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Royal Dutch Shell Plc

TICKER: RDS.A:NYSE; RDS.B:NYSE

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 (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 >

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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 >

The Energy Report Interview with Byron King (12/20/12) "Royal Dutch Shell Plc is moving to gas. . . It bears watching. These big companies have deep pockets, and will have to work their way through this storm the same as everyone else. The good news is that the big guys can afford to take risks that small companies, or even large independents, can't take to drill gas plays and test new technology that might change those decline rates from being so steep." More >

Kim Fustier, Credit Suisse (12/14/12) "We upgrade Shell from Neutral to Outperform. . .the ramp-up of Pearl and a recovery in the U.S. Gulf of Mexico should allow for decent cash-flow growth expansion in 2013. . .we see 8–9% cash flow per share growth in 2013 versus 5% on average for Euro majors; Shell offers the best visibility in long-term production growth, with all of its growth to 2017 from already sanctioned projects underpinning a new wave of high-margin growth in 2015–16. High exposure to a tight LNG market over the 2012–16 period is another positive. . .we believe there is scope for another small dividend increase in 2013."

Stuart Joyner, Investec Securities (11/14/12) "Flush with cash, Royal Dutch Shell Plc's bullish management day focuses on its gas and Asia Pacific outlook. Shell seems set to retain global industry leadership in both areas and we like the ambitious growth plans in principle. . .Shell is continuing to generate substantial cash flows; according to the company, driven by Qatar and Canada, cash flow from operations could be ~50% higher for 2012–15, excluding working capital, than 2008–11. . .Shell can maintain its dividend (yield of ~5%) and a high capex level of $30B+. 80% will likely be allocated to E&P and about half of that will be directed at Asia."

Fadel Gheit, Oppenheimer & Co. (11/7/12) "We think Royal Dutch Shell Plc has turned the corner and is on track to regain its competitive advantage. . .successful exploration in offshore Alaska could transform the company and significantly boost its valuation. . .Shell has more than 20 new projects under construction in deepwater, tight gas, liquids-rich shales, integrated gas and in more traditional activities, which should drive growth in the next 5-7 years. . .Alaska is a multibillion, multiyear exploration program that could significantly change the company and the industry as a whole. . . high dividend yields and a strong balance sheet make RDS shares attractive to conservative investors, in our view."

The Energy Report Interview with Josh Young (11/6/12) "Royal Dutch Shell Plc is very active in the Mississippi Lime and we will soon see results." More >

Martijn Rats, Morgan Stanley (11/5/12) "More than for any other European major, Royal Dutch Shell Plc's dividend stream offers near bond-like qualities, yet it yields substantial income and provides inflation protection. . .four factors add to the sustainability of Shell's dividends and provide visibility over the long term: strong free cash flow, low balance sheet gearing, a sector-leading reserve position and arguably the strongest institutional commitment to the dividend."

Lucas Herrmann, Deutsche Bank (11/2/12) "Royal Dutch Shell Plc's Q4/12 was another classic quarter, with results demonstrating that the business is making progress in delivering the projects and cash flow. . .in a changing industry, the company looks like a long-term outperformer and one that still holds the potential for material profit upside with cash flow that should afford investors significant comfort through this time of economic duress."

Quirijn Mulder, ING Securities (10/31/12) "Royal Dutch Shell Plc is due to report its Q3/12 results on Nov. 1. . .we expect good results. . .on the back of a 5% higher oil price than previously assumed and better refinery margins, we raise our FY12F EPS to US$4.38, compared with US$4.18 previously. . .we believe that positive Q3/12 results could provide some relief to the market as it would demonstrate that Shell should benefit from the high oil price, has made well considered decisions and has an excellent balance sheet, while macroeconomic conditions have had a modest impact on its results and management is on track with its long-term targets."

Christine Tiscareno, Standard & Poor's (10/12/12) "In our view, size, diversification, strong returns and technical strength are Royal Dutch Shell Plc's core advantages which, coupled with future reserve additions from Canadian oil sands, its gas-to-liquids project in Qatar and its Marcellus gas position, will ensure successful reserve replacement long term."

