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Posts from ‘July, 2008’

Oil caps biggest monthly loss since ’04

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.

Shell still waiting on Iraqi oil deals

"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.

Shell Loses Its Shine

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.

Surging oil price boosts 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.

BRIEF-Shell CEO less sure speculation causing volatile oil


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)


BP CEO meets TNK-BP shareholder Fridman-sources Neste Oil diesel line down starting mid-August Neste Oil sees no fall in sight for diesel margins UPDATE 1-Australia’s Origin Q4 output jumps, boosts full-year More Energy News…


Shell grilled by U.K. Treasury Select Committee over role of speculation in the rise of oil prices Royal Dutch Shell Shell may process oil sands crude at US refineries Royal Dutch Shell Little hope oil summit will cut prices: Shell CEO Jeroen van der Veer Royal Dutch Shell

Speculation bill: Can somebody help me with this? read more

Shell: record 2Q net profit of $11.6 billion


International Herald Tribune

Shell: record 2Q net profit of $11.6 billion

The Associated Press Published: July 31, 2008

AMSTERDAM, Netherlands read more

Shell’s Second-Quarter Net Gains on Record Crude

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


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,ProfileResearch) 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. read more

Kremlin’s heavy hand triggers foreign exodus

"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...

TNK-BP board to review venture’s spending plans

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.

Royal Dutch Shell: Bet of the day

Times Online

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 Shell’s numbers compare? Odds of 2-1 are being offered by that Shell’s share price is above £18.40 in five market days.

UPDATE 2-Shell SF Bay refinery shut Alky unit Monday-sources

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.

Shell employees in Africa protest against being ‘sold’ by Shell

Shell employees in Africa protest against being “sold” by Shell

By John Donovan

29 July 2008

Shell has confirmed the sale of its downstream businesses in Ethiopia, Sudan and Djibouti to Oil Libya. Completion of the transfer is expected before the end of 2008. Until then, Shell continues to manage the business.  

Details were confirmed to Shell employees in Shell internal emails dated 10 July 2008, printed below.

The sale is at variance with an assurance given as recently as 19 January 2008 by the External Affairs Manager for Ethiopia and Djibouti, Bahiru Temesgen, who was quoted in “The Ethiopian Reporter” as saying “there was no such deal going on regarding the sale of Shell Ethiopia that he was aware of.” read more

BP to Fight for Control of Venture

BP PLC will use "all legal means" at its disposal to fight its partners in TNK-BP Ltd., the U.K.-based company's chief executive said Tuesday, ratcheting up the tension in a dispute for control of the Anglo-Russian joint venture.

Attacks Limit Shell’s Output Of Nigeria Oil

Royal Dutch Shell PLC said it won't be able to meet a significant chunk of its Nigerian oil-export obligations with customers for the next two months after militant attacks on its facilities early Monday.

BP hits a record but warns of Russia risk

Colin Smith, analyst at Dresdner Kleinwort, said BP had a superior short-term growth outlook than Shell.

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