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Posts on ‘July 27th, 2015’

Big oil to sharpen focus on costs after $200bn of cuts

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Screen Shot 2015-07-27 at 08.40.27Europe’s biggest oil companies have to find deeper cuts as oil prices expected to weigh on earnings

By Andrew Critchlow, Commodities editor: 27 July 2015

Three of Europe’s biggest oil companies will report weaker earnings this week and the City is looking for guidance on how to mitigate a sustained slump in Brent crude prices beyond the cost cuts already in motion.

In a market defined by oil prices 60pc lower than they were a year ago, energy giants are running out of options to protect their bottom line and all-important progressive dividends.

The brakes have already been put on 45 oil and gas development projects worth $200bn (£129bn) since prices started to fall towards the end of last year, according to a new report from Edinburgh-based consultancy Wood Mackenzie. Combined, these projects account for around 20bn barrels of reserves. The danger is that international oil companies will reveal this week that even deeper cuts are planned, tipping the industry into a form of atrophy. 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.

British energy giants set to axe costs in a bid to cope with falling gas and oil prices

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By LAURA CHESTERS FOR THE DAILY MAIL26 July 2015

The falling price of oil and gas continues to take its toll on energy firms as British Gas-owner Centrica, BP and Royal Dutch Shell are set to reveal increased cost cutting to cope.

The weak oil price has led to £130billion worth of oil and gas projects to be shelved globally, according to consultancy Wood Mackenzie.

In the UK this week Centrica chief executive Iain Conn is expected to reveal the details of a comprehensive strategic review that has been under way since he joined in January. 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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