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- Royal Dutch Shell's (NYSE: RDS.A - News; NYSE: RDS.B - News) second quarter 2007 earnings, on a current cost of supply (CCS) basis, were $7.6 billion compared to $6.3 billion a year ago. Basic CCS earnings per share increased by 22% versus the same quarter a year ago.
- From 2007 onwards the Group is declaring its dividends in US dollars rather than in euros. A second quarter 2007 dividend has been announced of $0.36 per share, an increase of 14% over the US dollar dividend for the same period in 2006.
- $0.9 billion or 0.4% of Royal Dutch Shell shares were bought back for cancellation during the quarter.
Royal Dutch Shell Chief Executive Jeroen van der Veer commented: "We have delivered another set of competitive results, driven by operating performance. Our investment plans are on track. I am pleased with our progress in downstream and on exploration. We are rejuvenating our portfolio, with sustained investment in new legacy assets, as well as disposals, both upstream and downstream. We continue to see competitive growth opportunities based on our technological strengths, by making disciplined capital choices, in an industry landscape of both higher energy prices and higher costs".
Summary unaudited results QUARTERS $ million SIX MONTHS Q2 Q1 Q2 %(1) 2007 2007 2006 2007 2006 % Income attributable to 8,667 7,281 7,324 +18 shareholders 15,948 14,217 +12 Estimated CCS adjustment for Oil Products and (1,111) (349)(1,010) Chemicals (see note 2) (1,460) (1,815) 7,556 6,932 6,314 +20 CCS earnings 14,488 12,402 +17 Basic earnings per share 1.38 1.16 1.13 ($) 2.54 2.19 Estimated CCS adjustment (0.18) (0.06) (0.15) per share ($) (0.23) (0.28) Basic CCS earnings per 1.20 1.10 0.98 share ($) 2.31 1.91 Dividend per ordinary 0.36 0.36 0.315 share ($)(2) 0.72 0.63 (1) Q2 on Q2 change (2) From 2007 onwards dividends are declared in US dollars. 2006 dividends were declared in euros and translated, for comparison purposes, to US dollars (based on the US dollar dividend of American Depositary Receipts in the applicable period converted to ordinary shares).
Key features of the second quarter 2007
- Second quarter 2007 CCS earnings were $7,556 million or 20% higher than in the same quarter a year ago.
- Second quarter 2007 reported income was $8,667 million or 18% higher than in the same quarter a year ago.
- Exploration & Production segment earnings were $3,301 million compared with $3,999 million in the second quarter 2006. Earnings, when compared to the second quarter 2006, were mainly impacted by lower volumes, tax charges and higher costs, reflecting current industry conditions, partly offset by a divestment gain.
- Gas & Power segment earnings were $779 million compared to $513 million a year ago. Earnings, when compared to the same quarter in 2006, reflected higher Liquefied Natural Gas (LNG) sales volumes, LNG dividends and divestment gains which were partly offset by lower European marketing and trading results.
- Oil Products CCS earnings were $2,936 million compared to $2,065 million in 2006. Earnings benefited from higher refining margins, improved marketing margins and a divestment gain, which were partly offset by higher operating costs when compared to the second quarter of 2006.
- Chemicals CCS earnings were $494 million compared to $348 million in 2006, reflecting improved margins and higher profits from equity-accounted investments, partly offset by higher operating costs.
- Cash flow from operating activities was $8.8 billion compared to $7.8 billion in the second quarter 2006. Excluding working capital movements and taxation effects, cash flow from operating activities was $10.0 billion compared to $11.9 billion a year ago (see note 7).
- Total cash returned to shareholders in the second quarter 2007 in the form of dividends and share repurchases was $3.2 billion.
- Capital investment for the second quarter 2007 was $5.8 billion and approximately $6.3 billion of proceeds were realised from divestments.
- Return on average capital employed (ROACE), on a reported income basis (see note 3), was 22.8%.
- Gearing (see note 5) was 12% at the end of the second quarter 2007 versus 13.6 % at the end of the second quarter 2006.
- As at March 31, 2007, Royal Dutch Shell, through its affiliates, had acquired the remaining shares of Shell Canada, not already owned by the Group, at a total price of some $7.1 billion. As from the second quarter 2007, Royal Dutch Shell's financial statements include the fully consolidated results of Shell Canada with no minority interest impact.
- On April 18, 2007, Royal Dutch Shell completed the divestment to OAO Gazprom of a 50% stake (plus 1 share) in the Sakhalin project in Russia. Royal Dutch Shell diluted its stake in the project from 55% to 27.5% for a total sale price of $4.1 billion. Royal Dutch Shell's financial statements now include the balance sheet and income statement of Sakhalin Energy on an equity accounted basis (see note 6).
Basic earnings per share (see notes 1, 2 and 8) QUARTERS SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 1.38 1.16 1.13 Earnings per share ($) 2.54 2.19 CCS earnings per share 1.20 1.10 0.98 ($) 2.31 1.91 Diluted earnings per share (see notes 1, 2 and 8) QUARTERS SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 1.38 1.15 1.13 Earnings per share ($) 2.53 2.18 CCS earnings per share 1.20 1.10 0.97 ($) 2.30 1.91 Summary segment earnings (see notes 2 and 4) QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % Segment earnings Exploration & 3,301 3,508 3,999 Production 6,809 7,742 779 803 513 Gas & Power(2) 1,582 1,273 Oil Products (CCS 2,936 1,488 2,065 basis) 4,424 3,398 494 480 348 Chemicals (CCS basis) 974 487 177 801 (448) Corporate(2) 978 (221) (131) (148) (163) Minority interest (279) (277) 7,556 6,932 6,314 +20 CCS earnings 4,488 12,402 +17 (1) Q2 on Q2 change (2) As from 2007, the segment Other Industry and Corporate has been renamed as Corporate. Its earnings no longer include the results generated by the Wind and Solar businesses, which were previously reported as part of Other Industry segments, but continue to include some non-material businesses. The Wind and Solar businesses earnings are, as from 2007, reported under the Gas & Power segment. For comparison purposes, the second quarter 2006 and the six months period of 2006 results were reclassified and are impacted by $(3) million and $(8) million in the Gas & Power segment and by $3 million and $8 million in the Corporate segment, respectively.
