Independent news, investigations and information about Shell plc, with free access to our extensive, continuously updated historical archive spanning decades.
Thu Jul 30, 2009 2:26am EDT
LONDON (Reuters) – Royal Dutch Shell Plc (RDSa.L) posted a 70 percent fall in net profit in the second quarter compared with the same period of 2008, as oil prices and refining margins tumbled.
The world’s second-largest non government-controlled oil company by market value said on Thursday second-quarter current cost of supply (CCS) net income, which strips out unrealized gains or losses related to changes in the value of fuel inventories, was $2.34 billion.
(UKPA) 16 minutes ago
Royal Dutch Shell has announced a 70% slide in profits to 2.3 billion US dollars (£1.4 billion) in the period between April and June.
The Anglo-Dutch firm achieved profits of £22 billion last year, but, in line with BP on Tuesday, it said the weaker global economy had impacted its performance in the second quarter.
New chief executive Peter Voser said: “Energy demand is weak.”
“There is excess capacity in the market, and industry costs remain high.”
From a Shell Press Release
Key features of Royal Dutch Shell Plc SECOND quarter 2009
Royal Dutch Shell Chief Executive Officer Peter Voser commented:
Our second quarter results were affected by the weak global economy. This weakness is creating a difficult environment both in Upstream and Downstream.
Energy demand is weak. There is excess capacity in the market, and industry costs remain high.
Conditions are likely to remain challenging for some time, and we are not banking on a quick recovery. Shell is adapting to this new situation, and we must do more. We are sharpening our focus on delivery and affordability.
LA TIMES: Analysts think Voser may disclose further details of an organizational restructuring announced in May including job cuts. The company may also scale back ambitious plans to invest heavily in new production in the face of the ongoing global economic slump.
By John Donovan
We have sued Shell repeatedly in the High Court for the theft of our Intellectual Property. It is doubtful if anyone can match our experience in dealing with this ruthless serial poacher of others parties ideas.
We are not alone in being cheated by Shell. Other similar litigation is currently underway against this unprincipled predator.
The following is an extract from a response email I sent yesterday to Michiel Brandjes, Company Secretary and General Counsel Corporate, Royal Dutch Shell Plc:
(Wall Street Journal image of Alfred Donovan, the 92 year old co-owner of the website royaldutchshellplc.com.)
We have assembled by far the worlds largest online library of Shell related news articles, confidential Shell documents and Shell internal email correspondence leaked to us by insider sources. Our readers appetite for Shell news and insider information is fed by a network of Shell insider sources around the globe. Emails from senior executives including Peter Voser have been supplied to us on the day they were sent. As our regular visitors are aware, a leaked email from David Greer, Deputy CEO of Sakhalin Energy Investment Company, brought about his “resignation”. We have even published the top secret minutes of meetings held by its most senior executives.
ABUJA Nigeria has lost some 47 billion dollars in revenue from oil firm Shell since 2006 due to cuts in output caused by rebel attacks, the firm's boss in the country said Tuesday.
HUIZHOU (Dow Jones)--A petrochemical joint venture between China National Offshore Oil Corp. and Shell Nanhai BV, a unit of Royal Dutch Shell PLC (RDSA), plans to expand its refinery near Huizhou in southern China by 20% by mid-2010, since demand for its products is on the rise, a top executive said.
HOUSTON/NEW YORK (Reuters) - Shell and the U.S. Coast Guard rushed Tuesday to contain 1,400 barrels of crude oil spilled into the Gulf of Mexico from a leaking Shell-operated pipeline, fighting back an oil slick with skimmer ships and airplanes.
With new information that came in, the Guardian was able to spotlight hitherto unknown avoidance schemes by the big banks, particularly those in the process of being helped by state funds. The series revealed the tax stratagems of many of Britain's corporate household names. It documented brands shifted offshore by Diageo, Shell, and drug companies AstraZeneca and GlaxoSmithKline.
Shell has the highest exposure of the majors to the tar sands and is most at risk from a decline in demand.