Qineqt, Seeking Alpha (10/11/12) "Royal Dutch Shell Plc has shown impressive revenue growth of 40% and 23% in its upstream and downstream business segments, over the course of the last one quarter. Also, the stock is attractive for investors given its low valuations. . . we reiterate our bullish stance on the stock."

Jon Rigby, UBS Securities (9/13/12) "Royal Dutch Shell Plc is to acquire liquids-rich shale acreage in Texas from Chesapeake for $1.935B. The assets are currently producing 26 Mboe/d with 'significant growth potential'. . .the metrics for Permian transactions and indeed wider tight oil deals suggest a decent price for Shell. . .we reiterate our Buy rating."

Theepan Jothilingam, Nomura Equity Research (9/10/12) "Success in Alaska could be material to the share price, even for a company the size of Royal Dutch Shell Plc. . .success would add to our existing thesis that cash generation from Shell's growth projects (primarily Pearl GTL) and exposure to tightening global LNG markets is under-appreciated. . .the company's shares remain inexpensive; we maintain our Buy recommendation. . .Shell appears well placed to begin drilling in the Beaufort Sea following the end of the whaling season."

The Energy Report Interview with Stephen Taylor (8/21/12) "The U.S. may see a reemergence of the petrochemical industry. . .Royal Dutch Shell Plc announced a major project north of Pittsburgh that will probably create 10,000 jobs and use a lot of that Marcellus gas. I think that's a trend that's going to continue, with industry jobs moving back to the U.S. to take advantage of some of this cheaper energy." More >

Dominique Patry, Cheuvrex (8/10/12) "Royal Dutch Shell Plc offers the best combinations of leading organic reserves replacement rate and finding-and-development cost trends. We also continue to appreciate the fact that both Shell offers good visibility on its dividends, yet has plenty of organic reinvestment opportunities. . .it remains our top pick."

The Energy Report Interview with Bill Newman (8/9/12) "There was a rush of new companies coming into the Neuquen Basin who saw the huge potential of developing the Vaca Muerta shale oil and gas play. The companies that were acquiring lands were the majors and supermajors, including Royal Dutch Shell Plc. All of them are continuing to drill." More >

Quirijn Mulder, ING Securities (8/3/12) "In our view, Royal Dutch Shell Plc's investment case remains intact. Although a target of 4Mboe/d for FY17/18 looks overly ambitious (3.2 Mboe/d today), we think management has gotten the firm into position to reach its targets: A continued focus on the best projects available and a strong balance sheet in order to undertake long-term initiatives to grow production further. . .with this upside, we maintain our Buy rating."

Lucas Herrmann, Deutsche Bank (7/27/12) "Cash flow, yield, technology, resource base, project options, management—Royal Dutch Shell Plc is our preferred European major. . .look further out and valuation alone argues the shares should continue to grind out both relative and absolute out-performance; [we rate it a] Buy. . .Shell feels like a long-term outperformer and one that still holds the potential for material profit upside with cash flow that should afford investors significant comfort through this time of economic duress."

Jason Gammel, (7/27/12) "While Royal Dutch Shell Plc's Q2/12 could be described as a sloppy quarter, we would argue the variance versus our estimates can be attributed to one-offs that we expect to reverse through H2/12. . .the company remains one of the cleanest and most robust investment opportunities in the European Integrated space. While Shell could be argued to be slow out of the blocks in Q2/12, there is tangible evidence of project delivery in its results. . .with a 2012 free-cash-flow yield of 8% (peers 5%) the company continues to look like a good value opportunity."

Lucas Herrmann, Deutsche Bank (7/23/12) "Royal Dutch Shell Plc's Q2/12 results are due July 26. Our sense is of an appropriate pre-Olympic quarter. . .our preferred major and 'sleep at night' stock, we retain a constructive Buy stance. . .as the business is rebuilt, so the company is moving toward the nirvana of generating sufficient cash from its increasingly long-lived upstream activities to fund growth through cycle and pay a sustainable and growing dividend."

