Royal Dutch Shell Plc, Company Intelligence Report

Summary

Royal Dutch Shell Plc (Shell) is a major integrated oil and gas company involved in multiple business sectors, including the exploration and production of crude oil and natural gas, the refinement and marketing of crude oil products such as fuels, lubricants and bitumen, and the production of petrochemicals. The company is headquartered in the Hague, Netherlands. The company’s upstream segment is involved in the extraction and production of crude oil and natural gas worldwide. Shell’s upstream business activities can be divided into two main segments: upstream America and upstream international. The upstream America segment manages the company’s upstream business activities in north and south America. International operations are primarily located in the Netherlands, Nigeria, Oman, the US, Russia, Malaysia, Brunei and the UK. The company’s production amounted to around 1,107.3 MMboe in 2011, while reserves amounted to a total of 13,991.7 MMboe.

Scope

- Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations.
- Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
- SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
- Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
- Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
- M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
- Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
- Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
- Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to -
- Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
- Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
- Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
- Use the analysis for strategy and planning, M&A identifications, and competitor analysis.

1 Table of Contents
1 Table of Contents 3
1.1 List of Tables 6
1.2 List of Figures 7
2 Royal Dutch Shell Plc, Company Overview 10
3 Royal Dutch Shell Plc, Key Highlights 16
3.1 Strong Portfolio of Upstream Projects to Drive Future Production Growth 16
3.1.1 Asia 16
3.1.2 Australia 17
3.1.3 Africa 18
3.1.4 North America 19
3.2 Streamlining the Downstream Business to Improve Profitability 21
3.3 Strong LNG Portfolio Coupled with Growing LNG Demand to Support Future Cash Flows 23
3.4 Substantial Liquidity Base to Support Future Operations 24
3.5 Shell and Other Supermajors Companies Comparative Analysis 27
4 Royal Dutch Shell Plc, SWOT Analysis 31
4.1 Strengths 31
4.1.1 Large Geographical Presence Provides Stable and Balanced Cash Flows 31
4.1.2 Use of Advanced Technology 31
4.1.3 History of Sufficient Cash Flows 31
4.2 Weaknesses 33
4.2.1 Decline in Production 33
4.3 Opportunities 33
4.3.1 Strong Upcoming Asset Portfolio to Map Long Term Production Growth 33
4.3.2 Investment in Biofuels 34
4.4 Threats 34
4.4.1 Defiance of Safety Norms May Affect Future Operations 34
5 Royal Dutch Shell Plc, Goals and Strategies 35
5.1 Development of Upcoming Projects Will Fuel the Production Growth 35
5.2 Commitment to Technology and Innovation 36
6 Royal Dutch Shell Plc, Production Overview 37
6.1 Production Profile 37
6.2 Europe 38
6.2.1 The UK 38
6.2.2 Norway 38
6.2.3 Denmark 38
6.2.4 The Netherlands 39
6.3 Asia (Including Middle East and Russia) 39
6.3.1 Brunei 39
6.3.2 Malaysia 39
6.3.3 Qatar 39
6.3.4 Russia 40
6.3.5 Syria 40
6.4 Oceania 40
6.5 Africa 40
6.5.1 Nigeria 40
6.5.2 Egypt 40
6.6 North America 41
6.6.1 Canada 41
6.6.2 The US 41
6.7 South America 41
7 Capital Expenditure 44
7.1 Costs Incurred 45
8 Acreage 47
9 Royal Dutch Shell Plc, Exploration and Development Overview 49
9.1 Europe 51
9.1.1 Ireland 51
9.1.2 UK 51
9.2 Asia 52
9.2.1 Brunei 52
9.2.2 China 52
9.2.3 Indonesia 52
9.2.4 Iraq 52
9.2.5 Kazakhstan 52
9.2.6 Malaysia 52
9.2.7 Oman 53
9.2.8 Qatar 53
9.2.9 Russia 53
9.3 Oceania 53
9.3.1 Australia 53
9.3.2 New Zealand 53
