IS SHELL’S STRATEGY WORKING AND WHAT IS THE OUTLOOK FOR 2012?

TONY SHEPARD | CHARLES STANLEY
We expect outperformance to continue providing Shell delivers on its growth strategy. The increased guidance on disposals should be well received and will help to pay for the $1.8bn bid for Cove Energy.

STUART JOYNER | INVESTEC
Shell’s results were better than expected. Refining continues to be a drag, with global indicator margins pressured, but we have not seen repeat of the shock loss in quarter four.

KEITH BOWMAN | HARGREAVES LANSDOWN
The oil price has clearly played its part, while project investments now appear to be bearing fruit. Progress towards improved operational and financial performance is being achieved.