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Supreme Court Allows San Francisco, Oakland Lawsuits Against Big Oil Companies To Proceed

CBS SF

Supreme Court Allows San Francisco, Oakland Lawsuits Against Big Oil Companies To Proceed

SAN FRANCISCO (CBS SF) – Two more ambitious lawsuits would be hard to image: in 2017 the cities of Oakland and San Francisco filed separate public nuisance lawsuits against five of the world’s biggest energy companies, seeking to hold them responsible for the local effects of sea level rise.

On Monday, the U.S. Supreme Court declined to throw the suits out of court, although the cases still face many daunting obstacles ahead. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem

OilPrice.com

Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem

By Alex Kimani – Jun 06, 2021, 7:00 PM CDT

Just last week, some of the world’s largest integrated energy companies faced the wrath of furious investors and climate activism. Exxon Mobil (NYSE:XOM) lost three board seats to Engine No. 1, an activist hedge fund, in a stunning proxy campaign, while a good 61% of Chevron (NYSE:CVX) shareholders voted to further cut emissions at the company’s annual investor meeting a week ago.

Engine No. 1 has told the Financial Times that Exxon will need to cut fossil fuel production for the company to position itself for long-term success, “What we’re saying is, plan for a world where maybe the world doesn’t need your barrels,” Engine No.1 leader Charlie Penner has told FT.

Meanwhile, a Dutch court has ordered Royal Dutch Shell (NYSE:RDS.A) to cut its greenhouse gas emissions harder and faster than it had previously planned.

Whereas climate change issues are the presumptive reasons behind the latest wave of investor revolts at the oil and gas giants, lurking beneath the surface is a growing sense of apprehension about Big Oil’s strategy and failure to generate adequate returns for shareholders in recent decades. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

U.S. Supreme Court backs energy companies over Baltimore in climate case

U.S. Supreme Court backs energy companies over Baltimore in climate case

WASHINGTON (Reuters) – The U.S. Supreme Court on Monday ruled in favor of BP PLC, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC and other energy companies contesting a lawsuit filed by the city of Baltimore seeking monetary damages from them due to costs caused by global climate change.

The 7-1 ruling, authored by conservative Justice Neil Gorsuch, came on a technical legal issue that could help the companies in their effort to have the case heard in federal court, as they would prefer, instead of state court, which the city favors as it is seen as a more amenable venue. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell raises dividend for second time in six months after first-quarter earnings beat forecasts

Shell raises dividend for second time in six months after first-quarter earnings beat forecasts

Sam Meredith: PUBLISHED THU, APR 29 20212:09 AM EDT

KEY POINTS
  • The Anglo-Dutch company reported adjusted earnings of $3.2 billion for the three months through to the end of March. Analysts had expected $3.1 billion, according to Refinitiv.
  • Shell also raised its dividend by around 4%, its second increase in six months.
  • It comes as energy majors seek to reassure investors that they have gained a more stable footing in recent months.

LONDON — Oil giant Royal Dutch Shell on Thursday reported slightly better-than-expected first-quarter earnings, amid stronger commodity prices and growing expectations of a fuel demand recovery.

Shell also raised its dividend by around 4%, its second increase in six months, as the oil major seeks to reassure investors it has gained a more stable footing. It comes after Shell slashed its payout for the first time since World War II in April last year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

New York City sues Exxon, BP, Shell in state court over climate change

New York City sues Exxon, BP, Shell in state court over climate change

By Reuters Staff: April 22, 2021

(Reuters) – New York City is suing three major oil companies and the top industry trade group in state court after a federal appeals court this month rejected its effort to hold the companies liable to help pay the costs of harm caused by global warming.

The lawsuit filed on Thursday said Exxon Mobil Corp, BP Plc, Royal Dutch Shell and industry group the American Petroleum Institute “have systematically and intentionally misled consumers” about “the central role their products play in causing the climate crisis.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Will Big Oil’s Huge Carbon Capture Bet Pay Off?

Will Big Oil’s Huge Carbon Capture Bet Pay Off?

By Tsvetana Paraskova – Apr 21, 2021, 1:00 PM CDT

“We’re sending carbon back where it came from,” Norway’s energy giant Equinor says, describing its efforts to make carbon capture and storage (CCS) commercially viable in a future decarbonized energy system. Equinor is a joint venture partner with two other oil majors, Shell and Total, in developing the Northern Lights project in Norway, which is planned to deliver carbon storage as a service to help third-party industries to reduce emissions. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Energy Giants Ditch Oil and Coal Projects. Smaller Rivals Want Them

Energy Giants Ditch Oil and Coal Projects. Smaller Rivals Want Them.

