston
The Director attended the Engagement with Emerging Leaders meeting. This is a formal programme established to develop US based Senior Executive potential talent. The group meets quarterly with the US Country Coordination Team and is led by the US Country Chair. These meetings provide an opportunity
for cross-business collaboration and networking. The Director also toured the remote drilling centre and received an update on how technology has been instrumental in delivering continuous improvement, optimisation and standardisation for the drilling of wells. Further, they received an overview of the lubricants business and spent time with global brand managers, marketing and commercial teams.
Permian Basin
The Directors received updates from senior leaders, a tour of the central processing facility, drilling rig and other operations.
Shell Energy
During their visit, Directors met with Shell Energy CEO and the Executive Team. In addition, Directors toured the offices meeting several teams, including leaders from customer services, customer experience, continuous improvement, and telecommunications where they were able to learn more about recent changes to a
customer-centric operating model and growth plans for broadband operations.
|
The visits provided Directors further opportunity to engage with the workforce, and gain a deeper understanding of the business and its operations.
|
GOVERNANCE SHELL FORM 20-F 2019
|
85
|
|
Workforce engagement
|
|
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
86
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
87
|
|
Nomination and succession committee
|
|
|
|
•
|
Appointment of two new Executive Committee members
|
•
|
Appointment of a new Non-executive Director, and continued discussions on Non Executive Director Succession
|
•
|
Appointment and onboarding of new Non-executive Directors
|
•
|
Continued discussions on Non-executive Director, and Executive Committee, succession
|
Committee Member
|
Member since
|
Maximum possible meetings
|
|
Number of meetings attended
|
|
% of meetings attended
|
|
Chad Holliday (Chair of the Committee)
|
May 19, 2015
|
5
|
|
5
|
|
100
|
%
|
Euleen Goh
|
July 1, 2019
|
3
|
|
3
|
|
100
|
%
|
Gerard Kleisterlee
|
May 23, 2018
|
5
|
|
5
|
|
100
|
%
|
Linda Stuntz
|
June 1, 2016
|
5
|
|
5
|
|
100
|
%
|
GOVERNANCE SHELL FORM 20-F 2019
|
88
|
|
Succession [A]
|
Topic of discussion/Example of Board activity
|
Recommendation
|
Appointment of Neil Carson to the Board.
Changes to the composition of the Board committees.
|
Review and oversight
|
Royal Dutch Shell Senior Succession Resourcing Review.
|
Oversight
|
Appointment of Wael Sawan as Upstream Director (replacing Andrew Brown).
Appointment of Huibert Vigeveno as Downstream Director (replacing John Abbott).
|
Governance
|
Topic of discussion/ Example of Board activity
|
Governing the Board and its committees
|
Reviewed its Principles for the Strategic Composition of the Board.
Updated its Terms of Reference, and reviewed changes proposed to the Terms of Reference for other Committees and the Matters Reserved for the Board.
|
Regulation, legislation and other governance related guidance
|
Alignment to the recommendations within the 2018 UK Corporate Governance Code.
Key governance matters impacting the Company’s external reporting.
Other governance and regulatory changes agreed or proposed and their impact or potential impact on the Company, its processes and its reporting.
|
RDS matters
|
Considered any potential conflicts of interest and the independence of the Non-executive Directors.
Determined who would undertake the 2019 External Board Evaluation.
Reviewed the proposed changes to the Company’s Articles of Association, subsequently approved by shareholders at the 2019 AGM.
Reveiwed changes proposed to the dividend payment process (announced December 2019).
|
GOVERNANCE SHELL FORM 20-F 2019
|
89
|
|
Safety, environment and sustainability committee
|
|
|
|
Committee Member
|
Member since
|
Maximum possible meetings
|
|
Number of meetings attended
|
|
% of meetings attended
|
|
Sir Nigel Sheinwald (Chair of the Committee)
|
July 1, 2012
|
8
|
|
8
|
|
100
|
%
|
Neil Carson [A]
|
June 1, 2019
|
4
|
|
3
|
|
75
|
%
|
Catherine J. Hughes
|
November 1, 2017
|
8
|
|
8
|
|
100
|
%
|
Linda Stuntz
|
May 23, 2018
|
8
|
|
8
|
|
100
|
%
|
GOVERNANCE SHELL FORM 20-F 2019
|
90
|
|
Audit Committee Report
|
|
|
|
•
|
First-year application of IFRS 16 Leases
|
•
|
Shell’s Trading and Supply Control Framework
|
•
|
Net Carbon Footprint Assurance and Reporting Framework
|
•
|
Oil and Gas Reserves Control Framework
|
•
|
Decommissioning
|
•
|
Integrated Risk Management
|
•
|
New Business Models and Ventures
|
•
|
Pensions
|
Committee Member
|
Member since
|
Maximum possible meetings
|
Number of meetings attended
|
% of meetings attended
|
||
Ann Godbehere (Chair)
|
May 23, 2018
|
6
|
|
6
|
|
100%
|
Euleen Goh [A]
|
September 1, 2014
|
3
|
|
3
|
|
100%
|
Roberto Setubal
|
October 1, 2017
|
6
|
|
6
|
|
100%
|
Gerrit Zalm
|
March 8, 2017
|
6
|
|
6
|
|
100%
|
GOVERNANCE SHELL FORM 20-F 2019
|
91
|
|
•
|
Reviewing the integrity of the financial statements, including annual reports, half-year reports, and quarterly financial statements;
|
•
|
Reviewing and discussing with management the appropriateness of judgements involving the application of accounting principles and disclosure rules;
|
•
|
Advising the Board whether the Annual Report is fair, balanced and understandable and provides the information necessary for shareholders to assess Shell’s position and performance, business model and strategy;
|
•
|
Reviewing the functioning of the Shell Global Helpline and reports arising from its operations;
|
•
|
Overseeing compliance with applicable legal and regulatory requirements, including monitoring ethics and compliance risks;
|
•
|
Monitoring the qualifications, expertise, resources and independence of both the internal and external auditor;
|
•
|
Assessing the internal and external auditor’s performance and effectiveness each year; and
|
•
|
Recommending to the Board the appointment or reappointment of the external auditor.
|
•
|
Trading and Supply’s Control Framework. Following its 2018 visit to the Trading and Supply office in London and given the growth in this area, the AC continued to focus on key control matters and improvements in processes underway within Trading and Supply. The AC was briefed on various actions which management is undertaking to further strengthen controls, including system controls and new hires in the areas of compliance and risk management.
|
•
|
Shell’s Net Carbon Footprint Control Framework. Following Shell’s announcement to link a Net Carbon Footprint target and other measures to executive remuneration starting in 2019, the AC reviewed the processes and procedures governing the annual preparation and assurance of Shell’s Net Carbon Footprint value. The AC considered the methodology, key aspects of the Net Carbon Footprint model, important control points, assurance mechanisms to validate the integrity of the data and disclosure, and the process for managing and verifying any changes to the model.
|
•
|
Tax risks. In addition to the regular review of Shell’s tax position, the AC discussed with management the key tax risks stemming from the evolving tax landscape, including intensified audit scrutiny and increasing demands for transparency. The AC also discussed measures underway in response to these trends and developments, including for example Shell’s publication of its first Tax Contribution Report in 2019.
|
•
|
Information Risk Management. The Chief Information Officer briefed the AC on the activities undertaken in 2019 with respect to information risk management, information security controls, security improvement initiatives and Shell’s cyber monitoring and defence capabilities and controls. The AC discussed with the Chief Information Officer the evolving digital landscape and the steps management is taking to manage change, including planned activities for 2020.
|
GOVERNANCE SHELL FORM 20-F 2019
|
92
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
93
|
|
Activities performed
|
Frequency
|
Reporting
|
|
Reviewed Shell’s accounting policies and practices, including compliance with accounting and reporting standards
|
Q
|
Reviewed the appropriateness of material judgements and the interpretation and application of accounting principles
|
Q
|
Considered the integrity of the year-end financial statements and recommended to the Board whether the audited financial statements should be included in the Annual and statutory reports
|
A
|
Considered the integrity of the half-yearly report and quarterly financial statements
|
Q
|
Reviewed management’s assessment of going concern and longer-term viability and endorsed the annual viability statement
|
P
|
Reviewed Shell’s policies with respect to earnings releases; financial performance information and earnings guidance; oil and gas reserves accounting and reporting; and significant financial reporting issues
|
Q
|
Reviewed the internal controls in relation to financial reporting
|
P
|
Advised the Board of the AC’s view on whether taken as a whole, the Annual Report is fair, balanced and understandable and provides the information necessary for shareholders to assess Shell’s position and performance, business model and strategy.
|
A
|
Assessed management’s response to significant audit findings and recommendations
|
P
|
Risk Management and Internal Control
|
|
Monitored the effectiveness of the Shell’s risk management and internal control system
|
P
|
Received briefings on regulatory developments
|
P
|
Reviewed management's SOX 404 assessment
|
A
|
Discussed the control framework related to Shell’s Net Carbon Footprint
|
P
|
Considered the control framework related to oil and gas reserves
|
P
|
Discussed significant matters arising from the internal audit with the Chief Internal Auditor, management and Ernst & Young LLP (EY)
|
Q
|
Evaluated the quality, efficiency and effectiveness of the internal audit function including the competence, qualifications, expertise, compensation and budget
|
A
|
Reviewed and approved the internal audit function’s remit, charter and audit plan
|
A
|
Assessed the performance of the Chief Internal Auditor
|
A
|
Reviewed significant legal matters with Shell’s Legal Director
|
Q
|
Discussed and reviewed Finance Group's succession planning
|
A
|
Reviewed the Chief Financial Officer’s significant business and investment transactions for potential conflicts or related party transactions
|
A
|
Assessed the Chief Financial Officer’s performance
|
A
|
Reviewed Shell’s information risk management
|
P
|
Reviewed Shell’s tax function, key tax risks and discussed evolving area of tax transparency
|
P
|
Received briefings regarding Shell’s Trading and Supply control framework
|
P
|
Reviewed and discussed Shell Finance’s IT strategy
|
P
|
External Auditor
|
|
Considered the independence of EY
|
A
|
Reviewed and approved the engagement letter for EY's annual audit of the Company's consolidated and parent company financial statements
|
A
|
Approved the renumeration for audit and non-audit services, including pre-approval of permissible non-audit service
|
Q
|
Considered the annual external audit plan and monitored the execution and results of the audit
|
P
|
Monitored the qualifications, expertise, resources and independence and objectivity of EY
|
A
|
Reviewed the Company’s representation letter prior to signing by management
|
A
|
Assessed the performance and effectiveness of EY, the audit process, the quality of the audit, the handling of key judgements by EY, and EY’s response to questions from the AC
|
P
|
Recommended to the Board for the re-appointment of EY to be put to the Company’s shareholders for approval at the Annual General Meeting (AGM)
|
A
|
Compliance and Governance
|
|
Monitored the receipt, retention, investigation and follow-up actions of complaints received, including those from the Shell Global Helpline
|
P
|
Reviewed with the Chief Ethics and Compliance Officer the implementation and effectiveness of the Ethics and Compliance programme and function
|
A
|
Discussed compliance with applicable external legal and regulatory requirements
|
P
|
Performed an evaluation of the AC’s performance and effectiveness
|
A
|
Reviewed and updated the AC’s Terms of Reference
|
P
|
GOVERNANCE SHELL FORM 20-F 2019
|
94
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
95
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
96
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
97
|
|
Directors’ Remuneration Report
|
|
|
|
2019 outcomes
|
Annual bonus: below-target award, with downward discretion
applied for fatalities. |
LTIP: above-target vesting, based on long-term performance.
|
2020 policy features
|
Alignment to strategy: formalisation of energy transition
LTIP condition. |
Quantum: reduce CEO LTIP grant and increased focus on the
REMCO’s use of discretion to manage Single Figure outcomes. |
Simplification: removed individual performance factor and
reduced CEO target bonus. |
•
|
the Annual Report on Remuneration (describing 2019 remuneration as well as the planned implementation of the Directors’ Remuneration Policy in 2020) which will be subject to an advisory vote at the 2020 AGM; and
|
•
|
the Directors’ Remuneration Policy which will be subject to a binding shareholder vote at the 2020 AGM.
|
▪
|
Production volumes were below target by 2.53%. This was driven by a number of operational issues and delays bringing projects on-stream
|
▪
|
LNG liquefaction volumes were below target by 2.20%, mainly due to delayed project start-ups and slower ramp-ups;
|
▪
|
The combined Refinery and Chemicals Availability outcome was above target by 0.44%, with higher downtime from unplanned events being more than compensated by lower downtime from planned events.
|
▪
|
Combined Project Delivery, which provides an indication of our ability to deliver projects within budget and schedule, was strong, with 90% of projects on-time and with aggregated costs below budget, reflecting the focus on capital discipline and project execution.
|
GOVERNANCE SHELL FORM 20-F 2019
|
98
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
99
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
100
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
101
|
|
Annual Report on Remuneration
|
|
|
|
Committee Member
|
Member since
|
Maximum
possible meetings |
Number of
meetings attended |
% of
meetings attended |
Mr. Gerard Kleisterlee (Chair)
|
21 May 2014
|
5
|
5
|
100%
|
Mr. Neil Carson [A]
|
01 June 2019
|
3
|
2
|
67%
|
Mrs. Catherine Hughes
|
26 July 2017
|
5
|
5
|
100%
|
Sir Nigel Sheinwald
|
24 May 2017
|
5
|
5
|
100%
|
Mr. Gerrit Zalm
|
21 May 2014
|
5
|
5
|
100%
|
|
Senior Management
|
||
Executive Directors
|
Executive Committee
|
Company Secretary
|
|
Performance Framework
|
ü
|
û
|
û
|
Remuneration policy
|
ü
|
ü
|
û
|
Actual remuneration and benefits
|
ü
|
ü
|
ü
|
Annual Bonus and Long-Term Incentive Measures and Targets
|
ü
|
ü
|
ü
|
▪
|
Ben van Beurden, CEO;
|
▪
|
Ronan Cassidy, Chief Human Resources and Corporate Officer and Secretary to the REMCO; and
|
▪
|
Stephanie Boyde, Executive Vice President Remuneration and HR Operations.
|
▪
|
setting annual bonus and long-term incentive plan performance measures and targets, including considering the energy transition in the context of long-term remuneration;
|
▪
|
deciding on 2018 annual bonus outcomes, 2019 base salaries, 2019 target bonuses and 2019 LTIP awards for Senior Management;
|
▪
|
determining vesting of the 2016 LTIP award for Senior Management;
|
▪
|
approving the 2018 Directors’ Remuneration Report;
|
▪
|
carefully deliberating on quantum for the CEO;
|
▪
|
preparing for shareholder consultation;
|
▪
|
developing the Directors’ Remuneration Policy in preparation for the 2020 AGM vote; and
|
•
|
monitoring external developments and assessing their impact on Shell’s Remuneration Policy.
|
GOVERNANCE SHELL FORM 20-F 2019
|
102
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
103
|
|
Single total figure of remuneration for Non-executive Directors (audited)
|
€ thousand
|
|
||||||||||
|
Fees
|
Taxable benefits [A]
|
Total
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Neil Carson [B]
|
99
|
|
N/A
|
|
—
|
|
N/A
|
|
99
|
|
N/A
|
|
Ann Godbehere [C]
|
178
|
|
97
|
|
—
|
|
—
|
|
178
|
|
97
|
|
Euleen Goh
|
201
|
|
220
|
|
—
|
|
—
|
|
201
|
|
220
|
|
Charles O. Holliday
|
850
|
|
850
|
|
71
|
|
75
|
|
921
|
|
925
|
|
Catherine J. Hughes
|
200
|
|
199
|
|
—
|
|
7
|
|
200
|
|
206
|
|
Gerard Kleisterlee
|
242
|
|
216
|
|
—
|
|
7
|
|
242
|
|
223
|
|
Roberto Setubal
|
190
|
|
190
|
|
2
|
|
—
|
|
192
|
|
190
|
|
Sir Nigel Sheinwald
|
187
|
|
180
|
|
—
|
|
6
|
|
187
|
|
186
|
|
Linda G. Stuntz
|
189
|
|
197
|
|
8
|
|
13
|
|
197
|
|
210
|
|
Gerrit Zalm
|
177
|
|
177
|
|
—
|
|
—
|
|
177
|
|
177
|
|
Single total figure of remuneration for Executive Directors (audited)
|
€ thousand
|
|
||||||
|
Ben van Beurden
|
Jessica Uhl
|
||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Salaries [A]
|
1,557
|
|
1,527
|
|
1,015
|
|
995
|
|
Taxable benefits [B]
|
20
|
|
32
|
|
51
|
|
49
|
|
Total fixed remuneration
|
1,577
|
|
1,559
|
|
1,066
|
|
1,044
|
|
Annual bonus [C]
|
800
|
|
3,000
|
|
500
|
|
1,550
|
|
LTIP [D]
|
7,191
|
|
15,209
|
|
3,903
|
|
1,783
|
|
Total variable remuneration
|
7,991
|
|
18,209
|
|
4,403
|
|
3,333
|
|
Total direct remuneration
|
9,568
|
|
19,768
|
|
5,469
|
|
4,376
|
|
Pension [E]
|
395
|
|
369
|
|
261
|
|
196
|
|
Tax equalisation [F]
|
—
|
|
—
|
|
275
|
|
289
|
|
Total remuneration including pension and tax equalisation
|
9,963
|
|
20,138
|
|
6,005
|
|
4,862
|
|
in dollars
|
11,155
|
|
23,790
|
|
6,724
|
|
5,744
|
|
in sterling
|
8,746
|
|
17,817
|
|
5,271
|
|
4,302
|
|
[A]
|
As disclosed in the 2018 Directors’ Remuneration Report, the REMCO set Ben van Beurden’s base salary for 2019 at €1,557,000 (+2.0% compared with 2018) effective from January 1, 2019, and Jessica Uhl’s base salary at €1,015,000 (+2.0% compared with 2018) effective from January 1, 2019.
|
[B]
|
Executive Directors received car allowances, transport between home and office, occasional business-required partner travel, as well as employer contributions to life and medical insurance plans.
|
[C]
|
The full value of the bonus, comprising both the 50% delivered in cash and 50% bonus delivered in shares. For 2019, the market price of A shares on February 21, 2020 (€22.735), was used to determine the number of shares delivered, resulting in 9,521 A shares for Ben van Beurden and 5.951 A shares for Jessica Uhl. For 2018, 50% of the bonus was delivered in shares and the market price of A shares on February 21, 2019 (€27.745), was used to determine the number of shares delivered, resulting in 28,045 A shares for Ben van Beurden and 14,490 A shares for Jessica Uhl.
|
[D]
|
Remuneration for performance periods of more than one year, comprising the value of released LTIP awards. The amounts reported for 2019 relate to the 2017 LTIP award, which vested on March 4, 2020, at the market price of €19.986 and $45.21 for A shares and A ADSs respectively. The value in respect of the LTIP is calculated as the product of: the number of shares of the original award multiplied by the vesting percentage; plus accrued dividend shares; and the market price of A shares or A ADSs at the vesting date. The market price of A ADSs is converted into euros using the exchange rate on the respective date. Ben van Beurden also received a release of 57,980 RDS A shares under the 2017 Deferred Bonus Plan (DBP) on March 4, 2020. The original deferred bonus share awards, which are those represented by the deferred bonus and dividend shares accrued on these shares are not considered as long-term remuneration as they relate to the 2016 short-term annual bonus value. Share price appreciation accounted for -€1,603,428 on the LTIP and -€317,962 on the DBP for Ben van Beurden and -$521,010 on the LTIP for Jessica Uhl.
|
[E]
|
For Ben van Beurden, the amount reported for pension consists of a net pay defined contribution amount of €395,060. The amount to be reported for his defined benefit pension accrual is 0 calculated in accordance with UK reporting requirements. For Jessica Uhl, the amount reported for pension consists of a defined contribution amount of €102,709 and a defined benefit pension accrual €158,012.
|
[F]
|
Includes tax equalisation of pension contributions to foreign pension plan(s), when they are taxable above a certain pensionable salary threshold or once a double tax treaty exemption ceases, under Dutch law. Tax equalisation is applied for the loss of pension relief for members of a foreign pension plan(s) in their host country.
|
GOVERNANCE SHELL FORM 20-F 2019
|
104
|
|
2019 annual bonus outcome (audited) [A][B]
|
||||||||||||
Measures
|
Weighted (% of scorecard)
|
|
Threshold
|
|
Target set
|
|
Outstanding
|
|
Result
achieved
|
|
Score (0-2)
|
|
Cash flow from operating activities ($ billion)
|
30
|
%
|
44
|
|
50
|
|
56
|
|
42
|
|
0
|
|
Operational excellence
|
50
|
%
|
|
|
|
|
0.72
|
|
||||
Production (kboe/d)
|
12.5
|
%
|
3,647
|
|
3,760
|
|
3,873
|
|
3,665
|
|
0.16
|
|
LNG liquefaction volumes (mtpa)
|
12.5
|
%
|
35.3
|
|
36.4
|
|
37.4
|
|
35.6
|
|
0.23
|
|
Refinery and chemical plant availability (%)
|
12.5
|
%
|
88.4
|
|
90.4
|
|
92.4
|
|
90.8
|
|
1.20
|
|
Project delivery on schedule (%)
|
6.25
|
%
|
60
|
|
80
|
|
100
|
|
90
|
|
1.50
|
|
Project delivery on budget (%)
|
6.25
|
%
|
105
|
|
100
|
|
95
|
|
99
|
|
1.10
|
|
Sustainable development
|
20
|
%
|
|
|
|
|
0.59
|
|
||||
Total recordable case frequency (injuries/million hours)
|
5
|
%
|
0.9
|
|
0.7
|
|
0.5
|
|
0.9
|
|
-
|
|
Operational Tier 1 and 2 process safety events (number)
|
5
|
%
|
145
|
|
115
|
|
85
|
|
130
|
|
0.5
|
|
Upstream and Integrated Gas GHG intensity (tonnes of CO2 equivalent/tonne of hydrocarbon production available for sale)
|
4
|
%
|
0.176
|
|
0.168
|
|
0.160
|
|
0.168
|
|
1.00
|
|
Refining GHG intensity (tonnes CO2 equivalent per Solomon’s Utilized Equivalent Distillation Capacity (UEDC™))
|
4
|
%
|
1.11
|
|
1.06
|
|
1.01
|
|
1.06
|
|
1.00
|
|
Chemicals GHG intensity (tonnes CO2 equivalent/tonne of petrochemicals production)
|
2
|
%
|
1.10
|
|
1.00
|
|
0.90
|
|
1.04
|
|
0.60
|
|
|
100%
|
|
|
|
|
|
|
|||||
Mathematical scorecard outcome
|
|
|
|
|
|
0.48
|
|
|||||
Adjusted scorecard outcome
|
|
|
|
|
|
0.43
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
105
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
106
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
107
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
108
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
109
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
110
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
111
|
|
Change in remuneration of directors and employees
|
|||||||||||||
|
|
|
Executive Directors
|
Non-executive directors
|
|||||||||
|
RDS employees
|
UK, US & NL employees
|
CEO
|
CFO
|
NS
|
AG
|
CH
|
GK
|
LS
|
CJH
|
RS
|
GZ
|
NC
|
Salaries
|
N/A
|
3.3%
|
2.0%
|
2.0%
|
3.9%
|
82.6%
|
0.0%
|
12.2%
|
-4.1%
|
0.0%
|
0.0%
|
0.0%
|
—
|
Taxable benefits[A]
|
N/A
|
-8.0%
|
-36.4%
|
4.9%
|
-94.7%
|
0.0%
|
-6.3%
|
-100.0%
|
-39.0%
|
-100.0%
|
100.0%
|
0.0%
|
—
|
Annual bonus
|
N/A
|
-62.2%
|
-73.3%
|
-67.7%
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Relative importance of spend on pay
|
||||||||
|
Dividends and
share buybacks [A]
|
Spend on pay
(all employees) [B]
|
||||||
Year
|
$ billion
|
Annual
change
|
$ billion
|
Annual
change
|
||||
2019
|
25.4
|
|
26
|
%
|
13.2
|
|
-1.3
|
%
|
2018
|
20.2
|
|
29
|
%
|
13.4
|
|
-6
|
%
|
2017
|
15.6
|
|
4
|
%
|
14.3
|
|
-9
|
%
|
2016
|
15.0
|
|
25
|
%
|
15.7
|
|
-8
|
%
|
2015
|
12.0
|
|
-18
|
%
|
17.1
|
|
5
|
%
|
Accrued pension (audited)
|
|||
Thousand
|
Local
|
€
|
$
|
Ben van Beurden [A]
|
€1,285
|
€1,285
|
$1,441
|
Jessica Uhl [B]
|
$1,247
|
€1,112
|
$1,247
|
GOVERNANCE SHELL FORM 20-F 2019
|
112
|
|
Year
|
Option
|
25th Percentile
pay ratio
|
Median
pay ratio
|
75th
pay ratio
|
2019
|
A
|
147:1
|
87:1
|
54:1
|
Total pay and benefits:
|
£59,419
|
£100,755
|
£161,717
|
|
Salary:
|
|
£40,417
|
£56,721
|
£79,991
|
2018
|
A
|
202:1
|
143:1
|
92:1
|
GOVERNANCE SHELL FORM 20-F 2019
|
113
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
114
|
|
Non-executive Directors’ fees
|
|||
Non-executive Directors’ fees 2020
|
|||
|
€
|
|
Other fees
|
Chair of the Board
|
850,000
|
|
Non-executive Directors receive an additional fee of €5,000 for any Board meeting involving intercontinental travel – except for one meeting a year held in a location other than The Hague.
|
Non-executive Director
|
135,000
|
|
|
Senior Independent Director
|
55,000
|
|
|
Audit Committee
|
|
||
Chair [A]
|
60,000
|
|
|
Member
|
25,000
|
|
|
Safety, Environment and Sustainability Committee [B]
|
|
||
Chair [A]
|
35,000
|
|
|
Member
|
17,250
|
|
|
Nomination and Succession Committee
|
|
||
Chair [A]
|
25,000
|
|
|
Member
|
12,000
|
|
|
Remuneration Committee
|
|
||
Chair [A]
|
40,000
|
|
|
Member
|
17,250
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
115
|
|
Directors’ Remuneration Policy
|
|
|
|
The Directors’ Remuneration Policy sets out
- Summary of proposed changes to the Directors’ Remuneration Policy, page 116; - Executive Directors’ Remuneration Policy, page 117; and - Non-executive Directors’ Remuneration Policy, page 122. |
Remuneration
element
|
Proposed Changes to Policy
|
Rationale for the change
|
Annual Bonus
|
– Reduction of the CEO’s target bonus from 150% to 125%; and
– Removal of the individual performance factor for Executive Directors.
|
–– Simplification: The asymmetry in the CEO’s bonus structure and the inclusion of individual performance factors was creating undue complexity; and
–– Transparency: The annual bonus is now solely linked to the performance of Shell to support clarity and transparency of outcomes.
|
Long-Term
Incentive Plan |
––Reduction of the target LTIP grant from 400% to 300% of base salary; and
–– Inclusion of an energy transition metric.
|
––Management of Quantum: To moderate the quantum of pay and assist the REMCO in managing the range of outcomes; and
––Alignment to Strategy: Inclusion of the energy transition metric strengthens the LTIP’s alignment to the strategy and purpose.
|
Discretion, Malus
& Clawback |
––After reviewing the single figure outcomes for the year, the REMCO will consider an adjustment for the purposes of managing remuneration quantum, taking into account performance, the operation of the remuneration structures and any other relevant considerations. An explanation of any discretionary adjustment would be set out in the relevant Director’s Remuneration Report;
––Alignment of malus and clawback provisions so that these are the same. Inclusion of corporate failure as an adjustment event; and
––Amendment of provisions in the share plan such that for future grants, awards may be adjusted for any reason.
|
––Corporate Governance: Assist the REMCO in managing the risks from behavioural-based incentive schemes; and
––Management of Quantum: To assist the REMCO in managing the range of outcomes.
|
Pension
|
––New Executive Directors who are members of a defined benefit pension arrangement will have their pensionable salary capped at the salary applicable immediately prior to appointment, with the exception of existing US base country participants who will have the bonus removed from the definition of pensionable base salary instead. The Executive Director will join a defined contribution scheme in their base country for contributions made in respect of salary above the defined benefit pensionable salary, or in exceptional circumstances, receive a cash allowance equivalent to the contribution above the cap; and
–– For recruitment: Explicit confirmation that new appointees, whether internally promoted or newly hired, will be provided with a pension in line with the wider workforce in their base country.
|
––Management of Quantum: To moderate the quantum of pay and assist the REMCO in managing the range of outcomes; and
––Corporate Governance: To adopt best practice in line with external guidelines.
|
Shareholding
Requirement |
––CFO requirement increased to 500% of base salary; and
–– Extended to apply for a period of two years post-employment (at the lower of the shareholding requirement or the number of shares held at departure).
|
––Alignment with Shareholders: Further aligns
executives with the long-term interests of
shareholders.
|
GOVERNANCE SHELL FORM 20-F 2019
|
116
|
|
EXECUTIVE DIRECTORS
|
||
Executive Directors’ remuneration policy table
|
||
Purpose and link to strategy
|
Maximum opportunity
|
Operation and performance management
|
Salary and pensionable base salary
|
||
Provides a fixed level of earnings to attract and
retain Executive Directors.
|
€2,000,000
|
Reviewed annually with adjustments effective from January 1.
In making salary determinations, the REMCO will consider:
–– the market positioning of the compensation packages;
–– comparison with Senior Management salaries;
–– the employee context, and planned average salary increase for other employees across the Netherlands, the UK and the USA;
–– the experience, skills and performance of the Executive Director, or any change in the scope and responsibility of their role;
––general economic conditions, Shell’s financial performance, and governance trends; and
–– the impact of salary increases on pension benefits and other elements of the package.
For Executive Directors employed outside their base country, euro base salaries are translated into their home currency for pension purposes. Pensionable base salaries are maintained in line with euro base salaries taking into account exchange rate fluctuations and other factors as determined by the REMCO.
|
Benefits
|
||
Provides benefits, in line with those applicable to the wider workforce, in order to attract and retain Executive Directors.
|
The maximum opportunity is the cost of providing the benefit under Shell’s standard policy. These costs can vary. For certain benefits, for example, relocation and tax equalisation, the maximum opportunity will be the grossed-up cost of meeting the specific Executive Director’s costs.
|
Typical benefits include car allowances and home-to-office transport, risk benefits (for example ill-health, disability or death-in-service), security provision, and employer contributions to insurance plans (such as medical). Precise benefits will depend on the Executive Director’s specific circumstances. Post-retirement benefits such as healthcare and ongoing security provision may be applicable. Shell’s mobility policies may apply,
such as for relocation and tax return preparation support, as may tax equalisation related to expatriate employment prior to Board appointment, or in other limited circumstances to offset double taxation. The REMCO may adjust the range and scope of the benefits offered in the context of developments for other employees in relevant countries. Personal loans or guarantees are not provided to Executive Directors.
|
Annual bonus
|
||
Rewards the delivery of short-term operational targets as derived from Shell’s operating plan.
To reinforce alignment with shareholder interests, 50% is delivered in cash and 50% is delivered in shares. The shares are subject to a three-year holding period, which applies beyond an Executive Director’s tenure.
|
Maximum bonus (as a percentage of base salary):
– Chief Executive Officer (CEO): 250%
– Chief Financial Officer (CFO): 240%
Target levels (as a percentage of base salary):
– CEO: 125%
– CFO : 120%
|
– The bonus is determined by reference to performance from January 1 to December 31 each year;
– Annual bonus = base salary x target bonus % x scorecard result (0–2);
– Taking the Shell operating plan into consideration, REMCO sets stretching scorecard targets and weightings which support the delivery of the strategy. Measures are related to financial performance, operational excellence and sustainable development. Indicative weightings are 30%, 50% and 20% respectively. This balance ensures that the achievement of short-term financial performance does not undermine future shareholder value creation;
– Scorecard targets will be disclosed in a subsequent Directors’ Remuneration Report when they are no longer deemed to be commercially sensitive;
– There are no prescribed thresholds or minimum levels of performance that equate to a prescribed payment under the Policy and this structure can result in no bonus being awarded;
– The annual bonus is subject to malus provisions before it is delivered and to clawback provisions thereafter;
– The REMCO retains the ability to adjust performance measure targets and weightings year-by-year within the overall target and maximum payouts approved in the Policy; and
– In the event that another Executive Director joins the Board the REMCO will determine their target and maximum bonus, which will not exceed the target and maximum for the CEO
|
GOVERNANCE SHELL FORM 20-F 2019
|
117
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
118
|
|
European comparator group
|
||
Allianz
|
Daimler
|
Rio Tinto
|
AstraZeneca
|
Diageo
|
Roche
|
BAT
|
GlaxoSmithKline
|
Siemens
|
Bayer
|
Nestle
|
Unilever
|
BHP Billiton
|
Novartis
|
Vodafone
|
The detailed weightings and metrics applicable to the 2020 bonus
scorecard are set out on page 113.
The detailed weightings and metrics applicable to the 2020 grant
are set out on page 114.
|
GOVERNANCE SHELL FORM 20-F 2019
|
119
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
120
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
121
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
122
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
123
|
|
Other regulatory and statutory information
|
|
|
|
[A]
|
This meets the purposes of Schedule 7 to The Companies (Miscellaneous Reporting) Regulations 2018.
|
[B]
|
“Connected person” has the meaning given to “person closely associated” within the Market Abuse Regulation.
|
[C]
|
[This information is given in accordance with Listing Rule 9.8.4R. Further information in connection with Listing Rule 9.8.4R is contained in the remainder of “Other Statutory Information” which follows on 125-137.
|
GOVERNANCE SHELL FORM 20-F 2019
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends
|
2019
|
|
|||||||||||||||||
|
A shares
|
|
|
B shares[A]
|
|
|
A ADSs
|
|
|
B ADSs
|
|
||||||||
|
$
|
|
€
|
|
pence
|
|
|
$
|
|
pence
|
|
€
|
|
|
$
|
|
|
$
|
|
Q1
|
0.47
|
|
0.42
|
|
36.97
|
|
|
0.47
|
|
36.97
|
|
0.42
|
|
|
0.94
|
|
|
0.94
|
|
Q2
|
0.47
|
|
0.43
|
|
38.01
|
|
|
0.47
|
|
38.01
|
|
0.43
|
|
|
0.94
|
|
|
0.94
|
|
Q3
|
0.47
|
|
0.42
|
|
35.73
|
|
|
0.47
|
|
35.73
|
|
0.42
|
|
|
0.94
|
|
|
0.94
|
|
Q4 [A]
|
0.47
|
|
0.42
|
|
36.40
|
|
|
0.47
|
|
36.40
|
|
0.42
|
|
|
0.94
|
|
|
0.94
|
|
Total announced in respect of the year
|
1.88
|
|
1.68
|
|
147.11
|
|
|
1.88
|
|
147.11
|
|
1.68
|
|
|
3.76
|
|
|
3.76
|
|
Amount paid during the year
|
1.88
|
|
1.68
|
|
146.65
|
|
|
1.88
|
|
146.65
|
|
1.68
|
|
|
3.76
|
|
|
3.76
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
125
|
|
Scenario
|
Link to principal risks
|
A significant HSSE event
|
[A]
|
A low oil and gas price environment with $40/bbl Brent (nominal price) over the three year planning period
|
[B]
|
A significant HSSE event in a low oil and gas price environment
|
[A] and [B]
|
Sustained impact from politically adverse developments, lower growth in developing countries, as well as lower growth in Europe
|
[B] and [C]
|
Unplanned shut down of a major cash generating asset for a year
|
[A]
|
[A] The nature of our operations exposes us, and the communities in which we work, to a wide range of health, safety, (cyber) security and environment risks.
[B] We are exposed to macro-economic risks including, fluctuating prices of crude oil, natural gas, oil products and chemicals.
