Third quarter 2018 results - Shell...of interest in Shell Midstream Partners, L.P.). This presentation contains the following forward-looking Non-GAAP measures: Organic Free Cash Flow,

Royal Dutch Shell November 1, 2018

Royal Dutch Shell plcNovember 1, 2018

Third quarter 2018 resultsDelivering a world-class investment case

#makethefuture


Jessica UhlChief Financial OfficerRoyal Dutch Shell

Royal Dutch Shell November 1, 2018 3

Definitions & cautionary note

Operating costs are defined as underlying operating expenses, which are operating expenses less identified items. Organic free cash flow is defined as free cash flow excluding inorganic capital investment and divestment proceeds. ROACE (Return on Average Capital Employed) is defined as the sum of CCS earnings attributable to shareholders excluding identified items for the current and previous three quarters, as a percentage of the average capital employed for the same period. Capital employed consists of total equity, current debt and non-current debt. Capital investment comprises capital expenditure, exploration expense excluding well write-offs, new investments in joint ventures and associates, new finance leases and investments in Integrated Gas, Upstream and Downstream equity securities, all of which on an accruals basis. Divestments comprises proceeds from sale of property, plant and equipment and businesses, joint ventures and associates, and other Integrated Gas, Upstream and Downstream investments, reported in “Cash flow from investing activities (CFFI)”, adjusted onto an accruals basis and for any share consideration received or contingent consideration recognised upon divestment, as well as proceeds from the sale of interests in entities while retaining control (for example, proceeds from sale of interest in Shell Midstream Partners, L.P.). This presentation contains the following forward-looking Non-GAAP measures: Organic Free Cash Flow, Free Cash Flow, Capital Investment, CCS Earnings less identified items, Operating Expenses, ROACE, Capital Employed and Divestments. We are unable to provide a reconciliation of the above forward-looking Non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile the above Non-GAAP measure to the most comparable GAAP financial measure is dependent on future events some which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Royal Dutch Shell plc’s financial statements. The forward-looking break-even prices (BEP) presented are calculated based on all forward-looking costs associated from FID. Accordingly, this typically excludes exploration and appraisal costs, lease bonuses, exploration seismic and exploration team overhead costs. The forward-looking breakeven price is calculated based on our estimate of resources volumes that are currently classified as 2p and 2c under the Society of Petroleum Engineers’ Resource Classification System. As the projects are expected to be multi-decade producing the per barrel projection will not be reflected either in earnings or cash flow in the next five years. The financial measures provided by strategic themes represent a notional allocation of ROACE, capital employed, capital investment, free cash flow, organic free cash flow and underlying operating expenses of Shell’s strategic themes. Shell’s segment reporting under IFRS 8 remains Integrated Gas, Upstream, Downstream and Corporate.

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this presentation “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this presentation refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘goals’’, ‘‘intend’’, ‘‘may’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘plan’’, ‘‘probably’’, ‘‘project’’, ‘‘risks’’, “schedule”, ‘‘seek’’, ‘‘should’’, ‘‘target’’, ‘‘will’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this presentation, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended December 31, 2017 (available at www.shell.com/investor and www.sec.gov ). These risk factors also expressly qualify all forward-looking statements contained in this presentation and should be considered by the reader. Each forward-looking statement speaks only as of the date of this presentation, November 1, 2018. Neither Royal Dutch Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this presentation. We may have used certain terms, such as resources, in this presentation that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

http://www.shell.com/investor

http://www.sec.gov/

http://www.sec.gov/


Summary

Divestments: headline. Methane emissions target covers all oil and gas assets for which Shell is the operator.

Key messages

Cash flow delivery

Cash flow from operations excluding working capital of $14.7 billion

Free cash flow of $8 billion

Financial framework

$25 billion share buyback programme ongoing

1st tranche completed, 2nd tranche of up to $2.5 billion announced

Gearing further reduced to 23.1%

Reshaping the portfolio

Final investment decision on LNG Canada

Divestments completed and announced >$30 billion

Energy transition & license to operate

Target to maintain methane emissions intensity below 0.2% by 2025

Thrive in the energy transition

World-class investment case

Strong license

to operate


Portfolio & projects

LNG Canada

IRR defined as the discount rate that results in an NPV of zero for future after-tax cash flows expected from investment in upstream, midstream and trading, at LNG price of $8.5/MMBtu (Tokyo DES, real terms 2018).

