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NetJets Invests in WasteFuel, Commits to Purchase 100 Million Gallons of Sustainable Aviation Fuel Over the Next Decade

The World’s Largest Private Jet Company Buys a Stake in the Production of SAF

COLUMBUS, OH, Feb. 04, 2021 (GLOBE NEWSWIRE) — NetJets today announces it has made a significant investment in WasteFuel, a next generation waste to fuel company that aims to transform landfill waste into sustainable aviation fuel (SAF), making it the first private aviation company to buy a stake in the production of sustainable aviation fuel. NetJets will also purchase a minimum of 100 million gallons of WasteFuel’s SAF over the next ten years.

NetJets and WasteFuel are in the early phases of developing a plant in Manila, Philippines, slated to be operational in 2025, in partnership with leading infrastructure developer Prime Infra. The fuel is anticipated to be imported into Los Angeles and distributed across the NetJets operations network.

“As the leader in private aviation, NetJets is deeply invested in advancing sustainability across the industry. After launching our expanded Global Sustainability Program last year, the opportunity to invest in the production of SAF with WasteFuel was a natural next step,” said Brad Ferrell, Executive Vice President of Administrative Services. “The biorefinery tackles the dual environmental problems of the global waste crisis and sustainable fuel; and we’re excited to take this step toward improving accessibility to SAF in the aviation industry.”

At full capacity, the biorefinery will convert 1 million tons of municipal waste into 30 million gallons of SAF annually. Utilizing the most effective technologies available, WasteFuel will produce fuels that burn at least an 80 percent reduction in carbon compared to fossil-fuel based aviation fuels. WasteFuel’s SAF has a Carbon Intensity (C.I.)  of 0 compared to an average C.I. of 41 for alternative SAFs and a baseline of 89.4 for non-renewable aviation fuel.

Globally, landfills are the third largest source of methane produced by human activity, accounting for approximately 11 percent of estimated global methane emissions. Methane is a potent greenhouse gas—about 28 times more powerful than carbon dioxide at warming the Earth, on a 100-year timescale, and more than 80 times more powerful over 20 years.

“Our waste can be our fuel,” said Trevor Neilson, Chairman and CEO of WasteFuel. “Our partnership with NetJets and Prime Infra marks the beginning of a bold new era in travel — the beginning of the hard work of making aviation truly sustainable.”

Prime Infra’s core investment strategy focuses on infrastructure that is socially relevant and sustainable, working hand in hand with host communities. “Solid waste management remains a major problem in the Philippines, especially in urban areas like Metro Manila, which generates around 10,000 tons of garbage per day. A biorefinery that will convert solid waste into SAF will make a big impact in reducing solid waste and ensuing environmental and health hazards, landfill emissions, and fossil fuel use. An added bonus, it will create jobs for the local community,” said Guillaume Lucci, President, Prime Infra.

Other investors in WasteFuel include i(x) investments, Guy Oseary and Prime Infra. For investment opportunities, contact investorrelations@wastefuel.com.

Looking beyond Manila, NetJets and WasteFuel also have plans to develop four more biorefineries in the coming years. This partnership comes on the tails of the launch of NetJets’ expanded Global Sustainability Program in October 2020, which prioritized a commitment to sustainable fuel, corporate responsibility and consumer participation. To follow NetJets’ sustainability progress, visit https://www.netjets.com/en-us/sustainability.

About NetJets

NetJets Inc., a Berkshire Hathaway company, is the worldwide leader in private aviation. More than 50 years ago, we launched the world’s first private jet charter and management company. We went on to pioneer shared aircraft ownership—offering the advantages of owning a private jet, without the responsibilities. Today, we continue to innovate from cockpit and cabin to safety and accessibility. As the owner and operator of the world’s largest and most diverse private jet fleet, NetJets hires only the most experienced and accomplished pilots and safety is our first and highest priority. Our full range of aviation options help individuals and businesses do more and miss less via the NetJets®, Executive Jet Management®, and Marquis Jet Card® service brands in North America and Europe. For more information about the world’s most reliable and trusted aviation company, visit netjets.com.

