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Posts Tagged ‘Gulf of Mexico’

Shell Swallows BG Group Whole Hog, Rolls Up Cash Flow

Ray Merola: Nov. 6, 2017

Summary

  • Shell is enjoying a remarkably successful corporate resurgence.
  • Legacy BG Group opex and capex has been absorbed entirely without a loss of combined hydrocarbon volumes.
  • Cash is king.
  • Debt is trending down.  The dividend is well-covered.  Returns are solid, and improving.
  • I remain constructive on RDS stock.

FULL ARTICLE

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Royal Dutch Shell: The Cash Machine

 Nov. 6, 2017 12:35 PM ET

Summary

  • Royal Dutch Shell has reported nearly 50% increase in profits following improvement in energy prices which fueled a turnaround of its upstream division.
  • In the first three quarters of 2017, Royal Dutch Shell generated $15.42 billion of free cash flows (ex. working cap. changes), surpassing even the industry’s cash flow king Exxon Mobil.
  • Oil prices have climbed to almost $61 a barrel and could stay at this level in the future, which could give a major boost to Shell’s earnings and cash flows.
  • read more

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    Layoffs avoided as Shell to revamp gasoline unit at Convent refinery

    CONVENT — Royal Dutch Shell plans to refurbish the gasoline-producing catalytic cracking unit at its Convent oil refinery in St. James Parish next year and not demolish it as previously planned under an effort to link up the oil major’s Gulf Coast operations, a local government official said.

    St. James Parish President Timmy Roussel announced Wednesday night that refinery managers told him the fluidized catalytic cracker would be furbished in a forthcoming “major turnaround” so it could be run for another four to five years, avoiding possible layoffs at the 227,600 barrel-per-day refinery. read more

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    Shell says can pump oil from Brazil’s pre-salt fields below $40/bbl

    Simon WebbAlexandra Alper: OCTOBER 25, 2017

    RIO DE JANEIRO (Reuters) – Royal Dutch Shell will participate in Brazil’s deepwater oilfield auction on Friday and is confident it can pump oil from the fields on offer for less than $40 a barrel, a top Shell executive said. Brazil will hold its first auction in four years for its pre-salt oilfields on Friday. The eight deepwater blocks on offer hold billions of barrels in reserves, and for the first time, Brazil will allow foreign oil firms to operate the fields in the region. Shell believes it could pump oil from the pre-salt fields below the company’s target breakeven cost of $40 per barrel, Wael Sawan, Executive Vice President for Shell’s deepwater division, told Reuters. The high quality of the reserves and the prolific output volume that the pre-salt wells can produce make them an attractive proposition, he said. FULL ARTICLE read more

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    Harvey May Pinch Some Gulf Coast Refining, Chemical Projects

    NEW YORK/HOUSTON — Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said. Harvey largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage but thousands of homes and businesses were not as fortunate. Refiners and recovery projects will compete for the same labor, driving up costs or causing labor shortages. read more

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    Shell says no major damage to Perdido platform after Harvey

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    Shell, Exxon say some pollution released as storm hits Texas

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    Shell staff return to Gulf of Mexico platform after Harvey: sources

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    Storm Harvey: Shell boss takes stock of disruption

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    Shell halts operations at Deer Park refinery

    Royal Dutch Shell said Sunday the aftermath of Hurricane Harvey is causing the shutdown of its massive refining and petrochemical complex in Deer Park. Shell is closing one of Texas’ largest refineries, which can refine more than 315,000 barrels of crude oil a day into gasoline and other petroleum products. “The top priority of Shell Deer Park is to operate in a safe and environmentally sound manner. Due to continued inclement weather conditions from Hurricane Harvey, Shell Deer Park is conducting a controlled/planned shut down of the refinery and chemical plant,” Shell said in an email response. FULL ARTICLE read more

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    Shell says Deer Park, Texas refinery may be shut for a week

    AUGUST 27, 2017

    HOUSTON (Reuters) – Royal Dutch Shell Plc said its Deer Park, Texas, refinery and chemical plant complex may be shut for up to a week because of Tropical Storm Harvey’s impact on the Houston area. Shell spokesman Curtis Smith said following a controlled shutdown of the complex including the 325,700 barrel per day (bpd) refinery on Sunday, only essential personnel would remain at the plant through the end of the week.

    Reporting by Ernest Scheyder and Erwin Seba; Editing by Andrea Ricci read more

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    Harvey, Biggest Hurricane Since 2005, Spiraling Toward Texas Coast

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    Massive Shell platform starts its journey to Texas

    The departure is the latest milestone for a gigantic venture the European company sanctioned two years ago in the face of a raging oil bust that forced many of its rivals to scuttle offshore plans. As oil prices tumbled, Royal Dutch Shell spent $600 million and employed 1,500 workers in Texas and Louisiana alone to fabricate parts for the so-called Appomattox platform, the company’s largest in the Gulf, expected to start pumping oil 80 miles off Louisiana by the end of the decade. Even so, Shell says it could still wring a profit from its 125,000-ton platform with oil prices below $50 a barrel, after deep cost cutting. FULL ARTICLE read more

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    One Shell Square in New Orleans will become Hancock Whitney Center in 2018

    Shell will still be the building’s largest tenant, though it will now occupy 18 floors of the building its employees once filled. The company has cut its local workforce from about 2,300 to 1,400 over the past two years, part of global staff reductions spurred by low oil prices.

    Rick Tallant, general manager of Shell’s assets in the eastern Gulf of Mexico, said the company is not reducing staff in New Orleans. He said the company has learned to do more with less space.

    Giving up naming rights to the building Shell once built and owned is tough, but Tallant said the company is committed to running efficiently and keeping jobs in New Orleans and the Gulf of Mexico. read more

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    Shell slashes North Sea costs to make profit in a crash

    Royal Dutch Shell has cut operating costs for some of its North Sea fields by 70 per cent since the price of crude crashed, the oil company said. Andy Brown, Shell’s head of upstream, said it was able to make “significant money in the North Sea at $50 [a barrel oil prices]” thanks to the reductions, which analysts said were among the steepest by any company. Mr Brown said he had been shocked by some of the inefficiencies Shell found when it reviewed operations worldwide after oil prices fell. read more

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    Current Shell News Stories 23 March 2017

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