BP, Rio Tinto and others sell assets for financial and environmental reasons, in possible boon for those who still embrace fossil fuels

By David Hodari: April 21, 2021 5:30 am ET

For all the talk of a transition away from fossil fuels, players in the energy sector are still willing to bet there is more money to be made in oil and coal.

Major oil companies such as BP PLC and Royal Dutch Shell PLC are selling billions of dollars of assets to bolster their finances and reduce carbon emissions, while mining companies including Anglo American PLC and Rio Tinto PLC have exited coal projects. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Activists gear up for a fight over green-washing at AGMs

Activists gear up for a fight over green-washing at AGMs

: April 20, 2021

Spring is the season for annual general meetings and this year they provide a test of environmental credentials. Activist non-government organisations (NGOs) have tabled ambitious resolutions to several UK-listed companies and they are keen to remind asset managers with voting rights of their stewardship responsibilities to investors and the planet.

Barclays (BARC)Rio Tinto (RIO)BP (BP.) and Royal Dutch Shell (RDSB) are subject to resolutions from NGOs seeking ambitious commitments in keeping with the Paris Climate Agreement. Its objective is to limit global temperature increases to two degrees Celsius above pre-industrial levels, with strenuous efforts to keep the rise to just one-and-a-half degrees. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

A great deception’: oil giants taken to task over ‘greenwash’ ads

Damian Carrington Environment editor: Mon 19 Apr 2021 06.01 BST

Some of the world’s biggest fossil fuel companies have used advertising to “greenwash” their ongoing contribution to the climate crisis, according to files published by the environmental lawyers ClientEarth. They describe the practice as “a great deception”.

The files compare the adverts produced by ExxonMobil, Aramco, Chevron, Shell, Equinor and others with the companies’ operations and products, overall climate impact and progress toward climate-safe business models. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The World Still Needs Hundreds Of Billions Of Barrels Of Oil

The World Still Needs Hundreds Of Billions Of Barrels Of Oil

By Haley Zaremba – Apr 14, 2021, 2:00 PM CDT

Has peak oil demand already come and gone? That’s an exceptionally hard question to answer. There are some experts that say unequivocally, yes. They claim that peak oil is already upon us, thanks to the crushing blow that the Covid-19 pandemic dealt to global oil demand as well as the ever-escalating worldwide transition toward clean energy. But there are just as many who say that the world’s thirst for oil still has a long way to go before we hear its swan song. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

Tim TreadgoldAsia: Apr 12, 2021

Big oil has a big problem. It’s running out of oil.

Years of under-investment in exploration and a decline in project development has blown a hole in the reserves of the major international oil companies (IOCs), a group that includes ExxonMobil, Chevron and Royal Dutch Shell.

Since 2015 the average reserves of the oil majors has fallen by 25% to now stand at less than 10 years of annual production.

Reserves in the ground is a critical measure of an oil company with a decline seen as a negative by investors. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil Giants Win Climate Suit as Judges Push For Political Fix

Oil Giants Win Climate Suit as Judges Push For Political Fix

Chevron Corp., Royal Dutch Shell Plc and ConocoPhillips were also sued in the case.

Bloomberg News: Chris Dolmetsch and Erik Larson: Publishing date: Apr 01, 2021(Bloomberg) — New York City failed to persuade a federal appeals court to reinstate a climate-change lawsuit against Exxon Mobil Corp., BP Plc and three other oil companies, with the judges saying the problem demands political rather than legal solutions.

The Friday ruling by the U.S. Court of Appeals in New York is a setback for those trying to use the courts to hold the industry responsible for costs associated with rising seas and other consequences of a warming planet.

Chevron Corp., Royal Dutch Shell Plc and ConocoPhillips were also sued in the case.

The court said global warming “is a uniquely international concern” that requires the federal government to step in rather than judges. Only the U.S. Environmental Protection Agency has the authority to regulate domestic greenhouse gas emissions, the unanimous three-judge panel held. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell To Tie Executive Bonus Pays With Energy Transition Goals

Shell To Tie Executive Bonus Pays With Energy Transition Goals

By Tsvetana Paraskova – Mar 29, 2021, 11:30 AM CDT

Oil and gas supermajor Shell is set to tie the bonuses for its top executive directors more closely to the group’s performance in reaching its net-zero goals, if shareholders approve the plan at the annual general meeting in May, Reuters reported on Monday.