The Energy Report Interview with Neal Dingmann (7/10/12) "The Utica is the hottest play in the U.S., not just because it's new, but because of its potential. I've heard it could have some of the best economics of any area in the U.S. . . There likely will still be a relatively large number of companies looking at [Chesapeake's Utica holdings], including some of the big players that are already in the play, such as Royal Dutch Shell Plc." More >

The Energy Report Interview with Byron King (7/3/12) "In the international realm, Royal Dutch Shell Plc is in very good shape. It is a wonderful, technology-based company that has deep pockets and a very aggressive plan to grow its resources and reserves over the coming years." More >

Alastair Syme, Citigroup (7/2/12) "We believe Royal Dutch Shell Plc offers investors the prospect of strong medium-term growth and profitability, and a good level of portfolio depth to underpin longer-term growth aspirations."

Theepan Jothilingam, Nomura Equity Research (6/27/12) "U.S. Interior Secretary Ken Salazar's comments suggesting forthcoming approval for Arctic drilling take Royal Dutch Shell Plc a step closer to drilling offshore Alaska this summer. . .we think a prize of 2–3 Bbbl is not unreasonable, which could be worth some $10B net to the company. . .Shell shares remain inexpensive. Maintain Buy."

Michele della Vigna, Goldman Sachs (6/20/12) "We maintain a very positive view of Royal Dutch Shell Plc's business, with the ramp-up of production in Qatar likely to increase the company's underlying cash flow by 10%+ this year. . .we remain very positive on the earning power of the liquefied natural gas business in a very tight market. On top of these positive earnings drivers, we think that the company's portfolio of high-impact exploration and unconventional opportunities is among the most attractive in the sector, with high-impact exploration in Alaska likely to start this summer and attractive appraisal of gas shales in China and liquid-rich shales in North America ongoing throughout the year."

Theepan Jothilingam, Nomura Equity Research (6/19/12) "Royal Dutch Shell Plc. shares remain inexpensive. We maintain our Buy rating. . .the Arctic remains largely undrilled and provides Big Oil with one of the more explicit opportunities to showcase execution capabilities and a big balance sheet. . .Shell has an upcoming exploration program offshore Alaska. . .with drilling centered on re-visiting the comapany's 1.8 Bboe Burger discovery of the 1990s, material exploration success could open up this unexplored basin and put the company at the forefront of Arctic exploration."

Stock Croc, Seeking Alpha (5/30/12) "An investor looking for more income from a higher dividend yield should consider Royal Dutch Shell Plc. . .the company declares a dollar-based dividend for both the class A and class B shares. . .the lower dividend payouts from the American energy companies have not produced measurably higher share price returns when compared to Royal Dutch. . .the selection of Royal Dutch from the small group of large energy companies comes down to the attractive dividend policy."

Dividend Kings, Seeking Alpha (5/24/12) "I believe Royal Dutch Shell Plc will continue to use its tact and business expertise to influence not only Iraq, but also larger international politics concerned with oil production and natural gas exploration: A company that has the power to influence a country's reality testing is the one that can increase investor confidence. The next few months will continue to see Shell strengthening its position in the Middle East and elsewhere; I expect upside of 15% by 2013."

Income Hunter, Seeking Alpha (5/22/12) "Royal Dutch Shell Plc. has very successful oil fields and gas exploration projects all over the world, and the recent deals will only help Shell to consolidate its position as a major oil company. . .the company has had a very good track record in Iran, and if the present regime is toppled somehow, Shell will surely find its way back to Iranian oil fields, including the one that was discovered just a few days ago. . .Iran discovering oil fields in the Caspian Sea as very good news; this will help Shell access newer oil fields which may not be available for its partners, and will likely send its stock higher."