Summary segment earnings - continued
Earnings in the second quarter 2007 reflected the following items, which in aggregate were a net income of $660 million (compared to a net charge of $232 million in the second quarter 2006) as summarised in the table below:
- Exploration & Production earnings included a net income of $153 million, reflecting a divestment gain of $226 million and a gain of $19 million related to the mark-to-market valuation of certain UK gas contracts, which were partly offset by tax charges of $92 million. Earnings for the second quarter 2006 included a combined net income of $304 million including the impacts of a Canadian tax rate change and income of $147 million related to the mark-to-market valuation of certain UK gas contracts.
- Gas & Power earnings included a gain from divestments of $247 million.
- Oil Products earnings included a divestment gain of $205 million. Earnings for the second quarter 2006 included net charges of $65 million related to employee retirement plans expenses in France partly offset by the impact of a Canadian tax rate change.
- Chemicals earnings did not include any identified items for the second quarter 2007. Earnings for the second quarter 2006 included net charges of $30 million related to employee retirement plans expenses in France partly offset by the impact of a Canadian tax rate change.
- Corporate earnings included a net income of $55 million related to the sale of property in the United Kingdom. Earnings for the second quarter 2006 included a $500 million provision in respect of the putative shareholder class actions filed in the United States District Court for the District of New Jersey relating to the 2004 recategorisation of certain hydrocarbon reserves.
- Minority interest did not include any identified items for the second quarter 2007. In the second quarter of 2006 a Canadian tax rate change occurred resulting in an additional income of $41 million attributable to Minority interest.
Summary table: QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 Segment earnings impact of identified items: 153 104 304 Exploration & Production 257 417 247 39 - Gas & Power 286 - 205 (176) (65) Oil Products (CCS basis) 29 (65) - - (30) Chemicals (CCS basis) - (30) 55 404 (400) Corporate 459 (400) - - (41) Minority interest - (41) 660 371 (232) CCS earnings impact 1,031 (119)
These items generally relate to events with an impact of greater than $50 million on earnings and are shown to provide additional insight in the segment earnings, CCS earnings and income attributable to shareholders. Further additional comments are provided in the section 'Earnings per industry segment' on page 5 and onwards.
Earnings per industry segment Upstream QUARTERS SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 Realised oil prices (period $/bbl average) $/bbl 64.41 54.88 63.99 WOUSA 59.52 60.75 61.06 51.91 63.63 USA 56.34 59.56 63.92 54.45 63.95 Global 59.06 60.61 Realised gas prices (period $/thousand scf average) $/thousand scf 5.95 7.84 6.54 Europe 6.93 6.83 4.01 4.71 4.18 WOUSA (including Europe) 4.36 4.48 7.78 7.20 7.36 USA 7.48 8.43 4.74 5.21 4.82 Global 4.98 5.24 Oil and gas marker industry prices (period average) 68.86 57.76 69.51 Brent ($/bbl) 63.31 65.65 64.89 58.05 70.45 WTI ($/bbl) 61.47 66.88 7.56 7.15 6.59 Henry Hub ($/MMBtu) 7.36 7.17 UK National Balancing Point 20.20 22.31 34.60 (pence/therm) 21.25 52.42 Exploration & Production QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % 3,301 3,508 3,999 -17 Segment earnings 6,809 7,742 -12 Crude oil production (thousand 1,908 1,961 1,897 +1 b/d) 1,934 1,931 Natural gas production available 7,367 8,981 7,865 -6 for sale (million scf/d) 8,170 9,088 -10 Barrels of oil equivalent 3,178 3,509 3,253 -2 (thousand boe/d) 3,343 3,498 -4 (1) Q2 on Q2 change
Second quarter Exploration & Production segment earnings were $3,301 million compared to $3,999 million a year ago.
Second quarter earnings included a net income of $153 million, reflecting a gain from a divestment of $226 million and a gain of $19 million related to the mark-to-market valuation of certain UK gas contracts, which were partly offset by tax charges of $92 million. Exploration & Production earnings for the second quarter 2006 included a combined net income of $304 million including the impacts of a Canadian tax rate change and income of $147 million related to the mark-to-market valuation of certain UK gas contracts.
Earnings, when compared to the second quarter 2006, were mainly impacted by lower volumes, tax impacts and higher costs, reflecting current industry conditions, partly offset by a divestment gain. In addition, higher depreciation charges and exploration expenses impacted earnings when compared to the second quarter 2006.
Liquids realisations were relatively flat when compared to a year ago, while marker crudes Brent and WTI were down 1% and 8%, respectively. Gas realisations were 2% lower than a year ago. Outside the USA gas realisations decreased by 4% whereas in the USA gas realisations increased by 6%.
Second quarter 2007 production was 3,178 thousand boe per day compared to 3,253 thousand boe per day a year ago. Total crude oil production (including oil sands) was up 1% and total natural gas production was down 6% when compared to the second quarter 2006. Second quarter 2007 production was impacted by lower demand in North West Europe as a consequence of the continued warm weather and lower production in Nigeria due to the security situation. In Nigeria, at the end of the quarter, 195 thousand boe per day (Shell share) of production remained shut-in due to the security situation mainly in the Western Delta. No firm date can be given for a return to full production, nor the rate of ramp-up to full production.
Production compared to the second quarter 2006 included volumes from new fields including Erha (Shell share 44%) in Nigeria, E8 and B12 (Shell share 50%) in Malaysia, Pohokura (Shell share 48%) in New Zealand, Enfield in Australia (Shell share 21%, indirect) and Changbei (Shell share 50%) in China.
