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Posts from ‘July, 2016’

LNG takes another lurch toward financial oblivion

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Lachlan Barker: 27 July 2016

The future for gas companies is looking grim and this means market forces will effect what our governments should have done and force the industry’s closure, says Lachlan Barker.

THE FINANCIAL REPORTING news for Queensland’s liquefied natural gas (LNG) companies is disastrous – for yet another quarter.

Santos were the first out with their second quarterly production report and even I – a fairly close observer of the LNG market – couldn’t quite believe what I was seeing. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Oil Workers Strike Over Shell’s Proposed Cuts

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By SELINA WILLIAMSJuly 26, 2016 9:47 a.m. ET

LONDON—About 400 workers at seven Royal Dutch Shell PLC oil and gas platforms in the U.K. North Sea began a 24-hour strike early Tuesday in a dispute over proposed cuts of up to 30% on pay and allowances, the Unite union said in a news release.

The strike will be followed by a series of other stoppages over the following weeks, Unite said.

FULL ARTICLE

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Hundreds of North Sea workers down tools on Shell oil rigs

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Screen Shot 2016-07-26 at 16.45.26Jillian Ambrose26 JULY 2016 • 1:26PM

Around 400 North Sea oil workers have downed tools on Shell oil rigs in the sector’s first spate of industrial action in 28 years.

The 24-hour strike began at 6.30am on Tuesday alongside an ongoing refusal to work overtime and will be followed by further stoppages in the weeks to come, trade union Unite warned.

Offshore oil workers employed by Wood Group to work on Shell’s giant Brent oilfield platforms voted overwhelmingly in favour of strike action earlier this month, after talks over plans to bring in longer hours and lower pay broke down. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Solano County District attorney announces settlement with Shell

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POSTED: 07/25/16, 5:59 PM PDT

Solano County District Attorney Krishna Abrams, announced Monday that Equilon Enterprises LLC, dba Shell Oil Products US (“Shell”) has entered into a stipulated judgment to resolve consumer protection and advertising violations related to Shell gift cards and fuel rewards cards.

Solano was joined by Alameda, Monterey, Napa, Santa Clara, and Santa Cruz in bringing this consumer protection action. Under the terms of the stipulated judgment, Shell agreed to pay $762,500 in civil penalties, costs, and restitution, and to injunctive provisions to ensure future compliance. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell Philippines files for $629 million IPO, eyes November listing

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MANILA | BY NEIL JEROME MORALES AND ENRICO DELA CRUZBusiness | Tue Jul 26, 2016 5:08am EDT

Pilipinas Shell Petroleum Corp has filed for an initial public offering (IPO) of shares that may raise as much as 29.7 billion pesos ($629 million) in one of the Philippines’ largest stock market listings.

The unit of Royal Dutch Shell Plc (RDSa.L) plans to launch the IPO in October involving up to 330 million primary and secondary shares at up to 90 pesos per share, with a listing on the Philippine Stock Exchange tentatively set for Nov. 10. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Solano DA announces $762,000 Shell cards lawsuit settlement

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Screen Shot 2016-06-30 at 18.15.43Solano DA announces $762,000 Shell cards lawsuit settlement

By Jess SullivanFrom page A5 | July 27, 2016

FAIRFIELD — District Attorney Krishna Abrams announced Monday that Shell Oil Products will pay out more than $762,000 to settle a lawsuit filed by eight California counties, including Solano County.

Prosecutors claimed Shell did not tell customers using gift cards and fuel rewards cards that some discounts could not be combined and that not all Shell gas stations honored the cards. The lawsuit also claimed Shell failed to redeem gift cards with balances of less than $10 for cash as required by California law and that Shell did not tell customers about some of the limits of its rewards programs. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell to Lay Off 200 Gulf of Mexico Rig Workers

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Shell to Lay Off 200 Gulf of Mexico Rig Workers

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A Shell platform in the Gulf of Mexico (courtesy RDS)

By MarEx 2016-07-25 

Shell has announced plans to trim about 200 jobs from its Gulf of Mexico deepwater operations.

“We are making these changes in order to remain competitive and better position Shell’s Gulf of Mexico projects for future growth,” spokeswoman Kimberly Windon told the AP.

The cuts will affect personnel on nine facilities, and will reduce the oil major’s workforce in the region by about one quarter. Some will be transferred to other operations where openings are available. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Oil price drops to three-month low on oversupply fears

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25 July 2016

Oil prices have fallen to a three-month low, hit by rising concerns that a global oversupply of both crude and natural gas will dampen prices.

US oil fell 2.4% to $43.11 (£32.72) a barrel, its lowest level since April, meaning it has now fallen by 12% so far this month.

Brent crude dropped 2.1% to $44.75, its lowest level since 10 May.

Shares in oil and firms also lost ground, with Exxon Mobil shares down 1.8% and Chevron down 2.6%.

“Crude oil markets have been under pressure as oil supplies have started growing with the resumption of output from the capacity lost due to wildfires in the Canadian oil sands,” said EY energy analyst Sanjeev Gupta. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Oil giants hit amid fears of drop in demand

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PUBLISHED: 25/07/2016

The FTSE 100 index was off 20.4 points to 6710.13, as Brent crude sunk 1.9% to 44.83 US dollars (£37.50) a barrel after a report from Barclays warned global oil demand was down amid lacklustre growth from the global economy.

BP dropped 2.6%, or 11.8p, to 440.4p ahead of its interim results on Tuesday, while rival Royal Dutch Shell was also languishing in the red, slipping 2.5%, or 54.5p, to 2093.5p.