Two years ago, Shell became the first supermajor to set short-term emission reduction targets and link these targets with executive pay, yielding to growing investor pressure about establishing short-term emission goals. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Chevron eyes deal for Shell oil refinery in Pacific Northwest -sources

Chevron eyes deal for Shell oil refinery in Pacific Northwest -sources

HOUSTON, March 26 (Reuters) – Chevron Corp has emerged as a leading contender to buy a Royal Dutch Shell Plc refinery in the U.S. Pacific Northwest, three people familiar with the matter said on Friday.

Shell has been trying to sell its 145,000 barrel-per-day (bpd) Puget Sound refinery in Anacortes, Washington, for at least a year. Reuters reported in January 2020 that the refinery was for sale. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Andrew Mackenzie selected as chairman of Shell

Andrew Mackenzie selected as chairman of Shell

Former CEO of BHP will succeed Chad Holliday after six years in the position.

March 12, 2021

Royal Dutch Shell announced the appointment of Andrew Mackenzie as the new chairman with effect from the conclusion of Shell’s 2021 Annual General Meeting on May 18.

Mackencie will succeed Chad Holliday who will step down after six years as chairman and board director since September 2010.

Andrew Mackenzie, a British national, joined Shell’s Board in October 2020, after a distinguished career in the energy, petrochemicals and resources sector, latterly as Group CEO of BHP from 2013 to 2019. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil Clashes Over Fossil Fuel Future

Big Oil Clashes Over Fossil Fuel Future

By Charles Kennedy – Mar 02, 2021, 9:00 AM CST

Executives from major oil companies clashed over the prospects of oil and gas for the future at the first virtual edition of the CERAWeek conference in Houston.

While BP’s Bernard Looney and Shell’s Ben van Beurden boasted about their shift away from their core business and into renewable energy, Baker Hughes, Hess Corp., and Spain’s Repsol were among those believing that fossil fuels have yet to leave the scene for good, the Houston Chronicle’s Paul Takahashi reports. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

How Biden should meet his promise to cut fossil fuel emissions

How Biden should meet his promise to cut fossil fuel emissions

Full power of US Clean Air Act must be used to cut oil and gas sector’s methane output 9 FEB 2021 Extracts

It is clear, however, that the oil and gas sector’s concerns over methane emissions have reached a breaking point.

The industry’s shift follows decades of climate denial and obfuscation. The industry eventually turned to voluntary commitments such as the Oil and Gas Climate Initiative, insisting they would suffice in place of the force of law. But under immense investor and public pressure, some of the oil majors, including BP, Shell, ExxonMobil, Total, and Equinor, have now publicly announced support for government regulation of methane pollution read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

FILE PHOTO: A combination of file photos shows the logos of five of the largest publicly traded oil companies; BP, Chevron, Exxon Mobil, Royal Dutch Shell, and Total. REUTERS/File Photo

TORONTO (Reuters) – Hedge funds are turning bullish on oil once again, betting the pandemic and investors’ environmental focus has severely damaged companies’ ability to ramp up production. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil giant Shell follows rivals into huge loss

Oil giant Shell follows rivals into huge loss

“2020 was an extraordinary year,” said Chief Executive Ben van Beurden. “We have taken tough but decisive actions,” he said, with Shell having already announced plans to axe up to 9,000 jobs, or more than 10 percent of its global workforce.

Published on: Friday, February 05, 2021: By AFP

LONDON: Royal Dutch Shell on Thursday became the latest oil major to reveal huge annual losses as the coronavirus pandemic slashed energy demand and prices in 2020.

Shell dived into a net loss of $21.7 billion (18.1 billion euros) last year as factories shut and planes were grounded. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil major Shell reports sharp drop in full-year profit, raises dividend

Oil major Shell reports sharp drop in full-year profit, raises dividend

Sam Meredith@SMEREDITH19: PUBLISHED THU, FEB 4 20212:31 AM EST UPDATED THU, FEB 4 20213:18 AM EST KEY POINTS
  • Shell reported adjusted earnings of $4.85 billion for the full-year 2020. That compared with a profit of $16.5 billion for the full-year 2019.
  • The company said it would raise its first-quarter dividend to $0.1735 per share, reflecting an increase of 4% from the previous quarter.
  • The results come as energy giants seek to reassure investors about their future profitability, following a dreadful year for the global oil and gas industry by virtually every measure.

