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The Oil Price Tug Of War

By Tom Kool – Aug 15, 2017, 3:00 PM CDT

Oil prices remain in a game of tug of war as conflicting news sends both the bears and the bulls to the sidelines.

• In 2015, the U.S. spent the least on energy in over a decade, largely due to the collapse of oil prices.

• In real terms, the U.S. spent $1.27 trillion on energy in 2015, down 20 percent from a year earlier.

• In inflation-adjusted terms, as well as in terms of percentage of GDP, the expenditures were the lowest since 2004.

SOURCE

The Secret Behind Better Oil Major Earnings

By Gregory Brew – Aug 02, 2017, 6:00 PM CDT

After several years of austerity and belt-tightening, the major international oil companies posted substantial profits in Q2 of 2017. The five largest private oil companies together generated more than $30 billion in profit, an indication that most have successfully adapted to the current bout of low prices, while a few have publicly indicated their belief that prices will hover around $50 for the foreseeable future.

What this means is that the “mega projects” that dominated many companies’ balance sheets for the last decade will become increasingly rare, as the majors pivot towards short-term, low-risk ventures with a faster turnaround. read more

Oil Companies at Last See Path to Profits After Painful Spell

ABERDEEN, Scotland — This port city built of granite on the North Sea has taken a battering in recent years. Plunging oil prices hit the petroleum industry, which dominates the economy. Tens of thousands of jobs were slashed. Projects worth billions of dollars were sent back to the drawing board. Oil executives here now speak with a relief similar to survivors of a fierce storm. When oil prices fell, the industry scrambled to adjust. It initially relied on tried-and-true tactics: cutting jobs and investment. But then companies realized they had to go further, starting a far-reaching reworking of their businesses to embrace new technologies and construction methods to stretch each dollar just a little more. The result has been drastically lower operating costs and higher cash flows. Learning to live in a weaker oil price environment gives them upside if prices firm up. This shift was borne out in recent days as major oil companies, including Chevron, Exxon Mobil, Royal Dutch Shelland Total, reported much healthier results. FULL ARTICLE read more

LNG possibility lives on, even after death of Pacific NorthWest LNG

And two other large global energy players with regulatory approval from the B.C. and Canadian governments say they are trying to position themselves to be ready to make a decision on building their own billions-of-dollars of mega-projects in northwest B.C. to coincide with increased demand they forecast could kick in by the middle of next decade. Those projects are LNG Canada led by Royal Dutch Shell plc and Kitimat LNG, a 50-50 venture of Chevron and Australian-based Woodside Energy. read more

Shell Profits Triple on Stronger Refining, Oil Prices

Shell CEO Ben van Beurden

LONDON — Royal Dutch Shell more than tripled its profits in the second quarter to beat forecasts boosted by strong refining operations and a rise in oil prices. The Anglo-Dutch oil and gas company also reported a huge recovery in cash flow to $12.2 billion and a drop in debt as its cost reduction efforts in recent years paid off. It has sold some $25 billion of assets since acquiring BG Group last year. The strong results came despite a dip in oil and gas production versus the previous quarter as a result of reduced output from a facility in Qatar. “The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control,” Chief Executive Ben van Beurden said. READ MORE read more

After false dawn, Big Oil to double down on cost cuts

The majors, often dubbed Big Oil, have already been through tough spending cuts since a collapse in crude prices since mid-2014 from above $100. They have shed thousands of jobs, scrapped projects, sold assets and squeezed service costs.

FULL ARTICLE

Oil Thieves Force Nigerian Pumping Station To Shutter

Oil thieves are bringing Nigerian crude oil pumping stations to their knees, according to a new report from World Oil.

FULL ARTICLE

Lawsuits rise against Big Oil

17 July 2017: …filed lawsuits Monday against 37 oil, gas and coal companies, accusing them of ramping up extraction of fossil fuels for decades even though they knew the resulting carbon pollution would have devastating effects on the planet. READ MORE

Shell News 17 July 2017

Shell to operate fast charging at selected Shell stations in the Netherlands and in the United Kingdom: Automotive World: 17 July 2017 read more

Shell News 12 July 2017

Oil Majors Face Ratings Cuts Amid Weak Recovery, S&P Global Says: Bloomberg 12 July 2017

Exxon Mobil Corp., Chevron Corp. and other oil majors could see their credit ratings slashed again if they fail to cut costs and reduce their growing debt loads in the next year, according to an S&P Global Ratings report. READ MORE

Shell and other supermajors say ‘no plans’ for return of Super Pumas: EnergyVoice.com: 12 July 2017

The Anglo Dutch giant has confirmed that the aircraft, which were subject to a lengthy grounding following a fatal crash off Norway last year, does not feature in the future of the firm’s UK operations despite aviation watchdogs making moves to lift the flight ban. READ MORE read more

Shell News Update 5 July 2017

Qatar signals LNG price war for market share in Asia: Reuters: 5 July 2017

U.S. and European oil majors such as Royal Dutch Shell and Chevron have invested huge sums over the last decade – often more than they have spent on oil – in an attempt to dominate the LNG market, especially through mega-projects in Australia such as Chevron’s Gorgon or Shell’s Prelude.

Oil majors lost $115 billion in market value since April: OilPrice.com: 5 July 2017

ExxonMobil, Chevron, Total, Royal Dutch Shell, and British Petroleum are the five biggest players on the index, which includes 85 other majors. Together, they have lost $115 billion in market value since the beginning of April, Bloomberg reports, according to World Oil. read more

Further Shell News Update 27 June 2017

Canada M&A Hits Decade-High as Foreign Owners Flee Oil Sands: Bloomberg: 27 June 2017

Mergers and acquisitions in Canada are set for the strongest start in a decade as foreigners sell their oil sands investments. ConocoPhillips and Royal Dutch Shell Plc are leading the exodus amid a bear market for crude.

Big Oil: Surviving at $40, Thriving at $60: Barron’s: 26 June 2017

The price of oil is rising today, but that hasn’t helped oil stocks like ExxonMobil (XOM), Chevron (CVX), Total (TOT), and Royal Dutch Shell (RDS.A), which remain little changed or under pressure. We expect companies to continue pulling on all operational and financial levers in order to adjust to the oil price reality… read more

Shell News Update 27 June 2017

Shell CEO, board of directors visit Beaver County: The Times: 27 June 2017

The chief executive officer and a majority of the board of directors of Royal Dutch Shell were in Beaver County Monday to view the ethane cracker plant site, but also to talk to local leaders about their experiences with the $6 billion project.

Shell in clean energy race: The Business Times: 27 June 017

ROYAL Dutch Shell aims to be a leader in clean energy and sees an opportunity in using its global presence and established brand to scale up the new energies business quickly as and when. The second largest-publicly traded oil company in the world also plans on establishing itself across the full value chain of renewables and alternative energies as it has done for oil, said a senior executive in the firm. read more

New Shell finance boss says North Sea remains important to oil and gas giant

MARK WILLIAMSON: 5 MAY 2017

ROYAL Dutch Shell’s new finance chief has said the company will continue to invest in the North Sea where it is making good returns but declined to rule out selling off more UK assets.

Speaking after Shell posted a 140 per cent increase in first quarter profits, Jessica Uhl said the North Sea remains important to the firm although rationalisation moves will leave it with a much reduced presence in the area.

The oil and gas giant agreed in January to sell a portfolio of mature assets which account for around half its UK production to Chrysaor for up to $3.8 billion. read more

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. read more

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. read more

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