Investor's Handbook RDS (PLC) FOI 2007-2011

i Shell Investors Handbook
INVESTORS HANDBOOK
ROYAL DUTCH SHELL PLC FINANCIAL AND
OPERATIONAL INFORMATION 20072011
BUILDING AN ENERGY FUTURE
ii Shell Investors Handbook

1 Introduction from the CEO
SUMMARY REVIEW
2 Our businesses
3 Highlights 2011
5 Strategy and outlook
8 Key projects under construction
10 Market overview 20072011
11 Results 20072011
UPSTREAM
12 Highlights
14 Exploration
16 Options for future growth
18 Integrated gas
20 Production
21 Proved reserves
22 Europe
23 Africa
24 Asia (including Middle East
and Russia)
27 Oceania
28 Americas
DOWNSTREAM
31 Highlights
32 Rening
33 Supply and distribution
33 Business to Business (B2B)
34 Retail
35 Lubricants
36 Chemicals
37 Portfolio actions
37 Trading
ALTERNATIVE ENERGY
38 Biofuels
39 Wind
PROJECTS & TECHNOLOGY
40 Delivering projects
41 Innovative technology
41 R&D expenditure
42 Safety
42 Contracting and procurement
CORPORATE SEGMENT
43 Treasury
43 Headquarters and central functions
43 Risk and insurance
MAPS
44 Europe
46 Africa
48 Asia
52 Oceania
53 Americas
CONSOLIDATED DATA
56 Employees
57 Consolidated nancial data
UPSTREAM DATA
65 Upstream earnings
67 Oil and gas exploration and
production activities earnings
69 Oil sands
70 Proved oil and gas reserves
73 Oil, gas, synthetic crude oil and
bitumen production
76 Acreage and wells
78 LNG and GTL
DOWNSTREAM DATA
79 Oil products and rening locations
81 Oil sales and retail sites
82 Chemicals and manufacturing
locations
ADDITIONAL INVESTOR
INFORMATION
84 Share information
85 Dividends
86 Bondholder information
87 Financial calendar
89 Addresses
89 Abbreviations
KEY TO SYMBOLS

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CONTENTS
BUILDING AN
ENERGY FUTURE
GLOBAL ENERGY DEMAND IS
RISING AND SO ARE CONSUMER
EXPECTATIONS MORE PEOPLE
WANT ENERGY FROM CLEANER
SOURCES. AT SHELL WE WORK WITH
OTHERS TO UNLOCK NEW ENERGY
SOURCES AND SQUEEZE MORE
FROM WHAT WE HAVE. WE DO THIS
IN RESPONSIBLE AND INNOVATIVE
WAYS. IN BUILDING A BETTER ENERGY
FUTURE WE ALL HAVE A PART TO PLAY.
SHELL IS DOING ITS PART.
ABOUT THIS PUBLICATION
This Investors Handbook contains detailed information about our annual nancial
and operational performance over varying timescales from 2007 to 2011 . Wherever
possible, the facts and gures have been made comparable. The information in this
publication is best understood in combination with the narrative contained in our
Annual Report and Form 20-F 2011.
All information from this and our other reports is available for online reading and
downloading at:
http://reports.shell.com
INTRODUCTION FROM THE CEO
My colleagues on both the Board of
Directors and the Executive Committee
recognise how important it is to keep
shareholders informed of Shells
latest developments and we regularly
communicate with them on strategy and
performance. To aid investors in their
analysis of Royal Dutch Shell, we publish
this Investors Handbook: a compilation
of ve years worth of nancial and
operational information.
But any analysis of the Companys potential
return must rst be put into context. The
current macroeconomic environment is
uncertain and the global economy is
likely to see continued high volatility in the
coming years. Energy markets have been
affected by unprecedented geopolitical
events, such as the earthquake in Japan,
the eurozone debt crisis and the Arab
Spring. At the same time, rapid economic
development in non-OECD countries
is creating robust structural growth in
energy demand. By 2030 global oil and
gas demand could be 40% greater than
it is today. This growth equates to seven
times the current North Sea production.
To meet that future demand will require a
huge industry investment. The declining
production of many traditional petroleum
provinces makes the challenge all the
more difcult. The industry has to grow
production from new elds to more than
offset the natural production declines of
theold.
As a result, intense competition exists for
access to upstream resources and new
downstream markets. But we believe our
technology, project-delivery capability
and operational excellence will remain
key differentiators for Shell. As energy
projects become more complex and more
technically demanding, we believe our
engineering expertise will be a deciding
factor in the growth of our businesses.
Innovation and a competitive mindset will
also be crucial to our success.
We have delivered the strategic drivers
that made it possible for us to reach our
latest performance targets: cost reduction,
continual operational improvements and
16 successful project start-ups. Those
achievements allowed us to offer some
$10.5 billion of dividends in 2011, which
is the largest dividend in our sector and
more than 10% of the entire dividend
payout of the FTSE 100. Our improving
nancial position also allows for a
measured increase in both our investment
levels and cash returns to shareholders
in 2012. Over time, our performance is
reected in the returns we generate for our
shareholders not only in terms of dividends
we pay but also in the value of Royal Dutch
Shell shares.
Shell has built up a substantial portfolio
of options for the next wave of production
growth up to the end this decade. This
portfolio has been designed to capture
energy price upside and manage Shells
exposure to industry challenges, such as
cost ination and political risk. We see
signicant opportunities in both greeneld
exploration and established resource
www.shell.com/intro_handbook_video
positions in the Gulf of Mexico, North
American tight gas, liquids-rich shales and
Australian LNG. Shell is working to mature
these opportunities into viable projects, with
an emphasis on nancial returns. Our net
spending in 2012 is expected to be $30
billion to support our growth programme
for the medium term, with over 60 new
projects under construction or in design.
This investment is based on new cash-ow
targets of up to $200 billion excluding
working capital for 201215 assuming
$100 oil prices, improved US gas prices
and downstream environment from 2011.
I hope you will nd plenty of support for
these encouraging plans in the Investors
Handbook.
Peter Voser
Chief Executive Ofcer
1 Shell Investors Handbook

UPSTREAM INTERNATIONAL
Upstream International manages the
Upstream businesses outside the Americas.
It searches for and recovers crude oil and
natural gas, liquees and transports gas,
and operates the upstream and midstream
infrastructure necessary to deliver oil and
gas to market. Upstream International also
manages Shells LNG and GTL businesses.
Its activities are organised primarily within
geographical units, although there are
some activities that are managed across
the businesses or provided through support
units.
UPSTREAM AMERICAS
Upstream Americas manages the Upstream
businesses in North and South America.
It searches for and recovers crude oil and
natural gas, transports gas and operates
the upstream and midstream infrastructure
necessary to deliver oil and gas to market.
Upstream Americas also extracts bitumen
from oil sands that is converted into
synthetic crude oil. Additionally, it manages
the US-based wind business. It comprises
operations organised into business-wide
managed activities and supporting
activities.
DOWNSTREAM
Downstream manages Shells
manufacturing, distribution and marketing
activities for oil products and chemicals.
These activities are organised into globally
managed classes of business, although
some are managed regionally or provided
through support units. Manufacturing
and supply includes rening, supply
and shipping of crude oil. Marketing
sells a range of products including fuels,
lubricants, bitumen and liqueed petroleum
gas (LPG) for home, transport and industrial
use. Chemicals produces and markets
petrochemicals for industrial customers,
including the raw materials for plastics,
coatings and detergents. Downstream also
trades Shells ow of hydrocarbons and
other energy-related products, supplies
the Downstream businesses, governs
the marketing and trading of gas and
power and provides shipping services.
Additionally, Downstream oversees Shells
interests in alternative energy (including
biofuels but excluding wind) and CO
2

management.
Projects & Technology manages the
delivery of Shells major projects and drives
the research and innovation to create
technology solutions. It provides technical
services and technology capability
covering both Upstream and Downstream
activities. It is also responsible for providing
functional leadership across Shell in the
areas of safety and environment, and
contracting and procurement.
EARNINGS ON A CURRENT
COST OF SUPPLIES BASIS
RATIO OF NET DEBT
TO TOTAL CAPITAL
NET CAPITAL INVESTMENT
$28.6
BILLION
R&D EXPENDITURE
$1.1
BILLION
$23.5
BILLION
Summary review
OUR BUSINESSES
SUMMARY REVIEW
2%
OF THE WORLDS
OIL PRODUCTION
7.7%
OF THE WORLDS
LNG SALES
13.1%
3%
OF THE WORLDS
GAS PRODUCTION
3.2|
MILLION

BARRELS OF OIL EQUIVALENT
PRODUCED A DAY
48%
SHARE OF PRODUCTION
THAT IS NATURAL GAS
Deep-water oil discovery in Brunei
Brunei Shell Petroleum conrmed a signicant new
oil discovery in the waters of the south-east Asian
sultanate. The discovery, named Geronggong, is
situated in the 3rd Offshore Acreage Area, about
100km offshore Brunei.
Sale of Stanlow renery to Essar Oil
Shell agreed to sell its Stanlow renery in the UK and
certain associated local marketing businesses to Essar
Oil (UK) Ltd for a total consideration of some $1.2
billion (including some $0.9 billion for working capital).
Agreement to divest African downstream
businesses
Shell agreed to divest the majority of its shareholding in
most of its African downstream businesses to Vitol and
Helios Investment Partners for a total consideration of
some $1 billion. Shell retains equity in two new joint-
venture companies that will continue to market Shell
fuels and lubricants in Africa.
Expansion of oil-sands upgrader
Shell successfully started the production from its Scotford
Upgrader Expansion project in Canada. The 100
thousand barrels-per-day expansion boosts upgrading
capacity at Scotford to 255 thousand barrels per day of
heavy oil from the Athabasca oil sands.
Global cooperation agreement with CNPC
Shell and China National Petroleum Company (CNPC)
announced their shared intent to pursue mutually
benecial cooperation opportunities internationally as
well as in China.
Launch of biofuels JV Razen
Shell and Cosan launched Razen, a multibillion-dollar
joint venture that will become a leading producer of a
low-carbon biofuel: ethanol made from sugar cane.
Final investment decision on Prelude FLNG
Shell decided to move forward with its game-changing
Prelude oating LNG (FLNG) project in Australia.
Final investment decision on development of
deep-water eld in Gulf of Mexico
Shell announced a signicant investment to develop
its major Cardamom oil and gas eld in the deep
waters of the Gulf of Mexico. The Cardamom project
is expected to produce 50 thousand boe/d at peak
production.
First cargo of Pearl GTL products
The Pearl gas-to-liquids (GTL) plant, located in Ras
Laffan Industrial City in Qatar, sold its rst commercial
shipment of GTL Gasoil.
Proposed acquisition of Bow Energy
Arrow Energy Holdings Pty Ltd (Arrow) made proposal
to Bow Energy Ltd (Bow Energy) to acquire all of the
issued capital in Bow Energy.
Deep-water oil discovery in French Guiana
Shell conrmed a notable oil discovery in the Guyane
Maritime permit approximately 150 km offshore French
Guiana.
New PSCs in Malaysia
Petronas and Shell Malaysia signed a heads of
agreement for two 30-year production-sharing contracts
(PSCs) for enhanced oil recovery projects offshore
Sarawak and Sabah.
Final approval of Iraq natural-gas JV
The Iraqi cabinet approved an agreement with Shell
and Mitsubishi Corporation forming a joint venture to
gather raw gas from three major oil elds.
Agreement to develop petrochemical complex
in Qatar
Qatar Petroleum and Shell agreed to develop a world-
scale petrochemical complex in Ras Laffan Industrial
City, Qatar.
Inauguration of Pearl GTL Project
The Emir of Qatar ofcially inaugurated the Pearl
gas-to-liquids (GTL) project, the largest GTL plant in the
world and the largest energy project in Qatar.
FIRST
QUARTER
SECOND
QUARTER
THIRD
QUARTER
FOURTH
QUARTER
Summary review
HIGHLIGHTS 2011
Shell Investors Handbook
Summary review
4
Summary review
STRATEGY AND
OUTLOOK
Meeting the growing demand for
energy worldwide in ways that minimise
environmental and social impact is a
major challenge for the global energy
industry. We are committed to improving
energy efciency in our own operations,
supporting customers in managing their
energy demands, and continuing to
research and develop technologies that
increase efciency and reduce emissions in
liquids and natural gas production.
We leverage our diverse and global
business portfolio and customer focused
businesses built around the strength of the
Shell brand.
STRATEGY
Our strategy seeks to reinforce our position
as a leader in the oil and gas industry in
order to provide a competitive shareholder
return, while helping to meet global
energy demand in a responsible way.
Safety and corporate environmental and
social responsibility are at the heart of our
activities.
Intense competition exists for access to
upstream resources and to new downstream
markets. But we believe our technology,
project-delivery capability and operational
excellence will remain key differentiators
for our businesses. We expect around 80%
of our capital investment in 2012 to be in
our Upstream businesses.
Our commitment to technology and
innovation continues to be at the core of
our strategy. As energy projects become
more complex and more technically
demanding, we believe our engineering
expertise will be a deciding factor in the
growth of our businesses. Our key strengths
include the development and application
of technology, the nancial and project-
management skills that allow us to deliver
large eld development projects, and the
management of integrated value chains.
OUTLOOK
We have dened three distinct layers for
Shells strategy development: performance
focus and continuous improvement; growth
delivery; and maturing next-generation
project options for the longer term.
PERFORMANCE FOCUS AND
IMPROVEMENT
We will work on continuous improvements
in operating performance, withan
emphasis on health, safety and
environment, asset performance and
operating costs. Asset sales are a core
element of our strategy improving our
capital efciency by focusing investment
on the most attractive growth opportunities.
Shell has sold a substantial portion of its
non-core assets in the last years. Asset sales
of up to $3 billion are expected in 2012 as
Shell exits from further non-core positions.
We have initiatives underway that are
expected to improve Shells integrated
Downstream businesses, focusing onthe
most protable positions and growth
potential. Shell announced exits from
800 thousand b/d of non-core rening
capacity and from selected retail and other
marketing positions in 20092011, and
has taken steps to improve the quality of its
Chemicals assets.
GROWTH DELIVERY
We are planning a net capital investment
of some $30 billion in 2012 an increase
from 2011 levels as Shell invests for long-
term growth. This amount relates largely
to investments in some 17 new projects for
which nal investment decisions were taken
in 20102011. They are part of a portfolio
of more than 60 new growth projects that
are under construction or being assessed
for future investment. Going forward,
annual spending will be driven by the
timing of investment decisions and the near-
term macroeconomic outlook.
In early 2012, Shell dened a set of
ambitious nancial and operating targets
for protable growth. These targets are
driven by Shells performance in maturing
new projects for nal investment decision
and by project start-ups.
Cash ow from operations (CFFO),
excluding working capital movements, was
$136 billion for 20082011. We expect
aggregate cash ow from operations,
excluding working capital movements,
for 20122015 to be 30-50% higher,
UPSTREAM
In Upstream we focus on exploration for
new liquids and natural gas reserves and
on developing major new projects where
our technology and know-how add value to
the resource holders. The implementation of
our strategy will see us actively managing
our portfolio around three themes in
Upstream:
building our resource base through

globalexploration, focused acquisitions
and exits from non-core portfolio positions;
accelerating the extraction of value from

our resources, with protable production
growth, top-quartile project delivery and
operational excellence; and
differentiating ourselves from our

competition through integrated gas
leadership, technology and partnerships.
DOWNSTREAM
In our Downstream businesses, our emphasis
remains on sustained cash generation from
our existing assets and selective investments
in growth markets. The implementation of
our strategy will see us actively manage our
assets around three themes in Downstream:
operational excellence and cost

efciency, to maximise the uptime and
operating performance of our asset base,
and to reduce costs and complexity;
refocusing our rening portfolio on the

most efcient facilities those that best
integrate with crude supplies, marketing
outlets and local petrochemical plants; and
selective growth in countries such as

China, India and Brazil, which have high
growth potential, while maintaining or
increasing our margins in our core countries.
This includes researching, developing and
marketing biofuels.
0
5
10
15
20
25
30
35
2012 200911 average
Downstream
Americas (Upstream)
Africa, Middle East, CIS (Upstream)
Europe (Upstream)
AsiaPacic (Upstream)
GROUP CAPITAL INVESTMENT
$ billion
On-stream
Under construction
Long-term upside
Production
Study
-5
0
5
10
15
20
25
30
35
2011 2010 2009 2008
CONVERTING RESOURCES TO PRODUCTION
billion boe
DIVESTMENTS 20092011
Upstream
Downstream
Total $17 billion
ACQUISITIONS 20092011
Upstream
Downstream
Total $15 billion
Summary review
assuming that the Brent oil price is in the
range of $80-100 per barrel and that
conditions improve for North American
natural gas prices and downstream margins
relative to 2011.
In Upstream we have the potential to reach
an average production of some 4.0 million
boe/d in 20172018, compared with 3.2
million boe/d in 2011. This production
potential will be driven by the timing of
investment decisions and the near-term
macroeconomic outlook, and assumes some
250 thousand boe/d of expected asset
sales and licence expiries. In Downstream
we are adding new rening capacity in
the USA and making selective growth
investments in marketing.
MATURING NEXT-GENERATION
PROJECT|OPTIONS
Shell has built up a substantial portfolio
of options for a next wave of growth. This
portfolio has been designed to capture
energy price upside and manage Shells
exposure to industry challenges from cost
ination and political risk. Key elements
of this opportunity set are in global
exploration and established resource
positions in the Gulf of Mexico, North
American tight gas, liquids-rich shales and
Australian LNG. These projects are part of
a portfolio that has the potential to underpin
production growth to the end of this
decade. Shell is working to mature these
projects, with an emphasis on nancial
returns.
0
25
50
75
100
2017 2011
Traditional
Integrated gas
Tight/shale oil
and gas
Deep water
Heavy oil/EOR
Americas
AsloPoclc
Europe
Middle East, Africa, CIS
2017 2011
GROUP PRODUCTION OUTLOOK
%
2.5
3.0
3.5
4.0
201718
average
2011 2010 2009

million boe/d
OIL AND GAS PRODUCTION [A]
Production and potential
201011 asset sales
Future asset sales and licence expiries
[A] Production outlook at $80/b Brent.
0
50
100
150
200
Cosh ow lrom oporollons
Mol copllol lnvoslmonl
Dlvldonds ond buybocks
201215
polonllol
200811
[A] CFFO outlook assumes improved US gas and downstream
environment from 2011. CFFO excludes working capital
movements.
SUSTAINED CASH FLOW GROWTH [A]
$ bllllon
$8Z,b Bronl
$80,b
$100,b
FINANCIAL FRAMEWORK
PAY-OUT
Dividend linked to business results
Scrip dividend with buyback offset
~$10.5 billion in 2011
INVESTMENT
~$30 billion net capex 2012
Affordability, protability, portfolio
CASH PERFORMANCE
+30-50% CFFO 20122015 versus
20082011 [A]
Growth free cash ow
CFFO drives investment and pay-out
BALANCE SHEET
0-30% gearing through cycle
Balance sheet underpins investment
Capital employed grows steadily
[A] CFFO outlook at $80-100/b Brent and assumes improved US gas and downstream environment from 2011; CFFO excludes working capital movements.
Summary review
KEY PROJECTS UNDER CONSTRUCTION
SCHIEHALLION
REDEVELOPMENT
CLAIR PH2
AOSP
DEBOTTLENECKING
KASHAGAN PH1
MAJNOON FCP
GUMUSUT-KAKAP
SABAH GAS
KEBABANGAN
NORTH RANKIN 2
PRELUDE FLNG
AMAL STEAM
SAS BAB
BONGA NW
BC-10 PH2
CORRIB
NORTH AMERICAN
TIGHT GAS
PORT ARTHUR
HARWEEL
GREATER WESTERN FLANK PH1
GORGON LNG T1-3
WHEATSTONE LNG
EAGLE FORD
MARS B, W. BOREAS & S. DEIMOS
CARDAMOM
KEY PROJECTS POST FI NAL I NVESTMENT DECI SI ON
Start-up Project Country
Shell interest
(%)
Peak production
100% (kboe/d)
LNG 100%
capacity (mtpa) Category
Shell
operated
20122013 Amal Steam Oman 34 20 Heavy oil/EOR
AOSP Debottlenecking Canada 60 10 Heavy oil/EOR z
Bab Thamama G and Bab Habshan-2 United Arab Emirates 9.5 80 Traditional oil and gas
BC-10 Phase 2 Brazil 50 35 Deep water z
Eagle Ford USA 100 45 Tight/shale oil and gas z
Gumusut-Kakap Malaysia 33 135 Deep water z
Harweel Oman 34 40 Heavy oil/EOR
Kashagan Phase 1 Kazakhstan 17 300 Traditional oil and gas
Majnoon FCP Iraq 45 >30[A] Traditional oil and gas z
North American Tight Gas USA/Canada Various ~125[B] Tight/shale oil and gas z
North Rankin 2 Australia 21 280 Integrated gas
Port Arthur Renery Expansion USA 50 Rening/Chemicals z
SAS United Arab Emirates 9.5 115 Traditional oil and gas
20142015 Bonga North West Nigeria 55 45 Deep water z
Cardamom USA 100 50 Deep water z
Corrib Ireland 45 45 Traditional oil and gas z
Gorgon LNG T1-3 Australia 25 440 15 Integrated gas
Mars B, W. Boreas & S. Deimos USA 72 100 Deep water z
Sabah Gas Kebabangan (KBB) Malaysia 30 130 Deep water
2016+ Clair Phase 2 UK 28 120 Traditional oil and gas
Greater Western Flank Phase 1 Australia 21 110 Integrated gas
Prelude FLNG Australia 67.5 110 3.6[C] Integrated gas z
Schiehallion Redevelopment UK 36 130 Traditional oil and gas
Wheatstone LNG Australia 6.4 260 8.9 Integrated gas
[A] Shell entitlement at $80/b.
[B] Shell share (subject to investment pace).
[C] Not including 1.7 mtpa NGLs.
Summary review
KEY
Traditional oil and gas
Integrated gas
Deep water
Tight/shale oil and gas
Heavy oil/EOR
Rening/Chemicals
KEY PROJECT S UPDATE
AOSP DEBOTTLENECKING
(Shell interest 60%; Shell operated)
The Athabasca Oil Sands Project (AOSP)
extracts bitumen from the Muskeg River
and Jackpine mines in the province of
Alberta, Canada, and synthesises from it
a crude oil at the Scotford Upgrader near
Edmonton. The successful start-up of an
expansion project in 2011 has increased
the AOSPs mining and upgrading capacity
to 255 thousand boe/d. The focus will
now be to improve operating efciencies
and reliability further, thereby adding
more processing capacity with low capital
investment and low business risk. This
debottlenecking opportunity, which will
be developed over the next 10 years, is
expected to increase production by as much
as 85 thousand boe/d while reducing unit
costs. In 2011, we took the nal investment
decision on the rst 10 thousand boe/d
capacity-increasing increment.
BONGA NORTH WEST
The Bonga North West project is Shells
rst browneld subsea tieback in Nigerian
deep water. The project connects newly
discovered oil and gas elds to the existing
Bonga oating production, storage and
ofoading unit. All engineering contracts
have been awarded and the project is in
the execution phase. Production is expected
to come on-stream in 2014, reaching a
peak of 45 thousand boe/d.
CARDAMOM DEEP
The Cardamom Deep eld lies below
the Auger and Cardamom elds in the
deep waters of the Gulf of Mexico. Shell
discovered the Cardamom reservoir in
2010 using advanced seismic technology
that was able to produce improved
images versus traditional seismic methods.
Furthermore, the Cardamom appraisal well
was with the rst deep-water exploration
plan to be approved by the Bureau of
Ocean Energy Management, Regulation
and Enforcement after the BP Deepwater
Horizon incident. The eld is expected to
produce a peak of 50 thousand boe/d
through wells connected to the existing
Auger platform, some directly and others
via a new subsea tie-back system. The wells
will be drilled over the next two years,
following the nal investment decision in
2011.
CLAIR PHASE 2
(Shell interest 28%)
The second phase of the Clair development
involves drilling 36 wells and the design,
fabrication and installation of two xed
platforms connected by a bridge. Drilling
and production facilities will be situated
on one platform, and utilities and living
quarters will be on the other. The new
facilities, located west of the Shetland
Islands, are being designed for 40 years
of production. The nal investment decision
was announced in 2011. Installation
is scheduled for 2015, with production
expected to come on-stream in 2016. Peak
production is expected to be 120 thousand
boe/d.
GUMUSUT-KAKAP
The Gumusut-Kakap eld is the rst deep-
water opportunity for Shell in Malaysia.
Lying in water 1,200 m deep, the eld is
being developed on the basis of a semi-
submersible platform with a production
capacity of 150 thousand boe/d of oil from
19 subsea wells. The oil will be exported
via a 200 km pipeline to a new terminal at
Kimanis, Sabah. The gas associated with
the oil production will be re-injected into the
reservoir to help improve the oil recovery.
MARS B
(Shell interest 71.5%; Shell operated)
The Mars B project will help boost production
from the Mars eld and bring on-stream two
other nearby elds West Boreas and South
Deimos. The elds are located in water depth
of around 900 m in the Gulf of Mexico. The
Mars B project includes the construction of a
new tension-leg platform the second at the
Mars eld and the sixth of its type for Shell
in the Gulf of Mexico. Production from the
new platform, called Olympus, is expected
to start around 2015; peak production will
be 100 thousand boe/d. The Mars eld has
been one of Shells most important elds
over the last 15 years. Yet by the end of
2011, the eld still contained around 1.1
billion boe. The Mars B project extends the
life of the eld to at least 2050. We plan
to start development drilling at the site of
the Olympus TLP with the Noble Bully One
drillship in spring 2012, having taken the
nal investment decision in September 2011.
NORTH AMERICAN TIGHT GAS AND
LIQUIDS-RICH SHALES
(Shell interests various; Shell operated)
We have an industry-leading portfolio of
tight-gas and liquids-rich shale resources in
the USA and Canada. Our main regions
of operation in the USA are: Eagle Ford,
Texas; Marcellus, Pennsylvania and
New York; Haynesville, Louisiana; and
Pinedale, Wyoming. In Canada they are:
Groundbirch, British Colombia; and Deep
Basin and Foothills in Alberta. Production
from these assets was about 220 thousand
boe/d in 2011 and could reach more than
400 thousand boe/d (2.3 bcf/d) by 2015.
PRELUDE FLNG
(Shell interest 67.5%; Shell operated)
In 2011 Shell took its rst nal investment
decision to move ahead with building a
oating liqueed natural gas (FLNG) facility.
Total production capacity will be 3.6 mtpa of
LNG, 1.3 mtpa of condensate and 0.4 mtpa
of LPG. The oating processing and storage
facility will be moored above an offshore
gas eld, liquefying the gas produced from
the eld. Ocean-going carriers will ofoad
the liqueed natural gas, as well as other
liquid by-products, for delivery to market.
Located more than 200 km offshore Western
Australia, the Prelude FLNG facility will be
the largest offshore facility in the world,
measuring 488 m by 74 m and weighing
around 600,000 tonnes when fully loaded.
Shell has moved forward rapidly to bring
this project to reality; rst production of LNG
is expected some 10 years after the Prelude
gas eld has been discovered.
SCHIEHALLION
(Shell interest 36%)
The Schiehallion Redevelopment Project
Quad 204 will replace an existing
oating production, storage and ofoading
unit (FPSO) with a newly built one. In so
doing, the project extends the expected
life (20232047) of the Schiehallion and
Loyal deep-water elds west of the Shetland
Islands, enabling continued production
from the existing wells. The new FPSO will
be capable of exporting as much as 130
thousand boe/d and store in excess of 900
thousand boe. The nal investment decision
for the project was announced in 2011.
The FPSO installation is scheduled in 2015,
and production is expected to come on-
stream in 2016.
Summary review
MARKET OVERVIEW 20072011
SHELL REALI SED PRI CES YEAR AVERAGE
2011 2010 2009 2008 2007
SUBS EAI SUBS EAI SUBS EAI SUBS EAI SUBS EAI
Oil and NGL ($/b)
Europe 106.77 103.97 73.35 83.24 55.53 56.97 89.28 86.33 68.45 73.12
Asia 103.73 62.81 76.21 44.27 57.50 36.53 95.92 49.78 67.49 53.53
Oceania 92.38 99.74[A] 67.90 78.05[A] 50.47 56.16[A] 85.92 99.99[A] 72.70 78.29[A]
Africa 111.70 79.63 61.45 98.52 72.92
North America USA 104.93 109.49 76.36 74.27 57.25 56.24 97.95 89.74 66.49 64.45
North America Canada 70.72 53.23 39.26 67.07[B] 50.27[B]
South America 100.44 97.76 69.99 63.57 57.76 58.00 79.42 82.25 63.09 71.21
Total 105.74 73.01 75.74 52.42 57.39 42.49 92.75 63.59 67.99 59.23
Natural gas ($/thousand scf)
Europe 9.40 8.58 6.87 6.71 7.06 8.17 9.46 10.87 7.24 8.54
Asia 4.83 8.37 4.40 6.55 3.61 4.26 4.67 7.06 3.46 3.15
Oceania 9.95 10.09 8.59 8.79[A] 5.29 3.94[A] 2.96 4.13[A] 2.22 1.81[A]
Africa 2.32 1.96 1.71 1.67 1.20
North America USA 4.54 8.91 4.90 7.27 4.36 5.02 9.61 12.15 7.23 9.85
North America Canada 3.64 4.09 3.73 7.71 5.90
South America 2.81 0.99 3.79 3.18 4.37 3.58
Total 5.92 8.58 5.28 6.81 4.83 6.73 6.85 9.63 5.14 6.83
Other ($/b)
North America Bitumen 76.28 66.00 50.00
North America Synthetic crude oil 91.32 71.56 56.23
North America Minable oil sands 88.98 61.97
[A] Estimate based on publicly available data.
[B] Includes bitumen.
Summary review
0
2
4
6
8
10
12
14
16
18
2011 2010 2009 2008 2007
[A] US Gulf Coast margin up to and including 2009.
[B] Rotterdam Brent up to and including 2009.

