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Posts on ‘March 20th, 2014’

Shell writes down value of its U.S. shale gas and liquids-rich assets by $2.5 billion

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Extracts from an article by Arjun Sreekumar published on 19 March 2014 by The Motley Fool under the headline: “2 Key Areas Where Royal Dutch Shell plc Needs to Improve”

To accomplish its goal of boosting cash flow and returns, Shell has identified two key business units as prime targets for restructuring over the next few years. The first business unit to be reorganized is Shell’s upstream Americas segment, where more than $24 billion in spending on North American shale oil and gas assets over the past few years has failed to generate sufficient returns. The unit swung to a $900 million loss last year, as Shell was forced to write down the value of its shale gas and liquids-rich assets by about $2.5 billion. To remedy the situation, Shell plans to reduce upstream Americas spending by 20% this year and also plans to cut the unit’s staff by 30% from around 1,800 to 1,400. read more

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Shell in slashing mode

Ben van Beurden, Chief Executive Officer. Royal Dutch Shell Plc

Ben van Beurden, Chief Executive Officer. Royal Dutch Shell Plc

Extracts from an article by EDUARD GISMATULLIN published by Bloomberg News on 14 March 2014 under the headline: Shell in slashing mode: Cuts Americas spending by 20% after losses in shales

THE HAGUE (Bloomberg) — Royal Dutch Shell plans to lower spending in the Americas by a fifth as Europe’s largest oil producer focuses on more profitable operations. It’s “not acceptable” that Shell, now deploying about 36% or $80 billion of its capital in North America, has been losing money, Chief Executive Officer Ben van Beurden said. Van Beurden has pledged to shrink spending costs this year and speed up asset sales including refineries after The Hague-based company issued its first profit warning in a decade. read more

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Wall Street Journal: Shell pulls out of Ukraine deal near Crimea

Screen Shot 2014-02-10 at 16.29.29Extracts from an article by Justin Scheck published 19 March 2014 by the Wall Street Journal

LONDON— Royal Dutch Shell PLC said Wednesday that it withdrew from negotiations over an offshore exploration deal in the Black Sea, west of Crimea. Shell made the decision to pull out in January, a spokesman said. Withdraws From Talks on Skifska Field But Is Still Pursuing Other Ukraine Projects

LINK TO FULL ARTICLE

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