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For Oil Companies, It’s a Year of Slashing Costs and Jobs

This year will be another hard one for the oil majors as they cut spending. Over the past several weeks, the world’s biggest oil companies have posted earnings that show just how brutal it is these days to be an oil major. The industry is going through the biggest downturn since the 1990’s. Following a […]

S&P Lowers Shell’s Rating, Puts Other Oil Majors on Watch

David Marino: Bloomberg.com: 1 February 2016 Standard & Poor’s lowered its rating on Royal Dutch Shell Plc and sees a significant likelihood of downgrades for several Europe-based integrated oil and gas majors in the next weeks. “We lowered our ratings on Royal Dutch Shell Plc to ’A+/A-1’ from ’AA-/A-1+’ and placed the long-term rating on […]

Shell’s BG Arbitrage Fades as Investors Look Set to Back Deal

By Rakteem Katakey and Ryan Chilcote: Bloomberg.com: 25 JAN 2016 Royal Dutch Shell Plc is on the brink of completing its biggest acquisition as shareholders look set to back its purchase of BG Group Plc. Risks to the deal completing have almost disappeared. The discount of BG’s shares to the offer price narrowed to a record low of 2.2 […]

Oil Rout Prompts Moody’s to Consider Shell, Total for Downgrade

Moody’s will also review the ratings of two U.S. refining joint ventures linked to Shell, Motiva Enterprises LLC and Deer Park Refining LP. By Mikael Holter and Rakteem Katakey: Bloomberg.com: 22 JAN 2016 Royal Dutch Shell Plc, Total SA and Statoil ASA, three of Europe’s biggest oil producers, were among more than 100 energy companies whose credit ratings […]

Oil’s Nightmare Scenario Dominates Davos

Global Stocks on Brink of Bear Market as Oil Slides; Ruble Sinks By Javier Blas, Grant Smith: Bloomberg.com: 20 JAN 2016 The first mantra of the oil crisis was “lower for longer.” Then “lower for even longer.” Now in Davos, oil executives are starting to talk — or rather, whisper — about a new nightmare […]

Shell Fourth-Quarter Profit Plunges as Oil’s Slump Deepens

Rakteem Katakey: Bloomberg.com: January 20, 2016 Royal Dutch Shell Plc said fourth-quarter profit plunged as the rout in crude prices deepened.  The company sees profit adjusted for one-time items and inventory changes of $1.6 billion to $1.9 billion, The Hague-based Shell said Wednesday in a preliminary earnings statement. That compares with the $1.8 billion average estimate of nine […]

Oil Giants Start Losing Safety Net as Refining Margins Squeezed

Rakteem Katakey and Firat Kayakiran: Bloomberg.com: 19 JAN 2016 Refining profits that buttressed earnings for Exxon Mobil Corp. and Royal Dutch Shell Plc as crude prices plunged are now slumping, further pressuring all of the world’s biggest oil companies as they move into 2016. Global refining margins, the estimated profit from turning oil into gasoline and diesel, fell […]

Shell’s Earnings to Show Depth of Rout as Oil Extends Losses

Shell will on Wednesday become the first major oil producer to announce annual earnings as it enters the final stages of its plan to buy BG Group Plc in the industry’s biggest deal in years. Investors will scrutinize those preliminary numbers for signs Europe’s largest oil company is doing enough to justify the acquisition as […]

The North Dakota Crude Oil That’s Worth Less Than Nothing

Dan Murtaugh and Javier Blas: 18 JAN 2016 Oil is so plentiful and cheap in the U.S. that at least one buyer says it would need to be paid to take a certain type of low-quality crude. Flint Hills Resources LLC, the refining arm of billionaire brothers Charles and David Koch’s industrial empire, said it would pay […]

Deal or No Deal? The Numbers That Matter for Shell’s BG Takeover

…investors have questioned whether Shell is paying too much after oil prices slumped to the lowest in almost 12 years. By Rakteem Katakey: JAN 11, 2016 Royal Dutch Shell Plc is a month away from completing its biggest acquisition, which would vault it over Chevron Corp. to become the world’s second-biggest non-state oil company. The […]

