FORM 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

The Securities Exchange Act of 1934
For April 2009

Commission File Number: 1-32575

Royal Dutch Shell plc

(Exact name of registrant as specified in its charter)

England and Wales
(Jurisdiction of incorporation or organization)

30, Carel van Bylandtlaan, 2596 HR The Hague

The Netherlands
Tel No: (011 31 70) 377 9111
(Address of principal executive officers)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                     

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                     

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-                     

 

 

SUMMARY UNAUDITED RESULTS

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Income attributable to shareholders			3,488				(2,810	)			9,083				-62
Less: Estimated CCS adjustment for Oil Products and Chemicals (see Note 2)			191				(7,595	)			1,307
CCS earnings			3,297				4,785				7,776				-58
Basic earnings per share ($)			0.57				(0.44	)			1.47				-61
Less: Estimated CCS adjustment per share ($)			0.03				(1.22	)			0.21
Basic CCS earnings per share ($)			0.54				0.78				1.26				-57
Dividend per ordinary share ($)			0.42				0.40				0.40				+5

KEY FEATURES OF THE FIRST QUARTER 2009

•		First quarter 2009 CCS earnings were $3,297 million, 58% lower than in the same quarter a year ago.
•		First quarter 2009 reported earnings were $3,488 million compared to earnings of $9,083 million in the same quarter a year ago.
•		Basic CCS earnings per share decreased by 57% versus the same quarter a year ago.
•		Total cash returned to shareholders in the form of dividends in the first quarter 2009 was $2.4 billion.
•		Cash flow from operating activities, excluding net working capital movements, was $7.9 billion compared to $14.1 billion for the same quarter last year. Including net working capital movements, cash flow from operating activities was $7.6 billion compared to $16.9 billion for the same quarter last year.
•		Capital investment for the first quarter 2009 was $7.1 billion. Net capital investment (capital investment, less divestment proceeds) for the first quarter 2009 was $6.9 billion.
•		Return on average capital employed (ROACE), on a reported income basis (see Note 3), was 14.1%.
•		Gearing was 6.6% at the end of the first quarter 2009 versus 1.9% at the end of the first quarter 2008.
•		Upstream oil and gas volumes were impacted by ongoing security challenges in Nigeria, OPEC quota restrictions and weakening industrial demand for natural gas. Refinery intake and marketing and chemicals sales volumes were impacted by the weak economic environment across all regions.
•		Oil and gas production, including oil sands production, for the first quarter 2009 was 3,396 thousand barrels of oil equivalent per day (boe/d). Excluding the impact of divestments, production sharing contracts (PSC) pricing effects, OPEC quota restrictions and impacts from the security situation in Nigeria, production was broadly similar to the same quarter last year.
•		Liquefied Natural Gas (LNG) sales volumes of 3.06 million tonnes were 13% lower than in the same quarter a year ago. Excluding the impacts from the security situation in Nigeria, LNG sales volumes were broadly similar compared to the same quarter last year.
•		Oil Products marketing sales volumes were 6% lower than in the first quarter 2008. Excluding the impact of divestments, marketing sales volumes decreased by 3%. Chemical product sales volumes in the first quarter 2009 decreased by 21% compared to the first quarter 2008.
•		Oil Products refinery availability was in line with the first quarter 2008 at 92%. Chemicals manufacturing plant availability was 92%, 3% lower than in the first quarter 2008. Oil Sands upgrader availability was 96% compared to 94% in the same quarter last year.

SUMMARY UNAUDITED RESULTS

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Exploration & Production			1,697				3,710				5,143
Gas & Power			514				981				948
Oil Sands			(42	)			(30	)			249
Oil Products (CCS basis)			1,092				582				1,194
Chemicals (CCS basis)			(74	)			(19	)			201
Corporate			133				(373	)			146
Minority interest			(23	)			(66	)			(105	)
CCS earnings			3,297				4,785				7,776				-58

SUMMARY OF IDENTIFIED ITEMS

Earnings in the first quarter 2009 reflected the following items, which in aggregate amounted to a net gain of $337 million (compared to a net charge of $77 million in the first quarter 2008), as summarised in the table below:

