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Shell Fears Reopening Twice-Bombed Nigerian Pipeline

By Zainab Calcuttawala – Mar 06, 2017, 4:40 PM CST

Royal Dutch Shell fears that reopening a pipeline in Nigeria will cause local separatist groups to re-bomb the facility for a third time, according to reports emerging from the area.

The Trans Forcados Pipeline, which takes 400,000 barrels to the Forcados export terminal every day, has been out-of-operation for all but three weeks in the past year, according to risk analysis published by SBM intelligence on Friday.

Previously, militants dove underwater to install bombs near the section of the pipeline in the Atlantic Ocean that they aimed to destroy. Shell brought in underwater engineers to repair the pipeline in an act of defiance against the militants and their most sophisticated attack to date.

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Shell Splashes $1B On Niger Delta Development

By Irina Slav – Feb 14, 2017, 12:46 PM CST

Shell’s Nigerian subsidiary has committed US$1 billion for the development of the Niger Delta, the Vice President of the federal government, Yemi Osinbajo, said. Osinbajo is on a tour in the Delta, aiming to appease through dialogue the militant groups that have crippled Nigeria’s oil industry over the last couple of years.

The money will be released in US$500-million annual installments, to be used to provide clean drinking water, conduct health impact assessments, and supply “remediation technologies” to local communities, who tried to sue Shell for failure to clean up an oil spill in the area. The case was heard by the London High Court, which ruled that it is outside its jurisdiction: Shell Petroleum Development Company is registered in Nigeria, so a Nigerian court should be the one to hear the case.

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Shell – Public consultation begins on Brent oil and gas field decommissioning programme

OilVoice.com: Shell – Public consultation begins on Brent oil and gas field decommissioning programme

Posted by OilVoice Press09-Feb-2017

An extended 60-day public consultation on recommendations to decommission the Brent oil and gas field in the North Sea has begun today following submission by Shell U.K. Limited (“Shell”), the field’s operator, of a comprehensive decommissioning programme to the Department for Business, Energy and Industrial Strategy (BEIS). The field, located 115 miles north-east of the Shetland Islands has produced around three billion barrels of oil equivalent since production commenced in 1976, which is almost 10% of UK production.

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Shell To Sell Another $5B In Assets, Misses Profit Expectations

By Tsvetana Paraskova – Feb 02, 2017, 3:03 PM CST

Royal Dutch Shell (NYSE:RDS.A) is making “significant progress” on selling another US$5 billion worth of assets, chief financial officer Simon Henry said on Thursday after the oil supermajor reported 2016 profits below analyst expectations.

Shell’s current cost of supplies (CCS) – a key measure comparable with net income – came in at US$1.8 billion, excluding identified items, compared with US$1.6 billion for the fourth quarter 2015, the company said today. Full-year 2016 CCS earnings attributable to shareholders excluding identified items dropped to US$7.2 billion from US$11.4 billion in 2015.

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UK Court Shuts Down Nigeria Oil Spill Case Against Shell

Oil major Royal Dutch Shell (RDS.A) cannot be sued in London over Nigerian oil spills, the High Court ruled Thursday, heading off any future attempts to request British multinationals to take responsibility at home for their subsidiaries’ actions abroad.

The High Court adjudicated that the parent company has no legal responsibility for alleged pollution of fishing areas and farmland by its subsidiary in Nigeria.

“It was agreed by both parties that if my judgment was such that there was no arguable duty of care on the part of RDS to the claimants under English law, then there would not be any cause of action in common law under the law of Nigeria,” reads the conclusion of the judgment.

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Oil Major Shell Plans To Shrink As Oil Rebounds

By Nick Cunningham – Jan 03, 2017, 3:07 PM CST

Oil prices are rising and the industry is poised for a rebound, with U.S. shale spending set to soar in 2017. But for Royal Dutch Shell, this year will be much more mundane as years of high spending and ballooning deficits force the Anglo-Dutch oil major to retrench.

Even as the New Year promises to bring a sharp improvement in the finances of oil companies across the world, including Shell, not everyone will approach the rebound in the oil market in the same way. Smaller U.S. shale companies, with assets concentrated in some highly profitable areas such as the Permian, are planning to sharply increase spending and drilling. But the oil majors are less nimble, having assets diversified upstream and downstream, spread out across the globe. They were able to weather the oil price downturn better than their smaller peers, but they respond much more slowly to fluctuations in the oil market. That stability is a feature for many investors looking to avoid volatility, but it also means that 2017 may not bring much excitement from the majors.

