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Royal Dutch Shell Plc


The Shell Group (The Group) is a global group of energy and petrochemical companies with around 90,000 employees. The Group's businesses include oil and gas exploration and production, LNG, power generation, manufacturing, marketing and shipping of oil products and chemicals and renewable energy products. Shell's strategy seeks to reinforce the company's position as a leader in the oil and gas industry in order to provide a competitive shareholder return, while helping to meet global energy demand in a responsible way. Shares in the parent company, Royal Dutch Shell Plc, are traded on stock exchanges in Europe and the U.S.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Pim Keulen, Seeking Alpha (12/15/14) "I discussed three reasons for investors to consider buying (more) shares of Royal Dutch Shell Plc: First, Shell already completed most of its restructuring program. The company will not start new large-scale projects in 2015, which I consider a plus given the current unfavorable market conditions. Second, Shell's 5.97% dividend yield is historically high, an attractive entry point for income investors. Third, I mentioned the risk of even lower energy prices."

Fadel Gheit, Oppenheimer & Co. (11/28/14) "Royal Dutch Shell Plc is refocusing its business strategy on creating value by investing in profitable energy projects with high return. . .Q3/14 adjusted earnings were $5.8B, up 30% on a per share basis from the year-ago period, on stronger downstream results driven by higher industry margins and capture rate and improved operating performance. Upstream results benefited from new higher-margin production, lower exploration expenses and higher integrated gas income. . .the company continued to make good progress on restructuring its North American resources plays, as it has essentially completed the asset sales and is focusing on reducing its refining operating costs. . .Shell has highly competitive fields under construction for start-up, particularly in the 2016–18 period."

Price Point, Seeking Alpha (11/4/14) "Royal Dutch Shell Plc, with its ability to cover both dividends and capital expenditures from operating cash flow, is already in a position most of its European peers would love to be in. The company reported another strong quarter in terms of cash flow, generating $12.8B in operating cash flow. . .comfortably beating estimates. . .there is visible momentum to the turnaround story at Shell. . .the improved earnings combined with strong free cash flow generation provide further confidence that the underlying portfolio is improving. . .Shell's multi-year improvement potential, together with strong cash flow position and attractive valuation, keeps me bullish."

theScreener (10/8/14) "Royal Dutch Shell Plc.'s 12-month indicated dividend yield is 5.3%. This estimated dividend represents 45.2% of the estimated earnings. Consequently, the dividend is covered, but not strongly, and reasonably likely to prove sustainable. Summary of the fundamental and technical analysis. . .Royal Dutch Shell is fundamentally very undervalued compared to its theoretical fair price."

theScreener (9/24/14) "The positive driving earnings revisions trend for Royal Dutch Shell Plc is in line with the positive climate of the sector. . .in terms of valuation, the stock has very good potential. . .the company is fundamentally undervalued compared to its theoretical fair price."

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The Energy Report Interview with Elliott Gue (9/11/14) "One of the biggest master limited partnership (MLP) spin-offs is going to be called Shell Midstream Partners LP. As that name implies, it is being spun out from Royal Dutch Shell Plc, which is, of course, one of the largest oil companies in the world. It is an integrated producer. It has upstream oil and gas production. It has downstream refining, and owns a large number of midstream assets in North America, like pipelines and storage facilities. Shell Midstream will own the Ho-Ho pipeline, which stretches from Houston to Houma, Louisiana. The spin-off's long-term contracts will be with producers like Shell, which is also its general partner. Those solid contracts will guarantee a minimum cash flow. I suspect that this new MLP will go public in Q4/14, and it will be a hot name." More >

Fadel Gheit, Oppenheimer & Co. (8/25/14) "We believe Royal Dutch Shell Plc's new CEO is the right man for the job and came at the right time with the right strategy to improve profitability and return, grow operating cash flow and boost valuation; he accelerated the pace of asset sales, especially in North America, which were deemed non-core. The company continues to shrink its refining and marketing portfolio while increasing capital allocation on high-growth and high-return projects."