•		Exploration & Production earnings included a net gain of $345 million, reflecting gains from divestments of $65 million, tax credits of $235 million and a gain of $96 million related to the mark-to-market valuation of certain UK gas contracts, which were partly offset by a charge related to a pension adjustment for inflation in the USA of $51 million. Earnings for the first quarter 2008 included a net charge of $66 million.
•		Gas & Power earnings included a charge of $15 million related to a pension adjustment for inflation in the USA of $14 million and a charge of $1 million related to the mark-to-market valuation of certain gas contracts. Earnings for the first quarter 2008 included a charge of $11 million.
•		Oil Products earnings included a charge of $136 million, reflecting a pension adjustment for inflation in the USA of $80 million and tax charges of $56 million.
•		Chemicals earnings included a charge of $19 million related to a pension adjustment for inflation in the USA.
•		Corporate earnings included a gain of $162 million related to tax credits.

SUMMARY OF IDENTIFIED ITEMS

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008
Segment earnings impact of identified items:
Exploration & Production			345				1,303				(66	)
Gas & Power			(15	)			(55	)			(11	)
Oil Sands			—				—				—
Oil Products (CCS basis)			(136	)			(233	)			—
Chemicals (CCS basis)			(19	)			(22	)			—
Corporate			162				(96	)			—
Minority interest			—				—				—
CCS earnings impact			337				897				(77	)

These identified items generally relate to events with an impact of more than $50 million on Royal Dutch Shell’s earnings and are shown to provide additional insight into its segment earnings, CCS earnings and income attributable to shareholders. Further additional comments on the business segments are provided in the section ‘Earnings by business segment’ on page 4 and onwards.

Retirement benefit accounting effects

Retirement plans are provided for employees of all major subsidiaries. The nature of such plans varies according to the legal and fiscal requirements and economic conditions of the country in which the employees are engaged.

As detailed in Shell’s 2008 Annual Report and Form 20-F, the sharp downturn in financial markets in 2008 resulted in a reduction in plan asset values held for retirement benefits. This in turn reduces the expected return on plan assets in the following year, according to IFRS accounting rules. This will result in approximately $1.1 billion (post-tax) of non-cash charges in the 2009 full-year Statement of Income, which will be allocated to the business segments and divided equally in each quarter. This compares to $0.6 billion (post-tax) of non-cash gains in the full year 2008 Statement of Income.

EARNINGS BY BUSINESS SEGMENT

EXPLORATION & PRODUCTION

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Segment earnings			1,697				3,710				5,143				-67
Crude oil production (thousand b/d)			1,639				1,693				1,756				-7
Natural gas production available for sale (million scf/d)			9,751				9,531				9,755				—
Barrels of oil equivalent (thousand boe/d) 2			3,321				3,336				3,438				-3

First quarter Exploration & Production segment earnings were $1,697 million compared to $5,143 million a year ago. Earnings included a net gain of $345 million related to identified items, compared to a net charge of $66 million in the first quarter 2008 (see page 3 for details).

Earnings compared to the first quarter 2008 reflected the impact of lower oil and gas prices on revenues, lower oil production volumes, higher exploration expenses, mainly related to on going amortisation of leasehold license costs, and non-cash pension charges, which were partly offset by lower royalty expenses.

Global liquids realisations were 54% lower than in the first quarter 2008. Global gas realisations were 15% lower than a year ago. Outside the USA, gas realisations decreased by 2% whereas in the USA gas realisations decreased by 50%.

First quarter 2009 production (excluding oil sands bitumen production) was 3,321 thousand barrels of oil equivalent per day (boe/d) compared to 3,438 thousand boe/d a year ago. Crude oil production was down 7% and natural gas production was in line with the first quarter 2008.

Underlying production, compared to the first quarter 2008, increased by some 200 thousand boe/d from new fields start-ups and the continuing ramp-up of fields started up in recent years, more than offsetting field declines.

First quarter portfolio developments

In Russia, the Sakhalin II project (Shell share 27.5%) delivered first gas production from the Lunskoye A platform and also commenced LNG exports. The Sakhalin II project is expected to deliver 395 thousand boe/d of peak production (100% basis) after full ramp-up.

In the USA, the final investment decision (FID) was taken on the Caesar Tonga project (Shell share 22.4%), with estimated peak production of 40 thousand boe/d (100% basis).

