Posts from ‘April, 2009’

Shell has pledged to continue with its controversial tar sands projects but has been forced to consider far-reaching cost cuts to keep the operations going after they lost $42m (�28m) in the last three months

LONDON, April 29 (Reuters) – Royal Dutch Shell Plc (RDSa.L) is retendering some contracts for the expansion of its Port Arthur refinery in the U.S., but this will not lead to any delays in startup of the new capacity, Chief Financial Officer Peter Voser told analysts on a conference call. (Reporting by Tom Bergin, editing [...]

LONDON (Dow Jones)–Royal Dutch Shell PLC’s (RDSB.LN) output from onshore operations in Nigeria was more than 90,000 barrels equivalent per day, or 38.5%, lower in the first quarter of 2009 compared with a year ago as security problems shut down a major pipeline and gas plant, the chief financial officer Wednesday.

The figures also show that Shell is failing to cover its capital spending programme and its dividend payments from its income. Cash flow from operations was $7.9bn, while capital spending was $7.1bn and dividend payments were $2.4bn ? a shortfall of $1.5bn. As a result, Shell?s debts have been rising.

LONDON, April 29 (Reuters) – Oil and gas prices are unlikley to rise significantly in the next 12-18 months, because of economic weakness, the Chief Financial Officer of oil major Royal Dutch Shell Plc (RDSa.L) said on Wednesday.

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) made good progress cutting costs in the first quarter and renegotiated some contracts made in 2005 and 2006 down by 15%-20%, said the company’s Chief Financial Officer Peter Voser Wednesday.

Royal Dutch Shell is responsible for many important initiatives in relationship to the environment, encouraging business start-ups, supporting charitable causes and other good works.

Hearing Comes Four Weeks Before Landmark Human Rights Case, Wiwa v. Shell, Goes to Trial in Federal Court in New York

Daily Telegraph Royal Dutch Shell profits more than halved to $3.3bn (�2.2bn) in the first quarter of the year as the deepening global recession hit demand and dragged down oil prices.� By Telegraph Staff Last Updated: 8:56AM BST 29 Apr 2009 Profits for the first three months of 2009 are 58pc lower than the same [...]

April 29 (Bloomberg) — Royal Dutch Shell Plc, Europe?s largest oil company, said first-quarter profit fell 62 percent as a slump in crude prices reduced earnings from exploration and production.

“We have a difficult year ahead of us,” Shell vice president for Africa, Ann Pickard said in an internal company publication. “With the drop in oil prices, our survival depends on controlling our costs,” she added.

Royal Dutch Shell Plc, BP?s larger rival, is likely to report a 67 percent drop in profit excluding one-time items and inventory changes to $2.56 billion tomorrow, based on the median estimate of 11 analysts compiled by Bloomberg.

Shell has no comment on discussions to develop deep natural gas in Kuwait,Malcolm Brinded, the company?s executive director for exploration and production, said in a March 30 interview.

Shell’s contribution to the fund has risen from 5% to 23.6% and the employee contribution has risen from 2% to 8% of salaries, the company said in an update posted on its Web site Saturday. The increased payments should bring the pension’s funding ratio to 105% within three years and 127% by 2023, the company said.

Dissidents blamed for Shell plant break-in Republicans ‘using gas pipeline protest as a recruiting ground’ Monday, 27 April 2009 Dissident republicans linked to the groups which carried out the murders of two soldiers and a policeman in Northern Ireland last month were responsible for the break-in and criminal damage of the Shell gas plant in [...]