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Posts on ‘July 30th, 2009’

Shell takes axe to jobs as profits tumble

Mr Voser has already overseen the introduction of a new restructuring programme in June, due to be completed by the end of the year, which includes a reduction of 20pc, or roughly 100 jobs, in senior management positions. The Shell boss said the programme was only the “beginning” of changes at the Anglo-Dutch company and that “substantial further staff reductions are likely”.

Shell may freeze its dividend

DAILY TELEGRAPH: The traditionally reliable dividend of Royal Dutch Shell may be frozen this year after the oil giant revealed an aggressive cost-cutting drive amid slumping profits.

Shell’s Capital Conundrum

If investors remain unimpressed, it is perhaps because they have heard this before. Shell management has touted its “strategic cost leadership” since the 1990s but failed to deliver a permanently leaner business. At a forward earnings multiple of eight times, the stock trades at roughly a 10% discount to its peers. It has missed out on the 13% rally in the European sector this year, falling 9%. Mr. Voser will have to show much more for his restructuring efforts before that discount narrows.

Shell sheds 150 senior managers in shake-up

Financial Times By Ed Crooks, Energy Editor Published: July 30 2009 09:05 | Last updated: July 30 2009 21:32 All the senior managers at Royal Dutch Shell have been made to re-apply for their positions and 150 of them have lost their jobs, the company revealed on Friday as it warned of substantial further job [...]

Shell Brent Bravo fatalities – why a criminal investigation is in progress

(Also read related article… “Shell not a “hoodlum organisation” says its Company Secretary, Michiel Brandjes”) Shell Brent Bravo fatalities – why a criminal investigation is in progress By Bill Campbell, former HSE Group Auditor, Shell International On the 3rd of September 1999 an Audit was carried out on the Brent Bravo installation.  Subsequently a further [...]

Shell Corrib Gas protestor Maura Harrington given four months in jail

Two prominent Shell to Sea campaigners have been jailed today for four months each. Maura Harrington and Niall Harnett have both been sentenced to four months in prison in connection with their continuing resistance to Shell in north Mayo. Maura Harrington is expected to arrive at Mountjoy Womens Prison on the North Circular Road Dublin, [...]

Pessimistic Shell plans ‘substantial’ job cuts

The stock is down 12 percent this year, compared with a 3.8 percent decline for BP.

Shell Blog reaction to Shell 2nd Quarter Results – fire Brinded

Comments posted on our Shell Blog this morning by two regular contributors in reaction to the 2nd Quarter 2009 results announced by Royal Dutch Shell Plc  at 7am today. Guest1 is a senior Shell insider. Paddy Briggs is a highly esteemed former Shell executive. guest1 on Jul 30th, 2009 at 8:05 am Just read: “We [...]

Shell Lost 90,000B/D Nigerian Output In 2Q Due To Insecurity

LONDON (Dow Jones)–Insecurity cost Royal Dutch Shell PLC’s (RDBS.LN) Nigerian onshore and shallow water unit 90,000 barrels a day in the second quarter, the company said Thursday.

Shell profits plunge 70% on falling oil demand

Times Online: Shell’s performance was worse than BP’s, which reported its second quarter results two days ago.

Public wary of carbon capture

Financial Times By Joshua Chaffin in Barendrecht Published: July 30 2009 03:00 | Last updated: July 30 2009 03:00 Extracts The new store at the Barendrecht shopping centre looks much like the neighbouring clothing shops and fast food chains, but it is much more exotic. Almost 2km below the shopping centre lies a nearly spent [...]

Shell profit falls 70 percent but beats forecast

Thu Jul 30, 2009 2:26am EDT LONDON (Reuters) – Royal Dutch Shell Plc (RDSa.L) posted a 70 percent fall in net profit in the second quarter compared with the same period of 2008, as oil prices and refining margins tumbled. The world’s second-largest non government-controlled oil company by market value said on Thursday second-quarter current [...]

Shell reports 70% dip in profits

(UKPA) – 16 minutes ago Royal Dutch Shell has announced a 70% slide in profits to 2.3 billion US dollars (£1.4 billion) in the period between April and June. The Anglo-Dutch firm achieved profits of £22 billion last year, but, in line with BP on Tuesday, it said the weaker global economy had impacted its [...]

Shell cuts senior execs by 20% substantial staff cuts to follow

From a Shell Press Release Key features of Royal Dutch Shell Plc SECOND quarter 2009 Royal Dutch Shell Chief Executive Officer Peter Voser commented: “Our second quarter results were affected by the weak global economy. This weakness is creating a difficult environment both in Upstream and Downstream. Energy demand is weak. There is excess capacity [...]