- raises dividend 31 percent: to 28.75 cents/share, payable in July, 2019
- increased crude oil production 20 percent yoy; exceeded target
- CAPEX below target; guidance for FY19 CAPEX unchanged
- reduced per-unit cash operating costs by 8% yoy; beat targets
- achieved reductions in well costs and on-track to reach 5% reduction goal
- established significant crude oi export capacity
- 2020: 100,000 bopd
- 2022: 250,000 bopd
- eps
- 1Q19: $1.10; adjusted: $1.19/share;
- 1Q18: $1.10; adjusted: $1.19/share;
- net income
- 1Q19: $635 million
- 1Q18: $639 million
- net cash from operating activities: $1.6 billion
- discretionary cash flow: $1.9 billion
- all this despite a 13% drop in the average WTI price compared to same period last year
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Royal Dutch Shell
Royal indeed!
One of the last supermajors to report 1Q19 earnings. Data points:
- better-than-expected results
- natural gas businesses offset weak oil prices and depressed refining margins
- "net profit": $5.3 billion vs $4.5 billion forecast -- huge beat
- cash flow from operating activities fell 9%
- free cash flow dropped from $4.178 billion (1Q18) to $4 billion in 1Q19
- Shell announced its next tranche of share buyback program; will repurchase up to $2.75 billion worth of shares (compare with $75 billion in Apple, Inc's program)
- intends to buy back at least $25 billion of its shares by end of 2020