Consistent with strategy and disciplined approach

to capital investment

LNG demand growth driven by Asia, supply gap

expected in early 2020s

Capital investment included within existing $25-30

billion guidance

Estimated integrated project IRR ~13%

Upside with trains 3 & 4

Competitive cost of supply into Asia

Support from local communities, First Nations and

Canadian Government

Emerging LNG supply-demand gap

Million tonnes per annum (DES)

LNG Canada – future site view

Right project,

in the right place,

at the right time

0

100

200

300

400

500

600

2000 2005 2010 2015 2020 2025 2030 2035

LNG supply in operation LNG supply under constructionDemand forecasts



Thriving in the Energy Transition

Source graph: Embassy of the USA – Beijing, China; National Bureau of Statistics of China; Beijing Gas Group Co. Ltd. 2018E based on H1 2018 extrapolation.

LNG Canada – competitive low carbon footprint

BCM

Beijing – gas as a cleaner alternative to coal

LNG resilient in the Energy

Transition

Low upstream emissions in the Montney

LNG plant clean power import

Low CO2 LNG technology

TransCanada methane principles Coastal Gas Link (CGL) efficient compression

BritishColumbia

Alberta

Canada

μg/m3

Particulate matter PM2.5 (RHS)Beijing area gas demand

0

20

40

60

80

100

120

0

2

4

6

8

10

12

14

16

18

20

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

E


Q3 2018

Other portfolio developments

Nigeria Epu near field discovery – 823 net feet of new hydrocarbon

bearing pay

Brazil bid round – awarded Saturno pre-salt block as operator, increasing

Brazilian offshore acreage to 2.7 million acres

Mauritania entry – 23,675 square kilometres of new exploration acreage

First production from Lula Extreme South P-69 FPSO – with capacity to

produce up to 150 thousand barrels of oil per day, Shell interest 25%

Start-up of solvent deasphalter unit in Pernis – increasing the production

of cleaner transport fuels ahead of IMO 2020 regulation

First ship-to-ship LNG bunkering – completed in port of Rotterdam

Denmark Upstream – announced sale for consideration of $1.9 billion

Argentina Downstream – completed sale for consideration of $0.9 billion

Shell’s interest in the Lula field is subject to unitisation agreements.


Portfolio highlights

Exploration

Project delivery

Divestments


Of which $7.5 billion organic free cash flow

More than covers dividend, interest and share buybacks

Disciplined cashallocation

Cashgeneration

8

Q3 2018

Financial highlights: summary

Dividend distributed to RDS shareholders; Buybacks: subject to further progress with debt reduction and oil price conditions. First tranche of $2 billion, of which $1.4 billion completed in Q3 2018, $0.6 billion in Q4 2018;

Earnings and ROACE on CCS basis, excluding identified items.

Q3 2018 average Brent

price: $75/bbl

$5.6 billion earnings

Net debt reduction

Share buybacks

Capital investment

$14.7 billion Highest since Q2 2008 when Brent averaged >$120/bblfor the quarter

$8.0 billion

Cash flow from operations excl. working capital

Free cash flow

ROACE 7.1%Returns

$1.7 billion 23.1% gearing

$2.0 billion

$5.8 billion Estimated to be ~$25 billion in 2018

First tranche completed in October

Second tranche of up to $2.5 billion announced

Intention to purchase $25 billion by the end of 2020


Q3 2018

Financial highlights: earnings

Earnings and ROACE on CCS basis, excluding identified items.

$ billion

Earnings Q3 2017 to Q3 2018$ billion Q3 2017 Q3 2018

Integrated Gas 1.3 2.3

Upstream 0.6 1.9

Downstream (CCS) 2.7 2.0

Corporate & non-controlling interest

(0.4) (0.6)

CCS earnings 4.1 5.6

CCS earnings, $ per share 0.50 0.68

ROACE (%) 4.6 7.14.1

5.6

2.5

(0.1)

0.3

(0.8)(0.2) (0.1)

0

2

4

6

8


Q3 2018

Financial highlights: cash flow

Dividend distributed to RDS shareholders.

$ billion

CFFO excl. working capital Q2 2018 to Q3 2018

11.6

14.7

0.6 0.6

0.8 0.5 0.6

0

4

8

12

16

$ billion Q2 2018 Q3 2018

Integrated Gas 3.0 3.3

Upstream 5.5 6.7

Downstream 1.0 1.0

Corporate 0.0 1.1

Cash flow from operations 9.5 12.1

Cash flow from operationsexcl. working capital 11.6 14.7

Cash flow from investing activities

0.0 (4.1)

Free cash flow 9.5 8.0

Dividend (3.9) (3.9)

Interest paid (0.9) (0.9)

Share buybacks - (1.4)


Earnings and ROACE on CCS basis, excluding identified items; Pricing assumption 2020: $60 per barrel real terms 2016, mid-cycle Downstream;

Divestments: headline, cash proceeds in 2016, 2017 and Q1-Q3 2018: $24.3 billion (in CFFI), $2.1 billion related to Shell Midstream Partners, L.P. (in CFFF).

