Posts Tagged ‘MarketWatch’

Feb. 2, 2012, 2:39 a.m. EST

By Alexis Flynn

LONDON (MarketWatch) — Royal Dutch Shell PLC Thursday posted an 18% rise in adjusted profit for the fourth quarter, but Europe’s largest company by market capitalization still missed analyst expectations, as poor refining margins and lower natural gas demand crimped some of the benefits of higher crude prices.

“Our fourth quarter results were impacted by a sharp downturn in industry refining margins and North American natural gas prices,” said Chief Executive Peter Voser, adding that “the global economy and energy markets are likely to see continued high volatility.”

The Anglo-Dutch energy company said the clean current cost of supplies, a keenly-watched figure that strips out gains or losses from inventories and other non-operating items, was $4.85 billion in the three months ended Dec. 31, compared with $4.11 billion in the fourth quarter of 2010. This was below expectations of $5.16 billion in a Dow Jones Newswires poll of fifteen analysts.

Total oil and gas production was 3.305 million barrels of oil equivalent per day, a decline of 5% on the year as asset sales and the temporary shutdown of one of its biggest Nigerian fields affected output. Analysts were expecting production to decline 6.4%.

Net profit for the quarter totaled $6.50 billion, down 4% from $6.79 billion a year ago.

Group revenues were $119.13 billion, compared with $105.53 billion in the fourth quarter of 2010.

Diluted earnings per share were 1.04 compared with $1.10 the previous year.

Shell B shares closed at 2,326 pence Wednesday. The stock rose 11% in 2011 despite volatile equity markets, buoyed by continued high oil prices and its improved financial performance.

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Jan. 11, 2012, 11:34 p.m. EST

By Wayne Ma

BEIJING -(MarketWatch)- The Changbei natural gas project owned by PetroChina Co. PTR +0.27% and Royal Dutch Shell PLC in northern China produced a record 3.5 billion cubic meters in 2011, the official Xinhua news agency reported late Wednesday.

The facility’s gas output was up slightly from 2010, when 3.48 billion cubic meters were produced.

The joint venture, located in Shaanxi province, has produced a total of 18.33 billion cubic meters since it began operations in 2005, Xinhua said, citing Tang Jiaqing, an official with the Changqing oil field, which operates the Changbei field.

The two energy companies are also cooperating in other gas projects in China. In December, PetroChina and Shell discovered shale gas in Sichuan province, and their gas exploration work in the Fushun-Yongchuan block is ongoing.

Changbei’s natural-gas reserves are estimated at 96.1 billion cubic meters, Tang said, according to Xinhua. He added that the joint venture plans to produce a combined 48 billion cubic meters between 2005 and 2025, Xinhua reported.

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Conservationists Ask Christy Clark to Ban Coalbed Methane Drilling in BC’s Sacred Headwaters, Once and For All

With moratorium set to expire in one year, the Sacred Headwaters offer a potential political win for BC’s Premier – or a potential PR nightmare for gas development.

VANCOUVER, BRITISH COLUMBIA, Dec 05, 2011 (MARKETWIRE via COMTEX) — There is one year remaining on the B.C. government’s moratorium on coalbed methane drilling in the Sacred Headwaters, and conservation groups ForestEthics and the Skeena Watershed Conservation Coalition are calling on Christy Clark to institute a permanent ban on drilling in the area.

The request comes as the groups are ramping up their campaign against Shell and the B.C. government, to protect the Sacred Headwaters. A lump of coal and giant greeting card were delivered this morning to Royal Dutch CEO, Peter Voser, at his office in the Hague, Netherlands, issuing a one year ultimatum for Shell to abandon its plans to drill in the headwaters, and reminding the company that 60,000 people have signed a petition opposing its plans.

“Natural gas could face the same backlash as tar sands if Shell’s destructive plans for the Sacred Headwaters are allowed to proceed,” says Karen Tam Wu, Senior Conservation Campaigner with ForestEthics. “What happens in the Sacred Headwaters will determine the image of natural gas development in B.C. Shell and Christy Clark have one year to make sure it’s the right one.”

