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February, 2016:

Shell faces $30bn battle to sell assets after BG takeover

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Shell completes its much-anticipated takeover of BG Group on Monday, facing a fresh battle to dispose of $30bn of assets in the next three years as the oil market downturn drags on.

The £35bn mega merger was proposed before the full brunt of the oil market’s 70pc collapse slashed value across the sector, and Shell is under pressure to push through the disposals to maintain shareholder dividends even as profits plummet.

Shell’s reported its sharpest decline in income in 13 years for 2015 as sales collapsed by 97pc to cut profits by 56pc compared to the year before.

But with the oil rout wiping value from across the embattled oil and gas sector analysts say Shell will struggle to spin-off assets at the price it once expected to. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Phil Watts: Oil man, turned Spaceman, turned Holy Man

Screen Shot 2016-02-13 at 22.04.1908 February 2013  Written by Michael Owens

The former chairman of one of the world’s biggest companies is about to take on a new challenge in a small corner of east Berkshire.

The Rev Sir Philip Watts spent 35 years working for oil giant Shell before his ordination as a priest in 2011.

The 67-year-old, known to all as Phil, served as a curate in Binfield, where he has lived with his wife Jan for more than 20 years.

The father-of-two is now taking up a new position as Priest in Charge of the Benefice of Waltham St Lawrence. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

It’s goodbye to BG group: Gas giant shuts its doors and ceases to exist after Shell takeover

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It was the end of an era for staff at Thames Valley Park HQ in Reading yesterday as gas giant BG Group ceased to exist

By Monday, BG will be part of Anglo-Dutch giant Royal Dutch Shell after a £35billion takeover.

The new group is now the world’s biggest trader of liquefied natural gas.

BG Group came into being in 1997 when it was demerged from British Gas.

BG employed 5,000 people from 70 countries. 

During its existence it said that its geologists and geophysicists had helped find 17 giant hydrocarbon discoveries – each with recoverable resources of more than 500million barrels of oil equivalent or 3 trillion cubic feet of gas. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Royal Dutch Shell – BG Group Merger Almost Complete

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By Muhammad Ali Khawar on Feb 12, 2016 at 1:58 pm EST

The biggest energy deal of 2015, between Royal Dutch Shell Plc (ADR) (NYSE:RDS.A) and BG Group, is just three days away from its closing. On Monday, the two European energy giants will merge to form one of the biggest companies in the global oil and gas industry.

Today is the last trading day for BG Group on the London Stock Exchange. The company would be delisted from the Stock Exchange, effective February 15.

Though $70 billion may seem a lot to many people in the low oil environment, Bidness Etc believes the benefits of the merger are likely to outweigh its costs in the long-run. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell sues Aris T for damages, alleges negligence

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Hoang TranThe Louisiana Record: Feb. 12, 2016

NEW ORLEANS – The owners of the vessel Aris T are facing a lawsuit against the vessel over a Jan. 31 incident.

Shell Chemical LP filed a lawsuit on Feb. 5 in the U.S. District Court for the Eastern District Court of Louisiana against the Aris T, Marmaras Navigation LTD, Aris T. Ene and XYZ crew employer, claiming negligent acts.

Shell claims that on the night of Jan. 31, the Aris T vessel allided itself against Norco facilities, a property owned by Shell. Aris T was allegedly traveling down the Lower Mississippi around the area of mile marker 125 when it went off course and collided with Shell’s facility. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

BG Group, Gas-Shipping Pioneer, Trades Final Time Before Merger

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Rakteem Katakey: Bloomberg.com: February 11, 2016

BG Group Plc, pioneer of natural-gas shipping, will trade on stock exchanges for the last time on Friday, 19 years after it was created.

The shares will delist Monday as BG becomes a fully owned unit of Royal Dutch Shell Plc following the industry’s biggest acquisition in more than a decade. The stock has increased ninefold since 1997, when former state monopoly British Gas Plc split its exploration and production arm from retail. Shell gained just 15 percent in the period, while BP Plc declined 4.4 percent.