[C] We are exposed to treasury and trading risks, including liquidity risk, interest rate risk, foreign exchange risk and credit risk. We are affected by the global macroeconomic environment as well as financial and commodity market conditions.
|
Non-Financial Information Statement
|
||
Reporting requirement
|
Where to read more in this report
|
Page
|
Business Model
|
Business overview
|
9
|
Non-financial KPIs
|
Performance indicators
|
20-21
|
Environmental matters
|
Environment and society, Climate change and energy transition
|
55-65
|
Employees
|
Our people and Directors Report
|
66-67, 75-90
|
Social matters
|
Environment and society
|
55-58
|
Respect for human rights
|
Environment and society
|
58
|
Anti-corruption and anti-bribery matters
|
Our people
|
66-67
|
GOVERNANCE SHELL FORM 20-F 2019
|
126
|
|
Share capital percentage
|
||
Share class
|
%
|
|
A
|
52.68
|
|
B
|
47.32
|
|
Sterling deferred
|
de minimis
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
127
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
128
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
129
|
|
Executive Committee
|
|
Ben van Beurden
|
CEO [A] [B]
|
Jessica Uhl
|
CFO [A] [B]
|
Harry Brekelmans
|
Projects & Technology Director [B]
|
Ronan Cassidy
|
Chief Human Resources & Corporate Officer [B]
|
Donny Ching
|
Legal Director [B]
|
Wael Sawan
|
Upstream Director [B] [C]
|
Huibert Vigeveno
|
Downstream Director [B] [D]
|
Maarten Wetselaar
|
Integrated Gas and New Energies Director [B]
|
GOVERNANCE SHELL FORM 20-F 2019
|
130
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
131
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
132
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
133
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
134
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
135
|
|
GOVERNANCE SHELL FORM 20-F 2019
|
136
|
|
•
|
adopt the going concern basis unless it is inappropriate to do so;
|
•
|
select suitable accounting policies and then apply them consistently;
|
•
|
make judgements and accounting estimates that are reasonable and prudent; and
|
•
|
state whether IFRS as adopted by the EU and IFRS as issued by the IASB have been followed.
|
•
|
the financial statements, which have been prepared in accordance
|
•
|
the Management Report includes a fair review of the development and performance of the business and the position of Shell, together with a description of the principal risks and uncertainties that it faces.
|
GOVERNANCE SHELL FORM 20-F 2019
|
137
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
138
|
|
|
THE ESTIMATION OF OIL AND GAS RESERVES, INCLUDING RESERVES USED IN THE CALCULATION OF DEPRECIATION, DEPLETION AND AMORTISATION (DD&A), IMPAIRMENT TESTING TO EVALUATE THE RECOVERABLE AMOUNTS OF PRODUCTION ASSETS AND THE ESTIMATION OF DECOMMISSIONING AND RESTORATION (D&R) PROVISIONS
|
Description of the matter
|
As described in Note 8 to the Consolidated Financial Statements, at December 31, 2019, production assets amounted to $150 billion, and have an associated DD&A charge of $19 billion. As described in Note 8, impairment charges of $4 billion were recorded during the year. As described in Note 18 D&R provisions amounted to $19 billion. The accounting for these financial statement amounts relies on management’s estimation of oil and gas reserves each year. At December 31, 2019, Shell reported 11 billion barrels of oil equivalent of proved developed and undeveloped reserves. In-year movements consist of revisions of previous estimates resulting from reclassifications, improved recovery assumptions, extensions and discoveries and purchases and sales of reserves in place. Revisions generally arise from new information, for example additional drilling results, changes in production patterns and changes to development plans.
Auditing the estimation of proved oil and gas reserves is complex, as there is significant estimation uncertainty in assessing the quantities of Shell’s reserves and resources. The estimates are based on a central group of experts' assessments of petroleum initially in place and inputs selected by management, including forecast production volumes and future capital and operating cost assumptions. |
How we addressed the matter in our audit
|
We obtained an understanding of the controls over Shell’s oil and gas reserves estimation process. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested management’s controls over completeness and accuracy of the financial data used in estimating proved oil and gas reserves and the determination of key assumptions detailed above.
We involved professionals with substantial oil and gas reserves and valuation experience and relevant qualifications in energy economics to assist us in evaluating management’s estimates. Our procedures included testing that significant additions or reductions in proved reserves have been made in the period in which the new information became available. We also evaluated management’s estimation of the point at which the operating cash flow from a project becomes negative, as this has a direct impact on DD&A and impairment. We evaluated the professional qualifications and objectivity of Shell’s management who performed the detailed preparation of the reserve estimates. We also evaluated the completeness and accuracy of the inputs used by management in estimating the proved oil and gas reserves by agreeing the inputs to source documentation and by comparing actual results to prior year forecasts and assessing consistency of the development projections with Shell’s drilling, development and capital expenditure plans. We evaluated management’s development plan for compliance with SEC rules that undrilled locations must be scheduled to be drilled in five years, unless specific circumstances justify a longer period of time. |
|
THE RECOVERABLE AMOUNTS OF EXPLORATION AND PRODUCTION ASSETS, AND INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
|
Description of the matter
|
As described in Note 8 to the Consolidated Financial Statements, at December 31, 2019, Shell recognised $165 billion of exploration and production assets within property, plant and equipment (PP&E). As described in Note 9, Shell also recognised investments in joint ventures and associates of $23 billion.
Assets’ operational performance and external factors have a significant impact on the estimate of the recoverable amounts of Shell’s Upstream and Integrated Gas assets. Auditing the recoverable amounts of assets and investments is complex and subjective due to the significant amount of judgement involved. As described in Note 2A, the critical assumptions in forecasting future cash flows include management’s assessment of the long-term oil and gas price outlook, future expected production volumes, potential costs associated with operational greenhouse gas (GHG) emissions and discount rates. Estimating long-term oil and gas prices and future production volumes is inherently difficult, as it requires forecasts that reflect developments in demand such as global economic growth, technology efficiency, policy measures and, in supply, consideration of investment and resource potential, cost of development of new supply and behaviour of major resource holders. |
How we addressed the matter in our audit
|
We obtained an understanding of the controls over Shell’s asset impairment process. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested controls over management’s identification of indicators of impairment and reversals of impairment and the approval of key inputs to impairment assessments, including oil and gas prices, discount rates, and future production volumes considering oil and gas reserves.
We evaluated Shell’s asset impairment methodology for both exploration and production assets within PP&E and investments in joint ventures and associates. Where impairment assessments were carried out, we tested the mathematical accuracy and completeness of the models used and we performed sensitivity analyses of the models using different price, production and expenditure level scenarios and discount rates taking into account the nature of the asset, its location, its stage of development and associated risks. For those assets or investments impaired previously, our procedures included evaluating the actual results versus the assumptions made and evaluating management’s determination of whether reversals were required. We assessed the basis for adjusting the cash flows to reflect the risks of each individual asset. In so doing, we considered the stage of the life of the asset, country risk, potential costs associated with operational GHG emissions and compared the consistency of management's assumptions across similar fields. To test price assumptions, we compared future short and long-term commodity prices to consensus analysts’ forecasts and those adopted by other international oil companies. We evaluated whether prices were used consistently across Shell, including pricing differentials, and evaluated whether Shell’s long-term price assumptions incorporated the potential impact of climate change and energy transition by comparing the assumptions to the International Energy Agency price outlook in the Energy Outlook scenarios. To test the discount rate used for impairment testing, we involved our oil and gas valuations specialists to assist in evaluating, amongst other things, the methodology applied and assumptions made. We also tested the underlying data used to support the discount rate calculation. We reconciled reserves volumes in the impairment models and tested that the life-of-field assumptions were consistent with those applied in the decommissioning and restoration provision models. |
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
139
|
|
|
THE RECOGNITION AND MEASUREMENT OF DEFERRED TAX ASSETS (DTAs)
|
Description of the matter
|
As described in Note 16 to the Consolidated Financial Statements, at December 31, 2019, Shell recognised gross DTAs totalling $28 billion, which are recognised within two balance sheet line items, deferred tax assets and as an offset against deferred tax liabilities, depending on the overall tax position in a particular jurisdiction. A significant proportion of DTA balances is supported by forecasted future taxable profits.
Auditing the recognition and measurement of DTA balances is complex because the estimation requires significant judgement, including the timing of reversals of deferred tax liabilities (DTL) and the availability of future profits against which tax deductions represented by the DTA can be offset. |
How we addressed the matter in our audit
|
We obtained an understanding of the controls over Shell’s process for the estimation of the realisability of deferred tax assets. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested controls over projected sources of taxable income and the deferred tax calculations that support the recognition of DTAs.
Amongst other procedures, we considered management’s determination of the expected timing of utilisation of the DTAs, including the relevant country tax laws that apply to the utilisation of tax losses. We involved our tax professionals to evaluate the application of relevant tax laws, Shell’s assessment of its ability to carry forward or backward losses, the scheduling of the reversal of existing temporary taxable differences and carry forward amounts, and the evaluation of the carry forward lives of its deferred tax assets. We tested management’s forecasted timing of the reversal of taxable temporary differences by evaluating the projected sources of taxable income and considering the nature of the temporary differences and the relevant tax law. We performed sensitivity analyses over the commodity price and other key assumptions that underpin Shell’s assessment of forecasted probable taxable profits. Our testing also included evaluating the extent to which sufficient probable taxable profits would arise in the period within which the related losses would be available for utilisation, considering, for example, limits on the length of time that losses can be carried forward, if applicable, or if losses are ring-fenced for tax purposes, and we considered whether the tax balances were calculated using substantively enacted tax laws and rates. |
|
REVENUE RECOGNITION: THE RISK OF UNREALISED TRADING GAINS AND LOSSES BEING RECOGNISED AS A RESULT OF ERRORS, UNAUTHORISED TRADING ACTIVITY OR DELIBERATE MISSTATEMENT OF SHELL’S TRADING POSITION
|
Description of the matter
|
As described in Note 4 to the Consolidated Financial Statements, at December 31, 2019, Shell recognised $345 billion of revenue. As described in Note 19, Shell recognised derivative financial instrument assets of $8 billion and $7 billion of derivative financial instrument liabilities.
The recognition of unrealised trading gains and losses is a complex audit area. Shell’s trading and supply function is integrated within the Downstream, Integrated Gas and Upstream segments and is spread across multiple regions. The trading and supply function is inherently complex due to, amongst other things, the fact that trading is not always carried out in active markets where prices are readily available. There is also an inherently higher risk of error of unauthorised trading activity or of deliberate misstatement of the group’s overall trading position. Auditing unrealised trading gains and losses is complex because of the significant judgement used in determining the key assumptions used in valuing the trades. Identifying unauthorised trading activity or deliberate misstatement of Shell’s trading positions is complex due to the significant volume of transactions entered into by Shell and the number of IT systems involved. These factors could result in understated trading losses or overstated trading profits. |
How we addressed the matter in our audit
|
We obtained an understanding of the controls over Shell’s process for the recognition of revenue relating to unrealised trading gains and losses. We then evaluated the design of these controls and tested their operating effectiveness. For example, we tested controls within the front-to-end deal lifecycle across the trading and supply function and controls around the review of valuation models.
We involved professionals with significant experience auditing both large commodity trading organisations and financial institutions. Amongst other procedures, we obtained external confirmation of a sample of open trading positions with brokers and counterparties. Where confirmations were not received, we tested the existence of the deal by agreement to signed contracts. We compared the price curves used to value the trading positions to independent market quotes. We also performed independent testing of valuation models, evaluating contract terms and key assumptions. We also tested the completeness of the amounts recorded in the Consolidated Financial Statements through procedures to search for unrecorded liabilities by comparing sales and trade receivables and purchases and trade payables that occurred near the end of the financial year to evaluate if transactions were recorded in the correct period. |
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
140
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
141
|
|
Consolidated Financial Statements
|
|
|
|
Consolidated Statement of Income
|
|
Consolidated Statement of Comprehensive Income
|
|
Consolidated Balance Sheet
|
|
Consolidated Statement of Changes in Equity
|
|
Consolidated Statement of Cash Flows
|
|
Notes to the Consolidated Financial Statements
|
|
Note 1 Basis of preparation
|
|
Note 2A Significant accounting policies, judgements and estimates
|
|
Note 2B Changes to IFRS not yet adopted
|
|
Note 3 Adoption of IFRS 16 Leases
|
|
Note 4 Segment information
|
|
Note 5 Interest and other income
|
|
Note 6 Interest expense
|
|
Note 7 Intangible assets
|
|
Note 8 Property, plant and equipment
|
|
Note 9 Joint ventures and associates
|
|
Note 10 Investments in securities
|
|
Note 11 Trade and other receivables
|
|
Note 12 Inventories
|
|
Note 13 Cash and cash equivalents
|
|
Note 14 Debt and lease arrangements
|
|
Note 15 Trade and other payables
|
|
Note 16 Taxation
|
|
Note 17 Retirement benefits
|
|
Note 18 Decommissioning and other provisions
|
|
Note 19 Financial instruments
|
|
Note 20 Share capital
|
|
Note 21 Share-based compensation plans and shares held in trust
|
|
Note 22 Other reserves
|
|
Note 23 Dividends
|
|
Note 24 Earnings per share
|
|
Note 25 Legal proceedings and other contingencies
|
|
Note 26 Employees
|
|
Note 27 Directors and Senior Management
|
|
Note 28 Auditor’s remuneration
|
|
Note 29 Post-balance sheet events
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
142
|
|
|
|
|
|
|
|||
Consolidated Statement of Income
|
$ million
|
|
|||||
|
Notes
|
2019
|
|
2018
|
|
2017
|
|
Revenue
|
4
|
344,877
|
|
388,379
|
|
305,179
|
|
Share of profit of joint ventures and associates
|
9
|
3,604
|
|
4,106
|
|
4,225
|
|
Interest and other income
|
5
|
3,625
|
|
4,071
|
|
2,466
|
|
Total revenue and other income
|
|
352,106
|
|
396,556
|
|
311,870
|
|
Purchases
|
|
252,983
|
|
294,399
|
|
223,447
|
|
Production and manufacturing expenses
|
4
|
26,438
|
|
26,970
|
|
26,652
|
|
Selling, distribution and administrative expenses
|
4
|
10,493
|
|
11,360
|
|
10,509
|
|
Research and development
|
4
|
962
|
|
986
|
|
922
|
|
Exploration
|
4
|
2,354
|
|
1,340
|
|
1,945
|
|
Depreciation, depletion and amortisation
|
4
|
28,701
|
|
22,135
|
|
26,223
|
|
Interest expense
|
6
|
4,690
|
|
3,745
|
|
4,042
|
|
Total expenditure
|
|
326,621
|
|
360,935
|
|
293,740
|
|
Income before taxation
|
|
25,485
|
|
35,621
|
|
18,130
|
|
Taxation charge
|
16
|
9,053
|
|
11,715
|
|
4,695
|
|
Income for the period
|
4
|
16,432
|
|
23,906
|
|
13,435
|
|
Income attributable to non-controlling interest
|
|
590
|
|
554
|
|
458
|
|
Income attributable to Royal Dutch Shell plc shareholders
|
|
15,842
|
|
23,352
|
|
12,977
|
|
Basic earnings per share ($)
|
24
|
1.97
|
|
2.82
|
|
1.58
|
|
Diluted earnings per share ($)
|
24
|
1.95
|
|
2.80
|
|
1.56
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
143
|
|
|
|
|
|
|
|||
Consolidated Statement of Comprehensive Income
|
$ million
|
|
|||||
|
Notes
|
2019
|
|
2018
|
|
2017
|
|
Income for the period
|
4
|
16,432
|
|
23,906
|
|
13,435
|
|
Other comprehensive income, net of tax
|
|
|
|
|
|||
Items that may be reclassified to income in later periods:
|
|
|
|
|
|||
Currency translation differences
|
22
|
344
|
|
(3,172
|
)
|
5,156
|
|
Unrealised gains on securities [A]
|
|
|
|
|
593
|
|
|
Debt instruments remeasurements [A]
|
22
|
29
|
|
(15
|
)
|
|
|
Cash flow and net investment hedging (losses)/gains
|
22
|
(267
|
)
|
730
|
|
(552
|
)
|
Deferred cost of hedging [A]
|
22
|
66
|
|
(209
|
)
|
|
|
Share of other comprehensive (loss)/income of joint ventures and associates
|
9
|
(76
|
)
|
(10
|
)
|
170
|
|
Total
|
|
96
|
|
(2,676
|
)
|
5,367
|
|
Items that are not reclassified to income in later periods:
|
|
|
|
|
|||
Retirement benefits remeasurements
|
22
|
(2,102
|
)
|
3,588
|
|
604
|
|
Equity instruments remeasurements [A]
|
22
|
(30
|
)
|
(153
|
)
|
|
|
Share of other comprehensive income of joint ventures and associates [A]
|
9
|
2
|
|
193
|
|
|
|
Total
|
|
(2,130
|
)
|
3,628
|
|
604
|
|
Other comprehensive (loss)/income for the period
|
22
|
(2,034
|
)
|
952
|
|
5,971
|
|
Comprehensive income for the period
|
|
14,398
|
|
24,858
|
|
19,406
|
|
Comprehensive income attributable to non-controlling interest
|
|
625
|
|
383
|
|
578
|
|
Comprehensive income attributable to Royal Dutch Shell plc shareholders
|
|
13,773
|
|
24,475
|
|
18,828
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
144
|
|
|
|
|
|
||
Consolidated Balance Sheet
|
$ million
|
|
|||
|
Notes
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
Assets
|
|
|
|
||
Non-current assets
|
|
|
|
||
Intangible assets
|
7
|
23,486
|
|
23,586
|
|
Property, plant and equipment
|
8
|
238,349
|
|
223,175
|
|
Joint ventures and associates
|
9
|
22,808
|
|
25,329
|
|
Investments in securities
|
10
|
2,989
|
|
3,074
|
|
Deferred tax
|
16
|
10,524
|
|
12,097
|
|
Retirement benefits
|
17
|
4,717
|
|
6,051
|
|
Trade and other receivables
|
11
|
8,085
|
|
7,826
|
|
Derivative financial instruments
|
19
|
689
|
|
574
|
|
|
|
311,647
|
|
301,712
|
|
Current assets
|
|
|
|
||
Inventories
|
12
|
24,071
|
|
21,117
|
|
Trade and other receivables
|
11
|
43,414
|
|
42,431
|
|
Derivative financial instruments
|
19
|
7,149
|
|
7,193
|
|
Cash and cash equivalents
|
13
|
18,055
|
|
26,741
|
|
|
|
92,689
|
|
97,482
|
|
Total assets
|
|
404,336
|
|
399,194
|
|
Liabilities
|
|
|
|
||
Non-current liabilities
|
|
|
|
||
Debt
|
14
|
81,360
|
|
66,690
|
|
Trade and other payables
|
15
|
2,342
|
|
2,735
|
|
Derivative financial instruments
|
19
|
1,209
|
|
1,399
|
|
Deferred tax
|
16
|
14,522
|
|
14,837
|
|
Retirement benefits
|
17
|
13,017
|
|
11,653
|
|
Decommissioning and other provisions
|
18
|
21,799
|
|
21,533
|
|
|
|
134,249
|
|
118,847
|
|
Current liabilities
|
|
|
|
||
Debt
|
14
|
15,064
|
|
10,134
|
|
Trade and other payables
|
15
|
49,208
|
|
48,888
|
|
Derivative financial instruments
|
19
|
5,429
|
|
7,184
|
|
Taxes payable
|
16
|
6,693
|
|
7,497
|
|
Retirement benefits
|
17
|
419
|
|
451
|
|
Decommissioning and other provisions
|
18
|
2,811
|
|
3,659
|
|
|
|
79,624
|
|
77,813
|
|
Total liabilities
|
|
213,873
|
|
196,660
|
|
Equity
|
|
|
|
||
Share capital
|
20
|
657
|
|
685
|
|
Shares held in trust
|
|
(1,063
|
)
|
(1,260
|
)
|
Other reserves
|
22
|
14,451
|
|
16,615
|
|
Retained earnings
|
|
172,431
|
|
182,606
|
|
Equity attributable to Royal Dutch Shell plc shareholders
|
|
186,476
|
|
198,646
|
|
Non-controlling interest
|
|
3,987
|
|
3,888
|
|
Total equity
|
|
190,463
|
|
202,534
|
|
Total liabilities and equity
|
|
404,336
|
|
399,194
|
|
Signed on behalf of the Board
|
/s/ Jessica Uhl
|
Jessica Uhl
Chief Financial Officer March 11, 2020 |
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
145
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated Statement of Changes in Equity
|
$ million
|
|
||||||||||||
|
Equity attributable to Royal Dutch Shell plc shareholders
|
|
|
|
||||||||||
|
Share capital
(see Note 20) |
|
Shares
held in trust |
|
Other
reserves (see Note 22) |
|
Retained
earnings |
|
Total
|
|
Non-
controlling interest |
|
Total
equity |
|
At January 1, 2019 (as previously published)
|
685
|
|
(1,260
|
)
|
16,615
|
|
182,606
|
|
198,646
|
|
3,888
|
|
202,534
|
|
Impact of IFRS 16 [A]
|
—
|
|
—
|
|
—
|
|
4
|
|
4
|
|
—
|
|
4
|
|
At January 1, 2019 (as revised)
|
685
|
|
(1,260
|
)
|
16,615
|
|
182,610
|
|
198,650
|
|
3,888
|
|
202,538
|
|
Comprehensive income/(loss) for the period
|
—
|
|
—
|
|
(2,069
|
)
|
15,842
|
|
13,773
|
|
625
|
|
14,398
|
|
Transfer from other comprehensive income
|
—
|
|
—
|
|
(74
|
)
|
74
|
|
—
|
|
—
|
|
—
|
|
Dividends (see Note 23)
|
—
|
|
—
|
|
—
|
|
(15,198
|
)
|
(15,198
|
)
|
(537
|
)
|
(15,735
|
)
|
Repurchases of shares [B]
|
(28
|
)
|
—
|
|
28
|
|
(10,286
|
)
|
(10,286
|
)
|
—
|
|
(10,286
|
)
|
Share-based compensation
|
—
|
|
197
|
|
(49
|
)
|
(613
|
)
|
(465
|
)
|
—
|
|
(465
|
)
|
Other changes in non-controlling interest
|
—
|
|
—
|
|
—
|
|
2
|
|
2
|
|
11
|
|
13
|
|
At December 31, 2019
|
657
|
|
(1,063
|
)
|
14,451
|
|
172,431
|
|
186,476
|
|
3,987
|
|
190,463
|
|
At January 1, 2018 (as previously published)
|
696
|
|
(917
|
)
|
16,932
|
|
177,645
|
|
194,356
|
|
3,456
|
|
197,812
|
|
Impact of IFRS 9
|
—
|
|
—
|
|
(138
|
)
|
88
|
|
(50
|
)
|
—
|
|
(50
|
)
|
At January 1, 2018 (as revised)
|
696
|
|
(917
|
)
|
16,794
|
|
177,733
|
|
194,306
|
|
3,456
|
|
197,762
|
|
Comprehensive income for the period
|
—
|
|
—
|
|
1,123
|
|
23,352
|
|
24,475
|
|
383
|
|
24,858
|
|
Transfer from other comprehensive income
|
—
|
|
—
|
|
(971
|
)
|
971
|
|
—
|
|
—
|
|
—
|
|
Dividends (see Note 23)
|
—
|
|
—
|
|
—
|
|
(15,675
|
)
|
(15,675
|
)
|
(586
|
)
|
(16,261
|
)
|
Repurchases of shares [B]
|
(11
|
)
|
—
|
|
11
|
|
(4,519
|
)
|
(4,519
|
)
|
—
|
|
(4,519
|
)
|
Share-based compensation [C]
|
—
|
|
(343
|
)
|
(342
|
)
|
693
|
|
8
|
|
—
|
|
8
|
|
Other changes in non-controlling interest
|
—
|
|
—
|
|
—
|
|
51
|
|
51
|
|
635
|
|
686
|
|
At December 31, 2018
|
685
|
|
(1,260
|
)
|
16,615
|
|
182,606
|
|
198,646
|
|
3,888
|
|
202,534
|
|
At January 1, 2017
|
683
|
|
(901
|
)
|
11,298
|
|
175,566
|
|
186,646
|
|
1,865
|
|
188,511
|
|
Comprehensive income for the period
|
—
|
|
—
|
|
5,851
|
|
12,977
|
|
18,828
|
|
578
|
|
19,406
|
|
Dividends (see Note 23)
|
—
|
|
—
|
|
—
|
|
(15,628
|
)
|
(15,628
|
)
|
(406
|
)
|
(16,034
|
)
|
Scrip dividends
|
13
|
|
—
|
|
(13
|
)
|
4,751
|
|
4,751
|
|
—
|
|
4,751
|
|
Share-based compensation
|
—
|
|
(16
|
)
|
(204
|
)
|
(74
|
)
|
(294
|
)
|
—
|
|
(294
|
)
|
Other changes in non-controlling interest
|
—
|
|
—
|
|
—
|
|
53
|
|
53
|
|
1,419
|
|
1,472
|
|
At December 31, 2017
|
696
|
|
(917
|
)
|
16,932
|
|
177,645
|
|
194,356
|
|
3,456
|
|
197,812
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
146
|
|
|
|
|
|
|
|
|
|||
Consolidated Statement of Cash Flows
|
$ million
|
|
|||||||
|
Notes
|
2019
|
|
|
2018
|
|
|
2017
|
|
Income before taxation for the period [A]
|
4
|
25,485
|
|
|
35,621
|
|
|
18,130
|
|
Adjustment for:
|
|
|
|
|
|
|
|
|
|
Interest expense (net)
|
|
3,705
|
|
|
2,878
|
|
|
3,365
|
|
Depreciation, depletion and amortisation
|
8
|
28,701
|
|
|
22,135
|
|
|
26,223
|
|
Exploration well write-offs
|
8
|
1,218
|
|
|
449
|
|
|
897
|
|
Net gains on sale and revaluation of non-current assets and businesses
|
|
(2,519
|
)
|
|
(3,265
|
)
|
|
(1,640
|
)
|
Share of profit of joint ventures and associates
|
|
(3,604
|
)
|
|
(4,106
|
)
|
|
(4,225
|
)
|
Dividends received from joint ventures and associates
|
|
4,139
|
|
|
4,903
|
|
|
4,998
|
|
(Increase)/decrease in inventories
|
|
(2,635
|
)
|
|
2,823
|
|
|
(2,079
|
)
|
(Increase)/decrease in current receivables
|
|
(921
|
)
|
|
1,955
|
|
|
(2,577
|
)
|
(Decrease)/increase in current payables
|
|
(1,223
|
)
|
|
(1,336
|
)
|
|
2,406
|
|
Derivative financial instruments
|
|
(1,484
|
)
|
|
799
|
|
|
(1,039
|
)
|
Retirement benefits [A]
|
|
(365
|
)
|
|
390
|
|
|
(654
|
)
|
Decommissioning and other provisions [A]
|
|
(686
|
)
|
|
(1,754
|
)
|
|
(1,706
|
)
|
Other [A]
|
|
(28
|
)
|
|
1,264
|
|
|
(142
|
)
|
Tax paid
|
|
(7,605
|
)
|
|
(9,671
|
)
|
|
(6,307
|
)
|
Cash flow from operating activities
|
|
42,178
|
|
|
53,085
|
|
|
35,650
|
|
Capital expenditure
|
|
(22,971
|
)
|
|
(23,011
|
)
|
|
(20,845
|
)
|
Investments in joint ventures and associates
|
|
(743
|
)
|
|
(880
|
)
|
|
(595
|
)
|
Investment in equity securities [A]
|
|
(205
|
)
|
|
(187
|
)
|
|
(93
|
)
|
Proceeds from sale of property, plant and equipment and businesses
|
|
4,803
|
|
|
4,366
|
|
|
8,808
|
|
Proceeds from sale of joint ventures and associates
|
|
2,599
|
|
|
1,594
|
|
|
2,177
|
|
Proceeds from sale of equity securities [A]
|
|
469
|
|
|
4,505
|
|
|
2,636
|
|
Interest received
|
|
911
|
|
|
823
|
|
|
724
|
|
Other investing cash inflows [A]
|
|
2,921
|
|
|
1,373
|
|
|
2,909
|
|
Other investing cash outflows [A]
|
|
(3,563
|
)
|
|
(2,242
|
)
|
|
(3,750
|
)
|
Cash flow from investing activities
|
|
(15,779
|
)
|
|
(13,659
|
)
|
|
(8,029
|
)
|
Net decrease in debt with maturity period within three months
|
|
(308
|
)
|
|
(396
|
)
|
|
(869
|
)
|
Other debt:
|
|
|
|
|
|
|
|
||
New borrowings
|
|
11,185
|
|
|
3,977
|
|
|
760
|
|
Repayments
|
|
(14,292
|
)
|
|
(11,912
|
)
|
|
(11,720
|
)
|
Interest paid
|
|
(4,649
|
)
|
|
(3,574
|
)
|
|
(3,550
|
)
|
Derivative financial instruments [B]
|
|
(48
|
)
|
|
|
|
|
||
Change in non-controlling interest
|
|
—
|
|
|
678
|
|
|
293
|
|
Cash dividends paid to:
|
|
|
|
|
|
|
|
|
|
Royal Dutch Shell plc shareholders
|
23
|
(15,198
|
)
|
|
(15,675
|
)
|
|
(10,877
|
)
|
Non-controlling interest
|
|
(537
|
)
|
|
(584
|
)
|
|
(406
|
)
|
Repurchases of shares
|
|
(10,188
|
)
|
|
(3,947
|
)
|
|
—
|
|
Shares held in trust: net purchases and dividends received
|
|
(1,174
|
)
|
|
(1,115
|
)
|
|
(717
|
)
|
Cash flow from financing activities
|
|
(35,209
|
)
|
|
(32,548
|
)
|
|
(27,086
|
)
|
Currency translation differences relating to cash and cash equivalents
|
|
124
|
|
|
(449