$ billion

-5

5

15

25

-5

5

15

25

2014 2015 2016 2017 18Q34Q

rolling

Earnings & ROACE (4Q rolling)

$ billion

-15

0

15

30

45

2014 2015 2016 2017 18Q34Q

rolling

Cash flow (4Q rolling)

$ billion

15

20

25

30

50

55

60

65

70

75

80

16Q

116

Q2

16Q

316

Q4

17Q

117

Q2

17Q

317

Q4

18Q

118

Q2

18Q

3

Gearing

$20 billion earnings

ROACE increased to 7.1%

On track to deliver 10% ROACE in

2020

$29 billion free cash flow

$17 billion organic free cash flow

More than $30 billion divestments

completed or announced since 2016

On track to deliver 2020 outlook

$8.3 billion of net debt reduction

since Q3 2017

Gearing reduced from 23.6% to

23.1% in the quarter

Line of sight to 20% gearing

Q3 2018 (4Q rolling)

average Brent price:

$69/bbl

% %

Upstream

ROACE (RHS)

Downstream

Integrated Gas Corporate + NCICFFO CFFI FCF Net debt Gearing (RHS)

Q3 2018

Financial highlights: trend


Outlook

Four powerful levers

2019 capital investment outlook excludes IFRS 16 impact; Divestments: headline, cash proceeds in 2016, 2017 and Q1-Q3 2018: $24.3 billion (in CFFI), $2.1 billion related to Shell Midstream Partners, L.P. (in CFFF);

CFFO from new projects 2018 and 2020: compared with 2014, at $60 per barrel real terms 2016. Q3 2018 year-to-date at $72 per barrel average Brent.

$30 billion divestment programme:

▪ Argentina Downstream completed

▪ $28 billion completed to date

▪ Further $4 billion announced – including $1.9 billion for Denmark Upstream

>$5 billion per annum in 2019 and 2020

$25-30 billion per annum until 2020

Disciplined & efficient capital allocation

Material savings post-FID

2018 full year outlook: ~$25 billion

2019 outlook: within the $25-30 billion range

4-quarters rolling underlying operating expenses of $38.7 billion

Drive simplification, standardisationand digitalisation

Leveraging the Shell Business Operations shared services model

Operating expenses Capital investment

Divestments New projects

CFFO from new projects:

▪ $9 billion year-to-date

▪ +$10 billion by end 2018

▪ +$15 billion by end 2020

New projects provide oil price upside


Outlook

Projects delivery

Pricing assumption 2018E-2021E and 2018 YTD estimate: $60 per barrel real terms 2016. Brazil accumulations are subject to unitisation agreements.

$ billion

Cash contribution from new projects Selected key projects

Selected key projects to

contribute 2018-2020:

▪ >400 kboe/d peak

production

▪ >$7 billion CFFO2018E 2019E 2020E

0

10

20

2018 YTD estimate

Brazil (8 FPSOs)Gulf of Mexico (Cardamom, Mars, Stones, Kaikias)MalikaiGumusut Kakap Ph1Brazil - Lula North (P-67)Appomattox

Permian

QCLNGGorgonPrelude

KashaganSchiehallion redevelopmentClair Ph2

Nanhai China ChemicalsGeismar AO4

Pernis SDAScotford

Start-up

Q3 2019

Q4 2018

Q4 2018

Q4 2018

Q4 2018

2017-2020

Deep-water

Integrated Gas

Conventional Oil & Gas

Shales

Chemicals

Oil Products


17

0

5

10

15

20

25

30

35

Q3

2018

4QR

Nor

mal

isat

ion

to$6

0/bb

l RT1

6

Q3

2018

4QR,

nor

mal

ised

CFF

O fr

omke

y ne

w p

roje

cts

2020

out

look

14

Outlook

Organic free cash flow

2020 outlook at $60 per barrel real terms 2016, mid-cycle Downstream. Organic free cash flow normalised to stable $60 per barrel real terms 2016 oil price environment in 2020, assuming no working capital or margining movements. Price effect between

current Brent price and 2020 outlook is indicative, calculated using rule-of-thumb.