The BG takeover will catapult Shell into second place among the world’s most valuable public oil companies, behind Exxon Mobil Corp. Shell plans to run BG as a subsidiary initially, merging the two companies over the course of a year, according to two officials with direct knowledge of the matter. BG’s assets, including gas projects from Australia to Kazakhstan, will help the Anglo-Dutch energy giant ride out the oil-price slump. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell cancels $14.4 billion bridge credit facility

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By Ian Walker: Published: Feb 11, 2016

LONDON–Oil major Royal Dutch Shell PLC RDSA said Thursday it has cancelled the 10.07 billion pound ($14.4 billion) bridge credit facility that was agreed last May to pay for its acquisition of BG Group PLC (BG.LN) as it is now able to fund the deal from its own cash resources. The transaction is expected to complete on Feb. 15.

FULL ARTICLE

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Opinion: Will oil be so cheap that it won’t pay to pump it out of the ground?

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By Paul Spedding: Published: Feb 9, 2016

The conventional wisdom regarding the recent plunge in the price of oil CLH6, -0.50%   is that we are seeing a repeat of the 1985-1986 collapse, when Saudi Arabia ramped up production as part of a dispute with other members of the Organization of Petroleum Exporting Countries cartel. This time, the thinking goes, Saudi Arabia is doing the same in response to its loss of market share to shale-oil production in the United States.

But there is another parallel that is even more relevant — with important implications for the long-term price of oil. The recent collapse is reminiscent of a similar dive in the price of coal — which crashed from a brief high of $140 a ton in 2008 to about $40 a ton today — which led some deposits to become “financially stranded,” meaning that the cost of developing them outweighs potential returns. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Stung by Low Oil Prices, Companies Face a Reckoning on Debts

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The oil industry regularly undergoes booms and busts. But the downside of this cycle may prove more extreme…

By CLIFFORD KRAUSS and MICHAEL CORKERYA version of this article appears in print on February 10, 2016, on page A1 of the New York edition

MIDLAND, Tex. — On the 15th floor of an office tower in Midland looms a five-foot-long trophy black bear, shot by the son of an executive at Caza Oil & Gas. But it is Caza that has recently fallen prey to a different kind of predator stalking the Texas oil patch: too much debt.

While crude prices have dropped more than 70 percent over the last 20 months, a reckoning in the nation’s vast oil industry has only just begun. Until recently, companies were able to ride out the slump using hedges to sell their oil for higher than the low market prices. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell: Industry faces major renaissance

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Written by Rita Brown – 09/02/2016

The industry is in the crux of its own renaissance as it grapples with job losses, low oil price and lagging efficiency, according to Shell’s project & technology director.

Speaking at GE’s annual meeting in Florence, Harry Brekelmans said: “Florence is the birthplace of the renaissance, the time of exploration of discovery and great inventions and of course the oil and gas industry is in need of its own renaissance.

“This will be how we collectively respond to the tough business environment we find ourselves in. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Why Oil Production in Ogoniland is Still Impossible

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Why Oil Production in Ogoniland is Still Impossible

By Fegalo Nsuke: 

Shortly after the hangings on 10 November 1995, Shell Oil Company set up an Ogoni Re-entry department to help the company break the Ogoni resistance and pave the way for the resumption of oil mining in the area. That was Shell’s immediate response to the plight of the Ogoni people after the brutal killings of 9 leaders by the Nigerian government in 1995.

The government and Shell had thought that Saro-Wiwa’s killing would frustrate the Ogoni and ease the resumption of oil mining in Ogoniland. That was not to be as the people have consistently and persistently held on to the oil till date except in cases where agents of Shell have been reported to be stealing the Ogoni oil. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil Prices Slide Again as Oversupply Fears Persist

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By TIMOTHY PUKO and GEORGI KANTCHEV: Feb. 8, 2016 

Oil prices dropped back below $30 Monday amid continuing fears about the global oversupply of crude. A Sunday meeting between Saudi Arabia and Venezuela ended without any plans for production cuts, damaging hopes that the world’s major exporters will cooperate on output cuts. Data from Barclays also suggested softer demand from the world’s largest consumers, the U.S. and China. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Workers evacuated from storm-hit Shell platform

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SAM CHAMBERS: 8 FEB 2016

A Shell platform that has run into difficulties in the past is in the news again as severe weather forced an evacuation last night.

