Shell Demonstrates It’s on the Right Track; Valuation Makes it Most Compelling Integrated
Shell reported posted a recovery in earnings to $2.8 billion from $2.4 billion in the third quarter last year thanks to the integration of BG and early realization of synergies and cost-cutting efforts. Importantly, operating cash flow staged a rebound to $8.5 billion form the anemic levels of $2.3 billion during the second quarter. While both quarters were affected by one-time items, negatively in the second/positively in the third, we view the third quarter as more representative of Shell’s lo...Royal Dutch Shell is a holding company. Through its subsidiaries, Co. is engaged in the oil and gas industry. Co. reports its business through four segments: Integrated Gas, which engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products; Upstream, which engaged in the exploration for and extraction of crude oil, natural gas and natural gas liquids; Downstream, which engaged in oil products and chemicals manufacturing and marketing activities; and Corporate, which comprising Co.'s holdings and treasury organisation, its self-insurance activities and its headquarters and central functions.
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