Royal Dutch Shell Plc  .com Rotating Header Image

Posts under ‘Exxon Mobil’

Nigeria reaches a deal to pay $5.1 billion in unpaid bills to oil majors – minister

screen-shot-2016-11-14-at-10-17-26

screen-shot-2016-11-17-at-21-03-34

By Felix Onuah

Nov 17 Nigeria has reached a deal to pay $5.1 billion in unpaid bills to oil majors including Royal Dutch Shell and Exxon Mobil, the minister of state for oil said on Thursday.

The Nigerian National Petroleum Corporation (NNPC), the OPEC member’s state oil firm, has amassed a total of $6.8 billion in unpaid bills up to December 2015, so-called cash calls, that it was obliged to pay under joint ventures with Western oil firms, with which it explores for and produces oil.

read more

Dutch groups demand tighter curbs on Groningen gas production

screen-shot-2016-11-14-at-10-17-26

screen-shot-2016-11-17-at-19-01-26

screen-shot-2016-11-17-at-19-09-24A top Dutch court has received 25 appeals against the government’s decision to cap production at the Groningen gas field at an annual figure of 24 billion cubic metres from protesters who think it does not go far enough.

Several groups in the region had asked for a steeper reduction to prevent earthquakes, which have damaged thousands of structures in the northern province.

Output from Groningen, which once supplied 10 percent of demand in the European Union, has halved over the past two years after the Dutch Safety Board said the government was failing to protect citizens from earthquakes triggered by gas exploitation.

read more

Nigeria Reaches $5.1 Billion Debt Settlement With Oil Majors

screen-shot-2016-11-09-at-19-50-20

screen-shot-2016-11-17-at-18-49-41

By Elisha Bala-Gbogbo and Rakteem Katakey: November 17, 2016

Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.

The amount, less than the $6.8 billion previously discussed, will be settled through crude-oil sales over five years and will be interest free, Petroleum Minister Emmanuel Kachikwu told reporters in the capital, Abuja, Thursday.

“What we have been able to put together has enabled us to shave about $1.7 billion in savings for the federal government from the $6.8 billion that was owed,” he said. “The barrels to pay those will come from incremental barrels generated by the oil companies, not from the current 2.2 million-barrel-a-day production.

read more

How Royal Dutch Shell plc Has Changed in the Past Three Years

screen-shot-2016-10-07-at-09-05-51

screen-shot-2016-11-17-at-18-11-40

screen-shot-2016-11-17-at-18-12-39

SHELL EMPLOYEE AT WORK. IMAGE SOURCE: ROYAL DUTCH SHELL.  

By Reuben Gregg Brewer (ReubenGBrewer: Nov 17, 2016

Royal Dutch Shell plc (NYSE:RDS-A) (NYSE:RDS-B) is one of a small collection of international energy giants. That group, which includes companies like ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX), as a whole, is thought of as oil companies. But over the past few years, Royal Dutch Shell has taken steps to tip the balance toward natural gas, a key difference investors need to know about.

read more

Big Oil Looks Past Profit Crunch as Cash Flow Shows Recovery

screen-shot-2016-11-09-at-19-50-20

screen-shot-2016-11-09-at-19-49-08

By Javier Blas: November 9, 2016

Ask any oil-company accountant, “what’s the difference between income and cash flow?” and they’re likely to say income makes the headlines, cash pays the bills.

It may be glib, but there’s a nub of truth there. Cash generation is the yardstick used to judge a company’s ability to invest and pay dividends, and it’s been growing at the biggest oil producers for three quarters in a row.

Last quarter the world’s largest listed energy companies — Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc — reported cash from operations of almost $26 billion, up 67 percent from the previous three months and more than double the first-quarter amount, according to data compiled by Bloomberg.

read more

FT: Western oil companies reach $5B deal with Nigeria

screen-shot-2016-11-01-at-09-35-52

screen-shot-2016-11-08-at-15-56-55

screen-shot-2016-11-08-at-16-03-35

Nov. 8, 2016 10:23 AM ET|By: Carl Surran, SA News Editor

Nigeria’s government has reached an outline settlement to resolve a dispute with western energy firms that would pay the companies $5B to cover exploration and production joint venture costs in the country, Financial Times reports.

