DELIVERY & GROWTH FIVE-YEAR FACT BOOK - Shell

oyal dutch shell p l c financial and operational information 2004–2008
DELIVERY & GROWTH
FIVE-YEAR FACT BOOK

DELIVERY & GROWTH
REVIEW Of
THE YEaR
COnSOLIDaTED
fInanCIaL
STaTEmEnTS
UPSTREam
DOWnSTREam
aLTERnaTIVE
EnERGY
SUPPLEmEnTaRY
InfORmaTIOn
OUR BUSInESS 1
OUR PURPOSE, OUR LOCaTIOnS 2
maRKET OVERVIEW 3
OUR STRaTEGY 4
2008 RESULTS 6
SHaRE InfORmaTIOn 7
DIVIDEnD InfORmaTIOn 8
fInanCIaL CaLEnDaR 9
KEY DEVELOPmEnT PROJECTS 10
TECHnOLOGY 12
COnSOLIDaTED STaTEmEnT Of InCOmE 16
EaRnInGS PER SHaRE 16
COnSOLIDaTED BaLanCE SHEET 17
COnSOLIDaTED STaTEmEnT Of CaSH fLOWS 18
aDDITIOnaL SEGmEnTaL InfORmaTIOn 19
EaRnInGS BY BUSInESS SEGmEnT 20
QUaRTERLY EaRnInGS BY BUSInESS SEGmEnT 20
QUaRTERLY CCS EaRnInGS BY BUSInESS SEGmEnT 22
IDEnTIfIED ITEmS BY BUSInESS SEGmEnT 22
CaPITaL InVESTmEnT 24
fInanCIaL RaTIOS, DOLLaR EXCHanGE RaTES 25
fIXED aSSETS, DEPRECIaTIOn 26
CaPITaL EmPLOYED, TaXaTIOn 27
CORPORaTE 28
EmPLOYEES 29
fInanCIaL anD OPERaTIOnaL HIGHLIGHTS 31
EXPLORaTIOn 32
LnG maRKET 34
CLEan COaL 35
RESERVES, PRODUCTIOn 36
EUROPE 37
amERICaS 41
afRICa 46
mIDDLE EaST, RUSSIa, CIS 50
aSIa-PaCIfIC 57
fInanCIaL anD OPERaTInG DaTa 62
OIL, GaS anD OIL SanDS EaRnInGS 64
RESERVES DaTa 66
OIL, GaS anD OIL SanDS PRODUCTIOn 69
GaS & POWER DaTa 71
fInanCIaL anD OPERaTIOnaL HIGHLIGHTS 73
REfInInG 74
SUPPLY anD DISTRIBUTIOn, BUSInESS TO BUSInESS 75
RETaIL 76
LUBRICanTS 77
CHEmICaLS 78
TRaDInG 79
fInanCIaL anD OPERaTInG DaTa OIL PRODUCTS 80
OIL SaLES anD RETaIL SITES 82
REVEnUE anD SHIPPInG 83
fInanCIaL anD OPERaTInG DaTa CHEmICaLS 84
manUfaCTURInG LOCaTIOnS 85
BIOfUELS 87
WInD 88
COnTaCT InfORmaTIOn 89
i Shell Financial and Operational Information 2004–2008
aBBREVIaTIOnS
CURREnCIES
€ Euro
$ US dollar
UnITS Of mEaSUREmEnT
acre approximately 0.4 hectares
b barrel
b/d barrels per day
bcf/d billion cubic feet per day
boe barrels of oil equivalent: natural gas has been converted to crude oil
equivalent using a factor of 5,800 scf per barrel
boe/d barrels of oil equivalent per day
km kilometres
km2 square kilometres
m metres
MMBtu million British thermal unit
mscm million standard cubic metres
mtpa million tonnes per annum
MW megawatts
scf standard cubic feet
toe tonnes of oil equivalent
tpa tonnes per annum
PRODUCTS
GTL gas to liquids
LNG liquefied natural gas
LPG liquefied petroleum gas
MEG mono-ethylene glycol
NGL natural gas liquids
mISCELLanEOUS
ADR American Depositary Receipt
CCS current cost of supply
CO2 carbon dioxide
DD&A Depreciation, Depletion and Amortisation
EOR enhanced oil recovery
GHG greenhouse gas
GoM Gulf of Mexico
IOC International Oil Company
IRR internal rate of return
MoU Memorandum of Understanding
NGO non-governmental organisation
NOC national oil company
OECD Organisation for Economic Co-operation and Development
OMEGA Only Mono-Ethylene Glycol Advanced
OML onshore oil mining lease
OPL oil prospecting licence
PSA production-sharing agreement
PSC production-sharing contract
R&D research and development
UKCS UK Continental Shelf
USGC United States Gulf Coast
WTI West Texas Intermediate
All financial tables can be downloaded as Excel files from
www.shell.com/annualreport

OUR BUSINESS
MINING
OIL SANDS
ON AND
OFFSHORE
OIL AND GAS
REFINERY
LNG
LIQUEFACTION
PLANT
UPGRADER
PLANT
GAS TO
LIQUIDS
PLANT
LNG
REGASIFICATION
TERMINAL
With around 102,000 employees in more than 100 countries and
territories, Shell helps to meet the world’s growing demand
for energy in economically, environmentally and socially
responsible ways.
Our Exploration & Production business searches for and recovers oil
and natural gas around the world. Many of these activities are carried
out as joint venture partnerships, often with national oil companies.
Our Gas & Power business liquefies natural gas and transports it to
customers across the world. Its gas to liquids (GTL) process turns
natural gas into cleaner-burning synthetic fuel and other products.
It develops wind power to generate electricity and is involved
in solar power technology. It also licenses our coal gasification
technology, a cleaner way of turning coal into chemical feedstocks
and for more efficient generation of electricity.
BIOFUELS
PLANT
CHEMICAL
PLANT
POWER
STATION
WIND
TURBINES
CHEMICAL PRODUCTS
USED FOR:
• Plastics
• Coatings
• Detergents
REFINED OIL PRODUCTS
• (Bio) Fuels
• Lubricants
• Bitumen
• Liquefied petroleum gas
GAS AND ELECTRICITY
• Industrial use
• Domestic use
Our Oil Sands business, the Athabasca Oil Sands Project, extracts
bitumen – an especially thick, heavy oil – from oil sands in Alberta,
western Canada, and converts it to synthetic crude oils that can be
turned into a range of products.
Our Oil Products business makes, moves and sells a range of
petroleum-based products around the world for domestic, industrial
and transport use. Its Future Fuels and CO2 business unit develops
biofuels and hydrogen and markets the synthetic fuel and products
made from the GTL process. It also leads company-wide activities in
CO2 management. With around 45,000 service stations, ours is the
world’s largest single-branded fuel retail network.
Our Chemicals business produces petrochemicals for industrial
customers. They include the raw materials for plastics, coatings
and detergents used in the manufacture of textiles, medical supplies
and computers.
Shell Financial and Operational Information 2004–2008 1

REVIEW OF THE YEAR
OUR PURPOSE
The objectives of the Shell group are to engage safely, responsibly,
efficiently and profitably in oil, gas, oil products, chemicals and
other selected businesses and to participate in the search for and
development of other sources of energy to meet evolving
customer needs and the world’s growing demand for energy.
We believe that oil and gas will be integral to the global energy
needs for economic development for many decades to come.
Our role is to ensure that we extract and deliver them in
environmentally and socially responsible ways, safely and profitably.
We seek a high standard of performance, maintaining a strong
long-term and growing position in the competitive environments
in which we choose to operate.
We aim to work closely with our stakeholders to advance more
efficient and sustainable use of energy and natural resources.
2 Shell Financial and Operational Information 2004–2008
OUR LOCATIONS
EUROPE
Austria � �
Belgium �
Bulgaria �
Czech Republic �
Denmark � � �
Finland �
France � �
Germany � � � �
Gibraltar �
Greece � � �
Hungary � �
Ireland � �
Italy � � � �
Luxembourg �
The Netherlands � � � �
Norway � � �
Poland � �
Portugal �
Slovakia � �
Slovenia �
Spain � � �
Sweden � �
Switzerland � �
Turkey � �
UK � � � �
Ukraine � � �
AMERICAS
Argentina � � �
Bolivia � �
Brazil � � � �
Canada � � � � �
Chile � �
Colombia � �
Costa Rica �
Dominican Republic �
Ecuador �
El Salvador �
French Antilles & Guiana �
Guatemala �
Honduras �
Jamaica �
Mexico � � � �
Nicaragua �
Panama �
Peru �
Puerto Rico � �
Surinam �
Trinidad & Tobago �
USA � � � �
Venezuela � �
s Exploration & Production
s Gas & Power
� Oil Sands
� Oil Products
� Chemicals
AFRICA
Algeria � �
Benin �
Botswana �
Burkina Faso �
Cameroon �
Cape Verde Islands �
Côte d’Ivoire �
Gabon �
Ghana � �
Guinea �
Kenya �
Libya � �
Madagascar �
Mali �
Mauritius �
Morocco �
Namibia �
Nigeria � � �
La Réunion �
Senegal �
South Africa � �
Tanzania �
Togo �
Tunisia � �
Uganda �
MIDDLE EAST, RUSSIA, CIS
Egypt � � �
Iran � � �
Kazakhstan �
Oman � � �
Pakistan � �
Qatar � �
Russia � � �
Saudi Arabia � � �
Syria �
United Arab Emirates � � � �
ASIA-PACIFIC
Australia � � � �
Brunei � � �
China � � � �
Guam �
India � � �
Indonesia � �
Japan � � �
Laos �
Malaysia � � �
New Zealand � � �
Philippines � � �
Singapore � � �
South Korea � � �
Sri Lanka � �
Taiwan � �
Thailand � �
Vietnam � �

MARKET OVERVIEW
PRICE AND MARGIN INFORMATION – OIL AND GAS [A]
Realised oil prices – Exploration & Production ($/b) [B]
2008 2007 2006 2005 2004
World outside USA 92.39 68.24 60.99 50.56 35.53
USA 95.01 66.49 58.53 48.94 36.15
Global 92.75 67.99 60.64 50.36 35.61
Realised oil prices – Oil Sands ($/b) [B]
Canada 88.98 61.97 53.93
Realised gas prices ($/thousand scf)
Europe 9.46 7.24 6.94 4.99 3.76
World outside USA (including Europe) 6.25 4.61 4.41 3.84 2.81
USA 9.61 7.23 7.74 8.43 6.33
Global 6.85 5.14 5.08 4.77 3.59
Oil and gas marker industry prices
Brent ($/b) 97.14 72.45 65.10 54.55 38.30
WTI ($/b) 99.72 72.16 66.04 56.60 41.50
Japanese Crude Cocktail – JCC ($/b) 102.41 65.55 64.08 50.99 36.39
Edmonton Par ($/b) 98.45 72.13 64.62 57.02 40.66
Henry Hub ($/MMBtu) 8.85 6.94 6.76 8.80 5.87
UK National Balancing Point (pence/therm) 58.06 30.01 41.93 40.61
[A] Year average.
[B] Exploration & Production realised oil prices in 2005 and 2004 include Oil Sands.
REFINING AND CRACKER INDUSTRY MARGINS [A][B]
Refining marker industry gross margins ($/b)
2008 2007 2006 2005 2004
ANS US West Coast coking margin 9.40 15.95 16.05 14.45 11.65
WTS US Gulf Coast coking margin 8.95 16.30 14.55 12.30 8.05
Rotterdam Brent complex 5.25 4.45 3.15 4.60 4.50
Singapore 80/20 Arab light/Tapis complex 3.00 2.80 1.80 2.90 2.90
Cracker industry margins ($/tonne)
US ethane 445.00 334.00 452.08 412.55 284.92
Western Europe naphtha 675.00 424.00 459.06 406.82 380.25
North East Asia naphtha 17.00 216.00 467.17 350.04 565.06
[A] The refining and cracker industry margins do not represent actual Shell realised margins for the periods. These are estimated industry margins based on available market information.
[B] Year average.
OIL AND GAS PRICES
$/b $/MMBtu
150
120
90
60
30
Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Brent
WTI
JCC
Henry Hub ($/MMBtu)
15
12
9
6
3
INDUSTRY REFINING MARGINS
$/b
15
12
9
6
3
Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
US West Coast
US Gulf Coast
Rotterdam
Singapore
INDUSTRY CHEMICAL MARGINS
$/tonne
1,500
1,200
900
600
300
Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
US ethane
Western Europe naphtha
North East Asia naphtha
Shell Financial and Operational Information 2004–2008 3

REVIEW OF THE YEAR
OUR STRATEGY
Maintaining safe and sustainable operations is our top priority.
Long-term supply-demand fundamentals in oil and gas create
a positive investment climate for Shell. The company is well
positioned in upstream and downstream heartlands today, and we
are rejuvenating the portfolio with long-term investments to create
long-term shareholder value.
Our ambitious capital spending programme is focused on
upstream, with some 1 million boe/d of production and 6.5 mtpa
of LNG capacity under construction, and measured growth in
capital employed. In downstream, we have a more concentrated
investment programme, with some 0.3 million b/d of new refining
capacity under construction, and selected growth in petrochemicals
and marketing.
LONG-TERM INDUSTRY FUNDAMENTALS [A]
billion toe
18
12
6
1980 2000
Oil [B]
Gas [B]
Coal
Nuclear
Hydro
2015 2030
[A] Source World Energy Outlook 2008, IEA.
[B] Shell activity.
Biomass/waste [B]
Other renewables [B]
LONG-LIFE SHELL ASSETS UNDER DEVELOPMENT
million boe/d
1.2
0.6
Long-life
Other
4 Shell Financial and Operational Information 2004–2008
INDUSTRY DOWNTURN INTO 2009
$/b Refining $/b
120 12
80 8
40 4
Global refining margin
Brent
Our strategy is underpinned by strong capital discipline,
integration across the company, and industry-leading investment
in technology.
Upstream, Shell had some 3.2 million boe/d of oil and gas
production in 2008, from 37 countries, generating among the
highest cash margins in the industry. New capacity is under
construction to offset natural field decline, which is running at some
5% per year. This new capacity covers a range of technology themes:
deep water, LNG, tight gas, GTL, heavy oil and traditional plays.
Our new positions under construction, in a global portfolio, will
more than offset the natural decline of today’s heartlands fields, and
deliver growth early in the next decade, to 2012.
INDUSTRY COST DEVELOPMENT
Upstream cost index (2000=100) [A]
2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008
PRODUCTION IMPACT OF SHELL KEY START-UPS
million boe/d
2008 2009–10 2011–12 2013+ 2008 2009–10 2011–12 2013+
1.2
0.6
2007–08 Start-ups
2009–10 Start-ups
2011–12 Start-ups
2013+ Start-ups
250
200
150
100
Sakhalin
Salym
Ormen Lange
Kashagan
Corrib
Shell key project FID
[A] CERA/IHS
Changbei
Afam Gbaran Ubie
Gjoa
Bonga NW
Angel
Perdido
BC-10
Ursa
QG4
Pearl
SHELL OIL AND GAS PRODUCTION
million boe/d
4
2
00 02
Gas
Oil
Disposal
Europe
North America
Middle East,
Russia, CIS
AOSP Exp 1
North Rankin B
Gumusut-Kakap
Pluto (Woodside)
04 06 08 11–12 11–12
Africa
Asia-Pacific
Other

Downstream, Shell has a refining and chemicals portfolio
concentrated in the USA, Europe, Asia-Pacific and the Middle
East, with global marketing and trading activities in oil products
and petrochemicals. New refining capacity is under construction
at Port Arthur in the US Gulf Coast, and in Qatar with Pearl
GTL. New petrochemicals facilities are under construction at
Shell’s Bukom refinery in Singapore. The investments will increase
refining capacity by some 7% in 2012, compared to 3.9 million
b/d at the end of 2008.
This industry-leading portfolio of new projects offers attractive
returns to shareholders. Projects that are post-final investment
decision and are now under construction will have higher unit
cash flow than the portfolio today, with development costs of
around $7 per boe of resources, including LNG, GTL and oil
sands facilities.
The industry has seen strong inflation in supply chain costs across
2007–2008. To mitigate these costs, and meet the challenges of
maintaining capital spending, Shell has slowed down the launch
of new projects in 2008 and early 2009. This protects shareholders
from cost inflation, and creates the opportunity to launch projects
at a later stage, potentially when industry costs are more attractive.
The company is following a value creation strategy, and is therefore
not targeting precise growth rates beyond 2012.
Looking at potential beyond 2012, Shell has leading positions in
global exploration – which has averaged annually over 1 billion boe
of new resources additions this decade – alongside North America
tight gas and heavy oil, and new LNG, notably in Australia. Shell
has some 1 million boe/d of new projects under design, which
could underpin further upstream growth to 2020, subject to the
timing of new investment decisions.
SHELL REFINING CAPACITY
million boe/d
5
2.5
00 02
Refining and GTL
Disposal
04 06 08 11–12 11–12
Europe
North America
Middle East/
Asia-Pacific
Other
PROFITABILITY OF NEW SHELL PROJECTS
IRR%
30
20
10
$50/b
IRR/Profitability – Portfolio averages
Post-FID key projects 2008–12 start-ups
Includes GTL, oil sands upgrader, LNG liquefaction,
refining, chemicals.
Shell aims to maintain a through-cycle capital spending programme,
to ensure the safe and reliable operation of assets, and the right levels
of investment for future growth. Capital discipline underpins the
financial strategy of the company. Shell has a long history of creating
competitive returns for shareholders, driven by strong financial
performance from the portfolio, a long-term conservative balance
sheet, and global portfolio management. So far this decade, Shell has
sold some 0.9 million b/d or around 20% of the refining capacity;
and 0.3 million boe/d, or 9% of the upstream portfolio at the end
of 2008. Asset sales in upstream have been dominated by late-life
fields, and in downstream by smaller refineries lacking access to Shell
marketing positions, and marketing portfolios with limited growth
potential. These disposals come alongside a continuous focus on
cost structure, and ensuring the best prices from third-party supply
chains. Shell will continue to look for opportunities to sell non-core
assets to create value for shareholders.
Acquisitions also play an important role in strategy. In recent years,
the company has made selective acquisitions, typically in underdeveloped
oil and gas resources, or downstream positions in growth
markets, where Shell can add value with integration, investment,
technology and scale. Examples include North America heavy oil
and tight gas positions, and growth downstream in China and
Eastern Europe.
Technology is at the heart of Shell’s strategy, with research and
development spending in 2008 of $1.3 billion, the highest in
our industry. Our technology investment focuses on safe and
reliable operations today, and differentiated applications for future
growth, where Shell can offer unique and creative solutions to
industry challenges, for example in integrated gas, deep water,
and exploration.
With this multi-pronged approach, Shell continues to create
shareholder value with investments for the long term.
$70/b
$90/b
Others
Long-life projects
0.5 1 1.5 2 0.5
1
1.5
2
30
20
10
Traditional
Profitability index Profitability index
Deep-water
Integrated gas
Downstream
Oil sands
IRR/Profitability – Thematic averages
2004–05 Environment: ~$50/b crude and ~$10/b USGC
2006–07 Environment: ~$70/b crude and ~$15/b USGC
2007–08 Environment: ~$90/b crude and ~$13/b USGC
Shell Financial and Operational Information 2004–2008 5

REVIEW OF THE YEAR
2008 RESULTS
REVENUE
$ million
458,361
355,782
318,845 306,731
266,386
2008 2007 2006 2005 2004
BASIC EARNINGS PER SHARE
$
4.27
5.00
3.97
3.79
SUMMARY OF RESULTS $ million
6 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Income attributable to shareholders [A] 26,277 31,331 25,442 25,311 18,540
Estimated CCS adjustment for
Oil Products and Chemicals 5,089 (3,767) (77) (2,580) (945) [C]
CCS earnings 31,366 27,564 25,365 22,731 17,595 [C]
Basic earnings per share ($) 4.27 5.00 3.97 3.79 2.74
Estimated CCS adjustment
per share ($) 0.82 (0.60) (0.01) (0.38) (0.14) [C]
Basic CCS earnings per share ($) 5.09 4.40 3.96 3.41 2.60 [C]
Dividend per ordinary share ($) [B] 1.60 1.44 1.27 1.13 1.07 [E]
2.74
2008 2007 2006 2005 2004
INCOME FOR THE PERIOD
$ million
26,476
31,926
26,311 26,261
19,257
2008 2007 2006 2005 2004
TOTAL EQUITY
$ million
128,866 125,968
SUMMARY OF RESULTS BY BUSINESS SEGMENT $ million
114,945
97,924
91,383
2008 2007 2006 2005 2004
2008 2007 2006 2005 2004
Exploration & Production 20,235 14,686 14,544 13,577 9,522
Gas & Power 5,328 2,781 2,633 1,378 1,774
Oil Sands 941 582 651 661 301
Oil Products (CCS basis) 5,155 6,951 7,027 7,532 6,592
Chemicals (CCS basis) [A] 156 1,682 1,095 782 1,148 [C]
Corporate [A] (69) 1,387 294 (328) (1,085)
Minority interest (380) (505) (879) (871) (655)
CCS earnings 31,366 27,564 25,365 22,731 17,595
NET CASH FROM OPERATING ACTIVITIES [A]
$ million
35,983
40,667
35,748 35,777
IDENTIFIED ITEMS BY BUSINESS SEGMENT $ million
2008 2007 2006 2005 2004 [D]
Exploration & Production 1,910 1,102 521 1,662
Gas & Power 1,302 275 – (84)
Oil Sands 25 94 120 65
Oil Products (CCS basis) 25 327 38 427
Chemicals (CCS basis) (210) (28) (113) (565)
Corporate (96) 489 (206) (148)
Minority interest – – (41) (82)
CCS earnings impact 2,956 2,259 319 1,275
30,599
2008 2007 2006 2005 2004
[A] Excludes working capital movements.
DIVIDENDS PAID TO ROYAL DUTCH SHELL PLC
SHAREHOLDERS
$ million
9,516
9,001
8,142
10,556
7,391
2008 2007 2006 2005 2004
[A] Including discontinued operations.
[B] From 2007 onwards dividends are declared in US dollars. Previous years’ dividends were
declared in euros and translated, for comparison purposes, to US dollars (based on the
US dollar dividend of American Depositary Receipts converted to ordinary shares in the
applicable period).
[C] Chemicals earnings are on CCS basis as from 2005.
[D] Identified items are reported from 2005.
[E] Comprises Royal Dutch interim dividend of €0.75 made payable in September 2004 and a
second interim dividend of €1.04 made payable in March 2005 as well as a Shell Transport
interim dividend of 6.25 pence and a second interim dividend of 10.7 pence that are used
to calculate the equivalent dividend on a Royal Dutch Shell basis.

SHARE INFORMATION
CLASS A AND CLASS B SHARES
Royal Dutch Shell has two classes of ordinary shares – Class A
shares and Class B shares. The Class A shares and Class B shares
have identical rights except in relation to the dividend source.
Dividends paid on Class A shares have a Dutch source for tax
purposes and any dividends paid through the dividend access
mechanism in respect of Class B shares will have a UK source for
tax purposes.
The following tables set forth the high, low and year-end prices
for Royal Dutch Shell’s registered ordinary shares on the principal
trading markets:
• of €0.07 nominal value on the London Stock Exchange;
• of €0.07 nominal value on Euronext Amsterdam; and
• of the ADRs on the New York Stock Exchange for the periods
specified (ADRs do not have a nominal value).
SHARE PRICES
SHARES OUTSTANDING
A shares
Weighted average
At year-end number of shares
excluding shares excluding shares
At year-end held by Shell held by Shell
2008 3,545,663,973 3,455,841,942 3,460,493,000
2007 3,583,505,000 3,486,221,746 3,544,866,699
2006 3,695,780,000 3,585,194,588 3,702,251,572
2005 3,935,625,000 3,817,240,213 3,965,748,481
2004 4,148,800,000 4,039,611,920 4,046,424,252
[A] Pursuant to the terms of the Unification (in 2005, Royal Dutch Shell plc became the single parent company of Royal Dutch and Shell Transport, the two former public parent companies of the
Shell group), holders of Royal Dutch ordinary shares received two Royal Dutch Shell plc Class A ordinary shares for each Royal Dutch ordinary share. To assist comparison, the historical prices
of the Royal Dutch ordinary shares have been divided by 2 to reflect such exchange ratio.
[B] Royal Dutch ordinary shares continued to trade on Euronext Amsterdam following the completion of the Unification until such shares were delisted on September 30, 2005.
[C] Pursuant to the terms of the Unification, holders of Royal Dutch New York Shares received one Royal Dutch Shell plc Class A ADR for each Royal Dutch New York Share. Each Royal Dutch
Shell plc Class A ADR represents two Royal Dutch Shell plc Class A ordinary shares.
[D] The New York Stock Exchange halted trading in the Royal Dutch New York Shares on October 3, 2005, following delisting in Amsterdam, and resumed trading in the Royal Dutch New York
Shares on October 31, 2005, following the joint public announcement by Royal Dutch Shell and Royal Dutch of the definitive terms of the legal merger between Royal Dutch and its wholly
owned subsidiary Shell Petroleum N.V., in which all outstanding Royal Dutch shares were exchanged for €52.21 (or the equivalent in loan notes). The table excludes trading in Royal Dutch
New York Shares for the period from October 3, 2005, through their delisting on November 21, 2005.
[E] Pursuant to the terms of the Unification, holders of Shell Transport Ordinary Shares (including Shell Transport Ordinary Shares to which holders of Shell Transport bearer warrants were
entitled) received 0.287333066 Royal Dutch Shell plc Class B ordinary shares for each Shell Transport Ordinary Share. To assist comparison, the historical prices of the Shell Transport
Ordinary Shares have been divided by 0.287333066 to reflect such exchange ratio.
[F] Pursuant to the terms of the Unification, holders of Shell Transport ADRs received 0.861999198 Royal Dutch Shell plc Class B ADRs for each Shell Transport ADR. To assist comparison, the
historical prices of the Shell Transport ADRs have been divided by 0.861999198 to reflect such exchange ratio. Each Royal Dutch Shell plc Class B ADR represents two Royal Dutch Shell plc
Class B ordinary shares.
Shell Financial and Operational Information 2004–2008 7
B shares
2008 2,695,808,103 2,665,893,421 2,698,609,114
2007 2,759,360,000 2,724,135,015 2,718,896,273
2006 2,759,360,000 2,713,568,281 2,711,132,635
2005 2,759,360,000 2,707,858,347 2,708,431,286
2004 2,765,552,027 2,712,563,580 2,724,034,698
Total shares
2008 6,241,472,076 6,121,735,363 6,159,102,114
2007 6,342,865,000 6,210,356,761 6,263,762,972
2006 6,455,140,000 6,298,762,869 6,413,384,207
2005 6,694,985,000 6,525,098,560 6,674,179,767
2004 6,914,352,027 6,752,175,500 6,770,458,950
Euronext Amsterdam [A] London Stock Exchange New York Stock Exchange [C]
High Low Year-end High Low Year-end High Low Year-end
€ € € pence pence pence $ $ $
Royal Dutch ordinary shares/
Royal Dutch New York Shares
2004 22.02 18.30 21.18 57.79 45.79 57.38
2005 (Jan 1 – Sep 30) 28.38 [B] 20.92 [B] 25.80 [B] 67.45 [D] 55.37 [D] 62.80 [D]
RDSA/RDS Class A ADRs
2005 (Jul 20 – Dec 31) 27.67 24.12 25.78 1,894 1,633 1,771 68.08 57.79 61.49
2006 28.53 24.32 26.72 1,974 1,661 1,785 72.38 60.17 70.79
2007 31.35 23.72 28.75 2,152 1,611 2,111 88.31 62.71 84.20
2008 29.63 16.25 18.75 2,278 1,276 1,805 88.73 41.62 52.94
Euronext Amsterdam London Stock Exchange [E] New York Stock Exchange [F]
High Low Year-end High Low Year-end High Low Year-end
€ € € pence pence pence $ $ $
Shell Transport Ordinary Shares/Shell Transport ADRs
2004 1,570 1,205 1,545 59.98 45.38 59.63
2005 (Jan 1 – Jul 19) 1,991 1,528 1,838 69.86 57.75 64.56
RDSB/RDS Class B ADRs
2005 (Jul 20 – Dec 31) 28.90 25.41 27.08 1,968 1,717 1,858 70.94 60.69 64.53
2006 30.04 25.18 26.66 2,071 1,686 1,790 74.93 62.75 71.15
2007 32.20 23.64 28.46 2,173 1,600 2,090 87.94 62.20 83.00
2008 29.16 15.84 18.50 2,245 1,223 1,726 87.54 41.41 51.43

REVIEW OF THE YEAR
DIVIDEND INFORMATION
DIVIDENDS
Dividends are declared in US dollars. Dividends declared on Class
A shares are paid by default in euros, although holders of Class
A shares are able to elect to receive dividends in pound sterling.
Dividends declared on Class B shares are paid by default in pounds
sterling, although holders of Class B shares are able to elect to
receive dividends in euros. Dividends declared on ADRs are paid
in US dollars. Eligible shareholders must make currency elections
by the day before the declaration date. It is expected that holders of
Class B ordinary shares will receive dividends through the dividend
access mechanism applicable to such shares.
DIVIDEND PERFORMANCE
%
400
350
300
250
200
150
100
50
1983 1988 1993 1998 2003 2008
Shell dividend growth[A]
Inflation UK
Inflation USA
Inflation the Netherlands
[A] Royal Dutch € dividend pre-Unification, Royal Dutch Shell
€ until 2007, Royal Dutch Shell $ from 2007.
8 Shell Financial and Operational Information 2004–2008
CLASS A AND B SHARES $
2008 2007 2006 2005 2004
Q1 0.40 0.36 – – –
Q2 0.40 0.36 – – –
Q3 0.40 0.36 – – –
Q4 0.40 0.36 – – –
Total 1.60 1.44 – – –
CLASS A SHARES €
2008 [A] 2007 [A] 2006 2005 2004
Q1 0.26 0.26 0.25 0.23 [B] –
Q2 0.26 0.26 0.25 0.23 –
Q3 0.31 0.25 0.25 0.23 –
Q4 0.30 0.24 0.25 0.23 –
Interim – – – – 0.38 [B]
Final/second interim – – – – 0.52 [B]
Total declared during the year 1.13 1.01 1.00 0.92 0.90
Amount paid during the year 1.07 1.02 0.98 1.21 0.89
CLASS B SHARES [C] pence
2008 2007 2006 2005 2004
Q1 20.05 18.09 17.13 15.84 [B] –
Q2 20.21 17.56 17.08 15.89 –
Q3 24.54 17.59 16.77 15.64 –
Q4 27.97 18.11 16.60 15.64 –
Interim – – – – 21.75 [B]
Final/second interim – – – – 37.24 [B]
Total declared during the year 92.77 71.35 67.58 63.01 58.99
Amount paid during the year 82.91 69.84 66.62 84.61 55.33
CLASS A ADRs $
2008 2007 2006 2005 2004
Q1 0.80 0.72 0.63 0.59 [B] –
Q2 0.80 0.72 0.63 0.55 –
Q3 0.80 0.72 0.63 0.56 –
Q4 0.80 0.72 0.65 0.56 –
Interim – – – – 0.90 [B]
Final/second interim – – – – 1.33 [B]
Total declared during the year 3.20 2.88 2.54 2.26 2.23
Amount paid during the year 3.12 2.81 2.45 3.04 2.11
CLASS B ADRs $
2008 2007 2006 2005 2004
Q1 0.80 0.72 0.63 0.57 [B] –
Q2 0.80 0.72 0.63 0.55 –
Q3 0.80 0.72 0.63 0.56 –
Q4 0.80 0.72 0.65 0.56 –
Interim – – – – 0.78 [B]
Final/second interim – – – – 1.43 [B]
Total declared during the year 3.20 2.88 2.54 2.24 2.21
Amount paid during the year 3.12 2.81 2.45 3.10 1.99
[A] Euro equivalent, rounded to the nearest euro cent.
[B] Historical data converted to Royal Dutch Shell equivalents.
[C] Pound sterling equivalent.

