| Date | Subject |
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31/3/2020
07:29 | waldron: https://uk.advfn.com/stock-market/london/royal-dutch-shell-RDSA/share-news/Royal-Dutch-Shell-plc-Shell-First-Quarter-2020-Upd/82121014
|
26/3/2020
16:42 | mw16: You would near think that the oil price was rising fast and that people will be back to work in weeks the way the share price has been over the last few days.
|
10/3/2020
14:23 | waldron: Ian Lyall
11:23 Tue 10 Mar 2020
Follow Ian on:
viewRoyal Dutch Shell
Shell has financial wherewithal to defend dividend, says UBS
“Respecting and sustaining the dividend in cash and not reverting to scrip is an important input into the quality of the payout, in our view,” UBS added
Royal Dutch Shell -
UBS reckons Royal Dutch Shell PLC (LON:RDSA) will be able to defend the dividend through the current period of “cyclical weakness” having spoken the oil giant's investor team in the wake of Monday’s plunge in the oil price.
In a pre-arranged meeting, Shell’s team said there was around US$4bn flexibility in the company’s sustaining capital expenditure (capex), which means it is cash neutral into the “US$40s” a barrel oil price range.
That’s still well above the current Brent spot price of just over U$$37 a barrel.
However, the Swiss bank reckons “modest disposal activity and some balance sheet capacity” will help defend the Shell dividend.
“Respecting and sustaining the dividend in cash and not reverting to scrip is an important input into the quality of the payout, in our view,” UBS added.
Shell and its UK rival BP (LON:BP.) saw their share prices shattered on Monday after the Saudi Arabia-led OPEC cartel started flooding the market with cheap oil.
It followed a stand-off with Russia, which refused to cut production in order to get the price up.
At one point the price of a barrel of crude oil was down 30% in a bloody session.
In late morning trade, the Shell share price had rebounded just over 11%. BP, the most leveraged of the super-majors, was up 8%.
Proactive
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25/2/2020
13:43 | sarkasm: Investors Retreat From Oil Firms in Sign of Rising Skepticism
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02/24/2020 | 03:49pm GMT
By Sarah McFarlane
Major oil companies are working hard to articulate a vision for their future, but the energy sector's poor performance shows that many investors aren't buying it.
Companies including Royal Dutch Shell PLC, BP PLC and Total SA have launched plans to turn themselves into lower-carbon businesses. But with low oil prices pressuring the industry's economics and many investors saying it is too early to know whether the intended transformations will generate significant returns, there is growing skepticism on Wall Street over the sector's future.
"Just saying that you're going to start a transition doesn't mean you're going to be successful at it," said Fabiana Fedeli, global head of fundamental equities at Netherlands-based Robeco Institutional Asset Management B.V.
Major oil companies have limited room to maneuver after last year's lower oil and gas prices hit earnings -- and there is no relief in sight with oil prices down 16% since the start of the year after the coronavirus curbed demand. Energy companies are also under pressure from an expectation that U.S. shale's ability to quickly adjust supply will cap prices over the longer term.
The uncertainty has made investors skeptical about whether companies can boost profits and transform through new investments while paying out hefty dividends.
Energy has been the worst-performing sector of the S&P 500 for the past decade. "Valuations are telling us that investors are losing confidence in the oil and gas sector," said Nick Stansbury, head of commodity research at the U.K.'s largest asset manager Legal & General Investment Management.
In December, the initial public offering of Saudi Arabian Oil Co., known as Aramco, mostly attracted domestic and regional investors. Many institutional investors outside the country passed on the world's largest listing, finding it too expensive, people involved in the IPO said.
In another blow to the sector, some investors say some companies' transformation plans don't go far enough. On Shell's latest earnings call last month, Chief Executive Ben Van Beurden made almost as many references to the energy transition and the company's small low-carbon businesses as he did to oil and gas.
But Sarasin & Partners LLP, a U.K. asset manager, sold around 20% of its stake in Shell last summer, expressing displeasure with the company's plan to increase fossil-fuel output over the next decade, in an open letter to Shell's chairman.
"We were extremely disappointed that, despite your public commitment to act on climate change, [Shell] aims to deliver rising fossil fuel production to at least 2030. We do not view this as aligned with the Paris agreement," the letter said.