Second quarter portfolio developments:
In the United Kingdom, the Group announced its intention to sell its equity interests in a number of northern North Sea assets.
The Group completed the disposal to OAO Gazprom of a 50% stake (plus 1 share) in the Sakhalin project in Russia (see note 6).
During the first half of 2007, the Group made four material exploration discoveries, with two in Australia and further discoveries in Nigeria and Malaysia. The Group also significantly increased its overall acreage position with new exploration licences in Australia and the USA.
Gas & Power QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % 779 803 513 +52 Segment earnings(2) 1,582 1,273 +24 Equity LNG sales volume 3.25 3.30 2.84 +14 (million tonnes) 6.55 5.84 +12 (1) Q2 on Q2 change (2) As from 2007, the Gas & Power earnings include earnings generated by the Wind and Solar businesses, which were previously reported as part of Other Industry segments. For comparison purposes, the second quarter 2006 and six months period of 2006 results were reclassified and were impacted by $(3) million and $(8) million respectively.
Second quarter Gas & Power segment earnings were $779 million compared to $513 million a year ago. Second quarter 2007 earnings included a gain from divestments of $247 million. Excluding this item and compared to the same quarter in 2006, earnings were up 4%, reflecting higher LNG sales volumes and LNG dividends, which were partly offset by lower European marketing and trading results.
LNG equity sales volumes of 3.25 million tonnes were 14% higher than in the same quarter a year ago. The increase was mainly related to the Nigeria LNG venture (Shell interest 26%), as a result of increased feedgas supply.
Second quarter portfolio developments:
In South America, the Group signed an agreement for the sale of certain gas transportation and power generation assets in Bolivia and Brazil. The transaction is expected to close before year-end, pending regulatory approvals.
In the United States, the sale of the Group's participation in Enterprise Product Partners L.P., a natural gas processing company, was concluded mainly through private placement sales.
Downstream QUARTERS SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 Refining marker industry gross margins $/bbl (period average) $/bbl 23.10 22.15 22.20 ANS US West Coast coking margin 22.65 17.60 27.05 12.85 20.85 WTS US Gulf Coast coking margin 19.95 16.65 6.30 3.70 4.75 Rotterdam Brent complex 5.00 3.55 Singapore 80/20 Arab light/Tapis 3.60 3.05 4.05 complex 3.35 2.60 Oil Products QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % 3,928 1,802 3,017 Segment earnings 5,730 5,120 (992) (314) (952) CCS adjustment - (see note 2) (1,306) (1,722) 2,936 1,488 2,065 +42 Segment CCS earnings 4,424 3,398 +30 3,806 3,608 3,789 Refinery intake (thousand b/d) 3,707 3,825 -3 Total Oil products sales 6,490 6,406 6,426 +1 (thousand b/d) 6,449 6,475 (1) Q2 on Q2 change
Second quarter segment earnings were $3,928 million compared to $3,017 million for the same period last year.
Second quarter CCS segment earnings were $2,936 million compared to $2,065 million in the second quarter of 2006. Earnings for the second quarter 2007 included a gain from divestments of $205 million. Second quarter 2006 earnings included net charges of $65 million related to restructuring of employee retirement plans in France partially offset by the impact of a reduction in deferred taxes in Canada arising from reduced tax rates.
Improved CCS earnings reflected higher refining margins, improved marketing margins, a higher trading contribution and divestment gains which were partly offset by higher operating and legal costs when compared to the second quarter 2006.
In Manufacturing, Supply and Distribution, industry refining margins in the United States and Europe remained strong and were higher than in the same period a year ago. Refining margins in the East declined from levels in the second quarter of 2006. Refinery availability improved to 92.4% from 90.7% in the second quarter of 2006.
In Marketing, earnings increased compared to the same period a year ago mainly due to higher retail marketing margins and continued strong lubricants margins.
Marketing sales volumes declined 1.9% compared to volumes in the second quarter of 2006. Excluding the impact of divested volumes (1.9%) and rationalised B2B volumes (0.7%), volumes were some 0.7% higher.
Second quarter portfolio developments:
In the United States, the Group completed the transaction to sell the Los Angeles Refinery, Wilmington Products Terminal and approximately 250 retail sites and supply agreements in and around Los Angeles and San Diego to Tesoro Corporation.
In Malaysia, the Group signed an agreement for the acquisition of 100 % of the shares in the wholly owned subsidiary of ConocoPhillips, Conoco Jet, comprising 44 ProJet branded retail service stations and 14 vacant land sites in the key growth markets of Malaysia.
Chemicals QUARTERS million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % 626 527 446 Segment earnings 1,153 629 (132) (47) (98) CCS adjustment - (see note 2) (179) (142) 494 480 348 +42 Segment CCS earnings 974 487 +100 5,653 5,567 5,870 -4 Sales volumes (thousand tonnes)11,220 11,811 -5 (1) Q2 on Q2 change
Second quarter segment earnings were $626 million compared to $446 million for the same period last year.
Second quarter CCS segment earnings were $494 million compared to $348 million in the same quarter last year. Second quarter 2006 earnings included net charges of $30 million related to restructuring of employee retirement plans in France partially offset by the impact of a reduction in deferred taxes in Canada arising from reduced tax rates.
Earnings reflected improved margins and higher profits from equity-accounted investments, which were partly offset by higher operating costs when compared to the same quarter in 2006. Sales volumes declined mainly as a consequence of a reduction in sales of lower margin products, including aromatics trading. Chemicals manufacturing plant availability remained strong at 92.6%, some 2% points lower than in the second quarter 2006.
Corporate QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 177 801 (448) Segment earnings(1) 978 (221) (1) As from 2007, the segment Other Industry and Corporate has been renamed as Corporate. Its earnings no longer include the results generated by the Wind and Solar businesses, which were previously reported as part of Other Industry segments, but continue to include some non-material businesses. For comparison purposes, the second quarter 2006 and the six months period of 2006 results were reclassified and are impacted by $3 million and $8 million respectively.
