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Posts under ‘BP’

After Settlement, Relief at a Diminished BP

By STANLEY REED and CLIFFORD KRAUSS JULY 2, 2015 LONDON — BP’s future no longer has a giant cloud ahead. But it will take years, if not decades, for the company to approach its size of five years ago, before the explosion of the Deepwater Horizon rig. Since the 2010 blowout of the Macondo well killed […]

BP has finally settled Deepwater Horizon Case

Shares in oil giant BP climb on news it has finally settled long-running US court case over Deepwater Horizon explosion and oil spill Dudley dismissed market talk of a takeover of BP and said BP is ‘neither prey nor predator’. A clause in the settlement with the US means that if BP were sold to another […]

BP to pay £12bn for Gulf oil spill

2 July 2015 BP has reached an $18.7bn (£12bn) settlement with the US Department of Justice (DoJ) following the 2010 Gulf of Mexico oil spill. It comes as a US federal judge was expected to rule on how much BP owed in Clean Water Act penalties following the environmental disaster. Over 125 million gallons of […]

BP Pays Record $18.7 Billion to Settle Claims in Gulf Oil Spill

By Margaret Cronin Fisk, Laurel Brubaker Calkins and Del Quentin Wilber: July 2, 2015 1:13 PM BST BP Plc will pay a record $18.7 billion to resolve claims by the U.S. and five states along the Gulf of Mexico related to the 2010 oil spill. The payments will be spaced out over as long as […]

Arctic Drilling Future Now Rests On One Well

By Charles Kennedy: Wed, 01 July 2015 Royal Dutch Shell is nearing a start to drilling in the Arctic, but has run into some hiccups. The U.S. government decided that Shell cannot actually drill both of its wells in the Chukchi Sea as planned. The Interior Department said that doing so would run afoul of its […]

How the European Oil Industry Decided to Save the Climate

By Javier Blas: June 23, 2015 By the time the convention chat turned into action, Royal Dutch Shell Plc, BP Plc, Total SA, Eni SpA, Statoil ASA and BG Group Plc published an unprecedented open letter on climate change. Breaking with their biggest U.S. competitors, they announced their support for efforts to put a cost […]

Shell Cleared For Exploration Off Nova Scotia

By Andy Tully: Posted on Wed, 17 June 2015 Shell Canada Ltd. is ready to begin exploratory drilling off the coast of Nova Scotia now that it has received conditional approval for the project from the country’s environmental minister. Canada’s Environmental Assessment Agency issued the decision the night of June 15 after the environmental minister, Leona […]

As Shell moves toward Arctic, industry decries regulations

Article by Jennifer A. Dlouhy published June 16, 2015 by The Houston Chronicle As Shell moves toward Arctic, industry decries regulations Industry leaders and allies in Congress say red tape will discourage Arctic exploration WASHINGTON – Even as Shell Oil Co. gets closer to drilling new exploratory wells in Alaska’s Chukchi Sea, industry leaders and their congressional […]

Iran Welcomes Shell, BP, Total and American Oil Companies

Iran Welcomes Shell, BP, Total and American Oil Companies Dr. Majid Rafizadeh Become a fan: President of the International American Council: 14 June 2015 “Royal Dutch Shell PLC, which owes the Islamic Republic an outstanding debt of more than $2 billion, has been talking about repaying Iran after the nuclear deal is signed, and consequently the […]

U.S. Ousts Russia as Top World Oil, Gas Producer

Article by Rakteem Katakey published 10 June 2015 by Bloomberg.com The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields. U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according […]

BP sees ‘tectonic shift’ in world energy production

BP sees ‘tectonic shift’ in world energy production Oil giant’s chief economist says energy consumption slowed dramatically last year as China cutback and Opec battled US shale drillers for supremacy of world markets By Andrew Critchlow, Commodities editor:10:00AM BST 10 Jun 2015 Global energy consumption slowed to its slowest rate of growth since the late […]

Royal Dutch Shell stock has fallen by over 26% in the last year

By: MICHEAL KAUFMAN: Published: Jun 10, 2015  The stock for Royal Dutch Shell Plc. (ADR) (NYSE:RDS.A) has fallen by over 26% in the last one year. The S&P 500 during the same period rose by 6.71%. The decline in the stock prices of energy companies has been a norm. Over the last one year, crude oil […]

Mars joins BP and Shell in opposing European financial market regs – FT

NEW YORK: 7 JUNE 2015 Confectionery company Mars Inc has joined oil companies BP Plc and Royal Dutch Shell Plc to oppose planned new European financial market regulations, arguing that they would increase volatility and reduce liquidity in raw materials markets, according to a report by the Financial Times on Sunday. The companies, along with […]

Saudi Arabia Lets The World Drown In Oil

Article by Nathan Vardi: Forbes Staff: Friday 5 June 2015 To the surprise of nobody, Saudi Arabia and the other OPEC member states decided in Vienna on Friday to maintain production targets of 30 million barrels a day, making sure the world remains flooded with oil. The fact that OPEC—particularly the core countries of Saudi Arabia, […]