FINANCIAL CALENDAR
FINANCIAL CALENDAR
Financial year-end December 31, 2008
ANNOUNCEMENTS
Fourth quarter and full year results for 2008 January 29, 2009
First quarter results for 2009 April 29, 2009
Second quarter results for 2009 July 30, 2009
Third quarter results for 2009 October 29, 2009
DIVIDENDS – ORDINARY SHARES CLASS A AND CLASS B INCLUDING ADRs
2009 First quarter interim
Announced April 29, 2009
Ex-dividend date May 6, 2009
Record date May 8, 2009
Payment date June 10, 2009
2009 Second quarter interim
Announced July 30, 2009
Ex-dividend date August 5, 2009
Record date August 7, 2009
Payment date September 9, 2009
2009 Third quarter interim
Announced October 29, 2009
Ex-dividend date November 4, 2009
Record date November 6, 2009
Payment date December 9, 2009
ANNUAL GENERAL MEETING May 19, 2009
Shell Financial and Operational Information 2004–2008 9

REVIEW OF THE YEAR
KEY DEVELOPMENT PROJECTS
Oil/gas
Refining/chemicals
Integrated upstream/downstream
KEY PROJECTS
AOSP EXP1
PINEDALE
PORT ARTHUR
PERDIDO
10 Shell Financial and Operational Information 2004–2008
BC–10
CORRIB
GJOA
BONGA NW
FORCADOS YOKRI IP
GBARAN UBIE PH 1
HALFDAN
SCHOONEBEEK
QATARGAS 4
PEARL GTL
KASHAGAN
HARWEEL
QARN ALAM
SINGAPORE
CHEMICALS
PLUTO
(WOODSIDE)
GUMUSUT-KAKAP
Start-up Project Country Shell share Peak production LNG 100% Products Category Shell
(%) (kboe/d) capacity (mtpa) operated
2008–2009 Afam gas and power [A] Nigeria 30 67 Traditional ■
BC-10 Brazil 50 100 Deep-water ■
NW shelf LNG T5/Angel [A][C] Australia 22.4 170 4.4 LNG
Pinedale growth USA Various 140 [B] Tight gas ■
Sakhalin II/LNG T1-2 [A] Russia 27.5 395 9.6 LNG
Ursa Princess Waterflood [A] USA 45.4 30 Deep-water ■
2010–2011 AOSP EXP 1 Canada 60 100 Heavy oil/EOR ■
Corrib Ireland 45 58 Traditional ■
Gbaran Ubie PH 1 Nigeria 30 280 Traditional ■
Gjoa Norway 12 107 Traditional
Halfdan PH 4 Denmark 46 23 Traditional
Harweel Oman 34 44 Heavy oil/EOR
Pearl GTL Qatar 100 320 140,000 b/d GTL+ GTL ■
Perdido USA 35.4 130 Deep-water ■
Pluto LNG T1 (Woodside) [C] Australia 30.8 124 4.3 LNG
Qarn Alam EOR Oman 34 44 Heavy oil/EOR
Qatargas 4 LNG Qatar 30 280 7.8 LNG
Schoonebeek Netherlands 30 20 Heavy oil/EOR ■
Shell Eastern Petrochemicals Singapore 100 800,000 tpa ethylene Downstream ■
2012+ Bonga NW Nigeria 55 54 Deep-water ■
Forcados Yokri IP Nigeria 30 70 Traditional ■
Gumusut-Kakap Malaysia 33 135 Deep-water ■
Kashagan PH 1 Kazakhstan 16.8 300 Sour
Port Arthur Refinery Expansion USA 50 325 Downstream
[A] On-stream March 2009.
[B] Shell share.
[C] Shell direct and indirect position via Shell 34.27% shareholding in Woodside Petroleum Ltd. Based on 90% Woodside shareholding in the Pluto project.
CHOICES
Project Country Category Project Country Category
AMAL Steam Oman Heavy oil/EOR Gorgon LNG T1-3 Australia LNG
AOSP Debottlenecking Canada Heavy oil/EOR Kashagan PH 2 and 3 Kazakhstan Sour
Biseni Samabri FOD Nigeria Traditional Mars B USA Deep-water
Bonga SW Nigeria Deep-water Nigeria LNG T7 Nigeria LNG
Browse LNG Australia LNG North America Tight Gas USA/Canada Tight gas
Caesar/Tonga USA Deep-water Olokola LNG Nigeria LNG
Carmon Creek PH 1 Canada Heavy oil/EOR Prelude LNG Australia LNG
Champion Waterflood Brunei Traditional Sunrise LNG Australia LNG
Clair PH 2 UK Traditional Tempa Rossa Italy Traditional
Gbaran Ubie PH 2 Nigeria Traditional Val d’Agri PH 2 Italy Traditional

KEY DEVELOPMENT PROJECTS UNDER CONSTRUCTION
• Oil and gas fields with some ~1 million boe/d of capacity,
which will generate 2-3% annual production growth early in
the next decade, to 2012;
• 6.5 mtpa of new LNG capacity, an increase of 40% over
2008 levels;
• New refining and downstream GTL assets, totalling ~300,000
b/d of downstream capacity for Shell, an increase of some 7%
for 2011–2012 compared to end 2008;
• 800,000 tpa of ethylene and 750,000 tpa of MEG, a 13%
increase in Shell’s ethylene capacity and a ~60% increase in its
MEG capacity.
PROGRESSING NEW PROJECTS
URSA PRINCESS WATERFLOOD (Shell interest 45.4%, operator)
The waterflood method of enhancing oil recovery – in which
injected water pushes out the oil – started at the Ursa and Princess
fields in the Gulf of Mexico in July 2008, and should continue for
30 years. We expect the waterflood to add 30,000 boe/d to peak
production and extend the life of the fields by 10 years. The Ursa
and Princess waterflood is one of the largest construction projects
ever added to an existing platform in the Gulf of Mexico.
ANGEL/NWS LNG T5 (Shell interest 22.4%)
The fifth LNG processing train at the Karratha Gas Plant in
Western Australia started production in September 2008. Its
4.4 mtpa capacity has increased the capacity of the North West
Shelf Venture (NWS) to 16.3 mtpa.
The NWS has also started production from the new Angel
platform in October 2008. The remotely operated platform is tied
back to the North Rankin A platform. It has a peak production
capacity of 170,000 boe/d.
Both these facilities support LNG delivery to customers in the
Asia-Pacific region.
AFAM GAS AND POWER PROJECT (Shell interest 30%,
operator)
In October 2008, Shell Petroleum Development Company, as the
operator, began commissioning the three turbines of the Afam VI
Power Plant, the Okoloma Gas Plant and six associated gas wells.
These are collectively known as the Afam Gas and Power Project.
The power plant has a design capacity of 640 MW, and the
Okoloma plant can process some 240 million scf of gas each day.
This integrated project will increase Nigeria’s power supply by
about 20% and the country’s domestic gas supply by some 20%.
SAKHALIN II (Shell interest 27.5%)
The first year-round oil exports from Sakhalin II, one of the world’s
largest integrated oil and gas projects, started in December 2008.
The LNG project came on-stream in March 2009 with the first
export of LNG from Russia. Two new offshore platforms and
some 300 km of offshore pipelines were built to take oil and gas
production onshore with two 800 km-long pipelines to the oil
export terminal and Russia’s first LNG plant. Peak production is
expected to be 395,000 boe/d of oil and gas and 9.6 mtpa of LNG
from two trains.
BC-10 (Shell interest 50%, operator)
The deep-water BC-10 Project in around 1,780 m of water
in Brazil’s Campos Basin is technically challenging, with
predominantly heavy oil in complex, low pressure reservoirs.
We will develop three fields in the first phase of development,
drilling 10 wells. Undersea wells at each field will be tied back to a
double-hulled floating production, storage and offloading (FPSO)
vessel with a 100,000 boe/d oil processing capacity. Technologies
include significant power and heat delivery systems required to
process the heavy crude and the first application of undersea
separation and boosting processes, which improve recovery.
The FPSO arrived in Brazil in December 2008. The undersea
equipment will now be installed to allow production to start by the
end of 2009.
PERDIDO (Shell interest 35.4%, operator)
The Perdido Development has a floating spar production facility
with 130,000 boe/d capacity in 2,440 m of water. It incorporates
drilling, production, processing and export facilities for the Great
White, Tobago and Silvertip fields.
The floating spar was installed in August 2008. In December
2008, Shell set a world record in drilling and completing an
undersea well 2,850 m below the water’s surface. In March 2009,
Shell installed the drilling and production platform on the spar.
Export pipelines 124 km long for oil and 172 km long for gas will
be installed, and 35 wells are expected to be drilled. Production is
expected to begin in 2010.
A floating production, storage and offloading vessel, BC-10, Brazil
Shell Financial and Operational Information 2004–2008 11

REVIEW OF THE YEAR
TECHNOLOGY
RESEARCH AND DEVELOPMENT
Technology is a key element of our strategy. In 2008 we increased
our R&D spending to $1,266 million and invested in several
demonstration projects and field trials. This investment secures the
long-term development and delivery of technology to our operating
companies and capital projects. We focus on technologies that will:
• improve our ability to find, develop, recover and process greater
volumes of oil and gas at lower cost;
• improve the efficiency of converting oil, gas and, more recently,
biomass into products with cost and performance benefits;
• reduce the environmental impact of our operations and products
with a focus on the reduction of greenhouse gas emissions.
We actively pursue partnerships to help accelerate the research,
development and deployment of new technologies. We also retain
ownership of many breakthrough technologies for sole use in Shell
projects or for licensing to others. Shell has more than 30,000 issued
and pending patent assets in more than 100 countries.
We have built up the technology capabilities in the company
through a network of global technology centres with a technical
community of nearly 30,000 people of which around 10% are
directly involved in R&D and demonstration projects.
RESEARCH AND DEVELOPMENT SPENDING
$ million
1,500
1,200
900
600
300
2002 2003 2004 2005 2006 2007 2008
Shell
Total
BP
ExxonMobil
Chevron
Shell Laboratory, Bangalore, India
12 Shell Financial and Operational Information 2004–2008
UPSTREAM TECHNOLOGY
DEEP-WATER
Shell is a pioneer of deep-water oil and gas field development.
We are recognised as a world leader, achieving production at record
depths and developing innovative production platforms and
undersea completion systems. Over the last decade, we have
produced more oil and gas from deep-water fields than any other
international oil company.
As we explore and produce in ever-increasing water and reservoir
depths, so the technical challenges increase. We must apply
outstanding technical capabilities and innovative approaches.
Near-freezing temperatures on the seabed cause oil to congeal and
gas to form ice-like hydrates. Pressure at these depths is so great
that technicians must use remotely operated vehicles. Waves and
currents cause massive stress on equipment. Reservoirs are more
dispersed or difficult to produce. We develop and use many
technologies to meet these challenges.
Radical new platform designs are required, such as NaKika in the
US Gulf of Mexico. Shell designed, built and installed this
platform. It taps six independent fields simultaneously that are
connected via underwater pipes to the host platform. By
developing such a large cluster of dispersed fields, we can unlock
smaller fields that are uneconomic to tap individually.
Our most recent projects such as Perdido in the US Gulf of Mexico
and BC-10 offshore Brazil are pushing boundaries in deep-water
technology. Low reservoir pressures in these fields make it difficult
to bring the hydrocarbons to the surface. New technologies make
these fields economically viable by enabling production from these
difficult reservoirs; technology also enables the development of
smaller, more cost-effective platforms. The Perdido system consists
of direct vertical access, “wet tree” wells and remote subsea tiebacks
that allow 35 wells to connect to a spar – a cylinder-shaped
platform that floats vertically and can drill, produce, operate and
maintain many more wells than traditional systems. Undersea
separation and boosting systems and large electrical submersible
pumps enable us to separate liquids (oil and water) and gas at the
sea floor and then produce them to the surface. The systems need
less maintenance and allow higher production rates than
conventional methods.
Our flagship Smart Fields® project, Champion West in Brunei

ENHANCED OIL RECOVERY
When an oil field reaches the end of its economic life, up to twothirds
of the oil may be left in the ground. It is estimated that
improving recovery by just 1% could add three years-worth of
world oil production at the current rate.
A focus of Shell technology is enhanced oil recovery (EOR).
Injecting gas, chemicals or steam into reservoirs reduces the
viscosity of oil to ease its flow, or reduces the surface tension
allowing to extract from the rock pores.
Natural gas, nitrogen, or CO2 can be injected to displace additional
oil into a production well. We pioneered CO2 injection in the USA
in the 1970s and gained in depth operational experience running
the largest CO2 EOR project in the Permian Basin, West Texas in
the 1980s and 1990s. Injection of chemicals can improve the
efficiency of waterfloods. When water is pumped into a reservoir to
push out the oil polymers increase the sweep efficiency and
surfactants can lower the surface tension of oil within a reservoir to
enhance recovery. Steam injection raises reservoir temperatures,
again reducing oil viscosity. Shell started trials of this thermal
process at Belridge in California in the 1960s through the Aera
joint venture (Shell interest 51.8%) and since then we have
produced more than a billion barrels of oil there. In some parts of
the field the recovery factor was increased to more than 80%.
Shell continues to pioneer new approaches to EOR. With
Petroleum Development Oman we are working on a number of
EOR projects using steam (Qarn Alam), chemical (Marmul) and
gas (Harweel) injection. We are also researching methods to
capture CO2 from man-made sources such as power plants and use
it for EOR. Today, 2% of Shell’s production results from EOR
and we plan to increase this volume to 10% over the next decade.
EXPLORATION
Hydrocarbon explorers today often work in more difficult, remote
and challenging environments than in the past. New hydrocarbon
resources are often deeper, more dispersed, and sometimes
impossible to find with traditional exploration techniques. Shell
uses technologies across many disciplines and combines geology,
remote sensing, electromagnetic measurements and seismic
technology to reduce risk and improve the success rate.
Seismic surveying – underground imaging using reflected sound
waves – is still one of our most common and powerful exploration
tools. We now use sophisticated software combined with massive
computing power to create high-resolution 3D images. Geoscientists
turn these images into detailed geological models of rock layers and
potential hydrocarbon reservoirs. We have developed advanced
fast-seismic processing software that filter out distortions caused by
underground obstacles such as layers of salt and volcanic rock.
Seismic data at sea is usually gathered by a single boat that both
sends and receives the seismic signals. When basalt rock or salt is
present under the seabed, however, the signals become distorted
and it is hard to interpret what lies below. By splitting the process
and dividing the signal sender and the signal receiver between two
boats, Shell has been able to shoot seismic at an angle, getting
beneath those problematic structures. This technique, called wide
azimuth seismic, helped Shell select and win exploration rights for
Gulf of Mexico blocks in 2008 and 2009.
Geoscientists can view the seismic data simultaneously using Shell’s
12 connected virtual reality centres around the world. They can
manipulate 3D images to interpret the data and make virtual maps
of potential exploration targets, which allows faster and more
accurate decision making about where to drill wells and the best
way to develop a reservoir.
Another technology we have used with success is Controlled Source
Electromagnetics (CSEM). A powerful electromagnetic source is
towed near the seabed and returning signals are recorded by
receivers on the seabed. The process can sometimes detect
distortions in the formation beneath the seabed caused by changes
in electrical properties such as the presence of hydrocarbons. The
CSEM may provide information that the seismic surveys cannot,
making it a valuable supplement to traditional exploration
techniques. Shell performed the oil industry’s first 3D CSEM
survey in 2006 in Malaysia.
Our approach of integrating technologies to optimise our
exploration programme has enhanced our success rate in recent
years – in deep-water Malaysia and Nigeria we made 19 discoveries
from 25 deep-water wells drilled between 2001 and 2007.
SMART FIELDS ®
Oil and gas fields are complex. To achieve the most efficient
production we need to understand conditions such as the pressure,
temperature and fluid flow in the wells and across the whole field.
Shell Smart Fields® technology combines digital information
technology with the latest drilling, well completion, reservoir
characterisation and monitoring techniques to give us both detailed
knowledge and continuous control. We are aiming to increase the
total volume of oil recovered from reservoirs by using the Smart
Fields® technologies by 5–10%. Smart tools such as downhole
pressure gauges, inflow control valves, distributed pressure and
temperature monitoring, 4D seismic and field-wide compaction
monitoring, allow our experts to integrate the information and
optimise production continuously.
Champion West, offshore Brunei, is one of our flagship Smart
Fields® projects. The field was discovered in 1975, but its complex
web of thin and scattered reservoirs made it too expensive to
develop. Smart Fields® techniques allowed the drilling of “snake
wells” that move vertically and horizontally up to 8 km through the
formation, penetrate several hydrocarbon reservoirs and have
multiple completions that measure and control flow from the
separate sections. Sensors with fibre-optic cables relay digital
information about temperature, pressure and other field parameters
to control centres on land. Engineers can monitor production in
real time, spot problems immediately and take action – for
example, by activating inflow control valves electronically to
mitigate water or gas break throughs to increase production. Smart
Shell Financial and Operational Information 2004–2008 13

REVIEW OF THE YEAR
Fields® technology and new drilling and completion techniques
have turned Champion West into one of the world’s most
advanced oil and gas fields, at peak contributing 50,000 b/d of
production to Brunei Shell Petroleum Company Sendirian Berhad
(Shell interest 50%).
Shell had six Smart Fields® in operation at the end of 2008
including Champion West, Ormen Lange in Norway, Groningen
in the Netherlands and Bonga in Nigeria. Additionally 15 fields are
under development to be “smart” and around 25 in development
have Smart Fields® components. In total more than 50 such
projects are planned.
TIGHT GAS
“Tight gas” is where natural gas is trapped in reservoirs with very little
natural fractures and cracks through which the gas can flow (low
permeability) and little space between the rock grains (low porosity).
In the tighter reservoirs, engineers have to create artificial fractures to
allow the gas to flow, and use cost efficient drilling techniques like rigs
on skids or “horizontal drilling”, to increase recovery.
Tight gas production is challenging, but of increasing importance.
Tight gas and other unconventional gas developments such as
coalbed methane account for about a third of total North American
gas production today and are expected to increase in the future.
Shell has decades of tight gas production experience in areas such as
Canada, the USA, Oman and the southern North Sea. Increased
demand and technical advancements have created new
opportunities to develop increasingly “tighter” gas reservoirs,
especially in North America and Asia where the largest resources
are located. Shell has acquired substantial interests in both areas,
increasing our gas production steadily over the past five years.
Tight gas development requires suites of technologies to locate the
most suitable rock formations and to drill and produce the fields
cost effectively, often at great depths.
To identify the most promising spots we combine proprietary tools
and techniques with third-party technologies. The application of
the most suitable tools including micro-seismic imaging, rock
property analysis and geomechanical stress pattern detection allows
us to develop a complete picture of the underground formation,
select where to drill and decide how to complete the wells.
Other innovations such as changing fracturing fluids in Canada
and drilling multiple wells from a single location in the USA help
us to extract further value from these growth assets and at the same
time reduce our environmental footprint.
For example in China, together with our partner PetroChina in the
Changbei tight gas project, we decided to drill dual lateral
horizontal wells, which can deliver up to 10 times the rates of
production of conventionally fractured vertical wells, and we have
reduced drilling times by 40%.
14 Shell Financial and Operational Information 2004–2008
CARBON CAPTURE AND STORAGE
We aim to establish a leading ability in carbon dioxide capture and
storage and we continue to research and develop technologies that
increase efficiency and reduce emissions in our production of oil
and gas. In 2008, we joined several demonstration projects to help
develop carbon capture and storage technologies and made progress
with our own planned projects. We are also involved in more than
20 research projects with universities.
Carbon capture and storage involves capturing CO2 from large
stationary sources such as power plants and refineries and storing it
safely underground. Potential storage sites include depleted oil and
gas reservoirs, vast underground saltwater deposits known as saline
aquifers, and coal beds too difficult to mine.
In Canada we are taking part in the Weyburn-midale CO2
monitoring and storage project, and carrying out appraisal work
on our Quest project, to help manage CO2 from the Scotford
Upgrader. If it goes ahead, Quest would capture and store one
million tonnes of CO2 per year from the Scotford Upgrader and
the Scotford Upgrader expansion, now under construction.
In Germany the first CO2 was injected at the CO2SINK project,
in which Shell is a partner. This is the first European scientific
project to demonstrate onshore CO2 storage in a saline aquifer.
Shell is studying a project for the capture and storage of pure CO2
produced as waste at the Shell Pernis refinery in the Netherlands.
The CO2 could be stored in two depleted gas fields in Barendrecht
after being piped 17 km from Pernis.
Quest
Westcarb
Mongstad
Weyburn-
CO2SINK
midale Barendrecht
CO2 storage demonstration/research projects
Carbon capture and storage projects under development,
industrial scale (>100,000 tpa)
Gorgon
Otway

DOWNSTREAM TECHNOLOGY
GAS TO LIQUIDS (GTL)
Increasing numbers of road vehicles and tighter regulations on
emissions have created a demand for cleaner burning transport
fuels. Shell GTL technology produces a cleaner burning liquid fuel
derived from natural gas and will help meet this demand. GTL
products are colourless, odourless, biodegradable and virtually
sulphur-free. Used alone or as a blend with diesel, GTL Fuel
produces significantly lower local vehicle emissions than those from
conventional diesel.
Premium diesel containing GTL Fuel is already available to motorists
as Shell V-Power Diesel in 11 countries. In 2006 an Audi became
the first diesel-powered car to win the challenging Le Mans 24 hours
race fuelled on a special race version of Shell V-Power Diesel with
GTL Fuel. The car won again in 2007 and 2008. GTL Fuel, as pure,
has also been tested in bus and taxi fleets in heavily congested cities
where local air quality benefits could have strong impact.
Importantly, there are several other products from the GTL
process, including oils for lubricants, naphtha and normal paraffin.
GTL products are made by partially oxidizing natural gas at high
temperature and pressure to convert it to synthesis gas, a mixture of
hydrogen and carbon monoxide, and chemically converting it
through the Fischer-Tropsch synthesis.
Shell has been at the forefront of GTL technology and production
for over 30 years. Laboratory developments led to our first
commercial GTL plant at Bintulu, Malaysia, in 1993. We are now
building the world’s largest GTL plant, Pearl GTL in Qatar.
Construction will be completed around the end of 2010. At peak it
will produce 140,000 barrels of GTL products a day and 120,000
boe/d of natural gas liquids and ethane.
LUBRICANTS
Efficient vehicle lubrication can improve fuel economy and reduce
exhaust emissions. Our latest lubricant for heavy-duty transport
vehicles, Shell Rimula R6 LME has been designed to help fleet
operators reduce their costs and emissions. In developing this
GTL car, Singapore
product, our technology challenge was to formulate a thin, lowviscosity
oil that reduces engine friction but has the same protective
benefits of more viscous oil, which produces a thicker protective film
on engine parts.
Our solution was to use synthetic base oils that are more resistant to
thinning at high temperatures and to add anti-wear boosters that
help to reduce friction. We also formulated R6 LME with lower
levels of sulphur, phosphorous and sulphated ash, which prolongs
the effectiveness of exhaust systems’ catalysts and filters. Because the
catalysts and filters work better, the engine is more efficient leading
to lower emissions, reduced costs and lower maintenance.
In combination with fuel-economy gearbox and axle oils, Shell
Rimula R6 LME can help reduce the fuel consumption of heavyduty
trucks by up to 5%. Independent testing has shown that
changing to Shell Rimula R6 LME alone can provide up to 1.1%
fuel savings compared to a 10W-40 oil.
The Shell lubricants portfolio also includes products such as Shell
Helix Ultra low viscosity motor oils and Shell Omala HD gearbox
oils designed to increase energy efficiency for the car driver and
industrial operator.
OMEGA
The new Shell OMEGA (Only Mono-Ethylene Glycol Advanced)
production process offers a number of significant benefits in the
conversion of ethylene to mono-ethylene glycol (MEG). We will
use this technology at the new Shell Eastern Petrochemicals
Complex – one of the world’s largest plants of its kind. It will also
be licensed to other chemicals producers.
MEG is a vital ingredient for polyester fibres and film, polyethylene
terephthalate (PET) resins and engine coolants. Shell is one of the
world’s leading MEG producers. Many plants use Shell’s
conventional EO/MEG MASTER process technology, which is part
catalytic and part thermal. OMEGA is an entirely catalytic process.
We have redesigned the technology to combine two complementary
and highly selective processes, and make it work at world-scale
capacity. We have achieved by far the lowest consumption of
ethylene per tonne of MEG so far in the industry and reduced capital
costs for a new plant by about 10% compared to one of the same
MEG capacity employing Shell’s MASTER process.
Additional benefits include lower water and steam consumption,
lower waste water production and almost no by-product yields of
heavier glycols.
By using Shell OMEGA technology, our plant in Singapore will be
able to improve commercial MEG yields by as much as 10%
compared to conventional MEG technology, virtually eliminating
all by-products.
Shell Financial and Operational Information 2004–2008 15

CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME $ million
Revenue
16 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Exploration & Production 20,841 14,963 16,750 22,865 17,690
Gas & Power 24,576 15,982 16,035 14,014 9,886
Oil Sands 558 1,069 1,159 1,105 710
Oil Products 368,853 282,665 248,581 237,210 210,424
Chemicals 43,494 41,046 36,306 31,018 26,877
Corporate 39 57 14 519 799
Total revenue [A] 458,361 355,782 318,845 306,731 266,386
Cost of sales 395,639 296,697 262,989 252,622 223,259
Gross profit 62,722 59,085 55,856 54,109 43,127
Selling, distribution and administrative expenses 17,028 16,621 16,616 15,482 15,098
Exploration 2,049 1,712 1,562 1,286 1,809
Share of profit of equity-accounted investments 7,446 8,234 6,671 7,123 5,015
Interest and other income 910 2,698 1,428 1,171 1,483
Interest expense 1,181 1,108 1,149 1,068 1,059
Income before taxation 50,820 50,576 44,628 44,567 31,659
Taxation 24,344 18,650 18,317 17,999 12,168
Income from continuing operations 26,476 31,926 26,311 26,568 19,491
Income from discontinued operations – – – (307) (234)
Income for the period 26,476 31,926 26,311 26,261 19,257
Income attributable to minority interest 199 595 869 950 717
Income attributable to Royal Dutch Shell plc shareholders 26,277 31,331 25,442 25,311 18,540
Research and development expenditure included in cost of sales 1,266 1,201 885 588 553
Depreciation is included in the following [B]:
Cost of sales 12,082 11,898 11,275 10,384 10,569
Selling, distribution and administrative expenses 1,167 1,189 1,176 1,472 1,593
Exploration 407 93 164 125 683
Total 13,656 13,180 12,615 11,981 12,845
[A] Total revenue is stated after deducting sales taxes, excise duties and similar levies of $94,118 million in 2008, $78,680 million in 2007, $70,929 million in 2006, $72,277 million in 2005 and
$72,370 million in 2004.
[B] Depreciation comprises depreciation, depletion and amortisation.
EARNINGS PER SHARE $
2008 2007 2006 2005 2004
Basic earnings per share 4.27 5.00 3.97 3.79 2.74
From continuing operations 4.27 5.00 3.97 3.84 2.77
From discontinued operations – – – (0.05) (0.03)
Diluted earnings per share 4.26 4.99 3.95 3.78 2.74
From continuing operations 4.26 4.99 3.95 3.83 2.77
From discontinued operations – – – (0.05) (0.03)
Basic weighted average number of A and B shares (number of shares, millions) 6,159.1 6,263.8 6,413.4 6,674.2 6,770.5
Diluted weighted average number of class A and B shares (number of shares, millions) 6,171.5 6,283.8 6,440.0 6,694.4 6,776.4

CONSOLIDATED BALANCE SHEET $ million
Dec 31, 2008 Dec 31, 2007 Dec 31, 2006 Dec 31, 2005 Dec 31, 2004
ASSETS
Non-current assets
Intangible assets 5,021 5,366 4,808 4,350 4,528
Property, plant and equipment 112,038 101,521 [B] 100,988 87,558 87,918
Exploration & Production 61,508 53,952 57,671 47,982 47,793
Gas & Power 10,932 7,913 8,855 7,256 6,336
Oil Sands 7,862 6,629 4,009 3,293 3,095
Oil Products 22,840 24,771 23,375 22,263 23,622
Chemicals 8,036 7,174 6,196 5,945 6,348
Corporate 860 1,082 882 819 724
Investments:
equity-accounted investments 28,327 29,153 [B] 20,740 16,905 19,190
financial assets 4,065 3,461 4,493 3,672 2,700
Deferred tax 3,418 3,253 2,968 2,562 2,789
Pre-paid pension costs 6,198 5,559 3,926 2,486 2,479
Other 6,764 5,760 5,468 4,091 5,793
165,831 154,073 143,391 121,624 125,397
Current assets
Inventories 19,342 31,503 23,215 19,776 15,375
Accounts receivable 82,040 74,238 59,668 66,386 37,473
Cash and cash equivalents 15,188 9,656 9,002 11,730 9,201
116,570 115,397 91,885 97,892 62,049
Total assets 282,401 269,470 235,276 219,516 187,446
LIABILITIES
Non-current liabilities
Debt 13,772 12,363 9,713 7,578 8,858
Deferred tax 12,518 13,039 13,094 10,763 12,930
Retirement benefit obligations 5,469 6,165 6,096 5,807 6,795
Other provisions 12,570 13,658 10,355 7,385 6,828
Other 3,677 3,893 4,325 5,095 5,800
48,006 49,118 43,583 36,628 41,211
Current liabilities
Debt 9,497 5,736 6,060 5,338 5,734
Accounts payable and accrued liabilities 85,091 75,697 62,556 69,013 37,909
Taxes payable 8,107 9,733 6,021 8,782 9,058
Retirement benefit obligations 383 426 319 282 339
Other provisions 2,451 2,792 1,792 1,549 1,812
105,529 94,384 76,748 84,964 54,852
Total liabilities 153,535 143,502 120,331 121,592 96,063
EQUITY
Ordinary share capital 527 536 545 571 584
Preference share capital – – – – 20
Treasury shares (1,867) (2,392) (3,316) (3,809) (4,187)
Other reserves 3,178 14,148 8,820 3,584 8,865
Retained earnings 125,447 111,668 [B] 99,677 90,578 80,788
Equity attributable to Royal Dutch Shell plc shareholders 127,285 123,960 105,726 90,924 86,070
Minority interest 1,581 2,008 [B] 9,219 7,000 5,313
Total equity 128,866 125,968 114,945 97,924 91,383
Total liabilities and equity 282,401 269,470 235,276 219,516 187,446
Capital employed [A] 152,135 144,067 130,718 110,840 105,975
[A] Capital employed is total equity plus current and non-current debt.
[B] In March 2007, Shell acquired the minority interests in Shell Canada for a cash consideration of $7.1 billion. This was reflected as a decrease in minority interest and in retained earnings of
$1,639 million and $5,445 million respectively. In April 2007, Shell sold half of its interest in Sakhalin II, reducing its interest from 55% to 27.5%, for a sales price of $4.1 billion. As a result
of this transaction, Sakhalin II has been accounted for as an associated company rather than as a subsidiary with effect from April 2007. The main impact on the Consolidated Balance Sheet
was a decrease of $15.7 billion in property, plant and equipment and $6.7 billion in minority interest, and an increase in investments: equity-accounted investments of $3.7 billion.
Shell Financial and Operational Information 2004–2008 17

CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF CASH FLOWS [A] $ million
Cash flow from operating activities:
18 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Income for the period 26,476 31,926 26,311 26,261 19,257
Adjustment for:
Current taxation 24,452 20,076 17,338 19,435 13,081
Interest (income)/expense 1,039 550 716 632 803
Depreciation, depletion and amortisation 13,656 13,180 12,615 11,981 12,845
(Gains)/losses on sale of assets (4,071) (3,349) (571) (1,313) (3,087)
Decrease/(increase) in net working capital 7,935 (6,206) (4,052) (5,664) (4,062)
Share of profit of equity-accounted investments (7,446) (8,234) (6,671) (7,123) (5,015)
Dividends received from equity-accounted investments 9,325 6,955 5,488 6,709 4,190
Deferred taxation and other provisions (1,030) (773) 1,833 (1,515) (1,007)
Other (549) (801) (266) (47) 292
Net cash from operating activities (pre-tax) 69,787 53,324 52,741 49,356 37,297
Taxation paid (25,869) (18,863) (21,045) (19,243) (10,760)
Net cash from operating activities 43,918 34,461 31,696 30,113 26,537
Cash flow from investing activities:
Capital expenditure (35,065) (24,576) (22,922) (15,904) (13,566)
Investments in equity-accounted investments (1,885) (1,852) (851) (705) (1,058)
Proceeds from sale of assets 4,737 8,566 [B] 1,611 2,310 5,142
Proceeds from sale of equity-accounted investments 2,062 1,012 282 4,313 1,316
Proceeds from sale of/(additions to) financial assets 224 1,055 22 362 1,739
Interest received 1,012 1,225 997 863 463
Net cash used in investing activities (28,915) (14,570) (20,861) (8,761) (5,964)
Cash flow from financing activities:
Net increase/(decrease) in debt with maturity period within three months 4,161 (455) 75 (956) 8
Other debt:
New borrowings 3,555 4,565 4,263 2,130 2,121
Repayments (2,890) (2,796) (2,232) (2,656) (6,380)
Interest paid (1,371) (1,235) (1,296) (1,124) (962)
Change in minority interest 40 (6,757) [B] 1,434 1,143 812
Dividends paid to:
Royal Dutch Shell plc shareholders (9,516) (9,001) (8,142) (10,556) (7,391)
Minority interest (325) (203) (289) (293) (264)
Net issue/(repurchase) of shares (3,573) (4,387) (8,047) (4,988) (777)
Payments to former Royal Dutch plc shareholders – – – (1,651) –
Treasury shares: net sales/(purchases) and dividends received 525 876 493 378 (759)
Net cash used in financing activities (9,394) (19,393) (13,741) (18,573) (13,592)
Currency translation differences relating to cash and cash equivalents (77) 156 178 (250) 113
Increase/(decrease) in cash and cash equivalents 5,532 654 (2,728) 2,529 7,094
Cash and cash equivalents at January 1 9,656 9,002 11,730 9,201 2,107
Cash and cash equivalents at December 31 15,188 9,656 9,002 11,730 9,201
[A] This statement reflects cash flows arising from the activities of Shell companies as measured in their own currencies, translated into dollars at quarterly average rates of exchange. Accordingly,
cash flows recorded exclude both the currency translation differences which arise as a result of translating the assets and liabilities of non-dollar Shell companies to dollars at year-end rates of
exchange (except for those arising on cash and cash equivalents) and non-cash investing and financing activities.
[B] In March 2007, Shell acquired the minority interests in Shell Canada for a cash consideration of $7.1 billion. This was reflected as a decrease in minority interest and in retained earnings of
$1,639 million and $5,445 million respectively. In April 2007, Shell sold half of its interest in Sakhalin II, reducing its interest from 55% to 27.5%, for a sales price of $4.1 billion. As a result
of this transaction, Sakhalin II has been accounted for as an associated company rather than as a subsidiary with effect from April 2007. The main impact on the Consolidated Balance Sheet
was a decrease of $15.7 billion in property, plant and equipment and $6.7 billion in minority interest, and an increase in investments: equity accounted investments of $3.7 billion.

