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Royal Dutchshell Group

Royal Dutch Shell PLC ('Shell') is the second largest of the six Integrated O&G "Supermajors" by revenue (FY17: $305 bn), with operations in over seventy nations. Historically, Shell's Upstream business (Exploration and Production of O&G) has been its main earnings generator. After the BG Group deal, Shell split out its LNG activities from Upstream, creating a new "Integrated Gas" segment. In 2017, total production reached 3,664 kboe/d (o/w 50% oil and 50% gas). SEC 1P Reserves as of YE17 fell due to resource divestments, at 12.2 bboe (YE16: 13.2 bboe). Downstream is the secondary contributor to Shell's earnings. It encompasses the Refining, Marketing (Retail, B2B), Alternative Energies and Chemicals activities. Its global refining capacity at YE17 stood at ~2.9 mbbl/d. Shell's strategic themes are split in to three categories: (1) Cash Engines: Conventional O&G, Integrated Gas and Oil Products); (2) Growth Priorities: Deep-Water and Chemicals; and (3) Emerging Opportunities: Shales and New Energies. By 2020, the company expects Deep-Water to become a Cash Engine, and New Energies a Growth Priority. Its Cash Engines constitute most of the capex budget and are activities which generate positive FCF. (04 Oct 2018)

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Oil & Gas: OPEC+ Plays Let's Make a Deal

Sector Analysis: 07 Dec 2018, 11:38 AM ET - OPEC+ reportedly came together at the last minute for a 1.2 mmbd production cut although details are sparse at this point.

Oil & Gas: OPEC+ Struggling to Come Together

Sector Analysis: 06 Dec 2018, 2:02 PM ET - OPEC came away from its meeting in Vienna today empty-handed on an agreement, with plans to continue the discussion with OPEC+ tomorrow.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Oil & Gas: Bloodbath Over or Temporary Pause?

Sector Analysis: 15 Nov 2018, 5:11 AM ET - Oil prices finally turned north yesterday, with WTI closing up a scant $0.20/bbl to $55.89/bbl, following a record string of 12 straight down days which saw prices plunge $12/bbl, or 18%.  

Shell 3Q18: Strategic Plan On Track

Earnings Note: 04 Nov 2018, 10:12 PM ET - Shell delivered 3Q18 results which confirmed the on-going strength observed across the European Integrated O&G sector so far this year.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Shell 1H18: Time To Please Shareholders!

Earnings Note: 26 Jul 2018, 9:52 PM ET - Shell's 2Q18 results saw management unveil its much anticipated $25 bn share buyback programme. Earnings missed expectations, and cash flow generation exhibited weakness, but divestments allowed for a further improvement in credit metrics.

Oil & Gas: Mega-mergers Lead the Way in 2Q18

Sector Analysis: 16 Jul 2018, 10:24 PM ET - Global Oil & Gas M&A activity hit $97 bn in 2Q18, rising $31 bn, or 73%, sequentially and posting the highest quarterly total since 1Q17.

Oil Markets: OPEC Leaves 'Em Guessing

Sector Analysis: 26 Jun 2018, 4:26 AM ET - OPEC and its non-OPEC partners in cooperation, collectively, OPEC+, threw the market a curveball over the weekend by failing to come up with any clear and concrete plans to bring production back online.

Oil & Gas: Market Tightens, Raising Price Forecast

Sector Analysis: 30 May 2018, 5:34 AM ET - Oil has come off the boil in the past week as the Saudis and Russia look to help ease tightening oil market conditions. However, we expect conditions will remain tight nonetheless - raising price forecasts.

Total & Shell: 1Q18 Results Highlights

Earnings Note: 29 Apr 2018, 9:55 PM ET - Total & Shell reported their 1Q18 results with the improved upstream performances driving that of the groups. For both though the better results did not fully translate at the cash generation level.

European Integrated Oil: FY17 Wrap & Recs. Update

Sector Analysis: 19 Apr 2018, 11:32 PM ET - In this sector piece we review the European Integrated O&G’s 2017 results, outlook and recommendation. More specifically we move Statoil to U/P from M/P, and BP to O/P from M/P.

Oil Markets: IEA Remains Cautious due to Shale

Sector Analysis: 14 Feb 2018, 3:56 AM ET - The IEA released an Oil Market Report highlighted by an increased demand forecast and continued fears for downside price risk given its supply demand forecast for 2018.

Shell: Wrapping Up A Strong Year, More In 2018

Earnings Note: 02 Feb 2018, 11:17 AM ET - Shell reported another set of healthy quarterly results, wrapping-up a strong year, ahead of analysts' expectations. We see that momentum continuing and maintain our M/P view on the company. 

Asia IG News: 31 January 2018

Worth Watching: 31 Jan 2018, 4:26 AM ET - Asia IG News (Click on the hyperlinks to see CreditSights research)Greater China:Alibaba is going to report its 3QFY18 results on 1 February (Eastern Time).Tencent formed partnership with Shaanxi Provincial government to build Xi'an smart city.Sta ..

2017 Euro Conference: European Integrated Oils

Transcript: 18 Dec 2017, 10:34 PM ET - 2017 has been a year of transition to a new hydrocarbons prices environment to which the integrated players now seem to have adapted. We now do not see much more room for spread tightening and move our recommendation to M/P from O/P

Shell & Repsol 3Q17: Overall Momentum Still There

Earnings Note: 06 Nov 2017, 12:13 PM ET - Shell and Repsol once again released strong sets of operational, strategic and cash generation results, with healthy contributions from all their business segments. The overall momentum for the companies remains good.

Shell: S&P Upgrade To A+, Positive Outlook

Worth Watching: 02 Oct 2017, 5:57 AM ET - Shell  (Aa2/A+/AA-): S&P announced that it was upgrading Shell's rating to A+ from A, with an outlook set to Positive. The agency rating move is primarily driven by the strengthening of the company's credit profile and healthy deleveraging on th ..

HK/SG Conference 2017: Asian IG Strategy

Transcript: 03 Aug 2017, 2:03 AM ET - Asia is starting to cheapen up compared to the US. We suggest those seeking exposure to Asian IG target short-dated Asian energy or TMT bonds. 

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