Title of Each
Class
|
Name of Each
Exchange on Which Registered
|
|
American Depositary Receipts representing Class A ordinary shares of the issuer of an aggregate nominal value 0.07 each | New York Stock Exchange | |
American Depositary Receipts representing Class B ordinary shares of the issuer of an aggregate nominal value of 0.07 each | New York Stock Exchange | |
5.625% Guaranteed Notes due 2011 | New York Stock Exchange | |
4.95% Guaranteed Notes due 2012 | New York Stock Exchange | |
5.2% Guaranteed Notes due 2017 | New York Stock Exchange | |
6.375% Guaranteed Notes due 2038 | New York Stock Exchange |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities | ||||||||||
Act. | þ | Yes | o | No | ||||||
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to | ||||||||||
Section 13 or 15(d) of the Securities Exchange Act of 1934. | o | Yes | þ | No | ||||||
Note Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. | ||||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), | ||||||||||
and (2) has been subject to such filing requirements for the past 90 days. | þ | Yes | o | No | ||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. | ||||||||||
See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one): | ||||||||||
Large accelerated filer þ Accelerated filer o Non-accelerated filer | o | |||||||||
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | ||||||||||
U.S. GAAP o International Financial Reporting Standards as issued by the International Accounting Standards Board | þ | Other | o | |||||||
If Other has been checked in response to the previous question, indicate by check mark which financial statement item the registrant | ||||||||||
has elected to follow. | Item 17 | o | Item 18 | o | ||||||
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange | ||||||||||
Act). | o | Yes | þ | No | ||||||
Copies of notices and communications from the Securities and Exchange Commission should be sent to: |
ROYaL DuTcH SHELL plc annuaL REPORT anD fORm 20-f fOR THE YEaR EnDED DEcEmbER 31, 2008 DELIVERY & GROWTH REPORT |
PART I | PAGES | |||
Item 1.
|
Identity of Directors, Senior Management and Advisers | N/A | ||
Item 2.
|
Offer Statistics and Expected Timetable | N/A | ||
Item 3.
|
Key Information | |||
A. Selected financial data | 6-7, 75 | |||
B. Capitalisation and indebtedness | N/A | |||
C. Reasons for the offer and use of proceeds | N/A | |||
D. Risk factors | 14-16 | |||
Item 4.
|
Information on the Company | |||
A. History and development of the company | 6-7, 11-12, 17-22, 24-29, 35-38, 40-42, 44-46, 50-52, 103-104 | |||
B. Business overview | 11-13, 17-57, 62-69, 160-171 | |||
C. Organisational structure | 11, E2-E6 | |||
D. Property, plant and equipment | 11-13, 17-52, 64-66 | |||
Item 4A.
|
Unresolved Staff Comments | N/A | ||
Item 5.
|
Operating and Financial Review and Prospects | |||
A. Operating results | 6-7, 11-13, 17-57 | |||
B. Liquidity and capital resources | 58-61 | |||
C. Research and development, patents and licences, etc. | 54-55, 80, 121, 126 | |||
D. Trend information | 11-13, 17-22, 34-35, 40-41, 43-45, 49-50 | |||
E. Off-balance sheet arrangements | 60 | |||
F. Tabular disclosure of contractual obligations | 61 | |||
G. Safe harbour | N/A | |||
Item 6.
|
Directors, Senior Management and Employees | |||
A. Directors and senior management | 77-82, 104 | |||
B. Compensation | 83, 85-95 | |||
C. Board practices | 80-82, 96-102 | |||
D. Employees | 62-63 | |||
E. Share ownership | 70-71, 81, 103 | |||
Item 7.
|
Major Shareholders and Related Party Transactions | |||
A. Major shareholders | 82, 108 | |||
B. Related party transactions | 81, 110, 131-132, 183, 191 | |||
C. Interests of experts and counsel | N/A | |||
Item 8.
|
Financial Information | |||
A. Consolidated Statements and Other Financial Information | 47-48, 58, 72-74, 111-159, 174-184, 185-191 | |||
B. Significant Changes | 80, 159, 183 | |||
Item 9.
|
The Offer and Listing | |||
A. Offer and listing details | 72-73, 103 | |||
B. Plan of distribution | N/A | |||
C. Markets | 72-73, 103 | |||
D. Selling shareholders | N/A | |||
E. Dilution | N/A | |||
F. Expenses of the issue | N/A | |||
Item 10.
|
Additional Information | |||
A. Share capital | N/A | |||
B. Memorandum and articles of association | 94-96, 103-110 | |||
C. Material contracts | 82, 91-92 | |||
D. Exchange controls | 109 | |||
E. Taxation | 109 | |||
F. Dividends and paying agents | N/A | |||
G. Statement by experts | N/A | |||
H. Documents on display | ii | |||
I. Subsidiary Information | N/A | |||
Item 11.
|
Quantitative and Qualitative Disclosures About Market Risk | 100-101, 118-122, 144-148, 172-173, 179, 191 | ||
Item 12.
|
Description of Securities Other than Equity Securities | N/A | ||
PART II | PAGES | |||
Item 13.
|
Defaults, Dividend Arrearages and Delinquencies | N/A | ||
Item 14.
|
Material Modifications to the Rights of Security Holders and Use of Proceeds | N/A | ||
Item 15.
|
Controls and Procedures | 100-102 | ||
Item 16.
|
[Reserved] | |||
Item 16A.
|
Audit committee financial expert | 98 | ||
Item 16B.
|
Code of Ethics | 96 | ||
Item 16C.
|
Principal Accountant Fees and Services | 71, 98, 156, 184, 190 | ||
Item 16D.
|
Exemptions from the Listing Standards for Audit Committees | 96 | ||
Item 16E.
|
Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 60-61 | ||
Item 16F.
|
Change in Registrants Certifying Accountant | N/A | ||
Item 16G.
|
Corporate Governance | 110 | ||
PART III | PAGES | |||
Item 17.
|
Financial Statements | N/A | ||
Item 18.
|
Financial Statements | 112-159, 186-191 | ||
Item 19.