9.4 Africa 54
9.4.1 Gabon 54
9.5 North America 54
9.5.1 Canada 54
9.5.2 The US 54
9.6 South America 55
10 Royal Dutch Shell Plc, M&A Highlights 56
10.1 M&A Activity 56
11 Royal Dutch Shell Plc, Downstream Updates 61
12 Royal Dutch Shell Plc, Forecast Production and Financial Statements 63
12.1 Income Statement (2010–2016) 64
12.2 Balance Sheet (2010–2016) 65
12.3 Cash Flow Statement (2010–2016) 66
12.4 Financial Ratios 67
13 Royal Dutch Shell Plc, Valuation 69
13.1 Net Asset Value 69
14 Royal Dutch Shell Plc, Peer Comparison 72
14.1 Share Price Performance 72
14.2 Operational and Financial Performance 73
14.3 Key Financial and Operational Ratio 77
15 Royal Dutch Shell Plc, Detailed Operational and Financial Metrics 79
15.1 Royal Dutch Shell Plc, Total Oil and Gas Production 79
15.1.1 Total Crude Oil and Natural Gas Production Trend, Q3, 2011-Q3, 2012 79
15.1.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2011-Q3, 2012 80
15.2 Royal Dutch Shell Plc, Crude Oil Production 81
15.2.1 Total Crude Oil Production Trend, Q3, 2011-Q3, 2012 81
15.2.2 Crude Oil Production, By Country/Region, Q3, 2011-Q3, 2012 82
15.3 Royal Dutch Shell Plc, Natural Gas Production 83
15.3.1 Total Natural Gas Production Trend, Q3, 2011-Q3, 2012 83
15.3.2 Natural Gas Production, By Country/Region, Q3, 2011-Q3, 2012 84
15.4 Royal Dutch Shell Plc, Valuation and Financial Data, 2007-2011 85
15.4.1 Share Price Performance, 2007-2011 85
15.4.2 Key Valuation Metrics, 2007-2011 86
15.5 Royal Dutch Shell Plc, Total Oil and Gas, Reserves and Production 87
15.5.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2007-2011 87
15.5.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2007-2011 88
15.5.3 Total Crude Oil and Natural Gas Reserve Changes, 2007-2011 90
15.6 Royal Dutch Shell Plc, Crude Oil/Liquids Production and Reserve 91
15.6.1 Crude Oil/Liquids Production and Reserve Trend, 2007-2011 91
15.6.2 Crude Oil Production and Reserves By Country/Region, 2007-2011 92
15.6.3 Crude Oil/Liquids Reserve Changes, 2007-2011 94
15.7 Royal Dutch Shell Plc, Natural Gas Production and Reserve 95
15.7.1 Natural Gas Production and Reserve Trend, 2007-2011 95
15.7.2 Natural Gas Production and Reserves, By Country/Region, 2007-2011 96
15.7.3 Natural Gas Reserve Changes, 2007-2011 98
15.8 Royal Dutch Shell Plc, Total Crude Oil and Natural Gas Reserves Life Index 99
15.8.1 Total Crude Oil and Natural Gas Reserves Life Index, 2007-2011 99
15.8.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2007-2011 100
15.9 Royal Dutch Shell Plc, E&P Costs Trends 103
15.9.1 Upstream Capital Expenditure, 2007-2011 103
15.9.2 Acquisition Costs By Country/Region, 2007-2011 104
15.9.3 Exploration and Development Costs, By Country/Region, 2007-2011 106
15.10 Royal Dutch Shell Plc, Oil and Gas Cost Per boe, $/boe 108
15.10.1 Oil and Gas Cost Per boe, $/boe, 2007-2011 108
15.10.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2007-2011 110
15.11 Royal Dutch Shell Plc, Reserve Replacement Ratio 114
15.11.1 Oil and Gas Production Replacement Ratio, 2007-2011 114
15.11.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2007-2011 116
15.12 Royal Dutch Shell Plc, Results of Oil & Gas Operations Trend 121
15.12.1 Oil and Gas Revenue and Expenses, 2007-2011 121
15.12.2 Oil and Gas Revenue and Expenses, By Country/Region, 2007-2011 122
15.13 Royal Dutch Shell Plc, Oil and Gas Revenue and Expenses, Per boe 129
15.13.1 Oil and Gas Revenue and Expenses, By boe, 2007-2011 129
15.13.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2007-2011 130
15.14 Royal Dutch Shell Plc, Oil and Gas Performance Metrics 136
15.15 Royal Dutch Shell Plc, Land Holdings and Well Data 137
15.15.1 Gross and Net Developed and Undeveloped Acreage, 2007-2011 137
15.15.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2007-2011 138
15.16 Well Statistics 142
