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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. Even as oil demand and prices have recovered, the tried and true economic model is no longer a failsafe option for oil and gas companies. Pumping crude just isn’t paying the bills. This is not solely due to the COVID-19 pandemic–it’s been a long evolution in the sector. “Over the past decade, the ‘oil’ companies, whose profits were mostly derived from pumping crude out of the oil fields they discovered, transformed themselves into ‘oil and gas’ companies,” oil strategist Julian Lee wrote for Bloomberg Opinion this week. “Now they are evolving once again to become ‘energy’ companies. Shell’s latest report shows that almost half of its production was natural gas, compared with less than 40 percent in 2005.” 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 Nigeria’s AGF Malami Indicted Predecessor Adoke In OPL 245 Scam While Testifying In London

How Nigeria’s AGF Malami Indicted Predecessor Adoke In OPL 245 Scam While Testifying In London

Malami, while testifying, said Adoke accompanied P&ID in making Nigeria lose the case. He also accused Adoke to have received a bribe of more than $800,000.

BY SAHARA REPORTERS, NEW YORK JUL 30, 2020

Nigeria’s Attorney-General and Minister of Justice, Abubakar Malami, has made egregious corruption claims against his predecessor, Mohammed Bello Adoke, while testifying for Nigeria in the ongoing P&ID case. 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 Swings to Historic Loss as Pandemic Devastates Oil Demand

Shell Swings to Historic Loss as Pandemic Devastates Oil Demand

Anglo-Dutch oil major warns that uncertain demand outlook could curtail its third-quarter production

Royal Dutch Shell PLC swung to a heavy loss in the second quarter and warned that the outlook for oil-and-gas demand continued to be uncertain, illustrating the scale of damage Covid-19 is wreaking on the industry.

The pandemic has decimated demand for oil, hitting prices hard. When around two-thirds of the world’s population was in lockdown in early April, global oil demand fell by a third, according to the International Energy Agency. 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 avoids loss with strong trading, wipes $17 billion off assets

Shell avoids loss with strong trading, wipes $17 billion off assets

Ron BoussoShadia Nasralla: JULY 30, 2020

LONDON (Reuters) – Royal Dutch Shell (RDSa.L) avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices.

Shell had warned last month it was set to slash the value of its oil and gas assets by up to $22 billion as the coronavirus crisis hollowed out energy demand.

“Shell has delivered resilient cash flow in a remarkably challenging environment,” CEO Ben van Beurden said in a statement on Thursday. 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.

OPL 245: International transparency groups raise 25 questions

International transparency groups raise 25 questions for AGF Malami on OPL 245 contracts

Four civil society groups who have been monitoring the OPL 245 scandal have raised 25 questions for Nigeria’s justice minister, Abubakar Malami, on the handling of the assets recovered in relation to the oil block.

The groups include Corner House, Global Witness and Re:Common – all European transparency organisations – and the Human and Environmental Development Agenda (HEDA), a Nigerian anti-corruption group. 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 majors ‘spend 90%’ on fossil fuels despite climate pledges

Energy majors ‘spend 90%’ on fossil fuels despite climate pledges

23/07/2020: Paris (AFP)

Energy giants Shell and Total continue to invest 90 percent of their capital on planet-warming fossil fuels despite promises to slash their greenhouse gas emissions, according to an industry analysis seen exclusively by AFP.

With combined emissions equivalent to that of Germany — the world’s fourth largest economy — both companies are likely to fall “well short” of their own sustainable investment targets, the Institute for Energy Economics and Financial Analysis (IEEFA) said. 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 share price is down 46% in 2020. Is now the time to buy?

Shell’s share price is down 46% in 2020. Is now the time to buy?

Edward Sheldon, CFA | Tuesday, 21st July, 2020

The last time I covered Shell (LSE: RDSB) shares was on 10 March. At the time, Shell’s share price had just crashed spectacularly due to plunging oil prices and the oil price war that had erupted between Saudi Arabia and Russia. My view back then was that Shell’s share price weakness was a buying opportunity.