|
Exhibits | 192 |
CURRENCIES
|
||
$
|
US dollar | |
£
|
pound sterling | |
|
euro | |
C$
|
Canadian dollar | |
CHF
|
Swiss franc | |
UNITS OF MEASUREMENT
|
||
acre
|
approximately 0.4 hectares | |
bcf/d
|
billion cubic feet per day | |
boe(/d)
|
barrel of oil equivalent (per day); natural gas has been
converted to oil equivalent using a factor of 5,800 scf per barrel |
|
b/d
|
barrels per day | |
Btu
|
British thermal units | |
(k)dwt
|
(thousand) deadweight tonnes | |
mtpa
|
million tonnes per annum | |
MW
|
megawatts | |
per day
|
volumes are converted to a daily basis using a calendar year | |
scf
|
standard cubic feet | |
PRODUCTS
|
||
BTX
|
benzene, toluene, xylene | |
GTL
|
gas to liquids | |
LNG
|
liquefied natural gas | |
LPG
|
liquefied petroleum gas | |
NGL
|
natural gas liquids | |
MEG
|
mono-ethylene glycol | |
SM/PO
|
styrene monomer/propylene oxide | |
MISCELLANEOUS
|
||
ADR
|
American Depositary Receipt | |
AGM
|
Annual General Meeting | |
CO2
|
carbon dioxide | |
DBP
|
deferred bonus plan | |
EOR
|
enhanced oil recovery | |
EPC
|
engineering, procurement and construction | |
GHG
|
greenhouse gas | |
HSE
|
health, safety and environment | |
HSSE
|
health, safety, security and environment | |
IFRIC
|
International Financial Reporting Interpretations Committee | |
IFRS
|
International Financial Reporting Standards | |
LTIP
|
long-term incentive plan | |
NGO
|
non-governmental organisation | |
NOC
|
national oil company | |
OML
|
onshore oil mining lease | |
OPEC
|
Organization of the Petroleum Exporting Countries | |
OPL
|
oil prospecting licence | |
PSA
|
production-sharing agreement | |
PSC
|
production-sharing contract | |
R&D
|
research and development | |
REMCO
|
Remuneration Committee | |
RSP
|
restricted share plan | |
SEC
|
United States Securities and Exchange Commission | |
TRCF
|
total recordable case frequency | |
USGC
|
United States Gulf Coast | |
WTI
|
West Texas Intermediate |
Selected financial data | 6 | |||
Chairmans message | 8 | |||
Chief Executives review | 9 | |||
BUSINESS REVIEW | ||||
Business and market overview | 11 | |||
Risk factors | 14 | |||
Summary of results | 17 | |||
Exploration & Production | 19 | |||
Gas & Power | 34 | |||
Oil Sands | 40 | |||
Oil Products | 43 | |||
Chemicals | 49 | |||
Corporate | 53 | |||
Research and development | 54 | |||
Key performance indicators | 56 | |||
Liquidity and capital resources | 58 | |||
Our people | 62 | |||
Environment and society | 64 | |||
Environmental data | 67 | |||
Social data | 69 | |||
Share plans and other matters | 70 | |||
Additional shareholder information | 72 | |||
REPORT OF THE DIRECTORS | ||||
The Board of Royal Dutch Shell plc | 77 | |||
Report of the Directors | 80 | |||
DIRECTORS REMUNERATION REPORT | ||||
Directors Remuneration Report | 83 | |||
CORPORATE GOVERNANCE AND CONTROL OF REGISTRANT | ||||
Corporate governance | 96 | |||
Control of registrant | 103 |
REPORTS OF THE INDEPENDENT AUDITORS | ||||||||
Reports of the Independent Auditors | 111 | |||||||
CONSOLIDATED FINANCIAL STATEMENTS | ||||||||
Consolidated Financial Statements | 113 | |||||||
Notes to the Consolidated Financial Statements | 118 | |||||||
SUPPLEMENTARY INFORMATION | ||||||||
Oil and gas (unaudited) | 160 | |||||||
Oil sands (unaudited) | 171 | |||||||
Derivatives and other financial instruments and derivative commodity instruments (unaudited) | 172 | |||||||
PARENT COMPANY FINANCIAL STATEMENTS | ||||||||
Parent Company Financial Statements | 174 | |||||||
Notes to the Parent Company Financial Statements | 177 | |||||||
REPORTS OF THE INDEPENDENT AUDITORS | ||||||||
Reports of the Independent Auditors | 185 | |||||||
ROYAL DUTCH SHELL DIVIDEND ACCESS TRUST FINANCIAL STATEMENTS | ||||||||
Royal Dutch Shell Dividend Access Trust Financial Statements | 187 | |||||||
Notes to the Royal Dutch Shell Dividend Access Trust Financial Statements | 190 | |||||||
EXHIBITS | ||||||||
Exhibits | 192 | |||||||
EXHIBIT 7.1 | ||||||||
EXHIBIT 8 | ||||||||
EXHIBIT 12.1 | ||||||||
EXHIBIT 12.2 | ||||||||
EXHIBIT 13.1 | ||||||||
EXHIBIT 99.1 | ||||||||
EXHIBIT 99.2 |
CONSOLIDATED STATEMENT OF INCOME DATA | $ million | |||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Revenue
|
458,361 | 355,782 | 318,845 | 306,731 | 266,386 | |||||||||||||||||
Income from continuing operations
|
26,476 | 31,926 | 26,311 | 26,568 | 19,491 | |||||||||||||||||
Income/(loss) from discontinued operations
|
| | | (307 | ) | (234 | ) | |||||||||||||||
Income for the period
|
26,476 | 31,926 | 26,311 | 26,261 | 19,257 | |||||||||||||||||
Income attributable to minority interest
|
199 | 595 | 869 | 950 | 717 | |||||||||||||||||
Income attributable to Royal Dutch Shell plc shareholders
|
26,277 | 31,331 | 25,442 | 25,311 | 18,540 | |||||||||||||||||
CONSOLIDATED BALANCE SHEET DATA | $ million | |||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Total assets
|
282,401 | 269,470 | 235,276 | 219,516 | 187,446 | |||||||||||||||||
Share capital
|
527 | 536 | 545 | 571 | 604 | |||||||||||||||||
Equity attributable to Royal Dutch Shell plc shareholders
|
127,285 | 123,960 | 105,726 | 90,924 | 86,070 | |||||||||||||||||
Minority interest
|
1,581 | 2,008 | 9,219 | 7,000 | 5,313 | |||||||||||||||||