Also in the USA, Shell was the apparent highest bidder on 39 of 54 blocks in Lease Sale 208 in the Gulf of Mexico.

In Guyana, Shell acquired a 25% interest in the Stabroek exploration licence covering an area of some 47 thousand km².

In Abu Dhabi, Shell signed an agreement with Abu Dhabi National Oil Company (ADNOC) to extend the GASCO Joint Venture for a further twenty years. GASCO’s operations are mainly focused on gas processing and natural gas liquid (NGL) extraction.

GAS & POWER

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Segment earnings			514				981				948				-46
LNG sales volumes (million tonnes)			3.06				3.36				3.51				-13

First quarter Gas & Power segment earnings were $514 million compared to $948 million a year ago. Earnings included a charge of $15 million related to identified items, compared to a charge of $11 million in the first quarter 2008 (see page 3 for details).

Earnings compared to the first quarter 2008 mainly reflected lower LNG earnings, reduced gas-to-liquids product prices, lower natural gas and power trading contributions and non-cash pension charges.

LNG earnings were lower than in the same quarter last year reflecting lower LNG sales volumes and the impact of lower oil prices on LNG revenues. In addition, lower dividends were received from an LNG joint venture due to payment timing differences. These were partly offset by higher income from LNG cargo diversion opportunities and the benefit of recent sales contract renegotiations.

LNG sales volumes of 3.06 million tonnes were 13% lower than in the same quarter a year ago. Compared to the first quarter 2008, volumes increased following the start-up of Train 5 at the North West Shelf project and the start-up of the Sakhalin II LNG production. This growth was more than offset by lower volumes from Nigeria LNG due to natural gas supply disruptions. Excluding the impacts from the security situation in Nigeria, LNG sales volumes were broadly similar compared to the same quarter last year.

Natural gas and power marketing and trading earnings were lower than in the same quarter a year ago, reflecting increased contributions from Europe, which were more than offset by reduced earnings in North America.

First quarter portfolio developments

In Russia, following the start-up of LNG production, the first LNG cargo was lifted from the Sakhalin II project (Shell share 27.5%), which will have an LNG capacity of 9.6 million tonnes per annum (100% basis) after full ramp-up.

OIL SANDS

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Segment earnings			(42	)			(30	)			249				—
Bitumen production (thousand b/d)			75				79				84				-11
Sales volumes (thousand b/d)			110				112				144				-24
Upgrader availability (%)			96				87				94

First quarter Oil Sands segment results were a loss of $42 million compared to earnings of $249 million in the same quarter last year.

Earnings compared to the first quarter 2008 reflected the impact of lower oil prices on revenues, higher operating costs, higher royalty expenses and non-cash pension charges, which were partly offset by higher underlying production volumes.

Bitumen production compared to the same quarter last year decreased by 11%. Bitumen production, excluding the one-off effect of the royalty revision in the first quarter 2008, resulted in an increase of the underlying production of 4%. Upgrader availability was 96% compared to 94% in the same quarter last year.

OIL PRODUCTS

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Segment earnings			1,396				(6,416	)			2,367
Less: Estimated CCS adjustment (see note 2)			304				(6,998	)			1,173
Segment CCS earnings			1,092				582				1,194				-9
Total Oil Products sales (thousand b/d)			6,029				6,400				6,831				-12
Refinery intake (thousand b/d)			3,153				3,125				3,694				-15
Refinery availability (%)			92				90				92

First quarter Oil Products segment earnings were $1,396 million compared to $2,367 million for the same period last year.

First quarter Oil Products CCS segment earnings were $1,092 million compared to $1,194 million in the first quarter 2008. Earnings included a charge of $136 million related to identified items (see page 3 for details).

CCS earnings compared to the first quarter 2008 reflected increased marketing earnings, lower refining earnings and non-cash pension charges.

Marketing earnings compared to the same period a year ago reflected lower oil products marketing sales volumes, as a consequence of a worldwide decline in demand, and lower retail and lubricants earnings, which were more than offset by higher trading and B2B contributions.

