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‘People and planet, not profit’ – Greenpeace activists demand Shell show up at climate change and human rights inquiry

by Greenpeace International: 21 February 2018 Batangas, Philippines, 21 February 2018 – Activists from Greenpeace Southeast Asia, Philippines unfurled a banner reading “PEOPLE AND PLANET, NOT PROFIT” from Shell’s Batangas oil refinery today, sending a sharp reminder to Shell to attend upcoming hearings into the responsibility of big fossil fuel companies for climate-related human rights harms.  The activists also delivered a letter to Shell demanding they own up to their responsibility for contributions to the climate crisis, and show up at the first hearing taking place in March. The hearings are part of a world-first investigation led by the Commission on Human Rights of the Philippines into how climate-related human rights harms are fuelled by their business of extracting and marketing fossil fuels.

“Shell and other big fossil fuel companies continue to line their own pockets at the expense of people and the environment! People are suffering as a result – from more destructive typhoons, less fish due to warming oceans, and declining food production due to drought or heavier rainfall,” said Desiree Llanos Dee, Climate Justice Campaigner of Greenpeace Southeast Asia, Philippines.

“We have been trying to engage the big polluters to participate in the investigation and explain how they will change their business operations that continue to fuel climate change.  But they continue to ignore the plight of people and their families, choosing profit over people and the planet, which is why activists from Greenpeace Philippines climbed the jetty at Shell’s Batangas refinery, to amplify the people’s call.” read more

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Shell Chemical plant at Norco stirred controversy decades before Clean Air Act allegations

Shell’s Norco Refinery

When Iris Carter heard that the Shell Chemical plant near her childhood home in Norco had been ordered to spend $10 million on pollution control equipment to resolve decades of allegations that the plant was violating the federal Clean Air Act, she felt a variety of emotions.

She was frustrated, she said, and angry. But she wasn’t surprised. As Carter sees it, this should have happened more than 20 years ago, when she and her family first helped start a campaign to abandon an area she said had become too polluted to live in. read more

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Shell Shows Interest in BHP Assets

Royal Dutch Shell Plc said it’s potentially interested in BHP Billiton Ltd.’s oil assets on sale in the Permian basin in the U.S. as it seeks to boost its role in shale.

The Anglo-Dutch company entered the prolific oil region in 2012 and plans to expand its position and generate positive cash flow next year, Andy Brown, Shell’s upstream director, said in an interview on Tuesday. The Permian offers production costs as low as $15 a barrel and is the driving force behind the current surge in U.S. output. read more

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In the deepwater versus shale oil contest, Shell backs both

Ron Bousso, Dmitry Zhdannikov: FEBRUARY 20,2018 LONDON (Reuters) – Royal Dutch Shell (RDSa.L) will expand deepwater output and turn a profit from its shale production in coming years as both together will help the oil major cope with a world of low crude prices, the head of its oil and gas production said on Tuesday.

Shell’s deepwater production in Brazil, Nigeria, the Gulf of Mexico is much bigger and more profitable, but the firm sees the nimble, fast-returns U.S. onshore shale as an engine for growth.

“We can see strong (shale) production growth, strong cash surpluses that gives us a balance in our portfolio where you can ramp investment up and down, you can moderate that, very unlike deepwater which is quite chunky,” Andy Brown told Reuters in an interview on the sidelines of the IP Week conference. read more

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Shell names Jacek Dziembaj head of oil products trading -memo

Reuters Staff: FEBRUARY 19, 2018

* Royal Dutch Shell has appointed Jacek Dziembaj as head of oil products trading and supply, according to an internal announcement seen by Reuters.

* Dziembaj will be based in London and assume his new role from April 9.

* Dziembaj’s appointment follows the naming in December of Mark Quartermain as head of crude oil trading at the Anglo-Dutch company.

* Dziembaj has 26 years of experience in Shell, including working in the retail and lubricants businesses and most recently as vice president retail Europe/South Africa. read more

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Global dividends hit record of $1.25 trillion in 2017, more to come

Royal Dutch Shell kept its position as the world’s biggest dividend payer

Danilo Mason: FEBRUARY 19, 2018

MILAN (Reuters) – Global dividends rose 7.7 percent to an all-time high of $1.25 trillion (1 trillion euros) last year boosted by a buoyant world economy and rising corporate confidence, Janus Henderson (JHG.N) said on Monday, predicting another record year ahead.

