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(RTTNews) – Royal Dutch Shell plc (RDS-B, RDSB.L, RDSA.L, RDS-A) Tuesday said it expects to record post-tax impairment charges in the range of $400 million to $800 million for the first quarter, based on changes to oil price outlook for 2020.

In its first-quarter trading update, the company said it expects Integrated Gas production to be between 920 and 970 thousand barrels of oil equivalent per day. LNG liquefaction volumes are expected to be between 8.8 and 9.2 million tonnes.

In the Upstream, production for the quarter is expected to be between 2,650 and 2,720 thousand barrels of oil equivalent per day. read more

UPDATE 2-Shell pulls out of U.S. Lake Charles LNG project, Energy Transfer delays FID

* Energy Transfer delays FID from late 2020 to early 2021

* Shell relinquishes 50% stake amid spending cuts

* Decision comes after collapse in oil prices 

By Ron Bousso and Shradha Singh

March 30 (Reuters) – Royal Dutch Shell Plc pulled out of a major liquefied natural gas (LNG) export plant under development in Louisiana following the recent crash in oil and natural gas prices that has forced the company to make deep spending cuts.

Energy Transfer LP, which was developing the project with Shell, said it remains focused on the commercial development of Lake Charles and is working toward making an early 2021 final investment decision (FID) to build the plant. read more

Shares in Shell and BP still part of the scheme

Jon Stone Policy Correspondent @joncstone: 24 March 2020

The parliamentary pension fund for MPs is still investing in fossil fuels despite parliament declaring a climate emergency, new figures show.

The fund is still heavily invested in Shell (£8m) and BP (£4.4m) despite over 350 current and former MPs backing a campaign to set a good example by diverting cash elsewhere.

MPs have however welcomed news in the fund’s latest filings that it is increasingly shifting its cash towards renewable energy – with five per cent of investments going to the green sector for the first time. read more

Oil giant Royal Dutch Shell (RDSB.L) has announced plans to cut costs, slash planned spending, and abandon a share buyback, as businesses look to hold on to cash in response to the ongoing Covid-19 pandemic.

Shell said on Monday it would cut operating costs by up to $4bn over the next 12 months and reduce planned spending by $5bn in 2020. The company is also abandoning a planned $1bn share buyback.

Ben van Beurden, chief executive of Royal Dutch Shell, said the cash conservation measures were driven by the Covid-19 pandemic, which has led to a slump in demand for oil as the global economy grinds to a halt, and the oil price war between Saudi Arabia and Russia. read more

MARCH 18, 2020 / 8:41 PM

NEW YORK (Reuters) – Royal Dutch Shell Plc RDSA.L will temporarily suspend construction activities on a multi-billion dollar ethane cracker being constructed along the Ohio River in Beaver County, Pennsylvania, amid concerns about coronavirus spreading, the company said in a statement late Wednesday.

Some local officials have called for construction to be stopped to limit the potential spread of the novel coronavirus, due to the large number of workers on the project. read more

Jet fuel demand has cratered as airlines suspend flights due to the coronavirus, which has infected more than 204,000 people and killed 8,710, prompting travel restrictions from governments around the world, including the United States. Market participants and refiners have had to scramble to adjust to incredibly low prices.

Gulf Coast jet cash prices were at 26.50 cents per gallon below futures, the lowest seasonally since at least 2011, the earliest data available, Refinitiv Eikon data showed.

Robert Campbell, head of oil products at consultancy Energy Aspects, estimates that demand for jet is down more than 20 percent from normal levels of about 8 million barrels per day. read more

Canada’s C$40 billion ($30 billion) inaugural natural gas export project on the west coast has remained on schedule despite the global Covid-19 outbreak, project managers said in an update.