|
)
|
|
647
|
|
(Decrease)/increase in cash and cash equivalents
|
|
(8,686
|
)
|
|
6,429
|
|
|
1,182
|
|
Cash and cash equivalents at beginning of year
|
|
26,741
|
|
|
20,312
|
|
|
19,130
|
|
Cash and cash equivalents at end of year
|
13
|
18,055
|
|
|
26,741
|
|
|
20,312
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL FORM 20-F 2019
|
147
|
|
Notes to the Consolidated Financial Statements
|
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
148
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
149
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
150
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
151
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
152
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
153
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
154
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
155
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
156
|
|
Lease liabilities reconciliation
|
|
$ million
|
|
|
Undiscounted future minimum lease payments under operating leases at December 31, 2018
|
|
|
24,219
|
|
Impact of discounting
|
|
|
(5,167
|
)
|
Leases not yet commenced at January 1, 2019
|
|
|
(2,586
|
)
|
Short-term leases
|
|
|
(277
|
)
|
Long-term leases expiring before December 31, 2019
|
|
|
(192
|
)
|
Other reconciling items (net)
|
|
|
40
|
|
Additional lease liability at January 1, 2019
|
|
|
16,037
|
|
Finance lease liability at December 31, 2018
|
|
|
14,026
|
|
Total lease liability at January 1, 2019
|
|
|
30,063
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
157
|
|
Consolidated Balance Sheet
|
|
$ million
|
|
|
|||||||||||
|
|
Dec 31, 2018
|
|
|
|
IFRS 16 impact
|
|
|
|
Jan 1, 2019
|
|
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
23,586
|
|
|
|
|
—
|
|
|
|
|
23,586
|
|
|
Property, plant and equipment
|
|
|
223,175
|
|
|
|
|
15,558
|
|
|
|
|
238,733
|
|
|
Joint ventures and associates
|
|
|
25,329
|
|
|
|
|
—
|
|
|
|
|
25,329
|
|
|
Investments in securities
|
|
|
3,074
|
|
|
|
|
—
|
|
|
|
|
3,074
|
|
|
Deferred tax
|
|
|
12,097
|
|
|
|
|
—
|
|
|
|
|
12,097
|
|
|
Retirement benefits
|
|
|
6,051
|
|
|
|
|
—
|
|
|
|
|
6,051
|
|
|
Trade and other receivables [A]
|
|
|
7,826
|
|
|
|
|
(814
|
)
|
|
|
|
7,012
|
|
|
Derivative financial instruments
|
|
|
574
|
|
|
|
|
—
|
|
|
|
|
574
|
|
|
|
|
|
301,712
|
|
|
|
|
14,744
|
|
|
|
|
316,456
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
21,117
|
|
|
|
|
—
|
|
|
|
|
21,117
|
|
|
Trade and other receivables
|
|
|
42,431
|
|
|
|
|
69
|
|
|
|
|
42,500
|
|
|
Derivative financial instruments
|
|
|
7,193
|
|
|
|
|
—
|
|
|
|
|
7,193
|
|
|
Cash and cash equivalents
|
|
|
26,741
|
|
|
|
|
—
|
|
|
|
|
26,741
|
|
|
|
|
|
97,482
|
|
|
|
|
69
|
|
|
|
|
97,551
|
|
|
Total assets
|
|
|
399,194
|
|
|
|
|
14,813
|
|
|
|
|
414,007
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
66,690
|
|
|
|
|
13,125
|
|
|
|
|
79,815
|
|
|
Trade and other payables [B]
|
|
|
2,735
|
|
|
|
|
(540
|
)
|
|
|
|
2,195
|
|
|
Derivative financial instruments
|
|
|
1,399
|
|
|
|
|
—
|
|
|
|
|
1,399
|
|
|
Deferred tax
|
|
|
14,837
|
|
|
|
|
—
|
|
|
|
|
14,837
|
|
|
Retirement benefits
|
|
|
11,653
|
|
|
|
|
—
|
|
|
|
|
11,653
|
|
|
Decommissioning and other provisions [C]
|
|
|
21,533
|
|
|
|
|
(347
|
)
|
|
|
|
21,186
|
|
|
|
|
|
118,847
|
|
|
|
|
12,238
|
|
|
|
|
131,085
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
10,134
|
|
|
|
|
2,912
|
|
|
|
|
13,046
|
|
|
Trade and other payables
|
|
|
48,888
|
|
|
|
|
(23
|
)
|
|
|
|
48,865
|
|
|
Derivative financial instruments
|
|
|
7,184
|
|
|
|
|
—
|
|
|
|
|
7,184
|
|
|
Taxes payable
|
|
|
7,497
|
|
|
|
|
—
|
|
|
|
|
7,497
|
|
|
Retirement benefits
|
|
|
451
|
|
|
|
|
—
|
|
|
|
|
451
|
|
|
Decommissioning and other provisions [C]
|
|
|
3,659
|
|
|
|
|
(318
|
)
|
|
|
|
3,341
|
|
|
|
|
|
77,813
|
|
|
|
|
2,571
|
|
|
|
|
80,384
|
|
|
Total liabilities
|
|
|
196,660
|
|
|
|
|
14,809
|
|
|
|
|
211,469
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
685
|
|
|
|
|
—
|
|
|
|
|
685
|
|
|
Shares held in trust
|
|
|
(1,260
|
)
|
|
|
|
—
|
|
|
|
|
(1,260
|
)
|
|
Other reserves
|
|
|
16,615
|
|
|
|
|
—
|
|
|
|
|
16,615
|
|
|
Retained earnings
|
|
|
182,606
|
|
|
|
|
4
|
|
|
|
|
182,610
|
|
|
Equity attributable to Royal Dutch Shell plc shareholders
|
|
|
198,646
|
|
|
|
|
4
|
|
|
|
|
198,650
|
|
|
Non-controlling interest
|
|
|
3,888
|
|
|
|
|
—
|
|
|
|
|
3,888
|
|
|
Total equity
|
|
|
202,534
|
|
|
|
|
4
|
|
|
|
|
202,538
|
|
|
Total liabilities and equity
|
|
|
399,194
|
|
|
|
|
14,813
|
|
|
|
|
414,007
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
158
|
|
|
|
|
|
|
|
|
|||||
2019
|
|
|
|
|
$ million
|
|
|
||||
|
Integrated Gas
|
|
Upstream
|
|
Downstream
|
|
Corporate
|
|
Total
|
|
|
Revenue:
|
|
|
|
|
|
|
|||||
Third-party
|
41,322
|
|
9,965
|
|
293,545
|
|
45
|
|
344,877
|
|
[A][B]
|
Inter-segment
|
4,280
|
|
36,448
|
|
1,132
|
|
—
|
|
41,860
|
|
|
Share of profit/(loss) of joint ventures and associates (CCS basis)
|
1,791
|
|
379
|
|
1,725
|
|
(307
|
)
|
3,588
|
|
|
Interest and other income, of which:
|
263
|
|
2,180
|
|
266
|
|
916
|
|
3,625
|
|
|
Interest income
|
—
|
|
—
|
|
—
|
|
899
|
|
899
|
|
|
Net gains on sale and revaluation of non-current assets and businesses
|
282
|
|
1,888
|
|
297
|
|
52
|
|
2,519
|
|
|
Other
|
(19
|
)
|
292
|
|
(31
|
)
|
(35
|
)
|
207
|
|
|
Third-party and inter-segment purchases (CCS basis)
|
23,498
|
|
7,168
|
|
264,966
|
|
(6
|
)
|
295,626
|
|
|
Production and manufacturing expenses
|
5,768
|
|
11,545
|
|
9,088
|
|
37
|
|
26,438
|
|
|
Selling, distribution and administrative expenses
|
716
|
|
48
|
|
9,280
|
|
449
|
|
10,493
|
|
|
Research and development expenses
|
181
|
|
452
|
|
329
|
|
—
|
|
962
|
|
|
Exploration expenses
|
281
|
|
2,073
|
|
—
|
|
—
|
|
2,354
|
|
|
Depreciation, depletion and amortisation charge, of which:
|
6,238
|
|
17,003
|
|
5,413
|
|
47
|
|
28,701
|
|
|
Impairment losses
|
579
|
|
2,576
|
|
627
|
|
—
|
|
3,782
|
|
[C]
|
Impairment reversals
|
—
|
|
—
|
|
(190
|
)
|
—
|
|
(190
|
)
|
[D]
|
Interest expense
|
104
|
|
534
|
|
74
|
|
3,978
|
|
4,690
|
|
|
Taxation charge/(credit) (CCS basis)
|
2,242
|
|
5,954
|
|
1,241
|
|
(578
|
)
|
8,859
|
|
|
CCS earnings
|
8,628
|
|
4,195
|
|
6,277
|
|
(3,273
|
)
|
15,827
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
159
|
|
|
|
|
|
|
|
|
|||||
2018
|
|
|
|
|
$ million
|
|
|
||||
|
Integrated Gas
|
|
Upstream
|
|
Downstream
|
|
Corporate
|
|
Total
|
|
|
|
|
|
|
|
|
|
|||||
Revenue:
|
|
|
|
|
|
|
|||||
Third-party
|
43,764
|
|
9,892
|
|
334,680
|
|
43
|
|
388,379
|
|
[A]
|
Inter-segment
|
5,031
|
|
37,841
|
|
917
|
|
—
|
|
43,789
|
|
[B]
|
Share of profit/(loss) of joint ventures and associates (CCS basis)
|
2,273
|
|
285
|
|
1,785
|
|
(222
|
)
|
4,121
|
|
|
Interest and other income, of which:
|
2,230
|
|
600
|
|
345
|
|
896
|
|
4,071
|
|
|
Interest income
|
—
|
|
—
|
|
—
|
|
772
|
|
772
|
|
|
Net gains on sale and revaluation of non-current assets and businesses
|
2,231
|
|
712
|
|
302
|
|
20
|
|
3,265
|
|
|
Other
|
(1
|
)
|
(112
|
)
|
43
|
|
104
|
|
34
|
|
|
Third-party and inter-segment purchases (CCS basis)
|
27,775
|
|
6,144
|
|
303,709
|
|
1
|
|
337,629
|
|
|
Production and manufacturing expenses
|
5,370
|
|
11,463
|
|
10,294
|
|
(157
|
)
|
26,970
|
|
|
Selling, distribution and administrative expenses
|
458
|
|
200
|
|
10,142
|
|
560
|
|
11,360
|
|
|
Research and development expenses
|
186
|
|
493
|
|
307
|
|
—
|
|
986
|
|
|
Exploration expenses
|
208
|
|
1,132
|
|
—
|
|
—
|
|
1,340
|
|
|
Depreciation, depletion and amortisation charge, of which:
|
4,850
|
|
13,006
|
|
4,064
|
|
215
|
|
22,135
|
|
|
Impairment losses
|
200
|
|
1,065
|
|
424
|
|
7
|
|
1,696
|
|
[C]
|
Impairment reversals
|
—
|
|
(1,265
|
)
|
—
|
|
—
|
|
(1,265
|
)
|
[D]
|
Interest expense
|
212
|
|
591
|
|
95
|
|
2,847
|
|
3,745
|
|
[E]
|
Taxation charge/(credit) (CCS basis)
|
2,795
|
|
8,791
|
|
1,515
|
|
(1,270
|
)
|
11,831
|
|
|
CCS earnings
|
11,444
|
|
6,798
|
|
7,601
|
|
(1,479
|
)
|
24,364
|
|
|
|
|
|
|
|
|
|
|||||
2017
|
|
|
|
|
$ million
|
|
|
||||
|
Integrated Gas
|
|
Upstream
|
|
Downstream
|
|
Corporate
|
|
Total
|
|
|
Revenue:
|
|
|
|
|
|
|
|||||
Third-party
|
32,674
|
|
7,723
|
|
264,731
|
|
51
|
|
305,179
|
|
|
Inter-segment
|
4,096
|
|
32,469
|
|
1,090
|
|
—
|
|
37,655
|
|
[A]
|
Share of profit/(loss) of joint ventures and associates (CCS basis)
|
1,714
|
|
623
|
|
1,956
|
|
(129
|
)
|
4,164
|
|
|
Interest and other income, of which:
|
687
|
|
1,188
|
|
154
|
|
437
|
|
2,466
|
|
|
Interest income
|
—
|
|
—
|
|
—
|
|
677
|
|
677
|
|
|
Net gains on sale and revaluation of non-current assets and businesses
|
301
|
|
1,189
|
|
136
|
|
14
|
|
1,640
|
|
|
Other
|
386
|
|
(1
|
)
|
18
|
|
(254
|
)
|
149
|
|
|
Third-party and inter-segment purchases (CCS basis)
|
22,478
|
|
5,535
|
|
234,321
|
|
20
|
|
262,354
|
|
|
Production and manufacturing expenses
|
5,120
|
|
12,119
|
|
9,519
|
|
(106
|
)
|
26,652
|
|
|
Selling, distribution and administrative expenses
|
237
|
|
5
|
|
9,789
|
|
478
|
|
10,509
|
|
|
Research and development expenses
|
114
|
|
533
|
|
275
|
|
—
|
|
922
|
|
|
Exploration expenses
|
141
|
|
1,804
|
|
—
|
|
—
|
|
1,945
|
|
|
Depreciation, depletion and amortisation charge, of which:
|
4,965
|
|
17,303
|
|
3,877
|
|
78
|
|
26,223
|
|
|
Impairment losses
|
302
|
|
4,118
|
|
385
|
|
—
|
|
4,805
|
|
[B]
|
Impairment reversals
|
(10
|
)
|
(605
|
)
|
—
|
|
—
|
|
(615
|
)
|
[C]
|
Interest expense
|
248
|
|
744
|
|
109
|
|
2,941
|
|
4,042
|
|
|
Taxation charge/(credit) (CCS basis)
|
790
|
|
2,409
|
|
1,783
|
|
(636
|
)
|
4,346
|
|
|
CCS earnings
|
5,078
|
|
1,551
|
|
8,258
|
|
(2,416
|
)
|
12,471
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
160
|
|
|
|
|
|
|||
Reconciliation of CCS earnings to income for the period
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
CCS earnings
|
15,827
|
|
24,364
|
|
12,471
|
|
Current cost of supplies adjustment:
|
|
|
|
|
|
|
Purchases
|
784
|
|
(559
|
)
|
1,252
|
|
Taxation
|
(194
|
)
|
116
|
|
(349
|
)
|
Share of profit of joint ventures and associates
|
15
|
|
(15
|
)
|
61
|
|
|
605
|
|
(458
|
)
|
964
|
|
Income for the period
|
16,432
|
|
23,906
|
|
13,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
$ million
|
|
||||
|
Europe
|
|
|
Asia,
Oceania, Africa |
|
|
USA
|
|
Other
Americas |
|
Total
|
|
Third-party revenue, by origin
|
98,455
|
|
[A]
|
139,916
|
|
[B]
|
83,212
|
|
23,294
|
|
344,877
|
|
Intangible assets, property, plant and equipment, joint ventures and associates at December 31
|
43,262
|
|
[C]
|
119,732
|
|
|
67,105
|
|
54,544
|
|
284,643
|
|
|
|
|
|
|
|
|
|
|
|||||
2018
|
|
|
|
|
|
|
|
$ million
|
|
||||
|
Europe
|
|
|
Asia,
Oceania, Africa |
|
|
USA
|
|
|
Other
Americas |
|
Total
|
|
Third-party revenue, by origin
|
118,960
|
|
[A]
|
153,716
|
|
[B]
|
89,876
|
|
|
25,827
|
|
388,379
|
|
Intangible assets, property, plant and equipment,
joint ventures and associates at December 31 |
38,617
|
|
[C]
|
117,127
|
|
|
59,625
|
|
|
56,721
|
|
272,090
|
|
|
|
|
|
|
|
|
|
|
|||||
2017
|
|
|
|
|
|
|
|
$ million
|
|
||||
|
Europe
|
|
|
Asia,
Oceania, Africa |
|
|
USA
|
|
|
Other
Americas |
|
Total
|
|
Third-party revenue, by origin
|
100,609
|
|
[A]
|
114,683
|
|
[B]
|
66,854
|
|
|
23,033
|
|
305,179
|
|
Intangible assets, property, plant and equipment,
joint ventures and associates at December 31 |
41,416
|
|
[C]
|
122,345
|
|
|
55,898
|
|
|
58,828
|
|
278,487
|
|
|
|
|
|
|||
$ million
|
|
|||||
|
2019
|
|
2018
|
|
2017
|
|
Interest income
|
899
|
|
772
|
|
677
|
|
Dividend income (from investments in equity securities)
|
23
|
|
104
|
|
375
|
|
Net gains on sale and revaluation of non-current assets and businesses
|
2,519
|
|
3,265
|
|
1,640
|
|
Net foreign exchange gains/(losses) on financing activities
|
5
|
|
(174
|
)
|
(453
|
)
|
Other
|
179
|
|
104
|
|
227
|
|
Total
|
3,625
|
|
4,071
|
|
2,466
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
161
|
|
|
|
|
|
|
|||
$ million
|
|
||||||
|
2019
|
|
|
2018
|
|
2017
|
|
Interest incurred and similar charges
|
4,592
|
|
[A]
|
3,550
|
|
3,448
|
|
Less: interest capitalised
|
(752
|
)
|
|
(876
|
)
|
(622
|
)
|
Other net losses on fair value hedges of debt
|
132
|
|
|
169
|
|
114
|
|
Accretion expense
|
718
|
|
|
902
|
|
1,102
|
|
Total
|
4,690
|
|
|
3,745
|
|
4,042
|
|
|
|
|
|
|
||||
2019
|
$ million
|
|
||||||
|
Goodwill
|
|
LNG off-take
and sales contracts |
|
Other
|
|
Total
|
|
Cost
|
|
|
|
|
||||
At January 1
|
14,338
|
|
10,365
|
|
6,392
|
|
31,095
|
|
Additions
|
674
|
|
—
|
|
586
|
|
1,260
|
|
Sales, retirements and other movements
|
(46
|
)
|
(154
|
)
|
(122
|
)
|
(322
|
)
|
Currency translation differences
|
7
|
|
—
|
|
10
|
|
17
|
|
At December 31
|
14,973
|
|
10,211
|
|
6,866
|
|
32,050
|
|
Depreciation, depletion and amortisation, including impairments
|
|
|
|
|
|
|
|
|
At January 1
|
622
|
|
3,293
|
|
3,594
|
|
7,509
|
|
Charge for the year
|
135
|
|
876
|
|
354
|
|
1,365
|
|
Sales, retirements and other movements
|
(1
|
)
|
(155
|
)
|
(172
|
)
|
(328
|
)
|
Currency translation differences
|
12
|
|
—
|
|
6
|
|
18
|
|
At December 31
|
768
|
|
4,014
|
|
3,782
|
|
8,564
|
|
Carrying amount at December 31
|
14,205
|
|
6,197
|
|
3,084
|
|
23,486
|
|
|
|
|
|
|
||||
2018
|
$ million
|
|
||||||
|
Goodwill
|
|
LNG off-take
and sales contracts |
|
Other
|
|
Total
|
|
Cost
|
|
|
|
|
||||
At January 1
|
14,154
|
|
10,429
|
|
6,106
|
|
30,689
|
|
Additions
|
331
|
|
—
|
|
659
|
|
990
|
|
Sales, retirements and other movements
|
(75
|
)
|
(64
|
)
|
(253
|
)
|
(392
|
)
|
Currency translation differences
|
(72
|
)
|
—
|
|
(120
|
)
|
(192
|
)
|
At December 31
|
14,338
|
|
10,365
|
|
6,392
|
|
31,095
|
|
Depreciation, depletion and amortisation, including impairments
|
|
|
|
|
|
|
|
|
At January 1
|
492
|
|
2,432
|
|
3,585
|
|
6,509
|
|
Charge for the year
|
173
|
|
925
|
|
370
|
|
1,468
|
|
Sales, retirements and other movements
|
(21
|
)
|
(64
|
)
|
(275
|
)
|
(360
|
)
|
Currency translation differences
|
(22
|
)
|
—
|
|
(86
|
)
|
(108
|
)
|
At December 31
|
622
|
|
3,293
|
|
3,594
|
|
7,509
|
|
Carrying amount at December 31
|
13,716
|
|
7,072
|
|
2,798
|
|
23,586
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
162
|
|
|
|
||||||||||
2019
|
$ million
|
|
|||||||||
|
Exploration and production
|
|
|
|
|
||||||
|
Exploration
and evaluation |
|
|
Production
|
|
Manufacturing,
supply and distribution |
|
Other
|
|
Total
|
|
Cost
|
|
|
|
|
|
|
|||||
At January 1 (as previously published)
|
21,181
|
|
|
280,381
|
|
91,235
|
|
22,040
|
|
414,837
|
|
Impact of IFRS 16 [A]
|
—
|
|
|
4,871
|
|
6,459
|
|
4,228
|
|
15,558
|
|
At January 1 (as revised)
|
21,181
|
|
|
285,252
|
|
97,694
|
|
26,268
|
|
430,395
|
|
Additions
|
2,659
|
|
|
11,374
|
|
10,945
|
|
3,145
|
|
28,123
|
|
Sales, retirements and other movements
|
(5,442
|
)
|
|
(11,253
|
)
|
(3,683
|
)
|
(456
|
)
|
(20,834
|
)
|
Currency translation differences
|
198
|
|
|
1,293
|
|
(139
|
)
|
124
|
|
1,476
|
|
At December 31
|
18,596
|
|
|
286,666
|
|
104,817
|
|
29,081
|
|
439,160
|
|
Depreciation, depletion and amortisation, including impairments
|
|
|
|
|
|
|
|||||
At January 1
|
3,287
|
|
|
131,692
|
|
46,218
|
|
10,465
|
|
191,662
|
|
Charge for the year
|
1,096
|
|
|
19,346
|
|
5,742
|
|
1,573
|
|
27,757
|
|
Sales, retirements and other movements
|
(440
|
)
|
|
(15,567
|
)
|
(2,981
|
)
|
(437
|
)
|
(19,425
|
)
|
Currency translation differences
|
67
|
|
|
829
|
|
(107
|
)
|
28
|
|
817
|
|
At December 31
|
4,010
|
|
|
136,300
|
|
48,872
|
|
11,629
|
|
200,811
|
|
Carrying amount at December 31
|
14,586
|
|
|
150,366
|
|
55,945
|
|
17,452
|
|
238,349
|
|
|
|
||||||||||
2018
|
$ million
|
|
|
||||||||
|
Exploration and production
|
|
|
|
|||||||
|
Exploration
and evaluation |
|
|
Production
|
|
Manufacturing,
supply and distribution |
|
Other
|
|
Total
|
|
Cost
|
|
|
|
|
|
|
|||||
At January 1
|
22,510
|
|
|
292,256
|
|
86,948
|
|
22,355
|
|
424,069
|
|
Additions
|
3,514
|
|
|
12,596
|
|
6,438
|
|
1,594
|
|
24,142
|
|
Sales, retirements and other movements
|
(4,443
|
)
|
|
(19,643
|
)
|
(667
|
)
|
(814
|
)
|
(25,567
|
)
|
Currency translation differences
|
(400
|
)
|
|
(4,828
|
)
|
(1,484
|
)
|
(1,095
|
)
|
(7,807
|
)
|
At December 31
|
21,181
|
|
|
280,381
|
|
91,235
|
|
22,040
|
|
414,837
|
|
Depreciation, depletion and amortisation, including impairments
|
|
|
|
|
|
|
|||||
At January 1
|
5,060
|
|
|
137,525
|
|
44,483
|
|
10,621
|
|
197,689
|
|
Charge for the year
|
(979
|
)
|
|
16,551
|
|
4,000
|
|
1,095
|
|
20,667
|
|
Sales, retirements and other movements
|
(608
|
)
|
|
(19,631
|
)
|
(1,353
|
)
|
(756
|
)
|
(22,348
|
)
|
Currency translation differences
|
(186
|
)
|
|
(2,753
|
)
|
(912
|
)
|
(495
|
)
|
(4,346
|
)
|
At December 31
|
3,287
|
|
|
131,692
|
|
46,218
|
|
10,465
|
|
191,662
|
|
Carrying amount at December 31
|
17,894
|
|
|
148,689
|
|
45,017
|
|
11,575
|
|
223,175
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
163
|
|
Right-of-use assets
|
$ million
|
|
||||||||
|
Exploration and production
|
|
|
|
|
|
|
|
||
|
Exploration
and evaluation |
|
Production
|
|
Manufacturing,
supply and distribution |
|
Other
|
|
Total
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
At January 1 (as previously published)
|
—
|
|
11,508
|
|
4,259
|
|
789
|
|
16,556
|
|
Impact of IFRS 16 [A]
|
—
|
|
4,871
|
|
6,459
|
|
4,228
|
|
15,558
|
|
At January 1 (as revised)
|
—
|
|
16,379
|
|
10,718
|
|
5,017
|
|
32,114
|
|
Additions
|
5
|
|
664
|
|
3,124
|
|
917
|
|
4,710
|
|
Sales, retirements and other movements
|
—
|
|
(1,867
|
)
|
(268
|
)
|
(157
|
)
|
(2,292
|
)
|
Currency translation differences
|
—
|
|
37
|
|
—
|
|
(18
|
)
|
19
|
|
At December 31
|
5
|
|
15,213
|
|
13,574
|
|
5,759
|
|
34,551
|
|
Depreciation, depletion and amortisation, including impairments
|
|
|
|
|
|
|
|
|
|
|
At January 1
|
—
|
|
5,209
|
|
1,110
|
|
589
|
|
6,908
|
|
Charge for the year
|
—
|
|
1,632
|
|
1,855
|
|
703
|
|
4,190
|
|
Sales, retirements and other movements
|
—
|
|
(1,091
|
)
|
(30
|
)
|
(128
|
)
|
(1,249
|
)
|
Currency translation differences
|
—
|
|
11
|
|
1
|
|
—
|
|
12
|
|
At December 31
|
—
|
|
5,761
|
|
2,936
|
|
1,164
|
|
9,861
|
|
Carrying amount at December 31
|
5
|
|
9,452
|
|
10,638
|
|
4,595
|
|
24,690
|
|
|
||||||
Impairments
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Impairment losses [A]
|
|
|
|
|||
Exploration and production
|
2,983
|
|
1,066
|
|
4,187
|
|
Manufacturing, supply and distribution
|
654
|
|
441
|
|
376
|
|
Other
|
2
|
|
8
|
|
9
|
|
Total
|
3,639
|
|
1,515
|
|
4,572
|
|
Impairment reversals [A]
|
|
|
|
|||
Exploration and production
|
—
|
|
1,265
|
|
615
|
|
Manufacturing, supply and distribution
|
190
|
|
—
|
|
—
|
|
Total
|
190
|
|
1,265
|
|
615
|
|
|
||||||
Commodity price assumptions [A]
|
|
|
|
|||
|
2020
|
|
2021
|
|
2022
|
|
Brent crude oil ($/b)
|
60
|
|
60
|
|
60
|
|
Henry Hub natural gas ($/MMBtu)
|
2.75
|
|
2.75
|
|
3.00
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
164
|
|
|
||||||
Capitalised exploration drilling costs
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
At January 1
|
6,629
|
|
6,981
|
|
7,910
|
|
Additions pending determination of proved reserves
|
2,036
|
|
2,588
|
|
1,708
|
|
Amounts charged to expense
|
(1,218
|
)
|
(449
|
)
|
(897
|
)
|
Reclassifications to productive wells on determination of proved reserves
|
(1,655
|
)
|
(2,461
|
)
|
(1,894
|
)
|
Other movements
|
(124
|
)
|
(30
|
)
|
154
|
|
At December 31
|
5,668
|
|
6,629
|
|
6,981
|
|
|
|||||||
|
Projects
|
|
Wells
|
|
|||
|
Number
|
|
$ million
|
|
Number
|
$ million
|
|
Between 1 and 5 years
|
45
|
3,195
|
|
150
|
2,117
|
|
|
Between 6 and 10 years
|
10
|
|
961
|
|
74
|
1,746
|
|
Between 11 and 15 years
|
5
|
|
237
|
|
25
|
495
|
|
Between 16 and 20 years
|
—
|
|
—
|
|
2
|
35
|
|
Total
|
60
|
|
4,393
|
|
251
|
4,393
|
|
|
||||||||||||||||||||
Shell share of comprehensive income of joint ventures and associates
|
|
$ million
|
|
|||||||||||||||||
|
2019
|
|
|
2018
|
|
|
2017
|
|
||||||||||||
|
Joint
ventures |
|
Associates
|
|
Total
|
|
|
Joint
ventures |
|
Associates
|
|
Total
|
|
|
Joint
ventures |
|
Associates
|
|
Total
|
|
Income for the period
|
1,121
|
|
2,483
|
|
3,604
|
|
|
1,307
|
|
2,799
|
|
4,106
|
|
|
2,102
|
|
2,123
|
|
4,225
|
|
Other comprehensive
(loss)/income for the period |
(82
|
)
|
8
|
|
(74
|
)
|
|
172
|
|
11
|
|
183
|
|
|
164
|
|
6
|
|
170
|
|
Comprehensive income for the period
|
1,039
|
|
2,491
|
|
3,530
|
|
|
1,479
|
|
2,810
|
|
4,289
|
|
|
2,266
|
|
2,129
|
|
4,395
|
|
|
|||||||||||||
Carrying amount of interests in joint ventures and associates
|
|
$ million
|
|
||||||||||
|
Dec 31, 2019
|
|
|
Dec 31, 2018
|
|
||||||||
|
Joint
ventures |
|
Associates
|
|
Total
|
|
|
Joint
ventures |
|
Associates
|
|
Total
|
|
Net assets
|
13,426
|
|
9,382
|
|
22,808
|
|
|
14,263
|
|
11,066
|
|
25,329
|
|
|
||||||
Transactions with joint ventures and associates
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Sales and charges to joint ventures and associates
|
7,748
|
|
8,270
|
|
13,121
|
|
Purchases and charges from joint ventures and associates
|
9,573
|
|
11,212
|
|
10,680
|
|
|
||||
Other arrangements in respect of joint ventures and associates
|
$ million
|
|
||
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
Commitments to make purchases from joint ventures and associates [A]
|
2,177
|
|
1,823
|
[B]
|
Commitments to provide debt or equity funding to joint ventures and associates
|
897
|
|
638
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
165
|
|
|
||||
Investment in securities
|
$ million
|
|
||
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
Equity securities:
|
1,437
|
|
1,823
|
|
Equity securities at fair value through other comprehensive income
|
1,437
|
|
1,823
|
|
Debt securities:
|
1,552
|
|
1,251
|
|
Debt securities at amortised cost
|
11
|
|
8
|
|
Debt securities at fair value through other comprehensive income
|
1,086
|
|
953
|
|
Debt securities at fair value through profit and loss
|
455
|
|
290
|
|
Total
|
2,989
|
|
3,074
|
|
At fair value
|
|
|
||
Measured by reference to prices in active markets for identical assets
|
1,725
|
|
1,873
|
|
Measured using predominantly unobservable inputs
|
1,253
|
|
1,193
|
|
Total
|
2,978
|
|
3,066
|
|
At cost
|
11
|
|
8
|
|
Total
|
2,989
|
|
3,074
|
|
|
||||
Investments in securities measured using predominantly unobservable inputs [A]
|
$ million
|
|
||
|
2019
|
|
2018
|
|
At January 1
|
1,193
|
|
1,268
|
|
(Losses)/Gains recognised in other comprehensive income
|
(42
|
)
|
212
|
|
Other movements
|
102
|
|
(287
|
)
|
At December 31
|
1,253
|
|
1,193
|
|
|
|
|
|
|
|
||||
|
$ million
|
|
|||||||
|
Dec 31, 2019
|
|
|
Dec 31, 2018
|
|
||||
|
Current
|
|
Non-current
|
|
|
Current
|
|
Non-current
|
|
Trade receivables
|
30,216
|
|
—
|
|
|
27,541
|
|
—
|
|
Lease receivables [A]
|
213
|
|
1,528
|
|
|
|
|
||
Other receivables [A]
|
7,791
|
|
4,039
|
|
|
8,543
|
|
4,823
|
|
Amounts due from joint ventures and associates
|
912
|
|
1,078
|
|
|
992
|
|
1,183
|
|
Prepayments and deferred charges
|
4,282
|
|
1,440
|
|
|
5,355
|
|
1,820
|
|
Total
|
43,414
|
|
8,085
|
|
|
42,431
|
|
7,826
|
|
|
166
|
|
Finance lease
|
|
|
|
$ million
|
|
|
|
|
|
Dec 31, 2019
|
|
Less than one year
|
|
|
|
305
|
|
Between 1 and 5 years
|
|
|
|
953
|
|
5 years and later
|
|
|
|
1,019
|
|
Total undiscounted lease payments receivable
|
|
|
|
2,277
|
|
Unearned finance income
|
|
|
|
536
|
|
Net investment in the lease
|
|
|
|
1,741
|
|
|
||||
|
$ million
|
|
||
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
Oil, gas and chemicals
|
22,654
|
|
19,516
|
|
Materials
|
1,417
|
|
1,601
|
|
Total
|
24,071
|
|
21,117
|
|
|
|
|
||
|
$ million
|
|
||
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
Cash
|
4,168
|
|
4,034
|
|
Short-term bank deposits
|
2,665
|
|
3,655
|
|
Money market funds, reverse repos and other cash equivalents
|
11,222
|
|
19,052
|
|
Total
|
18,055
|
|
26,741
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
167
|
|
|
||||||||||
Net debt
|
$ million
|
|
||||||||
|
Current
debt |
|
Non-current
debt |
|
Derivative
financial instruments |
|
Cash and cash equivalents
(see Note 13) |
|
Net debt
|
|
At January 1, 2019 (as previously published)
|
(10,134
|
)
|
(66,690
|
)
|
(1,345
|
)
|
26,741
|
|
(51,428
|
)
|
Impact of IFRS 16 [A]
|
(2,912
|
)
|
(13,125
|
)
|
|
|
(16,037
|
)
|
||
At January 1, 2019 (as revised)
|
(13,046
|
)
|
(79,815
|
)
|
(1,345
|
)
|
26,741
|
|
(67,465
|
)
|
Cash flow
|
10,333
|
|
(7,269
|
)
|
351
|
|
(8,810
|
)
|
(5,395
|
)
|
Lease additions
|
(971
|
)
|
(3,547
|
)
|
|
|
(4,518
|
)
|
||
Other movements [B]
|
(11,453
|
)
|
9,179
|
|
453
|
|
—
|
|
(1,821
|
)
|
Currency translation differences and foreign exchange gains/(losses)
|
73
|
|
92
|
|
(183
|
)
|
124
|
|
106
|
|
At December 31, 2019
|
(15,064
|
)
|
(81,360
|
)
|
(724
|
)
|
18,055
|
|
(79,093
|
)
|
At January 1, 2018
|
(11,795
|
)
|
(73,870
|
)
|
(591
|
)
|
20,312
|
|
(65,944
|
)
|
Cash flow
|
10,392
|
|
(2,418
|
)
|
446
|
|
6,878
|
|
15,298
|
|
Finance lease additions
|
(51
|
)
|
(652
|
)
|
|
|
(703
|
)
|
||
Other movements
|
(8,939
|
)
|
9,270
|
|
(261
|
)
|
—
|
|
70
|
|
Currency translation differences and foreign exchange gains/(losses)
|
259
|
|
980
|
|
(939
|
)
|
(449
|
)
|
(149
|
)
|
At December 31, 2018
|
(10,134
|
)
|
(66,690
|
)
|
(1,345
|
)
|
26,741
|
|
(51,428
|
)
|
|
||||||
Gearing
|
$ million, except where indicated
|
|
||||
|
Dec 31, 2019
|
|
|
Dec 31, 2018 [A]
|
|
|
Net debt
|
79,093
|
|
|
51,428
|
|
|
Total equity
|
190,463
|
|
|
202,534
|
|
|
Total capital
|
269,556
|
|
|
253,962
|
|
|
Gearing
|
29.3
|
%
|
[B]
|
20.3
|
%
|
|
|||||||||
Borrowing facilities and amounts undrawn
|
$ million
|
|
|||||||
|
Facility
|
|
|
|
Amount undrawn
|
|
|
||
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
CP programmes
|
20,000
|
|
20,000
|
|
|
16,610
|
|
20,000
|
|
EMTN programme
|
unlimited
|
|
unlimited
|
|
|
N/A
|
|
N/A
|
|
US shelf registration
|
unlimited
|
|
unlimited
|
|
|
N/A
|
|
N/A
|
|
Committed credit facilities
|
10,000
|
|
8,840
|
|
|
10,000
|
|
8,840
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
168
|
|
|
||||||||||||||||||
2019
|
$ million
|
|
||||||||||||||||
|
Contractual payments
|
|
|
|
||||||||||||||
|
Less than
1 year |
|
Between
1 and 2 years |
|
Between
2 and 3 |
|
Between
3 and 4 years |
|
Between
4 and 5 years |
|
5 years
and later |
|
Total
|
|
Difference
from carrying amount |
|
Carrying
amount |
|
Commercial paper
|
3,390
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,390
|
|
(38
|
)
|
3,352
|
|
Bonds
|
5,900
|
|
4,971
|
|
4,392
|
|
4,326
|
|
2,091
|
|
38,323
|
|
60,003
|
|
694
|
|
60,697
|
|
Bank and other borrowings
|
859
|
|
425
|
|
56
|
|
71
|
|
15
|
|
412
|
|
1,838
|
|
—
|
|
1,838
|
|
Total (excluding interest)
|
10,149
|
|
5,396
|
|
4,448
|
|
4,397
|
|
2,106
|
|
38,735
|
|
65,231
|
|
656
|
|
65,887
|
|
Interest
|
1,665
|
|
1,559
|
|
1,430
|
|
1,357
|
|
1,263
|
|
14,618
|
|
21,892
|
|
|
|
|
||||||||||||||||||
2018
|
$ million
|
|
||||||||||||||||
|
Contractual payments
|
|
|
|
||||||||||||||
|
Less than
1 year |
|
Between
1 and 2 years |
|
Between
2 and 3 |
|
Between
3 and 4 years |
|
Between
4 and 5 years |
|
5 years
and later |
|
Total
|
|
Difference
from carrying amount |
|
Carrying
amount |
|
Bonds
|
8,163
|
|
5,900
|
|
4,993
|
|
4,458
|
|
4,312
|
|
33,162
|
|
60,988
|
|
181
|
|
61,169
|
|
Bank and other borrowings
|
945
|
|
39
|
|
209
|
|
50
|
|
27
|
|
359
|
|
1,629
|
|
—
|
|
1,629
|
|
Total (excluding interest)
|
9,108
|
|
5,939
|
|
5,202
|
|
4,508
|
|
4,339
|
|
33,521
|
|
62,617
|
|
181
|
|
62,798
|
|
Interest
|
1,780
|
|
1,555
|
|
1,426
|
|
1,319
|
|
1,244
|
|
14,406
|
|
21,730
|
|
|
|
Lease expenses not included in the measurement of lease liability
|
|
|
|
$ million
|
|
|
|
|
|
2019
|
|
Expense relating to short-term leases
|
|
|
|
834
|
|
Expense relating to variable lease payments not included in the lease liabilities
|
|
|
|
1,091
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
169
|
|
|
||||||||
2019
|
$ million
|
|
|
|||||
|
|
|
|
|||||
|
Contractual
lease payments |
|
|
Interest
|
|
Lease liabilities [A]
|
|
|
Less than 1 year
|
7,337
|
|
|
2,381
|
|
4,956
|
|
|
Between 1 and 5 years
|
17,435
|
|
|
6,141
|
|
11,294
|
|
|
5 years and later
|
21,340
|
|
|
7,053
|
|
14,287
|
|
|
Total
|
46,112
|
|
[B]
|
15,575
|
|
30,537
|
|
|
|
|
|
|||||||
2018
|
$ million
|
|
|||||||
|
Finance leases [A]
|
|
|
Operating leases [A]
|
|
||||
|
Future
