{"id":417448,"date":"2011-05-04T15:57:22","date_gmt":"2011-05-04T15:57:22","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/04\/shell-reports-6-9-billion-in-1quarter-of-2011\/"},"modified":"2011-05-04T15:57:22","modified_gmt":"2011-05-04T15:57:22","slug":"shell-reports-6-9-billion-in-1quarter-of-2011","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/04\/shell-reports-6-9-billion-in-1quarter-of-2011\/","title":{"rendered":"Shell Reports $6.9 Billion in 1quarter of 2011"},"content":{"rendered":"
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Daily Independent<\/a> (Lagos)<\/p>\n

2 May 2011<\/p>\n

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Shell’s first quarter 2011 earnings, on a current cost of supplies (CCS) basis, were $6.9 billion compared with $4.9 billion a year ago.<\/p>\n

Basic CCS earnings per share increased by 40% versus the same quarter a year ago.<\/p>\n

First quarter 2011 CCS earnings, excluding identified items, were $6.3 billion compared with $4.8 billion in the first quarter 2010, an increase of 30%.<\/p>\n

Basic CCS earnings per share, excluding identified items, increased by 29% versus the same quarter a year ago.<\/p>\n

Cash flow from operating activities for the first quarter 2011 was $8.6 billion. Excluding net working capital movements, cash flow from operating activities in the first quarter 2011 was $13.1 billion, compared with $10.4 billion in the same quarter last year.<\/p>\n

Net capital investment for the quarter was $1.7 billion.<\/p>\n

Total cash dividends paid to shareholders during the first quarter 2011 were $1.6 billion. Some 31.1 million Class A shares, equivalent to $1.1 billion, were issued under the Scrip Dividend Programme for the fourth quarter 2010.<\/p>\n

Gearing at the end of the first quarter 2011 was 14.0%.<\/p>\n

A first quarter 2011 dividend has been announced of $0.42 per ordinary share, unchanged from the US dollar dividend per share for the same period in 2010.<\/p>\n

Royal Dutch Shell Chief Executive Officer Peter Voser commented, “Our first quarter 2011 earnings have risen from year-ago levels, driven by higher industry margins and our own operating performance.<\/p>\n

“We continue to make good progress in implementing our strategy; improving near-term performance, delivering a new wave of production growth, and maturing the next generation of growth options for shareholders.<\/p>\n

“We have announced new asset sales and cost savings programs, as part of Shell’s focus on continuous improvement, to enhance our profitability and performance. Shell sold $3.2 billion of non-core positions, including tight gas assets in South Texas , in the quarter. Exits from non-core positions continue, with the announcements of further disposals, with proceeds mainly expected during 2011-2012. These additional disposals include refining capacity in the United Kingdom , and marketing positions in Chile and several African countries. This will enhance our competitive performance, and improve our customer and partner focus.<\/p>\n

“Shell started commercial production at two new projects during the quarter; the 20 thousand boe\/d Schoonebeek Enhanced Oil Recovery project in the Netherlands , and Qatargas 4 LNG, with a capacity of 7.8 million tonnes per year.<\/p>\n

Together, in an industry that needs sustained investment in diverse energy sources to meet customer demand, these projects are expected to add 90 thousand boe\/d of peak production for Shell. These projects are part of a sequence of over 20 new Upstream start-ups planned for 2011-14, as we deliver on our plans for sustainable growth. The first gas flowed from Qatar ‘s North Field into the new Pearl Gas-to-Liquids project during the quarter, where Shell’s value-added technology is underpinning the development of the world’s largest GTL facility.<\/p>\n

“We continue to crystallize new investment options for medium-term growth, including the confirmation of the Geronggong discovery in deep water Brunei , and new LNG potential in the Wheatstone development in Australia , where our gas discoveries have been included in a new partner-operated LNG project, which is under study.”<\/p>\n

Voser concluded, “We are making good progress against our targets, to deliver a more competitive performance.”<\/p>\n

First quarter 2011 portfolio developments<\/p>\n

Upstream<\/strong><\/p>\n

In Qatar , Shell and Qatargas announced delivery of the first cargo of LNG from the Qatargas 4 project (Shell share 30%). Production is expected to ramp up to 1.4 billion standard cubic feet of gas per day (scf\/d), delivering 7.8 million tonnes per annum (mtpa) of LNG and 70 thousand barrels per day (b\/d) of condensate and liquefied petroleum gas.<\/p>\n

In the Netherlands , Shell produced its first oil from the Schoonebeek Enhanced Oil Recovery (EOR) project (Shell share 30%). The field is expected to ramp up to produce some 20 thousand barrels of oil equivalent per day (boe\/d).<\/p>\n

Shell sold non-core Upstream assets, with proceeds totalling $2.4 billion in the quarter. As previously announced, Shell completed the sale of a group of predominately mature tight gas fields in South Texas in the USA, producing some 200 million scf\/d (Shell share), for some $1.8 billion. In addition, Shell sold various other non-core assets in Canada , Pakistan , the United Kingdom and the USA (combined Shell share of production of some 25 thousand boe\/d) as well as exploration acreage in Colombia .<\/p>\n

During the first quarter 2011, Shell confirmed a significant oil and gas discovery, Geronggong, drilled in 2010 in deep water Brunei .<\/p>\n

<\/p>\n

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View article:
\nShell Reports $6.9 Billion in 1quarter of 2011<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Daily Independent (Lagos) 2 May 2011 Shell’s first quarter 2011 earnings, on a current cost of supplies (CCS) basis, were $6.9 billion compared with $4.9 billion a year ago. Basic CCS earnings per share increased by 40% versus the same quarter a year ago<\/p>\n","protected":false},"author":0,"featured_media":417449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-417448","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entertainment"},"yoast_head":"\nShell Reports $6.9 Billion in 1quarter of 2011 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/04\/shell-reports-6-9-billion-in-1quarter-of-2011\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Shell Reports $6.9 Billion in 1quarter of 2011 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Daily Independent (Lagos) 2 May 2011 Shell's first quarter 2011 earnings, on a current cost of supplies (CCS) basis, were $6.9 billion compared with $4.9 billion a year ago. 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