About WasteFuel

WasteFuel is a next-generation waste to fuels company that uses proven technology to address the climate emergency and revolutionize mobility. With an initial focus on air travel, WasteFuel uses proven technology that converts municipal waste into aviation grade biofuel that burns at an 80% reduction in carbon to fossil fuel-based aviation fuel. For more information visit: www.wastefuel.com.

About Prime Infra

Prime Infra, the core infrastructure arm of Filipino Billionaire Enrique K. Razon Jr., is involved in the business of developing, designing, managing and operating key infrastructure assets that enable the delivery of essential services to communities in emerging markets worldwide. Currently, our infrastructure assets include both Renewable and Sustainable Energy, Water, and Construction, but will soon expand to other industries, further diversifying our portfolio and improving our services and commitment to various communities around the world. For more information, visit www.primeinfra.ph.

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NetJets PR Team
NetJets
pressnetjets@hlgrp.com

 

Skipta Donates Critical Online Media Support to U.S. COVID-19 Vaccine Education Campaign

Contribution will help the Ad Council and COVID Collaborative amplify their national education effort for healthcare professionals in the U.S. around COVID-19 vaccine safety and effectiveness

NEW YORK, Feb. 04, 2021 (GLOBE NEWSWIRE) — Skipta, part of Informa Pharma Intelligence and the leading social network of specialized online medical communities for verified healthcare professionals (HCPs), today announced its contribution to the Ad Council and COVID Collaborative’s national COVID-19 vaccine education effort. Skipta will donate in-feed and eNewsletter promotion of educational videos to the initiative to help strengthen vaccine confidence among healthcare providers throughout the United States.

The video content that Skipta is supporting through donated media placements was designed to answer top questions from physicians and nurses about COVID-19 vaccination. In addition to an introduction from Dr. Anthony Fauci, the videos include experts from a diverse coalition of leading healthcare organizations and medical institutions sharing information around COVID-19 vaccine development and safety for their fellow physicians and nurses. Topics addressed in the videos include safety, availability, cost, side effects, vaccine administration, answering patients’ questions, and more.

“Over the past few months, there has been an alarming rise in distrust towards the vaccine development process,” said Dr. Theodore Search, CEO of Skipta. “Increased education around the COVID-19 vaccines and other safety measures like wearing masks and social distancing will be essential to encouraging adoption and controlling one of the most devasting health crises our country has endured in recent history. Skipta is proud to leverage our expansive community of HCPs to support and contribute to such a critical national education campaign.”

This effort by the Ad Council and COVID Collaborative represents one of the largest public education campaigns in history. With guidance from health experts from the COVID Collaborative, the Ad Council’s campaign will significantly focus on educating healthcare professionals and the general public, addressing misconceptions around vaccine safety and using targeted outreach strategies to communicate with diverse audiences.

“The COVID-19 vaccines are new, and we know patients and healthcare professionals have questions about getting vaccinated,” said Katherine Pastre, SVP of Media Strategy and Outreach at the Ad Council. “We’re grateful for Skipta’s generous support in distributing and amplifying content that will help healthcare providers get the information they need to feel confident in getting vaccinated against COVID-19 and ultimately, educate their own patients about the vaccines.”

About Informa Pharma Intelligence
Informa Pharma Intelligence powers a full suite of analysis products – Datamonitor Healthcare™, Sitetrove™, Trialtrove™, Pharmaprojects™, Biomedtracker™, Scrip™, Pink Sheet™ and In Vivo™ – to deliver the data needed by the pharmaceutical and biomedical industry to make decisions and create real-world opportunities for growth.

With more than 500 analysts keeping their fingers on the pulse of the industry, no key disease, clinical trial, drug approval or R&D project isn’t covered through the breadth and depth of data available to customers. For more information visit pharmaintelligence.informa.com.

Skipta, part of Informa Pharma Intelligence, is the leading social network of specialized online medical communities for verified healthcare professionals (HCPs). Skipta’s growing network of more than 25 specialty communities allow verified HCPs to communicate and collaborate with peers in a focused, secure environment. The company enables pharmaceutical and biotech brands to drive awareness and behavior change by bringing to them multi-channel access to 700,000+ verified HCPs through integrated engagement programs.