LONDON — Oil giant Royal Dutch Shell on Thursday reported a sharp drop in full-year profit as the coronavirus pandemic took a heavy toll on the global oil and gas industry.

Shell reported adjusted earnings of $4.85 billion for the full-year 2020. That compared with a profit of $16.5 billion for the full-year 2019, reflecting a drop of 71%. Analysts polled by Refinitiv had expected full-year 2020 net profit to come in $5.15 billion. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Barrett hears climate case against her father’s ex-employer Shell

Barrett hears climate case against her father’s ex-employer Shell

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

2020 Was One of the Worst-Ever Years for Oil Write-Downs

2020 Was One of the Worst-Ever Years for Oil Write-Downs

Royal Dutch Shell’s Prelude floating facility has struggled to deliver income. PHOTO: ROYAL DUTCH SHELL AUSTRALIA/REUTERS

By Collin Eaton and Sarah McFarlane: Dec. 27, 2020 9:00 am ET

The pandemic has triggered the largest revision to the value of the oil industry’s assets in at least a decade, as companies sour on costly projects amid the prospect of low prices for years.

Oil-and-gas companies in North America and Europe wrote down roughly $145 billion combined in the first three quarters of 2020, the most for that nine-month period since at least 2010, according to a Wall Street Journal analysis. That total significantly surpassed write-downs taken over the same periods in 2015 and 2016, during the last oil bust, and is equivalent to roughly 10% of the companies’ collective market value. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

New York Becomes The First State To Divest From Oil And Gas

New York Becomes The First State To Divest From Oil And Gas

09/12/2020 13:10 GMT | Updated 09/12/2020 14:54 GMT

The Empire State’s pension fund is the largest to dump fossil fuel investments ― ever, in the entire world.

New York state announced plans on Wednesday to eject oil and gas stocks from its $226 billion financial portfolio, becoming the first U.S. state and the biggest pension fund anywhere to divest from fossil fuels.

By 2025, the New York State Common Retirement Fund, which disburses some $1 billion in benefits to retirees each year, will sell off its “riskiest” oil and gas stocks, following a review. The state aims to completely eliminate carbon polluters from its portfolio by 2040. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil majors wipe $80 billion off books as epidemic, energy transition bite

Oil majors wipe $80 billion off books as epidemic, energy transition bite

By Ron Bousso:

By Ron Bousso

LONDON (Reuters) – The world’s top energy companies have slashed the value of their oil and gas assets by around $80 billion (60.05 billion pounds) in recent months after revising lower the long-term outlook for fuel prices in the wake of the coronavirus epidemic and the energy transition.

Exxon Mobil, the largest U.S. oil company, announced on Monday it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment following the sharp drop in energy prices this year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

5 legal tactics environmentalists are using to fight climate change

“Fossil fuel companies, like tobacco companies before them, have allowed governments to pay for the harms caused by their products“…

5 legal tactics environmentalists are using to fight climate change

Activists are increasingly using litigation as a tool to influence climate action worldwide. Here’s a look at some of the main tactics they’re wielding to force change on fossil fuel firms and weak government policies.

More than 700 climate lawsuits have been filed around the world since 2015, according to the Climate Change Litigation Databases. That’s a huge increase, considering there have only been about 1,700 of these types of cases since the late 1980s, most of them in the US. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP And Shell’s Renewables Plans – Go Woke Go Broke

BP And Shell’s Renewables Plans – Go Woke Go Broke

: Nov 2, 2020

Summary

  • No, I’m not suggesting that BP and Shell are about to go broke as a result of their plans in to renewables – that’s rhetorical use of a current trope.
  • The move does though entirely change the way we should be viewing those stocks. They become as with other companies, things to evaluate on single year horizons.
  • They used to be known as “widows and orphans” stocks, regular dividend payers safe to be held for decades – this is what has changed.

Going green is just fine

The idea of the world going green is just fine. Climate change is a real problem, we’re causing it, we need to do something about it. I’m one of the few on that free market right who has been saying this for the past decade or so and don’t I get stick for it too.