The executives overseeing the Royal Dutch Shell plc-led LNG Canada project said the British Columbia (BC) construction labor force of more than 2,000 had so far remained sealed against the pandemic. Crews of 1,200 building the liquefied natural gas (LNG) export terminal’s supply pipeline, Coastal GasLink (CGL), had also to date evaded the pandemic. read more

By Alex Kimani – Mar 15, 2020, 10:00 AM CDT

Global oil giants are facing ever-increasing public pressure and higher levels of scrutiny over their responsibility to curb harmful greenhouse emissions. Yet, in the sprawling oilfields of Texas, New Mexico and North Dakota, an industry-old practice of burning off unwanted natural gas has refused to die.

The burning off (flaring), as well as the intentional release (venting) of natural gas, is proving to be a black eye that Permian producers just can’t get rid of. read more

LONDON: Shell Energy Europe Limited, the energy marketing and trading division of Royal Dutch Shell has agreed a multi-year supply deal for power from a battery storage project in southwest England, the company said on Monday.

The 100-megawatt (MW) powerstorage project is backed by China Huaneng Group and Chinese sovereign wealth fund CNIC, and is expected to be completed by the end of 2020.

The two 50-MW batteries will enable Shell Energy Europe and its subsidiary Limejump to use renewable power in the area, the firm said. read more

12-Mar-2020

Royal Dutch Shell plc published its Annual Report and Accounts for the year ended December 31, 2019. The 2019 Annual Report and Accounts can be downloaded from www.shell.com/annualreport.

In compliance with 9.6.1 of the Listing Rules, on March 12, 2020, a copy of the 2019 Annual Report and Accounts was submitted to the National Storage Mechanism. This document will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.

Printed copies of the 2019 Annual Report and Accounts will be available from April 16, 2020, and can be requested, free of charge, at www.shell.com/annualreport. read more

Jonathan Saul

Shell has provisionally booked three 2 million barrel vessels, known as very large crude carriers (VLCCs), for storage options for at least three months, the sources said.

A Shell spokeswoman declined to comment.

Once the charters were fully negotiated, or fixed, they would be the first tankers to be used for floating storage after the recent fall in oil prices. [O/R]

The shipping sources said at least one of the vessels had an option to store oil in the United States.

Oil prices and the broader crude market pricing structure collapsed in recent days after OPEC and other major producing nations ended an output cut deal. read more

The humongous amount represents the punitive measures slammed on Shell Petroleum Development Company (SPDC) Limited for devastating the community and its environs and ecosystem with oil spillage.

By Akin Akinwale: 8 March 2020

Justice Inyang Ekwo of the Federal High Court, Abuja, has made a garnishee order compelling the Central Bank of Nigeria (CBN) to pay the people of Ejama Community in Eleme Local Government Area of Rivers State a total sum of N182.7 billion. The amount is to be deducted from the account of First Bank of Nigeria Plc. in the custody of the CBN.

Lawyers to Ejama community told THISDAY last night they have since served the CBN the garnishee order absolute.

The humongous amount represents the punitive measures slammed on Shell Petroleum Development Company (SPDC) Limited for devastating the community and its environs and ecosystem with oil spillage. read more

Hopes that Canada could turn into a gas export powerhouse seem to be waning fast.

The current climate for energy investments in the country and the global market for liquefied natural gas are a far cry from October 2018, when a Royal Dutch Shell Plc-led group announced plans to build a massive LNG terminal on British Columbia’s coast and Prime Minister Justin Trudeau hailed the project as “a vote of confidence” in Canada.

The latest sign of disenchantment came this week as a C$9 billion ($6.7 billion) LNG project in Quebec lost a large potential investor, which the Canadian Broadcasting Corp. identified as Warren Buffett’s Berkshire Hathaway Inc. That follows announcements last year that Chevron Corp. is planning to sell its 50% stake in an LNG project in British Columbia, and its partner in the venture is seeking to trim its stake as well. read more

Oil majors including Exxon Mobil Corp. and Royal Dutch Shell Plc are facing uphill battles to convince U.S. courts to enforce multi-billion dollar arbitration awards they secured against Nigeria’s state oil company.