Fadel Gheit, Oppenheimer & Co. (7/31/14) "Royal Dutch Shell Plc's adjusted Q2/14 earnings were $6.1B, or $1.94/ADS, 12% above consensus estimate of $1.73/ADS and up 33% YOY on strong upstream and downstream results. . .upstream results benefited from higher liquids volumes and pricing, and favorable Australian dollar impacts. . .the company generated significant free cash related to $7.4B in asset sales, including stakes in Woodside, Wheatstone, offshore Brazil and the Eagle Ford shale."

theScreener (7/26/14) "At the analysis date of July 25, 2014, the general impression that the fundamental and technical elements (valuation, earnings revisions, group benchmarking, technical factors) give for Royal Dutch Shell Plc is positive; moreover, the combination of the different criteria of risk appreciation (volatility, correlation coefficient, beta, bear market factor, bad news factor) leads to a general qualification of low risk. By combining the positive fundamental and technical analysis with the low risk, the general evaluation seems positive."

Bertrand Hodee, Raymond James (7/24/14) "We reiterate our Outperform rating on Royal Dutch Shell Plc. . .we expect Q2/14 clean net earnings of $5.3B (+15% year over year, -28% quarter over quarter, consensus $5.46B)."

theScreener (7/9/14) "Royal Dutch Shell Plc reduced its risk exposure and is upgraded to positive. . .the positive driving earnings revisions trend favors the stock, particularly in an environment, which is being negatively revised. In terms of valuation, the stock has very good potential and the technical trend is positive in a positive environment."

Bryan Thomas, Seeking Alpha (7/2/14) "Royal Dutch Shell Plc announced that it is planning to spin off several U.S. pipelines into a publicly traded partnership. This master limited partnership, which will be called Shell Midstream Partners LP, will present a great opportunity for investors both through dividends and capital appreciation."

Pim Kuelen, Seeking Alpha (6/27/14) "Royal Dutch Shell Plc announced the divestment of 18.6% of its stake in Woodside Petroleum Ltd. for $5.7B. . .it is very positive for investors because the deal shows investors once again that the new CEO is more than capable of executing the new strategy. . .I conclude that the company is even more appealing after the Woodside divestment."

The Screener (6/18/14) "At the analysis date of June 13, 2014 of Royal Dutch Shell Plc, the general impression that the fundamental and technical elements (valuation, earnings revisions, group benchmarking, technical factors) give is positive. Moreover, the combination of the different criteria of risk appreciation (volatility, correlation coefficient, beta, bear market factor, bad news factor) leads to a general qualification of low risk."

The Screener (6/4/14) "In terms of valuation, the Royal Dutch Shell Plc. has very good potential. . .the technical trend is positive in a positive environment. . .and the company is fundamentally very undervalued compared to its theoretical fair price."

Dave Forest, Pierce Points (5/28/14) "Royal Dutch Shell Plc is the leader of the 'Liquefied Natural Gas (LNG) Canada" consortium that's seeking to develop an LNG export project at Kitimat, B.C. . .the consortium announced that it has selected a contractor for construction of the proposed $10B liquefaction terminal here. . .the contractor award shows that the LNG Canada project is moving forward nonetheless, signaling that Shell and its partners are serious about realizing Pacific exports."

The Energy Report Interview with Christopher Brown (5/22/14) "Canacol is partnered with Royal Dutch Shell Plc to pursue unconventional resources in Colombia that could turn out to be a multiple-billion barrel opportunity." More >

The Energy Report Interview with Fadel Gheit (5/15/14) "As far as individual company catalysts, Royal Dutch Shell's new CEO, Ben van Beurden, has increased the emphasis on profits, capital efficiency and returns. Lower CAPEX and increased divestments should reduce net investments. We expect Shell to generate free cash flow of over $20 billion ($20B) over the next two years. We think this is a good start and rate it a Perform. We will be watching production growth, cost trends, capital spending and plans to return cash to shareholders in the form of dividends and share buybacks." More >

Fadel Gheit, Oppenheimer & Co. (5/12/14) "Royal Dutch Shell Plc has the highest dividend yield among peers and the oil industry in general. . .the company's adjusted Q1/14 earnings were the best among peers and in the sector, boosted by Integrated Gas, its key competitive advantage, but included unsustainable items."