BG deal disguises a hole in Shell’s financial projections

The market is having one of its periodic anxiety attacks about Big Oil.  BG deal disguises a hole in Shell’s financial projections and the dividend is not sustainable. Shell shares have slumped by 14%. sort of yield may not come again. FULL FT ARTICLE:  5 June 2015 (WITH WORKING LINKS) Like this:Like Loading…

Fat Cat Shell Boss Urges UK to Stay in EU

Shell CEO urges Britain to remain in European Union Shell CEO Ben van Buerden is the latest business leader to voice his views on a possible ‘Brexit’ By Andrew Critchlow in Vienna: 04 Jun 2015 Britain should stay in Europe, the head of the UK’s largest publicly listed company Royal Dutch Shell has said as a […]

Shell, BP Openly Admit Iran Interest on Possible Atomic Deal

Article by Javier Blas and Angelina Rascouet published 3 June 2015  by Bloomberg.com European oil majors are for the first time openly declaring interest in Iran in anticipation of a possible end to sanctions against the country over its nuclear program. Leaders of Royal Dutch Shell Plc, BP Plc and Total SA all said Wednesday they were ready […]

Decline of North Sea Oil Fields Forces Political Shifts in Britain

Article by STANLEY REED published JUNE 2, 2015 by The New York Times Decline of North Sea Oil Fields Forces Political Shifts in Britain ABERDEEN, Scotland — For the oil industry, the decline of the North Sea fields is part of a global challenge. But for Britain, it is also a political problem. The British government, […]

Big Oil’s Plan to Become Big Gas

Article by Rakteem Katakey published 2 June 2015 by Bloomberg.com Shell CEO Ben Van Beurden…. said his company has changed from “an oil-and-gas company to a gas-and-oil company.” Oil companies that have pumped trillions of barrels of crude from the ground are now saying the future is in their other main product: natural gas, a fuel they’re […]

European Big Oil Opens Schism on Climate With U.S. Rivals

Article by Tara Patel and Javier Blas published 1 June 2015 by Bloomberg.com  The heads of Europe’s largest oil and gas companies joined together for the first time to call for governments to agree on carbon pricing at a United Nations climate summit, opening a schism with their American rivals. “It’s clear that the subject isn’t viewed in the […]

Shell and BP call for international carbon pricing deal

Oil majors are pushing for scheme to limit emissions as they face growing criticism surrounding global warming By Andrew Critchlow, Commodities editor: 01 Jun 2015 Europe’s biggest oil companies, including Royal Dutch Shell and BP, have written an open letter calling for a binding global system of carbon trading in a bid to head off climate […]

Royal Dutch Shell, BP plc Seek UN Support Over Carbon Pricing

By: MICHEAL KAUFMAN: Published: Jun 1, 2015 Major oil exploration and production companies in Europe are coming together to seek the United Nations’ support for the first time, in putting forward a plan that will apply brakes to global warming. As pressure mounts on oil companies over concerns of climate change, company executives have moved […]

Shell sought to influence direction of Science Museum climate programme

“These emails reveal that the Science Museum is a significant cog in Shell’s propaganda machine…”  Terry Macalister: Sunday 31 May 2015  “These emails reveal that the Science Museum is a significant cog in Shell’s propaganda machine,” said Chris Garrard, from the anti-oil sponsorship campaign group BP or not BP? FULL ARTICLE Like this:Like Loading…

Could Shares In BP plc And Royal Dutch Shell Plc Collapse By More Than A Third?!

By Royston Wild – Friday, 29 May, 2015 “In my opinion both stocks are in danger of a severe share price collapse as the oil market outlook becomes ever gloomier.” Shares across much of the oil sector have received a massive fillip in recent months in line with a recovery in the crude oil price. […]

No Shell Arctic Oil Until 2030’s

By: MICHEAL KAUFMAN: Published: May 26, 2015  Royal Dutch Shell Plc’s (ADR) (NYSE:RDS.A) head of oil and gas production in Americas, Marvin Odum has told the Financial Times (FT) in an interview that the company’s Arctic drilling operations would take at least a decade to extract oil reserves, which would then be sent to production. The […]

Big Data In Big Oil: How Shell Uses Analytics To Drive Business Success

By Bernard Marr:  26 May 2015 The oil and gas industries are facing major challenges – the costs of extraction are rising and the turbulent state of international politics adds to the difficulties of exploration and drilling for new reserves. In the face of big problems, its key players are turning to Big Data in the hope […]

Oil company bosses’ bonuses linked to $1tn spending on extracting fossil fuels

Bosses at the world’s big five oil companies have been showered with bonus payouts linked to a $1tn (£650bn) crescendo of spending on fossil fuel exploration and extraction over nine years, according to Guardian analysis of company reports. FULL ARTICLE Like this:Like Loading…