The idea of companies investing in doing that going green is just fine too. As someone on that free market right I would insist that this is the only way we will go green too. The capitalist way, people making a buck out of what people desire to be done. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Big Oil Side Hustle: Where ‘Renewable’ Money Is Really Going

The Big Oil Side Hustle: Where ‘Renewable’ Money Is Really Going

By Alex Kimani – Oct 20, 2020, 6:00 PM CDT

In 2016, Shell set an ambitious goal to invest $4bn to $6bn in clean energy projects by 2020, though the Guardian recently reported that it was unlikely to meet that target. So, why is Big Oil still dragging its feet…

Every time an oil and gas major announces a major foray into renewable energy, the skeptics come out like clockwork and lambast the sector for merely trying to burnish its green credentials. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil’s $110 billion asset sale target could prove big ask

Big Oil’s $110 billion asset sale target could prove big ask

By Ron Bousso: October 1, 2020

LONDON (Reuters) – Leading energy companies are hoping to sell dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints.

But with the outlook for oil and gas prices uncertain because of the coronavirus pandemic and a shift to cleaner energy, finding buyers and striking deals might prove tricky.

“This is not a very good time to sell assets,” Total CEO Patrick Pouyanne said while presenting the French giant’s strategy to switch to renewables on Wednesday. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

U.S. and European Oil Giants Go Different Ways on Climate Change

U.S. and European Oil Giants Go Different Ways on Climate Change

While BP and other European companies invest billions in renewable energy, Exxon and Chevron are committed to fossil fuels and betting on moonshots.

By Sept. 21, 2020, 5:00 a.m. ET 

HOUSTON — As oil prices plunge and concerns about climate change grow, BP, Royal Dutch Shell and other European energy companies are selling off oil fields, planning a sharp reduction in emissions and investing billions in renewable energy.

The American oil giants Chevron and Exxon Mobil are going in a far different direction. They are doubling down on oil and natural gas and investing what amounts to pocket change in innovative climate-oriented efforts like small nuclear power plants and devices that suck carbon out of the air. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

A Glut of Refineries Is the Oil Industry’s Next Problem

A Glut of Refineries Is the Oil Industry’s Next Problem

New capacity in the developing world is making European plants that turn oil into gasoline and other products obsolete

By Rochelle Toplensky: Sept. 3, 2020 5:03 am ET

This year’s oil glut is already receding. It is a shame that can’t be said of the global glut of oil refineries, which is only getting worse.

Europe in particular has long had too many oil refineries, but the pandemic-induced fall in energy demand has ramped up pressure to resolve the problem. For the region’s big oil producers—already reeling after a flood of excess oil pushed some prices below zero in April—a few aging assets are likely in line for a makeover. Others could be destined for the scrap heap. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

INSIGHT- In the run-up to U.S. election, drilling lobby promotes natural gas as ‘clean’

INSIGHT- In the run-up to U.S. election, drilling lobby promotes natural gas as “clean”

By Valerie Volcovici, Andrew R.C. Marshall and Matthew Green: AUGUST 18, 2020

WASHINGTON/LONDON, Aug 18 (Reuters) – America’s biggest oil and gas lobby group is ramping up its advertising spending ahead of the November election to persuade voters that natural gas is a climate-friendly fuel, according to ad buying data.

The campaign by the American Petroleum Institute (API), targeted at younger voters and some tight congressional races, is part of a global battle by the drilling industry to assuage growing fears over the role of natural gas in driving climate change. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil’s Most Profitable Business Is No Longer Oil

Big Oil’s Most Profitable Business Is No Longer Oil

It’s been a rough year for oil, to say that least. And the worst isn’t over yet. Even though oil demand, and therefore oil prices, have been slowly recovering, that upward trajectory is now running out of steam and we’re headed toward a slump amidst what will almost certainly be a yearslong recession in the wake of the economic fallout from the devastating spread of the novel coronavirus. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell takes $22bn assets hit over low oil prices

BBC NEWS: 30 JUNE 2020

Shell, one of the world’s largest oil companies, has warned that the low price of oil could reduce the value of its assets by up to $22bn (£17.9bn).

It said it expects oil to change hands at $60 per barrel in the long term and to be priced at $35 this year and $40 next year.

Shell follows rival BP in telling investors that oil hardware is not worth as much as it used to be.

BP told investors this month its assets could be worth $17.5bn less.

Countries across the globe have ordered people to stay indoors and not travel as a result of the coronavirus pandemic, which has caused a slump in demand for oil. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell boss ‘bothered’ by depiction of firm as ‘unwelcome player’ in energy transition

Shell boss ‘bothered’ by depiction of firm as ‘unwelcome player’ in energy transition

Royal Dutch Shell Plc had been turning out about 2.7 million barrels of oil each day until the novel coronavirus took hold of the world.