Second quarter segment results were $177 million, included a net income of $55 million on the sale of properties in the United Kingdom, compared to a loss of $448 million for the same period last year. Second quarter 2006 earnings included a $500 million provision in respect of the putative shareholder class actions filed in the United States District Court for the District of New Jersey relating to the 2004 recategorisation of certain hydrocarbon reserves.
Earnings reflected higher insurance underwriting income and improved net interest income, partly offset by higher corporate costs when compared to the second quarter 2006.
Note
All amounts shown throughout this report are unaudited.
Third quarter results are expected to be announced on October 25, 2007.
In this Report "Group" is defined as Royal Dutch Shell together with all of its consolidated subsidiaries. The expressions "Shell", "Group", "Shell Group" and "Royal Dutch Shell" are sometimes used for convenience where references are made to the Group or Group companies in general. Likewise, the words "we", "us" and "our" are also used to refer to Group companies 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. The expression "Group companies" as used in this Report refers to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which the Group has significant influence but not control are referred to as "associated companies" or "associates" and companies in which the Group has joint control are referred to as "jointly controlled entities". In this Report, associates and jointly controlled entities are also referred to as "equity accounted investments".
This document contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''intend'', ''may'', ''plan'', ''objectives'', ''outlook'', ''probably'', ''project'', ''will'', ''seek'', ''target'', ''risks'', ''goals'', ''should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, project delay or advancement, approvals and cost estimates; and (m) changes in trading conditions. All forward-looking statements contained in this Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this Report. Neither Royal Dutch Shell 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 Report.
Please refer to the Annual Report and Form 20-F for the year ended December 31, 2006 for a description of certain important factors, risks and uncertainties that may affect Shell's businesses.
Cautionary Note to US Investors:
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this announcement that the SEC's guidelines strictly prohibit us from including in filings with the SEC. US Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575 and disclosure in our Forms 6-K, File No 1-32575, available on the SEC's website . You can also obtain these forms from the SEC by calling 1-800-SEC-0330.
Appendix 1: Royal Dutch Shell financial report and tables Statement of income (see note 1) QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % 84,896 73,480 83,127 Revenue(2) 158,376 159,091 68,715 60,666 67,838 Cost of sales 129,381 129,760 16,181 12,814 15,289 +6 Gross profit 28,995 29,331 -1 Selling, distribution and 4,120 3,778 4,429 administrative expenses 7,898 7,842 450 272 250 Exploration 722 531 Share of profit of equity 2,138 1,808 1,829 accounted investments 3,946 3,652 Net finance costs and (477) (901) 47 other (income)/expense (1,378) (108) 14,226 11,473 12,392 +15 Income before taxation 25,699 24,718 +4 5,415 4,032 4,865 Taxation 9,447 10,175 8,811 7,441 7,527 +17 Income for the period 16,252 14,543 +12 Income attributable to 144 160 203 minority interest 304 326 Income attributable to 8,667 7,281 7,324 +18 shareholders 15,948 14,217 +12 (1) Q2 on Q2 change (2) Revenue is stated after deducting sales taxes, excise duties and similar levies of $18,993 million in Q2 2007, $17,305 million in Q1 2007, $17,984 million in Q2 2006 and $16,709 million in Q1 2006. Earnings by industry segment (see notes 2 and 4) QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % Exploration & Production: 2,385 2,656 3,014 -21 World outside USA 5,041 5,809 -13 916 852 985 -7 USA 1,768 1,933 -9 3,301 3,508 3,999 -17 6,809 7,742 -12 Gas & Power2: 494 682 461 +7 World outside USA 1,176 1,175 285 121 52 USA 406 98 779 803 513 +52 1,582 1,273 +24 Oil Products (CCS basis): 1,827 1,158 1,332 +37 World outside USA 2,985 2,403 +24 1,109 330 733 +51 USA 1,439 995 +45 2,936 1,488 2,065 +42 4,424 3,398 +30 Chemicals (CCS basis): 454 469 309 +47 World outside USA 923 482 +91 40 11 39 +3 USA 51 5 494 480 348 +42 974 487 +100 7,510 6,279 6,925 +8 TOTAL OPERATING SEGMENTS 13,789 12,900 +7 Corporate(2): Interest and investment 158 583 38 income/(expense) 741 38 20 46 (73) Currency exchange gains/(losses) 66 39 (1) 172 (413) Other - including taxation 171 (298) 177 801 (448) 978 (221) (131) (148) (163) Minority interest (279) (277) 7,556 6,932 6,314 +20 CCS EARNINGS 14,488 12,402 +17 CCS adjustment for Oil Products 1,111 349 1,010 and Chemicals 1,460 1,815 Income attributable to shareholders of Royal Dutch 8,667 7,281 7,324 +18 Shell plc 15,948 14,217 +12 (1) Q2 on Q2 change (2) As from 2007, the segment Other Industry and Corporate has been renamed as Corporate. Its earnings no longer include the results generated by the Wind and Solar businesses, which were previously reported as part of Other Industry segments, but continue to include some non-material businesses. The Wind and Solar businesses earnings are, as from 2007, reported under the Gas & Power segment. For comparison purposes, the second quarter 2006 and the six months period of 2006 results were reclassified and are impacted by $(3) million and $(8) million in the Gas & Power segment and by $3 million and $8 million in the Corporate segment, respectively. Summarised