RDS: Cheuvreux's Top Pick Among majors

DOMINIQUE PATRY, Cheuvreux Crédit Agricole Group (03/16/2011)
"More will be done in downstream as Shell targets a ROCE of 10% throughout the cycle and >WACC in downturns. Already sanctioned projects secure most of the newly set target for production of 3.7 Mboe/d in 2014, while the pipeline of new growth opportunities beyond 2014 has risen 20% since the end of 2009. Our clear top pick among the majors."

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