ADDITIONAL SEGMENTAL INFORMATION [A] $ million
Exploration & Production
2008 2007 2006 2005 2004
Segment earnings 20,235 14,686 14,544 13,577 9,522
Including:
Exploration 2,049 1,712 1,562 1,286 1,809
Depreciation, depletion and amortisation 8,929 9,338 8,672 7,973 6,861
Share of profit of equity-accounted investments 4,970 3,583 3,075 4,112 2,463
Net cash from operating activities 31,649 24,348 21,956 19,802 15,982
Less: Net working capital movements [B] 2,390 1,238 (1,089) 544 (672)
Net cash from operating activities excluding net working capital movements
and taxation paid/accrued 29,259 23,110 23,045 19,258 16,654
Capital employed 55,274 47,682 50,405 39,826 37,755
Gas & Power
Segment earnings 5,328 2,781 2,633 1,378 1,774
Including:
Depreciation, depletion and amortisation 397 315 284 372 928
Share of profit of equity-accounted investments 2,541 1,852 1,509 1,007 1,142
Net cash from operating activities 5,445 1,408 2,219 417 1,701
Less: Net working capital movements [B] 774 (514) (278) (1,202) 100
Net cash from operating activities excluding net working capital movements
and taxation paid/accrued 4,671 1,922 2,497 1,619 1,601
Capital employed 22,497 19,383 17,909 14,291 12,197
Oil Sands
Segment earnings 941 582 651 661 301
Including:
Depreciation, depletion and amortisation 173 166 172 179 154
Net cash from operating activities 1,590 1,520 1,274 670 445
Less: Net working capital movements [B] 60 720 387 (568) (279)
Net cash from operating activities excluding net working capital movements
and taxation paid/accrued 1,530 800 887 1,238 724
Capital employed 6,200 4,603 3,048 2,810 2,523
Oil Products
Segment CCS earnings
Including:
5,155 6,951 7,027 7,532 6,592
Depreciation, depletion and amortisation 2,686 2,440 2,580 2,622 3,357
Share of profit of equity-accounted investments 598 1,723 1,585 1,426 1,061
Net cash from operating activities 6,803 3,682 3,594 10,138 6,304
Less: Net working capital movements [B]
Net cash from operating activities excluding net working capital movements
5,446 (6,834) (3,938) (2,264) (3,535)
and taxation paid/accrued 1,357 10,516 7,532 12,402 9,839
Capital employed 44,171 54,515 42,245 34,262 33,637
Chemicals
Segment CCS earnings 156 1,682 1,095 782 1,148 [C]
Including:
Depreciation, depletion and amortisation 888 666 668 599 695
Share of profit of equity-accounted investments 247 694 494 423 437
Net cash from operating activities 1,801 1,873 1,853 2,352 1,391
Less: Net working capital movements [B]
Net cash from operating activities excluding net working capital movements
1,421 (796) 316 144 (783)
and taxation paid/accrued 380 2,669 1,537 2,208 2,174
Capital employed 9,904 10,571 8,468 8,522 10,925
[A] Corporate segment information has not been included. Refer to the Earnings by business segment section on page 20 for additional information. The above data does not consider
minority interest impacts on the segments.
[B] Excluding working capital movements related to taxation.
[C] Chemicals are reported on CCS basis from 2005.
Shell Financial and Operational Information 2004–2008 19

CONSOLIDATED FINANCIAL STATEMENTS
EARNINGS BY BUSINESS SEGMENT $ million
20 Shell Financial and Operational Information 2004–2008
2008 2007
World World
outside outside
USA USA Total USA USA Total
Exploration & Production 14,854 5,381 20,235 10,954 3,732 14,686
Gas & Power 5,114 214 5,328 2,315 466 2,781
Oil Sands 941 941 582 582
Oil Products 1,919 (1,473) 446 7,668 2,771 10,439
Chemicals 593 (998) (405) 1,836 215 2,051
Total operating segments 26,545 30,539
Corporate (69) 1,387
Income from continuing operations 26,476 31,926
Income from discontinued operations, net of tax – –
Income for the period 26,476 31,926
Income attributable to minority interest 199 595
Income attributable to Royal Dutch Shell plc shareholders 26,277 31,331
QUARTERLY EARNINGS BY BUSINESS SEGMENT $ million
Exploration & Production
2008 2007
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
World outside USA 3,540 3,952 3,885 3,477 14,854 2,541 2,183 2,467 3,763 10,954
USA 1,603 1,929 1,616 233 5,381 852 916 860 1,104 3,732
Gas & Power
World outside USA 933 788 2,437 956 5,114 682 494 500 639 2,315
USA 15 (163) 337 25 214 121 285 68 (8) 466
Oil Sands
World outside USA 249 351 371 (30) 941 115 202 183 82 582
Oil Products
World outside USA 1,818 3,454 535 (3,888) 1,919 1,316 2,541 1,690 2,121 7,668
USA 549 1,085 (579) (2,528) (1,473) 486 1,387 463 435 2,771
Chemicals
World outside USA 387 250 196 (240) 593 498 526 373 439 1,836
USA (39) (93) (275) (591) (998) 29 100 24 62 215
Total operating segments 9,055 11,553 8,523 (2,586) 26,545 6,640 8,634 6,628 8,637 30,539
Corporate
Interest income/(expense) 110 81 178 (41) 328 583 158 122 12 875
Currency exchange gains/(losses) (62) 27 (264) (351) (650) 46 20 57 82 205
Other – including taxation 98 93 43 19 253 172 (1) 234 (98) 307
Income from continuing operations 9,201 11,754 8,480 (2,959) 26,476 7,441 8,811 7,041 8,633 31,926
Income from discontinued
operations, net of tax – – – – – – – – – –
Income for the period 9,201 11,754 8,480 (2,959) 26,476 7,441 8,811 7,041 8,633 31,926
Income attributable to
minority interests 118 198 32 (149) 199 160 144 125 166 595
Income attributable to Royal Dutch
Shell plc shareholders 9,083 11,556 8,448 (2,810) 26,277 7,281 8,667 6,916 8,467 31,331

EARNINGS BY BUSINESS SEGMENT $ million
2006 2005 2004
World World World
outside outside outside
USA USA Total USA USA Total USA USA Total
Exploration & Production 10,815 3,729 14,544 9,880 3,697 13,577 6,210 3,312 9,522
Gas & Power 2,345 288 2,633 1,345 33 1,378 1,960 (186) 1,774
Oil Sands 651 651 661 661 301 301
Oil Products 5,284 1,841 7,125 7,726 2,256 9,982 5,677 1,920 7,597
Chemicals 1,064 – 1,064 1,239 59 1,298 1,222 125 1,347
Total operating segments 26,017 26,896 20,541
Corporate 294 (328) (1,050)
Income from continuing operations 26,311 26,568 19,491
Income from discontinued operations, net of tax – (307) (234)
Income for the period 26,311 26,261 19,257
Income attributable to minority interest 869 950 717
Income attributable to Royal Dutch Shell plc shareholders 25,442 25,311 18,540
QUARTERLY EARNINGS BY BUSINESS SEGMENT $ million
Exploration & Production
2006 2005 2004
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
World outside USA 2,720 2,837 2,425 2,833 10,815 1,920 1,429 3,872 2,659 9,880 1,891 1,093 1,418 1,808 6,210
USA 948 985 1,093 703 3,729 945 1,101 926 725 3,697 752 687 787 1,086 3,312
Gas & Power
World outside USA 714 461 588 582 2,345 503 63 420 359 1,345 433 377 328 822 1,960
USA 46 52 193 (3) 288 (39) (57) 63 66 33 83 (34) 3 (238) (186)
Oil Sands
World outside USA 75 177 225 174 651 90 215 179 177 661 64 75 138 24 301
Oil Products
World outside USA 1,588 1,925 1,070 701 5,284 2,306 2,034 2,377 1,009 7,726 1,192 1,319 1,952 1,214 5,677
USA 515 1,092 144 90 1,841 745 630 1,063 (182) 2,256 381 475 605 459 1,920
Chemicals
World outside USA 205 345 304 210 1,064 494 221 384 140 1,239 200 280 400 342 1,222
USA (22) 101 (53) (26) – 169 38 30 (178) 59 (9) 64 140 (70) 125
Total operating segments 6,789 7,975 5,989 5,264 26,017 7,133 5,674 9,314 4,775 26,896 4,987 4,336 5,771 5,447 20,541
Corporate
Interest income/(expense) – 38 37 1 76 (70) (74) 71 51 (22) (174) (196) (143) (231) (744)
Currency exchange gains/(losses) 112 (73) (19) 93 113 (40) (6) 126 (145) (65) (7) (2) 35 42 68
Other – including taxation 115 (413) 248 155 105 (3) (133) (27) (78) (241) 20 (111) (65) (218) (374)
Income from continuing operations 7,016 7,527 6,255 5,513 26,311 7,020 5,461 9,484 4,603 26,568 4,826 4,027 5,598 5,040 19,491
Income from discontinued
operations, net of tax – – – – – (214) – (93) – (307) 20 22 23 (299) (234)
Income for the period 7,016 7,527 6,255 5,513 26,311 6,806 5,461 9,391 4,603 26,261 4,846 4,049 5,621 4,741 19,257
Income attributable to
minority interests 123 203 313 230 869 131 225 359 235 950 145 153 249 170 717
Income attributable to Royal Dutch
Shell plc shareholders 6,893 7,324 5,942 5,283 25,442 6,675 5,236 9,032 4,368 25,311 4,701 3,896 5,372 4,571 18,540
Shell Financial and Operational Information 2004–2008 21

CONSOLIDATED FINANCIAL STATEMENTS
QUARTERLY CCS EARNINGS BY BUSINESS SEGMENT $ million
Exploration & Production
22 Shell Financial and Operational Information 2004–2008
2008 2007
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
World outside USA 3,540 3,952 3,885 3,477 14,854 2,541 2,183 2,467 3,763 10,954
USA 1,603 1,929 1,616 233 5,381 852 916 860 1,104 3,732
Gas & Power
World outside USA 933 788 2,437 956 5,114 682 494 500 639 2,315
USA 15 (163) 337 25 214 121 285 68 (8) 466
Oil Sands 249 351 371 (30) 941 115 202 183 82 582
Oil Products (CCS basis)
World outside USA 978 765 2,307 1,375 5,425 1,158 1,827 1,316 789 5,090
USA 216 310 (3) (793) (270) 330 1,109 335 87 1,861
Chemicals (CCS basis)
World outside USA 304 112 253 115 784 469 454 368 370 1,661
USA (103) (254) (137) (134) (628) 11 40 (8) (22) 21
Total operating segments 7,735 7,790 11,066 5,224 31,815 6,279 7,510 6,089 6,804 26,682
Corporate
Interest and investment
income/(expense) 110 81 178 (41) 328 583 158 122 12 875
Currency exchange gains/(losses) (62) 27 (264) (351) (650) 46 20 57 82 205
Other – including taxation 98 93 43 19 253 172 (1) 234 (98) 307
Income from discontinued
operations, net of tax – – – – – – – – – –
Minority interest (105) (89) (120) (66) (380) (148) (131) (110) (116) (505)
CCS earnings 7,776 7,902 10,903 4,785 31,366 6,932 7,556 6,392 6,684 27,564
Estimated CCS adjustment for
Oil Products and Chemicals 1,307 3,654 (2,455) (7,595) (5,089) 349 1,111 524 1,783 3,767
Income attributable to
Royal Dutch Shell plc shareholders 9,083 11,556 8,448 (2,810) 26,277 7,281 8,667 6,916 8,467 31,331
IDENTIFIED ITEMS BY BUSINESS SEGMENT $ million
2008 2007
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
Exploration & Production (66) 98 575 1,303 1,910 104 153 130 715 1,102
Gas & Power (11) – 1,368 (55) 1,302 39 247 (4) (7) 275
Oil Sands – – 25 – 25 – – – 94 94
Oil Products (CCS basis) – 181 77 (233) 25 (176) 205 121 177 327
Chemicals (CCS basis) – (206) 18 (22) (210) – – 18 (46) (28)
Corporate – – – (96) (96) 404 55 – 30 489
Minority interest – – – – – – – – – –
CCS earnings impact (77) 73 2,063 897 2,956 371 660 265 963 2,259

QUARTERLY CCS EARNINGS BY BUSINESS SEGMENT $ million
Exploration & Production
2006 2005 2004
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year
World outside USA 2,720 2,837 2,425 2,833 10,815 1,920 1,429 3,872 2,659 9,880 1,891 1,093 1,418 1,808 6,210
USA 948 985 1,093 703 3,729 945 1,101 926 725 3,697 752 687 787 1,086 3,312
Gas & Power
World outside USA 714 461 588 582 2,345 503 63 420 359 1,345 433 377 328 822 1,960
USA 46 52 193 (3) 288 (39) (57) 63 66 33 83 (34) 3 (238) (186)
Oil Sands 75 177 225 174 651 90 215 179 177 661 64 75 138 24 301
Oil Products (CCS basis)
World outside USA 1,071 1,332 1,665 1,254 5,322 1,475 1,500 1,229 1,583 5,787 968 1,099 1,176 1,683 4,926
USA 262 733 495 215 1,705 405 528 497 315 1,745 215 447 349 655 1,666
Chemicals (CCS basis) [A]
World outside USA 173 309 348 233 1,063 463 237 320 155 1,175 200 280 400 342 1,222
USA (34) 39 (13) 40 32 105 43 (87) (147) (86) (9) 64 140 (70) 125
Total operating segments 5,975 6,925 7,019 6,031 25,950 5,867 5,059 7,419 5,892 24,237 4,597 4,088 4,739 6,112 19,536
Corporate
Interest and investment
income/(expense) – 38 37 1 76 (70) (74) 71 51 (22) (174) (196) (143) (231) (744)
Currency exchange gains/(losses) 112 (73) (19) 93 113 (40) (6) 126 (145) (65) (7) (2) 35 42 68
Other – including taxation 115 (413) 248 155 105 (3) (133) (27) (78) (241) 20 (111) (65) (218) (374)
Income from discontinued
operations, net of tax – – – – – (214) – (93) – (307) 20 22 23 (299) (234)
Minority interest (114) (163) (337) (265) (879) (85) (199) (308) (279) (871) (125) (139) (207) (186) (657)
CCS earnings [A] 6,088 6,314 6,948 6,015 25,365 5,455 4,647 7,188 5,441 22,731 4,331 3,662 4,382 5,220 17,595
Estimated CCS adjustment for
Oil Products and Chemicals [A] 805 1,010 (1,006) (732) 77 1,220 589 1,844 (1,073) 2,580 370 234 990 (649) 945
Income attributable to Royal Dutch
Shell plc shareholders 6,893 7,324 5,942 5,283 25,442 6,675 5,236 9,032 4,368 25,311 4,701 3,896 5,372 4,571 18,540
[A] Chemicals are reported on CCS basis from 2005.
IDENTIFIED ITEMS BY BUSINESS SEGMENT $ million
2006 2005 2004 [A]
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Year
Exploration & Production 113 184 (163) 387 521 (41) (214) 1,765 152 1,662
Gas & Power – – – – – 48 (226) 94 – (84)
Oil Sands – 120 – – 120 – 65 – – 65
Oil Products (CCS basis) – (65) – 103 38 427 – – – 427
Chemicals (CCS basis) – (30) – (83) (113) (217) (80) (184) (84) (565)
Corporate – (400) 86 108 (206) – (90) (60) 2 (148)
Minority interest – (41) – – (41) – – (46) (36) (82)
CCS earnings impact 113 (232) (77) 515 319 217 (545) 1,569 34 1,275
[A] Identified items are reported from 2005.
Shell Financial and Operational Information 2004–2008 23

CONSOLIDATED FINANCIAL STATEMENTS
CAPITAL INVESTMENT $ million
24 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Capital expenditure
Exploration & Production Europe 2,713 2,631 2,563 1,820 1,591
Africa, Asia, Australia/Oceania 6,530 6,363 7,230 6,654 5,420
USA 5,099 3,403 2,006 1,225 1,061
Other Americas 7,590 1,326 3,974 885 487
21,932 13,723 15,773 10,584 8,559
Gas & Power Europe 73 50 49 105 15
Africa, Asia, Australia/Oceania 3,819 2,886 1,706 1,477 1,147
USA 10 15 83 4 35
Other Americas – – 171 (13) 173
3,902 2,951 2,009 1,573 1,370
Oil Sands Other Americas 3,124 1,931 865 274 140
Oil Products Europe 1,779 1,549 1,426 1,107 1,279
Africa, Asia, Australia/Oceania 1,277 1,091 1,028 717 597
USA 379 530 419 449 498
Other Americas 393 501 490 537 387
3,828 3,671 3,363 2,810 2,761
Chemicals Europe 259 271 310 102 185
Africa, Asia, Australia/Oceania 1,578 782 118 16 8
USA 187 347 302 217 282
Other Americas 61 15 91 52 54
2,085 1,415 821 387 529
Corporate
Exploration expense [A]
241 414 265 288 207
Europe 230 218 233 171 96
Africa, Asia, Australia/Oceania 491 292 290 195 233
USA 498 469 300 260 221
Other Americas 228 136 126 189 101
1,447 1,115 949 815 651
Total capital expenditure and exploration expense
New equity investments in equity-accounted investments
36,559 25,220 24,045 16,731 14,217
Europe 198 218 397 63 36
Africa, Asia, Australia/Oceania 857 1,103 100 288 385
USA 86 65 61 17 251
Other Americas 153 86 40 22 9
New loans to equity-accounted investments
1,294 1,472 598 390 681
Europe (2) 1 40 28 21
Africa, Asia, Australia/Oceania 585 368 203 299 325
USA – 1 1 (22) 20
Other Americas 8 10 9 10 11
591 380 253 315 377
Total capital investments 38,444 27,072 24,896 17,436 15,275
Comprising Europe 5,128 5,166 5,151 3,620 3,387
Africa, Asia, Australia/Oceania 15,167 12,903 10,692 9,657 8,129
USA 6,591 4,997 3,288 2,204 2,396
Other Americas 11,558 4,006 5,765 1,955 1,363
38,444 27,072 24,896 17,436 15,275
Comprising Exploration & Production 24,718 15,919 17,079 11,772 9,568
Gas & Power 4,346 3,532 2,351 1,656 1,652
Oil Sands 3,124 1,931 865 274 140
Oil Products 3,917 3,856 3,457 2,844 2,823
Chemicals 2,097 1,419 877 599 868
Corporate 242 415 267 291 224
38,444 27,072 24,896 17,436 15,275
[A] Excluding depreciation and release of currency translation difference.

FINANCIAL RATIOS
2008 2007 2006 2005 2004
Return on average capital employed
Income attributable to Royal Dutch Shell plc shareholders adjusted for interest expense,
less tax for the period, as % of the Shell share of average capital employed 18.3 23.7 22.3 24.8 19.6
Return on sales
Income attributable to Royal Dutch Shell plc shareholders plus minority interest
as % of sales proceeds (including sales taxes, etc.) 4.8 7.3 6.8 6.9 5.7
Return on equity
Income attributable to Royal Dutch Shell plc shareholders as % of average net assets
(i.e. equity attributable to Royal Dutch Shell plc shareholders and minority interest) 20.6 26.0 23.9 26.7 22.0
Current ratio
Current assets: current liabilities 1.1 1.2 1.2 1.2 1.1
Long-term debt ratio
Non-current debt as % of capital employed less current debt 9.7 8.9 7.8 7.2 8.8
Total debt ratio
Non-current debt plus current debt as % of capital employed 15.3 12.6 12.1 11.7 13.8
Balance sheet gearing ratio at December 31
Net debt as percentage of total capital 5.9 6.3 5.6 1.2 5.6
DOLLAR EXCHANGE RATES
Average for period
2008 2007 2006 2005 2004
Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Year Year Year
Pounds sterling 0.5057 0.5079 0.5288 0.6369 0.5452 0.5117 0.5035 0.4952 0.4887 0.4997 0.54 0.55 0.55
Euro 0.6686 0.6400 0.6650 0.7600 0.6836 0.7630 0.7419 0.7282 0.6908 0.7309 0.80 0.81 0.81
Swiss franc 1.0710 1.0308 1.0710 1.1588 1.0832 1.2334 1.2224 1.1995 1.1466 1.2002 1.25 1.25 1.24
Canadian dollar 1.0035 1.0099 1.0405 1.2095 1.0665 1.1721 1.0981 1.0470 0.9801 1.0740 1.13 1.21 1.30
Japanese yen 105 104 107 96 103 119 121 118 113 118 116 110 108
End-period
Pounds sterling 0.5034 0.5014 0.5541 0.6918 0.5112 0.4996 0.4942 0.5009 0.51 0.58 0.52
Euro 0.6331 0.6329 0.6961 0.7097 0.7509 0.7437 0.7058 0.6798 0.76 0.84 0.73
Swiss franc 0.9934 1.0164 1.0978 1.0558 1.2199 1.2315 1.1713 1.1268 1.22 1.31 1.13
Canadian dollar 1.0215 1.0075 1.0484 1.2135 1.1533 1.0574 1.0000 0.9804 1.16 1.16 1.20
Japanese yen 99 105 105 90 118 123 115 112 119 117 103
Shell Financial and Operational Information 2004–2008 25

CONSOLIDATED FINANCIAL STATEMENTS
FIXED ASSETS [A] (At December 31) $ million
26 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Exploration & Production Europe 16,139 19,933 18,307 15,984 20,448
Africa, Asia, Australia/Oceania 29,210 27,004 31,273 26,136 21,274
USA 12,748 9,208 8,044 7,580 7,745
Other Americas 15,997 9,471 7,424 3,955 3,881
74,094 65,616 65,048 53,655 53,348
Gas & Power Europe 572 401 890 449 344
Africa, Asia, Australia/Oceania 16,705 12,687 10,884 8,244 6,527
USA 1,937 1,983 2,811 2,698 3,237
Other Americas 619 905 879 736 1,357
19,833 15,976 15,464 12,127 11,465
Oil Sands Other Americas 7,862 6,629 4,010 3,294 3,096
Oil Products Europe 11,606 13,003 11,451 9,752 11,339
Africa, Asia, Australia/Oceania 8,183 8,549 7,007 6,448 6,516
USA 11,395 12,865 12,697 12,402 12,242
Other Americas 3,787 4,467 3,779 3,801 3,726
34,971 38,884 34,934 32,403 33,823
Chemicals Europe 2,384 2,875 2,578 2,091 4,332
Africa, Asia, Australia/Oceania 4,801 3,456 2,566 2,472 2,128
USA 3,002 3,232 3,243 3,496 3,626
Other Americas 299 395 450 441 472
10,486 9,958 8,837 8,500 10,558
Corporate 2,205 2,438 2,736 2,506 2,046
Total 149,451 139,501 131,029 112,485 114,336
[A] Comprises intangible assets, property, plant and equipment and investments.
DEPRECIATION, DEPLETION AND AMORTISATION $ million
2008 2007 2006 2005 2004
Exploration & Production Europe 3,102 3,312 3,254 3,777 3,425
Africa, Asia, Australia/Oceania 3,114 3,411 2,739 1,915 1,934
USA 2,166 2,183 1,813 1,596 1,595
Other Americas 954 526 1,030 810 590
9,336 9,432 8,836 8,098 7,544
Gas & Power Europe 12 8 27 56 19
Africa, Asia, Australia/Oceania 255 180 166 173 120
USA 107 104 73 127 672
Other Americas 23 23 18 16 117
397 315 284 372 928
Oil Sands Other Americas 173 166 172 179 154
Oil Products Europe 1,065 1,081 1,075 1,065 1,588
Africa, Asia, Australia/Oceania 561 569 536 576 628
USA 727 473 596 625 686
Other Americas 333 317 373 356 455
2,686 2,440 2,580 2,622 3,357
Chemicals Europe 228 263 221 220 212
Africa, Asia, Australia/Oceania 61 60 62 63 63
USA 440 291 315 278 391
Other Americas 159 52 70 38 29
888 666 668 599 695
Corporate 176 161 75 111 167
Total 13,656 13,180 12,615 11,981 12,845

CAPITAL EMPLOYED [A] (At December 31) $ million
2008 2007 2006 2005 2004
Exploration & Production World outside USA 46,050 41,481 44,636 34,462 32,317
USA 9,224 6,201 5,769 5,364 5,438
55,274 47,682 50,405 39,826 37,755
Gas & Power World outside USA 18,530 16,169 13,822 9,887 8,446
USA 3,967 3,214 4,087 4,404 3,751
22,497 19,383 17,909 14,291 12,197
Oil Sands World outside USA 6,200 4,603 3,048 2,810 2,523
Oil Products World outside USA 33,824 41,354 30,735 23,962 23,174
USA 10,347 13,161 11,511 10,300 10,463
44,171 54,515 42,246 34,262 33,637
Chemicals World outside USA 7,442 7,490 5,813 5,445 7,738
USA 2,462 3,081 2,655 3,077 3,187
9,904 10,571 8,468 8,522 10,925
Corporate 14,089 7,313 8,642 11,129 8,938
Total 152,135 144,067 130,718 110,840 105,975
[A] Consists of total equity, current debt and non-current debt.
TAXATION $ million
2008 2007 2006 2005 2004
Exploration & Production 24,541 15,372 16,817 14,523 9,769
Other segments (197) 3,278 1,500 3,476 2,399
Total 24,344 18,650 18,317 17,999 12,168
As percentage of income before taxation 48% 37% 41% 40% 38%
The charge for Shell subsidiaries comprises:
Current taxation 24,452 20,076 17,338 19,435 13,081
Deferred taxation (108) (1,426) 979 (1,436) (913)
Total 24,344 18,650 18,317 17,999 12,168
Shell Financial and Operational Information 2004–2008 27

CONSOLIDATED FINANCIAL STATEMENTS
CORPORATE
EARNINGS $ million
28 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Interest income/(expense) 328 875 76 (22) (744)
Currency exchange gains/(losses) (650) 205 113 (65) 68
Other – including taxation 253 307 105 (241) (374)
Segment earnings/(losses) from continuing operations (69) 1,387 294 (328) (1,050)
Income/(loss) from discontinued operations – – – – (35)
Segment earnings (69) 1,387 294 (328) (1,085)

EMPLOYEES
Shell employs 102,000 people in more than 100 countries and
territories worldwide. Our people are central to the delivery of the
Shell business strategy of More Upstream, Profitable Downstream.
In 2008, our people strategy continued to focus mainly on
recruiting, developing skills and improving employee performance.
During 2008 we continued to invest in the development of our
staff. Our approach to learning focused on deepening professional
skills, particularly in technical disciplines. Many activities also
focused on improving health and safety performance. We
continued to strengthen skills and leadership capabilities of our
staff throughout Shell.
Shell’s ability to compete effectively and to become a preferred
partner for governments is influenced by the quality of our staff
EMPLOYEES BY SEGMENT (average numbers) thousands
2008 2007 2006 2005 2004
Exploration & Production 18 18 18 17 15
Gas & Power 3 3 3 3 3
Oil Sands 1 1 1 1 1
Oil Products 58 63 67 71 78
Chemicals 6 6 6 8 8
Corporate [A] 16 13 13 9 8
Total 102 104 108 109 113
[A] Corporate includes employees working in shared service centres.
EMPLOYEES BY GEOGRAPHICAL AREA
(average numbers) thousands
2008 2007 2006 2005 2004
The Netherlands 9 10 10 10 10
UK 8 8 8 7 8
Other 15 17 19 22 25
Europe 32 35 37 39 43
Africa, Asia, Australia/Oceania 34 33 35 33 30
USA 23 24 24 24 26
Other Americas 13 12 12 13 14
Total 102 104 108 109 113
and our capacity to deliver high-quality services and technology
in order to develop complex world-class projects. Recruiting,
developing and deploying skilled people therefore remains essential
to our business and remains one of our strengths. In 2008, we
recruited more than 5,500 people worldwide from more than 90
countries. These comprised 1,050 graduates and 4,500 experienced
professionals with more than half (57%) of all recruits coming
from technical disciplines.
We believe our ability to compete effectively in the global
marketplace is affected by our ability to attract and retain diverse
staff that reflect the countries where we operate, and the suppliers
and customers with whom we do business. The integration of
diversity and inclusion (D&I) into Shell’s operations and culture is
therefore essential to our success.
EMPLOYEES BY COUNTRY (average numbers) thousands
2008 2007 2006 2005 2004
Argentina 3 3 3 3 3
Australia 3 3 3 3 3
Brazil 2 2 2 2 2
Canada 6 6 5 5 4
China/Hong Kong 4 4 3 2 1
France 2 3 4 4 4
Germany 5 6 6 6 7
India 1 1 [A] [A] [A]
Malaysia 7 7 6 5 4
Morocco 1 1 1 1 1
The Netherlands 9 10 10 10 10
Nigeria 2 2 2 2 2
Norway 1 1 1 1 2
Philippines 3 1 1 1 1
Poland 1 1 1 1 3
Qatar 1 [A] [A] [A] [A]
Russia [A] 1 3 2 2
Singapore 3 2 2 2 2
South Africa 2 1 2 2 2
Thailand 1 2 3 4 4
UK 8 8 8 7 8
USA 23 24 23 24 26
88 89 89 87 91
As percentage of total 86% 85% 82% 80% 81%
Total 102 104 108 109 113
[A] Fewer than 500 employees.
EMPLOYEE COSTS $ million
2008 2007 2006 2005 2004
Remuneration 10,581 10,021 8,827 8,286 8,037
Social law taxes 890 854 712 681 691
Retirement benefits (302) 98 743 768 782
Share-based compensation 241 589 462 376 285
Total 11,410 11,562 10,744 10,111 9,795
Shell Financial and Operational Information 2004–2008 29

UPSTREAM
In this publication Upstream includes Exploration & Production, Gas & Power and Oil Sands.
Offshore platform E11, Malaysia
30 Shell Financial and Operational Information 2004–2008

HIGHLIGHTS
• Production of 3.2 million boe/d;
• Added 1.2 billion boe of proved reserves. Made 11 notable
discoveries and secured additional exploration rights in
Australia, Canada, Colombia, Libya, Sweden and the USA;
• LNG sales volume of 13.1 million tonnes;
• Delivered first production from a number of new 2008 projects,
which in Q4 contributed some 80,000 boe/d of new volume;
• Start-up of North West Shelf LNG Train 5 in Australia and
Sakhalin II project in Russia increasing Shell’s global LNG
production capacity to 18.5 mtpa;
FINANCIAL AND OPERATIONAL HIGHLIGHTS
Segment earnings ($ million)
• Two LNG trains under construction in Qatar and Australia;
progress was made on major new LNG projects such as
Gorgon in Australia;
• New flagship upstream projects such as Perdido in the Gulf of
Mexico, BC-10 in Brazil, AOSP 1 in Canada, Gumust-Kakap
in Malaysia, Qatar Pearl GTL and Qatargas 4 progressed well;
• Acquisition of Duvernay Oil Corp. and acreage
in North America;
• Completed divestments in Australia, Bolivia, Canada,
Germany, the Netherlands, Nigeria, the UK and the USA.
2008 2007 2006 2005 2004
Exploration & Production 20,235 14,686 14,544 13,577 9,522
Gas & Power 5,328 2,781 2,633 1,378 1,774
Oil Sands 941 582 651 661 301
Total Upstream earnings ($ million) 26,504 18,049 17,828 15,616 11,597
Upstream net cash from operating activities [A] ($ million) 35,460 25,832 26,429 22,115 18,978
Crude oil production (thousand b/d) 1,693 1,818 1,948 1,998 2,173
Natural gas production available for sale (million scf/d) 8,569 8,214 8,368 8,263 8,808
Mined Oil Sands production (thousand b/d) 78 81 82 95 80
Total production (thousand boe/d) [B] 3,248 3,315 3,473 3,518 3,772
Equity LNG sales volume (million tonnes) 13.1 13.2 12.1 10.7 10.2
Oil Sands sales volumes (thousand b/d) 114 125 133 143 127
Oil Sands upgrader availability (%) 93 89 95 94 92
Upstream capital investment ($ million) 32,188 21,382 20,295 13,702 11,360
Upstream capital employed ($ million) 83,971 71,668 71,362 56,927 52,475
Upstream employees (thousands) 22 22 22 21 19
[A] Excludes working capital movements.
[B] 5,800 million cubic feet of natural gas is equal to one million boe.
EARNINGS [A]
$ billion
7
6
5
4
3
2
1
Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Exploration & Production
Gas & Power
Oil Sands
[A] Excluding identified items.
OIL AND GAS PRODUCTION
million boe/d million tonnes
4
4
3
2
1
Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Oil and bitumen
Gas
Equity LNG sales (million tonnes)
3
2
1
Shell Financial and Operational Information 2004–2008 31

UPSTREAM
EXPLORATION
Shell’s exploration strategy is designed to replace production and
to build a strong new development portfolio for future growth. We
focus on major geological basins with known hydrocarbons. We have
had success accessing highly attractive acreage and built a worldclass
portfolio of new opportunities in the most attractive basins
around the world. We are focused on keeping our cost structure low
and competitive. Our application of technology, unique geological
knowledge, integrated gas positions, and early access to acreage help
deliver success for us.
DISCOVERIES
Shell has shown strong exploration performance over the past eight
years, with average additions of resources of over 1 billion boe Shell
share each year. In 2008 our exploration success rate was around
60%, adding 1.2 billion boe in resources from drilling and further
volumes from associated appraisal and development activities.
During the year we participated in 45 successful exploration and
appraisal wells and made discoveries in all our operating regions.
Notable discoveries in 2008 included tight gas in Alberta and
Louisiana, gas in Western Australia and oil in Kazakhstan and
Nigeria. Our exploration finding cost averages $2–3/boe over three
years, a competitive rate.
FAST APPRAISAL AND NEAR-FIELD EXPLORATION
Discoveries are brought on-stream as quickly as possible – in 2008
some 75,000 boe/d were produced from discoveries less than five
years old. In many cases we use ready-built infrastructure, allowing
us to bring about half our near-field exploration wells on-stream
within a year of discovery.
In 2008 we drilled 17 successful wells near existing fields. Three
examples – Brunei (MLJ2-06), the US Gulf of Mexico (Mars-A8)
and the Netherlands (L09-FA-103) together already contribute
about 8,000 boe/d production.
EXPLORATION RESOURCES ADDITIONS
billion boe %
2.0
100
1.5
1.0
.5
2001 2002 2003 2004 2005 2006 2007 2008
Oil
Gas
Success rate (%)
32 Shell Financial and Operational Information 2004–2008
75
50
25
INCREASING EXPLORATION FOCUS ON OECD
% exploration resources additions
100
75
50
25
OECD
Non-OECD
ACREAGE ADDITIONS
Since 2004 Shell has acquired exploration rights to over
350,000 km 2 of acreage. In that time our focus has shifted towards
the OECD and areas with political stability and benefits from price
upside. Approximately 75% of our 2008 discovery volumes were
within the OECD compared to 20% in 2004.
In 2008, Shell acquired exploration rights to some 40,000 km 2 of
new acreage mainly from exploration licences in Australia, Canada,
Colombia, Libya, Sweden and the USA (Alaska, Gulf of Mexico
and onshore Louisiana). In late 2008 we added further new acreage
in Brazil, Italy and Guyana for which agreements were finalised in
early 2009.
Shell has now built a very strong position in under-explored
acreage and we expect that in 2009 we will concentrate on drilling,
with lower spending expected on new acreage.
TECHNOLOGY
Shell uses appropriate technologies at different stages of evaluation.
We integrate our own technologies with the best from the external
market to reduce risk in our portfolio of potential developments.
We use these technologies to create value from assessing the scale,
risk, and resource potential of the geological basin to that of the
reservoir. In addition, we use technology to optimise the costs
and development scenarios required to bring the discoveries
into production.
As an example, Shell has invested over $100 million in highperformance
computer software that allows us to apply proprietary
seismic processing techniques. We combine this with technology
that places seismic sensors directly on the seabed and allows us
to better see exploration prospects beneath complex features like
salt bodies deep below the seabed. We have been working on subsalt
and deep complex imaging in the Gulf of Mexico, the North
Sea, and in Brazil. Fully integrating technology in our exploration
programme enables us to identify the most attractive opportunities,
manage risk and uncertainty, improve our success rate, and lower
our unit finding costs.
2001 2002 2003 2004 2005 2006 2007 2008

