1. Q4 on Q4 change.
2. Adjusted Earnings is defined as income/(loss) attributable to shareholders plus cost of supplies adjustment (see Note 2) and excluding identified items (see Reference A).
Income attributable to Royal Dutch Shell plc shareholders amounted to a loss of $4.0 billion for the fourth quarter 2020, which included post-tax impairment charges of $2.7 billion and charges of $1.1 billion mainly due to onerous contract provisions. Fourth quarter 2020 results reflected lower realised prices for oil and LNG as well as lower production volumes and realised refining margins compared with the fourth quarter 2019. This was partly offset by lower operating expenses and higher chemicals margins.
ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES
This announcement includes certain measures that are not defined by generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, CFFO excluding working capital movements, Cash capital expenditure, Organic free cash flow, Return on average capital employed, Underlying operating expenses, Gearing and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Royal Dutch Shell plc s operating performance and ability to retire debt and invest in new business opportunities. Royal Dutch Shell plc s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.
The Shell-operated QGC will now be part-owned by another company following an agreement to sell a share in the operation.
QGC Common Facilities Company Pty Ltd, a wholly-owned subsidiary of Shell, on Monday announced it agreed to the sale of a 26.25 per cent interest in the Queensland Curtis LNG Common Facilities to Global Infrastructure Partners Australia for US$2.5 billion (about $3.3 billion AUD).
The Common Facilities is currently 100 per cent owned by Shell and includes LNG storage tanks, jetties and operations infrastructure that service QCLNG’s LNG trains.
Shell will remain majority owner and operator of these facilities.
In a statement, Shell said this decision was consistent with its strategy of selling non-core assets in order to further high-grade and simplify Shell’s portfolio.
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QGC Common Facilities Company Pty Ltd, a wholly-owned subsidiary of Shell, has announced it has agreed to the sale of a 26.25% interest in the Queensland Curtis LNG (QCLNG) Common Facilities to Global Infrastructure Partners Australia for US$2.5 billion.
The Common Facilities are currently 100% owned by Shell and include LNG storage tanks, jetties, and operations infrastructure that service QCLNG’s LNG trains. Upon completion of the transaction, Shell will remain majority owner and operator of the Common Facilities.
This decision is consistent with Shell’s strategy of selling non-core assets in order to further high-grade and simplify Shell’s portfolio. The sale will contribute to Shell’s expected divestment proceeds, without impact on people or the operations of the QCLNG venture, and aligns Shell’s interest in the Common Facilities with its 73.75% interest in the overall QCLNG venture.