Michael Kay, Standard & Poor's (5/19/12) "We see Royal Dutch Shell Plc's production rising over the next four years. . .in 2011, the company doubled its liquid natural gas capacity through Qatar and Russia, and expanded Canadian oil sands production while fully integrating it into its U.S. downstream. . .Royal Dutch Shell's size, diversification, strong returns and technical strength are core advantages which, coupled with future reserve additions from Canadian oil sands, its gas-to-liquids project in Qatar and its Marcellus gas position, will ensure successful reserve replacement long term."

Michael Kay, Standard & Poor's (5/19/12) "We see Royal Dutch Shell Plc's production rising over the next four years. . .Shell will look to expand its gas-to-liquids (GTL) markets (particularly in China). It is in the process of reducing OECD refining exposure, while raising it in Eastern markets. . .in our view, size, diversification, strong returns and technical strength are core advantages which, coupled with future reserve additions from Canadian oil sands, its GTL project in Qatar and its Marcellus gas position, will ensure successful reserve replacement long term."

Michele della Vigna, Goldman Sachs (5/10/12) "We estimate the production ramp-up in Qatar will drive Royal Dutch Shell Plc to a sector-leading 22% EPS growth this year, which puts us 5%/18% above consensus for 2012–13, respectively. We also like Shell's portfolio of high-impact exploration and unconventional opportunities, with Alaska and the appraisal of shales in China and liquid-rich shales in North America."

Fadel Gheit, Oppenheimer & Co. (5/4/12) "Royal Dutch Shell Plc has invested heavily over the last few years in many large energy projects that started to come on stream beginning last year. . .these projects are ramping up and are beginning to make significant contributions to the company's production, earnings, and cash flow. . .in Qatar, the Pearl gas-to-liquids project continues to make good progress and is expected to reach full capacity in the middle of 2012. . .the three large projects started up last year, Qatargas 4, Pearl and the Athabasca Oil Sands in Canada, produced 360 Mboe/d in Q1/12, up from 130 Mboe/d in Q1/11, with net peak production of 450 Mboe/d."

Jon Rigby, UBS Securities (4/27/12) "Royal Dutch Shell Plc's Clean CCS earnings of $7.28B beat consensus by 9%. . .we liked the quality with stronger E&P driven by integrated gas earnings and improved downstream. Cash flow from operating activities was $13.4B. . .the quarter themes are consistent with the medium and longer term investment case of steady growth and strong cash flow. . .we continue to see Shell as attractively valued and, with strong cash flows and a lowly geared balance sheet, low risk."

Hootan Yazhari, Bank of America Merrill Lynch (4/27/12) "Royal Dutch Shell Plc kicked off the European oils Q112 earnings season with a strong set of results. Adjusted current cost of supplies earnings came in at $7.28B (+16% YOY, +50% QOQ), 7% ahead of the consensus and our estimates of $6.8B. The beat was broad based, with stronger than expected margin capture across the upstream and downstream business units. . .undoubtedly, the most noteworthy source of margin contribution during the quarter lay in the company's integrated gas operations."

Alastair Syme, Citigroup (4/27/12) "Royal Dutch Shell Plc has beaten market consensus expectations for Q112 by 9% (5% above ours), continuing a trend that has seen this company beat consensus in all but one quarter since 2004. Stronger earnings look a function of two primary effects: strong Asia liquefied natural gas pricing over the winter in the wake of Japanese nuclear outages and robust U.S. petrochemicals margins. . .we think that consensus will look to adjust upwards around both points by a total of 2–3% for FY12."

Lucas Herrmann, Deutsche Bank (4/26/12) "Royal Dutch Shell Plc's better than anticipated Q1/12 results provided a better insight into the cash generative potential that we believe is an increasing feature of the Shell business. . .with balance sheet gearing now moving below 10% and crude oil prices in our view likely holding north of $100/bbl, there seems, however, an inevitability around future benefits for shareholders, and it's not one that, in our view, the market is fairly pricing. . .as the business is rebuilt, Shell is moving toward the nirvana of generating sufficient cash from its increasingly long lived upstream activities to fund growth through cycle and pay a sustainable and growing dividend."

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