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Shell director says downstream business fundamental to paying off debt, maintaining dividends

Oil and gas giant Royal Dutch Shell has delivered far more cash from its downstream business than its upstream recently, Downstream Director John Abbott told CNBC on Wednesday, with the firm positioned to use the extra funds to pay off debt and maintain its dividends.

“I have seen times in my 36 years in Shell where upstream has delivered far more cash than the downstream (but) we are seeing a reverse at the moment,” Abbott said. read more

Downstream keeps cash flowing to protect Shell’s dividend

EXTRACT

The latest disposal came on Sunday with the $820m sale of Shell’s stake in a Saudi Arabian petrochemicals joint venture to Saudi Basic Industries. This followed a $1.4bn withdrawal last month from the Showa Shell refining joint-venture in Japan. A further break-up is being negotiated with Saudi Aramco over their Motiva US refining JV.

Goodbye Marvin Odum

Screen Shot 2016-04-29 at 21.37.13

Screen Shot 2016-02-24 at 17.16.30Marvin Odum, unconventional resources director and U.S. country chair for Royal Dutch Shell, left the company. He joined Shell as an engineer in 1982. Concurrent with his departure, and in a move that will simplify Shell’s structure, the Athabasca Oil Sands Project and the Scotford Upgrader in Canada will join the global Downstream organization under Downstream Director John Abbott.

In addition, the Shale Resources business will join the global Upstream organization under Upstream Director Andy Brown. As a result of these changes, the unconventional resources director position is eliminated. read more

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