RDS: Focus on Delivery

IRENE HIMONA, Societe Generale (12/03/2010)
"Shell confidently reiterated the new strategic targets of profitable growth supporting our view that its financials are at an inflection point, and due for a material transformation over the next few years, not reflected in the current valuation. New data points were Shell's aim of being NPV positive in US gas at a price of just US$3/mcf; industry costs fell 20% during the crisis and current cost inflation is seen in Australia and Iraq. Macondo, via the drilling moratorium, may delay 40-45kboed of Shell 2011 output."

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