The company has invested $2.3 billion in what is known as new energies, including wind and solar power, since 2016. Over the same period, it spent about $35 billion on its traditional business of exploring for, and producing, oil and gas.
Shell's share price has fallen by about 25% in the past year.
Another sign that oil stocks are falling out of favor: The dividend yields of companies including Shell, BP, Exxon Mobil Corp. and Norway's Equinor ASA have been rising. The higher yields are partly the result of falling stock prices. Some companies, including BP and Equinor, have raised their dividends in recent weeks.
While shareholders benefit from high dividends, the companies' ability to maintain or raise dividends is at risk if oil and gas prices remain low and keep earnings under pressure.
Most energy companies pride themselves on preserving their dividends. Exxon has increased its dividend annually for the past 37 years. Shell hasn't cut its dividend since World War II.
"Lowering the dividend is not a good lever to pull if you want to be a world-class investment case so [we're] not going to do that," said Shell's Mr. Van Beurden.
Last year, the weighting of oil-and-gas companies in factor-based indexes -- which enable investors to add exposure to particular attributes of a stock, such as growth and value -- fell in every category, including yield, value and profitability, according to data from global index provider FTSE Russell. Shrinking company valuations also meant the proportion of energy stocks in the S&P 500 fell to 4% in January, its lowest in at least three decades, having peaked at over 14% in 2009.
Investors have also stopped rewarding the energy sector for amassing reserves of crude, in a sign that climate concerns are altering the way markets value oil companies.
A study published by the National Bureau of Economic Research found that investors view undeveloped crude reserves as a reason to discount a company because of the risk that climate policies will curb future oil demand and leave some resources permanently underground and worthless.
"I definitely think there will be some resources left in the ground from a carbon-footprint perspective," said Eldar Sætre, CEO of Norway's energy giant Equinor, speaking to The Wall Street Journal at a recent event in London.
Write to Sarah McFarlane at sarah.mcfarlane@wsj.com
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20/2/2020
12:34 | ariane: Https://capital.com/royal-dutch-shell-share-price-history
Beyond Royal Dutch Shell share price history: what’s the outlook for 2020?
In spite of the very rough 2019, in late December most analysts still considered Royal Dutch Shell a good buy for 2020.
The coronavirus has now been declared a global health emergency by the WHO, and it will take some time to bring the outbreak under control. However, the current energy price slump is driven more by panic than by objective facts. The oil ministry of Saudi Arabia, in particular, insists that the virus won't have a serious or lasting effect on the global oil demand.
Once the coronavirus is contained, the energy market is likely to rebound sharply, just like it did in 2003 after the SARS epidemic. Add to this the recently signed Phase 1 trade deal between China and the US, and you get favourable conditions for the RDSB price to grow in 2020.
From our Royal Dutch Shell stock analysis, we have to conclude that the price could go both ways in 2020. For long-term investors, the stock remains attractive anyway due to Shell's commitment to paying dividends. As a short-term investment, RDSB has now become very risky. As for the mid-term, it could still be a great buying opportunity – as long as you believe in the authorities' ability to contain the coronavirus.
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20/2/2020
12:12 | action: Many thanks. In weaker pound will be more better for RDSA share price .
|
05/2/2020
14:15 | waldron: Royal Dutch Shell: No Need To Worry Over Proven Reserve Life And Dividend Remains Safe Despite Soft Fourth Quarter Results
Feb. 5, 2020 8:57 AM ET |
About: Royal Dutch Shell plc (RDS.A), RDS.B
Daniel Thurecht
Daniel Thurecht
Long-term horizon, contrarian, oil & gas, industrials
(2,246 followers)
Summary
Unfortunately for shareholders in Royal Dutch Shell, results for the fourth quarter of 2019 were quite soft and thus saw their share price sink near 5% at one point.
Although their shrinking reserve life is not an ideal situation, there are two main reasons why this is not as concerning as it may initially appear.
Management is taking sensible actions with their capital allocation through keep capital expenditure low and slowing their share buybacks.
These steps should help ensure their cherished dividend payments continue well into the future, although their prospects for future dividend growth is minimal at the moment.
Introduction
Recently the European oil and gas giant, Royal Dutch Shell (RDS.A) (RDS.B), reported results for the fourth quarter of 2019. Unfortunately for shareholders these results saw net income fall 83% year on year and thus were not received particularly well by the market, sending the share price down nearly 5% at one point. This article provides my commentary on several key topics and the outlook for shareholder returns.
