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Posts on ‘July 26th, 2012’

Romney Tax Plan: Many Happy Returns for Big Oil

By Daniel J. Weiss, Seth Hanlon | July 31, 2012

Republican presidential candidate Mitt Romney’s economic plan slashes corporate tax rates while failing to identify a single corporate tax loophole to eliminate. Highly profitable large oil companies that already enjoy lucrative tax breaks stand to receive some of the biggest benefits from Gov. Romney’s plan.

The world’s five biggest public oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell—would keep special tax breaks worth $2.4 billion each year. And by cutting corporate tax rates, the Romney plan could lower the companies’ annual tax bill by another $2.3 billion, based on an analysis of the companies’ tax expense for 2011. The special tax breaks, supplemented by Gov. Romney’s lower corporate rates, could benefit the oil companies by more than $4 billion annually. 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.

Shell disappoints as profits fall

26 July 2012

Falling energy prices have left its mark on Royal Dutch Shell after a weaker-than-expected profits performance drove a big fall in its share price.

While chief executive Peter Voser insisted the Anglo-Dutch company was “moving forward in volatile times”, Shell’s second quarter profits of 5.7 billion US dollars (£3.7 billion) were down 13% and below City hopes.

Shell increased upstream production by 4% to 3.1 million barrels a day in the quarter – driven by improved output of natural gas – but this was more than offset by the drop in global energy prices in the period. 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.

Shell CEO: America can be energy independent in 20 years; company profit drops on lower prices

By Associated Press, Updated: Thursday, July 26, 5:18 PM

AMSTERDAM — The chief executive of Royal Dutch Shell PLC on Thursday said that whichever political party wins the U.S. presidential election in November should formulate an energy policy with a view to achieving “near energy independence” within 20 years.

Swiss CEO Peter Voser, who heads Europe’s largest oil company, was speaking after his company’s second quarter earnings showed a greater than expected decline in profits, due mostly to lower oil prices.

At a meeting with analysts in London, Voser said that energy independence could be possible using a combination of newly-available technologies for extracting oil in difficult-to-reach areas, including the icy Alaska seas where Shell is undertaking exploratory drilling this summer, deep sea operations in the Gulf of Mexico, heavy oil sands, and especially developing the US’s large natural gas reserves would all help. 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.

Mitt Romney Omnishambles in London

Definition of “omnishambles” – something that is very badly organised and is ineffective in every possible way

Mitt Romney is having a disastrous visit to London. One gaff after another.

He has already been rebuked by Prime Minister David Cameron for his undiplomatic comment alleging Britain is not ready to hold the Olympics.

He then forgot the name of the labour party leader Ed Miliband, addressing him as “Mr Leader”

He raised eyebrows by claiming to have met with the chief of MI6. The very existence of MI6 was not officially acknowledged until 1994.

He followed that up by a comment about the “backside” of No. 10 Downing Street. (“backside” has unfortunate alternative meanings in Britain e.g. buttocks) 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.

Shell May Trim 2012 Alaska Drilling for Inspections, Ice

By Katarzyna Klimasinska on July 26, 2012

Royal Dutch Shell Plc (RDSA) may have to scale back its Arctic oil-exploration this year after unrelenting ice and trouble passing U.S. Coast Guard inspections delayed the planned July start of drilling.

The company’s fleet remains in Dutch Harbor, Alaska, days away from the Chukchi and Beaufort seas off the state’s north coast, waiting for ice to break up and the U.S. to issue final permits for drilling five test wells. Arctic conditions require Shell to quit work by late October, before ice reforms. 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.

HOW FORTUNES HAVE CHANGED FOR BP SINCE 2004

FROM OUR JULY 2004 SHELL NEWS ARCHIVE… A FORTUNE MAGAZINE ARTICLE REPUBLISHED IN THE NOW DEFUNCT NEWSPAPER: THE BUSINESS

HOW FORTUNES HAVE CHANGED FOR BP SINCE 2004. THE SUN KING RESIGNED IN DISGRACE AND BP HAS SUFFERED DEBACLES IN THE GULF OF MEXICO AND RUSSIA.