minimum lease payments |
|
Interest
|
|
Present value
of future minimum lease payments |
|
|
Future minimum lease payments
|
|
Less than 1 year
|
2,061
|
|
1,039
|
|
1,022
|
|
|
4,784
|
|
Between 1 and 5 years
|
7,508
|
|
3,391
|
|
4,117
|
|
|
11,575
|
|
5 years and later
|
13,370
|
|
4,483
|
|
8,887
|
|
|
7,860
|
|
Total
|
22,939
|
|
8,913
|
|
14,026
|
|
|
24,219
|
|
|
||||||||
|
$ million
|
|
||||||
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
||||
|
Current
|
|
Non-current
|
|
Current
|
|
Non-current
|
|
Trade payables
|
29,497
|
|
—
|
|
30,351
|
|
—
|
|
Other payables
|
6,356
|
|
2,060
|
|
5,597
|
|
2,413
|
|
Amounts due to joint ventures and associates
|
3,312
|
|
40
|
|
2,851
|
|
33
|
|
Accruals and deferred income
|
10,043
|
|
242
|
|
10,089
|
|
289
|
|
Total
|
49,208
|
|
2,342
|
|
48,888
|
|
2,735
|
|
|
|
|
|
|
|
|
|
Taxation charge
|
$ million
|
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
|
Current tax:
|
|
|
|
|
|||
Charge in respect of current period
|
7,597
|
|
10,415
|
|
7,204
|
|
|
Adjustments in respect of prior periods
|
(1
|
)
|
60
|
|
(613
|
)
|
|
Total
|
7,596
|
|
10,475
|
|
6,591
|
|
|
Deferred tax:
|
|
|
|
|
|||
Relating to the origination and reversal of temporary differences, tax losses and credits
|
1,377
|
|
1,438
|
|
(4,102
|
)
|
|
Relating to changes in tax rates and legislation
|
(67
|
)
|
(157
|
)
|
2,004
|
|
[A]
|
Adjustments in respect of prior periods
|
147
|
|
(41
|
)
|
202
|
|
|
Total
|
1,457
|
|
1,240
|
|
(1,896
|
)
|
|
Total taxation charge
|
9,053
|
|
11,715
|
|
4,695
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
170
|
|
|
|
|
|
|
|
|
Reconciliation of applicable tax charge at statutory tax rates to taxation charge
|
|
|
$ million
|
|
||
|
2019
|
|
2018
|
|
2017
|
|
Income before taxation
|
25,485
|
|
35,621
|
|
18,130
|
|
Less: share of profit of joint ventures and associates
|
(3,604
|
)
|
(4,106
|
)
|
(4,225
|
)
|
Income before taxation and share of profit of joint ventures and associates
|
21,881
|
|
31,515
|
|
13,905
|
|
Applicable tax charge at standard statutory tax rates [A]
|
7,214
|
|
11,641
|
|
4,709
|
|
Adjustments in respect of prior periods
|
146
|
|
19
|
|
(411
|
)
|
Tax effects of: [B]
|
|
|
|
|||
Expenses not deductible for tax purposes
|
1,493
|
|
1,176
|
|
1,000
|
|
Derecognition/(recognition) of deferred tax assets
|
846
|
|
(381
|
)
|
(957
|
)
|
Incentives for investment and development [A]
|
(757
|
)
|
(557
|
)
|
(527
|
)
|
Disposals
|
(235
|
)
|
(524
|
)
|
(910
|
)
|
Income not subject to tax at standard statutory rates
|
159
|
|
(286
|
)
|
(359
|
)
|
Changes in tax rates and legislation
|
(67
|
)
|
(157
|
)
|
2,004
|
|
Exchange rate differences
|
(34
|
)
|
623
|
|
320
|
|
Other reconciling items
|
288
|
|
161
|
|
(174
|
)
|
Taxation charge
|
9,053
|
|
11,715
|
|
4,695
|
|
|
|
|
|
|
Taxes payable
|
|
$ million
|
|
|
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
Income taxes
|
3,478
|
|
3,990
|
|
Sales taxes, excise duties and similar levies
|
3,215
|
|
3,507
|
|
Total
|
6,693
|
|
7,497
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
171
|
|
|
|
|
|
|
|
|
||||||
2019 - Deferred tax
|
|
|
|
|
|
$ million
|
|
|||||
Deferred tax asset
|
Decommissioning and
other provisions |
|
Property, plant and equipment
|
|
Tax losses and credits
carried forward |
|
Retirement benefits
|
|
Other
|
|
Total
|
|
At January 1, 2019 (as previously published)
|
5,902
|
|
3,718
|
|
12,167
|
|
3,310
|
|
4,233
|
|
29,330
|
|
Impact of IFRS 16
|
(43
|
)
|
—
|
|
—
|
|
—
|
|
43
|
|
—
|
|
At January 1, 2019 (as revised)
|
5,859
|
|
3,718
|
|
12,167
|
|
3,310
|
|
4,276
|
|
29,330
|
|
(Charge)/credit to income
|
15
|
|
(521
|
)
|
(647
|
)
|
(76
|
)
|
10
|
|
(1,219
|
)
|
Currency translation differences
|
56
|
|
6
|
|
57
|
|
(8
|
)
|
(2
|
)
|
109
|
|
Other
|
(550
|
)
|
(189
|
)
|
52
|
|
434
|
|
77
|
|
(176
|
)
|
At December 31, 2019
|
5,380
|
|
3,014
|
|
11,629
|
|
3,660
|
|
4,361
|
|
28,044
|
|
Deferred tax liability
|
|
|
|
|
|
|
||||||
At January 1, 2019 (as previously published)
|
|
|
(27,771
|
)
|
|
|
(1,674
|
)
|
(2,625
|
)
|
(32,070
|
)
|
Impact of IFRS 16
|
|
|
144
|
|
|
|
—
|
|
(144
|
)
|
—
|
|
At January 1, 2019 (as revised)
|
|
|
(27,627
|
)
|
|
|
(1,674
|
)
|
(2,769
|
)
|
(32,070
|
)
|
(Charge)/credit to income
|
|
|
(227
|
)
|
|
|
46
|
|
(57
|
)
|
(238
|
)
|
Currency translation differences
|
|
|
(129
|
)
|
|
|
(6
|
)
|
(5
|
)
|
(140
|
)
|
Other
|
|
|
(57
|
)
|
|
|
541
|
|
(78
|
)
|
406
|
|
At December 31, 2019
|
|
|
(28,040
|
)
|
|
|
(1,093
|
)
|
(2,909
|
)
|
(32,042
|
)
|
Net deferred tax liability at December 31, 2019
|
|
|
|
|
|
(3,998
|
)
|
|||||
Deferred tax asset/liability as presented in the balance sheet at December 31, 2019
|
|
|
|
|
|
|
||||||
Deferred tax asset
|
|
|
|
|
|
10,524
|
|
|||||
Deferred tax liability
|
|
|
|
|
|
(14,522
|
)
|
|
|
|
|
|
|
|
||||||
2018 - Deferred tax
|
|
|
|
|
|
$ million
|
|
|||||
Deferred tax asset
|
Decommissioning and other provisions
|
|
Property, plant and equipment
|
|
Tax losses and credits carried forward
|
|
Retirement benefits
|
|
Other
|
|
Total
|
|
At January 1, 2018
|
6,182
|
|
3,379
|
|
13,684
|
|
3,868
|
|
4,144
|
|
31,257
|
|
(Charge)/credit to income
|
166
|
|
345
|
|
(553
|
)
|
14
|
|
119
|
|
91
|
|
Currency translation differences
|
(177
|
)
|
(32
|
)
|
(462
|
)
|
(93
|
)
|
(42
|
)
|
(806
|
)
|
Other
|
(269
|
)
|
26
|
|
(502
|
)
|
(479
|
)
|
12
|
|
(1,212
|
)
|
At December 31, 2018
|
5,902
|
|
3,718
|
|
12,167
|
|
3,310
|
|
4,233
|
|
29,330
|
|
Deferred tax liability
|
|
|
|
|
|
|
||||||
At January 1, 2018
|
|
|
(26,904
|
)
|
|
|
(742
|
)
|
(2,827
|
)
|
(30,473
|
)
|
(Charge)/credit to income
|
|
|
(1,751
|
)
|
|
|
180
|
|
240
|
|
(1,331
|
)
|
Currency translation differences
|
|
|
409
|
|
|
|
24
|
|
36
|
|
469
|
|
Other
|
|
|
475
|
|
|
|
(1,136
|
)
|
(74
|
)
|
(735
|
)
|
At December 31, 2018
|
|
|
(27,771
|
)
|
|
|
(1,674
|
)
|
(2,625
|
)
|
(32,070
|
)
|
Net deferred tax liability at December 31, 2018
|
|
|
|
|
|
(2,740
|
)
|
|||||
Deferred tax asset/liability as presented in the balance sheet at December 31, 2018
|
|
|
|
|
|
|
||||||
Deferred tax asset
|
|
|
|
|
|
12,097
|
|
|||||
Deferred tax liability
|
|
|
|
|
|
(14,837
|
)
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
172
|
|
|
||||||
Retirement benefit expense
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Defined benefit plans:
|
|
|
|
|
|
|
Current service cost, net of plan participants’ contributions
|
1,188
|
|
1,494
|
|
1,500
|
|
Interest expense on obligations
|
2,364
|
|
2,282
|
|
2,309
|
|
Interest income on plan assets
|
(2,253
|
)
|
(2,087
|
)
|
(2,019
|
)
|
Other
|
26
|
|
(221
|
)
|
(404
|
)
|
Total
|
1,325
|
|
1,468
|
|
1,386
|
|
Defined contribution plans
|
428
|
|
410
|
|
429
|
|
Total retirement benefit expense
|
1,753
|
|
1,878
|
|
1,815
|
|
|
||||||
Remeasurements
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Actuarial gains/(losses) on obligations:
|
|
|
|
|
|
|
Due to changes in financial assumptions [A]
|
(11,711
|
)
|
8,186
|
|
(4,495
|
)
|
Due to experience adjustments [B]
|
232
|
|
(268
|
)
|
37
|
|
Due to changes in demographic assumptions [C]
|
(75
|
)
|
(459
|
)
|
933
|
|
Total
|
(11,554
|
)
|
7,459
|
|
(3,525
|
)
|
Return on plan assets in excess/(shortage) of interest income
|
8,460
|
|
(2,312
|
)
|
4,942
|
|
Other movements
|
(12
|
)
|
66
|
|
50
|
|
Total remeasurements
|
(3,106
|
)
|
5,213
|
|
1,467
|
|
|
||||
Defined benefit plans
|
$ million
|
|
||
|
December 31, 2019
|
|
December 31, 2018
|
|
Obligations
|
(103,545
|
)
|
(91,856
|
)
|
Plan assets
|
94,826
|
|
85,803
|
|
Net liability
|
(8,719
|
)
|
(6,053
|
)
|
Retirement benefits in the Consolidated Balance Sheet:
|
|
|
||
Non-current assets
|
4,717
|
|
6,051
|
|
Non-current liabilities
|
(13,017
|
)
|
(11,653
|
)
|
Current liabilities
|
(419
|
)
|
(451
|
)
|
Total
|
(8,719
|
)
|
(6,053
|
)
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
173
|
|
|
||||
Defined benefit plan obligations
|
$ million, except where indicated
|
|
||
|
2019
|
|
2018
|
|
At January 1
|
91,856
|
|
104,285
|
|
Current service cost
|
1,186
|
|
1,491
|
|
Interest expense
|
2,364
|
|
2,282
|
|
Actuarial losses/(gains)
|
11,554
|
|
(7,459
|
)
|
Benefit payments
|
(3,961
|
)
|
(4,435
|
)
|
Other movements
|
194
|
|
(360
|
)
|
Currency translation differences
|
352
|
|
(3,948
|
)
|
At December 31
|
103,545
|
|
91,856
|
|
Comprising:
|
|
|
||
Funded pension plans
|
93,727
|
|
83,276
|
|
Weighted average duration
|
17 Years
|
|
17 Years
|
|
Unfunded pension plans
|
4,793
|
|
4,359
|
|
Weighted average duration
|
13 Years
|
|
13 Years
|
|
Other unfunded plans
|
5,025
|
|
4,221
|
|
Weighted average duration
|
14 Years
|
|
12 Years
|
|
|
||||
Defined benefit plan assets
|
$ million, except where indicated
|
|
||
|
2019
|
|
2018
|
|
At January 1
|
85,803
|
|
93,243
|
|
Return on plan assets in excess/(shortage) of interest income
|
8,460
|
|
(2,312
|
)
|
Interest income
|
2,253
|
|
2,087
|
|
Employer contributions
|
1,462
|
|
763
|
|
Plan participants’ contributions
|
42
|
|
47
|
|
Benefit payments
|
(3,741
|
)
|
(4,123
|
)
|
Other movements
|
160
|
|
(102
|
)
|
Currency translation differences
|
387
|
|
(3,800
|
)
|
At December 31
|
94,826
|
|
85,803
|
|
Comprising:
|
|
|
|
|
Quoted in active markets:
|
|
|
|
|
Equities
|
26
|
%
|
24
|
%
|
Debt securities
|
51
|
%
|
53
|
%
|
Real estate
|
1
|
%
|
1
|
%
|
Other
|
0
|
%
|
1
|
%
|
Other:
|
|
|
||
Equities
|
8
|
%
|
8
|
%
|
Debt securities
|
4
|
%
|
3
|
%
|
Real estate
|
6
|
%
|
6
|
%
|
Investment funds
|
3
|
%
|
3
|
%
|
Cash
|
1
|
%
|
1
|
%
|
•
|
Additional contributions to the Netherlands defined benefit pension plan would be required if the 12-month rolling average local funding percentage falls below 105% for six months or more. At the most recent (2019) funding valuation the local funding percentage was above this level;
|
•
|
There are no set minimum statutory funding requirements for the UK plans. Under an agreement with the trustee of the main UK defined benefit plan, Shell will provide additional contributions if the funding position falls below a certain level, although this is currently not anticipated; and
|
•
|
Under the Pension Protection Act, US pension plans are subject to minimum required contribution levels based on the funding position. No contributions are required based on the most recent funding valuation.
|
•
|
rates of increase in pensionable remuneration, pensions in payment and healthcare costs: historical experience and management’s long-term expectation;
|
•
|
discount rates: prevailing long-term AA corporate bond yields, chosen to match the currency and duration of the relevant obligation; and
|
•
|
mortality rates: published standard mortality tables for the individual countries concerned adjusted for Shell experience where statistically significant.
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
174
|
|
|
|
|
|||||||||||||
|
|
|
$ million, except where indicated
|
|
|
|
|||||||||
|
|
|
Effect of using alternative assumptions
|
|
|
|
|||||||||
|
Assumptions used
|
|
|
Increase/(decrease) in defined benefit obligations
|
|
|
|
||||||||
|
2019
|
|
2018
|
|
Range of assumptions
|
2019
|
|
2018
|
|
||||||
Rate of increase in pensionable remuneration
|
4.1
|
%
|
4.1
|
%
|
-1% to +1%
|
(1,975
|
)
|
to
|
2,266
|
|
(1,576
|
)
|
to
|
1,819
|
|
Rate of increase in pensions in payment
|
1.6
|
%
|
1.8
|
%
|
-1% to +1%
|
(9,541
|
)
|
to
|
11,757
|
|
(8,304
|
)
|
to
|
10,104
|
|
Rate of increase in healthcare costs
|
6.1
|
%
|
6.3
|
%
|
-1% to +1%
|
(546
|
)
|
to
|
675
|
|
(410
|
)
|
to
|
496
|
|
Discount rate for pension plans
|
2.1
|
%
|
2.9
|
%
|
-1% to +1%
|
18,431
|
|
to
|
(14,155
|
)
|
15,606
|
|
to
|
(12,078
|
)
|
Discount rate for healthcare plans
|
3.2
|
%
|
4.2
|
%
|
-1% to +1%
|
704
|
|
to
|
(558
|
)
|
536
|
|
to
|
(436
|
)
|
Expected age at death for persons aged 60:
|
|
|
|
|
|
|
|
|
|
||||||
Men
|
87 years
|
|
87 years
|
|
-1 year to +1 year
|
(1,717
|
)
|
to
|
1,782
|
|
(1,538
|
)
|
to
|
1,583
|
|
Women
|
89 years
|
|
89 years
|
|
-1 year to +1 year
|
(1,631
|
)
|
to
|
1,694
|
|
(1,436
|
)
|
to
|
1,476
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
175
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ million
|
|
||||||||||||
|
Decommissioning
and restoration |
|
|
Legal
|
|
Environmental
|
|
Redundancy
|
|
Other
|
|
|
Total
|
|
At January 1, 2019
|
|
|
|
|
|
|
|
|
||||||
Current (as previously published)
|
876
|
|
|
213
|
|
264
|
|
491
|
|
1,815
|
|
|
3,659
|
|
Impact of IFRS 16 [A]
|
—
|
|
|
—
|
|
—
|
|
(50
|
)
|
(268
|
)
|
|
(318
|
)
|
Current (as revised)
|
876
|
|
|
213
|
|
264
|
|
441
|
|
1,547
|
|
|
3,341
|
|
|
|
|
|
|
|
|
|
|
||||||
Non-current (as previously published)
|
17,057
|
|
|
1,247
|
|
1,074
|
|
468
|
|
1,687
|
|
|
21,533
|
|
Impact of IFRS 16 [A]
|
—
|
|
|
—
|
|
—
|
|
(188
|
)
|
(159
|
)
|
|
(347
|
)
|
Non-current (as revised)
|
17,057
|
|
|
1,247
|
|
1,074
|
|
280
|
|
1,528
|
|
|
21,186
|
|
|
17,933
|
|
|
1,460
|
|
1,338
|
|
721
|
|
3,075
|
|
|
24,527
|
|
Additions
|
625
|
|
|
585
|
|
229
|
|
290
|
|
535
|
|
|
2,264
|
|
Amounts charged against provisions
|
(797
|
)
|
|
(216
|
)
|
(223
|
)
|
(304
|
)
|
(562
|
)
|
|
(2,102
|
)
|
Accretion expense
|
644
|
|
|
28
|
|
16
|
|
3
|
|
25
|
|
|
716
|
|
Disposals
|
(1,238
|
)
|
[B]
|
—
|
|
(8
|
)
|
—
|
|
(14
|
)
|
|
(1,260
|
)
|
Remeasurements and other movements
|
1,696
|
|
|
(45
|
)
|
(155
|
)
|
(192
|
)
|
(988
|
)
|
[C]
|
316
|
|
Currency translation differences
|
156
|
|
|
(1
|
)
|
—
|
|
(3
|
)
|
(3
|
)
|
|
149
|
|
|
1,086
|
|
|
351
|
|
(141
|
)
|
(206
|
)
|
(1,007
|
)
|
|
83
|
|
At December 31, 2019
|
|
|
|
|
|
|
|
|
||||||
Current
|
755
|
|
|
626
|
|
263
|
|
295
|
|
872
|
|
|
2,811
|
|
Non-current
|
18,264
|
|
|
1,185
|
|
934
|
|
220
|
|
1,196
|
|
|
21,799
|
|
|
19,019
|
|
|
1,811
|
|
1,197
|
|
515
|
|
2,068
|
|
|
24,610
|
|
|
|
|
|
|
|
|
|
|
||||||
At January 1, 2018
|
|
|
|
|
|
|
|
|
||||||
Current
|
817
|
|
|
423
|
|
287
|
|
758
|
|
1,180
|
|
|
3,465
|
|
Non-current
|
19,767
|
|
|
1,095
|
|
1,218
|
|
560
|
|
2,326
|
|
|
24,966
|
|
|
20,584
|
|
|
1,518
|
|
1,505
|
|
1,318
|
|
3,506
|
|
|
28,431
|
|
Additions
|
418
|
|
|
196
|
|
191
|
|
535
|
|
1,070
|
|
|
2,410
|
|
Amounts charged against provisions
|
(497
|
)
|
|
(200
|
)
|
(212
|
)
|
(504
|
)
|
(887
|
)
|
|
(2,300
|
)
|
Accretion expense
|
755
|
|
|
17
|
|
17
|
|
15
|
|
48
|
|
|
852
|
|
Disposals
|
(1,781
|
)
|
|
(14
|
)
|
(11
|
)
|
(3
|
)
|
(49
|
)
|
|
(1,858
|
)
|
Remeasurements and other movements
|
(1,065
|
)
|
|
(47
|
)
|
(130
|
)
|
(367
|
)
|
(122
|
)
|
|
(1,731
|
)
|
Currency translation differences
|
(481
|
)
|
|
(10
|
)
|
(22
|
)
|
(35
|
)
|
(64
|
)
|
|
(612
|
)
|
|
(2,651
|
)
|
|
(58
|
)
|
(167
|
)
|
(359
|
)
|
(4
|
)
|
|
(3,239
|
)
|
At December 31, 2018
|
|
|
|
|
|
|
|
|
||||||
Current
|
876
|
|
|
213
|
|
264
|
|
491
|
|
1,815
|
|
|
3,659
|
|
Non-current
|
17,057
|
|
|
1,247
|
|
1,074
|
|
468
|
|
1,687
|
|
|
21,533
|
|
|
17,933
|
|
|
1,460
|
|
1,338
|
|
959
|
|
3,502
|
|
|
25,192
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
176
|
|
|
|
|
|
|
|
||||
|
$ million
|
|
|||||||
|
Increase/(decrease)
in income before taxation |
|
|
Increase in net assets
|
|
||||
|
2019
|
|
2018
|
|
|
2019
|
|
2018
|
|
10% appreciation against the dollar of:
|
|
|
|
|
|
||||
Canadian dollar
|
(97
|
)
|
(40
|
)
|
|
1,380
|
|
1,245
|
|
Euro
|
36
|
|
65
|
|
|
1,227
|
|
1,190
|
|
Australian dollar
|
(55
|
)
|
(109
|
)
|
|
835
|
|
835
|
|
Sterling
|
(58
|
)
|
(46
|
)
|
|
581
|
|
779
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
177
|
|
|
|
|
||
Value-at-risk (pre-tax)
|
|
$ million
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
|
Global oil
|
22
|
|
28
|
|
North America gas and power
|
12
|
|
11
|
|
Europe gas and power
|
5
|
|
3
|
|
Carbon-emission rights
|
4
|
|
2
|
|
|
|
|
|
|
|
|
||||||
2019
|
|
|
|
|
|
$ million
|
|
|||||
|
|
Amounts offset
|
|
|
Amounts not offset
|
|
|
|||||
|
Gross amounts
before offset |
|
Amounts
offset |
|
Net amounts
as presented |
|
Cash collateral
received/pledged |
|
Other offsetting
instruments |
|
Net amounts
|
|
Assets:
|
|
|
|
|
|
|
||||||
Within trade receivables
|
13,821
|
|
8,975
|
|
4,846
|
|
54
|
|
101
|
|
4,691
|
|
Within derivative financial instruments
|
12,995
|
|
7,310
|
|
5,685
|
|
531
|
|
2,262
|
|
2,892
|
|
Liabilities:
|
|
|
|
|
|
|
||||||
Within trade payables
|
13,335
|
|
9,029
|
|
4,306
|
|
11
|
|
101
|
|
4,194
|
|
Within derivative financial instruments
|
12,355
|
|
7,253
|
|
5,102
|
|
706
|
|
2,262
|
|
2,134
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
178
|
|
|
|
|
|
|
|
|
||||||
2018
|
|
|
|
|
|
$ million
|
|
|||||
|
|
|
Amounts offset
|
|
|
Amounts not offset
|
|
|
||||
|
Gross amounts
before offset |
|
Amounts
offset |
|
Net amounts
as presented |
|
Cash collateral
received/pledged |
|
Other offsetting instruments
|
|
Net amounts
|
|
Assets:
|
|
|
|
|
|
|
||||||
Within trade receivables
|
12,697
|
|
8,340
|
|
4,358
|
|
62
|
|
221
|
|
4,075
|
|
Within derivative financial instruments
|
12,323
|
|
6,353
|
|
5,970
|
|
437
|
|
2,653
|
|
2,880
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Within trade payables
|
12,931
|
|
8,264
|
|
4,667
|
|
97
|
|
221
|
|
4,349
|
|
Within derivative financial instruments
|
12,227
|
|
5,044
|
|
7,183
|
|
1,115
|
|
2,653
|
|
3,415
|
|
|
|
|
|
|
|
|
|
|||||||
2019
|
|
|
|
|
|
|
$ million
|
|
||||||
|
|
|
Assets
|
|
|
|
Liabilities
|
|
|
|||||
|
Designated
|
|
Not
designated |
|
Total
|
|
Designated
|
|
Not
designated |
|
Total
|
|
Net
|
|
Interest rate swaps
|
227
|
|
8
|
|
235
|
|
34
|
|
24
|
|
58
|
|
177
|
|
Forward foreign exchange contracts
|
7
|
|
236
|
|
243
|
|
2
|
|
309
|
|
311
|
|
(68
|
)
|
Currency swaps and options
|
90
|
|
15
|
|
105
|
|
932
|
|
56
|
|
988
|
|
(883
|
)
|
Commodity derivatives
|
—
|
|
6,914
|
|
6,914
|
|
—
|
|
5,281
|
|
5,281
|
|
1,633
|
|
Other contracts
|
—
|
|
341
|
|
341
|
|
—
|
|
—
|
|
—
|
|
341
|
|
Total
|
324
|
|
7,514
|
|
7,838
|
|
968
|
|
5,670
|
|
6,638
|
|
1,200
|
|
|
|
|
|
|
|
|
|
|||||||
2018
|
|
|
|
|
|
|
$ million
|
|
||||||
|
|
|
Assets
|
|
|
|
Liabilities
|
|
|
|||||
|
Designated
|
|
Not
designated |
|
Total
|
|
Designated
|
|
Not
designated |
|
Total
|
|
Net
|
|
Interest rate swaps
|
86
|
|
3
|
|
89
|
|
174
|
|
14
|
|
188
|
|
(99
|
)
|
Forward foreign exchange contracts
|
—
|
|
331
|
|
331
|
|
33
|
|
264
|
|
297
|
|
34
|
|
Currency swaps and options
|
186
|
|
26
|
|
212
|
|
1,202
|
|
203
|
|
1,405
|
|
(1,193
|
)
|
Commodity derivatives
|
—
|
|
6,864
|
|
6,864
|
|
—
|
|
6,637
|
|
6,637
|
|
227
|
|
Other contracts
|
—
|
|
271
|
|
271
|
|
—
|
|
56
|
|
56
|
|
215
|
|
Total
|
272
|
|
7,495
|
|
7,767
|
|
1,409
|
|
7,174
|
|
8,583
|
|
(816
|
)
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
179
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
2019
|
|
|
|
|
|
|
|
|
$ million
|
|
||||||||
|
Contractual maturities
|
|
|
|
||||||||||||||
|
Less than
1 year |
|
Between
1 and 2 years |
|
Between
2 and 3 years |
|
Between
3 and 4 years |
|
Between
4 and 5 years |
|
5 years
and later |
|
Total
|
|
Difference
from carrying amount [A] |
|
Carrying
amount |
|
Interest rate swap
|
35
|
|
8
|
|
4
|
|
4
|
|
5
|
|
4
|
|
60
|
|
(2
|
)
|
58
|
|
Forward foreign exchange contracts
|
214
|
|
40
|
|
8
|
|
—
|
|
118
|
|
—
|
|
380
|
|
(69
|
)
|
311
|
|
Currency swaps and options
|
255
|
|
475
|
|
444
|
|
201
|
|
204
|
|
1,777
|
|
3,356
|
|
(2,368
|
)
|
988
|
|
Commodity derivatives
|
3,472
|
|
756
|
|
349
|
|
189
|
|
123
|
|
511
|
|
5,400
|
|
(119
|
)
|
5,281
|
|
Total
|
3,976
|
|
1,279
|
|
805
|
|
394
|
|
450
|
|
2,292
|
|
9,196
|
|
(2,558
|
)
|
6,638
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
2018
|
|
|
|
|
|
|
|
|
$ million
|
|
||||||||
|
Contractual maturities
|
|
|
|
||||||||||||||
|
Less than
1 year |
|
Between
1 and 2 years |
|
Between
2 and 3 years |
|
Between
3 and 4 years |
|
Between
4 and 5 years |
|
5 years
and later |
|
Total
|
|
Difference
from carrying amount [A] |
|
Carrying
amount |
|
Interest rate swap
|
101
|
|
68
|
|
20
|
|
1
|
|
1
|
|
1
|
|
192
|
|
(4
|
)
|
188
|
|
Forward foreign exchange contracts
|
177
|
|
(24
|
)
|
33
|
|
(1
|
)
|
(5
|
)
|
(15
|
)
|
165
|
|
132
|
|
297
|
|
Currency swaps and options
|
605
|
|
265
|
|
474
|
|
405
|
|
198
|
|
1,715
|
|
3,662
|
|
(2,257
|
)
|
1,405
|
|
Commodity derivatives
|
4,733
|
|
978
|
|
422
|
|
213
|
|
138
|
|
382
|
|
6,866
|
|
(229
|
)
|
6,637
|
|
Other contracts
|
58
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
58
|
|
(2
|
)
|
56
|
|
Total
|
5,674
|
|
1,287
|
|
949
|
|
618
|
|
332
|
|
2,083
|
|
10,943
|
|
(2,360
|
)
|
8,583
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
180
|
|
|
|
|
|
|
||||
2019
|
|
|
|
$ million
|
|
|||
|
Prices in active markets for identical
assets/liabilities |
|
Other
observable inputs |
|
Unobservable
inputs |
|
Total
|
|
Interest rate swaps
|
—
|
|
177
|
|
—
|
|
177
|
|
Forward foreign exchange contracts
|
—
|
|
(68
|
)
|
—
|
|
(68
|
)
|
Currency swaps and options
|
—
|
|
(883
|
)
|
—
|
|
(883
|
)
|
Commodity derivatives
|
(6
|
)
|
895
|
|
744
|
|
1,633
|
|
Other contracts
|
27
|
|
304
|
|
10
|
|
341
|
|
Total
|
21
|
|
425
|
|
754
|
|
1,200
|
|
|
|
|
|
|
||||
2018
|
|
|
|
$ million
|
|
|||
|
Prices in active markets for identical
assets/liabilities |
|
Other
observable inputs |
|
Unobservable
inputs |
|
Total
|
|
Interest rate swaps
|
—
|
|
(99
|
)
|
—
|
|
(99
|
)
|
Forward foreign exchange contracts
|
—
|
|
34
|
|
—
|
|
34
|
|
Currency swaps and options
|
—
|
|
(1,193
|
)
|
—
|
|
(1,193
|
)
|
Commodity derivatives
|
(52
|
)
|
431
|
|
(152
|
)
|
227
|
|
Other contracts
|
—
|
|
90
|
|
125
|
|
215
|
|
Total
|
(52
|
)
|
(737
|
)
|
(27
|
)
|
(816
|
)
|
|
|
|
||
Net carrying amounts of derivative contracts measured using predominantly unobservable inputs
|
|
$ million
|
|
|
|
2019
|
|
2018
|
|
At January 1
|
(27
|
)
|
297
|
|
Net gains/(losses) recognised in revenue
|
1,085
|
|
(258
|
)
|
Purchases
|
453
|
|
461
|
|
Sales
|
(633
|
)
|
(540
|
)
|
Recategorisations (net)
|
(125
|
)
|
18
|
|
Currency translation differences
|
1
|
|
(5
|
)
|
At December 31
|
754
|
|
(27
|
)
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
181
|
|
|
||||||
Share-based compensation expense
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Equity-settled
|
537
|
|
531
|
|
422
|
|
Cash-settled [A]
|
—
|
|
—
|
|
380
|
|
Total
|
537
|
|
531
|
|
802
|
|
|
|
||||||
Share awards under the PSP and LTIP
|
|
|
|
|
|||
|
Number of A shares
(million) |
|
Number of B shares
(million) |
|
Number of A ADSs
(million) |
|
Weighted Average remaining contractual life (years)
|
At January 1, 2019
|
30
|
|
12
|
|
8
|
|
1.0
|
Granted
|
11
|
|
3
|
|
3
|
|
|
Vested
|
(11
|
)
|
(5
|
)
|
(3
|
)
|
|
Forfeited
|
(1
|
)
|
—
|
|
—
|
|
|
At December 31, 2019
|
29
|
|
10
|
|
8
|
|
1.0
|
At January 1, 2018
|
33
|
|
12
|
|
9
|
|
0.9
|
Granted
|
10
|
|
4
|
|
3
|
|
|
Vested
|
(12
|
)
|
(4
|
)
|
(4
|
)
|
|
Forfeited
|
(1
|
)
|
—
|
|
—
|
|
|
At December 31, 2018
|
30
|
|
12
|
|
8
|
|
1.0
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
182
|
|
|
||||||||||||
Other reserves attributable to Royal Dutch Shell plc shareholders
|
|
|
|
$ million
|
|
|||||||
|
Merger
reserve |
|
Share
premium reserve |
|
Capital
redemption reserve |
|
Share plan
reserve |
|
Accumulated
other comprehensive income |
|
Total
|
|
At January 1, 2019
|
37,298
|
|
154
|
|
95
|
|
1,098
|
|
(22,030
|
)
|
16,615
|
|
Other comprehensive loss attributable to Royal Dutch Shell plc shareholders
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,069
|
)
|
(2,069
|
)
|
Transfer from other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
(74
|
)
|
(74
|
)
|
Repurchases of shares
|
—
|
|
—
|
|
28
|
|
—
|
|
—
|
|
28
|
|
Share-based compensation
|
—
|
|
—
|
|
—
|
|
(49
|
)
|
—
|
|
(49
|
)
|
At December 31, 2019
|
37,298
|
|
154
|
|
123
|
|
1,049
|
|
(24,173
|
)
|
14,451
|
|
At January 1, 2018 (as previously published)
|
37,298
|
|
154
|
|
84
|
|
1,440
|
|
(22,044
|
)
|
16,932
|
|
Impact of IFRS 9
|
—
|
|
—
|
|
—
|
|
—
|
|
(138
|
)
|
(138
|
)
|
At January 1, 2018 (as revised)
|
37,298
|
|
154
|
|
84
|
|
1,440
|
|
(22,182
|
)
|
16,794
|
|
Other comprehensive income attributable to Royal Dutch Shell plc shareholders
|
—
|
|
—
|
|
—
|
|
—
|
|
1,123
|
|
1,123
|
|
Transfer from other comprehensive income
|
—
|
|
—
|
|
—
|
|
—
|
|
(971
|
)
|
(971
|
)
|
Repurchases of shares
|
—
|
|
—
|
|
11
|
|
—
|
|
—
|
|
11
|
|
Share-based compensation
|
—
|
|
—
|
|
—
|
|
(342
|
)
|
—
|
|
(342
|
)
|
At December 31, 2018
|
37,298
|
|
154
|
|
95
|
|
1,098
|
|
(22,030
|
)
|
16,615
|
|
At January 1, 2017
|
37,311
|
|
154
|
|
84
|
|
1,644
|
|
(27,895
|
)
|
11,298
|
|
Other comprehensive loss attributable to Royal Dutch Shell plc shareholders
|
—
|
|
—
|
|
—
|
|
—
|
|
5,851
|
|
5,851
|
|
Scrip dividends
|
(13
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(13
|
)
|
Share-based compensation
|
—
|
|
—
|
|
—
|
|
(204
|
)
|
—
|
|
(204
|
)
|
At December 31, 2017
|
37,298
|
|
154
|
|
84
|
|
1,440
|
|
(22,044
|
)
|
16,932
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
183
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
184
|
|
|
|
|||||||||||||||
Accumulated other comprehensive income attributable to Royal Dutch Shell plc shareholders
|
|
$ million
|
|
|||||||||||||
|
Currency
translation differences |
Unrealised
gains/(losses) on securities |
Debt
instruments remeasurements |
Cash flow
and net investment hedging gains/(losses) |
Deferred
cost of hedging |
|
Retirement
benefits remeasurements |
|
Equity
instrument remeasurements |
|
Total
|
|
||||
At January 1, 2019
|
(11,747
|
)
|
|
(21
|
)
|
117
|
|
(353
|
)
|
(10,932
|
)
|
906
|
|
(22,030
|
)
|
|
Recognised in other comprehensive income
|
302
|
|
|
24
|
|
(579
|
)
|
9
|
|
(3,106
|
)
|
(17
|
)
|
(3,367
|
)
|
|
Reclassified to income
|
38
|
|
|
5
|
|
268
|
|
86
|
|
—
|
|
—
|
|
397
|
|
|
Reclassified to the balance sheet
|
—
|
|
|
—
|
|
11
|
|
—
|
|
—
|
|
—
|
|
11
|
|
|
Reclassified to retained earnings
|
—
|
|
|
—
|
|
—
|
|
—
|
|
11
|
|
(85
|
)
|
(74
|
)
|
|
Tax on amounts recognised/reclassified
|
4
|
|
|
—
|
|
33
|
|
(29
|
)
|
1,004
|
|
(13
|
)
|
999
|
|
|
Total, net of tax
|
344
|
|
|
29
|
|
(267
|
)
|
66
|
|
(2,091
|
)
|
(115
|
)
|
(2,034
|
)
|
|
Share of joint ventures and associates
|
(2
|
)
|
|
—
|
|
(74
|
)
|
—
|
|
—
|
|
2
|
|
(74
|
)
|
|
Other comprehensive income/(loss) for the period
|
342
|
|
|
29
|
|
(341
|
)
|
66
|
|
(2,091
|
)
|
(113
|
)
|
(2,108
|
)
|
|
Less: non-controlling interest
|
(35
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(35
|
)
|
|
Attributable to Royal Dutch Shell plc shareholders
|
307
|
|
|
29
|
|
(341
|
)
|
66
|
|
(2,091
|
)
|
(113
|
)
|
(2,143
|
)
|
|
At December 31, 2019
|
(11,440
|
)
|
|
8
|
|
(224
|
)
|
(287
|
)
|
(13,023
|
)
|
793
|
|
(24,173
|
)
|
|
At January 1, 2018 (as previously published)
|
(8,735
|
)
|
1,969
|
|
—
|
|
(633
|
)
|
—
|
|
(14,645
|
)
|
—
|
|
(22,044
|
)
|
Impact of IFRS 9
|
—
|
|
(1,969
|
)
|
(6
|
)
|
6
|
|
(144
|
)
|
—
|
|
1,975
|
|
(138
|
)
|
At January 1, 2018 (as revised)
|
(8,735
|
)
|
|
(6
|
)
|
(627
|
)
|
(144
|
)
|
(14,645
|
)
|
1,975
|
|
(22,182
|
)
|
|
Recognised in other comprehensive income
|
(3,794
|
)
|
|
(15
|
)
|
50
|
|
(362
|
)
|
5,213
|
|
(147
|
)
|
945
|
|
|
Reclassified to income
|
651
|
|
|
—
|
|
722
|
|
95
|
|
—
|
|
—
|
|
1,468
|
|
|
Reclassified to the balance sheet
|
—
|
|
|
—
|
|
(30
|
)
|
—
|
|
—
|
|
—
|
|
(30
|
)
|
|
Reclassified to retained earnings
|
—
|
|
|
—
|
|
—
|
|
—
|
|
137
|
|
(1,108
|
)
|
(971
|
)
|
|
Tax on amounts recognised/reclassified
|
(29
|
)
|
|
—
|
|
(12
|
)
|
58
|
|
(1,625
|
)
|
(6
|
)
|
(1,614
|
)
|
|
Total, net of tax
|
(3,172
|
)
|
|
(15
|
)
|
730
|
|
(209
|
)
|
3,725
|
|
(1,261
|
)
|
(202
|
)
|
|
Share of joint ventures and associates
|
(25
|
)
|
|
—
|
|
14
|
|
—
|
|
1
|
|
193
|
|
183
|
|
|
Other comprehensive loss for the period
|
(3,197
|
)
|
|
(15
|
)
|
744
|
|
(209
|
)
|
3,726
|
|
(1,068
|
)
|
(19
|
)
|
|
Less: non-controlling interest
|
185
|
|
|
—
|
|
—
|
|
—
|
|
(13
|
)
|
(1
|
)
|
171
|
|
|
Attributable to Royal Dutch Shell plc shareholders
|
(3,012
|
)
|
|
(15
|
)
|
744
|
|
(209
|
)
|
3,713
|
|
(1,069
|
)
|
152
|
|
|
At December 31, 2018
|
(11,747
|
)
|
|
(21
|
)
|
117
|
|
(353
|
)
|
(10,932
|
)
|
906
|
|
(22,030
|
)
|
|
At January 1, 2017
|
(13,831
|
)
|
1,321
|
|
—
|
|
(144
|
)
|
—
|
|
(15,241
|
)
|
—
|
|
(27,895
|
)
|
Recognised in other comprehensive income
|
4,513
|
|
796
|
|
—
|
|
(467
|
)
|
—
|
|
1,467
|