The Energy Report Interview with Bill Newman (5/8/14) "The supermajors currently appraising the [Vaca Muerta] shale include Royal Dutch Shell Plc. . . Shell plans to invest $500M in the unconventional shale plays in Argentina in 2014, which is approximately three times the amount the company invested in 2013. . .in April 2014, Shell farmed into two blocks held by Total." More >

Fadel Gheit, Oppenheimer & Co. (4/30/14) "Royal Dutch Shell Plc's adjusted earnings were $7.3B, or $2.34/ADS, significantly above consensus estimate of $1.62/ADS, down 2% year over year, but up 153% sequentially on larger contributions from liquefied natural gas and stronger gas pricing and trading. . .significant free cash flow in the quarter also enabled Shell to fund $1.5B in dividends and $1.2B in share repurchases to offset scrip dilution."

Pim Keulen, Seeking Alpha (2/24/14) "Soon after Royal Dutch Shell Plc appointed Mr. Van Beurden as the new CEO, the company announced a new strategy going forward; Shell stated that a new strategy is necessary because the current market conditions are different from the company's expectations. . .Shell will cut capital expenditure to $37B in 2014, including $2B of previously announced acquisitions. . .investors were pleased to see that Shell adopted the new strategy immediately and the shares surged 3.60%. . . Shell is on track to improve profitability."

The Energy Report Interview with Chen Lin (2/6/14) "Royal Dutch Shell Plc is partnering with Terrace Energy, which controls huge acreage in the Eagle Ford. 2014 is a very important for year for Terrace, as it is clearly an attractive takeover target for Shell. For one thing, Terrace is experimenting with different fracking methods to make these wells profitable. The initial data are very promising. If the trend continues, Terrace will be an easy takeover target for Shell." More >

Achilles Research, Seeking Alpha (2/1/14) "Royal Dutch Shell Plc is a great long-term investment for investors who desire exposure to an oil and gas major with global operations and a leadership position in liquid natural gas. Given the long-term fossil fuel demand drivers in developing countries, the recent turmoil offers a great buying opportunity. . .with no substitute fuel or technology in place, the world will continue to depend on oil and gas majors like Royal Dutch Shell for the foreseeable future."

Fadel Gheit, Oppenheimer & Co. (1/30/14) "Royal Dutch Shell Plc has indicated a shift in its business strategy, reducing capex and accelerating asset sales to improve competitiveness and return on capital employed, which is a good start."

The Energy Report Interview with Ron Muhlenkamp (1/23/14) "In transportation, the infrastructure to make the switch to natural gas has not been in place. We didn't have the filling stations. . .Royal Dutch Shell Plc is building natural gas fueling stations in concert with another truck stop operator." More >

Achilles Research, Seeking Alpha (1/17/14) "Royal Dutch Shell Plc issued a massive profit warning on Jan. 17 with respect to Q4 and FY/13 results. . .long-term growth prospects for globally operating oil and gas majors are still looking great; population growth in emerging-market countries will make sure that fossil fuel demand will continue to increase in the coming decades, which will play into the hands of global oil- and gas exploration companies such as Royal Dutch Shell. . .a potential selloff in shares of Royal Dutch Shell would make this company an even more attractive long-term bet on increasing global energy demand."

Investor RockieK, Seeking Alpha (12/13/13) "Royal Dutch Shell Plc floated the liquefied natural gas facility Prelude out of dry dock. . .the Prelude will help the company realize efficiencies by enabling the development of multiple gas resources (ranging from clusters of smaller, more remote fields to potentially larger fields) where onshore development is not viable. . .Shell expects the Prelude to produce 3.6 Mtpa of LNG, 1.3 Mtpa of condensate and 0.4 Mtpa of LPG. . .the company is moving to position itself to capture efficiencies in the Pacific Rim region. . .Shell is acting prudently to position itself once demand outstrips supply."