Out to Stop Shell’s Giant Oil Rig

Extracts from a Rolling Stone article by ANTONIA JUHASZ published 22 May 2015 Meet the Rappers and ‘Kayaktivists’ Out to Stop Shell’s Giant Oil Rig …several hundred people trying to disrupt business as usual for the world’s largest oil company… Their target, Royal Dutch Shell’s 400-foot-long, 300-foot-tall offshore oil rig, dubbed the Polar Pioneer, was just out […]

Royal Dutch Shell, BP plc Oppose New European Oil Trading Regulations

By: MICHEAL KAUFMAN: Published: May 21, 2015  Royal Dutch Shell plc (ADR) (NYSE:RDS.A) has sided with oil rival BP plc (ADR) (NYSE:BP) in calling on European regulators to step back from enforcing tougher new capital requirements and increased disclosure measures pertaining to oil trading. The Markets in Financial Instruments Directive or Mifid II regulations are being […]

Oil Price Fixing

FROM A REGULAR CONTRIBUTOR Campaigns by or on behalf of Shell It’s interesting that we have campaigns (one fronted by BP, but backed by Shell, and the other fronted by Shell’s lawyers, de Brauw) which will have the effect of avoiding regulation of oil trading activities, and will also decriminalise fraud for companies in Holland. […]

Shell joins BP in calls against excessive oil trading regulation

May 20 2015 | By: Carl Surran, SA News Editor Shell joins BP in calls against excessive oil trading regulation Royal Dutch Shell (RDS.A, RDS.B) joins BP in calling on European regulators to refrain from imposing stricter capital requirements and greater disclosure measures on oil trading. Regulators would achieve undesired effects if companies and trading […]

Environmentalists score a little discussed big win in Arctic drilling plans

May 19 2015, 14:48 ET | By: Carl Surran, SA News Editor Environmentalists score a little discussed big win in Arctic drilling plans Environmentalists angered by the Obama administration’s approval of Royal Dutch Shell’s (RDS.A, RDS.B) broad plan for boring exploratory oil wells in the Chukchi Sea seem to have overlooked that they scored a […]

Energy groups ax $100B in total spending after oil rout

Article by: Carl Surran, SA News Editor, Seeking Alpha: 18 May 2015 Energy groups ax $100B in total spending after oil rout More than $100B of spending on at least 26 major projects by the world’s energy companies has been slowed, postponed or canceled in the wake of plunging oil prices, including Royal Dutch Shell […]

Oil Company Spooks: BP Appoints Britain’s Former Chief Spy to Board

14 MAY 2015 BP Plc, the former state-owned oil company with operations from Russia to Iraq, appointed the retired chief of Britain’s overseas spying network as a board member. John Sawers was head of the MI6 service until November 2014. Oil company involvement with spies is nothing new.  On 17 June 2001, The Sunday Times published […]

Shell braves a return to its Arctic ordeals: But, with oil at such a low price, why now?

By LAURA CHESTERS FOR THE DAILY MAIL: 13 May 2015 New Year’s Eve 2012 is a date Lieutenant Commander Jim Cooley will never forget. As part of the rescue team from the US Coast Guard he flew out in treacherous, stormy conditions to rescue 18 men aboard Royal Dutch Shell’s stranded Kulluk oil rig. Earlier that […]

Shell cuts 2015 capex, sees downstream downturn

Shell cuts 2015 capex, sees downstream downturn London (Platts)–30 Apr 2015 * Capex reduced by more than $2 billion * Decision on Majnoon development pushed back to 2017 * CFO says refining margins already worsening Shell said Thursday it had reduced its expected 2015 capital expenditure to $33 billion from previous guidance of a little […]

Shell profits beat expectations on refining boost

Shell profits beat expectations on refining boost: Business | Thu Apr 30, 2015 7:26am BST (Reuters) – Royal Dutch Shell on Thursday reported a lower than expected 56 percent drop in first quarter net income at $3.2 billion (2 billion pounds), as refining and trading profits offset a decline in earnings from oil and gas […]

Shell’s Shocking Share of the Groningen Earthquake Costs

Shell’s Shocking Share of the Groningen Earthquake Costs By a Regular Contributor The Dutch government does not seem to be very pleased with Shell: it’s action to reverse the burden of proof in Groningen cases seems to imply that Shell cannot be trusted… For each of the 250,000 potential claimants to take Shell to court […]

Can Shell Afford To Drill In The Arctic?

By Charles Kennedy: Wed, 29 April 2015 How can Shell possibly finance the purchase of BG? Royal Dutch Shell is set to report its first quarter earnings, and by all accounts, it will be a doozy. Analysts predict a 60 percent decline in earnings from a year earlier, including a massive 7 percent fall in production. […]

Shell Accused Of Misleading Its Shareholders About The Risks Of Arctic Drilling

BY ELISE SHULMAN — GUEST CONTRIBUTOR POSTED 29 APRIL 2015 on thinkprogress.org Shell Accused Of Misleading Its Shareholders About The Risks Of Arctic Drilling If Royal Dutch Shell’s Arctic drilling program leads to a major spill, it could cost the oil company — and therefore its shareholders — an entire year’s worth of profit, according […]