SIGNIFICANT 2008 EXPLORATION ACREAGE ADDITIONS
AUSTRALIA
In February 2008, Shell acquired and now operates three licences
(Shell interest 100%) WA-384-P, WA-385-P, WA-394-P in the
South Exmouth basin, offshore north-west Australia.
CANADA
In 2008, Shell acquired Duvernay Oil Corp, with its significant
tight gas acreage, and has added further tight gas acreage in the
Montney/Groundbirch areas and Alberta Deep basins – all
totalling some 2,400 km 2 . In less than six months we have
increased production in the area by over 15% to 28,500 boe/d.
COLOMBIA
In Colombia, Shell and our partner were awarded technical
evaluation agreements on two blocks in the Llanos Basin with
a combined gross area of 17,250 km 2 (Shell interest 50%). The
commitment is for seismic and 12 wells and builds on our 2007
farm-in to the Cano Sur block.
LIBYA
Shell has been awarded two blocks (1 and 3) in exploration Area 89
on the southern flank of the Sirte Basin, with a total area of 1,790 km 2 .
This acreage is adjacent to our current exploration licence area.
SWEDEN
Shell was awarded two onshore exploration licences covering a total
of 2,600 km 2 in the Skåne region. These are for an initial period of
three years during which we will assess the viability of the area for
shale gas production.
Chukchi
Beaufort
North American Gas
2004 – March 2009 acreage additions
2008 discoveries
Focus basin
Colombia
Haynesville
Gulf of Mexico
Guyana
Orphan
Brazil
Atlantic Margin
Nigeria
North Africa Philippines
Gabon
Sweden
Germany
Italy
USA – ALASKA
In February 2008 Shell was awarded 275 blocks in the Chukchi
Sea, offshore Alaska, covering 6,336 km 2 . It contains gas resources
found by Shell in the 1980s, and we will look at this area again.
USA – GULF OF MEXICO
In 2008 we added eight blocks in the central and eastern Gulf of
Mexico through Lease Sales 206 and 224, and 15 blocks in the
western Gulf of Mexico through Lease Sale 207.
USA – ONSHORE
Shell acquired additional tight gas leases in the Haynesville area in
northern Louisiana. With our partner, at the end of February 2009
we held acreage of about 1,400 km 2 (Shell interest 50%), and had
eight rigs operating in the area. Ten wells have been tested and
have early gas production with encouraging initial rates.
BRAzIL
In December 2008 Shell was the highest bidder on all five blocks
(SF-T-80, SF-T-81, SF-T-82, SF-T-83 and SF-T-93) in ANP Bid
Round 10 in the onshore São Francisco basin, totalling 11,000 km 2 .
Transaction is expected to be completed in first half of 2009.
GUYANA
Shell acquired an interest (Shell interest 25%) in the Stabroek
deep-water exploration licence and petroleum agreement offshore
Guyana, covering 47,000 km². The transaction was approved in
February 2009.
ITALY
In late 2008 Shell acquired equity interests (Shell interest from
55% to 70%) in six blocks located in the Sicily channel, offshore
Italy (GR17-NP, GR18-NP, GR19-NP GR20-NP, GR21-NP,
GR22-NP). We will assume operatorship for the drilling phase.
Final agreements were signed in January 2009.
Ukraine
Syria
Caspian
China
Malaysia
NW Shelf
Australia
Shell Financial and Operational Information 2004–2008 33

UPSTREAM
LNG MARKET
Shell expects LNG demand to continue to grow in the mid- to
long-term with growth in all major markets. By some estimates
it will almost triple, from 170 mtpa in 2007 to around 460 mtpa
in 2020 meeting a fifth of global gas needs.
We helped pioneer the LNG sector, providing the technology for
the world’s first commercial liquefaction plant at Arzew, Algeria,
in 1964. Our expertise in LNG is based on 45 years of
technological innovations and experience gained as technical
advisor to operations supplying nearly 40% of global LNG.
Shell LNG plants – all joint ventures with partners – have average
CO2 emissions per tonne of LNG that are lower than the industry
average. Some of our LNG projects have the lowest CO2 emissions
in the industry. Qalhat LNG and Oman LNG have the best
performance in tropical conditions and Sakhalin II has been
designed to have good performance in cold climates.
With partners Shell is involved in LNG production in Australia,
Brunei, Malaysia, Nigeria, Oman and from March 2009 in
Russia, with total design capacity of 18.5 mtpa.
LNG – operation
LNG – construction
Regas – operation
Regas – construction
Elba Island
34 Shell Financial and Operational Information 2004–2008
We deliver LNG on long-term contracts to markets in Asia-Pacific,
Europe and North America. The United Arab Emirates will be
added when Qatargas 4 is on-stream around the end of the
decade. Globally, 17 countries imported LNG in 2007, and there
could be as many as 30 by 2012, which represents an almost 75%
increase over five years.
Two new LNG trains under construction – Qatargas 4 (Shell
interest 30%) and Pluto (Woodside) in Australia (Shell indirect
interest 31%) will bring the Shell-share capacity to 22.2 mtpa early
next decade. More future capacity could come from projects under
evaluation and development in Australia, Nigeria and Libya. From
2004 to 2010, our equity LNG capacity is expected to have doubled.
Shell has equity interest in two regasification terminals in India
and Mexico, and has capacity rights in six more in North America
and Spain (combined Shell capacity rights 15 mtpa). The Elba
Island terminal expansion in the USA will add 4.2 mtpa capacity.
Shell is the most experienced and has the largest LNG portfolio
of any of the international oil companies, with 2008 equity sales
of 13.1 million tonnes, 18.5 mtpa in operation and 3.7 mtpa
Shell share under construction. With our current portfolio
and future choices we are well positioned to capture demand
growth opportunities.
QG-4
Pluto (Woodside)

LNG LEADERSHIP
mtpa, year-end capacity
25
20
15
10
5
Shell
2008
2014
Exxon-
Mobil
BP Total BG Chevron
Projects in operation or under construction
LNG CAPACITY
mtpa, year-end capacity
25
20
15
10
5
2008 2009
NWS
Brunei
Malaysia
Nigeria
Oman
Sakhalin II
2008 LNG SALES VOLUMES
2010–11
Qatargas 4
Pluto (Woodside)
USA
Europe
Asia-Pacific
CLEAN COAL
Major economies will continue to use coal as a source of energy for
decades to come. It is cheap and abundant, but when burnt for
power generation it produces twice as much CO2 as natural gas.
As environmental stresses grow, cleaner ways of producing
electricity from coal will be increasingly needed. Currently the
cleanest way to harness the energy potential of coal is to gasify it.
This process produces 10–15% less CO2 than more conventional
coal-fired power generation.
Shell uses its proprietary Shell Coal Gasification Process (SCGP)
to convert coal into synthesis gas (syngas) – a mixture of hydrogen
and carbon monoxide that burns as cleanly as natural gas. Syngas
has a direct market value as it can be used to produce a wide range
of high-value products such as electricity, fertilisers, transport fuels
and chemicals.
Our experience in coal gasification dates back to the 1970s, when
the first SCGP pilot plant was commissioned. The Shell-designed
full-scale Nuon power plant Buggenum in the Netherlands has
operated since 1993, achieving high efficiency, availability and
reliability and excellent environmental performance. It uses syngas
from coal gasification in a combined cycle plant to generate
electricity.
We license our gasification technology to third parties. By the
end of 2008, we had sold 26 licences worldwide, including 19
in China, of which 12 were in operation.
The first Shell joint venture coal gasification plant started
operations in Yueyang, China, in December 2006 (Shell interest
50%). It has achieved a number of operational successes, including
record continuous runs at average availability of 91% in 2008.
Our joint venture and coal gasification plant in Dongting, China
Shell Financial and Operational Information 2004–2008 35

UPSTREAM
RESERVES
Shell needs to replace its oil, gas and minable oil sands reserves
to maintain or increase its production levels and thereby earnings
and net cash flow from operating activities. We seek to offset
declines from production and increase our reserves, although these
efforts are subject to a variety of risks. These may be geological
uncertainties, conditions of frontier exploration, operational
interruptions or the availability of skills, necessary technology and
engineering resources, as well as project delays and potential cost
overruns. Fiscal, regulatory, political and oil and gas price changes
are also influencing factors.
At the end of 2008, the net proved oil and gas and proven minable
oil sands reserves attributable to Shell shareholders amounted to
11.9 billion boe, maintaining the 2007 and 2006 levels. Reserves
life was approximately 10 years. The main reserves additions in
the past three years were in the USA, Canada, Australia, Qatar,
Norway, Nigeria and Kazakhstan. Reserves additions excluding
acquisitions and divestments and including year-end price effects
in the period 2006–2008 amounted to some 4.4 billion boe, an
average of 120% of production, with 97% achieved in 2008.
In addition to proved reserves, our resource portfolio also contains
several large fields under development and nearing start-up where
SEC compliant proved reserves figures cannot yet be booked.
Examples include Perdido in the US Gulf of Mexico and BC-10
offshore Brazil.
Canada
USA
Norway
Major reserves additions 2006–2008
Nigeria
Pearl
36 Shell Financial and Operational Information 2004–2008
Kazakhstan
Qatargas 4
Australia
NET RESERVES [A] billion boe
2008 2007 2006
Reserves additions 1.1 1.5 2.0
Production 1.2 1.2 1.3
Net reserves [A] 11.9 11.9 11.9
[A] Reserves attributable to Royal Dutch Shell plc shareholders.
PRODUCTION
Production is an indicator of operational performance, in terms
of reliability of existing assets and on-time delivery of new wells
and projects. Longer term, a key strategic goal is the superior cash
generation through accessing and unlocking new reserves and
growing production while sustaining strong cash performance
on a per barrel basis. Shell investment decision-making focuses
on generating shareholder value through the most economically
attractive projects rather than focusing on specific reserve or
volume targets.
Full year 2008 oil and gas production was 3,248 thousand boe/d.
Excluding the impact of divestments, PSC pricing effects, OPEC
quota restrictions and hurricanes, this was in line with the 2007
production of 3,315 thousand boe/d.
Our average portfolio decline rate has been about 5% annually.
Mature assets can decline at 15% or more, so replacing their
production is a significant challenge for the industry. Shell has a
portfolio of projects which can drive production growth early in
the next decade, to 2012. Many of these new projects are long-life
assets that can run for decades, with low decline rates. Additionally
we have built up a further set of project options, which could
support growth to 2020. We have a capacity of over one million
boe/d under construction and a further one million boe/d in
design.

EUROPE
HIGHLIGHTS
• Shell’s European production amounted to 1 million boe/d,
which is around 31% of our total 2008 production;
• Our Exploration & Production (EP) subsidiaries in the
region generated earnings after tax of $4.8 billion, 31% of
total EP earnings from subsidiaries;
• We are participating in the development of three key projects:
Corrib in Ireland, Gjoa in Norway and Schoonebeek in the
Netherlands.
2008 % of total
Total production (thousand boe/d) 1,009 31%
Oil and NGL production (thousand b/d) 375 21%
Natural gas production (million scf/d) 3,679 43%
Gross developed and undeveloped acreage
(thousand acres) 18,570 7%
Net proved reserves (million boe) 3,203 27%
DENMARK
Shell holds a non-operating 46% interest in a producing
concession that was granted in 1962 and will expire in 2042. We
also hold interests in four other non-operated exploration licences.
The Halfdan IV Project that extends the development of the
Halfdan Field was started in early 2008 and is expected to come
on-stream during 2011. New processing facilities will accelerate
and increase hydrocarbon recovery and maximise production from
new wells. The expected incremental peak production from this
field is 23,000 boe/d (Shell interest 46%).
In 2008 Shell participated in a BO-3 exploration discovery; and
we saw first production from the Valdemar Bo and Halfdan North
East Phase 3 projects.
Construction of the Bellanaboy Bridge Terminal in Corrib, Ireland
GERMANY
Shell has held an interest in BEB Erdgas und Erdöl GmbH (BEB)
since 1969 (Shell interest 50%). BEB, Germany’s largest gas
producer, is involved in some 30 concessions. We sold our interests
in BEB’s gas transportation business in 2008.
IRELAND
Shell is the operator for the Corrib Gas Project currently under
development (Shell interest 45%). Five offshore wells are ready for
production, and construction of the onshore gas terminal is twothirds
complete. A modified route for the onshore pipeline was
identified in April 2008 following the public consultation process.
Further technical information and environmental data will be
submitted in 2009. All the gas will be supplied to the Irish market.
At peak production Corrib is expected to supply up to 60% of the
country’s gas needs.
Shell has further exploration interests in six licences offshore
Ireland, of which four are operated.
ITALY
Shell has interests in the onshore Val d’Agri field in the Basilicata
region that has been in production since 1996 (Shell interest
39.23%), and in the Tempa Rossa field (Shell interest 25%),
currently under development. Shell also has 100% interests in
nearby exploration prospects. In late 2008 we agreed to acquire
equity interests in six blocks in the Sicily channel, offshore Italy.
Final agreements were signed in January 2009.
Shell Financial and Operational Information 2004–2008 37

UPSTREAM – EUROPE
THE NETHERLANDS
Shell in the Netherlands operates via our shareholding in
Nederlandse Aardolie Maatschappij B.V. (NAM, Shell interest
50%). NAM is the largest hydrocarbon producer in the
Netherlands.
About 50% of NAM’s gas production is from the giant onshore
Groningen gas field (Shell interest 30%). The field was discovered
in 1959 and has played a crucial role in supplying gas to the
Netherlands and other European countries since 1965.
The field balances production from small fields and provides
supplies to meet swings in demand using underground gas storage
facilities. It has a production capacity of up to 2.8 million boe/d.
The Groningen field operates with 100% reliability and has so far
supplied gas within the contract requirement of less than one-hour
downtime every 20 years.
In 2009 a 15-year technology-modernisation programme is due
to be finalised, allowing the Groningen field to operate for at least
another 40 years.
In 2008 NAM started the redevelopment of the Schoonebeek
oil field (Shell interest 30%). Drilling started in February 2009.
During the project, NAM will drill 73 advanced technology wells
at 18 production sites.
NAM made three offshore exploration discoveries in 2008. It also
divested a number of North Sea fields.
Eemskanaal compressor, Groningen, the Netherlands
38 Shell Financial and Operational Information 2004–2008
NORWAY
Shell has been active in Norway since the late 1960s and is now
the operator of the Draugen oil field, the Ormen Lange gas field
and a partner in 22 production licences on the Norwegian shelf.
We are the operator in nine of these.
The Ormen Lange project (Shell interest 17%) started production
in September 2007, with Shell becoming the operator in
December 2007. This complex deep-water gas development in
harsh offshore conditions requires innovative undersea production
technology. Ormen Lange is Norway’s second biggest gas field and
is located 120 km offshore in water depth of 800 to 1,100 m. 120
km-long undersea pipelines transport gas to the Nyhamna Plant,
from where the world’s longest undersea gas pipeline, Langeled,
takes it 1,200 km to Easington in the UK.
Ormen Lange has demonstrated excellent operational performance
since start-up, with six wells producing by the end of 2008. At
its peak the field will produce around 2,500 million scf of gas a
day, equivalent to up to 20% of the UK’s gas needs. Phase 2 will
consist of up to 16 additional wells, two more undersea templates
and an undersea compression unit.
The Shell-operated Draugen field has been producing for 15 years
and it is expected to continue for a further 15 years, allowing
some 70% of the field’s reserves to be recovered. Shell was also
the operator of the development phase of the Troll Field and is an
active partner in the Statfjord and Valhall fields.
Ormen Lange, Norway

SWEDEN
Shell was awarded an exploration licence in southern Sweden in
2008 over a 2,600 km 2 area. The three-year permit covers seismic
and core hole drilling. The objective is to recover shale gas in a
deeper area of a play that was previously mined for oil shale.
UK
Shell is one of the largest integrated oil and gas companies in the
UK with production in 2008 of 271,000 boe/d, over 8% of our
total production.
In 1964, Shell entered into a joint venture to explore for oil and
gas on the UK continental shelf (UKCS). The venture (Shell
interest 50%) was awarded 75 licence blocks. The first production
of gas came from the Leman field in 1968, and the first oil from
the Auk field in 1975. The giant Brent oilfield was discovered
in 1971.
Currently Shell operates many fields in the UKCS on behalf
of the joint venture. The UKCS is a mature area and growth is
challenging. However, in 2008 Shell brought four new fields
A
A
B
A
B
Italy
Ukraine
SAN MARINO
SAN MARINO
ITALY
ITALY
ROME
ROME
TYRRHENIAN SEA
TYRRHENIAN SEA
3.1A: Italy
3.1A: Italy
SLOVENIA
SLOVENIA
PALERMO
PALERMO
0 100 200 300 400 km
0 100 200 300 400 km
NAPLES
NAPLES
"
" "
" " "
" "
"
" " "
" "
"
Tempa Rossa
Tempa Rossa
CROATIA
CROATIA
BOSNIA AND
BOSNIA HERZEGOVINA AND
HERZEGOVINA
Val d' Agri
Val d' Agri
MONTENEGRO
MONTENEGRO
ADRIATIC SEA
ADRIATIC SEA
IONIAN SEA
IONIAN SEA
on-stream – Caravel, Curlew C, Shamrock and Starling. The
Shamrock and Caravel fields use the innovative Shell monotower
design that allows us to develop fields that were not previously
economically viable. The unmanned low-cost platforms are
powered by wind and solar energy and have zero emissions.
As part of a 2008 portfolio review we have sold our interests in
the South Cormorant, Cormorant North, Tern, Eider, Kestrel
and Pelican fields, non-operated interests in the Hudson field,
and further interests in the Brent System and the Sullom Voe
Terminal, as well as the Dunlin Cluster (comprising the Dunlin,
Dunlin South West, Osprey and Merlin fields). This has reduced
our production by some 23,000 boe/d.
Shell also has non-operating interests in the West Shetlands area
including the Schiehallion, Clair and Loyal fields.
UKRAINE
In 2006, Shell became a partner in eight exploration licences in
the Dnieper-Donetsk Basin in central-eastern Ukraine. Seismic
acquisition started in 2008.
B
0 50 100 150 200 km
0 50 100 150 200 km
Legend
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
3.3A:
3.3A:
Ukraine
Ukraine
" Wells - 2008 discoveries from
core exploration activities
Dnieper-Donetsk
Dnieper-Donetsk
UKRAINE
UKRAINE
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Shell interest (sea)
RUSSIA
RUSSIA
Shell Financial and Operational Information 2004–2008 39
Min
Lice
Oil
Oil

UPSTREAM – EUROPE
C
"
"
ICELAND
ICELAND
Corrib
Corrib
C
C
" Bellanaboy Bridge
" Bellanaboy Bridge
IRELAND
IRELAND
North West Europe
Loyal
Schiehallion
Loyal
Schiehallion
0 100 200 300 400 500 km
0 100 200 300 400 500 km
40 Shell Financial and Operational Information 2004–2008
3.2B:
3.2B:
North
North
West
West
Europe
Europe
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Sullom Voe
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Beryl
Kingfisher
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Sleipner
Forties
Nelson
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Goldeneye
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Merganser
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Pierce
Shearwater
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St. Fergus "
Starling
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Valhall
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Guillemot " " " "
Harald
" "
Bittern
Valdemar
Curlew
BO-3
Roar
"
Tyra DENMARK
"
Gorm
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Halfdan
Nybro
" " Skjold
Dan
Caravel
Carrack
L09-FA-103
Galleon
L09
L09-FB-102
Barque
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K15
Harkema
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Groningen
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Callantsoog
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K17A " "
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Leman
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IJmuiden
Shamrock
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Hoek V Holland "
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Statfjord
Brent
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NORWAY
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Kvitebjorn
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Clair
" "
Troll
"
"
"
"
Sullom Voe
Beryl
Kingfisher
"
"
"
Sleipner
Forties
Nelson
Gannet
Goldeneye
"
Merganser
"
Pierce
Shearwater
"
St. Fergus "
Starling
"
Valhall
"
Guillemot "
" "
" " "
Harald
Bittern
Valdemar
Curlew
BO-3
Roar
"
Tyra DENMARK
"
Gorm
" "
"
Halfdan
Nybro
" " Skjold
Dan
Caravel
Carrack
L09-FA-103
Galleon
L09
L09-FB-102
Barque
K15
Harkema
Groningen
Norg
" "
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"
" "
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"
Bacton "
Den Helder
"
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UNITED KINGDOM
Callantsoog
"
"
K17A
"
Leman
"
"
IJmuiden
Shamrock
Schoonebeek
Hoek V Holland "
""
" " NETHERLANDS
Maasvlakte "
GERMANY
FRANCE
FRANCE
Legend
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
BELGIUM
BELGIUM
Wells - 2008 discoveries from
core exploration activities
"
"
Draugen
Draugen
" Nyhamna
" Nyhamna
LUXEMBOURG
LUXEMBOURG
Hemmelte/Kneheim/Vahren
Hemmelte/Kneheim/Vahren
Klostar/Kirchseelte/Ortholz
Klostar/Kirchseelte/Ortholz
Boetersen
Ostervesede
Boetersen
Ostervesede
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Shell interest (sea)
SWEDEN
SWEDEN
Colonussankan
Colonussankan
Hollvikengriften
Hollvikengriften
Minable Oil Sands leases SCAN
Licence concession mines- Alberta
Oil Sands leases - JV owners
Oil Sands areas Alberta

AMERICAS
HIGHLIGHTS
• Shell’s production in the Americas amounted to 0.7 million
boe/d, which is around 22% of our total 2008 production;
• Our Exploration & Production (EP) subsidiaries in the
region generated earnings after tax of $4.7 billion, 31% of
total EP earnings from subsidiaries;
• We are participating in the development of four key projects
in the Americas region: BC-10 in Brazil, Pinedale growth and
Perdido in the USA and Expansion 1 of the Athabasca Oil
Sands Project in Canada.
NORTH AMERICA
2008 % of total
Total production (thousand boe/d) 699 22%
Oil and NGL production (thousand b/d) 353 20%
Natural gas production (million scf/d) 1,557 18%
Oil sands production (thousand b/d) 78 4%
Gross developed and undeveloped acreage
(thousand acres) 40,566 15%
Net proved and proven reserves (million boe) 2,343 20%
CANADA
Shell started operations in Canada in 1911 and is now one of the
largest integrated petroleum companies in the country.
In 2008, the Shell unconventional gas operations in Alberta
and British Columbia proceeded with land acquisition, drilling
and new infrastructure. Shell acquired Duvernay Oil Corp.,
which, together with other lease acquisitions in the Montney
region, added some 2,400 km 2 to our tight gas landholdings.
The estimated Shell share of resources from these holdings is
some1 billion boe.
We are also designing a coal-bed methane well test programme in a
concession of some 3,200 km 2 in British Columbia.
The Muskeg River mine at the Athabasca Oil Sands Project, Canada
Shell holds a 31.3% interest in the Sable Offshore Energy Project
offshore eastern Canada and is a partner in a deep-water Orphan
Basin exploration venture (Shell interest 20%). We have a 100%
interest in the Niglintgak gas field and are a joint venture partner
of the proposed Mackenzie Gas Project that includes a 1,200 km
pipeline to transport onshore natural gas reserves in the
Mackenzie Delta to North American markets.
Shell is the largest offshore leaseholder off the west coast, although
the acreage remains under government moratorium.
Canada’s oil sands contain more than 170 billion barrels of
recoverable oil resources, a volume second only in size to Saudi
Arabia. Only 2% of these resources have been developed to
date. Shell has operations in each of Alberta’s three main oil
sands deposits.
The Athabasca Oil Sands Project (AOSP) mines bitumen – a
thick, heavy oil – in northern Alberta. The current bitumen
production capacity is 155,000 b/d (Shell interest 60%). The
bitumen is piped to our Scotford Upgrader near Edmonton,
where it is turned into synthetic crude. Today the AOSP supplies
about 10% of Canada’s oil demand. An expansion of AOSP now
in progress will add about 100,000 barrels of daily production
capacity (Shell interest 60%).
Shell is exploring the feasibility of CO2 capture and storage
at the Scotford Upgrader, where captured CO2 could then be
transported by pipeline for underground storage.
Shell’s in situ operations near Peace River and Cold Lake use
wells to extract bitumen that is too deep for surface mining. Both
cold production and steam-assisted thermal recovery are used to
produce this heavy oil.
Additional heavy oil resources and advanced recovery technologies
are under evaluation on about 1,200 km 2 in the Grosmont oil
sands area.
Shell Financial and Operational Information 2004–2008 41

UPSTREAM – AMERICAS
USA
Shell has been active in the USA since 1912 and is now a major
oil and gas producer in the Gulf of Mexico (GoM) and of onshore
tight gas. We are also involved in exploration.
In 2008, Shell acquired significant exploration interests in the
Chukchi Sea, offshore Alaska and also won leases in GoM,
onshore New Mexico and Louisiana.
Shell is using technology and efficient multi-rig drilling methods
to develop tight gas resources in low-permeability reservoirs in
South Texas and at Pinedale, Wyoming. Drilling and completing
several wells simultaneously reduces costs. In late 2008, year
round drilling operations in Pinedale were approved following
a new environmental plan developed by Shell. Improvements to
technology and techniques in the past 15 years have helped us
reduce our well delivery cost by 40%.
During 2008 Shell also increased its acreage position in the
Haynesville shale gas play of north-west Louisiana. Four drilling
rigs were in operation at the end of 2008 with 10 wells producing
gas with encouraging initial flow rates.
In California, Shell has equity in the Aera operation (Shell
interest 51.8%) that operates some 15,000 wells producing
about 170,000 boe/d of heavy oil and gas, and accounting for
around 30% of the state’s production.
Shell continued research into the development of oil shale
resources in the Piceance Basin of north-west Colorado, and holds
three federal leases for future oil shale activities.
Shell also holds LNG import capacity rights of 4.6 mtpa at
regasification terminals in Maryland and Elba Island in Georgia. In
2008 construction continued on the expansion of the Elba Island
terminal where Shell will have 4.2 mtpa of the capacity rights.
The Perdido spar, US Gulf of Mexico
42 Shell Financial and Operational Information 2004–2008
Gulf of Mexico
Shell has been operating in the GoM for five decades. Our
operations there now provide some 70% of the Shell US oil and
gas production. We hold some 440 offshore leases and operate five
deep-water tension leg platforms along with a dozen other platforms
producing over 300,000 boe/d. Key producing fields are Auger,
Mars, Ram Powell, Ursa, Princess, Brutus, NaKika and Deimos.
Shell, with our partners, made significant progress in 2008 on the
Perdido project (Shell interest 35.4%) in the south-west GoM. The
floating spar was installed in 2,440 m water depth in August and we
set a world depth record for an undersea well completion of 2,850 m
at the satellite Silvertip Field. Drilling and production platforms
were placed on the spar in March 2009. The first production is
expected in early 2010, with a projected peak production of
130,000 boe/d.
A waterflood enhanced oil recovery project at the Ursa and Princess
fields started in 2008. It is expected to extend field life by 10 years
and add 30,000 boe/d of production. A new Mars A8 discovery
went into production within a few months from drilling through
the existing Mars platform.
In 2008 we added 23 blocks in the Gulf of Mexico through Lease
Sales 206, 207 and 224, and an additional 39 blocks in Lease Sale
208 held in March 2009.

A
"
"
Coalinga
Coalinga
San Ardo
San Ardo
"
"
0 25 50 75 100 km
0 25 50 75 100 km
C
A
La Copita
La Copita
Rincon N.
Rincon N.
Amore
Amore
B
C
MEXICO
MEXICO
"
" "
" "
"
"
" """ ""
"
"
" " "
" " "
"
" "
"
" """ ""
"
"
"
" "
" " "
"
1.1A:
1.1A:
California
California
" Lost Hills
" Lost Hills
"
"
"
" "
"
Belridge
Belridge
Cymric
Cymric
McKittrick
McKittrick
Midway Sunset
Midway Sunset
Lyda
Lyda
McAllen Ranch
McAllen Ranch
Santa Fe Ranch
Santa Fe Ranch
Schmidt
Schmidt
Cadre
Cadre
Santellana
Santellana
Javelina
Javelina
0 50 100 150 200 250 km
0 50 100 150 200 250 km
A
B
C
California
Washington, Wyoming, Utah and Colorado
South Texas and Gulf of Mexico
McAllen
McAllen
Pharr
Pharr
Belle Ferguson
Belle Ferguson
McAllen S.
McAllen S.
"
"
UNITED STATES
UNITED STATES
Texas
Texas
Ventura
Ventura
"
"
UNITED STATES
UNITED STATES
California
California
LOS ANGELES
LOS ANGELES
Brea-
Brea- Olinda
Olinda "
Huntington "
Huntington Beach
Beach
"
"
"
"
" "
" "
"
"
Bolan-1
Bolan-1
Goben-1
Goben-1
Messenger-1
Messenger-1
Murray 31-1
Murray 31-1
Louisiana
Louisiana
1.1B: 1.1B: Washington,Wyoming, " Wells - 2008 discoveries Utah, Utah, from and and Shell Colorado
interest (sea)
B
Washington
Washington
California
California
Oregon
Oregon
Nevada
Nevada
0 100 200 300 400 500 km
0 100 200 300 400 500 km
1.1C: Gulf of Mexico
Idaho
Idaho
Waterton
" Waterton
"
UNITED STATES
UNITED STATES
Utah
Utah
CANADA
CANADA
Montana
Montana
CODY
CODY
Pinedale
" Pinedale
"
ROCK SPRINGS
ROCK SPRINGS
Wyoming
Wyoming
Colorado
Colorado
"
"
"
"
"
"
"
" "
"
"
"
"
"
"
"
" "
" "
"
" " "
"
"
"
"
"
"
"
"
"
"
"
""
HOUSTON
" Picaroon
Alex
"
Port Arthur
Elmer
Enchilada
Salsa
Conger
Antiqua
"
Boomvang Auger
Oregano
Macaroni
Perdido
NEW ORLEANS
MORGAN CITY
WD 143
SS 76
EI 163 "
Mars Cognac
"
Deimos
Europa "
Cougar
Hickory King
SS 356
"
"
Boxer
Angus
"
"
" Bullwinkle
Popeye
Manatee
Brutus
"
Troika
Front Runner
" Habanero
"
Glider
Llano
Serrano
Holstein
Friesian
Caesar
Stones
" Tonga
" Fairway
Ram-Powell
Tahoe
Marlin
Kepler (Nakika)
Ariel (Nakika)
NaKika
" Herschel
"
" " "" Fourier
Coulomb (Nakika)
Mensa
East Anstey (Nakika)
Princess
Ursa
Crosby
Mars A8
"
"
" "
"
"
"
"
"
"
"
" "
" "
"
" " "
"
"
"
"
"
"
"
"
"
"
"
""
HOUSTON
Picaroon
Alex
Port Arthur
Elmer
Enchilada
Salsa
Conger
Antiqua
"
Boomvang Auger
Oregano
Macaroni
Perdido
NEW ORLEANS
MORGAN CITY
WD 143
SS 76
EI 163 "
Mars Cognac
"
Deimos
Europa "
Cougar
Hickory King
SS 356
"
"
Boxer
Angus
"
"
" Bullwinkle
Popeye
Manatee
Brutus
"
Troika
Front Runner
Habanero
"
Glider
Llano
Serrano
Holstein
Friesian
Caesar
Stones
" Tonga
Fairway
Ram-Powell
Tahoe
Marlin
Kepler (Nakika)
Ariel (Nakika)
NaKika
" Herschel
"
"
"" Fourier
Coulomb (Nakika)
Mensa
East Anstey (Nakika)
Princess
Ursa
Crosby
Mars A8
GULF OF MEXICO
GULF OF MEXICO
Legend
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
Mississippi
Mississippi
core exploration activities
Alabama
Alabama
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Florida
Florida
GILLETTE
GILLETTE
Shell Financial and Operational Information 2004–2008 43
Min
Lice
Oil
Oil