Achilles Research, Seeking Alpha (12/9/13) "Royal Dutch Shell Plc's valuation metrics are some of the most attractive in the sector. . .the company has an attractive pipeline of global development projects including Carmon Creek in Canada and Libra in Brazil. Shell's valuation is very low at a P/E ratio of just 9x forward earnings and its dividend yield is outstanding at over 5%. Shell could be an investment option for investors who desire a lowly valued, global energy player with ambitions to acquire new oil and gas assets aggressively (the company announced $10B worth of acquisitions in 2013). "

Pim Keulen, Seeking Alpha (12/2/13) "Royal Dutch Shell Plc is a favorite stock among dividend investors; the company has an outstanding track record and provides a stable dividend yield. . .Shell is a must have stock for a dividend portfolio and I anticipate that the company will keep increasing the quarterly dividend payments in the upcoming years."

Fadel Gheit, Oppenheimer & Co. (11/12/13) "Royal Dutch Shell Inc.'s dividend yield is the highest among peers and the industry at large, as it is the main route to returning cash to shareholders. The company has $149B of capital tied up in new projects starting up in 2012–15, which are expected to generate operating cash flow of $175B at $80/bbl Brent and $200B at $100/bbl Brent, a 30–50% increase over 2008–2011."

Alexander Valtsev, Seeking Alpha (11/11/13) "Royal Dutch Shell Inc. is quite undervalued compared to its major competitors and floats on the middle of the range of most relevant historical multiples. . .the company is solid from a financial standpoint and offers a rewarding dividend yield to its shareholders. Total financial debt in relation to assets remains at a mark of ~10% with cash on balance being able to cover at least a third of this amount. Free cash flows generate a solid cushion for risk management purposes and also offer extra room for future increases in dividends."

Bram de Haas, Seeking Alpha (10/14/13) "Royal Dutch Shell Plc is in great financial shape. . .and has a well-diversified portfolio of projects, both upstream and downstream projects as well as projects in stable markets and politically more fragile markets. Not everything goes right but over time enough projects should be able to add to production volume to have a meaningful impact."

The Energy Report Interview with Jason Sawatzky (10/10/13) "[One of] the three LNG projects advancing the fastest [is] the Royal Dutch Shell Plc/PetroChina project." More >

Jim Mullins, Seeking Alpha (10/1/13) "With a sizable position of its energy mix allocated to gas, Royal Dutch Shell Plc is more diversified than many of its competitors. The company has rewarded long term shareholders with an annual compounding rate far greater than the S&P 500. . .with new projects nearing completion and margins with plenty of room for improvement, Shell seems poised for stellar returns."

Marshall Hargrave, Seeking Alpha (8/22/13) "Royal Dutch Shell Plc owns a strong and diversified portfolio of global energy businesses; the oil/gas giant has decided to streamline its downstream portfolio, which includes plans to close 15% of its refinery operations in Africa and Europe this year. This should free up capital to invest in upstream operations; the real beauty of the company is that it has a market leading position in natural gas as the world's second largest natural gas producer."

Mike the PhD, Seeking Alpha (6/30/13) "It's clear that with revenues, EPS and cash all expanding, Royal Dutch Shell Plc should be reaching new highs. The firm has plenty of room to expand its dividend, given the fact that it is only paying out about a third of earnings, and its return on equity would be the envy of most companies out there."

The Energy Report Interview with Byron King (6/11/13) "In terms of the large caps, I am looking at global integrated players such as Royal Dutch Shell Plc. . .it is big, global and pays nice dividends. . .Shell has a big play onshore in the U.S., part of the whole shale gale. Shell is a big global integrated explorer, but is backing away from the offshore East African plays because they are a little too expensive for the company's taste. Shell has made investments in West Africa, off of Gabon, and also in South Africa, in the Orange Basin. I think Shell envisions itself as a future key player in South Africa, which is good because South Africa is a big, industrially developed country with a large population and big markets. South Africa has ongoing social problems, but it needs energy. So if Shell is successful in offshore South Africa, there's a built-in market. Shell doesn't have to tanker oil in or pipe it in or somehow move it halfway across the world." More >

Martin Vlec, Seeking Alpha (5/29/13) "Royal Dutch Shell Plc's stock has a very attractive valuation and dividend yield. . .Shell is currently in a transition period, after investing heavily in natural gas. . .in a few years, Shell may emerge as a clear winner if its bet on natural gas pays off; meanwhile, investors can enjoy an excellent current dividend yield, which is higher than that of its major competitors. The P/E value is also one of the lowest in the oil and gas industry; partly influenced by being located in Europe, this can be an opportunity to grab a well-run major company at bargain P/E levels."