Reserve Life
One concerning aspect that has been mentioned was their sixth consecutive decline in their proven oil and gas reserve life, which now stands at only approximately eight years. Whilst this is certainly not an ideal situation, there are a couple of reasons why it is not as alarming as stating that their “…status quo on reserves would put it out of business in eight years” indicates.
The first reason being that this assumes a zero reserve replacement ratio, which history indicates is very unlikely to eventuate. During the last three years their reserve replacement ratio has on average been 48% or 90% if the impacts of acquisitions and divestitures are excluded. If an investor assumes the lower reserve replacement ratio of 48% will continue going forward, this indicates that their reserves would actually last approximately twice as long. Naturally the thought of their reserves actually lasting sixteen years does not sound nearly as alarming and thus indicates they have considerably more time to address this issue. Whilst their future reserve replacement ratio may differ, considering this occurred during a period of industry wide reduced exploration expenditure and was heavily impacted by divestitures, it seems realistic to assume that this could continue at least in the medium-term.
Personally I believe their reserve replacement ratio that excludes the impacts of acquisitions and divestitures is a more suitable way to view their performance as inorganic decisions such as these can work in either direction, which leads into the second reason. Providing they maintain a strong financial position and thus access to capital markets they should be able to acquire reserves in the future as necessary or alternatively further diversify their earnings into other areas, such as renewable energy.
Cash Flows, Capital Expenditure Guidance & Dividend Coverage
Although the headline figures indicating that their operating cash flow decreased from $22.021b in the fourth quarter of 2018 to only $10.267b for the equivalent time period of 2019 sounds dramatic on the surface, the underlying situation was not nearly as severe. If the impacts of working capital changes are removed from both results, their operating cash flow only decreased slightly from $12.9b to $12.3b.
Considering the pressure they are currently facing from not only weak oil and gas prices but also downstream margins, it was reassuring to see capital expenditure guidance towards the lower end of their $24b to $29b range. This is a positive indicator for their capital allocation as it should strike an appropriate balance between ensuring their financial position remains healthy without underinvesting in their future.
Their dividend coverage for the fourth quarter of 2019 was not particularly strong with their operating cash flow of $10.267b only leaving $2.307b for dividends after paying for capital expenditure, investments in joint ventures and associates, net interest expense and dividends to non-controlling interests. This only provided dividend coverage of 61.93% as their dividend payments of $3.725b left a shortfall of $1.418b, however, due to divestitures totaling $2.081b this shortfall was not funded through debt. Whilst this quarter was not stellar, I still maintain that their dividend remains safe as was further discussed in one of my previous articles. Nevertheless their share buybacks totaling $2.848b where clearly partly funded through debt, which as subsequently discussed are being reduced in the short-term.
Future Buyback Outlook
The next tranche of their share buybacks to is be completed by the 27th April 2020 and will not exceed $1b, which is significantly less than the $2.848b that were repurchased during the fourth quarter of 2019. When considering the current macroeconomic backdrop it should come as little surprise that they are slowing the pace of their share buybacks. This indicates that management is making sensible capital allocation decisions that should help ensure their financial position remains secure and thus their cherished dividend payments continue flowing even if times get tougher.
Future Dividend Outlook
Given the current gloomy situation for their underlying commodities as well as their desire to further deleverage and complete their share buyback program, it seems safe to assume that their dividend will be remaining static for a while longer. Considering their dividend yield sits at virtually 7% as of the time of writing, this is not necessarily problematic as going forward shareholders can theoretically still earn a modest return in this low interest rate world even if their share price only trends sideways.
Conclusion
The softness of their earnings should have been mostly expected given the underlying industry conditions that they unfortunately have zero control over. Thankfully it appears that their management is making sensible capital allocation decisions to ensure their core business and cherished dividend payments continue well into the future. Although as a shareholder I would naturally prefer to see stronger results, volatility is par for the course in this industry and thus nothing contained within these results causes me to alter my bullish rating.