$ billion

Organic free cash flow Q3 2018 to 2020 Outlook

Focus on free cash flow

growth

On track to deliver 2020 outlook of $25-30

billion organic free cash flow

Normalised organic free cash flow excludes

effects of margining and working capital

movements

New projects provide free cash flow growth

25-30>7

(3)

~24

~21

Organic free cash flow

Working capital movement and IG margining


Capital investment

Buybacks

Divestment

proceeds

CFFO

Surplus

CFFO

15

Financial framework

Cash allocation

2019 capital investment outlook excludes IFRS 16 impact; 20% gearing as a proxy for AA equivalent credit metrics.

Intention to purchase $25 billion by the end of 2020

Subject to further progress with debt reduction and oil price

conditions

$25-30 billion p.a., organic & inorganic

~$25 billion in 2018 and within the range in 2019

$3.5-4 billion expected in 2018

23.1% as of Q3 2018

$3.9 billion cash payment in Q3 2018Dividend

Interest

Net debt reduction

to 20% gearing


Summary

Divestments: headline. Methane emissions target covers all oil and gas assets for which Shell is the operator.

Key messages

Cash flow delivery

Cash flow from operations excluding working capital of $14.7 billion

Free cash flow of $8 billion

Financial framework

$25 billion share buyback programme ongoing

1st tranche completed, 2nd tranche of up to $2.5 billion announced

Gearing further reduced to 23.1%

Reshaping the portfolio

Final investment decision on LNG Canada

Divestments completed and announced >$30 billion

Energy transition & license to operate

Target to maintain methane emissions intensity below 0.2% by 2025

Thrive in the energy transition

World-class investment case

Strong license

to operate


Questions & Answers

Jessica UhlChief Financial Officer




0.5

1.1

0.9

2.6

0

2

4

6

8

Inventories -price effect

Inventories -volume effect

AP/ARmovement

Total workingcapital movement

19

RDS working capital movements

$ billion

Working capital movements Q2 2018 to Q3 2018

$ billion

Working capital movements Q3 2017 to Q3 2018

~300 million boe in

Downstream inventory at

end Q3 2018 – materially

unchanged from Q3 2017

5.6

0.6

1.3

7.5

0

2

4

6

8

Inventories -price effect

Inventories -volume effect

AP/ARmovement

Total workingcapital movement


Outlook

Q4 2018Outlook

Q4 – Q4 OUTLOOK: Year-ago baseline reflects Shell’s earnings seasonality

Integrated gas Production volumes: 0-40 thousand boe/d lower, mainly due to divestments

Liquefaction volumes: up to 0.3 million tonnes higher, mainly due to increased feed gas availability and lower maintenance

Upstream Production volumes: 80-120 thousand boe/d higher, mainly due to lower maintenance activity and growth from new

fields more than offsetting the impacts of field decline and divestments

Downstream Refinery availability to increase, as a result of lower maintenance activity

Chemicals availability to increase, as a result of lower maintenance activity

Oil products sales volumes: 40-70 thousand boe/d lower, mainly as a result of the divestment of the Downstream business in Argentina

2018 OUTLOOK:

Corporate segment: net charge of $350-400 million in Q4, excluding the impact of currency exchange rate effects

IFRS 16: updates will be communicated in Q1 2019

20


Q3 2018

Prices & margins $/barrel

Shell oil & gas realisations

$/barrel

Industry refining margins

$/tonne

Industry chemicals margins

0

1

2

3

4

5

6

0

20

40

60

80

17Q3 17Q4 18Q1 18Q2 18Q30

3

6

9

12

15

18

17Q3 17Q4 18Q1 18Q2 18Q30

200

400

600

800

1000

17Q3 17Q4 18Q1 18Q2 18Q3

US ethaneWestern Europe naphthaNE/SE Asia naphtha

US West CoastUS Gulf Coast cokingRotterdam complexSingapore

OilGas (RHS)

21

$/mscf


1.3

2.3

1.2 0.1

(0.2) (0.1) ~(0)

0

1

2

3

22

Q3 2018

Integrated Gas results

$ billion

Earnings Q3 2017 to Q3 2018

Environment Choice

Earnings on CCS basis, excluding identified items


0.6

1.9

1.80.1

0.1 0.10.1

(0.8) (0.1)

0

1

2

3

23

Q3 2018

Upstream results

$ billion


Environment Choice



2.7

2.0

(0.3)(0.1)

(0.1)(0.1) ~(0)