$/b
REFINING MARKER INDUSTRY GROSS MARGINS
US West Coast margin
US Gulf Coast coking margin [A]
Rotterdam complex margin [B]
Singapore
50
60
70
80
90
100
110
120
3
4
5
6
7
8
9
10
2011 2010 2009 2008 2007

$/b $/MMBtu
OIL AND GAS MARKER INDUSTRY PRICES

WTI
Brent
Henry Hub ($/MMBtu)
JCC
0
100
200
300
400
500
600
700
800
2011[A] 2010 2009 2008 2007
[A] Based on available market information at the end of the year.

$/tonne
CHEMICAL MARGINS
US ethane
Western Europe naphtha
East Asia naphtha
5.00 4.98
4.27
2.04
3.28

$
BASIC EARNINGS PER SHARE
2010 2009 2008 2007 2011
40,667
33,279
43,242
35,983
23,820

$ million
CASH FLOW FROM OPERATING ACTIVITIES [A]
[A] Excludes working capital movements.
2010 2009 2008 2007 2011
10,526
10,196
9,001
9,516
10,453

$ million
DIVIDENDS PAID TO
ROYAL DUTCH SHELL PLC SHAREHOLDERS
Cash dividend (2010: $9,584 mln; 2011: $6,877 mln)
Equivalent value of shares issued under Scrip Dividend
Programme (2010: $612 mln; 2011: $3,576 mln)
2010 2009 2008 2007 2011
355,782
368,056
278,188
458,361
470,171

$ million
REVENUE
2010 2009 2008 2007 2011
31,331
30,918
26,277
12,518
20,127

$ million
INCOME ATTRIBUTABLE TO
ROYAL DUTCH SHELL PLC SHAREHOLDERS
2010 2009 2008 2007 2011
138,135
125,968
149,780
128,866
171,003

$ million
TOTAL EQUITY
2010 2009 2008 2007 2011
RESULTS 20072011
SUMMARY OF RESULTS $ MI LLI ON
2011 2010 2009 2008 2007
Upstream 24,455 15,935 8,354 26,506 18,094
Downstream (CCS basis) 4,289 2,950 258 5,309 8,588
Corporate and non-controlling interest (119) (242) 1,192 (449) 882
CCS earnings 28,625 18,643 9,804 31,366 27,564
Estimated CCS adjustment forDownstream 2,293 1,484 2,714 (5,089) 3,767
Income attributable to shareholders 30,918 20,127 12,518 26,277 31,331
Identied items 3,938 570 (1,749) 2,956 2,259
CCS earnings excluding identied items 24,687 18,073 11,553 28,410 25,305
Basic CCS earnings per share ($) 4.61 3.04 1.60 5.09 4.39
EstimatedCCSadjustmentpershare($) 0.37 0.24 0.44 (0.82) 0.61
Basic earnings per share ($) 4.98 3.28 2.04 4.27 5.00
Basic earnings per ADS ($) 9.96 6.56 4.08 8.54 10.00
Cash ow from operating activities 36,771 27,350 21,488 43,918 34,461
Cash ow from operating activities pershare ($) 5.92 4.46 3.51 7.13 5.50
Dividend per share ($) 1.68 1.68 1.68 1.60 1.44
Dividend per ADS ($) 3.36 3.36 3.36 3.20 2.88
Summary review
KEY STATI STI CS
2011 2010 2009 2008 2007
Upstream earnings ($ million)
Upstream International 19,697 15,205 7,209 19,298 12,453
Upstream Americas 4,758 730 1,145 7,208 5,641
Total Upstream earnings ($ million) 24,455 15,935 8,354 26,506 18,094
of which Integrated gas 7,279 5,727 1,785 4,093 3,144
Total Upstream earnings excluding identied items
($ million)

20,600 14,442 8,488 23,019 16,623
Upstream cash ow from operations ($million) [A] 33,281 24,526 18,445 35,448 25,870
Liquids production (thousand b/d)[B][C] 1,551 1,637 1,600 1,693 1,818
Natural gas production (million scf/d) [B] 8,986 9,305 8,483 8,569 8,214
Synthetic oil production (thousand b/d) [B] 115 72 80
Minedoilsandsproduction(thousandb/d)[B] 78 81
Total production (thousand boe/d) [B][D] 3,215 3,314 3,142 3,248 3,315
Equity LNG sales volume (million tonnes) 18.8 16.8 13.4 13.1 13.2
Upstream net capital investment ($ million) 19,083 21,222 22,326 28,257 13,555
Upstream capital employed ($ million) 126,437 113,631 98,826 83,997 71,711
Upstream employees (thousands) 27 26 23 22 22
[A] Excludes net working capital movements.
[B] Available for sale.
[C] Includes bitumen production.
[D] Natural gas volumes are converted to oil equivalent using a factor of 5,800 scf per barrel.
UPSTREAM
HIGHLIGHTS
Produced 3.2 million boe/d of oil and gas.
Sold 18.8 million tonnes of LNG.
Added 1.2 billion boe proved reserves (excluding the years production).
Discovered notable elds offshore French Guiana (Zaedyus, with more than 300 million
boe potential on a 100% basis) and offshore Australia (Vos, Satyr and Acme West).
Brought on-stream three major projects Qatargas 4, Pearl GTL and AOSP Expansion
Phase 1.
Took 12 nal investment decisions: Prelude, North West Shelf Greater West
Flank Phase 1 and Wheatstone LNG in Australia; Clair Phase 2 and Schiehallion
Redevelopment in the UK; Sabah Gas Kebabangan in Malaysia; AOSP
Debottlenecking, Cardamom and four tight-gas nal investments decisions in North
America.
Acquired a 30% interest in the Masela production-sharing contract in Indonesia for

some $0.9 billion, thereby acquiring a stake in the Abadi eld.
Signed an agreement with the China National Petroleum Corporation to establish a

50:50 well-manufacturing joint venture.
Acquired Bow Energy through Arrow Energy LNG for some $0.3 billion (Shell share
of funding).
Divested interests in several Upstream assets, including the Rio Grande Valley south
Texas assets in the USA; the natural gas transport infrastructure joint venture Gassled
in Norway; Pecten Cameroon Company LLC; and Oil Mining Leases 26 and 42 and
related facilities in Nigeria.
Upstream
2011 2010 2009 2008 2007
1
0
2
3
4
0
5
10
15
20
PRODUCTION
Liquids
LNG sales volumes
(million tonnes)
Gas
million boe/d million tonnes
5
10
15
20
25
0

$ billion
UPSTREAM EARNINGS [A]
Excluding integrated gas
Integrated gas
=#?'ZENWFKPIKFGPVKGFKVGOU
2011 2010 2009 2008 2007
Upstream
EXPLORATION
Our exploration strategy is designed to
deliver new resources that grow production,
creating substantial value to Shell. We have
extensive acreage in high-potential basins
around the world and have had signicant
success discovering resources in them.
We draw on our extensive geological
knowledge, deploy innovative
technologies, get early access to new
licences and focus on material opportunities
both near existing infrastructure and
in promising new basins and plays. We
continue to focus on cost-efciency and
making early decisions regarding a
prospects potential.
DISCOVERIES
Our exploration performance has been
robust. Over the past ve years, we have
added discovered resources averaging
more than 1.9 billion boe per year.
Between 2009 and 2011 we added 7
billion boe including tight-gas resources.
During 2011, we participated in 417
successful exploration and appraisal
wells drilled outside proved elds. They
comprised 30 conventional and 161 tight-
gas and tight-oil wells, and 226 appraisal
wells near known elds. New proved
reserves have been allocated to 197 of
these wells.
Eleven notable new discoveries and
appraisals were made during 2011. These
are in Australia, Canada, China, French
Guiana, Nigeria, the UK and the USA.
TECHNOLOGY
Shell continues to build on a strong
legacy of innovative technology for
exploration in deep water, near existing
elds or infrastructure and increasingly
in new tight-gas and liquids-rich shale
opportunities. Our research centres develop
concepts, algorithms and tools that are
integrated with leading-edge technologies
from the external market to enable the
identication, appraisal and development
of hydrocarbons in deeper and more
complex geological settings with lower risk
and cost.
We are a leader in the acquisition of
seismic data in deep water by means of
wide-azimuth surveys and ocean-bottom
sensors. These technologies, when
combined with proprietary processing
algorithms, interpretation software and
ever-greater computing power, allow
us to create sharper seismic images of
rock formations. We can then locate
drilling targets in the formations more
accurately. For onshore seismic acquisition
in support of tight-gas and liquids-rich
shale opportunities, we are developing
innovative bre-optic and magneto-electric
sensor systems.
Advances in onshore well technology, such
as Shells proprietary light land rig and
lower drilling costs, allow us to develop
and produce resources that were previously
uneconomic. We have extended the
concept of a light drilling rig to offshore
operations, where we also have taken
advantage of automation to reduce the rig
crews exposure to hazards.

We have an outstanding safety record
in drilling deep-water wells. We brought
that expertise into the establishment of
the Marine Well Containment Company,
which provides containment systems for
deep-water wells in the US Gulf of Mexico.
In the shallower waters of Alaska, we will
have a dedicated oil-spill capping and
containment system designed to deal with
Arctic conditions.
We are locating and draining previously
stranded hydrocarbons near our existing
offshore eld infrastructure with record-
setting wells that extend laterally for
several miles from the drilling rig. We
are also developing new techniques to
understand and predict the distribution of
heterogeneities in tight gas and liquids-
rich shale reservoirs. This will enable us
to condently identify productive sweet
spots.
ACREAGE ADDITIONS
Since 2007, Shell has acquired exploration
rights to some 360,000 km
2
. In 2011
alone, we secured rights to more than
140,000 km
2
of new exploration acreage
including approximately 12,000 km
2
of
positions in liquids-rich shales. Recent
signicant additions are specied below.
ALBANIA
In February 2012, Shell signed an
agreement with Petromanas Energy to
become a partner in two onshore blocks.
This agreement is subject to governmental
approvals.
ARGENTINA
In 2011, Shell became partner in
three blocks in the Neuquen Basin. The
transactions were formally approved in
January 2012.
AUSTRALIA
In November 2011, Shell and Woodside
Petroleum Ltd (Woodside) were awarded
three blocks in the Canning Basin in the
offshore North West Shelf. The area covers
about 23,000 km
2
. Through the acquisition
of Bow Energy by Arrow Energy LNG, Shell
also added acreage to its Queensland-
based coalbed-methane joint venture with
PetroChina.
BRUNEI
In June 2011, Shell became partner in the
offshore Block CA2, which has an area of
about 5,000 km
2
.
CANADA
During 2011, Shell acquired additional
liquids-rich shale acreage in British
Columbia and Alberta. In January 2012,
Shell was also the successful bidder for four
deep-water blocks offshore Nova Scotia.
The blocks were awarded in March 2012.
CHINA
In January 2012, Shell signed an
agreement with Ivanhoe Energy to acquire
its interest in the Zitong block in the
Sichuan Basin. This agreement is subject to
governmental approvals.
COLOMBIA
Shell was awarded Block 27 in the middle
Magdalena Basin, and it additionally
farmed into Blocks 28 and 3.
FRENCH GUIANA
In February 2012, French authorities
ratied Shells entry into the Guyane
Maritime block comprising about
25,000km
2
of deep-water acreage, and
Shell assumed operatorship.
MALAYSIA
In March 2012, Shell signed exploration
PSCs and joint operating agreements in
offshore Sarawak for Blocks 2B and SK318
adding some 9,200 km
2
to our Malaysia
position.
NEW ZEALAND
In August 2011, Shell became partner
in two blocks in the deep-water Great
South Basin with a total size of about
32,000km
2
.
Upstream
0
0.5
1.0
1.5
2.0
2.5
2011 2010 2009 2008 2007

billion boe
DISCOVERED RESOURCES POTENTIAL
Traditional oil and gas
Integrated gas
Tight/shale oil and gas
PHILIPPINES
In October 2010, Shell signed a farm-in
agreement to acquire a 45% interest in
Service Contract 54 block B, offshore
north-west Palawan. The acreage covers an
area of around 3,200 km
2
. The transaction
was formally approved in January 2011.
RUSSIA
In October 2011, Shell won the bid for the
onshore East Talotinsky licence in the Timan
Pechora area.
SOUTH AFRICA
In February 2012, Shell was awarded a
deep-water exploration block in the Orange
Basin offshore South Africa. The area is
about 37,000 km
2
.
TANZANIA
In September 2011, Shell became
partner in deep-water Blocks 5 and 6
offshore Tanzania. The total area is about
15,000km
2
.
TURKEY
In November 2011, Shell signed two
agreements with Trkiye Petrolleri Anonim
Ortaklg (TPAO), the state-owned oil
company, to become an exploration
partner both onshore and offshore. The
onshore exploration is to be conducted in
the south-east of the country; the offshore
exploration area lies in the deep waters
of the Mediterranean south-west of the
country. The offshore acreage amounts
to about 16,000 km
2
. The agreements
are pending ratication by the Turkish
government.
UKRAINE
In September 2011, Shell was awarded
an exploration contract, adding two blocks
to an area specied in an earlier joint
activity agreement with the state-owned gas
producer.
USA
Shell acquired additional liquids-rich
shale and shale-gas acreage in Colorado,
Kansas, Ohio and Texas.
Upstream
ALASKA
NORTH AMERICAN TIGHT GAS
GULF OF MEXICO
COLOMBIA
GUYANA
FRENCH GUIANA
BRAZIL
ARGENTINA
RUSSIA
TANZANIA
NOVA SCOTIA
GABON
NIGERIA
ITALY
ALBANIA
TURKEY
UKRAINE
RUSSIA
NORWAY
UK SWEDEN
GERMANY
EGYPT
CHINA
NEW ZEALAND
AUSTRALIA
SOUTH AFRICA
GREENLAND
IRAQ
BRUNEI
MALAYSIA
PHILIPPINES
QATAR
TUNISIA
JORDAN
2007 March 2012 acreage access
2011 discovery
2011 appraisal success
KEY
EXPLORATION PERFORMANCE
GLOBAL TIGHT-GAS AND LIQUIDS-RICH
SHALES
Worldwide, Shell has approximately
50,000 km
2
(12 million acres) of land
holdings containing tight-gas or shale
resources. Some 12,000 km
2
(3 million
acres) of liquids-rich shales were added in
2011 at a cost of around $2 billion.
Total global spending in these plays in
2012 will be some $6 billion. Development
spending on North American tight gas will
be around $3 billion for 2012 similar to
what it was in 2011. Those gures are at
the low end of our spending range of $3-5
billion per year, reecting the weak price
of natural gas. We will also spend some
$2 billion on exploration and appraisal of
tight-gas and liquids-rich shale resources
this year, with a focus on maturing our new
liquids-rich portfolio.
Shell has a strong portfolio of pre-FID
options that can support production growth
up to 2020. We have 36 projects in the
concept-selection or design phase, around
half of which are to be operated by Shell.
The projects include not only traditional
exploration and production activities, but
they also involve deep water, LNG, tight
gas, liquids-rich shale and heavy oil. In
total, these projects represent some 12
billion boe of resources. The main areas
of potential growth are the deep-water
elds in the Gulf of Mexico, tight-gas
and liquids-rich shale resources (mainly
in NorthAmerica) and LNG projects in
Oceania.
GULF OF MEXICO
We are drilling at least ve exploration
wells in the Gulf of Mexico in 2012. Shells
20172018 production potential in the
Gulf of Mexico is around 350 thousand
boe/d. The eld-development priorities
are hub-based projects at the Vito and
Appomattox discoveries. We aim to take
the nal investment decision on those
projects before 2015, with start-up a few
years later.
AUSTRALIAN AND INDONESIAN LNG
We are assessing future options in Australia
and Indonesia totalling around 10 mtpa by
2020.
The Arrow LNG project (Shell share 50%)
is based on coalbed methane, with two
liquefaction trains having a combined
capacity of 8 mtpa in the rst phase. The
purchase of Bow Energy in 2011 will
allow us to meet the current two train
requirements and subsequently develop
future expansion.
Shell has a 20% stake in Browse and a
34% stake in the Greater Sunrise oating
LNG project, both of which are operated
by Woodside. In 2011, Shell also entered
the 2.5 mtpa Abadi oating LNG project in
Indonesia with a 30% stake.
Appraisal and development of new liquids-
rich shale acreage could provide up to 250
thousand boe/d potential in 20172018.
We are moving to develop our Eagle Ford
liquids-rich position, following a successful
appraisal there in 2011. This forms part
of a more than $1 billion development
spending programme on North American
liquids-rich shales in 2012.
Existing production hub
Under construction
2011 FID
Options
KEY
ARROW ENERGY LNG
GREATER SUNRISE
GORGON
AUSTRALIA
PRELUDE FLNG
ABADI FLNG
Broome
BROWSE
Derby
WHEATSTONE
PLUTO (WOODSIDE)
Dampier
0 1,000 km
NORTH WEST SHELF
STONES
45 kboe/d potential
Shell 35% (operator)
APPOMATTOX
~100 kboe/d hub potential
Appraisal drilling underway
> 250 million boe resources
URSA
CAESAR/TONGA
CARDAMOM DEEP
MARS B, W. BOREAS, S. DEIMOS
MARS
BRUTUS
AUGER
NAKIKA
VITO
HOLSTEIN
PERDIDO
APPOMATTOX
STONES
USA
GULF OF MEXICO
0 200 km
ABADI FLNG
Inpex 60%
Shell 30%
EMPI 10%
2012 FEED
ARROW ENERGY LNG
Bow Energy acquisition
Shell/PetroChina 50:50
VITO
~100 kboe/d potential
>200 million boe resources
Upstream
OPTIONS FOR
FUTURE GROWTH
www.shell.com/tightgas_video
POTENTI AL 20142020 START-UPS
Phase Project Country
Shell interest
(%)
Peak production
100% (kboe/d)
LNG 100%
capacity (mtpa) Category
Shell
operated
Concept Abadi FLNG Phase 1 Indonesia 30 65 2.5 Integrated gas
selection AOSP Debottlenecking Canada 60 55 Heavy oil/EOR z
Appomattox USA 80 100 Deep water z
Basrah Gas Company Rehab &
Rejuvenation
Iraq 44 0 Traditional oil and gas
BC-10 Massa Phase 3 Brazil 50 20 Deep water z
Bonga North Nigeria 55 200 Deep water z
Bosi Field Development Nigeria 44 130 Deep water
Carmon Creek Expansion Phase 2 Canada 100 40 Heavy oil/EOR z
Geronggong Brunei 50 Deep water
Gorgon T4 Expansion Australia 25 250 5 Integrated gas
Majnoon FFD/West Qurna FFD [A] Iraq 45/15 100-200 Traditional oil and gas z
Nigeria NLNG Train 7 Nigeria 26 220 8.4 Integrated gas
Pearls Khazar Kazakhstan 55 50 Traditional oil and gas
Greater Sunrise LNG Australia 34 120 4.1 Integrated gas
Tukau Timur Malaysia 50 40 Integrated gas
Vito USA 55 100 Deep water z
Zabazaba Nigeria 50 135 Deep water
Zaedyus French Guiana 45 Deep water
Design AOSP Debottlenecking Canada 60 20 Heavy oil/EOR z
Arrow Energy LNG Australia 50 170 8 Integrated gas
Bonga South West Nigeria 44 200 Deep water z
Bokor Phase 3 Malaysia 40 30 Traditional oil and gas
Browse (BCT) LNG Australia 20 310 >10 Integrated gas
Carmon Creek Expansion Phase 1 Canada 100 40 Heavy oil/EOR z
Erha North Phase 3 Nigeria 44 40 Deep water
Forcados Yokri Integrated Project Nigeria 30 100 Traditional oil and gas z
Fram UK 28 35 Traditional oil and gas z
Gbaran Ubie Phase 2 Nigeria 30 200 Integrated gas z
Linnorm Norway 30 50 Traditional oil and gas z
Malikai Malaysia 35 60 Deep water z
North American tight gas USA/Canada Various >400[B] Tight/shale oil and gas Various
North American liquids-rich shales USA/Canada Various ~175[B] Tight/shale oil and gas
Rabab Harweel Integrated Project Oman 34 40 Heavy oil/EOR
Stones USA 35 45 Deep water z
Southern Swamp AG Nigeria 30 85 Traditional oil and gas z
Tempa Rossa Italy 25 45 Traditional oil and gas
[A] Shell entitlement at $80/b.
[B] Shell share (subject to investment pace).
Upstream
COLOMBIA
ARGENTINA
TURKEY
UKRAINE
GERMANY
EGYPT
CHINA
OMAN
EAGLE FORD
WOLFCAMP
MONTEREY
NIOBRARA
BAKKEN
MONTNEY
CANOL
GROUNDBIRCH
DEEP BASIN
FOOTHILLS
PINEDALE
UTICA
MARCELLUS
MISSISSIPPI LIME
HAYNESVILLE
Tight gas
Liquids-rich shales potential
KEY
TIGHT GAS AND LIQUIDS-RICH SHALES ACREAGE
0
25
50
Under construction
Options
On-stream
mtpa
~2020+
Gorgon
T1-3
Wheatstone
and Prelude
Others
Current
GLOBAL LNG CAPACITY GROWTH
generation and coal gasication activities.
In 2011, integrated gas accounted for
around 30% of our Upstream earnings.
LNG
Our expertise in the LNG industry is based
on the more than 45 years of technical
advice that we have provided for gas
liquefaction plants around the world
including the worlds rst commercial plant,
which came on-stream in 1964 in Algeria.
LNG is fast becoming a truly global
commodity and will continue its rapid
expansion in the years ahead, with global
demand potentially doubling in the next
decade. This will be driven by the growing
gas import needs of China, India, the
Middle East and Europe but also by new
importers such as Malaysia, the Philippines,
Singapore, Thailand and Vietnam.
0
10
20
30
BP Total BG Chevron ExxonMobil Shell

year-end mtpa
LNG LEADERSHIP [A]
2011
2017
[A] Projects in operation or under construction.
PLUTO (WOODSIDE)
PRELUDE FLNG
BRUNEI LNG
GORGON
WHEATSTONE
QATARGAS 4
MALAYSIA LNG
NORTH WEST SHELF
SAKHALIN-2
OMAN LNG AND QALHAT LNG
NIGERIA LNG
LNG in operation
LNG under construction
Regasication in operation
GLOBAL LNG PORTFOLIO [A]
KEY
[A] As of March 2012.
INTEGRATED GAS
Shell integrated gas projects that came
on-stream over the past few years include
Pearl GTL, Pluto LNG Train 1 (Woodside),
Qatargas 4 and Sakhalin-2. The Prelude
oating LNG project as well as the Greater
Western Flank Phase 1, Gorgon, North
Rankin 2 and Wheatstone projects are
currently under construction and are
expected to come on-stream within the next
few years.

Shell has also started considering GTL and
LNG options to monetise natural gas in
North America. These would be projects
that involve the entire natural gas value
chain and so play very much to Shells
strengths as an integrated player, but they
are still in very early stages of assessment.