UPSTREAM – AMERICAS
D
RUSSIA
AP-08 AP-08
AP-09 AP-09
CHUKCHI SEA SEA
NOME NOME
00 250 250 500 500km km
F
D
F
E
D
E
F
Alaska
Nova Scotia
Alberta and British Columbia
1.2D: MacKenzie, Alaska
Alaska
UNITED STATES
KODIAK
44 Shell Financial and Operational Information 2004–2008
BEAUFORT SEA SEA
OCS-Y OCS-Y
NR05 NR05
NR06 NR06 MACKENZIE BAY BAY
NR07 NR07
" "
MD-2 MD-2
Kaktovik
ANCHORAGE
0 100 200 300 400 500 km
0 100 200 300 400 500 km
Klappan
Klappan
Area
Area
DAWSON
British
British
Columbia
Columbia
Inuvik Inuvik
" "
WHITEHORSE
CANADA
"
E
"
"
ANDERSON
ANDERSON
4-10
4-10 "
"
"
ANDERSON
ANDERSON
6-35
6-35
HALIFAX
HALIFAX
" "
" "
CANADA
CANADA
0 50
50
100
100
150
150
200
200
km
km
" "
"
"
" "
" " " "
Clearwater
Clearwater"
" " Tay River
" Tay River
Limestone
Limestone "
" Caroline
" Caroline
" "
Panther
Caroline
" "
Panther
Caroline
" "
" " Burnt Timber
Burnt Timber
" Jumping Pound
" Jumping Pound
CALGARY
CALGARY
1.2E: Shell interest 1.2E: Nova (sea) Nova Scotia
Nova
Nova
Scotia
Scotia
Sable
Sable
Island
Island
FORT ST. JOHN
FORT ST. JOHN
Peace
Peace
River
River
II
II
Namur
Namur
GB
GB
11-19
11-19
" "
" "
GB
GB
A13-01
A13-01 "
"
Ells
Ells
River
River
"
" GB
GB
A06-03
A06-03
Peace River
Peace River "
" Jackpine
"
"
" Jackpine
GB
GB
11-05
11-05
" Cliffdale
Grosmont
Cliffdale
Grosmont Muskeg River Mine
Muskeg River Mine
"
Peace
Peace Seal " Seal
" "
Mine
River
River
I " " Chipmunk
Mine
" Chipmunk Woodenhouse
Peace River
Woodenhouse
GRANDE PRAIRIE Peace River
GRANDE PRAIRIE FORT MC MURRAY
Carmon Creek
FORT MC MURRAY
Carmon Creek
Groundbirch
Groundbirch
(Montney)
(Montney)
Bullmoose
Bullmoose
UNITED
UNITED
STATES
STATES
Legend
1.2: Canada
Grande
Grande
Prairie
Prairie
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
"
Wells - 2008 discoveries from
core exploration activities
CANADA
CANADA
Alberta
Alberta
Deep
Deep
Basin
Basin
"
" MARSH
MARSH
3-21
3-21
Scotford Refinery
Scotford Refinery
Upgrader & Chemical plant
Upgrader & Chemical plant "
"
"
Alberta
Alberta
Waterton
Waterton
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
EDMONTON
EDMONTON
Athabasca
Athabasca
Minable Oil Sands leases SCAN
Licence concession mines- Alberta
Oil Sands leases - JV owners
Oil Sands areas Alberta
Orion
Orion
Cold
Cold
Lake
Lake
Saskatchewan
Saskatchewan

OTHER AMERICAS
BRAzIL
Shell Brazil’s portfolio includes operatorship of oil and gas
production in the offshore Bijupirá and Salema fields (Shell
interest 80%), interests in two Shell operated offshore development
blocks and interests in seven deep-water exploration blocks in the
Campos, Santos and Espirito Santo basins. Shell operates two of
these blocks and holds interests ranging from 17.5% to 100%.
Progress continued on the Shell-operated BC-10 deep-water
project in the Campos Basin. In the first phase, nine production
wells and one gas injector will be tied back to the floating
production, storage and offloading vessel (FPSO) “Espirito Santo”
in about 1,780 m water depth. First oil production is expected by
the end of 2009.
Shell also operates two heavy oil fields in block BS-4 where
potential development concepts are being assessed, and participated
in an exploration well on the BMS-8 block in the same area. The
results are under evaluation.
In December 2008 Shell was awarded five onshore blocks
comprising over 11,000 km 2 in the São Francisco basin.
G
PANAMA
H
Colombia and Venezuela
Brazil and Argentina
2A: Colombia and Venezuela
0 100 200 300 400 500 km
G
H
G H
BOGOTA
"
COLOMBIA
Cano Sur (A)
Urdaneta Oeste
Llanos Este
Cano Sur (C)
MARACAIBO
Cano Sur (B)
Urdaneta West
VENEZUELA
COLOMBIA
In mid 2008, Shell won two preferred blocks (Shell interest 50%)
totalling over 17,000 km 2 in the Llanos Este heavy oil bid round.
We are also 50% joint venture partner in the Caño Sur block in
the Llanos Basin.
MEXICO
Shell has 3.3 mtpa capacity rights and a 50% equity stake in the
LNG regasification terminal at Altamira, on Mexico’s Gulf Coast.
In 2008, construction of the Costa Azul LNG import terminal in
Baja California on Mexico’s west coast was completed. Shell holds
capacity rights there of 3.8 mtpa.
VENEzUELA
Shell has a joint venture partnership with Petróleos de Venezuela
(PDVSA) to develop and produce the Urdaneta West field in Lake
Maracaibo (Shell interest 40%).
BOLIVIA
BRAZIL BRAZIL
"
""
" Macueta
Nautilus
Argonauta (BC-10)
Ostra (BC-10)
Abalone (BC-10)
Cerro Tuyunti
"
" San Pedrito
PARAGUAY
ARGENTINA
RIO DE JANEIRO
SAO PAULO
"
Merluza
"" "
Salema
" Bijupira
""
BS-4
Oliva
" Macueta
Nautilus
Argonauta (BC-10)
Ostra (BC-10)
Abalone (BC-10)
Cerro Tuyunti
" San Pedrito
PARAGUAY
ARGENTINA
RIO DE JANEIRO
SAO PAULO
"
Merluza
"" "
Salema
" Bijupira
BS-4
Oliva
BUENOS
BUENOS
AIRES
AIRES
URUGUAY
" Wells - 2008 discoveries from
2B: Brazil core exploration and Argentina
activities
MONTEVIDEO
MONTEVIDEO
0 275 275 550 550 825 825 1,100 1,100km km
Legend
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
BRASILIA
BRASILIA
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Shell interest (sea)
Shell Financial and Operational Information 2004–2008 45
Min
Lice
Oil
Oil

UPSTREAM
AFRICA
HIGHLIGHTS
• Shell’s African production amounted to 0.4 million boe/d,
which is around 12% of our total 2008 production;
• Our Exploration & Production (EP) subsidiaries in the
region generated earnings after tax of $2.9 billion, 19% of
total EP earnings from subsidiaries;
• We are participating in the development of three key
projects in Nigeria: Gbaran Ubie, Bonga North West and
Forcados Yokri.
ALGERIA
Shell holds a production-sharing contract in the Zerafa permit
(Shell interest 60%). Exploration and appraisal drilling continued
there in 2008 in partnership with Sonatrach. The first phase of the
PSC ended and a two-year second phase was started in September
2008. We relinquished the Reggane Djebel Hirane permit in
2008.
CAMEROON
Shell has interests in the Lokele and Rio del Rey assets in
Cameroon. Production in 2008 was 13,000 b/d of oil. We also
have an interest in the Dissoni exploration licence area, where a
commercial discovery was made in 2006.
46 Shell Financial and Operational Information 2004–2008
2008 % of total
Total production (thousand boe/d) 404 12%
Oil and NGL production (thousand b/d) 309 17%
Natural gas production (million scf/d) 552 6%
Gross developed and undeveloped acreage
(thousand acres) 26,216 9%
Net proved reserves (million boe) 866 7%
GABON
Shell discovered oil in the Gamba area of Gabon in the early
1960s. Today we have interests in nine onshore mining
concessions and exploitation permits and operate six of them.
Gabon is the second-largest oil producer for Shell in Africa with
30,000 b/d produced in 2008. Some 66% of Shell’s production in
Gabon is from the Rabi (Shell interest 42.5%), Toucan (Shell
interest 44.25%), and Gamba fields (Shell interest 100%).
An exploitation licence is being finalised for the Koula and
Damier fields in the Awoun permit. The three non-Shell-operated
concessions (Avocette, Coucal and Atora) expire between 2010
and 2021.
We also hold the Igoumou Marin permit in ultra-deep water and
two exploration and production-sharing contracts, BC9 and
BCD10, offshore Gabon.
LIBYA
Shell and the Libyan National Oil Corporation signed an LNG
development agreement in May 2005. This was for the
rejuvenation and upgrade of the existing LNG plant at Marsa Al
Brega and the exploration and development of five areas located in
the onshore Sirte Basin. Seismic data acquisition and analysis are
complete and exploration drilling started in 2008. Options to
expand Marsa Al Brega and build a new LNG plant are features of
the development agreement.
Shell also won the exploration concession Area 89 in December
2007 and the agreement was signed in 2008.
Juliet Platform, Cameroon The Afam Gas and Power project, Nigeria

NIGERIA
Shell is the largest international company and the oldest energy
company in Nigeria. We have a long-term, continuing
commitment to the country, its people and the economy. In 2008,
Shell produced an average of 361,000 boe/d in Nigeria.
Offshore
Shell has interests in 12 deep and shallow water fields. The main
offshore activities are carried out by Shell Nigeria Exploration and
Production Company (SNEPCo, Shell interest 100%), which has
interests in five deep-water blocks.
SNEPCo operates Bonga, Nigeria’s first deep-water field, 120 km
offshore with a production capacity of 225,000 barrels of oil and
150 million scf of gas per day. Production started in November
2005 and by the end of 2008 had exceeded 200 million barrels of
oil. Nigeria’s first time-lapse (4D) seismic survey acquired by
SNEPCo in 2008 will maximise oil recovery. Bonga North West
and other nearby fields are scheduled to start up during the next
decade.
Shell made further discoveries in deep-water Nigeria in 2008. We
hold interests in seven other offshore blocks, mainly through SPDC.
Onshore Niger Delta
Shell Petroleum Development Company (SPDC, Shell interest
30%) operates Nigeria’s largest oil and gas joint venture producing
in the Niger Delta.
During 2008 SPDC continued major development projects such
as the Afam Gas and Power project. Commissioning of this project
started in October 2008 and when fully operational in 2009 will
increase Nigeria’s power supply by about 20% and domestic gas
supply by 20%. SPDC currently produces about two-thirds of the
country’s total domestic gas.
Bonny Island NLNG, the first LNG plant in Nigeria
The Gbaran-Ubie integrated oil and gas project is a project in
development in Bayelsa State. When fully operational it is
expected to produce more than one bcf/d of gas and 70,000 b/d of
oil. SPDC will drill more than 30 new wells and build a central
processing facility with gas delivery to power plants and Nigeria
LNG (NLNG).
In 2008, SPDC started commissioning the fully automated Bonny
crude oil terminal upgrade that doubles capacity to 1.25 million
b/d, improves safety and reduces operating costs.
Security continues to be a challenge for SPDC with further attacks
in 2008 in the eastern Niger Delta, although we made good
progress in restoring production in the western Delta. Funding
problems are being addressed with bridging loans to cover historical
under funding and modified carry agreements for future projects
signed with Nigerian National Petroleum Corporation (NNPC).
Nigeria Liquefied Natural Gas (NLNG)
Nigeria’s first LNG plant in Bonny Island started operations
in 1999. NLNG (Shell interest 25.6%) capacity is now over
21.6 mtpa LNG and 5 mtpa of natural gas liquids, with SPDC
its largest gas supplier and Shell the largest LNG purchaser.
West Africa Gas Pipeline Project
The 680 km pipeline from Nigeria across Benin and Togo to
Ghana is under construction and is planned to supply first gas to
customers from 2009 (Shell interest 18%).
Shell Financial and Operational Information 2004–2008 47

UPSTREAM – AFRICA
B
C
A
A
B
D
LAGOS
LAGOS
SAO TOME
SAO TOME
AND
AND
PRINCIPE
PRINCIPE
Tsiengui
Tsiengui PORT GENTIL
PORT GENTIL "
Koula
"
Koula
Damier
Avocette
Damier
Avocette
M'Boukou
M'Boukou
Coucal
Coucal
Toucan
Toucan
Rabi
Rabi
Igoumou Marin
Igoumou Marin
BC 9
BC 9
BCD 10
BCD 10
Atora
Atora
Totou
Totou
Gamba-Ivinga
Gamba-Ivinga
0 100 200 300 km
0 100 200 300 km
A
B
C
D
Nigeria and Cameroon
Gabon
Algeria and Tunisia
Libya
BIGHT OF BENIN
BIGHT OF BENIN
Escravos
OML 133
(SBM 3)
" Erha-N
OML 133 " Erha-N
"
"
Bosi Erha
"
"
Bosi Erha Forcados-Yakri
Forcados-Yakri
" Bobo
" Bonga NW
" Bobo
" Bonga NW
"
OPL 322 Bonga
OML 118
"
OPL 322 Bonga
OML 118 " Bonga-SW
" Bonga-SW
0 50 100 150 200 km
0 50 100 150 200 km
4A: Gabon
EQUATORIAL
EQUATORIAL
GUINEA
GUINEA
LIBREVILLE
LIBREVILLE
" "
"
"
"
" " "
"
"
"
"
"
"
"
LAMBARENE
LAMBARENE
GABON
GABON
MAYUMBA
MAYUMBA
48 Shell Financial and Operational Information 2004–2008
Ngolo
Ngolo
Doro
Doro
POINTE-NOIRE
POINTE-NOIRE
4B:
4B:
Nigeria
Nigeria
and
and
Cameroon
Cameroon
"
"
"
OML 135
OML 135
Zabazaba "
Zabazaba " OPL 245 Etan "
OPL 245 Etan
DEMOCRATIC
DEMOCRATIC
REPUBLIC
REPUBLIC
OF CONGO
OF CONGO
ANGOLA
ANGOLA
CONGO
CONGO
NIGERIA
NIGERIA
"
"
" "
" "
" Oben
" " Gbetiokun
" Oben
" " Gbetiokun "
"
"
"
"
"
"
"
"
"
" " "
Escravos "
"
" "
"
"
"
"
"
" " " "
" "
"
Biseni - Samabri
(SBM 3) "
"
"
"
"
"
" "
" "
"
"
"
Biseni - Samabri
"
" " WARRI "
"
"
"
"
"
"
"
"
"
" "
"
" " WARRI
"
"
"
Assa
" " "
" "
" "
Assa
"
"
"
" "
" Zarama
"
" "
"
" Odidi
"
" "
"
"
" Zarama
"
"
"
Odidi
Utorogu
Ubie
"
" "
Utorogu "
" " "
Ubie
"
"
"
"
"
Forcados "
"
" "
"
"
"
Forcados " "
" "
"
" "
"
" " "
"
" " "
" "
"
"
"
"
" " " "
" " "
"
"
Afam
OML 79
"
"
"
" "
" "
"
"
"
"
"
" Afam
OML 79
EJA
Gbaran
" "
"
"
"
"
EJA"
Gbaran "
"
" "
"
" " " "
"
" " " "
" "
" "
"
"
"
"
" " " " "
"
"
" "
"
"
"
"
"
" Nun River
Soku
" "
"
" Nun River
Soku
" PORT HARCOURT
"
" "
Kolo Creek
"
" "
" PORT "
"
" HARCOURT
"
" " OML 11
"
"
Kolo Creek
"
" "
" "
" OML 11
"
" " "
" Santa Barbara " "
" "
" Santa Barbara
"
"
"
"
Bonny
Nembe Creek " "
"
"
" "
"
"
" "
Bonny "
Nembe Creek " " "
" Export " "
"
"
"
" " Cawthorne
"
"
Export
Cawthorne "
Channel
"
Kalaekule
H A Channel
"
Kalaekule
H A"
OPL 285
OML 72
OPL 286
"
OPL 285
OML 72
OPL 286
"
" "
Brass
"
" OPL 284
" "
"
Brass J K J W
(SBM)
OPL 284
J K J W
(SBM) OPL 238
OPL 238
"
"
" "
"
"
Bolia
Bolia
OML 13
OML 13
CALABAR
CALABAR
C-18
C-18
Rio del Rey
"
Rio del Rey Dissoni
Lokele " Dissoni
Lokele " C-32
" C-32
MALABO
MALABO
EQUATORIAL GUINEA
EQUATORIAL GUINEA
CAMEROON
CAMEROON
BIGHT OF BIAFRA
BIGHT OF BIAFRA
DOUALA
DOUALA

C
PORTUGAL
D
MAURITANIA
MAURITANIA
TRIPOLI
TRIPOLI
GIBRALTAR
GIBRALTAR
MOROCCO
MOROCCO
MALI
MALI
0 100 200 300 400 km
0 100 200 300 400 km
SPAIN
SPAIN
LIBYA
LIBYA
0 100 200 300 400 km
0 100 200 300 400 km
4C: Algeria and Tunisia
ALGERIA
ALGERIA
Zerafa "
Zerafa
ALGIERS
ALGIERS
Djebel Samani-1
4D: Libya
Ras Lanuf
Ras Lanuf
"
"
NC212
NC212
Legend
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
"
Brega
Brega
Wells - 2008 discoveries from
core exploration activities
"
"
Zueitina
Zueitina
NC 213
NC 213
TUNISIA
TUNISIA
"
"
Area 89
NC 211A
Area 89
NC 211A
NC 211C
NC 211C
TUNIS
TUNIS
Metouia
Metouia
NC215
NC215
NC 214 (S-20)
NC 214 (S-20)
NC211B
NC211B
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Shell interest (sea)
Mellitah TRIPOLI
Mellitah " TRIPOLI
"
ITALY
ITALY
LIBYA
LIBYA
MALTA
MALTA
Minable Oil Sands leases S
Licence concession mines- A
Oil Sands leases - JV owne
Oil Sands areas Alberta
Shell Financial and Operational Information 2004–2008 49

UPSTREAM
MIDDLE EAST, RUSSIA, CIS
HIGHLIGHTS
• Shell’s production in the Middle East, Russia, CIS region
amounted to 0.5 million boe/d, which is around 15% of our
total 2008 production;
• Our Exploration & Production (EP) subsidiaries in the
region generated earnings after tax of $1.2 billion, 8% of total
EP earnings from subsidiaries;
• We are participating in the development of five key projects in
the region: Harweel and Qarn Alam in Oman, Pearl GTL and
Qatargas 4 LNG in Qatar, and Kashagan in Kazakhstan.
ABU DHABI
Shell has been involved in the Emirate of Abu Dhabi since 1939.
Today we hold a share in the Abu Dhabi Company for Onshore
Oil Operations (ADCO, Shell concessionary share 9.5%, licence
expiry in 2014). This share added 146,000 b/d of oil to our
production in 2008.
Shell also has a shareholding in Abu Dhabi Gas Industries Limited
(GASCO, Shell interest 15%). GASCO extracts propane and
butane and heavier liquid hydrocarbons for export sales.
50 Shell Financial and Operational Information 2004–2008
2008 % of total
Total production (thousand boe/d) 491 15%
Oil and NGL production (thousand b/d) 450 25%
Natural gas production (million scf/d) 237 3%
Gross developed and undeveloped acreage
(thousand acres) 96,558 34%
Net proved reserves (million boe) 3,898 33%
Harweel enhanced oil recovery, Oman
EGYPT
Shell has been operating in Egypt since 1911. We now participate
in three onshore and two offshore exploration concessions in
North East Mediterranean (NEMED) and the north-west
Damietta region and have interests in four development leases in
the Western Desert. Production in 2008 was 34,000 boe/d mainly
from the Obaiyed, Badr El Din and north-east Abu El Gharadiq
(NEAG) fields.
New oil fields were discovered in 2008 in the eastern part of the
NEAG lease and were quickly brought on-stream. Other
discoveries were made at the Badr El Din lease.
In 2008 we sold 10% interest in the North West Demiatta
Extension concession.
OMAN
Shell has been involved in operations in Oman since 1937. We
hold a 34% interest in Petroleum Development Oman (PDO), the
operator of an oil concession covering more than 100,000 km 2 .
PDO has developed more than 120 oil and gas fields and drilled
more than 3,700 oil and gas wells. It produces about 80% of
Oman’s oil and most of its natural gas. In 2008 Shell’s share of oil
production in Oman was 192,000 b/d.
PDO has a number of pilot and commercial-scale projects that use
Shell technologies to enhance oil recovery (EOR). At Harweel, the
first miscible gas-flood project in the global Shell portfolio aims to
increase recovery up to fourfold to an expected peak production of
44,000 boe/d. Qarn Alam, one of the world’s largest steam
injection projects in a fractured carbonate reservoir, is expected to
reach peak production of 44,000 boe/d. Marmul uses polymer
injection to increase the ultimate recovery from an existing field.
In November 2006, a regional EOR research and development
hub was established in Oman.

Shell participates in the development of the Mukhaizna oil field
(Shell interest 17%) where horizontal steam flooding will be
applied on a large scale. This field is expected to significantly
contribute to the country’s oil production capacity.
Shell also has a 30% interest in Oman LNG (capacity 7.1 mtpa)
that supplies Far East markets under long-term contracts and an
indirect interest of 11% in Qalhat LNG (capacity 3.7 mtpa).
PAKISTAN
Shell holds an interest in the Bhit and Badhra development and
production leases. We also hold a share of a deep-water block
offshore Pakistan (Shell interest 25%). In 2008, Shell and other
participants advised the government of their intent to relinquish
their interest in the block. Completion of the relinquishment
process is expected in 2009.
QATAR
Following approval from Qatar Petroleum, Shell made the final
investment decision on the integrated Pearl GTL project in 2006
and began construction later that year. Shell provides 100% of
project funding under our development and production-sharing
agreement with the government of the State of Qatar. The fully
integrated project includes upstream production of some 320,000
boe/d of gas from Qatar’s North Field; transport and processing of
the gas to produce around 120,000 boe/d of natural gas liquids,
and the construction of the world’s largest onshore GTL complex
to convert the remaining gas into 140,000 b/d of clean liquid
hydrocarbon products.
Construction of the Pearl GTL project in Qatar
Construction of the Qatargas 4 LNG Project (Shell interest 30%,
Qatar Petroleum 70%) continues following the final investment
decision of December 2005. The project comprises the integrated
development of upstream gas production facilities to produce some
1.4 bcf/d of natural gas from Qatar’s North Field, a single LNG
train yielding around 7.8 mtpa, and shipping of the LNG to
markets in North America, China and Dubai. The upstream
platforms and infrastructure consists of three unmanned
platforms, up to 33 wells and two undersea pipelines.
SAUDI ARABIA
Shell is a partner in the South Rub Al-Khali Company Limited
(SRAK) joint venture (Shell interest 50%). SRAK has interests in
two areas covering 210,000 km 2 in the Empty Quarter of Saudi
Arabia and is continuing to evaluate the area.
SYRIA
Shell holds interests ranging from 62.5% to 66.67% in three
PSCs that were extended by 10 years in 2008. They now expire
between 2018 and 2024. Shell’s production amounted to some
23,000 boe/d in 2008.
Shell is also a party to a gas-utilisation agreement for the
collection, processing and sharing of natural gas from
designated fields for use in Syrian power generation and other
industrial processes.
In February 2007, Shell entered into two PSCs for Blocks 13 and
15 in the south of Syria and completed seismic data acquisition in
August 2008.
Shell Financial and Operational Information 2004–2008 51

UPSTREAM – MIDDLE EAST, RUSSIA, CIS
KAzAKHSTAN
Shell has been doing business in the Caspian region for more than
100 years. Today we are one of the largest foreign investors in
Kazakhstan.
The giant offshore Kashagan field (Shell interest 16.81%) is one of
the largest oil discoveries made in the past 30 years.
This shallow-water field covers an area of approximately 3,400 km 2 .
Phased development of the field will lead to peak production
averaging 300,000 boe/d from Phase 1, increasing to 450,000 boe/d
with Phase 2. Shell will play a leading role in future in both the
production operations and Phase 2 offshore field development.
Shell and partners are also further appraising oil and gas
discoveries made in previous years at Kalamkas, Aktote, Kairan
and Kashagan South West.
Shell is also a 55% partner in the Pearls production-sharing
agreement that covers an area of some 1,000 km 2 in a water depth
of nine metres in the North Caspian Sea. After completing a
successful production test in 2008 a second oil discovery was
confirmed with the Auezov-1 exploration well. The Auezov
structure is located some 15 km from the Khazar structure, where
a discovery was made in November 2007.
The Caspian Pipeline Consortium (Shell interest 5.5%) exports
production from West Kazakhstan to the Black Sea. The pipeline,
1,510 km long over difficult terrain, has been operational since
October 2001.
Sakhalin II project, Russia
52 Shell Financial and Operational Information 2004–2008
RUSSIA
Shell is one of the largest foreign investors in Russia. Shell’s
activities range from exploration, production and transport of oil
and gas to the marketing of oil products, and the construction and
operation of retail networks.
Sakhalin II (Shell interest 27.5%) is one of the world’s largest
integrated oil and gas export projects, and a significant
engineering achievement in remote and extreme sub-Arctic
conditions. The project was fully completed in early 2009 and
included the construction and installation of two new offshore
platforms, together with 300 km of offshore pipelines and the
connection of the original phase 1 Molikpaq platform to the new
infrastructure. An onshore processing facility was built to take gas
and crude oil from the fields and prepare it for transportation.
Two 800 km onshore pipelines were built to connect the onshore
processing facility with Russia’s first LNG plant. Crude oil and
LNG offloading terminals were constructed at Prigorodnoye
port in South Sakhalin. At peak, these will load approximately
160 LNG carriers and 100 oil tankers a year.

Year-round exports of oil became possible after commissioning of
the pipeline system began in December 2008. Before then exports
were limited to about six months of the ice-free season. The first
LNG from Russia was exported in March 2009. Peak production
from the Sakhalin II project will be some 395,000 boe/d of oil
and gas and 9.6 mtpa of LNG from two production trains. This
highly automated facility will continue to be operated by only
300 people.
The LNG plant output was contracted under long-term
agreements before the end of construction. Approximately 65% of
all Sakhalin LNG will be exported to buyers in Japan, with the
rest going to South Korea and North America.
The project led to significant improvements of the island
infrastructure, including roads, rail, bridges, sea and airports and
health facilities. Any environmental impact during construction
was short-lived and localised, and we took steps to remedy it.
In December 2008, Sakhalin won the Environmental Project of
the Year award from the Russian Natural Resources Ministry.
Shell’s work to protect the western grey whale population was
recognised in the Environmental Efficiency of Economics category
of the awards.
First LNG exported from the Sakhalin II project in Russia
Salym Petroleum Development (SPD, Shell interest 50%) in
Western Siberia is jointly developing three Salym oil fields with a
licence area of over 2,100 km 2 . Full-scale production began in
November 2005, and in January 2009 it reached a level of
150,000 b/d. The main development comprises 213 production
wells, 144 water injection wells, and eight source water wells.
One hundred and six wells were drilled in 2008 (100 in 2007).
Shell’s advanced technology combined with Russian rigs and
experience has reduced average drilling time per well to 11–12
days from the previous 33. A record for SPD of less than seven
days has been achieved. Shell Smart Wells technology has been
applied for the first time in Russia on three wells in the Valdelyp
Field. They allow us to monitor, allocate and manage production
from several different reservoirs. That way we can make
predictions about future oil recovery, as well as how to best
manage the field, which would otherwise mean drilling a separate
well into each reservoir.
Central processing facility, West Salym field, Russia
Shell Financial and Operational Information 2004–2008 53

UPSTREAM – MIDDLE EAST, RUSSIA, CIS
D
A
C
A
IRAQ
IRAQ
B
A
B
C
D
KUWAIT
KUWAIT
Block 9 Block 8
Block 9 Block 8
SAUDI ARABIA
SAUDI ARABIA
Rub Al-Khali
Rub Al-Khali
Block 7
Block 7
Nowrooz
Nowrooz
0 100 200 300 400 km
0 100 200 300 400 km
Iran, Qatar, United Arab Emirates, Saudi Arabia and Oman
Pakistan
Syria
Egypt
54 Shell Financial and Operational Information 2004–2008
"
"
Soroosh
Soroosh
"
"
Block 6
Block 6
YEMEN
YEMEN
IRAN
IRAN
"
"
South Pars
South Pars
Qatargas 4
"
" Qatargas 0 4 50 100 150 200 km
"
" "
"
BAHRAIN
"
" Pearl GTL
BAHRAIN
" Pearl GTL
"
Ras Laffan
Ras Laffan
QATAR
QATAR
Block 5
Block 5
5A: Gulf States
"
"
Ruwais
Ruwais
Bida Al Qemzan
Bida Al Qemzan
UNITED ARAB
UNITED ARAB
EMIRATES
EMIRATES
"
"
"
"
"
"
"
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ABU DHABI
SUHAR
"
" Al Dabb'iya
"
Bab " Rumaitha
"
" "
"
" Sahil
" Bu Hasa "
"
Ufuq
" Huwaila " Asab
"
"
Lekhwair
" Shah
"
" Malaan West-2
"
"
Qusahwira
Taliah North-1 Natih
"
" Kidan North - Arab Fahud
"
"
"
Yibal
Al Huwaisah
"
" "
" Kidan South - Arab
"
"
Musallim "
Mabrouk
"
Barik "
"
Zauliyah
"
"
Wafra
"
"
"
"
"
" "
" "
"
" "
" " " Mukhaizna
Budour NE
" "
" "
" "
Birba
Nimr
Thayfut
"
Qaharir
Simsim
" Amin
Rabab SE-2
Amal
" " "
"
Marmul
"
Qata
"
"
" " "
"
"
" "
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""
"
" "
"
" "
ABU DHABI
SUHAR
" Al Dabb'iya
Bab " Rumaitha
"
"
Sahil
Bu Hasa "
"
Ufuq
Huwaila Asab
"
"
Lekhwair
Shah
"
Malaan West-2
"
"
Qusahwira
Taliah North-1 Natih
"
Kidan North - Arab Fahud
"
Yibal
Al Huwaisah
Kidan South - Arab
"
Musallim "
Mabrouk
Barik "
Zauliyah
Wafra
" Mukhaizna
Budour NE
Birba
Nimr
Thayfut
"
Qaharir
Simsim
" Amin
Rabab SE-2
Amal
" " "
"
Marmul
"
Qata
Ghafeer
Ghafeer
B
PAKISTAN
RAYSUT
RAYSUT
PAKISTAN
0 50 100 150 200 km
7.1 C: Pakistan
"
KARACHI
Bhit
Rahab
Rahab
Harweel
Harweel
Dhahaban
Dhahaban
"
Badhra
7.1 C: Pakistan
"
Bhit
"
Badhra
KARACHI HYDERABAD
OMAN
OMAN
Burhaan
Burhaan
Qarn Alam
Qarn Alam
Saih Rawl
Saih Rawl
HYDERABAD
MUSCAT
MUSCAT
SUR
SUR
INDIA
INDIA

C
BLOCK
BLOCK
XV
XV
JORDAN
JORDAN
SYRIA
SYRIA
0 25 50 75 100 km
0 25 50 75 100 km
D
LIBYA
LIBYA
Obaiyed
Obaiyed
0 50 100 150 200 km
0 50 100 150 200 km
" "
" "
"
" "
" "
Sitra
Sitra
Sitra West
Sitra West
MATRUH
MATRUH
Bed 16-05
Bed 16-05
Al
Al
Kharrata
Kharrata
Ash
Ash
Shola
Shola
"
"
" " " "
" ""
"
" "
"
" "
"
" " "
"
" "" "
" "
"
" "
" "
"
" "
" "
"
"
EGYPT
EGYPT
5B: Syria
"
El
El
Isba
Isba
An
An
Nishan
Nishan
Thayyem-M
Thayyem-M
Thayyem-R
Thayyem-R
BLOCK
BLOCK
XIII
XIII
(Amouria)
(Amouria)
5C: Egypt
"
"
"
" "
"
Omar
Omar
North
North
Omar
Omar
Omar
Omar
North
North
East
East
"
"
"
"
" "
" "
" "
"
" " "
" "
"
"
"
"
Sijan
Sijan
"
Jarnof
Jarnof
Saban
Saban
"
"
"
"
" "
" "
"
"
"
"
"
"
MEDITERRANEAN SEA
MEDITERRANEAN SEA
Al
Al
Ishara
Ishara
East
East
Tayyani
Tayyani
East
East
Jido
Jido
Kg 45 1
Kg 45 1
ALEXANDRIA
ALEXANDRIA
"
"
" "
" "
La 52 1
La 52 1
"
"
Mubarak East 2
Mubarak East 2
NEAG C6-1
Bed1 C5-1
NEAG C6-1
Bed1 C5-1
NEAG C5-1
NEAG C5-1
Badr El Din
Badr El Din
Abu El Gharadiq
Abu El Gharadiq
Legend
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
"
"
"
IRAQ
IRAQ
Ghawari
Ghawari
Yimken
Yimken
Shahel
Shahel
Jazieh
Jazieh
NE Med. Sea Deep Water-W
NE Med. Sea Deep Water-W
NW Damietta Block 2
NW Damietta Block 2
NW Damietta Block 1
NW Damietta Block 1
TANTA
TANTA
EL FAIYUM
EL FAIYUM
Wells - 2008 discoveries from
core exploration activities
CAIRO
CAIRO
Rasein
Rasein
Azraq
Azraq
Mqaat
Mqaat
Maleh
Maleh
Tanak
Tanak
North
North
Tanak
Tanak
Galban
Galban
Abou
Abou
Hardan
Hardan
Shdeha
Shdeha
Sarhit
Sarhit
El
El
Ward
Ward
North
North
El
El
Ahmar
Ahmar
PORT SAID
PORT SAID
SUEZ
SUEZ
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Shell interest (sea)
NE Med. Sea
NE Med. Sea
Deep Water-E
Deep Water-E
Minable Oil Sands leases SCA
Licence concession mines- Albe
Oil Sands leases - JV owners
Oil Sands areas Alberta
Shell Financial and Operational Information 2004–2008 55