Shell’s BG Deal Gets Backing of Shareholder Advisory Firm

By Rakteem Katakey: Jan 8, 2016: Bloomberg.com  Royal Dutch Shell Plc has won the backing for its takeover of BG Group Plc from a body that advises many of its largest shareholders. Shell’s biggest ever deal has “compelling strategic rationale” and “significant positive economics to be realized within a relatively short time frame,” Institutional Shareholder Services said […]

Shell Opens Natural Gas Wells Off Irish Coast

A wall of steel protects the workers at the entrance to the Corrib gas terminal site, which opened on Wednesday in Bellanaboy Bridge, Ireland. Credit Paul McErlane/Bloomberg News By STANLEY REED: DEC. 30, 2015 LONDON — Two decades after being discovered, natural gas began flowing on Wednesday from wells off Ireland’s northwest coast. Royal Dutch Shell, […]

UK awash with oil as tankers forced to turn around

Unseasonably warm winter weather has left the UK with its highest October stockpiles of oil for the past five years, according to Government figures By John Ficenec, and Agency: 2:46PM GMT 22 Dec 2015 Record high temperatures in December have left the UK with the highest stocks of oil for five years as Europe-bound fuel tankers […]

Shell-BG Deal Not Yet in the Bag Amid Fears of Further Oil Slump

“..if there’s another sharp spike down in oil prices — crack through $30 towards $25 — there has to be a pain threshold beyond which the board would have to turn around.” By Rakteem Katakey: Bloomberg.com: December 21, 2015 -2.42PM GMT Royal Dutch Shell Plc is on the brink of pulling off its biggest acquisition. Yet […]

Shell and BG Shareholders to Vote on Deal at End of January

The takeover, valued at about $70 billion when it was announced in April, has come under scrutiny as crude prices slumped below $40 a barrel amid a global oversupply. By Amanda Jordan: December 21, 2015 Shareholders of Royal Dutch Shell Plc and BG Group Plc are expected to vote on Jan. 27 and Jan. 28 on […]

Shell, Gazprom’s Russian LNG Venture Readying Export Boost Plans

By Stephen Stapczynski and Ichiro Suzuki: Bloomberg.com: Dec 18, 2015 Sakhalin Energy Investment Co., the only liquefied natural gas exporter in Russia, has agreed to begin design work on an expansion, the joint venture said Friday. The partners — Gazprom PJSC, Royal Dutch Shell Plc, Mitsui & Co. and Mitsubishi Corp. — will add a third production unit at […]

Shell to Expand CNOOC Petrochemical Venture in Southern China

By Bloomberg News: December 15, 2015 Royal Dutch Shell Plc. is expanding its petrochemical venture in southern China with China National Offshore Oil Corp. The two companies signed an agreement Tuesday to double the capacity of their equally held ethylene-cracking facility in Guangdong province to 2 million metric tons a year and add other chemicals units, […]

Shell Bid Aims to Preserve U.S. Drilling Rights in Arctic Ocean

Jennifer A Dlouhy: December 15, 2015: Bloomberg.com Oil company files appeal challenging rejection by Interior Clock now ticking on oil and gas leases expiring in 2020 Royal Dutch Shell Plc is fighting to preserve U.S. drilling rights in Arctic waters three months after halting exploration indefinitely there because it failed to find meaningful oil or […]

Big Oil Let Off Hook

Royal Dutch Shell Plc, BP Plc and Statoil ASA no longer face an European Union investigation into potential manipulation of fuel benchmarks, the regulator indicated on Monday. Photographer: Andrey Rudakov/Bloomberg By Aoife White: Stephanie Bodoni: Peter Levring and Gaspard Sebag: Bloomberg.com: 7 December 2015 EU’s Vestager shows willingness to dump cases going nowhere Commission retreats from high-profile oil investigation Days […]

Oil Firms Dropped From EU Probe Into Fuel-Price Manipulation

By Aoife White: December 7, 2015 Crude oil sector no longer under investigation in case EU steps up case focusing on ethanol benchmarks rigging Oil companies, including Royal Dutch Shell Plc, BP Plc and Statoil ASA, no longer face a European Union investigation into potential manipulation of crude oil benchmarks. The European Commission “is currently not […]