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Shell Considering Dumping Its Iraqi Oil Fields

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By Julianne Geiger – Nov 28, 2016, 2:24 PM CST

Royal Dutch Shell is considering exiting its positions in Iraqi oil fields, according to industry sources cited by Reuters.

Shell, which declined to comment, is the world’s top liquefied natural gas producer, and is only exiting its oil field assets in Iraq, not its gas field assets. Iraq accounted for 4.4 percent of Shell’s total oil and gas production in 2015.

The fields in question are the Majnoon field, in which Shell holds a 45 percent interest, and the West Qurna field. Majnoon produces an average of 200,000 barrels per day, according to Shell’s website.

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Shell Tops Ranks Of Ideal Oil, Gas Employers

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By Irina Slav – Nov 15, 2016, 10:10 AM CST

Shell has emerged as the number-one employer in the energy industry, according to a Rigzone survey among 8,400 respondents in more than 100 countries. This is the first survey of this kind since the start of the price slump.

The top 10 of the best employers in the industry, according to the survey, is occupied by Big Oil and Big Oilfield Service, with Chevron at #2, Exxon at #3, and BP at #4. Halliburton was fifth, followed by Schlumberger, Aramco, Total, Baker Hughes, and Weatherford International at #10.

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Militants Attack Nigeria’s Trans Forcados Pipeline, Again

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By Tsvetana Paraskova – Nov 02, 2016, 3:15 PM CDT

Just two days after the Nigeria’s state-owned Trans Forcados oil pipeline resumed operations following an attack in July, militants hit the pipeline again late on Tuesday, a community leader said on Wednesday.

No group has yet claimed responsibility for the attack on the pipeline which carries crude oil and gas to the 400,000-bpd Forcados export terminal owned by Royal Dutch Shell (NYSE:RDS.A).

The attack led to a “massive spill, flooding a creek knee-deep in crude,” the Associated Press quoted Batan community leader Dickson Ogugu as saying.

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BP And Shell Optimistic The Market Is Turning

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screen-shot-2016-11-01-at-16-01-19By Nick Cunningham – Nov 01, 2016, 6:23 PM CDT

BP and Royal Dutch Shell reported their latest financial figures for the third quarter and both companies showed some improvement, a sign that the oil markets are starting to find their footing.

A few days ago, some of the other oil majors released third quarter earnings, revealing the ongoing damage being done to the balance sheets of even the largest oil companies. But BP and Shell offered some reasons for optimism for the industry.

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Shell To Resume Exports From Terminal Attacked By Militants

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By Erwin Cifuentes – Oct 25, 2016, 5:26 PM CDT

The Nigerian presidency on Tuesday issued a statement affirming that Royal Dutch Shell will resume exports from the Forcados terminal in the Niger Delta region.

“The Shell Director, Mr. Andrew Brown, informed the President of the resumption of oil exportation through the Forcados terminal following its restoration,” the Nigerian presidency said following a meeting between Brown and President Muhammadu Buhari.

Operations at Forcados had been halted after an attack last February against the facility attributed to the Niger Delta Avengers (NDA). Some 250,000 to 300,000 barrels of crude were produced prior to the assault.

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This Billionaire Just Joined The Race For A Major Shell North Sea Oilfield

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By Irina Slav – Oct 17, 2016, 8:55 AM CDT

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Jim Ratcliffe, the billionaire owner of chemicals conglomerate Ineos, will bid for Shell’s Buzzard oilfield in the North Sea valued at around US$2.2 billion (GBP 1.8 billion). The sale is part of Shell’s debt reduction plans, following its multibillion acquisition of gas major BG Group earlier this year. Total proceeds from asset sales are seen at up to US$30 billion (GBP 24.6 billion).

For Ratcliffe, if his bid wins, the deal would represent a much sought-after expansion into the energy industry of the country. His bid for Buzzard is the latest in the North Sea, after last year, Ineos acquired all the gas fields operated by German DEA Group in the U.K. North Sea shelf. The Buzzard field became property of Shell after the acquisition of BG Group. Ineos is also the owner of the only oil refinery in Scotland.

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Shell, Chevron Drop Off Platts Top 10 Energy Firm List

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screen-shot-2016-09-20-at-21-16-05By Irina Slav – Oct 03, 2016, 10:26 AM CDT

Shell and Chevron were among the international oil giants that fell off the top 10 companies of 2016 in the S&P Platts’ annual ranking of the 250 biggest companies by assets and revenues. The asset value and revenue figures are all for 201—the year when the oil price collapse really began to be felt.