UPSTREAM – MIDDLE EAST, RUSSIA, CIS
E
E
F
KAZAKHSTAN
KAZAKHSTAN
0 100 200 300 400 km
0 100 200 300 400 km
G
G
RUSSIA
RUSSIA
E
F
G
GEORGIA
GEORGIA
Russia – Salym
Russia – Sakhalin
Kazakhstan
6A: Russia - Salym
RUSSIA
RUSSIA
KHANTY-MANSIYSK
KHANTY-MANSIYSK
West Salym
West Salym"
" " Vadelyp
" " Vadelyp
Upper Salym"
Upper Salym
ARMENIA
ARMENIA
0 100 200 300 400 500 km
0 100 200 300 400 500 km
6C: Caspian
NEFTEYUGANSK
NEFTEYUGANSK
"
" "
Kalamkas More
"
Pearls "
Khazar
Auezov-1
"
Kalamkas More
Pearls
Khazar
Auezov-1
AZERBAIJAN
AZERBAIJAN
56 Shell Financial and Operational Information 2004–2008
KAZAKHSTAN
KAZAKHSTAN
Kashagan SW Kashagan
Kashagan SW Kashagan
CASPIAN SEA
CASPIAN SEA
Inam
" "
" " "
" "
"
"
Arman
Arman
F
RUSSIA
RUSSIA
Legend
0 50 100 150 200 km
0 50 100 150 200 km
Kairan
Kairan
Aktote
Aktote
TURKMENISTAN
TURKMENISTAN
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
" Wells - 2008 discoveries from
6B: Russia - Sakhalin
core exploration activities
Onshore
Onshore
Processing
Processing
Facility
Facility
(OPF)
(OPF)
KHOLMSK
KHOLMSK
OKHA
OKHA
"
"
" "
" "
Sakhalin
Sakhalin
Piltun/Astokhskoye
Piltun/Astokhskoye
Lunskoye
Lunskoye
YUZHNO-SAKHALINSK
YUZHNO-SAKHALINSK
LNG Plant " Oil Export Terminal
LNG Plant Oil Export Terminal
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Shell interest (sea)
Minable Oil Sands leases SCAN
Licence concession mines- Alberta
Oil Sands leases - JV owners
Oil Sands areas Alberta

ASIA-PACIFIC
HIGHLIGHTS
• Shell’s production in Asia-Pacific amounted to 0.6 million
boe/d, which is around 20% of our total 2008 production;
• Our Exploration & Production (EP) subsidiaries in the
region generated earnings after tax of $1.7 billion, 11% of
total EP earnings from subsidiaries;
• We are participating in the development of three key projects
in the region: Pluto LNG T1 (Woodside) and North Rankin B
in Australia and Gumusut-Kakap in Malaysia.
2008 % of total
Total production (thousand boe/d) 645 20%
Oil and NGL production (thousand b/d) 206 12%
Natural gas production (million scf/d) 2,544 30%
Gross developed and undeveloped acreage
(thousand acres) 99,194 35%
Net proved reserves (million boe) 1,590 13%
AUSTRALIA
Shell started its operations in Australia in 1901. Since 2005, we
have participated in 29 exploration and appraisal wells. We have
direct, and indirect interests through a 34.27% shareholding in
Woodside Petroleum Ltd. The 2008 Shell share of production
from Australia was 153,000 boe/d.
Shell has interests in offshore licences in the North West Shelf
(NWS) and Greater Gorgon areas of the Carnarvon Basin as well
as in the Browse Basin and Timor Sea area. The NWS Venture
(Shell interest 22.4%) is a major Australian development for which
Shell provides technical leadership and support. Gas and
condensate are now produced from the North Rankin A,
Goodwyn, Perseus, and from October 2008, the Angel facilities.
This is piped to the expanded NWS onshore gas processing facility
and LNG plant on the Burrup Peninsula. With Train 5 brought
on-stream in September 2008, the plant now has a total capacity
of 16.3 mtpa.
AUSTRALIA LIQUEFACTION CAPACITY AND POTENTIAL [A]
mtpa
20
15
10
5
NWS T1–5
Pluto T1
(Woodside)
Gorgon T1–3
Prelude
Others
2008–09 2010–11 ~2020
On-stream
Options
Construction
[A] Direct and indirect positions via Woodside Petroleum Ltd.
(Shell interest 34.27%)
In March 2008 Shell and partners took the final investment
decision on the new North Rankin B low-pressure gas platform.
This will be linked to the existing North Rankin A platform and
is designed to recover remaining low-pressure gas from the North
Rankin fields.
Shell has a 31% indirect interest in Woodside’s Pluto LNG Project
currently under construction.
Shell is also a participant in the Gorgon joint venture (Shell
interest 25%) covering the offshore Gorgon, Io and Jansz gas fields
in the Carnarvon Basin, and has 33% interest in the nearby
WA-16-R permit, where a discovery was made with the Iago-2 well.
We have exploration interests in the Browse Basin, where work is
continuing on the Prelude development (Shell interest 100%) that
could be a candidate for the world’s first application of floating
LNG. It offers the potential to access stranded gas in a range of
remote and difficult locations. We have gas rights in the nearby
Crux field (AC/P23) and in the Libra-1 gas discovery in 2008 the
Shell-operated AC/P41 block (Shell interest 80%).
Shell is a partner in the Browse joint venture (Shell interest 15.9%)
covering Torosa, Brecknock, and Calliance gas fields. In 2008
successful gas appraisals were made at Torosa and Calliance.
Partners continued evaluation of two potential locations for the
LNG processing facilities – either the existing Karratha LNG
plant or a new Kimberley LNG hub site.
Shell holds further interests in the large Sunrise and Evans Shoal gas
fields in the Timor Sea (Shell interests 38% and 25% respectively).
Partners are progressing a detailed commercial and technical
evaluation of two development concepts for Greater Sunrise gas.
In early 2008 we acquired three exploration permits offshore
north-west Australia. In September 2008, Shell signed an
agreement to acquire a 30% stake in the Queensland coalbed
methane acreage of Arrow Energy Ltd and a 10% stake in Arrow
International plc Ltd. This was finalised in February 2009.
ACREAGE WEST AUSTRALIA [A]
million km 2 number of wells
2.0
1.5
1.0
0.5
00 01 02 03 04 05 06 07 08
120
km2 Number of wells drilled (cumulative)
[A] Direct and indirect positions via Woodside Petroleum Ltd.
(Shell interest 34.27%)
90
60
30
Shell Financial and Operational Information 2004–2008 57

UPSTREAM – ASIA-PACIFIC
BRUNEI
Shell has been operating in Brunei since 1913. The first
commercial oilfield, Seria, was discovered in 1929. Shell is now a
partner with the Brunei government in the Brunei Shell Petroleum
Company Sendirian Berhad (BSP, Shell interest 50%).
BSP holds long-term oil and gas concession rights onshore and
offshore Brunei and sells most of its natural gas production to
Brunei LNG (BLNG, Shell interest 25%). BLNG was the first
LNG plant in the Asia-Pacific region and now has a total capacity
of 7.8 mtpa. It sells most of the LNG on long-term contracts to
buyers in Japan and Korea.
Shell share production in Brunei in 2008 amounted to
176,000 boe/d, with the main producing fields being Champion,
Ampa, Iron Duke and Fairley.
Development projects including Mampak Block 4 and Bugan
Phase 2 are scheduled to come on-stream in 2009–2010. Shell
Smart Fields® technologies mean these new platforms will be
unmanned and controllable remotely from the main production
hub at Champion 7.
In 2008 BSP took the final investment decision to proceed with
the Seria North Flank project and through the use of
breakthrough “fishhook wells” technology, where an offshore field
is developed from land, delivered first production in the same year.
We continued to evaluate and appraise the Bubut and Danau
offshore formations.
Shell has a share in the Block B Joint Venture concession (Shell
interest 35%). Gas is produced here from the Maharaja Lela Field.
The deep-water MLJ2-06 discovery was made in 2008. We also
have a 54% operating interest in exploration Block A.
CHINA
The first Shell production in China was from the Xijiang offshore
fields (Shell interest from 24.5% to 47.8%) in 1964. Shell started
development of the onshore Changbei tight gas field in 2005
(Shell interest 50%, operator). Efficient development of the project
required drilling of dual lateral horizontal wells, which can deliver
up to 10 times the rates of production of conventionally fractured
vertical wells. Commercial production started in 2007.
Other Shell interests in China include the North Shilou coalbed
methane project (Shell interest 55%) and the Yueyang coal
gasification plant, a 50% joint venture. Shell had sold 19 licences
for coal gasification in China up to the end of 2008.
58 Shell Financial and Operational Information 2004–2008
MALAYSIA
Shell has operated in Malaysia since 1910. We continue to be an
industry leader in the region, notably in the use of Smart Fields®
technology that can optimise and increase production.
Shell holds 18 PSCs with the national oil company PETRONAS.
We operate 13 gas fields in Sarawak with a Shell interest of
between 37.5% and 50%. Most of the gas is supplied to the
Malaysia LNG Dua and Tiga plants at Bintulu, Sarawak (Shell
interest 15%), with total capacity of 14.6 mtpa, for delivery to Far
East markets.
In 2008, we delivered first production from the E11 Hub Stage 2,
G7, M3 South and Saderi projects. When completed, the E11
Complex will provide centralised gas production for the
surrounding fields through a single integrated hub.
We have a 40% interest in the Baram Delta PSC, a 50% interest
in the development of the SK-308 fields and exploration interests
in block SK-307 and in the deep-water block SK-E.
In Sabah, Shell operates four producing fields offshore and has
interests in PSCs for the exploration and development of a further
five offshore blocks. Development drilling of the deep-water
Gumusut-Kakap project (Shell interest 33%) that has an expected
peak production of 135,000 boe/d started in January 2008.
Since 1993 we have also operated the world’s first commercial
GTL plant of its type at Bintulu (Shell interest 72%). This
14,700 b/d capacity plant converts 3 mscm of natural gas per
day into transport fuels and other high-quality products.
NEW zEALAND
Shell has been an upstream operator in New Zealand since 1955.
We currently have an 83.75% interest in production of the
offshore Maui gas field, a 50% interest in the onshore Kapuni gas
field and a 48% interest in the Pohokura gas field. The produced
gas is sold domestically, mainly under long-term contracts.
The Pohokura field, discovered in 2000, is the country’s largest gas
resource. Production started from onshore wells in August 2006
and from offshore ones in March 2007. Development work was
completed in 2008. Peak production is expected to be 40,000 boe/d.
The field is operated remotely, saving cost and improving safety. An
appraisal extension to our licence that was awarded in 2007 will
allow for future development using existing infrastructure allowing
us to maximise the resources from the field.
Shell also has interests in other exploration licence areas in the
Taranaki Basin.
PHILIPPINES
Shell holds a 45% interest in the deep-water PSC for block SC-38.
This includes a production licence for the Malampaya and San
Martin fields. Gas and condensate production from the offshore
Malampaya field started in October 2001. Shell is also the
operator of and holds a 55% interest in block SC-60.

A
Goodwyn
Goodwyn
Goodwyn South
Goodwyn
Dockrell
South
Dockrell
Echo/Yodel
Echo/Yodel
Dixon
Dixon
Wilcox
Wilcox Iago
Iago
Pluto
Geryon
Pluto
Geryon
Eurytion
Eurytion
Chandon
Chandon
Thebe "
Thebe "
Eendracht " "
Eendracht
Jansz
" "
Scarborough Jansz
Scarborough Maenad
Maenad
Orthrus
Orthrus
Clio
Clio
Gorgon
Gorgon
EXMOUTH
EXMOUTH
0 100 200 300 400 km
0 100 200 300 400 km
B
A
B
C
"
""
" "
"
"
"
"
" "
"
"
" "
"
"
"
""
"
" "
"
"
" "
"
" "
""
" "
"
"
"
"
"
" "
" "
"
" " "
"
"
"
Pueblo
" Iago-2 Lady Nora
DAMPIER
""
"
" "
"
"
" "
"
" "
" " Pueblo
Iago-2 Lady Nora
DAMPIER
NEW SOUTH WALES
Perseus
Perseus
Gaea
Gaea
North Rankin
North
Persephone
Rankin
Persephone
Egret
Egret
Hermes
Hermes
Lambert-8B
Lambert-8B
Cossack
Cossack
Angel
Angel
Wanaea
Wanaea
Tidepole
Tidepole
7.3: Arrow
7.3G: 7.3G: Australia Australia
"
"
"
"
"
Torosa
Torosa
Brecknock
Brecknock
Calliance
Calliance
BROOME
BROOME
INDONESIA
INDONESIA
"
"
"
"
Libra-1
Libra-1 "
"
WA-371-P
WA-371-P
Crux
Crux
Echuca Shoals
Echuca
Prelude
Shoals
Prelude
DERBY
DERBY
0 25 50 75 100 km
0 25 50 75 100 km
AUSTRALIA
AUSTRALIA
NEW PLYMOUTH
Pohokura
"
AUSTRALIA
GLADSTONE
CORAL SEA ISLANDS TERRITORY Maui
"
" Kapuni
Maui
"
"
"
"
""
" "
"
"
"
"
"
" "
" "
QUEENSLAND "
" "
"
"
"
Kogan NorthDaandine
"
"
Tipton West
"
BRISBANE
""
"
" "
"
"
" "
"
" Goodwyn
Goodwyn South
Dockrell
Perseus
Gaea
North Rankin
Echo/Yodel
Persephone
Dixon
Egret
DERBY
Wilcox
Iago
Pluto
Geryon
Eurytion
Chandon
Hermes
Lambert-8B
Cossack
Angel
Wanaea
Tidepole
BROOME
Thebe
Eendracht
Scarborough
"
Jansz
" " Pueblo
Maenad
Iago-2 Lady Nora
DAMPIER
Orthrus
Clio
Gorgon
AUSTRALIA
0 100 200 300 400 km
0 100 200 300 400 km
A
B
C
West Australia
East Australia
New Zealand
EXMOUTH
7.3G: Australia
"
"
"
C
"
Torosa
Brecknock
Calliance
WA-371-P
INDONESIA
Libra-1
"
"
Legend
Greater Sunrise
Greater Sunrise
Evans Shoal
Evans Shoal
"
"
7.3H: New Zealand 7.3H: New Zealand
Crux
Echuca Shoals
Prelude
" Terminal
" Shell gas projects
" Shell oil & gas projects
" Shell oil projects
"
Wells - 2008 discoveries from
core exploration activities
NEW PLYMOUTH
Shell Financial and Operational Information 2004–2008 59
"
"
"
Greater Sunrise
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Shell interest (sea)
"
Evans Shoal
Pohokura
NEW ZEALAND
"
"
Kapuni
Min
Lice
Oil
Oil

UPSTREAM – ASIA-PACIFIC
D
D
E
G
F H
YINCHUAN
YINCHUAN
XI'AN
XI'AN
0 100 200 300 400 500 km
0 100 200 300 400 500 km
E
CHINA
CHINA
HONG KONG
HONG KONG
0 10 20 30 40 50 km
0 10 20 30 40 50 km
D
E
F
G
H
China – onshore
China – offshore
West Malaysia
Philippines
Brunei and East Malaysia
Xijiang
Xijiang
24-1&3
24-1&3
Field
Field
Xijiang
Xijiang
30-2
30-2
Field
Field
60 Shell Financial and Operational Information 2004–2008
"
"
7.1 B: China - offshore
Changbei
Changbei
"
"
"
"
7.1
7.1
A:
A:
China
China
- onshore
onshore
North Shilou
North Shilou
CHINA
CHINA
BEJING
BEJING
TIENTSIN
TIENTSIN

F
IPOH
IPOH
THAILAND
THAILAND
0 25 50 75 100 km
0 25 50 75 100 km
H
Saderi
Saderi
M1
M1 Jintan
Serai
Jintan
Serai
M3
M3
7.2D: West Malaysia
TUMPAT
TUMPAT
MALAYSIA
MALAYSIA
"
"
"
" "
"
"
"
" " "
"
"
"
"
"
"
"
"
"
"
"
"
"
" "
"
Bijan"
"
"
" F14
G7
"
F23 " " "
"
"
"
F28 F6
"
"
"
"
" "
E6 "
"
E8
"
Bijan
"
" F14
G7
"
F23
F28 F6
"
E6 "
E8
"
"
Bunga Kamelia
Bunga Kamelia
Bunga Zetung
Bunga Zetung
KUALA TERENGGANU
KUALA TERENGGANU
"
"
BINTULU Bintulu
BINTULU
"
"
"
" "
" "
" "
"
DUNGUN
DUNGUN
" Bunga Dahlia Channel
" Bunga Dahlia Channel
Bumi South
Bumi South
Kertih
Kertih
Petai
Petai
Bunga Kesumba
Bunga Kesumba
Bunga Anggerik
Bunga Anggerik
"
"
"
"
"
"
Gumusut - Kakap"
"
Fairley Gumusut - Kakap"
"
South West Fairley Ampa
Kinabalu
South
Fairley
West
Baram
Ampa
Kinabalu
Fairley Baram Baram Magpie
Baronia
Baram Magpie
Baronia
D12
D12
Beryl
Cili Padi
Beryl
B11 B12
Cili Padi B11"
" B12
" "
Selasih Betty
Selasih Bokor Betty
Bokor
F13E
F13E
E11
E11
Shallow Clastic
Shallow Clastic
Seria
Seria
Rasau
Rasau Laila
Laila
Bintulu
0 50 100 150 200 km
0 50 100 150 200 km
7.2F:
7.2F:
Brunei
Brunei
and
and
East
East
Malaysia
Malaysia
Pisagan
Pisagan
Ubah "
Ubah "
Malikai
Malikai
"
"
"
"
"
"
"
"
" "
"
"
"
"
"
"
"
"
" "
"
"
"
"
"
"
""
" "
"
"
"
"
"
"
" " "
"
"
"
"
" "
"
"
"
"
"
"
"
"
"
Maharaja Lela MLJ2-06
Champion
ML-4 " Labuan
Mampak " Bugan
" "
"
"
Iron Duke
"
BANDAR SERI BEGAWAN
"
"
"
"
"
" "
BLNG
"
" Miri
BRUNEI
"
"
"
"
""
" "
"
"
"
"
"
"
" " "
"
"
"
"
" "
"
"
"
"
"
"
"
"
"
Maharaja Lela MLJ2-06
Champion
ML-4
Labuan
Mampak
Bugan
Iron Duke
BANDAR SERI BEGAWAN
BLNG
Miri
BRUNEI
"
"
"
"
Selangkir
Selangkir
G
Barton
South Furious Barton
South Furious
Kebabangan
Kebabangan
San Martin
San Martin "
"
SC 38
Malampaya
SC 38
Malampaya
" Shell oil projects
7.2E: Philippines
" Wells Philippines
- 2008 discoveries from
"
"
0 50 100 150 200 km
0 50 100 150 200 km
"
"
"
"
"
"
Saint Joseph
Saint Joseph
KOTA KINABALU
KOTA KINABALU
INDONESIA
INDONESIA
MALAYSIA
MALAYSIA
Legend
" Terminal
" Shell gas projects
" Shell oil & gas projects
core exploration activities
SC 60
SC 60
ND6
ND6
PHILIPPINES
PHILIPPINES
ND7
ND7
Shell gas pipeline
Shell oil pipeline
Industry pipeline
Shell interest (land)
Shell interest (sea)
PHILIPPINES
PHILIPPINES
Shell Financial and Operational Information 2004–2008 61
Min
Lice
Oil
Oil

UPSTREAM
FINANCIAL AND OPERATING DATA
OIL AND GAS ACREAGE [A][B][C] (At December 31) thousand acres
62 Shell Financial and Operational Information 2004–2008
2008 2007
Developed Undeveloped Developed Undeveloped
Gross Net Gross Net Gross Net Gross Net
Europe 9,646 2,785 8,924 3,038 10,253 2,894 10,384 3,007
Africa [D] 6,857 2,166 19,359 14,409 7,160 2,317 26,910 18,407
Asia-Pacific 6,277 2,586 92,917 29,695 7,578 3,265 96,078 27,556
Middle East, Russia, CIS [E] 27,578 9,642 68,980 36,048 27,520 9,614 74,666 31,176
USA 1,009 593 6,238 4,973 1,067 620 4,825 3,542
Other Americas 1,140 760 32,179 21,423 917 598 31,795 21,077
Total 52,507 18,532 228,597 109,586 54,495 19,308 244,658 104,765
NUMBER OF PRODUCTIVE WELLS [A][B] (At December 31)
2008 2007
Oil Gas Oil Gas
Gross Net Gross Net Gross Net Gross Net
Europe 1,569 422 1,323 440 1,638 427 1,334 452
Africa [D] 1,136 397 40 13 1,006 356 35 11
Asia-Pacific 1,121 521 509 152 1,096 517 286 117
Middle East, Russia, CIS [E] 4,991 1,549 49 39 4,609 1,414 44 38
USA 15,505 7,828 1,412 1,037 15,493 7,825 1,040 765
Other Americas 497 394 900 670 427 332 351 268
Total 24,819 11,111 4,233 2,351 24,269 10,871 3,090 1,651
NUMBER OF NET PRODUCTIVE WELLS AND DRY HOLES DRILLED [A] (At December 31)
Exploratory
2008 2007
Productive Dry Productive Dry
Europe 9 3 10 1
Africa [D] 4 1 3 1
Asia-Pacific 12 3 5 11
Middle East, Russia, CIS [E] 30 6 47 9
USA 13 4 23 3
Other Americas 44 47 48 11
Total 112 64 136 36
Development
Europe 7 1 18 1
Africa [D] 14 1 19 –
Asia-Pacific 32 – 32 1
Middle East, Russia, CIS [E] 184 1 159 1
USA 475 1 475 2
Other Americas 61 – 44 –
Total 773 4 747 5
[A] Including equity-accounted investments.
[B] The term “gross” relates to the total activity in which Shell subsidiaries and equity-accounted investments have an interest, and the term “net” relates to the sum of the fractional interests owned
by Shell subsidiaries plus the Shell share of equity-accounted investments’ fractional interest.
[C] One thousand acres equals approximately 4 km 2 .
[D] Excludes Egypt.
[E] Includes Caspian region, Egypt and Sakhalin.

OIL AND GAS ACREAGE [A][B][C] (At December 31) thousand acres
2006 2005 2004
Developed Undeveloped Developed Undeveloped Developed Undeveloped
Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net
Europe 9,850 3,225 12,860 4,025 9,852 3,110 14,507 4,415 8,449 3,200 14,024 4,904
Africa [D] 7,159 2,318 24,396 15,351 7,175 2,382 27,206 14,806 6,597 2,058 15,584 8,398
Asia-Pacific 7,228 3,277 125,421 34,290 7,292 3,313 123,829 34,455 7,032 3,266 104,443 28,504
Middle East, Russia, CIS [E] 32,238 10,284 66,579 30,321 32,125 10,302 66,839 30,467 34,815 11,169 65,352 30,766
USA 1,234 665 3,962 3,280 1,250 563 4,359 3,069 961 531 3,998 2,864
Other Americas 945 569 30,413 20,328 872 551 30,097 20,314 855 529 27,236 20,421
Total 58,654 20,338 263,631 107,595 58,566 20,221 266,837 107,526 58,709 20,753 230,637 95,857
NUMBER OF PRODUCTIVE WELLS [A][B] (At December 31)
2006 2005 2004
Oil Gas Oil Gas Oil Gas
Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net
Europe 1,647 475 1,487 461 1,762 491 1,355 448 1,786 478 1,445 491
Africa [D] 945 333 40 13 1,234 413 36 12 1,215 396 36 12
Asia-Pacific 1,095 520 259 109 1,076 480 264 100 1,191 551 230 88
Middle East, Russia, CIS [E] 4,333 1,364 50 44 4,128 1,279 45 40 3,795 1,198 47 40
USA 15,977 8,077 1,069 830 16,159 8,270 873 636 16,131 8,163 719 520
Other Americas 355 264 326 250 122 117 303 284 117 112 284 270
Total 24,352 11,033 3,231 1,707 24,481 11,050 2,876 1,520 24,235 10,898 2,761 1,421
NUMBER OF NET PRODUCTIVE WELLS AND DRY HOLES DRILLED [A] (At December 31)
Exploratory
2006 2005 2004
Productive Dry Productive Dry Productive Dry
Europe 7 7 5 3 6 2
Africa [D] 7 1 9 1 3 1
Asia-Pacific 8 4 6 3 5 5
Middle East, Russia, CIS [E] 18 7 5 3 7 2
USA 30 3 9 3 2 3
Other Americas 22 3 3 4 1 2
Total 92 25 37 17 24 15
Development
Europe 32 1 25 – 27 –
Africa [D] 15 – 13 – 11 –
Asia-Pacific 27 – 20 1 22 1
Middle East, Russia, CIS [E] 155 2 173 4 150 6
USA 478 – 446 – 504 1
Other Americas 76 2 26 – 10 1
Total 783 5 703 5 724 9
[A] Including equity-accounted investments.
[B] The term “gross” relates to the total activity in which Shell subsidiaries and equity-accounted investments have an interest, and the term “net” relates to the sum of the fractional interests owned
by Shell subsidiaries plus the Shell share of equity-accounted investments’ fractional interest.
[C] One thousand acres equals approximately 4 km 2 .
[D] Excludes Egypt.
[E] Includes Caspian region, Egypt and Sakhalin.
Shell Financial and Operational Information 2004–2008 63

UPSTREAM
OIL, GAS AND OIL SANDS EARNINGS
EARNINGS FROM OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES [A] $ million
64 Shell Financial and Operational Information 2004–2008
2008 2007
Middle Middle
East, East,
Asia- Russia, Other Asia- Russia, Other
Europe Africa [B] Pacific CIS [C] USA Americas Total Europe Africa [B] Pacific CIS [C] USA Americas Total
Revenue:
Third parties 6,210 2,634 2,871 1,533 5,219 1,610 20,077 3,750 675 2,297 1,324 3,099 1,513 12,658
Inter-segment 13,771 8,429 2,635 11,806 5,235 1,944 43,820 11,654 8,955 2,022 8,427 5,765 1,522 38,345
Total 19,981 11,063 5,506 13,339 10,454 3,554 63,897 15,404 9,630 4,319 9,751 8,864 3,035 51,003
Production costs
(excluding royalty payments) 2,383 1,121 687 888 1,395 912 7,386 2,433 1,240 628 888 1,316 813 7,318
Royalty payments 501 881 875 22 – 89 2,368 401 829 498 10 – 66 1,804
Exploration expense 414 256 185 133 680 327 1,995 178 254 259 156 675 300 1,822
Depreciation, depletion
and amortisation 3,102 1,474 1,173 467 2,166 954 9,336 3,311 1,945 1,014 452 2,183 527 9,432
Other income/(costs) (440) (23) (124) (1,972) (76) (371) (3,006) 107 (1,668) 103 (1,544) (398) (752) (4,152)
Earnings before tax 13,141 7,308 2,462 9,857 6,137 901 39,806 9,188 3,694 2,023 6,701 4,292 577 26,475
Taxation 8,391 4,405 792 8,611 2,044 298 24,541 4,961 2,283 619 6,069 1,488 (48) 15,372
Earnings after taxation 4,750 2,903 1,670 1,246 4,093 603 15,265 4,227 1,411 1,404 632 2,804 625 11,103
Revenue 77.51 74.91 37.32 132.93 77.04 61.97 75.50 57.91 60.95 29.68 96.38 56.25 53.53 57.64
Production costs
(excluding royalty payments) 9.24 7.61 4.69 8.84 10.28 15.93 8.73 9.14 7.85 4.32 8.78 8.35 14.35 8.27
Royalty payments 1.95 5.95 5.91 0.22 – 1.53 2.80 1.51 5.25 3.42 0.10 – 1.15 2.04
Exploration expense 1.61 1.73 1.25 1.33 5.01 5.70 2.36 0.67 1.61 1.78 1.54 4.28 5.29 2.06
Depreciation 12.03 9.98 7.95 4.65 15.96 16.66 11.03 12.45 12.31 6.97 4.47 13.85 9.30 10.66
Other income/(costs) (1.71) (0.16) (0.83) (19.65) (0.56) (6.49) (3.55) 0.40 (10.56) 0.71 (15.26) (2.53) (13.26) (4.69)
Earnings before tax 50.97 49.48 16.69 98.24 45.23 15.66 47.03 34.54 23.38 13.90 66.24 27.24 10.18 29.92
Taxation 32.55 29.83 5.38 85.82 15.06 5.16 28.99 18.65 14.45 4.25 59.99 9.44 (0.85) 17.37
Earnings after taxation 18.42 19.65 11.31 12.42 30.17 10.50 18.04 15.89 8.93 9.65 6.25 17.79 11.02 12.55
EARNINGS FROM OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES [A] $ million
$/boe
2004
Middle
East,
Asia- Russia, Other
Europe Africa [B] Pacific CIS [C] USA Americas Total
Revenue:
Third parties 3,440 (187) 891 1,916 2,063 1,277 9,400
Inter-segment 7,117 5,616 1,517 4,616 4,754 1,187 24,807
Total 10,557 5,429 2,408 6,532 6,817 2,464 34,207
Production costs (excluding royalty payments) 1,625 549 392 705 767 452 4,490
Royalty payments 174 999 131 645 – 58 2,007
Exploration expense 145 157 122 115 352 211 1,102
Depreciation, depletion and amortisation 3,501 699 550 822 1,625 600 7,797
Other income/(costs) (1,201) 198 480 (808) (319) (333) (1,983)
Earnings before tax 3,911 3,223 1,693 3,437 3,754 810 16,828
Taxation 2,686 2,448 336 2,810 1,302 187 9,769
Earnings after taxation 1,225 775 1,357 627 2,452 623 7,059
Revenue 31.14 31.94 18.11 29.56 37.25 34.70 30.62
Production costs (excluding royalty payments) 4.79 3.23 2.95 3.18 4.19 6.37 4.02
Royalty payments 0.52 5.88 0.98 2.93 0.00 0.81 1.80
Exploration expense 0.43 0.92 0.92 0.52 1.92 2.97 0.99
Depreciation 10.33 4.11 4.14 3.72 8.88 8.45 6.98
Other income/(costs) (3.54) 1.15 3.61 (3.66) (1.74) (4.69) (1.78)
Earnings before tax 11.53 18.95 12.73 15.55 20.52 11.41 15.05
Taxation 7.92 14.40 2.53 12.71 7.11 2.63 8.75
Earnings after taxation 3.61 4.55 10.20 2.84 13.41 8.78 6.30
[A] The share of profit of equity-accounted investments is not included in the earnings data.
Certain purchases of traded product are netted into revenue.
[B] Excludes Egypt.
[C] Includes Caspian region, Egypt and Sakhalin.
$/boe

EARNINGS FROM OIL AND GAS EXPLORATION AND PRODUCTION ACTIVITIES [A] $ million
2006 2005
Middle Middle
East, East,
Asia- Russia, Other Asia- Russia, Other
Europe Africa [B] Pacific CIS [C] USA Americas Total Europe Africa [B] Pacific CIS [C] USA Americas Total
5,937 389 2,204 2,352 2,339 1,567 14,788 3,399 (314) 1,288 2,255 2,850 1,458 10,936
11,287 7,393 1,606 7,764 6,266 1,388 35,704 9,869 7,503 1,608 6,193 5,050 1,356 31,579
17,224 7,782 3,810 10,116 8,605 2,955 50,492 13,268 7,189 2,896 8,448 7,900 2,814 42,515
2,291 853 494 960 1,270 707 6,575 1,968 661 411 819 1,040 509 5,408
345 744 354 58 – 67 1,568 277 1,310 249 52 – 53 1,941
214 269 165 100 471 179 1,398 213 193 55 73 378 246 1,158
3,498 1,508 797 505 1,823 1,034 9,165 3,888 844 679 521 1,629 820 8,381
(781) (187) (17) (1,372) (649) (494) (3,500) (413) 84 257 (765) (346) (456) (1,639)
10,095 4,221 1,983 7,121 4,392 474 28,286 6,509 4,265 1,759 6,218 4,507 730 23,988
6,381 2,170 740 5,857 1,538 131 16,817 3,767 3,526 475 4,986 1,533 236 14,523
3,714 2,051 1,243 1,264 2,854 343 11,469 2,742 739 1,284 1,232 2,974 494 9,465
56.83 51.07 25.84 82.51 54.75 46.14 53.34 40.68 44.93 20.73 63.98 49.94 46.64 43.54
7.56 5.62 3.34 7.82 8.08 11.03 6.95 6.04 4.13 2.95 6.21 6.57 8.44 5.54
1.14 4.86 2.41 0.48 0.00 1.05 1.65 0.84 8.19 1.78 0.39 0.00 0.88 1.99
0.71 1.77 1.12 0.82 3.00 2.79 1.48 0.65 1.21 0.39 0.55 2.39 4.08 1.19
11.54 9.90 5.41 4.12 11.60 16.14 9.68 11.92 5.27 4.86 3.95 10.30 13.59 8.58
(2.58) (1.23) (0.12) (11.19) (4.13) (7.71) (3.70) (1.27) 0.52 1.84 (5.79) (2.19) (7.56) (1.68)
33.30 27.69 13.44 58.08 27.94 7.42 29.88 19.96 26.65 12.59 47.09 28.49 12.09 24.56
21.05 14.24 5.02 47.77 9.79 2.05 17.76 11.55 22.04 3.40 37.76 9.69 3.91 14.87
12.25 13.45 8.42 10.31 18.15 5.37 12.12 8.41 4.61 9.19 9.33 18.80 8.18 9.69
[A] The share of profit of equity-accounted investments is not included in the earnings data. Certain purchases of traded product are netted into revenue.
[B] Excludes Egypt.
[C] Includes Caspian region, Egypt and Sakhalin.
EARNINGS FROM OIL SANDS ACTIVITIES $/b
$/boe
2008 2007 2006 2005 2004
Earnings before tax 43.77 23.88 25.86 28.99 14.07
Taxation 10.91 (4.19) (4.11) (9.92) (3.79)
Earnings after taxation 32.86 19.69 21.75 19.07 10.28
OIL SANDS UNIT OPERATING COSTS $/b
2008 2007 2006 2005 2004
Mining and upgrader cash operating cost [A] 38.15 28.92 29.65 18.29 17.97
DD&A costs 5.68 4.42 5.13 4.83 4.43
Total unit costs 43.83 33.34 34.78 23.12 22.40
[A] Unit cash operating cost defined as: operating, selling and general expenses plus cash costs items included in cost of goods sold excluding pre-development and centrally allocated costs divided by
synthetic crude sales volumes excluding blend stock.
SHELL SHARE OF EQUITY-ACCOUNTED INVESTMENTS EXPLORATION AND PRODUCTION EARNINGS [A] $ million
2008 2007 2006 2005 2004
Earnings before taxation 9,122 6,512 5,883 7,860 4,745
Taxation 4,152 2,929 2,808 3,748 2,282
Share of profit of equity-accounted investments 4,970 3,583 3,075 4,112 2,463
[A] Excludes certain financing costs and related tax effects.
Shell Financial and Operational Information 2004–2008 65

UPSTREAM
RESERVES DATA
PROVED AND PROVEN RESERVES
These tables present the total net proved crude oil and gas reserves for Shell subsidiaries and the Shell share of equity-accounted
investments, the total net proven minable oil sands reserves for Shell subsidiaries, and then eliminates the portion of reserves that is
attributable to the equity held by those with a minority interest in our subsidiaries. The result is the total net proved crude oil and gas and
net proven minable oil sands reserves attributable to Royal Dutch Shell plc shareholders. These figures also include year-end price effects.
NET PROVED CRUDE OIL AND NATURAL GAS LIQUIDS RESERVES
FOR SHELL SUBSIDIARIES AND EQUITY-ACCOUNTED INVESTMENTS (At December 31) million barrels
66 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Europe 491 641 723 871 971
Africa [A] 584 555 762 864 1,122
Asia-Pacific 293 347 339 414 520
Middle East, Russia, CIS [B] 1,399 1,390 1,351 1,362 1,146
USA 588 672 710 841 850
Other Americas 80 158 150 127 132
Total including year-end price effects 3,435 3,763 4,035 4,479 4,741
NET PROVED NATURAL GAS RESERVES FOR SHELL SUBSIDIARIES
AND EQUITY-ACCOUNTED INVESTMENTS [C][D] (At December 31) thousand million scf
2008 2007 2006 2005 2004
Europe 15,732 16,481 16,853 17,722 18,477
Africa [A] 1,633 1,593 2,089 2,173 2,532
Asia-Pacific 7,526 7,270 7,628 8,291 9,510
Middle East, Russia, CIS [B] 14,491 11,788 10,450 4,180 3,376
USA 2,402 2,480 2,634 2,698 2,840
Other Americas 1,534 1,257 1,082 1,196 1,271
Total including year-end price effects 43,318 40,869 40,736 36,260 38,006
NET PROVEN MINABLE OIL SANDS RESERVES (At December 31) million barrels
2008 2007 2006 2005 2004
Total including year-end price effects 997 1,111 884 582 480
TOTAL NET PROVED AND PROVEN RESERVES [D][E] (At December 31) million boe
2008 2007 2006 2005 2004
Europe 3,203 3,482 3,629 3,926 4,156
Africa [A] 866 829 1,122 1,239 1,559
Asia-Pacific 1,590 1,601 1,654 1,845 2,159
Middle East, Russia, CIS [B] 3,898 3,423 3,153 2,081 1,728
USA 1,002 1,100 1,164 1,306 1,340
Other Americas 1,341 1,485 1,220 915 831
Total net proved crude oil and gas and net proven minable oil
sands reserves attributable to Royal Dutch Shell plc shareholders
including year-end price effects 11,900 11,920 11,942 11,312 11,773
Year-end price effects 19 (183) (59) (60)
[A] Excludes Egypt.
[B] Includes Caspian region, Egypt and Sakhalin.
[C] These quantities have not been adjusted to standard heat content.
[D] Does not include produced gas for own consumption or incidental flaring.
[E] For this purpose, natural gas has been converted to barrels of oil equivalent using a factor of 5,800 scf per barrel.

