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Posts under ‘Oil Prices’

Phillips 66, Shell Purchase Majority of U.S. Reserve Oil Sale

Extracts from an article by Dan Murtaugh published 17 March 2014 by BloombergBusinessweek Phillips 66 and Royal Dutch Shell Plc walked away with about 3.3 million barrels of the 5 million that the Energy Department sold in what will be the first release from the U.S. Strategic Petroleum Reserve since 2012. Phillips 66 purchased 2.04 […]

Big oil counts the cost of tapping new discoveries

Extract from an excellent article by Ed Crooks of The Financial Times published 6 March 2014 The issue has come to a head after three years in which the price of crude has drifted down… while costs have continued to rise. Chevron’s and ExxonMobil’s shares have both risen by 11 per cent in the past […]

BP and Shell suspected manipulation of oil prices

Extracts from an article by Alex Lawler published on 6 March 2014 by Reuters BP says U.S., Asia regulators ask for details after EU price probe (Reuters) – BP Plc said regulators from the United States and Asia have asked it for information after the European Commission’s started an investigation last year into suspected manipulation […]

North Sea sale move after Shell profit warning

Royal Dutch Shell plans to put three oil and gas assets in the North Sea up for sale as it seeks to ramp up disposals and focus on improving shareholder returns after a shock profit warning. by PERRY GOURLEY: Saturday 15 February 2014 Royal Dutch Shell plans to put three oil and gas assets in […]

How much reliance can be placed on Royal Dutch Shell predictions?

How much reliance can be placed on predictions emerging from Shell scenarios team? Very little if past accuracy of Shell predictions is any guide. Six years ago the then head of Royal Dutch Shell, the clueless Jeroen van der Veer predicted that the world would begin to run out of oil within 7 years – […]

Benchmark in Jeopardy

Straining to solve a problem that might be illusory, European regulators soon might create real problems by increasing the volatility of an important crude oil price marker. Worried that shenanigans might reach beyond financial markets, the EC expanded its proposal to encompass commodities, including oil. In May, the EC and European Free Trade Association Surveillance […]

Royal Dutch Shell completely whiffed in the U.S. and North America

Oil prices in the United States hover near $100 per barrel and overall domestic production of oil and natural gas is soaring. With all this in mind, you’d assume the environment would be ripe for Big Oil to produce gushing profits. Royal Dutch Shell completely whiffed in the U.S. and North America. Its Americas segment […]

3 Reasons Why Royal Dutch Shell plc Could Be Set To Tank

Royston Wild has “picked out a handful of reasons why Royal Dutch Shell (LSE: RDSB) (NYSE: RDS-B.US) could be ready to dive lower.” He says the acceleration in asset disposals across the group and the attempt to curtail spiralling capital expenditure threaten to derail the firm’s long-term earnings prospects. He also points out that the oil price outlook […]

Price-rigging probes jammed by oil industry bid to protect its secrets

The case alleges collusion to manipulate spot prices among Shell, BP, Statoil, Morgan Stanley, Vitol, the Dutch trading giant Trafigura Beheer BV and others since 2002… Joel Kirkland, E&E reporter: EnergyWire: Friday, January 17, 2014 A U.S. investigation into whether the world’s biggest crude oil traders fix prices has sparked an escalating and high-stakes court […]

Argentina Accuses Shell of Conspiracy After Price Increase

Royal Dutch Shell Plc’s Argentine unit was accused of conspiring against the country’s interests by Cabinet Chief Jorge Capitanich after the oil producer increased fuel prices following a devaluation of the peso. “Shell’s attitude and the one from its highest executive is conspiratorial and against the interests of the country,” Capitanich told reporters this morning […]

Ben van Beurden will need more than PR skills to navigate Shell’s choppy seas

Ben van Beurden gave a flawless performance last week as he stepped onto the public stage for the first time as chief executive of Shell and sought to explain how the company had cut its annual profits in half despite a year of sky-high oil prices. He should have been torn limb from limb, but […]

Shell puts Arctic drilling plans on ice as it posts first profit warning in a decade

 …van Beurden warned that the pain may not be over, saying it was possible that Shell would make new writedowns on its North American operations. The US was among the factors that dented this year’s performance, as Shell continued to feel the effects of a shale gas glut that has sent prices tumbling. Its North […]

Shell shelves plan to drill in Alaskan Arctic this summer

“The company has spent huge amounts of time and money on a project that has delivered nothing apart from bad publicity and a reputation for incompetence. The only wise decision at this point is for Mr. Van Beurden to cut his company’s losses and scrap any future plans to drill in the remote Arctic ocean.” […]

Shell profit warning – the shock that wasn’t

In a mix and mingle of rational and strange explanations, while distancing himself as the ‘New Man’ from what happened under previous CEO Peter Voser, the new CEO firstly blamed lower oil and gas prices, which for oil is a strange claim. Shell’s supposedly ‘shocking’ admission its profits will be low for several years – […]