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Posts from ‘January, 2009’

Refiners, Workers Resume Contract Talks; Strike Looms

Shell and Exxon Mobil Corp. are preparing to keep their U.S. plants running in a walkout, using managers and other non-union employees to keep sites operating

SHELL SHARES RISE AS FIRM PUMPS IN £21BN

Shell hopes there might be new opportunities in countries such as Iran because US president Barack Obama’s election is pursuing a less hard line with the country than George Bush. “Iran has some of the largest reserves of gas in the world,” said van der Veer.

RNLI station and Belmullet GAA first recipients of Shell’s local investment

SHELL E&P Ireland has initiated a new €5 million investment fund over three years in north Mayo as part of its commitment to the Corrib gas project. The Royal National Lifeboat Institution (RNLI) and Belmullet GAA are to be recipients of the first tranche of funding of €400,000 in total.

IRELAND: SITTING ON A FORTUNE; EXCLUSIVE EUR5trillion Oil Field Could Defeat Recession but Gloom Grows

Further north lies Corrib, Co Mayo, which has an estimated value of anywhere between EUR6billion to EUR50billion. The field – which has been the scene of much controversy – is being developed by Shell, Marathon and Statoil.

Rumours about Motiva Plant Expansion in Port Arthur Texas

On 19 January disturbing rumours over the Motiva Plant expansion in Port Arthur Texas were brought to our attention. Motiva Enterprises LLC is jointly owned by Saudi Refining and Shell.

CNBC: Shell gets tough on costs as oil prices bite

Brinded said Shell had a “dreadful start” to this year after 10 contractors and one third party were killed in three incidents…

Exxon Roars To Record In Oil Slump

Exxon Mobil’s strong financial position has fueled speculation that it might bid to acquire another sizable company. “They don’t need a line of credit,” Gheit said. “Exxon can theoretically acquire any of its rivals with 35 percent premium, and they can boost earnings per share, cash flow per share and stock valuation because of their ability to squeeze out costs.”

Shell Grounds Fleet of Helicopters Amid Probe

Oil industry officials and air safety experts said Shell’s decision is one of the rare instances when a major user or operator has temporarily halted flights of such a large number of the popular, 12-person choppers. The Sikorsky spokesman said Shell continues to use the models in other parts of the world.

ANALYSIS-Oil majors to keep investing to avoid past mistakes

Shell’s decision to double its capex in recent years was largely forced on it to counter falling production and reserves which were the result of earlier underinvestment.

Shell employee safety: Shell EP Boss Malcolm Brinded says Shell has had a “dreadful start” to 2009

Shell gets tough on costs as oil prices bite  Tom Bergin Royal Dutch Shell has intensified its cost-cutting efforts in response to the collapse in oil prices and also plans to step up efforts to improve what it said was a “mixed” safety record. Shell’s head of Exploration and Production Malcolm Brinded told employees in an email seen […]

Shell gets tough on costs as oil prices bite

Fri Jan 30, 2009 7:36pm GMT By Tom Bergin LONDON (Reuters) – Royal Dutch Shell (RDSa.L) has intensified its cost-cutting efforts in response to the collapse in oil prices and also plans to step up efforts to improve what it said was a “mixed” safety record. Shell’s head of Exploration and Production Malcolm Brinded told […]

LEAKED SHELL INTERNAL EMAILS FROM JEROEN VAN DER VEER AND MALCOLM BRINDED DATED 29 JANUARY 2009

The following leaked Shell internal emails contain candid admissions from Shell senior management not provided to shareholders in the Q4 financial results published on the same day. I have highlighted in bold examples of the candid admissions meant for Shell employees only. I supplied the leaked emails to Reuters who published an article after confirming the authenticity of both emails with Shell.

Shell’s Jeroen van der Veer on climate change

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Shell tries to stay on an even keel

Credit Suisse analyst James Neale, in a note to investors, voiced concern that “the company’s return to growth will be short-lived in view of efforts by the company to slow final investment decisions on future growth projects due to current economic weakness, and in order to await lower future service costs.”

