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Posts from ‘October, 2013’

Shell’s Limited Wiggle Room

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It may be Halloween but Royal Dutch Shell didn’t have treats to offer investors Thursday… the Anglo-Dutch energy company’s third-quarter results—with earnings excluding the impact of inventories down 31%—showed a business under multiple strains… Its U.S. upstream business continues to lose money. And downstream, with refining margins under severe pressure, earnings dropped by half.

FULL ARTICLE BY HELEN THOMAS

Why no profits warning from Shell?

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Good Morning Shell shareholders. Or rather bad morning. Shell’s results are out and it’s deja vu. Earnings are down from $6.2bn to $4.2bn. The shares opened 4% down. At the time of writing this article they are down 5%. Shell once again appears to be in breach of DTR 2 (Disclosure and control of insider information).

By John Donovan

Good Morning Shell shareholders.

Or rather bad morning. Shell’s results are out and it’s deja vu. Earnings are down from $6.2bn to $4.2bn. The shares opened 4% down. At the time of writing this article they are down 5%.

Shell once again appears to be in breach of DTR 2 (Disclosure and control of insider information). There can be no doubt that this fall in profit has been insider information for several weeks now, if only with Simon Henry and Peter Voser, and 5% is a significant fall in share price. So the market disagrees with Shell’s apparent opinion that a Profit Warning under DTR 2 was not required. read more

Royal Dutch Shell profit hit by Nigeria unrest

Screen Shot 2013-05-03 at 08.17.32Royal Dutch Shell’s net profit slid 35 percent in the third quarter on lower refining margins and disruption to production in Nigeria, the Anglo-Dutch energy giant said on Thursday. “We are facing headwinds from weak industry refining margins, and the security situation in Nigeria, which continue to erode the near term outlook,” Royal Dutch Shell chief executive Peter Voser said in the release.

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London – Royal Dutch Shell’s net profit slid 35 percent in the third quarter on lower refining margins and disruption to production in Nigeria, the Anglo-Dutch energy giant said on Thursday.

Profit after tax fell by a third to $4.677 billion (3.42 billion euros) in the three months to September 30 compared with the equivalent period in 2012, the company said in an earnings statement.

“We are facing headwinds from weak industry refining margins, and the security situation in Nigeria, which continue to erode the near term outlook,” Royal Dutch Shell chief executive Peter Voser said in the release. read more

Did BP, Shell, Statoil, And Others Fix Oil Prices?

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Screen Shot 2013-05-17 at 01.06.41Did BP, Shell, Statoil, And Others Fix Oil Prices And Behave Anti-Competitively?

By Werner Kranenburg: Oct 30 2013, 13:46

In legal proceedings, which may prove critical for both physical oil traders and traders in oil-related financial instruments, who should take note for their own possible action, the focus of attention has of last week firmly shifted to a federal trial court in Manhattan for now. The European Commission stating that “[e]ven small distortions of assessed prices may have a huge impact on the prices of crude oil…” concerns all involved and, besides governmental authorities, market participants have their role to play as well in ensuring the integrity of benchmarks and fairness of competition such as through the courts. read more

Shell Looks to Sell Nigerian Pipeline

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The Shell Make Money Story

Screen Shot 2013-09-27 at 13.24.30The Shell Make Money story stretches back several decades. It is a story of spectacular success in terms of a sales promotion catching the public and media imagination, while also generating a huge boost in gasoline sales. Unfortunately the behind-the-scenes story is not so rosy, with Shell engaging in prize-rigging, deception and outright treachery.

By John Donovan

The Shell Make Money story stretches back several decades. It is a story of spectacular success in terms of a sales promotion catching the public and media imagination, while on two occasions also generating a huge boost in gasoline sales.

Unfortunately the behind-the-scenes story is not so rosy, with Shell engaging in prize-rigging, deception and outright treachery.

Many promotional experts believe Shell Make Money was the most successful sales promotion ever conducted.  Don Marketing, the sales promotion company I co-founded, won an ISP Award for the 1984 promotion. read more

Gabon awards oil blocks; says can double production

Royal Dutch Shell and Total, both significant producers in the former French colony, participated in the round but came away empty-handed.

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Tue Oct 29, 2013 2:11pm EDT

* Oil minister aims for production of 500,000 bpd

* Ophir Energy, Exxon, Eni and Repsol among winners

* Established producers Total, Shell empty handed

By Jean Rovys Dabany

LIBREVILLE, Oct 29 (Reuters) – Gabon has awarded 13 oil and gas blocks to 11 companies as part of a major deepwater licensing round, which the Central African country hopes will double its output to 500,000 barrels per day (bpd), the oil minister said.

The bidding round, which has been delayed for three years, offers a chance for the former OPEC member to reverse a decline in production from a peak of about 370,000 bpd in the 1990s. read more

Wikipedia editing scandal

Wikipedia cannot say that it was not warned long ago about the corrupt practices going on behind the scenes by some members of its volunteer army of supposedly unpaid editors; an unhealthy culture of manipulation, secrecy, bullying and censorship, driven mostly by the root of all evil: money.

By John Donovan

Like many other people, I am a great admirer of Wikipedia and use it frequently.