|
—
|
|
6,309
|
|
Reclassified to income
|
610
|
|
(211
|
)
|
—
|
|
(87
|
)
|
—
|
|
—
|
|
—
|
|
312
|
|
Reclassified to the balance sheet
|
—
|
|
—
|
|
—
|
|
(18
|
)
|
—
|
|
—
|
|
—
|
|
(18
|
)
|
Tax on amounts recognised/reclassified
|
33
|
|
8
|
|
—
|
|
20
|
|
—
|
|
(863
|
)
|
—
|
|
(802
|
)
|
Total, net of tax
|
5,156
|
|
593
|
|
—
|
|
(552
|
)
|
—
|
|
604
|
|
—
|
|
5,801
|
|
Share of joint ventures and associates
|
53
|
|
55
|
|
—
|
|
63
|
|
—
|
|
(1
|
)
|
—
|
|
170
|
|
Other comprehensive income/(loss) for the period
|
5,209
|
|
648
|
|
—
|
|
(489
|
)
|
—
|
|
603
|
|
—
|
|
5,971
|
|
Less: non-controlling interest
|
(113
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(7
|
)
|
—
|
|
(120
|
)
|
Attributable to Royal Dutch Shell plc shareholders
|
5,096
|
|
648
|
|
—
|
|
(489
|
)
|
—
|
|
596
|
|
—
|
|
5,851
|
|
At December 31, 2017
|
(8,735
|
)
|
1,969
|
|
—
|
|
(633
|
)
|
—
|
|
(14,645
|
)
|
—
|
|
(22,044
|
)
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
185
|
|
|
||||||
Interim dividends
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
A shares:
|
|
|
|
|||
Cash: $1.88 per share (2018: $1.88; 2017: $1.88)
|
8,147
|
|
8,605
|
|
4,919
|
|
Scrip: none (2018: none; 2017: $1.88 per share)
|
—
|
|
—
|
|
3,558
|
|
Total - A shares
|
8,147
|
|
8,605
|
|
8,477
|
|
B shares:
|
|
|
|
|||
Cash: $1.88 per share (2018: $1.88; 2017: $1.88)
|
7,051
|
|
7,070
|
|
5,958
|
|
Scrip: none (2018: none; 2017: $1.88 per share)
|
—
|
|
—
|
|
1,193
|
|
Total - B shares
|
7,051
|
|
7,070
|
|
7,151
|
|
Total
|
15,198
|
|
15,675
|
|
15,628
|
|
|
||||||
|
2019
|
|
2018
|
|
2017
|
|
Income attributable to Royal Dutch Shell plc shareholders ($ million)
|
15,842
|
|
23,352
|
|
12,977
|
|
Weighted average number of A and B shares used as the basis for determining:
|
|
|
|
|||
Basic earnings per share (million)
|
8,058.3
|
|
8,282.8
|
|
8,223.4
|
|
Diluted earnings per share (million)
|
8,112.5
|
|
8,348.7
|
|
8,299.0
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
186
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
187
|
|
|
||||||
Employee costs
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Remuneration
|
10,075
|
|
10,167
|
|
10,855
|
|
Social security contributions
|
844
|
|
810
|
|
844
|
|
Retirement benefits (see Note 17)
|
1,753
|
|
1,878
|
|
1,815
|
|
Share-based compensation (see Note 21)
|
537
|
|
531
|
|
802
|
|
Total [A]
|
13,209
|
|
13,386
|
|
14,316
|
|
|
||||||
Average employee numbers
|
Thousand
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Integrated Gas
|
10
|
|
9
|
|
8
|
|
Upstream
|
14
|
|
14
|
|
16
|
|
Downstream
|
36
|
|
39
|
|
42
|
|
Corporate [A]
|
23
|
|
20
|
|
19
|
|
Total [B]
|
83
|
|
82
|
|
85
|
|
|
||||||
Remuneration of Directors of the Company
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Emoluments
|
8
|
|
12
|
|
11
|
|
Value of released awards under long-term incentive plans
|
12
|
|
20
|
|
5
|
|
Employer contributions to pension plans
|
1
|
|
1
|
|
1
|
|
|
||||||
Directors and Senior Management expense
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Short-term benefits
|
18
|
|
26
|
|
23
|
|
Retirement benefits
|
3
|
|
3
|
|
3
|
|
Share-based compensation
|
15
|
|
14
|
|
17
|
|
Termination and related amounts
|
2
|
|
—
|
|
3
|
|
Total
|
38
|
|
43
|
|
46
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
188
|
|
|
||||||
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Fees in respect of the audit of the Consolidated and Parent Company
Financial Statements, including audit of consolidation returns |
32
|
|
31
|
|
27
|
|
Other audit fees, principally in respect of audits of accounts of subsidiaries
|
18
|
|
16
|
|
21
|
|
Total audit fees
|
50
|
|
47
|
|
48
|
|
Audit-related fees
|
4
|
|
5
|
|
4
|
|
Fees in respect of other non-audit services
|
—
|
|
1
|
|
1
|
|
Total
|
54
|
|
53
|
|
53
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
189
|
|
Supplementary information – oil and gas (unaudited)
|
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
190
|
|
|
||||||||||||||||||||||||||
Proved developed and undeveloped reserves 2019
|
|
Million barrels
|
|
|||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
|
Canada
|
|
South America
|
|
|
|
|
Total
|
|
|||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
368
|
|
1,502
|
|
129
|
|
420
|
|
1,017
|
|
23
|
|
661
|
|
—
|
|
1,027
|
|
4,486
|
|
661
|
|
—
|
|
5,147
|
|
Revisions and reclassifications
|
27
|
|
226
|
|
2
|
|
33
|
|
86
|
|
(2
|
)
|
(34
|
)
|
—
|
|
72
|
|
444
|
|
(34
|
)
|
—
|
|
410
|
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
4
|
|
—
|
|
—
|
|
4
|
|
Extensions and discoveries
|
—
|
|
7
|
|
—
|
|
6
|
|
74
|
|
11
|
|
—
|
|
—
|
|
60
|
|
158
|
|
—
|
|
—
|
|
158
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
—
|
|
5
|
|
Sales of minerals in place
|
(65
|
)
|
—
|
|
—
|
|
—
|
|
(29
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(96
|
)
|
—
|
|
—
|
|
(96
|
)
|
Production [A]
|
(56
|
)
|
(184
|
)
|
(10
|
)
|
(64
|
)
|
(171
|
)
|
(12
|
)
|
(20
|
)
|
—
|
|
(130
|
)
|
(627
|
)
|
(20
|
)
|
—
|
|
(647
|
)
|
At December 31
|
274
|
|
1,551
|
|
121
|
|
395
|
|
982
|
|
18
|
|
607
|
|
—
|
|
1,033
|
|
4,374
|
|
607
|
|
—
|
|
4,981
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
9
|
|
281
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
290
|
|
—
|
|
—
|
|
290
|
|
Revisions and reclassifications
|
4
|
|
21
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
25
|
|
—
|
|
—
|
|
25
|
|
Improved recovery
|
—
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
—
|
|
4
|
|
Extensions and discoveries
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
—
|
|
2
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sales of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Production
|
(1
|
)
|
(37
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(38
|
)
|
—
|
|
—
|
|
(38
|
)
|
At December 31
|
12
|
|
271
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
283
|
|
—
|
|
—
|
|
283
|
|
Total
|
286
|
|
1,822
|
|
121
|
|
395
|
|
982
|
|
18
|
|
607
|
|
—
|
|
1,033
|
|
4,657
|
|
607
|
|
—
|
|
5,264
|
|
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
304
|
|
—
|
|
—
|
|
—
|
|
304
|
|
—
|
|
304
|
|
|
||||||||||||||||||||||||||
Proved developed reserves 2019
|
Million barrels
|
|
||||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
|
Canada
|
|
South America
|
|
Total
|
|
||||||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
243
|
|
1,318
|
|
108
|
|
335
|
|
629
|
|
21
|
|
661
|
|
—
|
|
634
|
|
3,288
|
|
661
|
|
—
|
|
3,949
|
|
At December 31
|
156
|
|
1,403
|
|
106
|
|
314
|
|
641
|
|
15
|
|
607
|
|
—
|
|
675
|
|
3,310
|
|
607
|
|
—
|
|
3,917
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
8
|
|
251
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
259
|
|
—
|
|
—
|
|
259
|
|
At December 31
|
11
|
|
240
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
251
|
|
—
|
|
—
|
|
251
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
191
|
|
|
||||||||||||||||||||||||||
Proved undeveloped reserves 2019
|
|
Million barrels
|
|
|||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
|
Canada
|
|
South America
|
|
|
|
|
Total
|
|
|||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
124
|
|
185
|
|
21
|
|
85
|
|
388
|
|
2
|
|
—
|
|
—
|
|
394
|
|
1,199
|
|
—
|
|
—
|
|
1,199
|
|
At December 31
|
118
|
|
149
|
|
15
|
|
80
|
|
341
|
|
3
|
|
—
|
|
—
|
|
358
|
|
1,064
|
|
—
|
|
—
|
|
1,064
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
1
|
|
30
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
31
|
|
—
|
|
—
|
|
31
|
|
At December 31
|
1
|
|
31
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
32
|
|
—
|
|
—
|
|
32
|
|
|
||||||||||||||||||||||||||
Proved developed and undeveloped reserves 2018
|
|
Million barrels
|
|
|||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
|
Canada
|
|
South America
|
|
|
|
|
Total
|
|
|||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
356
|
|
1,482
|
|
132
|
|
463
|
|
899
|
|
22
|
|
649
|
|
—
|
|
946
|
|
4,300
|
|
649
|
|
—
|
|
4,949
|
|
Revisions and reclassifications
|
94
|
|
227
|
|
14
|
|
18
|
|
81
|
|
7
|
|
32
|
|
—
|
|
48
|
|
489
|
|
32
|
|
—
|
|
521
|
|
Improved recovery
|
—
|
|
27
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
14
|
|
41
|
|
—
|
|
—
|
|
41
|
|
Extensions and discoveries
|
2
|
|
3
|
|
—
|
|
—
|
|
179
|
|
6
|
|
—
|
|
—
|
|
139
|
|
329
|
|
—
|
|
—
|
|
329
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
3
|
|
—
|
|
—
|
|
3
|
|
Sales of minerals in place
|
(14
|
)
|
(52
|
)
|
(8
|
)
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(76
|
)
|
—
|
|
—
|
|
(76
|
)
|
Production [A]
|
(70
|
)
|
(185
|
)
|
(9
|
)
|
(61
|
)
|
(140
|
)
|
(13
|
)
|
(20
|
)
|
—
|
|
(122
|
)
|
(600
|
)
|
(20
|
)
|
—
|
|
(620
|
)
|
At December 31
|
368
|
|
1,502
|
|
129
|
|
420
|
|
1,017
|
|
23
|
|
661
|
|
—
|
|
1,027
|
|
4,486
|
|
661
|
|
—
|
|
5,147
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
12
|
|
301
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
313
|
|
—
|
|
—
|
|
313
|
|
Revisions and reclassifications
|
(2
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4
|
)
|
—
|
|
—
|
|
(4
|
)
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Extensions and discoveries
|
—
|
|
18
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
18
|
|
—
|
|
—
|
|
18
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sales of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Production
|
(1
|
)
|
(37
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(38
|
)
|
—
|
|
—
|
|
(38
|
)
|
At December 31
|
9
|
|
281
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
290
|
|
—
|
|
—
|
|
290
|
|
Total
|
377
|
|
1,783
|
|
129
|
|
420
|
|
1,017
|
|
23
|
|
661
|
|
—
|
|
1,027
|
|
4,776
|
|
661
|
|
—
|
|
5,437
|
|
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
331
|
|
—
|
|
—
|
|
—
|
|
331
|
|
—
|
|
331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Proved developed reserves 2018
|
|
Million barrels
|
|
|||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
Canada
|
|
|
South America
|
|
|
|
|
Total
|
|
|||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
250
|
|
1,364
|
|
46
|
|
373
|
|
569
|
|
21
|
|
649
|
|
—
|
|
651
|
|
3,274
|
|
649
|
|
—
|
|
3,923
|
|
At December 31
|
243
|
|
1,318
|
|
108
|
|
335
|
|
629
|
|
21
|
|
661
|
|
—
|
|
634
|
|
3,288
|
|
661
|
|
—
|
|
3,949
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
11
|
|
253
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
264
|
|
—
|
|
—
|
|
264
|
|
At December 31
|
8
|
|
251
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
259
|
|
—
|
|
—
|
|
259
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
192
|
|
|
||||||||||||||||||||||||||
Proved undeveloped reserves 2018
|
|
Million barrels
|
|
|||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
|
Canada
|
|
South America
|
|
|
|
|
Total
|
|
|||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
106
|
|
118
|
|
86
|
|
90
|
|
330
|
|
1
|
|
—
|
|
—
|
|
295
|
|
1,026
|
|
—
|
|
—
|
|
1,026
|
|
At December 31
|
124
|
|
185
|
|
21
|
|
85
|
|
388
|
|
2
|
|
—
|
|
—
|
|
394
|
|
1,199
|
|
—
|
|
—
|
|
1,199
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
1
|
|
48
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
49
|
|
—
|
|
—
|
|
49
|
|
At December 31
|
1
|
|
30
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
31
|
|
—
|
|
—
|
|
31
|
|
|
||||||||||||||||||||||||||
Proved developed and undeveloped reserves 2017
|
|
Million barrels
|
|
|||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
|
Canada
|
|
South America
|
|
|
|
|
Total
|
|
|||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
435
|
|
1,386
|
|
128
|
|
529
|
|
491
|
|
18
|
|
2,014
|
|
2
|
|
992
|
|
3,979
|
|
2,014
|
|
2
|
|
5,995
|
|
Revisions and reclassifications
|
61
|
|
153
|
|
13
|
|
23
|
|
235
|
|
8
|
|
(3
|
)
|
2
|
|
38
|
|
531
|
|
(3
|
)
|
2
|
|
530
|
|
Improved recovery
|
—
|
|
35
|
|
—
|
|
—
|
|
38
|
|
—
|
|
—
|
|
—
|
|
—
|
|
73
|
|
—
|
|
—
|
|
73
|
|
Extensions and discoveries
|
—
|
|
95
|
|
—
|
|
—
|
|
242
|
|
7
|
|
—
|
|
—
|
|
30
|
|
374
|
|
—
|
|
—
|
|
374
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
664
|
|
—
|
|
—
|
|
2
|
|
664
|
|
—
|
|
666
|
|
Sales of minerals in place
|
(50
|
)
|
—
|
|
—
|
|
(14
|
)
|
—
|
|
—
|
|
(1,992
|
)
|
(2
|
)
|
—
|
|
(64
|
)
|
(1,992
|
)
|
(2
|
)
|
(2,058
|
)
|
Production [A]
|
(90
|
)
|
(187
|
)
|
(9
|
)
|
(75
|
)
|
(109
|
)
|
(11
|
)
|
(34
|
)
|
(2
|
)
|
(114
|
)
|
(595
|
)
|
(34
|
)
|
(2
|
)
|
(631
|
)
|
At December 31
|
356
|
|
1,482
|
|
132
|
|
463
|
|
899
|
|
22
|
|
649
|
|
—
|
|
946
|
|
4,300
|
|
649
|
|
—
|
|
4,949
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
7
|
|
256
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
263
|
|
—
|
|
—
|
|
263
|
|
Revisions and reclassifications
|
6
|
|
76
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
82
|
|
—
|
|
—
|
|
82
|
|
Improved recovery
|
—
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
—
|
|
—
|
|
3
|
|
Extensions and discoveries
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
1
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sales of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Production
|
(1
|
)
|
(35
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(36
|
)
|
—
|
|
—
|
|
(36
|
)
|
At December 31
|
12
|
|
301
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
313
|
|
—
|
|
—
|
|
313
|
|
Total
|
368
|
|
1,783
|
|
132
|
|
463
|
|
899
|
|
22
|
|
649
|
|
—
|
|
946
|
|
4,613
|
|
649
|
|
—
|
|
5,262
|
|
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
325
|
|
—
|
|
—
|
|
—
|
|
325
|
|
—
|
|
325
|
|
|
||||||||||||||||||||||||||
Proved developed reserves 2017
|
|
Million barrels
|
|
|||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
|
Canada
|
|
South America
|
|
|
|
|
Total
|
|
|||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
257
|
|
1,184
|
|
36
|
|
461
|
|
437
|
|
14
|
|
1,387
|
|
2
|
|
543
|
|
2,932
|
|
1,387
|
|
2
|
|
4,321
|
|
At December 31
|
250
|
|
1,364
|
|
46
|
|
373
|
|
569
|
|
21
|
|
649
|
|
—
|
|
651
|
|
3,274
|
|
649
|
|
—
|
|
3,923
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
4
|
|
215
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
219
|
|
—
|
|
—
|
|
219
|
|
At December 31
|
11
|
|
253
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
264
|
|
—
|
|
—
|
|
264
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
193
|
|
|
||||||||||||||||||||||||||
Proved undeveloped reserves 2017
|
|
Million barrels
|
|
|||||||||||||||||||||||
|
|
|
|
|
North America
|
|
|
|
|
|
|
|||||||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
|
|
Canada
|
|
South America
|
|
|
|
|
Total
|
|
|||||
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
Oil and NGL
|
|
Oil and NGL
|
|
Synthetic crude oil
|
|
Bitumen
|
|
All products
|
|
Shell subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
178
|
|
202
|
|
92
|
|
68
|
|
54
|
|
4
|
|
627
|
|
—
|
|
449
|
|
1,047
|
|
627
|
|
—
|
|
1,674
|
|
At December 31
|
106
|
|
118
|
|
86
|
|
90
|
|
330
|
|
1
|
|
—
|
|
—
|
|
295
|
|
1,026
|
|
—
|
|
—
|
|
1,026
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
At January 1
|
3
|
|
41
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
44
|
|
—
|
|
—
|
|
44
|
|
At December 31
|
1
|
|
48
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
49
|
|
—
|
|
—
|
|
49
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
194
|
|
|
|
|||||||||||||||
Proved developed and undeveloped reserves 2019
|
|
Thousand million standard cubic feet
|
|
|||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
Asia
|
Oceania
|
Africa
|
USA
|
Canada
|
Total
|
|||||||||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
3,600
|
|
10,631
|
|
8,427
|
|
2,544
|
|
2,147
|
|
989
|
|
1,509
|
|
29,847
|
|
Revisions and reclassifications
|
(46
|
)
|
859
|
|
699
|
|
290
|
|
114
|
|
235
|
|
29
|
|
2,180
|
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
3
|
|
Extensions and discoveries
|
—
|
|
36
|
|
—
|
|
152
|
|
142
|
|
317
|
|
37
|
|
684
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
—
|
|
5
|
|
Sales of minerals in place
|
(210
|
)
|
—
|
|
—
|
|
—
|
|
(132
|
)
|
(30
|
)
|
—
|
|
(372
|
)
|
Production [A]
|
(346
|
)
|
(908
|
)
|
(766
|
)
|
(378
|
)
|
(408
|
)
|
(230
|
)
|
(319
|
)
|
(3,355
|
)
|
At December 31
|
2,998
|
|
10,618
|
|
8,360
|
|
2,608
|
|
1,868
|
|
1,281
|
|
1,259
|
|
28,992
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
1,163
|
|
4,581
|
|
24
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,768
|
|
Revisions and reclassifications
|
(322
|
)
|
64
|
|
34
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(224
|
)
|
Improved recovery
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
Extensions and discoveries
|
—
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sales of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Production [B]
|
(246
|
)
|
(453
|
)
|
(22
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(721
|
)
|
At December 31
|
595
|
|
4,198
|
|
36
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,829
|
|
Total
|
3,593
|
|
14,816
|
|
8,396
|
|
2,608
|
|
1,868
|
|
1,281
|
|
1,259
|
|
33,821
|
|
Reserves attributable to non-controlling interest in shell subsidiaries at December 31
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
||||||||||||||||
Proved developed reserves 2019
|
Thousand million standard cubic feet
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
2,658
|
|
10,092
|
|
5,820
|
|
1,573
|
|
1,706
|
|
721
|
|
1,238
|
|
23,808
|
|
At December 31
|
2,060
|
|
10,091
|
|
5,769
|
|
1,523
|
|
1,615
|
|
781
|
|
968
|
|
22,807
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
1,136
|
|
3,938
|
|
24
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,099
|
|
At December 31
|
555
|
|
3,519
|
|
36
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,110
|
|
|
||||||||||||||||
Proved undeveloped reserves 2019
|
Thousand million standard cubic feet
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
942
|
|
539
|
|
2,607
|
|
971
|
|
441
|
|
268
|
|
271
|
|
6,039
|
|
At December 31
|
937
|
|
528
|
|
2,591
|
|
1,085
|
|
254
|
|
499
|
|
291
|
|
6,185
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
27
|
|
643
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
670
|
|
At December 31
|
39
|
|
680
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
719
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
195
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proved developed and undeveloped reserves 2018
|
Thousand million standard cubic feet
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
3,100
|
|
11,822
|
|
7,978
|
|
2,082
|
|
2,569
|
|
1,272
|
|
1,501
|
|
30,324
|
|
Revisions and reclassifications
|
1,183
|
|
(483
|
)
|
1,438
|
|
896
|
|
(296
|
)
|
(153
|
)
|
181
|
|
2,766
|
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7
|
|
7
|
|
Extensions and discoveries
|
3
|
|
354
|
|
—
|
|
—
|
|
283
|
|
131
|
|
65
|
|
836
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
14
|
|
14
|
|
Sales of minerals in place
|
(192
|
)
|
(157
|
)
|
(232
|
)
|
—
|
|
(32
|
)
|
—
|
|
—
|
|
(613
|
)
|
Production [A]
|
(494
|
)
|
(906
|
)
|
(757
|
)
|
(434
|
)
|
(377
|
)
|
(261
|
)
|
(258
|
)
|
(3,487
|
)
|
At December 31
|
3,600
|
|
10,631
|
|
8,427
|
|
2,544
|
|
2,147
|
|
989
|
|
1,509
|
|
29,847
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
5,125
|
|
4,964
|
|
19
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,108
|
|
Revisions and reclassifications
|
(3,653
|
)
|
62
|
|
25
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,566
|
)
|
Improved recovery
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Extensions and discoveries
|
—
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sales of minerals in place
|
(37
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(37
|
)
|
Production [B]
|
(273
|
)
|
(450
|
)
|
(20
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(743
|
)
|
At December 31
|
1,163
|
|
4,581
|
|
24
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,768
|
|
Total
|
4,763
|
|
15,212
|
|
8,451
|
|
2,544
|
|
2,147
|
|
989
|
|
1,509
|
|
35,615
|
|
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proved developed reserves 2018
|
Thousand million standard cubic feet
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
2,978
|
|
11,460
|
|
5,026
|
|
1,493
|
|
1,652
|
|
859
|
|
1,225
|
|
24,693
|
|
At December 31
|
2,658
|
|
10,092
|
|
5,820
|
|
1,573
|
|
1,706
|
|
721
|
|
1,238
|
|
23,808
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
5,055
|
|
4,275
|
|
19
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,349
|
|
At December 31
|
1,136
|
|
3,938
|
|
24
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,099
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proved undeveloped reserves 2018
|
Thousand million standard cubic feet
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
122
|
|
362
|
|
2,952
|
|
589
|
|
917
|
|
413
|
|
276
|
|
5,631
|
|
At December 31
|
942
|
|
539
|
|
2,607
|
|
971
|
|
441
|
|
268
|
|
271
|
|
6,039
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
70
|
|
689
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
759
|
|
At December 31
|
27
|
|
643
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
670
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
196
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proved developed and undeveloped reserves 2017
|
Thousand million standard cubic feet
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
3,741
|
|
11,073
|
|
9,051
|
|
2,225
|
|
675
|
|
844
|
|
1,650
|
|
29,259
|
|
Revisions and reclassifications
|
197
|
|
979
|
|
(574
|
)
|
287
|
|
958
|
|
412
|
|
45
|
|
2,304
|
|
Improved recovery
|
—
|
|
66
|
|
—
|
|
—
|
|
74
|
|
—
|
|
—
|
|
140
|
|
Extensions and discoveries
|
2
|
|
549
|
|
—
|
|
—
|
|
1,163
|
|
205
|
|
6
|
|
1,925
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
204
|
|
—
|
|
3
|
|
43
|
|
27
|
|
277
|
|
Sales of minerals in place
|
(224
|
)
|
—
|
|
—
|
|
(7
|
)
|
(11
|
)
|
(6
|
)
|
—
|
|
(248
|
)
|
Production [A]
|
(616
|
)
|
(845
|
)
|
(703
|
)
|
(423
|
)
|
(293
|
)
|
(226
|
)
|
(227
|
)
|
(3,333
|
)
|
At December 31
|
3,100
|
|
11,822
|
|
7,978
|
|
2,082
|
|
2,569
|
|
1,272
|
|
1,501
|
|
30,324
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
6,497
|
|
4,754
|
|
31
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11,282
|
|
Revisions and reclassifications
|
(1,027
|
)
|
652
|
|
9
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(366
|
)
|
Improved recovery
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
Extensions and discoveries
|
—
|
|
11
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
Purchases of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Sales of minerals in place
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Production [B]
|
(345
|
)
|
(454
|
)
|
(21
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(820
|
)
|
At December 31
|
5,125
|
|
4,964
|
|
19
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,108
|
|
Total
|
8,225
|
|
16,786
|
|
7,997
|
|
2,082
|
|
2,569
|
|
1,272
|
|
1,501
|
|
40,432
|
|
Reserves attributable to non-controlling interest in Shell subsidiaries at December 31
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proved developed reserves 2017
|
Thousand million standard cubic feet
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
3,437
|
|
10,569
|
|
3,966
|
|
1,618
|
|
563
|
|
458
|
|
1,172
|
|
21,783
|
|
At December 31
|
2,978
|
|
11,460
|
|
5,026
|
|
1,493
|
|
1,652
|
|
859
|
|
1,225
|
|
24,693
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
5,240
|
|
4,110
|
|
31
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,381
|
|
At December 31
|
5,055
|
|
4,275
|
|
19
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,349
|
|
|
|
|
|
|
|
|
|
|
||||||||
Proved undeveloped reserves 2017
|
Thousand million standard cubic feet
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South America
|
|
||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Shell subsidiaries
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
304
|
|
504
|
|
5,085
|
|
607
|
|
112
|
|
386
|
|
478
|
|
7,476
|
|
At December 31
|
122
|
|
362
|
|
2,952
|
|
589
|
|
917
|
|
413
|
|
276
|
|
5,631
|
|
Shell share of joint ventures and associates
|
|
|
|
|
|
|
|
|
||||||||
At January 1
|
1,257
|
|
644
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,901
|
|
At December 31
|
70
|
|
689
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
759
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
197
|
|
|
|
|
|
|
|
|
|
|
||||||||
2019 - Shell subsidiaries
|
|
|
|
|
|
|
|
$ million
|
|
|||||||
|
|
|
|
|
North America
|
South America
|
|
|||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Future cash inflows
|
33,762
|
|
111,802
|
|
71,775
|
|
31,046
|
|
55,800
|
|
31,522
|
|
64,957
|
|
400,664
|
|
Future production costs
|
11,818
|
|
32,581
|
|
21,589
|
|
12,158
|
|
30,139
|
|
16,651
|
|
32,362
|
|
157,298
|
|
Future development costs
|
6,047
|
|
13,449
|
|
10,103
|
|
4,081
|
|
11,137
|
|
4,603
|
|
13,219
|
|
62,639
|
|
Future tax expenses
|
9,285
|
|
25,938
|
|
7,016
|
|
10,542
|
|
2,397
|
|
2,313
|
|
5,429
|
|
62,920
|
|
Future net cash flows
|
6,612
|
|
39,834
|
|
33,067
|
|
4,265
|
|
12,127
|
|
7,955
|
|
13,947
|
|
117,807
|
|
Effect of discounting cash flows at 10%
|
1,917
|
|
17,851
|
|
13,328
|
|
377
|
|
1,815
|
|
5,571
|
|
4,094
|
|
44,953
|
|
Standardised measure of discounted future net cash flows
|
4,695
|
|
21,983
|
|
19,739
|
|
3,888
|
|
10,312
|
|
2,384
|
|
9,853
|
|
72,854
|
|
Non-controlling interest included
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,371
|
|
—
|
|
1,371
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2019 - Shell share of joint ventures and associates
|
|
|
|
|
$ million
|
|
|||||||||||
|
|
|
|
|
|
North America
|
South America
|
|
|||||||||
|
Europe
|
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Future cash inflows
|
3,615
|
|
|
38,099
|
|
122
|
|
—
|
|
—
|
|
—
|
|
—
|
|
41,836
|
|
Future production costs
|
2,810
|
|
|
18,336
|
|
81
|
|
—
|
|
—
|
|
—
|
|
—
|
|
21,227
|
|
Future development costs
|
935
|
|
|
6,946
|
|
36
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,917
|
|
Future tax expenses
|
718
|
|
|
6,160
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,882
|
|
Future net cash flows
|
(848
|
)
|
|
6,657
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,812
|
|
Effect of discounting cash flows at 10%
|
(266
|
)
|
|
1,190
|
|
(7
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
917
|
|
Standardised measure of discounted
future net cash flows |
(582
|
)
|
[A]
|
5,467
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,893
|
|
|
|
|
|
|
|
|
|
|
||||||||
2018 - Shell subsidiaries
|
|
|
|
|
|
|
South America
|
$ million
|
|
|||||||
|
|
|
|
|
North America
|
|
||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Future cash inflows
|
50,392
|
|
122,037
|
|
72,355
|
|
36,080
|
|
68,546
|
|
34,719
|
|
74,417
|
|
458,545
|
|
Future production costs
|
18,400
|
|
32,773
|
|
22,219
|
|
13,237
|
|
32,533
|
|
17,378
|
|
42,301
|
|
178,842
|
|
Future development costs
|
8,649
|
|
12,301
|
|
11,598
|
|
4,672
|
|
11,486
|
|
4,674
|
|
6,991
|
|
60,370
|
|
Future tax expenses
|
12,603
|
|
30,994
|
|
5,899
|
|
12,805
|
|
1,948
|
|
3,257
|
|
7,764
|
|
75,271
|
|
Future net cash flows
|
10,739
|
|
45,969
|
|
32,639
|
|
5,366
|
|
22,578
|
|
9,411
|
|
17,360
|
|
144,062
|
|
Effect of discounting cash flows at 10%
|
3,024
|
|
20,957
|
|
12,130
|
|
572
|
|
5,039
|
|
6,446
|
|
6,048
|
|
54,217
|
|
Standardised measure of discounted future net cash flows
|
7,715
|
|
25,012
|
|
20,509
|
|
4,794
|
|
17,539
|
|
2,964
|
|
11,312
|
|
89,845
|
|
Non-controlling interest included
|
—
|
|
1
|
|
—
|
|
—
|
|
—
|
|
1,638
|
|
—
|
|
1,639
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
198
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2018 - Shell share of joint ventures and associates
|
|
|
|
|
|
$ million
|
|
||||||||||
|
|
|
|
|
|
North America
|
South America
|
|
|||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Future cash inflows
|
5,260
|
|
44,327
|
|
104
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
49,691
|
|
Future production costs
|
2,712
|
|
20,886
|
|
80
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23,677
|
|
Future development costs
|
1,083
|
|
6,726
|
|
36
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,844
|
|
Future tax expenses
