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Posts on ‘August 17th, 2017’

Hints Shell is searching for life after oil

The management team wants the company to focus on long-term returns, which means investing in different types of projects.

Tyler Crowe: (TMFDirtyBird):Aug 17, 2017 Like so many other integrated oil and gas companies, Royal Dutch Shell‘s (NYSE:RDS-A) (NYSE:RDS-B) goal of the past several years was to preserve capital by any means possible in the short term without giving up too much of the future. Based on the company’s most recent earnings report, it has done a pretty good job of achieving that first goal. The second part? That is all up to what Shell’s management does from here.There were several hints on the company’s most recent conference call that suggest Shell has developed a new playbook that looks very different than its prior one. Here are quotes from that conference call that show Shell’s possible future.

Making the grade

Shell has been trying to pull off an elaborate corporate shift over the past couple of years. It wanted to absorb and integrate BG Group into Shell, unload about $30 billion in assets from the combined company to lower total debt levels, reduce operating costs and capital spending, and get back to generating enough cash to cover capital expenditures and dividends. To make this transformation even more challenging, it was trying to do it in a low oil price environment.

Based on the company’s most recent performance, it looks like management has pulled it off. Here’s CEO Ben van Beurden taking stock of the situation. read more

Can Western oil giants break the Gulf impasse?

HIROFUMI MATSUO, Nikkei senior staff writer

TOKYO — One after another, the top executives of Western oil majors have been stepping into the great Persian Gulf rift.

It has been more than two months since Saudi Arabia and other Arab states severed diplomatic ties with Qatar, and there are no signs of a thaw. But soon after the decision was made, a oil bosses began heading to Doha, the Qatari capital.

On June 14, just nine days after Qatar’s neighbors closed off their airspace and closed the sole land border, Royal Dutch Shell CEO Ben van Beurden met with Qatari Emir Sheikh Tamim bin Hamad al-Thani. Exxon Mobil CEO Darren Woods followed on June 24. Total CEO Patrick Pouyanne took his turn on July 11. read more

Oil producers signal offshore return in latest Gulf of Mexico auction

 Unused oil rigs sit in the Gulf of Mexico near Port Fourchon, Louisiana August 11, 2010. Lee Celano/File Photo

Royal Dutch Shell claimed the largest number of blocks, with 19 high bids valued at a combined $25.1 million.

Liz Hampton: AUGUST 16, 2017

HOUSTON (Reuters) – Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million (94.08 million pounds) on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum.

This compared with $18 million in high bids at the Bureau of Ocean Energy Management’s (BOEM) Outer Continental Shelf auction last summer. read more

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