Fast forward to today, and Shell’s share price is actually lower than it was when I covered the stock in March. Did I get it wrong? Let’s take another look at the investment case for Shell. 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 promotes Edward Hymes to President of Jiffy Lube

Shell promotes Edward Hymes to President of Jiffy Lube

TIRE BUSINESS STAFF: 15 JULY 2020

Mr. Hymes, who’s been with Shell since 2001, will be responsible for the management and growth of the Jiffy Lube franchise, including oversight of more than 2,000 independently owned Jiffy Lube service centers in the U.S. and Canada.

His appointment was effective in January. He succeeds Patrick Southwick, who stays with Shell Oil as vice president, Downstream Acquisitions and Divestments.

“Edward’s extensive retail experience coupled with his real estate and business investment expertise position him well to lead the Jiffy Lube business,” said Machteld de Haan, president, Shell Lubricants Americas. 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.

OPL 245: Nigeria’s anti-corruption fight may suffer setback

Magu: International groups write Buhari, say Nigeria’s anti-corruption fight may suffer setback

Prominent international groups involved in anti-corruption efforts globally have written to President Muhammadu Buhari on what they consider the unfortunate treatment of Ibrahim Magu.

PREMIUM TIMES reported the arrest of Mr Magu, acting chairman of Nigeria’s anti-graft agency, EFCC, on Monday.

He has been detained since then as he continues to appear before a panel probing allegations of corruption and insubordination against him. The allegations were made by the Attorney-General of the Federation, Abubakar Malami. 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.

Coronavirus Takes a Toll on Shell Imposing $15-$22B Write-Offs

Coronavirus Takes a Toll on Shell Imposing $15-$22B Write-Offs

Zacks Equity Research: Zacks Royal Dutch Shell RDS.A recently provided an update on second-quarter 2020 guidance, envisioning its post-tax impairment charges between $15 billion and $22 billion. This hefty write-down comes as the coronavirus and associated demand deceleration wipe billions off the oil and natural gas asset value. Recently, Shell’s continental rival BP plc BP management confirmed that it anticipates taking impairments to the tune of $17.5 billion in the second quarter of 2020.

What Does the Record Write-Down Imply?

The energy industry, grappling with the twin demerits of oversupply and low pricing, expects the weak macro environment to persist. Companies like Shell and BP are carrying assets on their balance sheets that were purchased/developed at a time when commodity prices were materially higher than the current figures. As the market deteriorates, the operators are ultimately forced to take write-offs. 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 secures biogas supply as part low-carbon shift

Shell secures biogas supply as part low-carbon shift

JUNE 30, 2020 / 8:35 PM

COPENHAGEN (Reuters) – Royal Dutch Shell said on Tuesday it has agreed to buy renewable gas, known as biomethane, from Denmark’s Nature Energy, in what the smaller company termed the largest deal of its kind.

The gas will be supplied to Europe’s pipeline network from July 1. The size and financial details of the contract were not disclosed.

In April, Shell laid out the oil and gas sector’s most extensive strategy yet to reduce greenhouse gas emissions to net zero by 2050. 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.

Big Oil’s Nightmare Is Coming True

By Nick Cunningham – Jun 30, 2020, 5:00 PM CDT

Royal Dutch Shell said that it could cut the value of its oil and gas assets by as much as $22 billion, as it takes a dim view of the state of the oil market. The move adds more evidence to the notion that a huge slice of oil reserves will wind up as stranded assets.  Shell cut its Brent oil prices forecast from $60 per barrel to $35 for this year, and lowered its 2021 and 2022 forecasts to $40 and $50 per barrel, respectively, down from $60 previously. The lower outlook reflects the expected damage to the oil market due to the coronavirus and the negative impacts on the global economy, Shell said. 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 faces UK supreme court case over Niger delta pollution

The fossil fuel company Shell must be held accountable for significant and systematic pollution caused by oil extraction in the Niger delta, lawyers will argue in the supreme court.

