Royal Dutch Shell plc

Unaudited financial statements and operating information

Index:
(Click on the link below for desired data)

Consolidated Statement of Income

Earnings and Dividends per Share and per ADS
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Cash Flows
Earnings by Business Segment and Identified Items
Net Capital Investment
Additional segmental information
Price and Margin Information (period average)
Upstream Operational data
Downstream Operational data
Cautionary Statement

Consolidated Statement of Income

30

40

50

60

62

63

64

65

70

72

73

74

75

80

2007
355,782
8,234
5,760
369,776
262,255
23,219
16,449
1,167
1,822
13,180
1,108
50,576
18,650
31,926
31,926
595
31,331

2008
458,361
7,446
5,133
470,940
359,587
25,565
16,906
1,230
1,995
13,656
1,181
50,820
24,344
26,476
26,476
199
26,277

2009
278,188
4,976
1,965
285,129
203,075
25,301
17,430
1,125
2,178
14,458
542
21,020
8,302
12,718
12,718
200
12,518

2010
368,056
5,953
4,143
378,152
283,176
24,458
15,528
1,019
2,036
15,595
996
35,344
14,870
20,474
20,474
347
20,127

Q1 2011
109,923
2,337
2,582
114,842
84,810
5,913
3,364
219
401
3,317
395
16,423
7,498
8,925
8,925
145
8,780

Q2 2011
121,261
2,126
1,175
124,562
95,275
6,791
3,749
249
379
2,865
360
14,894
6,135
8,759
8,759
97
8,662

Q3 2011
123,412
2,041
504
125,957
98,094
6,761
3,516
253
661
3,803
331
12,538
5,505
7,033
7,033
57
6,976

Q4 2011
115,575
2,233
1,320
119,128
91,865
6,993
3,706
404
825
3,243
287
11,805
5,337
6,468
6,468
(32)
6,500

2011
470,171
8,737
5,581
484,489
370,044
26,458
14,335
1,125
2,266
13,228
1,373
55,660
24,475
31,185
31,185
267
30,918

Q1 2012
119,920
2,940
914
123,774
94,069
6,049
3,689
295
362
3,402
552
15,356
6,522
8,834
8,834
115
8,719

Q2 2012
117,068
1,514
1,304
119,886
95,041
6,379
3,459
289
862
3,503
411
9,942
5,874
4,068
4,068
5
4,063

Q3 2012
112,118
2,367
944
115,429
87,265
6,513
3,709
311
713
3,875
415
12,628
5,389
7,239
7,239
100
7,139

Q4 2012
118,047
2,127
2,437
122,611
93,350
7,339
3,759
419
1,167
3,835
379
12,363
5,664
6,699
6,699
28
6,671

2012
467,153
8,948
5,599
481,700
369,725
26,280
14,616
1,314
3,104
14,615
1,757
50,289
23,449
26,840
26,840
248
26,592

(3,767)
27,564
2,259
25,305

5,089
31,366
2,956
28,410

(2,714)
9,804
(1,749)
11,553

(1,484)
18,643
570
18,073

(1,855)
6,925
637
6,288

(667)
7,995
1,443
6,552

270
7,246
245
7,001

(41)
6,459
1,613
4,846

(2,293)
28,625
3,938
24,687

(1,060)
7,659
380
7,279

1,901
5,964
245
5,719

(1,012)
6,127
(432)
6,559

623
7,294
1,712
5,582

452
27,044
1,905
25,139

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$ million

Revenue
Share of profit of equity-accounted investments
Interest and other income1
Total revenue and other income
Purchases
Production and manufacturing expenses
Selling, distribution and administrative expenses
Research and development
Exploration
Depreciation, depletion and amortisation
Interest expense
Income before taxation
Taxation
Income from continuing operations
Income/(loss) from discontinued operations
Income for the period
Income attributable to non-controlling interest
Income attributable to Royal Dutch Shell plc shareholders
CCS adjustment for Downstream
CCS earnings
Identified Items
CCS earnings excluding identified items
1

Includes dividend income, gains/(losses) on sale of assets and net

foreign exchange gains on financing activities.

