Shell first quarter 2021 update note - Seite 3
Full-year price and margin sensitivities
The Adjusted Earnings and CFFO price and margin sensitivities are indicative and in relation to the full-year results. These exclude the short-term impacts from working capital movements, cost-of-sales adjustments and derivatives. Sensitivity accuracy is subject to trading and optimisation performance, including short-term opportunities, depending on market conditions.
$ million | Adjusted Earnings | CFFO |
Integrated Gas | ||
+$10/bbl Brent | 1,100 | 1,200 |
+$10/bbl Japan Customs-cleared Crude - 3 months | 1,100 | 1,200 |
Upstream | ||
+$10/bbl Brent | 3,000 | 4,000 |
+$1/mmbtu Henry Hub | 350 | 450 |
+$1/mmbtu EU TTF | 150 | 200 |
Refining | ||
+$1/bbl indicative refining margin | 500 | — |
Indicative refining margin
The indicative margin is an approximation of Shell’s global net realised refining margin, calculated using price and margin markers from third parties’ databases. It is based on an approximation of Shell’s crude intake and production from refinery units. The actual margins realised by Shell may vary due to factors including specific local market effects, refinery configuration, crude diet, operating decisions and production.
Q1 2021: $2.65/bbl
Q4 2020: $1.59/bbl
Q3 2020: $0.84/bbl
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The formula provided will be reviewed and updated annually, reflecting any changes in our refining portfolio.
Calculation formula ($/bbl) - note that brackets indicate a negative sign
Brent*(25%) + MSW*(11%) + LLS*(24.5%) + Dubai*(24.5%) + Urals CIF EU*(13%) + NWE Naphtha (RDAM FOB Barge)*8% + NWE Mogas premium unleaded*12.50% + NWE Kero*11.50% + NWE AGO*24.5% + NWE Benzene*1% + Sing Fueloil 380 cst*6.50% + Edmonton ULG Reg*3.50% + Edmonton ULSD*3.50% + USGC Normal Butane*1.50% + USGC LS No 2 Gasoil*7% + USGC Natural Gas*(2%) + USGC CBOB*15% + RINS*(20.50%) + NWE Propylene Platts*0.50% – $1.7/bbl