Oil caps biggest monthly loss since ‘04

Posted on July 31, 2008 by John Donovan.
Categories: Nigeria, OPEC, Oil Prices, Royal Dutch Shell, Thomson Reuters.

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.

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Shell still waiting on Iraqi oil deals

Posted on by John Donovan.
Categories: Iraq, Jeroen van der Veer, Royal Dutch Shell.

“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.

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Shell Loses Its Shine

Posted on by John Donovan.
Categories: BP, Forbes, Oil Company Profits, Royal Dutch Shell.

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.

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Surging oil price boosts Shell

Posted on by John Donovan.
Categories: Financial Times, Jeroen van der Veer, Oil Company Profits, Royal Dutch Shell.

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.

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BRIEF-Shell CEO less sure speculation causing volatile oil

Posted on by John Donovan.
Categories: Oil Prices, Royal Dutch Shell, Thomson Reuters.

Reuters

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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More Energy News…

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Shell: record 2Q net profit of $11.6 billion

Posted on by John Donovan.
Categories: International Herald Tribune, Jeroen van der Veer, Oil Company Profits, Royal Dutch Shell.

 

International Herald Tribune

Shell: record 2Q net profit of $11.6 billion

The Associated Press
Published: July 31, 2008
AMSTERDAM, Netherlands: Royal Dutch Shell PLC has booked a record net profit of US$11.6 billion in the second quarter, up 33 percent from the same period a year ago, thanks to high oil prices and the weak dollar.

The year ago figure was US$8.67 billion.

The company says its selling price per barrel of oil was around US$112, up from US$64 a year earlier.

Chief Executive Jeroen van der Veer called the results “competitive” in a statement Thursday.

A “good operating performance, combined with increased oil and gas prices, offset the impact of weaker” results from refineries, he said.

http://www.iht.com/articles/ap/2008/07/31/business/EU-Netherlands-Earns-Shell.php

 

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Shell’s Second-Quarter Net Gains on Record Crude

Posted on by John Donovan.
Categories: Bloomberg, Oil Company Profits, Royal Dutch Shell.

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.

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Shell Q2 profits up 5 pct on high oil prices: net income to $7.9 billion on the back of high oil prices

Posted on by John Donovan.
Categories: Oil Company Profits, Royal Dutch Shell, Thomson Reuters.

 

Reuters UK

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.

CCS earnings strip out unrealised gains from rises in the value of inventories as oil prices increase and as such are comparable with U.S. net income. (Reporting by Tom Bergin; Editing by Paul Bolding)

 

http://uk.reuters.com/article/rbssEnergyNews/idUKWLA726920080731

 

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Kremlin’s heavy hand triggers foreign exodus

Posted on by John Donovan.
Categories: BP, Daily Telegraph.

“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…

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TNK-BP board to review venture’s spending plans

Posted on by John Donovan.
Categories: BP, Daily Telegraph, Russia.

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.

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