Notes: Unless specified otherwise, all figures in this article were taken from Royal Dutch Shell’s Fourth Quarter 2019 report, all calculated figures were performed by the author.
|
02/11/2017
07:38 | grupo guitarlumber: ROyal Dutch Shell Shell third quarter 2017 interim dividend
02/11/2017 7:05am
UK Regulatory (RNS & others)
TIDMRDSA TIDMRDSB
ROYAL DUTCH SHELL PLC THIRD QUARTER 2017 INTERIM DIVID
The Board of Royal Dutch Shell plc ("RDS") today announced an interim dividend
in respect of the third quarter of 2017 of US$0.47 per A ordinary share ("A
Share") and B ordinary share ("B Share"), equal to the US dollar dividend for
the same quarter last year.
RDS provides eligible shareholders with a choice to receive dividends in cash
or in shares via a Scrip Dividend Programme ("the Programme"). For further
details please see below.
Details relating to the third quarter 2017 interim dividend
It is expected that cash dividends on the B Shares will be paid via the
Dividend Access Mechanism from UK-sourced income of the Shell group.
Per ordinary share Q3 2017
RDS A Shares (US$) 0.47
RDS B Shares (US$) 0.47
Cash dividends on A Shares will be paid, by default, in euro, although holders
of A Shares will be able to elect to receive dividends in pounds sterling.
Cash dividends on B Shares will be paid, by default, in pounds sterling,
although holders of B Shares will be able to elect to receive dividends in
euro.
The pounds sterling and euro equivalent dividend payments will be announced on
December 7, 2017.
Per ADS Q3 2017
RDS A ADSs (US$) 0.94
RDS B ADSs (US$) 0.94
Cash dividends on American Depository Shares ("ADSs") will be paid, by default,
in US dollars.
ADS stands for an American Depositary Share. ADR stands for an American
Depositary Receipt. An ADR is a certificate that evidences ADSs. ADSs are
listed on the NYSE under the symbols RDS.A and RDS.B. Each ADS represents two
ordinary shares, two A Shares in the case of RDS.A or two B Shares in the case
of RDS.B. In many cases the terms ADR and ADS are used interchangeably.
Scrip Dividend Programme
RDS provides shareholders with a choice to receive dividends in cash or in
shares via the Programme.
Under the Programme shareholders can increase their shareholding in RDS by
choosing to receive new shares instead of cash dividends, if approved by the
Board. Only new A Shares will be issued under the Programme, including to
shareholders who currently hold B Shares.
In some countries, joining the Programme may currently offer a tax advantage
compared with receiving cash dividends. In particular, dividends paid out as
shares by RDS will not be subject to Dutch dividend withholding tax (currently
15 per cent), unlike cash dividends paid on A shares, and they will not
generally be taxed on receipt by a UK shareholder or a Dutch shareholder.
Shareholders who elect to join the Programme will increase the number of shares
held in RDS without having to buy existing shares in the market, thereby
avoiding associated dealing costs.
Shareholders who do not join the Programme will continue to receive in cash any
dividends approved by the Board.
Shareholders who held only B Shares and joined the Programme are reminded they
will need to make a Scrip Dividend Election in respect of their new A Shares if
they wish to join the Programme in respect of such new shares. However, this
is only necessary if the shareholder has not previously made a Scrip Dividend
Election in respect of any new A Shares issued.
For further information on the Programme, including how to join if you are
eligible, please refer to the appropriate publication available on
www.shell.com/scrip.
Dividend timetable for the third quarter 2017 interim dividend
Announcement
date November 2,
2017
Ex-dividend date RDS A and RDS B ADSs (Note 1) November 16, 2017
Ex-dividend date RDS A and RDS B shares November 16,
2017
Record
date
November 17, 2017
Scrip reference share price announcement date November 23,
2017
Closing of scrip election and currency election (Note 2) December 1,
2017
Pounds sterling and euro equivalents announcement date December 7, 2017
Payment
date
December 20, 2017
Notes
Note 1:
The New York Stock Exchange (NYSE), with effect from September 5, 2017, reduced
the standard settlement cycle in accordance with the SEC amendments to Exchange
Act Rule 15c6-1(a). Under these rules, regular settlement will occur on a T+2
basis for trades occurring on or after the SEC's implementation date of
September 5, 2017.
As a result RDS A ADSs and RDS B ADSs traded on the NYSE markets will now
settle in line with RDS A shares and RDS B shares traded on European markets,
who moved to a T+2 settlement basis for trades in 2014, resulting in the same
ex-dividend date for RDS A shares, RDS B shares, RDS A ADSs and RDS B ADSs.