Close to 80 workers were forced to leave the Brent Bravo in the North Sea last night and moved to two sister platforms as the oil major feared Storm Imogen with 130 kmh winds might have damaged the installation.

“Personnel on the platform were called to muster following damage to one of the structure’s legs. As a precaution, all non-essential personnel were moved to other nearby Brent platforms,” Shell said in a statement. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

As Big Oil shrinks, boards plot different paths out of crisis

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Screen Shot 2016-02-07 at 09.14.51* Companies seek to safeguard growth for when market recovers

* U.S. firms abandon deepwater projects for shale oil fields

* Britain’s BP bets on Egyptian gas, Shell on major acquisition

By Ron Bousso and Terry Wade

LONDON/HOUSTON, Feb 7 As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades, boards have adopted contrasting strategies to lead them out of the crisis.

Crude prices have tumbled around 70 percent over the past 18 months to around $35 a barrel, leading to five of the world’s top oil companies reporting sharp declines in profits in recent days.

Executives at energy firms face a tough balancing act: they must cut spending to stay financially afloat while preserving the production infrastructure and capacity that will allow them to compete and grow when the market recovers. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Royal Dutch Shell plc and BG Group plc merger

Screen Shot 2016-02-06 at 08.47.20By Brett Owens: Forbes.com: 6 Feb 2016

The Royal Dutch Shell plc ADR (RDS.A) and BG Group plc ADR (BRGYY) merger, which looked liked such a win-win for everyone has grown a bit complicated as the deal nears completion. The premium has shrunk, as have the benefits of the merger with prices under $90 a barrel.

However, there are still some takeaways for investors to breathe easier about. First, Shell has never cut or suspended its dividend in 40 years. That includes the late 1980s when oil was at $10. And despite a 56% drop in fourth quarter profits, the firm has reiterated it will maintain its dividend for 2016.

The firm has delayed capital expenditures and cut spending. It plans to slash another 3% of its employees this year after the merger.

The Shell BG merger increases Shell’s reserves by 25% and its output by 20%. More importantly, it makes Shell a well positioned producer of LNG – a segment that is growing internationally as oil declines. The merger takes Shell from third to the second largest public oil producer by capitalization after Exxon. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The world’s most hated company: can NGOs help turn Shell’s reputation around?

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While Shell’s plummeting profits are partially due to the falling price of oil, the years of negative publicity surrounding the company have likely also had an effect…

Alison MoodieSaturday 6 February 2016 14.00 GMT

In mid-2015, Shell realized its project in the Chukchi Sea, off the coast of Alaska, was in trouble. After nearly a decade of expensive drilling, it still hadn’t yielded results and increasingly strict regulations were making it harder to operate. Plus, there was the small issue of public opinion, which, inspired by an aggressive campaign by Greenpeace, was turning against the company.  read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

BG Group in ‘excellent’ shape for Shell’s £35bn takeover

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BG GROUP said it was in “excellent” shape ahead of a £35billion takeover by former rival Shell as it ramped up production and drove down costs in the face of sliding oil prices.

The FTSE 100 oil and gas group reported a surge in output in Australia and Brazil – key growth markets identified by Shell to justify the deal – beating its target to deliver a daily average of 704,000 barrels of oil per day last year, up 16 per cent on the previous year.

Volumes increased by 20 per cent in the fourth quarter. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

BG signs off with $3bn flourish before Shell’s bittersweet takeover

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Screen Shot 2016-01-13 at 08.05.25Marcus LerouxFebruary 7, 2016

BG Group has returned to profit in “bittersweet” valedictory results on the eve of its takeover by Royal Dutch Shell.

A pre-tax profit of $3 billion compared with a writedown-inflicted loss of $1.1 billion in 2014.

During the year BG started the $20 billion Queensland Curtis liquefied natural gas project in Australia and boosted its production in Brazil. Both had been sources of trouble for the company as it issued a succession of profit warnings between 2012 and 2014.  read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil market spiral threatens to prick global debt bubble, warns BIS

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By Ambrose Evans-Pritchard6:33PM GMT 05 Feb 2016

The global oil industry is caught in a self-feeding downward spiral as falling prices cause producers to boost output even further in a scramble to service $3 trillion of dollar debt, the world’s top watchdog has warned.

