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ROYAL DUTCH SHELL PLC FOURTH QUARTER 2020 PRESS RELEASE

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The Hague, February 4, 2021

“2020 was an extraordinary year. We have taken tough but decisive actions and demonstrated highly resilient operational delivery while caring for our people, customers and communities. We are coming out of 2020 with a stronger balance sheet, ready to accelerate our strategy and make the future of energy. We are committed to our progressive dividend policy and expect to grow our US dollar dividend per share by around 4% as of the first quarter 2021.” Royal Dutch Shell Chief Executive Officer, Ben van Beurden

STRONG OPERATIONAL DELIVERY IN AN EXTRAORDINARY YEAR

  • Resilient financial results, with sector-leading cash generation. Net debt reduced by $4 billion to $75 billion during 2020.
  • Exceeded cash preservation targets set in March 2020:
    • Cash capex decisively reduced to $18 billion in 2020, from $24 billion in 2019, against a target of $20 billion or lower. 
    • Underlying opex of $33 billion in 2020, down by $4 billion, from $37 billion in 2019, against a reduction target of $3 to $4 billion.
  • The Board expects that the first quarter 2021 interim dividend will be US$0.1735 per share, an increase of ~4% over the US dollar dividend for the fourth quarter 2020.
$ million IFRS earnings1 Adjusted Earnings CFFO CFFO ex WC Cash capex Organic FCF
Integrated Gas 20 1,109 2,203 2,195 1,664 416
Upstream (2,091) (748) 2,010 2,890 1,654 513
Oil Products (1,775) 540 1,198 782 1,310 (53)
Refining & Trading (2,722) (287)        
Marketing 947 828        
Chemicals 367 381 774 775 830 (57)
Corporate (954) (836) 102 (17) 46 52
Less: Non-controlling interest (44) (54)        
RDS Q4 2020 (4,014) 393 6,287 6,624 5,503 871
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Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
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