To illustrate the risk of Shell’s plans, the groups have created a coalbed methane simulation map. Current regulations would allow the drilling and fracking of over 4000 wells, and the clearing of thousands of kilometers of roads in the Sacred Headwaters, the birthplace of three of North America’s most important salmon rivers, and numerous First Nations’ creation stories.

“Four years ago, the B.C. government listened to northwestern communities and pushed pause on drilling in the Sacred Headwaters. Now it’s up to Premier Clark to follow that path to its logical conclusion,” says Shannon McPhail, Executive Director of the Skeena Watershed Conservation Coalition. “A permanent ban would indicate to local communities, First Nations and the rest of British Columbia that the government is committed to establishing a truly responsible industry.”

Last week, the groups placed ads at Shell Canada President Lorraine Mitchelmore’s favourite ski hill in the Canadian Rockies, featuring breathtaking photos and reminding her that the Sacred Headwaters are “Out of Bounds”.

The Sacred Headwaters are located in northwest British Columbia, about 600 kilometres north of Terrace, B.C. They are home to grizzly bears, caribou and moose. In 2008, the B.C. government imposed a four-year moratorium on Shell’s activities in the area. The headwaters have been listed on the Outdoor Recreation Council’s Most Endangered Rivers List for the past two years.

Photos of today’s action at Royal Dutch Shell headquarters and copies of the coalbed methane simulation map are available upon request.

Contacts: ForestEthics Karen Tam Wu Senior Conservation Campaigner 778-846-5647

SOURCE: ForestEthics

Copyright 2011 Marketwire, Inc., All rights reserved

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By Archibald Preuschat

Dec. 2, 2011, 3:19 a.m. EST

AMSTERDAM (MarketWatch) — Chief executives of five Dutch companies, listed in the main benchmark AEX stock index, called in an open letter for political action to fight the debt crisis in the euro zone.

“It’s one minute to 12 and therefore most important that there will be active measures to fight the euro crisis as soon as possible,” the CEOs wrote in the open letter, which was published in Dutch paper Financieele Dagblad’s Friday edition.

The letter was signed by the CEOs of Royal Philips NV , Unilever NV , Royal DSM NV , Royal Dutch Shell PLC and Akzo Nobel NV .

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July 28, 2011, 3:06 a.m. EDT

By Alexis Flynn

LONDON -(MarketWatch)- Royal Dutch Shell PLC (RDSB.LN) Thursday posted a 56% rise in adjusted profit for the second quarter, buoyed by higher oil prices and the first contributions from its recently delivered flagship projects in Canada and Qatar.

“Our second quarter 2011 earnings were higher than year-ago levels, driven by increased energy prices and Shell’s operating performance,” said Chief Executive Peter Voser.

The Anglo-Dutch energy company said the clean current cost of supplies, a keenly-watched figure that strips out gains or losses from inventories and other non-operating items, was $6.55 billion in the three months ended June 30, compared with $4.20 billion in the second quarter of 2010. This was roughly in line with expectations of $6.54 billion in a Dow Jones Newswires poll of twelve analysts.

Total oil and gas production was 3.04 million barrels of oil equivalent per day, a decline of 2.1% on the year due to seasonally weak natural gas demand and the cumulative effect of some small production asset sales. Analysts were expecting production to decline 0.4%.

Net profit for the quarter almost doubled to $8.66 billion from $4.39 billion a year ago.

Group revenues were $121.26 billion, compared with $90.57 billion in the second quarter of 2010.

Diluted earnings per share were 1.39 cents compared with 72 cents the previous year.

Shell B shares closed at 2273 pence Wednesday.

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July 24, 2011, 11:01 a.m. EDT

By London Bureau

LONDON (MarketWatch) — U.K. property developer Canary Wharf is poised to seal a landmark deal to transform the area round Royal Dutch Shell PLC’s (RDSA.LN) London office with financial backing from Qatar, The Sunday Times reports without citing sources.

Shell is expected to announce within a fortnight that it has picked Canary Wharf and Qatari Diar, the property arm of the emirate’s sovereign wealth fund, to transform more than five acres surrounding its tower on the south bank of the Thames. Canary Wharf and Qatar are believed to have offered up to GBP350 million for the deal, the report says.

