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OVERVIEW | CCS EARNINGS BY ANALYST | CCS EARNINGS PER SHARE BY ANALYST

Please note the estimates presented below are as of June 25, 2018. Updated estimates, will be available soon. 
Royal Dutch Shell plc analysts' consensus estimates
Financial figures in million US-Dollar
(except where indicated differently)
Last update on 25/06/2018
 RangeQ2 2018 EFY 2018 EFY 2019 EFY 2020 EFY 2021 E
Earnings by segment (excluding identified items)
Integrated Gas - Consensus 9,049 9,414 9,238 10,384 
  - Lowest 7,017 6,005 5,413 8,969 
  - Highest 10,843 13,963 13,987 13,427 
  - Number of analysts participating 10 10 10 
              
Upstream - Consensus 7,897 8,187 8,469 7,756 
  - Lowest 5,739 5,794 4,653 6,741 
  - Highest 9,394 10,777 10,802 9,352 
  - Number of analysts participating 10 10 10 
              
Downstream (CCS basis) - Consensus 8,377 8,933 9,660 9,941 
  - Lowest 7,482 8,349 8,251 8,553 
  - Highest 9,307 10,653 12,095 12,161 
  - Number of analysts participating 11 11 11 
              
of which Oil Products (CCS basis) - Consensus 5,972 6,594 7,305 7,508 
  - Lowest 4,856 5,847 6,035 6,278 
  - Highest 7,059 8,134 9,337 9,504 
  - Number of analysts participating 
              
of which Chemicals (CCS basis) - Consensus 2,487 2,433 2,536 2,780 
  - Lowest 2,200 1,842 1,741 1,915 
  - Highest 2,683 2,821 3,124 3,570 
  - Number of analysts participating 
              
Operating Income - Consensus 44,699 26,632 27,167 28,081 
  - Lowest 22,386 22,662 20,770 25,470 
  - Highest 259,100 33,016 31,482 29,955 
  - Number of analysts participating 12 12 12 
              
Corporate - Consensus -1,234 -1,273 -1,194 -1,056 
  - Lowest -1,432 -1,466 -1,441 -1,200 
  - Highest -936 -1,105 -773 -913 
  - Number of analysts participating 
              
Non-controlling interest - Consensus -431 -440 -454 -494 
  - Lowest -500 -520 -560 -600 
  - Highest -346 -317 -281 -414 
  - Number of analysts participating 
              
CCS earnings - Consensus 23,286 23,840 24,683 26,354 
  - Lowest 20,311 18,060 19,154 23,670 
  - Highest 27,226 28,384 28,108 28,397 
  - Number of analysts participating 15 15 14 
 
Earnings per share
Weighted average number of shares (diluted) (million shares) - Consensus 8,306 8,179 7,964 7,714 
  - Lowest 8,102 7,890 7,617 7,256 
  - Highest 8,385 8,380 8,377 8,393 
  - Number of analysts participating 13 13 12 
              
CCS earnings per share excluding identified items - Consensus 2.84 2.99 3.17 3.58 
  - Lowest 2.45 2.18 2.36 3.01 
  - Highest 3.39 4.11 4.18 4.16 
  - Number of analysts participating 16 16 15 
 
Dividend per Share
Dividend per Share - Consensus 1.88 1.90 1.92 1.94 
  - Lowest 1.88 1.88 1.88 1.88 
  - Highest 1.88 1.98 2.08 2.12 
  - Number of analysts participating 16 16 15 
 
Cashflow
Cash flow from operating activities * - Consensus 46,930 50,819 53,917 53,060 
  - Lowest 44,901 47,150 50,604 51,846 
  - Highest 50,188 57,399 56,994 55,101 
  - Number of analysts participating 
 
Price assumptions
Oil price assumption Brent ($/bbl) - Consensus 69.1 68.2 68.1 66.8 
  - Lowest 64.0 60.0 55.0 60.0 
  - Highest 75.0 76.0 85.0 70.0 
  - Number of analysts participating 11 11 11 
              
Oil price assumption WTI ($/bbl) - Consensus 64.8 63.0 62.6 61.0 
  - Lowest 60.2 56.0 53.0 55.0 
  - Highest 70.0 70.0 68.0 66.0 
  - Number of analysts participating 
              
Henry Hub price assumption ($/mmbtu) - Consensus 2.92 2.83 2.98 2.94 
  - Lowest 2.75 2.25 2.50 2.30 
  - Highest 3.12 3.25 3.35 3.50 
  - Number of analysts participating 10 10 10 
*) including working capital movement, excluding interest expense (net)
Research analysts who would like to be included in the Analysts' Consensus Estimates for Royal Dutch Shell plc should submit their latest estimates and research reports to Vara Research via the following email address: info@vararesearch.de. By contacting Vara in this way, unless otherwise specified in the email, analysts will be deemed to have consented to their estimates being included in the Analysts' Consensus Estimates and their name, their employer's name and the date of their estimates being displayed on this sub-site.
 
Vara will exclude from the Analysts' Consensus Estimates estimates which were produced by analysts who are anonymous, have never provided a supporting research report and / or have not given their permission for their estimates to be included in the Analysts' Consensus Estimates.
 
Last update on 25/06/2018
Estimates from the following institutions were included in the above figures (the dates of the estimates are provided in square brackets):
AB Bernstein [04/06/2018]; Barclays [19/06/2018]; BoA Merrill Lynch [27/04/2018]; Citigroup [16/05/2018]; Degroof-Petercam [26/04/2018]; Deutsche Bank [26/04/2018]; Exane BNP Paribas [23/05/2018]; Goldman Sachs [26/04/2018]; ISI Evercore [21/05/2018]; J.P. Morgan Cazenove [09/05/2018]; Jefferies [27/04/2018]; Kepler Cheuvreux [26/04/2018]; Macquarie [27/04/2018]; Raymond James [07/05/2018]; RBC Capital Markets [27/04/2018]; Société Générale [27/04/2018] and UBS [01/06/2018]
 
Disclaimer
The Analysts' Consensus Estimates for Royal Dutch Shell plc provided above are for informational purposes only and are provided only for the convenience of Shell's investors. Shell has engaged Vara Research GmbH to survey analysts that cover Royal Dutch Shell plc and to provide us with Analysts' Consensus Estimates for Royal Dutch Shell plc. The Analysts' Consensus Estimates are not Shell-prepared estimates, forecasts, predictions or projections. Shell has had no involvement in the preparation of the Analysts' Consensus Estimates or in any analyst's estimate that may have formed part of the Analysts' Consensus Estimates. Shell does not endorse or approve the Analysts' Consensus Estimates or any underlying analyst's estimate that may have formed part of the Analysts' Consensus Estimates. Shell is not adopting the Analysts' Consensus Estimates and the Analysts' Consensus Estimates have not been reviewed or reported on in accordance with the requirements of Rule 28­.­1(a) of the City Code on Takeovers and Mergers. Moreover, investors are warned that reliance on the Analysts' Consensus Estimates as part of their investment decision could results in a loss, especially if Royal Dutch Shell plc fails to meet the Analysts Consensus Estimates. Furthermore, Shell provides no assurance with regard to the accuracy or correctness of the Analysts' Consensus Estimates.