About The Ad Council
The Ad Council has a long history of creating life-saving public service communications in times of national crisis, starting in the organization’s earliest days during World War II to September 11th and natural disasters like Hurricane Katrina and Hurricane Sandy. Its deep relationships with media outlets, the creative community, issue experts and government leaders make the organization uniquely poised to quickly distribute life-saving information to millions of Americans.

The Ad Council is where creativity and causes converge. The non-profit organization brings together the most creative minds in advertising, media, technology and marketing to address many of the nation’s most important causes. The Ad Council has created many of the most iconic campaigns in advertising history. Friends Don’t Let Friends Drive Drunk. Smokey Bear. Love Has No Labels.

The Ad Council’s innovative social good campaigns raise awareness, inspire action and save lives. To learn more, visit AdCouncil.org, follow the Ad Council’s communities on Facebook and Twitter, and view the creative on YouTube.

About COVID Collaborative
COVID Collaborative is a national assembly that has brought together leading experts and institutions across health, education, and the economy to turn the tide on the pandemic by supporting state and local officials.

The COVID Collaborative is chaired by former Governor and U.S. Senator Dirk Kempthorne (R-ID) and former Governor Deval Patrick (D-MA). It includes expertise from across Republican and Democratic Administrations at the federal, state and local levels, including former FDA Commissioners, CDC Directors, and U.S. Surgeon Generals; former U.S. Secretaries of Education, Homeland Security, and Health and Human Services; leading public health experts and institutions that span the country; the U.S. Chamber of Commerce, and the Business Roundtable; the NAACP, UnidosUS, and the National Congress of American Indians; the Skoll Foundation, The Allstate Foundation, and The Rockefeller Foundation; and associations representing those on the front lines, from the American Public Health Association to the Council of the Great City Schools.

Media Contacts:
Diffusion PR for Informa Pharma Intelligence
informapharma@diffusionpr.com
646.571.0120

Philips signs multiyear strategic partnership agreement for connected care solutions with 28-hospital Dutch SAZ group

February 4, 2021

  • Hospitals will have access to Philips’ latest technologies and informatics solutions to enhance the monitoring and management of patients
  • Different SAZ hospitals will start with Philips solutions for patient monitoring and self-management and learn from each other’s experiences

Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and the Dutch SAZ (Association of Collaborating General Hospitals) group of 28 hospitals have signed a strategic partnership agreement for a minimum of 5 years in the field of connected care. The partnership will encompass the monitoring, observation and self-management of patients throughout the entire care journey, both inside and outside the hospitals, supported by Philips advanced patient monitoring and population health management solutions.

“The SAZ unites 28 regional hospitals, which are together making the move from being hospitals to a health organization,” says Bert Kleinlugtenbeld, President of the SAZ. “In doing so, the strength of the SAZ is that we act together and learn from each other. Our strategic direction is to move care to the patient’s home wherever possible. We also see an important role for prevention. In making this move, removing the burden from the patient and the care provider is central. With Philips, we will do this by using the latest technological innovations in the field of patient monitoring and population health management, strengthening our cooperation in patient-centric care.”

“We look forward to continue working with the regional SAZ hospitals to provide the right care in the right place,” says Léon Kempeneers, General Manager Health Systems Philips Benelux. “Through this collaboration with the SAZ, our connected care solutions can be scaled up more easily within the Netherlands’ regional hospitals. Our goal is to improve care by using technology to relieve the burden on patients and caregivers. By improving outcomes through the early detection of patient deteriorations and reducing readmissions, we ultimately hope to reduce the pressure on staff.”

Prevent ICU re-admissions
During the course of 2021 about ten SAZ hospitals will start the collaboration focused either on hospital care or care in the community. In-hospital applications will include early detection of patient deterioration on nursing wards using Philips’ IntelliVue Guardian Solution, which the Bravis hospital in Bergen op Zoom and Roosendaal, the Netherlands, already has experience of using. The Bravis hospital is also already using Philips’ wearable biosensor and will use it to make a better connection between patient monitoring in the hospital’s ICU and its nursing wards, reducing the length of stay in the ICU and helping to prevent ICU re-admissions. In addition, the solution will help a patient to return to a long term care setting or their own home. By creating an automatic link between the Philips biosensor, the Philips IntelliVue Guardian software and the hospital’s EMR system, the organization aims to reduce the time nurses spend on administration.