Page 2

Earnings and Dividends per share

30

40

50

60

62

63

64

65

70

72

73

74

75

80

2007
1.44

2008
1.60

2009
1.68

2010
1.68

Q1 2011
0.42

Q2 2011
0.42

Q3 2011
0.42

Q4 2011
0.42

2011
1.68

Q1 2012
0.43

Q2 2012
0.43

Q3 2012
0.43

Q4 2012
0.43

2012
1.72

5.00
4.39
4.04

4.27
5.09
4.61

2.04
1.60
1.89

3.28
3.04
2.95

1.42
1.12
1.02

1.39
1.29
1.05

1.12
1.16
1.12

1.04
1.04
0.78

4.98
4.61
3.97

1.40
1.23
1.17

0.65
0.95
0.91

1.14
0.98
1.05

1.06
1.16
0.89

4.25
4.32
4.02

4.99
4.39
4.03

4.26
5.08
4.60

2.04
1.60
1.88

3.28
3.04
2.94

1.42
1.12
1.02

1.39
1.28
1.05

1.12
1.16
1.12

1.04
1.03
0.78

4.97
4.60
3.97

1.40
1.23
1.17

0.65
0.95
0.91

1.14
0.98
1.05

1.06
1.16
0.89

4.24
4.31
4.01

2.88

3.20

3.36

3.36

0.84

0.84

0.84

0.84

3.36

0.86

0.86

0.86

0.86

3.44

10.00
8.78
8.08

8.54
10.18
9.22

4.08
3.20
3.78

6.56
6.08
5.90

2.84
2.24
2.04

2.78
2.58
2.10

2.24
2.32
2.24

2.08
2.08
1.56

9.96
9.22
7.94

2.80
2.46
2.34

1.30
1.90
1.82

2.28
1.96
2.10

2.12
2.32
1.78

8.50
8.64
8.04

9.98
8.78
8.06

8.52
10.16
9.20

4.08
3.20
3.76

6.56
6.08
5.88

2.84
2.24
2.04

2.78
2.56
2.10

2.24
2.32
2.24

2.08
2.06
1.56

9.94
9.20
7.94

2.80
2.46
2.34

1.30
1.90
1.82

2.28
1.96
2.10

2.12
2.32
1.78

8.48
8.62
8.02

6,263.76
6,283.76
6,210.36
112.28

6,159.10
6,171.49
6,121.74
101.39

6,124.91
6,128.92
6122.29

6,132.64
6,139.30
6,154.20

6,163.29
6,174.04
6,207.40

6,216.48
6,227.21
6,241.77

18.29

31.14

23.91

6,238.08
6,247.06
6,236.45
28.10
22.27

6,231.26
6,240.95
6,220.08
6.31
27.28

6,212.53
6,221.66
6,220.08
34.41
104.60

2
6,229.43
6,239.09
6,273.85
1.33
27.50

3
6,265.90
6,273.24
6,266.24
26.96
19.76

4
6,266.31
6,273.90
6,284.80
2.45
22.33

5
6,282.80
6,289.15
6,305.87
12.96
34.25

6,261.19
6,267.84
6,305.87
43.70
103.84

33.44

34.30

34.99

32.32

34.95

34.21

36.32

32.79

35.43

32.91

34.33

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Dividends per share ($) 1

Basic earnings per share ($)
Earnings per share
CCS earnings per share
CCS earnings per share excluding identified items
Diluted earnings per share ($)
Earnings per share
CCS earnings per share
CCS earnings per share excluding identified items

Earnings and Dividends per ADS2

Dividends per ADS ($) 1
Basic earnings per ADS ($)
Earnings per share
CCS earnings per share
CCS earnings per share excluding identified items
Diluted earnings per share ($)
Earnings per share
CCS earnings per share
CCS earnings per share excluding identified items
Shares (Millions)3
Weighted average number of shares as the basis for:
Basic earnings per share
Diluted earnings per share
Shares outstanding at the end of the period
Number of shares repurchased 4
Number of shares issued
Scrip dividend reference share price ($)
1

Dividend declared in respect of the relevant quarter

Each American Depositary Share (ADS) represents two Royal Dutch

Shell plc ordinary shares of 0.07 each.
3

Royal Dutch Shell plc ordinary shares of 0.07 each.

Shares repurchases based on the trading date. Settlement usually

occurs three working days after the trading day.

Page 3

Condensed Consolidated Balance Sheet

67

68

69

70

77

78

79

80

Back to Index
Q4 2007

Q4 2008

Q4 2009

Q4 2010

Q1 2011

At the end of
Q2 2011
Q3 2011

Q4 2011

Q1 2012

At the end of
Q2 2012
Q3 2012

Q4 2012

$ million
Assets
Non-current assets:
Intangible assets
Property, plant and equipment
Equity-accounted investments
Investments in securities
Deferred tax
Retirement benefits
Trade and other receivables

5,366
101,521
29,153
3,461
3,253
5,559
5,760
154,073

5,021
112,038
28,327
4,065
3,418
6,198
6,764
165,831

5,356
131,619
31,175
3,874
4,533
10,009
9,158
195,724

5,039
142,705
33,414
3,809
5,361
10,368
8,970
209,666

4,725
144,835
35,558
3,971
5,661
10,874
9,360
214,984

4,668
148,057
39,033
3,920
5,612
11,171
9,450
221,911

4,500
147,027
38,321
3,915
5,512
11,132
9,040
219,447

4,521
152,081
37,990
5,492
4,732
11,408
9,256
225,480

4,545
155,239
39,534
5,454
4,666
11,816
10,061
231,315

4,425
155,526
38,424
5,530
4,141
11,542
9,467
229,055

4,478
162,401
39,033
5,492
4,246
12,461
10,070
238,181

4,470
172,293
38,350
4,867
4,045
12,575
8,991
245,591

31,503
74,238
9,656
115,397

19,342
82,040
15,188
116,570

27,410
59,328
9,719
96,457

29,348
70,102
13,444
112,894

33,632
78,103
16,608
128,343

33,955
75,493
19,465
128,913

30,250
78,529
19,256
128,035

28,976
79,509
11,292
119,777

34,163
78,798
15,024
127,985

28,295
71,200
17,282
116,777

32,358
70,972
18,839
122,169

30,781
65,403
18,550
114,734

269,470

282,401

292,181

322,560

343,327

350,824

347,482

345,257

359,300

345,832

360,350

360,325

12,363
3,893
13,039
6,165
13,658
49,118

13,772
3,677
12,518
5,469
12,570
48,006

30,862
4,586
13,838
5,923
14,048
69,257

34,381
4,250
13,388
5,924
14,285
72,228

31,788
4,417
15,573
6,105
14,321
72,204

31,477
5,335
16,626
6,126
15,063
74,627

31,092
5,415
15,814
5,988
15,442
73,751

30,463
4,921
14,649
5,931
15,631
71,595

29,116
4,542
15,887
6,064
16,010
71,619

28,383
4,250
15,626
6,026
15,805
70,090

28,078
4,322
16,107
6,169
16,262
70,938

29,921
4,175
15,590
6,298
17,435
73,419

5,736
75,697
9,733
426
2,792
94,384

9,497
85,091
8,107
383
2,451
105,529

4,171
67,161
9,189
461
3,807
84,789

9,951
76,550
10,306
377
3,368
100,552

10,839
82,270
14,794
393
3,144
111,440

11,022
79,344
14,798
395
3,322
108,881

8,268
80,357
15,305
374
3,224
107,528

6,712
81,846
10,606
387
3,108
102,659

5,657
85,360
14,113
408
2,951
108,489

4,597
75,361
14,491
403
2,814
97,666

8,280
77,550
14,869
399
3,131
104,229

7,833
72,839
12,684
402
3,221
96,979

Total liabilities

143,502

153,535

154,046

172,780

183,644

183,508

181,279

174,254

180,108

167,756

175,167

170,398

Equity attributable to Royal Dutch Shell plc shareholders

Non-controlling interest
Total equity

123,960
2,008
125,968

127,285
1,581
128,866

136,431
1,704
138,135

148,013
1,767
149,780

157,805
1,878
159,683

165,487
1,829
167,316

164,601
1,602
166,203

169,517
1,486
171,003

177,647
1,545
179,192

176,637
1,439
178,076

183,785
1,398
185,183

188,494
1,433
189,927

Total liabilities and equity

269,470

282,401

292,181

322,560

343,327

350,824

347,482

345,257

359,300

345,832

360,350

360,325

Current assets:
Inventories
Trade and other receivables
Cash and cash equivalents

Total assets
Liabilities
Non-current liabilities:
Debt
Trade and other payables
Deferred tax
Retirement benefits
Decommissioning and other provisions

