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Posts from ‘January, 2008’

The Times: Bottom line not the only oil tale at Shell

February 1, 2008 Patrick Hosking: Business Commentary Some people are never satisfied. Shell may have made greater annual profits last year than any other European company ever, but as one City sceptic remarked yesterday, one should expect nothing less from a company that has over the past decade enjoyed a ninefold increase in the selling […]

The Times: Shell’s record $27bn profits invite calls for windfall tax

February 1, 2008 Robin Pagnamenta, Energy and Environment Editor Royal Dutch Shell reported annual profits of $27.6 billion (£13.9 billion) yesterday, smashing European company records and prompting calls for a windfall tax on “obscene” oil profits. But the record results, which were boosted by surging global crude prices, masked uncomfortable truths about the company’s lacklustre […]

Forbes: Shell Cracking Under Cost Pressure

Lionel Laurent, 01.31.08, 8:50 AM ET LONDON – Oil prices may be booming, but the strain of higher costs is beginning to show for Royal Dutch Shell. The Anglo-Dutch oil and gas stalwart posted a 60.4% increase in fourth-quarter profits Thursday, to $8.5 billion, from $5.3 billion, but most of the gain came from the […]

U.S.New & World Report: Shell Rakes in $8.5 Billion in Three Months

By Marianne Lavelle Posted January 31, 2008 Royal Dutch Shell, the world’s second-largest publicly traded oil company, today reported net income up 60 percent last quarter to a record $8.47 billion, thanks to the same rising crude oil prices that most observers expect will lift the profits of Exxon Mobil and Chevron tomorrow to nearly […]

Financial Times: Open season on oil companies

By Andrew Hill, Mure Dickie and Richard Milne Published: January 31 2008 18:08 | Last updated: January 31 2008 18:08 “Obscene” profits and calls for “windfall taxes”: it’s oil company reporting season again. Royal Dutch Shell formally launched the 2007 full-year results festival in the UK on Thursday by recording the largest profit ever reported […]

Reuters: Shell flags lower oil reserve additions in 2007

Thu Jan 31, 2008 9:37am GMT By Tom Bergin LONDON (Reuters) – Royal Dutch Shell added “at least 1 billion barrels” of new oil and gas resources in 2007, Chief Executive Jeroen van der Veer said on Thursday, around half the level the oil giant flagged last year. Van der Veer told reporters on a […]

The Guardian: Shell posts record European profit but doubts linger

Reuters Thursday January 31 2008 (Adds closing shares, share comparison) By Tom Bergin LONDON, Jan 31 (Reuters) – Royal Dutch Shell notched up the biggest ever profit of a European company of $27.6 billion in 2007, but lower production and indications of disappointing reserves suggest future earnings growth will rely on oil price rises. The […]

The Guardian: Security problems force Shell to scale back in Nigeria

Terry Macalister Thursday January 31 2008 Shell has started to “streamline” its operations in the Delta region of Nigeria in what appears to be a final realisation that it is fighting a losing battle against militants in the region. The company announced today it had taken a $716m (£359m) charge in its fourth quarter accounts […] Nigeria: Shell Job Cut Will Hurt Economy, Says Sylvia

This Day (Lagos) 31 January 2008 Chuks Okocha Abuja The Bayelsa State Governor, Timipre Sylva has appealed to the Federal Government to intervene in the planned job cut by the Shell Petroleum Development Company (SPDC) as it would have a spiral negative effect on the Nigerian economy. Speaking with newsmen in Abuja, Timi Sylva also […]

An appeal for Shell shareholder support

The Sierra Club (Washington, DC – …is planning to bring a shareholders’ resolution to Royal Dutch Shell’s 20 May 2008 AGM. The resolution focuses on risks to shareholder value from Shell’s operating in Alaska’s Beaufort and Chukchi seas. Sierra’s concerns include the company’s failing to report on possible impact to value from operating in the […]