Bram de Haas, Seeking Alpha (5/22/13) "Royal Dutch Shell Plc, with a market cap of $215B, can be acquired at an attractive price. . .it pays out an attractive dividend yield and currently has adequate reserves and little debt."

The Energy Report Interview with Keith Schaefer (5/9/13) "All the big discoveries are now in gas. That's why the majors like Royal Dutch Shell Plc are moving toward gas." More >

Timing Best Buy, Seeking Alpha (5/7/13) "Royal Dutch Shell Plc has become a leader in providing liquefied natural gas under the guidance of [CEO] Peter Voser. While his departure will not affect the operations of the multi-billion giant, the route taken into the future remains to be decided over time. . .the company reported profits worth $7.95B, a 3.5% improvement from last year. Shell has also increased its dividend by 5%. It is investing heavily for future growth as it diversifies its global assets into places that offer more efficiency. Shell has announced investments in a number of projects, including a deepwater project in Nigeria and an oil recovery project in Oman. It also has agreed to purchase part of Repsol's liquefied natural gas portfolio outside North America. In the U.K., it increased its majority stake in the offshore Schiehallion oilfield west of the Shetland Islands. Earlier this week, it was announced that Shell had beaten France's Total to a £10B deal to develop the Bab gas field with the Abu Dhabi National Oil Company."

Fadel Gheit, Oppenheimer & Co. (5/2/13) "Almost 35% of Royal Dutch Shell Plc's capital employed is tied up in new projects that are beginning to come on stream, projected to add 700 Mboe/d of new production through 2017–2018, over 20% of 2012's level. Shell aims to generate $175–200B in total cash flow from 2012 to 2015 compared to capital spending of $120–130B; this significant free cash flow will allow Shell to make new investments, raise the dividend, and buy back shares, which should boost valuation. . .a high dividend yield and strong balance sheet make Royal Dutch Shell shares attractive to conservative investors, in our view."

The Energy Report Interview with David Eifrig (4/9/13) "For retirement capital allocation, I like classic leader[s] in the oil and gas industry [like] Royal Dutch Shell Plc. For decades, these companies have seen business cycles come and go; they have seen political unrest in countries that they do business in. They will keep grinding away, doing business and making returns on their capital, and supporting a nominal amount of income through dividends. It just makes sense to be there with them in the long term." More >

The Energy Report Interview with Marin Katusa (3/21/13) "Major producers, such as Royal Dutch Shell Plc, can find financing." More >

Marshall Hargrave, Seeking Alpha (3/14/13) "Royal Dutch Shell Plc has a dividend yield of 5.2%, with a payout of only 25%. . .the company has been transitioning to a focus on upstream exploration and production business, which tends to be more profitable than downstream operations. Royal Dutch expects worldwide production to increase some 25% by 2018."

The Energy Report Interview with Edward Guinness (3/14/13) "The majors as a group are currently trading at about $12 EV/P, which is quite cheap relative to where the oil price is. The EV/P ratio has historically hovered between 20–30% of the prevailing oil price. Using that metric, we'd expect companies to trade closer to $20–25 EV/P. To exploit that, we're thinking about companies like Royal Dutch Shell Plc, for example. We own a number of those kinds of companies in the portfolio." More >

Diane Alter, Money Morning (3/5/13) "Royal Dutch Shell Plc has made a huge liquefied natural gas (LNG) win. . .the company will buy a portion of Repsol S.A.'s LNG assets for $4.4B cash and $2.3B in financial leases and assumed debt. . .one of the reasons Shell pursued this current deal was to get Repsol's stakes in a major LNG project in Trinidad and Tobago, in addition to a small project off coastal Peru; Shell previously had no presence in these emerging regions. . .operating in these regions gives the company the ability to provide gas to Latin America and use its Nigerian gas operations to service Asia. That'll save the company shipping costs and boost profit margins."