The surge – the strongest since 2014 – was driven by increases in every region and almost every industry with record showings in 11 countries including the United States, Japan, Switzerland, Hong Kong, Taiwan and the Netherlands, the investment manager added. read more

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New York City Inspires Paris to Take on Big Oil Companies

By

A little more than a month after Mayor Bill de Blasio announced that New York City will take the fossil fuel industry to court, Paris says it is following suit.

In early January, de Blasio announced that the city filed a lawsuit against five of the United States’ biggest oil companies—BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell—on the grounds that they have contributed to global warming. The city will also divest from fossil fuel companies over a five-year period.

On Feb. 6, 350.org—which has been working on a divestment campaign for the last four years—announced that Paris was looking into the possibility of suing the fossil fuel industry as well.

The City Council passed a motion to study the possibility of taking legal action against oil companies to cover expenses associated with protecting Paris from the impacts of climate change.

The Council plans to lobby other major cities like London to ban fossil fuels from their investments through the C40 Cities Climate Leadership Group, whose president is Paris Mayor Anne Hidalgo. read more

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Argentina Is On The Cusp Of A Shale Boom

…oil majors such as Royal Dutch Shell and ExxonMobil are rushing to scoop up the best acreage…

By Matthew Smith – Feb 15, 2018, 5:00 PM CST

The end of the Peronist hold on Argentine politics and rise of pro-business president Mauricio Macri has heralded in a new age for what was long regarded as one of the most economically unstable nations in Latin America.

The former Buenos Aires mayor and businessman won the presidency in 2015, ousting his mercurial populist Peronist predecessor Cristina Fernández de Kirchner. Since coming to power, Macri has worked to restructure a shattered economy ruined by decades of market warping tariffs and subsidies, protectionism, heavy handed regulation, rampant inflation and unsustainable fiscal policies. read more

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Shell platform transformed into artificial reef in the Gulf of Mexico

Source: Bureau of Safety and Environmental Enforcement

For nearly 40 years, a 350-foot-tall metal frame in the Gulf of Mexico supported a platform that pumped oil and gas from the seafloor. The 3,000-ton structure was recently converted into an artificial reef off the coast of Louisiana, where it will serve as habitat for fish and other marine life.

Shell’s Cougar platform was installed in 1981 and produced about 31 million barrels of oil and gas over its lifetime, said Shell external relations advisor, Theodore Rolfvondenbaumen. The platform was recently decommissioned and the deck and topside were brought back to shore. The metal frame of the structure was donated to Louisiana’s Artificial Reef Program. read more

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Nigerian court sets Malabu oilfield corruption case hearing for June 18

ABUJA, Feb 15 (Reuters) – A Nigerian court has set a hearing over a disputed 2011 oilfield deal for June 18, the country’s financial crimes watchdog said on Thursday, part of a string of international corruption probes into the purchase.

The case relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.

At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block from Malabu Oil and Gas, allegedly controlled by former Nigerian oil minister Dan Etete. read more

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Ogoni: Shell Continues to Cast Shadow Over Human Rights in Nigeria

Photo courtesy of UNPO @Flikr

15 FEB 2018

As the British-Dutch oil company pushes to return to the Ogoniland region, civil society actors warn about the risk for human rights that its presence would pose. Since the beginning of Shell’s operations in the Niger Delta in 1957, the company has been responsible for the ruthless exploitation of natural resources in the area, severely degrading the living conditions of the population. Should it succeed in its intention to regain the activity in the region, the respect for the rights of the Ogoni would once again be placed at risk. read more

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Shell’s Pivot to Renewables Sharpens With California Deal

(Bloomberg) — Royal Dutch Shell Plc, the world’s second-biggest oil company, is expanding its bet on renewable energy.

Shell’s North American unit agreed to provide a credit line for trading and a revolving loan facility to Inspire Energy Holdings LLC, according to a statement Wednesday. The Santa Monica, California-based clean-power, smart-home and energy-management company will use the funds to expand its reach. Terms weren’t disclosed.

