Tempering some of oil's losses Thursday was news that rebel attacks in Nigeria this week shut 40,000 barrels per day of output by Royal Dutch Shell adding to a string of bombings that has disrupted the OPEC nation's production.
Posts from ‘July, 2008’
"We hope that we can sign something before not too long, but I admit that I have said that three weeks ago, and in the meantime we haven't signed anything," Chief Executive Jeroen van der Veer told reporters on a conference call on Thursday.
Royal Dutch Shell found BP too much of a tough act to follow on Thursday, after failing to match its rival with a solid, but uninspiring set of quarterly results.
Jeroen van der Veer, Shell chief executive, reiterated comments made earlier this year that the oil major would make significant investments to grow the group, and to ensure that energy markets remained well supplied.
BRIEF-Shell CEO less sure speculation causing volatile oil
Thu Jul 31, 2008 5:26am EDT
July 31 (Reuters) – Royal Dutch Shell Plc Shell CEO says less sure that speculation is to blame for oil price volatility after study
(Reporting by Alex Lawler)
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RELATED BLOG POSTSShell grilled by U.K. Treasury Select Committee over role of speculation in the rise of oil prices Shell may process oil sands crude at US refineries Little hope oil summit will cut prices: Shell CEO Jeroen van der Veer Speculation bill: Can somebody help me with this?
Shell: record 2Q net profit of $11.6 billion
The Associated Press Published: July 31, 2008 AMSTERDAM, Netherlands
July 31 (Bloomberg) -- Royal Dutch Shell Plc, Europe's biggest oil company, said second-quarter profit climbed 33 percent, boosted by record crude prices and higher natural gas.
Shell Q2 profits up 5 pct on high oil prices: net income to $7.9 billion on the back of high oil prices
Shell Q2 profits up 5 pct on high oil prices
Thu Jul 31, 2008 7:15am BST
LONDON, July 31 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote,Profile, Research) reported a 5 percent rise in second-quarter current cost of supply (CCS) net income to $7.9 billion on the back of high oil prices.
The world’s second-largest non-government controlled oil company by market value said in a statement on Thursday that the CCS result included a non-operating gain of $73 million.
Excluding such one-off items, the “clean” CCS or underlying result was $7.8 billion, compared to an average forecast of $8.3 billion in a Reuters poll of nine analysts and $6.90 billion in the same period of 2007.
"The market is panicking and foreign investors are pulling out of equities," said Michael Ganske, a Russia expert at Commerzbank. "People fear that the rule of law is breaking down...
The board of BP's Russian oil joint venture, TNK-BP, will review the operation's capital spending plans, one of the key points of dispute in the bitter power struggle between the UK company and its billionaire partners.
July 31, 2008
In the know: Hikma Pharmaceuticals, CSR, Royal Dutch Shell
Bet of the day
Royal Dutch Shell reports second-quarter earnings this morning. This week BP, its great rival, reported better than expected profits buoyed by record oil prices. How will Shells numbers compare? Odds of 2-1 are being offered by www.BetsForTraders.com that Shells share price is above £18.40 in five market days.
Shell Oil Co's 165,000 barrel per day San Francisco Bay-area refinery in Martinez, California, shut an alkylation unit on Monday for unplanned work, sources familiar with refinery operations said on Wednesday.