Record dates will not change. The timings of these in relation to the third
quarter 2017 interim dividend are reflected above, resulting in a change to the
ex-dividend date for the RDSA and RDS B ADSs from the timetable previously
communicated on November 1, 2016.
Note 2:
Both a different scrip and currency election date may apply to shareholders
holding shares in a securities account with a bank or financial institution
ultimately holding through Euroclear Nederland. This may also apply to other
shareholders who do not hold their shares either directly on the Register of
Members or in the corporate sponsored nominee arrangement. Shareholders can
contact their broker, financial intermediary, bank or financial institution for
the election deadline that applies. A different scrip election date may apply
to registered and non-registered ADS holders. Registered ADS holders can
contact The Bank of New York Mellon for the election deadline that applies.
Non-registered ADS holders can contact their broker, financial intermediary,
bank or financial institution for the election deadline that applies.
Taxation - cash dividends
Cash dividends on A Shares will be subject to the deduction of Dutch dividend
withholding tax at the rate of 15%, which may be reduced in certain
circumstances. Based on a policy statement issued by the Dutch Ministry of
Finance on April 29, 2016 (which has been formalised in law with effect from
January 2017), and depending on their particular circumstances, non-Dutch
resident shareholders may be entitled to a full or partial refund of Dutch
dividend withholding tax. As from 2018, Dutch and non-Dutch resident
shareholders who are exempt from corporate income tax may elect for an
exemption from Dutch dividend withholding tax instead of requesting a refund if
tax was withheld.
Furthermore, in April 2016, there were changes to the UK taxation of dividends.
The dividend tax credit was abolished, and a new tax free dividend allowance
introduced. Dividend income in excess of the allowance is taxable at the
following rates: 7.5% within the basic rate band; 32.5% within the higher rate
band; and 38.1% on dividend income taxable at the additional rate.
If you are uncertain as to the tax treatment of any dividends you should
consult your own tax advisor.
Royal Dutch Shell plc
The Hague, November 2, 2017
|
02/2/2017
07:25 | waldron: Royal Dutch Shell Shell Fourth Quarter 2016 Interim Dividend
02/02/2017 7:06am
UK Regulatory (RNS & others)
TIDMRDSA TIDMRDSB
ROYAL DUTCH SHELL PLC FOURTH QUARTER 2016 INTERIM DIVID
The Board of Royal Dutch Shell plc ("RDS") today announced an interim dividend
in respect of the fourth quarter of 2016 of US$0.47 per A ordinary share ("A
Share") and B ordinary share ("B Share"), equal to the US dollar dividend for
the same quarter last year.
The Board expects that the first quarter 2017 interim dividend will be US$0.47,
equal to the US dollar dividend for the same quarter in the previous year. The
first quarter 2017 interim dividend is scheduled to be announced on May 4,
2017.
RDS provides eligible shareholders with a choice to receive dividends in cash
or in shares via a Scrip Dividend Programme ("the Programme"). For further
details please see below.
Details relating to the fourth quarter 2016 interim dividend
It is expected that cash dividends on the B Shares will be paid via the
Dividend Access Mechanism from UK-sourced income of the Shell Group.
Per ordinary share Q4 2016
RDS A Shares (US$) 0.47
RDS B Shares (US$) 0.47
Cash dividends on A Shares will be paid, by default, in euro, although holders
of A Shares will be able to elect to receive dividends in pounds sterling.
Cash dividends on B Shares will be paid, by default, in pounds sterling,
although holders of B Shares will be able to elect to receive dividends in
euro.
The pounds sterling and euro equivalent dividend payments will be announced on
March 10, 2017.
Per ADS Q4 2016
RDS A ADSs (US$) 0.94
RDS B ADSs (US$) 0.94
Cash dividends on American Depository Shares ("ADSs") will be paid, by default,
in US dollars.
ADS stands for an American Depositary Share. ADR stands for an American
Depositary Receipt. An ADR is a certificate that evidences ADSs. ADSs are
listed on the NYSE under the symbols RDS.A and RDS.B. Each ADS represents two
ordinary shares, two A Shares in the case of RDS.A or two B Shares in the case
of RDS.B. In many cases the terms ADR and ADS are used interchangeably.
Scrip Dividend Programme
RDS provides shareholders with a choice to receive dividends in cash or in
shares via the Programme.