15.16.1 Producible Oil and Gas Well, 2007-2011 142
15.16.2 Producible Oil and Gas Well, By Country/Region, 2007-2011 143
15.16.3 Exploration and Development Wells Drilled, 2007-2011 149
15.16.4 Exploration and Development Wells Drilled, By Country/Region, 2007-2011 150
16 Appendix 153
16.1 Abbreviations 153
16.2 Sources 153
16.3 Methodology 155
16.3.1 Coverage 155
16.3.2 Secondary Research 155
16.3.3 Primary Research 155
16.4 Contact Us 156
16.5 Disclaimer 156

1.1 List of Tables
Table 1: Royal Dutch Shell Plc, Downstream Activities, 2010–2011 22
Table 2: Royal Dutch Shell Plc, the LNG Portfolio, 2012 23
Table 3: Royal Dutch Shell Plc, Upstream Growth Profile (MMboe), 2012–2016 42
Table 4: Royal Dutch Shell Plc, Capital Expenditure Classification, $bn, 2010–2011 44
Table 5: Royal Dutch Shell Plc, Major Upcoming Projects , 2012–2016 55
Table 6: Royal Dutch Shell Plc, Recent Transactions as a Buyer, 2011–2012 56
Table 7: Royal Dutch Shell Plc, Recent Transactions as a Seller, 2011–2012 58
Table 8: Royal Dutch Shell Plc, Forecast Production, 2009–2016 63
Table 9: GlobalData, Price Forecasts, 2012–2016 63
Table 10: Royal Dutch Shell Plc, Income Statement ($m), 2010–2016 64
Table 11: Royal Dutch Shell Plc, Balance Sheet ($m), 2010–2016 65
Table 12: Royal Dutch Shell Plc, Cash Flow Statement ($m), 2010–2016 66
Table 13: Royal Dutch Shell Plc, Profitability Ratios, 2010–2016 67
Table 14: Royal Dutch Shell Plc, Other Financial Ratios, 2009–2015 68
Table 15: Royal Dutch Shell Plc Corporation, Net Asset Value, 2012 70
Table 16: Royal Dutch Shell Plc, Prospective Acreage, 2012 70
Table 17: Royal Dutch Shell, NPV of Total Oil and Natural Gas Reserves, 2011 70
Table 18: Royal Dutch Shell Plc, Sensitivity Analysis on Fair Value ($/share), 2011 71
Table 19: Royal Dutch Shell Plc and Peers, Operational and Financial Performance, 2011 73
Table 20: Royal Dutch Shell Plc and its Peers, Financial Ratios, 2011 77
Table 21: Royal Dutch Shell Plc, Total Crude Oil and Natural Gas, Production, Q3, 2011-Q3, 2012 79
Table 22: Royal Dutch Shell Plc, Total Oil & Gas Production, By Country/Region, MMboe, Q3, 2011-Q3, 2012 80
Table 23: Royal Dutch Shell Plc, Total Crude Oil Production, MMbbl, Q3, 2011-Q3, 2012 81
Table 24: Royal Dutch Shell Plc, Crude Oil Production, By Country/Region, MMbbl, Q3, 2011-Q3, 2012 82
Table 25: Royal Dutch Shell Plc, Total Natural Gas  Production, Bcf, Q3, 2011-Q3, 2012 83
Table 26: Royal Dutch Shell Plc, Natural Gas Production, By Country/Region, Bcf, Q3, 2011-Q3, 2012 84
Table 27: Royal Dutch Shell Plc, Share Price Performance, 2007-2011 85
Table 28: Royal Dutch Shell Plc, Key Valuation Metrics, 2007-2011 86
Table 29: Royal Dutch Shell Plc, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 87
Table 30: Royal Dutch Shell Plc, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2007-2011 89
Table 31: Royal Dutch Shell Plc, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2007-2011 90
Table 32: Royal Dutch Shell Plc, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011 91
Table 33: Royal Dutch Shell Plc, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2007-2011 93
Table 34: Royal Dutch Shell Plc, Crude Oil Reserve Changes,  MMbbl, 2007-2011 94
Table 35: Royal Dutch Shell Plc, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 95
Table 36: Royal Dutch Shell Plc, Natural Gas Production and Reserves, By Country/Region, Bcf, 2007-2011 97
Table 37: Royal Dutch Shell Plc, Natural Gas Reserve Changes, Bcf, 2007-2011 98
Table 38: Royal Dutch Shell Plc, Oil and Gas Reserves Life Index, Years, 2007-2011 99
Table 39: Royal Dutch Shell Plc, Oil and Gas Reserves Life Index, By Country/Region, Years, 2007-2011 101
Table 40: Royal Dutch Shell Plc, Upstream Capital Expenditure, $m, 2007-2011 103
Table 41: Royal Dutch Shell Plc, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 105
