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Posts under ‘New York Times’

Royal Dutch Shell Profits Continue to Fall, Prompting 6,500 Layoffs By

By STANLEY REED: JULY 30, 2015 LONDON — Royal Dutch Shell said on Thursday that its profit fell sharply in the second quarter as a strong performance in marketing and refining failed to offset the brunt of lower oil and gas prices. The oil giant also said it would cut its capital investment and eliminate 6,500 jobs […]

Logistics and Lizards Disrupt Chevron’s Project Off Australia

Chevron agreed to share the cost with Exxon Mobil, Shell and three Japanese power companies, Osaka Gas, Tokyo Gas and Chubu Electric Power. “This is probably the last of the megaprojects for the oil companies for a while…” By A. ODYSSEUS PATRICK: JULY 3, 2015 SYDNEY, Australia — Getting anything to Chevron’s gas-processing plant on Barrow Island […]

After Settlement, Relief at a Diminished BP

By STANLEY REED and CLIFFORD KRAUSS JULY 2, 2015 LONDON — BP’s future no longer has a giant cloud ahead. But it will take years, if not decades, for the company to approach its size of five years ago, before the explosion of the Deepwater Horizon rig. Since the 2010 blowout of the Macondo well killed […]

Decline of North Sea Oil Fields Forces Political Shifts in Britain

Article by STANLEY REED published JUNE 2, 2015 by The New York Times Decline of North Sea Oil Fields Forces Political Shifts in Britain ABERDEEN, Scotland — For the oil industry, the decline of the North Sea fields is part of a global challenge. But for Britain, it is also a political problem. The British government, […]

Prices Are Down, but Saudis Keep Oil Flowing

Article by CLIFFORD KRAUSS and STANLEY REED published 1 June 2015 in the New York edition of The New York Times under the headline Prices Are Down, but Saudis Keep Oil Flowing HOUSTON — The international cartel of oil producers has long followed the same basic strategy. When the market was soft, the group slashed production […]

Grabbing Paddles in Seattle to Ward Off an Oil Giant

By KIRK JOHNSON MAY 11, 2015 SEATTLE — A dozen or so men and women, cinched into life jackets, paddles at the ready, were about to launch their kayaks into Elliott Bay early Thursday evening with Seattle’s glittering skyline as the backdrop. For some of the paddlers, it was a first-time experience, and with the water […]

U.S. Maps Pinpoint Earthquakes Linked to Quest for Oil and Gas

“Predicting risk is also hard, the report noted, because there is no scientific consensus on just how powerful such quakes can be. The report estimated the effects of shocks up to magnitudes 6 and 7, while noting that some scientists have speculated that the catastrophic 7.9-magnitude earthquake in China in 2008 was caused by human […]

New Sea Drilling Rule Planned, 5 Years After BP Oil Spill

Article by CORAL DAVENPORT published APRIL 10, 2015 by The New York Times New Sea Drilling Rule Planned, 5 Years After BP Oil Spill WASHINGTON — The Obama administration is planning to impose a major new regulation on offshore oil and gas drilling to try to prevent the kind of explosions that caused the catastrophic BP […]

As Quakes Rattle Oklahoma, Fingers Point to Oil and Gas Industry

Article by Richard A. Oppel Jr. and Michael Wines published by The New York Times: As Quakes Rattle Oklahoma, Fingers Point to Oil and Gas Industry A version of this article appears in print on April 4, 2015, on page A1 of the New York edition PRAGUE, Okla. — Yanked without warning from a deep […]

Nigeria: President-Elect pledges to fight the evil of corruption

President-elect Muhammadu Buhari, a former military leader, vowed to fight the scourges of corruption and Boko Haram militants. Sunday Alamba/Associated Press From an article Adam Nossiter published 1 April 2015 by The New York Times under the headline: Nigerian President-Elect Muhammadu Buhari Sets Out His Agenda Extracts KANO, Nigeria — Nigeria’s president-elect, Muhammadu Buhari, did […]

New Federal Rules Are Set for Fracking

FROM AN ARTICLE BY CORAL DAVENPORT PUBLISHED IN THE NEW YORK EDITION OF THE NEW YORK TIMES ON 21 MARCH 2015 New Federal Rules Are Set for Fracking Extracts WASHINGTON — The Obama administration on Friday unveiled the nation’s first major federal regulations on hydraulic fracturing, a technique for oil and gas drilling that has […]

Prices Fall to a Six-Year Low for U.S. Oil

Article by Stanley Reed published 17 March 2015 in the New York edition of the New York Times Prices Fall to a Six-Year Low for U.S. Oil Oil prices fell to six-year lows on Monday in the face of concerns that a glut in the United States was outpacing already-brimming storage facilities. Additionally, the Organization […]

Price of crude oil resumes its descent

Article by Stanley Reed published New York Times New York Edition 14 March 2015under the headline: Oil Prices Drop as Production Hums Along Despite a Brimming Supply LONDON — Just as the oil market appeared to be stabilizing, the price of crude resumed its descent on Friday. The drop, of about 4 percent, came after […]

Slump in Oil Prices Brings Pressure, and Investment Opportunity

An article by Michael Corkery and Peter Eavis published 2 Feb 2015 by The New York Times under the headline:  “Slump in Oil Prices Brings Pressure, and Investment Opportunity” American history is littered with oil busts that created big winners and losers. Now, as the cracks appear in the latest energy boom, the forces of […]

Who Will Rule the Oil Market?