Integrated gas earnings are part of the
Upstream segment and incorporate LNG
(including LNG marketing and trading) and
GTL operations. In addition, the associated
upstream oil and gas production activities
from the projects Sakhalin-2, North West
Shelf, Pluto LNG Train 1 (Woodside),
Qatargas 4 and Pearl GTL are included in
integrated gas earnings, as well as power
Upstream
The Prelude FLNG facility will be the largest offshore facility in the world.
At Shell, we are proud of our leadership
in this sector of the industry. In recent
years, ventures in which Shell participated
have supplied as much as 30% of global
LNG. We have around 21 mtpa of Shell-
share liquefaction capacity currently in
operation in Australia, Brunei, Malaysia,
Nigeria, Oman, Qatar and Russia.
Qatargas 4, a joint venture between
Qatar Petroleum (70%) and Shell (30%),
was brought on-stream in early 2011
with a single mega train delivering
approximately 7.8 mtpa of LNG and a
peak production of 280 thousand boe/d.
The project opened up new markets for
Qatari LNG in China and Dubai, with
agreements signed in 2008.
Our total LNG sales volume in 2011
was 18.8 million tonnes up 12% from
2010. This increase mainly reected the
increase in sales volumes from Qatargas
4. Sales volumes were also higher from
Nigeria LNG, helped by a stable gas
supply, and from the Sakhalin-2 project,
where production reached 10 mtpa.
These increases were partly offset by
the reduction in the Shell share of LNG
production from Woodside Petroleum
Ltd the result of Shells sale of part
of its shareholding in the company in
November2010.
During 2011, total LNG sales contracts
were signed for some 6 mtpa. These long-
term contracts of up to 25 years are linked
to oil prices and will be fullled by Shells
global LNG portfolio. At an oil price of
$110 per barrel the contracts would deliver
revenues of around $100 billion on an
undiscounted basis.
Three LNG projects are currently under
construction in Australia, totalling around
7mtpa: Prelude FLNG (Shell interest
67.5%), Gorgon Trains 1-3 (25%) and
Wheatstone (6.4%). We are also assessing
an additional 15 mtpa in future options with
projects involving Arrow Energy, Gorgon
Train 4 and the Browse and Greater Sunrise
elds offshore Australia as well as the
Abadi eld of Indonesia.
FLOATING LNG
We believe that oating liqueed natural
gas (FLNG) will write the next chapter in
the history of the industry. In the coming
years, Shell will start to produce and
liquefy natural gas at sea, enabling the
development of gas resources ranging from
clusters of smaller and more remote offshore
elds to potentially larger elds. FLNG can
open up new business opportunities for
countries looking to develop their natural
gas resources.
In May 2011, Shell announced the worlds
rst nal investment decision to build an
FLNG facility. The facility will be used to
develop the Prelude gas eld, 200 km
off Australias north-west coast (see also
page9).
LNG FOR TRANSPORT
LNG has the potential to provide real
economic and environmental benets for
operators of eets of large, heavy-duty
trucks, ships and trains. As a transport fuel,
it lowers emissions of sulphur, particulates
and nitrogen oxides, and the energy
density of LNG means that it can offer the
distance range that operators need. The
potential cost advantage in using gas rather
than oil products can reduce the payback
time for investment in infrastructure, and
LNG used in trucks and other heavy duty
vehicles can mean quieter trafc, which
www.shell.com/preludeng_video
Upstream
Workers at the Pearl GTL plant, Qatar.
PRODUCTION
In 2011, hydrocarbon production available
for sale averaged 3,215 thousand boe/d,
which was 3% lower than in 2010 and 2%
higher than in 2009. Excluding production
lost from divestments, 2011 production was
approximately the same as it was in 2010.
Production in 2011 was mainly driven by
new projects coming on-stream, notably
Qatargas 4 LNG and Pearl GTL in Qatar,
the Athabasca Oil Sands Project expansion
in Canada and the continued ramp-up of
the Gbaran-Ubie project in Nigeria. New
start-ups and the continuing ramp-up of
elds more than offset the impact of eld
declines and the effect of higher prices on
production-sharing contract entitlements,
but were further offset by lower demand
due to warm weather in Europe in the
fourth quarter of 2011 and increased
maintenance activities compared with
2010.
is particularly important for working at
night. Several manufacturers are already
supplying LNG-powered engines for a
range of vehicles. As a fuel for ships, LNG
is not a new idea. Ocean-going LNG
carriers have been using it for more than
45 years. Shell has been a pioneer in such
shipping, with an excellent track record in
terms of the safe storage and handling of
LNG.
We see the main growth opportunities in
the near term to be in road transport and
coastal or inland shipping. Increasingly
stringent emissions regulations, abundant
supplies of competitively priced natural gas,
and the sheer scale and pace of demand
for fuel are driving these opportunities.
In 2011, Shell took the nal investment
decision on the Green Corridor project. It
will develop a retail infrastructure for the
supply of LNG along a busy truck route in
the province of Alberta, Canada. The LNG
will be supplied from a 0.3 mtpa plant
near Calgary based on Shells innovative
low-cost Moveable Modular Liquefaction
System.
GTL
Almost 40 years ago, Shell began
researching how to convert natural gas
into liquid fuels, lubricants and chemical
feedstocks. In 1993, this gas-to-liquids
(GTL) technology became a commercial
reality when the Shell Middle Distillate
Synthesis plant started up in Bintulu,
Malaysia. All in all, Shell has led more
than 3,500 patents covering all stages of
the GTL process.
We used our proprietary technology and
operational experience with GTL to build
Pearl, Shells and Qatar Petroleums massive
plant in Qatar. Ten times bigger than the
Bintulu plant, Pearl is the worlds largest
GTL plant and one of the largest industrial
developments in the world.
Both trains of the Pearl project have started
production, with the rst commercial gasoil
shipment from Train 1 having taken place in
June 2011. At peak production capacity,
Pearl will take 320 thousand boe/d of
gas and turn it into 140 thousand boe/d
of GTL products and 120 thousand boe/d
of natural gas liquids and ethane. This
amounts to almost 8% of Shells worldwide
production, making it the companys
main engine for growth for 2012. Over
its lifetime, Pearl will process about three
billion boe from the worlds largest single
non-associated gas eld, the North Field,
which contains more than 900 tcf of gas.
Upstream
CANADA
NIGERIA
QATAR
AUSTRALIA
NORWAY
USA
RUSSIA
MALAYSIA BRUNEI
BRAZIL
OMAN
CHINA
NETHERLANDS
GERMANY
DENMARK
UK
PROVED OI L AND GAS RESERVES ATTRI BUTABLE TO ROYAL DUTCH SHELL PLC SHAREHOLDERS BI LLI ON BOE
2011 2010 2009 2008 2007
Organic reserves additions 1.5 [ A] 1.6 [ A] 3.2 [ A] 1.1[ B] 1.5[B]
Production 1.2 1.2 1.2 1.2 1.2
Total proved reserves 14.2 14.2 14.1 11.9 11.9
[A] Excluding acquisitions, divestments and year-average price impact.
[B] Excluding acquisitions, divestments and year-end price impact.
MAJOR RESERVES ADDITIONS 20072011
PROVED RESERVES
the ratio was 127% in 2011 and 175% in
the period 20092011.
The largest crude-oil proved reserves
additions in 2011 were from eld
performance studies for development
activities in Europe (140 million barrels,
primarily Italy and the UK) and Africa (128
million barrels). An extension of mining
operations in Alberta, Canada also added
signicantly to proved reserves (116 million
barrels). The main increase in natural gas
reserves came from: eld extensions and
discoveries associated with LNG integrated
projects in Australia (1,471 billion scf);
revisions and reclassications in Denmark,
Norway, Ireland and the UK that resulted
from better production performance and
development activities (990 billion scf);
and extensions and discoveries related
to development drilling in Canada (816
billion scf).
Proved reserves can be either developed
or undeveloped. Subsidiaries proved
oil-equivalent reserves at the end of 2011
were divided into 63% developed and
37% undeveloped. For the Shell share of
equity-accounted investments the proved oil-
equivalent reserves were divided into 76%
developed and 24% undeveloped.
In 2011, Shell added 1,205 million boe
of SEC proved oil and gas reserves before
accounting for the years production. At
the end of the year, total proved oil and
gas reserves excluding non-controlling
interest were 14,250 million boe (10,304
million boe for Shell subsidiaries and
3,946 million boe for equity-accounted
investments). Reserve life (an estimate of
how many years it would take to exhaust
the current proved reserves at the current
level of production) has increased from 10
years at the end of 2007 to approximately
12 years at the end of 2011.
The Reserves Replacement Ratio for
Shell subsidiaries and equity-accounted
investments was 99% in 2011 (and 165%
over the last three years). Excluding
acquisitions, divestments and price effects,
Upstream
HIGHLIGHTS
Production amounted to more than 0.8 million boe/d, which was around 25% of our
total 2011 production.
After-tax earnings from oil and gas exploration and production operations of our
subsidiaries in the region were $3.3 billion. Our share of oil and gas exploration and
production earnings of equity-accounted investments was $1.5 billion.
We are participating in the development of the Corrib project in Ireland, as well as
the Clair Phase 2 and Schiehallion Redevelopment projects in the UK.
KEY FI GURES
2011 % of total
Total production (thousand boe/d) [A] 815 25%
Liquids production (thousand b/d) [A] 239 16%
Natural gas production (million scf/d) [A] 3,338 37%
Gross developed and undeveloped acreage (thousand acres) 15,704 6%
Proved oil and gas reserves excluding non-controlling interest (million boe) [B] 3,409 24%
[A] Available for sale.
[B] Includes proved reserves associated with future production that will be consumed in operations.
DENMARK
We hold a non-operating 46% interest
in a producing concession covering the
majority of our activities in Denmark. The
concession was granted in 1962 and will
expire in 2042. Our interest will reduce to
36.8% in July 2012, when the government
enters the partnership with a 20% interest
and the government prot share of 20% is
abolished.
IRELAND
We are the operator of the Corrib Gas
project (Shell interest 45%), which is
currently under development. In 2011,
we received all three consents for the
planning and construction of an onshore
pipeline. The legal challenges to the
onshore consents have been withdrawn.
The construction of the onshore pipeline
will commence in 2012 and will take
at least two years to complete. At peak
production, Corrib is expected to supply a
signicant portion of the countrys natural
gas demand.
THE NETHERLANDS
Shell has interests in various assets through
its participation in Nederlandse Aardolie
Maatschappij B.V. (NAM), a 50:50 joint
venture between Shell and ExxonMobil
formed in 1947. NAM is the largest
hydrocarbon producer in the Netherlands.
An important part of NAMs gas production
comes from its onshore Groningen gas
eld, in which the Dutch government has a
40% nancial interest, with NAM holding
the remaining share. Shell also has a 30%
interest in the Schoonebeek oil eld, where
production restarted in 2011 after a 15-
year hiatus. The elds redevelopment was
made possible by enhanced oil recovery
technology.
NORWAY
We are a partner in over 20 production
licences on the Norwegian continental
shelf and are the operator in eight of these,
including the Draugen oil eld (Shell interest
26.2%) and the Ormen Lange gas eld
(Shell interest 17.1%). We hold interests
in the Troll eld (Shell interest 8.1%),
the Gja eld (Shell interest 12%), the
Kvitebjrn eld (Shell interest 6.5%), and
have further interests in the Valemon eld
development and various other potential
development assets. In 2011, we divested
our interests in the Gassled natural-gas
transport infrastructure joint venture for a
consideration of $0.7 billion.
UNITED KINGDOM
We operate a signicant number of our
interests in the UK Continental Shelf on
behalf of a 50:50 joint venture with
ExxonMobil. Most of our UK oil and gas
production comes from the North Sea. The
northern sector and central sectors of the
North Sea contain a mixture of oil and gas
elds, and the southern sector contains
mainly gas elds. We hold various non-
operating interests in the Atlantic Margin
area, principally in the West of Shetlands
area. In 2011, we took the nal investment
decision for the Clair development and the
Schiehallion redevelopment projects.
REST OF EUROPE
Shell also has interests in Austria, Germany,
Greece, Hungary, Italy, Slovakia, Spain
and Ukraine.
Schoonebeek gas eld, the Netherlands.
EUROPE
Upstream
KEY FI GURES
2011 % of total
Natural gas production (million scf/d) [A] 840 9%
HIGHLIGHTS
Production amounted to nearly 0.5 million boe/d, which was around 15% of our total
2011 production.
subsidiaries in the region were $4.1 billion.
We are participating in the development of the Bonga North West project in Nigeria.
AFRICA
EGYPT
We have a 50% interest in the Badr
El-Din Petroleum Company (Bapetco), a
joint venture with the Egyptian General
Petroleum Corporation. Bapetco carries out
eld operations in the West Desert, where
we have interests in the BED, NEAG, NEAG
Extension, West Sitra, Sitra, Obaiyed and
Alam El Shawish West concession areas.
In addition, we have interests in the
offshore North West Demiatta concession
and two BP-operated offshore concessions:
North Damietta Offshore and North Tineh
Offshore.
GABON
We have interests in eight onshore mining
concessions and three offshore exploration
concessions. Two of the non-operated
concessions (Coucal and Avocette) have
been converted into PSCs as of January
1, 2011. A Shell-operated exploration
concession in the deep-water Igoumou
Marin block has entered the second
exploration period, but is currently
suspended pending the resolution of a
geographical boundary dispute.
NIGERIA
Security in Nigeria remained relatively
stable during 2011. Shell-share production
in Nigeria was some 385 thousand
boe/d in 2011 compared with some 400
thousand boe/d in 2010.
Onshore
The Shell Petroleum Development Company
of Nigeria Ltd (SPDC) is the operator of
a joint venture (Shell interest 30%) that
holds over 30 Niger Delta onshore oil
mining leases (OMLs), which expire in
2019. To provide funding, Modied Carry
Agreements are in place for certain key
projects and a bridge loan was drawn
down by the Nigerian National Petroleum
Company (NNPC) in 2010.
The Gbaran-Ubie integrated oil and gas
project (Shell interest 30%) came on-stream
in 2010 in Bayelsa State and achieved peak
gas production of 1 billion scf/d in early
2011. Gas from Gbaran-Ubie is delivered to
power plants for domestic use and to Nigeria
LNG Ltd (NLNG) for export. Oil production
has reached some 45 thousand b/d.
In Nigeria Shell sold its 30% interest
in oil mining leases 26 and 42 and
related facilities in the Niger Delta for a
consideration of some $0.5 billion. The
assignment of its interests in respect of
OMLs 34 and 40 is still awaiting requisite
consents for completion.
Offshore
The main offshore deep-water activities are
carried out by Shell Nigeria Exploration
and Production Company (Shell interest
100%) with interests in three deep-water
blocks. Shell operates two of the blocks
including the Bonga eld 120 km offshore.
Deep-water offshore activities are typically
governed through PSCs with NNPC.
Additionally, SPDC holds an interest in six
shallow-water offshore leases, of which ve
expired on November 30, 2008. However,
SPDC satised all the requirements of the
Nigerian Petroleum Act, to be entitled to an
extension.
LNG
Shell has a 25.6% interest in Nigeria LNG
(NLNG), which operates six LNG trains
with a total capacity of 21.6 mtpa. NLNG
continued production at near full capacity
during 2011, mainly as a consequence of
improved gas supply due to stable security
and the start-up of the Gbaran-Ubie project.
REST OF AFRICA
Shell also has interests in Algeria, Ghana,
Libya, South Africa, Tanzania, Togo and
Tunisia.
Welder at the Gbaran-Ubie project, Nigeria.
Upstream
KEY FI GURES
2011 % of total
Total production (thousand boe/d) [A] 1,070 33%
HIGHLIGHTS
2011 production.
We are participating in the development of eight projects in the region: Harweel and
Amal in Oman; SAS and Bab Thamama G and Bab Habshan-2 in the United Arab
Emirates; Gumusut-Kakap and Sabah Gas Kebabangan in Malaysia; Kashagan
Phase 1 in Kazakhstan; and Majnoon FCP in Iraq. Shell also signed an agreement
with the government of Iraq to establish the Basrah Gas Company and acquired a
30% interest in the Indonesian Masela block, which contains the Abadi FLNG eld.
ASIA (INCLUDING MIDDLE EAST AND RUSSIA)
BRUNEI
Shell and the Brunei government are 50:50
shareholders in Brunei Shell Petroleum
Company Sendirian Berhad (BSP). BSP
holds long-term oil and gas concession
rights onshore and offshore Brunei, and
sells most of its natural gas production to
Brunei LNG Sendirian Berhad (BLNG, Shell
interest 25%). BLNG was the rst LNG plant
in the Asia-Pacic region and sells most of
the LNG on long-term contracts to buyers in
Japan and South Korea.
We also have a 35% interest in the BlockB
concession, where gas and condensate
are produced from the Maharaja Lela
Field, a 12.5% interest in exploration Block
CA-2 and a 53.9% operating interest in
exploration Block A.
CHINA
Shell operates the onshore Changbei tight-
gas eld under a PSC with PetroChina. The
two parties have also agreed to appraise
and develop tight gas in the Jinqiu block
of the central Sichuan Province under a
30-year PSC, which expires in 2040.
The Jinqiu project achieved rst gas in
September 2011. Also in Sichuan, Shell
and PetroChina are assessing shale-gas
opportunities in the Fushun block. The
two parties are additionally assessing
opportunities in coalbed methane in the
Ordos Basin, where Shell has an agreement
to evaluate resources in Daning.
Shell is also a partner of the Hangzhou city
ring joint venture that develops, operates
and manages a high-pressure natural gas
pipeline system.
INDONESIA
In 2011, Shell agreed to acquire a 30%
participating interest in the offshore Masela
block from Inpex Masela, the operator. The
Masela block contains the Abadi gas eld.
The operator has selected an FLNG concept
for the elds rst development phase. The
transaction was formally approved by the
Indonesian government on December 1,
2011.

IRAN
Shell ceased its upstream activities in Iran
in 2010 as a direct consequence of the
international sanctions imposed on Iran,
including the US Comprehensive Iran
Sanctions, Accountability and Divestment
Act of 2010.
IRAQ
We hold a 20-year technical service
contract, which expires in 2030, for
the development of the Majnoon oil
eld and operate the eld with a 45%
interest. The other Majnoon shareholders
are Petronas(30%) and the Iraqi state
partner (25%), represented by the Missan
Oil Company. Located in southern Iraq,
Majnoon is one of the worlds largest oil
elds. The Iraqi government estimates it
to have about 38 billion barrels of oil in
place. The rst phase of the development is
planned to bring production to some 175
thousand b/d from the start level of 45
thousand b/d, when the contract entered
into effect in March 2010. We also hold a
15% interest in the West Qurna 1 eld, as
part of the ExxonMobil-led consortium. At
the end of 2011, production was some 370
thousand b/d. According to both contracts
provisions, Shells equity entitlement
volumes will be lower than the Shell interest
implies.
In November 2011, Shell signed an
agreement with the government of Iraq
to establish a joint venture between Shell
(44%), the South Gas Company (51%)
and Mitsubishi Corporation (5%). The joint
venture will be called Basrah Gas Company
(BGC). BGC will gather, treat and process
raw gas produced from the Rumaila, Zubair
and West Qurna 1 elds. Currently, an
estimated 700 million scf/d of gas is ared
because of a lack of infrastructure to collect
and process it. The processed natural
gas and associated products, such as
condensate and LPG, will be sold primarily
to the domestic market with the potential to
export any surplus.
KAZAKHSTAN
We have a 16.8% interest in the offshore
Kashagan eld, where the North Caspian
Operating Company is the operator on
behalf of the shareholders. This shallow-
water eld covers an area of approximately
3,400 km
2
. Phase 1 development of
the eld is expected to lead to plateau
production of some 300 thousand boe/d,
increasing further with additional phases of
development. NC Production Operations
Company, a joint venture between
Shell and KazMunaiGas, will manage
production operations.
We are also a 55% partner in the Pearls
production-sharing contract, which covers
an area of some 900 km
2
in the north
Caspian Sea. The block contains two oil
discoveries, which are currently under
appraisal.
The Caspian Pipeline Consortium (Shell
interest 5.4%) exports production from west
Kazakhstan to the Black Sea. The pipeline
is 1,510 km long and has been operational
Upstream
since October 2001. A pipeline expansion
project is underway.
MALAYSIA
We have been operating in Malaysia
since 1910. As contractor to Petronas,
we produce oil and gas located offshore
Sarawak and Sabah under 14 PSCs, in
which our interests range from 30% to 80%.
In Sabah we operate four producing
offshore oil elds with interests ranging
from 50% to 80% as part of the 2011
North Sabah enhanced oil recovery (EOR)
PSC and the SB1 PSC. We also have
additional interests ranging from 35%
to 50% in PSCs for the exploration and
development of ve deep-water blocks,
which include the unitised Gumusut-Kakap
eld (Shell interest 33%) and the Malikai
eld (Shell interest 35%). Both elds are
currently being developed with Shell as
the operator. We have a 21% interest in
the Siakap North/Petai eld operated
by Murphy Oil Corporation and a 30%
interest in the Kebabangan eld operated
by the Kebabangan Petroleum Operating
Company.
In Sarawak we are the operator of 18 gas
elds with interests ranging from 37.5%
to 70%. Nearly all of the gas produced is
supplied to Malaysia LNG in Bintulu where
we have a 15% interest in each of the Dua
and Tiga LNG plants. We also have a 40%
interest in the 2011 Baram Delta EOR PSC
and a 50% interest in Block SK-307.
In 2011, we signed a heads of agreement
with Petronas for two 30-year PSCs for
enhanced oil recovery projects offshore
Sarawak and Sabah. These PSCs replace
the existing 2003 Baram Delta and
1996 North Sabah PSCs. The heads of
agreement species work activities and
new investment from Shell and its joint
venture partner to increase the average
recovery factor of the elds in the PSC and
extend their productive life beyond 2040.
We also operate a GTL plant (Shell interest
72%), which is adjacent to the LNG
facilities in Bintulu. Using Shell technology,
the plant converts natural gas into high-
quality middle distillates and other specialty
products.
OMAN
We have a 34% interest in Petroleum
Development Oman (PDO). PDO is the
operator of an oil concession expiring in
2044. It currently produces about 550
thousand b/d.
We also participate in the development
of the Mukhaizna oil eld (Shell interest
17%) where steam ooding, an enhanced
oil recovery method, is being applied on a
large scale.
We have a 30% interest in Oman LNG,
which mainly supplies Asian markets under
long-term contracts. We also have an 11%
indirect interest in Qalhat LNG, another
Oman-based LNG supplier.
QATAR
Pearl GTL in Qatar is the worlds largest
gas-to-liquids project. Shell provides
100% of the funding under a development
and production-sharing contract with the
government of Qatar. The fully integrated
project includes production, transport and
processing of some 1.6 billion scf/d of
well-head gas from Qatars North Field with
Operators in the central control room, Pearl GTL, Qatar.
www.shell.com/pearlgtl_video
Upstream
installed capacity around 140 thousand
boe/d of high-quality liquid hydrocarbon
products and 120 thousand boe/d of
natural gas liquids and ethane. By the
end of 2011, Train 1 was ramping up
production and Train 2 had started up.
Shell has a 30% interest in Qatargas 4,
which comprises integrated facilities to
produce some 1.4 billion scf/d of natural
gas from Qatars North Field, an onshore
gas-processing facility and an LNG train
with a collective production capacity of 7.8
mtpa of LNG and 70 thousand boe/d of
natural gas liquids. The train delivered rst
LNG in January 2011 and has ramped up to
full production during the year with the LNG
shipped mainly to markets in the Middle
East, Europe, Asia and North America.
Shell also holds a 75% equity interest in
Block D under the terms of an exploration
and production-sharing contract with
Qatar Petroleum, representing the national
government. Shell is the operator, with
PetroChina holding a 25% interest.
RUSSIA
We have a 27.5% interest in Sakhalin-2,
which is one of the worlds largest
integrated oil and gas projects. Located in a
subarctic environment, the project reached
planned plateau production of some
360 thousand boe/d in 2010, supplying
around 9.6 mtpa of LNG from two trains.
After optimisation of the LNG plant,
production from the two trains reached 10
mtpa in 2011. Additionally, we have a
50% interest in the Salym elds in western
Siberia, where production averaged some
165 thousand boe/d during 2011.
We also hold interests in two exploration
and production licences in Russia, one
for the East Talotinskiy area in the Nenets
Autonomous District and the other for the
Barun-Yustinsky block in Kalmykia.
SYRIA
Shell holds a 65% interest in Syria Shell
Petroleum Development B.V. (SSPD), a
venture between Shell and China National
Petroleum Corporation. SSPD holds a 31.3%
interest in Al Furat Petroleum Company
(AFPC), a Syrian joint-stock company, which
performs operations under SSPD contracts.
In compliance with international sanctions
on Syria, including European Council
Decision 2011/782/CFSP, in December
2011 Shell suspended all exploration and
production activities in Syria.
UNITED ARAB EMIRATES
In Abu Dhabi we hold a concessionary
interest of 9.5% in the oil and gas
operations run by Abu Dhabi Company
for Onshore Oil Operations (ADCO). The
licence expires in 2014. We also have a
15% interest in the licence of Abu Dhabi
Gas Industries Limited (GASCO), which
expires in 2028. GASCO exports propane,
butane and heavier liquid hydrocarbons
that it extracts from the wet natural gas
associated with the oil produced by ADCO.
REST OF ASIA (INCLUDING MIDDLE EAST
AND RUSSIA)
Shell also has interests in Azerbaijan,
India, Japan, Jordan, Kuwait, Philippines,
Saudi Arabia, Singapore, South Korea and
Turkey.
Upstream
LNG plant with oil export terminal, Sakhalin, Russia.
OCEANIA
KEY FI GURES
2011 % of total
Natural gas production (million scf/d) [A] 715 8%
HIGHLIGHTS
2011 production.
We are participating in the development of ve key projects in Australia: North

Rankin; Gorgon LNG Trains 1-3; North West Shelf Gas Greater Western Flank
Phase 1; Prelude FLNG; and Wheatstone LNG.
AUSTRALIA
We have interests in offshore production
and exploration licences in the North
West Shelf (NWS) and Greater Gorgon
areas of the Carnarvon Basin, as well as
in the Browse Basin and Timor Sea. Some
of these interests are held directly and
others indirectly through a shareholding of
approximately 23% in Woodside Petroleum
Ltd (Woodside). Woodside is the operator
of Pluto LNG.
Woodside is also the operator on behalf of
six joint-venture participants of the NWS
gas, condensate and oil elds, which
produced 512 thousand boe/d in 2011.
Shell provides technical support for the
NWS development. In December 2011,
the NWS joint venture announced the nal
investment decision on the Greater Western
Flank Phase 1 project.
We also have a 50% interest in Arrow
Energy Holdings Pty Limited (Arrow),
a Queensland-based joint venture with
PetroChina. Arrow owns coalbed-methane
assets, a domestic power business, and
the site for a proposed LNG plant on Curtis
Island, near Gladstone. In 2011, Arrow
entered into an agreement to acquire all
the shares of coalbed-methane company
Bow Energy Ltd (Bow) for a Shell share
consideration of approximately $0.3
billion. The acquisition of Bow contributes to
Arrows opportunity to expand the proposed
8 mtpa LNG project on Curtis Island. In
December 2011, the transaction received
nal government and shareholder approval,
and it was completed in January 2012.
The Gorgon LNG project (Shell interest
25%) involves the development of the
largest gas discoveries to date in Australia,
beginning with the offshore Gorgon (Shell
interest 25%) and Jansz/Io elds (Shell
interest approximately 20%). It includes the
construction of a 15 mtpa LNG plant on
Barrow Island. Construction activities on
Barrow Island continued in 2011.
We are the operator of a permit in the
Browse Basin in which two separate gas
elds were found Prelude in 2007 and
Concerto in 2009. In 2011, we announced
the nal investment decision to develop
these elds on the basis of our innovative
oating liqueed natural gas (FLNG)
technology. This technology enables gas
to be processed offshore, reducing the
developments costs and minimising its
environmental impact. The Prelude FLNG
project is expected to produce some 110
thousand boe/d of natural gas and natural
gas liquids, delivering some 3.6 mtpa
of LNG, 1.3 mtpa of condensate and
0.4mtpa of liqueed petroleum gas (LPG).
Shell also has rights to the gas of the
nearby Crux eld (AC/P23) and operates
the AC/P41 block (Shell interest 75%),
where the Libra-1 gas discovery was made
in 2008.
We are also a partner in the Browse joint
venture (Shell interest approximately
20%) covering the Torosa, Brecknock
and Calliance gas elds. In 2010, as
required by the Retention Lease, the joint-
venture participants began planning the
development of the Browse resources on
the basis of an LNG plant at James Price
Point on the Dampier Peninsula of Western
Australia.
In the Timor Sea Shell holds interests in the
large Greater Sunrise and Evans Shoal
gas elds (Shell interest approximately
34% and 32.5%, respectively). The joint
venture partners have selected FLNG as
the preferred development concept for
Greater Sunrise. The development is subject
to approval from both the Australian and
Timor Leste governments.
Shell also holds 6.4% interest in the
Wheatstone LNG project which includes
construction of two LNG trains with a
combined capacity of 8.9 mtpa. The nal
investment decision for the Wheatstone
LNG project was announced in 2011.
NEW ZEALAND
We have an 83.8% interest in the offshore
Maui gas eld, a 50% interest in the
onshore Kapuni gas eld and a 48%
interest in the offshore Pohokura gas eld.
The gas produced is sold domestically,
mainly under long-term contracts. Shell
has interests in other exploration licence
areas in the Taranaki Basin. In 2011, we
acquired a 50% interest in two exploration
licences in the Great South Basin.
Upstream
KEY FI GURES
2011 % of total
Synthetic crude oil production (thousand b/d) [A] 115 100%
Bitumen production (thousand b/d) [A] 15 100%
AMERICAS
HIGHLIGHTS
2011 production.
We are participating in the development of ve projects in North and South

America: AOSP Debottlenecking; Parque das Conchas (BC-10) Phase 2; Eagle Ford;
Cardamom; Mars B; as well as various tight-gas projects.
NORTH AMERICA
CANADA
In total, we hold over 2,000 mineral
leases in Canada (mainly in Alberta and
British Columbia). We produce and market
natural gas, NGL, sulphur, synthetic crude
oil and bitumen. Bitumen is a very heavy
crude oil produced through conventional
methods as well as through enhanced oil-
recovery methods, such as those based on
heating the reservoirs. Synthetic crude oil
is produced by mining bitumen-saturated
sands, extracting the bitumen from the
sands, and transporting it to a processing
facility where hydrogen is added to
produce a wide range of feedstock for
reneries.
Gas
Half of our Canadian gas production
comes from the Foothills region of Alberta.
We own and operate four natural gas
processing and sulphur-extraction plants
in southern and south-central Alberta and
are among the worlds largest producers
and marketers of sulphur. Additionally,
we hold a 31.3% interest in the Sable
Offshore Energy project, a natural gas
complex offshore eastern Canada, and
have a 20% non-operating interest in an
early stage deep-water exploration asset
off the east coast of Newfoundland. We
also hold a number of exploration licences
in the Mackenzie Delta. Shell continued
to develop tight and shale gas elds in
west-central Alberta and east-central
British Columbia during 2011, through
drilling programmes and investment in
infrastructure facilitating new production.
Shell holds rights to approximately 3,200
km
2
(800,000 acres) in these tight-gas
areas.
Synthetic crude oil
We operate the Athabasca Oil Sands
Project (AOSP) in north-east Alberta as
part of a joint venture (Shell interest 60%).
The bitumen is transported by pipeline
for processing at the Scotford Upgrader,
which is operated by Shell and located
in the Edmonton area of central Alberta.
AOSPs bitumen production capacity is 255
thousand boe/d, following an expansion
project completed in 2010. In 2011, the
expansion of the Scotford Upgrader was
completed, delivering rst commercial
production in May and allowing it to
process 255 thousand boe/d. In addition,
we took the nal investment decision on a
debottlenecking project for AOSP, which
is expected to add an additional 10
thousand boe/d at peak production. This
project is the rst of several debottlenecking
opportunities for AOSP. We also signed
agreements with the governments of
Alberta and Canada to secure some $0.9
billion in funding for the Quest Carbon
Capture and Storage (CCS) project (Shell
interest 60%), which is expected to capture
and permanently store more than one mtpa
of CO
2
from the Scotford Upgrader.
Shell also holds a number of other minable
oil sands leases in the Athabasca region
with expiry dates ranging from 2012 to
2020. By completing a certain minimum
level of development prior to their expiry,
leases may be extended.
Bitumen
We produce and market bitumen in the
Peace River area of Alberta, and have a
steam-assisted gravity drainage project
in operation near Cold Lake, Alberta.
Additional heavy oil resources and
advanced recovery technologies are under
evaluation on about 1,200 km
2
(300,000
acres) in the Grosmont oil sands area, also
in northern Alberta.
LNG
In 2011, Shell announced investment in the
Green Corridor LNG-for-transport project
(Shell interest 100%). Pending regulatory
approval, the Green Corridor project
includes a 0.3 mtpa LNG production
facility.
UNITED STATES
We produce oil and gas in the Gulf of
Mexico, heavy oil in California and
primarily onshore tight gas in Louisiana,
Pennsylvania, Texas and Wyoming. The
majority of our oil and gas production
interests are acquired under leases granted
by the owner of the minerals underlying the
relevant acreage (including many leases
for federal onshore and offshore tracts).
Such leases usually run on an initial xed
term that is automatically extended by the
establishment of production for as long as
production continues, subject to compliance
with the terms of the lease (including, in the
case of federal leases, extensive regulations
imposed by federal law).
Gulf of Mexico
The Gulf of Mexico is the major production
area, accounting for a little over 50%
of Shells oil and gas production in
the USA. We hold approximately 600
federal offshore leases in the Gulf, about
one third of which are producing. Our
share of production in the Gulf of Mexico
averaged over 180 thousand boe/d in
2011. Key producing assets are Auger,
Brutus, Enchilada, Holstein, Mars, NaKika,
Perdido, Ram Powell and Ursa.
Upstream
The 2010 drilling moratorium in the
Gulf of Mexico, and new regulatory
requirements following the BP Deepwater
Horizon incident, resulted in deferment of
various Shell exploration and development
programmes. Those deferments continued
to affect the operational exibility and
delivery timing of our Gulf of Mexico
business in 2011. Since the lifting of the
moratorium, Shell has met all deep-water
regulatory permitting and environmental
assessment requirements for key projects.
Although the new regulatory regime has
resulted in a longer permitting process,
the number of permits we secured in 2011
is approximately the same as in 2009
and is aligned with 2011 activity plans.
Additionally, all Shell rigs are compliant
with new regulatory mandates and are
conducting operations.
Shell also announced a multibillion-dollar
investment to develop its major Cardamom
oil and gas eld in the deep waters of the
Gulf of Mexico. The Cardamom project
(Shell interest 100%) is expected to produce
50 thousand boe/d at peak production.
Onshore
We hold some 3,400 km
2
(850,000 acres)
of mostly contiguous tracts of land in the
Marcellus shale, centred on Pennsylvania
in the north-east USA. We additionally
have some 1,100 km
2
(270,000 acres)
of mineral rights in the Eagle Ford shale
formation in south Texas. Not only did we
conduct 3D seismic surveys there in 2011,
but we also had ve rigs drill a total of 43
wells. We also have other ongoing multi-
rig drilling programmes at the Pinedale
Anticline in Wyoming (35,000 acres) and
in the Haynesville tight-gas formation of
north-west Louisiana (200,000 acres).
Furthermore, we are actively appraising our
acreage in multiple liquids-rich US plays,
including the Niobrara and Utica shales
and the Mississippi Limestone.
California
We hold a 51.8% interest in Aera Energy
LLC (Aera), an exploration and production
company with assets in the San Joaquin
Valley and Los Angeles Basin areas of
southern California. Aera operates more
than 15,000 wells, producing about 140
thousand boe/d of heavy oil and gas, and
accounting for approximately 30% of the
states production.
Alaska
We hold over 410 federal leases for
exploration in the Beaufort and Chukchi
seas in Alaska. Following an adverse
Environmental Appeals Board ruling on
Environmental Protection Agency air
permits at the end of 2010, we cancelled
our 2011 Alaska exploratory drilling
programme. We therefore focused on
obtaining the permits required for drilling in
2012, receiving conditional approvals from
the Bureau of Ocean Energy Management,
Regulation and Enforcement for the
Beaufort and Chukchi Seas Exploration
Plans. We also received an air permit for
the Discoverer drillship to work in both the
Beaufort and Chukchi seas.
REST OF NORTH AMERICA
Shell also has interests in Mexico and
exploration interests offshore Greenland.
SOUTH AMERICA
BRAZIL
We are the operator of several producing
elds offshore Brazil. They include the
Bijupir and Salema elds (Shell interest
80%) and the Parque das Conchas (BC-10)
eld (Shell interest 50%). We also have
interests in offshore development and
exploration blocks in the Campos, Santos
and Espirito Santo basins with interests
ranging from 17.5% to 80%. We operate
one of these blocks (BM-S-54), as well as 5
blocks in the So Francisco area. In 2011,
as part of a portfolio review, we divested
our 20% participating interest in Block
BM-S-8 and our 40% interest in Block BS-4,
both in the Santos basin offshore Brazil.
The BS-4 divestment received regulatory
approval in March 2012.
We also hold an 18% interest in Brazil
Companhia de Gas de So Paulo
(Comgs), a natural gas distribution
company in the state of So Paulo.
FRENCH GUIANA
Shell has a 45% interest in the offshore
Zaedyus eld.
REST OF SOUTH AMERICA
Shell also has interests in Argentina,
Colombia, Guyana and Venezuela.
Upstream
Athabasca Oil Sands Project (AOSP), Canada.
Downstream
0
20
40
60
80
100
2011 2010 2009 2008 2007
5
10
15
20
25
0
AVAILABILITY AND SALES VOLUMES
Ronory ovolloblllly
Chomlcols ovolloblllly
% ovolloblllly volumo
Chomlcols solos [mllllon lonnos|
Cll producls solos [mllllon b,d|
KEY STATI STI CS
2011 2010 2009 2008 2007
Downstream CCS earnings ($ million)
Oil products 2,235 1,439 (58) 5,153 6,906
Chemicals 2,054 1,511 316 156 1,682
Total Downstream earnings ($million) [A] 4,289 2,950 258 5,309 8,588
Total Downstream earnings excluding identied items
($million)