While Shell and its major rivals still have the bulk of their investments in oil and natural gas, they are taking steps to diversify. Shell agreed in January to buy a 44 percent stake in Nashville-based Silicon Ranch Corp., which owns and operates about 100 U.S. solar plants. A month earlier, the Anglo-Dutch company bought First Utility Ltd., the U.K.’s seventh-largest power provider. And that followed deals last year for electric-car charging networks in Europe. read more

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Hail shale, but deepwater oil fights back

Ron Bousso: 14 FEB 2018

LONDON (Reuters) – Penguins, Royal Dutch Shell’s (RDSa.L) latest oil and gas development in a remote corner of the British North Sea, epitomizes the new doctrine for deepwater projects — keep it cheap and simple.

Shunned during the oil price crash of 2014-2016, deepwater projects are being embraced again, a challenge to the surge in onshore U.S. shale output.

Penguins, the first new major deepwater project this year, will rejuvenate the 44-year-old field by drilling 8 new wells 165 meters (541 feet) underwater and connecting them to a new production vessel. read more

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Appeal court rules Nigerians cannot pursue Shell spill claim in England

Libby GeorgeTife Owolabi: 14 FEB 2018 LONDON/YENAGOA, Nigeria (Reuters) – The Court of Appeal in London ruled on Wednesday that two Nigerian communities cannot pursue Royal Dutch Shell in English courts over oil spills in Nigeria’s Delta region.

The split decision upheld a High Court ruling last year that was a setback to attempts to hold British multinationals liable at home for their subsidiaries’ actions abroad.

The court rejected the appeal from law firm Leigh Day on behalf of Nigeria’s Bille and Ogale communities, and upheld a ruling that English courts do not have jurisdiction over claims against Shell’s Nigerian subsidiary Shell Petroleum Development Company (SPDC).

SPDC is jointly operated with the Nigerian government. read more

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Nigeria: UK court deals a blow to oil spill victims and corporate accountability

Responding to a Court of Appeals judgement that two Niger Delta communities cannot have their case against oil giant Shell heard in the UK because the parent company cannot be held liable for the actions of its Nigerian subsidiary, Joe Westby, Amnesty International’s Campaigner on Business and Human Rights, said:

“With this ruling the court has struck a blow not only to the Ogale and Bille communities, who live everyday with the devastating consequences of Shell oil spills, but with victims of corporate human rights abuses all over the world. This ruling sets a dangerous precedent and will make it more difficult to hold UK companies to account. read more

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Oil giant Shell wins latest UK court fight over Niger Delta pollution claims

PRESS ASSOCIATION

Oil giant Shell has defeated the latest legal bid by thousands of Nigerians to have their damages claims over pollution dealt with by the English courts.

Last year, a judge in London made a ruling which meant that any compensation actions by two Nigerian communities affected by oil spills would have to be heard in Nigeria.

The communities later went to the Court of Appeal to challenge the decision of Mr Justice Fraser.

On Wednesday, judges in London dismissed their appeal by a majority of two to one. read more

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Inspire and Shell Energy North America Enter Multi-Year Strategic Relationship

Shell Energy will partner with Inspire to accelerate consumer adoption of clean energy, with plans to grow to over one million Inspire members

SANTA MONICA, Calif.Feb. 14, 2018 /PRNewswire/ — Inspire, a consumer technology company focused on enabling everyone to have a smart home powered by clean energy, announced today that it has entered into a multi-year strategic relationship with Shell Energy North America. Under the arrangement, Shell will provide Inspire with a broad range of services to support the company’s aggressive expansion plans over the next several years, including a credit line for trading and a revolving credit facility. Shell’s support will facilitate Inspire’s purchase of clean energy products and accelerate membership growth, with capacity for over one million members. The new arrangement comes on the heels of Shell’s recent commitment to increase its development of new energies, spending up to $2 billion a year until 2020.  read more

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Inside the Bribery Scandal Sweeping Through the Oil Industry

Shell and Eni paid $1.3 billion for oil rights in Nigeria. Whether the money was mostly a bribe is at the heart of one of the industry’s most dramatic criminal cases

EXTRACTS

By Sarah Kent in Abuja, Nigeria, and Eric Sylvers in Milan: Feb. 13, 2018 12:40 p.m. ET

A top oil executive walked into the marble lobby of an exclusive Milan hotel on a chilly winter night. His dinner date was a former Nigerian oil minister offering to sell one of Africa’s biggest untapped oil discoveries.

