Royal Dutch Shell today said that it has sold 18.83 million tonnes of LNG in 2011, 12% more than in 2010, reflecting the successful ramp-up of Qatargas 4 LNG during the year as well as higher volumes from Nigeria LNG and the Sakhalin II project.
Shell also said LNG sales volumes were at 4.84 million tonnes in fourth quarter, 10% higher than in the same quarter a year ago.
Financial Highlights
• Royal Dutch Shell’s fourth quarter 2011 earnings, on a current cost of supplies (CCS) basis, were $6.5 billion compared with $5.7 billion in the same quarter a year ago. Full year 2011 CCS earnings were $28.6 billion compared with $18.6 billion in 2010.
• Fourth quarter 2011 CCS earnings excluding identified items were $4.8 billion compared with $4.1 billion in the fourth quarter 2010, an increase of 18%. Full year 2011 CCS earnings excluding identified items were $24.7 billion compared with $18.1 billion in 2010.
• Basic CCS earnings per share excluding identified items for the fourth quarter 2011 increased by 16% versus the same quarter a year ago. Basic CCS earnings per share excluding identified items for the full year 2011 increased by 35% versus a year ago.
• Cash flow from operating activities was $6.5 billion for the fourth quarter 2011 and $36.8 billion for the full year. Excluding net working capital movements, cash flow from operating activities was $7.2 billion for the fourth quarter 2011 and $43.2 billion for the full year.
• Gearing was 13.1% at the end of 2011 versus 17.1% at the end of 2010.
• A fourth quarter 2011 dividend has been announced of $0.42 per ordinary share and $0.84 per American Depositary Share (ADS), unchanged from the US dollar dividend per share and per ADS for the same period in 2010.
• A first quarter 2012 dividend is expected to be declared at $0.43 per share and $0.86 per ADS, an increase of 2% compared with the first quarter 2011 US dollar dividend.
Royal Dutch Shell CEO Peter Voser commented:
“ Our fourth quarter results were impacted by a sharp downturn in industry refining margins and North American natural gas prices. The global economy and energy markets are likely to see continued high volatility. Despite the near-term uncertainties, Shell’s focus remains on through-cycle investment for sustainable growth .
I am pleased with our delivery in 2011, focusing on improving our operating performance and ramping up our growth projects. We have made good progress with portfolio development during 2011, with new opportunities in global gas, liquids-rich shales and exploration, alongside some $7.5 billion of divestments as part of Shell’s drive for on-going capital efficiency and portfolio improvement .”
[mappress]
LNG World News Staff, February 2, 2012; Image: Shell