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Annual Results

Shell posts FY CCS earnings of $3.5bn, vs $3.8bn

02 February 2017 07:22

Royal Dutch Shell has booked FY CCS earnings attributable to shareholders of $3.5bn, from $3.8bn a year earlier. In Q4, CCS earnings attributable to shareholders were $1.0bn, from $1.8bn.

"We are reshaping Shell and delivered a good cash flow performance this quarter with over $9 billion in cash flow from operations," said CEO Ben van Beurden.

The company's debt had been reduced and, for the second consecutive quarter, free cash flow had more than covered its cash dividend.

Its Q4 dividend was $0.47 per ordinary share and $0.94 per American Depositary Share (ADS).

Van Beurden continued: "Production and LNG volumes included delivery from new projects, with ramp-up continuing in 2017 and 2018."

Meanwhile, he added, the company was operating at an underlying cost level that was $10bn lower than Shell and BG combined only 24 months ago.

"We are gaining momentum on divestments, with some $15 billion completed in 2016, announced, or in progress, and we are on track to complete our overall $30 billion divestment programme as planned."

Looking ahead, van Beurden said Shell would further focus the portfolio and strengthen the its financial framework in 2017.

"Our strategy is starting to pay off and in 2017 we will be investing around $25 billion in high quality, resilient projects."

Shell was expected to announce a dividend of $0.47 per ordinary share and $0.94 per ADS for Q1 2017.

Returning to the results, FY 2016 CCS earnings attributable to shareholders excluding identified items were $7.2bn, from $11.4bn in 2015.

Gearing at the end of 2016 was 28.0% (2015 14.0%). There was an increase of 9.7% on acquisition of BG.

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