Eight years later, the question of whether the $1.3 billion paid for the license to that prized oil field was mostly a bribe is at the heart of one of the biggest bribery scandals the oil industry has ever seen.

Shell executives, including Malcolm Brinded, Shell’s global exploration and production chief at the time of the deal, will also be tried on those charges, as well as both companies. Eni and Shell both deny wrongdoing, saying they simply paid the government and didn’t know the money would be used for … read more

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Shell settles clean air violations at Louisiana plant

|By: , SA News Editor

Royal Dutch Shell’s (RDS.A, RDS.B) Shell Chemical LP will install and operate a $10M pollution monitoring and control system at its Norco, La., chemical plant as part of a settlement over allegations it violated the Clean Air Act, the Department of Justice says.

The pollution controls are estimated to reduce air emissions of volatile organic compounds by ~159 tons/year and cut other harmful air pollutants, including benzene, by 18 tons/year.

Shell Chemical also will pay $350K in civil penalties as part of the consent decree. read more

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Big Oil takes stage for post-austerity beauty contest

Ron Bousso: 12 FEB 2018

LONDON (Reuters) – With years of austerity in their rear-view mirrors, the world’s biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards.

Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company, has largely disappointed with a weaker outlook.

Major oil companies slashed spending and cut costs after oil prices collapsed in 2014 and can now generate as much cash with crude at $50-$55 a barrel as they did when the price was around $100 earlier in the decade. read more

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Shell collaborates with Oath to launch next phase of its “Make the Future” campaign

SINGAPORE – Media OutReach – 12 February 2018 – Today, Oath announces a global deal with Mediacom and Shell to take the energy brand’s “Make the Future” campaign into its next phase. The new phase brings the content of its “On Top of the World” music video to life through a crafted WebGL “Globe” activation, created by Oath’s RYOT Studio global solutions team in collaboration with UNIT9: allowing people to explore the five cleaner energy projects featured within the music video through its interactive design. The music video itself features five global artists and celebrates five cleaner energy solutions supported by Shell across four continents that are helping provide access to cleaner energy and support local communities.  This content will reach Oath’s millennial and mobile audiences across five markets (US, UK, Brazil, Singapore, and India) using Tumblr and its Yahoo Gemini and BrightRoll premium video distribution and syndication channels, driving audiences to the interactive “Globe” to explore the content. read more

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Ads will attack de Blasio’s lawsuits against oil companies

De Blasio announced last month that the city had filed a lawsuit against BP, Chevron, Conoco-Phillips, ExxonMobil and Royal Dutch Shell, claiming their fossil fuels produce 11 percent of the Earth’s global-warming gases.

The suit “seeks to shift the costs of protecting the city from climate-change impacts back onto the companies that have done nearly all they could to create this existential threat.”

City Hall spokesman Eric Phillips slammed the new campaign. read more

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Shell Commits to Expanding Gas Stations as Some Rivals Retreat

Istvan Kapitany, head of Shell’s global retail business

By Kevin Orland: 9 February 2018

(Bloomberg) — While many oil producers are stepping back from their retail operations, Royal Dutch Shell Plc is doubling down.

Shell, which has about 44,000 filling stations around the world, opened its first one in Mexico last year, the start of $1 billion in investments over the next decade. Shell also is ramping up spending in China, India, Indonesia and Russia, Istvan Kapitany, head of Shell’s global retail business, said in an interview in Calgary. read more

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Shell Loses $300M-Plus Oil Cleanup Claim Against Dole Unit

Law360 (February 9, 2018, 8:37 PM EST) — Shell Oil Co. lost a bid at getting more than $300 million in oil waste cleanup costs reimbursed by a Dole real estate subsidiary when a California court ruled Thursday the regional water board’s order listing the developer as a contributor to the pollution has not…

ACCESS TO FULL ARTICLE SUBJECT TO LAW360 SUBSCRIPTION

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Canadian shale boom triggers quakes in Alberta town as frackers rush to drill new wells

Communities like Fox Creek, Alberta, are feeling the economic benefits of the shale boom, along with fracking-linked earthquakes. 