BBC News: Q&A: Windfall tax on Shell

Thursday, 31 January 2008, 12:04 GMT  The Unite union has called for the government to impose a windfall tax on the profits of oil companies after Royal Dutch Shell reported record profits for a UK-listed company. “Shell shareholders are doing very nicely whilst the rest of us, the stakeholders, are paying the price and struggling,” […]

Daily Telegraph: Lawyers close in on Shell chiefs

By Russell Hotten 31/01/2008 Front page of Daily Telegraph Business Section The accounting scandal that forced resignations and fines at Royal Dutch Shell in 2004 looks like returning to haunt the company, with lawyers pursuing legal action on behalf of US shareholders about to step up their campaign for compensation. Following years of wrangling, key […]

The Guardian: Shell’s record profits branded ‘obscene’

Terry Macalister 8.15am update: Thursday January 31 2008 Shell was accused of making “obscene” profits at a time when pensioners, motorists and industry are struggling with higher energy prices when it unveiled annual earnings of $27.6bn (£13.9bn). The oil major has made British corporate history with the record figures, which are equivalent to more than […]

The Guardian: Shell’s £14bn profits branded ‘obscene’ by Unite

Fiona Walsh, business editor, Thursday January 31 2008 Oil giant Royal Dutch Shell is facing renewed accusations of profiteering after reporting record profits of $27.6bn (£13.9bn) – the highest-ever figure reported by a British company. The huge profits – equivalent to more than £1.5m an hour and a 9% increase on last year – […]

Daily Mail: Shell’s ‘obscene’ £13.9billion profit is biggest ever by British company

Last updated at 07:14am on 31st January 2008 Record profit: Shell earnings soar as motorists struggle with high petrol prices Shell has announced earnings of £13.9billion today – the biggest-ever profit by a British company. The oil giant has reported that profits have risen 9 per cent since last year, pushed up amid fears of […]

Times Online: Shell full year profits hit record £13.9 billion

January 31, 2008 Shell’s numbers beat City expectations by a shade as lower output levels were offset by $100 barrel oil Angela Jameson Concerns over the excessive profits made by oil companies were reignited today when Shell, the Anglo-Dutch giant, revealed a 9 per cent leap in full year profits to a new record of […]

Reuters: UPDATE 1-Record European profits for Shell but Q4 disappoints

Thu Jan 31, 2008 2:53am EST (Adds detail, background) LONDON, Jan 31 (Reuters) – Oil giant Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research) posted record European company earnings of $27.6 billion in 2007, but fourth-quarter profit missed forecasts as a fall in production dampened the benefit of high oil prices. The world’s second-biggest non-government […]

Bloomberg: Shell Plans $2.5 Billion Iraq Natural Gas Project, Person Says

By Kristian Rix Jan. 31 (Bloomberg) — Royal Dutch Shell Plc may spend $2.5 billion on a natural gas plant in southern Iraq to meet energy demand in the Middle East, where economies are growing 5.9 percent a year, according to a person involved in the plan. Shell met with Iraqi officials in The Hague […]

BBC News: Shell sets new UK profits record

Thursday, 31 January 2008, 08:09 GMT   The Anglo-Dutch oil firm Royal Dutch Shell has reported record annual profits for a UK company.   Its profit measured by current cost of supply was $27.56bn (£13.9bn) for 2007, beating its own 2006 record of £12.9bn. Much of the rise in profits has been attributed to rising oil […]

THE WALL STREET JOURNAL: Shell Posts 60% Rise in Net Income On Higher Oil Prices, Divestments

By BENOIT FAUCON January 31, 2008 3:35 a.m. LONDON — Royal Dutch Shell PLC Thursday reported a 60% rise in fourth-quarter net profit as higher oil prices and divestments outweighed tighter refining margins and a lower output. Shell’s results underscore how oil companies are defying the global economic gloom. U.S. crude peaked at about $100 […]

