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Posts from ‘January, 2014’

New Shell chief vows to stop the rot

FINANCIAL TIMES Ben van Beurden’s message was clear: Royal Dutch Shell has to change. In his first public outing as chief executive of the Anglo-Dutch oil major, he did not stint on the self-criticism. Shell, he said, had “lost momentum”. It had “not always made the right capital choices”. It had got “ahead of [itself]” […]

Shell official says issue in Chukchi Sea court ruling can be fixed

Juneau (Platts)–31Jan2014/1257 pm EST/1757 GMT Shell’s decision not to proceed with 2014 drilling in the Chukchi Sea was a tough one for the company, but the silver lining in the US Circuit Court of Appeals decision that scuttled Shell’s plan was the fact that the court only agreed with the plaintiffs on one narrow issue, […]

Royal Dutch Shell Alaska timeline

Anchorage Daily News January 30, 2014 Royal Dutch Shell’s announcement that it wouldn’t drill in 2014 is the latest twist in the oil giant’s long history in Alaska. Here are some recent developments: • March 2005: Shell dominates a federal offshore oil lease sale for the Beaufort Sea with $44 million in winning bids. • […]

Shell petrol stations a potential goldmine

January 31, 2014 – 2:41PM Self-managed super funds and global oil giants are just some of the potential investors licking their lips at the prospect of Shell’s high-profile petrol station properties being put on the market, a move that could also bring back more independent, family run petrol businesses. Shell gave the clearest sign yet […]

Shareholders have grounds to bring lawsuits against Royal Dutch Shell Plc?

According to an informed source, there is significant potential for shareholder lawsuits against the directors of Shell on the basis of their failure to control spending, possibly in breach of both their fiduciary obligations and internal corporate procedures. The expenditure of $26 billion on “unconventionals” suggests that in North America spending was completely out of […]

You cannot escape history: Royal Dutch Shell and Allseas

INTRODUCTION BY JOHN DONOVAN: Royal Dutch Shell Plc (Company Secretary Michiel Brandjes) and Allseas were given advance sight of the article below on Tuesday and notified of my intention to publish today. They were offered the opportunity to point out any factual inaccuracies plus an invitation to supply comment for publication on an unedited basis […]

Shell keeps Woodside sale in play

Matt Chambers The Australian January 31, 2014 12:00AM OIL giant Royal Dutch Shell has confirmed it is considering the sale of its Australian fuel retailing and marketing assets, along with its Geelong refinery, as part of an accelerated campaign to raise $US15 billion ($17.1bn) from sales of its portfolio across the globe. The admission, made […]

Shell Says EU Energy Regulation Diverts $1 Billion From Trading

Royal Dutch Shell Plc, Europe’s largest oil company, said the European Union’s planned regulation to curb speculation in commodity derivatives may endanger security of energy supply. EU lawmakers have been reviewing the Markets in Financial Instruments Directive, or Mifid, which is “targeted” at financial commodity speculators, said Shell Chief Financial Officer Simon Henry. (right) By […]

Oil drilling on US Arctic coast put on ice

Oil companies’ rush to find reserves off Alaska’s Arctic shores suffered a setback on Thursday after Shell said it would suspend its operations in the region — and possibly withdraw for good. “We will not drill in Alaska in 2014, and we are reviewing our options there,” Shell CEO Ben van Beurden told reporters in […]

Shell shelves plan to drill in Alaskan Arctic this summer

“The company has spent huge amounts of time and money on a project that has delivered nothing apart from bad publicity and a reputation for incompetence. The only wise decision at this point is for Mr. Van Beurden to cut his company’s losses and scrap any future plans to drill in the remote Arctic ocean.” […]

Should have bought his fuel somewhere else?

PHOTO AND CAPTION COURTESY OF THE BBC: Ferrari driver Fernando Alonso stands next to the new F14T car after it stopped during Formula 1 Testing at the Ciruito de Jerez, Spain

Shell Puts Its Arctic Plans on Ice

SHELL GETS COLD FEET Royal Dutch Shell won’t drill in the U.S. Arctic this year. A combination of a federal appeals court ruling and a need to get a handle on booming costs appear to have been the straws that broke the camel’s back. FULL ARTICLE SUBJECT TO SUBSCRIPTION

Shell profit warning – the shock that wasn’t

In a mix and mingle of rational and strange explanations, while distancing himself as the ‘New Man’ from what happened under previous CEO Peter Voser, the new CEO firstly blamed lower oil and gas prices, which for oil is a strange claim. Shell’s supposedly ‘shocking’ admission its profits will be low for several years – […]