Shell to Raise Capital Spending, Dividend Despite Quarterly Loss

Although Shell said it would spend more this year than last, it has also postponed some decisions on major investments in the hope that costs may come down. These include Carmon Creek in Canada; Mars B, an oil project in the Gulf of Mexico; and the Pierce field in the U.K. Last year, it also announced it was putting off a decision to expand its Athabasca oil-sands development in northern Canada.

Shell’s Van der Veer unable to predict upturn

At last year’s World Economic Forum, he was among those who saw no reason to panic about economic downturn. In the event, the onset of recession eroded oil demand, helping to pull the oil market down from a record of nearly $150 a barrel last July to around $40 now.

Shell keeps spending despite profits fall

Shell also revealed that it had a total $8.3bn deficit in its worldwide pension funds because of the fall in share prices last year. The figure is only about 5 per cent of its market capitalisation.

Shell profits slump on shifting crude price

Profits at Royal Dutch Shell slumped in the fourth quarter as the oil group paid the price for its high-cost business model in Canada and crumbling refining and chemical margins.

Energy workers get new offer

Shell Oil Co., which is representing the energy industry, has been meeting with negotiators from the United Steelworkers Union in Austin.

Shell Declines to Comment on Reports of Possible Bid for Nexus

Jan. 29 (Bloomberg) — Royal Dutch Shell Plc Chief Financial Officer Peter Voser declined to comment on reports of a possible bid for Nexus Energy Ltd., the developer of the proposed Crux natural gas liquids venture off northern Australia.

Girl shot dead in Nigerian Delta: father works for Royal Dutch Shell

An 11-year-old girl has been shot dead as she tried to prevent militants kidnapping her brother in Nigeria’s oil-producing Niger Delta region. The armed men seized the boy as the two walked to school in Port Harcourt, capital of Rivers State. The children’s father works for Royal Dutch Shell, a company spokesman said.

Questor analyses the investment prospects of Royal Dutch Shell, the oil company…

Production in 2008 fell 2pc year-on-year due to problems in Nigeria with the militant Movement for the Emancipation of the Niger Delta (MEND), asset disposals and a lower production sharing volumes.

Shell posts 2.8 bln dlr loss on tumbling oil prices

LONDON (AFP) — Anglo-Dutch energy giant Royal Dutch Shell said Thursday it made a net loss of 2.81 billion dollars (2.15 billion euros) in the final quarter of 2008 as plunging oil prices slashed the value of inventories.

Shell says pension funds underfunded by $12 bln

LONDON, Jan 29 (Reuters) – Royal Dutch Shell Plc (RDSa.L) said its various pension funds around the world were underfunded by $11.83 billion after market turbulence hit asset values.

Shell announces record profits of £700 a second

While Shell hailed the figures, which represented a 14 per cent rise on the previous year, the profit triggered anger from the trade unions. “Shell is still feasting while the rest of us face famine. Its profits are the biggest in UK history,” said Derek Simpson, Unite’s joint general secretary. “A compelling case still remains for a windfall tax on the greedy energy companies. Working families are struggling in the face of the recession, the redistribution of windfall profits would help support Britain through these difficult times.”

Shell Says Canadian Oil-Sands Production Costs Rise

Jan. 29 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, said the cost of producing Canadian oil sands rose to about $38 a barrel last year, including fuel expenses.

Shell says all major projects on track

Thu Jan 29, 2009 12:42pm GM (Reuters) – Oil major Royal Dutch Shell Plc said all its major projects currently under construction were on track, despite concerns its U.S. refinery expansion programme was losing steam. “All post-FID (Final Investment Decision) projects are on track for planned start up,” spokesman Adam Newton said when asked about […]

Shell says oil sands focus on de-bottlenecking

Thu Jan 29, 2009 3:22pm IST LONDON, Jan 29 (Reuters) – Oil major Royal Dutch Shell Plc (RDSa.L:Quote, Profile, Research) said its focus in the Canadian oil sands industry was on improving the functioning of its existing facilities rather than sanctioning new projects. Chief Financial Officer Peter Voser said on a call with reporters on Thursday that […]

Shell Posts First Loss in 10 Years as Oil Prices Drop

Jan. 29 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, posted its first quarterly loss in 10 years after lower oil prices reduced earnings from exploration and production and the value of inventories fell.