Royal Dutch Shell Plc, Europes biggest oil producer, may say July 30 that adjusted earnings fell 69 percent to $2.42 billion, a survey of 17 analysts showed.
Shell boss Peter Voser has been in the job less than a month, but is likely to be defending his company's worst quarterly profits for many years. People want to hear exactly how his reorganization plan will change Shell for the better and help it close the profitability gap with rivals.
Oil giant Royal Dutch Shell is planning a fresh wave of job cuts under new chief executive Peter Voser’s group-wide overhaul, it has emerged.
Shell’s first tranche of cuts is set to draw to a close this week and it is expected to be followed soon by an announcement over a new set of job losses.
The firm rejected reports that between 500 and 600 of its global management are to go in the next phase of the restructuring.
A spokeswoman for the firm declined to comment on the numbers and it is believed Shell has yet to set targets for the upcoming cuts.
Heres the story. You are a Swiss accountant with a proven record of ruthlessness and synthetic business acumen. You are comfortable with numbers thats what you do but you know little about the minutiae of the oil business. How can you be you are not an oil man you are a dollars man. By guile, good fortune and the Peter Principle you find yourself at the helm of one of the worlds biggest oil and gas companies. You know that you will struggle with the difficult things like creating an organisation that finds, develops, transports, refines and markets hydrocarbons. You know nothing at all about the oil and gas chain from exploration to consumption. Youve never really worked in it other than seeing spreadsheets which show you how much it costs. But you are now in charge. So what you do is retreat to the familiar world of numbers. That world where there is certainty where something that costs $100m is only supportable if an adequate ROACE is assured. And where, even though future earnings are always, by definition, unpredictable you find a way of getting bogus certainty where there is none. By appointing more accountants and listening to them.
By John Donovan
The following information was posted on to our Shell Blog this morning by guest1, an extremely well-informed senior Shell insider whose real identity is known to us.
Voser cutting 600 top jobs. Nothing new, we could read that quite a while ago on the Donovan site. But what does this really mean? The head honchos are now expected to all combine two jobs. This is a nice recipe to get them overworked and overtired while the official explanation is better coordination. But they will be so exhausted that they cannot challenge projects that hit their desks for approval and so must rely on completed staff work by the underlings. The last few years this system has been tried and failed.
See our link list of over 500 articles by the FT, Wall Street Journal, Reuters, Bloomberg, Forbes, Dow Jones Newswires, New York Times, CNBC etc, plus UK House of Commons Select Committee Hansard records, information on U.S. Securities & Exchange Commission website etc. all containing references to our Shell focussed websites, or our website founders Alfred and John Donovan. Includes TV documentary features in English and German, newspaper and magazine articles, radio interviews, newsletters etc. Plus academic papers, Stratfor intelligence reports and UK, U.S. and Australian state/parliamentary publications, also citing our Shell websites. Click on this link to see the entire list, all in date order with a link to an index of over 100 books also containing references to our non-profit websites and/or our activities.
John Donovan, the website owner
This is not a Shell website. The nature of this platform should be evident from the content presented here and on our related Shell-focused websites, including shellnazihistory.com. For more details, please refer to the Disclaimer link at the top of this page. Shell does not endorse or approve of this website.
Our platform operates as a non-commercial, advert-free, and subscription-free space. We do not solicit or accept donations and aim to provide information to our readers free of charge. The Shell logo image with white text used on this website is in the public domain due to expired copyright and anonymous authorship. It can be found on WIKIMEDIA COMMONS. Use this link for Shell’s own website.
Our content, including images and features like the Sheldon chatbot, incorporates information generated by Artificial Intelligence (AI) and various other technological means. We may also draw from sources such as Wikipedia and other published materials. Please note that some content may include satirical adaptations or elements of gossip, rumors, or exaggeration to engage and entertain our audience.
We strive to maintain factual accuracy and encourage readers to notify us promptly if any factual inaccuracies are found, so we can address and rectify them swiftly. Readers are advised to verify all information independently for accuracy and completeness. Any actions taken based on the content provided on our platform are at your own risk.