CAPITAL INVESTMENT | $ million | |||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Capital expenditure:
|
||||||||||||||||||||||
Exploration & Production
|
21,932 | 13,723 | 15,773 | 10,584 | 8,559 | |||||||||||||||||
Gas & Power
|
3,902 | 2,951 | 2,009 | 1,573 | 1,370 | |||||||||||||||||
Oil Sands
|
3,124 | 1,931 | 865 | 274 | 140 | |||||||||||||||||
Oil Products
|
3,828 | 3,671 | 3,363 | 2,810 | 2,761 | |||||||||||||||||
Chemicals
|
2,085 | 1,415 | 821 | 387 | 529 | |||||||||||||||||
Corporate
|
241 | 414 | 265 | 288 | 207 | |||||||||||||||||
Total
|
35,112 | 24,105 | 23,096 | 15,916 | 13,566 | |||||||||||||||||
Exploration expense (excluding depreciation and release of
currency translation differences)
|
1,447 | 1,115 | 949 | 815 | 651 | |||||||||||||||||
New equity in equity-accounted investments
|
1,294 | 1,472 | 598 | 390 | 681 | |||||||||||||||||
New loans to equity-accounted investments
|
591 | 380 | 253 | 315 | 377 | |||||||||||||||||
Total capital investment*
|
38,444 | 27,072 | 24,896 | 17,436 | 15,275 | |||||||||||||||||
*comprising
|
||||||||||||||||||||||
Exploration & Production
|
24,718 | 15,919 | 17,079 | 11,772 | 9,568 | |||||||||||||||||
Gas & Power
|
4,346 | 3,532 | 2,351 | 1,656 | 1,652 | |||||||||||||||||
Oil Sands
|
3,124 | 1,931 | 865 | 274 | 140 | |||||||||||||||||
Oil Products
|
3,917 | 3,856 | 3,457 | 2,844 | 2,823 | |||||||||||||||||
Chemicals
|
2,097 | 1,419 | 877 | 599 | 868 | |||||||||||||||||
Corporate
|
242 | 415 | 267 | 291 | 224 | |||||||||||||||||
Total
|
38,444 | 27,072 | 24,896 | 17,436 | 15,275 | |||||||||||||||||
EARNINGS PER SHARE | $ | |||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Basic earnings per 0.07 ordinary share
|
4.27 | 5.00 | 3.97 | 3.79 | 2.74 | |||||||||||||||||
from continuing operations
|
4.27 | 5.00 | 3.97 | 3.84 | 2.77 | |||||||||||||||||
from discontinued operations
|
| | | (0.05 | ) | (0.03 | ) | |||||||||||||||
Diluted earnings per 0.07 ordinary share
|
4.26 | 4.99 | 3.95 | 3.78 | 2.74 | |||||||||||||||||
from continuing operations
|
4.26 | 4.99 | 3.95 | 3.83 | 2.77 | |||||||||||||||||
from discontinued operations
|
| | | (0.05 | ) | (0.03 | ) | |||||||||||||||
number | ||||||||||||||||||||||
Basic weighted average number of Class A and B shares
|
6,159,102,114 | 6,263,762,972 | 6,413,384,207 | 6,674,179,767 | 6,770,458,950 | |||||||||||||||||
Diluted weighted average number of Class A and B shares
|
6,171,489,652 | 6,283,759,171 | 6,439,977,316 | 6,694,427,705 | 6,776,396,429 | |||||||||||||||||
QUARTERLY INCOME DATA (unaudited) | $ million | |||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | |||||||||||||||||||||||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Total | |||||||||||||||||||||||||||||||||
Revenue
|
114,302 | 131,419 | 131,567 | 81,073 | 458,361 | 73,480 | 84,896 | 90,703 | 106,703 | 355,782 | ||||||||||||||||||||||||||||||||
Cost of sales
|
96,780 | 109,261 | 113,249 | 76,349 | 395,639 | 60,666 | 68,715 | 76,713 | 90,603 | 296,697 | ||||||||||||||||||||||||||||||||
Gross profit
|
17,522 | 22,158 | 18,318 | 4,724 | 62,722 | 12,814 | 16,181 | 13,990 | 16,100 | 59,085 | ||||||||||||||||||||||||||||||||
Selling, distribution and administrative expenses
|
3,969 | 4,444 | 4,139 | 4,476 | 17,028 | 3,778 | 4,120 | 3,843 | 4,880 | 16,621 | ||||||||||||||||||||||||||||||||
Exploration
|
325 | 408 | 538 | 778 | 2,049 | 272 | 450 | 608 | 382 | 1,712 | ||||||||||||||||||||||||||||||||
Share of profit of equity-accounted investments
|
2,425 | 2,671 | 2,000 | 350 | 7,446 | 1,808 | 2,138 | 1,912 | 2,376 | 8,234 | ||||||||||||||||||||||||||||||||
Interest and other income
|
351 | 474 | 31 | 54 | 910 | 1,125 | 747 | 340 | 486 | 2,698 | ||||||||||||||||||||||||||||||||
Interest expense
|
298 | 334 | 205 | 344 | 1,181 | 224 | 270 | 302 | 312 | 1,108 | ||||||||||||||||||||||||||||||||
Income before taxation
|
15,706 | 20,117 | 15,467 | (470 | ) | 50,820 | 11,473 | 14,226 | 11,489 | 13,388 | 50,576 | |||||||||||||||||||||||||||||||
Taxation
|
6,505 | 8,363 | 6,987 | 2,489 | 24,344 | 4,032 | 5,415 | 4,448 | 4,755 | 18,650 | ||||||||||||||||||||||||||||||||
Income for the period
|
9,201 | 11,754 | 8,480 | (2,959 | ) | 26,476 | 7,441 | 8,811 | 7,041 | 8,633 | 31,926 | |||||||||||||||||||||||||||||||
Income attributable to minority interest
|
118 | 198 | 32 | (149 | ) | 199 | 160 | 144 | 125 | 166 | 595 | |||||||||||||||||||||||||||||||
Income attributable to Royal Dutch Shell plc shareholders
|
9,083 | 11,556 | 8,448 | (2,810 | ) | 26,277 | 7,281 | 8,667 | 6,916 | 8,467 | 31,331 | |||||||||||||||||||||||||||||||
OTHER CONSOLIDATED DATA | $ million | |||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Net cash from operating activities
|
43,918 | 34,461 | 31,696 | 30,113 | 26,537 | |||||||||||||||||
Net cash used in investing activities
|
28,915 | 14,570 | 20,861 | 8,761 | 5,964 | |||||||||||||||||
Dividends paid
|
9,841 | 9,204 | 8,431 | 10,849 | 7,655 | |||||||||||||||||
Net cash used in financing activities
|
9,394 | 19,393 | 13,741 | 18,573 | 13,592 | |||||||||||||||||
Increase/(decrease) in cash and cash equivalents
|
5,532 | 654 | (2,728 | ) | 2,529 | 7,094 | ||||||||||||||||
Income by segment:
|
||||||||||||||||||||||
Exploration & Production
|
20,235 | 14,686 | 14,544 | 13,577 | 9,522 | |||||||||||||||||
Gas & Power
|