THE ARTICLE: The new king of the oil patch

Lord Browne has put BP back on the map at the forefront of the global energy industry

By Nelson Schwartz

FROM FORTUNE Magazine

25/26 July 2004

IN an industry peopled with Texans who drop their “Gs” and seem fresh from the set of Rawhide, BP’s John Browne is decidedly different. Lord Browne is as content discussing his collection of crystal goblets or contemporary art as he is BP’s latest offshore find or next big pipeline project. He prefers salmon to steak and still speaks the Queen’s English he learned at boarding school and Cambridge. 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.

Royal Dutch Shell pressured as earnings disappoint

By Tricia Wright: Thu Jul 26, 2012 5:21pm IST

Heavyweight UK energy stock Royal Dutch Shell was left nursing a fall of 2.7 percent after its second-quarter earnings lagged expectations.

Volume in the shares was nearly one and a half times its 90-day daily average.

Weaker prices for oil worldwide and for gas in North America saw Shell, the second largest of the western world oil “majors” behind Exxon Mobil, report a fall in second-quarter earnings to around $6 billion from $8 billion a year ago on a current cost of supply basis. The result undershot analysts’ predictions of around $6.3 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.

Irish Times: Controversy over Mayo gas pipeline

FROM OUR JULY 2005 SHELL NEWS ARCHIVE…

Irish Times: Controversy over Mayo gas pipeline

“This giveaway agreement was presided over by a government led by CJ Haughey, and the terms were arranged by the then Minister who dealt with such affairs, Ray Burke. This man has since been investigated and found to have engaged in a mass of corrupt and illegal dealings, and has served a jail term.”

Tuesday July 26, 2005

LETTERS

Madam, – The continuing and unhappy imprisonment of a group of protesters from Co Mayo who seek to have Shell prevented from high-pressure gas pipeline construction draws attention to another matter of enormous importance to the people and economy of this island.

I refer to the agreement, drawn up years back, between the then Haughey government and international oil companies, regulating the sale of prospecting rights, control, development and ensuing profits of the oil and gas resources off our western coast. 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.

Shell Still in Talks Over Russia’s Shtokman Project, CEO Says

By Ben Farey – Jul 26, 2012 9:11 AM GMT+0100

Royal Dutch Shell Plc is still in talks with OAO Gazprom about joining the Shtokman liquefied natural gas project in the Russian Arctic, one of the world’s biggest gas deposits.

“We now have interest in doing more LNG projects in Russia,” Shell Chief Executive Officer Peter Voser told Bloomberg Television today. “Discussions are ongoing. I can’t comment on any more details.”

Shell and Gazprom are already partners in the 9.6 million metric-ton-a-year Sakhalin-2 LNG plant on Sakhalin Island, off Russia’s far eastern coast. 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.

Time ticking on Shell’s offshore Arctic drilling

By Yereth Rosen

ANCHORAGE, Alaska, July 25 | Wed Jul 25, 2012 10:18pm EDT

(Reuters) – Royal Dutch Shell’s plans to drill exploratory wells in remote Arctic waters off Alaska are being hampered by its failure to secure key regulatory approvals and lingering sea ice, which have already led to a three-week delay.

Shell had hoped to use this year’s brief, ice-free season to drill up to three exploratory wells in the remote Chukchi Sea off northwestern Alaska and up to two in the Beaufort Sea off the state’s northern coast. The company has similar plans for 2013. 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.

Shell Profit Falls More Than Expected as Oil Prices Drop

By Eduard Gismatullin and Francine Lacqua – Jul 26, 2012 9:07 AM GMT+0100

Royal Dutch Shell Plc (RDSA), Europe’s biggest oil company, reported a larger decline than expected in second-quarter earnings as crude prices dropped and maintenance work on fields held back production.

Profit fell 13 percent, excluding one-time items and inventory changes, to $5.7 billion, The Hague-based Shell said today in a statement. That missed the $6.3 billion average estimate of 10 analysts surveyed by Bloomberg. Benchmark brent crude futures slid 7 percent from a year earlier to average $108.76 a barrel on slowing global economic growth. 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.
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