Oil products (marketing and trading) sales volumes decreased by 12% compared to the same quarter last year mainly as a result of reduced global demand. Marketing sales volumes were 6% lower than in the first quarter 2008. Excluding the impact of divestments, marketing sales volumes decreased by 3%.

Refining earnings compared to the first quarter 2008 reflected lower realised refining margins and lower refinery intake volumes, which were partly offset by lower operating costs.

Industry refining margins compared to the same quarter a year ago were higher in the Asia-Pacific region and the US West Coast and lower in Europe and the US Gulf Coast.

Refining intake volumes decreased by 15% compared to the same quarter last year. Excluding the impact of divestments, intake volumes decreased by 7% mainly as a result of weaker market conditions. Refinery availability was in line with the first quarter of 2008 at 92%.

CHEMICALS

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Segment earnings			(182	)			(831	)			348
Less: Estimated CCS adjustment (see note 2)			(108	)			(812	)			147
Segment CCS earnings			(74	)			(19	)			201				—
Sales volumes (thousand tonnes)			4,294				4,483				5,459				-21
Manufacturing plant availability (%)			92				93				95

First quarter Chemicals segment results were a loss of $182 million compared to earnings of $348 million for the same period last year.

First quarter Chemicals CCS segment results were a loss of $74 million compared to earnings of $201 million in the same quarter last year. Earnings included a charge of $19 million related to an identified item (see page 3 for details).

CCS earnings compared to the first quarter 2008 reflected lower sales volumes, lower realised margins, lower income from equity-accounted investments and higher operating costs primarily due to non-cash pension charges.

Sales volumes decreased by 21% compared to the first quarter 2008, mainly as a result of reduced global demand.

Chemicals manufacturing plant availability was 92%, 3% lower than in the first quarter 2008. The reduced global demand for chemicals products has significantly impacted the chemicals manufacturing plant utilisation rate, which dropped to 64% from 86% in the first quarter 2008.

CORPORATE

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Segment earnings			133				(373	)			146				-9

First quarter Corporate segment earnings were $133 million compared to $146 million for the same period last year. Earnings included a gain of $162 million related to an identified item (see page 3 for details). Currency exchange losses in the first quarter 2009 were $46 million compared to losses of $62 million in the first quarter 2008.

Earnings, when compared to the first quarter 2008, reflected lower interest income and higher shareholder and other costs, which were partly offset by increased tax credits and reduced currency exchange rate losses.

PRICE AND MARGIN INFORMATION

OIL & GAS

		Quarters
		Q1 2009				Q4 2008				Q1 2008
Realised oil prices — Exploration & Production (period average)						$/bbl
WOUSA			42.88				58.40				90.40
USA			37.81				52.32				92.55
Global			42.16				57.60				90.72
Realised oil prices — Oil Sands (period average)						$/bbl
Canada			37.94				47.26				85.08
Realised gas prices (period average)						$/thousand scf
Europe			9.44				10.58				9.00
WOUSA (including Europe)			5.75				6.89				5.85
USA			4.80				6.37				9.52
Global			5.57				6.80				6.52
Oil and gas marker industry prices (period average)
Brent ($/bbl)			44.46				55.48				96.66
WTI ($/bbl)			43.20				59.13				97.86
Edmonton Par ($/bbl)			40.25				52.83				97.91
Henry Hub ($/MMBtu)			4.61				6.38				8.55
UK National Balancing Point (pence/therm)			46.90				57.03				53.05
Japanese Crude Cocktail — JCC ($/bbl)1			43.17				77.04				93.16

REFINING & CRACKER INDUSTRY MARGINS²

		Quarters
		Q1 2009				Q4 2008				Q1 2008
Refining marker industry gross margins (period average)						$/bbl
ANS US West Coast coking margin			10.65				8.50				8.75
WTS US Gulf Coast coking margin			7.90				4.05				8.70
Rotterdam Brent complex			3.00				5.55				3.55
Singapore 80/20 Arab light/Tapis complex			2.85				4.45				1.80
Cracker industry margins (period average)						$/tonne
US Ethane			367.00				490.00				359.00
Western Europe naphtha			113.00				1,448.00				433.00
North East Asia naphtha			(67.00	)			(29.00	)			8.00