OPEC ‘dead’ as oil countries go it alone on price and production

December 7, 2015 OPEC has abandoned all pretence of acting as a cartel. It’s now every member for itself. At a chaotic meeting Friday in Vienna that was expected to last four hours but extended to nearly seven, the Organisation of Petroleum Exporting Countries tossed aside the idea of limiting production to control prices. Instead, it […]

Biggest Oil Deal’s Risk Narrows to Record as Shell Pushes Ahead

By Rakteem Katakey: 30 November 2015 BG’s shares are at smallest discount to Shell’s offer price Takeover received Australia antitrust approval this month BG Group Plc’s discount to Royal Dutch Shell Plc’s takeover offer is the narrowest since the transaction was announced in April as the likelihood increases that the biggest oil deal of the decade […]

Oil Majors Queue in Iran as $30 Billion of Projects in Play

by Golnar Motevalli, Anthony Dipaola and Hashem Kalantari: November 28, 2015: Bloomberg.com Shell, Total, Lukoil interested in specific Iranian fields Iran seeks to sign first oil development deal in March, April Total SA, Royal Dutch Shell Plc and Lukoil PJSC are among international companies that have selected oil and natural gas deposits to develop in Iran as the holder […]

Shell’s BG Deal Cleared by Australian Competition Regulator

By James Paton: November 18, 2015: Bloomberg.com Agreement on track to be completed in early 2016, Shell says Shell’s plan had faced concerns over gas supply in Australia Royal Dutch Shell Plc’s $70 billion deal to buy BG Group Plc was cleared by Australia’s competition watchdog despite concerns it could reduce natural-gas supply to local customers and […]

Exxon’s Dutch Gas Gag

Liam Denning: November 18, 2015 If you’ve never been to Groningen, it’s a pleasant college town in the northern Netherlands. It also happens to share its name with one of the world’s largest natural gas fields. Tourists are best advised to focus on the scenic bicycling routes. Exxon Mobil is more attuned to what lies […]

Dutch Court to Rule on Gas Output From Europe’s Biggest Field

Anna Shiryaevskaya, Fred Pals and Kelly Gilblom: 18 November 2015: Bloomberg.com Final ruling Wednesday on output from EU’s biggest gas field Government plans to decide on future production in December A Dutch court will Wednesday decide on the future of Europe’s largest natural gas field as local residents seek to stop tremor-inducing production that’s damaging their houses. […]

Shell plans to retain four senior BG executives after merger – memo

Business News | London Mon Nov 16, 2015 Royal Dutch Shell plans to retain four members of BG Group’s executive team after the companies’ planned merger next year, according to an internal memo seen by Reuters on Monday. The memo indicates that the planned $70 billion takeover of BG by Shell remains on track. Shell […]

Shell Plans to Retain Four Senior BG Executives After Merger

By Javier Blas: November 16, 2015 BG COO Sami Iskander to join Shell as head of joint ventures Shell to retain head of BG trading business Steve Hill Royal Dutch Shell Plc plans to retain four senior executives from BG Group Plc after the merger between the two oil and gas groups completes next year, according […]

Shell share price: Company not giving up on oil sands

by Veselin Valchev: Wednesday, 11 Nov 2015 Royal Dutch Shell Plc (LON:RDSA) boss Ben van Beurden said last week that the withdrawal from the Carmon Creek thermal oil sands project in Alberta, Canada, does not mean that the Anglo-Dutch oil major has given up on oil sands in general. Shell’s chief executive noted that the company […]

Plan for equality on Shell merger

Plan for equality on Shell merger Jane Harper: Herald Sun: November 8, 2015  A PEAK manufacturing group has urged the competition watchdog to place conditions on Royal Dutch Shell’s multibillion-dollar buyout of oil and gas heavyweight BG Group. The proposed $US70 billion ($99 billion) deal would be one of the biggest in the oil and […]

