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Posts from ‘January, 2009’

Shell in worst profit slump for 10 years: profits have collapsed by 62% in the fourth quarter

Shell is still bruised by its experience in the late 1990s when the price of oil fell to a 25-year low. The company responded in 1999 by slicing $6.2bn off its $15.7bn capital expenditure programme, which included a $3bn reduction in its budget to explore for new sources of oil. This contributed to the reserves scandal of 2004, when the company had to downgrade a fifth of its reserves, resulting in the departure of chief executive Philip Watts.

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Shell set to report a near 50% collapse in fourth quarter earnings

Outgoing chief executive Jeroen van der Veer, who will be replaced by Peter Voser in July, faces a difficult end to his time in office as analysts warn that the major oil companies will this year have to scale back investment programmes and even cut jobs.

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Shell profits mark end of oil price boom: recent golden age of the oil industry has ended

Gordon Gray, analyst at Collins Stewart, warned, however, that at current prices Shell and BP were losing money once capital spending and dividends were taken into account.

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Shell in U.S. Gov. Sex, Drugs and Corruption Scandal

In the hard commercial world, Shell is, as always, prepared to do whatever it takes to meet its objectives, whether in the USA (bribery and corruption), Nigeria (fuelling corruption and violence, with no end to the gas flaring), the North Sea (production and profit before offshore worker lives) or in Russia (bribery and corruption on the Sakhalin-2 project).

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Oil giant to reveal results

Since reporting third quarter profits of 10.9 billion US dollars (£6.6 billion) in October, the outlook for Royal Dutch Shell and the rest of the sector has undergone significant change due to the collapse in oil prices, falling demand for oil products and the onset of a global recession

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Britain on the brink of an economic depression, say experts

“What I find amazing is that people aren’t really nailing Gordon Brown and [Bank of England Governor] Mervyn King for this,” he said. “At least in the US they had the excuse of the arrival of sub-prime — a new sector of the market. We didn’t really have anything similar but we ended up with a bigger national Ponzi scheme than the US.”

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One last chance to save mankind

With his 90th birthday in July, a trip into space scheduled for later in the year and a new book out next month, 2009 promises to be an exciting time for James Lovelock. But the originator of the Gaia theory, which describes Earth as a self-regulating planet, has a stark view of the future of humanity.

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Concerns expressed over Shell water filing

Local and regional representatives expressed “serious” concerns in the past two weeks about the recent Yampa River water right filing by Shell Frontier Oil & Gas.

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PREVIEW-Shell, BP Q4 profits seen hit by crude collapse

Shell’s four-year slide in oil and gas production is expected to continue, with fourth-quarter output forecast to fall around 3 percent compared to the same period in 2007, to 3.3 million barrels of oil equivalent per day (boepd).

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Nigeria revamps oil industry; Barkindo heads NNPC

Bureaucracy and mismanagement have delayed development of major projects with other majors such as Royal Dutch Shell PLC and ExxonMobil Corp. in Nigeria and has negatively impacted NNPC’s growth.

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