Self-management for patients
Other hospitals will start projects in the field of home monitoring and self-management for patients, something that IJsselland Hospital in Capelle aan den IJssel, the Netherlands, is already doing with Philips as part of a telemonitoring project for patients with heart failure and COPD. Patients measure their blood pressure and weight at home, and this data is monitored by heart failure nurses in the hospital. Patients also receive additional information and tips on how to manage their condition. The aim is to prevent readmissions and increase patient engagement, something that will be supported by Philips’ patient-centric Engage platform, which provides patient and provider access to an overview of the patient’s health information.

The SAZ has experience with multiparty collaborations to improve healthcare. In 2017 the 28 hospitals started the company BeterDichtbij BV. BeterDichtbij is now used by 35 hospitals in the Netherlands. As part of the strategic collaboration between SAZ a connection will be realized between BeterDichtbij and the Philips Engage platform.

For further information, please contact:

Anna Hogrebe
Philips Global Press Office
Tel.: +1 416 270 6757
E-mail: anna.hogrebe@philips.com

Pieter de Meer
Philips Benelux
Tel.: +31 6 25 26 90 65
E-mail: pieter.de.meer@philips.com

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being, and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 19.5 billion and employs approximately 82,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

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ROYAL DUTCH SHELL PLC FOURTH QUARTER 2020 PRESS RELEASE

The Hague, February 4, 2021

“2020 was an extraordinary year. We have taken tough but decisive actions and demonstrated highly resilient operational delivery while caring for our people, customers and communities. We are coming out of 2020 with a stronger balance sheet, ready to accelerate our strategy and make the future of energy. We are committed to our progressive dividend policy and expect to grow our US dollar dividend per share by around 4% as of the first quarter 2021.” Royal Dutch Shell Chief Executive Officer, Ben van Beurden

STRONG OPERATIONAL DELIVERY IN AN EXTRAORDINARY YEAR

  • Resilient financial results, with sector-leading cash generation. Net debt reduced by $4 billion to $75 billion during 2020.
  • Exceeded cash preservation targets set in March 2020:
    • Cash capex decisively reduced to $18 billion in 2020, from $24 billion in 2019, against a target of $20 billion or lower.
    • Underlying opex of $33 billion in 2020, down by $4 billion, from $37 billion in 2019, against a reduction target of $3 to $4 billion.
  • The Board expects that the first quarter 2021 interim dividend will be US$0.1735 per share, an increase of ~4% over the US dollar dividend for the fourth quarter 2020.
$ million IFRS earnings1 Adjusted Earnings CFFO CFFO ex WC Cash capex Organic FCF
Integrated Gas 20 1,109 2,203 2,195 1,664 416
Upstream (2,091) (748) 2,010 2,890 1,654 513
Oil Products (1,775) 540 1,198 782 1,310 (53)
Refining & Trading (2,722) (287)
Marketing 947 828
Chemicals 367 381 774 775 830 (57)
Corporate (954) (836) 102 (17) 46 52
Less: Non-controlling interest (44) (54)
RDS Q4 2020 (4,014) 393 6,287 6,624 5,503 871
Q4 2019 965 2,931 10,267 12,300 6,883 3,928
FY 2020 (21,680) 4,846 34,105 29,495 17,827 17,634
FY 2019 15,842 16,462 42,178 46,957 23,919 20,116

 1 Income/(loss) for Q4 2020. Oil Products, Chemicals and Non-controlling interest presented on a current cost of supplies basis. See reconciliation of non-GAAP measures on www.shell.com/investors.

Q4 2020 Q3 2020 Q4 2019
ROACE 2.9% 3.9% 6.9%
Dividend declared $1.3 billion $1.3 billion $3.7 billion
Gearing 32.2% 31.4% 29.3%
Net debt $75.4 billion $73.5 billion $79.1 billion

Q4 2020 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS AND NEW ENERGIES

  • LNG realised prices significantly below Q4 2019, with some recovery seen during the quarter.
  • Average trading and optimisation results.
  • Lower opex driven by lower operations and maintenance costs as well as underlying structural cost reductions.
  • Strong cash conversion despite derivatives cash outflow.

