Shell announces its results from the final quarter of 2017
The British-Dutch oil and gas frim, Royal Dutch Shell, has revealed its results from the final quarter of 2017, and its over-all results from the year.
“2017 was a year of strong financial performance for Shell. A year of transformation, in which we showed we have what it takes to deliver a world-class investment case,” stated Ben van Beurden, CEO of Royal Dutch Shell.
“Our relentless focus on value, performance and competitiveness meant we were able to deliver $39 billion of cash flow from operations excluding working capital movements from our upgraded portfolio.”
“We strengthened our financial framework during the year through an $8 billion reduction in our net debt, while our increased free cash flow generation gave us the confidence to cancel the scrip dividend programme in the fourth quarter, in line with what we said previously.”
The oil and gas firm recorded its full years earnings, on a current cost of supplies (CCS), as US$15.8bn, excluding identified items.
This is a 119% increase from 2016’s total of $7.2bn.
Also, with same exclusions and on a CSS basis, Shell earnt $4.3bn between October and December last year, up from $1.8bn the previous year.
The company announced that gearing towards the end of 2017 only hit 24.8%, down from 28% in the same review period of 2016, reducing net debt by $8bn.
In terms of oil and gas, Shell also produced 3.66mn barrels of oil equivalent per day.
“We reported strong earnings for the quarter underpinned by continued delivery momentum. Cash flow reflected higher tax payments and increased cash requirements in relation to our trading business,” van Beurden added.
“We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash.”
Protium Green Solutions targets Scotland hydrogen potential
Protium Green Solutions (Protium), a leading UK-based green hydrogen energy services company, has expanded its UK footprint with the opening of Protium Scotland, led by newly appointed Jon Clipsham as Chief Commercial Officer.
Following a year of "significant growth" for the London-based firm, Protium’s activity across the green hydrogen space continues to demonstrate the viability of green hydrogen for businesses accelerating their net zero strategies and its CAPEX totals more than £1 billion for projects across aviation, road transport, alcoholic manufacturing and food & beverage sectors.
Protium’s Scotland presence has been established to support its growing projects in the region, with three clients currently based in Scotland and additional projects in the pipeline. Clipsham will lead Protium’s client engagement team across all UK regions, further supporting existing clients’ decarbonisation efforts across its accelerating projects.
Clipsham has been hired to spearhead the Scotland-based office, bringing with him over 30 years’ experience having spent more than 25 years in the chemicals industry and more than five years in the green hydrogen space.
Previously he developed and led many of the projects which have driven the growth of the green hydrogen eco-system in Orkney, and he also plays an influential role in shaping Scotland’s hydrogen policies and regulation, as a Board member of the Scottish Hydrogen and Fuel Cell Association (SHFCA). He also holds various lecturing positions at notable Scottish universities and educational institutes (covering hydrogen and renewable energy).
Clipsham said he is fully aligned with Protium’s mission of taking action and delivering change while policy and industry catches up. "I look forward to working with the team and its clients in supporting the national energy transition and am proud to be joining forces with other experts in the field who share the same vision," he said.
Chris Jackson, CEO of Protium, said: “We can see first-hand how the appetite for green hydrogen is increasing so leveraging Jon’s expertise and technical capabilities will be instrumental in delivering the best result for our clients - I am confident we’ll be able to demonstrate how green hydrogen is an exciting solution for these organisations overhauling their decarbonisation efforts.
“As we approach the second year of the business this milestone marks an important step for Protium as our client portfolio continues to grow, government support steadily increases and as UK-brands explore sustainable energy alternatives.”
With Protium’s senior leadership team holding external decision-making roles in relevant hydrogen Associations and Institutions, together Clipsham with Jackson, and Head of Policy and Innovation, Jen Baxter, the team will play an influential role in championing hydrogen and its place in the green economy. Jackson is currently the Chairman of the UK’s Hydrogen & Fuel Cell Association and Baxter is on the Board of Industry Wales.
The Hydrogen Map lists the following projects in Scotland: Big Hit (phase 2); Acorn Aberdeenshire (Blue Hydrogen); Hydrogen Bus Project (Aberdeen); Aberdeen Exhibition and Conference Centre; and Levenmouth Community Energy project.