The USA Today quotes Platts as saying the changes in the top 10 segment reflected the continuing depression on international oil markets. The price slump, Platts said, hit oil and gas majors’ earnings hard, and it also led to a serious devaluation of assets, meanwhile benefiting companies with stronger downstream operations, pure-play refiners, and power utilities.

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Shell Shuts Down Bonny Light Pipeline

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cropped-Screen-Shot-2016-09-09-at-20.58.10.jpgBy Irina Slav – Sep 27, 2016, 10:05 AM CDT

Shell’s Nigerian division has shut down one of the two pipelines that carry Bonny light crude to its Forcados terminal in the Niger Delta, saying a fire was detected “on the right of way” of the pipeline. The shutdown will take 180,000 bpd off Shell’s Nigerian exports.

At the same time, the company continues to refuse to confirm or deny an announcement from the Niger Delta Avengers from Saturday that they’d blown up a Bonny Light pipeline. Shell has two pipelines bringing crude of this blend to Forcados, and the fire was detected at the Trans Niger Pipeline. It remains unclear whether the fire is a consequence of the NDA attack or if the attack was on the other pipeline.

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Will Saudi Aramco Be Able To Lay Its Hands On Houston Refinery?

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By Tsvetana Paraskova – Sep 14, 2016, 3:52 PM CDT

At a time when U.S. and Saudi relations are strained, the Saudi Arabian Oil Company is reportedly leading in a race to buy a large refinery in Houston.

Certainly, politics and geopolitics cannot stay out of such move by the Saudi company, but it seems that Aramco has solid business reasons, as well as political ones, to bid for the Houston Refinery, which Dutch chemicals company LyondellBasell Industries NV (NYSE:LYB) is reportedly putting up for sale.

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Oil Under Pressure As Shell Lifts Force Majeure On Nigerian Exports

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Screen Shot 2016-08-29 at 22.18.50By Charles Kennedy – Sep 07, 2016, 11:20 AM CDT

At least one source of Nigerian oil exports is set to come back online after Royal Dutch Shell lifted its force majeure on Bonny Light crude exports.

The Nembe Creek Trunk Line was repaired and reopened, allowing Shell to resume exports of its oil, nearly a month after declaring force majeure. Nembe Creek is one of a handful of key pipelines that helps Nigeria brings its oil to the coast for export. The cause of the August outage was not reported on – the pipeline’s operator, Aiteo, said it was from a leak but did not disclose the cause.

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Slashing Dividends: The Only Option Left For Big Oil?

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By Nick Cunningham – Aug 31, 2016, 4:03 PM CDT

The oil majors will have an extraordinarily difficult time trying to maintain their hefty dividends in today’s oil market environment, and unless oil prices rebound substantially, companies may be forced to slash their payouts to shareholders.

The largest oil producers pay shareholders a combined $40 billion in dividends each year, a level that is not sustainable with oil prices at $50 per barrel, according to Chris Kettenmann of Macro Risk Advisors. “There’s massive risk to the dividend structure of these big oil companies over the next 12 months,” Kettenmann said on Bloomberg TV.

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Shell Looking Beyond Petroleum

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There are many players looking to enter the oil markets thanks to the raft of deals available as the oil price crash appears to be over. For the oil majors, this will likely mean major opportunities to snap up unconventional producers and assets at low valuations. One “oil” major that may not be participating is Shell. The Anglo-Dutch oil giant is increasingly turning away from its roots in oil and moving towards natural gas as an alternative.

In the year 2000, 37 percent of Shell’s production was from natural gas. By 2015, that number had risen to 49 percent. For ExxonMobil, those figures were 40 percent in 2000 and 43 percent in 2015. For Chevron and BP, the 2000 figures were 27 percent and 40 percent respectively, and for 2015, it was 33 percent and 38 percent. Among oil majors, only ConocoPhillips has seen a comparable shift to gas going form 33 percent to 43 percent gas production between 2000 and 2015.

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Unknown Militants Attack Shell Pipeline In Niger Delta

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Screen Shot 2016-06-30 at 18.15.43By Lincoln Brown – Aug 01, 2016, 1:30 PM CDT

No one has claimed responsibility for an attack on a Shell pipeline in the early morning hours in the Niger Delta region on Sunday.

