Shell corrects fourth quarter and full year 2014 (FIFO) results, CCS earnings
unchanged.

The Hague, 30 January 2015. Royal Dutch Shell plc announced its unaudited
results for the fourth quarter and full year 2014 on 29 January 2015. Subsequent
to making that announcement, a stock valuation error in its Downstream
operations was discovered. The value of inventories in the condensed
consolidated balance sheet, reported as $19,981 million, should be corrected to
$19,701 million.
The fourth quarter and full year 2014 results of Royal Dutch Shell plc have been
revised to take account of this stock valuation error. The impact is shown
below.
Royal Dutch Shell’s fourth quarter and full year 2014 earnings, on a current
cost of supplies (CCS) basis are unchanged. These earnings were $4.2 billion and
$19.0 billion respectively.
Fourth quarter and full year 2014 CCS earnings excluding identified items are
unchanged. These earnings were $3.3 billion and $22.6 billion respectively.
The CCS adjustment for Downstream increased from $3,390 million to $3,568
million in the fourth quarter 2014 and from $3,989 million to $4,167 million for
the full year 2014.
As a consequence, fourth quarter 2014 Income attributable to Royal Dutch Shell
plc shareholders reduced from $773 million to $595 million. Full year 2014
Income attributable to Royal Dutch Shell plc shareholders reduced from $15,052
million to $14,874 million.
The impact on end 2014 return on average capital employed on a reported income
basis (7.1%) and gearing (12.2%) is immaterial.
Fourth quarter and full year 2014 Basic CCS earnings per share and per ADS are
unchanged.
Basic earnings per share and diluted earnings per share both reduced from $0.12
per share to $0.09 per share in the fourth quarter 2014 and from $2.38 per share
to $2.36 per share for the full year 2014.

SUMMARY OF UNAUDITED RESULTS
Quarters	$million	Full year
Q4 2014	Q4 2014			2014
2014
Amended	Reported	Revision		Amended	Reported	Revision
595	773	(178)	Income attributable to Royal Dutch Shell plc shareholders	14,874
	15,052	(178)
3,568	3,390	178 	Current cost of supplies (CCS) adjustment for
Downstream	4,167	3,989	178
4,163	4,163	-	CCS earnings 	19,041	19,041	-
901	901	-	Identified items	(3,521) 	(3,521) 	-
3,262	3,262	-	CCS earnings excluding identified items	22,562	22,562	-
			 Of which:
1,730	1,730	-	          Upstream	16,505	16,505	-
1,550	1,550	-	          Downstream	6,265	6,265	-
(18) 	(18) 	-	          Corporate and Non-controlling interest	(208) 	(208) 	-

9,608	9,608	-	Cash flow from operating activities	45,044	45,044	-

The adjustment of the value of inventories leads to the correction of certain
other line items in the unaudited condensed consolidated financial statements
which are considered to be immaterial.
The revised amounts will be included in the 2014 Annual Report and Form 20-F.

Enquiries
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Cautionary note
The companies in which Royal Dutch Shell plc directly and indirectly owns
investments are separate entities. In this announcement "Shell", "Shell Group"
and "Royal Dutch Shell" are sometimes used for convenience where references are
made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the
words "we", "us" and "our" are also used to refer to subsidiaries in general or
to those who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or companies.
"Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this
announcement refer to companies in which Shell either directly or indirectly has
control, by having either a majority of the voting rights or the right to
exercise a controlling influence. The companies in which Shell has significant
influence but not control are referred to as "associated companies" or
"associates" and companies in which Shell has joint control are referred to as
"jointly controlled entities". In this announcement, associates and jointly
controlled entities are also referred to as "equity-accounted investments". The
term "Shell interest" is used for convenience to indicate the direct and/or
indirect ownership interest held by Shell in a venture, partnership or company,
after exclusion of all third-party interest.
This announcement contains forward looking statements concerning the financial
condition, results of operations and businesses of Shell and the Shell Group.
All statements other than statements of historical fact are, or may be deemed to
be, forward-looking statements. Forward-looking statements are statements of
future expectations that are based on management's current expectations and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in these statements. Forward-looking statements include,
among other things, statements concerning the potential exposure of Shell and
the Shell Group to market risks and statements expressing management’s
expectations, beliefs, estimates, forecasts, projections and assumptions. These
forward looking statements are identified by their use of terms and phrases such
as "anticipate", "believe", "could", "estimate", "expect", "goals", "intend",
"may", "objectives", "outlook", "plan", "probably", "project", "risks", "seek",
"should", "target", "will" and similar terms and phrases. There are a number of
factors that could affect the future operations of Shell and the Shell Group and
could cause those results to differ materially from those expressed in the
forward looking statements included in this announcement, including (without
limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in
demand for Shell's products; (c) currency fluctuations; (d) drilling and
production results; (e) reserves estimates; (f) loss of market share and
industry competition; (g) environmental and physical risks; (h) risks associated
with the identification of suitable potential acquisition properties and
targets, and successful negotiation and completion of such transactions; (i) the
risk of doing business in developing countries and countries subject to
international sanctions; (j) legislative, fiscal and regulatory developments
including regulatory measures addressing climate change; (k) economic and
financial market conditions in various countries and regions; (l) political
risks, including the risks of expropriation and renegotiation of the terms of
contracts with governmental entities, delays or advancements in the approval of
projects and delays in the reimbursement for shared costs; and (m) changes in
trading conditions. All forward looking statements contained in this
announcement are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. Readers should not place
undue reliance on forward looking statements. Additional factors that may affect
future results are contained in Shell's 20-F for the year ended 31 December 2013
(available at www.shell.com/investor and www.sec.gov ). These factors also
should be considered by the reader. Each forward looking statement speaks only
as of the date of this announcement, 30 January 2015. Neither Shell nor any of
its subsidiaries nor the Shell Group undertake any obligation to publicly update
or revise any forward looking statement as a result of new information, future
events or other information. In light of these risks, results could differ
materially from those stated, implied or inferred from the forward looking
statements contained in this announcement.