OUTLOOK FOR Q1 2021
Production: 900 – 950 thousand boe/d
Liquefaction volumes: 8.0 – 8.6 million tonnes

UPSTREAM

  • Lower prices, lower demand and unfavourable deferred tax movements driving lower Adjusted Earnings.
  • Production 14% lower compared with Q4 2019 due to OPEC+ curtailments, divestments, higher maintenance, lower gas demand and hurricanes in US Gulf of Mexico.
  • Lower opex driven by revisions to D&R provisions, divestments as well as underlying structural cost reductions.
  • Strong cash conversion with CFFO excluding working capital contribution of $2.9 billion.

OUTLOOK FOR Q1 2021
Production: 2,400 – 2,600 thousand boe/d

OIL PRODUCTS

  • Continued weakness in refining margins, despite some recovery from Q3 2020, lower intake and utilisation due to lower demand and Convent refinery shutdown.
  • Strong Marketing unit margins offset by lower volumes due to COVID-19 second wave.
  • Lower opex driven by lower maintenance costs and Marketing spend as well as underlying structural cost reductions.
  • Trading and optimisation results significantly below average.

OUTLOOK FOR Q1 2021
Sales volumes: 4,000 – 5,000 thousand b/d
Refinery utilisation: 73% – 81%
CHEMICALS

  • Higher base and intermediate chemicals margins across most product segments.
  • Higher JV income due to improved margins and demand in Asia.
  • Strong cash conversion with CFFO excluding working capital contribution of $0.8 billion.

OUTLOOK FOR Q1 2021
Sales volumes: 3,600 – 3,900 thousand tonnes
Manufacturing plant utilisation: 80% – 88%
CORPORATE

  • Net debt increased by $1.9 billion to $75.4 billion in Q4 2020. Impacted by lower free cash flow, including a small working capital outflow.

OUTLOOK FOR 2021
Adjusted Earnings: net expense of $2,400 – $2,800 million for the full year 2021. This excludes the impact of currency exchange rate effects.

Q4 2020 PORTFOLIO DEVELOPMENTS

  • During the quarter, QGC Common Facilities Company Pty Ltd, a wholly-owned subsidiary of Shell, announced that it has agreed to the sale of a 26.25% interest in the Queensland Curtis LNG Common Facilities to Global Infrastructure Partners Australia for US$2.5 billion. The transaction is subject to regulatory approval in Australia and customary conditions and is expected to complete in the first half of 2021.
  • In January 2021, Shell completed the sale of its 30% interest in Oil Mining Lease 17 in the Eastern Niger Delta, and associated infrastructure, to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc, for a consideration of $533 million. A total of $453 million was paid by completion with the balance to be paid over an agreed period.

UPCOMING EVENTS

FEBRUARY 11 Strategy Day
FEBRUARY 25 LNG Outlook & Integrated Gas Strategy
APRIL 15 ESG Update
APRIL 29 First quarter 2021 results and dividends
MAY (TBD) Pre-AGM engagement
MAY 18 Annual General Meeting
MAY 26 Upstream Investor Day
JULY 29 Second quarter 2021 results and dividends
OCTOBER 28 Third quarter 2021 results and dividends

From the first quarter 2021 onwards, the Quarterly Update Note will be published up to one calendar week after the end of each quarter.

USEFUL LINKS

Unaudited Results Q4 2020

Dividend announcement Q4 2020

Webcast registration

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are not defined by generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, CFFO excluding working capital movements, Cash capital expenditure, Organic free cash flow, Return on average capital employed, Underlying operating expenses, Gearing and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Royal Dutch Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Royal Dutch Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

Alternative performance (non–GAAP) measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. This announcement does not replace (and should be read in conjunction with) Royal Dutch Shell plc’s quarterly unaudited financial statements and wherever appropriate and practical, reconciliations to relevant GAAP measures are provided in the quarterly unaudited results at www.shell.com/investors.

CAUTIONARY STATEMENT

All amounts shown throughout this announcement are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production.

The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the US Private Securities Litigation Reform Act of 1995) 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 Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement 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 risk factors that may affect future results are contained in Royal Dutch Shell’s Annual Report and Accounts and Form 20-F for the year ended December 31, 2019 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, February 4, 2021. Neither Royal Dutch Shell plc 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 stated, implied or inferred from the forward-looking statements contained in this announcement.

