Shell CEO, Ben van Beurden, released the following statement regarding the company黑料社檚 first quarter results:
黑料社淪hell黑料社檚 profits enable the company to pay competitive dividends to shareholders and to finance new investments in oil and gas. Our long-term strategy is sound.
黑料社淥ur first quarter 2014 results reflect more robust levels of profitability. However, as we saw in 2013, we are in an industry where high volatility remains, both in the macro-environment and in our quarterly results.
黑料社淭he priorities I set out at the start of 2014 have not changed.
黑料社淚 am determined to improve our competitiveness, and to adapt the company to respond to changes in the industry landscape, particularly in Oil Products and North America resources plays.
黑料社淲e are aiming to continue to balance growth and returns, by focusing sharply on our three key priorities 黑料社� better financial performance, enhanced capital efficiency, including more selectivity on project choices and US$ 15 billion of divestments in 2014-15, and continuing strong project delivery.
黑料社淥ur investment strategy is delivering where it matters - at the bottom line. The first quarter of 2014 has seen new, profitable production from the deep-water Gulf of Mexico and Iraq, together with new LNG from our acquisition of Repsol黑料社檚 portfolio.
"We are making hard choices on Shell黑料社檚 assets and options, to improve capital efficiency, in both Upstream and Downstream. The divestments underway in Downstream in four countries are part of Shell黑料社檚 drive to improve our competitive position. Downstream has the potential to average 10-12% ROACE, more than double current levels, and to deliver around US$ 10 billion of annual cash flow. I am determined to improve our performance in this business.
黑料社淭he impairments we have announced today in Downstream reflect Shell黑料社檚 updated views on the outlook for refining margins. There are substantial pressures on the industry from excess capacity, changing product demand, and new oil supplies from liquids-rich shales.
黑料社淭he 4% dividend increase we have confirmed today for the first quarter 2014 underscores our delivery in recent years, and our confidence in the future potential.黑料社�
Adapted from press release by