Under the Programme shareholders can increase their shareholding in RDS by
choosing to receive new shares instead of cash dividends, if approved by the
Board. Only new A Shares will be issued under the Programme, including to
shareholders who currently hold B Shares.
In some countries, joining the Programme may currently offer a tax advantage
compared with receiving cash dividends. In particular, dividends paid out as
shares by the Company will not be subject to Dutch dividend withholding tax
(currently 15 per cent), unlike cash dividends paid on A shares, and they will
not generally be taxed on receipt by a UK shareholder or a Dutch shareholder.
Shareholders who elect to join the Programme will increase the number of shares
held in RDS without having to buy existing shares in the market, thereby
avoiding associated dealing costs.
Shareholders who do not join the Programme will continue to receive in cash any
dividends approved by the Board.
Shareholders who held only B Shares and joined the Programme are reminded they
will need to make a Scrip Dividend Election in respect of their new A Shares if
they wish to join the Programme in respect of such new shares. However, this
is only necessary if the shareholder has not previously made a Scrip Dividend
Election in respect of any new A Shares issued.
For further information on the Programme, including how to join if you are
eligible, please refer to the appropriate publication available on
www.shell.com/scrip.
Dividend timetable for the fourth quarter 2016 interim dividend
Announcement date February 2, 2017
Ex-dividend date RDS A and RDS B ADSs February 15, 2017
Ex-dividend date RDS A and RDS B shares February 16, 2017
Record date February 17, 2017
Scrip reference share price announcement February 23, 2017
date
Closing of scrip election and currency March 3, 2017
election (See Note)
Pounds sterling and euro equivalents March 10, 2017
announcement date
Payment date March 27, 2017
Note
Both a different scrip and currency election date may apply to shareholders
holding shares in a securities account with a bank or financial institution
ultimately holding through Euroclear Nederland. This may also apply to other
shareholders who do not hold their shares either directly on the Register of
Members or in the corporate sponsored nominee arrangement. Shareholders can
contact their broker, financial intermediary, bank or financial institution for
the election deadline that applies. A different scrip election date may apply
to registered and non-registered ADS holders. Registered ADS holders can
contact The Bank of New York Mellon for the election deadline that applies.
Non-registered ADS holders can contact their broker, financial intermediary,
bank or financial institution for the election deadline that applies.
Taxation - cash dividends
Cash dividends on A Shares will be subject to the deduction of Dutch dividend
withholding tax at the rate of 15%, which may be reduced in certain
circumstances. Based on a policy statement issued by the Dutch Ministry of
Finance on April 29, 2016 (which has been formalised in law with effect from
January 2017), and depending on their particular circumstances, non-Dutch
resident shareholders may be entitled to a full or partial refund of Dutch
dividend withholding tax.
Furthermore, in April 2016, there were changes to the UK taxation of dividends.
The dividend tax credit has been abolished, and a new tax free dividend
allowance of GBP5,000 introduced. Dividend income in excess of the allowance will
be taxable at the following rates: 7.5% within the basic rate band; 32.5%
within the higher rate band; and 38.1% on dividend income taxable at the
additional rate.
If you are uncertain as to the tax treatment of any dividends you should
consult your own tax advisor.
Royal Dutch Shell plc
The Hague, February 2, 2017
Contacts:
- Investor Relations: Europe + 31 (0) 70 377 4540; North America +1 832 337
2034
- Media: International +44 (0) 207 934 5550; Americas +1 713 241 4544
|
04/5/2016
07:53 | waldron: Royal Dutch Shell RDS Q1 2016 Dividend Announcement
04/05/2016 6:00am
UK Regulatory (RNS & others)
TIDMRDSA TIDMRDSB
ROYAL DUTCH SHELL PLC FIRST QUARTER 2016 INTERIM DIVIDEND
The Hague, May 4, 2016 - The Board of Royal Dutch Shell plc ("RDS") today
announced an interim dividend in respect of the first quarter of 2016 of
US$0.47 per A ordinary share ("A Share") and B ordinary share ("B Share"),
equal to the US dollar dividend for the same quarter last year.
RDS provides eligible shareholders with a choice to receive dividends in cash
or in shares via a Scrip Dividend Programme ("the Programme"). For further
details please see below.
Details relating to the first quarter 2016 interim dividend
It is expected that cash dividends on the B Shares will be paid via the
Dividend Access Mechanism from UK-sourced income of the Shell Group.
