Royal Dutch Shell Plc : A solid Q1 and largely above forecasts
>Q1 sales: 12%-17% ahead of our expectations and the consensus - Adjusted attributable net profit in Q1 was $Â 5.301bn, -6.8% q-o-q/-1.9% y-o-y, 12% above our forecasts and 16.7% above the consensus. CFFO excluding the change to WCR but including the IFRS 16 impact was $Â 11.3bn, a reassuring level despite a tough environment in Q1. Welcome surprises in upstream and integrated gas - The upstream division reported earnings of $Â 1.725bn, down 8.3% q-o-q/...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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