Nigerians from the Ogale and Bille communities say they have suffered decades of pollution, including the contamination of their water wells with potentially cancer-causing chemicals, as well as the devastation of mangrove vegetation, all of which was documented by the UN in a groundbreaking report in 2011.

The United Nations environment programme (UNEP) said in its report it could take 30 years to clean up the pollution caused by oil extraction and recommended an initial fund of $1bn (£800m) for the first five years to be paid by the oil companies that operate in Ogoniland – including the largest company, Shell. 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.

Okpabi and others (Appellants) v Royal Dutch Shell Plc and another (Respondents)

Okpabi and others (Appellants) v Royal Dutch Shell Plc and another (Respondents)

Case ID: UKSC 2018/0068

Issue(s)

Whether and in what circumstances the UK-domiciled parent company of a multi-national group of companies may owe a common law duty of care to individuals who allegedly suffer serious harm as a result of alleged systemic health, safety and environmental failings of one of its overseas subsidiaries as the operator of a joint venture operation.

Facts

The Appellants (some 42,500 people) are citizens of Nigeria and inhabitants of the areas allegedly affected by oil leaks from pipelines and associated infrastructure, that SPDC operates on behalf of an unincorporated joint venture in which numerous participating interests are held, in and around the Niger Delta. The leaks are said to have impacted their lives, health and local environment. They contend that the Respondents are responsible. Royal Dutch Shell Plc (‘RDS’) is the parent company of the Shell group of companies, incorporated in the UK. The Shell Petroleum Company of Nigeria Limited (‘SPDC’, the other Respondent) is an exploration and production company incorporated in Nigeria and is a subsidiary of RDS. The claims against RDS and SPDC are based on the tort of negligence under the common law of Nigeria which, for present purposes, is to be regarded as the same as the law of England and Wales. The claim against RDS is brought on the basis that RDS owed the claimants a duty of care either because it exercised significant control over material aspects of SPDC’s operations and/or assumed responsibility for SPDC’s operations. RDS applied under CPR Part 11(1) for orders declaring that the court had no jurisdiction to try the claims against it, or should not exercise such jurisdiction as it had. At first instance Fraser J held that there was no arguable case that RDS owed the Appellants a duty of care. The Appellants appealed to the CA against the judgment and Order of Fraser J. The CA upheld the decision of Fraser J. The Supreme Court has since clarified the law in this area, including by reference to the CA’s decision in this case, in Vedanta Resources PLC and another (Appellants) v Lungowe and others (Respondents) [2019] UKSC 20. 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.

MSP ‘deeply disappointed’ by loss of Shell decommissioning job to Norway

MSP ‘deeply disappointed’ by loss of Shell decommissioning job to Norway

By Mark Lammey: 19/06/2020

A Scottish politician said yesterday he was “deeply disappointed” that an oil production vessel which has sat in Dundee for a year will be dismantled in Norway.

North-east Labour MSP Lewis Macdonald claimed the scrapping of Shell’s Curlew vessel could have been done at a number of Scottish locations “had they been given the opportunity to tender”.

Mr Macdonald called for “action” to help Scottish yards win more North Sea oil and gas decommissioning work. 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 Spill Clean-Ups in Nigeria Lack Progress, Groups Say

Oil Spill Clean-Ups in Nigeria Lack Progress, Groups Say

William Clowes: Bloomberg: June 17, 2020

(Bloomberg) –Nigeria and Royal Dutch Shell Plc have failed to implement most recommendations made by the United Nations to clean up oil pollution in the Niger River delta, according to a new report.

The UN Environment Programme in 2011 proposed the creation of a $1 billion fund to repair the damage done by decades of crude spills in the Ogoniland area in southeastern Nigeria. However, progress has been poor and the little work that has been done is sub-standard, advocacy groups including Amnesty International said Thursday. 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 Foresees LNG Market Rebounding From Coronavirus Lows

Zacks Equity Research: Zacks

Shell Foresees LNG Market Rebounding From Coronavirus Lows

Shell & LNG

Shell became the largest LNG producer in the world following the acquisition of BG Group Plc in 2016, which boosted its portfolio of supply contracts and stakes in LNG plants around the world. In fact, in the recently-released quarterly report, Shell’s earnings per ADS of 74 cents outperformed the Zacks Consensus Estimate of 51 cents on higher LNG sales volumes.

