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Posts from ‘October, 2005’

ROYAL DUTCH SHELL NEWS HEADLINES OCTOBER 2005

ROYAL DUTCH SHELL NEWS HEADLINES OCTOBER 2005

AFX Europe (Focus): Royal Dutch Shell proposes to pay minority shareholders 52.21 eur/shr: “Royal Dutch Shell also said eligible UK resident shareholders can receive loan notes exchangeable into Royal Dutch Shell ‘A’ shares.”: Tuesday October 31, 2005: READ

Grampian TV (Scotland): Shell admits failures led to the deaths of two men: “Earlier this year Shell was fined a record nine hundred thousand pounds after admitting health and safety breaches.”: Monday 31 October 2005: READ

Financial Times: No case for a windfall tax on the oil industry: “In Britain, fear of a tax raid has led some analysts to warn against investing in UK oil producers.”: Monday October 31 2005: READ read more

From our Shell News Archive for Tuesday 31 October 2005

From our Shell News Archive for Tuesday 31 October 2005

AFX Europe (Focus): Royal Dutch Shell proposes to pay minority shareholders 52.21 eur/shr: “Royal Dutch Shell also said eligible UK resident shareholders can receive loan notes exchangeable into Royal Dutch Shell ‘A’ shares.”: Tuesday October 31, 2005: READ

Grampian TV (Scotland): Shell admits failures led to the deaths of two men: “Earlier this year Shell was fined a record nine hundred thousand pounds after admitting health and safety breaches.”: Monday 31 October 2005: READ

Financial Times: No case for a windfall tax on the oil industry: “In Britain, fear of a tax raid has led some analysts to warn against investing in UK oil producers.”: Monday October 31 2005: READ read more

From our Shell News Archive 30 October 2005

From our Shell News Archive 30 October 2005

Irish Times: Cassells to be mediator in Corrib gas dispute: “Shell is still pursuing a permanent injunction against opponents of the onshore pipeline.”: Monday October 31, 2005

Gulf Times: Irish villagers risking prison to protest Shell gas pipeline: “The Corrib gas reservoir, discovered in 1996, contains an estimated 1tn cu ft of gas and was the first significant offshore find in Ireland in 25 years.” Published: Sunday, 30 October, 2005

The New York Times: Big Oil, Big Bucks: “The companies are making money far faster than they can spend it.”: “On Thursday, Senator Bill Frist, the Republican leader, said the Senate should call executives of major oil companies to testify about high prices.”: Sunday 30 October 2005 read more

Shell news 29 October 2005

THE WALL STREET JOURNAL: Backlash Spreads As Profits Surge At Oil Companies: “Exxon, Shell Net $19 Billion, Fueling Calls for Profit Tax, Efforts to Boost Stockpiles”: “If there are those who abuse the free enterprise system to advantage themselves and their businesses at the expense of all Americans, they ought to be exposed, and they ought to be ashamed,”: Posted Saturday 29 October 2005: READ

Financial Times: Volcker report implicates big oil companies in oil-for-food scandal: “Well-known international oil companies used traders to distance themselves from the illegal surcharges being paid under the United Nations oil-for-food deal in Iraq, the final Volcker report has concluded.”: “BP of the UK, Anglo/Dutch Royal Dutch Shell, Total of France, and Spain’s Repsol were all named as examples of “established oil companies” involved in the oil-for-food programme before surcharges began in 2001.”: Saturday 29 October 2005: READ read more

Shell’s performance beats expectations

Financial Times: Shell’s performance beats expectations

“Shell has been reviewing its leading projects since the cost of its Sakhalin 2 project in Russia doubled to $20bn earlier this year. The enthusiasm of some analysts was tempered by their expectation that its capital expenditure budget would have to rise when it is announced in December.”

Friday 28 October 2005

By Thomas Catan and Sharlene Goff

Royal Dutch Shell made the largest quarterly profit in its 98-year history this summer, despite a severe beating from the storms in the Gulf of Mexico.

The world’s third-largest oil company by market value saw its third quarter profit soar 68 per cent on the back of high oil prices and a pipeline sale in the Netherlands. The results far exceeded market expectations, sending Shell’s “B” shares up 14p to £17.91.

The company’s third-quarter “current cost of supply” (CCS) net profit – a closely watched measure that excludes gains from rising fuel stock values and one-off charges – was $5.8bn (£3.3bn) against expectations of about $5bn. read more

Green groups call for windfall tax as Shell reports record earnings

The Independent: Green groups call for windfall tax as Shell reports record earnings

“Shell’s fortunes this year, on the back of soaring oil prices, are in marked contrast to last year when it was embroiled in a reserves reporting scandal that plunged into one of the worst periods in its long history. The scandal cost Sir Philip Watts his job as chairman and the company was ordered to pay fines of $120m in the US and £17m in the UK. The company agreed to pay $90m in damages to US employee shareholders who brought a class action lawsuit against the oil giant.”