Shell Profit Drops 48% as Oil and Gas Production Declines

Shell will need to slash investments and boost cash flow to meet its $130 billion net capital-expenditure target for 2012-2015. By Eduard Gismatullin Jan 30, 2014 7:14 AM GMT Royal Dutch Shell Plc (RDSA), Europe’s largest oil company, said profit plunged 48 percent on exploration expenses and lower production. Profit excluding one-time items and inventory […]

Nigeria: Bonga Oil Spill – FG Fines Shell $11.5 billion

Shell Nigeria Exploration and Production Company, SNEPCO, was, yesterday, ordered by Nigerian Maritime Administration and Safety Agency, NIMASA, and the National Oil Spill Response and Emergency Agency, NOSREA, to pay a total of $11.5 billion, about N1.84 trillion, as fines and compensation for the 2011 Bonga oil spill incident. “The kind of impunity Shell and […]

Argentina tumbling currency under attack by Shell?

By Jonathan Gilbert | 01/28/14 The peso tumbled by 15 percent against the dollar in just three days last week, according to Bloomberg, including a drop of 9.5 percent on Thursday, the biggest since 2002, when Argentina’s previous dollar peg collapsed.  Axel Kicillof, the economy minister… claimed a “speculative attack” by Shell, the oil company, […]

Shell scraps controversial exploration programme in Alaska

Capital spending will fall to $37 billion this year from $46 billion in 2013, Shell said, adding that for the time being it was also scrapping a controversial exploration programme in Alaska. Shell to cut spending and step up disposals in 2014 Jan 30 (Reuters) – Anglo-Dutch oil company Royal Dutch Shell on Thursday said […]

New Shell CEO Ben van Beurden sets agenda for sharper performance and rigorous capital discipline

The recent Ninth Circuit Court decision against the Department of the Interior raises substantial obstacles to Shell’s plans for drilling in offshore Alaska. As a result, Shell has decided to stop its exploration programme for Alaska in 2014. “This is a disappointing outcome, but the lack of a clear path forward means that I am […]

Shell Abandons U.S. Arctic

LONDON—Royal Dutch Shell PLC on Thursday said it would abandon drilling in the U.S. Arctic, as it reported a 71% decline in fourth-quarter profit largely because of rising costs and lower oil and gas volumes. read more

Shell 4Q earnings fall 74 percent

AMSTERDAM — Shell’s earnings have dropped by 74 percent in the fourth quarter from the same period a year ago, on a mix of higher exploration costs, lower production, and worse refining margins. The company, which warned on Jan. 17 weaker figures were coming, also had more one-time gains in 2013. Net profit for the quarter […]

Shell Arctic plans at risk

Almost every legal option in dealing with the appeals court decision will take time, however, and Shell may be running out of time, for this year at least. The company must begin making commitments soon to contractors and suppliers if it is to get its drill fleet ready to move north in July. Shell Arctic plans […]

Iraq and Iran plot oil revolution in challenge to Saudi Arabia

Iraq’s goal of pumping 9m barrels a day of crude could be a game changer for oil prices and British companies: British oil giants BP and Royal Dutch Shell are also poised to benefit from Iraq’s ambitious production plans. Both companies are already managing two huge oil fields in southern Iraq which are vital if Baghdad […]

Tesoro, Shell Oil settle lawsuit from families of killed workers

The attorney representing the families of six of the seven refinery workers killed in an explosion in 2010 said they’ve settled a wrongful death lawsuit against Tesoro and Shell Oil Company. The families claimed the company deliberately ignored dangerous conditions at the Anacortes refinery that led to the blast, killing seven workers. Attorney David Beninger said […]

Links to a selection of recent articles relating to Royal Dutch Shell

Links to a selection of recent articles relating to Royal Dutch Shell kindly supplied by a regular contributor Benchmark in Jeopardy: Oil & Gas Journal-Jan 27, 2014: … by increasing the volatility of an important crude oil price marker. … unveiled investigations into suspicions that representatives of Shell, BP, … Price-rigging probes jammed by oil industry bid to protect its secrets: Environment & Energy Publishing-Jan 17, 2014: Shell and […]

Why I’ve Sold Royal Dutch Shell plc

Okay, I know this will be controversial, but I really have just sold my shares in Shell. Some might argue that Shell’s new chief executive is ‘kitchen-sinking’ all the bad news in this quarter, but I very much doubt that this is the case. The company’s difficulties are more deep-seated and structural. By Prabhat Sakya […]