OIL & GAS — OPERATIONAL DATA

		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Crude oil production						thousand b/d
Europe			361				361				416
Africa			274				293				322
Asia Pacific			207				218				208
Middle East, Russia, CIS			455				480				428
USA			275				264				301
Other Americas			67				77				81
Total crude oil production excluding oil sands			1,639				1,693				1,756				-7
Bitumen production — oil sands			75				79				84
Total crude oil production including oil sands			1,714				1,772				1,840				-7
Natural gas production available for sale						million scf/d2
Europe			4,762				4,450				4,894
Africa			253				448				619
Asia Pacific			2,708				2,718				2,438
Middle East, Russia, CIS			340				257				232
USA			1,110				1,071				1,105
Other Americas			578				587				467
			9,751				9,531				9,755				—
Total production in barrels of oil equivalent						thousand boe/d3
Europe			1,182				1,128				1,260
Africa			318				370				429
Asia Pacific			674				687				628
Middle East, Russia, CIS			514				524				468
USA			466				449				492
Other Americas			167				178				161
Total production excluding oil sands			3,321				3,336				3,438				-3
Bitumen production — oil sands			75				79				84
Total production including oil sands			3,396				3,415				3,522				-4

OIL PRODUCTS AND CHEMICALS — OPERATIONAL DATA

		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Refinery processing intake						thousand b/d
Europe			1,357				1,227				1,741
Africa, Asia, Australia/Oceania			644				746				756
USA			794				808				845
Other Americas			358				344				352
			3,153				3,125				3,694				-15
Oil sales
Gasolines			1,957				2,025				2,083
Kerosenes			718				728				814
Gas/diesel oils			2,046				2,225				2,337
Fuel oil			620				732				839
Other products			688				690				758
Total oil products *			6,029				6,400				6,831				-12
*Comprising:
Europe			1,645				1,791				1,959
Africa, Asia, Australia/Oceania			1,229				1,245				1,245
USA			1,335				1,409				1,396
Other Americas			682				698				755
Export sales			1,138				1,257				1,476
Chemical sales volumes by main product category 2**						thousand tonnes
Base chemicals			2,419				2,584				3,119
First-line derivatives			1,874				1,897				2,338
Other			1				2				2
			4,294				4,483				5,459				-21
**Comprising:
Europe			1,782				1,882				2,289
Africa, Asia, Australia/Oceania			1,123				1,179				1,228
USA			1,321				1,306				1,784
Other Americas			68				116				158

NOTE

All amounts shown throughout this Report are unaudited.

Second quarter 2009 results are expected to be announced on July 30, 2009 and third quarter results are expected to be announced on October 29, 2009.

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this document “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 document refer to companies in which Royal Dutch 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 document, 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 (for example, through our 34% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.

This document contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. 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 Royal Dutch Shell 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”, “intend”, “may”, “plan”, “objectives”, “outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this document, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve 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 potential litigation and regulatory effects arising from recategorisation of reserves; (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 document 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 Royal Dutch Shell’s Form 20-F for the year ended December 31, 2008 (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 document, April 29, 2009. Neither Royal Dutch Shell nor any of its subsidiaries 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 document.

The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this document that SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.

April 29, 2009

APPENDIX: ROYAL DUTCH SHELL FINANCIAL REPORT AND TABLES

SUMMARISED STATEMENT OF INCOME (SEE NOTE 1)

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Revenue2			58,222				81,073				114,302
Cost of sales			49,245				76,349				96,780
Gross profit			8,977				4,724				17,522				-49
Selling, distribution and administrative expenses			3,693				4,476				3,969
Exploration			496				778				325
Share of profit of equity-accounted investments			928				350				2,425
Net finance costs and other (income)/expense			(18	)			290				(53	)
Income before taxation			5,734				(470	)			15,706				-63
Taxation			2,218				2,489				6,505
Income for the period			3,516				(2,959	)			9,201				-62
Income attributable to minority interest			28				(149	)			118
Income attributable to Royal Dutch Shell plc shareholders			3,488				(2,810	)			9,083				-62

BASIC EARNINGS PER SHARE (SEE NOTES 1, 2 AND 6)

		Quarters
		Q1 2009				Q4 2008				Q1 2008
Earnings per share ($)			0.57				(0.44	)			1.47
CCS earnings per share ($)			0.54				0.78				1.26