The Bank for International Settlements fears that a perverse dynamic is at work where energy companies in Brazil, Russia, China and parts of the US shale belt are increasing production in defiance of normal market logic, leading to a bad “feedback-loop” that is sucking the whole sector into a destructive vortex. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell massively expands natural gas business – just as sector tanks

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Terry Macalister Energy editor: Friday 5 February 2016 13.43 GMT

Shell is about to massively increase its exposure to the liquefied natural gas (LNG) market just as profits in the sector dive, according to new figures from BG.

BG – the former international exploration and production arm of British Gas, which will become part of Shell in 10 days in a $35bn (£24bn) merger – ramped up its LNG shipments by nearly 60% in 2015, only to see earnings from this side of its business plunge by 67%. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oilmageddon

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Katy Barnato: 5 FEB 2016

The global economy seems trapped in a “death spiral” that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned.

Some analysts — including those at Citi — have turned bearish on the world economy this year, following an equity rout in January and weaker economic data out of China and the U.S.

“The world appears to be trapped in a circular reference death spiral,” Citi strategists led by Jonathan Stubbs said in a report on Thursday. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Corporate earthquakes

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By Ed Crooks: February 5, 2016

Earnings reports from the largest listed oil companies have this week given a series of seismograph readings on the upheaval in the crude market. The implications for investors, employees and suppliers are grim. Worse, those earnings were all recorded in a period when oil and gas prices were significantly higher than they are now.

In a run of generally grim reports, BP’s was perhaps the worst: in 2015 it made a $5.2bn loss, the largest in its history. ConocoPhillips of the US, which after spinning off its refining business in 2012 became the world’s largest pure exploration and production company, was another standout, cutting its dividend by 66 per cent just two months after promising that the payout would be its “highest priority”. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

BG Group posts profit ahead of Shell takeover

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By Tara Cunningham, Business Reporter: 9:16AM GMT 05 Feb 2016

In its final results ahead of its landmark merger with Shell, BG Group has reported a pre-tax profit of $2.98bn, compared with a $2.3bn loss the previous year.

FTSE 100-listed BG is due to be absorbed into the Anglo-Dutch giant by the middle of the month after its shareholders voted overwhelmingly in favour of a £40bn takeover.

Screen Shot 2016-02-05 at 11.21.44In its last year as standalone company, BG managed to limit the impact from plunging oil prices to a 16pc drop in revenue for the year, racking up sales of $16.2bn. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell to cut 10,000 jobs as profits plunge by 80 per cent

Screen Shot 2016-02-05 at 11.00.27Tom Bawden Environment Editor: 5 FEB 2016

Shell yesterday confirmed plans to cut 10,000 jobs now that its takeover of rival BG Group is set to go through, and raised the prospect of further redundancies, as it reported an  80 per cent slump in profits to a 13-year low.

Two days after BP announced its biggest-ever annual loss, Shell revealed that its profits had fallen to $3.8bn (£2.6bn) last year, from $19bn in 2014. The industry has been rocked by a sustained slump in the oil price, from $115 a barrel in the summer of 2014 to $35.41 yesterday.  read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell pushes back investment decision on Canadian LNG project

Screen Shot 2016-02-05 at 11.12.10VANCOUVER | BY JULIE GORDON: 4 FEB 2016

British Columbia’s ambitions to become North America’s next major liquefied natural gas exporter took another hit on Thursday, as Royal Dutch Shell pushed back a final investment decision (FID) on its LNG Canada project to late 2016.

The delay came as Europe’s largest oil company reported its lowest annual income in over a decade and said it would take further steps to cut costs to cope with weak oil prices if needed.

