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Posts under ‘BP’

How Much Further Do BP plc And Royal Dutch Shell Plc Have To Fall?

By Royston Wild – Thursday, 26 November, 2015 To say that 2015 has represented another ‘annus horribilis’ for the oil industry would be something of a colossal understatement. Of course the year has yet to run its course, and the fossil fuel sector will be pinning their hopes on a ‘Santa Rally’ to put down […]

Shell’s £22,500 fine for North Sea oil spill slammed as ‘paltry’ by campaigners

The World Wildlife Fund warned the size of the fine would ‘do little to deter future poor behaviour’ Shell apologised for the lack of information and said it was not a deliberate attempt to cover up the spill.  Adam Barnett: 24 November 2015 A £22,500 fine imposed on the energy giant Shell as punishment for […]

Shell finds 100 million oil barrels in deep-water Gulf discovery

Posted on November 18, 2015 | By Collin Eaton HOUSTON — Probing one of its recent discoveries in deep waters of the Gulf of Mexico, Royal Dutch Shell found 100 million barrels of oil equivalent buried at its Kaikias field, nearby three of its massive production facilities and a network of subsea pipes, the company […]

Shell Oil Co. president touts carbon tax over piecemeal regulations

Posted on November 10, 2015 | By Jordan Blum A carbon tax or cap-and-trade system in the U.S. — and globally — would serve the energy industry better than the current slate of piecemeal state and federal regulations, Shell Oil Co. President Marvin Odum  said Tuesday. He acknowledged that Congress won’t take action soon in […]

Oil giants ‘face cascade of claims’

Robin Pagnamenta Energy Editor: November 7, 2015 An investigation by New York’s attorney-general into ExxonMobil’s record on climate science could trigger a “cascade” of similar claims against other oil companies, including Britain’s BP and Royal Dutch Shell, legal experts have warned. Prosecutors might seek to investigate other companies that helped to fund organisations that queried climate […]

Big Oil Gears Up For $60 Break-even Price As Profits Sink

Gaurav Sharma: OCT 31, 2015 The latest quarterly results season is receding into the accounting archives, with BP, Royal Dutch Shell, Chevron and the keenly anticipated numbers of Exxon Mobil now with us. That lower oil prices continue to dent profits at the world’s biggest oil companies is no longer news. Figures on their often unloved […]

In defence of Shell CEO Ben van Beurden

By a regular contributor Only one member of the EC is directly involved in North American activities, Marvin Odum.  Perhaps worth noting is that investment decisions on the scale of the recent Shell write-offs would have required approval by the entire EC in the Hague long before BvB was around. Few of the EC members […]

Profit Down at BP, Which Predicts Era of Low Oil Prices

By STANLEY REED: OCT. 27, 2015 LONDON — The British oil giant BP said on Tuesday that its profit was down sharply in the third quarter as depressed oil prices took a heavy toll. The company, saying it expects prices to stay low for years, indicated that it would continue to cut costs and limit its […]

Shell upstream boss says UK sector still in ‘dark ages’ on collaboration

Written by Phil Allan – 27/10/2015 11:28 am The boss of Shell’s UK upstream business said the oil and gas industry was still in the “dark ages” when it came to collaboration. Paul Goodfellow said companies working in the North Sea need to learn from other industries on how to work together. The Shell boss […]

Britain’s oil giants to post worst set of earnings since rout in price of crude began last year

By LAURA CHESTERS FOR THE DAILY MAIL: 25 October 2015 Britain’s oil giants will this week post their worst set of earnings since the rout in the price of crude began last year. Investors will also be looking for any update on Royal Dutch Shell’s £55bn takeover of rival BG Group amid fears Shell is overpaying. […]

Oil profits set to plummet by billions: BP and Shell hit as prices plunge and exploration venture collapses

Photo Credit: Dark days: The price of a barrel of Brent crude has plunged from more than $100 a barrel in the summer of last year to $48 a barrel today By JON REES, FINANCIAL MAIL ON SUNDAY: 24 October 2015 BP and Shell will this week report billions of pounds wiped off their profits as […]

BP and Shell slip up on Crude bottom

ROYAL Dutch Shell and BP are set to blame the weak oil price for dramatic falls in third-quarter pre-tax profits and revenues, analysts say. By GEOFF HO: Sun, Oct 25, 2015 The price of crude oil has nearly halved over the past 12 months because of a Saudi Arabia-led effort by the Opec cartel to crush […]