Current liabilities:
Debt
Trade and other payables
Taxes payable
Retirement benefits
Decommissioning and other provisions

Page 4

Condensed Consolidated Statement of Cash Flows

62

63

64

65

70

72

73

74

75

80

Back to Index

$ million
Cash flow from operating activities:
Income for the period
Adjustment for:
- Current taxation
- Interest expense (net)
- Depreciation, depletion and amortisation
- Net (gains)/losses on sale of assets
- Decrease/(increase) in net working capital
- Share of profit of equity-accounted investments
- Dividends received from equity-accounted investments
- Deferred taxation and decommissioning and other provisions
- Other
Net cash from operating activities (pre-tax)
Taxation paid
Net cash from operating activities
Cash flow from investing activities:
Capital expenditure
Investments in equity-accounted investments
Proceeds from sale of assets
Proceeds from sale of equity-accounted investments
Proceeds from sale/(purchases) of securities (net)
Interest received
Net cash used in investing activities
Cash flow from financing activities:
Net (decrease)/increase in debt with maturity period within three months
Other debt:
- New borrowings
- Repayments
Interest paid
Change in non-controlling interest
Cash dividends paid to:
- Royal Dutch Shell plc shareholders
- Non-controlling interest
Repurchases of shares
Shares held in trust:
- Net sales/(purchases) and dividends received
Net cash used in financing activities
Currency translation differences relating to cash and cash equivalents
Increase/(decrease) in cash and cash equivalents

2007

2008

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

2012

31,926

26,476

12,718

20,474

8,925

8,759

7,033

6,468

31,185

8,834

4,068

7,239

6,699

26,840

20,076
550
13,180
(3,349)
(6,206)
(8,234)
6,955
(773)
(801)
53,324

24,452
1,039
13,656
(4,071)
7,935
(7,446)
9,325
(1,030)
(549)
69,787

9,297
1,247
14,458
(781)
(2,331)
(4,976)
4,903
(1,925)
(1,879)
30,731

16,384
842
15,595
(3,276)
(5,929)
(5,953)
6,519
(1,934)
(10)
42,712

5,901
356
3,316
(2,192)
(4,511)
(2,337)
1,523
1,578
213
12,772

5,546
284
2,866
(796)
(2,283)
(2,126)
2,560
553
(72)
15,291

5,746
249
3,803
(347)
1,011
(2,041)
2,402
(204)
(540)
17,112

5,816
275
3,243
(1,150)
(688)
(2,233)
3,196
(159)
(550)
14,218

23,009
1,164
13,228
(4,485)
(6,471)
(8,737)
9,681
1,768
(949)
59,393

5,479
499
3,402
(524)
770
(2,940)
2,582
971
(408)
18,665

5,892
358
3,503
(1,193)
3,836
(1,514)
2,799
(70)
261
17,940

5,385
362
3,875
(428)
(2,209)
(2,367)
2,537
(75)
(205)
14,114

5,966
324
3,835
(2,083)
994
(2,127)
2,655
(365)
553
16,451

22,722
1,543
14,615
(4,228)
3,391
(8,948)
10,573
461
201
67,170

(18,863)

(25,869)

(9,243)

(15,362)

(4,151)

(5,251)

(5,467)

(7,753)

(22,622)

(5,226)

(4,635)

(4,631)

(6,538)

(21,030)

34,461

43,918

21,488

27,350

8,621

10,040

11,645

6,465

36,771

13,439

13,305

9,483

9,913

46,140

(24,576)
(1,852)
8,566
1,012
1,055
1,225
(14,570)

(35,065)
(1,885)
4,737
2,062
224
1,012
(28,915)

(26,516)
(2,955)
1,325
1,633
(105)
384
(26,234)

(26,940)
(2,050)
3,325
3,591
(34)
136
(21,972)

(4,146)
(703)
3,111
53
1
37
(1,647)

(4,980)
(669)
1,110
172
73
(4,294)

(7,261)
(199)
1,594
200
6
75
(5,585)

(9,914)
(315)
1,175
43
83
11
(8,917)

(26,301)
(1,886)
6,990
468
90
196
(20,443)

(6,456)
(1,298)
2,372
57
(40)
48
(5,317)

(7,033)
(724)
1,675
170
10
45
(5,857)

(8,413)
(789)
786
56
(26)
47
(8,339)

(10,674)
(217)
1,513
415
(30)
53
(8,940)

(32,576)
(3,028)
6,346
698
(86)
193
(28,453)

(455)

4,161

(6,507)

4,647

(2,637)

119

(365)

(841)

(3,724)

(453)

248

507

(467)

(165)

4,565
(2,796)
(1,235)
(6,757)

3,555
(2,890)
(1,371)
40

19,742
(2,534)
(902)
62

7,849
(3,240)
(1,312)
381

481
(236)
(500)
9

286
(1,299)
(522)
(9)

477
(2,529)
(173)
(3)

5
(585)
(470)
11

1,249
(4,649)
(1,665)
8

610
(2,967)
(454)
10

134
(1,533)
(339)
(2)

2,551
(182)
(352)
(10)

1,813
(278)
(283)
25

5,108
(4,960)
(1,428)
23

(9,001)
(203)
(4,387)

(9,516)
(325)
(3,573)

(10,526)
(191)
-

(9,584)
(395)
-

(1,558)
(71)
-

(1,766)
(128)
-

(1,865)
(175)
(817)

(1,688)
(64)
(289)

(6,877)
(438)
(1,106)

(1,671)
(24)
-

(2,112)
(78)
(890)

(1,973)
(164)
(149)

(1,634)
(26)
(453)

(7,390)
(292)
(1,492)

876
(19,393)

525
(9,394)

27
(829)

187
(1,467)

144
(4,368)

259
(3,060)

10
(5,440)

(1,342)
(5,263)

(929)
(18,131)

205
(4,744)

(103)
(4,675)

(93)
135

(43)
(1,346)

(34)
(10,630)

156
654

(77)
5,532

106
(5,469)

(186)
3,725

558
3,164

171
2,857

(829)
(209)

(249)
(7,964)

(349)
(2,152)

354
3,732

(515)
2,258

278
1,557

84
(289)