4,274 3,873 1,940 5,744 8,289
Downstreamcashowfromoperations($million)[B] 8,746 8,138 5,839 1,750 13,150
Total oil products sales (thousand b/d) 6,196 6,460 6,156 6,568 6,625
Chemicals sales volumes (thousandtonnes) 18,831 20,653 18,311 20,327 22,555
Renery intake (thousand b/d) 2,845 3,197 3,067 3,388 3,779
Oil products renery availability (%) 92 92 93 91 91
Petrochemicals manufacturing plantavailability (%) [C] 89 94 92 94 93
Downstream net capital investment ($million) 4,342 2,358 6,232 3,104 2,682
Downstream capital employed ($million) 71,976 67,287 62,632 54,050 65,042
Downstream employees (thousands) 51 59 62 64 69
[A] With effect from 2010, Downstream segment earnings are presented on a current cost of supplies (CCS)
basis. Comparative information is consistently presented.
[B] Excludes working capital movements.
[C] The calculation of chemical plant availability for 2011 is based on a methodology to bring better alignment
for our Downstream assets. On this basis, 2010 and 2009 gures would be 92% and 91% respectively.
DOWNSTREAM
HIGHLIGHTS
Made good progress in delivering strategic goals; improved many aspects of

operating performance.
Delivered a concentrated portfolio ahead of schedule.
Kept expansion of the Port Arthur site on track for completion in 2012. Once
complete, the site will have doubled in size to become North Americas largest
renery with planned capacity of some 600 thousand b/d.
Moved into biofuels production with the start-up of our Razen joint venture in Brazil.
The joint venture produces and commercialises ethanol and power from sugar cane
and distributes a variety of transportation and industrial fuels through a combined
distribution and retail network in Brazil. With annual production capacity of more
than two billion litres, Razen is one of the worlds largest ethanol producers.
Was named the number-one global lubricant supplier by the consultancy Kline &
Company for the fth consecutive year.
Secured our 1,000th retail site in China. Overall, 271 new sites were secured in
2011 and the total number of secured sites reached 1,011 by the end of the year.
Developed promising new leads to expand Chemicals: Signed the heads

of agreement with Qatar Petroleum for proposals to develop a world-scale
petrochemical complex in Qatar; announced an investment decision to build a
500-tonne per year demonstration unit to manufacture diphenyl carbonate; and
announced our intent to explore the opportunity to build a cracker in the North East of
the USA.
Downstream
0
1
2
3
4
5
6
7
8
9
2011 2010 2009 2008 2007

$ billion
CCS EARNINGS [A]
Oil products
Chemicals
=#?'ZENWFKPIKFGPVKGFKVGOU
REFINING
We have interests in more than 30 rening
sites worldwide. Together, they processed
2.8 million barrels of crude oil a day
in 2011 into a wide range of products,
including gasoline, diesel, heating oil,
aviation fuel, marine fuel, lubricants,
liqueed petroleum gas, sulphur and
bitumen. Around 35% of our rening
capacity is in Europe, 30% in the Americas
and 30% in Asia-Pacic.
We focus on energy-efciency
improvements at our reneries and
chemicals plants. Those improvements
have contributed to a reduction in their
greenhouse gas emissions. Achieving even
greater efciency will help us deliver more
protability so too will greater operational
reliability. The average availability of our
reneries a measure of their operational
excellence was 92% in 2011.
A key part of our strategy is to divest non-
core assets while selectively investing in
high-growth markets, especially in the East.
We aim to create a Downstream portfolio
that is more focused on larger, integrated
rening sites that are better able to respond
to tighter fuel specications and growth
opportunities.
The Port Arthur renery in Texas, USA, will
have a prominent place in that portfolio.Part
of the joint venture Motiva Enterprises (Shell
interest 50%) is currently in the nishing
stages of an expansion project that will make
it the largest renery in our portfolio. The
expanded renery will have a total capacity
of some 600 thousand b/d and be capable
of handling most grades of crude oil. New
technology will also lower most emissions
from the renery on a per-barrel basis.
Including the Port Arthur expansion, we
have reduced our rening capacity by 15%
between 2009 and 2012. The capacity
reduction amounts to around 800 thousand
b/d, most of it located in Europe, where the
market has been in oversupply. Since 2002,
capacity has been reduced by around a
third. We have retained the larger and more
integrated reneries and petrochemical
plants, and the current portfolio is positioned
for optimisation across the entire value
chain. Major asset sales have been
completed, but we will continue to review
the portfolio regularly and improve it further
where necessary.
Downstream
0
50
100
150
200
250
2012E 2011 2009 2006 2002

kb/d
REFINERY SCALE
Avorogo ronory slzo
REFINERY PORTFOLIO
100,000 b/d
< 100,000 b/d
To be divested or converted into terminal
Shell interest 30%
KEY
0
1
2
3
4
5
2011 2009 2006 2002

million b/d Shell share
REFINING CAPACITY [A]
[A] Subject to successful completion of announced deals.
Europe and Other
Americas
AsloPoclc
Downstream
BUSINESS TO
BUSINESS (B2B)
We sell fuels and specialty products and
services to a broad range of commercial
customers.
Shell Aviation provides fuel every
day for around 7,000 aircraft at over
800 airports in more than 30 countries.
On average, it refuels a plane every 12
seconds. Customers range from private
pilots to the largest global airlines. Shell
Aviation was named Best Aviation Fuel
Provider in the Emerging Markets Aviation
Awards in 2010 and 2011. More than
400 customers voted for Shell Aviation on
both occasions, recognising the businesss
safe and reliable supply of products and
services to customers in emerging markets.
Shell marine activities provides
lubricants, fuels and related technical
services to the shipping and boating
industries. We supply over 100 grades of
lubricants and 20 different types of fuel
for marine vessels powered by diesel,
steam-turbine and gas-turbine engines. We
serve more than 15,000 customer vessels
worldwide, ranging from large ocean-
going tankers, containerships and dry bulk
carriers to offshore drilling rigs and small
shing boats.
Shell Commercial Fuels provides
transport, industrial and heating fuels
and related services to more than 15,000
customers in more than 20 countries. Our
Commercial Road Transport business
supplies road haulage and bus companies
worldwide through a global network of sites
and offers payment services through Shells
card system.
Shell also provides specialities products
and services related to the bitumen residue
from crude-oil rening and sulphur derived
from the processing of natural gas and
crude oil. Every day, on average we supply
to some 1,600 customers worldwide
around 11,000 tonnes of bitumen enough
to repave 350 km of road. We are one
of the largest premium grade bitumen
supplier in China and the only international
bitumen supplier for Chinas high-speed
railway sector. We have developed
innovative bitumen products that can be
mixed and laid at temperatures lower than
conventional asphalt to reduce energy use
and carbon dioxide emissions.
Shell has also developed innovative
sulphur-based products such as Shell
Thiopave, a paving material that can
prolong road life; Shell Thiocrete, a very
durable, fast setting concrete; and Shell
Thiogro, a new family of fertilisers for
sulphur-responsive soils.
Shell Gas (LPG) provides liqueed
petroleum gas and related services to retail,
commercial and industrial customers for
cooking, heating, lighting and transport.
SUPPLY AND
DISTRIBUTION
A network of some 150 distribution
facilities with more than 1,500 storage
tanks in around 25 countries serves to
deliver feedstocks to our reneries and
chemical plants as well as nished products
to our Marketing businesses and customers
worldwide. We move products in Europe,
the USA and other parts of the world
through 9,000 km of onshore and offshore
pipelines. Our global eet of around 2,600
Shell-owned or contracted trucks travels
around 860,000 km every day, making a
delivery somewhere in the world every 13
seconds.
Through various means, we have
systematically reduced the cost and time
of deliveries. We have adopted fuel-
saving driving techniques, made larger
deliveries and made the best use of vehicle
availability. We also continue to look at
opportunities to manage stock levels more
efciently in response to changes in market
conditions.
A large renery can process many different
crude oils through various distillation and
treatment processes to end up with a wide
range of different products. We optimise
renery runs to meet demand in many
regions. We assess the value of crude
oils, maximise renery margins, optimise
transport and forecast demand, thereby
balancing regional supply and demand.
Supplying fuel for the service station at Beaconseld, UK.
0
10
20
30
40
50
2011 2010 2009 2008 2007

thousand, per year-end
BRANDED RETAIL SITES
Americas
AsloPoclc
Europe
Other
Downstream
COUNTRIES WITH SHELL RETAIL BRANDED PRESENCE
RETAIL
Our branded fuel retail network is the
worlds largest, with around 43,000
service stations in more than 80 countries.
Our experience in fuel development,
over more than 100 years, underpins our
position today as a leading provider of
innovative fuels. Differentiated fuels with
unique formulations designed to improve
performance are available in more than 60
countries under the Shell V-Power brand.
In 2009, we launched Shell FuelSave. It is
now available in 15 countries. Our FuelSave
programme aims to inform motorists of
driving techniques and car-care tips that
can help them get the most out of the Shell
fuel they buy. Shell also sells Shell Fuel
Economy for petrol and diesel in more than
20 countries.
Shell has a close technical partnership
with Scuderia Ferrari. Our fuel has helped
Ferrari to achieve 10 Formula One World
Constructors and 12 World Championship
Drivers titles. This partnership enables our
scientists and engineers to develop cutting-
edge fuel technologies for the racetrack that
can then be transferred to road fuels for the
benet of our customers.
We continued to invest in selected retail
markets, such as those of the UK and China.
In 2011 we acquired 253 retail sites in
the UK, primarily in central and south-east
England. In Brazil we launched a joint
venture (Shell interest 50%) with Cosan
called Razen for the production of ethanol,
sugar and power, as well as the supply,
distribution and retailing of transport fuels.
This move supports Shells growth platform
for our retail and commercial fuels business
in Brazil.
Downstream
Lubricants oil -blending plants
Base oil manufacturing plants
KEY
LUBRICANT PORTFOLIO
LUBRICANTS
For the fth consecutive year, the
consultancy Kline & Company has named
Shell the number-one global lubricant
supplier. With more than 13% share of
the market in volume terms, we sell more
lubricants than any other company in the
world (source: Kline & Company, 2011).
We make and sell a wide variety of
lubricants to meet customer needs across
a range of applications. These include
consumer motoring, heavy-duty transport,
mining, power generation and general
engineering. Shells portfolio of lubricant
brands includes Pennzoil, Quaker State,
Shell Helix, Shell Rotella, Shell Tellus and
Shell Rimula. Shell also owns Jiffy Lube

franchised service centres, with more
than 2,000 franchised service centres in
North America, serving approximately
24 million customers each year. Jiffy Lube
pioneered the fast oil change industry in
1979 by establishing the rst drive-through
service bay, providing customers with fast,
professional service for their vehicles.
Our lubricants are marketed in
approximately 100 countries. We have
teams, such as Scuderia Ferrari. These
technical partnerships enable us to expand
our knowledge of lubrication science and
transfer cutting-edge technology from the
racetrack to our commercial products.
leading positions in both mature and
emerging markets. Shell is the top supplier
by volume in the USA the worlds largest
lubricant market and the top international
supplier by volume in China the worlds
fastest growing lubricant market.
We continue to expand in emerging
markets. We have an oil-blending plant
in Zhuhai, Guangdong Province, China.
Associated with this, we opened Shells
rst Lubricants Technical Service Centre in
Zhuhai in August 2011. The construction of
Shells largest grease manufacturing plant
is ongoing on this same site. Shell was also
the rst international oil company to build
an oil-blending plant in Russia.
We have leading lubricants research
centres in Germany, Japan (in a joint
venture with Showa Shell), the UK and the
USA.
We invest signicantly in technology and
work closely with our customers to develop
innovative lubricants. Our focus is on
developing products and services for our
clients that provide both superior protection
and efciency. One of the ways we push
the boundaries of lubricant technology is
by working closely with top motor racing
0
5
10
15
20
25

million tonnes
TOTAL CHEMICALS PRODUCT SALES [A]
First-line derivatives and others
Base chemicals
2011 2008 2007 2009 2010
[A] Excludes volumes sold by equity-accounted investments,
chemical feedstock trading and by-products.
Downstream
MEG storage and facility at the Shell Eastern Petrochemicals Complex (SEPC), Singapore.
temperatures. Compared with traditional
powders, they not only require less
detergent per wash but also have lower
packaging, shipping-weight and shelf
space requirements. Washing laundry at
colder temperatures can help consumers to
save energy.
Over many decades we have developed
the proprietary technologies, processes
and catalysts that enable Shell to enjoy
a powerful competitive advantage in our
core petrochemical markets. Our OMEGA
technology is considered the most efcient
technology currently available in the world
for converting ethylene to ethylene oxide,
which is used to make a wide range of
industrial and consumer products, such as
polyester lms and bres, engine coolants
and antifreeze. OMEGA uses about 20%
less steam and 30% less waste water
than a traditional thermal conversion
MEG plant with the same capacity. The
technology also produces signicantly less
carbon dioxide per tonne of MEG than
conventional processes.
In Singapore, we are building a
demonstration unit to manufacture the
chemical ingredient diphenyl carbonate, a
versatile and growing engineering plastic
used in a wide variety of applications, from
optical media, household items, automotive
components to electronics and sheeting/lm.
CHEMICALS
We produce and sell petrochemicals to
some 1,100 major industrial customers
worldwide, with the top 20 customers
accounting for about 42% of our third-
party sales proceeds. Our range of
petrochemicals includes base chemicals,
such as ethylene, propylene and aromatics;
and rst-line derivatives, such as styrene
monomer, propylene oxide, solvents,
detergent alcohols, and ethylene oxide.
Our customers, many of them leading
companies in their own elds, use these
products to make everyday items, such
as plastics, detergents, textiles, medical
equipment and computers. All in all, we
sold almost 19 million tonnes of bulk
petrochemicals in 2011.
We also produce additives for fuel and
lubricants, and catalysts for renery and
petrochemical markets. Shell catalysts
have steadily improved the production of
ethylene oxide, an important building block
for synthetic fabrics, plastic bottles and
antifreeze. More efcient ethylene oxide
production has the benet of lowering CO
2

emissions.
Shell petrochemical alcohols are the basis
of more concentrated household laundry
detergents that clean clothes at lower
We will continue to focus on the synergies
among our chemical plants, reneries and
Upstream businesses to increase the supply
of the best available feedstock for our
crackers.
Our Chemicals strategy is based on
selective growth at existing sites through
increases in capacity, improvements
in efciency and integration, and
strengthening our feedstock sources.
It is alsobased on securing integrated
Downstream
growthprojects with partners and
developing technologies to convert gas to
chemicals.
In 2011 we signed a heads of agreement
with Qatar Petroleum for the joint
development of a proposed major
petrochemical complex whose feedstock
would come from natural gas projects in
Qatar. We are working with the Qataris
and Petrochina to develop a potential
integrated renery and petrochemicals
complex in China. We are also developing
plans to build a proposed world-scale
ethylene cracker with integrated
polyethylene derivative units in the
Appalachian region in the North East of
theUSA.
PORTFOLIO
ACTIONS
In the Marketing businesses we continued
to invest in selected retail markets, such
as those in the UK and China, and in our
growing Lubricants businesses in Asia.
In the UK we acquired 253 retail sites,
primarily in central and south-east England.
We signed a heads of agreement with
Qatar Petroleum for the joint development
of a proposed major petrochemical
complex whose feedstock would come
from natural gas projects in Qatar. The
complex will include a world-scale steam
cracker. It will also include a mono-ethylene
glycol plant of up to 1.5 mtpa capacity
and higher-olen plant of 0.3 mtpa
capacity, both based on Shell proprietary
technologies. Shell will have a 20% equity
interest in the project and Qatar Petroleum
will have the remaining 80%.
We sold our 272 thousand b/d Stanlow
renery in the UK for a total consideration
of $1.2 billion (including some $0.9
billion for working capital). The sale also
included certain associated local marketing
businesses, Chemicals Manufacturing
(excluding the higher olens plant and
alcohols units) and access rights to specic
distribution terminal assets.
We announced the divestment of our
Downstream businesses in Africa (excluding
South Africa) for a total consideration of
some $1 billion. In 2011, we completed
the sale of the businesses in Cape Verde,
Madagascar, Mali, Mauritius, Morocco,
Senegal and Tunisia. The businesses in the
remaining countries under consideration for
divestment are expected to be sold during
the course of 2012. We also launched
Vivo Energy (Shell interest 20%) and Vivo
Lubricants (Shell interest 50%). Under the
agreements, these entities will continue to
market Shell fuels and lubricants, which are
available in 14 African countries under the
Shell brand.
In Chile we sold our Downstream business
for a total consideration of $0.6 billion.
The deal included all of Shells Retail,
Commercial Fuels, Bitumen and Chemicals
businesses, as well as related supply
and distribution infrastructure. The Retail
network of about 300 sites will continue
to be Shell branded through a trademark
licence agreement.
Additional businesses and activities
deemed non-core were divested as part
of the ongoing strategy to refocus our
Downstream portfolio.
TRADING
Shell Trading is the business name of
a global organisation comprising a
network of separate companies that sell
crude oil to a wide range of customers
within and outside Shell. The companies
also trade natural gas, LNG and power
around the world. Their supply portfolio
includes the largest equity share of LNG
of any international oil company. These
companies share knowledge and best
practice, use common systems and controls,
and manage the risks associated with
international trading in a competitive
environment. Shell Trading supports Shells
Upstream and Downstream businesses by
trading natural gas, LNG, electrical power,
crude oil, rened products, chemical
feedstocks and environmental products. It
also manages a shipping eet of more than
50 ocean-going vessels.
Shell Trading companies operate out
of a variety of locations, including
Dubai, Houston, London, Rotterdam and
Singapore. Two major Shell Trading units
concentrate their dealings in Europe and
North America. Shell Energy Europe
markets and trades gas, power and
carbon dioxide throughout Europe, serving
around 7,000 customers. Together with its
subsidiaries, Shell Energy North America
trades and markets Shells North American
natural gas production, benetting from
access to power generation and gas
storage assets.
Downstream Shell Shipping and Trading staff, Shell Centre, London.
Alternative energy
ALTERNATIVE
ENERGY
BIOFUELS
The international market for biofuels is
growing, driven largely by the introduction
of new energy policies in Europe and the
USA that call for more renewable, lower-
carbon fuels for transport. Today, biofuels
make up around 3% of the global road
transport fuel mix. This could rise to 9% by
2030. Sustainable biofuels are expected
to play an increasingly important role in
helping to meet customers fuel needs and
reduce CO
2
emissions.
Shell has a 30-year history of biofuel
development and investment. Producing,
buying, trading, storing, blending and
distributing biofuels are now part of
our usual business. We believe we are
one of the worlds largest distributors of
biofuels, and we continue to build capacity
in conventional biofuels that meet our
corporate and social responsibility criteria.
100
0
200
400
300
500
600

MW, Shell share
INSTALLED WIND CAPACITY
USA
Europe
2011 2010 2009 2008 2007
www.shell.com/raizen_cosan_video
Alternative energy
In 2011, Shell and Cosan launched the
Razen biofuels joint venture (Shell interest
50%) in Brazil for the production of ethanol,
sugar and power, as well as the supply,
distribution and retailing of transport
fuels. With an annual production capacity
of more than 2 billion litres per year of
ethanol from sugar cane, Razen is one of
the worlds largest ethanol producers. This
deal marks Shells rst move into the mass
production of biofuels. Ethanol produced
from sugar cane in Brazil is the most
sustainable and cost-competitive of todays
biofuels. It can reduce net CO
2
emissions
by up to 70% compared with gasoline.
We recognise the sustainability challenges
associated with some biofuels. For that
reason, we are working to ensure that
the feedstocks and conversion processes
for the biofuels we purchase today are
as sustainable as possible. In 2007,
we introduced environmental and
social clauses into the contracts for the
bio-components that we purchase for
blending. And we monitor how well our
suppliers adhere to those clauses. We
are also working with non-governmental
organisations, policymakers and industry
coalitions to develop and promote
robust global standards for ensuring the
sustainability of biofuels production.
Advanced biofuels, which are based on
new conversion processes for feedstock
such as crop waste or inedible plants, offer
the potential for improved CO
2
reductions
and improved fuel characteristics. Shell was
one of the rst energy companies to invest
in advanced biofuels and we continue to
invest in them. They will take time to reach
commercial scale and government support
will be required to accelerate their speed of
development.
Our Projects & Technology organisation
has a dedicated team working on biofuel-
related research at four centres in the UK,
the USA, the Netherlands and India. Its
efforts are complemented by agreements
with experts in academic institutions across
the world.
Shell also has technical partnerships with
the leading biotechnology companies
exploring new production techniques for
advanced biofuels. With the Canadian
rm Iogen Energy we are developing
technology that uses enzymes to break
down the cellulose in, for example, wheat
and barley straw. The cellulose is converted
to sugars which are then fermented and
distilled into ethanol. Through Razen, our
research programme with Codexis in the
USA is developing natural enzymes into
super-enzymes that speed up the conversion
of biomass to ethanol. Those of Virent, in
contrast, are based on the direct conversion
of organic sugars into gasoline or gasoline-
blend components.
WIND
Shell Wind Energy has strong operational
and development capabilities with 10
joint-venture projects eight in the USA and
two in Europe (Shell share approximately
50%). The projects generating capacity
totals about 1,000 megawatts enough
electricity to meet the annual requirements
of 300,000 homes. If supplied by
conventional power plants, that amount
of electricity would have necessitated the
emission of 3 million tonnes of CO
2
.
Almost 900 MW of our total capacity come
from 722 wind turbines of the eight US
projects. The biggest single one, the 264
MW Mount Storm wind project in West
Virginia, began operations in 2008. Our
European wind projects are located in
Germany and the Netherlands. All in all,
the European operations involve a total
of 38 wind turbines with an aggregate
capacity of 111 MW.
PROJECTS &
TECHNOLOGY
Projects & Technology
The delivery of Shells strategic objectives
depends on its capability to build large
and complex projects reliably and safely,
on time and on budget. The Projects
& Technology (P&T) organisation has
that capability. It executes projects and
provides a range of technical services in
both Upstream and Downstream. It also
drives the research and innovation to create
the technology that will be needed in the
future. Furthermore, it provides functional
leadership in contracting and procurement
as well as in safety. In total, more than
8,000 people work in P&T, of whom
roughly 600 have PhDs.
DELIVERING
PROJECTS
Specialist P&T teams manage complex
mega projects from concept to commission,
often in challenging environments. Our
Cardamom eld in the Gulf of Mexico, for
example, sits under more than 800 m of
water and another 7,600 m of rock, and is
expected to produce 50 thousand boe/d.
Our massive Prelude oating facility is
expected to produce, liquefy, store and
ofoad 110 thousand boe/d of Australian
natural gas entirely out of sight of land.
Shells growth prole has recently been
dominated by three large upstream projects:
Pearl GTL, Qatargas 4 and the Athabasca
Oil Sands Project expansion. Despite their
particular environmental and engineering
challenges, they have all been successfully
delivered and are now on-stream.
P&T teams also undertake downstream
projects. At several reneries around the
globe they have implemented technology
that improves the renerys efciency
and enables it to use a wider range
of feedstock. In Port Arthur, Texas, for
instance, an expansion project will turn
the renery there into the largest in North
America. P&T also works with local teams
to deliver more routine projects that require
extra support or expertise.
We are constantly looking for opportunities
to simplify and standardise project execution,
with the aim of improving efciency and
reducing costs. In 2011, Shell created a
global community of project managers to
facilitate resourcing and build up expertise
through the sharing of best practices. The
Shell Project Academy invigorates this
global community. It provides an accredited
competence development programme that
makes our project staff capable of delivering
sustained top-quartile performance.
INNOVATIVE
TECHNOLOGY
In a fast-changing and highly competitive
world, technological innovation is a key
differentiator for Shell. We continue to
invest in technology for our Downstream
business across the range of its activities
from rening to chemicals. For example,
our technology leadership in lubricants
as a portfolio of more than 150 patent
series attests provides a key competitive
advantage to help create some of the most
advanced oils and greases.
Our cutting-edge technology continues to
deliver powerful catalysts and proprietary
processes to help give us a competitive
edge in core petrochemical markets. Our
catalysts, for example, lie at the heart of
some of the most efcient manufacturing
units for ethylene oxide and mono-ethylene
glycol. And a new process chemistry
we are developing has the potential
to create a more sustainable route to
diphenyl carbonate: a key raw material for
polycarbonates, which substitutes for glass
in many products.
As we enter a new wave of growth
based on deep-water projects and the
development of tight, shale and coalbed-
methane resources, drilling is becoming
a key determinant of Shells success. Shell
already has a strong performance record
there. For several years running, it has
been ranked rst in benchmarking studies
of the Independent Project Analysis Institute
and in the top quartile in terms of cost
competitiveness. As we further develop our
drilling operations, we are commissioning
state-of-the-art rigs and well technologies
that comply with the highest industry
standards for safety and the environment.
We also lead the industry in the use of
underbalanced drilling. Such drilling
results in higher inow rates after the well
is completed. That extra ow is particularly
important in tight gas reservoirs, where
even under the best of circumstances the
gas moves through the rock a thousand times
slower than it would through conventional
reservoirs. The successful development of
tight-gas elds also depends critically on
drilling costs. Here too we have developed
ways to save money without compromising
safety or putting the environment at undue
risk. Our soft-torque rotary drilling system,
for instance, dampens the uncontrolled
twisting of drill pipe, making it possible to
nish wells quicker and with fewer drill-bit
changes.
We persist in pursuing technological
breakthroughs across the spectrum
of our businesses: from novel seismic
acquisition technology to enhanced
oil-recovery methods, from advanced
biofuels to ultralow-friction lubricants. We
also work on technologies to reduce the
environmental footprint of our operations
and products. These are applied, for
example, in carbon capture and storage
schemes to reduce CO
2
and other emissions
or in energy-efciency programmes for our
reneries or for our customers.
The development of Shell technology
is intrinsically linked to our strategic
objectives and based on the needs of our
customers. It is driven by a single integrated
R&D organisation that complements
in-house development of proprietary
technologies with external scientic and
technological partnerships. This partnering,
which sometimes involves openly sharing
results, helps to ensure a healthy inux of
new ideas and to speed up technology
developments.
R&D EXPENDITURE
Technology and innovation provide ways
for Shell to stand apart from its competitors.
They help our current businesses perform,
and they make our future businesses
possible. Over the last ve years our spend
on R&D averaged more than $1 billion
annually more than any other international
energy company. In 2011, R&D
expenditures were $1.1 billion, compared
with $1.0 billion in 2010 and $1.1 billion in
2009. We also anticipate spending gures
in the same range in the coming years.
WELL MANUFACTURING SYSTEM
We aim to further improve our drilling
efciency and control costs through
innovative automation. In 2011, we
reached an agreement with China National
Petroleum Corporation (CNPC) to develop
jointly a well manufacturing system that can
repeatedly drill and complete standardised
wells in a automated manner. Such a system
will help us unlock resources that so far had
been uneconomic to develop.
A new Shell technology SCADAdrill
will play an important role in the well
manufacturing system. SCADAdrill is the
control software that enables computerised
drilling to proceed autonomously, with
continual self-adjustment of the bit
trajectory. In this way, well engineers can
be kept away from the worksite hazards as
drilling proceeds faster and more reliably.
The Shell/CNPC venture expects to build
nine of these automated rigs in 2012 and
offer support services on a world-wide
basis. We expect the venture to spend
about $1 billion, employ 700 staff and
have more than 40 rigs operational by
2015.
www.shell.com/well_manufacturing_video
0
75
150
225
300
2011 2010 2009 2008
0
1
2
3
4

number of suppliers $ billion
PROCUREMENT: LOW COST COUNTRIES
Suppllors quollod
Suppllors bolng quollod
Spondlng on quollod suppllors
Sustained investment in our key business
technologies pays off. Some 30 years
ago we started working on chemicals for
enhanced oil recovery that include polymer
solutions like the one that is being injected
since early 2010 into the Marmul eld in
Oman. There it is expected to boost oil
recovery by some 10% or more. Shell has
also pioneered deep-water exploration
and production over the decades, recently
producing oil and gas through the Perdido
platform in the Gulf of Mexico. Perdido is
moored in water deeper than that of any
other vertical-access platform, tapping
elds under more than 2,450 metres
(8,000 feet) of water.
SAFETY
Sustaining our licence to operate depends
on maintaining the safety and reliability of
our operations. We manage the hazards
of our businesses through rigorous controls
and compliance systems combined with
a safety-focused culture. Our global
standards and operating procedures dene
the controls and physical barriers we
require to prevent incidents. For example,
our wells are designed and executed under
the protection of two barriers to minimise
the risk of an uncontrolled release of
hydrocarbons. We regularly inspect, test
and maintain these barriers to ensure they
are meeting our standards.
In order to reinforce the safety of our
operations around the world after the BP
Deepwater Horizon incident in 2010, we
undertook a review of operating practices,
testing frequencies, training protocols and
safety procedures. We have made some
adjustments to our safety and technical
procedures including: the introduction
of an advanced well-control class in our
mandatory well engineering training
program; the completion of a new real-time
well control tool; and the introduction of
revised procedures for casing and tubing
design as well as for cement casing.
We also reviewed and updated our
requirements for asset integrity and process
safety.
We continue to build the safety culture
among our employees and contractors. We
hold an annual global safety day to give
workers time to reect on how to prevent
accidents. We expect everyone working
for us to intervene and stop work that may
appear to be unsafe. Everyone working for
us has to comply with our 12 mandatory
Life-Saving Rules. If employees break these
rules, they will face disciplinary action up to
and including termination of employment.
If contractors break them, they can be
removed from the worksite.
CONTRACTING
AND PROCUREMENT
To gain a competitive advantage within the
oil and gas industry, Shell must leverage its
overall buying power. We must also remain
vigilant and nimble in a volatile economy
in order to mitigate business risks and
unlock business opportunities. And we must
develop mutually benecial relationships
with suppliers, governments, technical
partners and the various communities that
neighbour its operations.
Shells Contracting and Procurement
(C&P) organisation is responsible for
nearly everything that Shell subsidiaries
buy across the full scope of activities in
the Upstream, Downstream and Projects
& Technology Businesses. This currently
amounts to over $60 billion in annual
spend. C&Ps specialised knowledge helps
Shell subsidiaries focus on what and how
much should be bought and at what price.
The priority is on getting the most value out
of our purchases, not just the lowest cost.
By putting its global internal demand for
goods and services into one contractual
package on the external marketplace,
Shell gains leverage in terms of safety,
quality of goods and services, costs and
technical innovation. The selection of
preferred suppliers enables a far closer
oversight of delivery and performance,
better mechanisms for quality control and
signicantly lower prices. Such contract-
management improvements, coupled
with increasingly efcient operations and
collaborative relationships with suppliers,
saved more than $1 billion per year in
2010 and 2011.
The C&P organisation also analyses the
market, enabling it to be forward-looking
in its support of sourcing strategies. In
addition, C&P has a key role in ensuring
Shell seeks to work with contractors and
suppliers who contribute to sustainable
development and are economically,
environmentally and socially responsible.
400
500
600
700
800
900
0
1
2
3
4
5

injuries million working hours
TOTAL RECORDABLE CASE FREQUENCY [A]
Injuries p/million working hours
[A] Employees and contractors per million working hours;
Shell-operated facilities.
11 10 09 08 07 06 05 04 03 02 01
Working hours
0
2
4
6
Other majors Shell