This announcement contains references to Shell’s website. These references are for the readers’ convenience only. Shell is not incorporating by reference any information posted on www.shell.com.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2019 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2020 and full year unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; USA +1 832 337 4355

ROYAL DUTCH SHELL PLC FOURTH QUARTER 2020 PRESS RELEASE

The Hague, February 4, 2021

“2020 was an extraordinary year. We have taken tough but decisive actions and demonstrated highly resilient operational delivery while caring for our people, customers and communities. We are coming out of 2020 with a stronger balance sheet, ready to accelerate our strategy and make the future of energy. We are committed to our progressive dividend policy and expect to grow our US dollar dividend per share by around 4% as of the first quarter 2021.” Royal Dutch Shell Chief Executive Officer, Ben van Beurden

STRONG OPERATIONAL DELIVERY IN AN EXTRAORDINARY YEAR

  • Resilient financial results, with sector-leading cash generation. Net debt reduced by $4 billion to $75 billion during 2020.
  • Exceeded cash preservation targets set in March 2020:
    • Cash capex decisively reduced to $18 billion in 2020, from $24 billion in 2019, against a target of $20 billion or lower.
    • Underlying opex of $33 billion in 2020, down by $4 billion, from $37 billion in 2019, against a reduction target of $3 to $4 billion.
  • The Board expects that the first quarter 2021 interim dividend will be US$0.1735 per share, an increase of ~4% over the US dollar dividend for the fourth quarter 2020.
$ million IFRS earnings1 Adjusted Earnings CFFO CFFO ex WC Cash capex Organic FCF
Integrated Gas 20 1,109 2,203 2,195 1,664 416
Upstream (2,091) (748) 2,010 2,890 1,654 513
Oil Products (1,775) 540 1,198 782 1,310 (53)
Refining & Trading (2,722) (287)
Marketing 947 828
Chemicals 367 381 774 775 830 (57)
Corporate (954) (836) 102 (17) 46 52
Less: Non-controlling interest (44) (54)
RDS Q4 2020 (4,014) 393 6,287 6,624 5,503 871
Q4 2019 965 2,931 10,267 12,300 6,883 3,928
FY 2020 (21,680) 4,846 34,105 29,495 17,827 17,634
FY 2019 15,842 16,462 42,178 46,957 23,919 20,116

 1 Income/(loss) for Q4 2020. Oil Products, Chemicals and Non-controlling interest presented on a current cost of supplies basis. See reconciliation of non-GAAP measures on www.shell.com/investors.

Q4 2020 Q3 2020 Q4 2019
ROACE 2.9% 3.9% 6.9%
Dividend declared $1.3 billion $1.3 billion $3.7 billion
Gearing 32.2% 31.4% 29.3%
Net debt $75.4 billion $73.5 billion $79.1 billion

Q4 2020 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS AND NEW ENERGIES

  • LNG realised prices significantly below Q4 2019, with some recovery seen during the quarter.
  • Average trading and optimisation results.
  • Lower opex driven by lower operations and maintenance costs as well as underlying structural cost reductions.
  • Strong cash conversion despite derivatives cash outflow.

OUTLOOK FOR Q1 2021
Production: 900 – 950 thousand boe/d
Liquefaction volumes: 8.0 – 8.6 million tonnes

UPSTREAM

  • Lower prices, lower demand and unfavourable deferred tax movements driving lower Adjusted Earnings.
  • Production 14% lower compared with Q4 2019 due to OPEC+ curtailments, divestments, higher maintenance, lower gas demand and hurricanes in US Gulf of Mexico.
  • Lower opex driven by revisions to D&R provisions, divestments as well as underlying structural cost reductions.
  • Strong cash conversion with CFFO excluding working capital contribution of $2.9 billion.

OUTLOOK FOR Q1 2021
Production: 2,400 – 2,600 thousand boe/d

OIL PRODUCTS

  • Continued weakness in refining margins, despite some recovery from Q3 2020, lower intake and utilisation due to lower demand and Convent refinery shutdown.
  • Strong Marketing unit margins offset by lower volumes due to COVID-19 second wave.
  • Lower opex driven by lower maintenance costs and Marketing spend as well as underlying structural cost reductions.
  • Trading and optimisation results significantly below average.