DILUTED EARNINGS PER SHARE (SEE NOTES 1, 2 AND 6)

		Quarters
		Q1 2009				Q4 2008				Q1 2008
Earnings per share ($)			0.57				(0.44	)			1.46
CCS earnings per share ($)			0.54				0.78				1.25

EARNINGS BY BUSINESS SEGMENT (SEE NOTES 2 AND 4)

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008				%1
Exploration & Production:
- World outside USA			1,753				3,477				3,540				-50
- USA			(56	)			233				1,603				—
			1,697				3,710				5,143				-67
Gas & Power:
- World outside USA			601				956				933				-36
- USA			(87	)			25				15				—
			514				981				948				-46
Oil Sands:			(42	)			(30	)			249				—
Oil Products (CCS basis):
- World outside USA			1,036				1,375				978				+6
- USA			56				(793	)			216				-74
			1,092				582				1,194				-9
Chemicals (CCS basis):
- World outside USA			109				115				304				-64
- USA			(183	)			(134	)			(103	)			-78
			(74	)			(19	)			201				—
Total operating segments			3,187				5,224				7,735				-59
Corporate:
- Interest and investment income/(expense)			21				(41	)			110
- Currency exchange gains/(losses)			(46	)			(351	)			(62	)
- Other — including taxation			158				19				98
			133				(373	)			146
Minority interest			(23	)			(66	)			(105	)
CCS earnings			3,297				4,785				7,776				-58
Estimated CCS adjustment for Oil Products and Chemicals			191				(7,595	)			1,307
Income attributable to Royal Dutch Shell plc shareholders			3,488				(2,810	)			9,083				-62

SUMMARISED BALANCE SHEET (SEE NOTES 1 AND 5)

		$ million
		Mar 31, 2009				Dec 31, 2008				Mar 31, 2008
Assets
Non-current assets:
Intangible assets			4,961				5,021				5,282
Property, plant and equipment			113,255				112,038				105,806
Investments:
- equity-accounted investments			28,516				28,327				31,198
- financial assets			4,092				4,065				3,333
Deferred tax			3,464				3,418				3,409
Pre-paid pension costs			5,575				6,198				5,878
Other			6,976				6,764				6,406
			166,839				165,831				161,312
Current assets:
Inventories			21,404				19,342				32,184
Accounts receivable			77,116				82,040				87,507
Cash and cash equivalents			15,961				15,188				14,417
			114,481				116,570				134,108
Total assets			281,320				282,401				295,420
Liabilities
Non-current liabilities:
Debt			18,341				13,772				11,378
Deferred tax			12,778				12,518				13,473
Retirement benefit obligations			5,463				5,469				6,304
Other provisions			12,444				12,570				14,016
Other			3,642				3,677				4,189
			52,668				48,006				49,360
Current liabilities:
Debt			6,693				9,497				5,684
Accounts payable and accrued liabilities			81,554				85,091				89,531
Taxes payable			9,849				8,107				14,412
Retirement benefit obligations			386				383				455
Other provisions			2,229				2,451				2,815
			100,711				105,529				112,897
Total liabilities			153,379				153,535				162,257
Equity attributable to Royal Dutch Shell plc shareholders			126,434				127,285				131,130
Minority interest			1,507				1,581				2,033
Total equity			127,941				128,866				133,163
Total liabilities and equity			281,320				282,401				295,420

SUMMARISED STATEMENT OF CASH FLOWS (SEE NOTE 1)