Drilling has been so intense near Fox Creek, Alberta that it’s been linked to a series of earthquakes.Brennan Linsley/AP Photo

Bloomberg News: Robert Tuttle: February 9, 2018: 12:59 PM EST

In the Western Alberta town of Fox Creek, roughnecks shuffle through hotel lobbies, freight trucks choke slushy streets and, every once in a while, tremors shake the earth.

Welcome to Canada’s biggest shale boom. Chevron Corp., Royal Dutch Shell Plc, Encana Corp., Murphy Oil Corp. and XTO Energy Inc. are among those flocking to Fox Creek to stake their claim in the oil-rich Duvernay shale formation. 

Here, the prize is condensate, an ultra-light oil that’s perfect for diluting the heavy tar-sands crude for which Alberta is known. More locally produced diluent would be a plus for Canadian companies that now depend on the U.S. — and for communities like Fox Creek that are feeling the economic benefits along with fracking-linked earthquakes. More of both may be in the offing as drillers flock in Chevron’s wake into the Duvernay region. read more

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Oil hits seven-week low on expectations of higher U.S., Iran output

FILE PHOTO: Filled oil drums are seen at Royal Dutch Shell Plc’s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo Ayenat MersieEjigu: 8 FEB 2018 NEW YORK (Reuters) – Oil prices fell to their lowest in seven weeks on Thursday amid fears of rising global supplies after Iran announced plans to increase production and U.S. crude output hit record highs.

Brent futures LCOc1 fell 70 cents, or 1.1 percent, to settle at $64.81 a barrel, their lowest close since Dec. 20.

U.S. West Texas Intermediate (WTI) crude CLc1, meanwhile, was down 64 cents, or 1 percent, to settle at $61.15, its lowest close since Jan. 2.

Both benchmarks fell for the fifth straight day, the longest losing streak for Brent since November 2017 and for WTI since April 2017.

Brent futures have lost as much as 15 percent since hitting a four-year high above $71 in late January. read more

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Don’t believe in climate change? Energy companies do

The leaders of the world’s largest and most powerful energy companies are talking about the fight to mitigate human-caused climate change.

Some are even putting their money where their mouths are.

While some conservative political leaders still deny that the Earth is heating up due to humans burning fossil fuels and releasing greenhouse gases, the people who produce those fuels and chemicals have recognized the imperative to limit global warming to a rise of 2 degrees Celsius. read more

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Royal Dutch Shell: Q4 Earnings Results Show Reasons For Caution

8 FEB 2018

Summary

Analysts and the financial media were very excited about Royal Dutch Shell’s Q4 2017 results, but there is a lot to be concerned about here.

The company divested more than 250kboe/day in producing assets, which juiced its net income but hurt total production.

The company’s three-year RRR is only 78% with an 8.9-year reserve life. This needs to be corrected quickly if the company is to survive.

Royal Dutch Shell failed to generate sufficient cash to pay its shareholder distributions over the past few years but finally appears to have corrected this problem. read more

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Exclusive: Dutch energy firm Eneco’s shareholders seek sale to rival – sources

Power-generating windmill turbines are seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman

Clara DeninaToby SterlingDasha Afanasieva: 8 FEB 2018 LONDON/AMSTERDAM (Reuters) – The owners of Dutch energy firm Eneco oppose a stock market listing and instead want to pursue a private sale of the company to another industry player in coming months, according to two banking sources close to the matter.

Eneco’s shareholders, 53 municipal governments, voted in October to privatize the company. They have not said whether they favored an IPO of part of the firm or an outright sale that would allow them to completely exit a business which was forced to split off its lucrative grid operations last year.

The sources, who estimated Eneco was worth up to 4 billion euros ($4.9 billion), said the owners had decided on the latter option and wanted the sale process to be launched by the summer. read more

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North Sea Forties oil pipeline ramps up slowly after latest outage – sources

Royal Dutch Shell’s Shearwater platform was closed as of Thursday morning and expected to restart later in the day, a company spokesman said.

