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Posts from ‘October, 2009’

BP CEO Tony Hayward rules out mega merger with Shell

The Sunday Times November 1, 2009 The era of the oil industry mega merger is over, according to the chief executive of BP. Tony Hayward said that there is “no industrial logic at all” to the type of big-ticket takeovers that transformed the industry a decade ago. The industry will be defined instead by partnerships […]

News on Shell Ormen Lange reserves undoubtedly negative

LONDON (Dow Jones)–The Norwegian Petroleum Directorate Friday said a new well drilled at Ormen Lange indicates the gas field’s resources could be lower than previously hoped.

BP fined record $87m for safety lapses at Texas refinery

BP was dealt a bitter blow last night when American regulators fined the oil group a record $87 million (£53 million) for more than 700 safety violations at the Texas refinery where an explosion killed 15 people and injured 170 in 2005.

Motiva sees Port Arthur expansion done Q1 2012

HOUSTON, Oct 30 (Reuters) – Motiva Enterprises (RDSa.L) expects to finish the 325,000 barrel per day expansion of its 285,000 bpd refinery in Port Arthur, Texas, in the first quarter of 2012, CEO Robert Pease said Friday. “We are seeing this through to completion,” Pease told a refining conference. “If you haven’t planned on a […]

Shell CFO Simon Henry says he cannot rule out further staff cuts

“A broader reorganization is now underway, and we expect a 10% headcount reduction in the redesigned divisions and functions, mostly in management and non-operational positions,” Simon Henry, Shell’s chief financial officer, said during a conference call yesterday. Henry said he cannot rule out further staff cuts in other divisions of the company.

Shell culls 5,000 jobs

Daily Mirror By Clinton Manning 30/10/2009 Oil giant Shell is slashing 5,000 jobs after profits plunged 73%. Uk staff are among those facing the chop as new boss Peter Voser imposes savage cuts. Voser, just 121 days into the job, has already sacked 150 managers. Now 15,000 staff in oil fields and head offices are […]

Leaked Shell Email from Frank Willsdon, General Manager, Stanlow Refinery

From a Shell Insider Email sent today to all Shell Stanlow Refinery employees from Frank Willsdon (right), General Manager: Stanlow, UK Subject: Stanlow Strategic Review Announcement Dear colleagues, Further to the townhall meeting and team briefings held earlier today, I can confirm that we are in negotiations with Essar for the potential sale of Stanlow, […]

Watchdog recommends disciplining senior Irish Police officer over handling of Corrib Gas Protest

About 20 civilians and two gardaí were hurt in the incident. The GSOC decision was referred to the Garda Commissioner last July. An ombudsman spokesman said yesterday it had not had notification on the outcome.

SEC Issues Accounting Guidance for Oil Firms

WASHINGTON — Staff at the Securities and Exchange Commission Friday issued new guidance on how the agency interprets oil and natural gas companies’ reserves accounting rules. The guidance, sought by industry for years, allows companies such as Royal Dutch Shell, ConocoPhillips and Chesapeake Energy Corp. to officially book major reserves that previously haven’t been permitted by the SEC.

Shell reports lower profit, plans job cuts worldwide

As part of the plan, 15,000 Shell employees have to re-apply for a smaller pool of jobs, leaving many in limbo until selections are made.

Shell may be forced to downgrade reserves again

OSLO, Oct 30 (Reuters) – Royal Dutch Shell (RDSa.L) and its partners may be forced to cut their reserve estimates for Norway’s giant Ormen Lange gas field, the Norwegian Oil Directorate said on Friday.

Shell not the only sleazy oil company

HOUSTON — An American whose secret recordings have placed him at the center of a $27 billion lawsuit against Chevron in Ecuador is a convicted drug trafficker, records show, throwing another complication into a case already tainted by accusations of bribery and espionage.

