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November 1st, 2013:

Shell vows to pursue controversial Arctic drilling plans

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By Bob Davies: 1 November 2013

Shell vowed to press on with its controversial Arctic drilling plans, despite a warning that charges linked to the project would weigh on its already weak profits.

Pre-tax earnings slipped by 31 per cent to £2.65billion in the third quarter, amid rock bottom refining margins and a fresh charge on its troubled Nigerian operation.

Finance director Simon Henry warned the firm was also likely to take a £125million charge in the fourth quarter on its stalled quest to find oil in the Beaufort and Chukchi seas off Alaska. Shell’s Kulluk drilling rig ran aground in stormy seas on New Year’s Eve, putting its Arctic plans on ice indefinitely. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell – when size becomes a problem

FINANCIAL TIMES

The company looks lost, a lumbering dinosaur in a world where the prizes go to the quick and nimble. There is something wrong with a company that can throw away $6bn of shareholder funds in exploring the Arctic – with nothing to show for it. Empires never last, but in trying to last they lose their way and in the commercial world they destroy value. Shell should think radically and remember that what really matters is performance, not size. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Woeful warm-up sets up Van Beurden to shine at Shell

FINANCIAL TIMES

A support act that blows the headliner off the stage may not get another gig. Little danger of that for Shell finance director Simon Henry. The third-quarter results he presented yesterday went down like a Morris dancing set at a heavy metal festival. Ben van Beurden, the incoming chief executive, can only do better…

FULL FT ARTICLE BY JONATHAN GUTHRIE

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell’s Arctic costs spiral as it admits damaged Kulluk rig may be written off

Screen Shot 2013-01-11 at 20.09.51Energy giant hopes to resume controversial Arctic drilling in 2014 if authorities allow, but rig damage forces change of plans. The Kulluk rig ran aground in stormy weather on New Year’s Eve, in a major reputational blow for Shell.

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Emily Gosden

By 10:16AM GMT 31 Oct 2013

Royal Dutch Shell has warned is likely to book a $200m impairment charge of in the fourth quarter of 2013 because its Kulluk rig, which ran aground off Alaska last year, may be too expensive to repair.

The company has spent more than $5bn on its controversial oil exploration campaign without yet being able to drill into potentially oil-bearing rocks. It has spent close to $1bn this year alone.

Shell said it was still hoping to resume work in the Arctic in 2014 but said any drilling next year would now focus on the Chukchi Sea rather than the Beaufort, which is shallower and required a rig of the Kulluk’s specification. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell profits drop 31pc to $4.2bn on Nigeria and refining woes

 Shell blames weak industry refining margins and security problems in Nigeria for sharp drop in third-quarter profits.

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By 7:40AM GMT 31 Oct 2013

Royal Dutch Shell blamed weak refining margins across the industry and the deteriorated security situation in Nigeria for 31pc drop in third-quarter profits, to $4.25bn.

The results were significantly worse than analysts had forecast, with profits excluding the impact of one-off items Shell’s profits down 32pc, to $4.46bn, against forecasts of between $4.9bn and $5.1bn.

Shell shares dropped 4pc in early trading.

Shell said it took a $300m hit from the impact of the widespread oil theft and ensuing disruption it is battling in the Niger Delta, as well as the blockade of the Nigeria LNG plant. Production from Nigeria was 65,000 barrels of oil and gas a day lower than in the same period of 2012. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Oil majors hit by overcapacity in refining

FINANCIAL TIMES

Gloom in the global refining industry is hurting the world’s largest oil companies… Shell’s overall results – which were described as “very disappointing” by analysts at Deutsche Bank – came in well below market expectations. Its shares fell nearly 5 per cent…

FULL ARTICLE BY GUY CHAZAN

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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