THE WALL STREET JOURNAL: Big Oil’s Not-So-Big Growth Plans

With New Reserves Harder to Snag, Western Firms Could Opt for Smaller Role By GUY CHAZAN and RUSSELL GOLD January 31, 2008 Big oil companies, benefiting from oil’s recent rise toward $100 a barrel, are expected to report more flush earnings in coming weeks. But fat results aren’t likely to impress investors, many of whom […]

Financial Times: Shell reports record profits of $27.6bn

By Dino Mahtani Published: January 31 2008 08:18 | Last updated: January 31 2008 08:18 Royal Dutch Shell reported full year current cost of supply earnings of $27.6bn (£14bn), a record for a European company, despite lower oil and gas production and weaker refining margins. Higher oil prices and one-off items helped lift profits by […]

Financial Times: Shell warns Nigerian operation hit by lack of government investment

By Matthew Green in Lagos and Ed Crooks in London Published: January 31 2008 02:00 | Last updated: January 31 2008 02:00 The future of one of Royal Dutch Shell’s most important businesses is at risk because the Nigerian government has not funded it properly, an internal company memo has warned. The government’s failure to […]

Financial Times: Shell’s grip loosens on restive delta

By Matthew Green in Lagos and Dino Mahtani in London Published: January 31 2008 02:00 | Last updated: January 31 2008 02:00 Royal Dutch Shell’s admission in an internal memo that its biggest oil operation in Nigeria may not survive is the starkest sign yet of the precariousness of the company’s position in the restive […]

Daily Telegraph: Russia’s hardnose policy threatens economic boom

By Ambrose Evans-Pritchard in Moscow Last Updated: 12:15am GMT 31/01/2008 The Kremlin has offered a rare admission that Russia’s hard-nose diplomacy and the manipulation of the energy sector for political goals is deterring investors, leaving the country friendless as the credit crunch spreads to Eastern Europe. Alexei Kudrin, the finance minister, acknowledged yesterday that spats […]

Daily Telegraph: Oil profits will hit record – but can it last?

By Russell Hotten, Industry Editor Last Updated: 7:51am GMT 31/01/2008 The world’s independent oil majors are about to announce a series of eye-popping profits numbers. ith crude averaging $90 a barrel for the final three months of 2007 the likes of Shell and ExxonMobil have been given a nice little end-of-term boost to their full-year […]

Daily Telegraph: Shell profits soar on higher oil price

A worker at a liquid gas site in Sakhalin By Russell Hotten Last Updated: 7:54am GMT 31/01/2008 Profits at oil giant Royal Dutch Shell soared in the final three months of the year as crude rallied strongly. With crude averaging $90 a barrel for the final three months of 2007, Shell said today that fourth […] RBS urged to pull Gazprom’s Sakhalin II loan

Filed from Aberdeen 1/30/2008 6:12:18 PM GMT   RUSSIA: Nineteen local and international environmental organizations have called on Sir Fred Goodwin, CEO of Royal Bank of Scotland (RBS), to recall a controversial US$1 billion loan by ABN AMRO for the Russian energy giant Gazprom’s purchase of a controlling share of the enormous Sakhalin II oil […]

The New power generation: Alternative energy sources

Solar reflectors: ‘We think we can achieve 15 times the biofuel yield per hectare of land by using algae rather than conventional crops’ Solar reflectors could one day make petrol from thin air, and algae may provide all the diesel we need. Simon Usborne reports on the race to perfect energy sources for the future […] Tahltan elders say no to Shell

January 30, 2008 British Columbia  A GROUP of Tahltan elders have added their voices in opposition to Shell’s plan to drill for coalbed methane natural gas in the Klappan area. The elders, centered in Telegraph Creek but who now also live around the northwest, feel the Klappan area is too important for development because it […]