Friday 28 October 2005

By Damian Reece, City Editor

Royal Dutch Shell is facing calls for a windfall tax on oil companies’ profits after announcing a 68 per cent increase in third-quarter earnings to $7.4bn (£4.1bn).

A record quarter for oil prices helped Shell deliver results that beat City expectations but prompted the ire of environmental groups and politicians.

Shareholders will benefit from Shell’s performance to the tune of $15bn, which the company is returning to investors this year in the form of share buy-backs and increased dividends. Jeroen van der Veer, the chief executive, said: “Our operational performance is paying off with good results.” read more

Shell rakes in £1.5m per hour

Channel 4 News: Shell rakes in £1.5m per hour

Thurs 27 October 2005

Last Modified: 27 Oct 2005
Source: ITN

Oil giant Shell is making profits of around £1.5 million an hour, results have revealed.

The company has nearly bettered its record 2004 haul in the space of just nine months.

Surging oil prices helped to generate profits of £9.86 billion between January and September compared with £9.88 billion in the whole of 2004.

This performance was also spurred by one-off gains on the sale of assets and was in spite of lost production and damage to rigs from the summer of hurricanes in the Gulf of Mexico. read more

Shell’s Dutch workers threaten to strike over pensions

Forbes/AFX News Limited: Shell’s Dutch workers threaten to strike over pensions

“Workers of the Royal Dutch Shell PLC in the Netherlands have threatened to strike over planned changes in the group’s pension scheme.”: “Industry followers are worried that the strike, should it proceed, will shut Shell’s major facilities, including the 416,000-barrel-per-day Pernis refinery, the Groningen gas field, and the Moerdijk chemical plant.”

Wednesday 26 October 2005

LONDON (AFX) – Workers of the Royal Dutch Shell PLC in the Netherlands have threatened to strike over planned changes in the group’s pension scheme.

Dutch trade unions led by CNV and FNV have agreed to strike next week if Shell insists on implementing a plan to raise the retirement age of employees and force workers to contribute to their pensions.

The proposed reforms are to take effect on Jan 1 next year.

‘We gave Shell an ultimatum that by 6 pm on Oct 31, if they don’t give in to our demand (to drop the proposed changes), there’ll be a strike,’ a CNV spokeswoman told AFX News. read more

Shell’s Dutch pension talks reach impasse

Investment & Pensions Europe: Shell’s Dutch pension talks reach impasse

“The main sticking point is the fact that Shell has changed the pension age from 60 to 65, while all employees will have to start paying part of the pension premiums.”

Wednesday 26 October 2005

IPE.com 26/Oct/05: NETHERLANDS – The year long negotiations between Shell Nederland and the Dutch trade unions FNV Bondgenoten and CNV Chemie have reached an impasse.

The unions have refused to accept a proposal the company has made to the Central Staff Council, where unions and employee representatives discuss issues.

According to the official statement by the unions, Shell will have until October 31 to reassess the situation and change its proposal or it will face strikes at several of its Dutch plants. read more

Irish Independent: Rossport 5 must wait to learn fate

Irish Independent: Rossport 5 must wait to learn fate

“The Mayo men have already served 94 days in jail for refusing to obey a High Court order not to interfere with construction of the Corrib gas pipeline.”

Wednesday Oct 26, 2005

THE Rossport Five must wait another two weeks to see if the High Court is to punish them further over their pipeline protest.

The Mayo men have already served 94 days in jail for refusing to obey a High Court order not to interfere with construction of the Corrib gas pipeline.

Brothers Philip and Vincent McGrath, Willie Corduff, Michael O Seighin and Brendan Philbin have become heroes to many since they were jailed for contempt of court in June.

High Court President Mr Justice Joseph Finnegan told the men yesterday that he would rule in two weeks what sanction if any should be imposed on them for disobeying the court. read more

Shanghai Daily news: Efforts made to reduce pollution

Shanghai Daily news: Efforts made to reduce pollution

“The city of Shanghai and Shell International Gas International Ltd will cooperate to develop clean energy and reduce air pollution by 2010 for the World Expo.”

Wednesday 26 October 2005

www.chinaview.cn 2005-10-26 09:36:34

BEIJING, Oct. 26 — The city of Shanghai and Shell International Gas International Ltd will cooperate to develop clean energy and reduce air pollution by 2010 for the World Expo.

Officials yesterday signed a cooperation agreement with Shell International Gas, forming a partnership to get rid of emission-caused air pollution.