5,328 | 2,781 | 2,633 | 1,378 | 1,774 | |||||||||||||||||
Oil Sands
|
941 | 582 | 651 | 661 | 301 | |||||||||||||||||
Oil Products
|
446 | 10,439 | 7,125 | 9,982 | 7,597 | |||||||||||||||||
Chemicals
|
(405 | ) | 2,051 | 1,064 | 991 | 1,148 | ||||||||||||||||
Corporate
|
(69 | ) | 1,387 | 294 | (328 | ) | (1,085 | ) | ||||||||||||||
Minority interest
|
(199 | ) | (595 | ) | (869 | ) | (950 | ) | (717 | ) | ||||||||||||
Income attributable to Royal Dutch Shell plc shareholders
|
26,277 | 31,331 | 25,442 | 25,311 | 18,540 | |||||||||||||||||
Balance sheet gearing ratio (net debt as percentage of total
capital)[A]
|
5.9% | 6.3% | 5.6% | 1.2% | 5.6% | |||||||||||||||||
Adjusted gearing ratio (adjusted net debt as percentage of
adjusted total capital)[A]
|
23.1% | 16.6% | 14.8% | 14.9% | 20.0% | |||||||||||||||||
Dividends declared $/share[B]
|
1.60 | 1.44 | 1.27 | 1.13 | 1.07 | [C] | ||||||||||||||||
[A] | See Note 18[D] to the Consolidated Financial Statements on pages 136-137. |
[B] | From 2007 onwards, dividends are declared in US dollars. 2005 and 2006 dividends were declared in euros and translated, for comparison purposes, to US dollars (based on the dollar dividend of American Depositary Receipts converted to ordinary shares in the applicable period). |
[C] | Comprises Royal Dutch interim dividend of 0.75 made payable in September 2004 and a second interim dividend of 1.04 made payable in March 2005 as well as a Shell Transport interim dividend of 6.25 pence and a second interim dividend of 10.7 pence that are used to calculate the equivalent dividend on a Royal Dutch Shell basis. |
CAPITALISATION TABLE | $ million | |||||||||
Dec 31, 2008 | Dec 31, 2007 | |||||||||
Equity attributable to Royal Dutch Shell plc shareholders
|
127,285 | 123,960 | ||||||||
Current debt
|
9,497 | 5,736 | ||||||||
Non-current debt[A]
|
11,259 | 9,659 | ||||||||
Total debt[B]
|
20,756 | 15,395 | ||||||||
Total capitalisation
|
148,041 | 139,355 | ||||||||
[A] | Non-current debt excludes $2.5 billion of certain tolling commitments (2007: $2.7 billion). |
[B] | As of December 31, 2008, Shell had outstanding guarantees of $3.7 billion (2007: $1.9 billion), of which $2.6 billion (2007: $0.6 billion) related to debt of equity-accounted investments. $18.6 billion (2007: $13.4 billion) of the finance debt of Shell was unsecured. A total of $4.6 billion (2007: $4.7 billion) outstanding debt of subsidiaries is secured. |
REVENUE BY BUSINESS SEGMENT (including inter-segment sales) | $ million | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Exploration & Production
|
||||||||||||||
Third parties
|
20,841 | 14,963 | 16,750 | |||||||||||
Inter-segment
|
45,331 | 38,345 | 35,796 | |||||||||||
66,172 | 53,308 | 52,546 | ||||||||||||
Gas & Power
|
||||||||||||||
Third parties
|
24,576 | 15,982 | 16,035 | |||||||||||
Inter-segment
|
1,214 | 1,056 | 1,303 | |||||||||||
25,790 | 17,038 | 17,338 | ||||||||||||
Oil Sands
|
||||||||||||||
Third parties
|
558 | 1,069 | 1,159 | |||||||||||
Inter-segment
|
3,210 | 1,785 | 1,340 | |||||||||||
3,768 | 2,854 | 2,499 | ||||||||||||
Oil Products
|
||||||||||||||
Third parties[A]
|
368,853 | 282,665 | 248,581 | |||||||||||
Inter-segment
|
3,750 | 3,407 | 2,728 | |||||||||||
372,603 | 286,072 | 251,309 | ||||||||||||
Chemicals
|
||||||||||||||
Third parties[B]
|
43,494 | 41,046 | 36,306 | |||||||||||
Inter-segment
|
5,591 | 4,865 | 4,444 | |||||||||||
49,085 | 45,911 | 40,750 | ||||||||||||
Corporate
|
||||||||||||||
Third parties
|
39 | 57 | 14 | |||||||||||
Inter-segment
|
| | | |||||||||||
39 | 57 | 14 | ||||||||||||
[A] | The figures in this table, which include crude oil sales and non-fuel revenue, are different from the table shown on page 47, which excludes these sales and revenues. |
[B] | The figures in this table, which includes chemical feedstock trading, are different from the table shown on page 50, which excludes chemical feedstock trading. |
REVENUE BY GEOGRAPHICAL AREA (excluding inter-segment sales) | $ million | |||||||||||||||||||||||||
2008 | % | 2007 | % | 2006 | % | |||||||||||||||||||||
Europe
|
196,968 | 43.0 | 148,465 | 41.8 | 136,307 | 42.8 | ||||||||||||||||||||
Africa, Asia, Australia/Oceania
|
120,889 | 26.4 | 90,141 | 25.3 | 76,898 | 24.1 | ||||||||||||||||||||
USA
|
100,818 | 22.0 | 87,548 | 24.6 | 80,974 | 25.4 | ||||||||||||||||||||
Other Americas
|
39,686 | 8.6 | 29,628 | 8.3 | 24,666 | 7.7 | ||||||||||||||||||||
Total
|
458,361 | 100.0 | 355,782 | 100.0 | 318,845 | 100.0 | ||||||||||||||||||||
OIL AND GAS PRODUCTION [A] | million boe | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Subsidiaries
|
846 | 886 | 947 | |||||||||||
Equity-accounted investments
|
314 | 295 | 291 | |||||||||||
Total production
|
1,160 | 1,181 | 1,238 | |||||||||||
[A] | Natural gas has been converted to oil equivalent using a factor of 5,800 scf per barrel. |
PROVED OIL AND GAS RESERVES [A][B] |
||||||||||||||
(At December 31) | million boe [C] | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Proved oil and gas reserves from subsidiaries attributable to
Royal Dutch Shell shareholders (less minority interest)
|
7,078 | 6,669 | 7,703 | |||||||||||
Shell share of proved oil and gas reserves from equity-accounted
investments
|
3,825 | 4,140 | 3,355 | |||||||||||
