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Oil Sands

Fort McMurray Fire: Shell Turns Oilsands Camp Into Shelter For Evacuees

May 4th, 2016
by John Donovan.
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CP  |  By The Canadian Press: 05/04/2016 1:02 pm EDT

Screen Shot 2016-04-20 at 13.50.03CALGARY — The wildfire raging through the heart of Canada’s oilsands capital dealt a blow Wednesday to crude perations, with Shell Canada closing a major mining facility north of Fort McMurray, Alta.

The company temporarily shut down production at its Albian Sands mining operations located about 70 kilometres north of the city.

Shell said it made the decision to focus on getting employees and their families out of the region while also freeing up room at its 2,000-person work camp for some of the 80,000 people who were ordered evacuated Tuesday from Fort McMurray. read more

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Shell finance chief refuses to rule out further North Sea job losses

May 4th, 2016
by John Donovan.
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Screen Shot 2016-04-25 at 15.56.32Written by Phil Allan – 04/05/2016 12:34 pm

Shell’s finance chief has refused to rule out further job losses in the North Sea as the oil giant announced its earnings had dropped by $4billion dollars in the first quarter of 2016.

Chief financial officer Simon Henry said the voluntary redundancy packaged announced recently announced as a result of Shell’s acquisition of BG Group, may not be the last to affect the North Sea as the company continues to look at cut costs from its global operation. read more

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An oilman’s $7 billion refresher course in the economics of drilling and climate change

Mar 11th, 2016
by John Donovan.
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To many analysts, it looked like Odum was pushed into leaving.

Steven Mufson March 11, 2016

Marvin Odum, president of Shell Oil, was attending a meeting of the parent company’s executive committee in Singapore when word trickled in that an exploration well drilled in Alaska’s Chukchi Sea — the crowning step in a multi-year $7 billion quest — was a dry hole.

Maybe not bone dry. In a recent interview, Odum wouldn’t say. But in the oil business glossary, a dry hole is one that can’t pay off commercially, and Shell’s hole definitely qualified. The parent company, Royal Dutch Shell, abruptly dropped any further drilling — a setback for the industry, though a relief for environmentalists.

For years, they had fought a vigorous, litigious and politically intense battle over the Chukchi. Meanwhile Shell, lured by potentially rich rewards, had overcome a couple of embarrassing rig mishaps at sea and patiently navigated the courts and the Obama administration’s permitting process. Now, geology had rendered its verdict. read more

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Shell boss Ben van Beurden bags a bigger bonus despite falling oil price

Mar 10th, 2016
by John Donovan.
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RUSSELL LYNCH: 10 MARCH 2016

Royal Dutch Shell boss Ben van Beurden got a bigger bonus in 2015 — up 6% to €3.5 million (£2.7 million) — even though a tumbling oil price sank the shares by 30% last year.

The chief executive landed an overall pay deal of £5.6 million — although this was lower than 2014, when his package was swollen to €24.2 million by tax handouts and pension payments on taking the helm at the oil major.

Shell’s latest annual report showed his 2015 basic pay up to €1.47 million, but his annual bonus rising from €3.3 million to €3.5 million for a year in which van Beurden masterminded the oil giant’s mega-merger with rival BG. read more

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The Allure Of Shale Is Wearing Off

Feb 26th, 2016
by John Donovan.
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Screen Shot 2016-02-17 at 08.47.47By Nick Cunningham: Thu, 25 February 2016

Royal Dutch Shell revealed its plans to downgrade its emphasis on expensive shale operations, although it was not worded in those terms.

The Anglo-Dutch supermajor says that it would fold its “unconventional” unit (i.e. shale) into its broader upstream business. Shell also announced that Mavin Odum, long-time top official from the North American arm of Royal Dutch Shell, will retire after more than three decades at the company.

The two announcements are consistent with Shell’s decision to takeover BG, which was a large bet on LNG and offshore oil plays, particularly in Brazil and Australia. It is also evidence that Shell is deemphasizing its attention and resources on North America, where it has placed several costly bets that have soured. In 2013, Shell cancelled plans to build a $20 billion gas-to-liquids plant in Louisiana. In 2014, Shell sold off shale acreage in Texas, Colorado, and Kansas, according to Reuters, while also divesting itself of Pennsylvania and Louisiana shale gas assets. read more

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Alaska failure not behind exit – Shell’s outgoing U.S. chief

Feb 25th, 2016
by John Donovan.
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Royal Dutch Shell’s (RDSa.L) costly flameout in Alaska last year was “a huge disappointment,” but did not push top North American executive Marvin Odum to exit the company, he said.