The companies accused the Nigerian National Petroleum Corp. of taking more crude than it was entitled to under four deals that were signed in 1993 to incentivise them to develop deep offshore blocks. Those projects today account for about 30% of the country’s 2 million barrels of daily output. read more

Shell to explore sale of two U.S. refineries

Royal Dutch Shell (RDS.A, RDS.B) says it will seek to sell two U.S. refineries, in Alabama and Washington state, the latest step in the drive by European oil majors to reduce their refining footprints.

The Mobile, Ala., facility has a crude capacity of 79K bbl/day and is oriented toward chemicals.

A sale of the Puget Sound refinery in Anacortes, Wash., with a 145K bbl/day processing capacity, would limit Shell’s U.S. refining presence to the Gulf Coast, where its two main facilities are the Convent and Norco refineries in Louisiana. read more

New York, NY—The International Institute for Conflict Prevention and Resolution (CPR), a global non-profit organization that advances dispute prevention and resolution practices and solutions, announced that Kimberly R. Phillips, General Counsel, Global Litigation, for Shell Oil Company has joined its Board of Directors. She was confirmed at a Board Meeting that took place just prior to CPR’s Annual Meeting in St. Petersburg, Florida in late February.

Kimberly is a seasoned legal professional with experience in both the private law firm and corporate legal environments. In her current General Counsel role, she leads a team of 125 lawyers and legal professionals, sitting in 14 countries, who are responsible for managing Shell’s disputes across the globe. She sits on the Global Legal Leadership Team and she also supports a Shell subsidiary business as a Board Director. read more

BY DAILY SABAH: ISTANBUL BUSINESS: Mar 05, 2020

Shell & Turcas Petroleum company is facing a TL 2.7 million fine by Turkey’s Energy Market Regulatory Authority (EPDK) over making limited fuel delivery before price rises, the authority announced Thursday.

An investigation was launched into the company over its limited fuel supply to petrol stations and an initiative to manipulate prices initially in Sept. 17, 2019.

The regulator stressed then that no distribution company, regardless of its name, will be allowed to manipulate and victimize customers over fuel prices set in free-market conditions, adding that it will not hesitate to take the necessary steps regarding such moves that disrupt market activities. read more

by Allister Thomas: 04/03/2020, 6:00 am

Bringing about the energy transition needs to make “economic sense” and be socially and environmentally sustainable, according to Shell’s chief technology officer.

Yuri Sebregts, the top scientist for the energy giant, said long-term solutions need to be “investible” and the move to a lower-carbon energy system “cannot happen based entirely on goodwill-funded developments”.

The Shell boss, speaking to EV at the Baker Hughes conference in Florence last month, said Shell’s near-term goals are to invest $2-3 billion annually on development of low-carbon technologies which could make an 8-12% return on investment and later be scaled up. read more

MARCH 2, 2020 / 5:02 PM

CAPE TOWN (Reuters) – Somalia has agreed an initial roadmap with a Shell/Exxon joint venture to explore and develop potential offshore oil and gas reserves, the Ministry of Petroleum and Mineral Resources said on Monday.

“I am delighted we have agreed an initial roadmap with the Shell/Exxon joint venture. This gives us confidence in (the)ability to further explore any offshore hydrocarbon potential,” minister Abdirashid Mohamed Ahmed said in a statement. read more

Investors who take an interest in Royal Dutch Shell plc (AMS:RDSA) should definitely note that the CEO & Director, Ben Van Beurden, recently paid €22.74 per share to buy €217k worth of the stock. Although the purchase only increased their holding by 1.5%, it is still a solid purchase in our view.

Check out our latest analysis for Royal Dutch Shell

Royal Dutch Shell Insider Transactions Over The Last Year

Notably, that recent purchase by Ben Van Beurden is the biggest insider purchase of Royal Dutch Shell shares that we’ve seen in the last year. So it’s clear an insider wanted to buy, even at a higher price than the current share price (being €20.48). Their view may have changed since then, but at least it shows they felt optimistic at the time. In our view, the price an insider pays for shares is very important. It is generally more encouraging if they paid above the current price, as it suggests they saw value, even at higher levels. read more