The attack came at about 1:00 AM local time on the Trans Ramos Pipeline near Odimodi—a pipeline owned by Shell Petroleum Development Company.

According to resident Godspower Gbenekama, residents heard a loud explosion and found an oil spill. There have been no reports of any injuries in the incident.

Another resident, who spoke on condition of anonymity, said that this was not the first time militants had hit the pipeline, stating: “Precisely on the 22nd of this month, there was a failed attempt to attack the same facility, hence we were expecting that security in the area would have been tightened, but we are really disappointed that they succeeded this time.”

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Is Gas The Future? Shell Seems To Think So

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By Gregory Brew – Jul 20, 2016

The world’s second largest private oil company sees a new future, and it’s not in oil.

Shell has made a concerted effort to shift the bulk of its business from oil-related projects to natural gas, LNG and renewables. Coming on the heels of its February purchase of BG Group (a $54 billion acquisition), Shell has organized a division focused solely on renewable energy. It announced new investment for its LNG facility on Curtis Island in Australia, where natural gas has enjoyed $180 billion in new capital. It has emerged as a stronger voice on global climate change than its competitor ExxonMobil and the company’s website proposes a number of “Shell Scenarios” that could allow for a growing energy market while creating less CO2.

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Why Big Oil Is Still A Good Bet For Investors

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Screen Shot 2016-06-30 at 18.15.43By Michael McDonald – Jul 20, 2016, 2:23 PM CDT

Investors getting cold feet about the spiking price of Big Oil stocks over the last year may risk missing out on further gains, according to one top ranked analyst. Doug Terreson of Evercore, one of the top ranked oil analysts according to Institutional Investor magazine, is recommending that investors stick with integrated oil majors like Royal Dutch Shell, Chevron, and Exxon despite the run up in their prices.

Terreson’s thesis is that many of the catalysts for positive price performance remain in place. In particular, integrated oil companies have effectively reduced operating capital costs permanently, which lowers their breakeven expense to produce oil. The retort to this point of course is that Big Oil stocks may have cut costs but frackers have been much more successful than integrated majors in cutting their costs as a percentage of pre-crash production cost.

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Shell’s New Sensors Could Reduce Exploration Costs Dramatically

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By Irina Slav – Jul 12, 2016, 1:04 PM CDT

Searching for oil and gas is an activity with uncertain success—an activity with a bit less uncertainty were it not for 3D seismic surveying. And this uncertainty could be reduced even further, thanks to technological advancements that Shell is currently testing.

Seismic surveying is the first step in any oil and gas exploration project. It’s an expensive undertaking that requires scattering thousands of sensors on the ground and then analyzing the data they register about the subterranean rock makeup that may or may not include oil and gas-bearing formations.

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Shell Warns Of Further Job Cuts

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Screen Shot 2016-06-30 at 18.15.43By Irina Slav – Jul 05, 2016, 9:02 AM CDT

Shell may have to cut more jobs after laying off 12,500 people over the past year, CEO Ben van Beurden told The Telegraph. The new cuts would be prompted by a “continuous improvement drive,” he added.

Elaborating on what this drive would imply, Van Beurden noted jobs are becoming unnecessary as business operations get shut down, or positions being moved to another part of the world, or becoming redundant because of the drive for enhanced business efficiency.

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Chevron Halts Production At Gorgon Plant For Second Time This Year

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By Lincoln Brown – Jul 01, 2016, 3:18 PM CDT

For the second time this year, Chevron has stopped production at its Gorgon liquefied natural gas operation in Australia. The plant had to be evacuated after a gas leak was detected.

Chevron will make the necessary repairs to the plant before restarting production next week. The plant is a joint venture with ExxonMobil, Shell, Osaka Gas, Tokyo Gas and Chubu Electric Power. The terminal, which is also owned in part by Exxon Mobil and Royal Dutch Shell, will still load cargo during the interim.

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Police Confirm Attack On Shell Facility In Nigeria

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Screen Shot 2016-06-07 at 23.34.38By Lincoln Brown – Jun 24, 2016

Police in the area of Imo in Nigeria have confirmed that there has been an attack on a Shell Petroleum Development Company (SPDC) facility there. The attack, which was in the Ohaji/Egbema Local Government area took place early Thursday.

One source told the News Agency of Nigeria that the attack came at 5:30 in the morning and reported an explosion that created a great deal of flame. That source could not confirm if anyone was killed in the incident.