Reuters: Suncor, Shell oil sands output unaffected by cold

Wed Jan 30, 2008 10:02am EST CALGARY, Alberta, Jan 30 (Reuters) – Oil sand projects operated by Suncor Energy Inc (SU.TO: Quote, Profile, Research) and Royal Dutch Shell (RDSa.L: Quote, Profile, Research) are running normally despite a bitter cold snap in northern Alberta that forced Syncrude Canada Ltd to suspend production at its 350,000 barrel […] Shell Sparks Fears Over Reserves

Published by Andy Rowell January 29th, 2008   Maybe the oil industry is running out of reserves faster than it is letting on, but Shell is to delay publication of key data about its oil reserves that it would normally have released alongside profits figures being published this week. The decision is said to have […] The FSA’s largest fine all told was £17 million ($33m) charged to Royal Dutch Shell for lying about its crude oil reserves…

Adrian Ash, 29 Jan ’08 The FSA… has just got round to bringing its first ever criminal case for insider dealing – despite being the statutory prosecutor for insider dealing since 2000. “That’s a long while,” as Sara George of Allen & Overy noted to the Financial Times. Not least because the regulator itself says […] Oil scarcity has ‘snuck up on us’, expert says

Experts say the world’s major oil fields are declining. (AFP) The idea that the world’s supplies of oil have either peaked or will soon start declining has suddenly gained new respectability. The concept of ‘peak oil’ has been derided by the big oil companies for years, but at the end of last week came a […]

The Independent: Market Report

By Nikhil Kumar Wednesday, 30 January 2008 At the other end of the table, shares in the energy giant Royal Dutch Shell fell after the company said it would not provide oil and gas replacement guidance with its annual results, which are due tomorrow. Dresdner Kleinwort said that news was “regrettable” and Royal Dutch Shell […]

Bloomberg: Royal Dutch Shell PLc

By Sabine Pirone Jan. 30 (Bloomberg) — The following is a list of companies whose shares may have unusual price changes in the U.K. and Irish markets. Stock symbols are in parentheses after company names and prices are from the last close. The FTSE 100 rose 96.30, or 1.7 percent, to 5,885.20 yesterday. The FTSE […]

THE WALL STREET JOURNAL: Shell Won’t Provide Data On Reserves With Its Results: ‘…concerns that the news, when it emerges, will be bad’

A WSJ NEWS ROUNDUP January 30, 2008 Royal Dutch Shell PLC encountered concerns yesterday that the oil major had little luck adding new reserves last year after a report that it wouldn’t publish such figures with its annual results tomorrow. Shell’s London-listed Class A shares edged down 0.6% to 1808 pence ($35.87), compared with a […]

Vanguard (Nigeria): Shell job cut has nothing to do with militancy—Sylva

Written by Emma Ujah     Wednesday, 30 January 2008  The Bayelsa State Governor, Timi Sylva, yesterday, said the planned 1000 job cut by Shell had nothing to do with issues of militancy in the Niger Delta. Speaking with journalists in Abuja, he said Shell, like many other Joint Venture partners in the oil industry, has been […]

Financial Times: Tight supply lets CNOOC shrug off slowdown

By Justine Lauin Published: January 30 2008 CNOOC, the Chinese offshore oil and gas producer said it expected it would be immune to a global economic slowdown because of tight oil supply in China. State-owned CNOOC lifted production forecasts and spending this year to meet the country’s hunger for oil. Output is set to rise […]

Daily Telegraph: Oil behemoth Royal Dutch Shell saw its ‘B’ shares slip…

By Ben Bland Last Updated: 8:21pm GMT 29/01/2008 Oil behemoth Royal Dutch Shell saw its ‘B’ shares slip 10p to £17.66 amid disappointment that the company will not be providing an update on its reserves alongside its fourth quarter results tomorrow.

