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Print table
Royal Dutch Shell plc analysts' consensus estimates
Financial figures in million US-Dollar
(except where indicated differently)
Last update on 25/04/2017
 RangeQ1 2017 EFY 2017 EFY 2018 EFY 2019 E
Earnings by segment (excluding identified items)
Integrated Gas - Consensus 894 5,103 6,787 7,452 
  - Lowest 478 3,600 4,250 4,292 
  - Highest 1,293 6,534 9,069 9,679 
  - Number of analysts participating 25 19 18 17 
            
Upstream - Consensus 589 2,671 4,670 6,178 
  - Lowest -934 -106 394 
  - Highest 1,333 7,160 9,355 12,670 
  - Number of analysts participating 25 19 18 17 
            
Downstream (CCS basis) - Consensus 1,927 7,518 7,337 7,361 
  - Lowest 1,508 6,782 5,906 5,669 
  - Highest 2,423 8,992 9,090 9,269 
  - Number of analysts participating 28 22 21 19 
            
of which Oil Products (CCS basis) - Consensus 1,434 5,743 5,620 5,603 
  - Lowest 1,044 4,823 4,500 4,256 
  - Highest 1,873 7,096 7,278 7,469 
  - Number of analysts participating 27 22 21 19 
            
of which Chemicals (CCS basis) - Consensus 500 1,775 1,717 1,759 
  - Lowest 350 1,400 1,271 1,409 
  - Highest 698 2,442 2,285 2,404 
  - Number of analysts participating 27 22 21 19 
            
Operating Income - Consensus 3,459 15,411 18,842 21,266 
  - Lowest 2,645 11,733 13,397 13,955 
  - Highest 4,310 19,332 25,012 30,091 
  - Number of analysts participating 28 22 21 19 
            
Corporate - Consensus -365 -1,360 -1,099 -991 
  - Lowest -513 -2,209 -2,575 -3,073 
  - Highest -125 -400 807 950 
  - Number of analysts participating 26 22 21 19 
            
Non-controlling interest - Consensus -62 -252 -277 -298 
  - Lowest -87 -370 -413 -474 
  - Highest -35 -51 -5 17 
  - Number of analysts participating 25 21 20 18 
            
CCS earnings - Consensus 3,048 13,898 17,590 20,116 
  - Lowest 2,282 10,828 11,793 12,372 
  - Highest 3,840 18,986 26,602 32,239 
  - Number of analysts participating 28 22 21 19 
 
Earnings per share
Weighted average number of shares (in million) - Consensus 8,177 8,221 8,274 8,256 
  - Lowest 7,892 8,019 7,630 7,330 
  - Highest 8,266 8,357 8,573 8,665 
  - Number of analysts participating 27 22 21 19 
            
CCS earnings per share excluding identified items - Consensus 0.37 1.71 2.14 2.43 
  - Lowest 0.28 1.32 1.42 1.49 
  - Highest 0.47 2.36 3.49 4.40 
  - Number of analysts participating 27 23 22 20 
 
Dividend per Share
Dividend per Share - Consensus 0.47 1.88 1.89 1.90 
  - Lowest 0.47 1.88 1.88 1.88 
  - Highest 0.47 1.88 1.94 1.97 
  - Number of analysts participating 26 23 22 20 
 
Cashflow
Net cash from operating activities - Consensus 38,484 43,357 44,654 
  - Lowest 33,711 35,124 23,040 
  - Highest 46,060 54,357 60,093 
  - Number of analysts participating 21 21 19 
 
Price assumptions
Oil price assumption Brent ($/bbl) - Consensus 57.1 62.6 66.7 
  - Lowest 52.5 55.0 56.1 
  - Highest 60.4 75.0 80.0 
  - Number of analysts participating 22 21 19 
            
Oil price assumption WTI ($/bbl) - Consensus 55.1 61.0 64.8 
  - Lowest 50.5 53.0 54.1 
  - Highest 58.6 73.0 80.0 
  - Number of analysts participating 21 20 18 
            
Henry Hub price assumption ($/mmbtu) - Consensus 3.14 3.18 3.16 
  - Lowest 2.75 2.90 2.74 
  - Highest 3.46 4.00 3.95 
  - Number of analysts participating 22 21 19 
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 25/04/2017
Estimates from the following institutions were included in the above figures (the dates of the estimates are provided in square brackets):
AB Bernstein [25/04/2017]; ABN AMRO [24/04/2017]; Barclays [10/04/2017]; BoA Merrill Lynch [21/04/2017]; Canaccord [19/04/2017]; Citigroup [19/04/2017]; Credit Suisse [20/04/2017]; Degroof-Petercam [18/04/2017]; Deutsche Bank [10/04/2017]; Exane BNP Paribas [13/04/2017]; Goldman Sachs [11/04/2017]; Howard Weil [20/04/2017]; HSBC [13/04/2017]; ISI Evercore [18/04/2017]; Jefferies [10/04/2017]; Kepler Cheuvreux [12/04/2017]; Macquarie [24/04/2017]; Morgan Stanley [20/04/2017]; Oddo&Cie [12/04/2017]; Panmure Gordon & Co [19/04/2017]; Raymond James [24/04/2017]; RBC Capital Markets [18/04/2017]; Redburn [20/04/2017]; Santander [10/04/2017]; Simmons & Company International [20/04/2017]; Société Générale [25/04/2017]; Tudor, Pickering, Holt & Co. [13/04/2017] and UBS [20/04/2017]
 
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.