[A] | We manage our total proved reserve base without distinguishing between proved oil and gas reserves associated with our equity-accounted investments and proved oil and gas reserves from subsidiaries. |
[B] | Does not include produced gas for own consumption or incidental flaring. |
[C] | Natural gas has been converted to oil equivalent using a factor of 5,800 scf per barrel. |
| Earnings of $26.5 billion. |
| Dividends to shareholders increased by 11% compared with 2007. |
| Cash returned to shareholders of $13.1 billion. |
| Return on average capital employed of 18.3%. |
| Net cash from operating activities increased 27% reaching $43.9 billion. |
| Challenging economic conditions expected to continue in 2009. |
EARNINGS | $ million | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Exploration & Production
|
20,235 | 14,686 | 14,544 | |||||||||||
Gas & Power
|
5,328 | 2,781 | 2,633 | |||||||||||
Oil Sands
|
941 | 582 | 651 | |||||||||||
Oil Products
|
446 | 10,439 | 7,125 | |||||||||||
Chemicals
|
(405 | ) | 2,051 | 1,064 | ||||||||||
Corporate
|
(69 | ) | 1,387 | 294 | ||||||||||
Total
|
26,476 | 31,926 | 26,311 | |||||||||||
[A] | ROACE is defined as income attributable to shareholders adjusted for interest expense, after tax, as a percentage of the average capital employed for the period. Capital employed consists of total equity, current debt and non-current debt. For more information on ROACE see Key performance indicators on page 56. |
| Segment earnings of $20.2 billion. |
| Production of 3.2 million boe/d (excluding oil sands). |
| Added 1.2 billion boe of proved reserves. Made 11 notable discoveries and secured additional exploration rights in Australia, Canada, Colombia, Libya, Sweden and the USA. |
| New flagship upstream projects such as Perdido in the Gulf of Mexico, BC-10 in Brazil, Gumusut-Kakap in Malaysia, Qatar Pearl GTL and Qatargas 4 progressed well. Delivered first production from a number of new projects, which in the fourth quarter contributed some 80 thousand boe/d of new volume. |
| Portfolio: acquisition of Duvernay Oil Corp. (Duvernay) in Canada and acreage in North America. Completed divestments in Australia, Canada, the Netherlands, Nigeria, the UK and the USA. |
| Global economic downturn presents significant cost management and investment challenges to the industry in 2009; plans are being adjusted accordingly. |
EARNINGS | $ million | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Revenue (including inter-segment sales)
|
66,172 | 53,308 | 52,546 | |||||||||||
Purchases (including change in inventories)
|
(3,742 | ) | (3,935 | ) | (2,710 | ) | ||||||||
Exploration
|
(2,049 | ) | (1,712 | ) | (1,562 | ) | ||||||||
Depreciation
|
(8,929 | ) | (9,338 | ) | (8,672 | ) | ||||||||
Operating expenses
|
(11,132 | ) | (11,458 | ) | (11,000 | ) | ||||||||
Share of profit of equity-accounted investments
|
4,970 | 3,583 | 3,075 | |||||||||||
Other income/(expense)
|
(514 | ) | (390 | ) | (316 | ) | ||||||||
Taxation
|
(24,541 | ) | (15,372 | ) | (16,817 | ) | ||||||||
Segment earnings
|
20,235 | 14,686 | 14,544 | |||||||||||
COUNTRIES IN WHICH EXPLORATION & PRODUCTION HAS ACTIVITIES | ||||||||
Europe | Africa | Middle East, Russia, CIS[A] | Asia-Pacific | |||||
Denmark | Algeria | Abu Dhabi | Australia | |||||
Germany | Cameroon | Egypt | Brunei | |||||
Ireland | Gabon | Iran | China | |||||
Italy | Libya | Kazakhstan | Malaysia | |||||
The Netherlands | Nigeria | Oman | New Zealand | |||||
Norway | Tunisia | Pakistan | Philippines | |||||
Sweden | Qatar | |||||||
UK | Russia | USA | ||||||
Ukraine | Saudi Arabia | |||||||
Syria | Other Americas | |||||||
Argentina | ||||||||
Brazil | ||||||||
Canada | ||||||||
Colombia | ||||||||
Venezuela | ||||||||
[A] | Commonwealth of Independent States. |
| Sustaining our heartlands, i.e. our core countries that have the available infrastructure, expertise and remaining growth potential for Shell to sustain strong operational performance and support continued investment; |
| Focusing on new oil and gas projects where technology, our ability to integrate along the value chains and scale are differentiators; |
| Building integrated gas opportunities; and |
| Continuing to unlock unconventional oil and gas resources. |
PROVED DEVELOPED AND UNDEVELOPED RESERVES (At December 31)[A][B] | million boe [C] | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Shell subsidiaries
|
7,090 | 6,686 | 8,452 | |||||||||||
Less: minority interest in reserves of Shell subsidiaries
|
12 | 17 | 749 | |||||||||||
Proved oil and gas reserves from subsidiaries attributable to
Royal Dutch Shell Plc shareholders
|
7,078 | 6,669 | 7,703 | |||||||||||
Shell share of equity-accounted investments
|
3,825 | 4,140 | 3,355 | |||||||||||
[A] | We manage our total proved reserve base without distinguishing between proved oil and gas reserves associated with our equity-accounted investments and proved oil and gas reserves from subsidiaries. |
[B] | Does not include produced gas for own consumption or incidental flaring. |
[C] | For this purpose natural gas has been converted to oil equivalent using a factor of 5,800 scf per barrel. |
PROVED DEVELOPED AND UNDEVELOPED RESERVES[A] | million boe[B] | |||||||||||||||||||||||||||
2008 | ||||||||||||||||||||||||||||
