Shell CEO, Ben van Beurden, released the following statement regarding the company海角吃瓜网檚 first quarter results:
海角吃瓜网淪hell海角吃瓜网檚 profits enable the company to pay competitive dividends to shareholders and to finance new investments in oil and gas. Our long-term strategy is sound.
海角吃瓜网淥ur first quarter 2014 results reflect more robust levels of profitability. However, as we saw in 2013, we are in an industry where high volatility remains, both in the macro-environment and in our quarterly results.
海角吃瓜网淭he priorities I set out at the start of 2014 have not changed.
海角吃瓜网淚 am determined to improve our competitiveness, and to adapt the company to respond to changes in the industry landscape, particularly in Oil Products and North America resources plays.
海角吃瓜网淲e are aiming to continue to balance growth and returns, by focusing sharply on our three key priorities 海角吃瓜网� better financial performance, enhanced capital efficiency, including more selectivity on project choices and US$ 15 billion of divestments in 2014-15, and continuing strong project delivery.
海角吃瓜网淥ur investment strategy is delivering where it matters - at the bottom line. The first quarter of 2014 has seen new, profitable production from the deep-water Gulf of Mexico and Iraq, together with new LNG from our acquisition of Repsol海角吃瓜网檚 portfolio.
"We are making hard choices on Shell海角吃瓜网檚 assets and options, to improve capital efficiency, in both Upstream and Downstream. The divestments underway in Downstream in four countries are part of Shell海角吃瓜网檚 drive to improve our competitive position. Downstream has the potential to average 10-12% ROACE, more than double current levels, and to deliver around US$ 10 billion of annual cash flow. I am determined to improve our performance in this business.
海角吃瓜网淭he impairments we have announced today in Downstream reflect Shell海角吃瓜网檚 updated views on the outlook for refining margins. There are substantial pressures on the industry from excess capacity, changing product demand, and new oil supplies from liquids-rich shales.
海角吃瓜网淭he 4% dividend increase we have confirmed today for the first quarter 2014 underscores our delivery in recent years, and our confidence in the future potential.海角吃瓜网�
Adapted from press release by