The Wikipedia organization is laudably conducted on a non-profit making basis, has no subscription charges and does not allow advertising on Wikipedia articles.

It does however have a serious flaw in respect of Wikipedia articles about businesses.

I have rung alarm bells for several years that such articles are wide open to manipulation by anonymous parties with commercially driven motives.

I forecast that an editing scandal would inflict damage to the reputation of Wikipedia. read more

Shell’s mega(lomanic) FLNG project

Screen Shot 2013-10-28 at 11.13.52Have you noticed it has gone a bit quiet around Andy Brown? Heralded as the saviour of the Upstream! He is not making a big impact apparently. And you should keep an eye open for this mega(lomanic) project of the FLNG. A floating LNG unit, described to be so long that it is equal to a par 5 golfhole… It will be the biggest vessel in the world ever, 600,000 tonnes. I would never work on something like this. Too dangerous. Initially perhaps OK, but then a like minded Brinded will come along and see costcutting possibilities. Such as the TFA. And you don’t screw around with gas.

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From an Old EP Hand 

John

Have you noticed it has gone a bit quiet around Andy Brown? Heralded as the saviour of the Upstream! He is not making a big impact apparently. And quite a few jobs in the upstream are filled by downstream guys but they lack any feel for the business. Shell is still suffering from the generation of American managers that have transformed it to use their and the analysts language. My language would be that they ruined it. And it will take many years to fix the damage of all the short-termism and deterioration of technical skills. But I doubt if Shell will ever really recover. Destroying something good is a lot easier than building something good. If only the past generation of American managers would be half as good as the top technical people they had in abundance in the 70s-90s, Shell would have been still the best company in the world. read more

Oil giants BP and Shell set for slump in profits

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Rival Royal Dutch Shell puts out its third-quarter numbers on Thursday, with analysts at Deutsche Bank warning that they are viewing the update with ‘continuing trepidation’ after a disappointing second quarter. 

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PUBLISHED: 21:37, 27 October 2013 | UPDATED: 08:03, 28 October 2013

BP will this week raise its estimate of how much the 2010 Gulf of Mexico spill will cost it as the oil giant and rival Shell report a slump in profits.

Lower refining margins are expected to eat into profits at both firms, while BP will see earnings hit by asset sales and Shell is set to feel the effect of fresh outages in its Nigerian operation.

City analysts expect BP, which will report its third-quarter results tomorrow to deliver ‘clean’ profits – stripping out the effect of oil price movements – of £2bn, down 37pc on last year. read more

BP and Shell profits set to fall by billions

Shell will report that its net earnings have fallen 25 per cent to £4.9 billion, due to its struggles with spills, theft and disruption at its Nigerian operations, as well as higher exploration costs and a weak refining and petrol market. “Unfortunately, ongoing issues in Nigeria, higher exploration charges, losses in Upstream Americas plus a weak downstream environment do not augur well,” Investec said.

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BRITISH oil giants BP and Royal Dutch Shell are set to report plunging third-quarter profits this week, with both expected to say that they have been hit by weak refining margins and production outages, according to City analysts.

By: Helen Massy-Beresford

Aside from tougher market conditions, analysts believe BP’s Gulf of Mexico oil spill legal battles will weigh on its results expected on Tuesday. They predict increased US legal provisions will contribute to profits falling 37 per cent to £4.9 billion.Investec forecasts BP’s arch-rival Shell will report that its net earnings have fallen 25 per cent to £4.9 billion, due to its struggles with spills, theft and disruption at its Nigerian operations, as well as higher exploration costs and a weak refining and petrol market.

“Unfortunately, ongoing issues in Nigeria, higher exploration charges, losses in Upstream Americas plus a weak downstream environment do not augur well,” Investec said.

Deutsche Bank said challenges in Nigeria meant they viewed the quarter with “continuing trepidation” saying that in refining “Shell’s outsized footprint combined with the usual bout of unplanned downtime looks set to cost them dearly.”

Resources exploration firm BG Group, which was part of British Gas owner Centrica until 1997, is expected to say on Thursday that its profits for the third quarter have fallen 20 per cent to £1.8 billion. read more

Decisive moment approaching in OSSL Shell saga

Screen Shot 2013-10-03 at 17.45.10Consequently it seems that we may now be reaching a decisive moment in this high stakes long drawn out saga, with an inevitable outcome that action will be taken when the Irish Police Ombudsman Commission completes its investigation. Either OSSL directors, whose repeated allegations has resulted in substantial Garda resources being devoted to the investigations, and have provided related witness statements, will surely be prosecuted for wasting police time and for perjury, or there will be serious repercussions for Shell and the relevant Garda officers? 

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By John Donovan

Shell’s former Mr Fixit company in Ireland OSSL, has made a number of serious allegations against Shell E&P Ireland.

The allegation that for understandable reasons, most caught the attention of the news media on an international basis and stunned Irish citizens, is that acting on Shell’s instructions, OSSL purchased and supplied to the Garda enough free booze to quench the thirst of several hundred cops.

Amazingly, senior Garda officers previously named on this website are said to have helped unload the free booze at a Garda police station. None have issued related defamation proceedings against this website or OSSL. None when given the opportunity to comment have denied that OSSL allegations are true. read more

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