balance sheet (see notes 1 and 6) $ million June 30, March 31, June 30, ASSETS 2007 2007 2006 Non-current assets: Intangible assets 5,126 5,117 4,721 Property, plant and equipment 90,584 103,624 94,102 Investments: equity accounted investments 27,185 22,001 19,083 financial assets 2,954 3,538 3,912 Deferred tax 3,108 3,135 2,259 Pre-paid pension costs 4,772 4,289 3,143 Other 5,548 5,285 4,569 139,277 146,989 131,789 Current assets: Inventories 26,497 23,960 24,660 Accounts receivable 60,649 58,998 62,327 Cash and cash equivalents 15,117 11,184 11,774 102,263 94,142 98,761 TOTAL ASSETS 241,540 241,131 230,550 LIABILITIES Non-current liabilities: Debt 12,236 11,978 8,472 Deferred tax 13,159 13,114 12,007 Retirement benefit obligations 6,282 6,219 6,271 Other provisions 10,877 10,514 8,682 Other 3,784 4,154 4,650 46,338 45,979 40,082 Current liabilities: Debt 5,266 5,393 6,112 Accounts payable and accrued liabilities 61,978 64,156 63,701 Taxes payable 11,214 9,835 10,525 Retirement benefit obligations 324 326 285 Other provisions 2,076 1,932 1,612 80,858 81,642 82,235 TOTAL LIABILITIES 127,196 127,621 122,317 Equity attributable to shareholders of Royal Dutch Shell plc 112,621 105,105 100,213 Minority interest 1,723 8,405 8,020 TOTAL EQUITY 114,344 113,510 108,233 TOTAL LIABILITIES AND EQUITY 241,540 241,131 230,550 Summarised statement of cash flows (see notes 1 and 7) QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 CASH FLOW FROM OPERATING ACTIVITIES: Income for the 8,811 7,441 7,527 period 16,252 14,543 Adjustment for: 5,460 4,267 4,763 Current taxation 9,727 9,778 Interest 130 198 121 (income)/expense 328 353 Depreciation, depletion and 3,238 3,260 3,132 amortisation 6,498 5,944 (Profit)/loss on (1,133) (362) (8) sale of assets (1,495) (193) Decrease/(increase) in net working (1,704) (399) (3,276) capital (2,103) (5,255) Share of profit of equity accounted (2,138) (1,808) (1,829) investments (3,946) (3,652) Dividends received from equity accounted 1,519 1,587 1,556 investments 3,106 2,616 Deferred taxation and other 214 (152) 903 provisions 62 1,481 (676) (447) 489 Other (1,123) (18) Cash flow from operating activities 13,721 13,585 13,378 (pre-tax) 27,306 25,597 (4,873) (2,404) (5,544) Taxation paid (7,277) (9,939) Cash flow from operating 8,848 11,181 7,834 activities 20,029 15,658 CASH FLOW FROM INVESTING ACTIVITIES: (5,652) (5,361) (6,630) Capital expenditure (11,013) (10,449) Investments in equity accounted (319) (370) (177) investments (689) (408) Proceeds from sale 6,270 380 211 of assets 6,650 717 Proceeds from sale of equity accounted 279 115 36 investments 394 44 Proceeds from sale of / (additions to) financial 585 555 29 assets 1,140 (11) 295 285 240 Interest received 580 474 Cash flow from investing 1,458 (4,396) (6,291) activities (2,938) (9,633) CASH FLOW FROM FINANCING ACTIVITIES: Net increase/(decrease) in debt with maturity period (1,185) 341 887 within three months (844) 683 Other debt: New 1,634 2,762 1,098 borrowings 4,396 1,882 (274) (1,613) (133) Repayments (1,887) (1,058) (290) (351) (261) Interest paid (641) (622) Change in minority (3,585) (3,110) 423 interest (6,695) 783 Net issue/(repurchase) (900) (486) (2,512) of shares (1,386) (3,856) Dividends paid to: Shareholders of Royal Dutch Shell (2,300) (2,100) (2,091) plc (4,400) (3,929) (77) (42) (161) Minority interest (119) (205) Treasury shares: Net sales/(purchases) and dividends 568 (16) 135 received 552 226 Cash flow from financing (6,409) (4,615) (2,615) activities (11,024) (6,096) Currency translation differences relating to cash and 36 12 79 cash equivalents 48 115 INCREASE/(DECREASE) IN CASH AND CASH 3,933 2,182 (993) EQUIVALENTS 6,115 44 Cash and cash equivalents at 11,184 9,002 12,767 beginning of period 9,002 11,730 Cash and cash equivalents at end 15,117 11,184 11,774 of period 15,117 11,774 Operational data - Upstream QUARTERS SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % thousand b/d CRUDE OIL PRODUCTION thousand b/d 442 447 488 Europe 445 509 305 339 321 Africa 322 329 235 231 232 Asia Pacific 233 232 428 422 439 Middle East, Russia, CIS 425 424 328 343 295 USA 335 293 79 83 76 Other Western Hemisphere 81 83 Total crude oil production 1,817 1,865 1,851 excluding oil sands 1,841 1,870 91 96 46 Production from oil sands 93 61 Total crude oil production 1,908 1,961 1,897 +1 including oil sands 1,934 1,931 million scf/d(2) NATURAL GAS PRODUCTION million scf/d(2) AVAILABLE FOR SALE 2,496 4,110 3,027 Europe 3,299 4,230 601 519 481 Africa 560 463 2,414 2,455 2,381 Asia Pacific 2,435 2,434 251 260 304 Middle East, Russia, CIS 255 312 1,091 1,162 1,175 USA 1,126 1,146 514 475 497 Other Western Hemisphere 495 503 7,367 8,981 7,865 -6 8,170 9,088 -10 TOTAL PRODUCTION IN BARRELS thousand thousand boe/d(3) OF OIL EQUIVALENT boe/d(3) 872 1,156 1,010 Europe 1,014 1,238 409 428 404 Africa 419 409 651 654 642 Asia Pacific 653 651 471 467 491 Middle East, Russia, CIS 469 478 516 543 498 USA 529 491 168 165 162 Other Western Hemisphere 166 170 Total production excluding oil 3,087 3,413 3,207 sands 3,250 3,437 91 96 46 Oil sands 93 61 Total production including oil 3,178 3,509 3,253 -2 sands 3,343 3,498 -4 (1) Q2 on Q2 change (2) scf/d = standard cubic feet per day; 1 standard cubic foot = 0.0283 cubic metre (3) Natural gas converted to oil equivalent at 5.8 million scf/d = thousand boe/d Operational data - Downstream QUARTERS SIX MONTHS Q2 Q1 Q2 2007 2007 2006 %(1) 2007 2006 % thousand b/d thousand b/d REFINERY PROCESSING INTAKE 1,713 1,590 1,627 Europe 1,651 1,684 810 759 832 Other Eastern Hemisphere 785 823 905 893 978 USA 899 963 378 366 352 Other Western Hemisphere 372 355 3,806 3,608 3,789 3,707 3,825 -3 OIL SALES 2,224 2,263 2,186 Gasolines 2,244 2,167 