Exxon Mobil – Royal Dutch Shell Plc .com http://royaldutchshellplc.com News and information on Royal Dutch Shell Plc Sat, 24 Feb 2018 09:51:21 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.4 https://i0.wp.com/royaldutchshellplc.com/wp-content/uploads/2017/04/cropped-Screen-Shot-2017-03-31-at-15.44.47.jpg?fit=32%2C32 Exxon Mobil – Royal Dutch Shell Plc .com http://royaldutchshellplc.com 32 32 4172002 In the deepwater versus shale oil contest, Shell backs both http://royaldutchshellplc.com/2018/02/20/in-the-deepwater-versus-shale-oil-contest-shell-backs-both/ http://royaldutchshellplc.com/2018/02/20/in-the-deepwater-versus-shale-oil-contest-shell-backs-both/#respond Tue, 20 Feb 2018 15:28:53 +0000 http://royaldutchshellplc.com/?p=95748 In the deepwater versus shale oil contest, Shell backs both was first posted on February 20, 2018 at 4:28 pm.
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Shell’s deepwater production in Brazil, Nigeria, the Gulf of Mexico is much bigger and more profitable, but the firm sees the nimble, fast-returns U.S. onshore shale as an engine for growth.

“We can see strong (shale) production growth, strong cash surpluses that gives us a balance in our portfolio where you can ramp investment up and down, you can moderate that, very unlike deepwater which is quite chunky,” Andy Brown told Reuters in an interview on the sidelines of the IP Week conference.

“They sit nicely together in a portfolio.”

Now, mammoth deepwater projects and smaller shale fields both compete for Shell’s tightly-controlled capital and could generate profits with oil as low as $40 a barrel, Brown said.

Benchmark Brent crude LCOc1 is now trading at about $65, up from below $30 at the start of 2016.

Following Shell’s $54 billion acquisition of BG Group in 2016, the Anglo-Dutch company became a major player in deep water, which is set to produce 900,000 barrels of oil equivalent per day (boed) by the end of the decade, roughly a fifth of Shell’s total output. Today, it produces about 750,000 boed.

Shell made its deepwater goals clear when it swept up nearly half the Gulf of Mexico oil and gas blocks awarded in a Mexican auction in January, months after picking up Brazilian blocks.

The offshore business was set to generate $6 billion to $7 billion a year in free cash flow in the next three years, roughly a quarter of Shell’s total free cash flow, Brown said.

“The aim is to get it (the cash generation) and sustain it through the next decade,” he said.

Shell aimed to approve several new deepwater developments this year, including Vito in the U.S. Gulf of Mexico and Bonga Southwest in Nigeria, he said, adding it would also work on plans to develop its Gulf of Mexico Whale discovery.

Brown has overseen a sharp reduction in development costs in recent years with the help of new technology and by simplifying designs to make projects profitable at lower oil prices.

But Shell, along with others such as Exxon Mobil (XOM.N) and Chevron (CVX.N), has invested heavily in the shale businesses, lured by lower development costs and quicker start up.

Shell still did not generate a profit from its shale activities, much of it focused in the Permian basin in west Texas and New Mexico, but aimed to break even by 2019, a year earlier than originally planned, Brown said.

“We had an ambition to get cash flow positive in 2020, we accelerated that to 2019. There are circumstances we can be cash flow positive this year,” Brown said.

Shell would increase its shale output to 200,000 barrels of oil equivalent per day (boed) by 2020, he added.

Reporting by Ron Bousso and Dmitry Zhdannikov; Editing by Edmund Blair

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In the deepwater versus shale oil contest, Shell backs both was first posted on February 20, 2018 at 4:28 pm.
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Global dividends hit record of $1.25 trillion in 2017, more to come http://royaldutchshellplc.com/2018/02/19/global-dividends-hit-record-of-1-25-trillion-in-2017-more-to-come/ http://royaldutchshellplc.com/2018/02/19/global-dividends-hit-record-of-1-25-trillion-in-2017-more-to-come/#respond Mon, 19 Feb 2018 14:54:23 +0000 http://royaldutchshellplc.com/?p=95741 Global dividends hit record of $1.25 trillion in 2017, more to come was first posted on February 19, 2018 at 3:54 pm.
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Royal Dutch Shell kept its position as the world’s biggest dividend payer

Danilo Mason: FEBRUARY 19, 2018

MILAN (Reuters) – Global dividends rose 7.7 percent to an all-time high of $1.25 trillion (1 trillion euros) last year boosted by a buoyant world economy and rising corporate confidence, Janus Henderson (JHG.N) said on Monday, predicting another record year ahead.  Royal Dutch Shell (RDSa.L) kept its position as the world’s biggest dividend payer. China Mobile (0941.HK) rose to second from 19th last year and was followed by Exxon Mobil (XOM.N), Apple (AAPL.O) and Microsoft (MSFT.O), the report said.

FULL ARTICLE

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Big Oil’s Global Warming Case Could Hinge on Jurisdiction http://royaldutchshellplc.com/2018/02/17/95728/ http://royaldutchshellplc.com/2018/02/17/95728/#respond Sat, 17 Feb 2018 13:19:55 +0000 http://royaldutchshellplc.com/?p=95728 Big Oil’s Global Warming Case Could Hinge on Jurisdiction was first posted on February 17, 2018 at 2:19 pm.
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Borrowing from the playbook that won multibillion-dollar awards against Big Tobacco, five California cities and counties sued the oil giants last year, claiming they deceived the public for decades about the dangers of fossil fuel production.