PROVED AND PROVEN RESERVES CHANGES
These tables present Shell subsidiaries’ estimated changes in net proved reserves of crude oil and gas during the year, their share of the
net proved reserves of equity-accounted investments during the year and in the net proven minable oil sands reserves during the year.
These figures include the portion of reserves that is attributable to the equity held by those with a minority interest in our subsidiaries.
CRUDE OIL AND NATURAL GAS LIQUIDS FOR SHELL
SUBSIDIARIES AND EQUITY-ACCOUNTED INVESTMENTS (At December 31) million barrels
2008 2007 2006 2005 2004
Revisions and reclassifications 242 164 (55) 92 (195)
Improved recovery 54 59 27 6 50
Extensions and discoveries 51 225 250 380 110
Purchases of minerals in place 4 – 89 14 –
Sales of minerals in place (65) (206) (39) (15) (95)
Total additions including year-end price effects 286 242 272 477 (130)
Production (619) (663) (711) (729) (795)
NATURAL GAS FOR SHELL SUBSIDIARIES AND
EQUITY-ACCOUNTED INVESTMENTS [A][C] (At December 31) thousand million scf
2008 2007 2006 2005 2004
Revisions and reclassifications 4,184 1,388 (156) (612) (113)
Improved recovery – 1 – 2 58
Extensions and discoveries 968 3,636 7,651 2,577 2,970
Purchases of minerals in place 448 1 115 135 9
Sales of minerals in place (19) (5,275) (29) (21) (708)
Total additions including year-end price effects 5,581 (249) 7,581 2,081 2,216
Production (3,137) (2,998) (3,055) (3,032) (3,208)
MINABLE OIL SANDS (At December 31) million barrels
2008 2007 2006 2005 2004
Revisions and reclassifications (85) 6 (19) 166 72
Extensions and discoveries – – 437 – –
Total additions including year-end price effects (85) 6 418 166 72
Production (29) (29) (30) (35) (29)
TOTAL PROVED AND PROVEN RESERVES CHANGES [B][C] (At December 31) million boe
2008 2007 2006 2005 2004
Revisions and reclassifications 878 409 (101) 153 (143)
Improved recovery 54 59 27 6 61
Extensions and discoveries 219 853 2,006 825 621
Purchases of minerals in place 81 – 109 37 2
Sales of minerals in place (68) (1,115) (44) (19) (217)
Total additions including year-end price effects 1,164 206 1,997 1,002 324
Year-end price effects 19 (183) (59) (60)
Total additions excluding year-end price effects 1,145 389 2,056 1,062 324
Production (1,189) (1,210) (1,268) (1,287) (1,377)
[A] These quantities have not been adjusted to standard heat content.
[B] For this purpose, natural gas has been converted to boe using a factor of 5,800 scf per barrel.
[C] Does not include produced gas for own consumption or incidental flaring.
Shell Financial and Operational Information 2004–2008 67

UPSTREAM
2008 PROVED AND PROVEN RESERVES CHANGES BY REGION
CRUDE OIL AND NATURAL GAS LIQUIDS FOR SHELL SUBSIDIARIES AND EQUITY-ACCOUNTED INVESTMENTS million barrels
68 Shell Financial and Operational Information 2004–2008
Middle East, Other
Europe Africa [A] Asia-Pacific Russia, CIS [B] USA Americas Total
Revisions and reclassifications (1) 107 16 164 8 (52) 242
Improved recovery – 31 – 23 – – 54
Extensions and discoveries 9 4 7 23 8 – 51
Purchases of minerals in place – – – – – 4 4
Sales of minerals in place (21) (4) (3) (36) (1) – (65)
Total additions including year-end price effects (13) 138 20 174 15 (48) 286
Production (137) (113) (75) (165) (99) (30) (619)
NATURAL GAS FOR SHELL SUBSIDIARIES AND EQUITY-ACCOUNTED INVESTMENTS [C][D] thousand million scf
Middle East, Other
Europe Africa [A] Asia-Pacific Russia, CIS [B] USA Americas Total
Revisions and reclassifications 500 113 929 2,461 179 2 4,184
Improved recovery – – – – – – –
Extensions and discoveries 110 129 213 329 135 52 968
Purchases of minerals in place – – 40 – – 408 448
Sales of minerals in place (12) – – – (7) – (19)
Total additions including year-end price effects 598 242 1,182 2,790 307 462 5,581
Production (1,347) (202) (931) (87) (385) (185) (3,137)
MINABLE OIL SANDS million barrels
Middle East, Other
Europe Africa [A] Asia-Pacific Russia, CIS [B] USA Americas Total
Revisions and reclassifications (85) (85)
Extensions and discoveries – –
Total additions including year-end price effects (85) (85)
Production (29) (29)
TOTAL PROVED AND PROVEN RESERVES CHANGES [D][E] million boe
Middle East, Other
Europe Africa [A] Asia-Pacific Russia, CIS [B] USA Americas Total
Revisions and reclassifications 85 127 176 589 38 (137) 878
Improved recovery – 31 – 23 – – 54
Extensions and discoveries 28 27 44 79 31 10 219
Purchases of minerals in place – – 7 – – 74 81
Sales of minerals in place (23) (4) (3) (36) (2) – (68)
Total additions including year-end price effects 90 181 224 655 67 (53) 1,164
Year-end price effect 19
Production (369) (148) (236) (180) (165) (91) (1,189)
Reserves replacement ratio excluding acquisitions and divestments and year-end price effects 95%
Reserves replacement ratio excluding acquisitions and divestments, including year-end price effects 97%
Reserves replacement ratio including acquisitions and divestments and year-end price effects 98%
[A] Excludes Egypt.
[B] Includes Caspian region, Egypt and Sakhalin.
[C] These quantities have not been adjusted to standard heat content.
[D] Does not include produced gas for own consumption or incidental flaring.
[E] For this purpose, natural gas has been converted to boe using a factor of 5,800 scf per barrel.

OIL, GAS AND OIL SANDS PRODUCTION
CRUDE OIL, NATURAL GAS LIQUIDS
AND OIL SANDS PRODUCTION [A] thousand b/d
2008 2007 2006 2005 2004
Europe
UK 154 183 223 250 275
Denmark 114 126 134 143 142
Norway 67 69 85 107 129
Italy 32 35 44 30 21
The Netherlands 5 6 6 7 8
Germany 3 4 4 4 5
Others – – [B] – [B] – [B] – [B]
Total Europe 375 423 496 541 580
Africa
Nigeria 266 287 293 324 349
Gabon 30 31 32 36 35
Cameroon 13 14 14 13 15
Total Africa 309 332 339 373 399
Asia-Pacific
Brunei 81 92 104 95 98
Australia 56 58 57 53 60
Malaysia 38 42 42 41 47
China 14 17 20 20 20
New Zealand 12 13 14 15 15
Others 5 5 5 4 3
Total Asia-Pacific 206 227 242 228 243
Middle East, Russia, CIS
Oman 192 191 202 214 246
Abu Dhabi 146 146 147 134 133
Russia 70 51 52 35 32
Syria 22 24 30 36 35
Egypt 9 10 11 14 10
Others 11 11 13 10 15
Total Middle East, Russia, CIS 450 433 455 443 471
USA 272 324 322 333 375
Other Americas
Canada 46 47 38 39 40
Brazil 23 22 25 26 43
Venezuela 11 9 31 14 22
Others 1 1 – [B] 1 – [B]
Total Other Americas 81 79 94 80 105
Total 1,693 1,818 1,948 1,998 2,173
Oil sands [C] 78 81 82 95 80
Grand total 1,771 1,899 2,030 2,093 2,253
million tonnes/year
Metric equivalent [D] 85 91 97 100 109
[A] Of Shell subsidiaries, plus share of equity-accounted investments, and including natural gas
liquids (share of equity-accounted investments is assumed to be equivalent to Shell interest).
In those countries where PSCs operate, the figures shown represent the entitlements of the
subsidiaries concerned under those contracts.
[B] Fewer than 500 barrels per day.
[C] Production after royalties (net).
[D] Excludes bitumen oil sands production.
NATURAL GAS PRODUCTION
AVAILABLE FOR SALE [A][B] million scf/d
2008 2007 2006 2005 [C] 2004 [C]
Europe
The Netherlands 1,741 1,518 1,525 1,562 1,667
UK 678 663 775 925 984
Germany 333 390 421 428 411
Denmark 406 369 416 410 383
Norway 492 357 325 298 260
Italy 29 34 38 25 16
Others – 19 23 11 18
Total Europe 3,679 3,350 3,523 3,659 3,739
Africa
Nigeria 552 584 455 377 375
Total Africa 552 584 455 377 375
Asia-Pacific
Malaysia 874 865 956 858 739
Brunei 550 553 574 544 554
Australia 560 542 529 525 436
New Zealand 216 230 241 234 258
China 231 106 36 – –
Others 113 109 85 89 72
Total Asia-Pacific 2,544 2,405 2,421 2,250 2,059
Middle East, Russia, CIS
Egypt 145 167 201 238 211
Pakistan 86 76 79 75 73
Syria 6 7 11 15 9
Oman – – – – 471
Total Middle East, Russia, CIS 237 250 291 328 764
USA 1,053 1,130 1,163 1,150 1,332
Other Americas
Canada 406 402 425 413 449
Brazil 33 35 41 43 48
Others 65 58 49 43 42
Total Other Americas 504 495 515 499 539
Total natural gas production 8,569 8,214 8,368 8,263 8,808
[A] By country of origin from gas produced by Shell subsidiaries and equity-accounted
investments (Shell share). In those countries where PSCs operate, the figures shown represent
the entitlements of the subsidiaries concerned under those contracts.
[B] Does not include produced gas for own consumption or incidental flaring.
[C] 2004 production for the Troll field, Norway was presented on an entitlement basis, whilst
reserves data for this field were presented on the basis of actual production. The total
difference in 2004 production between the two methodologies was approximately 45 million
standard cubic feet per day. Production data was aligned at the end of Q1 of 2005.
Shell Financial and Operational Information 2004–2008 69

UPSTREAM
TOTAL PRODUCTION [A] thousand boe/d
Europe
70 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
UK 271 297 356 410 445
The Netherlands 305 268 269 276 295
Denmark 184 190 206 214 208
Norway 152 131 141 158 174
Germany 60 71 77 78 75
Italy 37 41 51 34 24
Others – 3 4 2 3
Total Europe 1,009 1,001 1,104 1,172 1,224
Africa
Nigeria 361 388 371 389 414
Gabon 30 31 32 36 35
Cameroon 13 14 14 13 15
Total Africa 404 433 417 438 464
Asia-Pacific
Malaysia 189 191 206 189 175
Brunei 176 187 203 189 193
Australia 153 151 148 144 135
New Zealand 49 53 56 55 60
China 54 35 26 20 20
Others 24 24 20 19 15
Total Asia-Pacific 645 641 659 616 598
Middle East, Russia, CIS
Oman 192 191 201 214 327
Abu Dhabi 146 146 147 134 133
Russia 70 51 52 35 32
Egypt 34 39 46 55 46
Syria 23 25 32 39 37
Pakistan 15 13 14 13 13
Others 11 11 13 10 15
Total Middle East, Russia, CIS 491 476 505 500 603
USA 453 519 523 531 605
Other Americas
Canada 116 116 111 110 117
Brazil 29 28 32 34 51
Venezuela 11 9 31 14 22
Others 12 11 8 8 7
Total Other Americas 168 164 183 166 198
Total 3,170 3,234 3,391 3,423 3,692
Oil sands [B] 78 81 82 95 80
Grand total 3,248 3,315 3,473 3,518 3,772
million tonnes/year
Metric equivalent [C] 158 162 170 171 185
[A] 5,800 million scf of natural gas is equal to one million boe.
[B] Production after royalties (net).
[C] Excludes bitumen oil sands production.
MINED OIL SANDS PRODUCTION [A] thousand b/d
2008 2007 2006 2005 2004
AOSP (gross) 76 85 83 96 81
AOSP (net of royalties) [B] 78 81 82 95 80
[A] Volumes represent Shell share of production (60%).
[B] In 2008, net production exceeded gross production due to a refund of royalties paid in 2007.
The Alberta Government in 2008 approved the inclusion of additional eligible costs to the
project and extended the project post-payout timeframe into 2008. Accordingly, the royalty
rate for 2007 reverted back to 1% of gross revenue from 25% of net revenue resulting in a
refund of royalties previously paid at the higher rate. The royalty refund was then converted to
a barrel equivalent increasing annual production after royalties by 3,000 b/d.

GAS & POWER DATA
LNG REGASIFICATION TERMINAL CAPACITY (At December 31, 2008)
Project name Location Shell capacity rights (mtpa) Capacity right period Status Start-up date
Huelva Huelva, Spain 0.2 [A] 2001–2009 In operation 1988
Cartagena Cartagena, Spain 0.0 [A] 2002–2034 [B] In operation 1989
Barcelona Barcelona, Spain 0.9 [A] 2005–2020 In operation 1969
Hazira Gujarat, India 2.2 from 2005 In operation 2005
Altamira Altamira, Mexico 3.3 from 2006 In operation 2006
Cove Point Lusby, MD, USA 1.8 2003–2023 In operation 2003
Costa Azul Baja California, Mexico 3.8 2008–2028 In operation 2008
Elba Island [C] Elba Island, GA, USA 2.8 2006–2036 In operation 2006
Elba Expansion Elba Island, GA, USA 4.2 2010–2035 In construction 2010
[A] Capacity rights as at end 2007, which will change over capacity right period.
[B] No capacity right in 2008. Capacity starts in January 2010.
[C] Capacity leased to third party until 2010.
LNG GAS CARRIERS [A] (At December 31)
SHELL SHARE OF LNG SALES VOLUME million tonnes
2008 2007 2006 2005 2004
Australia 2.6 2.6 2.6 2.6 2.0
Brunei 1.8 1.9 1.9 1.7 1.8
Malaysia 2.3 2.3 2.1 2.0 1.9
Nigeria 4.2 4.2 3.3 2.3 2.4
Oman 2.2 2.2 2.2 2.1 2.1
Total 13.1 13.2 12.1 10.7 10.2
SHELL INTEREST, DIRECT AND INDIRECT, IN LNG
LIQUEFACTION PLANT CAPACITY (At December 31, 2008)
Shell interest, 100% capacity
Location direct and indirect (%) (mtpa) [A]
Australia North West Shelf Karratha 22 16.3
Brunei LNG Lumut 25 7.8
Malaysia LNG (Dua and Tiga) Bintulu 15 14.6 [B]
Nigeria LNG Bonny 26 21.6
Oman LNG Sur 30 7.1
Oman (Qalhat) Sur 11 3.7
[A] As reported by the joint venture partner.
[B] Our interests in Dua and Tiga plants are due to expire in 2015 and 2023 respectively.
number of ships thousand mscm
Contract 2008 2007 2006 2005 2004 2008 2007 2006 2005 2004
Owned/demise-hire (LNG) 5 6 [B] 6 6 6 657 797 797 797 797
Time-charter (LNG) [C] 4 5 4 1 1 566 849 573 145 145
Total 9 11 10 7 7 1,233 1,646 1,370 942 942
[A] Excludes LNG ships owned or chartered by LNG joint ventures.
[B] One of these ships with a capacity of 139,000 mscm was sold in 2008.
[C] Three of these ships were on flexible charter based on market demand.
CAPACITY UNDER CONSTRUCTION (At December 31, 2008)
Shell interest, 100% capacity
Location direct and indirect (%) (mtpa) [A]
Sakhalin II Train 1 and 2 Sakhalin Island 27.5 9.6
Qatargas 4 Ras Laffan 30 7.8
Australia Pluto I Karratha 31 [B] 4.3
[A] As reported by the operator.
[B] Based on 90% Woodside shareholding in the Pluto I plant.
GTL PLANTS (At December 31, 2008)
Shell interest 100% capacity
Location (%) (b/d) Status
Malaysia Bintulu 72 14,700 In operation
Pearl Train 1 Qatar 100 70,000 In construction
Pearl Train 2 Qatar 100 70,000 In construction
COAL GASIFICATION ASSETS (At December 31, 2008)
Shell interest 100% capacity
Location (%) (tonnes/day)
China Yueyang 50 2,000
Shell Financial and Operational Information 2004–2008 71

DOWNSTREAM
In this publication Downstream includes Oil Products and Chemicals.
Retail site in Houston, USA
72 Shell Financial and Operational Information 2004–2008

HIGHLIGHTS
• Refinery availability of 91% and chemical plant availability
of 94%;
• Disposal completed of two French refineries and the Berrel’Etang
refining and petrochemicals plant in France;
• Construction progress on the 325,000 b/d expansion of the
Motiva Port Arthur refinery in the USA (Shell interest 50%);
FINANCIAL AND OPERATIONAL HIGHLIGHTS
CCS earnings ($ million)
2008 2007 2006 2005 2004
Oil Products 5,155 6,951 7,027 7,532 6,592
Chemicals 156 1,682 1,095 782 1,148
Total 5,311 8,633 8,122 8,314 7,740
Estimated CCS adjustment ($ million)
Oil Products 4,709 (3,488) (98) (2,450) (1,005)
Chemicals 561 (369) 31 (209) [B]
Total 5,270 (3,857) (67) (2,659) (1,005)
Segment earnings ($ million)
Oil Products 446 10,439 7,125 9,982 7,597
Chemicals (405) 2,051 1,064 991 1,148
Total 41 12,490 8,189 10,973 8,745
Downstream net cash from operating activities [A] ($ million) 1,737 13,185 9,048 14,601 11,993
Total Oil products sales (thousand b/d) 6,568 6,625 6,485 7,057 7,600
Chemicals sales volumes (thousand tonnes) 20,327 22,555 23,137 22,826 24,160
Refinery intake (thousand b/d) 3,388 3,779 3,862 3,981 4,162
Oil products refinery availability (%) 91 91 92 92 84
Chemicals manufacturing plant availability (%) 94 93 90 93 92
Downstream capital investment ($ million) 6,014 5,275 4,334 3,443 3,691
Downstream capital employed ($ million) 54,075 65,086 50,714 42,784 44,562
Downstream employees (thousands) 64 69 73 79 86
[A] Excludes working capital movements.
[B] Chemicals are reported on CCS basis from 2005.
CCS EARNINGS [A]
$ billion
2.5
2
1.5
1
0.5
Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Oil Products
Chemicals
[A] Excluding identified items.
AVAILABILITY AND SALES VOLUMES
% volume
100
95
90
85
Refinery availability
Chemical plant availability
Oil Products sales (million b/d)
Chemical sales (million tonnes)
• Construction of the new world-scale ethylene cracker and
mono-ethylene glycol (MEG) plant in Singapore (Shell
interest 100%).
Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
7
6
5
4
Shell Financial and Operational Information 2004–2008 73

DOWNSTREAM
REFINING
Shell’s downstream business has a world-class manufacturing
organisation with interests in more than 40 refineries worldwide
and the capacity to process some four million barrels of crude oil
a day. Our portfolio is global, with around 40% of our refining
capacity in Europe and Africa, 30% in the Americas and 30%
in Asia-Pacific. Our refineries make a wide range of products
including petrol, diesel, heating oil, aviation fuel, marine fuel,
lubricants and bitumen. Our Supply and Distribution network
then delivers these products to our Retail, Lubricants and
Business to Business (B2B) businesses.
As is the case with all of Shell’s businesses, safety is our top
priority. In 2008, we continued to strengthen our safety culture
and further improved personal and process safety performance in
Manufacturing. We also have sustainable development programmes
tailored to our sites that help us act as a good neighbour.
AVERAGE REFINERY SIzE AND REFINERY COMPLEXITY
thousand b/d Nelson Index
160
120
80
40
2002
Average refinery size
Refinery complexity
Refinery portfolio
≥ 100,000 b/d
< 100,000 b/d
2005 2008
10.0
7.5
5.0
2.5
74 Shell Financial and Operational Information 2004–2008
Energy efficiency improvements at our chemicals plants and
refineries have contributed to a reduction in our greenhouse gas
emissions over time. Achieving greater efficiency and reliability
will help us deliver more profitability. Our refineries achieved
availability of 91% in 2008, with a five-year average of 90%.
A key part of our strategy is to divest non-core assets while
investing in high-growth markets, especially in the East. This
enables us to create a refining and chemicals portfolio that is
better focused on larger, integrated refining and chemicals sites,
and is more able to respond to tighter fuel specifications and
growth opportunities. We will continue to review our portfolio
against market conditions.
Shell, as part of the joint venture Motiva Enterprises (Shell interest
50%), announced in September 2007 the expansion of production
capacity at the Port Arthur Refinery in Texas by 325,000 barrels of
crude oil a day. This will create one of the largest refineries in the
world with a total capacity of some 600,000 barrels of crude oil a
day. The expanded Port Arthur refinery will be capable of handling
most grades of crude oil, even the lowest quality. The expansion
includes 725 new pumps, 19 compressors, 514 heat exchangers and
54 tanks. New technology will lower most types of emissions from
the refinery on a per-barrel basis.

SUPPLY AND
DISTRIBUTION
Supply and Distribution delivers feedstocks to Shell refineries and
chemical plants and delivers finished products to our downstream
marketing businesses and customers.
We have some 300 distribution facilities and more than 3,000
storage tanks in around 70 countries. We move products through
Europe and the USA through 9,000 km of pipeline. Our global
fleet of around 7,000 Shell-owned or contracted trucks travels over
1.7 million km every day and makes a delivery somewhere in the
world every seven seconds.
A large refinery can use up to 30 different crudes and 25 different
distillation and refining processes, and produces up to 100
different products. Refinery planning and scheduling processes
and applications have been implemented in 16 Shell refineries
and demand management processes and applications in many
supply regions. The benefits include better assessment of the value
of crude oils, maximisation of refinery margins through better
alignment of plans and schedules, and better terminal transport
planning and demand forecasting.
Distribution has also systematically reduced the cost and time
involved in deliveries. This includes the use of fuel-saving driving
techniques, making the best use of the times we have vehicles
available, larger drops and additional deliveries on what would have
been an empty journey.
LPG filling plant, Singapore
Sulphur storage facility, Bukom refinery, Singapore
BUSINESS TO BUSINESS
Shell’s Business to Business (B2B) is part of our downstream
business. It is made up of six lines of businesses selling fuels,
speciality products and services to a broad range of business
customers: Aviation, Bitumen, Commercial Fuels, LPG, Marine
and Sulphur.
Shell Aviation markets aviation fuels and lubricants, and refuels
aircraft at airports. It supplies 880 airports across some 70
countries, refuelling a plane somewhere every 12 seconds. In 2008,
Shell was awarded the Armbrust Award for the World’s Best Jet
Fuel Marketer for the second year running and for the third time
in the last four years.
Shell Marine Products provides fuels, lubricants and related
technical services to the shipping industry through a network
of more than 700 ports in more than 60 countries. It supplies
about 4,000 customers involved in a broad range of shipping
operations, including ocean-going tankers, container ships, dry
bulk commodity carriers, cruise-liners, ferries, fishing boats,
specialised offshore exploration and production vessels, dredgers
and salvage vessels.
Shell Gas (LPG) provides liquefied petroleum gas and related
services to domestic, commercial and industrial customers for
activities as diverse as transport, cooking, heating, and lighting
applications. With around 3,500 distributors and 100,000
points of sale located in 32 countries, we supply around
30 million customers.
Shell Commercial Fuels provides high-quality transport, industrial
and heating fuels and related services to more than 250,000
customers in 55 countries. Commercial Fuels markets 20% of all
Shell fuel sold in the world. Our Commercial Road Transport
business supplies road haulage and bus companies worldwide
through a global network of sites and offers payment through
Shell’s card system. At the end of 2008 more than 500,000 Shell
fuel cards were in operation.
Shell Bitumen supplies around 15,000 tonnes of bitumen
products every day to more than 1,600 customers worldwide –
the equivalent of resurfacing one km of road every three minutes.
Shell Bitumen continues to grow in key markets, mostly in
the paving solutions and airport sectors. We’re also developing
innovative products like Shell’s Warm Asphalt Mix and
Shell Floraphalte, which both can be mixed and laid at lower
temperatures to reduce energy use and CO2 emissions. In January
2008 we launched Shell’s asphalt business in China, which has one
of the fastest growing road networks in the world.
Shell Sulphur Solutions develops innovative uses for sulphur, a
natural by-product of oil and gas processing. So far these include
Shell Thiopave, a paving solution that can prolong road life;
Shell Thiocrete, a highly durable, fast-setting concrete; and Shell
Thiogro, a new family of fertilisers to enhance crop yields in
sulphur-deficient soils.
Shell Financial and Operational Information 2004–2008 75

DOWNSTREAM
RETAIL
Our branded fuel retail network is the world’s largest, with around
45,000 service stations in more than 90 countries. Every day, we
sell 350 million litres of fuel to around 10 million customers. The
2008 global customer tracker survey ranked Shell number one as
the preferred brand of service station.
Our experience in fuel development over more than 100 years
underpins our position today as a leading provider of innovative
fuels. Differentiated fuels with special formulations designed to
clean engines and improve performance are available in more
than 60 countries under the Shell V-Power brand and our Fuel
Economy formula for petrol and diesel is now available in 21
countries. Shell’s Fuel Save programme also provides driving
techniques and car care tips to help drivers get the most out of the
Shell fuel they buy.
Shell has close technical partnerships with Scuderia Ferrari, Audi
Sport and Ducati Corse. In June 2008, a race version of Shell
V-Power Diesel with GTL Fuel powered an Audi R10 TDI
to victory for the third year running in the 24 Hours Le Mans
race. Shell fuel has also helped Ferrari to achieve 150 victories
on Formula One tracks including 10 World Constructors’
Championship titles. These relationships enable our scientists and
STRONG BRAND PREFERENCE
%
20
15
10
5
Shell Competitors (Majors)
2007
2008
DIFFERENTIATED FUELS
volumes [A]
Source: Global Brand Tracker, Q4 2008.
98 99 00 01 02 03 04 05 06 07 08
[A] Average daily sales.
76 Shell Financial and Operational Information 2004–2008
Countries with
Shell retail
branded presence
engineers to develop advanced fuel processes and formulas and
transfer what we learn on the racetrack to road fuels for the benefit
of our customers.
Shell actively pursues opportunities in developing markets in
Asia, while strengthening our presence in Europe and the USA.
Our joint venture with Turcas, for example, has more than
1,200 branded Shell retail sites in Turkey. In Malaysia in 2007 we
acquired 44 ProJET-branded retail service stations and rebranded
them to Shell. In China’s Jiangsu province, our joint venture with
Sinopec manages over 400 sites, of which half are dual-branded.
Separately, we now operate over 160 fully Shell-branded sites in
Tianjin, Beijing, Guangdong, Chengdu and Chongqing. We are
the only international oil company to get a licence to set up a
network of retail stations in India, and now have 45 there. Shell
and OJSC Alliance group established a joint venture to operate a
network of around 150 Shell-branded retail sites in Ukraine. In
Russia, we have more than 60.
In 2007 we signed an agreement to rebrand 266 retail sites in
Scandinavia. In 2008 we signed an agreement to operate at least
120 co-branded retail stations throughout Switzerland with
Migrol AG.