Nigeria’s petroleum minister tells FT that Royal Dutch Shell (RDS.A, RDS.B), ExxonMobil (NYSE:XOM), Eni (NYSE:E), Chevron (NYSE:CVX) and Total (NYSE:TOT) accepted the settlement of costs incurred during 2010-15, and hopes a deal can be finalized by year-end.

read more

Western oil companies reach $5bn deal with Nigeria

screen-shot-2016-11-08-at-14-57-53

screen-shot-2016-11-08-at-14-57-09

by: Anjli Raval and Maggie Fick in Lagos

Emmanuel Ibe Kachikwu, Nigeria’s minister of state for petroleum resources, told the Financial Times the settlement had been “accepted” by the five companies. It is hoped the deal can be finalised before the end of the year.

FULL FT ARTICLE

Hold the champagne

Screen Shot 2016-09-02 at 12.53.40

screen-shot-2016-11-04-at-19-29-23

screen-shot-2016-11-03-at-14-50-16By Ed Crooks, November 4, 2016

If you are looking forward to the oil industry recovery, you shouldn’t break out the champagne just yet.

Over the past eight days, the world’s largest listed oil companies have released third quarter earnings reports. From all of them, the message was that while the worst might be over, they were still facing a long hard road ahead.

The snap reactions from the stock market were mixed: positive for  ChevronRoyal Dutch ShellTotal and ConocoPhillips; negative for ExxonMobilBPEniStatoilPetrochina and Cnooc.

read more

Big Oil Slowly Adapts to a Warming World

screen-shot-2016-11-03-at-12-09-13screen-shot-2016-11-03-at-12-06-52

By CLIFFORD KRAUSSNOV. 3, 2016

In a warming world, Big Oil doesn’t look quite so big anymore.

A global glut of oil and natural gas has sent prices tumbling over the last two years, and profits are evaporating. Improving auto fuel efficiency standards threaten to depress oil consumption eventually, and fleets of electric vehicles are gradually emerging in China and a few other important markets.

Perhaps most troubling for oil companies over the long term is the goal — agreed to last December by virtually every country in the world at a climate conference in Paris — of staving off a rise in average global temperatures of more than 2 degrees Celsius above preindustrial levels.

read more

Shell’s Record BG Deal Starts to Pay Off as Production Surges

screen-shot-2016-10-13-at-10-39-14

screen-shot-2016-11-01-at-15-54-05

screen-shot-2016-11-01-at-16-01-19By Rakteem Katakey: November 1, 2016

Royal Dutch Shell Plc’s biggest takeover, the subject of intense investor scrutiny during crude’s collapse, is starting to pay off as Europe’s largest oil company chalks up its highest profit in five quarters.

The cash now generated by BG Group Plc — acquired by Shell for $54 billion in February — outstrips its spending, while production has risen by about a third in two years, Shell Chief Financial Officer Simon Henry said Tuesday. The integration of its assets has been completed “well ahead of time,” he said.

read more

Shell’s earnings beat Exxon as oil majors adapt to low prices

screen-shot-2016-10-31-at-19-27-20

screen-shot-2016-11-01-at-11-05-38

By Ron Bousso and Karolin Schaps | LONDON

Royal Dutch/Shell and BP on Tuesday joined peers in reporting higher than expected earnings by making further deep cuts in spending to cope with an oil price downturn now in its third year.

Shell’s stocks rose by over 3 percent as it announced higher quarterly earnings than arch-rival U.S. Exxon Mobil, the world’s largest listed company by output. Anglo-Dutch Shell is hoping to outgrow Exxon over the next few years after acquiring rival BG for $54 billion earlier this year.

read more

Shell Smashes Estimates as BG Acquisition Drives Up Output

screen-shot-2016-10-13-at-10-39-14

screen-shot-2016-11-01-at-08-30-08

By Rakteem Katakey: November 1, 2016

Royal Dutch Shell Plc reported third-quarter profit that beat analyst estimates after its acquisition of BG Group Plc boosted oil production, helping to counter a slump in prices. The shares rose.

Profit adjusted for one-time items and inventory changes advanced 17 percent from a year earlier to $2.79 billion, The Hague-based Shell said Tuesday. That exceeded the $1.79 billion average estimate of 14 analysts surveyed by Bloomberg, and the earnings of U.S. giant Exxon Mobil Corp.

read more

%d bloggers like this: