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Posts under ‘Ben van Beurden’

Shell Swallows BG Group Whole Hog, Rolls Up Cash Flow

Ray Merola: Nov. 6, 2017

Summary

  • Shell is enjoying a remarkably successful corporate resurgence.
  • Legacy BG Group opex and capex has been absorbed entirely without a loss of combined hydrocarbon volumes.
  • Cash is king.
  • Debt is trending down.  The dividend is well-covered.  Returns are solid, and improving.
  • I remain constructive on RDS stock.

FULL ARTICLE

A new revelation about Shell in Nigeria shows that oil trade always makes dirty hands

Google translation of an extensive OPL 245 article published in Dutch. Cannot guarantee that all the links work. Listen here to the unprincipled notorious BvB/Simon Henry wiretapped phone call. Instruction given to withhold information from the police and Shell shareholders. (Currently conversation 9 down from the top)

Jelmer Mommer, Correspondent Climate & Energy

27 October 2017

In 2011, Shell concluded a deal to win oil for the Nigerian coast. Of that, a condemned money launderer benefited – with the knowledge of Shell. Free Netherlands publishes a new reconstruction about the case this week, based on a file of thousands of pages, internal emails, reports and listened calls.

In the amazing documentary Here was the unforgettable film about oil, corruption and capitalism. Here was the unforgettable film about oil, corruption and capitalism. Big Men, says a member of a small American oil company doing business in Ghana: “The oil business is a team sport.” read more

Oil rebound drives Shell to booming profits

Jillian Ambrose: 

Royal Dutch Shell became the latest major oil company to deliver better than expected earnings in recent months as the market recovery begins to gain traction.

The Anglo-Dutch oil giant reported $4.1bn (£3bn) in earnings for the last quarter on a current cost of supply basis, its standard measure of profitability. The sum comes in well above analyst forecasts that the group would make $3.6bn for the latest quarter.

Shell’s quarterly earnings are almost 50pc higher than in the same quarter last year, when they reached $2.8bn. read more

Shell beats profit forecasts, targets lower 2017 spending

Ron Bousso

LONDON (Reuters) – Royal Dutch Shell (RDSa.L) reported an 18 percent rise in third-quarter profit on Tuesday, lowering next year’s capital spending to the bottom of the expected range as it grapples with persistently low oil prices and weak refining margins. The Anglo-Dutch oil major, whose acquisition of BG Group transformed it into the world’s top liquefied natural gas producer, has been under pressure from shareholders to cut annual spending to ensure it can maintain its dividend given the slow recovery in the oil prices LCOc1. “Lower oil prices continue to be a significant challenge across the business, and the outlook remains uncertain,” Chief Executive Officer Ben van Beurden said in a statement. FULL ARTICLE read more

Ben van Beurden says “our strategy is working”

Shell CEO Ben van Beurden

CEO statement

Royal Dutch Shell Chief Executive Officer Ben van Beurden commented:

“Shell’s three businesses all made resilient contributions to this strong set of results.

Upstream generated almost half of the $10 billion cash flow from operations excluding working capital this quarter, at an average Brent oil price of $52 per barrel, and this was complemented by good cash contributions from our growing Integrated Gas business and from Downstream.

This competitive performance is further evidence of Shell’s growing momentum, and strengthens my firm belief that our strategy is working.” read more

Shell completes North Sea sale, creates new basin heavyweight

Shell this morning finalised its $3.8billion North Sea deal with Harbour Energy-backed Chrysaor Holdings.

Written by

The package of assets consists of Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin, J-Area, the Greater Armada cluster, Everest, Lomond and Erskine, plus a 10% stake in Schiehallion. The deal includes an initial consideration of $3billion and a payment of up to $600m between 2018-2021 subject to commodity price, with potential further payments of up to $180m for future discoveries.

The transaction was backed by private equity fund EIG Global Energy Partners, through its Harbour Energy joint venture with Asian commodity group Noble. Through the acquisition, Chrysaor becomes the leading independent oil and gas company in the UK North Sea. read more

OPL 245 was a tipping point

Comment by Bill Campbell (retired HSE Group Auditor of Shell International) on the article “Corruption charge looms for outgoing BHP director Malcolm Brinded” 

It was good news for those who care for Shell and it’s reputation when Brinded and his guard dog Ruddock were shown the door in 2012. Brinded had contaminated the boardrooms of Shell UK and RDS for 15 years with his toxic behaviour. Corruption of external parties also in the shape of the North Sea safety reguluator using his special relationship with the then Secretary of State for Scotland. Still wary of the demise of reputation during the reserves debacle it seems the Chairman and his counsel with the support of the non executives called time on Brinded sensing Shell was heading yet again into the scandal zone. read more

Shell submits new plans for Fram field development

Written by

Shell is targeting first gas from the field, which lies 136miles east of Aberdeen, in the second quarter of 2020. The company intends to develop the gas and gas condensate field via a tie-back to the Shearwater platform 20 miles away. The submission of the plans comes about two months after Shell chief executive Ben van Beurden said the company was committed to the North Sea, despite agreeing to sell a package of assets in the basin to Chrysaor earlier this year. FULL ARTICLE read more

Did Malcolm Brinded fail to wipe the crime scene free of fingerprints?

COMMENT BY RETIRED SHELL INTERNATIONAL HSE GROUP AUDITOR BILL CAMPBELL ON THE ARTICLE: 

Shell executives charged in lead up to landmark trial over billion dollar Nigerian bribery scheme

Malcolm Brinded Charged

Bill Campbell asks: Did Malcolm fail to wipe the crime scene free of fingerprints?

We have all seen the movies where the bad guy covers up his deadly deed by wiping clear any sign of his presence at the crime scene. Malcolm was good at this, taking care on the 11th September 2003 to have destroyed the HSE files in The Hague and the audit files in the phase 3 building of Tullos removing forever the incriminating evidence re his involvement and contribution to the deaths on Brent Bravo that day.

Surprising therefore, that when the Dutch police searched the offices in The Hague on 17 February 2016 approx 3 years after Malcolm’s surprise and unexplained departure from RDS they found a whole stack of what I understand was incriminating stuff in a file cabinet in Malcolm’s old office now occupied by the new Shell Chairman who had taken over from Ollila. read more

OPL 245: SHELL SPY TALK

By John Donovan

Fascinating to read email correspondence between former MI6 officers John Copleston and Guy Colegate hired by Shell to assist in dodgy oil deals involving sinister players.

Common-sense suggests that their expensive specialist skills would not be needed for any straightforward honest business activity.

John Copleston was identified as a Strategic Investment Advisor for Shell Exploration & Production Africa Limited. One of the individuals described by Ben van Beurden as former MI6 people hired by Shell.  read more

Shell executives charged in lead up to landmark trial over billion dollar Nigerian bribery scheme

Sunday 15 October 2017

Senior Royal Dutch Shell executives have been charged in Italy for their role in a vast bribery scheme that deprived the Nigerian people of over a billion dollars, the Milan Public Prosecutor’s Office confirmed on Friday. Those facing trial include Malcolm Brinded CBE, the second most powerful person in the company when the deal was struck (1). Shell itself is also facing bribery charges alongside the four named individuals.

Malcolm Brinded Charged

This historic decision follows a dramatic U-turn in which it admitted that it knew its billion dollar payment would go to convicted money-launderer and former Nigerian oil minister, Dan Etete, in exchange for Nigerian oil block OPL 245 in 2011. read more

Lower for longer oil prices vs higher, sooner

by : Sunday 1 Oct 2017

To clarify Ben van Beurden’s point, he was not forecasting that oil would be “lower forever”; he meant that Shell should be operating with the mindset that it might be. If you are a risk-averse oil producer, that makes sense. Oil consumers should probably likewise be thinking about the possibility that prices could be higher, sooner.

FULL FT ARTICLE

Shell takes cautious approach to green energy transition

by Andrew Ward, Energy Editor: 1 Oct 2017

Mr van Beurden, chief executive of Shell, allows himself only the briefest self-congratulation. “All the milestones, we are either ahead or on track,” he tells the Financial Times, referring to targets set at the time of the takeover. “But you are never done in this industry because everything is always in continuous decline.” The Dutchman is talking about the relentless pressure to find new resources… FULL ARTICLE

Corrib contractor admits distributing bribes on behalf of Shell

A week ago, the Irish Justice Minister Charlie Flanagan warned the corruption-ridden Irish police Force (the Gardaí) that he wants to see “all the skeletons out of all of the cupboards” in terms of Garda scandals and controversies. One such scandal is the “Strange tale of Shell’s pipeline battle, the Gardaí and £30,000 of booze.”

Shell has been a corporate sponsor of police corruption in Ireland aided and abetted by its ”Mr Fixit” company OSSL, who freely admit their involvement in distributing bribes on behalf of Shell to smooth the path of the controversial Corrib Gas Project. Despite the confession, Shell has thus far managed to escape due retribution. read more

Shell CEO van Beurden says oil prices will be around $60 by the end of the decade

 | : 27 Sept 2017

It’s “not unreasonable” to expect oil prices at $60 a barrel by the end of the decade, Royal Dutch Shell CEO Ben van Beurden told CNBC’s “Managing Asia.”

To be sure, that’s not a large rise from current levels.

Brent crude rose 0.38 percent to trade at $58.66 a barrel in Wednesday Asia trade, after hitting a 26-month high on Tuesday, while U.S. crudewas higher by 0.5 percent at $52.14 at 12:00 p.m. HK/SIN.

Van Beurden said forecasting oil prices in the short term was “very difficult,” but he still expected gains. read more

It’s Not Just The CEO’s Car: Shell Converts Corporate Fleet To Plug-In Hybrids

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Shell CEO Ben van Beurden made headlines worldwide when he told an interviewer in July that his next car would be an electric vehicle, but he stopped short of a full disclosure: van Beurden’s new car is part of a company-wide conversion of the corporate fleet.

Shell Technology Director Harry Brekelmans clarified this month that he too is getting a plug-in vehicle, though it’s a hybrid:

“Indeed Ben’s next car is electrical, but what he also says time and again is that fossil fuels will remain a part of the energy mix for decades to come, so his next car’s a hybrid, not a full EV,” Brekelmans said in appearance at the Massachusetts Institute of Technology. “And I know because my next car also will be a hybrid, because we’re changing the corporate fleet.” read more

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