The Value Portfolio: Jun. 15, 2016 2:04 AM ET
Summary
- Royal Dutch Shell’s capital markets presentation shows the company’s impressive and growing deepwater ambitions.
- The company is Noble Corporation’s largest customer and represents more than 60% of its backlog.
- The acquisition of Noble Corporation will bring Royal Dutch Shell returns higher than the present returns it expects to get from deepwater drilling overall.
Introduction
Royal Dutch Shell (NYSE: RDS.A) (NYSE: RDS.B) is an Anglo-Dutch multinational oil & gas company headquartered in the Netherlands and incorporated in the United Kingdom. It is the second-largest publicly traded oil company in the world, with a market cap of just under $200 billion, second only to Exxon Mobil (NYSE: XOM) with a market cap of $378 billion.
Noble Corporation (NYSE: NE) is an offshore drilling contractor also incorporated in London, the United Kingdom. It is the successor of the Noble Drilling Corporation and operates by providing drilling rigs to various oil companies in exchange for contracts. However, since Noble Corporation does not have Royal Dutch Shell’s oil major status, the company has seen its stock price decimated since the start of the oil crash. read more
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