By Bloomberg: 09/06/2020

Demand for oil, the company’s core product, dropped almost a third in April, and the price of West Texas Intermediate briefly dipped into negative numbers for the first time.

It’s not easy to run an oil major when people suddenly stop needing oil.

Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shell’s dividend for the first time since World War II. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Pandemic exposes cracks in oil majors’ bet on plastic

A massive Pennsylvania plastics project, owned by Shell, that President Donald Trump touted during a visit last year faces risks of oversupply and a low price outlook, an energy industry report said on Thursday.

Pandemic exposes cracks in oil majors’ bet on plastic

Joe Brock: JUNE 4, 2020

SINGAPORE (Reuters) – The energy industry’s bet that a petrochemicals boom would support decades of oil and gas sales growth is on shaky ground as an already saturated plastic market is hit by a coronavirus demand shock.

While soaring demand for personal protective equipment and takeaway food containers has boosted sales of some plastics, it is likely to be only a temporary spike, say analysts. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil Firms Raise $171 Billion in Debt as Virus Hits Fuel Demand

Bloomberg News: Jacqueline Poh: May 29, 2020: 10:51 AM EDT

Bloomberg) — Oil and gas companies worldwide have raised $171 billion of debt from the loan and bond markets since March after the coronavirus pandemic hit demand for fuel.

The $171 billion tally is equivalent to the volume of bonds sold for the industry in the whole year of 2019. The debt pile is set to grow further with almost $120 billion of borrowings due by the end of the year that will need to be either repaid or refinanced. Of that amount, $43 billion is in bonds and $76 billion in loans. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Why I cut ‘severe’ dividend slasher Shell

Merchants (MRCH) fund manager Simon Gergel has cut the investment trust’s stake in Shell (RDSB) by a third in response to the oil company’s historic move to slash its dividend last month.

The Anglo-Dutch company cut its quarterly dividend by two thirds from 47 to 16 US cents at the end of April, as the coronavirus crisis precipitated the first such move since the second world war.

Shell’s decision shocked income fund managers two days after rival BP (BP) had chosen to maintain its own dividend. However, Gergel reiterated his view that the company’s changing plans were as much of a challenge to the investment case as the loss of income. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Yes, oil is dead. Just read the writing on the wall.

May 12th 2020

It has been an interesting week. On the morning of May 6, I held a press conference in West Block before the weekly in-person session of Parliament opened. I spoke about how virtual Parliament is working, and Green recommendations to make it work better.

When we got to questions, the first one was CBC’s Julie Van Dusen. She asked about a possible bailout to Big Oil. And I explained that the evidence was coming in thick and fast that oil’s day was done. And she zeroed in on: “Are you saying oil is dead?” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil Majors Take On More Debt To Fund Dividends

By Nick Cunningham – May 04, 2020, 5:00 PM CDT

Exxon posted its first quarterly loss in more than 30 years. But even as debt mounts and questions arise about peak oil demand, the oil supermajor nevertheless vowed to protect its dividend while also aiming to grow indefinitely into the future. Exxon lost $610 million in the first quarter, down from a profit of $2.4 billion a year earlier. Worse, the period only included a few weeks of oil prices at catastrophically low levels. As a result, the second quarter is bound to lead dramatically worse numbers. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell cuts dividend for first time since WW2

30 APRIL 2020

The energy giant also suspended the next tranche of its share buyback programme.

The move came as it announced a 46% fall in first-quarter net income to $2.9bn (£2.3bn).

Chief executive Ben van Beurden warned of “continued deterioration in the macroeconomic outlook”.

He said Shell was taking “further prudent steps to bolster our resilience” and “underpin the strength of our balance sheet”.

Global demand for oil has all but dried up as lockdowns across the world have kept people inside. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bloomberg: The Next Chapter of the Oil Crisis: The Industry Shuts Down

Bloomberg News: Javier Blas: April 26, 2020

(Bloomberg) — Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.

The economic impact of the coronavirus has ripped through the oil industry in dramatic phases. First it destroyed demand as lockdowns shut factories and kept drivers at home. Then storage started filling up and traders resorted to ocean-going tankers to store crude in the hope of better prices ahead. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Sets Bolder Emissions Goal Even as Virus Hits Oil

Royal Dutch Shell Plc plans to eliminate all net emissions from its own operations and the bulk of greenhouse gases from fuel it sells to customers by 2050.