Shell share price: Q3 earnings to fall 55 percent, analysts say

Company has “ample room to weather the storm” by Veselin Valchev: Monday, 26 Oct 2015 On Thursday, Royal Dutch Shell Plc (LON:RDSA) is expected to post a 55 percent drop in quarterly earnings to £2.65 billion for the three months ended September 30, analysts’ consensus holds. The slump due to the significantly lower oil price year-on-year […]

Shell and BP prepare for further cost-cutting as oil prices stay low

Results this week could give more detail on savings to protect dividend payments By Marion Dakers: 24 Oct 2015 Britain’s oil giants are preparing to make further cuts to their investment plans in the face of plummeting crude prices. Shell, like many oil explorers, has already slashed spending and jobs to counteract the effects of a […]

BP and Shell profits poised to fall by half

Terry Macalister Energy editor: 25 October 2015 EXTRACTS BP and Shell are set to unveil a drop of more than half in their third-quarter profits this week, raising new questions about their ability to retain dividends and avoid further job losses. Shell has recently carried out its own cost reductions by trimming jobs in Aberdeen and […]

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 […]

Big Oil’s Murky Climate

Big Oil truly is facing a conundrum of biblical proportions Liam Denning: 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.  […]

BP plc, Royal Dutch Shell And Others Declare Joint Action On Climate Change

By: Micheal Kaufman: Oct 16, 2015  Global warming over the past few years has become a major issue. Companies around the world keep on pumping and burning record levels of conventional fossil fuels. Burning of fossil fuels leads to carbon emissions, which are highly detrimental for the environment. Activists have now have taken a stern hand […]

Shell had to write-down some of its shale assets in the U.S., after spending $24 billion on a bet that failed to pay off, with company executives regretting ever having made the investment. By James Stafford: Wed, 14 October 2015 A new report finds that the largest oil companies are set to cut spending on exploration […]

Shell Is Reeling After Pulling Out of the Arctic

BY ANTONIA JUHASZ / OCTOBER 13, 2015 Earlier this month, Shell’s tumultuous Arctic drilling campaign came to an abrupt and costly end. In a written statement, the company announced the cessation of its offshore Alaska activities “for the foreseeable future”—at a loss of billions of dollars. This both stunned and thrilled critics, many of whom […]

Myths about Shell’s Arctic Alaska pullout persist

Yereth Rosen: Alaska Dispatch News: October 3, 2015 When Royal Dutch Shell announced that it had lost its big-money bet in the Chukchi Sea and would end its entire program in the offshore U.S. Arctic, the hyperbole and finger-pointing began in earnest. Rep. Don Young accused President Obama and Interior Secretary Sally Jewell of deliberately sabotaging Alaska’s economy. “I’m […]

Shell and BP make new inroads in Iran

Saeed Kamali Dehghan and Terry Macalister Friday 2 October 2015 20.30 BST The possibility of a major British oil company regaining access to one of the world’s great hydrocarbon markets rose on Friday with officials in Tehran saying Shell would be allowed to build 100 petrol stations in Iran. FULL ARTICLE RELATED TEHRAN, Oct. 3 (MNA) […]

Shell boss confronts environmental, carbon challenges

On Monday, the oil and gas giant gritted its teeth and pulled out of one of the most ambitious, expensive and controversial exploration forays on the planet – Alaska. A project that could have delivered tens of billions of dollars instead delivered a dry well and, on Sunday, van Beurden and his team called it quits. […]

Royal Dutch Shell’s Arctic Bucket Of Ice Has Melted, Yield Is Now North Of 8%

Sep. 29, 2015 Summary * The Burger J well test results were a dud, no major reserves found. * Shell puts Arctic drilling on hold indefinitely, which further reduces future capex. * Dividend yield tops the 8% mark. Royal Dutch Shell (RDS.A / RDS.B) was always upbeat about the prospects of drilling in the Arctic, […]

Shell has made a costly call to abandon Alaska

Kamal Ahmed: Business editor: 28 Sept 2015 It could have been Hillary Clinton’s tweet that did it. Just after the US government had given the go-ahead for Shell to restart its exploration in Alaska, the Democratic presidential candidate took to the social media site. “The Arctic is a unique treasure,” Mrs Clinton said on Twitter. “Given […]

Here’s How Royal Dutch Shell plc And BP plc Will Be Impacted By A Weak Chinese Economy

Bidness Etc discusses how European oil majors are impacted by the slowdown in the Chinese economy By: Micheal Kaufman: Sep 25, 2015 The slowing Chinese economy has impacted the overall world economy and various other sectors. According to a Moody’s Investor service report EMEA (Europe, Middle East, and Africa)’s mining sector is totally exposed to the […]