201
7,258

Cash and cash equivalents at beginning of period

9,002

9,656

15,188

9,719

13,444

16,608

19,465

19,256

13,444

11,292

15,024

17,282

18,839

11,292

Cash and cash equivalents at end of period

9,656

15,188

9,719

13,444

16,608

19,465

19,256

11,292

11,292

15,024

17,282

18,839

18,550

18,550

Page 5

Earnings by Segment and Identified Items

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Earnings by Segment
$ million
Upstream*1
Europe
Asia Pacific
Other
International
Americas
*Of which :
Integrated gas2
Downstream (CCS basis)
Oil Products
Chemicals
Corporate and Non-controlling interest
Interest and investment income/(expense)
Currency exchange gains/(losses)
Other - including taxation
Corporate
Non-controlling interest
CCS earnings

2007

2008

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

2012

5,819
3,077
3,557
12,453
5,641
18,094

8,809
4,482
6,007
19,298
7,208
26,506

2,756
2,614
1,839
7,209
1,145
8,354

4,328
6,215
4,662
15,205
730
15,935

863
1,139
1,852
3,854
1,904
5,758

1,035
1,539
2,287
4,861
1,200
6,061

1,261
1,806
2,320
5,387
684
6,071

1,922
1,223
2,450
5,595
970
6,565

5,081
5,707
8,909
19,697
4,758
24,455

1,377
1,402
2,786
5,565
1,141
6,706

1,213
1,350
2,211
4,774
(86)
4,688

734
1,822
2,575
5,131
(541)
4,590

1,244
1,749
2,782
5,775
403
6,178

4,568
6,323
10,354
21,245
917
22,162

3,144

4,093

1,785

5,727

759

2,160

2,437

1,923

7,279

2,426

2,619

2,774

3,159

10,978

6,906
1,682
8,588

5,153
156
5,309

(58)
316
258

1,439
1,511
2,950

685
485
1,170

1,347
536
1,883

827
653
1,480

(624)
380
(244)

2,235
2,054
4,289

820
499
1,319

879
481
1,360

1,395
202
1,597

865
209
1,074

3,959
1,391
5,350

875
205
307
1,387
(505)
882

328
(650)
253
(69)
(380)
(449)

360
644
306
1,310
(118)
1,192

(309)
42
358
91
(333)
(242)

(194)
92
201
99
(102)
(3)

(160)
126
175
141
(90)
51

(152)
(270)
168
(254)
(51)
(305)

(118)
(25)
243
100
38
138

(624)
(77)
787
86
(205)
(119)

(388)
185
(61)
(264)
(102)
(366)

(221)
(107)
292
(36)
(48)
(84)

(239)
77
177
15
(75)
(60)

(153)
14
215
76
(34)
42

(1,001)
169
623
(209)
(259)
(468)

27,564

31,366

9,804

18,643

6,925

7,995

7,246

6,459

28,625

7,659

5,964

6,127

7,294

27,044

Summary of Identified Items

Upstream*1
Europe
Asia Pacific
Other
International
Americas

$ million

*Of which :
Integrated gas2
Downstream
Oil Products
Chemicals

Corporate and Non-controlling interest

Corporate
Non-controlling interest

CCS earnings impact

2007

2008

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

1,181
145
(443)
883
588
1,471

2,109
15
755
2,879
608
3,487

(183)
(75)
49
(209)
75
(134)

287
2,386
43
2,716
(1,223)
1,493

(162)
(38)
221
21
1,099
1,120

85
482
27
594
47
641

171
381
132
684
(48)
636

450
152
544
1,146
312
1,458

544
977
924
2,445
1,410
3,855

729

230

(33)

2,479

(319)

535

534

111

327
(28)
299

(175)
(260)
(435)

(1,650)
(32)
(1,682)

(788)
(135)
(923)

(479)
(4)
(483)

796
6
802

(317)
(21)
(338)

489
489

(96)
(96)

67
67

2,259

2,956

(1,749)

570

637

1,443

Q2 2012

Q3 2012

(64)
(64)
517
453

160
539
(373)
326
(145)
181

(357)
184
314
141
(439)
(298)

861

539

34
34

34
(19)
15

198
198

32
32
64

(53)
(53)

76
45
121

23
45
68

(234)
(37)
(271)

245

1,613

3,938

380

245

Q4 2012

2012

45
717
567
1,329
472
1,801

(216)
1,440
508
1,732
405
2,137

202

835

1,576

(47)
(87)
(134)

(89)
(89)

(432)

1,712

94
(55)
39

(234)
(37)
(271)
1,905

Page 6

Earnings by Segment (Excluding Identified Items)

$ million
Upstream*1
Europe
Asia Pacific
Other
International
Americas
*Of which :
Integrated gas2
Downstream (CCS basis)
Oil Products
Chemicals

Corporate and Non-controlling interest

Corporate
Non-controlling interest

CCS earnings

2007

2008

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

2012

4,638
2,932
4,000
11,570
5,053
16,623

6,700
4,467
5,252
16,419
6,600
23,019

2,939
2,689
1,790
7,418
1,070
8,488

4,041
3,829
4,619
12,489
1,953
14,442

1,025
1,177
1,631
3,833
805
4,638

950
1,057
2,260
4,267
1,153
5,420

1,090
1,425
2,188
4,703
732
5,435

1,472
1,071
1,906
4,449
658
5,107

4,537
4,730
7,985
17,252
3,348
20,600

1,441
1,402
2,786
5,629
624
6,253

1,053
811
2,584
4,448
59
4,507

1,091
1,638
2,261
4,990
(102)
4,888

1,199
1,032
2,215
4,446
(69)
4,377

4,784
4,883
9,846
19,513
512
20,025

2,415

3,863

1,818

3,248

1,078

1,625

1,903

1,812

6,418

2,426

2,080

2,572

2,324

9,402

6,579
1,710
8,289

5,328
416
5,744

1,592
348
1,940

2,227
1,646
3,873

1,164
489
1,653

551
530
1,081

1,144
674
1,818

(658)
380
(278)

2,201
2,073
4,274

622
499
1,121

847
449
1,296

1,442
289
1,731

954
209
1,163

3,865
1,446
5,311

898
(505)
393

27
(380)
(353)

1,243
(118)
1,125

91
(333)
(242)

99
(102)
(3)

141
(90)
51

(201)
(51)
(252)

24
(7)
17

63
(250)
(187)

(30)
(65)
(95)

(36)
(48)
(84)

15
(75)
(60)

76
(34)
42

25
(222)
(197)

25,305

28,410

11,553

18,073

6,288

6,552

7,001

4,846

24,687

7,279

5,719

6,559

5,582

25,139

Europe: Europe
Asia Pacific: East Asia and Oceania
Other International: Africa, Middle East and CIS
Americas: North and South America
2

Integrated Gas is part of the Upstream segment. It incorporates Liquefied

Natural Gas, including LNG marketing and trading, and Gas-to-Liquids
operations.
In addition the associated upstream oil and gas production activities from
projects, where there are integrated fiscal and ownership structures across
the value chain, are also included in Integrated Gas. These include the
Sakhalin-2, North West Shelf, Pearl, Qatargas 4 and Pluto (Woodside)
projects that are on stream, as well as Gorgon, Prelude and Wheatstone
projects that are currently under construction. Power generation and coal
gasification activities are also included in Integrated Gas.

