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Posts under ‘Business Week’

Phillips 66, Shell Purchase Majority of U.S. Reserve Oil Sale

Extracts from an article by Dan Murtaugh published 17 March 2014 by BloombergBusinessweek Phillips 66 and Royal Dutch Shell Plc walked away with about 3.3 million barrels of the 5 million that the Energy Department sold in what will be the first release from the U.S. Strategic Petroleum Reserve since 2012. Phillips 66 purchased 2.04 […]

Seplat Sees No Oil Theft in Nigeria, Where Shell Lost $1 Billion

Extracts from a Bloomberg article by Eduard Gismatullin published on 14 March 2014 Seplat Petroleum Development Co., the Nigerian oil producer raising $500 million from investors, said it had “absolutely no” theft in Nigeria, where Royal Dutch Shell Plc lost almost $1 billion due to sabotage in 2013. Seplat in July 2010 bought three licenses […]

Glencore-Macquarie Said to Exit Race for Shell Australia Assets

By Brett Foley, Andy Hoffman and Jesse Riseborough: February 12, 2014 Macquarie Group Ltd. (MQG) and Glencore Xstrata Plc (GLEN) dropped out of bidding for Royal Dutch Shell Plc (RDSA)’s Australian oil refinery and filling stations, according to four people with knowledge of the matter. The assets Shell is selling include storage terminals, filling stations […]

BP Fourth-Quarter Profit Drops

By Brian Swint February 04, 2014 BP follows Royal Dutch Shell Plc (RDSA) and Exxon Mobil Corp., the two biggest oil companies by market value, in reporting lower earnings as the cost of drilling rises, refining profits slump and oil prices stagnate. Shell and BG Group Plc (BG/) both issued profit warnings for the fourth […]

Shell Said to Seek Buyers for $1 Billion Stake in Ho-Ho Pipeline

Royal Dutch Shell Plc (RDSA) is seeking to sell a stake in its Houston-to-Houma crude oil pipeline, which Europe’s largest oil company recently reversed and renamed, people familiar with the matter said. Shell is working with Barclays Plc (BARC) to solicit offers for a stake of as much as $1 billion…  Shell on Jan. 17 […]

Alaska Coastal Oil Drilling Challenge Revived by U.S. Court

Alaskan coastal drilling by oil companies including ConocoPhillips (COP:US) and Royal Dutch Shell Plc (RDSA) may be further delayed after a U.S. court revived conservation group claims that the government acted illegally in opening almost 30 million acres on the continental shelf to energy exploration. By Karen Gullo January 22, 2014 Alaskan coastal drilling by […]

Shell Profit Slumps

By Brian Swint and Eduard Gismatullin Friday January 17, 2014 Royal Dutch Shell Plc (RDSA) said profit plunged because of deteriorating refining markets and mounting losses in the Americas, surprising investors with an early earnings report that wiped out $10 billion in shareholder value. “It’s a shock,” Jason Kenney, an analyst at Banco Santander SA […]

Highlights of Marcellus Shale news in 2013

The biggest question mark for 2014 is whether Shell Oil Co. will continue to explore the possibility of building a huge natural gas processing plant in western Pennsylvania. In March 2012, Shell chose a possible site about 35 miles north of Pittsburgh for the so-called ethane cracking, or cracker, plant. Shell’s option to buy the […]

Oil Probe Document Disclosure Won’t Be Delayed

Crude oil traders including Morgan Stanley and Royal Dutch Shell Plc lost a bid to temporarily block disclosure of millions of trading records and other documents from a six-year U.S. probe while an appeals court hears the case. The files include e-mails, depositions, trading records and audio files. By Bob Van Voris: December 10, 2013 […]

Raizen Energia Ethanol Sales Hurt by U.S. Cuts: Corporate Brazil

By Stephan Nielsen and Lucia Kassai December 04, 2013 Raizen Energia SA, Brazil’s biggest ethanol exporter, is the sugar-cane processor most at risk from a U.S. plan to cut biofuel mandates, threatening the South American country’s $6.4 billion export market. The joint venture between oil producer Royal Dutch Shell Plc (RDSA) and Cosan SA Industria […]

Canada’s Tar Sands Oil Boom Yields Toxic Wastewater Lakes

Companies including Syncrude Canada, Royal Dutch Shell and ExxonMobil affiliate Imperial Oil are running out of room to store the contaminated water that is a byproduct of the process used to turn bitumen—a highly viscous form of petroleum—into diesel and other fuels. By 2022 they will be producing so much of the stuff that a […]

Shell’s LNG-Producing Monster Ship, Prelude

By Jacob Adelman and Eduard Gismatullin November 14, 2013 On Geoje Island, off the coast of South Korea, as many as 5,000 workers have been building the largest vessel ever constructed. With a deck the size of seven football fields and containing three times as much steel as the Golden Gate Bridge, the Prelude will […]

Platts System Could Be ‘Prone’ to Collusion, EU Official Says

Platts’s oil-price reporting system “could be prone to collusion or distortion,” according to the European Union official in charge of the benchmark probe that led to raids on the premises of BP Plc, Royal Dutch Shell Plc and Statoil ASA. The EU probe is still examining two areas of concern — abuse of dominance and unlawful […]

Shell Said to Seek $6 Billion Credit Line Amid Lower Loan Costs

Jonathan French, a London-based spokesman for Shell, confirmed the company’s existing credit line expires in 2015. He declined to comment on the new debt facility. By Stephen Morris November 14, 2013 Royal Dutch Shell Plc (RDSA) is seeking a $6 billion credit line to replace an existing loan as banks cut borrowing costs for Europe’s […]