Shell Plans Boat to Tap Gas Fields

By Justin Scheck: Jan. 28, 2014 11:16 p.m. ET Royal Dutch Shell PLC says it has a way to spend less on tapping remote natural-gas fields. There’s just one catch: It will cost at least $10 billion, according to people who have worked on the project. Shipyard workers in South Korea are building a hull […]

Shell Oil quietly downsizes its downtown operations

By Ralph Bivins: 1.28.14 | 5:02 pm Shell Oil is vacating a huge block of downtown office space in Two Shell Plaza. The renovation of the 26-story Two Shell Plaza will be a powerful marketing tool as Hines leases up the office space Shell will vacate at the end of 2014. Shell will move out […]

Shell To Sell 23% Interest In Offshore Brazil BC-10 For $1 Bln

1/29/2014 2:14 AM ET European energy giant Royal Dutch Shell Plc Wednesday revealed an agreement to sell a 23 percent interest in the Parque das Conchas (BC-10) project offshore Brazil to Qatar Petroleum International for about $1 billion. SOURCE

Shell to sell a stake in a key U.S. Gulf Coast crude oil pipeline

Royal Dutch Shell Plc wants to sell a stake in a key U.S. Gulf Coast crude oil pipeline for as much as $1 billion and is working with Barclays Plc to solicit offers, a source familiar with the matter told Reuters. SOURCE

Oil Profits Slump as Higher Spending Fails to Lift Output

Investors are shunning the world’s biggest oil companies as drilling costs surge, major projects are delayed and energy prices stagnate. Shell, the second-largest oil company by market value, will report its lowest fourth-quarter profit since 2009 after The Hague-based explorer was socked with cost overruns on some of its most important new fields. Ben van […]

Big Oil Companies Struggle to Justify Soaring Project Costs

By Daniel Gilbert and Justin Scheck: Jan. 28, 2014 11:00 p.m. ET Chevron Corp., Exxon Mobil Corp. and Royal Dutch Shell PLC spent more than $120 billion in 2013 to boost their oil and gas output—about the same cost in today’s dollars as putting a man on the moon. But the three oil giants have […]

Nigeria: Shell Commits to Polio Eradication in Delta

By Augustine Osayande, 28 January 2014 Abuja — SHELL Petroleum Development Company (SPDC) has restated its commitment to eradicate health challenges in the Niger Delta where it mostly operates. The firm has strengthened the delivery of a routine immunisation programme through clinic-based services in 27 health facilities and community based outreach activities in the region. […]

Shell’s lavish spending on quixotic drilling adventures

Shell’s quest for new reserves has seen it pump billions into money-devouring plays such as its Athabasca Oil Sands Project in northern Alberta and the Kashagan oilfield, a deeply troubled project in Kazakhstan. It’s even tried deep water drilling in the high Arctic. That attempt ended when the stormy waters of the Chukchi Sea crippled […]

Shell Said to Seek Buyers for $1 Billion Stake in Ho-Ho Pipeline

Royal Dutch Shell Plc (RDSA) is seeking to sell a stake in its Houston-to-Houma crude oil pipeline, which Europe’s largest oil company recently reversed and renamed, people familiar with the matter said. Shell is working with Barclays Plc (BARC) to solicit offers for a stake of as much as $1 billion…  Shell on Jan. 17 […]

MPs in Aberdeen to hear helicopter safety evidence

27 January 2014 MPs from the House of Commons transport select committee are visiting Aberdeen to take evidence on helicopter safety. The inquiry was set up after last year’s Super Puma crash off Shetland which killed four people. Since 2009, five serious incidents involving Super Puma helicopters offshore have seen 20 people lose their lives. […]

Brazil Says Shell Must Negotiate Encroaching Oil Reservoir

Sabrina Lorenzi: Monday, January 27, 2014 RIO DE JANEIRO, Jan 27 (Reuters) – Brazil’s ANP oil regulator said Royal Dutch Shell needs to negotiate with the Brazilian government on an oil reservoir that exceeds the limits of the concession block it controls with France’s Total, according to an ANP document seen by Reuters on Monday. […]

Ukraine’s cooperation with Shell expanded

27 January 2014 Ukraine’s agreement with international company Royal Dutch Shell remains inviolable, Prime Minister Mykola Azarov has reaffirmed in Davos. Moreover, according to him, cooperation with the largest international company will be expanded, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs. Following the results of negotiations in Davos between Azarov and […]

BP Employees Outraged by Lack of Compensation

BP Employees, Outraged by Lack of Compensation, Warn Oil Spill Victims Tuesday, 21 January 2014 09:41 By Dahr Jamail, Truthout  Long-term employees accuse oil giant BP of greed, exploitation and lying about their pensions. Earlier this month BP’s attempts to curb compensation payouts to those impacted by its 2010 Gulf of Mexico disaster failed after […]