Shell, Statoil among energy companies forging climate advice group

Green Business | Thu Sep 24, 2015  Representatives from energy companies including oil heavyweights Shell and Statoil have joined forces to advise on making cleaner energy decisions, the latest push by energy firms to become more pro-active on climate issues. Shell Chairman Chad Holliday, Statoil Vice-President Bjorn Otto Sverdrup and RWE Chief Executive Peter Terium […]

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 […]

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 […]

Shell’s big gamble: Oil wrangling at the far reaches of the Arctic frontier

By Steven Mufson September 11 Shell Oil Co.’s president Marvin Odum made the trip on Sept. 2 from Houston to this northern-most town in the United States, a spot whose traditional name, Ukpeagvik, means “place where snowy owls are hunted.” Odum is here hunting, too, for oil offshore and political support from Alaska Natives living […]

Move Over Exxon, Russian Drillers Are Oil World’s Top Performers

By Stephen Bierman and Rakteem Katakey: Sept 8, 2015 At a time when the collapse in crude prices pushes Russia’s economy into a recession, the nation’s oil producers are managing to beat their western counterparts. On measures including cash flow, profit margins and share prices, OAO Rosneft, Lukoil PJSC — Russia’s two largest oil producers — and OAO […]

Exxon Mobil Corporation, Chevron Corporation, BP And Royal Dutch Shell Face Challenging Dividend Environment

Bidness Etc sheds light on the challenges for companies like Exxon, Chevron, BP, Royal Dutch Shell, and Total SA in sustaining dividend payouts amidst depressed crude oil prices By: MICHEAL KAUFMAN: Sep 1, 2015  Crude prices have dropped more than 50% since the highs of June last year, following weak Chinese demand and a global supply […]

Discussing the costs of disaster for offshore US oil : Regulation and Environment

In this week’s Oilgram News column, Regulation and Environment, Gary Gentile asks if the risks associated with ultra-deepwater oil production endeavors are properly disclosed to shareholders. By Gary Gentile | August 31, 2015 Opponents of offshore drilling in frontier environments, such as the Arctic, have opened up a new front in their effort to curtail such […]

President Obama Defends Shell Arctic Drilling Decision

By: MICHEAL KAUFMAN: Aug 29, 2015  Critics argue that allowing Shell to explore Arctic for oil goes against the country’s stance on climate change President Obama has defended his decision to grant approval for drilling in the Arctic region, ahead of his trip to Alaska. Royal Dutch Shell plc (ADR) (NYSE:RDS.A) had been seeking the […]

Shell offshore drilling application prompts conflict-of-interest charge

By Charles Mandel | August 29th 2015 Shell Canada Limited is applying to bring offshore drilling to Nova Scotia’s waters. But environmentalists are raising alarm bells over potential conflict of interest, as the group reviewing Shell’s application — the Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) — includes a board member who worked at Shell Canada and […]

Why Royal Dutch Shell plc Is Facing Resistance In Canada

By: MICHEAL KAUFMAN: Aug 28, 2015  Royal Dutch Shell plc’s (ADR) (NYSE:RDS.A) drilling in Canada will be coming in for resistance, as reported by the Guardian. The drilling plan in Nova Scotia’s southern shore has been approved by the country’s Environment Minister and is under the Canada-Nova Scotia Offshore Petroleum Board’s review. The Canadian Environment Ministry […]

Market Rout

Oil’s slump has been brutal. More than half a trillion dollars of value has been wiped from the five biggest international oil companies — Exxon, Shell, Chevron, Total and BP — since mid-June last year. Rakteem Katakey: August 26, 2015: BLOOMBERG.COM Shares of the largest oil companies have slumped so low it suggests investors expect […]

Oil at rock bottom: Is your portfolio at risk?