Page 7

Net Capital Investment

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$ million
Capital expenditure:
Upstream
Europe
Asia Pacific
Other
International
Americas
Total

2007

2008

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

2012

2,669
1,458
8,390
12,517
6,700
19,217

2,689
1,720
9,069
13,478
15,469
28,947

3,117
2,010
6,792
11,919
8,345
20,264

1,892
2,794
5,128
9,814
12,509
22,323

305
805
1,070
2,180
1,244
3,424

379
980
921
2,280
1,494
3,774

505
1,385
920
2,810
3,324
6,134

542
2,513
1,222
4,277
3,072
7,349

1,731
5,683
4,133
11,547
9,134
20,681

408
1,321
928
2,657
2,911
5,568

532
1,601
893
3,026
2,998
6,024

1,220
1,572
1,122
3,914
3,279
7,193

295
2,543
459
3,297
5,848
9,145

2,455
7,037
3,402
12,894
15,036
27,930

3,601
1,344
4,945

3,796
2,081
5,877

3,994
1,985
5,979

3,714
809
4,523

599
72
671

1,018
158
1,176

943
159
1,102

2,285
245
2,530

4,845
634
5,479

606
181
787

811
176
987

934
264
1,198

1,207
254
1,461

3,558
875
4,433

414
24,576

241
35,065

273
26,516

94
26,940

51
4,146

30
4,980

25
7,261

35
9,914

141
26,301

101
6,456

22
7,033

22
8,413

68
10,674

213
32,576

1,115
(471)
1,472
380

1,447
47
1,294
591

1,186
1,078
1,270
1,685

1,214
358
1,646
404

290
(269)
500
203

314
1,339
662
7

378
33
113
86

480
299
191
124

1,462
1,402
1,466
420

331
(1,092)
993
305

574
(208)
583
141

508
(859)
696
93

701
1,202
138
79

2,114
(957)
2,410
618

27,072

38,444

31,735

30,562

4,870

7,302

7,871

11,008

31,051

6,993

8,123

8,851

12,794

36,761

Proceeds from divestments :

Upstream
Downstream
Corporate
Total

7,807
2,613
213
10,633

3,909
2,932
182
7,023

1,625
1,278
(50)
2,853

4,487
2,401
(6)
6,882

2,409
801
(45)
3,165

380
894
8
1,282

669
1,084
47
1,800

822
427
52
1,301

4,280
3,206
62
7,548

2,112
307
(30)
2,389

1,482
359
14
1,855

573
274
(31)
816

1,692
239
(33)
1,898

5,859
1,179
(80)
6,958

Total net capital investment *

16,439

31,421

28,882

23,680

1,705

6,020

6,071

9,707

23,503

4,604

6,268

8,035

10,896

29,803

13,555
7,515
6,040
2,682
1,315
1,367
202
16,439

28,257
12,324
15,933
3,104
1,343
1,761
60
31,421

22,326
13,564
8,762
6,232
4,638
1,594
324
28,882

21,222
8,497
12,725
2,358
1,714
644
100
23,680

1,727
2,077
(350)
(118)
(148)
30
96
1,705

4,049
2,294
1,755
1,949
1,804
145
22
6,020

5,944
2,910
3,034
149
(26)
175
(22)
6,071

7,363
3,962
3,401
2,362
2,163
199
(18)
9,707

19,083
11,243
7,840
4,342
3,793
549
78
23,503

3,772
2,148
1,624
786
610
176
46
4,604

5,293
2,187
3,106
967
838
129
8
6,268

6,932
3,403
3,529
1,051
790
261
52
8,035

9,323
3,974
5,349
1,471
1,252
219
102
10,896

25,320
11,712
13,608
4,275
3,490
785
208
29,803

1,460

6,999

5,119

2,890

933

1,045

1,037

1,522

4,537

1,140

(68)

1,276

2,134

4,482

Downstream
Oil Products
Chemicals
Total
Corporate
Total capital expenditure
Exploration expense
Leases and other adjustments 1
New equity in equity-accounted investments
New loans to equity-accounted investments
Total capital investment
2

Comprising:
Upstream**
Upstream International
Upstream Americas
Downstream
Oil Products
Chemicals
Corporate
Total

**

Of which :
Integrated gas

Includes finance leases and other adjustments

related to timing differences between the recognition
of assets and associated underlying cash flows.
2

Includes proceeds from sales of assets, equityaccounted investments and the proceeds from
sales/(purchases) of securities, as shown in the
Statement of Cash Flows.

Page 8

Additional segmental information

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$ million
Upstream
Segment earnings
Including:
- Exploration
- Depreciation, depletion and amortisation
- Share of profit of equity-accounted investments
- Production and manufacturing expenses
- Selling, distribution and administrative expenses

2007

2008

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

2012

18,094

26,506

8,354

15,935

5,758

6,061

6,071

6,565

24,455

6,706

4,688

4,590

6,178

22,162

1,822
9,913
5,446
13,122
2,015

1,995
9,906
7,521
13,763
2,030

2,178
9,875
3,852
13,958
2,206

2,036
11,144
4,900
13,697
1,512

401
2,124
1,560
3,385
288

379
1,999
1,720
4,077
279

661
2,296
1,762
3,905
396

825
2,408
2,085
4,239
313

2,266
8,827
7,127
15,606
1,276

362
2,613
2,286
3,706
452

862
2,717
1,872
3,982
252

713
3,054
1,858
3,989
322

1,167
3,003
1,985
4,797
200

3,104
11,387
8,001
16,474
1,226

Cash flow from operations

Less: Net working capital movements
Cash flow from operations excluding net working capital movements