BP back in favour despite spill legacy, Russia doubts

COMMENT RECEIVED:  In this article there is a comment from Peter Voser about a possible need for a rescue of BP by Shell following the Macondo disaster in 2010. Knowing that merger negotiations between Shell and BP also occurred more recently, one possible interpretation of the article is that BP’s own strategy might help Shell […]

Dan Romasko Named President, CEO of Motiva Enterprises LLC

HOUSTON – January 27, 2014 – Dan Romasko, former Executive Vice President of Operations for Tesoro Corporation, has been named President and CEO of Motiva Enterprises LLC.  He replaces Bob Pease, who has served with distinction for the past 5 years and will return to Shell, effective February 1. FULL ARTICLE

City awaits details after Shell shock

After the shock update effectively publicised the firm’s headline figures for the final quarter of last year, this week the City will be looking for clues as to whether Shell’s shrinking bottom line is temporary or structural.; …the new boss appears keen to make changes at the notoriously bureaucratic company. by DOMINIC JEFF: 26 Jan […]

Court Ruling Won’t Be Enough To Stop Arctic Drilling

By Sean McLernon Law360, New York (January 24, 2014, 7:54 PM ET) — A recent Ninth Circuit ruling rejecting a federal environmental analysis of Arctic drilling has been hailed by green groups as reason to halt energy extraction off the Alaskan coast, but attorneys say the decision is too narrow to stop oil and gas […]

Shell set to round off bad year with disappointing fourth quarter profits

By Daily Mail Reporter Monday 27 January 2014 Shell is this week expected to round off a disappointing year with lacklustre fourth-quarter profits. The Anglo-Dutch oil giant issued a profit warning earlier this month, saying it was likely to record a lower-than-expected £1.8billion profit for the final three months of the year. That sets the […]

Shell profit warning merely a warm-up for what is coming

Shell is fat, slow, and unresponsive to shareholders. THE SUNDAY TIMES BUSINESS SECTION 26 JANUARY 2014 INSIDE THE CITY: BY DANNY FORTSON Royal Dutch Shell BEN VAN BEURDEN, the new boss of Royal Dutch Shell, issued a profit warning nine days ago. It was, I expect, merely a warm-up for Thursday, when he will announce […]

Natural Gas and Nagging Earthquake Fears

By Sara Murphy More evidence emerges from The Netherlands that natural gas extraction is contributing to increases in tremors around an Exxon Mobil/Shell joint venture. The Dutch government is cutting production from Western Europe’s biggest gas field, operated by an ExxonMobil (NYSE: XOM) / Royal Dutch Shell (NYSE: RDS-A) joint venture, by a quarter over […]

Shareholder Shell distances itself from Oman bribes case

AFTER the rumpus over the exit of Royal Dutch Shell’s legal director on Wednesday, the oil giant’s media team was no doubt hoping for a quiet end to the week. Sadly, it wasn’t to be. Yesterday, Diary picked up reports in the Arab press about corruption at Shell’s Omani joint venture, Petroleum Development Oman (PDO). […]

Santa Claus Could Be Sitting on Billions of Barrels of Oil

by Taylor Muckerman and Joel South, The Motley Fool Jan 25th 2014 For several years now, Shell had hoped that the Alaskan Arctic would their ticket to growth that shareholders would appreciate. Unfortunately, it hasn’t been able to get its act together, and over $4 billion has been spent on wasted efforts.  For peers like […]

Energy giants battle to pump profits

At 55, Van Beurden, who replaced Peter Voser earlier this month, is a 30-year veteran at Shell where his career has mainly been focused on managing downstream businesses such as refining and chemicals. This week, as he announces full-year earnings, City analysts expect him to unveil details of a potential $15bn to $30bn (£9.1bn to […]

CFO Simon Henry: Just how many lives has this Shell fat cat got?

Simon Henry was CFO when the ship was set on its disastrous course of over-promise and under-delivery, beset by project delays and cost overruns, resulting in the recent profits warning and the dramatic advice just issued by Zacks Investment Research that Royal Dutch Shell Plc is “a risky bet that ordinary investors should exit.” He […]

Royal Dutch Shell a risky bet that ordinary investors should exit

On Jan 20, 2014, we downgraded Europe’s largest oil company Royal Dutch Shell plc to Underperform from Neutral. Our revised investment thesis is supported by a Zacks Rank #5 (Strong Sell). Following Shell’s fourth-quarter profit warning, we see the integrated player as a risky bet that ordinary investors should exit. Royal Dutch Shell Down to […]

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