Table 42: Royal Dutch Shell Plc, Exploration and Development Costs, By Country/Region, $m, 2007-2011 107
Table 43: Royal Dutch Shell Plc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs  Per boe, $/boe, 2007-2011 109
Table 44: Royal Dutch Shell Plc, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs  Per boe, $/boe, By Country/Region, 2007-2011 112
Table 45: Royal Dutch Shell Plc, Oil and Gas Production Replacement Ratio, %, 2007-2011 114
Table 46: Royal Dutch Shell Plc, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2007-2011 119
Table 47: Royal Dutch Shell Plc, Revenue and Expenses, $m, 2007-2011 121
Table 48: Royal Dutch Shell Plc, Revenue and Expenses, By Country/Region, $m, 2007-2011 126
Table 49: Royal Dutch Shell Plc, Oil and Gas Revenue and Expenses, $/boe, 2007-2011 129
Table 50: Royal Dutch Shell Plc, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2007-2011 133
Table 51: Royal Dutch Shell Plc, Oil and Gas Performance Metrics, 2007-2011 136
Table 52: Royal Dutch Shell Plc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 137
Table 53: Royal Dutch Shell Plc, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2007-2011 140
Table 54: Royal Dutch Shell Plc, Producible Oil and Gas Wells, 2007-2011 142
Table 55: Royal Dutch Shell Plc, Producible Oil and Gas Wells, By Country/Region, 2007-2011 146
Table 56: Royal Dutch Shell Plc, Exploratory and Developed Wells, 2007-2011 149
Table 57: Royal Dutch Shell Plc, Exploratory and Developed Wells, By Country/Region, 2007-2011 150

1.2 List of Figures
Figure 1: Royal Dutch Shell Plc, Operational Overview, 2012 10
Figure 2: Royal Dutch Shell Plc, Revenue by Operations (%), 2011 11
Figure 3: Royal Dutch Shell Plc, Net Income by Operations (%), 2011 12
Figure 4: Royal Dutch Shell Plc, Performance Charts, 2008–2011 13
Figure 5: Royal Dutch Shell Plc, Share Price Performance, July 2011–July 2012 15
Figure 6: Royal Dutch Shell Plc, Major Upcoming Projects, 2012-2016+ 16
Figure 7: Royal Dutch Shell Plc, Upcoming Assets In Asia: Contribution to Total Production (MMboe), 2012–2016 17
Figure 8: Royal Dutch Shell Plc, Upcoming Assets In Australia: Contribution to the Company’s Total Production (MMboe), 2013–2016 18
Figure 9: Royal Dutch Shell, Upcoming Assets In Africa: Contribution to the Company’s Total Production (MMboe), 2014–2016 19
Figure 10: Royal Dutch Shell, Upcoming Assets In North America: Contribution to the Company’s Total Production (MMboe), 2012–2016 20
Figure 11: Royal Dutch Shell Plc, Downstream Earnings, 2007–2011 21
Figure 12: Royal Dutch Shell Plc, Comparison of Capital Expenditure and Cash Flow from Operations ($m), 2008–2011 25
Figure 13: Royal Dutch Shell Plc, Inflow, Outflow and Net Cash Position, $m, 2008–2011 26
Figure 14: Royal Dutch Shell Plc, Peer Comparison For Operational Parameters, 2006–2011 28
Figure 15: Royal Dutch Shell Plc, Peer Comparison For Financial Parameters, 2006–2011 29
Figure 16: Royal Dutch Shell Plc, the Capital Expenditure and the Cash Flow from Operations, $m, 2007–2011 32
Figure 17: Royal Dutch Shell Plc, Total Production and Production Growth, 2004–2011 33
Figure 18: Royal Dutch Shell Plc, Total Production by Region (MMboe), 2009–2016 37
Figure 19: Royal Dutch Shell Plc, Production Mix, 2009–2016 38
Figure 20: Royal Dutch Shell Plc, Capital Expenditure Classification ($bn), 2010–2011 44
Figure 21: Royal Dutch Shell Plc, Cost Incurred, $bn, 2008–2011 45
Figure 22: Royal Dutch Shell Plc, Reserve Replacement Ratio and Finding and Development Cost, 2008–2011 46
Figure 23: Royal Dutch Shell Plc and Peers Acreage Comparison (million acres), 2011 47
Figure 24: Royal Dutch Shell Plc, Net Developed and Undeveloped Acreages, 2007–2010 48
Figure 25: Royal Dutch Shell Plc,  Net Productive and Dry Exploratory and Development Wells, 2011 49