Other bidders included Development Securities in partnership with Carlyle Group, and Chelsfield PLC in partnership with the Livingstone brothers, the report says. Development Securities and Carlyle pulled out last week after it became clear that Shell intended to go with Canary Wharf and Qatari Diar.

Shell, which is being advised by CB Richard Ellis and Rothschild, said: “We cannot confirm the names of the developers, but Shell is seeking a developer with a vision that reflects the importance we attach to the site.”

Newspaper Web site: http://www.timesonline.co.uk

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July 8, 2011, 2:45 p.m. EDT

By London Bureau

LONDON (MarketWatch) — Anglo-Dutch oil giant Royal Dutch Shell PLC (RDSA.LN, RDSB.LN, RDSA, RDSB) plans to invest $30 billion in Australia over the next five years, Chief Executive Peter Voser said in an interview with Swiss newspaper Finanz und Wirtschaft to be published Saturday.

The country is a key part of Shell’s liquefied natural gas, or LNG, strategy. Shell aims to produce significantly higher volumes of LNG in coming years, including from the A$43 billion Gorgon project offshore Western Australia state, in which it has a 25% interest.

The company also wants to build the Gladstone LNG project, converting onshore coal seam gas to LNG in Australia’s Queensland state, and has approved construction of the world’s first floating LNG production vessel off the northwest Australian coast.

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July 8, 2011, 2:42 p.m. EDT

By London Bureau

LONDON (MarketWatch) — Royal Dutch Shell PLC (RDSA, RDSA.LN) aims to grow its dividend as its cash flow increases, though this will be done in a measured way, said Chief Executive Peter Voser in an interview with Swiss newspaper Finanz und Wirtschaft to be published Saturday.

“We’re aiming at a rising dividend. However, we are active in a volatile business, and I don’t want a stop-and-go dividend policy,” said Voser, according to the paper.

Shell has predicted that cash flow will increase 80% from 2009 to 2012, but its quarterly dividend of $0.42 a share has remained unchanged since 2009.

“Among other factors, we determine dividend growth by factoring in expectations for profit and cash flow over the next [few] years. We have predicted a big rise in cash. At the right time, we will announce what this means for the dividend,” said Voser, Finanz und Wirtschaft reported.

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By John Letzing , MarketWatch

SAN FRANCISCO (MarketWatch) — Chevron Corp. said Sunday it has agreed to sell a stake in its proposed Wheatstone natural-gas project in Australia, a key means for the U.S. oil giant to address growing demand for energy resources in China and other parts of Asia, to Royal Dutch Shell PLC.

Under the terms of the deal, Shell will gain an 8% interest in Chevron’s  Wheatstone and Iago natural gas fields offshore of northwest Australia.

In addition, Shell will gain a 6.4% interest in the project facilities, while Chevron will remain the project operator, Chevron said.

“The Wheatstone hub will provide a reliable new source of energy to Australia and the region. It will also further enhance Chevron’s position as a leading supplier of liquefied natural gas … in Asia-Pacific,” Chevron vice chairman George Kirkland said in a statement.

The planned Wheatstone project is a key element in Chevron’s plan, unveiled late last year, to increase capital spending this year by some $4.4 billion.

The project is seen as a significant bet by Chevron to be able to feed the continued, rapid economic expansion in China, which has outstripped growth in other parts of the world.

Chevron said Sunday that “front-end engineering and design activity” on the Wheatstone Project is nearing completion, adding that a “final investment decision” on the project is expected in the second half of this year.

John Letzing is a MarketWatch reporter based in San Francisco.

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Feb. 18, 2011, 2:08 a.m. EST

By Eric Yep

MUMBAI (MarketWatch) — India’s Essar Energy PLC (ESSR.LN) is likely to sign an initial agreement this week for a possible acquisition of Royal Dutch Shell PLC’s (RDSB.LN) Stanlow refinery in the U.K., a person with direct knowledge of the matter said Friday.

London-listed Essar Energy and Shell are in the final stages of discussions and will likely announce exclusive talks on the refinery sale this week, the person, who declined to be named, told Dow Jones Newswires.

Essar Energy, part of diversified conglomerate Essar group, is the holding company for Essar Oil Ltd. (500134.BY).

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