RPT-Norway questions potential of Shell’s Ormen Lange

Fri Oct 30, 2009 4:12am EDT OSLO, Oct 30 (Reuters) – Royal Dutch Shell (RDSa.L) has made a gas discovery at Norway’s Ormen Lange field, but there is renewed uncertainty about the field’s overall potential, the Norwegian Petroleum Directorate said on Friday. “The result of this appraisal well will be incorporated into a major interpretation […]

Shell ‘defers downstream IT investment’ – report

Reuters syndicated article: “Shell ‘defers downstream IT investment’ – report“ Fri Oct 30, 2009 5:15am EDT LONDON, Oct 30 (Reuters) – Royal Dutch Shell Plc (RDSa.L) (RDSb.L) is to delay investments in information technology systems at its downstream oil refining and fuel marketing unit to cut costs, a Shell protestors’ website said on Friday, citing […]

Shell ‘defers downstream IT investment’ – report

Fri Oct 30, 2009 5:15am EDT LONDON, Oct 30 (Reuters) – Royal Dutch Shell Plc (RDSa.L) (RDSb.L) is to delay investments in information technology systems at its downstream oil refining and fuel marketing unit to cut costs, a Shell protestors’ website said on Friday, citing a leaked internal email. The Royaldutchshellplc.com website said U.S., Brazil, […]

Royal Dutch Shell to axe 250 jobs in Aberdeen amid worldwide cull

The Herald Shell says that demand for oil will not recover quickly Mark Williamson Published on 30 Oct 2009 Royal Dutch Shell is set to shed up to 250 jobs in Aberdeen as part of a global cull of 5000 posts which it unveiled after announcing a big drop in third quarter profits on the […]

Morale at all time low, managers and supervisors more focused on fear of job stability – Shell insider

Morale is at an all time low, managers and supervisors are more focused on the fear of job stability than effective leadership. Many who have not been affected by the current staff reduction exercises are scared, and some are looking for a way out of Shell.

Leaked Andrew Manley email reveals Voser impact on Shell Downstream-One plans

CURRENT SHELL INTERNAL EMAIL FROM ANDREW MANLEY, DOWNSTREAM-ONE PROGRAMME DIRECTOR Re-phasing the Downstream-One Programme This email has been sent to the Downstream Leadership Team, Programme Management Team, Programme staff including country Programme teams, Downstream-One IT, Implementation Council, Process Owners, Process Design Council, Operational Excellence teams, lead Process Focal Points, and Local Senior Downstream Representatives in […]

Motiva Sells Another 52 Sites

FAIRFAX, Va. — As part of the ongoing transition of Shell and Motiva gas stations from direct- to wholesaler-supplied operations, Shell subsidiary Motiva Enterprises LLC sold 52 Shell-branded sites to PMG Northern Virginia LLC, a newly formed entity created by Fairfax, Va.-based Petroleum Marketing Group Inc.

Over 400 hundred British Shell managers being axed

From The Times October 30, 2009 Hundreds of British managers to go as Shell steps up restructuring drive Robin Pagnamenta Carl Mortished More than 400 British managers in Royal Dutch Shell are facing the axe this Christmas as the oil giant intensifies a drastic restructuring drive. Peter Voser, the new chief executive of the Anglo-Dutch […]

Shell says would fight Chinese grab in Nigeria

LONDON, Oct 29 (Reuters) – Royal Dutch Shell Plc (RDSa.L) will fight any possible efforts by the Nigerian government to hand control of its Nigerian fields to Chinese oil companies, the Anglo-Dutch oil major’s chief financial officer said on Thursday.

Shell to comply with Iran gasolene sanctions

Royal Dutch Shell Plc said it will comply with international rulings on gasoline supplies to Iran as part of United Nations sanctions against the country over its nuclear program.

Shell slashes jobs as shares slide on poor quarterly results

DAILY MAIL By Daily Mail Reporter Last updated at 10:12 AM on 29th October 2009 Oil giant Royal Dutch Shell today announced it was cutting 5,000 jobs as weaker oil prices and the ailing global economy saw profits plunge. The Anglo-Dutch company reported a decrease in profits of 73 per cent to $2.99billion (£1.83billion) between […]

Changing mood of Shell Staff arising from restructuring

AN EMAIL SENT TO SHELL CEO PETER VOSER FROM JOHN DONOVAN: 29 OCTOBER 2009 11.49 GMT Dear Mr Voser As well as being the operator of a well known Shell related website (royaldutchshellplc.com) I am also a long term Shell shareholder. I received yesterday an email from a person closely associated with Shell providing a […]

Around $5 billion to be injected into Shell Pension Fund hit by slump

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) will only have to top up its pension fund by around $5 billion, compared with previous expectations of $6-8 billion, because of the recovery in global equity markets, said Chief Financial Officer Simon Henry Thursday.

