February 2nd, 2008:

LONDON, UNITED KINGDOM–(Marketwire – Jan. 31, 2008) –

Shell today are expected to declare 2007 profits in the 13 billion pound range and at the same time “dump” the loyal offshore workforce that helped it deliver these very profits. Unite, the largest offshore union, are outraged at Shell’s approach to safety and industrial relations in the North Sea, at a time when they continue to deliver record profits.

A complaint by offshore unions last year was upheld by the Health & Safety Executive which expressed concern of the amount of stress and fatigue amongst staff on Shell’s offshore installations. read more

By Simon Evans
Sunday, 3 February 2008

BP chief executive Tony Hayward is this week expected to put the problems of a self-confessed “dreadful” 2007 behind him when he unveils the green shoots of recovery at the struggling oil major.

Fourth-quarter profits are expected to show a 10 per cent increase, with the company benefiting from the continued surge in the price of oil. Mr Hayward is also expected to reveal that production grew during the fourth quarter, reversing declines in the previous nine months. read more

The comments below, which we are truly honoured to receive from such eminent and vastly experienced senior people at Shell, both now retired, were made in relation to the recent article:

The Times: Despite the profits, you can’t be totally sure of Shell shares

Comments by Iain Percival

I am a relatively recently retired Shell EP professional and although no longer in service wish to make some points.

– there is still huge misunderstanding about hydrocarbon reserves “out there” and in particular amongst the pundits contributing to newspaper and media reports. read more

By Russell Hotten
Last Updated: 11:25pm GMT 02/02/2008

Safety conditions on Shell’s five oil platforms in the North Sea have been called into question amid a row over alleged “industrial gangsterism” and claims that a manager in charge of the rigs believes the backlog of maintenance has reached “appalling levels”.

In an e-mail leaked to oil industry unions, it is alleged the manager warns that the Health & Safety Executive could close the operations unless standards improve and that disciplinary action will be taken against workers who refuse “reasonable requests” to do overtime. read more

By Sheila McNulty in Houston and Ed Crooks in London
Published: February 2 2008 02:00 | Last updated: February 2 2008 02:00

ExxonMobil and Chevron, the two biggest US oil and gas companies, yesterday underlined the challenges they face in spite of high oil prices, reporting bumper profits but falling production and difficulties in finding new resources.

Exxon reported record ann-ual profits for a US company of $40.6bn, up 3 per cent, after oil prices rose to almost $100 a barrel in the fourth quarter. Chevron’s profits rose 9 per cent to $18.7bn. read more

By Kevin Done, Aerospace Correspondent
Published: February 2 2008 01:16 | Last updated: February 2 2008 01:16

Airbus staged the first test flight by a commercial aircraft using a synthetic liquid fuel processed from natural gas on Friday as airlines, aircraft makers and oil companies step up efforts to develop alternative fuels to jet kerosene.

The three-hour flight by an A380 superjumbo from Bristol to Toulouse was the first step in a test programme planned by Airbus and its partners, which include jet engine makers and energy groups, to assess the environmental impact of alternative fuels. read more

By JAD MOUAWAD
Published: February 2, 2008

By any measure, Exxon Mobil’s performance last year was a blowout.

The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent, to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.

Exxon Mobil earned more than $1,287 of profit for every second of 2007.

The company also had its most profitable quarter ever. It said net income rose 14 percent, to $11.7 billion, or $2.13 a share, in the last three months of the year. The company handily beat analysts’ expectations of $1.95 a share, after missing targets in the last two quarters. read more

By FELICITY BARRINGER
Published: February 1, 2008

A coalition of environmental organizations and Inupiaq native groups filed suit in federal court in Anchorage on Thursday to force the Interior Department to do a new analysis of the environmental consequences of oil and gas exploration in the Chukchi Sea, off northwestern Alaska.

The plaintiffs hope to stop plans to develop 29 million acres, which they argue could harm the endangered bowhead whale, a staple of subsistence hunting, and the polar bear, which is under consideration for protection under the Endangered Species Act. read more

By Russell Hotten
Last Updated: 2:43am GMT 02/02/2008

BP chief executive Tony Hayward has continued his series of top-tier management changes with the replacement of David Allen as managing director and chief of staff. Mr Allen, who was a close associate of former BP boss Lord Browne of Madingley, is being replaced by Steve Westwell, former vice- president of BP Alternative Energy. But the role of chief of staff will no longer be a board position.

In the past year, half the executive members of BP’s board have left or are about to leave. Refining chief John Manzoni left in September to run Canada’s Talisman Energy. At least 23 new senior managers have been appointed in the past two months. read more

February 2, 2008
ROBERT COLE PERSONAL INVESTOR

ROYAL DUTCH SHELL, the oil leviathan, has spent most of its life grappling with a split personality. In the beginning, Shell was not an oil company at all. Marcus Samuel, a London shopkeeper, started by importing exotic shells from the Far East. Those 1833 beginnings live on today only in the name and logo. By 1907 the business was importing oil rather than shells. Then it merged with the Royal Dutch company that found and pumped the black stuff out of the ground. read more