Posts on ‘February 5th, 2008’

By Ed Crooks Published: February 5 2008 19:46 | Last updated: February 5 2008 19:46 Tony Hayward at BP and Jeroen van der Veer at Royal Dutch Shell have a great deal in common. Both chief executives took over when their companies were in crisis; Shell after the reserves misreporting scandal that emerged in 2004 [...]

February 5, 2008 The row between the Anglo-Dutch giant and the Nigerian Government over financing has taken a turn for the worse Carl Mortished, World Business Editor The Nigerian Government has scrapped an oil bonus scheme that rewarded Royal Dutch Shell in a further escalation of the confrontation over the financing of Shell’s operations in [...]

Tue Feb 5, 2008 3:37am EST(adds details) By Tom Bergin LONDON, Feb 5 (Reuters) – Oil giant BP (BP.L: Quote, Profile, Research) reported a big drop in profits due to refining losses, service station write-downs and rising costs, but higher production, planned cost cuts and a more generous dividend policy helped push its shares higher. [...]

By Angela Macdonald-Smith Feb. 5 (Bloomberg) — The Australian federal and Western Australian state governments will identify one site in the far northwest for a shared liquefied natural gas plant in a move environmental groups said throw doubt on existing project plans. The move, part of a “strategic assessment” of the Kimberley region, will avoid [...]

By Trisha Huang Feb. 5 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, said it has cut supply of raw material to the coker unit at its Deer Park, Texas, refinery after the unit malfunctioned, resulting in flaring of gases. The coker unit “tripped” after the anti-surge valve opened, Shell said in a [...]

By Ed Crooks, Energy Editor Published: February 5 2008 08:26 | Last updated: February 5 2008 08:26 BP, Europe’s second biggest oil company, has raised its quarterly dividend by 31 per cent to reflect “the company’s increasingly robust view of the future”, in spite of fourth-quarter profits well below analysts’ expectations. The company announced that [...]

By Kathy Marks, Asia-Pacific Correspondent, and Daniel Howden Tuesday, 5 February 2008 A “plastic soup” of waste floating in the Pacific Ocean is growing at an alarming rate and now covers an area twice the size of the continental United States, scientists have said. The vast expanse of debris – in effect the world’s largest [...]

· Talks with Baghdad officials held in Jordan · Campaigners say oil law will cost country billions Terry Macalister Tuesday February 5 2008 BP has been holding meetings with Iraqi oil officials as it speeds up plans to re-enter one of the biggest but politically most controversial oil provinces in the world, five years after [...]

Oil firms’ output is down, yet profits skyrocket. It all points to the crisis predicted by the peakists Jeremy Leggett Tuesday February 5, 2008 Records tumble as the oil majors release their annual results. The most profit made by a European company: Shell’s $27bn. The most profit made by any company ever: ExxonMobil’s $40bn. Amid [...]

February 5, 2008 Ben Webster The former chairman of Shell has called for the European Union to ban the sale of new cars that do under 35 miles to the gallon. Sir Mark Moody-Stuart, chairman of the coal mining giant Anglo American, said car manufacturers would adapt to cope with stricter rules. Despite driving a [...]

February 5, 2008 Robin Pagnamenta The West’s biggest oil companies are in talks with the Government of Iraq to boost the country’s oil and gas output. Under a specially designed technical services agreement, ExxonMobil, Chevron, ConocoPhillips and Shell would be paid in oil rather than cash to help to develop the fields. The decision, which [...]

February 5, 2008 Today BP reports full-year earnings after Shell announced Britain’s biggest corporate profit last week. BP, steady at 542p, is expected to report profit of £15 billion, below initial forecasts but smashing Shell’s record and confirming its status as the biggest company in Europe. Capital Spreads is quoting a rolling price of 541.2p-542.8p [...]

Natural resources ExxonMobil, Chevron, ConocoPhilips and Shell are in talks with Iraq’s Government about a plan to boost the country’s oil and gas output before the introduction of a new law governing distribution of the country’s oil wealth. http://business.timesonline.co.uk/tol/business/markets/article3308618.ece

BP’s chief executive Lord Browne resigned in May Tuesday, 5 February 2008, 07:49 GMT   The oil giant BP has reported a big fall in profits at the end of a tough year for the company. It still managed to achieve replacement cost profits of $17.29bn (£8.76bn), but that was 22% below its 2006 level. Despite [...]

By Laurel Brubaker Calkins and Margaret Cronin Fisk Feb. 4 (Bloomberg) — BP Plc will have to wait at least two weeks to learn how much it must pay to resolve criminal charges linked to 15 death in a 2005 explosion at its Texas refinery. Blast victims urged U.S. District Judge Lee Rosenthal in Houston [...]