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Posts on ‘May 5th, 2006’

The Guardian: Replacing reserves an aim not a forecast, says Shell

Financial: Replacing reserves an aim not a forecast, says Shell
TERRY MACALISTER
The Guardian – United Kingdom; May 05, 2006

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Shell's attempt to rebuild its reputation following the fiasco two years ago when it mis-stated its reserves suffered a setback yesterday when the oil group admitted it could miss its target of finding enough new oil and gas to replace all of its resources each year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Mail: Sea change for Shell over its oil reserves

Sea change for Shell over its oil reserves
Lucy Farndon
Daily Mail – London: KRTBN; May 05, 2006

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Shell beat expectations and surpassed its rival BP with first-quarter profits of GBP3.3bn, up 12pc, but enthusiasm was dampened by concerns about its oil reserves. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Scotsman: Shell poised to boost buy-backs

Shell poised to boost buy-backs
John Bowker Deputy City Editor
The Scotsman – United Kingdom; May 05, 2006

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OIL giant Shell has raised the prospects for more share buy-backs this year on the back of the continually soaring oil price, but it has scrapped a previously key target on future reserves. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Independent: Shell scraps target for replacing reserves

Shell scraps target for replacing reserves
Michael Harrison Business Editor
The Independent – United Kingdom; May 05, 2006

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Royal Dutch Shell has abandoned its target of replacing at least 100 per cent of production with new reserves – one of the solemn commitments it made to placate the City after the reserves scandal two years ago, which led to three board members being sacked and the biggest shake-up of the company in a century. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Lloyds List: LNG growth boosts Shell's bottom line

LNG growth boosts Shell's bottom line
Lloyds List; May 05, 2006

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SHELL achieved a larger than expected rise in first quarter profit, thanks partly to strong earnings growth in liquefied natural gas, writes Tony Gray. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Times: Shell fears over reserves target

Shell fears over reserves targetBy Thomas Catan in London
Published: May 5 2006 03:00 | Last updated: May 5 2006 03:00

Royal Dutch Shell has said it may miss its target of fully replacing oil and gas it pumps in coming years, adding to concerns over its future prospects.

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Since downgrading its energy reserves by around a third two years ago, the Anglo-Dutch energy group has been struggling to replace its oil and gas stocks. Investors see the reserve replacement ratio as a key indicator of future value of oil companies.

Shell had promised to raise its reserve replacement ratio between 2004 and 2008 to 100 per cent, from an industry-lagging 72 per cent average over the past five years. But Jeroen van der Veer, chief executive, admitted yesterday the company may not achieve that, citing the tight market for materials and contractors to build new projects. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Times: Lex Column: Royal Dutch Shell

Royal Dutch ShellPublished: May 5 2006 03:00 | Last updated: May 5 2006 03:00

Royal Dutch Shell used to exaggerate its reserves. Now it admits it may not be able to replace them at the promised rate. This is progress of a sort, but disappointing nonetheless.

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Having cleared the decks after the 2004 scandal, Shell was at pains to point out that the hydrocarbons were still there and would be re-booked in the future.

The target of 100 per cent reserve replacement on average from 2004-08 was part of that promise. Investors are still waiting for a rebound in reserves.

To be fair, Shell's rationalisations are sound. It makes sense, for example, to delay deep-water projects when mobile rig prices are at a record high, but expected to fall as supply increases. Securities and Exchange Commission reserve definitions are arbitrary and Shell has unconventional oil reserves – such as oil sands – to fill the gap. Production targets, therefore, have been reiterated for 2009. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE WALL STREET JOURNAL: Gazprom Outlook Remains Bright Despite Politics

Gazprom Outlook
Remains Bright
Despite Politics

By GREGORY L. WHITEMay 5, 2006; Page C1

MOSCOW — Tarred as a tool in the Kremlin's drive for international influence, OAO Gazprom has politicians in Europe and the U.S. seeing red. But for many foreign investors, the Russian natural-gas giant brings to mind an altogether different color: green.

Gazprom stock is up about 70% this year after the Kremlin in January lifted restrictions that had prevented many foreigners from buying the 49% of the company that isn't government-owned. Gazprom's market value has overtaken Royal Dutch Shell PLC and BP PLC and, at $289 billion, is second only to Exxon Mobil Corp.'s among international energy companies. (It is the third-largest company in the world, behind Exxon and General Electric Co.) read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE WALL STREET JOURNAL: Shell's Earnings Rise on Oil Prices

Shell's Earnings Rise on Oil Prices

Anglo-Dutch GiantWarns Higher CostsCould Delay Projects By CHIP CUMMINSMay 5, 2006; Page A13

LONDON — Royal Dutch Shell PLC said first-quarter earnings rose 3.3% thanks to higher oil prices, but it warned that soaring oil-field costs may force it to delay some oil and natural-gas developments.