OPINION ARTICLE BY DANIEL YERGIN PUBLISHED IN PRINT BY THE NEW YORK TIMES ON SATURDAY 25 JAN 2015 WASHINGTON — A HISTORIC change of roles is at the heart of the clamor and turmoil over the collapse of oil prices, which have plummeted by 50 percent since September. For decades, Saudi Arabia, backed by the […]

Tumbling oil prices

From a Bloomberg article by Joe Carroll and Tara Patel published 12 Jan 2015 by Business Report under the headline: “Analysis: Falling oil prices to trigger flood of write-downs” Extracts TUMBLING crude prices will trigger a flood of oilfield write-downs starting this month after industry returns slumped to a 16-year low, calling into question half a […]

Shell Arctic debacle

Article by Jeremy Cresswell published by EnergyVoice.com on 6 Jan 2015 under the headline: “Noble Drilling has book thrown at it by Alaskan authorities” The paper stated: “So obviously, the safeguards in place to date have about as much teeth as a guppy. How do we know the repairs done truly take care of the problems […]

Oil Price Crash Continues Into 2015

From an article by CLIFFORD KRAUSS and PETER EAVISJAN published in the NY print edition of The New York Times on 6 Jan 2015 under the headline: “Oil’s Fall Continues Into 2015, and Stock Markets Shudder” HOUSTON — Oil prices tumbled below $50 a barrel on Monday, spooking global financial markets and signaling that the […]

Big Oil will get even bigger

FROM AN ARTICLE BY FIONA MAHARG-BRAVO PUBLISHED IN THE NEW YORK TIMES FRIDAY 2 JAN 2015 It’s not clear that Shell, the wallflower in the 1990s, will make a move. Exxon and other majors in the United States might be tempted. Either way, chances are Big Oil will get even bigger…  There was $383 billion in […]

Oil prices continued their collapse on Friday

Oil prices continued their collapse on Friday… The new rout began Friday morning… Gas prices will continue to be in a free fall as long as crude oil is searching for a bottom,” the AAA motor club reported on Friday. From an article published by The New York Times on page B1 of the New […]

BP to axe 1,000 jobs amid warning of oil price plunge to $40

Oil giant BP has said it will rack up costs of at least $1 billion (£637 million) over the next year as it embarks on a corporate shake-up which could cull more than 1,000 jobs. It comes as an Iranian official in the Opec oil cartel said crude prices could plunge as low as $40 a […]

Oil company shares slumped

OPEC’s decision on Thursday not to cut production in order to prop up oil prices sent markets reeling. Oil company shares slumped, wiping billions off firms’ market value… As they come to terms with the new oil regime, companies will cut spending by up to 10 percent in 2015… and delay new project approvals. LONDON, […]

Royal Dutch Shell News Monday 29 Sept 2014

By John Donovan A selection of current news articles about Royal Dutch Shell from around the globe: Oil price fixing According to a Bloomberg article published by energyvoice.com, the UK is considering whether to criminalize manipulation of the world’s most-traded crude-futures market. Extract The UK is toughening the rules after the rigging of Libor and […]

Royal Dutch Shell Shareholders Beware

The news that BP may be fined up to $18bn for the oil spill in the Gulf-of-Mexico as a result of a ruling by a US federal court that BP acted with “conscious disregard of known risks” and that BP’s “conduct was reckless,” may have very serious implications for other oil companies. By John Donovan […]

Roundup of Royal Dutch Shell News 16 August 2014

SHELL’S USA FIRE SALE The New York Times reports that the Blackstone Group, a private equity company, is paying Royal Dutch Shell $1.2 billion for a stake comprising more than 107,000 net acres in Louisiana. MORE A related article by BusinessReport.com features a quote from Marvin Odum, president of Royal Dutch Shell’s U.S. division, Shell […]

Royal Dutch Shell Playing Politics with Human Lives?