LNG Canada, located on British Columbia’s rugged northern coastline, is one of the frontrunners in a now slowing race to build Canada’s first LNG export terminal. It has already been granted its key environmental permits. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Curious coincidence involving Shell, Iran, Noble Corp and $2.16 billion: Update

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Screen Shot 2015-11-20 at 08.55.47By John Donovan

In June 2015, we published an article by a regular contributor under the headline: Curious coincidence involving Shell, Iran, Noble Corp and $2.16 billion

I was contacted recently by a gentleman who carried out work on the infamous Noble Discoverer drillship, which may currently be up for sale in Singapore.

He recently read the article and based on his insider knowledge, says that it would explain a lot.

He claims that a colleague working on the rig speculated, even before the publication of our article, that the Discoverer was part of a giant money laundering scheme.  read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell’s Profit Down 56 Percent on Depressed Oil Prices

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Screen Shot 2016-01-14 at 00.11.12Shell’s Profit Down 56 Percent on Depressed Oil Prices

By STANLEY REEDFEB. 4, 2016

LONDON — Royal Dutch Shell became the latest big energy company to file a damage report on the impact of depressed oil prices on Thursday, saying that its adjusted profit fell 56 percent in the fourth quarter of 2015 compared to a year earlier.

Shell said earnings adjusted for inventory changes were $1.8 billion, down sharply from $4.2 billion in the comparable period of 2014.

For 2015, Shell’s earnings fell 80 percent to $3.84 billion, compared to $19 billion in 2014. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Profits Plunge By 80% Amid Oil Slump

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Shell is pressing ahead with a £36bn ($52bn) merger with exploration group BG. It has said 10,000 jobs will go across the two companies as a result. The deal has been approved by shareholders and will complete later this month.

The industry has been hammered by the collapse in the world energy market which has seen the price of a barrel of Brent crude dive by three-quarters from $115 in the summer of 2014 to around $30 at the start of this year.

Mr van Beurden said Shell was seeing “substantial changes”, slashing costs and investment in response to the slump – and warned that more cuts could come. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell confirms 10,000 job cuts and a steep profits fall

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Royal Dutch Shell has confirmed it is cutting 10,000 jobs amid its steepest fall in annual profits for 13 years.

It made $1.8bn (£1.23bn) for the fourth quarter of the year, compared with a $4.2bn profit for the same period the year before.

Full-year 2015 earnings, excluding identified items, were $10.7bn, compared with $22.6 billion in 2014.

The oil firm indicated it would report a massive drop in profits two weeks ago.

The company reports earnings on a current cost of supplies (CCS) basis.

Last week, shareholders in Shell, which is Europe’s largest oil company, voted in favour of its takeover of smaller rival BG Group.

The company cut back hard on investment.

Its capital spending for the year was slashed to $28.9bn, $8.4bn lower than in 2014. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Royal Dutch Shell Connections with Utrecht University

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A team of historians, all associated with Utrecht University was hired by Shell to author “A History of Royal Dutch Shell,” a four-volume work published in 2007. 

Seems reasonable to conclude that the University and those associated with it, including the hired historians, would not wish to upset such an important benefactor/partner. 

That may explain the spin when they dealt with a particularly sensitive chapter in Shell’s past – its direct dealings with Hitler and the Nazis.  read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Corrib firm gets €70m cash injection

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Screen Shot 2016-02-04 at 09.01.56Shell Corrib firm gets €70m cash injection

Gas began flowing from the field only in the past few weeks – 11 years behind schedule.

By John Mulligan: 4 FEB 2016

Oil giant Shell injected €70m into its Irish unit that’s behind the Corrib gas project in recent months as the field prepared to begin delivering gas, new filings show.

The Corrib gas field is located 83km off Ireland’s west coast in depths of almost 350 metres.

Gas began flowing from the field only in the past few weeks – 11 years behind schedule.

Shell owns a 45pc stake in the Corrib field, with Norway’s Statoil owning 36.5pc. Canadian firm Vermilion owns 18.5pc. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

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

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

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

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

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

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Royal Dutch Shell: Here’s Why S&P Downgraded Credit Rating

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By Muhammad Ali Khawar on Feb 2, 2016 at 6:49 am EST

Standard & Poor’s (S&P) recently downgraded Royal Dutch Shell’s (ADR) (NYSE:RDS.A) credit rating from “AA-” to “A+,” as a result of the depressed crude environment. Since June 2014, crude oil prices have fallen more than 70%.