 

SAN FRANCISCO (CN) — The fate of five lawsuits seeking to hold the world’s biggest oil companies liable for global climate change hinges on a murky jurisdictional question that could get some cases booted out of federal court.

For the past eight days, attorneys for more than a dozen oil companies urged two federal judges not to send lawsuits against them back to state court, where five California cities and counties sued Big Oil last year.

“The extraordinary nature of these claims encompasses conduct across the globe,” the oil companies’ attorney Theodore Boutrous said in court Thursday. “We think the federal courts need to hear this, because it’s uniquely federal.”

Borrowing from the playbook that won multibillion-dollar awards against Big Tobacco, five California cities and counties sued the oil giants last year, claiming they deceived the public for decades about the dangers of fossil fuel production.

San Mateo and Marin Counties, along with the city of Imperial Beach in San Diego County, were the first localities to sue the oil giants in July 2017. Oakland and San Francisco followed up in September 2017, suing the oil giants on behalf of the people of California. The lawsuits were removed from state court to federal court last year.

The defendants include BP, Chevron, ConocoPhillips, Exxon Mobil and Royal Dutch Shell and others.

Oakland and San Francisco last week asked U.S. District Judge William Alsup to send their lawsuits back to state court. The cities and counties say the cases belong in a state venue because only state law claims, primarily public nuisance, are alleged in their complaints.

On Thursday, another federal judge, Vince Chhabria, heard the same arguments from San Mateo, Marin and Imperial Beach.

During both hearings, Boutrous argued that because the oil companies’ alleged misconduct is national and international in scope, the cases belong in federal court.

“They’re seeking to regulate national and international speech,” Boutrous told Alsup on Feb. 7. “California cannot do that. State law cannot do that. That’s why federal law, if anything, would govern the alleged misrepresentations.”

Boutrous said the state law claims are preempted by federal common law and federal statutes, such as the Clean Air Act.

But Victor Sher, representing the municipalities, said the plaintiffs are not trying to regulate speech or emissions. Rather, they want compensation to cover the costs of sea walls and other projects needed to combat the consequences of climate change.

“These are not cases that seek to regulate emissions,” Sher said in court Thursday.

When asked in an interview why the oil companies are so determined to keep these cases out of state court, University of San Francisco law professor Alice Kaswan suggested the oil giants probably believe a federal judge is more likely to rule in their favor on federal preemption.

“It’s possible the oil companies think it’s more likely the federal courts will find state law is preempted or find another reason the courts don’t have jurisdiction over the case,” Kaswan said.

She added that state court judges tend to be more familiar with state common law claims, including public nuisance claims. State judges might be viewed as more willing to wade into the intricacies of state common law, which is based on judicial precedent rather than written statutes, she said.

“Federal courts may be more resistant to making determinations based purely on judge-made law,” Kaswan said. “State courts may be somewhat more comfortable playing that role, and perhaps less likely to boot the cases out of court.”

The 2011 Supreme Court ruling in American Electric Power Company v. Connecticut held that corporations cannot be sued for greenhouse gas emissions under federal common law because the Clean Air Act preempts federal common law claims.

But that ruling left open the question of whether the Clean Air Act also preempts state common law claims for harms caused by greenhouse gas emissions, Kaswan said.

On the issue of state versus federal jurisdiction, the two federal judges grappling with that question hinted that they could issue divergent opinions on the subject.

Last week, Alsup suggested that remanding the cases to state court could lead to a hodgepodge of litigation with vastly different outcomes, depending on each state’s public nuisance law.

“I have a concern,” Alsup said. “If we allow this case to go to state court, then all 50 states could have their own version of this case, and the results might be different from state to state, depending on how their law is written for nuisance.”

But Chhabria said Thursday that the oil companies’ argument was based on the seemingly unsupported position that state court judges cannot resolve questions of federal preemption.

“The big part of your presentation is an assumption that the state court system is not capable of fairly adjudicating a question of federal preemption,” Chhabria said.

If the litigation does advance beyond issues of jurisdiction and federal preemption, Kaswan said, the plaintiffs will face another daunting challenge: proving that the oil companies’ conduct caused or substantially contributed to climate change and rising sea levels.

“I do think there will be a lot of interesting questions about causation and proximate causation — if there’s some link, and if it’s enough of a link in that context,” Kaswan said. “Those will be very difficult questions.”

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Dutch residents lose patience after years of tremors http://royaldutchshellplc.com/2018/02/15/dutch-residents-lose-patience-after-years-of-tremors/ http://royaldutchshellplc.com/2018/02/15/dutch-residents-lose-patience-after-years-of-tremors/#respond Thu, 15 Feb 2018 09:19:52 +0000 http://royaldutchshellplc.com/?p=95692 Dutch residents lose patience after years of tremors was first posted on February 15, 2018 at 10:19 am.
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Big Oil takes stage for post-austerity beauty contest http://royaldutchshellplc.com/2018/02/12/big-oil-takes-stage-for-post-austerity-beauty-contest/ http://royaldutchshellplc.com/2018/02/12/big-oil-takes-stage-for-post-austerity-beauty-contest/#respond Mon, 12 Feb 2018 10:07:53 +0000 http://royaldutchshellplc.com/?p=95631 Big Oil takes stage for post-austerity beauty contest was first posted on February 12, 2018 at 11:07 am.
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Ron Bousso: 12 FEB 2018

LONDON (Reuters) – With years of austerity in their rear-view mirrors, the world’s biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards. Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company, has largely disappointed with a weaker outlook. FULL ARTICLE

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