27,363
1,493
25,870

38,681
3,233
35,448

19,935
1,490
18,445

24,872
346
24,526

6,672
(1,939)
8,611

8,902
151
8,751

8,520
(737)
9,257

6,485
(177)
6,662

30,579
(2,702)
33,281

8,788
(584)
9,372

9,830
940
8,890

8,278
589
7,689

6,165
(835)
7,000

33,061
110
32,951

Capital employed

71,711

83,997

98,826

113,631

117,486

118,831

118,629

126,437

126,437

127,967

127,231

132,152

139,277

139,277

Downstream
Segment CCS earnings
Including:
- Depreciation, depletion and amortisation
- Share of profit of equity-accounted investments
- Production and manufacturing expenses
- Selling, distribution and administrative expenses

8,588

5,309

258

2,950

1,170

1,883

1,480

(244)

4,289

1,319

1,360

1,597

1,074

5,350

3,106
2,406
10,546
13,858

3,574
834
12,225
14,451

4,399
661
11,829
14,505

4,254
948
10,592
13,716

1,155
496
2,489
3,045

823
361
2,684
3,419

1,471
568
2,728
3,176

802
152
2,646
3,280

4,251
1,577
10,547
12,920

753
472
2,222
3,182

751
123
2,338
3,127

786
377
2,466
3,256

793
382
2,458
3,431

3,083
1,354
9,484
12,996

Cash flow from operations

Less: Net working capital movements
Cash flow from operations excluding net working capital movements

5,468
(7,682)
13,150

8,607
6,857
1,750

4,056
(1,783)
5,839

1,961
(6,177)
8,138

451
(3,620)
4,071

2,077
(754)
2,831

2,069
428
1,641

324
121
203

4,921
(3,825)
8,746

3,208
591
2,617

3,265
2,846
419

335
(3,170)
3,505

4,303
2,816
1,487

11,111
3,083
8,028

Capital employed

65,042

54,050

62,632

67,287

72,457

74,159

70,420

71,976

71,976

73,531

68,899

74,071

71,889

71,889

Corporate
Segment earnings

1,387

(69)

1,310

91

99

141

(254)

100

86

(264)

(36)

15

76

(209)

Cash flow from operations

Less: Net working capital movements
Cash flow from operations excluding net working capital movements

1,630
(17)
1,647

(3,370)
(2,155)
(1,215)

(2,503)
(2,039)
(464)

517
(98)
615

1,498
1,048
450

(939)
(1,680)
741

1,056
1,320
(264)

(344)
(632)
288

1,271
56
1,215

1,443
763
680

210
50
160

870
372
498

(555)
(987)
432

1,968
198
1,770

Capital employed

7,314

14,088

11,710

13,194

12,367

16,825

16,514

9,765

9,765

12,467

14,926

15,318

16,515

16,515

Shell group
CCS earnings
Non-controlling interest
CCS earnings (after non-controlling interest)

28,069
(505)
27,564

31,746
(380)
31,366

9,922
(118)
9,804

18,976
(333)
18,643

7,027
(102)
6,925

8,085
(90)
7,995

7,297
(51)
7,246

6,421
38
6,459

28,830
(205)
28,625

7,761
(102)
7,659

6,012
(48)
5,964

6,202
(75)
6,127

7,328
(34)
7,294

27,303
(259)
27,044

Cash flow from operations

Less: Net working capital movements
Cash flow from operations excluding net working capital movements

34,461
(6,206)
40,667

43,918
7,935
35,983

21,488
(2,332)
23,820

27,350
(5,929)
33,279

8,621
(4,511)
13,132

10,040
(2,283)
12,323

11,645
1,011
10,634

6,465
(688)
7,153

36,771
(6,471)
43,242

13,439
770
12,669

13,305
3,836
9,469

9,483
(2,209)
11,692

9,913
994
8,919

46,140
3,391
42,749

144,067

152,135

173,168

194,112

202,310

209,815

205,563

208,178

208,178

213,965

211,056

221,541

227,681

227,681

Capital employed

Page 9

Price and Margin Information (period average)

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2007
Oil & Gas (period average)1
Realised liquids prices ($/bbl)
Europe
Asia Pacific
Other
International
Americas
Global
Bitumen production oil sands
Synthetic crude oil
Realised gas prices ($/thousand scf)
Europe
Asia Pacific
Other
International
Americas
Global
Oil and gas marker industry prices
Brent ($/bbl)
WTI ($/bbl)
Henry Hub ($/MMBtu)
UK National Balancing Point (pence/therm)
Japanese Crude Cocktail JCC ($/bbl)2
Refining & cracker industry margins 3 (period average)
Refining marker industry gross margins ($/bbl)
US West Coast margin
US Gulf Coast margin
US Gulf Coast Coking margin
Rotterdam Brent
Rotterdam Complex margin
Singapore
Cracker industry margins ($/tonne)
US ethane
Western Europe naphtha2
North East/South East Asia naphtha