Shell Results a ‘Disappointment’

By WSJ Staff October 29, 2009, 4:49 AM ET Royal Dutch Shell’s third quarter earnings, out this morning, are a “disappointment,” says Peter Hutton at NCB. “After BP’s slam dunk results, this is only a bit up….5% is a bit anemic,” referring to how much the company’s clean current cost of supplies beat consensus by. […]

Shell Shares Drop As 3Q Profit Fails To Impress

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) shares fell 3.4% Thursday after the company posted a 67.6% fall in adjusted third-quarter profit on lower oil and gas prices, disappointing analysts by failing to beat modest expectations.

Fall In Oil Price Hits Profits At Shell

Adam Arnold, Sky News Online Oil giant Royal Dutch Shell made profits of £1.8bn in the third quarter – down 73% on the same period last year. Profits fall sharply compared with same period in 2008 The company has been hit by falling oil and gas prices. Shell’s share price fell around 3% in early […]

Shell sees no ‘quick recovery’ as energy company cuts 5,000 jobs

Daily Telegraph Royal Dutch Shell is “not expecting a quick recovery” after shedding 5,000 jobs in a global restructuring and seeing profits drop 73pc on lower oil and gas prices. By Rowena Mason Published: 7:59AM GMT 29 Oct 2009 Royal Dutch Shell B Europe’s biggest energy company made $2.99bn in profits on a cost of […]

Shell: Restructuring Leads To 5,000 Job Cuts

THE WALL STREET JOURNAL OCTOBER 29, 2009 By Alex MacDonald Of DOW JONES NEWSWIRES LONDON (Dow Jones)–Anglo-Dutch oil major Royal Dutch Shell PLC’s (RDSB.LN) chief executive Thursday said 5,000 employees will leave due to a company-wide corporate restructuring program. Peter Voser said: “The Transition 2009 program, which I announced earlier this year, is progressing well, […]

Shell employee numbers cut by 5,000, or around 10% of workforce in restructured divisions

“We continue to focus on improving our competitive cost position, simplifying Shell,” which has reduced operating costs by $1 billion in the first nine months of the year and will cut employee numbers by 5,000, or around 10% of the workforce in the restructured divisions, Voser said.

LEAKED EMAILS LOST SHELL BILLIONS ON SAKHALIN-2

John Donovan: Royal Dutch Shell Plc.com LEAFLET GIVEN TO SHELL EMPLOYEES AT SHELL CENTRE, LONDON FROM MONDAY 2nd NOVEMBER 2009 LEAKED EMAILS LOST SHELL BILLIONS ON SAKHALIN-2  By John Donovan of royaldutchshellplc.com: Nov 2009 At first glance the headline appears to be a ridiculous claim. However, it happens to be supported with independent verifiable evidence […]

Royal Dutch Shell Chair Backs Carbon-Trading System

He declined to say whether Shell is cooperating with a Justice Department investigation of allegations of corruption involving former U.S. Interior Secretary Gale Norton, saying that’s a matter for Shell’s management team.

BP’s Hayward Revives Explorer by Cutting Costs, Boosting Output

“Under Tony Hayward, the company is on the right track, they are doing everything right,” said Fadel Gheit, director of oil and gas research at Oppenheimer & Co. in New York. “He is cutting costs faster than any other CEO,” at the same time as raising production.

The oilman who went back to nuts and bolts

Outsourcing more activities to China and India is the next stage, and BP appears to be embracing it wholeheartedly — with the recession adding to the opportunity to strike new, long-term contracts. Other oil companies appear to be following BP’s lead, with Royal Dutch Shell — whose results are out tomorrow — heading down a similar path.

Court ruling against Shell and other defendants relating to $770 million fine for operating a rubber cartel

Shell, Eni and Dow are challenging the antitrust fines at the European Court of First Instance, the European Union’s main antitrust appeals court.

Royal Dutch Shell to report Q3 earnings Thursday

Analysts polled by Shell itself expect the company to post a 69 percent fall in earnings, stripping out the effects of price changes on inventory, to 40 cents per share.

BP Q3 profit halves, beats forecasts on cost cuts

Rivals, including Shell, which reports on Thursday, have also put cost-cutting at the center of their strategy.

Investors May Be In for a Crude Correction

Part of the problem for some of these companies is sheer scale, which makes it difficult to significantly add to reserves or production.

Royal Dutch Shell expected to report a 70 per cent fall in profits to $2.5 billion

On Thursday, Royal Dutch Shell, BP’s Anglo-Dutch rival, is expected to report a 70 per cent fall in profits to $2.5 billion.