Middle East, |
Other |
|||||||||||||||||||||||||||
Europe | Africa[C] | Asia-Pacific | Russia, CIS[D] | USA | Americas | Total | ||||||||||||||||||||||
Proved developed and undeveloped reserves
|
||||||||||||||||||||||||||||
Shell subsidiaries
|
||||||||||||||||||||||||||||
At January 1
|
1,460 | 841 | 1,064 | 2,176 | 801 | 344 | 6,686 | |||||||||||||||||||||
At December 31
|
1,281 | 874 | 1,072 | 2,780 | 759 | 324 | 7,090 | |||||||||||||||||||||
Shell share of equity-accounted investments
|
||||||||||||||||||||||||||||
At January 1
|
2,022 | | 542 | 1,247 | 299 | 30 | 4,140 | |||||||||||||||||||||
At December 31
|
1,922 | | 522 | 1,118 | 243 | 20 | 3,825 | |||||||||||||||||||||
Proved developed reserves
|
||||||||||||||||||||||||||||
Shell subsidiaries
|
||||||||||||||||||||||||||||
At January 1
|
1,019 | 456 | 477 | 303 | 413 | 229 | 2,897 | |||||||||||||||||||||
At December 31
|
957 | 377 | 705 | 289 | 381 | 198 | 2,907 | |||||||||||||||||||||
Shell share of equity-accounted investments
|
||||||||||||||||||||||||||||
At January 1
|
1,653 | | 381 | 343 | 239 | 25 | 2,641 | |||||||||||||||||||||
At December 31
|
1,582 | | 376 | 294 | 190 | 19 | 2,461 | |||||||||||||||||||||
[A] | Does not include produced gas for own consumption or incidental flaring. |
[B] | For this purpose natural gas has been converted to oil equivalent using a factor of 5,800 scf per barrel. |
[C] | Excludes Egypt. |
[D] | Includes Caspian region, Egypt and Sakhalin. |
| Licences (or concessions), which entitle the holder to explore for hydrocarbons and exploit any commercial discoveries. Under a licence, the holder bears the risk of exploration, development and production activities and of financing these activities. In principle, the licence holder is entitled to the totality of production minus any royalties in kind. The state or state oil company may sometimes enter as a joint venture participant sharing the rights and obligations of the licence but usually without sharing the exploration risk. In a few cases, the state oil company or agency has an option to purchase a certain share of production. |
| Lease agreements are typically used in North America and are usually governed by similar terms as licences. However, participants may include governments or private entities and royalties are typically paid in cash rather than in kind. |
| PSCs entered into with a state or state oil company oblige the oil company, as contractor, to provide all the financing generally, and bear the risk of exploration, development and production activities in exchange for a share of the production. Usually this share consists of a fixed or variable part, which is reserved for the recovery of contractors cost (cost oil); the remainder is split with the state or state oil company on a fixed or volume/revenue-dependent basis. In some cases, the state oil company will participate in the rights and obligations of the contractor and will share in the costs of development and production. Such participation can be across the venture or on a per field basis. Additionally, as the price of oil or gas increases above certain pre-determined levels, the Shell groups entitlement share of production would normally decrease. |
LOCATION OF ACTIVITIES[A][B] (At December 31, 2008) | ||||||||||||||
Development and/or |
Shell |
|||||||||||||
Location | Exploration | production | Operator[C] | |||||||||||
Europe
|
||||||||||||||
Denmark
|
n | n | ||||||||||||
Germany
|
n | n | ||||||||||||
Ireland
|
n | n | n | |||||||||||
Italy
|
n | n | ||||||||||||
The Netherlands
|
n | n | n | |||||||||||
Norway
|
n | n | n | |||||||||||
Sweden
|
n | n | ||||||||||||
UK
|
n | n | n | |||||||||||
Ukraine
|
n | |||||||||||||
Africa
|
||||||||||||||
Algeria
|
n | n | ||||||||||||
Cameroon
|
n | n | n | |||||||||||
Gabon
|
n | n | n | |||||||||||
Libya
|
n | n | ||||||||||||
Nigeria
|
n | n | n | |||||||||||
Tunisia
|
n | n | ||||||||||||
Asia-Pacific
|
||||||||||||||
Australia
|
n | n | n | |||||||||||
Brunei
|
n | n | n | |||||||||||
China
|
n | n | n | |||||||||||
Malaysia
|
n | n | n | |||||||||||
New Zealand
|
n | n | n | |||||||||||
Philippines
|
n | n | n | |||||||||||
Middle East, Russia, CIS
|
||||||||||||||
Abu Dhabi
|
n | n | ||||||||||||
Egypt
|
n | n | n | |||||||||||
Iran
|
n | |||||||||||||
Kazakhstan
|
n | n | ||||||||||||
Oman
|
n | n | ||||||||||||
Pakistan
|
n | n | ||||||||||||
Qatar
|
n | n | ||||||||||||
Russia
|
n | n | ||||||||||||
Saudi Arabia
|
n | |||||||||||||
Syria
|
n | n | n | |||||||||||
USA
|
n | n | n | |||||||||||
Other Americas
|
||||||||||||||
Argentina
|
n | n | ||||||||||||
Brazil
|
n | n | n | |||||||||||
Canada
|
n | n | n | |||||||||||
Colombia
|
n | |||||||||||||
Venezuela
|
n | |||||||||||||
[A] | Including equity-accounted investments. |
[B] | Where an equity-accounted investment has properties outside its base country, those properties are not shown in this table. |
[C] | In several countries where Shell Operator is indicated, Shell is the operator of some but not all exploration and/or production ventures. |
CAPITAL EXPENDITURE AND EXPLORATION EXPENSE OF SHELL SUBSIDIARIES BY GEOGRAPHICAL AREA[A] | $ million | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Europe
|
2,818 | 2,767 | 2,684 | |||||||||||