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008
Cash flow from operating activities:
Income for the period			3,516				(2,959	)			9,201
Adjustment for:
- Current taxation			1,844				2,411				6,405
- Interest (income)/expense			330				414				178
- Depreciation, depletion and amortisation			3,090				3,684				3,146
- (Gains)/losses on sale of assets			(147	)			(1,234	)			(281	)
- Decrease/(increase) in net working capital			(365	)			14,687				2,784
- Share of profit of equity-accounted investments			(928	)			(350	)			(2,425	)
- Dividends received from equity-accounted investments			977				2,522				1,752
- Deferred taxation and other provisions			365				(1,105	)			322
- Other			141				(35	)			94
Cash flow from operating activities (pre-tax)			8,823				18,035				21,176
Taxation paid			(1,264	)			(7,748	)			(4,314	)
Cash flow from operating activities			7,559				10,287				16,862
Cash flow from investing activities:
Capital expenditure			(5,985	)			(7,892	)			(7,429	)
Investments in equity-accounted investments			(436	)			(193	)			(616	)
Proceeds from sale of assets			204				1,179				445
Proceeds from sale of equity-accounted investments			17				569				61
Proceeds from sale of /(additions to) financial assets			6				(36	)			10
Interest received			101				191				285
Cash flow from investing activities			(6,093	)			(6,182	)			(7,244	)
Cash flow from financing activities:
Net increase/(decrease) in debt with maturity period within three months			(3,588	)			3,970				(863	)
Other debt: New borrowings			6,884				3,001				185
Repayments			(1,386	)			(581	)			(664	)
Interest paid			(262	)			(409	)			(298	)
Change in minority interest			12				31				(7	)
Repurchase of shares			—				(302	)			(1,073	)
Dividends paid to:
- Royal Dutch Shell plc shareholders			(2,405	)			(2,408	)			(2,329	)
- Minority interest			(30	)			(54	)			(51	)
Treasury shares:
- Net sales/(purchases) and dividends received			136				47				200
Cash flow from financing activities			(639	)			3,295				(4,900	)
Currency translation differences relating to cash and cash equivalents			(54	)			(33	)			43
Increase/(decrease) in cash and cash equivalents			773				7,367				4,761
Cash and cash equivalents at beginning of period			15,188				7,821				9,656
Cash and cash equivalents at end of period			15,961				15,188				14,417

CAPITAL INVESTMENT

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008
Capital expenditure:
Exploration & Production:
- World outside USA			2,835				3,510				2,202
- USA			801				965				2,530
			3,636				4,475				4,732
Gas & Power:
- World outside USA			877				1,033				823
- USA			3				2				1
			880				1,035				824
Oil Sands			749				817				711
Oil Products:
- World outside USA			454				1,252				456
- USA			188				158				61
			642				1,410				517
Chemicals:
- World outside USA			367				567				374
- USA			49				70				34
			416				637				408
Corporate			62				98				37
Total capital expenditure			6,385				8,472				7,229
Exploration expense
- World outside USA			176				336				135
- USA			79				153				80
			255				489				215
New equity in equity-accounted investments
- World outside USA			160				135				365
- USA			36				19				5
			196				154				370
New loans to equity-accounted investments			240				39				246
Total capital investment*			7,076				9,154				8,060
*Comprising:
- Exploration & Production			4,191				5,040				5,439
- Gas & Power			959				1,096				925
- Oil Sands			749				817				711
- Oil Products			699				1,464				536
- Chemicals			416				639				412
- Corporate			62				98				37
			7,076				9,154				8,060

ADDITIONAL SEGMENTAL INFORMATION¹

$ million		Quarters
		Q1 2009				Q4 2008				Q1 2008
Exploration & Production
Segment earnings			1,697				3,710				5,143
Including:
- Exploration			496				778				325
- Depreciation, depletion & amortisation			2,073				2,368				2,165
- Share of profit of equity-accounted investments			548				1,297				1,212
Cash flow from operations			4,043				3,105				10,329
Less: Net working capital movements2			(901	)			397				923
Cash flow from operations excluding net working capital movements			4,944				2,708				9,406
Capital employed			55,882				55,274				47,927
Gas & Power
Segment earnings			514				981				948
Including:
- Depreciation, depletion & amortisation			88				80				81
- Share of profit of equity-accounted investments			319				550				584
Cash flow from operations			1,724				1,120				1,917
Less: Net working capital movements2			1,030				(1	)			902
Cash flow from operations excluding net working capital movements			694				1,121				1,015
Capital employed			22,169				22,497				19,305
Oil Sands
Segment earnings			(42	)			(30	)			249
Including:
- Depreciation, depletion & amortisation			38				40				44
Cash flow from operations			5				(37	)			298
Less: Net working capital movements2			(57	)			(34	)			(102	)
Cash flow from operations excluding net working capital movements			62				(3	)			400
Capital employed			6,763				6,200				5,292