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Goldman Sachs Says Oil Isn’t Recovering

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By James Burgess – Jun 15, 2016

Goldman Sachs has rejected analysts’ opinions that the global oil market is recovering, noting that while it expects a “modest” deficit in the coming months based on the slight rebound in oil prices, the market will again be in a state of surplus by early next year.

It may seem as if oil is recovering on the back of supply disruptions that have helped to chip away at the global glut and push prices close to $50, but Goldman says that in the best-case scenario this isn’t a rebound—it’s just the first signs of one.

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Shell’s Ambitious Plan To Topple Exxon

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By Rakesh Upadhyay – Jun 22, 2016, 5:17 PM CDT

Ben Van Beurden, Chief Executive Officer of Royal Dutch Shell has laid out an ambitious plan to overtake ExxonMobil as the number one oil company in the world.

Prior to the 1990s, Shell was the leader in total shareholder returns, however, its rivals went on a deal-making spree to gain the lead, while Shell shied away from making any acquisitions. Now, Mr. Beurden believes that Shell will be able to regain its lost glory post the acquisition of the BG group.

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Shareholders Outraged At BP, Shell CEO Pay Packages

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Screen Shot 2016-05-12 at 11.17.55…investors will be left holding underperforming oil stocks, whereas oil company CEOs will continue to reward themselves with fat paychecks, disregarding shareholder’s sentiments.

By RAKESH UPADHYAY: May 19, 2016

The massive revolt against the pay of BP’s chief executive, Bob Dudley, where almost 60 percent of the shareholders rejected the £14m (US$20 million) pay package is a stern warning to oil companies that investors aren’t pleased with the gaping disconnect between performance and pay structure.

Similarly, Royal Dutch Shell CEO Ben Van Beurden’s 2015 pay package, including pension and tax equalization of 5.576 million euros (US$6.1 million), is likely to face resistance from shareholders as two shareholder-advisory firms have urged them to oppose the CEO’s pay.

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Shell Looks to Offload $40B In Non-Core Assets

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May 17, 2016

Royal Dutch Shell plc (NYSE:RDS.A) is divesting US$40 billion in non-core assets in its attempt to cut capital expenditures and raise cash in a desperate attempt to right its balance sheet wrongs after its takeover of BG Group plc earlier this year left it strapped for cash and laden with nearly US$81 billion worth of debt.

The costly merger at a time of depressed oil prices has rendered Shell the largest publicly owned company in the UK and the largest producer of liquefied natural gas (LNG) in the world.

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Why Jim Chanos is Shorting the Oil Majors

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Screen Shot 2016-05-06 at 15.37.54By RAKESH UPADHYAY: May 16, 2016

Famous short seller Jim Chanos is shorting oil majors Royal Dutch Shell Plc and Chevron Corp, according to Bloomberg. He is operating under the belief that the negative cash flows and dividend payments using borrowed money by both the companies is an unsustainable move in the long-term.

He also believes that a preference for electric cars and trucks can seriously dent the demand for crude oil in the near future.

Shell’s current cost of supplies earnings tanked in the latest quarter from $4.8 billion to $0.8 billion. The worrying point was the $4.6 billion in cash flow against an expenditure of $6.1 billion in Capex. $3.7 billion of dividends were distributed to the shareholders, of which the company managed to settle $1.5 billion in payouts by issuing 65.7 million A shares under the scrip dividend program.

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Shell Looking To Sell The Famous Brent Field, But Who Will Buy?

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Screen Shot 2016-03-15 at 10.34.57By Irina SlavPosted on Wed, 30 March 2016

Royal Dutch Shell has confirmed media reports that it is looking to sell part of its production holdings in the North Sea, saying all these assets—33 in total, including the Brent field that gave its name to the international benchmark—are being reviewed along with others, in other parts of the world.

The sale is part of Shell’s efforts to raise around $30 billion to restore some of the money it spent on buying BG Group for around $57 billion. Plans are to carry out the sales over the next three years.

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Largest U.S. refinery now belongs to Saudi Arabia

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Reuters reported that the relationship started to fray after Motiva announced a $10 billion expansion of the Port Arthur refinery, doubling its capacity to 603,000 barrels per day, making it America’s largest refinery. It produced gasoline, diesel and jet fuel. A leak shortly after the expansion was completed in 2012 led to ballooning costs, exacerbating tension between Shell and Aramco. A 2015 workers strike also sparked anger between the two companies.