$ billion
RESEARCH & DEVELOPMENT EXPENDITURE
Cumulative 20072011
CORPORATE SEGMENT
The Corporate segment covers the non-
operating activities supporting Shell. It
includes Shells treasury organisation,
its headquarters and central functions as
well as its risk management and self-
insurance activities. All nance income
and expense, as well as related taxes and
exchange-rate effects, are included in the
Corporate segment earnings rather than
in the earnings of the Business segments.
The Corporate segment earnings also
include functional costs that have not been
allocated to the other segments.
TREASURY
The holdings and treasury organisation
manages many of the Corporate entities
and is the point of contact between Shell
and the external capital markets. It is
centralised in London and supported by
regional centres in Singapore and Rio
de Janeiro. Its daily operations include
liquidity management, advising and
nancing subsidiaries and joint ventures,
arranging the efcient investment of any
surplus funds, transacting foreign exchange
and managing Shells bank account
infrastructure. The treasury organisation
maintains Shells credit ratings and debt
platforms, issues short- and long-term
capital-market instruments and executes the
Royal Dutch Shell dividend, scrip and share
buyback programmes.
HEADQUARTERS
AND CENTRAL
FUNCTIONS
Headquarters and central functions render
services to the Businesses (Upstream
Americas, Upstream International,
Downstream, Projects & Technology) as
well as other functions. They also provide
support for the shareholder-related activities
of Royal Dutch Shell. The services they
render cover the areas of nance, human
resources, legal advice, information
technology, real estate, communications,
health, security and government relations.
They also assist the Chief Executive Ofcer
and the Executive Committee. The central
functions have been increasingly supported
by business service centres located
around the world. These centres process
transactions, manage data and produce
statutory reports, among other services.
The majority of the headquarters and
central-function costs are recovered from the
Business segments. Those costs that are not
recovered are retained in Corporate.
RISK AND
INSURANCE
The BP Deepwater Horizon incident was a
harsh reminder of the vital importance of
effective risk management in the oil and
gas industry. At Shell, we aim to drive
down the total cost of risk by using robust
methodologies and processes to assess,
mitigate and manage risk. They include
the valuation of risks so that this can be
properly taken into account in decision
making. It also requires the causes of
losses experienced to be analysed and
understood so that they can be reduced in
the future. To support this, Shells insurable
risks are mainly aggregated and retained
within insurance subsidiaries, which
means that Shell self-insures most of its
risk exposures. The insurance subsidiaries
form a key part of the Shells approach to
risk management. They provide insurance
coverage to Shell entities, up to $1.15
billion per event, generally limited to
Shells percentage interest in the relevant
entity. The type and extent of the coverage
is equal to that which is otherwise
commercially available in the third-party
insurance market.
Corporate segment
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ITALY
CROATIA
BOSNIA AND
HERZEGOVINA
SLOVENIA
MONTENEGRO
SAN MARINO
ADRIATIC SEA
TYRRHENIAN SEA
IONIAN SEA
ROME
NAPLES
PALERMO
Tempa Rossa
Val d'Agri
G.R17-22.NP
0 100 200 300 400 km
UKRAINE
SEA OF AZOV
RUSSIA
Dnieper-Donetsk
KHERSON
KHARKIV
KIEV
0 50 100 150 200 km

{ Shell gas projects
{ Shell oil projects
2011 discoveries from core exploration activities
Shell oil pipeline
Shell gas pipeline
Shell interest { Terminal
EUROPE
Maps
MAPS
ITALY UKRAINE
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NORWAY
GERMANY
FRANCE
SWEDEN
UNITED KINGDOM
IRELAND
ICELAND
BELGIUM
DENMARK
NETHERLANDS
LUXEMBOURG
NORTH SEA
CELTIC SEA
NORTH
ATLANTIC OCEAN
Metslawier-South
Heinenoord
Blija-South
Clair
Nybro
Bacton
Nyhamna
IJmuiden
Den Helder
St. Fergus
Sullom Voe
Bellanaboy Bridge
Callantsoog
Maasvlakte
Hoek van Holland
Easington
Asterix
Hasselmus
Schiehallion
Loyal
Brent South
Groningen
Schoonebeek
Corrib
Halfdan
Ormen Lange
Draugen
Troll
Gja
Kingfisher
Goldeneye
Dooish
Benbecula
Kvitebjorn
Beryl
Linnorm
OSLO
BERLIN
LONDON
DUBLIN
BRUSSELS
AMSTERDAM
LUXEMBOURG
COPENHAGEN
0 100 200 300 400 km
Maps
NORTH- WEST EUROPE
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""
NIGERIA
CAMEROON
EQUATORIAL GUINEA
BIGHT OF
BIAFRA
BIGHT OF BENIN
Tologbene
EJA
Assa
Afam
HA
JK
Kalaekule
Zarama
Ubie
Utorogu
Nun River
Kolo Creek
Santa
Barbara
Soku
Cawthorne
Channel
Gbetiokun
EA
Forcados-Yokri
Erha-N
Erha
Bosi
Bobo
Bonga
Bonga-SW
Zabazaba
Doro
Ngolo
Bolia
Etan
CALABAR
WARRI
MALABO
OML11
OML13
OPL245
OPL322
OML118
OML74
OML72
OML79
OML77
OML135
OML71
OML133
0 50 100 150 200 km
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""
""
""
EGYPT LIBYA
MEDITERRANEAN SEA
NEAG-C91
Obaiyed J2
AESW C1-A
NEAG2 C5 E
MATRUH
ALEXANDRIA
PORT SAID
SUEZ
TANTA
EL FAIYUM
AL HAMRA
CAIRO
N.Damietta Offshore"A"
West Sitra
NE Abu Gharadig
N.Tineh Offshore
0 50 100 150 200 km
AFRI CA

Shell oil pipeline
Shell gas pipeline
Maps
NIGERIA
EGYPT
"
""
"
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GABON
CONGO
EQUATORIAL
GUINEA
SAO TOME
AND
PRINCIPE
SOUTH
ATLANTIC OCEAN
SO TOM
AND PRNCIPE
MAYUMBA
LAMBARENE
LIBREVILLE
PORT GENTIL
Gamba
Rabi
Koula
Totou
Atora
Damier
Coucal
Toucan
Gamba-Ivinga
M'Boukou
Avocette
Bende-M'Bassou
BCD 10
BC 9
Igoumou Marin
Awoun
Ozigo
0 50 100 150 200 km
KENYA
TANZANIA
INDIAN OCEAN
MOZAMBIQUE
DODOMA
Block 5-6
0 100 200 300 400 km
"
"
"
"
LIBYA
MEDITERRANEAN
SEA
TUNESIA
ITALY
ALGERIA
GREECE
Brega
Zueitina
BENGHAZI
Ras Lanuf
TRIPOLI
TUNIS
Mellitah
NC211-NC215
NC212
Area 89
NC211C
Raf Raf
Azmour
0 100 200 300 400 km
Maps
LIBYA AND TUNISIA GABON
TANZANIA
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""
IRAN
SAUDI ARABIA
OMAN
YEMEN
IRAQ
UNITED ARAB
EMIRATES
KUWAIT
QATAR
BAHRAIN
GULF OF OMAN
ARABIAN SEA
THE GULF
Mazkhour-5
Lekhwair-724
Sakhiya-21
ABU DHABI
SUHAR
MUSCAT
SUR
Ras Laffan
RAYSUT
Bab
Ufuq
Asab Lekhwair
Natih
Sahil
Ruwais
Huwaila
Bu Hasa
Rumaitha
Pearl GTL
Al Dabb'iya
Bida Al Qemzan
Qatargas 4
Fahud
Qarn Alam
Saih Rawl
Zauliyah
Nimr
Marmul
Ghafeer
Rahab
Budour NE
Burhaan
Qaharir
Musallim
Wafra
Thayfut
Simsim
Birba
Dafiq
Al Ghubar
Qatar Gas 3/4
Bahaa
Amal
Block D
Majnoon
Kidan
West Qurna
DOHA
RIYADH
0 100 200 300 400 km
ASIA

Shell oil pipeline
Shell gas pipeline
Maps
IRA Q, QATAR, UNITED ARAB EMIRATES, SAUDI ARABIA AND OMAN
"
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MEDITERRANEAN SEA
SYRIA
IRAQ
TURKEY
LEBANON
CYPRUS
ANTALYA
DAMASCUS
BLOCK XV
BLOCK XIII
(Amouria)
Dadas Licences
Antalya Licences
0 50 100 150 200 km
JORDAN SAUDI ARABIA
SYRIA
EGYPT
IRAQ
ISRAEL
MEDITERRANEAN
SEA
AMMAN
Central Oil Shale
South Oil Shale
North West
Oil Shale
0 25 50 75 100 km
[A] In compliance with international sanctions, Shell has suspended activities in Syria.
Maps
JORDAN
SYRIA AND TURKEY [A]
"
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RUSSIA
KAZAKHSTAN
GEORGIA
AZERBAIJAN ARMENIA
CASPIAN SEA
TURKMENISTAN
AKTAU
ATYRAU
Arman
Khazar
Aktote
Kairan
Auezov
Kashagan SW
Kalamkas Sea
Kashagan
Barun-Yustinskiy
0 100 200 300 400 km
"
"
"
"
RUSSIA
NEFTEYUGANSK
KHANTY-MANSIYSK
Vadelyp
Upper Salym
West Salym
Zhuravl
Talotinsky East
0 100 200 300 400 km
A
Sakhalin
LNG Plant
Oil Export Terminal
Onshore Processing
Facility (OPF)
OKHA
YUZHNO-SAKHALINSK
KHOLMSK
PA-B
Lunskoye
Piltun-Astokhskoye
""
"
"
"
"
RUSSIA Sakhalin
SEA OF
OKHOTSK
NOGLIKI
Onshore Processing
Facility (OPF)
KHOLMSK
LNG Plant
Oil Export Terminal
YUZHNO-SAKHALINSK
PA-B
Lunskoye
Piltun-Astokhskoye
OKHA
0 50 100 150 200 km
""
""
""
CHINA
JinQiu
North Shilou
Changbei BCG
XI'AN
BEIJING
YINCHUAN
Fushun
Daning
CB207
Wuhu
0 100 200 300 400 km

Shell oil pipeline
Shell gas pipeline
Maps
CHINA KAZAKHSTAN
RUSSIA SALYM RUSSIA SAKHALIN
"
"
"
"
PHILIPPINES
SULU SEA
SOUTH CHINA SEA
Destecado
Malampaya
San Martin
BATANGAS
SAN JOSE
DE BUENAVISTA
SC 38A
SC 38B
0 50 100 150 200 km
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!
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!
!
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""
BRUNEI
PHILIPPINES
SOUTH CHINA SEA SULU SEA
CELEBES SEA INDONESIA
MALAYSIA
Salman
Depo1
Iron Duke Blk 12
Magpie-E4
MLJ2-07 Dp
CW Block 52A
Bintulu
BLNG
MIRI
Labuan
KOTA KINABALU
BANDAR SERI BEGAWAN
E6
E8
F6
M3
M1
B12
G7
D12
F28
B11
F23
Ubah
F13
Bokor
Bijan
Serai
Baram
Barton
Gumusut
Pisagan
Malikai
Saint Joseph
South Furious
F14
Betty
Jintan
Selasih
Kebabangan
Shallow Clastic
Cili Padi
E11
Petai
Laila
M4
M3S
Saderi
F29
F05E
F13W
Beryl
Kakap
SW Ampa
Fairley-Baram
Fairley
E19NE
Baronia
Bugan
Mampak
Champion
Geronggong
ND6 ND7
CA2
0 50 100 150 200 km
Maps
BRUNEI AND EAST MALAYSIA
PHILIPPINES
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AUSTRALIA
INDONESIA
TIMOR SEA
Western Australia
Vos
Acme West
Satyr
DERBY
BROOME
DAMPIER
EXMOUTH
DARWIN
Gorgon
North West Shelf
Pluto
Greater Sunrise
Evans Shoal
Abadi
WA-371-P
WA-44-L
0 100 200 300 400 km
Brecknock
Calliance
Concerto
Crux
Echuca Shoals
Libra
Prelude
Torosa
Angel
Cossack
Dixon
Dockrell
Echo/Yodel
Gaea
Goodwyn
Goodwyn South
Hermes
Iago
Lady Nora
Lambert Deep/West
North Rankin
Pemberton
Persephone
Perseus
Pueblo
Sculptor-Rankin
Searipple
Tidepole
Urania
Wanaea
Wilcox
Achilles
Acme
Brederode
Chandon
Chrysaor
Clio
Dionysus
Eendracht
Eurytion
Geryon
Jansz
Kentish Knock
Keto
Maenad
Orthrus
Sappho
West Tryal Rock
Yellowglen
Pluto Gorgon North West Shelf
Northern
Territory
"
"
"
""
AUSTRALIA
Queensland
New South Wales
CORAL SEA
Queensland CBM
BRISBANE
GLADSTONE
Daandine
Tipton West
Kogan North
0 100 200 300 400 km
"
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PACIFIC OCEAN NEW ZEALAND
TASMAN SEA
DUNEDIN
AUCKLAND
WELLINGTON
CHRISTCHURCH
NEW PLYMOUTH
Huntly Power Station
Maui
Kapuni
Pohokura
Great South Basin
0 100 200 300 400 km
OCEANIA

Shell oil pipeline
Shell gas pipeline
Maps
NEW ZEALAND EAST AUSTRALIA
WEST AUSTRALIA AND INDONESIA
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UNITED STATES
MEXICO GULF OF MEXICO
Florida
Alabama Mississippi
Louisiana Texas
HOUMA
HOUSTON
NEW IBERIA
BATON ROUGE
PORT ARTHUR
NEW ORLEANS
Ursa
North
Mars
Tonga
Antiqua
Oregano
Habanero
Enchilada
Salsa
Conger
Cougar
Glider
Popeye
Brutus
Holstein
Princess
Ursa
Crosby
Europa
Auger
Cognac
Ariel (NaKika)
Kepler
(NaKika)
Ram-Powell
Herschel
Fourier
Coulomb (NaKika)
East Anstey
(NaKika)
Macaroni
Hickory
Troika
Stones
WD 143
NaKika
Mensa
Llano
Elmer
Caesar
King
Serrano
West Boreas
Great White
Silvertip
South Deimos
Vito
Appomattox
Cardamom-Deep
Tobago
Perdido
Mars B
Haynesville
Eagle Ford
Piloncillo
0 50 100 150 200 km
"
Utah
Montana
Idaho
Nevada
Wyoming Oregon
Colorado
Washington
New Mexico Arizona Texas
California
Kansas
Nebraska
South Dakota
North Dakota
UNITED STATES
CANADA
CODY GILLETTE
LOS ANGELES
ROCK SPRINGS
Pinedale
0 150 300 450 600 km
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"" ""
D
New York
Ohio
West Virginia Virginia
Maryland
CANADA
Pennsylvania
UNITED STATES
1401-2H
2013-1HM
2013-1HU
Appalachia
Marcellus
0 50 100 150 200 km
AMERICAS
Maps
NORTH-WEST USA
SOUTH TEXAS AND GULF OF MEXICO
PENNSYLVANIA, NEW YORK AND OHIO
"
"
CANADA
UNITED STATES
CHUKCHI SEA
BEAUFORT SEA
Alaska
Yukon
Northwestern
Territories
NOME
Inuvik
Kaktovik
0 100 200 300 400 km
CANADA
UNITED STATES
Saskatch
Klappan Area
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CANADA
UNITED STATES
UNITED STATES
Saskatchewan
British Columbia Alberta
PACIFIC OCEAN
Phosphate
Gundy
CALGARY
EDMONTON
FORT ST. JOHN
GRANDE PRAIRIE
FORT MC MURRAY
Caroline
Waterton
Peace River
Burnt Timber
Jumping Pound
Muskeg River Mine
Scotford
Kitimat
Marsh
Limestone
Jumping Pound
Panther
Clearwater
Chipmunk
Seal
Ells River
Namur
Grosmont
Groundbirch
Bakken
0 100 200 300 400 km
"
"
CANADA
Newfoundland
Nova Scotia
NORTH ATLANTIC OCEAN
HALIFAX
Sable Island
0 100 200 300 400 km

Shell oil pipeline
Shell gas pipeline
Designated oil sands areas
Maps
ALBERTA AND BRITISH COLUMBIA
ALASKA, YUKON AND NORTHWESTERN TERRITORIES NOVA SCOTIA
""
BRAZIL
GUYANA
VENEZUELA
SURINAME
FRENCH
GUIANA
TRINIDAD
AND TOBAGO
ATLANTIC OCEAN
Zaedyus
MABARUMA
GEORGETOWN
PARAMARIBO
CAYENNE
Stabroek
Guyane Maritime
0 100 200 300 400 km
"
COLOMBIA
VENEZUELA
PANAMA
BOGOTA
CARACAS
MARACAIBO
Luna Llena
CPE 4
CPE 2
Gua-3
VMM 27
VMM 3
VMM 28
Urdaneta Oeste
0 100 200 300 400 km
""
"
""
"
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"" "" ""
BRAZIL
ARGENTINA
BOLIVIA
PARAGUAY
URUGUAY
SOUTH
ATLANTIC OCEAN
Quindim
Pe de Moleque
Brigadeiro
BRASILIA
SAO PAULO
BUENOS AIRES
RIO DE JANEIRO
MACEIO
Argonauta
Bijupira
Abalone
Salema
Ostra
Gato do Mato
Macueta
San Pedrito
0 200 400 600 800 km
GREENLAND
BAFFIN BAY
UPERNAVIK
Napu
Anu
0 100 200 300 400 km
Maps
BRAZIL AND ARGENTINA COLOMBIA AND VENEZUELA
FRENCH GUIANA AND GUYANA GREENLAND
CONSOLIDATED DATA
EMPLOYEES BY SEGMENT ( AVERAGE NUMBERS) THOUSANDS
2011 2010 2009 2008 2007
Upstream 27 26 23 22 22
Downstream 51 59 62 64 69
Corporate [A] 12 12 16 16 13
Total 90 97 101 102 104
[A] Corporate includes employees working in business service centres.
EMPLOYEES BY GEOGRAPHI CAL AREA
( AVERAGE NUMBERS) THOUSANDS
2011 2010 2009 2008 2007
The Netherlands 8 8 9 9 10
UK 7 7 8 8 8
Other 10 13 14 15 17
Europe 25 28 31 32 35
Africa, Asia, Oceania 33 34 34 34 33
USA 20 20 22 23 24
Other Americas 12 15 14 13 12
Total 90 97 101 102 104
EMPLOYEE COSTS $ MI LLI ON
2011 2010 2009 2008 2007
Remuneration 11,158 10,667 10,608 10,581 10,021
Social law taxes 774 758 818 890 854
Retirement benets 1,804 1,980 2,679 (302) 98
Share-based compensation 754 701 642 241 589
Total 14,490 14,106 14,747 11,410 11,562
EMPLOYEES BY COUNTRY ( AVERAGE NUMBERS) THOUSANDS
2011 2010 2009 2008 2007
Argentina 2 3 3 3 3
Australia 2 2 3 3 3
Brazil 1 2 2 2 2
Canada 8 8 6 6 6
China/Hong Kong 4 4 4 4 4
France 1 1 1 2 3
Germany 4 5 5 5 6
India 3 3 2 1 1
Malaysia 6 6 7 7 7
Morocco 1 1 1 1 1
Nigeria 2 2 2 2 2
Norway 1 1 1 1 1
Philippines 4 4 3 3 1
Poland 2 2 2 1 1
Qatar 1 1 1 1 [A]
Russia [A] [A] [A] [A] 1
Singapore 3 3 3 3 2
South Africa 1 2 2 2 1
Thailand [A] 1 1 1 2
UK 7 7 8 8 8
USA 20 20 22 23 24
81 86 88 88 89
As percentage of total (%) 90 89 87 86 8 6
Total 90 97 101 102 104
[A] Fewer than 500 employees.
EMPLOYEES
Consolidated data
CONSOLIDATED FINANCIAL DATA
CONSOLI DATED STATEMENT OF I NCOME $ MI LLI ON
2011 2010 2009 2008 2007
Revenue 470,171 368,056 278,188 458,361 355,782
Share of prot of equity-accounted investments 8,737 5,953 4,976 7,446 8,234
Interest and other income 5,581 4,143 1,965 5,133 5,760
Total revenue and other income 484,489 378,152 285,129 470,940 369,776
Purchases 370,044 283,176 203,075 359,587 262,255
Production and manufacturing expenses 26,458 24,458 25,301 25,565 23,219
Selling, distribution and administrative expenses 14,335 15,528 17,430 16,906 16,449
Research and development 1,125 1,019 1,125 1,230 1,167
Exploration 2,266 2,036 2,178 1,995 1,822
Depreciation, depletion and amortisation 13,228 15,595 14,458 13,656 13,180
Interest expense 1,373 996 542 1,181 1,108
Income before taxation 55,660 35,344 21,020 50,820 50,576
Taxation 24,475 14,870 8,302 24,344 18,650
Income for the period 31,185 20,474 12,718 26,476 31,926
Income attributable to non-controlling interest 267 347 200 199 595
Income attributable to Royal Dutch Shell plc shareholders 30,918 20,127 12,518 26,277 31,331

