NEILL MORTON | INVESTEC
The headline numbers are broadly in line with the profit warning earlier this month. The chief executive’s message is pretty much what we believe the market wanted to hear. After Shell’s growth drive of recent years, it is “changing emphasis” in 2014 “to improve our returns”.
LUCAS HERRMANN | DEUTSCHE BANK
Divestments of $15bn over the next two years is in line with earlier statements but perhaps a disappointing target given some of the market’s elevated hopes. But encouragingly Shell has indicated a four per cent increase in its 2014 dividend which places it at the upper end of market expectations.
RICHARD GRIFFITH | CANACCORD GENUITY
Overall there’s nothing there that we’d deem spectacular. The refocusing on improving financial results, capital efficiency, operational performance and project delivery are all welcome, but we believe the market will need to see clear milestones before buying fully into the new programme.