The agreement, which does not include concrete investments from both parties, cites areas of cooperation such as joint studies on clean alternative fuels and cost-effective ways to reduce emissions, particularly for the city’s 40,000-plus cabs and 18,000 buses. read more

Irish Villagers Say Shell Pipeline Is Health Hazard, Risk Jail

Bloomberg: Irish Villagers Say Shell Pipeline Is Health Hazard, Risk Jail

“Shell, which said in 2002 it expected to bring gas onshore within two years, now can’t say when it expects to begin tapping the field.”

Tuesday 25 October 2005

Oct. 25 (Bloomberg) — Willie Corduff, a farmer from Rossport in western Ireland, spent 94 days in prison for obstructing Royal Dutch/Shell Plc’s plans to build a pipeline near his village. A court will rule today on whether he needs to serve more time.

“I don’t want to go back to jail, but I will if I have to,” said Corduff, 51, as he drove from Bellanaboy to Rossport, a 30-house village perched on the edge of Broadhaven Bay in Mayo. Corduff, wearing blue jeans and green wellington boots, says he’ll do anything “within the law” to prevent the project. read more

Irish Times: Dempsey accused of Corrib ‘ploy’

Irish Times: Dempsey accused of Corrib ‘ploy’

“Three weeks after their release from jail, the men told a press conference in Castlebar, Co Mayo, yesterday that neither Noel Dempsey nor his officials had made any contact with them in relation to proposed mediation.”: “Shell is still seeking a permanent injunction against opposing landowners.”

Tuesday October 25, 2005

Lorna Siggins, Marine Correspondent

The five Mayo men who return to the High Court today over their opposition to the Corrib gas onshore pipeline have accused the Minister for the Marine of using mediation as a “ploy”.

Three weeks after their release from jail, the men told a press conference in Castlebar, Co Mayo, yesterday that neither Noel Dempsey nor his officials had made any contact with them in relation to proposed mediation.

In a separate development, Mr Dempsey has been informed that there is no legal impediment if he decides to defer his own order to Shell to dismantle an illegally welded section of onshore pipeline. read more

Honesty, integrity, and respect for people are core values in Shell

From our October 2005 Shell News Archive

The Way Ahead: Interview: Jeroen van der Veer: CEO, Royal Dutch Shell: “Honesty, integrity, and respect for people are core values in Shell.”

Posted Monday 24 October 2005

Jeroen van der Veer is Chief Executive Officer (CEO) of Royal Dutch Shell, which operates in more than 140 countries and territories and employs more than 112,000 people. Shell is best known to the public for its service stations and for exploring and producing oil and gas on land and at sea, but the company delivers a much wider range of energy solutions and petrochemicals to customers. These include transporting and trading oil and gas, marketing natural gas, producing and selling fuel for ships and planes, generating electricity, and providing energy efficiency advice. Shell also produces and sells petrochemical building blocks to industrial customers globally and is investing in making renewable and lower-carbon energy sources competitive for large-scale use. read more

Shell to step up upstream investment in Middle East

Khaleej Times (United Arab Emirates): Shell to step up upstream investment in Middle East

“Global oil giant Royal Dutch Shell said it would significantly boost investments in the Middle East’s upstream sector following the recent signing of landmark business agreements in Abu Dhabi, Qatar, Oman and Libya”

23 October 2005

BY ISAAC JOHN

DUBAI — Global oil giant Royal Dutch Shell said it would significantly boost investments in the Middle East’s upstream sector following the recent signing of landmark business agreements in Abu Dhabi, Qatar, Oman and Libya.

“During the past five years, Shell Upstream alone has invested some $2 billion in the region, and this figure is set to increase significantly,” said Raoul Restucci, Executive Vice-President for Shell Exploration & Production for the Middle East and the CIS. read more

Shell cost over-runs in Russia, Nigeria, Qatar, Canada and Kazakhstan

From our October 2005 Shell News Archive

Times Online: Capital expenditure will be a key number in Shell’s results. Citigroup expects capex to rise by $5 billion to $20 billion a year because of cost over-runs at facilities in Russia, Nigeria, Qatar, Canada and Kazakhstan. Such spending will not help earnings.”

Posted Saturday October 22, 2005

EXTRACT FROM BUSINESS WEEK ARTICLE

Times Online’s guide to the week’s business stories. By Bryce Elder

Shell seems as good a place to start as any. Third-quarter earnings growth at Europe’s second-largest oil company is expected to show the effects of hurricane-hit lower production.

Net income for the quarter is expected at between $4.37 billion and $5.92 billion, up 18 per cent at the median compared with $4.38 billion previously. That would be the slowest growth since the second half of 2004, when quarterly earnings surged by as much as 200 per cent as oil prices rocketed. Like BP two days earlier, Shell’s annual production target of between 3.5 million and 3.8 million barrels of oil equivalent per day may be at risk due to stoppages. read more

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