Coronavirus Hurts LNG Volumes

Over the past few months, the oil and gas industry has been in shambles, thanks to the coronavirus pandemic that shook most sectors until now. Global fuel demand is visibly dented in the aftermath of large-scale travel bans imposed globally. As a result, the outlook for all the industries in the energy sector business is downbeat. 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.

Shell suspends operations in Argentina’s Vaca Muerta area after seismic activity

Shell suspends operations in Argentina’s Vaca Muerta area after seismic activity

JUNE 7, 2020

BUENOS AIRES (Reuters) – Oil company Royal Dutch Shell Plc (RDSa.L) said it has suspended operations at its Bajada de Añelo site in Argentina’s Vaca Muerta area after seismic activity in the region.

Shell, which operates the block along with local state oil firm YPF, said in a statement late on Saturday that the preventative suspension of activities came after seismic movements were registered in an area of Argentina’s Neuquén province near the Andes mountains bordering on Chile. 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 Energy debuts new ‘carbon neutral’ tariffs

Nature based solutions: Shell Energy debuts new ‘carbon neutral’ tariffs

Energy giant launches new carbon offset tariffs, as polling shows majority of public think lockdown has made them more aware of climate impacts

James S Murray:

Shell Energy Retail has this week launched two new ‘carbon neutral’ energy tariffs for British households, combining its existing 100 per cent renewable power offer with a promise to offset emissions from heating and cooking through investment in nature-based 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.

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.

Shell Offers Staff Voluntary Severance Pay

Shell Offers Staff Voluntary Severance Pay

As the price of a Brent barrel is trading at nearly half of what it was at the beginning of the year, Royal Dutch Shell Plc (NYSE: RDS.A) is planning on offering some staff voluntary severance, according to Bloomberg sources.

In a note to its staff, Shell CEO Ben van Beurden said that the Dutch oil major was working to become leaner and more resilient, according to the Bloomberg sources who saw the correspondence. 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.

OPL 245: How Italian Prosecutors Hid Vital Information from Judge

OPL 245: How Italian Prosecutors Hid Vital Information from Judge

By Davidson Iriekpen:

Facts have emerged that the lead Italian prosecutor in the criminal case involving Shell and ENI over the OPL 245 affair, Dr. Fabio De Pasquale, concealed a significant material fact from the Milanese court concerning the former Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Mohammed Bello Adoke, THISDAY has learnt.

In the transcripts of the hearing with Criminal Proceeding No. 54772/13 RGNR, the prosecution witness, Ferri Alessandro, had told the court that Adoke owned the property at No. 271, Cadastral Zone A06 Maitama, Abuja, for which he had collected a mortgage of N300 million from Unity Bank in 2011. 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.

Malabu Oil Block: ex-minister Orubebe’s wife quizzed over N360m deals

Malabu Oil Block: ex-minister Orubebe’s wife quizzed over N360m deals

MAY 15, 2020

From Yusuf Alli, Abuja

Former Niger Delta Affairs Minister Godsday Orubebe’s wife Maureen, has been grilled by the Economic and Financial Crimes Commission (EFCC) over a N500 million deal linked to the $1.092 billion Malabu Oil Block scandal.

Mrs. Orubebe is also being investigated for alleged money laundering.

She was alleged to have bought three assets from the company of one of the suspects on trial over the Malabu Oil Block Settlement Agreement.

The assets were alleged to be part of those which over $523 million (out of $1.06b) was used for. 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.

Big Oil Earnings Battered By Virus, But Worst is Yet to Come

Big Oil Earnings Battered By Virus, But Worst is Yet to Come

Laura Hurst: May 11 2020, 4:31 AM

EXTRACTS

(Bloomberg) — Big Oil emerged from first-quarter earnings battered and bruised, but things are only going to get uglier.