|
1,136
|
|
7,128
|
|
1
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,265
|
|
Future net cash flows
|
329
|
|
9,588
|
|
(13
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,904
|
|
Effect of discounting cash flows at 10%
|
(76
|
)
|
2,759
|
|
(8
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,675
|
|
Standardised measure of discounted future net cash flows
|
405
|
|
6,829
|
|
(5
|
)
|
[A]
|
—
|
|
—
|
|
—
|
|
—
|
|
7,229
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2017 - Shell subsidiaries
|
|
|
|
|
|
|
$ million
|
|
||||||||||
|
|
|
|
|
|
North America
|
South America
|
|
||||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
|
USA
|
|
|
Canada
|
|
Total
|
|
||
Future cash inflows
|
34,902
|
|
94,535
|
|
51,052
|
|
29,276
|
|
|
49,389
|
|
|
32,576
|
|
50,620
|
|
342,350
|
|
Future production costs
|
15,672
|
|
30,894
|
|
18,264
|
|
11,496
|
|
|
29,505
|
|
|
20,242
|
|
30,924
|
|
156,997
|
|
Future development costs
|
7,852
|
|
12,558
|
|
14,062
|
|
4,920
|
|
|
14,200
|
|
|
5,115
|
|
6,210
|
|
64,917
|
|
Future tax expenses
|
5,747
|
|
18,048
|
|
1,169
|
|
9,064
|
|
|
2,177
|
|
|
2,509
|
|
4,888
|
|
43,602
|
|
Future net cash flows
|
5,631
|
|
33,035
|
|
17,557
|
|
3,796
|
|
|
3,507
|
|
|
4,710
|
|
8,598
|
|
76,834
|
|
Effect of discounting cash flows at 10%
|
825
|
|
15,115
|
|
5,773
|
|
(9
|
)
|
|
(796
|
)
|
|
3,077
|
|
2,325
|
|
26,310
|
|
Standardised measure of discounted future net cash flows
|
4,806
|
|
17,920
|
|
11,784
|
|
3,805
|
|
|
4,303
|
|
|
1,633
|
|
6,273
|
|
50,524
|
|
Non-controlling interest included
|
—
|
|
1
|
|
—
|
|
—
|
|
|
—
|
|
|
870
|
|
—
|
|
871
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2017 - Shell share of joint ventures and associates
|
|
|
|
|
|
$ million
|
|
||||||||||
|
|
|
|
|
|
North America
|
South America
|
|
|||||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Future cash inflows
|
22,725
|
|
37,954
|
|
69
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
60,748
|
|
Future production costs
|
17,442
|
|
17,592
|
|
54
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
35,088
|
|
Future development costs
|
1,051
|
|
7,605
|
|
64
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,720
|
|
Future tax expenses
|
1,803
|
|
5,172
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,975
|
|
Future net cash flows
|
2,429
|
|
7,585
|
|
(49
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,965
|
|
Effect of discounting cash flows at 10%
|
1,008
|
|
1,862
|
|
(14
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,856
|
|
Standardised measure of discounted future net cash flows
|
1,421
|
|
5,723
|
|
(35
|
)
|
[A]
|
—
|
|
—
|
|
—
|
|
—
|
|
7,109
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
199
|
|
|
|
|
|
|||
2019
|
|
|
$ million
|
|
||
|
Shell
subsidiaries |
|
Shell share
of joint ventures and associates |
|
Total
|
|
At January 1
|
89,845
|
|
7,229
|
|
97,074
|
|
Net changes in prices and production costs
|
(18,759
|
)
|
(1,017
|
)
|
(19,776
|
)
|
Revisions of previous reserves estimates
|
13,777
|
|
(293
|
)
|
13,484
|
|
Extensions, discoveries and improved recovery
|
5,193
|
|
93
|
|
5,286
|
|
Purchases and sales of minerals in place
|
(2,831
|
)
|
—
|
|
(2,831
|
)
|
Development cost related to future production
|
(9,417
|
)
|
(2
|
)
|
(9,419
|
)
|
Sales and transfers of oil and gas, net of production costs
|
(33,319
|
)
|
(3,918
|
)
|
(37,237
|
)
|
Development cost incurred during the year
|
10,430
|
|
702
|
|
11,132
|
|
Accretion of discount
|
12,004
|
|
1,133
|
|
13,137
|
|
Net change in income tax
|
5,931
|
|
966
|
|
6,897
|
|
At December 31
|
72,854
|
|
4,893
|
|
77,747
|
|
|
|
|
|
|
|
|
2018
|
|
|
$ million
|
|
||
|
Shell
subsidiaries |
|
Shell share
of joint ventures and associates |
|
Total
|
|
At January 1
|
50,524
|
|
7,109
|
|
57,633
|
|
Net changes in prices and production costs
|
58,128
|
|
6,156
|
|
64,284
|
|
Revisions of previous reserves estimates
|
15,265
|
|
(1,447
|
)
|
13,818
|
|
Extensions, discoveries and improved recovery
|
8,936
|
|
532
|
|
9,468
|
|
Purchases and sales of minerals in place
|
(3,401
|
)
|
(20
|
)
|
(3,421
|
)
|
Development cost related to future production
|
(3,876
|
)
|
(308
|
)
|
(4,184
|
)
|
Sales and transfers of oil and gas, net of production costs
|
(38,014
|
)
|
(4,858
|
)
|
(42,872
|
)
|
Development cost incurred during the year
|
10,724
|
|
666
|
|
11,390
|
|
Accretion of discount
|
7,060
|
|
994
|
|
8,054
|
|
Net change in income tax
|
(15,501
|
)
|
(1,595
|
)
|
(17,096
|
)
|
At December 31
|
89,845
|
|
7,229
|
|
97,074
|
|
|
|
|
|
|||
2017
|
|
|
$ million
|
|
||
|
Shell
subsidiaries |
|
Shell share
of joint ventures and associates |
|
Total
|
|
At January 1
|
27,718
|
|
4,176
|
|
31,894
|
|
Net changes in prices and production costs
|
34,190
|
|
3,952
|
|
38,142
|
|
Revisions of previous reserves estimates
|
13,769
|
|
1,931
|
|
15,700
|
|
Extensions, discoveries and improved recovery
|
3,901
|
|
79
|
|
3,980
|
|
Purchases and sales of minerals in place
|
(2,068
|
)
|
—
|
|
(2,068
|
)
|
Development cost related to future production
|
(4,823
|
)
|
461
|
|
(4,362
|
)
|
Sales and transfers of oil and gas, net of production costs
|
(27,544
|
)
|
(3,652
|
)
|
(31,196
|
)
|
Development cost incurred during the year
|
14,262
|
|
536
|
|
14,798
|
|
Accretion of discount
|
3,844
|
|
630
|
|
4,474
|
|
Net change in income tax
|
(12,725
|
)
|
(1,004
|
)
|
(13,729
|
)
|
At December 31
|
50,524
|
|
7,109
|
|
57,633
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
200
|
|
|
|
|
|
||
|
|
$ million
|
|||
|
2019
|
|
2018
|
|
|
Cost
|
|
|
|
||
Proved properties [A]
|
265,700
|
|
265,489
|
|
|
Unproved properties
|
18,669
|
|
21,256
|
|
|
Support equipment and facilities
|
11,043
|
|
6,404
|
|
|
|
295,412
|
|
293,149
|
|
|
Depreciation, depletion and amortisation
|
|
|
|
||
Proved properties [A]
|
129,809
|
|
126,641
|
|
|
Unproved properties
|
4,089
|
|
3,362
|
|
|
Support equipment and facilities
|
4,078
|
|
3,424
|
|
|
|
137,976
|
|
133,427
|
|
|
Net capitalised costs
|
157,436
|
|
159,722
|
|
|
|
|
|
|
||
|
|
$ million
|
|||
|
2019
|
|
2018
|
|
|
Cost
|
|
|
|
||
Proved properties [A]
|
46,895
|
|
44,331
|
|
|
Unproved properties
|
2,428
|
|
2,591
|
|
|
Support equipment and facilities
|
4,882
|
|
4,399
|
|
|
|
54,205
|
|
51,321
|
|
|
Depreciation, depletion and amortisation
|
|
|
|
||
Proved properties [A]
|
34,120
|
|
31,702
|
|
|
Unproved properties
|
—
|
|
—
|
|
|
Support equipment and facilities
|
2,817
|
|
2,586
|
|
|
|
36,937
|
|
34,288
|
|
|
Net capitalised costs
|
17,268
|
|
17,033
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2019
|
|
|
|
|
|
|
|
$ million
|
|
|
|||||||
|
|
|
|
|
North America
|
|
South
|
|
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Other[A]
|
|
America
|
|
Total
|
|
|
Acquisition of properties
|
|
|
|
|
|
|
|
|
|
||||||||
Proved
|
3
|
|
105
|
|
—
|
|
10
|
|
—
|
|
—
|
|
—
|
|
118
|
|
|
Unproved
|
—
|
|
11
|
|
—
|
|
67
|
|
118
|
|
5
|
|
3
|
|
204
|
|
|
Exploration
|
428
|
|
165
|
|
117
|
|
253
|
|
1,723
|
|
402
|
|
500
|
|
3,588
|
|
[B]
|
Development
|
2,054
|
|
1,434
|
|
1,225
|
|
1,480
|
|
4,455
|
|
287
|
|
2,418
|
|
13,353
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
201
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2018
|
|
|
|
|
|
|
|
$ million
|
|
|
|||||||
|
|
|
|
|
North America
|
|
South
|
|
|
|
|
||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Other[A]
|
|
America
|
|
Total
|
|
|
Acquisition of properties
|
|
|
|
|
|
|
|
|
|
||||||||
Proved
|
3
|
|
3
|
|
—
|
|
596
|
|
44
|
|
—
|
|
—
|
|
646
|
|
|
Unproved
|
2
|
|
6
|
|
—
|
|
76
|
|
44
|
|
310
|
|
486
|
|
924
|
|
|
Exploration
|
384
|
|
182
|
|
49
|
|
188
|
|
1,912
|
|
251
|
|
502
|
|
3,468
|
|
[B]
|
Development
|
1,452
|
|
1,102
|
|
1,632
|
|
962
|
|
4,052
|
|
505
|
|
2,095
|
|
11,800
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
$ million
|
|
|||||||
|
|
|
|
|
North America
|
|
South
|
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Other[A]
|
|
America
|
|
Total
|
|
Acquisition of properties
|
|
|
|
|
|
|
|
|
||||||||
Proved
|
—
|
|
—
|
|
—
|
|
10
|
|
—
|
|
2,246
|
|
19
|
|
2,275
|
|
Unproved
|
—
|
|
12
|
|
—
|
|
18
|
|
141
|
|
320
|
|
57
|
|
548
|
|
Exploration
|
329
|
|
135
|
|
38
|
|
138
|
|
1,354
|
|
235
|
|
600
|
|
2,829
|
|
Development
|
776
|
|
840
|
|
2,493
|
|
371
|
|
4,123
|
|
722
|
|
1,671
|
|
10,996
|
|
|
|
|
|
|
|
|
|
|
||||||||
2019
|
|
|
|
|
|
|
|
$ million
|
|
|||||||
|
|
|
|
|
North America
|
|
South
|
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
America
|
|
Total
|
|
Exploration
|
1
|
|
116
|
|
12
|
|
—
|
|
—
|
|
—
|
|
—
|
|
129
|
|
Development
|
94
|
|
1,400
|
|
65
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,559
|
|
|
|
|
|
|
|
|
|
|
||||||||
2018
|
|
|
|
|
|
|
|
$ million
|
|
|||||||
|
|
|
|
|
North America
|
|
South
|
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
America
|
|
Total
|
|
Exploration
|
—
|
|
90
|
|
14
|
|
—
|
|
—
|
|
—
|
|
—
|
|
104
|
|
Development
|
229
|
|
1,026
|
|
79
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,334
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
|
$ million
|
|
|||||||
|
|
|
|
|
|
North America
|
|
South
America |
|
|
|||||||
|
Europe
|
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Exploration
|
3
|
|
|
82
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
93
|
|
Development
|
(22
|
)
|
[A]
|
660
|
|
58
|
|
—
|
|
—
|
|
—
|
|
—
|
|
696
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
202
|
|
|
|
|
|
|
|
|
|
|
||||||||
2019
|
$ million
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South
America |
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Other[A]
|
|
Total
|
|
||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Third parties
|
1,257
|
|
3,065
|
|
931
|
|
1,936
|
|
2,638
|
|
632
|
|
844
|
|
11,303
|
|
Sales between businesses
|
4,911
|
|
10,526
|
|
4,719
|
|
3,289
|
|
7,786
|
|
1,936
|
|
7,647
|
|
40,814
|
|
Total
|
6,168
|
|
13,591
|
|
5,650
|
|
5,225
|
|
10,424
|
|
2,568
|
|
8,491
|
|
52,117
|
|
Production costs excluding taxes
|
1,582
|
|
2,065
|
|
1,178
|
|
1,062
|
|
2,807
|
|
983
|
|
1,135
|
|
10,812
|
|
Taxes other than income tax
|
94
|
|
749
|
|
136
|
|
370
|
|
103
|
|
—
|
|
2,613
|
|
4,065
|
|
Exploration
|
619
|
|
583
|
|
107
|
|
187
|
|
411
|
|
159
|
|
288
|
|
2,354
|
|
Depreciation, depletion and amortisation
|
2,604
|
|
2,130
|
|
1,957
|
|
1,354
|
|
6,932
|
|
858
|
|
3,929
|
|
19,764
|
|
Other costs/(income)
|
(20
|
)
|
1,599
|
|
(105
|
)
|
121
|
|
(575
|
)
|
818
|
|
1,379
|
|
3,217
|
|
Earnings before taxation
|
1,289
|
|
6,465
|
|
2,377
|
|
2,131
|
|
746
|
|
(250
|
)
|
(853
|
)
|
11,905
|
|
Taxation charge/(credit)
|
848
|
|
4,013
|
|
1,094
|
|
1,431
|
|
154
|
|
(110
|
)
|
(78
|
)
|
7,352
|
|
Earnings after taxation
|
441
|
|
2,452
|
|
1,283
|
|
700
|
|
592
|
|
(140
|
)
|
(775
|
)
|
4,553
|
|
|
|
|
|
|
|
|
|
|
||||||||
2018
|
$ million
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South
America |
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Other[A]
|
|
Total
|
|
||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Third parties
|
1,875
|
|
3,364
|
|
1,389
|
|
2,401
|
|
2,165
|
|
507
|
|
1,023
|
|
12,724
|
|
Sales between businesses
|
6,705
|
|
11,284
|
|
4,683
|
|
3,586
|
|
7,716
|
|
1,946
|
|
7,154
|
|
43,074
|
|
Total
|
8,580
|
|
14,648
|
|
6,072
|
|
5,987
|
|
9,881
|
|
2,453
|
|
8,177
|
|
55,798
|
|
Production costs excluding taxes
|
2,262
|
|
2,143
|
|
1,073
|
|
1,093
|
|
2,573
|
|
1,069
|
|
1,401
|
|
11,614
|
|
Taxes other than income tax
|
122
|
|
841
|
|
199
|
|
328
|
|
83
|
|
—
|
|
2,767
|
|
4,340
|
|
Exploration
|
277
|
|
149
|
|
78
|
|
144
|
|
341
|
|
114
|
|
237
|
|
1,340
|
|
Depreciation, depletion and amortisation
|
2,684
|
|
2,301
|
|
1,571
|
|
1,394
|
|
4,543
|
|
(346
|
)
|
3,271
|
|
15,418
|
|
Other costs/(income)
|
947
|
|
(180
|
)
|
(514
|
)
|
609
|
|
447
|
|
667
|
|
849
|
|
2,825
|
|
Earnings before taxation
|
2,288
|
|
9,394
|
|
3,665
|
|
2,419
|
|
1,894
|
|
949
|
|
(348
|
)
|
20,261
|
|
Taxation (credit)/charge
|
2,047
|
|
4,851
|
|
893
|
|
902
|
|
550
|
|
236
|
|
1,162
|
|
10,641
|
|
Earnings after taxation
|
241
|
|
4,543
|
|
2,772
|
|
1,517
|
|
1,344
|
|
713
|
|
(1,510
|
)
|
9,620
|
|
|
|
|
|
|
|
|
|
|
||||||||
2017
|
$ million
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South
America |
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Other[A]
|
|
Total
|
|
||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Third parties
|
1,193
|
|
2,708
|
|
1,414
|
|
1,872
|
|
1,080
|
|
339
|
|
689
|
|
9,295
|
|
Sales between businesses
|
7,120
|
|
9,061
|
|
2,400
|
|
3,218
|
|
5,119
|
|
2,938
|
|
5,245
|
|
35,101
|
|
Total
|
8,313
|
|
11,769
|
|
3,814
|
|
5,090
|
|
6,199
|
|
3,277
|
|
5,934
|
|
44,396
|
|
Production costs excluding taxes
|
2,509
|
|
2,469
|
|
1,110
|
|
1,365
|
|
2,558
|
|
1,571
|
|
1,218
|
|
12,800
|
|
Taxes other than income tax
|
89
|
|
556
|
|
119
|
|
287
|
|
98
|
|
1
|
|
1,691
|
|
2,841
|
|
Exploration
|
243
|
|
245
|
|
42
|
|
129
|
|
868
|
|
142
|
|
276
|
|
1,945
|
|
Depreciation, depletion and amortisation
|
2,560
|
|
2,892
|
|
1,777
|
|
1,863
|
|
3,410
|
|
3,886
|
|
3,374
|
|
19,762
|
|
Other costs/(income)
|
(157
|
)
|
1,073
|
|
(382
|
)
|
145
|
|
114
|
|
1,050
|
|
469
|
|
2,312
|
|
Earnings before taxation
|
3,069
|
|
4,534
|
|
1,148
|
|
1,301
|
|
(849
|
)
|
(3,373
|
)
|
(1,094
|
)
|
4,736
|
|
Taxation charge/(credit)
|
1,689
|
|
2,969
|
|
(202
|
)
|
(361
|
)
|
363
|
|
(1,486
|
)
|
(294
|
)
|
2,678
|
|
Earnings after taxation
|
1,380
|
|
1,565
|
|
1,350
|
|
1,662
|
|
(1,212
|
)
|
(1,887
|
)
|
(800
|
)
|
2,058
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
203
|
|
|
|
|
|
|
|
|
|
|
||||||||
2019
|
$ million
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South
America |
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Third-party revenue
|
1,233
|
|
5,475
|
|
81
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,789
|
|
Total
|
1,233
|
|
5,475
|
|
81
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,789
|
|
Production costs excluding taxes
|
249
|
|
669
|
|
88
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,006
|
|
Taxes other than income tax
|
75
|
|
1,037
|
|
6
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,118
|
|
Exploration
|
4
|
|
51
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
55
|
|
Depreciation, depletion and amortisation
|
217
|
|
949
|
|
415
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,581
|
|
Other costs/(income)
|
547
|
|
622
|
|
(18
|
)
|
—
|
|
1
|
|
1
|
|
—
|
|
1,153
|
|
Earnings before taxation
|
141
|
|
2,147
|
|
(410
|
)
|
—
|
|
(1
|
)
|
(1
|
)
|
—
|
|
1,876
|
|
Taxation charge
|
39
|
|
957
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
996
|
|
Earnings after taxation
|
102
|
|
1,190
|
|
(410
|
)
|
—
|
|
(1
|
)
|
(1
|
)
|
—
|
|
880
|
|
|
|
|
|
|
|
|
|
|
||||||||
2018
|
$ million
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South
America |
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Third-party revenue
|
1,395
|
|
5,884
|
|
79
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,358
|
|
Total
|
1,395
|
|
5,884
|
|
79
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,358
|
|
Production costs excluding taxes
|
307
|
|
674
|
|
105
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,086
|
|
Taxes other than income tax
|
82
|
|
1,259
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,345
|
|
Exploration
|
5
|
|
45
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
50
|
|
Depreciation, depletion and amortisation
|
318
|
|
1,016
|
|
163
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,497
|
|
Other costs/(income)
|
595
|
|
615
|
|
(26
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
1,184
|
|
Earnings before taxation
|
88
|
|
2,275
|
|
(167
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
2,196
|
|
Taxation charge
|
7
|
|
975
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
982
|
|
Earnings after taxation
|
81
|
|
1,300
|
|
(167
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
1,214
|
|
|
|
|
|
|
|
|
|
|
||||||||
2017
|
$ million
|
|
||||||||||||||
|
|
|
|
|
North America
|
|
South
America |
|
|
|||||||
|
Europe
|
|
Asia
|
|
Oceania
|
|
Africa
|
|
USA
|
|
Canada
|
|
Total
|
|
||
Third-party revenue
|
1,646
|
|
4,503
|
|
58
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,207
|
|
Total
|
1,646
|
|
4,503
|
|
58
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,207
|
|
Production costs excluding taxes
|
337
|
|
729
|
|
93
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,159
|
|
Taxes other than income tax
|
631
|
|
705
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,340
|
|
Exploration
|
7
|
|
57
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
68
|
|
Depreciation, depletion and amortisation
|
188
|
|
1,654
|
|
40
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,882
|
|
Other costs/(income)
|
(83
|
)
|
511
|
|
(60
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
368
|
|
Earnings before taxation
|
566
|
|
847
|
|
(23
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
1,390
|
|
Taxation charge
|
173
|
|
197
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
370
|
|
Earnings after taxation
|
393
|
|
650
|
|
(23
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
1,020
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
204
|
|
|
|||||||||||||||||||||||
Oil and gas acreage (at December 31)
|
Thousand acres
|
|
|||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Developed
|
Undeveloped
|
|
Developed
|
|
Undeveloped
|
|
|
Developed
|
|
|
Undeveloped
|
|||||||||||
|
Gross
|
Net
|
Gross
|
Net
|
|
Gross
|
|
Net
|
|
Gross
|
|
Net
|
|
|
Gross
|
|
Net
|
|
|
Gross
|
|
Net
|
|
Europe [A]
|
6,289
|
1,915
|
13,864
|
6,082
|
|
6,022
|
[B]
|
1,954
|
[B]
|
14,385
|
[C]
|
6,540
|
[C]
|
|
6,214
|
[D]
|
2,051
|
[D]
|
|
13,079
|
[E]
|
5,823
|
[E]
|
Asia
|
21,387
|
7,672
|
31,486
|
14,880
|
|
22,087
|
|
7,885
|
|
31,676
|
|
15,433
|
|
|
25,975
|
|
9,139
|
|
|
35,305
|
|
18,730
|
|
Oceania
|
3,025
|
1,215
|
11,720
|
6,260
|
|
3,202
|
|
1,220
|
|
15,319
|
[F]
|
10,095
|
[F]
|
|
3,296
|
|
1,255
|
|
|
22,295
|
[G]
|
13,985
|
|
Africa
|
4,663
|
1,938
|
62,965
|
32,564
|
|
4,666
|
|
1,940
|
|
38,874
|
|
22,732
|
|
|
4,663
|
|
1,938
|
|
|
33,453
|
|
20,811
|
|
North America - USA
|
1,333
|
877
|
2,489
|
1,917
|
|
1,541
|
|
952
|
|
2,133
|
|
1,635
|
|
|
1,936
|
|
1,134
|
|
|
2,718
|
|
1,937
|
|
North America - Mexico
|
—
|
—
|
5,178
|
3,291
|
|
—
|
|
—
|
|
5,178
|
|
3,885
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
North America - Canada
|
483
|
329
|
1,783
|
1,265
|
|
1,108
|
|
752
|
|
1,681
|
|
1,193
|
|
|
953
|
|
651
|
|
|
15,818
|
|
14,468
|
|
South America
|
1,393
|
595
|
16,446
|
10,214
|
|
1,490
|
|
710
|
|
10,352
|
|
6,725
|
|
|
1,302
|
|
606
|
|
|
9,338
|
|
6,196
|
|
Total
|
38,573
|
14,541
|
145,931
|
76,473
|
|
40,116
|
|
15,413
|
|
119,598
|
|
68,238
|
|
|
44,339
|
|
16,774
|
|
|
132,006
|
|
81,950
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Number of net productive wells and dry holes drilled
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
2019
|
|
|
2018
|
|
|
|
2017
|
|
||||||||
|
Productive
|
|
Dry
|
|
|
Productive
|
|
|
Dry
|
|
|
|
Productive
|
|
|
Dry
|
|
Exploratory [A]
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Europe
|
—
|
|
4
|
|
|
1
|
|
|
2
|
|
|
|
—
|
|
|
1
|
|
Asia
|
25
|
|
17
|
|
|
22
|
|
[B]
|
11
|
|
[C]
|
|
18
|
|
[D]
|
5
|
|
Oceania
|
—
|
|
2
|
|
|
—
|
|
|
—
|
|
|
|
2
|
|
|
—
|
|
Africa
|
8
|
|
8
|
|
|
6
|
|
|
6
|
|
|
|
2
|
|
|
3
|
|
North America - USA
|
89
|
|
9
|
|
|
104
|
|
|
4
|
|
|
|
9
|
|
|
6
|
|
North America - Canada
|
24
|
|
—
|
|
|
14
|
|
|
|
|
|
|
30
|
|
|
5
|
|
South America
|
8
|
|
1
|
|
|
6
|
|
|
7
|
|
|
|
6
|
|
|
—
|
|
Total
|
154
|
|
41
|
|
|
153
|
|
|
30
|
|
|
|
67
|
|
|
20
|
|
Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Europe
|
4
|
|
1
|
|
|
4
|
|
|
—
|
|
|
|
5
|
|
|
—
|
|
Asia
|
182
|
|
—
|
|
|
198
|
|
[E]
|
—
|
|
|
|
291
|
|
[F]
|
4
|
|
Oceania
|
16
|
|
—
|
|
|
54
|
|
[G]
|
—
|
|
|
|
63
|
|
|
—
|
|
Africa
|
34
|
|
—
|
|
|
24
|
|
|
1
|
|
|
|
24
|
|
|
3
|
|
North America - USA
|
280
|
|
5
|
|
|
276
|
|
|
—
|
|
|
|
237
|
|
|
—
|
|
North America - Canada
|
6
|
|
—
|
|
|
53
|
|
|
—
|
|
|
|
56
|
|
|
1
|
|
South America
|
10
|
|
1
|
|
|
5
|
|
|
—
|
|
|
|
1
|
|
|
—
|
|
Total
|
532
|
|
7
|
|
|
614
|
|
|
1
|
|
|
|
677
|
|
|
8
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
206
|
|
|
|
|
|
|
|
|
|
||||
Number of wells in the process of development drilling
|
2019
|
|
|||||||||
|
At January 1
|
|
At December 31
|
|
|||||||
|
Gross
|
|
|
Net
|
|
|
|
Gross
|
|
Net
|
|
Europe
|
5
|
|
|
2
|
|
|
|
11
|
|
3
|
|
Asia
|
41
|
|
[A]
|
16
|
|
[A]
|
|
53
|
|
21
|
|
Oceania
|
19
|
|
[B]
|
8
|
|
[B]
|
|
123
|
|
71
|
|
Africa
|
5
|
|
|
5
|
|
|
|
5
|
|
2
|
|
North America - USA
|
40
|
|
[C]
|
20
|
|
[C]
|
|
41
|
|
34
|
|
North America - Canada
|
12
|
|
[D]
|
12
|
|
[D]
|
|
—
|
|
—
|
|
South America
|
9
|
|
|
4
|
|
|
|
12
|
|
8
|
|
Total
|
131
|
|
|
67
|
|
|
|
245
|
|
139
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
207
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
208
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
209
|
|
Royal Dutch Shell Dividend Access Trust Financial Statements
|
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
210
|
|
|
|
|
|
|||
Statement of Income
|
|
|
£ million
|
|
||
|
2019
|
|
2018
|
|
2017
|
|
Dividend income
|
5,484
|
|
5,328
|
|
4,567
|
|
Income before taxation and for the period
|
5,484
|
|
5,328
|
|
4,567
|
|
|
|
|
|
|||
Balance Sheet
|
|
|
£ million
|
|
||
|
Notes
|
|
Dec 31, 2019
|
|
Dec 31, 2018
|
|
Assets
|
|
|
|
|
|
|
Current assets
|
|
|
—
|
|
—
|
|
Cash and cash equivalents
|
|
|
3
|
|
3
|
|
Total assets
|
|
|
3
|
|
3
|
|
Liabilities
|
|
|
|
|
|
|
Current liabilities
|
|
|
—
|
|
—
|
|
Unclaimed dividends
|
4
|
|
3
|
|
3
|
|
Total liabilities
|
|
|
3
|
|
3
|
|
Equity
|
|
|
|
|
|
|
Capital account
|
5
|
|
—
|
|
—
|
|
Revenue account
|
|
|
—
|
|
—
|
|
Total equity
|
|
|
—
|
|
—
|
|
Total liabilities and equity
|
|
|
3
|
|
3
|
|
Signed on behalf of Computershare Trustees (Jersey) Limited
as Trustee of the Royal Dutch Shell Dividend Access Trust |
|
|
|
|
|
/s/ Karen Kurys
|
|
/s/ Martin Fish
|
|
|
|
Karen Kurys
|
|
Martin Fish
|
March 11, 2020
|
|
|
|
|
|
|
|
||||
Statement of Changes in Equity
|
|
|
|
£ million
|
|
|||
|
Notes
|
|
Capital
account |
|
Revenue
account |
|
Total
equity |
|
At January 1, 2019
|
|
|
—
|
|
—
|
|
—
|
|
Comprehensive income for the period
|
|
|
—
|
|
5,484
|
|
5,484
|
|
Distributions made
|
6
|
|
—
|
|
(5,484
|
)
|
(5,484
|
)
|
At December 31, 2019
|
|
|
—
|
|
—
|
|
—
|
|
At January 1, 2018
|
|
|
—
|
|
—
|
|
—
|
|
Comprehensive income for the period
|
|
|
—
|
|
5,328
|
|
5,328
|
|
Distributions made
|
6
|
|
—
|
|
(5,328
|
)
|
(5,328
|
)
|
At December 31, 2018
|
|
|
—
|
|
—
|
|
—
|
|
At January 1, 2017
|
|
|
—
|
|
—
|
|
—
|
|
Comprehensive income for the period
|
|
|
—
|
|
4,567
|
|
4,567
|
|
Distributions made
|
6
|
|
—
|
|
(4,567
|
)
|
(4,567
|
)
|
At December 31, 2017
|
|
|
—
|
|
—
|
|
—
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
211
|
|
|
|
|
|
|||
Statement of Cash Flows
|
|
|
£ million
|
|
||
|
2019
|
|
2018
|
|
2017
|
|
Income for the period
|
5,484
|
|
5,328
|
|
4,567
|
|
Adjustment for:
|
|
|
|
|||
Dividends received
|
(5,484
|
)
|
(5,328
|
)
|
(4,567
|
)
|
Cash flow from operating activities
|
—
|
|
—
|
|
—
|
|
Dividends received
|
5,484
|
|
5,328
|
|
4,567
|
|
Cash flow from investing activities
|
5,484
|
|
5,328
|
|
4,567
|
|
Cash distributions made
|
(5,484
|
)
|
(5,327
|
)
|
(4,567
|
)
|
Cash flow from financing activities
|
(5,484
|
)
|
(5,327
|
)
|
(4,567
|
)
|
Change in cash and cash equivalents
|
—
|
|
1
|
|
—
|
|
Cash and cash equivalents at January 1
|
3
|
|
2
|
|
2
|
|
Cash and cash equivalents at December 31
|
3
|
|
3
|
|
2
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
212
|
|
Notes to the Royal Dutch Shell Dividend Access Trust Financial Statements
|
||||
|
|
|
|
|
FINANCIAL STATEMENTS AND SUPPLEMENTS SHELL ANNUAL REPORT AND FORM 20-F 2019
|
213
|
|
Shareholder information
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
|
Issued and fully paid
|
||
|
Number
|
|
Nominal value
|
Ordinary shares of €0.07 each
|
|
|
|
A shares
|
4,125,109,180
|
|
€288,757,643
|
B shares
|
3,727,267,215
|
|
€260,908,705
|
Sterling deferred shares of £1 each
|
50,000
|
|
£50,000
|
▪
|
upon issuance, A and B shares are fully paid and free from all liens, equities, charges, encumbrances and other interest of the Company and not subject to calls of any kind;
|
▪
|
all A and B shares rank equally for all dividends and distributions on ordinary share capital; and
|
▪
|
A and B shares are admitted to the Official List of the UK Financial Conduct Authority and to trading on the market for listed securities of the London Stock Exchange. A and B shares are also admitted to trading on Euronext Amsterdam. A and B ADSs are listed on the New York Stock Exchange.
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
214
|
|
|
|
|
|
|
|
|
|
|
|||
Direct shareholdings
|
|
|
|
|
|
|
|
|
|||
|
A shares
|
|
B shares
|
|
Total
|
||||||
|
Number
|
|
%
|
|
Number
|
|
%
|
|
Number
|
|
%
|
Nederlands Centraal Instituut Voor Giraal Effectenverkeer Bv
|
1,648,160,815
|
|
39.95
|
|
15,631,116
|
|
0.42
|
|
1,663,791,931
|
|
21.19
|
Guaranty Nominees Limited
|
780,888,066
|
|
18.93
|
|
635,107,032
|
|
17.04
|
|
1,415,995,098
|
|
18.03
|
State Street Nominees Limited
|
153,192,955
|
|
3.71
|
|
176,114,622
|
|
4.73
|
|
329,307,577
|
|
4.19
|
Chase Nominees Limited
|
39,792,354
|
|
0.96
|
|
223,049,935
|
|
5.98
|
|
262,842,289
|
|
3.35
|
|
|
|
|
|
|
|
|
|
|||
Indirect shareholdings
|
|
|
|
|
|
|
|
|
|||
|
A shares
|
|
B shares
|
|
Total
|
||||||
|
Number
|
|
%
|
|
Number
|
|
%
|
|
Number
|
|
%
|
The Capital Group [A]
|
42,482,002
|
|
0.54
|
|
349,161,475
|
|
4.45
|
|
391,643,477
|
|
4.99
|
The Vanguard Group
|
197,154,328
|
|
4.75
|
|
141,041,343
|
|
3.78
|
|
338,195,671
|
|
4.29
|
BlackRock Inc
|
304,037,938
|
|
7.32
|
|
259,041,285
|
|
6.95
|
|
563,079,223
|
|
7.14
|
|
|
|
|
|
|
|||||
A and B shares
|
|
|
|
|
$
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Q1
|
0.47
|
|
0.47
|
|
0.47
|
|
0.47
|
|
0.47
|
|
Q2
|
0.47
|
|
0.47
|
|
0.47
|
|
0.47
|
|
0.47
|
|
Q3
|
0.47
|
|
0.47
|
|
0.47
|
|
0.47
|
|
0.47
|
|
Q4
|
0.47
|
|
0.47
|
|
0.47
|
|
0.47
|
|
0.47
|
|
Total announced in respect of the year
|
1.88
|
|
1.88
|
|
1.88
|
|
1.88
|
|
1.88
|
|
|
|
|
|
|
|
|||||
A shares
|
|
|
|
|
€ [A]
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Q1
|
0.42
|
|
0.40
|
|
0.42
|
|
0.42
|
|
0.42
|
|
Q2
|
0.43
|
|
0.40
|
|
0.39
|
|
0.42
|
|
0.42
|
|
Q3
|
0.42
|
|
0.41
|
|
0.40
|
|
0.44
|
|
0.43
|
|
Q4
|
0.42
|
|
0.42
|
|
0.38
|
|
0.44
|
|
0.42
|
|
Total announced in respect of the year
|
1.68
|
|
1.64
|
|
1.59
|
|
1.72
|
|
1.69
|
|
Amount paid during the year
|
1.68
|
|
1.60
|
|
1.65
|
|
1.70
|
|
1.71
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
215
|
|
|
|
|
|
|
|
|||||
A and B ADSs
|
|
|
|
|
$
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
Q1
|
0.94
|
|
0.94
|
|
0.94
|
|
0.94
|
|
0.94
|
|
Q2
|
0.94
|
|
0.94
|
|
0.94
|
|
0.94
|
|
0.94
|
|
Q3
|
0.94
|
|
0.94
|
|
0.94
|
|
0.94
|
|
0.94
|
|
Q4
|
0.94
|
|
0.94
|
|
0.94
|
|
0.94
|
|
0.94
|
|
Total announced in respect of the year
|
3.76
|
|
3.76
|
|
3.76
|
|
3.76
|
|
3.76
|
|
Amount paid during the year
|
3.76
|
|
3.76
|
|
3.76
|
|
3.76
|
|
3.76
|
|
▪
|
directly as registered shares either in uncertificated form or in certificated form in a shareholder’s own name;
|
▪
|
indirectly through Euroclear Nederland (in respect of which the Dutch Securities Giro Act (“Wet giraal effectenverkeer”) is applicable);
|
▪
|
through the Royal Dutch Shell Corporate Nominee Service;
|
▪
|
through another third-party nominee or intermediary company; and
|
▪
|
as a direct or indirect holder of either an A or a B ADS with the Depositary.
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
216
|
|
▪
|
if the US holder is an exempt pension trust as described in article 35 of the Convention, or an exempt organisation as described in article 36 thereof, the US holder will be exempt from Dutch withholding tax; or
|
▪
|
if the US holder is a company that holds directly at least 10% of the voting power in the Company, the US holder will be subject to Dutch withholding tax at a rate not exceeding 5%.
