Royal Dutch Shell plc
ROYAL DUTCH SHELL PLC 3RD QUARTER 2019 UNAUDITED RESULTS
| SUMMARY OF UNAUDITED RESULTS | ||||||||
| Quarters | $ million | Nine months | ||||||
| Q3 20191 | Q2 20191 | Q3 2018 | %2 | Reference | 20191 | 2018 | % | |
| 5,879 | 2,998 | 5,839 | +1 | Income/(loss) attributable to shareholders | 14,878 | 17,762 | -16 | |
| 6,081 | 3,025 | 5,570 | +9 | CCS earnings attributable to shareholders | Note 2 | 14,399 | 16,499 | -13 |
| 1,313 | (437) | (54) | Of which: Identified items | A | 868 | 783 | ||
| 4,767 | 3,462 | 5,624 | -15 | CCS earnings attributable to shareholders excluding identified items | 13,530 | 15,716 | -14 | |
| 149 | 130 | 169 | Add: CCS earnings attributable to non-controlling interest | 410 | 411 | |||
| 4,917 | 3,592 | 5,793 | -15 | CCS earnings excluding identified items | 13,940 | 16,127 | -14 | |
| Of which: | ||||||||
| 2,674 | 1,726 | 2,292 | Integrated Gas | 6,968 | 7,036 | |||
| 907 | 1,335 | 1,886 | Upstream | 3,967 | 4,894 | |||
| 2,153 | 1,338 | 2,010 | Downstream | 5,313 | 5,436 | |||
| (817) | (806) | (395) | Corporate | (2,307) | (1,239) | |||
| 12,252 | 11,031 | 12,092 | +1 | Cash flow from operating activities | 31,913 | 31,064 | +3 | |
| (2,130) | (4,166) | (4,082) | Cash flow from investing activities | (10,918) | (8,347) | |||
| 10,122 | 6,865 | 8,010 | Free cash flow | H | 20,995 | 22,717 | ||
| 0.73 | 0.37 | 0.70 | +4 | Basic earnings per share ($) | 1.84 | 2.14 | -14 | |
| 0.76 | 0.37 | 0.67 | +13 | Basic CCS earnings per share ($) | B | 1.78 | 1.99 | -11 |
| 0.59 | 0.43 | 0.68 | -13 | Basic CCS earnings per share excl. identified items ($) | 1.67 | 1.89 | -12 | |
| 0.47 | 0.47 | 0.47 | – | Dividend per share ($) | 1.41 | 1.41 | – | |
|
||||||||
Compared with the third quarter 2018, CCS earnings attributable to shareholders excluding identified items were $4.8 billion, reflecting lower realised oil, LNG and gas prices, as well as weaker realised refining and chemicals margins. This was partly offset by significantly stronger contributions from LNG and oil products trading and optimisation as well as higher realised margins in retail and global commercial.
Compared with the third quarter 2018, cash flow from operating activities excluding working capital movements was $12.1 billion, reflecting lower earnings, higher pension contributions and lower dividends received.
Total dividends distributed to shareholders in the quarter were $3.8 billion. Today, Shell launches the next tranche of the share buyback programme, with a maximum aggregate consideration of $2.75 billion in the period up to and including January 27, 2020. Since the launch of the programme, Shell has bought back $12 billion in shares for cancellation.
Royal Dutch Shell Chief Executive Officer Ben van Beurden commented:“This quarter we continued to deliver strong cash flow and earnings, despite sustained lower oil and gas prices, and chemicals margins. Our earnings reflect the resilience of our market-facing businesses and their ability to capitalise on market conditions, including very strong trading and optimisation results this quarter.
Our intention to buy back $25 billion in shares and reduce net debt remains unchanged. The prevailing weak macroeconomic conditions and challenging outlook inevitably create uncertainty about the pace of reducing gearing to 25% and completing the share buyback programme within the 2020 timeframe.”