Figure 26: Royal Dutch Shell Plc, Net/ Gross Oil and Gas Ratio for Wells, 2008–2011 50
Figure 27: Royal Dutch Shell Plc, Net Productive Oil and Gas Exploratory Wells Drilled, 2008–2011 51
Figure 28: Royal Dutch Shell Plc, Revenue, Earning and Segment Revenue as % of Total Revenue, 2008–2011 62
Figure 29: Royal Dutch Shell Plc and its Peers,  Relative Share Price Performance Index, July 2011–2012 72
Figure 30: Royal Dutch Shell Plc and its Peers, Per Boe Parameters, 2011 74
Figure 31: Royal Dutch Shell Plc and its peers, Total Reserves and Production, MMboe, 2011 75
Figure 32: Royal Dutch Shell Plc and its Peers, Reserve Life Index, 2011 76
Figure 33: Royal Dutch Shell Plc  and its Peers, Valuation Ratios, 2011 78
Figure 34: Royal Dutch Shell Plc, Total Crude Oil and Natural Gas, Production, MMboe, Q3, 2011-Q3, 2012 79
Figure 35: Royal Dutch Shell Plc, Total Oil & Gas Production, By Country/Region, MMboe, Q3, 2011-Q3, 2012 80
Figure 36: Royal Dutch Shell Plc, Total Crude Oil Production, MMbbl, Q3, 2011-Q3, 2012 81
Figure 37: Royal Dutch Shell Plc, Crude Oil Production, By Country/Region, MMbbl, Q3, 2011-Q3, 2012 82
Figure 38: Royal Dutch Shell Plc, Total Natural Gas  Production, Bcf, Q3, 2011-Q3, 2012 83
Figure 39: Royal Dutch Shell Plc, Natural Gas Production, By Country/Region, Bcf, Q3, 2011-Q3, 2012 84
Figure 40: Royal Dutch Shell Plc, Share Price Performance, USD/Share, 2007-2011 85
Figure 41: Royal Dutch Shell Plc, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 2007-2011 86
Figure 42: Royal Dutch Shell Plc, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2007-2011 87
Figure 43: Royal Dutch Shell Plc, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2007-2011 88
Figure 44: Royal Dutch Shell Plc, Total Oil & Gas Production, By Country/Region, MMboe, 2007-2011 88
Figure 45: Royal Dutch Shell Plc, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2011 90
Figure 46: Royal Dutch Shell Plc, Crude Oil Production and Reserves Metrics, MMbbl, 2007-2011 91
Figure 47: Royal Dutch Shell Plc, Oil Reserves,  End of Period, By Country/Region, MMbbl, 2007-2011 92
Figure 48: Royal Dutch Shell Plc, Oil Production, By Country/Region, MMbbl, 2007-2011 92
Figure 49: Royal Dutch Shell Plc, Crude Oil Reserve Changes,  MMbbl, 2011 94
Figure 50: Royal Dutch Shell Plc, Natural Gas Production and Reserves Metrics, Bcf, 2007-2011 95
Figure 51: Royal Dutch Shell Plc, Gas Reserves,  End of Period, By Country/Region, Bcf, 2007-2011 96
Figure 52: Royal Dutch Shell Plc, Gas Production, By Country/Region, Bcf, 2007-2011 96
Figure 53: Royal Dutch Shell Plc, Natural Gas Reserve Changes, Bcf, 2011 98
Figure 54: Royal Dutch Shell Plc, Oil and Gas Reserves Life Index, Years, 2007-2011 99
Figure 55: Royal Dutch Shell Plc, Gas Reserve Life Index, By Country/Region, Years, 2007-2011 100
Figure 56: Royal Dutch Shell Plc, Oil & Gas Reserve Life Index, By Country/Region, Years, 2007-2011 100
Figure 57: Royal Dutch Shell Plc, Oil Reserve Life Index, By Country/Region, Years, 2007-2011 101
Figure 58: Royal Dutch Shell Plc, Upstream Capital Expenditure, $m, 2007-2011 103
Figure 59: Royal Dutch Shell Plc, Proved Acquisition Costs, By Country/Region, $m, 2007-2011 104
Figure 60: Royal Dutch Shell Plc, Unproved Acquisition Costs, By Country/Region, $m, 2007-2011 104
Figure 61: Royal Dutch Shell Plc, Development Costs, By Country/Region, $m, 2007-2011 106
Figure 62: Royal Dutch Shell Plc, Exploration Costs, By Country/Region, $m, 2007-2011 106
Figure 63: Royal Dutch Shell Plc, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs  Per boe, $/boe, 2007-2011 108
Figure 64: Royal Dutch Shell Plc, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 110
Figure 65: Royal Dutch Shell Plc, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 110
Figure 66: Royal Dutch Shell Plc, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 111