The Energy Report Interview with Peter Dupont (2/28/13) "Most countries are very envious of North America's shale production, and want to emulate it. Ukraine, for example, is going down this route and announced a big joint venture several weeks ago with Royal Dutch Shell Plc to potentially unlock the country's shale resources. Efforts should gather momentum in many countries to unlock shales. It's mainly an engineering and economic issue. Some places are obviously easier than others." More >

Theepan Jothilingam, Nomura Equity Research (2/27/13) "While not exactly cheap, the purchase of Reposol SA by Royal Dutch Shell Plc should be seen in the context of: 1.) Adding a further 7.2 Mtpa to what is one of the industry's largest and broadest LNG portfolio, 2.) Providing increased trading opportunities in the Atlantic basin and also in the East Pacific, positions where Shell lacked a presence and 3.) Adding meaningful cash flow at relatively low capital intensity—the annual capex run rate is expected to be in the order of US$50M. On this basis, assuming a cost of capital of say 7–8% for Shell suggests an attractive long-term purchase price."

Fred Lucas, J.P. Morgan (2/27/13) "Royal Dutch Shell Plc confirmed that it had agreed to acquire the bulk of Repsol SA's global liquefied natural gas (LNG) portfolio—this acquisition reinforces Shell's global LNG leadership and adds some useful exposure to Atlantic Basin, Latin American-sourced LNG supplies. Measured by net liquefaction capacity, this acquisition adds 4.2 Mtpa of operational LNG capacity, thus growing Shell's net capacity by over 20% to almost 25 Mtpa."

Gordon Gray, Canaccord Genuity (2/21/13) "Royal Dutch Shell Plc is among the sector's best safe havens, with the highest free cash yields in the group and best upside to sum-of-parts value."

The Energy Report Interview with Mat WIlson (2/21/13) "The Vaca Muerta is the shale formation they are exploring and is getting a lot of attention from several different super majors. . .companies like Royal Dutch Shell Plc are starting to push hard again into this play. . . It's a great entry point into the market because Argentina has been such a disaster, making this an ideal contrarian play." More >

Kim Fustier, Credit Suisse (2/4/13) "We remain buyers of Royal Dutch Shell Plc on a 12-month view as we expect better operational performance this year after a disappointing 2012, and valuation remains undemanding on cash flow multiples. Improved cash flow delivery—but not necessarily earnings—in the next few quarters will be key. . .overall, we continue to expect rising cash flows in 2013 (+7% YOY) from Pearl GTL, Motiva and E&P Americas."

Irene Himona, Societe Generale (2/1/13) "Looking at Royal Dutch Shell Plc's full-year results, these were up 1.8%, with $6.8B of free cash flow reducing gearing to just 9.2% and enabling a welcome c.5% Q1/13 dividend increase—ahead of our 3.5%. . .there is clearly material flexibility in the new Shell, most likely not captured by either our or consensus numbers. . .it seems this is one big, green cash machine. . .we think Shell is ahead of peers on the repositioning of its portfolio."

Martijn Rats, Morgan Stanley (2/1/13) "Royal Dutch Shell Plc reported Q4/12 earnings of $5.6B, which was in-line with our forecast of $5.5B although weaker than previous quarters. . .oil products surprised positively as marketing and trading remained relatively strong. . .with progress toward longer-term objectives on track, management reiterated a number of financial targets: the firm remains on course to deliver operating cash flow of $175–200B over 2012–15, and capex will stay within $120–130B over that period. These targets suggest an excess of free cash flow, which management has translated in a 4.7% dividend increase for 2013."

Jason Gammel, Macquarie Capital Markets (2/1/13) "Royal Dutch Shell Plc's resource capture [has] been successful recently. The 2012 exploration/appraisal process yielded 600 MMboe (60% oil) and Shell has in aggregate 20 Bboe in the "funnel". . .we continue to believe the high-margin company upstream portfolio is superior to peers and the corporate asset base is well stocked on a go-forward basis. . .we are encouraged by the 5% increase to the 2013 dividend and we continue to prefer Shell for its straightforward operational delivery thesis."

Gordon Gray, Canaccord Genuity (1/31/13) "We remain positive on Royal Dutch Shell Plc. . .the company's Q4/12 earnings were around $0.6B below consensus, but up 15% year over year. . .today’s $0.45/share guidance for Q1/13 was in line with market expectations and it is a relief to us to see at least reasonable growth, which puts the company on a prospective yield of 4.9%. Shell expects to raise the dividend in 'measured, affordable steps' as cash flow builds."