The downgrade came just weeks after the S&P lowered Brent crude expectations for the year. Initially, it expected the global crude oil benchmark to trade at around $55 per barrel. However, only last month the firm cut its price forecast to $40 per barrel, when the market conditions failed to recover. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Is the BG-Shell deal offering value to investors? Why we must adopt new world thinking to navigate oil price peaks and troughs

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by Tony Manwaring – 2 February 2016 5:55am

Before the invention of the marine chronometer in the 1750s, choppy waters and treacherous currents prevented the calculation of longitude when at sea. Sailors charting a route were forced to rely upon dead reckoning to set their course.

Today’s captains of industry coping with similarly volatile conditions are often accused of taking a similar approach. Shell’s Ben Van Beurden has faced a welter of criticism as the oil prices has halved in the ten months it has taken to to complete the recent BG deal. Such decisions which shape the future successes—or failures—of their organisations, cannot be based upon gut-feel, they must be effectively evidenced. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

S&P downgrades Shell to A+/A-1; keeps door open to further downgrade

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Commodities | Mon Feb 1, 2016 9:28pm GMT

Credit ratings agency Standard and Poors on Monday downgraded oil major Royal Dutch Shell Plc to A+/A-1 from AA-/A-1+ and put its long-term credit rating on creditwatch negative citing sliding oil prices.

S&P said Shell’s one-notch downgrade, driven by weaker forecasts for its credit metrics over 2016-2018 and slower profit improvements, excluded the ratings impact of its BG Group Plc acquisition.

Shell had said it was prepared for a downgrade as a result of the BG deal. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

S&P cuts Shell’s credit rating amid oil rout

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1 FEBRUARY 2016

Standard & Poor’s sliced Royal Dutch Shell’s credit rating on Monday…

The New York-based ratings company lowered Shell’s rating by one notch to “A+” from “AA-” and said it may make more cuts in the future.

FULL ARTICLE

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

S&P Lowers Shell’s Rating, Puts Other Oil Majors on Watch

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Screen Shot 2015-11-20 at 08.55.47David Marino: Bloomberg.com:

1 February 2016

Standard & Poor’s lowered its rating on Royal Dutch Shell Plc and sees a significant likelihood of downgrades for several Europe-based integrated oil and gas majors in the next weeks.

“We lowered our ratings on Royal Dutch Shell Plc to ’A+/A-1’ from ’AA-/A-1+’ and placed the long-term rating on CreditWatch with negative implications,” S&P said in an e-mailed statement. “We also placed on CreditWatch negative our ratings on BP Plc, Eni SpA, Repsol S.A., Statoil ASA, Statoil Forsikring AS, Statoil US Holdings Inc., and Total S.A.” read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

LIVELY POSTINGS ON SHELL BLOG 1 FEB 2016

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“TEXVETTE”

Looks like Marvin Odum was stripped of key responsibilities and placed in a lame Role. Ironically he will have to clean up the messes he left in Alaska and Unconventionals. A bit of Karma, but he should no longer be on the payroll after all his major mistakes.

“OUTSIDER”

The merger of Shell T&T and Royal Dutch in 2004 resulted in a major loss to the UK exchequer, as the taxes previously paid by Shell T&T went to the Dutch government instead. Presumably the taxes previously paid by BG will now go to the Dutch government too? read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell backs out of Malaysian refinery business

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By Jillian AmbroseFeb 2016

Royal Dutch Shell will sell a majority stake in its Malaysian refining business as part of a strategy overhaul to combat plummeting profits.

The Anglo-Dutch firm said it has agreed to sell a 51pc stake in the business for $66.3m to engineering group Malaysian Hengyuan International.

The latest retreat comes alongside plans to sell its marketing business in Denmark and Norway, its LPG businesses in France and a 33.24pc stake in Showa Shell Sekiyu KK.

Shell’s latest financial report due out on Thursday is expected to make clear the heavy toll the ongoing oil price rout has taken on the firm, with full-year profits expected to be 48pc lower than the year before. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.