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Posts on ‘February 3rd, 2016’

For Oil Companies, It’s a Year of Slashing Costs and Jobs

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This year will be another hard one for the oil majors as they cut spending.

Over the past several weeks, the world’s biggest oil companies have posted earnings that show just how brutal it is these days to be an oil major. The industry is going through the biggest downturn since the 1990’s.

Following a dramatic 60% plunge in oil prices over the past 18 months, oil companies are desperately slashing costs by cutting jobs, decommissioning rigs, halting the purchase of new oil gear, and pulling back from exploring new fields.

On Tuesday morning, BP BP -8.45% reported its worst annual loss in over 20 years. The company, which is the sixth largest in the world, says it will cut 7,000 jobs by 2017, or almost 9% of its workers. read more

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Shell Needs To Divest Assets In Order To Afford BG Deal

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Screen Shot 2016-01-16 at 10.15.56By Andy Tully: 2 FEB 2016

Royal Dutch Shell is selling even more assets as it tries to cope with the persistent fall in the price of oil and its controversially expensive merger with BG group, approved last week by the shareholders of both companies.

In a statement Monday in London, the Anglo-Dutch oil giant said it plans to sell its 51 percent stake in the Shell Refining Co. (SRC) to Malaysian Hengyuan International Limited for $66.3 million. This is in addition to Shell’s sale of its marketing operations in Denmark and Norway, its liquid petroleum gas business in France and one-third of its shares in its Japanese arm, Showa Shell Sekiyu KK.

Shell also has recently sold off refining operations in Australia and Italy, as well as some of its retail outlets in Britain. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

We’re drowning in cheap oil – yet still taxpayers prop up this toxic industry

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Screen Shot 2016-02-03 at 09.07.23George Monbiot: 3 February 2016

Those of us who predicted, during the first years of this century, an imminent peak in global oil supplies could not have been more wrong. People like the energy consultant Daniel Yergin, with whom I disputed the topic, appear to have been right: growth, he said, would continue for many years, unless governments intervened. Instead of a collapse in the supply of oil, we confront the opposite crisis: we’re drowning in the stuff.

FULL ARTICLE

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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