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Posts under ‘BP’

Shell in the firing line over boss pay

Jillian Ambrose

Investors to press Shell over climate pay policy small print

By Ron Bousso

LONDON, May 17 (Reuters) – Investors are pushing oil giant Royal Dutch Shell to explain the finer details of its plan to link executives’ bonus pay to lowering carbon emissions, urging more transparency as the world shifts away from fossil fuels.

Shell was hailed by investors as a pioneer among the world’s biggest fossil fuel producers when it announced the policy to tie 10 percent of executives bonuses to cutting greenhouse gas emissions, which will be voted on at a May 23 annual general meeting in the Hague.

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Pressure on BP and Shell over executive pay

FROM “PROFESSIONAL PENSIONS.COM

MONDAY 8 MAY 2017:

“This is the first time in three years that investors in BP and Shell have a binding vote on remuneration for executive directors.” 

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Oil price surge set to lead Shell and BP to big profit jumps this week

Oil price surge set to lead Shell and BP to big profit jumps this week

Jillian Ambrose

Shell and BP are preparing to bask in the benefit of the recent oil price surge with big profit jumps helping to draw a line under years of ferocious cost cutting. On Tuesday Shell is expected to unveil profit of just above $3bn after a loss of $460m in the same quarter last year, using the oil industry’s standard ‘current cost of supplies’ measure.

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SHELL NEWS UPDATE TUESDAY 4 APRIL 2017

Shell Confirms More Than 200 Workers to be Cut from Norwegian Operations: RIGZONE

Royal Dutch Shell plc has confirmed that more than 200 workers will be cut from its Norwegian operations.

Petronas May Consider Shell Site for Canadian LNG Project: BLOOMBERG

Malaysia’s Petroliam Nasional Bhd may be looking at building a $27 billion liquefied natural gas export terminal in northwestern Canada on the site of an abandoned Royal Dutch Shell Plc energy project, according to the company’s chief executive officer.

Despite cuts to jobs, spending, oil giants fail to cover costs: AUSTRALIAN BUSINESS REVIEW

The world’s biggest oil companies are struggling just to break even. Despite billions of dollars in spending cuts and a modest oil price rebound, ExxonMobil, Royal Dutch Shell, Chevron and BP didn’t make enough money last year to cover costs, according to a Wall Street Journal analysis.

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Shell News Monday 3 April 2017

Shell withdraws from Kakinada gas project: Business Standard

European oil and gas company Royal Dutch Shell has decided to discontinue its earlier proposal for a floating liquefied natural gas (LNG) import terminal off the Kakinada coast in Andhra Pradesh. The company said ample research had showed lack of adequate demand for liquid gas. “We have put a pause on that project. We worked closely with our partners and engineers and took it to the point where our engineering work was done and we were ready to go. We looked around (but) there was not enough demand. We cannot just spend hundreds of millions and do nothing.

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SHELL AND BP LIQUIDATING THEMSELVES

SHELL NEWS UPDATE 30 MARCH 2017

Trump’s climate change executive order won’t change coal’s fortunes, Shell chair says: CNBC

EXTRACT: President Donald Trump‘s effort to roll back Obama-era climate change policies will not do much to improve demand for coal at America’s power plants, Royal Dutch Shell Chairman Chad Holliday said Thursday.

FT: Shell’s top oil trader defends North Sea Brent activity: Seeking Alpha

EXTRACT: Royal Dutch Shell’s (RDS.A, RDS.B) VP of crude oil trading is out with a strong defense against accusations that the company’s activity in the North S
ea crude market has skewed the benchmark Brent contract that underpins global oil prices.

Big Oil Vows to Keep Dividends Up as Prices Falter: Bloomberg.com

EXTRACT: “BP and Royal Dutch Shell have unsustainable dividends,” Neil Woodford, head of investment at Woodford Investment Management Ltd. who manages about $20 billion, wrote in a blog.

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BP buys, while Shell sells: a recap of recent deal making by the majors

Written by Mark Lammey – 20/12/2016 6:00 am

While Shell has been selling assets to make good on its $30billion divestment plan for 2016-18, BP has flashed the cash with a number of big investments.

Shell said yesterday that it had raised $1.65billion (£1.33billion) in asset sales, while rival oil major BP has revealed plans to invest heavily on African licences.

Shell will make $1.4billion from the sale of a 31.2% stake in refiner Showa Shell Sekiyu to Japan’s Idemitsu Kosan, the firm said yesterday.

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Oil stocks surge, BP and Shell both climb on back of OPEC pact

Written by Reporter – 12/12/2016 1:20 pm

Oil stocks topped the FTSE 100 on Monday after non-Opec producers agreed to curb production to help buoy floundering crude prices.

The UK’s blue chip index was down 0.1% at around 6946.53 points, but Royal Dutch Shell’s ’B’ shares rose 3% and BP jumped 2.4%.

Away from the top tier, Tullow Oil soared 9.6% and Premier Oil surged 9.9%.

Sterling was flat against the dollar at 1.256, but down 0.3% against the euro at 1.187.

Brent crude prices climbed more than 5% to around 57.03 US dollars per barrel (£45.33) in early trading, marking its highest level since July 2015.

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Opec bends the markets

screen-shot-2016-12-03-at-08-16-41By Ed Crooks, December 2, 2016

In 451 CE, the great Roman general Flavius Aetius rallied a motley army of imperial troops and barbarian allies, and halted the advance of Attila’s Huns at the Catalaunian Plains in Gaul, buying the empire some time and temporarily interrupting its long-term decline. This week’s Opec meeting in Vienna had something of the same feel about it.

Opec’s power peaked in the 1970s, and the US shale oil revolution of the past half-decade has threatened to consign the cartel’s influence to history. But by agreeing a deal to cut production on Wednesday, the Opec ministers showed that if they all acted together they could still bend the oil markets to their will, at least for a while.

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Opec cuts neither dead nor alive

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By Ed Crooks November 28, 2016

Opec’s possible production cut is the oil market equivalent of Schrödinger’s cat: neither dead nor alive. When they met in Algiers in late September, Opec ministers agreed the need to reduce output, but left the allocation of the cuts between individual members to be finalised later. If they cannot agree on that, the deal will die. At their meeting in Vienna on Wednesday, the ministers will have to open the box, and we will find out whether or not the agreement is still breathing.

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