28th Sep 2009 11:13
New accounting segmentation
The Hague, 28 September 2009. Royal Dutch Shell plc ("Shell") has implemented, as from 1 July, 2009, a series of changes to senior management roles and responsibilities. Accounting disclosure segmentation, as from the third quarter 2009, will reflect the new organisational structure.
These changes will reduce Shell's administrative costs, simplify the presentation of Shell's financial results, and at the same time provide additional information for investors.
Financial results will be presented in three segments: Upstream, Downstream and Corporate & Minority Interest. This will simplify the accounts presentation, which up to the second quarter 2009 was comprised of six business segments.
Upstream will include earnings from the previous Exploration Production, Gas & Power and Oil Sands segments. Downstream will include earnings from the previous Oil Products and Chemicals segments, and Alternative Energy, with the exception of Wind, which will be consolidated into Upstream.
Shell will provide a financial supplement disclosure, on a quarterly basis, which will include expanded geographical disclosures for Upstream, financial information on Integrated Gas, which includes the LNG business, and an Oil Products and Chemicals split for Downstream.
Please refer to the Shell Investor Relations website for an overview of theunaudited financial and operational data based on the new accounting disclosuresegmentation.[www.shell.com/investor]Shell Investor Relations:Den Haag Tjerk Huysinga +31 70 377 3996 / +44 207 934 3856New York Harold Hatchett +1 212 218 3112
Shell Media Relations: International, US, UK, European Press +31 70 377 3600 The Netherlands Press +31 70 377 8750
Cautionary Note
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this press release "Shell", "Shell group" and "Royal Dutch Shell" are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ``Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this press release refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as "associated companies" or "associates" and companies in which Shell has joint control are referred to as "jointly controlled entities". In this press release, associates and jointly controlled entities are also referred to as "equity-accounted investments". The term "Shell interest" is used for convenience to indicate the direct and/or indirect (for example, through our 34% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.
This press release contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ``anticipate'', ``believe'', ``could'', ``estimate'', ``expect'', ``intend'', ``may'', ``plan'', ``objectives'', ``outlook'', ``probably'', ``project'', ``will'', ``seek'', ``target'', ``risks'', ``goals'', ``should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group's products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions.
All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell's 20-F for the year ended December 31, 2008 (available at www.shell.com/investor and www.sec.gov - opens in new window). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release - 28 September 2009. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.
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