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Posts on ‘April 30th, 2005’

Sydney Morning Herald: Oil price surge fires up Shell

Sydney Morning Herald: Oil price surge fires up Shell

By Christopher Hope

April 30, 2005

Shell, the oil and gas giant which is trying to recover its reputation after last year’s reserves scandal, posted a 48 per cent jump in first-quarter profits as a result of the surging oil price and high refining margins.

However, overall production fell 2 per cent to 3.85 million barrels of oil equivalent a day, excluding divestments. Shell has recently increased spending on exploration and production to ramp up its production rate.

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DAILY MAIL (UK): Shell fuels controversy as profits soar by 42pc

DAILY MAIL (UK): Shell fuels controversy as profits soar by 42pc

Posted 30 April 05

By Brian O’Connor

SHELL and Exxon Mobil made huge profits in the quarter to March, bringing fresh protests from motorists and consumer groups squeezed by soaring oil prices.

Fears for the world economy continued as US crude prices, which briefly fell below $50 for the first time in 10 days, rebounded to $51.85.

Shell’s profits soared 42pc to $6.67bn (£3.5bn), a whisker above the $6.66bn that BP reported this week.

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DAILY TELEGRAPH (UK): White knuckle ride on the fuel rollercoaster

DAILY TELEGRAPH (UK): White knuckle ride on the fuel rollercoaster

(Filed: 30/04/2005)

Brent prices hit highs and plumb the depths, so should you go for BP and Shell, or spread the risk, asks Ian Cowie

Up and down we go: should you ride the oil price rollercoaster?

Rising oil prices helped energy funds easily beat the average for all types of unit trust in recent years but falling prices this week prompted fears the upswing is over.  

Brent crude traded at less than $20 a barrel in 2001 but hit $55 last month before easing to nearer $52 this week. The effect on energy funds can be seen in the table on this page; £1,000 invested in Investec Global Energy five years ago would be worth £2,294 today – compared with only £1,013 in the average unit trust.

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THE NEW YORK TIMES: East Timor, Australia Make Breakthrough on Gas Dispute

THE NEW YORK TIMES: East Timor, Australia Make Breakthrough on Gas Dispute

30 April 05

By REUTERS

MELBOURNE (Reuters) – Tiny East Timor has agreed to shelve talks on a permanent sea border with Australia in exchange for billions of dollars in revenues from yet-to-be developed offshore gas fields, Australia’s top negotiator said on Friday.

The pact postpones establishment of a border across the Timor Sea for up to 60 years in exchange for more revenue from the Greater Sunrise gas field, which Australia-listed Woodside Petroleum Ltd. wants to develop at a cost of A$6.6 billion ($5.1 billion).

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THE WALL STREET JOURNAL: Statoil Bets on Finding Oil

THE WALL STREET JOURNAL: Statoil Bets on Finding Oil

30 April 05

Unlike Rivals, Norwegian Firm Spends More On Exploration

By CHIP CUMMINS

Staff Reporter of THE WALL STREET JOURNAL

After taking the helm last summer at Statoil ASA, Norway’s biggest oil producer, Helge Lund made an unusual move.

The chief executive increased planned outlays for finding new oil this year, even as many of his peers are holding back on exploration spending amid today’s high but uncertain oil prices. And yesterday, Statoil announced a planned $2 billion purchase of prospects in the Gulf of Mexico from EnCana Corp., based in Calgary, Alberta.

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THE WALL STREET JOURNAL: Shell Canada Shareholders OK Three-for-one Share Split

THE WALL STREET JOURNAL: Shell Canada Shareholders OK Three-for-one Share Split

April 05

DOW JONES NEWSWIRES

CALGARY — Shell Canada Ltd. (SHC.T) shareholders have approved a 3-for-1 share split of its outstanding common shares, which will apply to all shareholders of record as of June 23.

In a news release, Shell Canada said its shareholders will receive two additional common shares for each common share held on that date. The oil and gas company’s common shares will continue to trade on a pre-split basis until the close of trading on June 20.

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EDMONTON SUN: Shell eyes expansion

EDMONTON SUN: Shell eyes expansion

30 April 05

TIMOTHY LE RICHE, EDMONTON SUN

Shell yesterday applied for a more than $4-billion expansion that is sure to raise the spectre of cost overruns and labour shortages.

On the other hand, a majority of the project spending will provide another energy boost to the Edmonton and Fort McMurray economies, said Neil Camarta, senior vice-president of oilsands for Shell Canada Ltd.

The project would expand capacity at both the Muskeg River Mine near Fort McMurray and the Scotford refinery upgrader outside Edmonton.

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The Globe & Mail (Canada): Shell seeks to double Athabasca oil sands production

The Globe & Mail (Canada): Shell seeks to double Athabasca oil sands production

By BILL GRAVELAND

Saturday, April 30, 2005 Page B2

Canadian Press

CALGARY — Shell Canada Ltd. has filed regulatory applications to double current production at its Athabasca Oil Sands Project, but shareholders are being warned it will come at a cost to them.

“Those who are well acquainted with the company will notice a slight change of emphasis from leadership in profitability and profitable growth,” Clive Mather, president and chief executive officer, said in a speech to the energy giant’s shareholders yesterday.

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THE WALL STREET JOURNAL: Shell Canada Files Regulatory Applications For Oil Sands Expansion Project

THE WALL STREET JOURNAL: Shell Canada Files Regulatory Applications For Oil Sands Expansion Project

30 April 05

DOW JONES NEWSWIRES

CALGARY — Shell Canada Ltd. (SHC.T) has filed regulatory applications to expand capacity at both the Muskeg River Mine and Scotford Upgrader, which together make up the Athabasca Oil Sands Project in Alberta.

Shell Canada owns 60% of the project.

In a news release, Shell Canada said the Muskeg River Mine expansion plan includes developing additional mining areas on the west side of Lease 13 and on Lease 90, adding another bitumen extraction train to the existing plant and a number of debottlenecking projects.

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THE WALL STREET JOURNAL: Exxon and Shell Profits Surge even as Oil Production Declines

THE WALL STREET JOURNAL: Exxon and Shell Profits Surge even as Oil Production Declines

30 April 05

By JEFFREY BALL and CHIP CUMMINS

Staff Reporters of THE WALL STREET JOURNAL

Exxon Mobil Corp. and Royal Dutch/Shell Group both reported huge increases in first-quarter income, benefiting from the industrywide bonanza also swelling the coffers of their peers: high prices for the oil they pump and high margins for refining it. Both companies reported that their oil production declined, however.

Feeling pressure to return more of its mounting cash pile to investors, Exxon said it will spend about $3.5 billion in the second quarter on buybacks to reduce shares outstanding, up from $2.5 billion in the first quarter.

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Financial Post (Canada): Pipeline work halt no bluff, big oil says

Financial Post (Canada): Pipeline work halt no bluff, big oil says

30 April 05

CALGARY – The decision to grind the giant Mackenzie Valley pipeline project to a halt is not posturing on the part of big oil companies, but a warning the project is threatened, two key project partners said yesterday.

Hal Kvisle, chief executive of TransCanada Corp., and Clive Mather, chief executive of Shell Canada Ltd., said the pipeline partners should not be asked to solve the socio-economic problems of the North.

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APRIL 2005 ROYAL DUTCH SHELL NEWS HEADLINES

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