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Posts Tagged ‘Oil’

Shell Wakes Up and Smells the Coffee (and Burgers)

July 27, 2017 12:23 PM EDT

The image of a driver slurping an iced latte while pulling a Mustang up to the drive-in window of a fast-food joint is either your idea of a capitalist apotheosis or civilization’s decadent demise.

Or … it’s what flashed through your mind as you listened to Royal Dutch Shell Plc’s earnings call on Thursday.

Jessica Uhl, Shell’s chief financial officer, at one point talked up the oil major’s marketing business:

We’re the world’s largest fuel retailer. Every day, Shell serves more than 30 million customers across our 43,000 sites in close to 80 countries. That is more sites than Starbucks; it is more than McDonald’s. read more

Shell gets everything right except producing oil

Andy Critchlow: JULY 27, 2017

LONDON (Reuters Breakingviews) – Royal Dutch Shell is great at producing profit, but less so at producing oil. The Anglo-Dutch energy giant has more than tripled its earnings in the second quarter, helped by the strong performance of its downstream refining business and recovering prices. With its debt falling too, the company is doing the right things for shareholders – except in the crucial area of pumping more fuel.

At first glance, Shell’s financial performance suggests that three years in the doldrums for big oil majors may have come to an end. On Thursday, the company reported an impressive 245 percent year-on-year rebound in clean earnings to $3.6 billion for the three-month period ending in June. Prices, which recovered from a slump last January below $30 per barrel, have helped, but there is more to it. FULL ARTICLE read more

Shell sees oil demand peaking by late 2020s as electric car sales grow

The prospect of a decline in oil consumption after more than a century of growth as the world switches to burning cleaner fuels is gathering pace. On Wednesday Britain announced plans to ban diesel and gasoline vehicles by 2040, following a similar move by France. “I think they are very welcome announcements, they are also very needed announcements,” van Beurden told reporters after Europe’s biggest oil company reported a sharp rise in quarterly profits. Under the Anglo-Dutch company’s most aggressive scenario of battery-powered vehicles replacing traditional internal combustion engines, consumption of oil will peak in the early 2030s, he said. FULL ARTICLE read more

Europe’s Oil Giants Recover From Three-Year Slump

Shell profits surge as Van Beurden puts focus on ‘discipline’

By Press Association: 

Royal Dutch Shell has reported a large rise in second quarter profits after the energy giant was boosted by higher oil and gas prices. The firm said adjusted earnings rose from $1.05bn (£800m) to $3.6bn, an increase of 245pc, as chief executive Ben van Beurden said he was making progress on “reshaping the company”. “Cash generation has been resilient over four consecutive quarters, at an average oil price of just under $50 per barrel,” Mr Van Beurden said. “The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control, namely capital efficiency, costs, new project delivery, and divestments. “I am confident that we are on track to deliver a world-class investment to our shareholders.” The figures were flattered by a disastrous second quarter in 2016, when it was stung by depressed crude prices and costs linked to its takeover of BG Group. FULL ARTICLE read more

Scandals that return to haunt Shell

Former Royal Dutch Shell executive director Malcolm Brinded (above left), sucked up to the Libyan dictator Muammar al-Gaddafi, the monster ultimately responsible for the Pan-Am 103 bombing and other terrorist atrocities. They include the murder of a British police constable Yvonne Fletcher shot outside the Libyan Embassy in London while policing an anti-Gaddafi demonstration. (Mr Brinded is currently embroiled in the OPL 245 Nigerian corruption scandal and previously had starring roles in the Brent Bravo “TFA” scandal and the Shell oil reserves fraud.)

By John Donovan

A chilling documentary “Mad Dog: Gaddafi’s Secret World” is currently available to view on BBC Player, but only for another 4 weeks. It is about “the dark world of Colonel Gaddafi, the Libyan dictator who combined oil and the implied threat of terror to turn western powers into cowed appeasers”.