Sterling was also under pressure after a report from the Confederation of British Industry (CBI) said business optimism had deteriorated at its fastest pace since January 2009 following the Brexit vote. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

How do you hold a strike on a North Sea oil platform?

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Hundreds of RMT and Unite union members who work for Wood Group are set to stage the 24-hour industrial action on Tuesday in a dispute over pay.

It will be the first industrial action of its kind in the offshore oil and gas industry in almost 30 years.

But how do you actually conduct a strike on a North Sea oil platform?

Those union members involved on the seven Shell platforms will go to designated areas – but will respond should there be an emergency situation.

There will not be the traditional high-profile picket lines that people associate with strikes on land. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell Units Argue Market-Rigging Claims Lack Jurisdiction

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Screen Shot 2016-07-08 at 14.36.15By Cara Bayles

Law360, San Francisco (July 22, 2016, 8:48 PM ET) 

Two Royal Dutch Shell PLC affiliates on Thursday tried to escape allegations of European market manipulation from a proposed class of crude oil derivatives traders, arguing in New York federal court that U.S. courts don’t have jurisdiction over conduct by Shell’s international arm in foreign markets.

The reply in support of the affiliates’ motion to dismiss said the traders were trying to “manufacture claims and jurisdiction where neither exists” by blurring the distinction between two “sister subsidiaries” — Shell’s U.S. arm, Shell Trading US Co., or… read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Carson’s contaminated Carousel tract wins $120 million settlement

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By Sandy Mazza, Daily Breeze: POSTED: 07/23/16

Workers have only just begun removing millions of tons of oil-caked soil left buried for decades in the yards of Carson’s Carousel tract, but a long-awaited financial settlement for the pain and suffering of residents likely will be disbursed before Christmas.

The final payout from two companies deemed responsible for the mess will be $120 million for emotional and physical turmoil, according to an agreement between attorneys reached Friday.

The deal comes after more than a year of legal wrangling between Shell Oil Co., which operated the former oil-tank storage farm on the site, and Dole Food Co., which bought the tract’s developer, Barclay Hollander Corp., and was named responsible for cleaning the property by the Los Angeles Regional Water Quality Control Board in 2015. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Nigeria arrests militant behind oil attacks

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The Department of State Service (DSS) said it arrested a man named Jones Abiri who uses the alias General Akotebe Darikoro.

The arrest took place on Thursday in Yenagoa in southern Nigeria, amid “ongoing tactical operations to degrade the capabilities and hideouts of criminal gangs” in the country.

The DSS claimed the militant confessed to attacking pipelines operated by Agip — the Nigerian subsidiary of Italy’s Eni — and Anglo-Dutch oil group Shell.

Several recent attacks, including assaults on pipelines operated by Shell and Agip, have been claimed by a militant group named the Niger Delta Avengers (NDA). read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Santa Cruz County prosecutors win judgment against Shell Oil gift cards

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Screen Shot 2016-06-30 at 18.15.43By Stephen Baxter, Santa Cruz Sentinel: 07/23/2016 

SANTA CRUZ — The Santa Cruz County District Attorney’s Office and prosecutors from six other counties won a $762,500 false advertising judgment against Shell Oil’s fuel rewards program on Thursday.

The lawsuit alleged that Shell failed to adequately disclose that discounts from fuel rewards cards and gift cards could not be combined, said Santa Cruz County prosecutor Douglas Allen. Second, it alleged that not all Shell gas stations honored the cards and the company failed to redeem gift cards with balances of less than $10. It also “falsely advertised that certain gift cards could ‘be used like cash’ when Shell knew or should have known some stations were charging customers the credit price for gasoline when purchasing with a gift card,” Allen said. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

2 Red Flags on Royal Dutch Shell’s Cash Flow Statement

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Reuben Gregg BrewerJul 22, 2016 at 1:16PM

Royal Dutch Shell (NYSE:RDS-A) (NYSE:RDS-B) has been hit just as hard by the oil industry downturn as any other oil major. So far, though, it’s managed to keep its dividend intact. Still, the company’s cash flow statement bears watching, because keeping that dividend going is getting harder to pull off. Here are two red flags to watch on Royal Dutch Shell’s cash flow statement.   

Cash flow, not earnings

Shell’s earnings cratered following the mid-2014 oil price drop, going from around $3.00 a share in 2014 to just $0.60 or so last year. (Note that the U.S. traded ADRs represent two shares of Shell stock, so these figures and all of the other per share numbers in the text, which are based on one share of stock, may be half of what you expect to see if you own the ADR.) In the first quarter of this year, the integrated oil giant only earned about a dime a share. Clearly, things aren’t going well for Shell’s business right now. That’s understandable, since oil and natural gas prices play a big part in the company’s results, but there are implications to the bottom-line decline.   read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Next Week Is as Good as It Gets for Big Oil

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ByRakteem Katakey and Joe Carroll: 22 July 2016

Several majors expected to post highest earnings in 3 quarters

Strong performance may not last as oil seen easing back to $40

For oil companies, the second quarter might be as good as it gets.

Shares gained more than in any other industry, thanks to crude rising from a 12-year low. Profits were the best in at least three quarters for majors including Royal Dutch Shell Plc, Chevron Corp. and BP Plc, helped by cost cuts, analysts say. The rest of the year might not be as rosy as supply holds near record levels.

The combined market value of the world’s oil companies shrank by $2 trillion in the past two years following crude’s collapse. While analysts agree the worst of the oversupply is over, BNP Paribas SA and JBC Energy GmbH are among those forecasting a slide back to $40 a barrel as output rebounds in Canada, Iran, Nigeria and the U.S., hurting producers whose investment cuts have put future growth in doubt. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.