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
217
|
|
|
|
|
||
|
|
£
|
|
|
|
March 31, 1982
|
|
July 20, 2005
|
|
Royal Dutch Petroleum Company
(N.V. Koninklijke Nederlandsche Petroleum Maatschappij) which ceased to exist on December 21, 2005 |
1.1349
|
|
17.6625
|
|
The “Shell” Transport and Trading Company, p.l.c. which delisted on July 19, 2005
|
1.4502
|
|
Not applicable
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
218
|
|
Section 13(r) of the US Securities Exchange Act of 1934 disclosure
|
|
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
219
|
|
Non-GAAP measures reconciliations
|
|
|
|
|
|
|
|
|||
Reconciliation of CCS earnings to income for the period
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Earnings on a current cost of supplies basis (CCS earnings)
|
15,827
|
|
24,364
|
|
12,471
|
|
Attributable to non-controlling interest
|
(557
|
)
|
(531
|
)
|
(390
|
)
|
Earnings on a current cost of supplies basis attributable to Royal Dutch Shell plc shareholders
|
15,270
|
|
23,833
|
|
12,081
|
|
Current cost of supplies adjustment
|
605
|
|
(458
|
)
|
964
|
|
Non-controlling interest
|
(33
|
)
|
(23
|
)
|
(68
|
)
|
Income attributable to Royal Dutch Shell plc shareholders
|
15,842
|
|
23,352
|
|
12,977
|
|
Non-controlling interest
|
590
|
|
554
|
|
458
|
|
Income for the period
|
16,432
|
|
23,906
|
|
13,435
|
|
|
|
|
|
|||
Cash capital expenditure and Capital investment reconciliation
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Capital expenditure [A]
|
22,971
|
|
23,011
|
|
20,845
|
|
Investments in joint ventures and associates [A]
|
743
|
|
880
|
|
595
|
|
Investments in equity securities [A]
|
205
|
|
187
|
|
93
|
|
Cash capital expenditure
|
23,919
|
|
24,078
|
|
21,533
|
|
Of which:
|
|
|
|
|||
Integrated Gas
|
4,299
|
|
3,819
|
|
3,616
|
|
Upstream
|
10,277
|
|
12,582
|
|
11,670
|
|
Downstream
|
8,926
|
|
7,408
|
|
6,090
|
|
Corporate
|
418
|
|
269
|
|
157
|
|
Exploration expense, excluding exploration wells written off
|
1,137
|
|
889
|
|
1,048
|
|
Leases recognised in the period
|
4,494
|
|
452
|
|
1,074
|
|
Other adjustments
|
(762
|
)
|
(541
|
)
|
—
|
|
Capital investment
|
28,788
|
|
24,878
|
|
23,655
|
|
Of which:
|
|
|
|
|||
Integrated Gas
|
6,706
|
|
4,259
|
|
3,921
|
|
Upstream
|
11,075
|
|
12,785
|
|
13,160
|
|
Downstream
|
10,542
|
|
7,565
|
|
6,418
|
|
Corporate
|
465
|
|
269
|
|
157
|
|
|
|
|
|
|||
Operating expenses
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Production and manufacturing expenses
|
26,438
|
|
26,970
|
|
26,652
|
|
Selling, distribution and administrative expenses
|
10,493
|
|
11,360
|
|
10,509
|
|
Research and development
|
962
|
|
986
|
|
922
|
|
Total
|
37,893
|
|
39,316
|
|
38,083
|
|
Of which
|
|
|
|
|||
Integrated Gas
|
6,667
|
|
6,014
|
|
5,471
|
|
Upstream
|
12,043
|
|
12,157
|
|
12,656
|
|
Downstream
|
18,697
|
|
20,743
|
|
19,583
|
|
Corporate
|
486
|
|
402
|
|
373
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
220
|
|
|
|
|
|
|||
Calculation of return on average capital employed
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Income for the period
|
16,432
|
|
23,906
|
|
13,435
|
|
Interest expense after tax
|
3,024
|
|
2,513
|
|
2,995
|
|
Income before interest expense
|
19,456
|
|
26,419
|
|
16,430
|
|
Capital employed - opening
|
295,398
|
|
283,477
|
|
280,988
|
|
Capital employed - closing
|
286,887
|
|
279,358
|
|
283,477
|
|
Capital employed - average
|
291,142
|
|
281,417
|
|
282,233
|
|
ROACE
|
6.7
|
%
|
9.4
|
%
|
5.8
|
%
|
|
|
|
|
|||
Free cash flow and Organic free cash flow
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Cash flow from operating activities
|
42,178
|
|
53,085
|
|
35,650
|
|
Cash flow from investing activities
|
(15,779
|
)
|
(13,659
|
)
|
(8,029
|
)
|
Free cash flow
|
26,399
|
|
39,426
|
|
27,621
|
|
Less: Cash inflows related to divestments [A]
|
7,871
|
|
10,465
|
|
|
|
Add: Tax paid on divestments
|
187
|
|
482
|
|
|
|
Add: Cash outflows related to inorganic capital expenditure [B]
|
1,400
|
|
1,740
|
|
|
|
Organic free cash flow
|
20,116
|
|
31,183
|
|
|
|
|
|
|
|
|||
Calculation of shareholder distribution
|
$ million
|
|
||||
|
2019
|
|
2018
|
|
2017
|
|
Cash dividends paid to Royal Dutch Shell plc shareholders
|
15,198
|
|
15,675
|
|
10,877
|
|
Repurchases of shares
|
10,188
|
|
3,947
|
|
—
|
|
Shareholder distribution
|
25,386
|
|
19,622
|
|
10,877
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
221
|
|
Index to the Exhibits
|
|
|
|
Exhibit No.
|
|
Description
|
|
1.1
|
|
|
|
|
|
|
|
1.2
|
|
|
|
|
|
|
|
2.1
|
|
|
|
|
|
|
|
2.2
|
|
|
|
|
|
|
|
2.3
|
|
|
|
|
|
|
|
4.1
|
|
|
|
|
|
|
|
4.2
|
|
|
|
|
|
|
|
4.3
|
|
|
|
|
|
|
|
4.4
|
|
|
|
|
|
|
|
7.1
|
|
Calculation of Return on Average Capital Employed (ROACE) (incorporated by reference to page 219-220 herein).
|
|
|
|
|
|
7.2
|
|
Calculation of gearing (incorporated by reference to page 18 and Note 14 to the Consolidated Financial Statements on page 167 herein).
|
|
|
|
|
|
8.1
|
|
|
|
|
|
|
|
12.1
|
|
|
|
|
|
|
|
12.2
|
|
|
|
|
|
|
|
13.1
|
|
|
|
|
|
|
|
99.1
|
|
|
|
|
|
|
|
99.2
|
|
|
|
|
|
|
|
101
|
|
Interactive data files.
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
222
|
|
Signatures
|
|
|
|
/s/ Ben van Beurden
|
|
|
|
Ben van Beurden
|
|
Chief Executive Officer
|
|
March 11, 2020
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
223
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
224
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
225
|
|
|
2019 Fourth quarter [A]
|
2020 First quarter [B]
|
2020 Second quarter [B]
|
2020 Second quarter [B]
|
Results announcements
|
January 30
|
April 30
|
July 30
|
October 29
|
Interim dividend timetable
|
|
|
|
|
Announcement date
|
January 30 [C]
|
April 30
|
July 30
|
October 29
|
Ex-dividend date [D]
|
February 13
|
May 14
|
August 13
|
November 12
|
Record date
|
February 14
|
May 15
|
August 14
|
November 13
|
Closing of currency election date [E]
|
February 28
|
June 2
|
August 28
|
November 27
|
Pounds sterling and euro equivalents announcement date
|
March 9
|
June 8
|
September 8
|
December 3
|
Payment date
|
March 23
|
June 22
|
September 21
|
December 16
|
|
|
|
|
|
REGISTERED OFFICE
Royal Dutch Shell plc Shell Centre London SE1 7NA United Kingdom Registered in England and Wales Company number 4366849 Registered with the Dutch Trade Register under number 34179503 HEADQUARTERS Royal Dutch Shell plc Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands |
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SHAREHOLDER RELATIONS
Royal Dutch Shell plc Carel van Bylandtlaan 30 2596 HR The Hague The Netherlands +31 (0)70 377 1272 or Royal Dutch Shell plc Shell Centre London SE1 7NA United Kingdom +44 (0)20 7934 3363 royaldutchshell.shareholders@shell.com www.shell.com/shareholder |
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INVESTOR RELATIONS
Royal Dutch Shell plc PO Box 162 2501 AN The Hague The Netherlands +31 (0)70 377 4540 or Shell Oil Company Investor Relations 150 N Dairy Ashford Houston, TX 77079 USA +1 832 337 2034 ir-europe@shell.com ir-usa@shell.com www.shell.com/investor |
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SHARE REGISTRATION
Equiniti Aspect House Spencer Road Lancing West Sussex BN99 6DA United Kingdom 0800 169 1679 (UK) +44 (0)121 415 7073 For online information about your holding and to change the way you receive your company documents: www.shareview.co.uk |
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AMERICAN DEPOSITARY
SHARES (ADSS) JPMorgan Chase Bank, N.A. P.O. Box 64504 St. Paul, MN 55164-0504 USA Overnight correspondence to: JPMorgan Chase Bank, N.A. 1110 Centre Pointe Curve, Suite 101 Mendota Heights, MN 55120-4100 USA +1 888 737 2377 (USA only) +1 651 453 2128 (International) jpmorgan.adr@eq-us.com www.adr.com/shareholder |
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REPORT ORDERING
www.shell.com/order Annual Report/20-F service for US residents +1 888 301 0504 |
Exhibit 2.3
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 1
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(A)
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Payment of (i) any stock transfer, tax or other governmental charge, (ii) registration fees in effect for the registration of transfers of the underlying shares or other deposited securities, and (iii) any applicable depositary fees,
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(B)
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The production of proof satisfactory to the Depositor as to the identity of the signatory and genuineness of any signature,
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(C)
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Such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the Deposit Agreement and the ADR as may be necessary or proper, and
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(D)
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Compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement.
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 2
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(A)
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Proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank) and the Holder's written order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered to, or upon the written order of, any person designated in such order.
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(B)
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Payment from the depositor of ADSs or the presenter of the ADRs of a sum sufficient to reimburse it for (i) any stock transfer, tax or other governmental charge, (ii) registration fees in effect for the registration of transfers of the underlying shares or other deposited securities, and (iii) any applicable depositary fees,
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(C)
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The production of proof satisfactory to the Depositor as to the identity of the signatory and genuineness of any signature,
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(D)
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Such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the Deposit Agreement and the ADR as may be necessary or proper, and
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(E)
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Compliance with such regulations as the Depositary may establish consistent with the Deposit Agreement.
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 3
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(i)
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The term “Share Dispute” is defined as any action, dispute, controversy, claim or cause of action (a) between the Company and Holders and/or owners of interests in ADSs or (b) between and directly involving as named parties each of the Company, the Depositary and one or more Holders and/or owners of interests in ADSs, in each case arising out of, or relating to, this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated hereby or thereby (whether in tort, in contract, under statute, including for the avoidance of doubt, any derivative claim thereunder, or otherwise), including any question regarding existence, validity, interpretation, breach or termination of the Deposit Agreement and any alleged violation of the U.S. federal securities laws.
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(ii)
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Any and all Share Disputes shall be finally and exclusively resolved by arbitration under the Rules of Arbitration rules of the International Chamber of Commerce (“ICC”) (the "ICC Rules"), as amended from time to time, which ICC Rules are deemed to be incorporated by reference into this Deposit Agreement.
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(iii)
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The arbitral tribunal (the "Tribunal") shall consist of three arbitrators, to be appointed in accordance with the ICC Rules. The chairman of the tribunal must have at least 20 years’ experience as a lawyer qualified to practise in a common law jurisdiction within the Commonwealth (as constituted on 12 May 2005), and each other arbitrator must have at least 20 years’ experience as a qualified lawyer.
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(iv)
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If any Share Dispute raises issues which are substantially the same as or connected with issues raised in a Share Dispute which has already been referred to arbitration (an "Existing Share Dispute") or arises out of substantially the same facts as are the subject of an Existing Share Dispute (a "Related Share Dispute"), then the Tribunal appointed or to be appointed in respect of any such Existing Share Dispute shall also be appointed as the Tribunal in respect of any Related Share Dispute, save where the Tribunal considers such appointment would be inappropriate.
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(v)
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Where, pursuant to the above provisions, the same Tribunal has been appointed in relation to two or more Related Share Disputes, the Tribunal may order that the whole or part of the matters at issue shall be heard together upon such terms or conditions as the Tribunal thinks fit.
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 4
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(vi)
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The Tribunal shall have power to make such directions and any interim, partial or final awards as it considers just and desirable. The Tribunal, upon the request of a party to a Share Dispute, or another party which itself wishes to be joined in any reference to arbitration commenced in accordance with this Clause, may join any party to the reference to arbitration proceedings and may make a single, final award determining all Share Disputes between them.
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(vii)
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Each of the parties to the Deposit Agreement hereby agrees to be joined to any reference to arbitration proceedings in relation to any Share Dispute at the request of a party to that Share Dispute, and to accept the joinder of a party requesting to be joined pursuant to this paragraph (14).
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(viii)
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The place of the arbitration shall be The Hague, The Netherlands. The language of the arbitration shall be English.
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(ix)
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Each person hereby waives, as far as permitted by law: (a) any right under the laws of any jurisdiction to apply to any court of law or other judicial authority to determine any preliminary point of law, and/or (b) any right he or she may otherwise have under the laws of any jurisdiction to appeal or otherwise challenge the award, ruling or decision of the tribunal.
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(x)
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The governing law applicable to such Share Dispute, including the submission to arbitration and written arbitration agreement contained in or evidenced by the Articles, shall be the substantive law of England.
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(xi)
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If any court of competent jurisdiction or other competent authority including for the avoidance of doubt, a court or authority in any jurisdiction which is not a signatory to the New York Convention in any jurisdiction determines that this arbitration provision is invalid or unenforceable in relation to any Share Dispute, the Company and the Holder or owner of interests in ADSs, in each case, irrevocably agree that any related proceeding, suit or action can only be brought in the courts of England and Wales and the governing law applicable to such proceedings shall be the substantive law of England.
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 5
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Series of Senior Debt Securities (interest rate)
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Principal
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Interest Payment Dates (in arrear)
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Date of Issuance
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Maturity Date
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Prospectus Supplement
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2.125% Guaranteed Notes due 2020
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$2,000,000,000
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May 11 and November 11 of each year*
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May 11, 2015
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May 11, 2020
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Prospectus Supplement dated May 6, 2015
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2.25% Guaranteed Notes due 2020
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$1,250,000,000
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May 10 and November 10 of each year*
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November 10, 2015
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November 10, 2020
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Prospectus Supplement dated November 5, 2015
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4.375% Guaranteed Notes due 2020
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$1,250,000,000
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March 25 and September 25 of each year*
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March 25, 2010
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March 25, 2020
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Prospectus Supplement dated March 18, 2010
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Floating Rate Guaranteed Notes due 2020
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$750,000,000
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February 11, May 11, August 11 and November 11 of each year*
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May 11, 2015
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May 11, 2020
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Prospectus Supplement dated May 6, 2015
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1.75% Guaranteed Notes due 2021
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$1,000,000,000
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March 12 and September 12 of each year*
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September 12, 2016
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September 12, 2021
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Prospectus Supplement dated September 7, 2016
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1.875% Guaranteed Notes due 2021
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$1,500,000,000
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May 10 and November 10 of each year*
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May 10, 2016
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May 10, 2021
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Prospectus Supplement dated May 5, 2016
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2.375% Guaranteed Notes due 2022
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$1,000,000,000
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February 21 and August 21 of each year*
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August 21, 2012
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August 21, 2022
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Prospectus Supplement dated August 14, 2012
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2.25% Guaranteed Notes due 2023
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$1,000,000,000
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January 6 and July 6 of each year*
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December 6, 2012
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January 6, 2023
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Prospectus Supplement dated November 29, 2012
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3.4% Guaranteed Notes due 2023
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$1,000,000,000
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February 12 and August 12 of each year
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August 12, 2013
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August 12, 2023
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Prospectus Supplement dated August 7, 2013
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3.5% Guaranteed Notes due 2023
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$1,000,000,000
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May 13 and November 13 of each year*
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November 13, 2018
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November 13, 2023
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Prospectus Supplement dated November 7, 2018
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Floating Rate Guaranteed Notes due 2023
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500,000,000
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February 13, May 13, August 13 and November 13 of each year*
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November 13, 2018
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November 13, 2023
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Prospectus Supplement dated November 7, 2018
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2% Guaranteed Notes due 2024
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$1,250,000,000
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May 7 and November 7 of each year*
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November 7, 2019
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November 7, 2024
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Prospectus Supplement dated November 4, 2019
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3.25% Guaranteed Notes due 2025
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$2,750,000,000
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May 11 and November 11 of each year*
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May 11, 2015
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May 11, 2025
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Prospectus Supplement dated May 6, 2015
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2.5% Guaranteed Notes due 2026
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1,000,000,000
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March 12 and September 12 of each year*
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September 12, 2016
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September 12, 2026
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Prospectus Supplement dated September 7, 2016
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2.875% Guaranteed Notes due 2026
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$1,750,000,000
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May 10 and November 10 of each year*
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May 10, 2016
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May 10, 2026
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Prospectus Supplement dated May 5, 2016
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3.875% Guaranteed Notes due 2028
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$1,500,000,000
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May 13 and November 13 of each year*
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November 13, 2018
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November 13, 2028
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Prospectus Supplement dated November 7, 2018
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2.375% Guaranteed Notes due 2029
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$1,500,000,000
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May 7 and November 7 of each year*
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November 7, 2019
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November 7, 2029
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Prospectus Supplement dated November 4, 2019
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4.125% Guaranteed Notes due 2035
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$1,500,000,000
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May 11 and November 11 of each year*
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May 11, 2015
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May 11, 2035
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Prospectus Supplement dated May 6, 2015
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6.375% Guaranteed Notes due 2038
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$2,750,000,000
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June 15 and December 15
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December 11, 2008
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December 15, 2038
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Prospectus Supplement dated December 8, 2008
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5.5% Guaranteed Notes due 2040
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$1,000,000,000
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March 25 and September 25 of each year*
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March 25, 2010
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March 25, 2040
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Prospectus Supplement dated March 18, 2010
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3.625% Guaranteed Notes due 2042
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$500,000,000
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February 21 and August 21 of each year*
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August 21, 2012
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August 21, 2042
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Prospectus Supplement dated August 14, 2012
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4.55% Guaranteed Notes due 2043
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$1,250,000,000
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February 12 and August 12 of each year
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August 12, 2013
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August 12, 2043
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Prospectus Supplement dated August 7, 2013
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4.375% Guaranteed Notes due 2045
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$3,000,000,000
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May 11 and November 11 of each year*
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May 11, 2015
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May 11, 2045
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Prospectus Supplement dated May 6, 2015
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3.75% Guaranteed Notes due 2046
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$1,250,000,000
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March 12 and September 12 of each year*
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September 12, 2016
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September 12, 2046
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Prospectus Supplement dated September 7, 2016
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4.00% Guaranteed Notes due 2046
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$2,250,000,000
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May 10 and November 10 of each year*
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May 10, 2016
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May 10, 2046
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Prospectus Supplement dated May 5, 2016
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3.125% Guaranteed Notes due 2049
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$1,250,000,000
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May 7 and November 7 of each year*
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November 7, 2019
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November 7, 2049
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Prospectus Supplement dated November 4, 2019
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 6
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 7
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it is the continuing corporation; or
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if it is not the continuing corporation, the resulting entity or transferee assumes the performance of its covenants and obligations under the 2006 Indenture and, in the case of the Company or Shell Finance as issuer, the due and punctual payments on the Senior Debt Securities or, in the case of the Company with respect to the Senior Debt Securities of Shell Finance, the performance of the related guarantee.
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failure to pay interest or any additional amounts on that series of Senior Debt Securities for 30 days when due;
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failure to pay principal of or any premium on that series of Senior Debt Securities for 14 days when due;
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failure to redeem or purchase Senior Debt Securities of that series for 14 days when required;
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failure to comply with any covenant or agreement in that series of Senior Debt Securities for 90 days after written notice by the trustee or by the holders of at least 25% in principal amount of the outstanding Senior Debt Securities issued under that indenture that are affected by that failure;
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specified events involving bankruptcy, insolvency or reorganization of the Company and, with respect to Shell Finance’s Senior Debt Securities, the Company or Shell Finance; and
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any other event of default provided for that series of Senior Debt Securities in the applicable prospectus supplement.
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 8
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the holder gives the trustee written notice of a continuing event of default for that series;
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the holders of at least 25% in principal amount of the outstanding Senior Debt Securities of that series make a written request to Deutsche Bank Trust Company Americas to pursue the remedy;
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the holders offer to Deutsche Bank Trust Company Americas indemnity satisfactory to it;
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Deutsche Bank Trust Company Americas fails to act for a period of 60 days after receipt of the request and offer of indemnity; and
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during that 60-day period, the holders of a majority in principal amount of the Senior Debt Securities of that series do not give the trustee a direction inconsistent with the request.
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conducting any proceeding for any remedy available to Deutsche Bank Trust Company Americas; and
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exercising any trust or power conferred on Deutsche Bank Trust Company Americas relating to or arising as a result of an event of default.
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reduce the amount of Senior Debt Securities whose holders must consent to an amendment, supplement or waiver;
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reduce the rate of or change the time for payment of interest on the Senior Debt Security;
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reduce the principal of the Senior Debt Security or change its stated maturity;
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reduce any premium payable on the redemption of the Senior Debt Security or change the time at which the Senior Debt Security may or must be redeemed;
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change any obligation to pay additional amounts on the Senior Debt Security;
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make payments on or with respect to the Senior Debt Security payable in currency other than as originally stated in the Senior Debt Security, except as permitted under “Redenomination” below;
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impair the holder’s right to institute suit for the enforcement of any payment on or with respect to the Senior Debt Security;
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make any change in the percentage of principal amount of Senior Debt Securities necessary to waive compliance with certain provisions of the 2006 Indenture or to make any change in the provision related to modification;
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modify the provisions relating to the subordination of any of the Senior Debt Securities in a manner adverse to the rights of holder of that security in any material respect; or
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waive a continuing default or event of default regarding any payment on or with respect to the Senior Debt Securities.
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E 9
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to cure any ambiguity, omission, defect or inconsistency;
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to comply with the sections of the 2006 Indenture governing when the Company or Shell Finance may merge (or consummate a similar transaction), transfer their assets or substitute obligors, including any assumption of the obligations of Shell Finance under any series of Senior Debt Securities by the Company or any other subsidiary of the Company or any Voluntary Assumption;
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to provide for uncertificated Senior Debt Securities in addition to or in place of certificated Senior Debt Securities; provided, however, that the uncertificated Senior Debt Securities are issued in a registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended (the “Code”) or in such a manner that such uncertificated Senior Debt Securities are described in Section 163(f)(2)(B) of the Code;
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to provide any security for, any guarantees of or any additional obligors on any series of Senior Debt Securities or the related guarantees;
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to comply with any requirement to effect or maintain the qualification of the 2006 Indenture under the Trust Indenture Act of 1939, as amended;
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to add covenants that would benefit the holders of any Senior Debt Securities or to surrender any rights the Company or Shell Finance have under the 2006 Indenture;
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to add events of default with respect to any Senior Debt Securities;
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to establish the form or terms of securities of any series as permitted by the 2006 Indenture;
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to supplement any of the provisions of the 2006 Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of securities pursuant to the indenture; provided, however, that any such action shall not adversely affect the interest of the holders of securities of such series or any other series of securities in any material respect;
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to provide for the appointment of a successor trustee with respect of the securities of one or more series or to provide for the administration of the trusts under the 2006 Indenture by more than one trustee; and
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to make any change that does not adversely affect the rights of holders of any outstanding Senior Debt Securities of any series issued under that indenture.
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The Company and Shell Finance will be discharged from its or their obligations with respect to the Senior Debt Securities of that series and, if applicable, the related guarantees (“legal defeasance”); or
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The Company and Shell Finance will no longer have any obligation to comply with the merger covenant and other specified covenants under the 2006 Indenture, and the related events of default will no longer apply (“covenant defeasance”).
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 10
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The Company or Shell Finance are required to pay additional amounts as described later under “Payment of Additional Amounts”; or
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The Company or any of its subsidiaries would have to deduct or withhold tax on any payment to any of the issuers to enable them to make a payment of principal or interest on a Senior Debt Security.
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 11
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ADDITIONAL INFORMATION SHELL FORM 20-F 2019
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E 12
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Exhibit 8.1
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Company by country of incorporation
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Address of registered office
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%
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ARGENTINA
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Shell Argentina S.A.
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Avenida Pte. Roque Sáenz Pena 788, 5th floor, Buenos Aires, 1383
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100
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AUSTRALIA
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1st Energy Pty Ltd
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Level 4, 459 Little Collins Street, Melbourne, VIC 3000
|
30
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Alliance Automation Pty Ltd
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c/o Alands Accountants, Level 1/293 Queen Street, Brisbane, QLD 4000
|
50
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Arrow Energy Holdings Pty Ltd
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Level 39, 111 Eagle Street, Brisbane, QLD 4000
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50
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Austen & Butta Pty Ltd
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Shell House, 562 Wellington Street, Perth, WA 6000
|
100
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BC 789 Holdings Pty Ltd
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Level 30, 275 George Street, Brisbane, QLD 4000
|
100
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BG CPS Pty Limited
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
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BNG (Surat) Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
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Braemar 3 Holdings Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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CCM Energy Solutions Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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Condamine 1 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
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Condamine 2 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
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Condamine 3 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
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Condamine 4 Pty Ltd
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Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
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Condamine Power Station Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
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E.R.M. Oakey Power Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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Energy Locals Pty Ltd
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132 Cremorne Street, Richmond, VIC 3121
|
33
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|
ERM Braemar 3 Power Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Braemar 3 Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Employee Share Plan Administrator Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Energy Solutions Holdings Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Financial Services Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Gas Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Gas WA01 Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Holdings Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Innovation Labs Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Land Holdings Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Neerabup Power Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Neerabup Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Oakey Power Holdings Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power Developments Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power Engineering Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power Generation Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power International Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power Investments Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ERM Power Limited
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power Projects Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power Retail Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power Services Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Power Utility Systems Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
ERM Wellington 1 Holdings Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
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ESCO Pacific Holdings Pty Ltd
|
Level 4, 13 Cremorne Street, Richmond, VIC 3121
|
49
|
|
Fuelink Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Greensense Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
Lumaled Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
New South Oil Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
NewGen Neerabup Pty Ltd [b]
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
50
|
|
NewGen Power Neerabup Pty Ltd [b]
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
50
|
|
North West Shelf LNG Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E1
|
|
Oakey Power Holdings Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
OME Resources Australia Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
Out Performers Trading Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
Petroleum Resources (Thailand) Pty. Limited
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
PowerMetric Metering Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
Provident & Pensions Holdings Proprietary Limited
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Pure Energy Resources Pty Limited
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QCLNG Operating Company Pty Ltd [i]
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
75
|
|
QCLNG Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC (B7) Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC (Exploration) Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC (Infrastructure) Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Common Facilities Company Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Holdings 2 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Holdings 3 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Holdings 4 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Holdings 5 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Holdings 6 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Holdings 7 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Holdings 8 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Holdings 9 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Midstream Holdings Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Midstream Investments Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Midstream Land Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Midstream Limited Partnership
|
Level 42, Bourke Place, 600 Bourke Street, Melbourne, VIC 3000
|
100
|
|
QGC Midstream Services Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Northern Forestry Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Pty Limited
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Sales Qld Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Train 1 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Train 1 Tolling Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Train 1 UJV Manager Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Train 2 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Train 2 Tolling No.2 Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Train 2 Tolling Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Train 2 UJV Manager Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Upstream Finance Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Upstream Holdings Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Upstream Investments Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
QGC Upstream Limited Partnership
|
Level 42, Bourke Place, 600 Bourke Street, Melbourne, VIC 3000
|
100
|
|
Queensland Electricity Investors Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
Queensland Gas Company Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
Richmond Valley Solar Thermal Pty Ltd
|
Level 52, 111 Eagle Street, Brisbane, QLD 4000
|
100
|
|
Roma Petroleum Pty Limited
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
SASF Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
SGA (Queensland) Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
SGAI Pty Limited
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
Shell Australia FLNG Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Australia Lubricants Production Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Australia Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Australia Services Company Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Custodian Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Development (PSC19) Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Development (PSC20) Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Energy Australia Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
Shell Energy Holdings Australia Limited
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Energy Investments Australia Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell Global Solutions Australia Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Shell New Energies Australia Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
Shell QGC Pty Ltd
|
Level 30, 275 George Street, Brisbane, QLD 4000
|
100
|
|
Shell Tankers Australia Pty Ltd
|
Shell House, 562 Wellington Street, Perth, WA 6000
|
100
|
|
Solpod Pty Ltd
|
c/o Jeffrey Zivin, 140 Belmore Road, Balwyn, VIC 3103
|
24
|
|
Sonnen Australia Pty Limited
|
Lionsgate Business Park, Level 3, Main Administration Building, 180 Philip Highway, Elizabeth South, SA 5112
|
100
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E2
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E3
|
|
BRUNEI
|
|
|
|
Brunei LNG Sendirian Berhad
|
Lumut, Seria, KC2935
|
25
|
|
Brunei Shell Marketing Company Sendirian Berhad
|
Brunei Shell Petroleum Company, Sendirian Berhad, Seria, KB2933
|
50
|
|
Brunei Shell Petroleum Company Sendirian Berhad
|
Jalan Utara, Panaga, Seria, KB2933
|
50
|
|
Brunei Shell Tankers Sendirian Berhad
|
Jalan Utara, Panaga, Seria, KB2933
|
25
|
|
Shell Borneo Sendirian Berhad
|
c/o BSP Head Office, NDCO Block, Ground Floor, Jalan Utara, Panaga Seria, KB3534
|
100
|
|
BULGARIA
|
|
|
|
Shell Bulgaria Ead
|
48, Sitnyakovo Blvd., Serdika Offices, 8th floor, Sofia, 1505
|
100
|
|
CAMBODIA
|
|
|
|
Angkor Resources Company Limited
|
186C, Street No. 155, N/A - Tuol Tumpung Muoy, Chamkar Mon, Phnom Penh
|
49
|
|
CANADA
|
|
|
|
10084751 Canada Limited
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
1745844 Alberta Ltd.
|
2100, 855 - 2nd Street S.W., Calgary, Alberta, T2P 4J8
|
50
|
|
7026609 Canada Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
7645929 Canada Limited
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Alberta Products Pipe Line Ltd.
|
5305 McCall Way N.E., Calgary, Alberta, T2E 7N7
|
20
|
|
Cansolv Technologies Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Coral Cibola Canada Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
FP Solutions Corporation
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
33
|
|
LNG Canada Development Inc. [b]
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
40
|
|
Sable Offshore Energy Inc.
|
1701 Hollis Street, Suite 1400, Halifax, Nova Scotia, B3J 3M8
|
33
|
|
SCL Pipeline Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
SFJ Inc.
|
199 Bay Street, Suite 5300, Commerce Court West, Toronto, Ontario, M5L 1B9
|
50
|
|
Shell Americas Funding (Canada) Limited
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Canada BROS Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Canada Energy [c]
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Canada Limited
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Canada OP Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Canada Products
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Canada Resources [c]
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Canada Services Limited
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Catalysts & Technologies Canada Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Chemicals Canada [c]
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Energy Merchants Canada Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Energy North America (Canada) Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Global Solutions Canada Inc.
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Quebec Limitée
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Trading Canada [c]
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Shell Treasury Centre Canada Inc
|
400 4th Avenue S.W., Calgary, Alberta, T2P 0J4
|
100
|
|
Sun-Canadian Pipe Line Company Limited
|
830 Highway No. 6 North, Flamborough, Ontario, L0R 2H0
|
45
|
|
Trans-Northern Pipelines Inc.
|
45 Vogel Road, Suite 310, Richmond Hill, Ontario, L4B 3P6
|
33
|
|
Zeco Systems (Canada) Inc.
|
295 Hagey Boulevard, Suite 300, Waterloo, Ontario, N2L 6R6
|
100
|
|
CAYMAN ISLANDS
|
|
|
|
Beryl North Sea Limited
|
Sterling Trust (Cayman) Limited, Whitehall House, 238 North Church Street, P.O. Box 1043, George Town, Grand Cayman, KY1-1102
|
100
|
|
BG Egypt S.A.
|
5th Floor, Bermuda House, Dr. Roy's Drive, George Town, Grand Cayman, KY1-1102
|
100
|
|
BG Exploration and Production India Limited
|
Campbells, Floor 4, Willow House, Cricket Square, George Town, Grand Cayman, KY1-9010
|
100
|
|
Gas Resources Limited
|
Zephyr House, 122 Mary Street, P.O. Box 2570, George Town, Grand Cayman, KY1-1103
|
100
|
|
Schiehallion Oil & Gas Limited
|
Caledonian Trust (Cayman) Limited, Caledonian House, 69 Dr Roy's Drive P.O. Box 1043, George Town, Grand Cayman, KY1-1102
|
100
|
|
Shell Bolivia Corporation
|
Zephyr House, 122 Mary Street, P.O. Box 2570, George Town, Grand Cayman, KY1-1103
|
100
|
|
Shell North Sea Holdings Limited
|
Maples Corporate Services Limited, Ugland House, P.O. Box 309, George Town, Grand Cayman, KY1-1104
|
100
|
|
CHILE
|
|
|
|
Shell Chile S.A.
|
C/O Carey y Cia Abogados, Miraflores 222, Piso 28, Santiago
|
100
|
|
CHINA
|
|
|
|
Anhui Shell Energy Company Limited
|
Room 2519-2522, 25/F, Greenland Center, Cross-area of Susong Rd and Changqin St, South Erhuan, Baohe District, Hefei, Anhui, 230000
|
100
|
|
Beijing Shell Petroleum Company Ltd.
|
Unit 1101-1104, level 11, Building 1, No. 19 Chaoyang Park Road, Chaoyang District, Beijing, 100125
|
49
|
|
Cansolv Technologies (Beijing) Company Limited
|
Unit 09, Level 31, No. 16 Building, No. 1 Jian Guo Men Wai Avenue, Chaoyang District, Beijing, 100004
|
100
|
|
Chongqing Doyen Shell Petroleum and Chemical Co. Ltd.
|
No. 196, Shuang Yuan Street, Beibei Zone, Chongqing, 400700
|
49
|
|
CNOOC and Shell Petrochemicals Company Limited
|
Dayawan Petrochemical Industrial Park, Huizhou, Guangdong, 516086
|
50
|
|
Fujian Xiangyu and Shell Petroleum Company Limited
|
Unit 604, 6/F, Building C, No. 3 Yunan Fourth Road, FTPZ Xiamen Sub-zone (Tariff-free Zone), Xiamen, 361000
|
49
|
|
Hangzhou Natural Gas Company Limited
|
10/F, Meiqi Mansion, No. 30 Tianmushan Road, Hangzhou, Zhejiang, 310007
|
25
|
|
Hubei Shell Energy Company Limited
|
No. 4, 5, 12/F, Unit A, Oceanwide International Center Office, 187 Yunxia Road, CBD, Jianhan District, Wuhan, 430000
|
100
|
|
Hunan Shell Energy Company Limited
|
Room 2407-2409, Building 15, Fangmaoyuan (Phase II), No. 1177 Huanhu Road, Yuelu District, Changsha, 410006
|
100
|
|
Infineum (China) Co. Ltd.
|
No. 1 Dongxin Road, Jiangsu Yangtze River International, Chemical Industry Park, Zhangjiagang, Jiangsu, 215600
|
50
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E4
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E5
|
|
Airefsol Energies 8
|
10 place de Catalogne, Paris, 75014
|
67
|
|
Airefsol Energies 9
|
10 place de Catalogne, Paris, 75014
|
67
|
|
Avitair SAS
|
Tour Pacific, 11/13 Cours Valmy - La Défense, Puteaux, 92800
|
100
|
|
Centrale Photovoltaïque Bouches-du-Rhône 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Centrale Photovoltaïque Haute-Vienne
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Centrale Photovoltaïque Landes 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Centrale Photovoltaïque Var 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Eolfi Offshore France
|
10 place de Catalogne, Paris, 75014
|
10
|
|
Eolfi SAS
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Eoliennes du Gentilhomme
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Ferme Eolienne Flottante de Groix & Belle-Ile
|
10 place de Catalogne, Paris, 75014
|
25
|
|
Ferme Eolienne Flottante Stenella Rhône
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Groupement Pétrolier Aviation SNC
|
Aéroport Roissy Charles de Gaulle, Zone de Frêt 1, 3 Rue des Vignes, Tremblay-en-France, 93290
|
20
|
|
Infineum France
|
Chemin départemental 54, Berre-L'Etang, 13130
|
50
|
|
Parc Eolien Aisne 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Charente 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Corrèze 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Côtes Armor 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien de la Vrine
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Haute-Saône 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien HM1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Jura 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Marne 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Oise 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Oise 2
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Somme 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Somme 2
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Parc Eolien Yonne 1
|
10 place de Catalogne, Paris, 75014
|
100
|
|
Service Aviation Paris SNC
|
Orly Sud No. 144 - Bat. 438, Orly Aerogares, 94541
|
33
|
|
Shell Retraites SAS
|
Tour Pacific, 11/13 Cours Valmy - La Défense, Puteaux, 92800
|
100
|
|
Société de Gestion Mobilière et Immobilière SAS
|
Tour Pacific, 11/13 Cours Valmy - La Défense, Puteaux, 92800
|
100
|
|
Société des Pétroles Shell SAS
|
Tour Pacific, 11/13 Cours Valmy - La Défense, Puteaux, 92800
|
100
|
|
Ste du Pipeline Sud Européen S.A.