Reuters Staff: 8 FEB 2018

* Buzzard oilfield restarts, pumping below full rate-source

* Forties has temporary flow restriction-sources

* North Sea “becoming more like Libya”, says trader (Adds details on fields restarting, flow restriction, quotes)

By Alex Lawler and Amanda Cooper

LONDON, Feb 8 (Reuters) – Oil and natural gas flows along Britain’s biggest and most important oil pipeline, Forties, were ramping up slowly on Thursday as the system restarts after its second unplanned outage in two months, industry sources said. read more

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Shell Russian exec says impact of Western sanctions was minimal

Reuters Staff: FEBRUARY 7, 2018

ORZHOK, Russia, Feb 7 (Reuters) – International oil major Royal Dutch Shell’s Russian business felt minimal impact from Western sanctions on Russia, the branch’s head Sergey Starodubtsev said on Wednesday, adding the firm was fully compliant with international law.

Shell Neft, the Russian arm of the global oil company, plans to double the number of petrol stations in Russia, currently at 259, in the next four to five years, and sees fuel sales rising 8 percent to 12 percent this year, Vitaly Maslov, head of Shell’s Russian retail business, told reporters. read more

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Production of Nigeria’s Bonga oil ramping up after shutdown -Shell Nigeria

Reuters Staff: LONDON, Feb 5 (Reuters) –

* Production of Nigeria’s Bonga crude oil is “being ramped up gradually” after brief shutdown, a spokesman for Shell Nigeria Exploration and Production company (SNEPCo) said on Monday

* The company performed a “brief shutdown” from Jan. 16-28 for repairs on a piping system. It added that “further checks and ancillary repairs” mean that oil and gas production were gradually ramping up

* Traders told Reuters the maintenance had impacted oil loadings, and a list of vessel loadings showed the last cargo to load was the suezmax Sea Garnet on Jan. 17. The Narmada Spirit is expected to load early this week, according to loading plans seen by Reuters read more

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Shell doubles profits but faces multibillion-dollar Dutch quake bill

Damage claims over tremors linked to Dutch gasfields clouds strong earnings for 2017

The Dutch government said this week that an independent commission will rule on thousands of claims from people affected by tremors caused by a gasfield run by NAM, a joint venture owned 50-50 by Shell and ExxonMobil. Van Beurden said: “We are talking about multibillion-dollar potential bill for years to come because these earthquake will continue to occur unfortunately. read more

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Oil giant’s moves fuel recovery hopes in North Sea

Oil giant’s moves fuel recovery hopes in North Sea

MARK WILLIAMSON: 2 FEB 2018

FOLLOWING encouraging announcements from several firms, Royal Dutch Shell may have provided the clearest signal yet that brighter times are in prospect in the North Sea following three grim years.

After the company announced bumper profits, chief executive Ben van Beurden seemed keen to flag the significance of Shell’s decision last month to redevelop the giant Penguins field off Shetland.

He noted the move followed a period in which Shell focused on selling off North Sea assets and cutting costs in response to the sharp fall in oil prices since 2014. read more

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Shell can still grow in ‘rejuvenated’ North Sea, CEO says

Shell’s boss said yesterday that the North Sea is showing signs of “rejuvenation” and can provide the oil major with more room to grow.

Written by

Doubts about Shell’s commitment to the UK were raised last year when it agreed to sell a package of assets to Chrysaor.

But last month the Anglo-Dutch energy giant announced its decision to invest in redeveloping the Penguins area, 150miles north-east of Shetland.

The project will involve the construction of Shell’s first new manned installation in the northern North Sea in almost 30 years.

Chief executive Ben van Beurden said yesterday that the Penguins decision was “important” for Shell. read more

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Shell pledges share buyback despite worry over cashflow

Royal Dutch Shell has sought to reassure investors that it will soon be able to press ahead with a promised $25 billion share buyback, after doubts over its cashflow overshadowed a surge in full-year profits.

Ben van Beurden, chief executive of the Anglo-Dutch oil group, said that he was “obsessed” with starting share buybacks as soon as possible and was confident that it could afford them, despite reporting weaker-than-expected cash generation that sent its shares down 2.5 per cent yesterday. read more

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Shell LNG glut ‘conspicuously absent’: Shell CEO Ben van Beurden

by Angela Macdonald-Smith: Feb 2 2018 at 12:03 PM: Updated Feb 2 2018 at 3:19 PM

Royal Dutch Shell chief executive Ben van Beurden has declared that the energy giant’s confidence in the LNG market has been justified with no sign of the oversupply that others had warned of.

