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    RDSA   GB00B03MLX29

ROYAL DUTCH SHELL PLC

(RDSA)
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Royal Dutch Shell plc Royal Dutch Shell Plc -- Report On Payments To Government For The Year 2020

04/07/2021 | 03:15am EDT
TIDMRDSA TIDMRDSB 
 
   Basis for Preparation -- Report on Payments to Governments for the year 
2020 
 
   This Report provides a consolidated overview of the payments to 
governments made by Royal Dutch Shell plc and its subsidiary 
undertakings (hereinafter referred to as "Shell") for the year 2020 as 
required under the UK's Report on Payments to Governments Regulations 
2014 (as amended in December 2015). These UK Regulations enact domestic 
rules in line with Directive 2013/34/EU (the EU Accounting Directive 
(2013)) and apply to large UK incorporated companies like Royal Dutch 
Shell plc that are involved in the exploration, prospection, discovery, 
development and extraction of minerals, oil, natural gas deposits or 
other materials. This Report is also filed with the National Storage 
Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) 
intended to satisfy the requirements of the Disclosure Guidance and 
Transparency Rules of the Financial Conduct Authority in the United 
Kingdom. Following the UK's exit from the EU and the end of the 
transition period on 31 December 2020, this Report is also published 
pursuant to article 5:25e of the Dutch FMSA (Wft). 
 
   This Report is available for download from www.shell.com/payments. 
 
   Legislation 
 
   This Report is prepared in accordance with The Reports on Payments to 
Governments Regulations 2014 as enacted in the UK in December 2014 and 
as amended in December 2015. 
 
   Reporting entities 
 
   This Report includes payments to governments made by Royal Dutch Shell 
plc and its subsidiary undertakings (Shell). Payments made by entities 
where Shell has joint control are excluded from this Report. 
 
   Activities 
 
   Payments made by Shell to governments arising from activities involving 
the exploration, prospection, discovery, development and extraction of 
minerals, oil and natural gas deposits or other materials (extractive 
activities) are disclosed in this Report. It excludes payments related 
to refining, natural gas liquefaction or gas-to-liquids activities. For 
a fully integrated project, which does not have an interim contractual 
cut-off point where a value can be attached or ascribed separately to 
the extractive activities and to other processing activities, payments 
to governments will not be artificially split but are disclosed in full. 
 
   Government 
 
   Government includes any national, regional or local authority of a 
country, and includes a department, agency or entity that is a 
subsidiary of a government, including a national oil company. 
 
   Project 
 
   Payments are reported at project level except that payments that are not 
attributable to a specific project are reported at entity level. Project 
is defined as operational activities which are governed by a single 
contract, licence, lease, concession or similar legal agreement, and 
form the basis for payment liabilities with a government. If such 
agreements are substantially interconnected, those agreements are to be 
treated as a single project. 
 
   "Substantially interconnected" means forming a set of operationally and 
geographically integrated contracts, licences, leases or concessions or 
related agreements with substantially similar terms that are signed with 
a government giving rise to payment liabilities. Such agreements can be 
governed by a single contract, joint venture, production sharing 
agreement, or other overarching legal agreement. Indicators of 
integration include, but are not limited to, geographic proximity, the 
use of shared infrastructure and common operational management. 
 
   Payment 
 
   The information is reported under the following payment types. 
 
   Production entitlements 
 
   These are the host government's share of production in the reporting 
period derived from projects operated by Shell. This includes the 
government's share as a sovereign entity or through its participation as 
an equity or interest holder in projects within its sovereign 
jurisdiction (home country). Production entitlements arising from 
activities or interests outside of its home country are excluded. 
 
   In certain contractual arrangements, typically a production sharing 
contract, a government through its participation interest may contribute 
funding of capital and operating expenditure to projects, from which it 
derives production entitlement to cover such funding (cost recovery). 
 
   Such cost recovery production entitlement is included. 
 
   In situations where a government settles Shell's income tax obligation 
on behalf of Shell by utilising its share of production entitlements 
(typically under a tax-paid concession), such amount will be deducted 
from the reported production entitlement. 
 
   Taxes 
 
   These are taxes paid by Shell on its income, profits or production 
(which include resource severance tax, and petroleum resource rent tax), 
including those settled by a government on behalf of Shell under a 
tax-paid concession. Payments are reported net of refunds. Consumption 
 
   taxes, personal income taxes, sales taxes, property and environmental 
taxes are excluded. 
 
   Royalties 
 
   These are payments for the rights to extract oil and gas resources, 
typically at a set percentage of revenue less any deductions that may be 
taken. 
 
   Dividends 
 
   These are dividend payments other than dividends paid to a government as 
an ordinary shareholder of an entity unless paid in lieu of production 
entitlements or royalties. For the year ended December 31, 2020, there 
were no reportable dividend payments to a government. 
 