Shell Steams Ahead With BG Takeover With Promise of More Savings

Rakteem Katakey: November 3, 2015: Bloomberg.com Raises estimates of savings after combination to $3.5 billion Gas business becomes stand-alone unit under Maarten Wetselaar Royal Dutch Shell Plc said its record takeover of BG Group Plc will still deliver value to investors even in a prolonged oil-industry downturn and reshaped its business in preparation for the […]

Shell Reorganizes Natural Gas Business as BG Takeover Approaches

Rakteem Katakey: November 3, 2015: Bloomberg.com Maarten Wetselaar to lead stand-alone Integrated Gas business Marvin Odum to lead new Unconventional Resources unit Royal Dutch Shell Plc announced organizational changes in its business as it prepares for its biggest ever takeover amid what it expects to be a prolonged downturn in oil prices. Europe’s biggest oil […]

Shell Fails to Clean Four Nigeria Oil Spill Sites, Amnesty Says

Abandoned fishing boats in Ogoniland Photographer: Pius Utomi Ekpei/AFP via Getty Images Chris Kay: November 3, 2015: Bloomberg.com Nigerian regulator incorrectly said spill sites clean Shell says oil theft, illegal refining a persistent challenge Royal Dutch Shell Plc has failed to clean up four oil-spill sites in the crude-producing Niger River delta, three of which an under-resourced […]

Shell’s $7.4B loss raises stakes for CEO’s big deal

By Rakteem Katakey Bloomberg News: Oct 29 2015 Royal Dutch Shell’s worst loss in at least 16 years has further stoked concerns about the wisdom of buying BG Group. For now at least, investors are still giving Chief Executive Ben Van Beurden the benefit of the doubt. Europe’s biggest oil company said it will press ahead […]

Shell Leads $19 Billion of Gas, Oil Writedowns in Just One Week

Asjylyn Loder: 29 Oct 2015: Bloomberg.com Shell leads writedowns with $8.2 billion in impairments Predictions of future cash flow have fallen along with prices More than $19 billion in oil and gas writedowns have been reported in a single week as producers acknowledge what investors already knew. Royal Dutch Shell Plc leads the pack in recognizing […]

Shell Makes Biggest Net Loss in at Least a Decade on Price Slump

Rakteem Katakey: 29 October 2015 Company reports net loss after taking $7.9 billion charge Third-quarter adjusted profit drops 70% to $1.8 billion Royal Dutch Shell Plc reported its biggest net loss in at least a decade as it wrote down the value of assets and lowered its oil-price expectations. The company, which is buying BG […]

Shell Takes $2 Billion Charge to Quit Oil-Sands Project

David Marino: 27 October 2015 Company stops work at Carmon Creek facility in Alberta Halted oil-sands work follows Shell’s Arctic drilling exit Royal Dutch Shell Plc made its second major strategic change in two months, announcing it will take a $2 billion charge to exit an oil-sands project in Alberta. Shell is stopping construction on […]

Big Oil Is a Buy as Cutbacks Pave Way for Recovery

by Rakteem Katakey and Angelina Rascouet: Oct 20, 2015 Shell has highest percentage of buy ratings in three years Third-quarter earnings seen marking low point before rebound Energy companies are finally starting to come back into favor. After enduring the longest oil-price collapse in more than a decade, crashing profits and an investor exodus, Europe’s biggest producers are […]

Saudi Arabia’s Oil War With Russia

By Leonid Bershidsky: Oct 16, 2015 As President Vladimir Putin tries to restore Russia as a major player in the Middle East, Saudi Arabia is starting to attack on Russia’s traditional stomping ground by supplying lower-priced crude oil to Poland. At a recent investment forum, Igor Sechin, chief executive of Rosneft, Russia’s biggest oil company, […]

U.S. Cancels Remaining Arctic Oil Lease Sales Under Obama

Brian Wingfield and Joe Carroll: BLOOMBERG.COM: 17 October 2015 The U.S. Interior Department effectively halted drilling off Alaska’s coast for the remainder of President Barack Obama’s term by canceling two sales of Arctic oil and gas leases. The decision comes less than a month after Royal Dutch Shell Plc said it would indefinitely cease exploration […]