OUTLOOK FOR Q1 2021
Sales volumes: 4,000 – 5,000 thousand b/d
Refinery utilisation: 73% – 81%
CHEMICALS

  • Higher base and intermediate chemicals margins across most product segments.
  • Higher JV income due to improved margins and demand in Asia.
  • Strong cash conversion with CFFO excluding working capital contribution of $0.8 billion.

OUTLOOK FOR Q1 2021
Sales volumes: 3,600 – 3,900 thousand tonnes
Manufacturing plant utilisation: 80% – 88%
CORPORATE

  • Net debt increased by $1.9 billion to $75.4 billion in Q4 2020. Impacted by lower free cash flow, including a small working capital outflow.

OUTLOOK FOR 2021
Adjusted Earnings: net expense of $2,400 – $2,800 million for the full year 2021. This excludes the impact of currency exchange rate effects.

Q4 2020 PORTFOLIO DEVELOPMENTS

  • During the quarter, QGC Common Facilities Company Pty Ltd, a wholly-owned subsidiary of Shell, announced that it has agreed to the sale of a 26.25% interest in the Queensland Curtis LNG Common Facilities to Global Infrastructure Partners Australia for US$2.5 billion. The transaction is subject to regulatory approval in Australia and customary conditions and is expected to complete in the first half of 2021.
  • In January 2021, Shell completed the sale of its 30% interest in Oil Mining Lease 17 in the Eastern Niger Delta, and associated infrastructure, to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc, for a consideration of $533 million. A total of $453 million was paid by completion with the balance to be paid over an agreed period.

UPCOMING EVENTS

FEBRUARY 11 Strategy Day
FEBRUARY 25 LNG Outlook & Integrated Gas Strategy
APRIL 15 ESG Update
APRIL 29 First quarter 2021 results and dividends
MAY (TBD) Pre-AGM engagement
MAY 18 Annual General Meeting
MAY 26 Upstream Investor Day
JULY 29 Second quarter 2021 results and dividends
OCTOBER 28 Third quarter 2021 results and dividends

From the first quarter 2021 onwards, the Quarterly Update Note will be published up to one calendar week after the end of each quarter.

USEFUL LINKS

Unaudited Results Q4 2020

Dividend announcement Q4 2020

Webcast registration

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are not defined by generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, CFFO excluding working capital movements, Cash capital expenditure, Organic free cash flow, Return on average capital employed, Underlying operating expenses, Gearing and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Royal Dutch Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Royal Dutch Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

Alternative performance (non–GAAP) measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. This announcement does not replace (and should be read in conjunction with) Royal Dutch Shell plc’s quarterly unaudited financial statements and wherever appropriate and practical, reconciliations to relevant GAAP measures are provided in the quarterly unaudited results at www.shell.com/investors.

CAUTIONARY STATEMENT

All amounts shown throughout this announcement are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production.

The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the US Private Securities Litigation Reform Act of 1995) 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 Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “goals”, “intend”, “may”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement 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 risk factors that may affect future results are contained in Royal Dutch Shell’s Annual Report and Accounts and Form 20-F for the year ended December 31, 2019 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, February 4, 2021. Neither Royal Dutch Shell plc 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 stated, implied or inferred from the forward-looking statements contained in this announcement.

This announcement contains references to Shell’s website. These references are for the readers’ convenience only. Shell is not incorporating by reference any information posted on www.shell.com.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2019 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2020 and full year unaudited results available on www.shell.com/investors.

CONTACTS

Media: International +44 207 934 5550; USA +1 832 337 4355

WillScot Mobile Mini Holdings to Announce Fourth Quarter and Full Year 2020 Results on February 25, 2021

PHOENIX, Feb. 03, 2021 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corporation (Nasdaq: WSC) today announced that it will release its fourth quarter and full year 2020 financial results on Thursday, February 25, 2021 after the markets close.

Chief Executive Officer, Brad Soultz, President and Chief Operating Officer, Kelly Williams and Chief Financial Officer, Tim Boswell will host a conference call and webcast on Friday, February 26, 2021 at 10:00 a.m. EST to discuss the results.