|
7-9, Rue des Frères Morane, Paris, 75015
|
21
|
|
The New Motion France SAS
|
92 Avenue Charles de Gaulle, CS 30082, Neuilly sur Seine, 92522
|
100
|
|
GERMANY
|
|
|
|
AGES Maut System GmbH & Co. KG
|
Berghausener Straße 96, Langenfeld, 40764
|
25
|
|
BEB Erdgas und Erdoel GmbH & Co. KG [b]
|
Riethorst 12, Hannover, 30659
|
50
|
|
BEB Holding GmbH [b]
|
Caffamacherreihe 5, Hamburg, 20355
|
50
|
|
Carissa Einzelhandel- und Tankstellenservice GmbH & Co. KG
|
Willinghusener Weg 5 D-E, Oststeinbek, 22113
|
100
|
|
Carissa Verwaltungsgesellschaft mbH
|
Suhrenkamp 71 - 77, Hamburg, 22335
|
100
|
|
CRI Deutschland GmbH
|
Am Haupttor, Bau 8322, Leuna, 06237
|
100
|
|
Deutsche Infineum GmbH & Co. KG
|
Neusser Landstraße 16, Köln, 50735
|
50
|
|
Deutsche Shell GmbH
|
Suhrenkamp 71 - 77, Hamburg, 22335
|
100
|
|
Deutsche Shell Holding GmbH
|
Suhrenkamp 71 - 77, Hamburg, 22335
|
100
|
|
Deutsche Transalpine Oelleitung GmbH
|
Paul Wassermann Str. 3, Munich, 81829
|
19
|
|
Energeticum Energiesysteme GmbH
|
St.-Leonhard-Straße 26, Balzhausen, 86483
|
100
|
|
Enersol GmbH
|
Einsteinstr. 47, Vaihingen an der Enz, 71665
|
100
|
|
Erdoel-Raffinerie Deurag-Nerag GmbH
|
Riethorst 12, Hannover, 30659
|
50
|
|
euroShell Deutschland GmbH & Co. KG
|
Suhrenkamp 71 - 77, Hamburg, 22335
|
100
|
|
euroShell Deutschland Verwaltungsgesellschaft mbH
|
Suhrenkamp 71 - 77, Hamburg, 22335
|
100
|
|
H2 Mobility Deutschland GmbH and Co. KG
|
EUREF-Campus 10-11, Berlin, 10829
|
28
|
|
HPRDS und SPNV Deutschland Oil GmbH & Co. KG
|
Suhrenkamp 71 - 77, Hamburg, 22335
|
100
|
|
HPRDS und SPNV Deutschland Verwaltungsges. mbH
|
Suhrenkamp 71 - 77, Hamburg, 22335
|
90
|
|
Infineum Deutschland Verwaltungsgesellschaft mbH
|
Neusser Landstraße 16, Köln, 50735
|
50
|
|
Mineraloelraffinerie Oberrhein Verwaltungs GmbH
|
DEA-Scholven-Str., Karlsruhe, 76187
|
32
|
|
Nord-West Oelleitung GmbH [b]
|
Zum Oelhafen 207, Wilhelmshaven, 26384
|
20
|
|
Oberrheinische Mineraloelwerke GmbH [b]
|
DEA-Scholven-Str., Karlsruhe, 76187
|
42
|
|
OLF Deutschland GmbH [b]
|
WeWork Europapassage, Hermannstraße 13, Hamburg, 20095
|
50
|
|
PCK Raffinerie GmbH [b]
|
Passower Chaussee 111, Schwedt/Oder, 16303
|
38
|
|
Rheinland Kraftstoff GmbH
|
Auf dem Schollbruch 24-26, Gelsenkirchen, 45899
|
100
|
|
Rhein-Main-Rohrleitungstransportgesellschaft mbH [b]
|
Godorfer Hauptstrasse 186, Köln, 50997
|
63
|
|
Shell Catalysts & Technologies Leuna GmbH
|
Am Haupttor, Bau 8322, Leuna, 06237
|
100
|
|
Shell Deutschland Additive GmbH
|
Suhrenkamp 71 - 77, Hamburg, 22335
|
100
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E6
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E7
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E8
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E9
|
|
Noordzeewind B.V.
|
2e Havenstraat 5b, Ijmuiden, 1976 CE
|
50
|
|
Noordzeewind C.V. [d]
|
2e Havenstraat 5b, Ijmuiden, 1976 CE
|
50
|
|
North Caspian Operating Company N.V. [b]
|
Oostduinlaan 2, The Hague, 2596 JM
|
17
|
|
Paqell B.V.
|
Reactorweg 301, unit 1.3, Utrecht, 3542 AD
|
50
|
|
Raffinaderij Shell Mersin N.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
RESCO B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Salym Petroleum Development N.V. [b]
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
50
|
|
Shell Abu Dhabi B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Additives Holdings (I) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Additives Holdings (II) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Albania Block 4 B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell and Vivo Lubricants B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
50
|
|
Shell Asset Management Company B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Brazil Holding B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Business Development Central Asia B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Caspian B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Caspian Pipeline Holdings B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Chemicals Europe B.V.
|
Weena 70, Rotterdam, 3012 CM
|
100
|
|
Shell Chemicals Ventures B.V. [k]
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell China B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell China Holdings B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Deepwater Tanzania B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Development Iran B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Downstream Services International B.V.
|
Weena 70, Rotterdam, 3012 CM
|
100
|
|
Shell E and P Offshore Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Egypt N.V. [e]
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Energy Europe B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell EP Holdings (EE&ME) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell EP Middle East Holdings B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell EP Oman B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell EP Russia Investments (III) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell EP Russia Investments (V) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell EP Somalia B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell EP Wells Equipment Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Europe New Energies Holding B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration & Production Brunei B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (100) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (101) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (102) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (103) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (104) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (105) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (106) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (107) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (79) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (82) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (84) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (89) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (90) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (91) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (92) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (93) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (94) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (96) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (99) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (LI) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (LXI) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (LXII) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (LXV) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (LXVI) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (LXXI) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (LXXV) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production (XL) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E10
|
|
Shell Exploration and Production Holdings B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production Investments B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production Mauritania (C10) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production Mauritania (C19) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production Services (RF) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production South Africa B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production Ukraine I B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production Ukraine Investments (I) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production Ukraine Investments (II) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration and Production West-Siberia B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration Company (RF) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration Company (West) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration Company B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Exploration Venture Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Finance (Netherlands) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Gas & Power Developments B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Gas (LPG) Holdings B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Gas B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Gas Iraq B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Gas Nigeria B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Gas Venezuela B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Generating (Holding) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Geothermal B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Global Solutions (Eastern Europe) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Global Solutions International B.V.
|
Lange Kleiweg 40, Rijswijk, 2288 GK
|
100
|
|
Shell Global Solutions Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Information Technology International B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Integrated Gas Oman B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell International B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell International Exploration and Production B.V.
|
Carel van Bylandtlaan 16, The Hague, 2596 HR
|
100
|
|
Shell International Finance B.V. [a]
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Internationale Research Maatschappij B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Internet Ventures B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Iraq Petroleum Development B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Iraq Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Kazakhstan B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Kazakhstan Development B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Kuwait Exploration and Production B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell LNG Bunkering B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell LNG Port Spain B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Lubricants Supply Company B.V.
|
Weena 70, Rotterdam, 3012 CM
|
100
|
|
Shell Manufacturing Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Mozambique B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell MSPO 2 Holding B.V.
|
Vondelingenweg 601, Vondelingenplaat, Rotterdam, 3196 KK
|
100
|
|
Shell Namibia Upstream B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Nanhai B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Nederland B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Nederland Chemie B.V. [i]
|
Chemieweg 25, P.O. Box 6060, Moerdijk, 4780 LN
|
100
|
|
Shell Nederland Raffinaderij B.V.
|
Vondelingenweg 601, Vondelingenplaat, Rotterdam, 3196 KK
|
100
|
|
Shell Nederland Verkoopmaatschappij B.V.
|
Weena 70, Rotterdam, 3012 CM
|
100
|
|
Shell Netherlands Canada Financing B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell New Energies NL B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Offshore (Personnel) Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Offshore Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell OKLNG Holdings B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Olie OG Gas Holding B.V. [k]
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Oman Exploration and Production B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Overseas Investments B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Pensioenbureau Nederland B.V.
|
Postbus 157, The Hague, 2501 CD
|
100
|
|
Shell Petroleum N.V. [a]
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Philippines Exploration B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Project Development (VIII) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E11
|
|
Shell RDS Holding B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Sakhalin Holdings B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Sakhalin Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Salym Development B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Sao Tome and Principe B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Services Oman B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Shared Services (Asia) B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell TapUp B.V.
|
Hofplein 20, Rotterdam, 3032 AC
|
100
|
|
Shell Technology Ventures Fund 1 B.V.
|
Strawinskylaan 3127 8e etage, Amsterdam, 1077 ZX
|
52
|
|
Shell Trademark Management B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Trading Rotterdam B.V.
|
Weena 70, Rotterdam, 3012 CM
|
100
|
|
Shell Trading Russia B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Upstream Albania B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Upstream Development B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Upstream Indonesia Services B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Upstream Spain B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Upstream Turkey B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Ventures B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Ventures Investments B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Western LNG B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Windenergy Netherlands B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Shell Windenergy NZW I B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
Snijders Olie B.V.
|
Weena 70, Rotterdam, 3012 CM
|
100
|
|
SolarNow B.V.
|
Zeelandsestraat 1, Millingen aan de Rijn, 6566 DE
|
23
|
|
Syria Shell Petroleum Development B.V. [j]
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
65
|
|
Tamba B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
50
|
|
Tankstation Exploitatie Maatschappij Holding B.V.
|
Weena 70, Rotterdam, 3012 CM
|
100
|
|
The Green Near Future 5 B.V.
|
Carel van Bylandtlaan 30, The Hague, 2596 HR
|
100
|
|
The New Motion B.V.
|
Rigakade 20, Amsterdam, 1013 BC
|
100
|
|
Travis Road Services International B.V.
|
Dr. Hub van Doorneweg 183, Tilburg, 5026 RD
|
34
|
|
Tupi B.V.
|
Wilhelminatoren, Wilhelminaplein 14, Rotterdam, 3072
|
25
|
|
W2C GP B.V.
|
Stationsplein 45, Rotterdam, 3013 AK
|
20
|
|
Waalbrug Exploitatie Maatschappij B.V.
|
Henri Berssenbruggestraat 9, Deventer, 7425 SB
|
100
|
|
Zeolyst C.V.
|
Oosterhorn 36, Farmsum, 9936 HD
|
50
|
|
NEW ZEALAND
|
|
|
|
Energy Finance NZ Limited
|
c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340
|
100
|
|
Energy Holdings Offshore Limited
|
c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340
|
100
|
|
Shell (Petroleum Mining) Company Limited
|
c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340
|
100
|
|
Shell Energy Asia Limited
|
c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340
|
100
|
|
Shell Investments NZ Limited
|
c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340
|
100
|
|
Southern Petroleum No Liability
|
c/o Baker Tilly Staples Rodway Taranaki Limited, 109-113 Powderham Street, P.O. Box 146, New Plymouth, Taranaki, 4340
|
100
|
|
NIGERIA
|
|
|
|
All on Partnerships for Energy Access Limited by Guarantee
|
44 Bourdillon Road, Ikoyi, Lagos
|
100
|
|
BG Exploration and Production Nigeria Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
BG Upstream A Nigeria Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Delta Business Development Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Nigeria LNG Limited
|
Corporate Office, Intels Aba Road Estate, Km16 Aba Expressway, Port Harcourt, 500211
|
26
|
|
NLNG Shipping Management Limited
|
Corporate Office, Intels Aba Road Estate, Km16 Aba Expressway, Port Harcourt, 500211
|
20
|
|
Shell Exploration and Production Africa Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Business Operations Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Closed Pension Fund Administrator Ltd
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Exploration and Production Company Ltd
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Exploration and Production Echo Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Exploration Properties Alpha Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Exploration Properties Beta Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Exploration Properties Charlie Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Gas Ltd (SNG)
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Infrastructure Development Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Offshore Prospecting Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Oil Products Limited (SNOP)
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Ultra Deep Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Nigeria Upstream Ventures Limited
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
100
|
|
Shell Thrift & Loan Fund Trustees Nig Ltd
|
Freeman House, 21/22 Marina, P.M.B. 2418, Lagos
|
99
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E12
|
|
The Shell Petroleum Development Company of Nigeria Limited
|
Shell Industrial Area, P.O. Box 263, Rivers State, Port Harcourt, 500272
|
100
|
|
NORWAY
|
|
|
|
A/S Norske Shell
|
Tankvegen 1, Tananger, 4056
|
100
|
|
Aviation Fuelling Services Norway AS
|
Bygg 6, Drammensveien 134, Oslo, 0277
|
50
|
|
Enhanced Well Technologies Group AS
|
Kongsgårdbakken 1, Stavanger, 4005
|
35
|
|
Gasnor AS
|
Helganesvegen 59, Avaldsnes, Karmøy, 4262
|
100
|
|
Ormen Lange Eiendom DA
|
Nyhamna, Aukra, 6480
|
18
|
|
Shell New Energies AS
|
Karenslyst Allé 2, Oslo, 0278
|
100
|
|
Technology Centre Mongstad DA
|
Mongstad 71A, Mongstad, 5954
|
8
|
|
Vestprosess DA
|
Forusbeen 50, Stavanger, 4035
|
8
|
|
OMAN
|
|
|
|
Oman LNG LLC
|
P.O. Box 560, Mina Al Fahal, Muscat, 116
|
30
|
|
Petroleum Development Oman LLC
|
P.O. Box 81, Mina Al Fahal, Muscat, 113
|
34
|
|
Shell Development Oman LLC
|
P.O. Box 74, Mina Al Fahal, Muscat, 116
|
100
|
|
Shell Oman Marketing Company SAOG
|
P.O. Box 38, Mina Al Fahal, Muscat, 116
|
49
|
|
Sohar Solar Qabas (FZC) LLC
|
P.O. Box 398, Sohar Free Zone, North Al Batinah Governorate, Sohar, 322
|
100
|
|
PAKISTAN
|
|
|
|
Pak Arab Pipeline Company Limited
|
House No. 2-B, Nazimuddin Road, F-8/1, Islamabad, 75400
|
20
|
|
Pakistan Energy Gateway Limited
|
E110, Khayaban e Jinnah, Lahore Cantonement, Punjab, Cantonement, 54810
|
33
|
|
Shell Energy Pakistan (smc-private) Limited
|
Shell House, 6 Ch. Khaliquzzaman Road, Karachi, 75530
|
100
|
|
Shell Pakistan Limited
|
Shell House, 6 Ch. Khaliquzzaman Road, Karachi, 75530
|
76
|
|
PERU
|
|
|
|
Shell GNL Peru S.A.C.
|
Calle Dean Valdivia 111, Oficina 802, San Isidro, Lima, Lima 27
|
100
|
|
Shell Operaciones Peru S.A.C.
|
Calle Dean Valdivia 111, Oficina 802, San Isidro, Lima, Lima 27
|
100
|
|
PHILIPPINES
|
|
|
|
Bonifacio Gas Corporation
|
2nd Floor, Bonifacio Technology Center, 31st Street corner 2nd Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635
|
24
|
|
Connected Freight Solutions Philippines, Inc.
|
41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635
|
84
|
|
Kamayan Realty Corporation
|
NDC Bldg., 116 Tordesillas St., Salcedo Village, Makati City, Metro Manila, 1227
|
22
|
|
Manta Energy Inc
|
1004 East Tower, PSE Centre, Exchange Road, Ortigas Center, Pasig City, 1605
|
100
|
|
Pilipinas Shell Petroleum Corporation
|
41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635
|
55
|
|
Shell Chemicals Philippines, Inc.
|
41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635
|
100
|
|
Shell Gas and Energy Philippines Corporation
|
41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635
|
100
|
|
Shell Gas Trading (Asia Pacific), Inc.
|
Subic Bay Free Port Zone, Olangapo City, 2200
|
100
|
|
Shell Solar Philippines Corporation
|
41st Floor, The Finance Center, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig, Metro Manila, 1635
|
100
|
|
Tabangao Realty, Inc.
|
Unit D 9th Floor Inoza Tower, 40th Street, North Bonifacio, Bonifacio Global City, Taguig, Metro Manila, 1634
|
40
|
|
POLAND
|
|
|
|
Shell Energy Retail Poland Sp. z o.o.
|
Al. Pokoju 5, Krakow, 31-548
|
100
|
|
Shell Polska Sp. z o.o.
|
ul. Bitwy Warszawskiej 1920 r. nr 7A, Warsaw, 02-366
|
100
|
|
PORTUGAL
|
|
|
|
Shell Madeira Praia Formosa - Instalações, Comércio e Distribuição de Combustíveis S.A
|
Avenida dos Combatentes da Grande Guerra nº 17, Freguesia de S. Juliao, Setúbal, 2900-329
|
100
|
|
PUERTO RICO
|
|
|
|
Station Managers of Puerto Rico, Inc.
|
P.O. Box 186, Yabucoa, PR 00767-0186
|
100
|
|
QATAR
|
|
|
|
Qatar Liquefied Gas Company Limited (4)
|
P.O. Box 22666, Doha
|
30
|
|
Qatar Shell Research & Technology Centre QSTP-LLC
|
Qatar Science & Technology Park Tech1, Office 101, P.O. Box 3747, Doha
|
100
|
|
Qatar Shell Service Company W.L.L.
|
Al Mirqab Tower, West Bay, P.O. Box 3747, Doha
|
100
|
|
RUSSIA
|
|
|
|
Khanty-Mansiysk Petroleum Alliance Closed Joint Stock Company [b]
|
24 A Yakubovicha ul., Saint Petersburg, 190000
|
50
|
|
Limited Liability Company "Shell Neft"
|
24 Bld D Smolnaya street, Moscow, 125445
|
100
|
|
Limited Liability Company "Shell Neftegaz Development (V)"
|
Novinsky blvd, 31, Moscow, 123242
|
100
|
|
LLC Shell NefteGaz Development
|
Novinsky blvd, 31, Moscow, 123242
|
100
|
|
Meretoyahaneftegaz LLC [b] [c]
|
16 Komsomolskaya street, Apartment 36, Yamalo-Nenetsky Autonomous Region, Nadym, 629733
|
50
|
|
Syriaga Neftegaz Development LLC
|
Novinsky blvd, 31, Moscow, 123242
|
100
|
|
SAINT KITTS AND NEVIS
|
|
|
|
Shell Oil & Gas (Malaysia) LLC
|
Morning Star Holdings Limited, Main Street, Suite 556, Charlestown, Nevis, West Indies
|
90
|
|
SAINT LUCIA
|
|
|
|
BG Atlantic 1 Holdings Limited
|
Mercury Court, Choc Estate, Castries
|
100
|
|
BG Atlantic 2/3 Holdings Limited
|
Mercury Court, Choc Estate, Castries
|
100
|
|
BG Atlantic 4 Holdings Limited
|
Mercury Court, Choc Estate, Castries
|
100
|
|
BG Central Holdings Ltd.
|
Mercury Court, Choc Estate, Castries
|
100
|
|
BG West Indies No. 2 Limited
|
Mercury Court, Choc Estate, Castries
|
100
|
|
SAUDI ARABIA
|
|
|
|
Al Jomaih and Shell Lubricating Oil Co.Ltd.
|
P.O. Box 41467, Riyadh, 11521
|
50
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E13
|
|
Peninsular Aviation Services Company Limited
|
P.O. Box 6369, Jeddah, 21442
|
25
|
|
SINGAPORE
|
|
|
|
BG Asia Pacific Holdings Pte. Limited
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
BG Asia Pacific Services Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
BG Exploration & Production Myanmar Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
BG Insurance Company (Singapore) Pte Ltd
|
10 Collyer Quay, #10-01 Ocean Financial Centre, Singapore, 049315
|
100
|
|
BG Myanmar Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
BG Oil Marketing Pte Ltd
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Cleantech Renewable Assets Pte Ltd
|
25 Church Street, 03-04 Capital Square three, Singapore, 049482
|
49
|
|
Connected Freight Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
84
|
|
Ellba Eastern (Pte) Ltd
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Fuelng Pte. Ltd
|
50 Gul Road, Singapore, 629351
|
50
|
|
Infineum Singapore LLP
|
31 International Business Park, #04-08, Creative Resource, Singapore, 609921
|
50
|
|
QPI and Shell Petrochemicals (Singapore) Pte Ltd
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
51
|
|
Shell Catalysts & Technologies Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Chemicals Seraya Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Eastern Petroleum (Pte) Ltd [i]
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Eastern Trading (Pte) Ltd [i]
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Gas Marketing Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell India Ventures Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Integrated Gas Thailand Pte.Limited
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell International Shipping Services (Pte) Ltd
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Myanmar Energy Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Myanmar Petroleum Pte. Ltd.
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Pulau Moa Pte Ltd
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Seraya Pioneer (Pte) Ltd
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Singapore Trustees (Pte) Ltd
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Tankers (Singapore) Private Limited
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Shell Treasury Centre East (Pte) Ltd
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
100
|
|
Singapore Lube Park Pte. Ltd. [b]
|
160 Tuas South Avenue 5, Singapore, 637364
|
44
|
|
Sirius Well Manufacturing Services Pte. Ltd. [b]
|
The Metropolis Tower 1, 9 North Buona Vista Drive, #07-01, Singapore, 138588
|
50
|
|
Zeco Systems Pte. Ltd.
|
1 Commonwealth Lane, #09-30, One Commonwealth, Singapore, 149544
|
99
|
|
SLOVAKIA
|
|
|
|
SHELL Slovakia s.r.o.
|
Einsteinova 23, Bratislava, 851 01
|
100
|
|
SLOVENIA
|
|
|
|
Shell Adria d.o.o.
|
Bravnicarjeva ulica 13, Ljubljana, 1000
|
100
|
|
SOUTH AFRICA
|
|
|
|
Bituguard Southern Africa (Pty) Ltd
|
Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021
|
36
|
|
Blendcor (Pty) Ltd. [b]
|
Honshu Road, Durban, 4001
|
36
|
|
Sekelo Oil Trading (Pty) Limited
|
1st Floor Oxford Parks, 199 Oxford Road, Dunkeld, Gauteng, 2196
|
43
|
|
Shell & BP South African Petroleum Refineries (Pty) Limited [b]
|
Reunion, Durban, 4001
|
36
|
|
Shell Downstream South Africa (Pty) Ltd
|
Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021
|
72
|
|
Shell Global Customer Services Centre Cape Town (Pty) Ltd
|
10 Rua Vasco de Gama, Foreshore, Cape Town, 8000
|
100
|
|
Shell South Africa Energy (Pty) Ltd
|
Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021
|
100
|
|
Shell South Africa Exploration (Pty) Limited
|
Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021
|
100
|
|
Shell South Africa Holdings (Pty) Ltd
|
Twickenham, The Campus, 57 Sloan Street, Epsom Downs, Bryanston, 2021
|
100
|
|
STISA (Pty) Limited
|
Suite OE/2, The Nautica, The Waterclub, Beach Road, Granger Bay, Cape Town, 8001
|
72
|
|
SOUTH KOREA
|
|
|
|
Hankook Shell Oil Company
|
No. 250, Sinsun-ro, Nam-gu, Busan, 48561
|
54
|
|
Hyundai and Shell Base Oil Co., Ltd
|
640-6, Daejuk-ri, Daesan-eup, Seosan-shi, Chungchongnam-do, 356-713
|
40
|
|
SPAIN
|
|
|
|
BG Energy Iberian Holdings, S.L.
|
Paseo de la Castellana, 257-6º, Madrid, 28046
|
100
|
|
Shell & Disa Aviation España, S.L.
|
Rio Bullaque, 2, Madrid, 28034
|
50
|
|
Shell España, S.A.
|
Paseo de la Castellana, 257-6º, Madrid, 28046
|
100
|
|
Shell Spain LNG, S.A.U.
|
Paseo de la Castellana, 257-6º, Madrid, 28046
|
100
|
|
SUDAN
|
|
|
|
Shell (Sudan) Petroleum Development Company Limited
|
Shell House, P.O. Box 320, Khartoum
|
100
|
|
SWEDEN
|
|
|
|
A Flygbränslehantering Aktiebolag
|
P.O. Box 135, Stockholm-Arlanda, 190 46
|
25
|
|
BG International Services AB
|
Deloitte, P.O. Box 450, Östersund, 831 26
|
100
|
|
Gothenburg Fuelling Company AB
|
P.O. Box 2154, Gothenburg, 438 14
|
33
|
|
Malmö Fuelling Services AB
|
Sturup Flygplats, P.O. Box 22, Malmö, 230 32
|
33
|
|
Shell Aviation Sweden AB
|
Gustavslundsvägen 22, Bromma, 16751
|
100
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E14
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E15
|
|
BG Cyprus Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Delta Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Employee Shares Trustees Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Energy Capital Plc
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Energy Holdings Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Energy Marketing Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Equatorial Guinea Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Exploration and Production Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Gas Services Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Gas Supply (UK) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG General Holdings Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG General Partner Limited
|
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
|
100
|
|
BG Global Employee Resources Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Great Britain Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Group Company Secretaries Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Group Employee Benefit Trust Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Group Employee Shares Trustees Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Group Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Group Pension Trustees Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Group Trustees Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Intellectual Property Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG International Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Iran Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Karachaganak Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Karachaganak Trading Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Kenya L10A Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Kenya L10B Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG LNG Investments Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Mongolia Holdings Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Netherlands
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Netherlands Financing Unlimited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Norge Exploration Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Norge Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG North Sea Holdings Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG OKLNG Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Overseas Holdings Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Overseas Investments Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Overseas Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Pension Funding Scottish Limited Partnership [l]
|
50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ
|
100
|
|
BG Rosetta Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG South East Asia Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Subsea Well Project Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Tanzania Holdings Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG Trinidad LNG Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
BG UK Holdings Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Brazil Shipping I Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Brazil Shipping II Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
British Pipeline Agency Limited
|
5-7 Alexandra Road, Hemel Hempstead, Hertfordshire, HP2 5BS
|
50
|
|
B-Snug Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
CRI Catalyst Company Europe Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Derivatives Trading Americas Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Dragon LNG Group Limited [b]
|
Main Road, Waterston, Milford Haven, Pembrokeshire, SA73 1DR
|
50
|
|
Eastham Refinery Limited [b]
|
Shell Centre, London, SE1 7NA
|
50
|
|
Enterprise Oil Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Enterprise Oil Middle East Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Enterprise Oil Norge Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Enterprise Oil Operations Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Enterprise Oil U.K. Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Farepilot Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
First Telecommunications Limited
|
Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS
|
100
|
|
First Utility Limited
|
Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS
|
100
|
|
Gainrace Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Gatwick Airport Storage and Hydrant Company Limited
|
Shell Centre, London, SE1 7NA
|
13
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E16
|
|
Glossop Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
GOGB Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Heathrow Airport Fuel Company Limited
|
Building 1204, Sandringham Road, Heathrow Airport, Hounslow, Middlesex, TW6 3SH
|
14
|
|
Heathrow Hydrant Operating Company Limited
|
Building 1204, Sandringham Road, Heathrow Airport, Hounslow, Middlesex, TW6 3SH
|
10
|
|
Hudson Energy Supply UK Limited
|
3/F Elder House, 586-592 Elder Gate, Milton Keynes, MK9 1LR
|
100
|
|
Impello Limited
|
Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS
|
100
|
|
International Inland Waterways, Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Karachaganak Project Development Limited [b]
|
Shell Centre, London, SE1 7NA
|
38
|
|
Khmer Shell Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Kite Power Systems Limited
|
146 New London Road, Chelmsford, Essex, CM2 0AW
|
34
|
|
Limejump Energy Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Intermediate 1 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Ltd
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 1 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 10 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 11 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 12 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 13 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 14 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 15 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 2 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 3 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 4 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 5 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 6 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 7 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 8 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Limejump Virtual 9 Limited
|
Canterbury Court, Kennington Park, 1-3 Brixton Road, London, SW9 6DE
|
100
|
|
Machine Max Limited
|
Shell Centre, London, SE1 7NA
|
56
|
|
Manchester Airport Storage and Hydrant Company Limited
|
50 Broadway, London, SW1H 0BL
|
25
|
|
Maritime Association for Risk Mitigation & Safety Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Methane Services Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Murphy Schiehallion Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Octane Properties Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Private Oil Holdings Oman Limited
|
Shell Centre, London, SE1 7NA
|
85
|
|
Sabah Shell Petroleum Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Saxon Oil Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Saxon Oil Miller Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Schooner Trustees Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
SELAP Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
SF Investment Management Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Aircraft Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Arabia Car Service Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Aviation Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Business Development Middle East Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Caribbean Investments Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Catalysts & Technologies Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Chemical Company of Eastern Africa Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Chemicals (Hellas) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Chemicals Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Chemicals Support Services Asia Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Chemicals U.K. Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell China Exploration and Production Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Clair UK Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Club Corringham Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Company (Hellas) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Company (Pacific Islands) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Corporate Director Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Corporate Secretary Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Direct (U.K.) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Distributor (Holdings) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Employee Benefits Trustee Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
[l] Established by BG Group plc and the BG Trustee in 2013 as part of funding agreements associated with the BG pension scheme. Under the exemption conferred by Regulation 7 of the Partnerships (Accounts) Regulations 2008, the accounts of this partnership have not been filed at the Companies House.
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E17
|
|
Shell Energy Europe Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Energy Investments Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Energy Retail Limited
|
Shell Energy House, Westwood Business Park, Westwood Way, Coventry, CV4 8HS
|
100
|
|
Shell Energy Supply UK LTD.
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell EP Offshore Ventures Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Exploration and Production Tanzania Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Finance GB Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Gas Holdings (Malaysia) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Gas Marketing U.K Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Global LNG Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Hasdrubal Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Holdings (U.K.) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Information Technology International Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell International Gas Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell International Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell International Petroleum Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell International Trading and Shipping Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Malaysia Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Marine Products Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell New Energies UK Ltd
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Overseas Holdings Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Overseas Services Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Pension Reserve Company (SIPF) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Pension Reserve Company (SOCPF) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Pension Reserve Company (UK) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Pensions Trust Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Property Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell QGC Holdings Limited [i]
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell QGC Midstream 1 Limited [i]
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell QGC Midstream 2 Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell QGC Upstream 1 Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell QGC Upstream 2 Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Research Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Response Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Shared Service Centre - Glasgow Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell South Asia LNG Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Supplementary Pension Plan Trustees Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Tankers (U.K.) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Trading International Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Treasury Centre Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Treasury Dollar Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Treasury Euro Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Treasury UK Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Trinidad 5(A) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Trinidad and Tobago Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Trinidad Block E Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Trustee Solutions Limited
|
1 Altens Farm Road, Nigg, Aberdeen, AB12 3FY
|
100
|
|
Shell Tunisia Upstream Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell U.K. Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell U.K. North Atlantic Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell U.K. Oil Products Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Upstream Overseas Services (I) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Ventures New Zealand Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell Ventures U.K. Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Shell-Mex and B.P. Limited
|
Shell Centre, London, SE1 7NA
|
60
|
|
Stansted Fuelling Company Limited
|
Exxonmobil House, Ermyn Way, Leatherhead, KT22 8UX
|
14
|
|
Steama Company Limited
|
Pannone Corporate Llp, 378-380 Deansgate, Castlefield, Manchester, M3 4LY
|
35
|
|
STT (Das Beneficiary) Limited [a]
|
Shell Centre, London, SE1 7NA
|
100
|
|
Synthetic Chemicals (Northern) Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
Telegraph Service Stations Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
The Anglo-Saxon Petroleum Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
The Asiatic Petroleum Company Limited
|
Shell Centre, London, SE1 7NA
|
100
|
|
The Consolidated Petroleum Company Limited
|
Shell Centre, London, SE1 7NA
|
50
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E18
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E19
|
|
Deer Park Refining Limited Partnership [b] [d]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
50
|
|
Distributed Generation Solutions LLC
|
2441 High Timbers Drive, Suite 220, The Woodlands, TX 77380
|
33
|
|
EcoSmart Solution LLC
|
Corporation Service Company, 215 Little Falls Drive, Wilmington, DE 19808
|
35
|
|
Ellwood Land Holdings, LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Endymion Oil Pipeline Company, LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
5
|
|
Enterprise Oil North America Inc.
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
EPP LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
Equilon Enterprises LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Explorer Pipeline Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
19
|
|
Gaviota Terminal Company [d]
|
150 N. Dairy Ashford, Houston, TX 77079
|
20
|
|
GI Endurant LLC [b]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
58
|
|
GI Energy Storage LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
GlassPoint Solar Inc.
|
47669 Fremont Blvd., Fremont, CA 94538
|
39
|
|
Husk Power Systems, Inc.
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
30
|
|
Infineum USA Inc.
|
1900 East Linden Avenue, Linden, NJ 07036
|
50
|
|
Infineum USA L.P. [h]
|
Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, DE 19808
|
50
|
|
J & J Lubrication, LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
Jiffy Lube International, Inc.
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Lake Charles Exports, LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
80
|
|
Laurentide E&P, LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Lazlyng Real Estate Company, LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
LOCAP LLC
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
20
|
|
LOOP LLC
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
46
|
|
Maple Power Holdings LLC
|
Bechtel Enterprises, 12011 Sunset Hills Road, Reston, VA 20190
|
68
|
|
Mars Oil Pipeline Company LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
34
|
|
Mattox Pipeline Company LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
79
|
|
Mayflower Wind Energy LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
50
|
|
MP2 Energy LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
MP2 Energy NE LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
MP2 Energy NY LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
MP2 Energy Retail Holdings LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
MP2 Energy Texas LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
MP2 Generation LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
MP2 Mesquite Creek Wind LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
Mpower2 LLC [c]
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
Noble Assurance Company
|
C T Corporation System, 1999 Bryan Street, Suite 900, Dallas, TX 75201
|
100
|
|
Odyssey Pipeline L.L.C. [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
34
|
|
Oryx Caspian Pipeline, L.L.C. [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pacwest Energy, LLC.
|
3450 E. Commercial Ct., Meridian, ID 83642
|
50
|
|
Pecten Arabian Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pecten Brazil Exploration Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pecten Midstream LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
48
|
|
Pecten Orient Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pecten Orient Company LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pecten Producing Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pecten Trading Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pecten Victoria Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pecten Yemen Masila Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pennzoil-Quaker State Company
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pennzoil-Quaker State International Corporation
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Pennzoil-Quaker State Nominee Company
|
The Corporation Trust Company of Nevada, 311 South Division Street, Carson City, NV 89703
|
100
|
|
Peru LNG Company LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
20
|
|
Poseidon Oil Pipeline Company, LLC
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
17
|
|
Power Limited Partnership [d]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Premium Velocity Auto LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Proteus Oil Pipeline Company, LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
5
|
|
Quaker State Investment Corporation
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
RDK Ventures, LLC
|
4080 West Jonathan Moore Pike, Columbus, IN 47201
|
50
|
|
RK Caspian Shipping Company, LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
S T Exchange, Inc.
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Salamander Solutions Inc.
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
28
|
|
San Pablo Bay Pipeline Company LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
100
|
|
Sand Dollar Pipeline LLC [c]
|
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801
|
48
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E20
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E21
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E22
|
|
Exhibit 12.1
|
|
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
|
/s/ Ben van Beurden
|
|
|
|
Ben van Beurden
|
|
Chief Executive Officer
|
|
March 11, 2020
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
|
Exhibit 12.2
|
|
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
|
/s/ Jessica Uhl
|
|
Jessica Uhl
|
Chief Financial Officer
|
March 11, 2020
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E 1
|
|
Exhibit 13.1
|
|
|
|
/s/ Ben van Beurden
|
|
|
|
Ben van Beurden
|
|
Chief Executive Officer
|
|
/s/ Jessica Uhl
|
|
|
|
Jessica Uhl
|
|
Chief Financial Officer
|
|
March 11, 2020
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E 1
|
|
Exhibit 99.1
|
|
|
|
/s/ Ernst & Young LLP
|
|
|
|
Ernst & Young LLP
|
|
London, United Kingdom
|
|
March 11, 2020
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E 1
|
|
Exhibit 99.2
|
|
|
|
/s/ Ernst & Young LLP
|
|
|
|
Ernst & Young LLP
|
|
London, United Kingdom
|
|
March 11, 2020
|
|
ADDITIONAL INFORMATION SHELL FORM 20-F 2019
|
E 1
|
|