REUTERS: Mon Jul 20, 2009 3:16pm EDT: The latest company to fall victim to the recession is Shell, Europe's largest oil company, which announced last week it is mulling staff cuts at its refineries and chemical plants in Texas, Louisiana and Alabama to cut costs. Among plants under the microscope are those Shell operates jointly with Saudi Aramco and a Deer Park, Texas, refinery operated with Mexican state oil company Pemex. Shell's announcement came less than a week after the European oil major said it may shut or sell its 130,000-barrel-per-day refinery in Montreal, which it has operated since 1933.
July 20th, 2009:
U.S. oil refiners face major cuts, slow recovery
Is Shell the world’s biggest company due to merit or malevolence?
Except for the headline, senior officials of Royal Dutch Shell Plc including barrister Richard Wiseman, have had advance sight of the article below thereby giving Shell an opportunity to take issue with the veracity of the content, supply comment for publication with the article on an unedited basis, or seek an injunction to prevent publication. No such action has been taken.
BP Seen Doing Better Than Shell In 2Q
THE WALL STREET JOURNAL: "Shell appears to be at the greatest risk of negative revisions in the run-in to 2Q results given its areas of operational exposures," said Citigroup.
Attacks Cripple Shell’s Niger Delta Operations
THE WALL STREET JOURNAL: IBADAN, Nigeria--Royal Dutch Shell PLC said Saturday it was operating its many facilities in the Niger Delta with a minimum staff following the frequent attacks on its facilities in the region by militants.
Local Firms Snatch Up More Gas Stations as Big Oil Moves On
Gheit said that Royal Dutch Shell's chief executive Peter Voser, the company's former chief financial officer, plans to improve the oil giant's cost structure. That makes gasoline stations, with high volumes of sales and low profit margins, candidates for divestment.
Oil Shares at Deepest Discount Signal Recessions End
Lower profits have prompted the Hague-based Shell, the largest oil company in Europe by market value, to put two refineries in northern Germany up for sale, and it may close or sell another plant in Montreal.
Cnooc, Reliance May Be Better Bets Than Shell, Bernstein Says
July 20 (Bloomberg) -- Shares of Cnooc Ltd., PetroChina Ltd. and Reliance Industries Ltd. offer better growth prospects than international oil companies and may continue to command a price premium, Sanford C. Bernstein said.