731 720 780 Kerosenes 726 756 2,238 2,114 2,071 Gas/Diesel oils 2,176 2,133 667 679 735 Fuel oil 673 771 630 630 654 Other products 630 648 6,490 6,406 6,426 +1 Total oil products (*) 6,449 6,475 2,673 2,655 2,513 Crude oil 2,663 2,503 9,163 9,061 8,939 +3 Total oil sales 9,112 8,978 +1 *Comprising: 1,826 1,832 1,948 Europe 1,830 1,984 1,238 1,245 1,229 Other Eastern Hemisphere 1,241 1,222 1,518 1,401 1,502 USA 1,460 1,490 679 653 652 Other Western Hemisphere 666 659 1,229 1,275 1,095 Export sales 1,252 1,120 CHEMICAL SALES VOLUMES BY MAIN thousand tones PRODUCT CATEGORY (2)(**) thousand tonnes 3,222 3,280 3,504 Base chemicals 6,502 7,218 2,429 2,282 2,361 First line derivatives 4,711 4,576 2 5 5 Other 7 17 5,653 5,567 5,870 -4 11,220 11,811 -5 (**)Comprising: 2,220 2,273 2,433 Europe 4,493 4,896 1,380 1,253 1,370 Other Eastern Hemisphere 2,633 2,814 1,873 1,871 1,908 USA 3,744 3,788 180 170 159 Other Western Hemisphere 350 313 (1) Q2 on Q2 change (2) Excluding volumes sold by equity accounted investments, chemical feedstock trading and by-products. Capital investment QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 Capital expenditure: Exploration & Production: 2,702 3,240 5,095 World outside USA 5,942 7,595 774 587 481 USA 1,361 793 3,476 3,827 5,576 7,303 8,388 Gas & Power1: 711 657 253 World outside USA 1,368 645 2 1 5 USA 3 9 713 658 258 1,371 654 Oil Products: Refining: 355 260 373 World outside USA 615 615 109 181 57 USA 290 118 464 441 430 905 733 Marketing: 285 214 314 World outside USA 499 503 23 14 26 USA 37 44 308 228 340 536 547 Chemicals: 184 153 63 World outside USA 337 99 96 83 47 USA 179 97 280 236 110 516 196 75 45 1 Corporate(1): 120 19 5,316 5,435 6,715 TOTAL CAPITAL EXPENDITURE 10,751 10,537 Exploration expense: 143 127 139 World outside USA 270 253 46 42 64 USA 88 127 189 169 203 358 380 New equity in equity accounted investments 308 247 135 World outside USA 555 199 3 17 4 USA 20 9 311 264 139 575 208 New loans to equity accounted 8 106 38 investments 114 200 5,824 5,974 7,095 TOTAL CAPITAL INVESTMENT(*)(2)11,798 11,325 (*)Comprising: 3,884 4,260 5,823 Exploration & Production 8,144 8,990 808 732 354 Gas & Power1 1,540 753 777 699 799 Oil Products 1,476 1,317 280 238 118 Chemicals 518 246 75 45 1 Corporate1 120 19 5,824 5,974 7,095 11,798 11,325 (1) As from 2007, the segment Other Industry and Corporate has been renamed as Corporate. Its financial information no longer includes data related to the Wind and Solar businesses, which were previously reported as part of Other Industry segments, but continues to include some non-material businesses. The Wind and Solar businesses financial data are, as from 2007, reported under the Gas & Power segment. For comparison purposes, the second quarter 2006 and the six months period of 2006 capital investment data were reclassified and are impacted by $22 million and $25 million in the Gas & Power segment and by $(22) million and $(25) million in the Corporate segment, respectively. (2) In addition to the above amounts, see Note 6 regarding accounting impacts related to the Shell Canada minority interest acquisition. Additional segmental information (1) QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 Exploration & Production 3,301 3,508 3,999 Segment earnings 6,809 7,742 Including: 450 272 250 Exploration 722 531 Depreciation, depletion & 2,353 2,328 2,253 amortisation 4,681 4,160 Share of profit of equity 659 913 720 accounted investments 1,572 1,697 7,452 6,596 5,875 Cash flow from operations 14,048 12,637 Less: Net working capital movements and taxation 1,737 947 (834) paid/accrued 2,684 299 Cash flow from operations excluding net working capital movements and 5,715 5,649 6,709 taxation paid/accrued 11,364 12,338 45,879 55,264 47,032 Capital Employed 45,879 47,032 Gas & Power 779 803 513 Segment earnings 1,582 1,273 Including: Depreciation, depletion & 77 74 68 amortisation 151 142 Share of profit of equity 428 420 351 accounted investments 848 720 210 587 236 Cash flow from operations 797 1,368 Less: Net working capital movements and taxation 4 (92) (248) paid/accrued (88) (149) Cash flow from operations excluding net working capital movements and 206 679 484 taxation paid/accrued 885 1,517 16,133 18,453 15,300 Capital Employed 16,133 15,300 Oil Products 2,936 1,488 2,065 Segment CCS earnings 4,424 3,398 Including: Depreciation, depletion & 571 656 697 amortisation 1,227 1,327 Share of profit of equity 721 280 517 accounted investments 1,001 845 1,464 2,123 1,657 Cash flow from operations 3,587 (275) Less: Net working capital movements and taxation (1,809) (27) (2,320) paid/accrued (1,836) (6,559) Cash flow from operations excluding net working capital movements and 3,273 2,150 3,977 taxation paid/accrued 5,423 6,284 46,546 43,716 41,620 Capital Employed 46,546 41,620 Chemicals 494 480 348 Segment CCS earnings 974 487 Including: Depreciation, depletion & 150 155 138 amortisation 305 287 Share of profit of equity 167 188 105 accounted investments 355 146 451 116 443 Cash flow from operations 567 472 Less: Net working capital movements and taxation (177) (537) (112) paid/accrued (714) (432) Cash flow from operations excluding net working capital movements and 628 653 555 taxation paid/accrued 1,281 904 9,888 9,187 8,727 Capital Employed 9,888 8,727 1 Corporate segment information has not been included in the above table. Please refer to the Earnings per industry segment section for additional information. The above data does not consider Minority interest impacts on the segments. Notes Notes (1). Accounting policies and basis of presentation
The quarterly financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and are also in accordance with IFRS as adopted by the European Union.