2008

68.45
69.41
70.17
69.50
62.35
67.99

89.28
85.90
97.89
93.93
88.01
92.75

61.97

88.98

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

2012

55.53
53.09
59.63
57.82
54.61
57.16

73.49
70.48
78.28
76.44
71.94
75.49

99.12
92.52
99.56
98.92
89.91
97.22

111.40
99.20
113.69
112.35
102.68
110.31

109.94
102.58
111.74
110.67
94.25
107.64

106.73
97.22
107.51
106.64
101.71
105.66

106.71
97.63
107.93
106.95
97.27
105.05

113.15
105.69
115.79
114.50
101.27
111.51

104.15
99.48
110.57
108.36
94.25
105.68

104.99
102.30
105.28
104.97
91.94
102.58

109.17
96.54
108.72
107.85
92.57
104.40

108.06
100.79
109.98
108.88
95.14
106.03

56.23

71.56

84.70

98.29

87.47

95.51

91.32

89.14

79.69

80.13

76.92

81.46

7.24
3.02
1.44
4.52
6.73
5.14

9.46
4.17
1.96
6.16
8.83
6.85

7.53
4.14
2.05
5.93
4.11
5.51

6.85
5.80
2.16
5.96
4.63
5.64

8.65
5.58
2.33
7.08
4.36
6.52

8.83
7.07
2.19
7.23
4.57
6.47

9.15
8.49
2.41
7.73
4.48
6.80

9.38
7.82
2.53
8.16
3.74
6.83

8.98
7.14
2.36
7.53
4.24
6.65

9.58
8.54
2.87
8.49
2.95
7.02

8.36
8.51
2.61
7.40
2.18
5.99

10.08
9.14
2.50
8.35
2.77
6.61

10.13
7.42
2.98
8.43
3.58
7.05

9.56
8.37
2.74
8.20
2.91
6.71

72.45
72.16
6.94
30.01
69.04

97.14
99.72
8.85
58.06
102.41

61.55
61.75
3.90
30.93
60.59

16
79.50
79.45
4.40
42.12
79.17

17
105.43
94.49
4.22
56.94
93.83

18
117.04
102.22
4.37
57.54
115.25

19
113.41
89.48
4.13
54.27
112.90

20
109.35
94.02
3.32
56.76
111.48

21
111.26
95.04
4.01
56.35
109.10

22
118.60
103.10
2.50
59.44
117.02

23
108.29
93.30
2.26
57.48
122.31

24
109.50
92.10
2.87
56.75
105.59

25
110.08
88.15
3.39
65.34
114.71

26
111.67
94.13
2.76
59.74
114.91

15.95
16.30

9.40
8.95

5.85
5.90

9.60

10.15

8.40

6.40

8.65

9.30

8.00

11.40

9.00

9.43

1.70

5.70

2.45

(2.10)

1.95

0.45

5.55

8.15

0.65

3.70

4.45

5.25

1.80

0.80
2.55

0.65
0.00

0.70
1.00

0.55
(1.10)

0.65
0.60

1.80
(1.50)

3.65
(1.65)

6.00
1.95

3.85
(0.85)

3.83
(0.51)

532.00
555.00
182.00

698.00
752.00
99.00

631.00
607.00
63.00

419.00
449.00
(92.00)

570.00
591.00
63.00

868.00
371.00
(71.00)

855.00
855.00
84.00

826.00
402.00
63.00

895.00
490.00
69.00

861.00
530.00
36.00

2.80

3.00

0.00

7.55
7.10
2.75
2.90
2.65
1.85

334.00
424.00
216.00

431.00
698.00
17.00

224.00
311.00
106.00

475.00
460.00
238.00

As from the first quarter 2010, realised gas prices include realisations from European
equity-accounted investments. 2009 data has been restated for comparison purposes. The
Q1 2011 realised gas price Americas was restated at Q2 2011.
2

Quarter data based on available market information up to the end of the period. Prices
and margins will subsequently be updated when full market data are available.
3

The refining and cracker industry margins shown above do not represent actual Shell
realised margins for the periods. From Q1 2011 onwards the basis of the estimated
refining industry marker margins has been changed in Europe from Brent crude to Dated
Brent. From Q2 2011 onwards the basis of the estimated refining industry marker
margins has been changed in the USGC from WTS crude to Mars. 2010 data has been
provided for comparison purposes.

Page 10

Upstream Operational data

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2007
Liquids production available for sale (thousand b/d)
Europe
Asia Pacific
Other:
Middle East and North Africa
SPDC1 - Nigeria
Other Sub-Saharan Africa
Russia, CIS
International
USA
Other Americas
Bitumen production oil sands
Synthetic crude oil
Americas
Total liquids production
Natural gas production available for sale (million scf/d2)
Europe
Asia Pacific
Other:
Middle East and North Africa
SPDC1 - Nigeria
Other Sub-Saharan Africa
Russia, CIS
International
USA
Other Americas
Americas
Total natural gas production
Total production in barrels of oil equivalent (thousand boe/d3)
Europe
Asia Pacific
Other:
Middle East and North Africa
SPDC1 - Nigeria
Other Sub-Saharan Africa
Russia, CIS
International
USA
Other Americas
Bitumen production oil sands
Synthetic crude oil
Americas
Total production
Equity LNG sales volumes (million tonnes)
1

2008

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

2012

423
227

375
206

317
197

285
186

262
171

232
146

234
172

228
187

239
169

248
187

235
146

190
156

202
167

219
164

377
111
224
53
1,415
324
79
81

380
107
201
71
1,340
272
81
78

361
90
182
107
1,254
273
73

366
157
189
118
1,301
237
99

385
165
172
120
1,275
216
88

421
168
160
119
1,246
221
87

425
157
162
115
1,265
190
90

417
131
142
118
1,223
218
88

412
155
159
118
1,252
211
88

421
136
142
113
1,247
228
93

439
123
148
107
1,198
209
79

448
150
142
105
1,191
201
72

456
134
136
93
1,188
249
76

441
136
142
104
1,206
222
80

484
1,899

431
1,771

80
426
1,680

72
408
1,709

99
403
1,678

114
422
1,668

131
411
1,676

115
421
1,644

115
414
1,666

114
435
1,682

126
414
1,612

135
408
1,599

127
452
1,640

125
427
1,633

3,350
2,405

3,679
2,544

3,470
2,598

3,814
2,532

4,790
2,664

2,509
2,298

2,250
2,212

3,827
2,190

3,338
2,339

4,616
2,112

2,731
2,011

2,180
2,089

3,724
2,392

3,311
2,151

250
584
6,589
1,130
495
1,625
8,214

237
552
7,012
1,053
504
1,557
8,569

259
292
192
6,811
1,061
611
1,672
8,483

236
587
359
7,528
1,153
624
1,777
9,305

359
721
431
8,965
1,003
625
1,628
10,593

603
713
369
6,492
903
601
1,504
7,996

705
718
316
6,201
928
620
1,548
7,749

852
676
412
7,957
1,032
644
1,676
9,633

631
707
382
7,397
967
622
1,589
8,986

1,158
794
452
9,132
1,051
661
1,712
10,844

1,096
745
376
6,959
997
691
1,688
8,647

991
731
364
6,355
1,010
657
1,667
8,022

1,333
692
303
8,444
1,209
635
1,844
10,288

1,145
740
374
7,721
1,067
661
1,728
9,449

1,000
642

1,009
645

915
645

943
623

1,088
630

664
542

622
554

888
565

814
572

1,044
552

706
492

566
516

845
580

790
535

420
212
224
53
2,551
519
164
81

420
202
201
72
2,549
453
168
78

406
140
182
140
2,428
456
178

408
258
189
180
2,601
435
206

446
290
172
194
2,820
389
196

525
291
160
183
2,365
376
191

546
281
162
169
2,334
350
197

564
247
142
189
2,595
396
199

521
277
159
184
2,527
378
195

621
272
142
191
2,822
409
207

628
252
148
172
2,398
381
198

618
276
142
168
2,286
376
185

685
253
136
145
2,644
457
186

638
263
142
169
2,537
406
194

764
3,315

699
3,248

80
714
3,142

72
713
3,314

99
684
3,504

114
681
3,046

131
678
3,012

115
710
3,305

115
688
3,215

114
730
3,552

126
705
3,103

135
696
2,982

127
770
3,414

125
725
3,262

13.18

13.05

13.40

16.76

4.42

4.81

4.76

4.84

18.83

5.17

4.57

4.97

5.49

20.20

Shell Petroleum Development Nigeria

scf/d = standard cubic feet per day; 1 standard cubic foot = 0.0283 cubic metre.

Natural gas converted to oil equivalent at 5.8 million scf/d = thousand boe/d.

Page 11

Downstream Operational data

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2007
Refinery processing intake (thousand b/d)
Europe
Asia Pacific
Americas
Other

2008

2009

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

2012

1,731
748
1,237
63
3,779

1,481
657
1,177
73
3,388

1,330
532
1,141
64
3,067

1,314
650
1,158
75
3,197

1,132
741
1,081
76
3,030

1,061
671
1,031
71
2,834

1,042
655
1,115
42
2,854

935
597
1,072
62
2,666

1,041
666
1,075
63
2,845

965
681
1,089
47
2,782

979
674
1,089
68
2,810

1,014
662
1,138
66
2,880

922
664
1,151
67
2,804

970
670
1,117
62
2,819

Oil sales volumes (thousand b/d)

Gasolines
Kerosenes
Gas/diesel oils
Fuel oil
Other products
Total oil products *

2,178
756
2,295
704
692
6,625

2,051
792
2,254
742
729
6,568

2,071
741
2,031
604
709
6,156

2,115
827
2,099
671
748
6,460

2,028
808
1,937
740
654
6,167

2,030
788
1,895
699
676
6,088

2,166
764
2,194
555
695
6,374

2,074
772
1,954
614
741
6,155

2,074
783
1,996
651
692
6,196

2,037
705
2,005
628
585
5,960

2,109
782
2,120
643
667
6,321

2,107
722
2,128
627
706
6,290

2,054
726
2,193
649
745
6,367

2,076
734
2,112
637
676
6,235

*Comprising:
Europe
Asia Pacific
Americas
Other

2,623
1,168
2,246
588

2,565
1,181
2,248
574

2,242
1,200
2,156
558

2,189
1,375
2,260
636

2,025
1,428
2,144
570

1,995
1,382
2,084
627

2,103
1,331
2,327
613

1,971
1,440
2,197
547

2,023
1,395
2,189
589

1,861
1,412
2,171
516

1,971
1,465
2,292
593

2,035
1,451
2,194
610

1,965
1,554
2,289
559

1,957
1,471
2,237
570

12,968
9,587
22,555

11,573
8,754
20,327

10,166
8,145
18,311

11,126
9,527
20,653

2,608
2,402
5,010

2,342
2,207
4,549

2,501
2,331
4,832

2,216
2,224
4,440

9,667
9,164
18,831

2,323
2,356
4,679

2,494
2,177
4,671

2,420
2,279
4,699

2,458
2,162
4,620

9,695
8,974
18,669

8,908
4,815
8,181
651

8,472
4,311
6,931
613

7,386
4,355
6,094
476

7,302
5,624
7,083
644

1,821
1,358
1,716
115

1,682
1,059
1,733
75

1,662
1,410
1,635
125

1,530
1,311
1,514
85

6,695
5,138
6,598
400

1,678
1,348
1,580
73

1,553
1,292
1,657
169

1,583
1,320
1,657
139

1,583
1,302
1,587
148

6,397
5,262
6,481
529

91
93

91
94

93
92

16
92
92

17
92
92

18
90
87

19
94
90

20
92
86

21
92
89

22
94
94

23
92
89

24
92
89

25
92
91

26
93
91

Chemical sales volumes by main product category 1** (thousand tonnes)

Base chemicals
First line derivatives and other

**Comprising:
Europe
Asia Pacific
Americas
Other
Availability (%)
Refinery
Petrochemicals manufacturing plant

Excluding volumes sold by equity-accounted investments, chemical

feedstock trading and by-products.
2

The basis of measuring Chemicals asset availability has been changed

effective Q1/11, aligning availability definitions within the Downstream.
2010 data has been restated for comparison purposes.

Page 12

Back to Index

CAUTIONARY STATEMENT

All amounts shown throughout this Report are unaudited.

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this document "Shell", "Shell Group" and
"Royal Dutch Shell" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the
words "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or companies. "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this document
refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise
a controlling influence. The companies in which Shell has significant influence but not control are referred to as "associated companies" or "associates" and
companies in which Shell has joint control are referred to as "jointly controlled entities". In this document, associates and jointly controlled entities are also
referred to as "equity-accounted investments". The term "Shell interest" is used for convenience to indicate the direct and/or indirect (for example, through
our 23 per cent shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all thirdparty interest.
This document contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All
statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements
of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that
could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements
include, among other things, statements concerning the potential exposure of Shell and the Shell Group to market risks and statements expressing
managements expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of
terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "goals", "intend", "may", "objectives", "outlook", "plan", "probably",
"project", "risks", "seek", "should", "target", "will" and similar terms and phrases. There are a number of factors that could affect the future operations of
Shell and the Shell Group and could cause those results to differ materially from those expressed in the forward-looking statements included in this
document, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency
fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical
risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such
transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory
developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l)
political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the
approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in
this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue
reliance on forward-looking statements. Additional factors that may affect future results are contained in Shell's Annual Report and Form 20-F for the year
ended December 31, 2011 (available at www.shell.com/investor and www.sec.gov ). These factors also should be considered by the reader. Each forwardlooking statement speaks only as of the date of this document, January 31, 2013. Neither Shell nor any of its subsidiaries nor the Shell Group undertake any
obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these
risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.
We may have used certain terms, such as "Organic Reserves Replacement Ratio", in this report that United States Securities and Exchange Commission (SEC)
strictly prohibits us from including in our filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575,
available on the SEC website www.sec.gov .You can also obtain these forms from the SEC by calling 1-800-SEC-0330.

January 31, 2013

CONTACTS:
Investor Relations International + 31 (0) 70 377 4540; North America +1 713 241 1042
Media International: +44 (0) 207 934 5550; USA +1 713 241 4544

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