Odum made the comments hours after the company announced he would leave next month after 34 years.

“This should not be interpreted as, ‘Alaska didn’t work, so Marvin’s leaving,” Odum, 57, said in an interview.

Instead, he said he decided it was time to move on after heading Shell Oil Co, the Anglo-Dutch company’s U.S arm, since 2008. He later became head of exploration and production operations in the Americas as well. read more

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Arctic Was a Bet That Didn’t Pay Off, Departing Shell Chief Says

Feb 25th, 2016
by John Donovan.
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Jennifer A Dlouhy: Bloomberg.com: 24 FEB 2016

The departing chief of Royal Dutch Shell Plc’s U.S. division, who presided over its failed quest to find crude in Arctic waters off Alaska, said the effort was still a point of pride because it demonstrated the company’s technical expertise.

Marvin Odum, 57, is leaving the company in a reorganization announced Wednesday. He has been with the company for 34 years and held the post atop its U.S. division, Shell Oil Co., since oil prices were at record highs.

The Arctic was “a big bet,” Odum said in a telephone interview Wednesday.  read more

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Shell replaces U.S. chief, splits unconventionals unit

Feb 25th, 2016
by John Donovan.
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HOUSTON | BY KRISTEN HAYS AND RON BOUSSO: Wed Feb 24, 2016 3:42pm EST

Royal Dutch Shell’s U.S. head Marvin Odum will step down after the company abandoned a troubled drilling project offshore Alaska, and the global oil company said on Wednesday it will split up its U.S. shale and Canadian oil sands unit.

Stung by a 70 percent slide in crude prices since mid-2014, Shell this month reported its lowest annual income in more than a decade and pledged further cost saving measures.

The Anglo-Dutch company said on Wednesday its shale resources unit would become part of the global upstream business led by Andy Brown, and its Athabasca Oil Sands Project and Scotford Upgrader in Canada would be folded into the global downstream unit, headed by John Abbott. read more

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Royal Dutch Shell’s Management Wants You to Know These 5 Key Things

Dec 10th, 2015
by John Donovan.
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Royal Dutch Shell’s Management Wants You to Know These 5 Key Things

Screen Shot 2015-11-20 at 08.55.47Last quarter was a pretty rough one for Royal Dutch Shell (NYSE:RDS-A) (NYSE:RDS-B). The company was forced to take more than $7.9 billion in charges to the income statement to write down some abandoned development projects, and its oil and gas production in the Americas continues to be a bit of a headache. 

Management was well aware of how these results looked, and so on its most recent conference call its executives acknowledged these weaknesses but also had some things to say that any investor in Shell should be aware of. Here are five quotes from the most recent conference call that provide some juicy tidbits into how to view this company over the long term. read more

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Shell Has Underperformed, But It Could Be The Only Oil Major That Emerges Bigger From The Downturn

Dec 6th, 2015
by John Donovan.
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Screen Shot 2015-11-20 at 08.55.47…the company’s profits plummeted 70% from last year to $1.77 billion…

Sarfaraz A. Khan: Sunday, Dec 6, 2015

Summary

  • The oil major Royal Dutch Shell is closing in on its biggest-ever merger with the UK based oil and gas producer BG Group.
  • Shell has been the worst performing stock in its peer group and now offers an above average yield of 7.8%.
  • But Shell is generating enough cash from operations and asset sales to cover its spending.
  • More importantly, Shell could be the only oil major that emerges even bigger from the downturn.

