Shell Updates 2013 Reults

Posted by Michelle Howard
Friday, January 17, 2014

Royal Dutch Shell plc has updated its expected 2013 results. Fourth quarter 2013 figures, which are expected to be published on January 30, 2014 , are expected to be significantly lower than recent levels of profitability, considering current oil and gas prices and the downstream oil products industry environment.

Shell’s fourth quarter 2013 earnings on a current cost of supplies (CCS) basis excluding identified items are expected to be approximately $2.9 billion and were impacted by weak industry conditions in downstream oil products, higher exploration expenses and lower upstream volumes.

Chief Executive Officer Ben van Beurden commented, “Our 2013 performance was not what I expect from Shell. Our focus will be on improving Shell’s financial results, achieving better capital efficiency and on continuing to strengthen our operational performance and project delivery.”

When Shell announces its results on January 30, 2014, fourth quarter 2013 CCS earnings are expected to be approximately $2.2 billion, and full year 2013 CCS earnings are expected to be approximately $16.8 billion.

Fourth quarter 2013 identified items are expected to be a net charge of approximately $0.7 billion, mainly reflecting impairments in Upstream. Full year 2013 identified items are expected to be a net charge of approximately $2.7 billion, also mainly reflecting impairments in Upstream.

Excluding identified items, fourth quarter 2013 CCS earnings are expected to be approximately $2.9 billion, reflecting lower results in each of Upstream, Downstream and Corporate compared with the fourth quarter 2012.

Full year 2013 CCS earnings excluding identified items are expected to be approximately $19.5 billion, reflecting lower results in both Upstream and Downstream compared with the full year 2012.

Compared with the fourth quarter 2012, Upstream earnings excluding identified items were impacted by higher exploration expenses and lower volumes. A high level of maintenance activity during the fourth quarter 2013 affected high value oil and gas production volumes, including gas-to-liquids, as well as LNG sales volumes. Earnings were also impacted by the weakening of the Australian dollar. Upstream Americas continued to incur a loss. The security situation in Nigeria remained challenging.

Compared with the fourth quarter 2012, Downstream CCS earnings excluding identified items were mainly impacted by significantly weaker industry refining conditions, in particular in Asia Pacific and Europe. Marketing and trading contributions were lower. Chemicals earnings increased as a result of improved industry conditions and operating performance.

Cash flow from operating activities for the fourth quarter 2013 is expected to be approximately $6.0 billion. Full year 2013 cash flow from operating activities is expected to be approximately $40.4 billion.

Excluding working capital movements, cash flow from operating activities for the fourth quarter 2013 is expected to be approximately $7.7 billion, and approximately $37.5 billion for the full year 2013.

Net capital investment (see Note 1) for the fourth quarter 2013 is expected to be approximately $15.8 billion. Full year 2013 net capital investment is expected to be approximately $44.3 billion.

Gearing is expected to be approximately 16% at the end of 2013.

Shell’s fourth quarter and full year 2013 results and fourth quarter 2013 dividend are scheduled to be announced on January 30, 2014. Shell’s annual Management Day is scheduled for March 13, 2014 in London, United Kingdom, and will also be webcast on www.shell.com/investor. On March 17, 2014 a Management Day will be held in New York, United States.

  • Chart: Shell

    Chart: Shell


People & Company News

MN100: Metal Shark Boats

The Company: Metal Shark is a leading shipbuilder specializing in the design and production of boats and ships for military, law enforcement, fire rescue, and

JSMEA to Host Smart Ship Seminar at SMM

Onboard and ashore, IoT application services, which rely on ships’ onboard equipment data, have become increasingly prevalent throughout the maritime industry.

MN100: Safety Management Systems, LLC

The Company: A leading US maritime consultancy established in 1996, SMSLLC provides practical risk mitigation solutions for vessel operators and stakeholders.

Offshore

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Cathelco MGPS for Latest Lamprell-built Jack-up

Cathelco will provide a marine growth prevention system (MGPS) for the latest in a series of jack-up drilling rigs to be built by Lamprell, the UAE based  leading provider of fabrication,

New System Monitors Vessel Motion, Impact

UK Electronic Solutions (part of NSSLGlobal Group), has announced Oceanic Dynamics, a new self-contained motion and impact monitoring system suited to offshore vessels.

Finance

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

Monjasa Bags Credit Facility from Société Générale

Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from

Hanjin Shipping to Submit Self-Rescue Plan

South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media.

Energy

Höegh LNG Speeds up FSRU Conversion

Höegh LNG Holdings Ltd. today announced that it has signed agreements with Wärtsila Oil and Gas (EPCIC regas) and Moss Maritime (engineering) for its first FSRU conversion project,

South Africa Workshop Promotes Ship Energy Efficiency

An International Maritime Organization (IMO) workshop is raising awareness of the Organization’s regulatory regime dealing with improving energy efficiency and

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

News

Philippines: Sea Dispute Won't Shift Ties with China, U.S.

The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States,

JSMEA to Host Smart Ship Seminar at SMM

Onboard and ashore, IoT application services, which rely on ships’ onboard equipment data, have become increasingly prevalent throughout the maritime industry.

Höegh LNG Speeds up FSRU Conversion

Höegh LNG Holdings Ltd. today announced that it has signed agreements with Wärtsila Oil and Gas (EPCIC regas) and Moss Maritime (engineering) for its first FSRU conversion project,

Offshore Energy

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Cathelco MGPS for Latest Lamprell-built Jack-up

Cathelco will provide a marine growth prevention system (MGPS) for the latest in a series of jack-up drilling rigs to be built by Lamprell, the UAE based  leading provider of fabrication,

US Oil Drillers Add Rigs for 8th Week in Row

U.S. drillers this week added oil rigs for an eighth consecutive week, the longest recovery streak in the rig count in over two years, as crude prices rebounded

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1467 sec (7 req/sec)