Vision Still of two LNG vessels at sea. Screen splits into three, with main image occupying the right half, and the left half showing LNG vessel in dock and refinery next to a coastline. Ben van Beurden to camera “And meanwhile we are operating the company at an underlying cost level that is $10 billion lower than Shell and BG combined only 24 months ago. Caption displays Text: $10 billion lower than Shell and BG 24 months ago Ben van Beurden to camera “Excluding identified items, Shell's earnings… …on a current cost of supplies basis were $7 billion for the full year 2016… Caption displays Text: Full year 2016 CCS earning excluding identified items $7 billion “…so some 37% lower than 2015. Caption displays Text: 37 lower than the full year 2015 “And for the fourth quarter 2016, these earnings were $1.8 billion, an increase of 14% over the same quarter last year.” Ben van Beurden voice over “Earnings were impacted by charges of around $0.5 billion related to deferred tax reassessments which were not included as identified items.” Vision Still image of three refinery tanks with LNG vessel alongside. Screen splits horizontally, with the main picture in the top half, and three pictures across the bottom: a refinery’s pipework and chimneys; a lorry with a large logo of a bird in flight parked at a Shell filing station; and an illuminated LNG vessel at night. Ben van Beurden to camera “Gearing at the end of 2016 was 28% versus 14% at the end of 2015, this increase mainly of course reflects the impact of the acquisition of BG, but it reduced from the third quarter, in line with our financial priorities. We are on track to complete our overall $30 billion divestment programme…
Vision Still of two LNG vessels at sea. Screen splits into three, with main image occupying the right half, and the left half showing LNG vessel in dock and refinery next to a coastline. Ben van Beurden to camera “And meanwhile we are operating the company at an underlying cost level that is $10 billion lower than Shell and BG combined only 24 months ago. Caption displays Text: $10 billion lower than Shell and BG 24 months ago Ben van Beurden to camera “Excluding identified items, Shell's earnings… …on a current cost of supplies basis were $7 billion for the full year 2016… Caption displays Text: Full year 2016 CCS earning excluding identified items $7 billion “…so some 37% lower than 2015. Caption displays Text: 37 lower than the full year 2015 “And for the fourth quarter 2016, these earnings were $1.8 billion, an increase of 14% over the same quarter last year.” Ben van Beurden voice over “Earnings were impacted by charges of around $0.5 billion related to deferred tax reassessments which were not included as identified items.” Vision Still image of three refinery tanks with LNG vessel alongside. Screen splits horizontally, with the main picture in the top half, and three pictures across the bottom: a refinery’s pipework and chimneys; a lorry with a large logo of a bird in flight parked at a Shell filing station; and an illuminated LNG vessel at night. Ben van Beurden to camera “Gearing at the end of 2016 was 28% versus 14% at the end of 2015, this increase mainly of course reflects the impact of the acquisition of BG, but it reduced from the third quarter, in line with our financial priorities. We are on track to complete our overall $30 billion divestment programme…