SHELL EARNINGS $15.8 BLN
SHELL - CCS earnings attributable to shareholders excluding identified items were $4.3 billion for the fourth quarter 2017 and $15.8 billion for the full year 2017, reflecting increased contributions from all businesses, compared with 2016. Full year earnings benefited mainly from higher realised oil, gas and LNG prices, improved refining performance and higher production from new fields, which offset the impact of field declines and divestments.
Cash flow from operating activities for the fourth quarter 2017 of $7.3 billion included negative working capital movements of $1.1 billion. Excluding working capital effects, cash flow from operations was $8.4 billion. Full year 2017 cash flow from operating activities of $35.7 billion included negative working capital movements of $3.2 billion.
Total dividends distributed to shareholders in the quarter were $3.9 billion, of which $1.6 billion were settled by issuing 52.7 million A shares under the Scrip Dividend Programme. In November, Shell announced the cancellation of the Scrip Dividend Programme from the fourth quarter 2017. Shell expects to announce a dividend of $0.47 per ordinary share and $0.94 per American Depositary Share for the first quarter 2018.
Summary of unaudited results $ million
|Q4 2017||Q3 2017||Q4 2016||% 1||Definition||Full year
|3,807||4,087||1,541||+147||Income/(loss) attributable to shareholders||12,977||4,575||+184|
|3,082||3,698||1,032||+199||CCS earnings attributable to shareholders||Note 2||12,081||3,533||+242|
|(1,221)||(405)||(763)||Of which: Identified items2||A||(3,683)||(3,652)|
|4,303||4,103||1,795||+140||CCS earnings attributable to shareholders excluding identified items||15,764||7,185||+119|
|94||105||40||Add: CCS earnings attributable to non-controlling interest||418||270|
|4,397||4,208||1,835||+140||CCS earnings excluding identified items||16,182||7,455||+117|
|7,275||7,582||9,170||-21||Cash flow from operating activities||35,650||20,615||+73|
|(665)||(3,912)||(3,429)||Cash flow from investing activities||(8,029)||(30,963)|
|6,610||3,670||5,741||Free cash flow||H||27,621||(10,348)|
|0.46||0.50||0.19||+142||Basic earnings per share ($)||1.58||0.58||+172|
|0.37||0.45||0.13||+185||Basic CCS earnings per share ($)||B||1.47||0.45||+227|
|0.52||0.50||0.22||+136||Basic CCS earnings per share excl. identified items ($)||1.92||0.92||+109|
|0.47||0.47||0.47||-||Dividend per share ($)||1.88||1.88||-|
1 Q4 on Q4 change
2 Fourth quarter 2017 includes a non-cash charge of $2,014 million related to the impact of the US tax reform legislation.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.