EARNI NGS PER SHARE $
2011 2010 2009 2008 2007
Basic earnings per share 4.98 3.28 2.04 4.27 5.00
Diluted earnings per share 4.97 3.28 2.04 4.26 4.99
CCS EARNI NGS $ MI LLI ON
2011 2010 2009 2008 2007
Income attributable to Royal Dutch Shell plc shareholders 30,918 20,127 12,518 26,277 31,331
Estimated CCS adjustment for Downstream (2,293) (1,484) (2,714) 5,089 (3,767)
CCS earnings 28,625 18,643 9,804 31,366 27,564
SHARES MI LLI ON
2011 2010 2009 2008 2007
Basic weighted average number of Class A and B shares 6,212.5 6,132.6 6,124.9 6,159.1 6,263.8
Diluted weighted average number of Class A and B shares 6,221.7 6,139.3 6,128.9 6,171.5 6,283.8
Shares outstanding at the end of the period 6,220.1 6,154.2 6,122.3 6,121.7 6,210.4
Consolidated data
Consolidated data
CONSOLI DATED BALANCE SHEET ( AT DECEMBER 31) $ MI LLI ON
2011 2010 2009 2008 2007
Assets
Non-current assets
Intangible assets 4,521 5,039 5,356 5,021 5,366
Property, plant and equipment 152,081 142,705 131,619 112,038 101,521 [ A]
Upstream 119,789 109,67 7 97,208 80,302 68,493
Downstream 31,467 32,205 33,513 30,876 31,945
Corporate 825 823 898 860 1,083
Equity-accounted investments 37,990 33,414 31,175 28,327 29,153 [ A]
Investments in securities 5,492 3,809 3,874 4,065 3,461
Deferred tax 4,732 5,361 4,533 3,418 3,253
Pre-paid pension costs 11,408 10,368 10,009 6,198 5,559
Trade and other receivables 9,256 8,970 9,158 6,764 5,760
225,480 209,666 195,724 165,831 154,073
Current assets
Inventories 28,976 29,348 27,410 19,342 31,503
Accounts receivable 79,509 70,102 59,328 82,040 74,238
Cash and cash equivalents 11,292 13,444 9,719 15,188 9,656
119,777 112,894 96,457 116,570 115,397
Total assets 345,257 322,560 292,181 282,401 269,470
Liabilities
Non-current liabilities
Debt 30,463 34,381 30,862 13,772 12,363
Trade and other payables 4,921 4,250 4,586 3,677 3,893
Deferred tax 14,649 13,388 13,838 12,518 13,039
Retirement benet obligations 5,931 5,924 5,923 5,469 6,165
Decommissioning and other provisions 15,631 14,285 14,048 12,570 13,658
71,595 72,228 69,257 48,006 49,118
Current liabilities
Debt 6,712 9,951 4,171 9,497 5,736
Trade and other payables 81,846 76,550 67,161 85,091 75,697
Taxes payable 10,606 10,306 9,189 8,107 9,733
Retirement benet obligations 387 377 461 383 426
Decommissioning and other provisions 3,108 3,368 3,807 2,451 2,792
102,659 100,552 84,789 105,529 94,384
Total liabilities 174,254 172,780 154,046 153,535 143,502
Equity
Share capital 536 529 527 527 536
Shares held in trust (2,990) (2,789) (1,711) (1,867) (2,392)
Other reserves 8,984 10,094 9,982 3,178 14,148
Retained earnings 162,987 140,179 127,633 125,447 111,668 [ A]
Equity attributable to Royal Dutch Shell plc shareholders 169,517 148,013 136,431 127,285 123,960
Non-controlling interest 1,486 1,767 1,704 1,581 2,008 [ A]
Total equity 171,003 149,780 138,135 128,866 125,968
Total liabilities and equity 345,257 322,560 292,181 282,401 269,470
[ A] In March 2007, Shell acquired the non-controlling interests in Shell Canada for a cash consideration of $7.1 billion. This was reected as a decrease in non-
controlling interest and in retained earnings of $1,639 million and $5,445 million respectively. In April 2007, Shell sold half of its interest in Sakhalin-2 for $4.1
billion reducing its interest from 55% to 27.5% . As a result of this transaction, Sakhalin- 2 has been accounted for as an associated company rather than as a
subsidiary with effect from April 2007. The main impact on the Consolidated Balance Sheet was a decrease of $15.7 billion in property, plant and equipment and
$6.7 billion in non-controlling interest, and an increase in equity-accounted investments of $3.7 billion.
CONSOLI DATED STATEMENT OF CASH FLOWS $ MI LLI ON
2011 2010 2009 2008 2007
Cash ow from operating activities
Income for the period 31,185 20,474 12,718 26,476 31,926
Adjustment for
Current taxation 23,009 16,384 9,297 24,452 20,076
Interest expense (net) 1,164 842 1,247 1,039 550
Depreciation, depletion andamortisation 13,228 15,595 14,458 13,656 13,180
Net gains on sale of assets (4,485) (3,276) (781) (4,071) (3,349)
(Increase)/decrease innetworkingcapital (6,471) (5,929) (2,331) 7,935 (6,206)
Share of prot of equity-accounted investments (8,737) (5,953) (4,976) (7,446) (8,234)
Dividends received from equity-accounted investments 9,681 6,519 4,903 9,325 6,955
Deferred taxation and decommissioning and other provisions 1,768 (1,934) (1,925) (1,030) (773)
Other (949) (10) (1,879) (549) (801)
Netcashfromoperatingactivities(pre-tax) 59,393 42,712 30,731 69,787 53,324
Taxation paid (22,622) (15,362) (9,243) (25,869) (18,863)
Cash ow from operating activities 36,771 27,350 21,488 43,918 34,461
Cash ow from investing activities
Capital expenditure (26,301) (26,940) (26,516) (35,065) (24,576)
Investments in equity-accounted investments (1,886) (2,050) (2,955) (1,885) (1,852)
Proceeds from sale of assets 6,990 3,325 1,325 4,737 8,566 [A]
Proceeds from sale of equity-accounted investments 468 3,591 1,633 2,062 1,012
Proceeds from sale/(purchases) of securities (net) 90 (34) (105) 224 1,055
Interest received 196 136 384 1,012 1,225
Net cash used in investing activities (20,443) (21,972) (26,234) (28,915) (14,570)
Cash ow from nancing activities
Net (decrease)/increase in debt with maturity period within three months (3,724) 4,647 (6,507) 4,161 (455)
Other debt
New borrowings 1,249 7,849 19,742 3,555 4,565
Repayments (4,649) (3,240) (2,534) (2,890) (2,796)
Interest paid (1,665) (1,312) (902) (1,371) (1,235)
Change in non-controlling interest 8 381 62 40 (6,757)[A]
Cash dividends paid to:
Royal Dutch Shell plc shareholders (6,877) (9,584) (10,526) (9,516) (9,001)
Non-controlling interest (438) (395) (191) (325) (203)
Repurchases of shares (1,106) (3,573) (4,387)
Shares held in trust: net (purchases)/sales and dividends received (929) 187 27 525 876
Net cash used in nancing activities (18,131) (1,467) (829) (9,394) (19,393)
Currency translation differences relatingtocash andcash equivalents (349) (186) 106 (77) 156
(Decrease)/increase in cash and cash equivalents (2,152) 3,725 (5,469) 5,532 654
Cash and cash equivalents at January 1 13,444 9,719 15,188 9,656 9,002
Cash and cash equivalents atDecember31 11,292 13,444 9,719 15,188 9,656
[ A] In March 2007, Shell acquired the non-controlling interests in Shell Canada for a cash consideration of $7.1 billion. This was reected as a decrease in non-
controlling interest and in retained earnings of $1,639 million and $5,445 million respectively. In April 2007, Shell sold half of its interest in Sakhalin-2 for $4.1
billion, reducing its interest from 55% to 27.5% . As a result of this transaction, Sakhalin-2 has been accounted for as an associated company rather than as a
subsidiary with effect from April 2007. The main impact on the Consolidated Balance Sheet was a decrease of $15.7 billion in property, plant and equipment and
$6.7 billion in non-controlling interest, and an increase in equity accounted investments of $3.7 billion.
Consolidated data
QUARTERLY EARNI NGS BY BUSI NESS SEGMENT $ MI LLI ON
2011 2010
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
Upstream* [A]
Europe 863 1,035 1,261 1,922 5,081 1,487 910 745 1,186 4,328
Asia-Pacic 1,139 1,539 1,806 1,223 5,707 1,068 770 1,551 2,826 6,215
Other 1,852 2,287 2,320 2,450 8,909 928 1,257 1,424 1,053 4,662
Upstream International 3,854 4,861 5,387 5,595 19,697 3,483 2,937 3,720 5,065 15,205
Upstream Americas 1,904 1,200 684 970 4,758 932 333 (567) 32 730
Total 5,758 6,061 6,071 6,565 24,455 4,415 3,270 3,153 5,097 15,935
* of which integrated gas [B] 759 2,160 2,437 1,923 7,279 960 813 1,280 2,674 5,727
Downstream (CCS basis)
Oil products 685 1,347 827 (624) 2,235 430 1,081 10 (82) 1,439
Chemicals 485 536 653 380 2,054 313 390 315 493 1,511
Total 1,170 1,883 1,480 (244) 4,289 743 1,471 325 411 2,950
Corporate and non-controlling interest
Interest and investment income/(expense) (194) (160) (152) (118) (624) (98) (39) (107) (65) (309)
Currency exchange gains/(losses) 92 126 (270) (25) (77) (63) (160) 50 215 42
Other including taxation 201 175 168 243 787 (15) 87 205 81 358
Corporate 99 141 (254) 100 86 (176) (112) 148 231 91
Non-controlling interest (102) (90) (51) 38 (205) (85) (100) (105) (43) (333)
Total (3) 51 (305) 138 (119) (261) (212) 43 188 (242)
CCS earnings 6,925 7,995 7,246 6,459 28,625 4,897 4,529 3,521 5,696 18,643
Estimated CCS adjustment for Downstream 1,855 667 (270) 41 2,293 584 (136) (58) 1,094 1,484
Income attributable to Royal Dutch Shell plc shareholders 8,780 8,662 6,976 6,500 30,918 5,481 4,393 3,463 6,790 20,127
[A] Europe: Europe. Asia-Pacic: East Asia and Oceania. Other: Africa, Middle East and Commonwealth of Independent States. Americas: North and South America.
[B] Integrated gas is part of the Upstream segment. It incorporates liqueed natural gas, including LNG marketing and trading, and gas-to-liquids operations, as
previously reported in the Gas & Power segment. In addition, the associated upstream oil and gas production activities from projects where there are integrated scal
and ownership structures across the value chain are included in integrated gas. These include the North West Shelf, Pearl, Qatargas 4 and Sakhalin-2 projects, which
were on-stream in 2011. Power generation and coal gasication activities are also included in integrated gas.
QUARTERLY I DENTI FI ED I TEMS BY BUSI NESS SEGMENT [ A] $ MI LLI ON
2011 2010
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
Upstream* [B]
Europe (162) 85 171 450 544 16 (49) 339 (19) 287
Asia-Pacic (38) 482 381 152 977 6 453 1,927 2,386
Other 221 27 132 544 924 (50) 11 102 (20) 43
Upstream International 21 594 684 1,146 2,445 (34) (32) 894 1,888 2,716
Upstream Americas 1,099 47 (48) 312 1,410 144 42 (1,178) (231) (1,223)
Total 1,120 641 636 1,458 3,855 110 10 (284) 1,657 1,493
* of which integrated gas [C] (319) 535 534 111 861 9 42 405 2,023 2,479
Downstream (CCS basis)
Oil products (479) 796 (317) 34 34 (35) 365 (1,128) 10 (788)
Chemicals (4) 6 (21) (19) (54) (81) (135)
Total (483) 802 (338) 34 15 (35) 311 (1,128) (71) (923)
Corporate and non-controlling interest
Corporate (53) 76 23
Non-controlling interest 45 45
Total (53) 121 68
CCS earnings impact 637 1,443 245 1,613 3,938 75 321 (1,412) 1,586 570
[A] Identied items generally relate to events with an impact of more than $50 million on earnings and are shown to provide additional insight into segment earnings and
income attributable to shareholders. A detailed description of Shells identied items per quarter can be found in the Quarterly Results Announcements.
[B] Europe: Europe. Asia-Pacic: East Asia and Oceania. Other: Africa, Middle East and Commonwealth of Independent States. Americas: North and South America.
[C] Integrated gas is part of the Upstream segment. It incorporates liqueed natural gas, including LNG marketing and trading, and gas-to-liquids operations, as
previously reported in the Gas & Power segment. In addition, the associated upstream oil and gas production activities from projects where there are integrated scal
and ownership structures across the value chain are included in integrated gas. These include the North West Shelf, Pearl, Qatargas 4 and Sakhalin-2 projects, which
were on-stream in 2011. Power generation and coal gasication activities are also included in integrated gas.
Consolidated data
QUARTERLY EARNI NGS BY BUSI NESS SEGMENT $ MI LLI ON
2009 2008 2007
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
1,461 209 362 724 2,756 1,748 1,240 3,213 2,608 8,809 1,386 1,009 472 2,952 5,819
751 722 566 575 2,614 1,021 1,290 1,031 1,140 4,482 748 649 665 1,015 3,077
320 471 467 581 1,839 1,470 1,638 1,833 1,066 6,007 927 963 1,531 136 3,557
2,532 1,402 1,395 1,880 7,209 4,239 4,168 6,077 4,814 19,298 3,061 2,621 2,668 4,103 12,453
(348) 689 148 656 1,145 2,100 2,689 2,570 (151) 7,208 1,260 1,466 1,433 1,482 5,641
2,184 2,091 1,543 2,536 8,354 6,339 6,857 8,647 4,663 26,506 4,321 4,087 4,101 5,585 18,094
511 441 473 360 1,785 881 1,044 1,217 951 4,093 798 806 692 848 3,144
1,077 (257) 1,163 (2,041) (58) 1,195 1,075 2,303 580 5,153 1,478 2,929 1,628 871 6,906
(74) (18) 129 279 316 201 (142) 116 (19) 156 480 494 360 348 1,682
1,003 (275) 1,292 (1,762) 258 1,396 933 2,419 561 5,309 1,958 3,423 1,988 1,219 8,588
21 25 59 255 360 110 81 178 (41) 328 583 158 122 12 875
(46) 379 160 151 644 (62) 27 (264) (351) (650) 46 20 57 82 205
158 144 (17) 21 306 98 93 43 19 253 172 (1) 234 (98) 307
133 548 202 427 1,310 146 201 (43) (373) (69) 801 177 413 (4) 1,387
(23) (24) (47) (24) (118) (105) (89) (120) (66) (380) (148) (131) (110) (116) (505)
110 524 155 403 1,192 41 112 (163) (439) (449) 653 46 303 (120) 882
3,297 2,340 2,990 1,177 9,804 7,776 7,902 10,903 4,785 31,366 6,932 7,556 6,392 6,684 27,564
191 1,482 257 784 2,714 1,307 3,654 (2,455) (7,595) (5,089) 349 1,111 524 1,783 3,767
3,488 3,822 3,247 1,961 12,518 9,083 11,556 8,448 (2,810) 26,277 7,281 8,667 6,916 8,467 31,331
QUARTERLY I DENTI FI ED I TEMS BY BUSI NESS SEGMENT [ A] $ MI LLI ON
2009 2008 2007
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
233 (389) 49 (76) (183) (161) (373) 1,737 906 2,109 (93) 19 (62) 1,317 1,181
65 70 46 (256) (75) 47 (67) 35 15 145 145
97 (15) (33) 49 132 193 430 755 126 136 122 (827) (443)
395 (319) 80 (365) (209) (161) (194) 1,863 1,371 2,879 33 155 60 635 883
(65) 204 (203) 139 75 84 (8) 505 27 608 110 245 66 167 588
330 (115) (123) (226) (134) (77) (202) 2,368 1,398 3,487 143 400 126 802 1,471
80 (6) 125 (232) (33) 35 104 91 230 110 473 1 145 729
(186) (611) 576 (1,429) (1,650) (269) 477 (383) (175) (176) 205 121 177 327
(19) (67) (40) 94 (32) (206) (32) (22) (260) 18 (46) (28)
(205) (678) 536 (1,335) (1,682) (475) 445 (405) (435) (176) 205 139 131 299
162 (17) (42) (36) 67 (96) (96) 404 55 30 489

162 (17) (42) (36) 67 (96) (96) 404 55 30 489
287 (810) 371 (1,597) (1,749) (77) (677) 2,813 897 2,956 371 660 265 963 2,259
Consolidated data
ADDI TI ONAL SEGMENTAL I NFORMATI ON $ MI LLI ON
2011 2010 2009 2008 2007
Upstream
Segment earnings 24,455 15,935 8,354 26,506 18,094
Including:
Exploration 2,266 2,036 2,178 1,995 1,822
Share of prot of equity-accounted investments 7,127 4,900 3,852 7,521 5,446
Cash ow from operations 30,579 24,872 19,935 38,681 27,363
Less: Net working capital movements (2,702) 346 1,490 3,233 1,493
Cash ow from operations excluding net working capital movements 33,281 24,526 18,445 35,448 25,870
Capital employed 126,437 113,631 98,826 83,997 71,711
Downstream
Segment CCS earnings 4,289 2,950 258 5,309 8,588
Including:
Share of prot of equity-accounted investments 1,577 948 661 834 2,406
Less: Net working capital movements (3,825) (6,177) (1,783) 6,857 (7,682)
Capital employed 71,976 67,287 62,632 54,050 65,042
Corporate
Segment earnings 86 91 1,310 (69) 1,387
Cash ow from operations 1,271 517 (2,503) (3,370) 1,630
Less: Net working capital movements 56 (98) (2,039) (2,155) (17)
Cash ow from operations excluding net working capital movements 1,215 615 (464) (1,215) 1,647
Capital employed 9,765 13,194 11,710 14,088 7,3 14
Shell group
CCS earnings 28,830 18,976 9,922 31,746 28,069
Non-controlling interest (205) (333) (118) (380) (505)
CCS earnings (after non-controlling interest) 28,625 18,643 9,804 31,366 27,564
Less: Net working capital movements (6,471) (5,929) (2,332) 7,935 (6,206)
Capital employed 208,178 194,112 173,168 152,135 144,0 67
Consolidated data
NET CAPI TAL I NVESTMENT $ MI LLI ON
2011 2010 2009 2008 2007
Capital expenditure
Upstream
Europe 1,731 1,892 3,117 2,689 2,669
Asia-Pacic 5,683 2,794 2,010 1,720 1,458
Other 4,133 5,128 6,792 9,069 8,390
Upstream Americas 9,134 12,509 8,345 15,469 6,700
Total Upstream 20,681 22,323 20,264 28,947 19,217
Downstream
Oil products 4,845 3,714 3,994 3,796 3,601
Chemicals 634 809 1,985 2,081 1,344
Total Downstream 5,479 4,523 5,979 5,877 4,945
Corporate 141 94 273 241 414
Total capital expenditure 26,301 26,940 26,516 35,065 24,576
Exploration expense 1,462 1,214 1,186 1,447 1,115
Leases and other adjustments [A] 1,402 358 1,078 47 (471)
New equity in equity-accounted investments 1,466 1,646 1,270 1,294 1,472
New loans to equity-accounted investments 420 404 1,685 591 380
Total capital investment 31,051 30,562 31,735 38,444 27,072
Proceeds from divestments [B]
Upstream 4,280 4,487 1,625 3,909 7,807
Downstream 3,206 2,401 1,278 2,932 2,613
Corporate 62 (6) (50) 182 213
Total 7,548 6,882 2,853 7,023 10,633
Total net capital investment * 23,503 23,680 28,882 31,421 16,439
* Comprising
Upstream** 19,083 21,222 22,326 28,257 13,555
Downstream 4,342 2,358 6,232 3,104 2,682
Oil products 3,793 1,714 4,638 1,343 1,315
Chemicals 549 644 1,594 1,761 1,367
Corporate 78 100 324 60 202
Total 23,503 23,680 28,882 31,421 16,439
** Of which integrated gas 4,537 2,890 5,119 6,999 1,460
[A] Includes nance leases and other adjustments related to timing differences between the recognition of assets and associated underlying cash ows.
[B] Includes proceeds from the sale of assets, equity-accounted investments and securities, as shown in the Consolidated statement of cash ows (see page 59).
CAPI TAL EMPLOYED [ A] ( AT DECEMBER 31) $ MI LLI ON
2011 2010 2009 2008 2007
Upstream
Europe 10,682 10,588 9,767 7,615 11,227
Asia-Pacic 23,372 16,578 13,352 10,035 9,932
Other 41,427 38,772 35,779 32,164 25,699
Downstream
Oil products 59,176 55,302 50,751 44,146 54,471
Chemicals 12,800 11,985 11,881 9,904 10,571
Corporate 9,765 13,194 11,710 14,088 7,314
Total 208,178 194,112 173,168 152,135 144,067
[A] Consists of total equity, current debt and non-current debt.
Consolidated data
FI NANCI AL RATI OS
2011 2010 2009 2008 2007
Return on average capital employed
Income for the period adjusted for interest expense, less tax for the period,
as % of the average capital employed 15.9 11.5 8.0 18.3 23.7
Return on sales
Income attributable to Royal Dutch Shell plc shareholders plus non-
controlling interest as % of sales proceeds (including sales taxes, etc.) 5.6 4.6 3.5 4.8 7.3
Return on equity
Income attributable to Royal Dutch Shell plc shareholders as % of average
net assets (i.e. equity attributable to Royal Dutch Shell plc shareholders
and non-controlling interest) 19.3 14.0 9.4 20.6 26.0
Current ratio
Current assets : current liabilities 1.2 1.1 1.1 1.1 1.2
Long-term debt ratio
Non-current debt as % of capital employed less current debt 15.1 18.7 18.3 9.7 8.9
Total debt ratio
Non-current debt plus current debt as % of capital employed 17.9 22.8 20.2 15.3 12.6
Gearing ratio at December 31
Net debt as % of total capital 13.1 17.1 15.5 5.9 6.3
DEPRECI ATI ON, DEPLETI ON AND AMORTI SATI ON $ MI LLI ON
2011 2010 2009 2008 2007
Upstream
Europe 1,519 2,732 2,746 3,113 3,319
Asia-Pacic 1,222 1,063 1,091 1,426 1,193
Other 1,603 1,445 1,507 1,944 2,397
Downstream
Oil products 3,408 3,444 3,469 2,686 2,440
Chemicals 843 810 930 888 666
Corporate 150 197 184 176 161
Total 13,228 15,595 14,458 13,656 13,180
FI XED ASSETS [ A] ( AT DECEMBER 31) $ MI LLI ON
2011 2010 2009 2008 2007
Upstream
Europe 14,327 16,119 18,478 16,550 20,270
Asia-Pacic 27,536 20,536 16,307 13,094 12,775
Other 44,913 42,868 38,637 32,886 26,921
Downstream
Oil products 39,711 37,072 38,166 35,002 38,907
Chemicals 11,735 11,799 11,642 10,486 9,958
Corporate 2,180 2,120 2,403 2,205 2,438
Total 200,085 184,967 172,024 149,451 139,501
[A] Comprises intangible assets, property, plant and equipment, equity-accounted investments and investments in securities.
TAXATI ON
2011 2010 2009 2008 2007
Current taxation ($ million) 23,009 16,384 9,297 24,452 20,076
Deferred taxation ($ million) 1,466 (1,514) (995) (108) (1,426)
Total ($ million) 24,475 14,870 8,302 24,344 18,650
As percentage of income before taxation (%) 44 42 39 48 37
Consolidated data
UPSTREAM EARNINGS
[A] Asia : East Asia and Oceania.
[B] Other: Africa, Middle East and Commonwealth of Independent States.
UPSTREAM DATA
2010 $ MI LLI ON
Upstream Upstream
Europe Asia [A] Other [B] International Americas Total
Revenue (third party and inter-segment) 21 ,379 7 ,893 22 ,950 52 ,222 15 ,976 68 ,198
Share of prot of equity-accounted investments 1 ,378 1 ,099 1 ,509 3 ,986 914 4 ,900
Interest and other income 37 3 ,153 166 3 ,356 260 3 ,616
Total revenue and other income 22 ,794 12 ,145 24 ,625 59 ,564 17 ,150 76 ,714
Purchases 7 ,379 1 ,175 2 ,602 11 ,156 2 ,936 14 ,092
Production and manufacturing expenses 2 ,981 1 ,539 3 ,635 8 ,155 5 ,542 13 ,697
Taxes other than income tax 303 567 1 ,069 1 ,939 254 2 ,193
Selling, distribution and administrative expenses 989 90 12 1 ,091 421 1 ,512
Research and development 416 5 421 199 620
Exploration 335 337 342 1 ,014 1 ,022 2 ,036
Depreciation, depletion and amortisation 2 ,732 1 ,063 1 ,445 5 ,240 5 ,904 11 ,144
Interest expense 344 37 128 509 154 663
Earnings before taxation 7 ,315 7 ,332 15 ,392 30 ,039 718 30 ,757
Taxation 2 ,987 1 ,117 10 ,730 14 ,834 (12) 14 ,822
Earnings after taxation 4 ,328 6 ,215 4 ,662 15 ,205 730 15 ,935
Cash ow from operations 5 ,096 5 ,269 8 ,158 18 ,523 6 ,349 24 ,872
Less: Net working capital movements (347) 472 (135) (10) 356 346
Cash ow from operations excluding net working capital movements 5 ,443 4 ,797 8 ,293 18 ,533 5 ,993 24 ,526
2011 $ MI LLI ON
Upstream Upstream
Revenue (third party and inter-segment) 26,263 11,125 33,451 70,839 20,852 91,691
Share of prot of equity-accounted investments 1,527 1,111 3,121 5,759 1,368 7,127
Interest and other income 42 841 1,052 1,935 2,214 4,149
Total revenue and other income 27,832 13,077 37,624 78,533 24,434 102,967
Purchases 9,687 2,190 4,605 16,482 5,606 22,088
Production and manufacturing expenses 2,775 1,735 4,606 9,116 6,490 15,606
Taxes other than income tax 390 835 1,553 2,778 239 3,017
Selling, distribution and administrative expenses 1,010 83 22 1,115 161 1,276
Research and development 505 15 520 162 682
Exploration 313 413 584 1,310 956 2,266
Depreciation, depletion and amortisation 1,519 1,222 1,603 4,344 4,483 8,827
Earnings before taxation 11,277 6,531 24,502 42,310 6,139 48,449
Taxation 6,196 824 15,593 22,613 1,381 23,994
Earnings after taxation 5,081 5,707 8,909 19,697 4,758 24,455
Cash ow from operations 6,680 6,343 9,421 22,444 8,135 30,579
Less: Net working capital movements (876) (133) (2,225) (3,234) 532 (2,702)
Cash ow from operations excluding net working capital movements 7,556 6,476 11,646 25,678 7,603 33,281
Upstream data
2009 $ MI LLI ON
Upstream Upstream
Share of prot of equity-accounted investments 1,485 740 983 3,208 644 3,852
Interest and other income 75 379 82 536 116 652
Purchases 7,341 1,187 1,500 10,028 1,618 11,646
Taxes other than income tax 322 316 506 1,144 124 1,268
Research and development 415 415 219 634
Exploration 273 276 660 1,209 969 2,178
Earnings before taxation 5,745 3,068 8,482 17,295 1 17,296
Taxation 2,989 454 6,643 10,086 (1,144) 8,942
Less: Net working capital movements 894 (84) (372) 438 1,052 1,490
2008 $ MI LLI ON
Upstream Upstream
Share of prot of equity-accounted investments 2,582 1,433 2,065 6,080 1,441 7,521
Interest and other income 2,304 690 446 3,440 684 4,124
Purchases 7,164 2,553 1,910 11,627 5,231 16,858
Exploration 416 185 388 989 1,006 1,995
Taxation 8,469 1,015 12,991 22,475 2,688 25,163
Less: Net working capital movements 1,466 314 1,737 3,517 (284) 3,233
2007 $ MI LLI ON
Upstream Upstream
Share of prot of equity-accounted investments 1,767 897 1,612 4,276 1,170 5,446
Interest and other income 1,815 399 19 2,233 805 3,038
Purchases 4,725 1,333 1,831 7,889 4,059 11,948
Production and manufacturing expenses 3,257 997 4,301 8,555 4,493 13,048
Exploration 178 259 408 845 977 1,822
Taxation 4,982 643 8,298 13,923 1,784 15,707
Less: Net working capital movements (174) (110) 63 (221) 1,714 1,493

Upstream data
OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES
EARNINGS
Shell subsidiaries
2010 $ MI LLI ON
North America South
Europe Asia Oceania Africa USA Other [B] America Total
Revenue
Third parties 4,100 2,755 1,674 2,215 3,547 487 121 14,899
Sales between businesses 8,572 10,672 980 8,225 3,153 4,101 1,356 37,059
Total 12,672 13,427 2,654 10,440 6,700 4,588 1,477 51,958
Production costs excluding taxes 2,186 1,106 287 1,244 1,700 2,257 209 8,989
Taxes other than income tax [A] 303 333 284 1,019 100 154 2,193
Exploration expense 335 275 110 294 730 167 125 2,036
Depreciation, depletion and amortisation 2,690 748 436 1,192 1,858 3,178 636 10,738
Other income/(costs) (1,144) (2,748) 2,479 497 (528) (1,324) 72 (2,696)
Earnings before taxation 6,014 8,217 4,016 7,188 1,784 (2,338) 425 25,306
Taxation charge/(credit) 2,915 6,752 524 4,564 542 (614) 132 14,815
Earnings after taxation 3,099 1,465 3,492 2,624 1,242 (1,724) 293 10,491
$/BOE
Revenue 58.55 73.72 53.86 59.47 50.85 60.72 62.26 60.81
Production costs excluding taxes 10.10 6.07 5.82 7.09 12.90 29.87 8.81 10.52
Taxes other than income tax [A] 1.40 1.83 5.76 5.80 0.76 6.49 2.57
Exploration expense 1.55 1.51 2.23 1.67 5.54 2.21 5.27 2.38
Depreciation, depletion and amortisation 12.43 4.11 8.85 6.79 14.10 42.06 26.81 12.57
Other income/(costs) (5.28) (15.09) 50.30 2.82 (4.01) (17.52) 3.03 (3.15)
Earnings before taxation 27.79 45.11 81.50 40.94 13.54 (30.94) 17.91 29.62
Taxation charge/(credit) 13.47 37.07 10.63 25.99 4.11 (8.12) 5.56 17.34
Earnings after taxation 14.32 8.04 70.87 14.95 9.43 (22.82) 12.35 12.28
[A] Includes cash paid royalties to governments outside North America.
[B] Comprises Canada and Greenland.
2011 $ MI LLI ON
North America South
Revenue
Third parties 5,038 4,227 1,823 3,143 3,369 342 96 18,038
Sales between businesses 10,379 14,495 1,160 10,986 4,016 6,710 1,570 49,316
Total 15,417 18,722 2,983 14,129 7,385 7,052 1,666 67,354
Taxes other than income tax [A] 390 588 300 1,499 59 180 3,016
Depreciation, depletion and amortisation 1,473 1,008 351 1,181 2,427 1,575 352 8,367
Other income/(costs) (1,670) (3,242) (331) 1,071 797 (2,080) 504 (4,951)
Earnings before taxation 9,353 12,257 1,437 10,574 2,946 308 1,262 38,137
Taxation charge/(credit) 6,048 9,748 (15) 6,511 714 165 471 23,642
Earnings after taxation 3,305 2,509 1,452 4,063 2,232 143 791 14,495
$/BOE
Revenue 83.64 99.60 65.91 82.19 65.91 78.54 82.99 83.01
Other income/(costs) (9.06) (17.25) (7.31) 6.23 7.11 (23.17) 25.11 (6.10)
Earnings before taxation 50.74 65.21 31.75 61.51 26.29 3.43 62.86 47.00
Taxation charge/(credit) 32.81 51.86 (0.33) 37.87 6.37 1.84 23.46 29.14
Earnings after taxation 17.93 13.35 32.08 23.63 19.92 1.59 39.40 17.86

Upstream data
2009 $ MI LLI ON
North America South
Revenue
Third parties 2,945 2,449 1,001 1,613 3,055 348 119 11,530
Sales between businesses 8,271 8,170 877 5,524 2,774 3,334 486 29,436
Total 11,216 10,619 1,878 7,137 5,829 3,682 605 40,966
Taxes other than income tax [A] 322 185 172 465 56 68 1,268
Depreciation, depletion and amortisation 2,730 937 307 1,233 2,440 1,999 124 9,770
Other income/(costs) (1,064) (2,458) (463) (444) (653) (1,075) (72) (6,229)
Earnings before taxation 4,098 5,71 8 563 3,178 404 (1,532) (25) 12,404
Taxation charge/(credit) 2,886 4,74 4 69 2,370 (458) (572) (126) 8,913
Earnings after taxation 1,212 974 494 808 862 (960) 101 3,491
$/BOE
Revenue 48.96 55.94 38.51 53.95 42.37 47.95 42.54 49.44
Other income/(costs) (4.64) (12.95) (9.50) (3.37) (4.74) (14.00) (5.06) (7.52)
Earnings before taxation 17.89 30.12 11.54 24.02 2.94 (19.95) (1.76) 14.97
Taxation charge/(credit) 12.60 24.99 1.41 17.91 (3.33) (7.45) (8.86) 10.76
Earnings after taxation 5.29 5.13 10.13 6.11 6.27 (12.50) 7.10 4.21

