× You have changed the size of your browser. Reload the page for best representation and functionality.
Reload
× For horizontal scrolling please use the arrows.
OK
Print table
Royal Dutch Shell plc analysts' consensus estimates
Financial figures in million US-Dollar
(except where indicated differently)
Last update on 21/09/2018
 RangeQ3 2018 EFY 2018 EFY 2019 EFY 2020 EFY 2021 E
Earnings by segment (excluding identified items)
Integrated Gas - Consensus 9,811 10,630 10,298 10,072 
  - Lowest 9,400 9,227 8,111 8,754 
  - Highest 10,567 13,371 13,537 13,054 
  - Number of analysts participating 12 12 12 
              
Upstream - Consensus 7,692 9,127 8,741 6,108 
  - Lowest 6,269 5,067 2,984 2,081 
  - Highest 9,643 15,931 17,281 8,353 
  - Number of analysts participating 12 12 12 
              
Downstream (CCS basis) - Consensus 7,620 8,567 9,884 10,405 
  - Lowest 7,029 7,475 8,064 8,668 
  - Highest 8,260 10,048 16,151 14,406 
  - Number of analysts participating 13 13 13 
              
of which Oil Products (CCS basis) - Consensus 5,291 6,183 7,549 8,305 
  - Lowest 4,445 5,305 5,682 6,482 
  - Highest 5,876 7,712 12,998 11,173 
  - Number of analysts participating 
              
of which Chemicals (CCS basis) - Consensus 2,500 2,574 2,698 3,100 
  - Lowest 2,121 1,952 1,871 2,582 
  - Highest 2,776 2,965 3,154 3,570 
  - Number of analysts participating 
              
Operating Income - Consensus 24,963 28,578 29,340 26,768 
  - Lowest 23,275 23,183 21,658 21,523 
  - Highest 26,420 34,052 37,714 32,040 
  - Number of analysts participating 14 14 14 
              
Corporate - Consensus -1,514 -1,218 -1,164 -1,289 
  - Lowest -1,656 -1,800 -1,800 -1,722 
  - Highest -1,152 -566 -347 -813 
  - Number of analysts participating 11 11 11 
              
Non-controlling interest - Consensus -489 -513 -521 -501 
  - Lowest -639 -641 -712 -600 
  - Highest -383 -418 -418 -450 
  - Number of analysts participating 11 11 11 
              
CCS earnings - Consensus 23,470 26,508 26,604 25,106 
  - Lowest 21,198 21,031 17,396 19,775 
  - Highest 28,112 32,763 36,514 29,818 
  - Number of analysts participating 18 18 18 
 
Earnings per share
Weighted average number of shares (diluted) (million shares) - Consensus 8,296 8,122 7,896 7,444 
  - Lowest 8,125 7,823 7,368 6,779 
  - Highest 8,381 8,381 8,381 7,898 
  - Number of analysts participating 18 18 18 
              
CCS earnings per share excluding identified items - Consensus 2.83 3.27 3.38 3.39 
  - Lowest 2.57 2.53 2.12 2.67 
  - Highest 3.40 4.07 4.64 4.18 
  - Number of analysts participating 18 18 18 
 
Dividend per Share
Dividend per Share - Consensus 1.88 1.90 1.92 1.92 
  - Lowest 1.88 1.88 1.88 1.88 
  - Highest 1.88 1.98 2.08 2.00 
  - Number of analysts participating 16 16 16 
 
Cashflow
Cash flow from operating activities * - Consensus 44,103 51,261 53,421 52,063 
  - Lowest 39,163 44,994 45,882 46,126 
  - Highest 47,337 56,466 59,843 58,592 
  - Number of analysts participating 12 12 12 
 
Price assumptions
Oil price assumption Brent ($/bbl) - Consensus 73.3 74.7 71.8 65.4 
  - Lowest 70.0 67.0 62.0 60.0 
  - Highest 76.6 85.6 88.0 70.0 
  - Number of analysts participating 13 13 12 
              
Oil price assumption WTI ($/bbl) - Consensus 68.3 70.3 70.1 62.5 
  - Lowest 65.0 66.8 63.0 60.0 
  - Highest 72.7 75.9 83.0 64.4 
  - Number of analysts participating 
              
Henry Hub price assumption ($/mmbtu) - Consensus 2.94 2.92 3.00 2.94 
  - Lowest 2.80 2.50 2.50 2.30 
  - Highest 3.10 3.25 3.50 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 21/09/2018
Estimates from the following institutions were included in the above figures (the dates of the estimates are provided in square brackets):
AB Bernstein [01/08/2018]; Barclays [11/09/2018]; Berenberg Bank [10/09/2018]; BoA Merrill Lynch [08/08/2018]; Citigroup [26/07/2018]; Degroof-Petercam [26/07/2018]; Deutsche Bank [31/07/2018]; Exane BNP Paribas [28/08/2018]; Goldman Sachs [26/07/2018]; HSBC [08/08/2018]; ISI Evercore [27/07/2018]; Jefferies [26/07/2018]; Kepler Cheuvreux [26/07/2018]; Oddo BHF [27/07/2018]; RBC Capital Markets [20/09/2018]; Santander [31/08/2018]; Société Générale [27/07/2018] and UBS [03/08/2018]
 
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.