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Posts on ‘August 25th, 2016’

Shell Can’t Duck Crude Manipulation Suit, Judge Told

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By Kevin Penton

Law360, New York (August 24, 2016, 8:24 PM ET) —

Two Royal Dutch Shell PLC affiliates accused of manipulating crude market prices cannot use the Second Circuit’s recent nix of aluminum futures price-fixing claims to escape the allegations the pair face, landowner and derivatives trader plaintiffs told a New York federal court Wednesday.

The appeals court on Aug. 9 had ruled that manufacturers and buyers of aluminum products could not sue Goldman Sachs Group Inc., JPMorgan Chase & Co. and Glencore PLC, because the plaintiffs were not directly targeted in the alleged scheme to fix prices… read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Can OPEC save BP plc and Royal Dutch Shell plc?

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By Ian Pierce – Thursday, 25 August, 2016

Oil majors must long for the halcyon days when a sustained period of low crude prices could be expected to send OPEC riding to the rescue with sweeping production cuts and a promise to boost global prices. Now, two years into a global supply glut that shows few signs of lifting, do oil majors need an OPEC to finally take action?

BP (LSE: BP) wouldn’t say no to the help. Interim results released last month saw underlying replacement cost profits, its preferred metric of profitability, slump 67% year-on-year. Add in a $2bn statutory loss for the period and net debt leaping to $30.9bn and worries have rightly begun to proliferate that dividends will be slashed sooner rather than later. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.
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