LUBRICANTS
Lubricants is part of Shell’s downstream business and sells more
branded lubricants than any other manufacturer. It is also the
largest supplier of lubricants overall (branded and non-branded)
with 13% of the global finished lubricants market in volume terms
(source: Kline & Company, 2008).
Our lubricant products, including Shell Helix, Shell Rimula and
Pennzoil, are available in more than 120 countries and are used
in passenger cars, trucks and coaches, as well as in manufacturing,
mining, power generation, agriculture and construction. We are
the leading lubricants supplier by volume in the USA, the world’s
largest lubricants market, and the leading international lubricants
supplier in China, the world’s second largest and fastest-growing
lubricants market.
Through the Jiffy Lube® franchised service centres, Shell provides
preventative maintenance services and oil changes to some
25 million customers in North America.
We provide lubricants to Formula One team Ferrari, the Ducati
motorcycling team, Audi at Le Mans and Richard Childress
Racing, a leading player on the US NASCAR circuit. Through
these relationships we transfer learning from the Formula One pit
lane to our customers’ motor oils to help improve the performance
of ordinary cars and motorcycles.
GLOBAL LUBRICANTS MARKET SHARE
%
15
12
9
2002 2003 2004 2005 2006
Shell
ExxonMobil
BP
2007
Lube oil blending plants
Base oil manufacturing plants
We invest significantly in technology and work closely with our
customers to develop innovative and more efficient lubricants.
In 2008 we launched our most advanced heavy-duty engine oil,
Shell Rimula R6 LME, to help bus and truck operators improve
their fuel efficiency and reduce their environmental impact. In
combination with fuel economy gearbox and axle oils, Shell
Rimula R6 LME can help improve the fuel economy of heavy-duty
trucks by up to 5%.
For industrial customers we launched Shell Tellus EE in 2008 – oil
designed to increase the energy efficiency of hydraulic machinery.
Its patented additives reduce friction, so hydraulic systems can
move with less resistance and hence reduce energy loss. In customer
trials, machinery using Shell Tellus EE used up to 8% less energy
than those using conventional mineral oils.
Shell Lubricants continues to expand in the East. In 2009 we are
planning to bring on-stream our sixth lubricants blending plant
in China. This world-scale blending plant will initially have a
production capacity of 200 million litres a year, with the potential
to increase to 400 million litres, making it one of the top three
blending plants in the worldwide Shell Lubricants network.
Shell Financial and Operational Information 2004–2008 77

DOWNSTREAM
CHEMICALS
Chemicals is part of Shell’s downstream business, and produces
and sells petrochemicals to 1,600 major industrial customers
worldwide. Shell’s range of petrochemicals includes base chemicals
such as ethylene, propylene and aromatics and intermediate
chemicals such as styrene monomer, propylene oxide, solvents,
detergent alcohols and ethylene oxide. These products are used to
make everyday items such as plastics, detergents, textiles, medical
equipment and computers. We produce additives for fuel and
lubricants and catalysts for refinery and petrochemical markets. We
sold more than 20 million tonnes of bulk petrochemicals in 2008.
Our Chemicals strategy remains focused on our portfolio of
crackers and selected first-line derivatives, which supply bulk
petrochemicals to large industrial customers. We aim to strengthen
our asset base in the Americas and Europe through operational
excellence and highly targeted investments, and to achieve
profitable growth in Asia-Pacific and in the Middle East.
In Singapore we are completing a major new petrochemical facility
that creates value through improved integration of Shell’s refining
and chemicals assets. The Shell Eastern Petrochemicals Complex
(SEPC) is our largest chemicals investment to date, and will help
meet long-term demand growth in the East. We started construction
in 2006 and expect to start operations around the end of the decade.
The project includes modifications and additions to the Shell Bukom
refinery, a new world-scale 800,000 tonnes-a-year ethylene cracker,
a 750,000 tonnes-a-year MEG plant and a 155,000 tonnes-a-year
butadiene extraction plant. Using advanced OMEGA technologies
created by Shell, the new plant will improve commercial MEG yields
by up to 10%, use less water during manufacturing and virtually
eliminate all by-products.
CHEMICALS PORTFOLIO
Refinery
Base
Chemicals
Lower
olefins
Aromatics
[A] Majority through joint ventures.
78 Shell Financial and Operational Information 2004–2008
First-line derivatives Polyolefins/
polymers
Solvents/
Phenol
EO/G
SM/PO [A]
PDO
HODer
[A]
PTT
Polypropylene
Polyethylene
Also in Asia-Pacific the Nanhai joint venture petrochemicals
complex in south-east China (Shell interest 50%) is the world’s
largest Sino-foreign joint venture and produces 2.3 million tonnes
of chemicals a year for the domestic Chinese market. The use of
advanced technologies to improve the environmental performance
of operations at Nanhai earned Shell and our joint venture partner
CNOOC an award for commitment to sustainable development.
We will continue to focus on synergies between Chemicals, Oil
Products and our upstream businesses to increase the supply of the
best-available feedstock for the cracker process. Over many decades
we have developed the proprietary technology, processes and
catalysts that enable Shell to enjoy a powerful competitive edge in
our core petrochemical markets.
Shell petrochemical alcohols enable the development of more
concentrated and lower-temperature household washing
detergents. Washing laundry at colder temperatures saves energy
for the consumer. Compared to traditional powders, these more
concentrated, compact laundry detergents reduce packaging,
transport costs and shelf space, as well as the detergent used
per wash.
Shell catalysts have also steadily improved the production of
ethylene oxide, an important building block for synthetic fabric,
plastic bottles and anti-freeze. Today, up to 90% of ethylene is
converted into ethylene oxide when it is combined with oxygen
at high temperature, compared to about 80% with the earlier
generation of catalysts. More efficient ethylene oxide production
lowers CO2 emissions and saves the industry hundreds of millions
of dollars.
Chemicals plant, Nanhai, China

TRADING
Shell Trading comprises a network of autonomous companies that
belong to a global organisation. This gives us the skills to capitalise
on the trading opportunities inherent in our international asset
and market position. Our companies share knowledge and best
practice, use common systems and controls, and manage the risks
associated with international trading in a competitive environment.
Shell Trading supports the Shell businesses, in particular Oil
Products, Gas & Power and Chemicals, by trading natural gas,
electrical power, crude oil, refined products, chemical feedstocks
and environmental products. We also manage a shipping fleet of
more than 50 LNG and LPG carriers and oil tankers.
We sell crude oil to a wide range of customers within and outside
the Shell group, and are active in most of the major crude oil
markets. Our global trading network of crude buyers gives us
a 24-hour market presence. Shell trades natural gas and power
around the world. Our 50 years’ experience in the natural gas
industry makes us one of the world’s most experienced marketers.
Our supply portfolio includes the largest equity share of liquefied
natural gas (LNG) of any international company.
CRUDE OIL AND PETROLEUM PRODUCTS SUPPLY CHAIN
Upstream
Crude
logistics
Refining
and
chemicals
TRADING
Products
primary
distribution
Shell Trading companies operate around the world, with the main
trading and marketing locations including Houston, London,
Dubai, Rotterdam and Singapore. Shell Energy Europe BV
manages Shell’s gas, power and carbon dioxide trading throughout
Europe and serves more than 7,000 European customers. Shell
Energy North America (USA) markets the Shell North American
natural gas production and benefits from access to power
generation and gas storage assets. It employs more than 700 energy
professionals and serves public and private utilities, commercial and
industrial companies, energy buyers and producers.
Shell is one of the largest and most experienced energy marketers
in the world. We can identify and meet a customer’s needs quickly.
This and our high equity share of LNG gives us an unrivalled
global position amongst private energy companies.
Secondary
Terminals Customers
distribution
Shell Financial and Operational Information 2004–2008 79

DOWNSTREAM
FINANCIAL AND OPERATING DATA OIL PRODUCTS
OIL PRODUCTS REFINERY AVAILABILITY %
80 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Average worldwide 91 91 92 92 84
COST OF CRUDE OIL PROCESSED OR CONSUMED [A] $/b
2008 2007 2006 2005 2004
Total 94.05 71.83 60.46 48.24 37.22
OPERABLE CRUDE OIL DISTILLATION CAPACITY [B] thousand b/calendar day [C][G]
2008 2007 2006 2005 2004
Europe 1,601 1,815 1,823 1,822 1,835
Africa, Asia, Australia/Oceania 923 953 927 899 1,050
USA 803 835 893 893 964
Other Americas 351 350 348 350 350
Total 3,678 3,953 3,991 3,964 4,199
CRUDE OIL PROCESSED [D] thousand b/d [C]
2008 2007 2006 2005 2004
Europe 1,394 1,644 1,641 1,701 1,688
Africa, Asia, Australia/Oceania 683 765 751 802 943
USA 751 789 874 855 951
Other Americas 294 299 303 315 319
Total 3,122 3,497 3,569 3,673 3,901
Shell share of equity-accounted investments 372 392 417 455 451
REFINERY PROCESSING INTAKE [E] thousand b/d [C]
2008 2007 2006 2005 2004
Crude oil 3,123 3,496 3,617 3,722 3,946
Feedstocks 265 283 245 259 216
3,388 3,779 3,862 3,981 4,162
Europe 1,481 1,731 1,732 1,804 1,770
Africa, Asia, Australia/Oceania 729 811 808 849 962
USA 826 879 956 953 1,055
Other Americas 352 358 366 375 375
Total 3,388 3,779 3,862 3,981 4,162
REFINERY PROCESSING INTAKE mtpa
2008 2007 2006 2005 2004
Metric equivalent 167 185 189 195 204
REFINERY PROCESSING OUTTURN [F] thousand b/d [C]
2008 2007 2006 2005 2004
Gasolines 1,229 1,363 1,444 1,492 1,542
Kerosines 375 366 368 382 424
Gas/Diesel oils 1,145 1,190 1,215 1,256 1,297
Fuel oil 315 348 346 391 414
Other products 471 593 597 567 557
Total 3,535 3,860 3,970 4,088 4,234
[A] Includes upstream margin on crude supplied by Shell and equity-accounted investment exploration and production companies.
[B] Shell average operating capacity for the year and excluding mothballed capacity.
[C] One barrel per day is equivalent to approximately 50 tonnes a year, depending on the specific gravity of the crude oil.
[D] Including natural gas liquids; includes processing for others and excludes processing by others.
[E] Including crude oil and natural gas liquids plus feedstocks processed in crude oil distillation units and in secondary conversion units.
[F] Excluding “own use” and products acquired for blending purposes.
[G] Calendar day capacity is the maximum sustainable capacity minus capacity loss due to normal unit down time.

LOCATION, PERCENTAGE OF SHELL INTEREST AND CAPACITY OF REFINERIES [A]
(At December 31, 2008) thousand b/calendar day
Refinery Asset class Shell Atmospheric Thermal cracking/ Catalytic Capacity 100%
location interest (%) [B] distillation visbreaking/coking cracking hydrocracking
Europe
Czech Republic Kralupy 16 59 22
Litvinov 16 101 14 30
Denmark Fredericia 100 68 40
Germany Harburg 100 107 14 15
Heide 100 83 14 16
Miro 32 310 65 89
Schwedt 38 220 47 50
Rheinland 100 327 57 79
The Netherlands Pernis 90 404 45 47 81
Norway Mongstad 21 203 23 55
Sweden Gothenburg 100 80 31
Turkey Batman 1 20
Izmir 1 212 17 14 16
Izmit 1 208 13 21
Kirikale 1 104 13
UK Eastham 50 20
Stanlow 100 272 69
Asia-Pacific
Australia Clyde 100 79 35
Geelong 100 118 38
Japan Mizue (Toa) 18 60 22 38
Ohgimachi (Showa) 35 110
Yamaguchi 13 110 25
Yokkaichi 26 193 55
Malaysia Port Dickson 51 109 39
New Zealand Whangarei 17 98 28
Pakistan Karachi 30 43
Philippines Tabangao 67 93 30
Singapore Pulau Bukom 100 462 63 34 30
Middle East
Saudi Arabia Al Jubail 50 287 85 45
Africa
Kenya Mombasa 17 90
South Africa Durban 38 165 25 34
USA
California Martinez 100 145 45 65 37
Louisiana Convent 50 227 80 45
Norco 50 229 21 103 30
Texas Deer Park 50 312 82 63 54
Port Arthur 50 275 50 81
Washington Puget Sound 100 136 23 52
Other Americas
Argentina Buenos Aires 100 100 18 20
Canada
Alberta Scotford 100 60 62
Ontario Sarnia 100 71 5 19 8
Quebec Montreal East 100 121 15 27 14
El Salvador Acajutla 35 20
[A] Excludes mothballed capacity.
[B] Percentage rounded to nearest whole percentage point where appropriate.
Integrated refinery and chemical complex
Cogeneration capacity
Refineries with some chemical production
Shell Financial and Operational Information 2004–2008 81

DOWNSTREAM
OIL SALES AND RETAIL SITES
OIL SALES [A]
Product volumes thousand b/d
82 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Europe
Gasolines 408 501 563 569 576
Kerosines 224 205 207 223 220
Gas/Diesel oils 855 834 859 920 934
Fuel oil 193 178 153 196 179
Other products 151 168 191 185 203
Total 1,831 1,886 1,973 2,093 2,112
Africa, Asia, Australia/Oceania [B][C]
Gasolines 361 368 356 318 337
Kerosines 167 168 167 174 168
Gas/Diesel oils 456 455 450 470 511
Fuel oil 121 141 140 151 168
Other products 152 151 114 119 136
Total 1,257 1,283 1,227 1,232 1,320
USA [D]
Gasolines 801 851 845 1,068 1,372
Kerosines 175 166 168 236 258
Gas/Diesel oils 248 257 232 368 430
Fuel oil 45 39 51 107 209
Other products 133 174 175 234 247
Total 1,402 1,487 1,471 2,013 2,516
Other Americas
Gasolines 270 260 247 263 293
Kerosines 76 71 71 74 73
Gas/Diesel oils 242 242 237 251 249
Fuel oil 58 63 65 77 85
Other products 73 36 37 43 44
Total 719 672 657 708 744
Export sales [E]
Gasolines 211 198 195 186 182
Kerosines 150 146 136 104 114
Gas/Diesel oils 453 507 328 287 274
Fuel oil 325 283 338 313 208
Other products 220 163 160 121 130
Total 1,359 1,297 1,157 1,011 908
Total product sales [D]
Gasolines 2,051 2,178 2,206 2,404 2,760
Kerosines 792 756 749 811 833
Gas/Diesel oils 2,254 2,295 2,106 2,296 2,398
Fuel oil 742 704 747 844 849
Other products 729 692 677 702 760
Total 6,568 6,625 6,485 7,057 7,600
[A] Sales figures exclude deliveries to other companies under reciprocal purchase and sale
arrangements which are in the nature of exchanges. Sales of condensate and natural gas
liquids are included.
[B] Since 1966, a Shell entity has a 25% interest in Pars Oil Company, a joint venture that
blends and markets lubricants. Pars Oil Company owns 51% in Pars and Shell Company
(PASH), which markets and distributes Shell branded lubricants in Iran. A Shell entity also
has a 49% interest in PASH.
[C] Shell operates in Sudan through The Shell Company of the Sudan Limited (Shell Sudan),
which is an indirect wholly owned subsidiary of Royal Dutch Shell. Shell Sudan’s activities
consist of the sale of fuels and lubricants to retail and commercial customers. Shell Sudan also
sold aviation fuels prior to the disposition of this activity in 2005. Shell does not hold any oil
or gas reserves in Sudan. As of December 2008 Shell no longer has operations in Sudan.
[D] Certain contracts are held for trading purposes and reported net rather than gross with
effect from Q3 2005. The effect in 2008 is a reduction in oil product sales of approximately
698,000 b/d, 844,000 b/d in 2007 and 844,000 b/d in 2006.
[E] Export sales as a percentage of total oil sales amount to 20.7% in 2008, 19.6% in 2007,
17.8% in 2006, 14.3% in 2005 and 11.9% in 2004.
OIL SALES [A]
By geographical area thousand b/d
2008 2007 2006 2005 2004
Europe
Germany 696 667 732 771 772
UK and Republic of Ireland 286 250 252 323 311
France 150 266 280 268 275
The Netherlands 185 187 183 199 191
Others 514 516 526 532 563
Total 1,831 1,886 1,973 2,093 2,112
Africa, Asia, Australia/Oceania
Australia 235 242 221 222 215
Others 1,022 1,041 1,006 1,010 1,105
Total 1,257 1,283 1,227 1,232 1,320
USA 1,402 1,487 1,471 2,013 2,516
Other Americas
Canada 317 288 288 300 287
Brazil 218 197 180 179 170
Others 184 187 189 229 287
Total 719 672 657 708 744
Export sales 1,359 1,297 1,157 1,011 908
Total oil products 6,568 6,625 6,485 7,057 7,600
[A] Certain contracts are held for trading purposes and reported net rather than gross. The
effect in 2008 is a reduction in oil product sales of approximately 698,000 b/d, 805,000 b/d
in 2007 and 844,000 b/d in 2006.
SALES BY PRODUCT AS PERCENTAGE
OF TOTAL PRODUCT SALES %
2008 2007 2006 2005 2004
Gasolines 31.2 32.9 34.0 34.1 36.3
Kerosines 12.1 11.4 11.6 11.5 10.9
Gas/Diesel oils 34.3 34.7 32.5 32.5 31.6
Fuel oil 11.3 10.6 11.5 12.0 11.2
Other products 11.1 10.4 10.4 9.9 10.0
Total 100.0 100.0 100.0 100.0 100.0
BRANDED RETAIL SITES number of sites at year-end
2008 2007 2006 2005 2004
Europe 11,605 11,575 11,455 11,180 10,625
Middle East, Asia-Pacific 10,115 10,040 10,075 9,970 10,425
Africa 2,385 2,430 2,450 2,415 2,510
USA 14,300 14,370 14,080 15,400 16,185
Other Americas 6,200 6,745 6,665 6,800 7,180
Total 44,605 45,160 44,725 45,765 46,925

REVENUE AND SHIPPING
REVENUE $ million
2008 2007 2006 2005 2004
By product
Gasolines 86,125 75,387 65,910 62,189 55,594
Kerosines 37,961 26,060 23,485 21,775 16,308
Gas/Diesel oils 108,905 80,458 68,899 63,357 48,304
Fuel oil 20,800 14,972 13,948 13,218 9,688
Other products 29,115 23,160 20,182 17,505 15,279
Total 282,906 220,037 192,424 178,044 145,173
By geographical area [A]
Europe 85,417 65,697 60,755 55,968 44,010
Africa, Asia, Australia/Oceania 56,576 43,986 37,869 31,705 25,725
USA 57,981 49,598 44,370 49,574 46,500
Other Americas 30,990 23,679 21,465 19,957 15,116
Export sales [A] 51,942 37,077 27,965 20,840 13,822
Total 282,906 220,037 192,424 178,044 145,173
[A] By country of destination, except where the ultimate destination is not known at the time of
sale, in which case the sales are shown as export sales.
OIL TANKERS [A] (At December 31)
AVERAGE PRODUCT REVENUE $/b
2008 2007 2006 2005 2004
By product
Gasolines 114.68 94.81 81.85 70.88 55.03
Kerosines 130.90 94.44 85.97 73.52 53.52
Gas/Diesel oils 132.01 96.04 89.61 75.61 55.04
Fuel oil 76.47 58.29 51.20 42.91 31.17
Other products 109.04 91.51 81.64 68.29 54.95
Total oil products 117.68 90.97 81.30 69.12 52.19
By geographical area
Europe 127.49 95.42 84.36 73.21 56.93
Africa, Asia, Australia/Oceania 122.99 93.91 84.55 70.52 53.30
USA 113.02 91.35 82.65 67.48 50.48
Other Americas 117.83 96.60 89.47 77.28 55.51
Export sales 104.30 78.25 66.25 56.48 41.57
Total oil products 117.68 90.97 81.30 69.12 52.19
number of ships million deadweight tonnes
2008 2007 2006 2005 2004 2008 2007 2006 2005 2004
Owned/demise-hired
VLCCs (very large crude carriers ≥ 160,000 dwt) – – – 4 5 – – – 1.2 1.5
Large range (45,000 – 160,000 dwt) 7 8 11 13 11 0.6 0.7 0.9 0.8 0.7
Medium range (25,000 – 45,000 dwt) 5 5 5 5 5 0.2 0.2 0.2 0.2 0.2
General purpose (10,000 – 25,000 dwt)/Specialist 4 4 5 5 2 0.1 0.1 0.1 0.1 0.1
Total 16 17 21 27 23 0.9 1.0 1.2 2.3 2.5
Time-chartered [B][C]
VLCCs (very large crude carriers ≥ 160,000 dwt) [D] 8 7 7 1 1 2.4 2.1 2.1 0.3 0.3
Large range (45,000 – 160,000 dwt) 32 31 22 18 19 2.5 2.6 1.9 1.6 1.7
Medium range (25,000 – 45,000 dwt) 13 14 14 14 8 0.5 0.5 0.5 0.5 0.3
General purpose (10,000 – 25,000 dwt)/Specialist 26 25 24 13 12 0.4 0.4 0.4 0.3 0.2
Total 79 77 67 46 40 5.8 5.6 4.9 2.7 2.5
Total oil tankers 95 94 88 73 63 6.7 6.6 6.1 5.0 5.0
Owned/demise-hired under construction or on order – 1 1 1 3 – 0.1 – 0.1 0.3
LPG GAS CARRIERS [A][E] (At December 31)
number of ships thousand cubic metres
2008 2007 2006 2005 2004 2008 2007 2006 2005 2004
Owned/demise-hired (LPG) – – – – 1 – – – – 60
Time-chartered (LPG) 5 3 2 2 2 399 212 166 136 136
Total gas carriers 5 3 2 2 3 399 212 166 136 196
[A] Oil tankers, ocean going articulated tug barges and gas carriers of 10,000 dwt and above which are owned/chartered by subsidiaries where the equity shareholding is at least 50%.
[B] Time-chartered oil tankers include consecutive voyage charters.
[C] Contracts of affreightment are not included.
[D] Four of the time-chartered VLCCs are directly manned and managed by subsidiaries.
[E] LNG shipping is covered under Gas & Power data on page 71.
Shell Financial and Operational Information 2004–2008 83

DOWNSTREAM
FINANCIAL AND OPERATING DATA CHEMICALS
CHEMICALS MANUFACTURING PLANT AVAILABILITY %
84 Shell Financial and Operational Information 2004–2008
2008 2007 2006 2005 2004
Average worldwide 94 93 90 93 92
SALES VOLUMES BY MAIN PRODUCT CATEGORY [A] thousand tonnes
2008 2007 2006 2005 2004
Base chemicals 11,573 12,968 14,146 13,710 14,184
First-line derivatives 8,746 9,577 8,964 8,891 9,499
Other 8 10 27 225 477
Total 20,327 22,555 23,137 22,826 24,160
SALES VOLUMES BY REGION [A] thousand tonnes
2008 2007 2006 2005 2004
Europe 8,472 8,908 9,361 10,018 10,159
Africa, Asia, Australia/Oceania 4,924 5,466 5,673 5,252 5,526
USA 6,362 7,469 7,464 6,893 7,819
Other Americas 569 712 639 663 656
Total 20,327 22,555 23,137 22,826 24,160
REVENUE BY GEOGRAPHICAL AREA [B] $ million
2008 2007 2006 2005 2004
Europe 11,494 10,492 9,642 8,981 7,873
Africa, Asia, Australia/Oceania 5,711 5,979 5,538 4,640 4,530
USA 8,243 7,948 7,669 6,564 6,159
Other Americas 877 919 758 735 616
Total chemical products revenue 26,325 25,338 23,607 20,920 19,178
Non-chemical products 4,476 4,648 4,124 2,998 2,311
Total 30,801 29,986 27,731 23,918 21,489
ETHYLENE CAPACITY [C][D]
2008 2007 2006 2005 2004
Nominal capacity (thousand tonnes/year) 5,827 6,216 6,178 6,414 6,701
Utilisation 87% 90% 86% 86% 87%
[A] Excluding volumes sold by equity-accounted investments, chemical feedstock trading and by-products.
[B] Excluding revenue from equity-accounted investments, chemical feedstock trading and intersegment revenue.
[C] Shell and equity-accounted investments.
[D] Data includes our share of capacity entitlement (offtake rights) that may be different from nominal equity interest. With effect from 2008 we have excluded from our ethylene capacity, certain
US units which have been taken offline for a long-term or indefinite period.
CHEMICAL PRODUCTS AND THEIR MAJOR APPLICATIONS
Product group Some typical end uses
Base chemicals: ethylene, propylene and aromatics Feedstock for petrochemical derivatives typically used for: polyethylene film for packaging, carrier bags,
polypropylene for moulded plastic buckets, food containers, polyvinyl chloride (PVC) for drainpipes
Ethylene oxide/glycols (EO/G) Brake fluids, polyethylene terephthalate (PET) plastics, polyester, packaging, antifreeze
Higher olefins and derivatives (HODer) Sunscreen, shower gel, automobile interiors, wire insulation, detergents
Propane diol/polytrimethylene terephthalate (PDO/PTT) Carpets, textiles, engineering thermoplastics, fibres
Styrene monomer/propylene oxide (SM/PO) Waterproof leisure wear, artificial sports tracks, foam mattresses, CD cases, insulation
Solvents/phenol Pharmaceuticals, perfumes, paints, kitchen and bathroom cleaners

MANUFACTURING LOCATIONS
LOCATION AND SHELL SHARE PRODUCTION CAPACITY OF MANUFACTURING PLANTS [A]
(At December 31, 2008) thousand tpa
Location Plant Ethylene Styrene monomer Ethylene Glycols Heavy Olefins Additional Products
Europe The Netherlands Moerdijk 900 750 170 A, I
UK Stanlow 330 A, I, O
Mossmorran 410
Germany Rheinland 470 A
Heide 100 A
USA Louisiana Geismar 375 920 A, I
Norco 1,452 A
Texas Deer Park 1,179 A, I
Other Americas Canada Scotford 450 450 A, I
Middle East Saudi Arabia Al Jubail 366 400 A, O
Asia-Pacific Singapore Jurong Island 550 660 91 A, I, O, P
Japan Yamaguchi 11 A
China Nanhai 400 275 160 A, I, P
Total 5,827 2,535 1,246 1,261
[A] Includes joint-venture plants, with the exception of the Infineum additives joint ventures.
OTHER LOCATIONS
Location Plant Products
Europe UK Wilton I
Germany Harburg I
Schwedt A
Karlsruhe A
The Netherlands Pernis A, I, O
USA Washington Puget Sound O
Alabama Mobile A
Texas Port Arthur A
California Martinez O
Other Americas Argentina Buenos Aires I
Canada Montreal I
Sarnia A, I
Asia-Pacific Australia Geelong A, I
Japan Kawasaki A, I
Yokkaichi A
Malaysia Bintulu I
Port Dickson A
Philippines Tabangao I
Singapore Pulau Bukom A, I
New Zealand Gracefield I
Africa South Africa Durban I, O
A Aromatics/Lower Olefins
I Intermediates
P Polyethylene, Polypropylene
O Other
Shell Financial and Operational Information 2004–2008 85

ALTERNATIVE ENERGY
Ethanol storage tank at the Motiva Sewaren terminal, USA
86 Shell Financial and Operational Information 2004–2008

BIOFUELS
Shell is one of the world’s largest distributors of first-generation
transport biofuels, selling over six billion litres in 2008 and
spending several billion dollars purchasing biofuels to blend with
Shell fuels. We are an active participant in developing strong
industry standards – with groups such as the Roundtable for
Sustainable Biofuels.
Biofuels for transport are usually made from biomass. The most
widespread sources of this are sugar cane, corn or wheat that
produce ethanol. A second type, known as fatty acid methyl ester,
is made from rapeseed, palm oil or soya beans. Standard vehicle
engines can only use fuel with a blend of about 5-10% ethanol or
FAME. The organic raw material used for biofuels has recently
absorbed CO2. Some next-generation biofuels can reduce life-cycle
CO2 emissions by up to 90% compared to fossil fuels.
One constraint of first-generation biofuels is that they can
compete with food crops for available land. In the long-term,
new feedstocks, processes and fuels will need to be developed to
satisfy increasing demand. Our biofuels research and technology
specialists work in centres in India, the Netherlands, the UK and
the USA. We have partnerships with private technology firms and
research agreements with leading academic institutions.
In 2002, Shell invested in Iogen Corporation in Canada, and we
increased our stake in the company to 50% in 2008. Together
we are developing the technology to produce cellulose ethanol
from straw using enzymes. This next-generation biofuel can be
used as a blend in today’s vehicles. The world’s first commercial
demonstration plant opened in Ottawa in 2004 and we are
assessing the feasibility of a full-scale commercial plant.
CODEXIS
Cooperation
agreement
on enzyme
technology
CELLANA
JV with HR
Biopetroleum
on marine
algae
First generation distribution
Technology partnerships
Next generation pilot
Next generation feedstock
IOGEN
Cellulosic
ethanol from
wheat straw
VIRENT
Cooperation
agreement
on catalyst
technology
Since 2005, Shell has been working with CHOREN Industries
in Germany to create liquid transport fuel from woodchips.
CHOREN gasifies the biomass, using the Shell Middle Distillates
Synthesis process. This biofuel can be blended with diesel and used
in unmodified diesel engines, offering substantially reduced local
emissions. The world’s first commercial demonstration plant using
this process is scheduled to open in Freiberg in 2009.
Since 2007, Shell has partnered with US company Codexis to
develop new super enzymes to convert biomass to fuel. Research
will focus on adapting enzymes to improve the conversion of a
range of raw materials into high-performance fuels. It will help
Shell in our exploration of a number of non-food bio materials,
new conversion processes and alternative fuel products.
Also in 2007, Shell formed joint venture company Cellana,
which operates a pilot facility in Hawaii to grow marine algae and
produce vegetable oil for conversion into biodiesel. Algae hold
great promise because they grow very rapidly, are rich in vegetable
oil and can be cultivated in ponds of seawater, minimising the use
of fertile land and fresh water.
Since March 2008, Shell has partnered with Virent Energy Systems
in the USA on a research project to convert plant sugars directly
into petrol and diesel, rather than ethanol. The collaboration could
herald the availability in the future of biofuels that can be blended
in higher proportions in standard petrol engines.
CHOREN INDUSTRIES
High quality
synthetic biofuel (BLT)
from wood residue
RESEARCH AGREEMENTS FIRST GENERATION BIOFUELS
• Research teams in
UK, USA, Netherlands
and India
• Agreements with
academic institutions
in Brazil, China, USA
and UK
• Purchase, store, blend,
trade and distribute biofuels
• World’s largest distributor:
6 billion litres in 2008
• Building capacity
Shell Financial and Operational Information 2004–2008 87

ALTERNATIVE ENERGY
WIND
Shell is involved in 11 wind projects in Europe and North America
with a total capacity of around 1,100 MW (Shell share
550 MW). Almost 900 MW of the total current capacity are in
the USA.
The 264 MW Mount Storm wind project in the USA began
operations in 2008. During its first two years of operation
(2007–2008) the 108 MW Egmond aan Zee offshore windfarm
off the coast of the Netherlands (Shell interest 50%) delivered
enough power for about 100,000 households.
INSTALLED CAPACITY
MW, Shell share
600
500
400
300
200
100
2005
USA
Other
2006 2007 2008
Mount Storm wind project, USA
88 Shell Financial and Operational Information 2004–2008

COnTaCT
InfORmaTIOn
REGISTERED OffICE
Royal Dutch Shell plc
Shell Centre
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Shell Nominee Statement.
ABOUT THIS PUBLICATION This publication contains
forward-looking statements concerning the financial condition,
results of operations and businesses of Royal Dutch Shell. All
statements other than statements of historical fact are, or may
be deemed to be, forward-looking statements. Forward-looking
statements are statements of future expectations that are based
on management’s current expectations and assumptions and
involve known and unknown risks and uncertainties that
could cause actual results, performance or events to differ
materially from those expressed or implied in these statements.
Forward-looking statements include, among other things,
statements concerning the potential exposure of Shell to market
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forward-looking statements are identified by their use of terms
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are a number of factors that could affect the future operations
of Shell and could cause those results to differ materially from
those expressed in the forward-looking statements included
in this Report, including (without limitation): (a) price
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for Shell’s products; (c) currency fluctuations; (d) drilling and
production results; (e) reserve estimates; (f) loss of market share
and industry competition; (g) environmental and physical
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and financial market conditions in various countries and
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delays in the reimbursement for shared costs; and (m) changes
in trading conditions. All forward-looking statements contained
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in this publication are expressly qualified in their entirety by the
cautionary statements contained or referred to in this section.
Readers should not place undue reliance on forward-looking
statements. Additional factors that may affect future results
are contained in Royal Dutch Shell’s 20-F for the year ended
December 31, 2008 (available at www.shell.com/investor and
www.sec.gov). These factors also should be considered by the
reader. Each forward-looking statement speaks only as of the
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Shell nor any of its subsidiaries undertake any obligation to
publicly update or revise any forward-looking statement as a
result of new information, future events or other information.
In light of these risks, results could differ materially from those
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Please refer to the Annual Report and Form 20-F for the year
ended 31 December 2008 for a description of certain important
factors, risks and uncertainties that may affect the businesses of
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This publication has not been subject to audit.
The United States Securities and Exchange Commission
(SEC) permits oil and gas companies, in their filings with
the SEC, to disclose only proved reserves that a company has
demonstrated by actual production or conclusive formation
tests to be economically and legally producible under existing
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this publication that SEC’s guidelines strictly prohibit us from
including in filings with the SE C. U.S. Investors are urged to
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The companies in which Royal Dutch Shell plc directly and
indirectly owns investments are separate entities. In this
publication “Shell” and “Royal Dutch Shell” are sometimes
used for convenience where references are made to Royal Dutch
Shell and its subsidiaries in general. Likewise, the words “we”,
“us” and “our” are also used to refer to subsidiaries in general
or to those who work for them. These expressions are also used
where no useful purpose is served by identifying the particular
company or companies. “Subsidiaries”, “Shell subsidiaries” and
“Shell companies” as used in this Report refer to companies
over which Royal Dutch Shell, either directly or indirectly,
has control through a majority of the voting rights or the right
RETaIL SHaREHOLDERS
For shareholder information,
visit www.shell.com/shareholder
Enquiries from retail shareholders
may be addressed to:
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to exercise control or to obtain the majority of the benefits
and be exposed to the majority of the risks. The Consolidated
Financial Statements consolidate the financial statements of the
Parent Company and all subsidiaries. The companies in which
Shell has significant influence but not control are referred to as
“associated companies” or “associates” and companies in which
Shell has joint control are referred to as “jointly controlled
entities”. Joint ventures are comprised of jointly controlled
entities and jointly controlled assets. In this publication,
associates and jointly controlled entities are also referred to as
“equity-accounted investments”.
The term “Shell interest” is used for convenience to indicate
the direct and/or indirect (for example, through our 34%
shareholding in Woodside Petroleum Ltd.) ownership interest
held by Shell in a venture, partnership or company, after
exclusion of all third-party interests.
The term “reserves” in this publication means SEC proved oil
and gas reserves and SEC proven mining reserves.
The term “resources” in this publication includes quantities of
oil and gas not yet classified as SEC proved oil and gas reserves
or SEC proven mining reserves. Resources are consistent with
the Society of Petroleum Engineers 2P and 2C definitions and
includes Oil Sands.
The Financial Statements contained in this publication
have been prepared in accordance with the provisions of the
Companies Act 1985, Article 4 of the International Accounting
Standards (IAS) Regulation and with both International
Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB) and IFRS
as adopted by the European Union. IFRS as defined above
includes International Financial Reporting Interpretations
Committee (IFRIC) interpretations.
To facilitate a better understanding of underlying business
performance, the financial results are also presented on an
estimated current cost of supplies (CCS) basis as applied for
the Oil Products and Chemicals segment earnings. Earnings
on an estimated current cost of supplies basis provides useful
information concerning the effect of changes in the cost of
supplies on Royal Dutch Shell’s results of operations and is
a measure to manage the performance of the Oil Products
and Chemicals segments but is not a measure of financial
performance under IFRS.
InVESTOR RELaTIOnS
For investor relations information,
visit www.shell.com/investor
Enquiries from institutional
shareholders may be directed to:
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Royal Dutch Shell plc
PO Box 162
2501 AN The Hague
The Netherlands
Tel +31 (0)70 377 4540
Tel +44 (0)20 7934 3856
E-mail ir-europe@shell.com
or
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New York, NY 10111
USA
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Except as otherwise noted, the figures shown in this Report are
stated in US dollars. As used herein all references to “dollars” or
“$” are to the US currency.
Internal segment reporting is on a global basis. For the
main segments an analysis of certain data is provided in this
publication between the USA and the world outside the USA.
Assets and liabilities of non-US dollar subsidiaries are translated
to US dollars at year-end rates of exchange, whilst their
statements of income and cash flows are translated at quarterly
average rates. Translation differences arising on consolidation
are taken directly to a currency translation differences account
within equity. Upon divestment or liquidation of an entity,
cumulative currency translation differences related to that entity
are taken to income.
The maps in this publication are intended only to give
an impression of the magnitude of Shell’s Exploration &
Production and Oil Sands activities in certain parts of the world.
The maps are not comprehensive and show primarily major
projects and assets mentioned in this publication. The maps
must not be considered authoritative, particularly in respect of
delimitation of national, concession or other boundaries, nor
in respect of the representation of pipeline routes and landfalls,
field sizes or positions. The maps mainly describe the situation
as at December 31, 2008.
This publication contains references to Shell’s website.
These references are for the reader’s convenience only. Shell
is not incorporating by reference any information posted on
www.shell.com.
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Shell Financial and Operational Information 2004–2008 89

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