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TheStreet Open House

RDS 4th Quarter And Full Year 2012 Unaudited Results

Stock quotes in this article: RDS.A, RDS.B

 

  • Fourth quarter 2012 CCS earnings (see Note 1) were $7,294 million, 13% higher than in the same quarter a year ago. Full year 2012 CCS earnings were $27,044 million, 6% lower than in 2011.
  • Fourth quarter 2012 CCS earnings excluding identified items (see page 4) were $5,582 million compared with $4,846 million in the fourth quarter 2011, an increase of 15%. Full year 2012 CCS earnings excluding identified items were $25,139 million, 2% higher than in 2011.
  • Basic CCS earnings per share increased by 12% versus the same quarter a year ago. Full year 2012 basic CCS earnings per share decreased by 6% compared with 2011.
  • Basic CCS earnings per share excluding identified items increased by 14% versus the same quarter a year ago. Full year 2012 basic CCS earnings per share excluding identified items increased by 1% compared with 2011.
  • Cash flow from operating activities for the fourth quarter 2012 was $9.9 billion, compared with $6.5 billion in the same quarter last year. Excluding movements in working capital, cash flow from operating activities in the fourth quarter 2012 was $8.9 billion, compared with $7.2 billion in the same quarter last year.
  • Full year 2012 cash flow from operating activities was $46.1 billion, compared with $36.8 billion in 2011. Excluding movements in working capital, cash flow from operating activities in 2012 was $42.7 billion, compared with $43.2 billion in 2011.
  • Net capital investment (see Note 1) for the fourth quarter 2012 was $10.9 billion, bringing the full year 2012 total to $29.8 billion. Capital investment was $12.8 billion for the fourth quarter 2012 and $36.8 billion for the full year. Proceeds from divestments were $1.9 billion for the fourth quarter 2012 and $7.0 billion for the full year.
  • Return on average capital employed (see Note 3) for 2012 on a reported income basis was 12.7%.
  • Gearing was 9.2% at the end of 2012 versus 13.1% at the end of 2011.
  • Total dividends distributed in the fourth quarter 2012 were $2.8 billion, of which some $1.1 billion were settled by issuing some 34.2 million Class A shares under the Scrip Dividend Programme for the third quarter 2012. Under our share buyback programme some 13.0 million Class B shares were bought back for cancellation during the quarter for a consideration of $0.5 billion.
  • Total dividends distributed in the full year 2012 were $11.0 billion, of which some $3.6 billion were settled by issuing some 103.8 million Class A shares under the Scrip Dividend Programme. Some 43.7 million Class B shares were bought back for cancellation during 2012 for a consideration of $1.5 billion.
  • When final volumes are reported in the 2012 Annual Report and Form 20-F, Shell expects that proved oil and gas reserves additions before taking into account production on an SEC basis will be around 0.5 billion boe.

With 2012 production of some 1.2 billion boe, our headline proved Reserves Replacement Ratio for the year on an SEC basis is expected to be around 44%. Our Organic Reserves Replacement Ratio, which excludes the impact of oil and gas price movements in the year (mainly due to low gas prices in North America), acquisitions and divestments, is expected to be around 85%.

At the end of 2012, total proved reserves on an SEC basis are expected to be around 13.6 billion boe, after taking into account 2012 production.

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