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Royal Dutch Shell PLC B RDSB

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Morningstar’s Analysis

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1-Star Price

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5-Star Price

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Economic Moat

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Capital Allocation

PREMIUM

Shell to Shift Tax Residence to U.K., Scrap Dual Share Structure; No Valuation Impact 

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Royal Dutch Shell has proposed to simplify its share structure by eliminating its A and B class shares and establishing a single line of shares. It also plans to shift its tax residence and country of incorporation from the Netherlands to the United Kingdom. Authorization of its restructuring plans will require at least 75% shareholder approval. If the resolution passes, Shell will be fully incorporated in the U.K. and move its headquarters there along with its CEO and CFO. As a result, the company is likely to drop “Royal Dutch” from its name and be known simply as Shell.  

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Company Profile

Business Description

Royal Dutch Shell is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2020, it produced 1.8 million barrels of liquids and 9.2 billion cubic feet of natural gas per day. At year-end 2019, reserves stood at 9.0 billion barrels of oil equivalent, 52% of which consisted of liquids. Its production and reserves are in Europe, Asia, Oceania, Africa, and North and South America. The company operates refineries with capacity of 2.8 mmb/d located in the Americas, Asia, Africa, and Europe and sells 15 mtpa of chemicals. Its largest chemical plants, often integrated with its local refineries, are in Central Europe, China, Singapore, and North America.

Contact
Carel van Bylandtlaan 30
The Hague, 2596 HR, Netherlands
T +31 703779111
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 87,000