Among individual oil producers, the biggest on the market is Royal Dutch Shell, and its share price has unsurprisingly performed terribly in the last year. The shares have fallen 36 per cent since last August… by Annabelle Williams: 26 August 2015 Shares in energy companies have plummeted – should investors be buying? OIL PRICES have fallen […]

INTERVIEW-Shell eyes Iran, to pay debt when sanctions end

TEHRAN | BY GUY FAULCONBRIDGE: Mon Aug, 2015 Aug 24 Royal Dutch Shell will repay a $2 billion debt to the National Iranian Oil Company (NIOC) when sanctions on Iran are lifted and will consider investing in the country’s vast energy sector, Shell’s boss for new business said. Much would depend on the terms offered […]

Iran to Raise Oil Output ‘at Any Cost’ to Defend Market Share

U.S. benchmark West Texas Intermediate crude fell to less than $40 a barrel for the first time in more than six years in New York trading on Friday. Anthony Dipaola and Hashem Kalantari: BLOOMBERG.COM: 23 AUGUST 2015 Iran plans to raise oil production “at any cost” to defend the country’s market share and joins calls for […]

Oil slump highlights pressure on dividend payouts

Extracts from an article by Garry White: 22 Aug 2015 Some in the City are concerned that distributions to shareholders at some major dividend payers are too high. This is particularly true for the oil sector. • Opec is being eaten alive and needs to meet to heal its wounds • Low oil prices bite as […]

Oil Companies Sit on Hands at Auction for Leases

By CLIFFORD KRAUSS: AUG. 20, 2015 PAGE B1 IN NEW YORK EDITION HOUSTON — With oil prices collapsing and companies in retrenchment, a federal auction in the Gulf of Mexico on Wednesday attracted the lowest interest from producers since 1986. It was the clearest sign yet that the fortunes of oil companies are skidding so fast […]

BVB Personal Journey? Was it to a bank or a casino?

By John Donovan Royal Dutch Shell CEO Ben van Beurden claims that he has been on a personal journey in relation to authorising Shell’s latest Arctic gamble. All due credit for the courage needed to take such a huge risk. The same applies to Shell’s takeover of the BG Group and the alliance with the corrupt […]

Shell Arctic drilling ‘risky’ – ex-BP boss Lord Browne

By Roger Harrabin: BBC environment analyst: 12 August 2015 Drilling for oil in the Arctic may harm Shell’s reputation and cost it dear, the former BP boss Lord Browne has said. Shell has just started preliminary drilling in Alaska’s Chukchi Sea after several setbacks. The firm’s CEO Ben van Beurden said he had gone on […]

BP plc and Royal Dutch Shell Plc Will Have To Survive Without $100 Oil

By Harvey Jones – Tuesday, 11 August, 2015 Low oil prices have sunk share prices at BP (LSE: BP) and Royal Dutch Shell (LSE: RDSB) and there is no sign of immediate respite. There was a flicker of hope as Brent crude climbed to nearly $68 a barrel in May, but it has now slid below $50 again, and […]

To please investors, Big Oil makes deepest cuts in a generation

August 7, 2015 Oil companies are making the largest cost cuts in a generation to reassure investors. They’re risking their own future growth. From Chevron Corp to Royal Dutch Shell, producers are firing thousands of workers and cancelling investments to defend their dividends. Cutbacks across the industry total $US180 billion so far this year, the most […]

Chevron Corporation, Royal Dutch Shell Plc & Other Oil Co.s Have Lost $1.3 Trillion Since Last Year

By: MICHEAL KAUFMAN: Aug 5, 2015 As the global benchmark of crude, Brent currently hovers around $50 per barrel. Meanwhile, the oil and gas industry has lost $1.30 trillion of its value this year, and this eroded value equals the annual gross domestic product (GDP) of Mexico. The combined market capitalization of 157 listed oil and […]

Inside Shell’s Extreme Plan to Drill for Oil in the Arctic

by Paul Barrett and Benjamin Elgin: 5 August 2015: BLOOMBERG.COM Protesters near the Polar Pioneer.: Photographer: Keri Coles/Greenpeace In a windowless conference room in Anchorage, a dozen Royal Dutch Shell employees report on the highest-profile oil project in the multinational’s vast global portfolio. Warmed by mid-July temperatures, Arctic ice in the Chukchi Sea, northwest of the Alaskan mainland, […]

Oil Companies Spending Cuts Unlikely to Be Enough

LONDON–The world’s biggest oil company’s have vowed to bring down the costs of big projects in the face of slumping oil prices, but the unrelenting price weakness–with crude below $50 a barrel–suggests they could have to dig deeper still. In the past year, as oil prices plunged 60% from highs of $114 in 2014, U.K. […]

Oil companies’ grim outlook weigh on investors’ sentiment

By Bloomberg | 4 August 2015 NEW YORK: The world’s biggest oil companies are painting a grim picture of the future and speculators are listening. Hedge funds reduced bullish bets to the lowest level in five years as oil capped the worst month since the financial crisis. The net-long position in West Texas Intermediate contracted 7 […]