Divestment, retooling strategy has paid off, Shell says
By Daniel J. Graeber: May 4, 2017
May 4 (UPI) — A divestment and retooling strategy has paid off considerably with first quarter profits more than doubling on improved oil prices, Royal Dutch Shell said.
Shell joins industry peers like British supermajor BP in declaring a first quarter success. Crude oil prices and market conditions have improved since first quarter 2016, and Shell CEO Ben van Buerden said the debt load was cut in part by a free cash flow of $5.2 billion.
Shell in March announced plans to sell off its entire onshore interests in Gabon to Assala Energy Holdings, part of The Carlyle Group, for $587 million. In the fourth quarter alone, the company unloaded more than $1 billion in assets, in large part from North America. In January, it sold off its interests in a package of assets in the British waters of the North Sea for $3.8 billion. read more
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