With effect from the first quarter 2007, Wind and Solar are reported within the Gas & Power segment and all other activities within Other Industry segments are reported within the Corporate segment. Prior period financial statements have been reclassified accordingly.
Purchases of minority interests in Group companies, and disposals of shares in Group companies whilst retaining control, are accounted for as transactions within equity. The difference between the purchase price/disposal proceeds and the relevant proportion of the minority interest is reported in retained earnings as a movement in the Group share of equity. The remaining accounting policies are set out in Note 2 to the Consolidated Financial Statements of Royal Dutch Shell plc in the Annual Report and Form 20-F for the year ended December 31, 2006 on pages 108 to 112.
Notes (2). Earnings on an estimated current cost of supplies (CCS) basis
To facilitate a better understanding of underlying business performance, the financial results are also analysed on an estimated current cost of supplies (CCS) basis as applied for the Oil Products and Chemicals segment earnings. Earnings on an estimated current cost of supplies basis provide useful information concerning the effect of changes in the cost of supplies on Royal Dutch Shell's results of operations and is a measure to manage the performance of the Oil Products and Chemicals segments but is not a measure of financial performance under IFRS.
On this basis, Oil Products and Chemicals segment cost of sales of the volumes sold during the period is based on the cost of supplies during the same period after making allowance for the estimated tax effect, instead of the first-in, first-out (FIFO) method of inventory accounting. Earnings calculated on this basis do not represent an application of the last-in, first-out (LIFO) inventory basis and do not reflect any inventory drawdown effects.
Notes (3). Return on average capital employed (ROACE)
ROACE is defined as the sum of the current and previous three quarters' income attributable to shareholders adjusted for Shell's share of interest expenses, after tax, as a percentage of Shell's share of average capital employed for the period.
Components of the calculation ($ million): Q2 2007 Q2 2006 Income attributable to shareholders (four quarters) 27,173 27,617 Royal Dutch Shell share of interest expense after tax 615 581 ROACE numerator 27,788 28,198 Royal Dutch Shell share of capital employed - opening 113,717 100,326 Royal Dutch Shell share of capital employed - closing 129,859 113,717 Royal Dutch Shell share of capital employed - average 121,788 107,022 ROACE 22.8% 26.3%
Notes (4). Earnings by industry segment
Operating segment results are presented before deduction of minority interest and also exclude interest and other income of a non-operational nature, interest expense, non-trading currency exchange effects and tax on these items, which are included in the results of the Corporate segment. Operating segment results are after tax and include equity accounted investments. Segment results in accordance with International Accounting Standard 14 "Segment Reporting" are disclosed in Royal Dutch Shell's Annual Report and Form 20-F, with a reconciliation to the basis as presented here.
Notes (5). Gearing
The numerator and denominator in the gearing calculation used by the Group are calculated by adding to reported debt and equity certain off-balance sheet obligations as at the beginning of the year such as operating lease commitments and unfunded retirement benefits (as applicable) which the Group believes to be in the nature of incremental debt, and deducting cash and cash equivalents judged to be in excess of amounts required for operational purposes.
Components of the calculation ($ million): June 30, June 30, 2007 2006 Non-current debt 12,236 8,472 Current debt 5,266 6,112 Total debt 17,502 14,584 Add: Net present value of operating lease obligations 11,319 9,442 Unfunded retirement benefit obligations - 2,919 Less: Cash and cash equivalents in excess of operational requirements 13,217 9,874 Adjusted debt 15,604 17,071 Total equity 114,344 108,233 Total capital 129,948 125,304 Gearing ratio (adjusted debt as a percentage of total capital) 12.0% 13.6%
Notes (6). Equity
Total equity comprises equity attributable to shareholders of Royal Dutch Shell and to the minority interest. Other reserves comprise the capital redemption reserve, share premium reserve, merger reserve, share-based compensation reserve, cumulative currency translation differences, unrealised gains/(losses) on securities and unrealised gains/(losses) on cash flow hedges.