Africa[B]
|
1,658 | 1,895 | 1,840 | |||||||||||
Asia-Pacific
|
1,721 | 1,326 | 1,264 | |||||||||||
Middle East, Russia, CIS[C]
|
3,766 | 3,515 | 4,528 | |||||||||||
USA
|
5,597 | 3,873 | 2,306 | |||||||||||
Other Americas
|
7,819 | 1,462 | 4,100 | |||||||||||
Total
|
23,379 | 14,838 | 16,722 | |||||||||||
[A] | Capital expenditure is the cost of acquiring property, plant and equipment, and following the successful efforts method in accounting for exploration costs includes exploration drilling costs capitalised pending determination of commercial reserves. In the case of major capital projects, the related interest cost is included until these are placed in service. Exploration expense is the cost of geological and geophysical surveys and of other exploratory work charged to income as incurred. Exploration expense excludes depreciation and release of currency translation differences. |
[B] | Excludes Egypt. |
[C] | Includes Caspian region, Egypt and, up to April 2007, Sakhalin. |
AVERAGE PRODUCTION COSTS OF SHELL |
||||||||||||||
SUBSIDIARIES BY GEOGRAPHICAL AREA[A][D] | $/boe | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Europe
|
9.25 | 9.15 | 7.56 | |||||||||||
Africa[B]
|
7.59 | 7.85 | 5.60 | |||||||||||
Asia-Pacific
|
4.66 | 4.31 | 3.35 | |||||||||||
Middle East, Russia, CIS[C]
|
8.85 | 8.79 | 7.83 | |||||||||||
USA
|
10.28 | 8.35 | 8.08 | |||||||||||
Other Americas
|
15.89 | 14.35 | 11.03 | |||||||||||
Total
|
8.73 | 8.27 | 6.95 | |||||||||||
[A] | Natural gas has been converted to oil equivalent using a factor of 5,800 scf per barrel. |
[B] | Excludes Egypt. |
[C] | Includes Caspian region, Egypt and, up to April 2007, Sakhalin. |
[D] | Production costs exclude royalty payments of $2,369 million in 2008, $1,804 million in 2007 and $1,569 million in 2006. |
CRUDE OIL AND NATURAL GAS LIQUIDS |
||||||||||||||
PRODUCTION[A] | thousand b/d | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Europe
|
||||||||||||||
UK
|
154 | 183 | 223 | |||||||||||
Denmark
|
114 | 126 | 134 | |||||||||||
Norway
|
67 | 69 | 85 | |||||||||||
Italy
|
32 | 35 | 44 | |||||||||||
The Netherlands
|
5 | 6 | 6 | |||||||||||
Germany
|
3 | 4 | 4 | |||||||||||
Total Europe
|
375 | 423 | 496 | |||||||||||
Africa
|
||||||||||||||
Nigeria
|
266 | 287 | 293 | |||||||||||
Gabon
|
30 | 31 | 32 | |||||||||||
Cameroon
|
13 | 14 | 14 | |||||||||||
Total Africa
|
309 | 332 | 339 | |||||||||||
Asia-Pacific
|
||||||||||||||
Brunei
|
81 | 92 | 104 | |||||||||||
Australia
|
56 | 58 | 57 | |||||||||||
Malaysia
|
38 | 42 | 42 | |||||||||||
China
|
14 | 17 | 20 | |||||||||||
New Zealand
|
12 | 13 | 14 | |||||||||||
Others
|
5 | 5 | 5 | |||||||||||
Total Asia-Pacific
|
206 | 227 | 242 | |||||||||||
Middle East, Russia, CIS
|
||||||||||||||
Oman
|
192 | 191 | 202 | |||||||||||
Abu Dhabi
|
146 | 146 | 147 | |||||||||||
Russia
|
70 | 51 | 52 | |||||||||||
Syria
|
22 | 24 | 30 | |||||||||||
Egypt
|
9 | 10 | 11 | |||||||||||
Others
|
11 | 11 | 13 | |||||||||||
Total Middle East, Russia, CIS
|
450 | 433 | 455 | |||||||||||
USA
|
272 | 324 | 322 | |||||||||||
Other Americas
|
||||||||||||||
Canada
|
46 | 47 | 38 | |||||||||||
Brazil
|
23 | 22 | 25 | |||||||||||
Venezuela
|
11 | 9 | 31 | |||||||||||
Others
|
1 | 1 | [B] | |||||||||||
Total Other Americas
|
81 | 79 | 94 | |||||||||||
Grand total
|
1,693 | 1,818 | 1,948 | |||||||||||
mtpa | ||||||||||||||
Metric equivalent
|
85 | 91 | 97 | |||||||||||
[A] | Of Shell subsidiaries, plus share of equity-accounted investments, and including natural gas liquids (share of equity-accounted investments is assumed to be equivalent to Shell interest). Oil sands and royalty purchases are excluded. In those countries where PSCs operate, the figures shown represent the entitlements of the subsidiaries concerned under those contracts. |
[B] | Fewer than 1,000 b/d. |
NATURAL GAS PRODUCTION AVAILABLE |
||||||||||||||
FOR SALE[A] | million scf/day | |||||||||||||
2008 | 2007 | 2006 | ||||||||||||
Europe
|
||||||||||||||
The Netherlands
|
1,741 | 1,518 | 1,525 | |||||||||||
UK
|
678 | 663 | 775 | |||||||||||
Germany
|
333 | 390 | 421 | |||||||||||
Denmark
|
406 | 369 | 416 | |||||||||||
Norway
|
492 | 357 | 325 | |||||||||||
Others
|
29 | 53 | 61 | |||||||||||
Total Europe
|
3,679 | 3,350 | 3,523 | |||||||||||
Africa
|
||||||||||||||
Nigeria
|
552 | 584 | 455 | |||||||||||
Total Africa
|
552 | 584 | 455 | |||||||||||
Asia-Pacific
|
||||||||||||||
Malaysia
|
874 | 865 | 956 | |||||||||||
Brunei
|
550 | 553 | 574 | |||||||||||
Australia
|
560 | 542 | 529 | |||||||||||
New Zealand
|
216 | 230 | 241 | |||||||||||
China
|
231 | 106 | 36 | |||||||||||
Others
|
113 | 109 | 85 | |||||||||||
Total Asia-Pacific
|
2,544 | 2,405 | 2,421 | |||||||||||
Middle East, Russia, CIS
|
||||||||||||||
Egypt
|
145 | 167 | 201 | |||||||||||
Pakistan
|
86 | 76 | 79 | |||||||||||
Syria
|
6 | 7 | 11 | |||||||||||
Total Middle East, Russia, CIS
|
237 | 250 | 291 | |||||||||||
USA
|
1,053 | 1,130 | 1,163 | |||||||||||
Other Americas
|
||||||||||||||
Canada
|
406 | 402 | 425 | |||||||||||
Others
|
98 | 93 | 90 | |||||||||||
Total Other Americas
|
504 | 495 | 515 | |||||||||||
Grand total
|
8,569 | 8,214 | 8,368 | |||||||||||