MarketWatch From Dow Jones Newswires: Shell won’t provide reserves replacement guidance in results

By Benoit Faucon Last update: 8:44 a.m. EST Jan. 29, 2008 (Adds content of SEC 2006 letters to Shell) LONDON (MarketWatch) — Royal Dutch Shell PLC (RDSB.LN) won’t provide oil and gas reserves replacement guidance – as it normally does – along with its annual results Thursday, despite its reserves having been an issue in […] Nigeria: Restructuring – Yar’Adua Meets Shell CEO, Dutch PM

This Day (Lagos) 29 January 2008 Stanley Nkwazema And Patrick Ugeh Abuja It emerged yesterday that Anglo Dutch oil and gas giant, Shell, may have secured “critical” concessions from President Umaru Musa Yar’Adua over key Federal Government policies which the firm considers to be unfavourable to its operations in Nigeria. This development is believed to […]

The Guardian: Shell shares fall as reserves concerns weigh

Reuters Tuesday January 29 2008 (Adds closing shares, analysts) By Tom Bergin LONDON, Jan 29 (Reuters) – Shares in Royal Dutch Shell Plc fell on Tuesday on concerns that the oil major had little luck adding new reserves last year after a report that it wouldn’t publish such figures with its annual results this week. […] UPDATE:Shell Won’t Provide Reserves Replacement At Fiscal Year Results

Published: January 29, 2008 8:40 AM (Adds content of SEC 2006 letters to Shell) LONDON -(Dow Jones)- Royal Dutch Shell PLC (RDSB.LN) won’t provide oil and gas reserves replacement guidance – as it normally does – along with its annual results Thursday, despite its reserves having been an issue in recent years. Correspondence released by […]

The Times: BG’s range of assets make it a long-distance runner

January 29, 2008 Nick Hasell: Tempus It may be Shell that kicks off the full-year reporting season of the oil majors this week, but it is likely to be BG Group’s numbers – due the following Thursday – that are more eagerly awaited. Whereas shares in BP and Shell have remained virtually flat over the […] Iranian anti-gas-export lobby strengthens

January 29, 2008     As Iran’s deadline for Shell and Total — with partners — to commit to their LNG projects draws near the companies are again demonstrating activity, but only to a reversible degree; meanwhile, domestic political tension surrounding Iran’s gas is mounting. Shell, along with partnering Spanish company Repsol-YPF, has launched a prequalification […]

Forbes/AFX News Limited: Amsterdam shares higher in midday trade; Shell bucks the trend

01.29.08, 6:37 AM ET AMSTERDAM (Thomson Financial) – Shares were higher in midday deals, with Corporate Express leading the gainers as hopes of a new cut in US interest rates pushed the AEX higher, trading sources said. At 11.54 am, the AEX was up 7.72 points or 1.76 pct at 447.04. Meanwhile, Royal Dutch Shell […] Shell says won’t give update on oil reserves in FY results

January 29, 2008: 06:40 AM EST LONDON, Jan. 29, 2008 (Thomson Financial delivered by Newstex) — Royal Dutch Shell PLC (NYSE:RDS A) will not provide an update on oil and gas reserves estimates alongside its annual results on Thursday, a company spokesman said. He said the latest reserves figures will be included in the group’s […]

Tue Jan 29, 2008 9:14am GMT: Reuters: Shell shares fall as reserves worries mount

Tue Jan 29, 2008 9:14am GMT Shares in oil major Royal Dutch Shell are flat as concerns mount that the company had a tougher time in replacing reserves in 2007 than thought. Shell’a London-listed “A” shares trade down 0.1 percent at 1818 pence, compared to a 1.2 percent rise in the DJ Stoxx European oil […]

From 29 January 2004: The Economist: This time sorry may not be enough (when the focus, as today, was on Shell’s hydrocarbon reserves)

Jan 29th 2004 From The Economist print edition What, if anything, can Sir Philip Watts do to survive at Royal Dutch/Shell? A HOSTILE mob of investors will greet Sir Philip Watts, chairman of Royal Dutch/Shell, on February 5th when he announces the Anglo-Dutch oil group’s annual results. It will not be the profit number that […]