Ordinary Treasury Other Retained share $ million capital shares reserves earnings Total At December 31, 2006 545 (3,316) 8,820 99,677 105,726 Income for the period - - - 15,948 15,948 Income/(expense) recognised directly in equity - - 1,397 - 1,397 Capital contributions from minority shareholders - - - - - Acquisition of Shell Canada - - - (5,445) (5,445) Sakhalin partial divestment - - - - - Other changes in minority interest - - - 7 7 Dividends paid - - - (4,400) (4,400) Treasury shares: net sales/(purchases) and dividends received - 552 - - 552 Shares repurchased for cancellation (3) - 3 (1,386) (1,386) Share-based compensation - - 222 - 222 At June 30, 2007 542 (2,764) 10,442 104,401 112,621 $ million Minority interest Total equity At December 31, 2006 9,219 114,945 Income for the period 304 16,252 Income/(expense) recognised directly in equity (101) 1,296 Capital contributions from minority shareholders 819 819 Acquisition of Shell Canada (1,639) (7,084) Sakhalin partial divestment (6,711) (6,711) Other changes in minority interest (49) (42) Dividends paid (119) (4,519) Treasury shares: net sales/(purchases) and dividends received - 552 Shares repurchased for cancellation - (1,386) Share-based compensation - 222 At June 30, 2007 1,723 114,344 Ordinary Treasury Other Retained share $ million capital shares reserves earnings Total At December 31, 2005 571 (3,809) 3,584 90,578 90,924 Income for the period - - - 14,217 14,217 Income/(expense) recognised directly in equity - - 2,438 - 2,438 Capital contributions from minority shareholders - - - - - Effect of Unification - - 154 - 154 Dividends paid - - - (3,929) (3,929) Treasury shares: net sales/(purchases) and dividends received - 226 - - 226 Shares repurchased for cancellation (15) - 15 (4,010) (4,010) Share-based compensation - - 193 - 193 At June 30, 2006 556 (3,583) 6,384 96,856 100,213 $ million Minority interest Total equity At December 31, 2005 7,000 97,924 Income for the period 326 14,543 Income/(expense) recognised directly in equity 76 2,514 Capital contributions from minority shareholders 823 823 Effect of Unification - 154 Dividends paid (205) (4,134) Treasury shares: net sales/(purchases) and dividends received - 226 Shares repurchased for cancellation - (4,010) Share-based compensation - 193 At June 30, 2006 8,020 108,233
Consistent with the accounting policies disclosed in Note 1, the acquisition of the minority interest in Shell Canada in the first quarter 2007 was accounted for as a transaction between shareholders with the impact reflected in the equity section of the balance sheet. In the first half of 2007, the Group has paid cash of $7.1 billion for shares in Shell Canada that it did not already own. As a result of this transaction, the consolidated financial statements of Royal Dutch Shell plc as at June 30, 2007 reflect some $7.1 billion decrease in shareholders equity, causing a $1,639 million decrease in minority interest, being the book value of the item acquired, with the excess of the purchase price over the book value of $5,445 million being taken to retained earnings. In addition to the share purchase price, $0.4 billion of Shell Canada share options were exchanged for a corresponding amount of RDS share options.
On April 18, 2007, Royal Dutch Shell signed and completed the Sale and Purchase agreement with OAO Gazprom for the transfer of 50% of its shares in Sakhalin Energy Investment Company Ltd, representing 27.5% of the total outstanding shares, for a sales price of $4.1 billion. In addition, the Ministry of Natural Resources of the Russian Federation announced its approval of the revised Environmental Action Plan. As of the end of the first quarter 2007, 100% of the Sakhalin project net assets of approximately $15 billion were presented in the Group balance sheet, offset by a minority interest of $6.7 billion representing the partners' 45% interest in the project. Upon completion of this transaction, the consolidated financial statements of Royal Dutch Shell plc as at June 30, 2007 no longer include the separate assets, liabilities and associated minority interest of the Sakhalin project, resulting in a net gain of $0.2 billion which is included in the income statement. The Group's net asset position in the project is now accounted for as a single line item equity accounted investment.
Notes (7). Statement of cash flows
This statement reflects cash flows of Royal Dutch Shell and its subsidiaries as measured in their own currencies, which are translated into US dollars at average rates of exchange for the periods and therefore exclude currency translation differences except for those arising on cash and cash equivalents.
Cash from operating activities excluding net working capital movements, current taxation and taxation paid is calculated using the following line items from the cash flow statement:
QUARTERS $ million SIX MONTHS Q2 Q1 Q2 2007 2007 2006 2007 2006 Cash flow from 8,848 11,181 7,834 operating activities 20,029 15,658 5,460 4,267 4,763 Current taxation 9,727 9,778 Decrease/(increase) in net working (1,704) (399) (3,276) capital (2,103) (5,255) (4,873) (2,404) (5,544) Taxation paid (7,277) (9,939) 9,965 9,717 11,891 19,682 21,074
Notes (8). Earnings per Royal Dutch Shell share
The total number of Royal Dutch Shell shares in issue at the end of the period was 6,418.9 million. Royal Dutch Shell reports earnings per share on a basic and on a diluted basis, based on the weighted average number of Royal Dutch Shell (combined A and B) shares outstanding. Shares held in respect of share options and other incentive compensation plans are excluded in determining basic earnings per share.
Basic earnings per share calculations are based on the following weighted average number of shares: millions Six Six Q2 Q1 Q2 months months 2007 2007 2006 2007 2006 Royal Dutch Shell shares of euro 0.07 6,281.7 6,287.0 6,457.6 6,284.4 6,483.5
Diluted earnings per share calculations are based on the following weighted average number of shares. This adjusts the basic number of shares for all share options currently in-the-money.
millions Six Six Q2 Q1 Q2 months months 2007 2007 2006 2007 2006 Royal Dutch Shell shares of euro 0.07 6,303.1 6,306.5 6,483.1 6,303.2 6,508.6 Basic shares outstanding at the end of the following periods are: millions Q2 Q1 Q2 2007 2007 2006 Royal Dutch Shell shares of euro 0.07 6,276.8 6,282.9 6,414.0
One American Depository Receipt (ADR) is equal to two Royal Dutch Shell shares.
The information in these quarterly results reflects the consolidated financial position and results of Royal Dutch Shell plc ("Royal Dutch Shell"). All amounts shown throughout this report are unaudited. Registered Office: England, 4366849, Shell Centre, London, SE1 7NA, UK
Source: Royal Dutch Shell plc