[A] | By country of origin from gas produced by Shell subsidiaries and equity-accounted investments (Shell share). In those countries where PSCs operate, the figures shown represent the entitlements of the subsidiaries concerned under those contracts. |
OIL AND GAS ACREAGE[A][B][C] (At December 31) | thousand acres | |||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||
Developed | Undeveloped | Developed | Undeveloped | Developed | Undeveloped | |||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||
Europe
|
9,646 | 2,785 | 8,924 | 3,038 | 10,253 | 2,894 | 10,384 | 3,007 | 9,850 | 3,225 | 12,860 | 4,025 | ||||||||||||||||||||||||||||||||||||||
Africa[D]
|
6,857 | 2,166 | 19,359 | 14,409 | 7,160 | 2,317 | 26,910 | 18,407 | 7,159 | 2,318 | 24,396 | 15,351 | ||||||||||||||||||||||||||||||||||||||
Asia-Pacific
|
6,277 | 2,586 | 92,917 | 29,695 | 7,578 | 3,265 | 96,078 | 27,556 | 7,228 | 3,277 | 125,421 | 34,290 | ||||||||||||||||||||||||||||||||||||||
Middle East, Russia, CIS[E]
|
27,578 | 9,642 | 68,980 | 36,048 | 27,520 | 9,614 | 74,666 | 31,176 | 32,238 | 10,284 | 66,579 | 30,321 | ||||||||||||||||||||||||||||||||||||||
USA
|
1,009 | 593 | 6,238 | 4,973 | 1,067 | 620 | 4,825 | 3,542 | 1,234 | 665 | 3,962 | 3,280 | ||||||||||||||||||||||||||||||||||||||
Other Americas
|
1,140 | 760 | 32,179 | 21,423 | 917 | 598 | 31,795 | 21,077 | 945 | 569 | 30,413 | 20,328 | ||||||||||||||||||||||||||||||||||||||
Total
|
52,507 | 18,532 | 228,597 | 109,586 | 54,495 | 19,308 | 244,658 | 104,765 | 58,654 | 20,338 | 263,631 | 107,595 | ||||||||||||||||||||||||||||||||||||||
[A] | Including equity-accounted investments. |
[B] | The term gross relates to the total activity in which Shell subsidiaries and equity-accounted investments have an interest, and the term net relates to the sum of the fractional interests owned by Shell subsidiaries plus the Shell share of equity-accounted investments fractional interest. |
[C] | One thousand acres equals approximately four square kilometres. |
[D] | Excludes Egypt. |
[E] | Includes Caspian region, Egypt and Sakhalin. |
NUMBER OF PRODUCTIVE WELLS[A][B] (At December 31) | ||||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oil | Gas | Oil | Gas | Oil | Gas | |||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||
Europe
|
1,569 | 422 | 1,323 | 440 | 1,638 | 427 | 1,334 | 452 | 1,647 | 475 | 1,487 | 461 | ||||||||||||||||||||||||||||||||||||||
Africa[C]
|
1,136 | 397 | 40 | 13 | 1,006 | 356 | 35 | 11 | 945 | 333 | 40 | 13 | ||||||||||||||||||||||||||||||||||||||
Asia-Pacific
|
1,121 | 521 | 509 | 152 | 1,096 | 517 | 286 | 117 | 1,095 | 520 | 259 | 109 | ||||||||||||||||||||||||||||||||||||||
Middle East, Russia, CIS[D]
|
4,991 | 1,549 | 49 | 39 | 4,609 | 1,414 | 44 | 38 | 4,333 | 1,364 | 50 | 44 | ||||||||||||||||||||||||||||||||||||||
USA
|
15,505 | 7,828 | 1,412 | 1,037 | 15,493 | 7,825 | 1,040 | 765 | 15,977 | 8,077 | 1,069 | 830 | ||||||||||||||||||||||||||||||||||||||
Other Americas
|
497 | 394 | 900 | 670 | 427 | 332 | 351 | 268 | 355 | 264 | 326 | 250 | ||||||||||||||||||||||||||||||||||||||
Total
|
24,819 | 11,111 | 4,233 | 2,351 | 24,269 | 10,871 | 3,090 | 1,651 | 24,352 | 11,033 | 3,231 | 1,707 | ||||||||||||||||||||||||||||||||||||||
[A] | Including equity-accounted investments. |
[B] | The term gross relates to the total activity in which Shell subsidiaries and equity-accounted investments have an interest, and the term net relates to the sum of the fractional interests owned by Shell subsidiaries plus the Shell share of equity-accounted investments fractional interest. |
[C] | Excludes Egypt. |
[D] | Includes Caspian region, Egypt and Sakhalin. |
NUMBER OF NET PRODUCTIVE WELLS AND DRY HOLES DRILLED[A] (At December 31) | ||||||||||||||||||||||||||
2008 | 2007 | 2006 | ||||||||||||||||||||||||
Productive | Dry | Productive | Dry | Productive | Dry | |||||||||||||||||||||
Exploratory
|
||||||||||||||||||||||||||
Europe
|
9 | 3 | 10 | 1 | 7 | 7 | ||||||||||||||||||||
Africa[B]
|
4 | 1 | 3 | 1 | 7 | 1 | ||||||||||||||||||||
Asia-Pacific
|
12 | 3 | 5 | 11 | 8 | 4 | ||||||||||||||||||||
Middle East, Russia, CIS[C]
|
30 | 6 | 47 | 9 | 18 | 7 | ||||||||||||||||||||
USA
|
13 | 4 | 23 | 3 | 30 | 3 | ||||||||||||||||||||
Other Americas
|
44 | 47 | 48 | 11 | 22 | 3 | ||||||||||||||||||||
Total
|
112 | 64 | 136 | 36 | 92 | 25 | ||||||||||||||||||||
Development
|
||||||||||||||||||||||||||
Europe
|
7 | 1 | 18 | 1 | 32 | 1 | ||||||||||||||||||||
Africa[B]
|
14 | 1 | 19 | | 15 | | ||||||||||||||||||||
Asia-Pacific
|
32 | | 32 | 1 | 27 | | ||||||||||||||||||||
Middle East, Russia, CIS[C]
|
184 | 1 | 159 | 1 | 155 | 2 | ||||||||||||||||||||
USA
|
475 | 1 | 475 | 2 | 478 | | ||||||||||||||||||||
Other Americas
|
61 | | 44 | | 76 | 2 | ||||||||||||||||||||
Total
|
773 | 4 | 747 | 5 | 783 | 5 | ||||||||||||||||||||
[A] | Including equity-accounted investments. |
[B] | Excludes Egypt. |
[C] | Includes Caspian region, Egypt and Sakhalin. |
NUMBER OF WELLS IN THE PROCESS OF EXPLORATORY DRILLING[A][B][C] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2008 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | Africa[D] | Asia Pacific | Middle East, Russia,CIS[E] | USA | Other Americas | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||||||||||||||||||||||||||||||||||||||
At January 1
|
43 | 16 | 24 | 14 | 42 | 15 | 144 | 38 | 50 |