Figure 67: Royal Dutch Shell Plc, Proved  Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/boe, 2007-2011 111
Figure 68: Royal Dutch Shell Plc, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2007-2011 114
Figure 69: Royal Dutch Shell Plc, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-2011 116
Figure 70: Royal Dutch Shell Plc, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-2011 116
Figure 71: Royal Dutch Shell Plc, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-2011 117
Figure 72: Royal Dutch Shell Plc, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-2011 117
Figure 73: Royal Dutch Shell Plc, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-2011 118
Figure 74: Royal Dutch Shell Plc, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-2011 118
Figure 75: Royal Dutch Shell Plc, Revenue and Expenses, $m, 2007-2011 121
Figure 76: Royal Dutch Shell Plc, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 122
Figure 77: Royal Dutch Shell Plc, Exploration Expenses, By Country/Region, $m, 2007-2011 122
Figure 78: Royal Dutch Shell Plc, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 123
Figure 79: Royal Dutch Shell Plc, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 123
Figure 80: Royal Dutch Shell Plc, Oil & Gas Revenue, By Country/Region, $m, 2007-2011 124
Figure 81: Royal Dutch Shell Plc, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 124
Figure 82: Royal Dutch Shell Plc, Production Costs, By Country/Region, $m, 2007-2011 125
Figure 83: Royal Dutch Shell Plc, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2007-2011 125
Figure 84: Royal Dutch Shell Plc, Oil and Gas Revenue and Expenses, $/boe, 2007-2011 129
Figure 85: Royal Dutch Shell Plc, Exploration Expenses per boe, By Country/Region, $/boe, 2007-2011 130
Figure 86: Royal Dutch Shell Plc, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2007-2011 130
Figure 87: Royal Dutch Shell Plc, Lifting Cost per boe, By Country/Region, $/boe, 2007-2011 131
Figure 88: Royal Dutch Shell Plc, Annual Net Income per boe, By Country/Region, $/boe, 2007-2011 131
Figure 89: Royal Dutch Shell Plc, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2007-2011 132
Figure 90: Royal Dutch Shell Plc, Total DD&A per boe, By Country/Region, $/boe, 2007-2011 132
Figure 91: Royal Dutch Shell Plc, Total Revenue per boe, By Country/Region, $/boe, 2007-2011 133
Figure 92: Royal Dutch Shell Plc, Oil and Gas Performance Metrics, 2007-2011 136
Figure 93: Royal Dutch Shell Plc, Land Holdings (Developed and Undeveloped Acreage), Acres, 2007-2011 137
Figure 94: Royal Dutch Shell Plc, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-2011 138
Figure 95: Royal Dutch Shell Plc, Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-2011 138
Figure 96: Royal Dutch Shell Plc, Total Gross Developed Acreage, By Country/Region, Acres, 2007-2011 139
Figure 97: Royal Dutch Shell Plc, Total Net Developed Acreage, By Country/Region, Acres, 2007-2011 139
Figure 98: Royal Dutch Shell Plc, Producible Oil and Gas Wells, 2007-2011 142
Figure 99: Royal Dutch Shell Plc, Gross Productive Gas Wells, By Country/Region, Number, 2007-2011 143
Figure 100: Royal Dutch Shell Plc, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 143
Figure 101: Royal Dutch Shell Plc, Gross Productive Oil Wells, By Country/Region, Number, 2007-2011 144
Figure 102: Royal Dutch Shell Plc, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2007-2011 144
Figure 103: Royal Dutch Shell Plc, Net Productive Gas Wells, By Country/Region, Number, 2007-2011 145
Figure 104: Royal Dutch Shell Plc, Net Productive Oil & Gas Wells, By Country/Region, Number, 2007-2011 145
Figure 105: Royal Dutch Shell Plc, Net Productive Oil Wells, By Country/Region, Number, 2007-2011 146
Figure 106: Royal Dutch Shell Plc, Exploratory and Developed Wells, 2007-2011 149