Per ordinary share Q1 2016
RDS A Shares (US$) 0.47
RDS B Shares (US$) 0.47
Cash dividends on A Shares will be paid, by default, in euro, although holders
of A Shares will be able to elect to receive dividends in pounds sterling.
Cash dividends on B Shares will be paid, by default, in pounds sterling,
although holders of B Shares will be able to elect to receive dividends in
euro.
The pounds sterling and euro equivalent dividend payments will be announced on
June 13, 2016.
Per ADS Q1 2016
RDS A ADSs (US$) 0.94
RDS B ADSs (US$) 0.94
Cash dividends on American Depository Shares ("ADSs") will be paid, by default,
in US dollars.
ADS stands for an American Depositary Share. ADR stands for an American
Depositary Receipt. An ADR is a certificate that evidences ADSs. ADSs are
listed on the NYSE under the symbols RDS.A and RDS.B. Each ADS represents two
ordinary shares, two A Shares in the case of RDS.A or two B Shares in the case
of RDS.B. In many cases the terms ADR and ADS are used interchangeably.
Scrip Dividend Programme
RDS provides shareholders with a choice to receive dividends in cash or in
shares via the Programme.
Under the Programme shareholders can increase their shareholding in RDS by
choosing to receive new shares instead of cash dividends, if approved by the
Board. Only new A Shares will be issued under the Programme, including to
shareholders who currently hold B Shares.
In some countries, joining the Programme may currently offer a tax advantage
compared with receiving cash dividends. In particular, dividends paid out as
shares by the Company will not be subject to Dutch dividend withholding tax
(currently 15 per cent), unlike cash dividends paid on A shares, and they will
not generally be taxed on receipt by a UK shareholder or a Dutch shareholder.
Shareholders who elect to join the Programme will increase the number of shares
held in RDS without having to buy existing shares in the market, thereby
avoiding associated dealing costs.
Shareholders who do not join the Programme will continue to receive in cash any
dividends approved by the Board.
Shareholders who held only B Shares and joined the Programme are reminded they
will need to make a Scrip Dividend Election in respect of their new A Shares if
they wish to join the Programme in respect of such new shares. However, this
is only necessary if the shareholder has not previously made a Scrip Dividend
Election in respect of any new A Shares issued.
For further information on the Programme, including how to join if you are
eligible, please refer to the appropriate publication available on
www.shell.com/scrip.
Dividend timetable for the first quarter 2016 interim dividend
Announcement
date May 4,
2016
Ex-dividend date RDS A and RDS B ADS May 18, 2016
Ex-dividend date RDS A and RDS B shares May 19, 2016
Record
date
May 20, 2016
Scrip reference share price announcement date May 26, 2016
Closing of scrip election and currency election (See Note) June 6, 2016
Pounds sterling and euro equivalents announcement date June 13, 2016
Payment
date
June 27, 2016
Note
Both a different scrip and currency election date may apply to shareholders
holding shares in a securities account with a bank or financial institution
ultimately holding through Euroclear Nederland. This may also apply to other
shareholders who do not hold their shares either directly on the Register of
Members or in the corporate sponsored nominee arrangement. Shareholders can
contact their broker, financial intermediary, bank or financial institution for
the election deadline that applies. A different scrip election date may apply
to registered and non-registered ADS holders. Registered ADS holders can
contact The Bank of New York Mellon for the election deadline that applies.
Non-registered ADS holders can contact their broker, financial intermediary,
bank or financial institution for the election deadline that applies.
Taxation - cash dividends
Cash dividends on A Shares will be subject to the deduction of Dutch dividend
withholding tax at the rate of 15%, which may be reduced in certain
circumstances.
In April 2016, there were changes to the UK taxation of dividends. The dividend
tax credit has been abolished, and a new tax free dividend allowance of GBP5,000
introduced. Dividend income in excess of the allowance will be taxable at the
following rates: 7.5% within the basic rate band; 32.5% within the higher rate
band; and 38.1% on dividend income taxable at the additional rate.
If you are uncertain as to the tax treatment of any dividends you should
consult your own tax advisor.
Royal Dutch Shell plc
Contacts:
- Investor Relations: Europe + 31 (0) 70 377 4540; North America +1 832 337
2034
- Media: International +44 (0) 207 934 5550; Americas +1 713 241 4544
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