Big Oil’s Murky Climate

Big Oil truly is facing a conundrum of biblical proportions Liam Denning: Bloomberg.com: October 16, 2015 Big Oil is getting religion — sort of. Ten major oil companies including Royal Dutch Shell, BP and Saudi Aramco declared on Friday that they totally get the climate change thing and would support measures aimed at preventing it.  […]

Shell Starts Nigeria Offshore Expansion of Up to 50,000 Barrels

Rakteem Katakey: Bloomberg.com: 5 Oct 2015 Bonga phase 3 oil passes through floating production facility Shell has 55% of Bonga, Exxon 20%, Total, Agip 12.5% each Royal Dutch Shell Plc expanded oil production off Nigeria’s coast by starting the third phase of its Bonga field.  That phase has a peak production capacity of about 50,000 […]

Why Shell Quit Drilling in the Arctic

By Paul Barrett: BLOOMBERG.COM: 28 SEPT 2015: 6:12 PM BST Royal Dutch Shell’s abrupt announcement today that it would cease all offshore drilling in the Arctic is surprising for several reasons. One is the unusual degree of confidence the company expressed as recently as mid-August that it had identified 15 billion barrels of oil beneath the well […]

Market Skeptics Miss Out on $5.5 Billion From Biggest 2015 Deal

By Inyoung Hwang: BLOOMBERG.COM 22 Sept 2015 A fresh drop in in oil prices and political instability in Brazil is making investors miss out on about $5.5 billion in Royal Dutch Shell Plc’s pending takeover of BG Group Plc. BG closed on Monday at 990.4 pence, about 9.5 percent below Shell’s cash-and-stock offer. The difference in share […]

IF SHELL FINDS OIL IN CHUKCHI SEA, WHAT NEXT?

18 September 2015 The short drilling season for oil exploration in U.S. Arctic offshore waters will reach one stopping point Sept. 28 and a complete halt Oct. 31 for Royal Dutch Shell Plc. The company has been drilling since July 30 at the Burger prospect in the Chukchi Sea north of Alaska. If oil is […]

EU Said to Ramp Up Oil-Benchmarks Probe With Evidence Request

Regulators may be moving toward sending antitrust complaint Probe began two years ago with raids on BP, Shell and Statoil By Gaspard Sebag and Javier Blas: BLOOMBERG.COM: 17 Sept 2015 Major oil companies including Royal Dutch Shell Plc and price publisher Platts were told by regulators to redact business secrets from documents obtained during antitrust raids in a […]

Shell-BG Deal Poses Competition Concerns, Regulator Says

By James Paton Sept 17, 2015: BLOOMBERG.COM Royal Dutch Shell Plc’s $70 billion deal to buy BG Group Plc could reduce the supply of natural gas to local customers in Australia and boost prices, according to the nation’s competition regulator, which delayed a decision on the agreement until November. The transaction may decrease the incentive for Shell’s […]

Iraq Asks Oil Companies to Cut Spending After Drop in Prices

By Khalid Al Ansary: September 15, 2015 Iraq asked oil companies to reduce their 2016 spending plans in the country by Sept. 30, citing lower oil prices and government revenue. The reduced budgets shouldn’t affect 2015 production, Abdul Mahdy Al-Ameedi, director of licensing at Iraq’s oil ministry, said by phone Tuesday, citing a letter that the […]

Riled Locals Fight Output From Europe’s Largest Gas Field

Groningen gas field produces 61 percent of Dutch fuel Complainants say gas extraction has caused earthquakes By Kelly Gilblom: BLOOMBERG.COM: Sept 10, 2015 A Dutch court is set to hear arguments that production from Europe’s largest natural gas field should be suspended because of earthquakes linked to extraction. The Netherlands has progressively cut the amount of […]

Shell Cheapest in Six Years for Buyers Who Brave Takeover Doubts

“In the current oil situation, the market is also taking a view there’s a bit of risk that Shell could walk away,” By Rakteem Katakey: September 8, 2015 It’s the cheapest opportunity in six years to be a shareholder in Europe’s largest oil and gas company. BG Group Plc, the oil and gas producer Royal Dutch […]

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