Shell reports $2.81 billion loss in 4Q

The Associated Press Published: January 29, 2009 AMSTERDAM, Netherlands: Royal Dutch Shell PLC, Europe’s largest oil company, has reported a $2.81 billion net loss for the fourth quarter as the price of oil fell sharply and it wrote down the value of its inventory. The company had $8.47 billion in net profit in the same period a […]

Bakersfield refinery may be idled indefinitely

The Santa Monica activist group has raised concerns to state officials that Shell Oil, a major crude supplier to Big West, may be withholding supply from the refinery. Shell is the former owner of the Bakersfield refinery and tried to close it several years ago before being forced by the state to sell it to boost competition. Christine Gasparac, a spokeswoman for the California attorney general’s office, confirmed that the agency’s antitrust section was investigating “whether [Shell] illegally refused to sell crude to Flying J or shut off pipeline access.” Shell could not be reached for comment.

Picketers get rowdy in front of Shell refinery

MARTINEZ — Contra Costa sheriff’s deputies were called to control a crowd of 100 steel worker union picketers when a protest in front of the Shell oil refinery got out of hand Wednesday afternoon.

Shell confesses to challenging conditions

(SHARECAST) – Oil giant Royal Dutch Shell said industry conditions remain challenging as it announced lower fourth quarter earnings.

Royal Dutch Shell Plc Fourth quarter and full year 2008 results and interim dividend announcement

29/01/2009 At 07.00 GMT (08.00 CET and 02.00 EST) on Thursday 29 January, 2009 Royal Dutch Shell plc released its fourth quarter and full year results and fourth quarter interim dividend announcement for 2008. “We delivered satisfactory performance in the fourth quarter of 2008, given the pressure on demand for oil and gas due to […]

Shell annual profit hits $31.4bn

BBC News   The recent drop in oil prices has trimmed Shell’s profits Oil giant Royal Dutch Shell has announced a 14% rise in annual profits to $31.4bn (£22.3bn), helped by record oil prices over the summer. However, profits for the final three months of 2008 fell by 28% compared with a year previously, from […]

Former oil executive pleads guilty in fraud scheme

A former oil executive accused of diverting more than $1 million from a Shell Deepwater Development contract for his personal use has pleaded guilty to income tax evasion and mail fraud.

TNK-BP Adds 460MM BOE to Oil, Gas Resources in ’08

Russian oil firm TNK-BP , half-owned by oil major BP, said on Monday it added 460 million barrels of oil equivalent to its estimated resources in 2008 due to geological exploration alone.

Total makes $502m bid for UTS Energy

France’s Total said it was launching a C$617 million (US$502 million) takeover bid for UTS Energy to gain a stake in the delayed Fort Hills oil sands project in Canada.

OPEC Calls for Curbing Speculators, Blames Hedge Funds for Rout

“Even if we look back at 1998 and 1986, we’ve never had this violent a shift at this extreme in terms of prices,” said Daniel Yergin, chairman of Cambridge Energy Research Associates Inc., referring to previous bear markets. Yergin will also be attending the forum in Davos, as will Jeroen van der Veer, chief executive officer of The Hague-based Royal Dutch Shell Plc

Californian exclusive: State investigating Shell over refinery trouble

The state Attorney General’s antitrust unit is investigating whether Shell Oil Co. is “illegally refusing to sell crude oil … or shutting off pipeline access” to Big West refinery on Rosedale Highway. The inquiry was confirmed in a letter dated Friday from Chief Deputy Attorney General James M. Humes to Sen. Barbara Boxer, D-Calif., who earlier this month forwarded to the office allegations that Shell was “deliberately manipulating the supply (of oil) in order to force the refinery to shut down.”