The energy giant is following in the footsteps of its peers BP Plc and Repsol SA, which have already set similar targets. Shell’s move indicates that, despite the turmoil caused in the industry by the coronavirus, major oil and gas companies aren’t abandoning the transition to cleaner energy. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

MPs’ pension fund still investing in oil companies despite climate emergency

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Majors look to store jet fuel at sea as air travel is drastically curbed

Ron Bousso, Stephanie Kelly, Laura Sanicola: MARCH 18, 2020 LONDON/NEW YORK (Reuters) – Major oil companies including BP and Shell are preparing to store jet fuel at sea as the coronavirus outbreak disrupts airline activity globally, while refiners are shifting to diesel because of the poor margins associated with jet fuel production.

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil Is Literally Burning Cash In The Permian

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell boosts crude output in top U.S. shale field to 250,000 bpd

FEBRUARY 5, 2020

(Reuters) – Royal Dutch Shell, which plans billions of dollars in spending on shale drilling projects, boosted output in the top U.S. shale field to 250,000 barrels per day in December, the company’s Permian Basin head said on Wednesday.

Shell plans to spend about $3 billion per year for the next five years on shale projects, said Amir Gerges, vice president of Permian assets for Shell, at the Argus Americas Crude Summit in Houston. Its Permian Basin production rose more than 100,000 barrels per day in the last year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell shares sink as full-year net profit tumbles 23% on lower oil and gas prices

Sam Meredith @SMEREDITH19: PUBLISHED THU, JAN 30 20202:08 AM EST KEY POINTS
  • Net income attributable to shareholders on a current cost of supplies (CCS) basis and excluding identified items,  used as a proxy for net profit, came in at $16.462 billion for full-year 2019.
  • That compared with a profit of $21.404 billion for full-year 2018, reflecting a year-on-year drop of 23%.
  • The Anglo-Dutch energy giant warned last month that it would book additional charges against its income in the fourth quarter.

Oil giant Royal Dutch Shellreported a sharp fall in full-year net profit on Thursday, citing challenging macroeconomic conditions and lower oil and gas prices.

Net income attributable to shareholders on a current cost of supplies (CCS) basis and excluding identified items, which is used as a proxy for net profit, came in at $16.462 billion for the full-year 2019. That compared with a profit of $21.404 billion for full-year 2018, reflecting a year-on-year drop of 23%.

Analysts had expected full-year 2019 net income attributable to shareholders on a CCS basis, and excluding identified items, to come in at $17.770 billion, according to data from Refinitiv. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Expect More Writedowns From Oil Majors

By Nick Cunningham – Dec 22, 2019, 6:00 PM CST

On Friday, Royal Dutch Shell announced that it would take a $1.7-$2.3 billion write down for the fourth quarter, another financial blow to an industry dealing with oversupply and low prices.

The write down is the result of the bad “macro outlook,” Shell said in a press release, which refers to the slowdown in the global economy, weak demand growth and relatively low prices for gas, oil and for refining margins. “Additional well write-offs in the range of $100-200 million are expected compared to the fourth quarter 2018. No cash impact is expected,” Shell said in a statement. The company’s share price in London fell 1 percent on the news. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell warns weakening economy could slow buybacks

Oct. 31, 2019 8:40 AM ET|About: Royal Dutch Shell plc (RDS.A)|By: , SA News Editor

Royal Dutch Shell (RDS.A, RDS.B) -3% pre-market and trades nearly 4% lower in London despite beating Q3 earnings estimates, as the company warns global economic conditions could slow the timetable for its $25B share buyback program.

“Prevailing weak macroeconomic conditions and challenging outlook inevitably create uncertainty about the pace of reducing gearing to 25% and completing the share buyback program within the 2020 time frame,” CEO Ben van Beurden says.

Gearing – the ratio between debt and market cap – rose in the quarter to 27.9% from 23.1% a year earlier. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell’s third-quarter profits fall 15% on lower oil and gas prices

Sam Meredith: 31 Oct 2019

POINTS
  • Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019.
  • That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter.
  • Shares of the Anglo-Dutch oil company are down more than 1% when compared to the same period in 2018.

Oil giant Royal Dutch Shell reported weaker-than-expected third-quarter net profit on Thursday, citing lower energy prices and chemicals margins.

Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019. That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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