Company report
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23 Pages

Shell corporate report


Shell corporate report

Report summary

Shell is at an important turning point. The bold counter-cyclical acquisition of BG will firmly establish IOC leadership in both the deepwater and LNG sectors, and will be a springboard for Shell to reshape its portfolio through an ambitious US$30 billion disposal programme. A more focused company will emerge, with a greater geographical concentration, a sharpened set of long-term resource opportunities and a streamlined downstream business, but we believe a lack of a material presence in low breakeven unconventionals relative to Supermajor peers will remain a significant portfolio gap.


What's included?

This report includes 2 file(s)

  • Shell corporate report PDF - 2.69 MB 23 Pages, 9 Tables, 26 Figures
  • Shell Corporate Report.xls XLS - 4.87 MB

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • SWOT analysis
  • Strategy
    • Recent strategic moves
      • Initial bullish response to lower oil prices
      • Messaging refreshed in Q2 2015
    • Current strategic positioning
    • Strategic priorities
      • 1. Completing the BG deal
      • 2. Capital discipline
      • 3. Executing portfolio restructuring
      • 4. The next phase of M&A / business development
      • 5. Defending LNG leadership
      • 6. Getting back on track in exploration
  • Financial health
    • Financial health overview
      • Cash flow breakeven outlook
      • Net debt and gearing outlook
  • Investment
    • Investment overview
    • Legacy assets
    • Development pipeline
  • Resources, reserves and production
    • Resources and reserves overview
    • Production overview
  • Key success factors
  • Economic assumptions

In this report there are 35 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
    • Benchmarking: share price performance
    • Benchmarking: market premium / discount to Wood Mackenzie NPV,10
    • Strategic fit of upstream regions
    • Benchmarking: NPV,10 by resource theme
    • Benchmarking: exposure to resource themes (weightings versus Majors' average)
    • Benchmarking: new project returns
    • Benchmarking: capital investment (2015 to 2020)
    • Benchmarking: production CAGR
    • Benchmarking: indexed production outlook
    • Discretionary capital spend by NPV,15 project breakeven
    • Production from discretionary projects by NPV,15 project breakeven
    • Wood Mackenzie assessment of disposal candidates
    • Benchmarking: DES LNG breakeven prices
    • Benchmarking: gas into LNG
  • Financial health
    • Cash flow breakevens
    • Financial health: Image 2
    • Net debt outlook
    • Benchmarking: upstream base case cash flow outlook
  • Investment
    • Shell: capital investment (2015 to 2020)
    • Top ten probable projects by projected capex (to 2020)
  • Resources, reserves and production
    • Reserves and resource detail
    • Resources, reserves and production: Image 2
    • Benchmarking: reserves and resources life
    • Production outlook
  • Key success factors
    • Top legacy assets by value
    • Key growth assets by value
  • Economic assumptions
    • Base price assumptions
    • Base price assumptions (nominal terms)
    • Economic assumptions: Image 2
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Economic assumptions: Table 3
    • Valuation assumptions
    • Foreign exchange rate assumptions
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