What is even more appalling is the fact that the oil giant Royal Dutch Shell, is the one behind the scene steering the affairs of the Dutch Government and practically playing politics with ‘human lives.’ By Zik Gbemre RE: DESPITE ANGER OVER DOWNED JETLINER, EUROPE SHIES AWAY FROM SANCTIONS ON RUSSIA We find it rather […]

One of our sources: Joe McGinniss, the famed ‘journalist provocateur’

Extract from a Joe McGinniss email to a PR officer for one of the organizations supporting the plaintiffs in the Wiwa v Shell case, in which Joe (right) criticised the $15.5 million settlement:  But I can’t help sensing that after finally reaching the point where you were about to show the world the evidence of […]

‘Shell will try to prevent any sanctions against Russia’

Extracts from a New York Times article by Thomas Erdbrink published 23 July 2014 in the New York edition under the headline: “Despite Anger Over Downed Jetliner, Europe Shies Away From Sanctions on Russia” Shell, the Anglo-Dutch oil giant, which has its head office in The Hague, is one of the largest foreign investors in […]

Weighing the Risks of Investing in Energy Companies

Extracts from an article by Stanley Reed published 11 June 2014 by The New York Times …fund managers beginning to think skeptically about fossil fuel companies — not so much because they or their clients disapprove of their activities, but because they think the securities issued by these companies may prove poor long-term investments. The […]

NAM Groningen: A Gas Cache, Now Under Shaky Ground

Extract from a New York Times article by Stanley Reed published in print on 5 June 2014 LOPPERSUM, the Netherlands — Deep below the cow pastures and farming villages in this picturesque northeastern corner of the Netherlands lies an extraordinary resource: Europe’s largest source of natural gas, known as the Groningen gas field. But as […]

In Taking Crimea, Putin Gains a Sea of Fuel Reserves

Extracts from a New York Times article by William J. Broad published in print on 18 May 2014 When Russia seized Crimea in March, it acquired not just the Crimean landmass but also a maritime zone more than three times its size with the rights to underwater resources potentially worth trillions of dollars. Russia portrayed […]

Crackdown on Russia Could Hurt Western Oil

Extracts from an article by CLIFFORD KRAUSS published in print on March 28, 2014, on page B1 of the New York edition of The New York Times with the headline: Crackdown on Russia Could Hurt Western Oil. As the United States seeks to strengthen sanctions on Moscow for its occupation of Crimea, energy experts say […]

Shell cracker plant fate still unknown

Extract from a Rachel Morgan article published Friday 21 March 2014 by The New York Times HOPEWELL TWP. — Shell Oil Co. is still staying mum — at least for a little while longer. Shell officials met with officials from the Pittsburgh Regional Alliance, local elected officials and two Beaver County commissioners Thursday at the […]

Shell/Exxon Mobil puts Ukraine gas prospect on hold

Extract from an article by Jim Landers published on 5 March 2014 by The Dallas Morning News Exxon Mobil and Royal Dutch Shell are heading a group selected in 2012 to explore for gas off Ukraine’s western Black Sea coast in an area called Skifska. Negotiations on a production-sharing agreement with the Ukrainian government were […]

Shell to Sell Stake in Australian Gas Field

“All too often, Shell’s answer to an issue or problem is that the market is being too short term; that Shell takes the long term view, and that in the long term, the company’s approach will be proved right,” Lucas Herrmann, an analyst at Deutsche Bank in London, wrote in a note to clients on […]

BP Accuses Texas Lawyer of ‘Brazen Fraud’ in Workers’ Claims Over Gulf Oil Spill

BP on Tuesday accused a Texas lawyer of fraudulently driving up its settlement costs in the 2010 Gulf Coast oil spill by claiming to represent tens of thousands of clients who turned out to be “phantoms.” The company, citing “brazen fraud,” is asking the court to allow it to stop payments and reclaim some of […]

The Rush for the Arctic’s Riches

The severe challenges of operating in the Arctic have already proved daunting for Shell, which has spent $4.5 billion to exploit reserves off Alaska but has yet to drill a single producing well. In the summer of 2012, during Royal Dutch Shell’s first attempt to probe its Arctic deposits, shifting winds and floating ice halted […]

Citing Cost Concerns, Shell Will Not Build Gulf Coast Plant

“We are making tough choices here, focusing our efforts and capital on the most attractive opportunities in our worldwide portfolio,” Peter Voser, Shell’s chief executive, said in a statement. The decision would appear to be a blow to Shell’s ambitions both in natural gas technology and in the United States, where it is a major investor. […]

Large Companies Prepared to Pay Price on Carbon

ExxonMobil, ConocoPhillips, Chevron, BP and Shell, all major contributors to the Republican party… Shell, a co-owner of the Motiva oil refinery in Port Arthur, Tex., has added climate-related carbon taxes to its long-term budgets. Michael Stravato for The New York Times By CORAL DAVENPORT:  A version of this article appears in print on December 5, […]

An Uphill Climb for the Oil Giants

The big international oil companies are going through a crisis little noticed by analysts and the markets. It is a crisis of results and of vision. Simply put, the majors — companies like Exxon Mobil, Royal Dutch Shell and BP — aren’t growing. They have discovered relatively little oil in recent years despite increasing investment. […]