2008 $ MI LLI ON
North America South
Revenue
Third parties 6,210 3,764 170 3,104 5,219 1,131 479 20,077
Sales between businesses 13,771 13,001 1,440 8,429 5,235 1,573 371 43,820
Total 19,981 16,765 1,610 11,533 10,454 2,704 850 63,897
Production costs excluding taxes 2,383 1,331 157 1,207 1,294 750 161 7, 283
Taxes other than income tax [A] 501 639 258 882 101 90 2, 471
Depreciation, depletion and amortisation 3,102 1,299 220 1,595 2,166 880 74 9,336
Other income/(costs) (440) (2,107) 8 (20) (76) (330) (41) (3,006)
Earnings before taxation 13,141 11,258 840 7,529 6,137 564 337 39,806
Taxation charge/(credit) 8,391 9,098 205 4,505 2,044 11 287 24,541
Earnings after taxation 4,750 2,160 635 3,024 4,093 553 50 15,265
$/BOE
Revenue 77.53 88.66 34.99 71.91 77.05 63.69 56.79 75.50
Other income/(costs) (1.70) (11.17) 0.17 (0.11) (0.57) (7.77) (2.75) (3.54)
Taxation charge/(credit) 32.56 48.12 4.45 28.09 15.06 0.25 19.17 29.00
Upstream data
OI L SANDS UNI T OPERATI NG COSTS $/B
2011 2010 2009 2008 2007
Mining and upgrader cash operating costs [A] 43.00 47 .74 32.49 38.15 28.92
Depreciation, depletion and amortisation costs 10.21 6 .99 4.88 5.68 4.42
Total unit costs 53.21 54 .73 37.37 43.83 33.34
[A] Unit cash operating cost dened as: operating, selling and general expenses plus cash costs items included in cost of goods sold excluding pre-development and
centrally allocated costs divided by synthetic crude sales volumes excluding blend stock.
2007 $ MI LLI ON
North America South
Revenue:
Third parties 3,750 2,961 226 1,108 3,099 1,322 192 12,658
Sales between businesses 11,654 9,097 1,352 8,955 5,765 1,021 501 38,345
Total 15,404 12,058 1,578 10,063 8,864 2,343 693 51,003
Production costs excluding taxes 2,433 1,313 131 1,312 1,242 655 158 7, 244
Taxes other than income tax [A] 401 342 165 829 74 67 1,8 78
Depreciation, depletion and amortisation 3,311 893 350 2,168 2,183 514 13 9,432
Other income/(costs) 107 (1,529) 90 (1,670) (398) (708) (44) (4,152)
Earnings before taxation 9,188 7,840 839 3,739 4,292 220 357 26,475
Taxation charge/(credit) 4,961 6,499 139 2,332 1,488 (66) 19 15,372
Earnings after taxation 4,227 1,341 700 1,407 2,804 286 338 11,103
$/BOE
Revenue 57.84 66.12 31.76 58.47 56.24 55.19 48.64 57.65
Other income/(costs) 0.42 (8.38) 1.82 (9.70) (2.53) (16.68) (3.09) (4.70)
Taxation charge/(credit) 18.63 35.64 2.80 13.55 9.44 (1.56) 1.34 17.37
OIL SANDS
Shell share of equity-accounted investments
20112007 $ MI LLI ON
North America South
2011 Europe Asia Oceania [B] Africa USA Canada America Total
Third party revenue 5,688 11,021 1,271 2,807 318 21,105
Production costs excluding taxes 353 932 247 457 41 2,030
Taxes other than income tax [A] 2,990 4,358 74 127 89 7,638
Exploration expense 13 60 89 8 170
Depreciation, depletion and amortisation 237 1,250 246 211 35 1,979
Other income/(costs) 349 (30) (141) 103 (108) 173
Earnings before taxation 2,444 4,391 474 2,107 45 9,461
Taxation 940 1,983 174 765 45 3,907
Earnings after taxation 1,504 2,408 300 1,342 5,554
2010 1,394 1,085 518 818 3,815
2009 1,509 552 283 767 (203) 2,908
2008 2,519 467 535 1,281 3 165 4,970
2007 1,667 597 238 929 7 145 3,583
[B] Includes Shells ownership of Woodside Petroleum Ltd (24% from November 2010, previously 34%), a publicly listed company on the Australian Securities Exchange.
We have limited access to data; accordingly the numbers are estimated.
Upstream data
PROVED OIL AND GAS RESERVES
The tables present oil and gas reserves on a
net basis which means that they include the
reserves relating to (i) the Shell subsidiaries
excluding the reserves attributable to
non-controlling interest holders in our
subsidiaries and (ii) the Shell share of equity-
accounted investments. Proven minable oil
sands reserves are reported separately for
20072008. As a result of SEC rule changes,
these proven minable oil sands reserves have
been converted to synthetic crude oil proved
reserves and from 2009 onwards these are
included in the proved oil and gas reserves.
Moreover, from 2009 onwards bitumen
proved reserves are reported separately. In
previous years, the bitumen proved reserves
were included in the reported proved oil and
gas reserves in Canada.
PROVED CRUDE OI L AND NATURAL GAS LI QUI DS, SYNTHETI C CRUDE OI L AND BI TUMEN RESERVES FOR SHELL
SUBSI DI ARI ES AND EQUI TY-ACCOUNTED I NVESTMENTS [ A] [ B] [ C] ( AT DECEMBER 31) MI LLI ON BARRELS
2011 2010 2009 2008 2007
Europe 754 617 526 491 641
Asia 1,664 2,080 1,830 1,562 1,604
Oceania 209 109 135 124 126
Africa 718 737 725 590 562
North America USA 838 843 710 588 672
North America Canada
Oil and NGL 35 35 38 48 119
Synthetic crude oil 1,680 1,567 1,599
Bitumen 55 51 57
South America 82 89 57 32 39
Total including year-average/end price effects 6,035 6,128 5,677 3,435 3,763
PROVED NATURAL GAS RESERVES FOR SHELL SUBSI DI ARI ES AND EQUI TY-ACCOUNTED I NVESTMENTS [ A] [ B] [ C] [ D]
( AT DECEMBER 31) THOUSAND MI LLI ON SCF
2011 2010 2009 2008 2007
Europe 15,401 15,566 15,835 15,732 16,481
Asia 16,943 18,194 19,797 18,791 16,224
Oceania 7,094 6,149 6,632 3,100 2,686
Africa 2,791 2,981 3,033 1,759 1,741
North America USA 3,259 2,745 2,323 2,402 2,480
North America Canada 2,045 1,308 1,172 1,231 923
South America 110 160 243 303 334
PROVEN MI NABLE OI L SANDS RESERVES ( AT DECEMBER 31) MI LLI ON BARRELS
2008 2007
Total including year-end price effects 997 1,111
TOTAL PROVED OI L AND GAS RESERVES [ A] [ B] [ C] [ E] [ F] ( AT DECEMBER 31) MI LLI ON BOE
2011 2010 2009 2008 2007
Europe 3,409 3,301 3,256 3,203 3,48 3
Asia 4,585 5,217 5,243 4,802 4,40 1
Oceania 1,432 1,169 1,278 659 589
Africa 1,200 1,250 1,249 893 862
North America USA 1,400 1,316 1,111 1,002 1,100
North America Canada 2,123 1,879 1,896 1,257 1,388
Year- average/end price effects (235) (198) 260 19 (183)
[A] 20092011 includes proved reserves associated with future production that will be consumed in operations. These volumes were not included in previous years.
[B] Total attributable to Royal Dutch Shell plc shareholders.
[C] Year-end price effect for 2007 and 2008; year-average price effect for 20092011.
[D] These quantities have not been adjusted to standard heat content.
[E] Natural gas volumes are converted to oil equivalent using a factor of 5,800 scf per barrel. Rounding difference may occur in estimate of gas reserves conversion from
scf to boe.
[F] Proven minable oil sands included for 20072008.
Upstream data
Changes
The tables present changes in the reserves
of (i) Shell subsidiaries without deduction of
the reserves attributable to non-controlling
interest holders in our subsidiaries and
(ii) the Shell share of equity-accounted
investments. Changes in proven minable
oil sands reserves are reported separately
for 20072008. As a result of SEC rule
changes, these proven minable oil sands
reserves have been converted to synthetic
crude oil proved reserves and from 2009
onwards these are included in the proved
oil and gas reserves.
PROVED CRUDE OI L AND NATURAL GAS LI QUI DS, SYNTHETI C CRUDE OI L AND BI TUMEN RESERVES CHANGES
FOR SHELL SUBSI DI ARI ES AND EQUI TY-ACCOUNTED I NVESTMENTS [ A] [ C] ( AT DECEMBER 31) MI LLI ON BARRELS
2011 2010 2009 2008 2007
Revisions and reclassications 190 856 1,205 [B] 242 164
Improved recovery 34 66 42 54 59
Extensions and discoveries 326 161 617 51 225
Purchases of minerals in place 59 4
Sales of minerals in place (37) (57) (1) (65) (206)
Total additions including year-average/end price effects 513 1,085 1,863 286 242
Production (611) (626) (616) (619) (663)
PROVED NATURAL GAS RESERVES CHANGES FOR SHELL SUBSI DI ARI ES AND EQUI TY-ACCOUNTED
I NVESTMENTS [ A] [ C] [ D] ( AT DECEMBER 31) THOUSAND MI LLI ON SCF
2011 2010 2009 2008 2007
Revisions and reclassications 899 829 4,688 4,184 1,388
Improved recovery 3 42 1 1
Extensions and discoveries 3,504 1,288 4,326 968 3,636
Purchases of minerals in place 237 16 448 1
Sales of minerals in place (394) (743) (19) (5,275)
Total additions including year-average/end price effects 4,012 1,653 9,031 5,581 (249)
Production (3,485) (3,573) (3,315) (3,137) (2,998)
PROVEN MI NABLE OI L SANDS RESERVES CHANGES ( AT DECEMBER 31) MI LLI ON BARRELS
2008 2007
Revisions and reclassications (85) 6
Extensions and discoveries
Total additions including year-end price effects (85) 6
Production (29) (29)
TOTAL PROVED OI L AND GAS RESERVES CHANGES [ A] [ C] [ E] [ F] ( AT DECEMBER 31) MI LLI ON BOE
2011 2010 2009 2008 2007
Revisions and reclassications 345 999 2,01 3 [B] 878 409
Improved recovery 35 73 42 54 59
Extensions and discoveries 930 383 1,36 3 219 853
Purchases of minerals in place 100 3 81
Sales of minerals in place (105) (185) (1) (68) (1,115)
Total additions including year-average/end price effects 1,205 1,370 3,420 1,164 206
Year-average/end price effects (235) (198) 260 19 (183)
Total additions excluding year-average/end price effects 1,440 1,568 3,160 1,145 389
Total additions excluding acquisitions and divestments and excluding
year-average/end price effects 1,545 1,753 3,161 1,213 1,504
Production (1,212) (1,242) (1,187) (1,189) (1,210)
[A] 20092011 includes proved reserves associated with volumes consumed in operations. These volumes were not included in previous years.
[B] Excludes the 997 million barrels of previously booked proven minable oil sands reserves.
[C] Year-end price effect for 2007 and 2008; year-average price effect for 20092011.
[D] These quantities have not been adjusted to standard heat content.
[E] Natural gas volumes are converted to oil equivalent using a factor of 5,800 scf per barrel. Rounding difference may occur in estimate of gas reserves conversion from
scf to boe.
[F] Proven minable oil sands included for 200 72008.
Upstream data
The tables present changes in the reserves
of (i) Shell subsidiaries without deduction of
the reserves attributable to non-controlling
interest holders in our subsidiaries and
(ii) the Shell share of equity-accounted
investments. As a result of SEC rule
changes, proven minable oil sands reserves
have been converted to synthetic crude oil
proved reserves and from 2009 onwards
these are included in the proved oil and gas
reserves. Moreover, from 2009 onwards
bitumen proved reserves are reported
separately.
Changes by region 2011
PROVED CRUDE OI L AND NATURAL GAS LI QUI DS, SYNTHETI C CRUDE OI L AND BI TUMEN RESERVES CHANGES FOR
SHELL SUBSI DI ARI ES AND EQUI TY-ACCOUNTED I NVESTMENTS [ A] ( AT DECEMBER 31) MI LLI ON BARRELS
Europe Asia Oceania Africa
North America South
America Total USA Canada
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 All products
Revisions and reclassications 143 (210) 23 128 43 3 42 9 9 190
Extensions and discoveries 81 20 96 1 5 4 116 3 326
Purchases of minerals in place
Sales of minerals in place (1) (29) (7) (37)
Total additions
including year- average price effects 224 (188) 118 100 72 7 158 9 13 513
Production (87) (233) (18) (119) (77) (7) (45) (5) (20) (611)
NATURAL GAS RESERVES CHANGES FOR SHELL SUBSI DI ARI ES AND EQUI TY-ACCOUNTED I NVESTMENTS [ A] [ B] THOUSAND MI LLI ON SCF
North America South
Revisions and reclassications 1,062 (550) (230) 90 399 155 (27) 899
Improved recovery 3 3
Extensions and discoveries 31 407 1,485 71 694 816 3,504
Sales of minerals in place (4) (120) (30) (21) (214) (5) (394)
Total additions
including year- average price effects 1,089 (263) 1,225 140 882 966 (27) 4,012
Production (1,254) (1,002) (280) (329) (368) (229) (23) (3,485)
TOTAL PROVED RESERVES CHANGES FOR SHELL SUBSI DI ARI ES AND EQUI TY-ACCOUNTED I NVESTMENTS [ A] [ C] MI LLI ON BOE
North America South
Oil, NGL
and gas
Oil, NGL
and gas
Oil, NGL
and gas
Oil, NGL
and gas
Oil, NGL
and gas
Oil, NGL
and gas
Synthetic
crude oil Bitumen
Oil, NGL
and gas All products
Revisions and reclassications 326 (304) (17) 144 112 29 42 9 4 345
Extensions and discoveries 86 90 352 13 125 145 116 3 930
Sales of minerals in place (1) (21) (6) (32) (44) (1) (105)
Total additions
including year- average price effects 411 (233) 329 125 225 173 158 9 8 1,205
Year- average price effect (235)
Production (303) (406) (66) (176) (141) (46) (45) (5) (24) (1,212)
Reserves replacement ratio excluding acquisitions and divestments and year-average price effects 127%
Total additions excluding acquisitions and divestments and including year-average price effects 108%
Reserves replacement ratio including acquisitions and divestments and year-average price effects 99%
[A] Includes proved reserves associated with volumes consumed in operations. These volumes were not included in previous years.
[B] These quantities have not been adjusted to standard heat content.
[C] Natural gas volumes are converted to oil equivalent using a factor of 5,800 scf per barrel. Rounding difference may occur in estimate of gas reserves conversion from
scf to boe.
Upstream data
OIL, GAS, SYNTHETIC CRUDE OIL AND BITUMEN PRODUCTION
CRUDE OI L AND NATURAL GAS LI QUI DS PRODUCTI ON AVAI LABLE|FOR|SALE [ A] [ B] THOUSAND B/D
2011 2010 2009 2008 2007
Europe
Denmark 88 98 107 114 126
Italy 35 33 30 32 35
Norway 37 48 62 67 69
UK 71 98 110 154 183
Other 3 5 3 5 3 5 3 5 4 6
Total Europe 234 5 280 5 312 5 370 5 417 6
Asia
Brunei 2 76 3 77 2 76 1 80 2 90
Malaysia 40 40 39 38 42
Oman 200 199 195 192 191
Russia 117 117 106 70 51
United Arab Emirates 144 135 127 146 146
Other 40 20 29 1 42 1 51 1 56 1
Total Asia 282 357 271 330 278 310 282 297 291 288
Oceania
Australia 20 18 18 29 18 35 17 39 25 33
Other 10 12 12 12 13
Total Oceania 30 18 30 29 30 35 29 39 38 33
Africa
Gabon 44 34 29 30 31
Nigeria 262 302 231 266 287
Other 20 20 24 22 24
Total Africa 326 356 284 318 342
North America
USA 141 70 163 74 195 78 190 82 238 86
Other 18 20 20 46 [C] 47 [C]
Total North America 159 70 183 74 215 78 236 82 285 86
South America
Brazil 45 53 24 23 22
Other 1 9 1 7 1 9 1 11 1 9
Total South America 46 9 54 7 25 9 24 11 23 9
Total oil production 1,077 459 1,174 445 1,144 437 1,259 434 1,396 422
[A] Includes natural gas liquids. Royalty purchases are excluded. Reects 100% of production attributable to subsidiaries except in respect of PSCs, where the gures
shown represent the entitlement of the subsidiaries concerned under those contracts.
[B] Other comprises countries where 2011 production was lower than 20 thousand b/d or where specic disclosures are prohibited.
[C] Includes bitumen production.
Upstream data
NATURAL GAS PRODUCTI ON AVAI LABLE FOR SALE [ A] [ B] MI LLI ON SCF/D
2011 2010 2009 2008 2007
Europe
Denmark 256 328 335 406 369
Germany 253 267 311 333 390
The Netherlands 1,767 1,997 1,639 1,741 1,518
Norway 618 643 593 492 357
UK 403 541 561 678 663 19
Other 41 38 31 29 34
Total Europe 1,571 1,767 1,817 1,997 1,831 1,639 1,938 1,741 1,813 1,537
Asia
Brunei 52 524 55 497 44 473 51 499 47 506
China 174 253 257 231 106
Malaysia 763 807 886 874 865
Russia 382 359 192
Other 363 246 209 217 205 192
Total Asia 1,352 1,152 1,324 856 1,404 665 1,361 499 1,210 506
Oceania
Australia 373 167 404 204 383 216 345 215 339 203
Other 175 202 218 216 230
Total Oceania 548 167 606 204 601 216 561 215 569 203
Africa
Nigeria 707 587 292 552 584
Other 133 137 163 145 167
Total Africa 840 724 455 697 751
North America
USA 961 6 1,149 4 1,055 6 1,048 5 1,124 6
Canada 570 563 530 406 402
Total North America 1,531 6 1,712 4 1,585 6 1,454 5 1,526 6
Total South America 51 1 61 81 98 93
Total gas production 5,893 3,093 6,244 3,061 5,957 2,526 6,109 2,460 5,962 2,252
[A] Reects 100% of production attributable to subsidiaries except in respect of PSCs, where the gures shown represent the entitlement of the subsidiaries concerned
under those contracts.
[B] Other comprises countries where 2011 production was lower than 150 million scf/d or where specic disclosures are prohibited.
Upstream data
TOTAL PRODUCTI ON AVAI LABLE FOR SALE [ A] [ B] [ C] THOUSAND BOE/D
2011 2010 2009 2008 2007
Europe
Denmark 132 155 164 184 190
Germany 47 49 57 60 71
Italy 42 40 35 37 41
Norway 144 159 164 152 131
UK 140 191 207 271 297
Other 3
Total Europe 505 310 594 349 627 287 704 305 730 271
Asia
Brunei 11 166 12 163 10 157 10 166 10 177
China 30 48 56 54 35
Malaysia 172 179 192 189 191
Russia 183 179 139 70 51
United Arab Emirates 144 135 127 146 146
Other 302 62 260 1 263 1 264 1 263 1
Total Asia 515 555 499 478 521 424 517 383 499 375
Oceania
Australia 84 47 88 65 85 72 77 76 83 68
New Zealand 40 47 49 49 53
Total Oceania 124 47 135 65 134 72 126 76 136 68
Africa
Gabon 44 34 29 30 31
Nigeria 384 403 281 361 388
Other 43 44 53 47 53
Total Africa 471 481 363 438 472
North America
USA 307 71 361 74 377 79 370 83 432 87
Canada 116 117 111 116 [D] 116 [D]
Total North America 423 71 478 74 488 79 486 83 548 87
South America
Brazil 46 54 27 29 28
Others 9 9 10 7 12 9 12 11 11 9
Total South America 55 9 64 7 39 9 41 11 39 9
Total oil and gas production 2,093 992 2,251 973 2,172 871 2,312 858 2,424 810
Synthetic oil production 115 72 80
Bitumen production 15 18 19
Mined oil sands production 78 81
Grand total 2,223 992 2,341 973 2,271 871 2,390 858 2,505 810
[A] Natural gas volumes are converted to oil equivalent using a factor of 5,800 scf per barrel.
[B] Includes natural gas liquids. Royalty purchases are excluded. Reects 100% of production attributable to subsidiaries except in respect of PSCs, where the gures
shown represent the entitlement of the subsidiaries concerned under those contracts.
[C] Other comprises countries where 2011 production was lower than 25 thousand b/d or where specic disclosures are prohibited.
[D] Includes bitumen production.
Upstream data
ACREAGE AND WELLS
OI L AND GAS ACREAGE [ A] [ B] ( AT DECEMBER 31) THOUSAND ACRES
2011 2010
Developed Undeveloped Developed Undeveloped
Gross Net Gross Net Gross Net Gross Net
Europe 9,016 2,586 6,688 2,376 8,983 2,550 8,165 3,265
Asia [C] 27,268 9,810 48,554 25,779 27,496 9,970 41,781 22,800
Oceania 1,798 500 67,907 26,326 2,274 553 81,748 24,413
Africa 6,060 2,465 20,706 15,364 6,701 2,424 23,327 17,079
North America USA 1,592 984 7,815 6,140 1,568 952 7,003 5,834
North America Other [D] 1,101 757 31,573 23,849 1,002 664 31,501 21,489
South America 162 76 20,655 8,905 162 76 15,878 6,588
Total 46,997 17,178 203,898 108,739 48,186 17,189 209,403 101,468
NUMBER OF PRODUCTI VE WELLS [ A] [ B] ( AT DECEMBER 31)
2011 2010
Oil Gas Oil Gas
Gross Net Gross Net Gross Net Gross Net
Europe 1,454 427 1,317 430 1 ,464 412 1 ,341 443
Asia [E] 7,361 2,352 289 162 7 ,236 2 ,382 298 164
Oceania 48 5 557 212 39 4 608 211
Africa 883 357 98 65 1 ,180 447 89 59
North America USA 14,993 7,607 3,449 2,222 15 ,322 7 ,771 3 ,884 2 ,457
North America Canada 476 406 1,115 906 433 370 1,007 764
South America 67 33 7 2 73 34 6 1
Total 25,282 11,187 6,832 3,999 25 ,747 11 ,420 7 ,233 4 ,099
NUMBER OF NET PRODUCTI VE WELLS AND DRY HOLES DRI LLED [ A] ( AT DECEMBER 31)
2011 2010
Productive Dry Productive Dry
Exploratory
Europe 1 1 4 4
Asia 23 97 27 31
Oceania 32 2 33 2
Africa 6 5 15 5
North America USA 20 2 80 5
North America Canada 70 4 64 8
South America 3 1 4 1
Total 155 112 227 56
Development
Europe 12 1 20 1
Asia 196 8 269 4
Oceania 3
Africa 23 2 11
North America USA 347 2 388
North America Canada 102 1 34
South America 1 1
Total 681 14 726 5
[A] Including equity-accounted investments.
[B] The term gross relates to the total activity in which Shell subsidiaries and equity-accounted investments have an interest. The term net refers to the sum of
the fractional interests owned by Shell subsidiaries plus the Shell share of equity-accounted investments fractional interest.
[C] In compliance with international sanctions, Shell has suspended activities in Syria. Gross and net developed acreage decreased by 477,000 and 309,000 acres
respectively, with a corresponding increase in undeveloped acreage.
[D] Comprises Canada and Greenland. Greenland acreage at December 31, 2010, has been reclassied from Europe to North America Other.
[E] In compliance with international sanctions, Shell has suspended activities in Syria. Gross and net productive oil wells decreased by 241 and 155 respectively.
Upstream data
OI L AND GAS ACREAGE [ A] [ B] ( AT DECEMBER 31) THOUSAND ACRES
2009 2008 2007
Developed Undeveloped Developed Undeveloped Developed Undeveloped
Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net
Europe 9,045 2,592 9,770 3,653 9,646 2,785 8,924 3,038 10,253 2,894 10,384 3,007
Asia 30,969 11,108 78,382 40,547 31,252 11,260 74,749 36,811 32,677 11,971 76,890 32,269
Oceania 2,276 568 82,945 24,326 2,146 552 79,548 23,052 2,013 516 82,560 20,791
Africa 7,393 2,615 27,096 18,656 7,314 2,582 26,959 20,289 7,568 2,709 38,203 24,079
North America USA 1,030 597 6,250 5,027 1,009 593 6,238 4,973 1,067 620 4,825 3,542
North America Other 966 628 26,712 19,448 1,025 707 27,792 19,546 803 544 27,409 19,200
South America 126 59 18,081 7,178 115 53 4,387 1,877 114 54 4,387 1,877
Total 51,805 18,167 249,236 118,835 52,507 18,532 228,597 109,586 54,495 19,308 244,658 104,765
NUMBER OF PRODUCTI VE WELLS [ A] [ B] ( AT DECEMBER 31)
2009 2008 2007
Oil Gas Oil Gas Oil Gas
Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net
Europe 1,544 423 1,343 446 1,569 422 1,323 440 1,638 427 1,334 452
Asia 6,751 2,250 207 99 6,043 2,038 200 95 5,652 1,906 178 85
Oceania 39 6 566 122 42 9 319 60 31 7 116 34
Africa 1,150 415 80 53 1,163 420 79 49 1,028 374 71 47
North America USA 15,425 7,835 1,640 1,170 15,505 7,828 1,412 1,037 15,493 7,825 1,040 765
North America Canada 446 382 947 713 429 365 888 665 360 303 339 262
South America 72 32 12 5 68 29 12 5 67 29 12 6
Total 25,427 11,343 4,795 2,608 24,819 11,111 4,233 2,351 24,269 10,871 3,090 1,651
NUMBER OF NET PRODUCTI VE WELLS AND DRY HOLES DRI LLED [ A] ( AT DECEMBER 31)
2009 2008 2007
Productive Dry Productive Dry Productive Dry
Exploratory
Europe 6 3 9 3 10 1
Asia 38 10 27 4 41 7
Oceania 24 3 6 2 3 8
Africa 8 4 13 4 11 6
North America USA 49 2 13 4 23 3
North America Canada 32 19 41 46 50 10
Total 158 41 112 64 139 36
Development
Europe 15 7 1 18 1
Asia 260 3 210 1 185 2
Oceania 27 3 3
Africa 12 1 17 1 22
North America USA 424 1 475 1 475 2
North America Canada 45 59 42
South America 5 2 2
Total 788 5 773 4 747 5
[A] Including equity-accounted investments.
[B] The term gross relates to the total activity in which Shell subsidiaries and equity-accounted investments have an interest, and the term net relates to the sum of
the fractional interests owned by Shell subsidiaries plus the Shell share of equity-accounted investments fractional interest.

Upstream data
LNG REGASI FI CATI ON TERMI NALS ( AT DECEMBER 31, 2011)
Project name Location Shell capacity rights (mtpa) Capacity right period Status Shell interest (%) Start-up date
Altamira Tamaulipas, Mexico 3.3 from 2006 Inoperation Leased 2006
Barcelona Barcelona, Spain 0.9 20102034[A] Inoperation Leased 1969
Costa Azul BajaCalifornia,Mexico 2.7 20082028 In operation Leased 2008
Cove Point Lusby, MD, USA 1.8 20032023 In operation Leased 2003
Elba Expansion Elba Island, GA, USA 4.2 20102035 In operation Leased 2010
Elba Island ElbaIsland,GA,USA 2.8 20062036 In operation Leased 2006
Hazira Gujarat, India 2.2 from 2005 Inoperation 74 2005
Hazira Expansion (under construction) Gujarat, India 1.5 from 2013 In operation 74 2013
[A] Capacity rights have a cancellation notice period of three months.
LNG LI QUEFACTI ON PLANTS I N OPERATI ON
( AT DECEMBER 31, 2011)
Shell interest, direct
Location and indirect (%)
100% capacity
[ A] (mtpa)[B]
Australia North West Shelf Karratha 21 16.3
Brunei LNG Lumut 25 7.8
Malaysia LNG (Dua and Tiga) Bintulu 15 17.3[C]
Nigeria LNG Bonny 26 21.6
Oman LNG Sur 30 7.1
Qalhat (Oman) LNG Sur 11 3.7
Qatargas 4 Ras Laffan 30 7.8
Sakhalin LNG Prigorodnoye 27.5 9.6
[A] Interest may be held via indirect shareholding.
[B] As reported by the operator.
[C] Our interests in Dua and Tiga plants are due to expire in 2015 and 2023
respectively.
SHELL SHARE OF LNG SALES VOLUMES MI LLI ON TONNES
2011 2010 2009 2008 2007
Australia 3.1 3.4 3.2 2.6 2.6
Brunei 1.7 1.7 1.6 1.8 1.9
Malaysia 2.4 2.4 2.2 2.3 2.3
Nigeria 5.0 4.5 2.9 4.2 4.2
Oman 2.0 2.0 2.1 2.2 2.2
Qatar 1.7
Sakhalin 2.9 2.8 1.4
Total 18.8 16.8 13.4 13.1 13.2
LNG LI QUEFACTI ON PLANTS UNDER CONSTRUCTI ON
( AT DECEMBER 31, 2011)
Location
Shell interest, direct
and indirect (%)
100% capacity
(mtpa)[A]
Australia Pluto 1 Karratha 21.2[B] 4.3
Gorgon Barrow Island 25.0 15.0
Prelude Offshore Australia 100.0 3.6
Wheatstone Onslow 6.4 8.9
[A] As reported by the operator.
[B] Based on 90% Woodside shareholding in the Pluto 1 plant.
GTL PLANTS ( AT DECEMBER 31, 2011)

Country
Shell interest
(%)
100% capacity
(b/d)
Bintulu Malaysia 72 14,700
Pearl Qatar 100 140,000
LNG AND GTL
Upstream data
OI L PRODUCTS REFI NERY AVAI LABI LI TY %
2011 2010 2009 2008 2007
Average worldwide 92 92 93 91 91
COST OF CRUDE OI L PROCESSED OR CONSUMED [ A] $/B
2011 2010 2009 2008 2007
Total 104.71 77.22 58.96 94.05 71.83
CRUDE DI STI LLATI ON CAPACI TY [ B] THOUSAND B/CALENDAR DAY [ C] [ D]
2011 2010 2009 2008 2007
Europe 1,243 1,501 1,519 1,601 1,815
Asia-Pacic 861 855 853 861 871
Americas 1,064 1,155 1,185 1,154 1,185
Other 82 82 82 82 82
Total 3,251 3,594 3,639 3,698 3,953
OI L PRODUCTS CRUDE OI L PROCESSED [ E] THOUSAND B/D [ C]
2011 2010 2009 2008 2007
Europe 1,058 1,306 1,323 1,428 1,721
Asia-Pacic 731 729 593 790 847
Americas 985 1,007 1,013 1,073 1,107
Other 200 222 214 203 214
Total 2,974 3,264 3,143 3,494 3,889
REFI NERY PROCESSI NG I NTAKE [ F] THOUSAND B/D [ C]
2011 2010 2009 2008 2007
Crude oil 2,652 2,939 2,819 3,122 3,497
Feedstocks 193 258 248 266 282
2,845 3,197 3,067 3,388 3,779
Europe 1,041 1,314 1,330 1,481 1,731
Asia-Pacic 666 650 532 656 748
Americas 1,075 1,158 1,141 1,178 1,237
Other 63 75 64 73 63
Total 2,845 3,197 3,067 3,388 3,779
REFI NERY PROCESSI NG OUTTURN [ G] THOUSAND B/D [ C]
2011 2010 2009 2008 2007
Gasolines 993 1,224 1,179 1,229 1,363
Kerosines 339 354 341 375 366
Gas/ diesel oils 977 1,074 1,025 1,145 1,190
Fuel oil 252 315 279 315 348
Other products 385 442 432 471 593
Total 2,946 3,409 3,256 3,535 3,860
[A] Includes Upstream margin on crude oil supplied by Shell and equity-accounted investment exploration and production companies.
[B] Shell average operating capacity for the year, excluding mothballed capacity.
[C] One barrel per day is equivalent to approximately 50 tonnes a year, depending on the specic gravity of the crude oil.
[ D] Calendar day capacity is the maximum sustainable capacity minus capacity loss due to normal unit down time.
[E] Including natural gas liquids; includes processing for others and excludes processing by others.
[F] Includes crude oil, natural gas liquids and feedstocks processed in crude oil distillation units and in secondary conversion units.
[G] Excludes own use and products acquired for blending purposes.
OIL PRODUCTS AND REFINING LOCATIONS
DOWNSTREAM DATA
The tables below reect Shell subsidiaries, the 50% Shell interest
in Motiva in the USA and instances where Shell owns the crude
or feedstock processed by a renery. Other equity-accounted
investments are only included where explicitly stated.
Downstream data
SHELL I NTEREST BY REFI NI NG LOCATI ON AND CAPACI TY DATA [ A] ( AT DECEMBER 31, 2011)
Thousand b/calendar day, 100% capacity[B]
Location Asset class
Shell
interest %
Crude distillation
[C] capacity
Thermal cracking/
visbreaking/coking
Catalytic
cracking
Hydro-
cracking
Europe
Czech Republic Kralupy [D] 16 59 24
Litvinov [D] 16 101 14 30
Denmark Fredericia z 100 63 40
Germany Harburg z 100 108 14 15
Miro [D] 32 310 65 89
Rheinland z 100 327 57 79
Schwedt [D] 38 220 47 50
TheNetherlands Pernis z 90 404 45 48 81
Norway Mongstad [D] 21 205 23 56
Asia-Pacic
Australia Clyde 100 79 35
Geelong 100 118 38
Japan Mizue (Toa) [D] z 18 60 23 38
Yamaguchi [D] 13 110 25
Yokkaichi [D] z 26 193 55
Malaysia Port Dickson 51 107 39
Pakistan Karachi [D] 30 43
Philippines Tabangao 67 96 31
Singapore Pulau Bukom z 100 462 63 34 55
Turkey Batman [D] 1 20
Izmir [D] 1 218 18 14 17
Izmit [D] 1 217 13 24
Kirikale [D] 1 107 15
Americas
Argentina Buenos Aires z 100 100 18 20
Canada
Alberta Scotford 100 92 62
Ontario Sarnia 100 71 5 19 9
USA
California Martinez z 100 145 42 65 37
Louisiana Convent [D] 50 227 82 45
Norco [D] 50 230 25 107 34
Texas Deer Park z 50 312 79 63 53
Port Arthur [D] z 50 275 52 81
Washington Puget Sound z 100 135 23 52
Other
Saudi Arabia Al Jubail [D] z 50 292 85 45
South Africa Durban [D] 38 165 23 34
[A] Excludes mothballed capacity.
[B] Calendar day capacity is the maximum sustainable capacity minus capacity loss due to normal unit downtime.
[C] Shell interest rounded to nearest whole percentage point; Shell share of production capacity may differ.
[D] Indicates rening location is not operated by Shell.
Integrated renery and chemical complex.
zRenery complex with cogeneration capacity.
Renery complex with chemical unit(s).
Downstream data
OIL SALES AND RETAIL SITES
OI L PRODUCT SALES VOLUMES [ A] THOUSAND B/D
2011 2010 2009 2008 2007
Europe
Gasolines 467 505 520 531 603
Kerosines 261 299 267 294 269
Gas/diesel oils 876 953 1,003 1,148 1,176
Fuel oil 227 205 210 343 316
Other products 192 227 242 249 259
Total 2,023 2,189 2,242 2,565 2,623
Asia-Pacic
Gasolines 315 308 303 298 305
Kerosines 164 172 159 166 168
Gas/Diesel oils 423 370 337 330 338
Fuel oil 273 301 187 196 181
Other products 220 224 214 191 176
Total 1,395 1,375 1,200 1,181 1,168
Americas
Gasolines 1,136 1,128 1,107 1,091 1,136
Kerosines 265 270 246 256 241
Gas/Diesel oils 461 523 465 543 535
Fuel oil 91 90 130 117 118
Other products 236 249 208 241 216
Total 2,189 2,260 2,156 2,248 2,246
Other
Gasolines 156 174 141 131 134
Kerosines 93 86 69 76 78
Gas/Diesel oils 236 253 226 233 246
Fuel oil 60 75 77 86 89
Other products 44 48 45 48 41
Total 589 636 558 574 588
Total product sales [B][C]
Gasolines 2,074 2,115 2,071 2,051 2,178
Kerosines 783 827 741 792 756
Gas/diesel oils 1,996 2,099 2,031 2,254 2,295
Fuel oil 651 671 604 742 704
Other products 692 748 709 729 692
Total 6,196 6,460 6,156 6,568 6,625
[A] Excludes deliveries to other companies under reciprocal sale and purchase
arrangements, which are in the nature of exchanges. Sales of condensate and
natural gas liquids are included.
[B] Certain contracts are held for trading purposes and reported net rather than
gross. The effect in 2011 was a reduction in oil product sales of approximately
925 thousand b/d (2010: 934 thousand b/d; 2009: 739 thousand b/d;
2008: 698 thousand b/d; 2007: 805 thousand b/d).
[C] Export sales as a percentage of total oil sales amounted to 26.0% in 2011
(2010: 24.1%; 2009: 20.0%; 2008: 20.7%; 2007: 19.6%).
SALES BY PRODUCT AS PERCENTAGE
OF TOTAL PRODUCT SALES %
2011 2010 2009 2008 2007
Gasolines 33.5 32.7 33. 7 31.2 32.9
Kerosines 12.6 12.8 12.0 12.1 11.4
Gas/ diesel oils 32.2 32.5 33.0 34.3 34.7
Fuel oil 10.5 10.4 9.8 11.3 10.6
Other products 11.2 11.6 11.5 11.1 10.4
Total 100.0 100.0 100.0 100.0 100.0
BRANDED RETAI L SI TES YEAR-END NUMBER
2011 2010 2009 2008 2007
Europe 10,417 10,863 11,406 11,605 11,575
Asia-Pacic 9,489 9,784 9,624 10,115 10,040
Americas 21,005 20,141 20,691 20,500 21,115
Other 2,001 2,028 2,191 2,385 2,430
Total 42,912 42,816 43,912 44,605 45,160
Downstream data
CHEMI CALS MANUFACTURI NG PLANT AVAI LABI LI TY [ A] %
2011 2010 2009 2008 2007
Average worldwide 89 94 92 94 93
[A] The calculation of chemical plant availability for 2011 is based on a methodology to bring better alignment for our Downstream assets. On this basis, 2010 and
2009 gures would be 92% and 91% respectively.
CHEMI CALS SALES VOLUMES [ A] THOUSAND TONNES
2011 2010 2009 2008 2007
Europe
Base chemicals 4,006 4,507 4,610 5,531 5,892
First-line derivatives and others 2,689 2,795 2,776 2,941 3,016
Total 6,695 7,302 7,386 8,472 8,908
Asia-Pacic
Base chemicals 2,027 2,209 1,837 1,726 2,063
Total 5,138 5,624 4,355 4,311 4,815
Americas
Base chemicals 3,405 3,949 3,396 4,156 4,960
Total 6,598 7,083 6,094 6,930 8,181
Other
Base chemicals 229 461 323 160 53
First-line derivatives and others 171 183 153 454 598
Total 400 644 476 614 651
Total product sales
Base chemicals 9,667 11,126 10,166 11,573 12,968
Total 18,831 20,653 18,311 20,327 22,555
[A] Excludes volumes sold by equity-accounted investments, chemical feedstock trading and by-products.
ETHYLENE CAPACI TY [ A] [ B]
2011 2010 2009 2008 2007
Europe 1,659 1,878 1,880 1,880 1,935
Asia-Pacic 1,556 1,565 681 950 950
Americas 2,212 2,212 2,255 2,631 2,965
Other 366 366 366 366 366
Total 5,793 6,021 5,182 5,827 6,216
[A] Excludes volumes sold by equity-accounted investments, chemical feedstock trading and by-products.
[B] Includes the Shell share of equity-accounted investments capacity entitlement (offtake rights), which may be different from nominal equity interest. Nominal capacity is
quoted as at December 31.
CHEMI CAL PRODUCTS AND THEI R MAJOR APPLI CATI ONS
Product group Some typical end uses
Base chemicals:
ethylene, propylene andaromatics
Feedstock for petrochemical derivatives typically used for:
polyethylene lm for packaging, carrier bags, polypropylene for moulded plastic buckets, food
containers, polyvinyl chloride (PVC) for drainpipes
Ethylene oxide/glycols (EO/G) Brake uids, polyethylene terephthalate (PET) plastics, polyester, packaging, antifreeze
Higher olens and derivatives (HODer) Sunscreen, shower gel, automobile interiors, wire insulation, detergents
Styrene monomer Polystyrene, fridge insulation, tyres, food containers, crash helmets, lmscenery
Propylene oxide andderivatives Insulation, foam for bedding and car interiors, engineering plastics, aeroplane de-icers, cosmetics
Solvents Pharmaceuticals, paints, mining and metalworking uids, adhesives, inks, hand sanitisers
Phenol Plywood, kitchen worktops, breglass boats, car parts, CDs, circuitboards
CHEMICALS AND MANUFACTURING LOCATIONS
Downstream data
SHELL SHARE PRODUCTI ON CAPACI TY BY CHEMI CAL MANUFACTURI NG PLANT LOCATI ON [ A]
( AT|DECEMBER|31,|2011) THOUSAND TONNES/YEAR
Location Ethylene Styrene monomer Ethylene glycol Higher olens[B] Additional products[C]
Europe
Germany Rheinland 270 A
TheNetherlands Moerdijk 974 789 155 A, I
UK Mossmorran [D] 415
Stanlow [D] 330 I
Asia-Pacic
China Nanhai [D] 475 320 175 A, I, P
Japan Yamaguchi [D] 11 A
Singapore Jurong Island [E] 281 720 880 A, I, P, O
Pulau Bukom 800 A, I
Americas
Canada Scotford 450 450 A, I
USA Deer Park 836 A, I
Geismar 375 920 I
Norco 1,376 A
Other
Saudi Arabia Al Jubail [D] 366 400 A, O
Total 5,793 2,679 2,035 1,261
[A] Includes joint-venture plants, with the exception of the Inneum additives joint ventures.
[B] Higher olens are linear alpha and internal olens (products range from C6-C2024).
[C] A: Aromatics/ lower olens.
I: Intermediates.
P: Polyethylene, polypropylene.
O: Other.
[D] Plant not operated by Shell.
[E] Combination of 100% Shell owned plants and joint ventures (Shell and non-Shell operated).

OTHER CHEMI CALS LOCATI ONS
Location Products[A]
Europe
Germany Harburg I
Karlsruhe A
Schwedt A
TheNetherlands Pernis A, I, O
Asia-Pacic
Australia Geelong A, I
Japan Kawasaki A, I
Yokkaichi A
Malaysia Bintulu I
Port Dickson A
Philippines Tabangao I
Americas
Argentina Buenos Aires I
Canada Sarnia A, I
USA Martinez O
Mobile A
Puget Sound O
Other
South Africa Durban I
[A] A: Aromatics/ lower olens.
I: Intermediates.
O: Other.
Downstream data
SHARE PRI CES
Euronext Amsterdam
Class A shares
New York Stock Exchange
Class A ADSs
High
Low
Year -end
High
$
Low
$
Year -end
$
2007 31.35 23.72 28.75 88.31 62.71 84.20
2008 29.63 16.25 18.75 88.73 41.62 52.94
2009 21.46 15.27 21.10 63.75 38.29 60.11
2010 25.28 19.53 24.73 68.54 49.16 66.78
2011 28.40 20.12 28.15 77.96 57.97 73.09
London Stock Exchange
Class B shares
New York Stock Exchange
Class B ADSs
High
pence
Low
pence
Year -end
pence
High
$
Low
$
Year -end
$
2007 2,173 1,600 2,090 87.94 62.20 83.00
2008 2,245 1,223 1,726 87.54 41.41 51.43
2009 1,897 1,315 1,812 62.26 37.16 58.13
2010 2,149 1,550 2,115 68.32 47.12 66.67
2011 2,476 1,768 2,454 78.75 58.42 76.01
SHARE INFORMATION
ADDITIONAL INVESTOR
INFORMATION

Dec 11 Dec 10 Dec 09 Dec 08 Dec 07 Dec 06
175
150
125
100
75
50
RDSA
Euronext 100 Value of hypothetical 100 Holding
RDSA VERSUS EURONEXT 100
Dec 11 Dec 10 Dec 09 Dec 08 Dec 07 Dec 06
RDSB
FTSE 100
175
50
Value of hypothetical 100 Holding
RDSB VERSUS FTSE 100
150
125
100
75
The following table shows the high, low and year-end prices of the
Companys registered ordinary shares :
of 0.07 nominal value on the London Stock Exchange;
of 0.07 nominal value on Euronext Amsterdam; and
in the form of ADSs on the New York Stock Exchange (ADSs do

not have a nominal value).
HI STORI CAL TSR PERFORMANCE OF ROYAL DUTCH SHELL PLC
Growth in the value of a hypothetical 100 holding and 100 holding over ve years. Euronext 100 and FTSE 100 comparison based on 30 trading day average values.
Additional investor information
POLICY
Shells policy is to grow the US dollar dividend through time in line
with our view of Shells underlying earnings and cash ow. When
setting the dividend, the Board of Directors looks at a range of
factors, including the macro environment, the current balance sheet
and future investment plans. In addition, we may choose to return
cash to shareholders through share buybacks, subject to the capital
requirements of Shell. In September 2010, we introduced a Scrip
Dividend Programme which enables shareholders to increase their
shareholding by choosing to receive new shares instead of cash
dividends, if approved by the Board.
SCRIP DIVIDEND PROGRAMME
In September 2010, Royal Dutch Shell introduced a Scrip
Dividend Programme which enables shareholders to increase their
shareholding by choosing to receive new shares instead of cash
dividends, if approved by the Board. Only new Class A shares
are issued under the programme, even to shareholders who hold
Class B shares. When the programme was introduced, the Dividend
Reinvestment Plans provided by Equiniti and Royal Bank of Scotland
N.V. were withdrawn; the dividend reinvestment feature of the plan
provided by The Bank of New York Mellon was likewise withdrawn.
Joining the Scrip Dividend Programme has the following
implications for shareholders:
Shareholders will increase the number of shares in the Royal

Dutch Shell without having to buy shares in the market, avoiding
brokerage costs.
Shareholders residing in certain countries may gain a signicant

tax advantage. In particular, dividends paid out as shares
by Royal Dutch Shell will not be subject to Dutch dividend
withholding tax and will not generally be taxed upon receipt
by a UK shareholder or a Dutch corporate shareholder. Note,
however, that the tax consequences of electing to receive new
Class A shares in place of a cash dividend depend on individual
circumstances.
Full details regarding the Scrip Dividend Programme
and its taxation consequences can be found at
www.shell.com/scrip
SCRI P I SSUANCE CLASS A SHARES NUMBER OF SHARES I N MI LLI ON
2011 2010
Q1 31.1
Q2 23.9
Q3 22.3
Q4 27.3 18.3
Total issu ance 104.6 18.3
DIVIDENDS
CLASS A AND B SHARES $
2011 2010 2009 2008 2007
Q1 0.42 0.42 0.42 0.40 0.36
Q2 0.42 0.42 0.42 0.40 0.36
Q3 0.42 0.42 0.42 0.40 0.36
Q4 0.42 0.42 0.42 0.40 0.36
Total 1.68 1.68 1.68 1.60 1.44
CLASS A SHARES [ A]
2011 2010 2009 2008 2007
Q1 0.29 0.32 0.32 0.26 0.26
Q2 0.29 0.32 0.30 0.26 0.26
Q3 0.32 0.31 0.28 0.31 0.25
Q4 0.32 0.30 0.30 0.30 0.24
Total announced in respect of the year 1.22 1.25 1.21 1.13 1.02
Amount paid during the year 1.20 1.25 1.21 1.07 1.03
[A] Euro equivalent, rounded to the nearest euro cent.
CLASS B SHARES PENCE [ A]
2011 2010 2009 2008 2007
Q1 25.71 27.37 28.65 20.05 18.09
Q2 25.77 26.89 25.59 20.21 17.56
Q3 27.11 26.72 25.65 24.54 17.59
Q4 26.74 25.82 26.36 27.97 18.11
[A] Pound sterling equivalent.
CLASS A AND B AD Ss $
2011 2010 2009 2008 2007
Q1 0.84 0.84 0.84 0.80 0.72
Q2 0.84 0.84 0.84 0.80 0.72
Q3 0.84 0.84 0.84 0.80 0.72
Q4 0.84 0.84 0.84 0.80 0.72
BONDHOLDER INFORMATION
PUBLI CLY TRADED BONDS, CURRENT OUTSTANDI NG
Settlement Maturity Currency Million Coupon Listing ISIN
22 Mar 2007 22 Mar 2017 USD 750 5.20% New York US822582AC66
22 May 2007 22 May 2017 EUR 1,500 4.63% London XSO301945860
11 Dec 2008 15 Dec 2038 USD 2,750 6.38% New York US822582AD40
09 Feb 2009 09 Feb 2016 EUR 1,250 4.50% London XS0412968876
23 Mar 2009 21 Mar 2014 USD 2,500 4.00% New York US822582AF97
22 Sep 2009 22 Sep 2015 USD 1,000 3.25% New York US822582AH53
22 Sep 2009 22 Sep 2019 USD 2,000 4.30% New York US822582AJ10
25 Mar 2010 25 Mar 2013 USD 2,000 1.88% New York US822582AL65
25 Mar 2010 25 Mar 2020 USD 1,250 4.38% New York US822582AM49
25 Mar 2010 25 Mar 2040 USD 1,000 5.50% New York US822582AN22
24 Jun 2010 22 Jun 2012 USD 1,000 Floating New York US822582AP79
28 Jun 2010 28 Jun 2015 USD 1,750 3.10% New York US822582AQ52

CREDI T RATI NGS ( AT 31 DECEMBER 2011)
S&P Moodys
Short-term
rating
Long-term
rating Outlook
Short-term
rating
Long-term
rating Outlook
Royal Dutch Shell plc A-1+ AA Stable P-1 Aa1 Stable
Debt of Shell International Finance BV A-1+ AA Stable P-1 Aa1 Stable

Publicly traded bonds were issued by Shell
International Finance BV and guaranteed
by Royal Dutch Shell plc. Shell International
Finance BV is a 100% subsidiary of Royal
Dutch Shell plc.
0
1,000
2,000
3,000
4,000
5,000
6,000

$ million equivalent
BOND MATURITY PROFILE
USD
EUR
20 38 40 18 16 14 19 17 15 13 12
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Financial year ends December 31, 2011
Announcements
Full year results for 2011 February 2, 2012
First quarter results for 2012 April 26, 2012
Second quarter results for 2012 July 26, 2012
Third quarter results for 2012 November 1, 2012
Dividend timetable [A]
2011 Fourth quarter interim [B]
Announced February 2, 2012
Ex-dividend date February 15, 2012
Record date February 17, 2012
Scrip reference share price announcement date February 22, 2012
Closing date for scrip election and currency election [C] March 2, 2012
Euro and sterling equivalents announcement date March 9, 2012
Payment date March 22, 2012
2012 First quarter interim
Announced April 26, 2012
Ex-dividend date May 9, 2012
Record date May 11, 2012
Scrip reference share price announcement date May 16, 2012
Closing date for scrip election and currency election [C] May 25, 2012
Euro and sterling equivalents announcement date June 1, 2012
Payment date June 21, 2012
2012 Second quarter interim
Announced July 26, 2012
Ex-dividend date August 8, 2012
Record date August 10, 2012
Scrip reference share price announcement date August 15, 2012
Closing date for scrip election and currency election [C] August 24, 2012
Euro and sterling equivalents announcement date September 3, 2012
Payment date September 20, 2012
2012 Third quarter interim
Announced November 1, 2012
Ex-dividend date November 14, 2012
Record date November 16, 2012
Scrip reference share price announcement date November 21, 2012
Closing date for scrip election and currency election [C] November 30, 2012
Euro and sterling equivalents announcement date December 7, 2012
Payment date December 20, 2012
Annual General Meeting May 22, 2012
[A] This timetable is the intended timetable as announced on
October 27, 2011.
[B] The Directors do not propose to recommend any further distribution
in respect of 2011.
[C] Different scrip and dividend currency election dates may apply to
shareholders holding shares in a securities account with a bank or
nancial institution ultimately holding through Euroclear Nederland.
Such shareholders can obtain the applicable deadlines from their broker,
nancial intermediary, bank or other nancial institution where they hold
their securities account. A different scrip election date may also apply to
registered and non-registered ADS holders. Registered ADS holders can
contact The Bank of New York Mellon for the applicable deadline. Non-
registered ADS holders can contact their broker, nancial intermediary,
bank or other nancial institution for the applicable election deadline.
FINANCIAL CALENDAR
This publication contains forward-looking statements
concerning the nancial condition, results of operations
and businesses of Royal Dutch Shell plc (the Company).
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 managements 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 to market risks
and statements expressing managements expectations,
beliefs, estimates, forecasts, projections and assumptions.
These forward-looking statements are identied by their
use of terms and phrases such as anticipate, believe,
could, estimate, expect, goals, intend, may,
objectives, outlook, plan, probably, project,
risks, scheduled, seek, should, target, will and
similar terms and phrases. Also included as forward-
looking statements in this publication is our disclosure of
reserves, proved oil and gas reserves, resources, and all
future estimates of rening capacity, oil and gas production,
capital investment and expenditure, cash from operations,
dividends, share buybacks and investments. There are a
number of factors that could affect the future operations of
Shell and could cause those results to differ materially from
those expressed in the forward-looking statements included
in this publication, including (without limitation): (a) price
uctuations in crude oil and natural gas; (b) changes in
demand for Shells products; (c) currency uctuations;
(d) drilling and production results; (e) proved reserves
estimates; (f) loss of market share and industry competition;
(g) environmental and physical risks; (h) risks associated
with the identication 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, scal and regulatory
developments including regulatory measures as a result
of climate changes; (k) economic and nancial 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 publication are expressly qualied 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
mayaffect future results are contained in the Companys
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
forward-looking statement speaks only as of the date ofthis
publication, April 27, 2012. Neither the Company nor any
of its subsidiaries undertake any obligation to publicly
update or revise any forward-looking statement as a result
of new information, future events or other information.
In light of these risks, results could differ materially from
those stated, implied or inferred from the forward-looking
statements contained in this publication.
Please refer to the Annual Report and Form 20- F for the
year ended December 31, 2011, for a description of certain
important factors, risks and uncertainties that may affect the
businesses of Shell.
This publication has not been subject to audit.
We use certain terms in this publication that US Securities
and Exchange Commissions guidelines strictly prohibit us
from including in lings with the SEC. U.S. Investors are
urged to consider closely the disclosure in our Form 20- F,
File No 001-32575, available on the SEC website
www.sec.gov. You can also obtain these forms from the
SEC by calling 1-800-SEC- 0330.
The companies in which the Company directly and
indirectly owns investments are separate entities. In this
publication Shell is sometimes used for convenience
where references are made to the Company 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
and Shell subsidiaries as used in this publication refer
to companies over which the Company, either directly or
indirectly, has control through a majority of the voting rights
or the right to exercise control or to obtain the majority of
the benets and be exposed to the majority of the risks. The
Consolidated Financial Statements consolidate the nancial
statements of the Parent Company and all subsidiaries.
The companies in which Shell has signicant inuence but
not control are referred to as associates and companies
in which Shell has joint control are referred to as jointly
controlled entities. Joint ventures are comprised of jointly
controlled entities and jointly controlled assets. In this
publication, associates and jointly controlled entities are
also referred to as equity- accounted investments.
The term Shell interest is used for convenience to indicate
the direct and/or indirect ownership interest held by Shell
in a venture, partnership or company, after exclusion of
all third-party interests. (For example, Shell interest in
Woodside Petroleum Ltd is 23%.)
The term reserves in this publication means SEC proved oil
and gas reserves.
The term resources in this publication includes quantities
of oil and gas not yet classied as SEC proved oil and
gas reserves. Resources are consistent with the Society of
Petroleum Engineers 2P and 2C denitions.
There can be no assurance that dividend payments will
match or exceed those set out in this publication in the
future, or that they will be made at all.
The Financial Statements contained in this publication
have been prepared in accordance with the provisions of
the Companies Act 2006 and with International Financial
Reporting Standards (IFRS) as adopted by the European
Union. IFRS as dened above includes interpretations issued
by the IFRS Interpretations Committee.
To facilitate a better understanding of underlying business
performance, the nancial results are also presented on an
estimated current cost of supplies (CCS) basis as applied for
the Downstream segment earnings. CCS earnings provide
useful information concerning the effect of changes in the
cost of supplies on Shells results of operations and are used
to manage the performance of the Downstream segment . But
they are not a measure of nancial performance under IFRS.
Except as otherwise noted, the gures shown in this
publication are stated in US dollars. As used herein all
references to dollars or $ are to the US currency.
Internal segment reporting is on a global basis. For the
main segments an analysis of certain data is provided in
this publication between the USA and the world outside the
USA.
Assets and liabilities of non- US dollar subsidiaries are
translated to US dollars at year- end rates of exchange,
whilst their statements of income and cash ows are
translated at quarterly average rates. Translation
differences arising on consolidation are taken directly to a
currency translation differences account within equity. Upon
divestment or liquidation of an entity, cumulative currency
translation differences related to that entity are taken to
income.
The maps in this publication are intended only to give an
impression of the magnitude of Shells Upstream activities in
certain parts of the world. The maps are not comprehensive
and show primarily major projects and assets mentioned
in this publication. The maps must not be considered
authoritative, particularly in respect of delimitation of
national, concession or other boundaries, nor in respect
of the representation of pipeline routes and landfalls, eld
sizes or positions. The maps mainly describe the situation as
at December 31, 2011.
This publication contains references to Shells website. These
references are for the readers convenience only. Shell is not
incorporating by reference any information posted on www.
shell.com.
About this publication
Designed by Studio Dumbar
Printed by Tutel under ISO 14001
The printing of this document was
carbon neutral: certied carbon-offset
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NL001810991
ADDRESSES
REGISTERED OFFICE
Royal Dutch Shell plc
Shell Centre
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United Kingdom
Registered in England
and Wales
Company number 4366849
Registered with the Dutch
Trade Register under
number 34179503
HEADQUARTERS
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2596 HR The Hague
The Netherlands
INVESTOR RELATIONS
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+31 (0)70 377 4540
or
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Investor Relations
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Houston, TX 77002
USA
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+1 713 241 0176
ir-europe@shell.com
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www.shell.com/investor
REPORT ORDERING
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Annual Report/20-F service for
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For online information about your
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AMERICAN DEPOSITARY SHARES
(ADSS)
The Bank of New York Mellon
PO Box 358516
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USA
+1 888 737 2377 (USA)
+1 201 680 6825 (international)
shrrelations@bnymellon.com
www.bnymellon.com/shareowner
Currencies
$ US dollar
euro
sterling
Units of measurement
acre approximately 0.4 hectares or
0.004square kilometres
b(/d) barrels (per day)
bcf/d billion cubic feet per day
boe(/d) barrels of oil equivalent (per day);
natural gas volumes are converted
tooil equivalent using a factor of
5,800 scf per barrel
kb(/d) thousand barrels (per day)
kboe/d thousand barrels of oil equivalent
perday
km kilometres
km
2
square kilometres
m metres
MMBtu million British thermal units
mtpa million tonnes per annum
MW megawatts
per day volumes are converted to a daily
basisusing a calendar year
scf(/d) standard cubic feet (per day)
tcf trillion cubic feet
Products
GTL gas to liquids
LNG liqueed natural gas
LPG liqueed petroleum gas
MEG mono -ethylene glycol
NGL natural gas liquids
Miscellaneous
AD S American Depositary Share
CCS current cost of supp lies
CFFO cash ow from operations
CO
2
carbon dioxide
E expected
EAI equity-accounted investments
EOR enhanced oil recovery
FEED front -end engineering and design
FID nal investment decision
FLNG oating liqueed natural gas
JV joint venture
OML oil mining lease
PSC production-sharing contract
R&D research and development
SEC United States Securities and
ExchangeCommission
SUBS Shell subsidiaries
ABBREVIATIONS
Annual Report and Form
20-F for the year ended
December 31, 2011
A comprehensive operational
and fnancial report on our
activities throughout 2011.
Sustainability Report
2011
Report on our progress in
contributing to sustainable
development.
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i Shell Investors Handbook

building our resource base through

accelerating the extraction of value from

differentiating ourselves from our

operational excellence and cost

refocusing our rening portfolio on the

selective growth in countries such as

Produced 3.2 million boe/d of oil and gas.

Sold 18.8 million tonnes of LNG.

Acquired a 30% interest in the Masela production-sharing contract in Indonesia for

Signed an agreement with the China National Petroleum Corporation to establish a

We are participating in the development of ve key projects in Australia: North

We are participating in the development of ve projects in North and South

Made good progress in delivering strategic goals; improved many aspects of

Delivered a concentrated portfolio ahead of schedule.

Developed promising new leads to expand Chemicals: Signed the heads

of 0.07 nominal value on the London Stock Exchange;

of 0.07 nominal value on Euronext Amsterdam; and

in the form of ADSs on the New York Stock Exchange (ADSs do

Shareholders will increase the number of shares in the Royal

Shareholders residing in certain countries may gain a signicant

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