   Bonuses 
 
   These are payments for bonuses. These are usually paid upon signing an 
agreement or a contract, or when a commercial discovery is declared, or 
production has commenced, or production has reached a milestone. 
 
   License fees, rental fees, entry fees and other considerations for 
licenses and/or concessions 
 
   These are fees and other sums paid as consideration for acquiring a 
licence for gaining access to an area where extractive activities are 
performed. Administrative government fees that are not specifically 
related to the extractive sector, or to access to extractive resources, 
are excluded. Also excluded are payments made in return for services 
provided by a government. 
 
   Infrastructure improvements 
 
   These are payments which relate to the construction of infrastructure 
(road, bridge or rail) not substantially dedicated for the use of 
extractive activities. Payments which are a social investment in nature, 
for example building of a school or hospital, are excluded. 
 
   OTHER 
 
   Operatorship 
 
   When Shell makes a payment directly to a government arising from a 
project, regardless of whether Shell is the operator, the full amount 
paid is disclosed even where Shell as the operator is proportionally 
reimbursed by its non-operating venture partners through a partner 
billing process (cash-call). 
 
   When a national oil company is the operator of a project to whom Shell 
makes a reportable payment, which is distinguishable in the cash-call, 
it is included in this Report. 
 
   Cash and in-kind payments 
 
   Payments are reported on cash basis. In-kind payments are converted to 
an equivalent cash value based on the most appropriate and relevant 
valuation method for each payment, which can be at cost or market value 
or such value as stated in the contract. In-kind payments are reported 
in both volumes and the equivalent cash value. 
 
   Materiality Level 
 
   For each payment type, total payments below GBP86,000 to a government 
are excluded from this Report. 
 
   Exchange Rate 
 
   Payments made in currencies other than US Dollars are translated for 
this Report based on the foreign exchange rate at the relevant quarterly 
average rate. 
 
 
 
 
Report on Payments to Governments [1] 
  Government 
   Reports 
   (in USD) 
                 Production                                                                       Infrastructure 
                 Entitlement         Taxes          Royalties       Bonuses          Fees          Improvements         Total 
------------  ---------------  ---------------  ---------------  ------------  ---------------  ----------------  ---------------- 
Countries: 
------------  ---------------  ---------------  ---------------  ------------  ---------------  ----------------  ---------------- 
Europe 
------------                                                                                                      ---------------- 
Bulgaria                   --               --               --            --          155,178                --           155,178 
------------  ---------------  ---------------  ---------------  ------------  ---------------  ----------------  ---------------- 
Italy                      --               --       67,954,715            --               --                --        67,954,715 
------------  ---------------  ---------------  ---------------  ------------  ---------------  ----------------  ---------------- 
Norway          1,331,302,546      466,790,641               --            --        1,458,483                --     1,799,551,670 
------------  ---------------  ---------------  ---------------  ------------  ---------------  ----------------  ---------------- 
United 
 Kingdom                   --     -106,582,465               --            --        7,474,783                --       -99,107,681 
------------  ---------------  ---------------  ---------------  ------------  ---------------  ----------------  ---------------- 
Asia 
------------                                                                                                      ---------------- 
Brunei 
 Darussalam                --       34,964,254               --            --               --                --        34,964,254 
------------  ---------------  ---------------  ---------------  ------------  ---------------  ----------------  ---------------- 

(MORE TO FOLLOW) Dow Jones Newswires

04-07-21 0515ET

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ChangeLast1st jan.
LONDON BRENT OIL -1.09% 66.48 Delayed Quote.28.41%
OIL AND NATURAL GAS CORPORATION LIMITED -0.19% 102.85 Delayed Quote.10.75%
ROYAL DUTCH SHELL PLC -3.65% 15.788 Real-time Quote.12.13%
S&P GSCI GOLD INDEX 0.37% 1035.399 Delayed Quote.-6.57%
WTI -1.59% 62.58 Delayed Quote.30.34%
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Financials (USD)
Sales 2021 262 B - -
Net income 2021 13 404 M - -
Net Debt 2021 61 984 M - -
P/E ratio 2021 10,7x
Yield 2021 3,62%
Capitalization 150 B 149 B -
EV / Sales 2021 0,81x
EV / Sales 2022 0,69x
Nbr of Employees 87 000
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 25,29 $
Last Close Price 19,73 $
Spread / Highest target 67,4%
Spread / Average Target 28,2%
Spread / Lowest Target -15,7%
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Managers and Directors
NameTitle
Bernardus Cornelis Adriana Margriet van Beurden Chief Executive Officer & Executive Director
Jessica Rodgers Uhl Chief Financial Officer & Director
Charles Otis Holliday Chairman
Harry Brekelmans Director-Technology & Projects
Nigel Elton Sheinwald Independent Non-Executive Director
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