Sebastian Yoshida, Deutsche Bank (1/29/13) "Royal Dutch Shell Plc announced that it had reached agreement with Kinder Morgan Energy Partners L.P. to develop a liquefied natural gas facility in two phases at Kinder Morgan's existing Elba Island re-gas terminal. . .once everything, including government approvals, is finalized Shell will take a 49% interest in the project and intends to use its small-scale liquefactions units to speed development. . . the partnership envisages that phase 1 of the development would have an initial capacity of 1.5 Mtpa."

The Energy Report Interview with Elliott Gue (1/29/13) "Royal Dutch Shell Plc is definitely an interesting company for the longer term. Shell is really excelling in the LNG area, which over the long term is going to provide considerable growth. In addition to that, it generates solid free cash flow. I see very little chance that its dividend would be threatened. In fact, I'd expect to see continued dividend growth even in the event that oil prices were to dip more than I expect. It's certainly a solid company that's performed well over the years with some nice exposure to LNG." More >

Irene Himona, Societe Generale (1/24/13) "We expect that with the full ramp up of Pearl, Royal Dutch Shell Plc's board can afford to be more generous with its 2013 dividend pre-announcement on 31 January, and we forecast a 3.5% increase. . .strong cash generation should mean rapid balance sheet deleveraging to 2015e, even with our assumed capex and dividend increases and modest share buy-backs. Portfolio risks are more diversified now than before as resources under development are in numerous projects rather than just a few. . .we upgrade Shell to a Buy; its portfolio is ahead of its peers and it's a cash machine."

Kim Fustier, Credit Suisse (1/24/13) "Operationally, we think 2013 will be a far better year for Royal Dutch Shell Plc than 2012; cash flow growth should come from Pearl's final ramp-up, the Motiva expansion and a return to profitability in Upstream Americas—all of this should help to bridge the gap before the next wave of large projects in 2015 (Gorgon LNG, Gulf of Mexico, etc). Shell looks cheap for what we consider the best-quality oil major in Europe, but the company will need to deliver on its cash flow promises to outperform. . .we remain buyers on a 12-month horizon."

Gordon Gray, Canaccord Genuity (1/15/13) "We forecast adjusted net income of $6.2B, for Royal Dutch Shell Plc, -5% quarter over quarter but +28% year over year. We expect refining to return to a loss with weaker margins and heavy maintenance pulling down oil products income. . .this should be largely offset quarter over quarter by a stronger upstream performance. . .we reiterate our Buy stance. . .and see better upside in Shell than BP Plc."

Jon Rigby, UBS Securities (1/3/13) "The good news is that inspection teams have confirmed today Royal Dutch Shell Plc's Arctic-class drilling barge, the Kulluk, is stable with no signs of environmental impact or leakage. . .the company is a leading Arctic player with major interests in the Chukchi and Beaufort. . .Shell has made material investments in terms of new Arctic drilling resources and safety systems in light of the environmental issues and post-Macondo regulation. In addition, it paid >$2B for the Chukchi licenses, reflecting the high potential of the region (Bureau of Ocean Energy Management-estimated potential of 15 Bbl/8 Bbl in the Chukchi and Beaufort respectively, plus significant gas)."

The Energy Report Interview with Phil Weiss (1/3/13) "Yesterday's incident involving the Kulluk floating drilling rig in Alaska is another indication of how difficult and expensive it is to work in the arctic. Fortunately, the rig is stable and it appears the inspection team is reporting that there is no leakage. Shell has great prospects in regions such as the deepwater Gulf of Mexico and Australia as well as unconventional shale positions in the U.S. and Canada. Shell is currently the largest player in the LNG market among the integrated oil companies with more than 20 Mtpa of current capacity. This figure could increase to about 30 Mtpa by this decade's end. Shell currently has more than 60 new projects and options. At maturity, the company represents approximately 20 billion barrels of oil equivalent of new resource potential, including major projects in LNG, deepwater, tight gas, liquids-rich shales and traditional plays. These projects underpin management's cash flow and production growth targets." More >

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