“The LNG glut is conspicuously absent isn’t it, much to the surprise of those that thought this was inevitable,” Mr van Beurden told reporters at Shell’s fourth-quarter results briefing in London. read more

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Royal Dutch Shell PLC Q4 2017 Earnings Conference Call February 1, 2018 9:00 AM ET

Royal Dutch Shell PLC (NYSE:RDS.A) Q4 2017 Earnings Conference Call February 1, 2018 9:00 AM ET

Executives

Ben van Beurden – CEO and Director

Jessica Uhl – CFO and Executive Director

Analysts

Michele Vigna – Goldman Sachs Group

Jason Gammel – Jefferies LLC

Christyan Malek – JPMorgan Chase & Co.

Theepan Jothilingam – Exane BNP Paribas

Iain Reid – Macquarie Research

Lydia Rainforth – Barclays PLC

Oswald Clint – Sanford C. Bernstein & Co.

Jason Kenney – Grupo Santander

Thomas Adolff – Crédit Suisse AG

Jonathon Rigby – UBS Investment Bank read more

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Shell Profit Triples but Cash Flow Disappoints

LONDON—Royal Dutch Shell PLC more than tripled its profit in 2017 on a rebound in oil prices, but its closely watched cash-flow figures fell short of expectations, alarming investors. The British-Dutch oil giant said Thursday its 2017 profit on a current cost-of-supplies basis… was $12.1 billion, up from $3.5 billion in 2016. Its earnings for the fourth quarter jumped to $3.1 billion from $1 billion a year earlier. FULL ARTICLE  read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell profits double despite $2bn US tax charge

Profits at Royal Dutch Shell more than doubled in the fourth quarter of last year, despite the group taking a $2bn charge related to President Donald Trump’s US tax reforms. The recovery in oil prices coupled with steep cost cuts after a three-year downturn are fuelling a resurgence in cash flow and profitability at Shell and the world’s other largest oil and gas groups. FULL FT ARTICLE

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell annual profits up 242% to £8.5bn as oil prices rise

Royal Dutch Shell has reported a surge in annual profits to £8.5bn – a leap of 242% on the previous year.

The Anglo-Dutch oil major credited the performance on a recovery in oil and gas prices during a “year of transformation” within the business.

Underlying earnings – which reflect day-to-day operations and strip out one-off costs – more than doubled to £11.2bn and were aided by a £3bn contribution during the final three months of the year.

The company said: “Full-year earnings benefited mainly from higher realised oil, gas and liquefied natural gas (LNG) prices, improved refining performance and higher production from new fields, which offset the impact of field declines and divestments.” read more

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Shell ‘transformation’ doubles profits as oil recovery takes hold

Jillian Ambrose

Royal Dutch Shell has doubled its profits following the oil major’s worst financial year in over a decade as the oil market recovery takes hold.

The Anglo-Dutch oil giant said the “transformation” following its 2016 mega-merger with BG Group and $30bn portfolio overhaul has reopened flows of cash back into the business as oil prices soared to over $65 a barrel last year, from under $30 a barrel at its lowest point in early 2016.

Shell’s earnings on a ‘current cost of supply’ (CCS) basis, which is a standard oil industry measure, more than doubled from the previous year to reach $15.8bn (£11bn) for 2017. read more

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Shell poised to dethrone Exxon in oil titans’ cash clash

Ron Bousso: 1 FEB 2018 LONDON (Reuters) – Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue.Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production.

The Anglo-Dutch company on Thursday reported a more than doubling of profit in 2017 to $16 billion, the highest since the start of the 2014 downturn as the effect of years of costs cuts and the integration of BG Group filtered through.

“We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash,” van Beurden said in a statement.

Shell’s shares were 1.1 percent lower at 0842 GMT, compared with a slightly positive open for the FTSE 100 index. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Makes as Much Money at $60 a Barrel as When It Was $100

The oil-price rally worked both ways for Royal Dutch Shell Plc as improved exploration and production lifted profit to a three-year high while refining and trading fell short of expectations as margins shrank.

Crude’s surge raised adjusted profit at Europe’s largest energy company to $4.3 billion last quarter, the highest since 2014. While the bottom line was better than expected — and Shell is making as much money with oil at $60 a barrel as when it was $100 — cash flow was the weakest since 2016. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Shell Makes Mexico Comeback to Rule Deep Gulf Waters

In the span of a few hours, Royal Dutch Shell Plc became the new king of Mexico’s deep waters.