Major oil and gas producers from Norway to the U.S. saw profit plunge in the opening three months of the year. Exxon Mobil Corp. reported its first loss in over 30 years, Royal Dutch Shell Plc cut its dividend for the first time since the Second World War.

Big Oil’s generous dividends have long been its main attraction to investors. But thanks to Shell Chief Executive Officer Ben van Beurden they are no longer sacrosanct, after he slashed his company’s payout by two thirds. 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.

UK watchdog clears Shell’s ‘drive carbon neutral’ ad on petrol pumps

By Matthew Green: MAY 6, 2020

LONDON, May 6 (Reuters) – Britain’s advertising watchdog has ruled Royal Dutch Shell’s ad campaign on petrol pumps promising customers they can “drive carbon neutral” is acceptable, following complaints.

The Anglo-Dutch oil major said in October it would become the first petrol retailer in Britain to offset the carbon dioxide emissions from customers’ fuel purchases at its service stations at no extra cost by backing forestry schemes.

The Advertising Standards Authority (ASA) said in March it had launched an investigation into an accompanying advertising campaign after receiving complaints from people who thought it was misleading given the role of oil in 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.

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 Has A Dire Warning For Oil Markets

By Alex Kimani – May 04, 2020, 3:00 PM CDT

After months of a deep and harrowing slide, fuel demand across the world is finally starting to sputter back to life. Traffic data, pipeline flows, and sales at gas stations in the Texas City of San Antonio, Beijing, and Barcelona all suggest that the oil demand slump may have already bottomed out. But don’t rush to pop the champagne corks just yet.  Indications so far are that the road to full recovery is going to be harder than climbing out of a subterranean pit, with many oil traders predicting that it might be a year or more before demand returns to pre-crisis levels. 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.

Transition to low-carbon energy may accelerate after crisis – Shell

Shadia Nasralla, Ron Bousso: APRIL 30, 2020

LONDON, April 30 (Reuters) – The ongoing transition to low-carbon energy sources may accelerate as economies recover from the impact of the coronavirus crisis, the head of oil and gas company Royal Dutch Shell said on Thursday.

Chief Executive Ben van Beurden said while Shell was not ringfencing its low-carbon Integrated Gas and New Energies division from spending cuts to weather the crisis, those businesses would be shielded from the worst of the reductions.

“Where possible, we try to spare (New Energies) a little bit and that is basically because we still believe that there is an energy transition underway which may even pick up speed in the recovery phase of this crisis and we want to be well positioned for it,” he said after Shell announced first-quarter results. read more

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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

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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

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SEC drops inquiry into Shell-Eni OPL 245 deal, companies say

|About: Royal Dutch Shell plc (RDS.A)|By: , SA News Editor

  • Royal Dutch Shell (RDS.A +0.9%) and Eni (E -0.8%) say the U.S. Securities and Exchange Commission has dropped its inquiry into their 2011 acquisition of the OPL 245 oil block offshore Nigeria.
  • The two companies are still on trial in Italy over allegations they bought OPL 245 knowing most of the $1.3B price would go to agents and middlemen in bribes.
  • Separately, Eni says CEO Claudio Descalzi and all senior managers will defer the collection of half of their 2020 long-term incentive plans until 2021, part of the company’s measures to reduce investment and operating costs.
  • For Descalzi, the deferral is equivalent to €735K, 15% of his total remuneration or 46% of his fixed remuneration.
  • Also, an agreement between Eni, Spanish gas firm Naturgy Energy and the Egyptian government to resolve a series of disputes over a shuttered gas plant in northern Egypt reportedly has fallen through.
  • The deal had been due to end Naturgy’s business interests in Egypt and dissolve a joint venture between Naturgy and Eni, while Eni and some Egyptian firms would have increased their holdings in the Damietta plant.        SOURCE
  • read more

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    Shell provides a glimpse inside its lobbying

    Royal Dutch Shell paid the American Petroleum Institute, the industry’s most powerful lobbying group, at least $12.5 million in 2019, the oil giant revealed.