Another throughly disreputable politician makes an appearance. The then UK Prime Minister Tony Blair is shown embracing and kissing the monstrous dictator on both cheeks before announcing a £1billion Libyan oil deal with Shell. Blair knew all about Gaddafi’s terrorist exploits, but like Shell, put money before principle, as he inevitably does. Naturally, then Shell boss Malcolm Brinded was up to his neck in the scandalous deal. read more

Shell Profits Triple on Stronger Refining, Oil Prices

Shell CEO Ben van Beurden

LONDON — Royal Dutch Shell more than tripled its profits in the second quarter to beat forecasts boosted by strong refining operations and a rise in oil prices. The Anglo-Dutch oil and gas company also reported a huge recovery in cash flow to $12.2 billion and a drop in debt as its cost reduction efforts in recent years paid off. It has sold some $25 billion of assets since acquiring BG Group last year. The strong results came despite a dip in oil and gas production versus the previous quarter as a result of reduced output from a facility in Qatar. “The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control,” Chief Executive Ben van Beurden said. READ MORE read more

Royal Dutch Shell’s earnings more than triple in 2Q

By Associated Press July 27 at 2:53 AM

LONDON — Royal Dutch Shell says second-quarter earnings more than tripled as it benefited from a cost-cutting drive and recovering oil prices.The Anglo-Dutch energy giant said Thursday that profit adjusted for changes in the value of inventories and excluding one-time items rose to $3.60 billion from $1.05 billion in the same period last year. Net income rose 31 percent to $1.55 billion.CEO Ben van Beurden says the earnings reflect Shell’s restructuring to cope with lower oil prices and the purchase of natural gas producer BG Group. Shell’s oil price averaged $45.62 a barrel for the quarter, up 16 percent from a year earlier. Prices were above $100 a barrel as recently as 2014. Van Beurden says the “external price environment and energy sector developments mean we will remain very disciplined.” read more

EU warns U.S. it may respond swiftly to counter new sanctions on Russia

Alissa de Carbonnel: 26 July 2017

BRUSSELS (Reuters) – The European Union warned on Wednesday that it was ready to act within days to counter proposed new U.S. sanctions on Russia, saying they would harm the bloc’s energy security.

Sanctions legislation overwhelmingly approved by the U.S. House of Representatives on Tuesday has angered EU officials…

FULL ARTICLE

SHELL INTENT ON FORCED RETURN TO OGONILAND?

We understand that killing the Ogoni people is not new to Shell neither does the company use its conscience in dealing with Ogoni issues, however, Shell and the NPDC’s forceful entry into Ogoni oilfields remains unacceptable to us as a people.

By John Donovan

Regular visitors will be aware that we publish on a daily basis extracts from the Esther Kiobel writ served on multiple Royal Dutch Shell companies on 28 June 2017.

The writ is all about Shell’s evil alliance with a corrupt Nigerian regime against the Ogoni people, who had the misfortune of living in oil rich lands. In Saudi Arabia they would have ended up extremely wealthy citizens, but instead remain exploited and impoverished, living in a nightmare environment of oil contamination. All down to a greedy ruthless oil giant. read more

Long-lasting smell attached to the Gale Norton/Shell scandal

By John Donovan

An article published by an Oregon morning newspaper, the Daily Tidings, contains a reference to the Gale Norton scandal. Norton served as U.S. Secretary of the Interior.

After granting some potential valuable oil shale leases to Shell, she resigned to become Shell General Counsel in the oil shale division.

Soon after the inevitable public outcry, I was approached by the US government official leading the investigation and supplied Shell internal leaked documents and other assistance for which he was duly grateful and stated as such in an email. read more

Shell shifts focus to chemicals and refining

Anglo-Dutch energy giant Royal Dutch/Shell is shifting its focus toward downstream operations like refining and chemicals and away from traditional upstream activities like exploring for oil and gas, the Financieele Dagblad said on Wednesday.

This shift is likely to become even clearer when the company publishes its second quarter figures on Thursday, the paper said.

Shell’s investment in exploration slumped to $157m in the first quarter of 2017 from an annual quarterly average of between $500m to $600m in recent years, the paper points out.  This is partly due to the group’s recent acquisition of the BG Group which has large deep-sea reserves off the coast of Brazil. read more

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