Amid surging oil prices over the past three years, the world's largest publicly traded oil companies have struggled with cost inflation for equipment and contracting work. These higher costs have crimped still-healthy profits for several quarters. Now they are threatening entire projects, at least at Shell, as the Anglo-Dutch giant and others seek new sources to sate the world's increasing thirst for oil. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Business Week online: Shell's Uneasy Island Venture

BusinessWeek Online logo

Shell's Uneasy Island Venture

Click to launch slideshow On Sakhalin, in easternmost Russia, Royal Dutch Shell is staking out an expensive oil and gas subsidiary. These pictures show what life is like

On Sakhalin Island in the Russian Far East, Royal Dutch Shell is building what is probably the world's most expensive oil and gas subsidiary. Shell's subsidiary, Sakhalin Energy, is developing two fields — one oil and one gas. The fields lie off the island's northeast coast. The oil and gas will be brought onshore and then transported by two buried pipelines to facilities at the island's southern end. There the oil and the gas will be supercooled into liquefied natural gas, loaded onto ships, and transported to world markets. The cost of the whole enterprise is now estimated at $20 billion. London Bureau Chief Stanley Reed visited Sakhalin Island recently. Here's a look at Shell's undertaking and moments from the lives of the local population of 530,000. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE NEW YORK TIMES: House Panel Questions Exxon Mobil Payment

House Panel Questions Exxon Mobil Payment

By THE ASSOCIATED PRESS
Published: May 5, 2006

Filed at 12:42 a.m. ET

WASHINGTON (AP) — A House committee has asked Exxon Mobil Corp., for detailed information about a lucrative retirement package given to its former chairman, Lee Raymond, calling it an ''exorbitant payout'' when motorists are paying $3 a gallon for gasoline.

Raymond, who recently retired, was given a total package of nearly $400 million including salary, bonus, stock options and a one-year $1 million consulting arrangement. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE NEW YORK TIMES: Strong Showing in 1Q for Oil Companies

Strong Showing in 1Q for Oil Companies

By THE ASSOCIATED PRESS
Published: May 5, 2006

Filed at 1:58 a.m. ET

AMSTERDAM, Netherlands (AP) — Royal Dutch Shell PLC and Total SA reported higher first-quarter profit Thursday on the back of high oil prices, rounding out a set of mostly solid results by the world's largest oil companies.

However, both European companies suffered from production woes that highlight the difficulties the industry faces in finding oil and bringing it to market — troubles that have driven prices to recent highs above $75 a barrel. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE NEW YORK TIMES: Earnings Top Forecasts at Shell and Total

Earnings Top Forecasts at Shell and Total

By BLOOMBERG NEWS
Published: May 5, 2006

The oil companies Royal Dutch Shell and Total said yesterday that their first-quarter profits rose, beating analysts' forecasts, as near-record oil prices compensated for declining production and higher taxes.

Net income at Shell increased 3 percent, to $6.89 billion, or $1.05 a share, from $6.68 billion, or 99 cents a share, in the period a year earlier.

Earnings at Total, excluding changes in the value of a stake in the drug maker Sanofi-Aventis, gained 16 percent, to 3.38 billion euros ($4.27 billion), from 2.92 billion euros. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE NEW YORK TIMES: High Oil Prices Boost Shell Profit

High Oil Prices Boost Shell Profit

By THE ASSOCIATED PRESS
Published: May 4, 2006

Filed at 11:06 a.m. ET

AMSTERDAM, Netherlands (AP) — Royal Dutch Shell PLC said Thursday its first-quarter profit rose 3.1 percent, boosted by the high price of oil, but the company said it may not meet earlier targets in restoring its proven oil reserves after its 2004 accounting scandal.

Net profit at the world's third-largest oil company came to $6.89 billion, up from $6.68 billion in the same quarter a year earlier. Sales rose 5.3 percent to $76.0 billion from $72.2 billion. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE NEW YORK TIMES: Shell Profit Beats Forecasts, More Reserves Worries

Shell Profit Beats Forecasts, More Reserves Worries

By REUTERS
Published: May 4, 2006

Filed at 5:43 a.m. ET

Skip to next paragraph Reuters

LONDON (Reuters) – Royal Dutch Shell Plc (RDSa.L) reported a bigger-than-expected rise in first-quarter profit on Thursday, paving the way for higher share buybacks, but the results were tempered by more bad news on the reserves front.

Shell said in a statement that strong oil prices lifted current cost of supply net income, which strips out changes in the value of inventories, 12 percent to $6.1 billion. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BBC NEWS: Net censorship spreads worldwide

Net censorship spreads worldwide

By Mark Ward
Technology Correspondent, BBC News website

Net cafe in China, AP

The report names China as the most active net censor

Repressive regimes are taking full advantage of the net's ability to censor and stifle reform and debate, reveals a report.

Written by the Reporters Without Borders (RSF) pressure group the report highlights the ways governments threaten the freedom of the press.

The report has a section dedicated to the internet and the growing roster of nations censoring online life.

This censorship is practised on every continent on Earth, said the report. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.