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Posts under ‘Oil Company Profits’

Shell overstated its fourth quarter results by $178 million

Fri Jan 30, 2015 4:48pm GMT (Reuters) – Royal Dutch Shell (RDSa.L) said on Friday it had overstated its fourth quarter results by $178 million (118.44 million pounds) due to an error in the valuation of its fuel inventory. The company said its underlying earnings, which are most closely watched by analysts and investors, were […]

Inside Shell’s earnings report: Proof that the Saudis’ oil market strategy is working

By Puneet Kollipara January 29 at 5:43 PM Saudi Arabia shocked the world last fall in breaking from its traditional mold of keeping oil production artificially low to prop up oil prices. Instead, the Saudis and other OPEC nations voted to keep oil output steady even in the face of a global supply surplus, a move seemingly designed […]

BP Shell merger on the horizon

Potentially, a prolonged period of low oil prices might finally see BP and Shell, like two drunken sailors, holding each other up through the merger that has so long been on the horizon. AN ARTICLE BY ALEX BRUMMER FOR THE DAILY MAIL PUBLISHED 30 Jan 2015  “ALEX BRUMMER: Big oil players confront the slump by slashing capital […]

Shell resumes Arctic drilling but cuts $15bn from global investment

Royal Dutch Shell is reviving plans to drill for oil in Arctic in a move likely to intensify its battle with environmentalists. The Anglo-Dutch giant’s chief executive Ben van Beurden accepted that Arctic drilling “divides society”, but said the world needs new sources of oil. Greenpeace said Shell was taking a “massive risk” in a […]

Shell Chief Pledges Everything to Maintain Its ‘Iconic’ Dividend

BLOOMBERG: Shell Chief Pledges Everything to Maintain Its ‘Iconic’ Dividend by Nidaa Bakhsh and Mark Barton (Bloomberg) — Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden pledged to do all he can to maintain payments to shareholders of Europe’s largest oil company after crude prices fell by more than half in the past six months. […]

Royal Dutch Shell Reports 57 Percent Drop in Net Income

LONDON — Jan 29, 2015, 3:42 AM ET: By DANICA KIRKA Associated Press Royal Dutch Shell PLC, Europe’s largest oil company by market value, said Thursday that fourth quarter net income fell 57 percent to $773 million and that it would cap spending this year in response to falling oil prices. Shell is one first big […]

Shell to cut spending by $15 bln over next 3 years

Jan 29 (Reuters) – Oil major Royal Dutch Shell said on Thursday it would curtail spending by $15 billion over the next 3 years while keeping dividends stable in a bid to calm investors amid plunging oil prices. Europe’s largest oil company by market value kept its fourth-quarter dividend stable versus the previous quarter at […]

Oil tumbles; U.S. crude prices near six-year low on record stockpiles

Goldman Sachs analysts said in a Tuesday note that they expected U.S. crude, also known as WTI, to remain near $40 a barrel in the first half of this year REUTERS By Barani Krishnan NEW YORK (Reuters) – Oil slumped on Wednesday, with U.S. crude prices at near six-year lows, after the government reported record-high […]

Oil giant Shell set for further cost cuts

By GEOFF HO: Published Sunday January 25, 2015   Royal Dutch Shell chief executive Ben van Beurden will outline how the company plans to deal with the collapse in crude oil prices when he unveils its results on Thursday. The oil giant is expected to reveal further cost-cutting measures alongside a 4.6 per cent fall […]

Can BP and Royal Dutch Shell weather the storm?

From an article by Kyle Caldwell published by The Telegraph on 23 Jan 2015 under the headline: “Oil shares yield 6pc, but are the dividends safe?” Since June the price of Brent Crude has fallen from $116 a barrel to just below $50 last week. The plunge means these companies will generate far lower revenues […]

Oil majors to preserve dividends despite oil collapse, tap debt

REUTERS ARTICLE PUBLISHED 23 Jan 2015 (Reuters) – Europe’s oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies’ plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares. Having sold around $120 billion in assets in recent years […]