The live call can be accessed by dialing (855) 312-9420 (US/Canada toll-free) or (210) 874-7774 (International). A live webcast will also be accessible via the “Events & Presentations” section of the company’s website www.willscotmobilemini.com. An archived version of the webcast will be available for 60 days following the call.

About WillScot Mobile Mini Holdings

WillScot Mobile Mini Holdings trades on the Nasdaq stock exchange under the ticker symbol “WSC.” Based in Phoenix, Arizona, WillScot Mobile Mini Holdings is a North American leader in modular space and portable storage solutions.  It was formed in 2020 upon the merger of leaders in the modular space and portable storage markets.  Together, the WillScot and Mobile Mini brands operate approximately 275 locations across the United States, Canada, Mexico, and the United Kingdom with a combined fleet of over 350,000 portable offices and storage containers.  The company leases turnkey office space and storage solutions for temporary applications across a diverse customer base in the commercial and industrial construction, retail, education, health care, government, transportation, security, and energy sectors.  WillScot Mobile Mini Holdings creates value by enabling customers to add space efficiently and cost-effectively – when the solution is perfect, productivity is all the customer sees.

Additional Information and Where to Find It

Additional information can be found on the company’s website at www.willscotmobilemini.com

Contact Information

Investor Inquiries:

Nick Girardi
nick.girardi@willscotmobilemini.com

Media Inquiries:

Scott Junk
scott.junk@willscotmobilemini.com

Align Technology Announces Commercial Availability of Invisalign® G8 With New SmartForce® Aligner Activation Features Globally

Latest evolution in SmartForce innovation improves treatment predictability for frequently treated case types

SAN JOSE, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) — Align Technology, Inc. (NASDAQ: ALGN) today announced the commercial availability of Invisalign G8 with SmartForce® Aligner Activation, the company’s latest biomechanics innovations. Invisalign G8 is informed by the company’s foundational biomechanics for clear aligners and its database of more than 9 million Invisalign patients to optimize tooth movements and further improve predictability for frequently treated crowding, crossbite, and deep bite cases. The company previously announced that Invisalign G8 would be available in the first quarter of 2021.

With SmartForce® Aligner Activation, select areas of the aligner surface are specifically contoured to apply optimal forces to the tooth surfaces to control the location, direction and intensity of the force to produce the desired outcome and minimize unwanted movement. Specific, strategic contact areas between the aligner and the tooth are created by SmartForce® Aligner Activation and work in concert with SmartForce® features for even greater control of the force systems.

Invisalign G8 with new SmartForce® Aligner Activation ensures sufficient and consistent activation in every aligner stage to help doctors get more of the desired movements from every aligner in the treatment of crowding, crossbite, and deep bite.

  • For crowding and crossbite cases:
    – SmartForce® Aligner Activation aids in posterior arch expansion by working synergistically with New Optimized Expansion Support attachments or Optimized Expansion Support and Rotation attachments to reduce the potential for buccal crown tipping during posterior arch expansion.
  • For deep bite cases:
    – SmartForce® Aligner Activation supports anterior intrusion with improvements in the treatment plan set-ups to level the Curve of Spee and demonstrates up to 2x improvement in predictability of incisor intrusion.

In addition, with Invisalign G8, doctors can now select automatic placement of Precision Bite Ramps during the prescription process. Data demonstrates that Precision Bite Ramps improve lower intrusion in deep bite cases.

About Align Technology, Inc.
Align Technology designs and manufactures the Invisalign® system, the most advanced clear aligner system in the world, iTero® intraoral scanners and services, and CAD/CAM software. Align has helped treat over 9.6 million patients with the Invisalign system and is driving the evolution in digital dentistry with the iTero intraoral scanner and exocad® CAD/CAM software − modernizing today’s practices by enabling enhanced digital orthodontic and restorative workflows to improve patient outcomes and practice efficiencies. Visit www.aligntech.com for more information.

For additional information about the Invisalign system or to find an Invisalign doctor in your area, please visit www.invisalign.com. For additional information about the iTero digital scanning system, please visit www.itero.com. For additional information about exocad dental CAD/CAM offerings and a list of exocad reseller partners, please visit www.exocad.com.

Align Technology Zeno Group
Madelyn Homick Sarah Johnson
(408) 470-1180 (828) 551-4201
mhomick@aligntech.com sarah.johnson@zenogroup.com