0

1

2

3

24

Q3 2018

Downstream results


$ billion


$ billion

Earnings mix

0

5

10

2015 2016 2017 18Q34Q rolling

MarketingRefining & TradingChemicals


Start-up Project Country Shell share%

Peak production 100% kboe/d

LNG 100% capacity mtpa

Products Legend Theme Shell operated

2018-19 Appomattox United States 79 175 Deep water P

Atapu South (P-70)* Brazil 25 150 Deep water

Berbigão and Sururu SW (P-68)* Brazil 25 150 Deep water

Clair Ph2 United Kingdom 28 120 Conventional oil + gas

Forcados Yokri Integrated Project (FYIP) Nigeria 30 40 Conventional oil + gas P

Geismar AO4 United States 100 425 ktpa AO Chemicals P

Gumusut-Kakap Ph2 Malaysia 29 50 Deep water P

Lula North (P-67)* Brazil 25 150 Deep water

Permian + Fox Creek **United States & Canada

various ~200 Shales P

Prelude FLNG Australia 68 131 3.6 1.7 mtpa NGLs Integrated Gas P

Rabab Harweel Integrated Project Oman 34 35 Conventional oil + gas

Southern Swamp AG Nigeria 30 40 Conventional oil + gas P

Tempa Rossa Italy 25 50 Conventional oil + gas

WDDM 9B Egypt 50 52 Conventional oil + gas

2020+ FPSO P-71* Brazil 25 150 Deep water

Bakong / Gorek / Larak (SK408) Malaysia 30 75 Conventional oil + gas P

Changbei II China 100 TBD Integrated Gas P

KBB Ph2 Malaysia 30 75 Conventional oil + gas

LNG Canada T1-2 Canada 40 14 Integrated Gas

Mero 1* Brazil 20 180 Deep water

Pegaga Malaysia 20 95 Conventional oil + gas

Penguins Redevelopment United Kingdom 50 45 Conventional oil + gas P

Pennsylvania cracker United States 100 1.5 mtpa C2 Chemicals P

Troll Ph3 Norway 8 255 Conventional oil + gas

Tyra Future*** Denmark 37 80 Conventional oil + gas

Vito United States 63 100 Deep water P

* The Brazil accumulations are subject to unitisation agreements which impacts onstream, under construction, and pre-FID projects; production shown is FPSO oil capacity as per operator

** Fox Creek and Permian production represents Shell entitlement share of production and is the production growth expected between 2016 peak to 2018 peak production

*** Subject to completion of Denmark Upstream divestment

25

Projects under construction

2018-19 Shell share:

▪ >600 kboe/d

▪ 2.4 mtpa LNG

▪ 0.4 mtpa AO

2020+ Shell share:

▪ >250 kboe/d

▪ 5.6 mtpa LNG

▪ 1.5 mtpa ethylene


Phase Project Country Shell share%

Peak production 100% kboe/d

LNG 100% capacity mtpa

Products Legend Theme Shell operated

Define Arrow Surat Australia 50 TBD Integrated Gas

Assa North Nigeria 30 60 Conventional oil + gas P

Bonga South West Nigeria 43 175 Deep water P

Gbaran Ph3 Nigeria 30 50 Conventional oil + gas P

Lake Charles LNG United States TBD 16.8 Integrated Gas

Uzu Development Nigeria 30 45 Conventional oil + gas P

Val d'Agri Future Development Italy 39 65 Conventional oil + gas

Assess / Bonga Main Life Extension & Upgrade Project Nigeria 55 75 Deep water P

Select Clair South United Kingdom 28 60 Conventional oil + gas

HI Development Nigeria 40 75 Conventional oil + gas P

Jackdaw United Kingdom 74 40 Conventional oil + gas P

Jerun Malaysia 30 95 Conventional oil + gas

Kalamkas Kazakhstan 17 55 Conventional oil + gas

Kashagan CFP Kazakhstan 17 65 Conventional oil + gas

KGK Expansion Project Ph1 Kazakhstan 29 40 Conventional oil + gas




LNG Canada T3-4 Canada 40 14 Integrated Gas

Marjoram/Rosmari Malaysia 75 60 Conventional oil + gas P

Ormen Lange Late Life Recovery Norway 18 50 Conventional oil + gas P

Pearls Khazar Kazakhstan 55 40 Conventional oil + gas

Pierce Depressurisation United Kingdom 93 25 Conventional oil + gas P

Powernap United States 100 35 Deep water P

Sakhalin T3 Russia 28 5.4 Integrated Gas

Salym Southern Hub Project Russia 50 65 Conventional oil + gas

* The Brazil accumulations are subject to unitisation agreements which impacts onstream, under construction, and pre-FID projects; production shown is FPSO oil capacity as per operator

26

Pre-FID options

Shell share potential:

▪ ~600 kboe/d

▪ >7 mtpa LNG

Documents

Third quarter 2018 results - Shell...of interest in Shell Midstream Partners, L.P.). This presentation contains the following forward-looking Non-GAAP measures: Organic Free Cash Flow,