    Driving the news: The tally, which Shell tells Axios is consistent with recent years, shows up in a report Shell published yesterday on its trade group memberships.

    Why it matters: The report, posted the same day Shell announced new climate pledges, provides a look at how much a major oil company pays to be part of various associations. 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.

    China’s GCL, Shell sign preliminary deal on LNG trading joint venture

    SINGAPORE, April 14 (Reuters) – GCL Oil& Natural Gas Co Ltd has entered a framework agreement with Royal Dutch Shell to explore setting up a joint venture based in eastern China to market and trade liquefied natural gas (LNG), the privately owned Chinese company said on Tuesday.

    The proposed JV would secure LNG supplies from Shell and market the fuel to a receiving terminal which GCL is planning in Jiangsu province, GCL said in a statement.

    A Shell spokeswoman confirmed the agreement. read more

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    Shell’s carbon emissions drop in 2019 to four-year low

    Ron Bousso: APRIL 8, 2020

    LONDON (Reuters) – Royal Dutch Shell’s greenhouse gas emissions declined in 2019 to their lowest in four years, according to data provided by the energy company.

    At the same time, burning of unused natural gas in Shell’s upstream oil and gas operations, a process known as flaring, rose last year by 13.5%, the data showed.

    The increase in flaring was due mostly to an “unanticipated spike” in flaring during the start-up of the giant offshore Prelude liquefied natural gas plant in Australia, it said. 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 nets $110m North Sea tax refunds

    8 April 2020

    ROYAL Dutch Shell received around $110 million (£87m) more back from the UK Government in respect of its oil and gas exploration and production activity than it paid in taxes last year, the company has revealed.

    In a report on the payments it made to governments in 2019 the oil giant disclosed that it received tax rebates in respect of its UK North Sea business totalling $116 million. These dwarfed the $6.5m that the company paid in fees.

    The report highlights the value of the tax relief provided to firms in respect of the costs of decommissioning North Sea facilities. read more

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    Shell’s 2019 Greenhouse Gas Emissions Fell Due to Asset Sales

    Bloomberg News: Laura Hurst: April 7, 2020(Bloomberg)

    — Royal Dutch Shell Plc’s greenhouse gas emissions edged lower last year due to asset sales, while the amount of natural gas burned off wastefully from its facilities — known as flaring — increased.

    Shell’s direct emissions fell to 70 million tons of carbon dioxide equivalent in 2019 from 71 million a year earlier, it said Tuesday in a report. That’s the lowest since 2016.

    “The main reasons for the decrease were divestments (for example, in Argentina, Canada, Iraq, Malaysia, Norway and the U.K.),” the report said. “These decreases were partly offset by the startup of the Prelude floating liquefied natural gas facility in Australia.” read more

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    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

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    Shell plans to save $10bn in face of oil price crash and coronavirus pandemic

    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

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    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

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    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

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    Shell eyes tankers for oil floating storage after price collapse

    Jonathan Saul, Ron Bousso: MARCH 11, 2020 LONDON (Reuters) – Royal Dutch Shell is in talks to charter at least three supertankers to store crude oil at sea as traders brace for a sharp rise in global stocks after OPEC and its allies abandoned a production cut deal, shipping sources said on Wednesday.

    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

    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.

    Nigeria: Court Garnishees First Bank Account With CBN Over Judgment Debt of N182.7 Billion

    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

    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.

    Exxon, Shell Face Uphill Legal Battle Over Soured Nigerian Deal

    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

    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 explore sale of two U.S. refineries

    Shell to explore sale of two U.S. refineries

    Mar. 6, 2020 6:30 PM ET|About: Royal Dutch Shell plc (RDS.A)|By: , SA News Editor

    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

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    Shell Oil Co. General Counsel, Global Litigation, Kimberly R. Phillips Joins CPR’s Board of Directors

    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

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    Somalia agrees offshore oil exploration roadmap with Shell/Exxon: minister

    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

    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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