The two companies signed a nonbinding letter of intent, a plan that would divide up Motiva’s refineries between them. The refineries have a combined capacity of 1.1 million barrels per day and are all located close to each other. The breakup will allow Saudi Aramco to take over the Port Arthur refinery and 26 distribution terminals, and Aramco will also hold onto the Motiva brand name. Shell will take over the other two refineries, Convent and Norco, both located in Louisiana. Shell said that it would operate the two refineries as one plant with a combined throughput of 500,000 barrels per day.

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Nigerian Pipeline Bombed, Knocking Off 300,000 Barrels Per Day

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Screen Shot 2016-02-17 at 08.47.47By Nick Cunningham09 March 2016

A bombed pipeline could cut into oil exports from Nigeria for the next few months.

The Trans Forcados pipeline was struck by a bomb in February, causing Shell Petroleum Development Corporation, a subsidiary of the oil major Shell, to declare force majeure, as it was unable to export crude through the Forcados terminal.

The pipeline may not be repaired until May, according to head of Nigeria’s state-owned oil company Emmanuel Ibe Kachikwu. “I have been assured by Shell that in six to eight weeks, we will be back,” said Kachikwu. “The earliest the line could be back up with replacements and parts flown in [to Nigeria] is mid-May,” a source told the Financial Times.

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Shell Hopes To Sell $30 Billion In Assets, But Timing Is Terrible

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Screen Shot 2016-02-17 at 08.47.47By Irina Slav: 06 March 2016

Royal Dutch Shell is planning to sell assets worth a staggering $30 billion in a bid to prop up its balance sheet, after completing the $53-billion acquisition of BG Group last month. The majority of these soon-to-be-offloaded assets are in the midstream and downstream operations of the company.

The plans were first mentioned by Shell’s chief executive during a conference call at the beginning of February. Two anonymous Bloomberg sources familiar with the divestment program stated that this divestment may include pipelines in the U.S., a stake in a gas project in Trinidad and Tobago, and interests that Shell holds in oil and gas fields in India.

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The Allure Of Shale Is Wearing Off

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Screen Shot 2016-02-17 at 08.47.47By Nick CunninghamThu, 25 February 2016

Royal Dutch Shell revealed its plans to downgrade its emphasis on expensive shale operations, although it was not worded in those terms.

The Anglo-Dutch supermajor says that it would fold its “unconventional” unit (i.e. shale) into its broader upstream business. Shell also announced that Mavin Odum, long-time top official from the North American arm of Royal Dutch Shell, will retire after more than three decades at the company.

The two announcements are consistent with Shell’s decision to takeover BG, which was a large bet on LNG and offshore oil plays, particularly in Brazil and Australia. It is also evidence that Shell is deemphasizing its attention and resources on North America, where it has placed several costly bets that have soured. In 2013, Shell cancelled plans to build a $20 billion gas-to-liquids plant in Louisiana. In 2014, Shell sold off shale acreage in Texas, Colorado, and Kansas, according to Reuters, while also divesting itself of Pennsylvania and Louisiana shale gas assets.

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Shell Sees Opportunity In Brazil

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Screen Shot 2016-02-17 at 08.47.47By Dex Dunford: Wed, 17 February 2016

Hot on the heels of their $52-billion takeover of BG Group going into effect last month, Shell appears poised to make big moves in Brazil.

Already the second largest oil and gas producer in Brazil, Shell has set its sights even higher. The only thing that stands in its way is state-owned Petrobras.

Ben van Beurden, CEO of Royal Dutch Shell, made his feelings on the matter very clear this week when he said that Petrobras should cede some of its drilling rights to private firms.

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Shell Needs To Divest Assets In Order To Afford BG Deal

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Screen Shot 2016-01-16 at 10.15.56By Andy Tully: 2 FEB 2016

Royal Dutch Shell is selling even more assets as it tries to cope with the persistent fall in the price of oil and its controversially expensive merger with BG group, approved last week by the shareholders of both companies.

In a statement Monday in London, the Anglo-Dutch oil giant said it plans to sell its 51 percent stake in the Shell Refining Co. (SRC) to Malaysian Hengyuan International Limited for $66.3 million. This is in addition to Shell’s sale of its marketing operations in Denmark and Norway, its liquid petroleum gas business in France and one-third of its shares in its Japanese arm, Showa Shell Sekiyu KK.

Shell also has recently sold off refining operations in Australia and Italy, as well as some of its retail outlets in Britain.

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