The oil major Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B) is closing in on its biggest ever merger with the UK based oil and gas producer BG Group (OTCQX:BRGYY). On Wednesday, the Anglo-Dutch oil producer revealed that it has received a green signal from Australia’s Foreign Investment Review Board following an approval from the country’s anti-trust regulator received last month. The BG Group is one of the major players in Australia’s rising LNG sector where the company has invested more than $20 billion on developing the Queensland Curtis LNG plant. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Forced to Scale Back Ambitions

Nov 27th, 2015
by John Donovan.
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Screen Shot 2015-11-20 at 08.55.47By James Stafford: Thu, 26 November 2015

As with most oil companies, 2015 has been a rough year for Royal Dutch Shell. The Anglo-Dutch company reported a third quarter loss of $6 billion, which included $7.9 billion in impairment charges.

During its third quarter earnings call, Shell’s CEO Ben van Beurden summed up the company’s strategy, emphasizing restraint. “Grow to simplify” is how he put it. What that means in practice is scrapping the Arctic campaign; pulling out of the expensive Carmon Creek oil sands project in Canada; shedding assets in the less desirable parts of North American shale; selling assets elsewhere around the world, including Nigeria; and focusing on its merger with BG, which is a big bet on LNG. read more

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Lorraine Mitchelmore is stepping down as the head of Shell Canada. But she’s not going quietly.

Nov 20th, 2015
by John Donovan.
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Screen Shot 2015-11-20 at 08.55.47NOVEMBER 18, 2015 10:20 AM

Extracts

Shell has reduced greenhouse gas emissions by 20 per cent per barrel from its oilsands business in the past five years, through many small efforts, including making more efficient use of its trucks.

Yet that hasn’t stopped Shell from being a target and paying a high price for the anti-oilsands campaign.

Last month it cancelled the 80,000-barrels-a-day Carmon Creek oilsands project in Peace River in mid-construction, taking a $2-billion impairment charge. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell share price: Canada boss leaves company

Nov 17th, 2015
by John Donovan.
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Screen Shot 2015-10-28 at 08.03.29by Veselin Valchev: Tuesday, 17 Nov 2015, 11:18 GMT

Royal Dutch Shell Plc (LON:RDSA) announced yesterday that the boss of the firm’s Canada division, Lorraine Mitchelmore, is stepping down from the company at the end of 2015, following six years at the helm.

The move comes less than a month after the Anglo-Dutch oil major abandoned its 80,000 barrel per day Carmon Creek thermal oil sands project in Alberta, amid a reshuffle of the firm’s portfolio.

A spokesman for Shell Canada said Mitchelmore’s departure had nothing to do with the decision to shelve Carmon Creek. read more

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HERE FIRST TEN DAYS AGO: Lorraine Mitchelmore Fired

Nov 17th, 2015
by John Donovan.
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Michael Crothers at Shell E&P Ireland Limited

By John Donovan

On 7 November, we published the first news of the firing of Lorraine Mitchelmore, the President and Country Chair of Shell Canada.

The information, which came from a Shell insider source, was posted on our Shell Blog under the alias of “Manny”

The departure of Lorraine Mitchelmore has been confirmed today by the mainstream media, 10 days later.

She claims that she was not sacked, but stepped down to spend more time with her children.  read more

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Lorraine Mitchelmore, head of Shell’s Canadian division, stepping down

Nov 17th, 2015
by John Donovan.
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The Canadian Press

Published Monday, November 16, 2015 4:00PM EST

CALGARY — The head of Royal Dutch Shell’s Canadian operations is leaving her job at the end of this year.

Lorraine Mitchelmore has been Shell Canada’s president and country chair for past six years and has led the global energy giant’s heavy oil business for three.

Mitchelmore says she decided to move on in order to spend more time with her two daughters, the youngest of whom is in Grade 6.

She says her next career steps will involve contributing to Canada’s prosperity by serving on select boards. read more

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Are the Oil Sands Going Bust?

Nov 13th, 2015
by John Donovan.
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Screen Shot 2015-09-17 at 07.55.40Written by Keith Kohl: Posted November 12, 2015 at 6:51PM

After backing out of an Arctic drilling program, Shell is taking yet another hit by leaving the Canadian oil-sands in Alberta.

To put it simply: the losses were too great.

There was no way Shell would have been able to stay competitive, so it decided to opt out, taking a $2 billion hit in the process.

As you know, the slump in crude oil prices since the summer of 2014 has caused energy companies to re-think upcoming projects.

Shell’s absence leaves at least 18 future projects on hold. read more

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