The super major — which once dominated the country’s oil industry and operates the deepest prospects in the U.S. side of the Gulf — made a comeback by winning about a third of the offerings in Mexico’s biggest-yet bidding round.

The auction of exploration and production permits on Wednesday was the strongest sign so far that Mexican President Enrique Pena Nieto’s energy reform is bearing fruit by luring investment plans that will help get Mexico’s oil production back on track. read more

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Shell ahead in Mexico oil auction, wins five blocks

Adriana Barrera, Marianna Parraga JANUARY 31, 2018 / 3:31 PM

MEXICO CITY (Reuters) – Royal Dutch Shell (RDSa.L) won five of the first eight oil and gas blocks awarded in Mexico’s prized deep waters in the Gulf of Mexico, making the early running in the country’s biggest auction since the energy sector was opened to international oil firms.

The stakes are high for Mexican President Enrique Pena Nieto and his ruling party, which is keen to showcase the results of the liberalization ahead of a presidential election in July. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

BP announces North Sea discoveries with Shell, Chevron

Photo: JONATHAN NACKSTRAND, Stringer: Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Shell is selling stakes in 10 North Sea fields.

BP said it struck oil in its Capercaillie prospect in the central North Sea east of Scotland, as well as the northwestern corner of the North Sea in the Achmelvich well, the latter of which is the partnership with Shell and Chevron.

The discoveries lend optimism to a slowly rebounding offshore energy sector, especially in the North Sea that’s so critical for Europe’s oil supplies. read more

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Shell made mistake by pulling out of Guyana basin

BY BERT WILKINSON: 31 JAN 2018

Now that Guyana’s oil and gas basin has been deemed as one of the hottest and most exciting prospects in the world, Shell Oil has to be regretting its decision to withdraw as an investment partner with United States giant ExxonMobil, which has so far drilled six successful wells offshore Guyana worth about 3.2 billion barrels of oil, officials said Monday, Jan. 29.

Minister of Natural Resources Raphael Trotman said Exxon’s mid 2015 “world class” oil and gas find has clearly taken away all the fears and apprehensions about wasting investor dollars exploring offshore Guyana and Shell is one company which has missed out on the chance to cash in on one of the world’s largest oil finds in more than a decade. Exxon plans to begin producing about 120,000 barrels of oil daily in early 2020. This will make Guyana the largest producer in the Caribbean Community. The others are Trinidad, Suriname and Barbados. read more

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Shell says to sell its stake in Thai Bongkot fields to PTTEP for $750 million

Chayut SetboonsarngFlorence Tan: 31 JAN 2018

BANGKOK/SINGAPORE (Reuters) – Royal Dutch Shell said on Wednesday that it will sell its stake in the Bongkot gas field and adjoining acreage offshore Thailand to PTT Exploration & Production PCL for $750 million before tax.

The deal with PTTEP comes after Shell in October canceled a $900 million agreement to sell the same gas field stakes to Kuwait Foreign Petroleum Exploration Company (KUFPEC).

“The two deal values are not comparable and we will not comment further on any commercial terms,” a Shell spokeswoman said in an e-mail when asked about the discrepancy between the price tags in the two sale accords. read more

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Shell shielded from Forties fallout by ‘internationalisation’, North Sea sales

Written by

Shell is performing “extremely well” at a time when Brent crude is at its highest price for three years, the oil giant’s upcoming fourth quarter results will show.

The Anglo-Dutch major is in its strongest position for many years in terms of its cash generation thanks to its upstream and LNG businesses, analysts said.

RBC Capital Markets anticipates Shell’s fourth-quarter adjusted net income will more than double year-on-year. The company recorded adjusted earnings of £1.3billion in Q4 2016.

Analysts said Shell, whose shares are up about 10% over the last 12 months, had been boosted by the sale of assets and disciplined spending.

The company implemented a £21billion-plus divestment plan following its £47billion mega-merger with BG Group, which was completed in 2016.

As part of that programme, Shell sold about £3billion worth of North Sea assets to Chrysaor in 2017.

RBC analysts said the company would have cashed in £1.1billion in the fourth quarter from the proceeds of UK North Sea sales alone. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan
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