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How the Pandemic Is Changing the Outlook for Peak Oil

By Will Kennedy | Bloomberg: July 3, 2020 at 5:56 p.m. GMT+1

One big question emerging from the pandemic is whether it will speed up the global shift away from oil. Life under lockdown gave a taste of a world that burns less petroleum, with consumption down by about a quarter and city dwellers from Los Angeles to New Delhi relishing the cleaner air. As restrictions eased, things weren’t exactly returning to normal. Many workers had given up on commuting and there was talk that air travel might never recover. On the other hand, rock-bottom oil prices and the desire to avoid crowded public transport had some people driving to work for the first time or taking road trips instead of flying. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Toxic Legacy of 60 Years of Abundant Oil

Bank supervisor Johnson Banigo avoids wearing light-colored shirts to his job because they’re ruined by the dark soot that falls from the heavens.

Banigo, 34, lives and works in Port Harcourt, the center of Nigeria’s petroleum industry where the evening sky literally glows with gas flares. Half a century of oil spills has left a 27,000 square-mile region of swamps, creeks and mangrove forests in southeastern Nigeria one of the most polluted places on earth. Life expectancy is just 41 years. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell and BP’s Debt Problems Are Getting Worse

By Chris Hughes | Bloomberg: June 30, 2020 at 6:35 p.m. GMT+1

The pandemic has now forced both of the U.K.’s oil majors to slash the value of their assets by billions of dollars. This is more than just an accounting issue for BP Plc and Royal Dutch Shell Plc. In the real world, it makes it even harder for them to meet targets for cutting leverage — targets they were already straining to hit.

Shell said on Tuesday it would take a $15 billion to $22 billion post-tax impairment charge after cutting its long-term view on oil and gas prices. BP warned earlier in June of potentially $18 billion in impairments. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell to Write Down Up to $22 Billion as Virus Hits Big Oil

Laura Hurst: Bloomberg

(Bloomberg) — Royal Dutch Shell Plc will write down between $15 billion and $22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit Big Oil.

The pandemic left no part of the energy giant’s sprawling business unscathed. Oil production slowed, fuel sales fell and shipments of everything from liquefied natural gas to petrochemicals suffered.

The dire second quarter also threatened to have a lasting legacy, as reductions in long-term price forecasts will force writedowns on the value of assets all over the world, with its integrated gas business taking the biggest hit. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Nigerians Bid to Sue Shell in U.K. Over Oil-Spill Pollution

Nigerians Bid to Sue Shell in U.K. Over Oil-Spill Pollution

Photo source

By William Clowes and Laura Hurst: 23 June 2020, 05:00 BST

  • Residents want to use 2019 ruling to access U.K. courts
  • Shell says compensation lawsuit should take place in Nigeria

Thousands of Nigerians are asking British judges to give them permission to sue Royal Dutch Shell Plc in London over environmental damage caused by oil spills 3,000 miles away in Africa.

Lawyers for residents of the crude-rich Niger Delta believe a landmark U.K. Supreme Court ruling last year against a London-based miner should set a precedent. Shell, which has blocked the suit twice from entering British courts, says the litigation should be heard in the West African country. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bloomberg: Pandemic Brings Pain and Opportunity for Fragile Oil Giants


BLOOMBERG: By Laura Hurst: 16 June 2020, 00:01 BST Updated on 16 June 2020, 13:43 BST

The coronavirus has exposed the fragility of some of the world’s biggest oil and gas companies, but also given them the opportunity to make investors swallow some unpleasant remedies.

Since the pandemic started, BP Plc and Royal Dutch Shell Plc have made drastic changes to their businesses, from multibillion-dollar writedowns to big cuts to dividends and jobs.

They explained these moves as responses to the dual threats of the lockdown-induced oil slump and the growing pressure to cut carbon emissions. Yet the decisions say as much about the companies’ individual fragility as they do of the challenges faced by the broader industry. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bloomberg: BP to write off $17.5bn from value of its business

British oil major predicts that the coronavirus pandemic will hurt long-term demand

BLOOMBERG: 15 JUNE 2020

BP will write down the value of its business by as much as $17.5 billion, as the British oil major predicts that the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy.

The company is also undertaking a review of its projects that could result in some oil discoveries being left in the ground.

It’s the latest in a series of big shifts from BP, which has pivoted sharply toward clean energy under its new chief executive officer Bernard Looney. Shares fell 5 per cent to 307 pence as of 8.15am in London. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell CEO Ben van Beurden insists he doesn’t run an oil company any more

By Akshat Rathi and Laura Hurst: 9 JUNE 2020

Royal Dutch Shell Plc had been turning out about 2.7 million barrels of oil each day until the novel coronavirus took hold of the world. Demand for oil, the company’s core product, dropped almost a third in April, and the price of West Texas Intermediate briefly dipped into negative numbers for the first time.

It’s not easy to run an oil major when people suddenly stop needing oil. Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shell’s dividend for the first time since World War II. And, as critics warned, the company remains saddled with debt from its $53 billion acquisition of BG Group in 2015. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BVB MEMO ON JOB CUTS?: Shell will go through a comprehensive review of the company

BP to Cut 10,000 Jobs as Virus Accelerates Reorganization

Laura Hurst: Bloomberg: June 8, 2020

(Bloomberg) —

BP Plc plans to cut 10,000 jobs as the slump in oil prices accelerates its move to slim down for the transition to cleaner energy.

The coronavirus pandemic has hit companies’ earnings and forced many to change the way they operate. European competitor Royal Dutch Shell Plc is said to be offering voluntary redundancies in a bid to become leaner, and U.S. rivals Chevron Corp. and Marathon Oil Corp. are among others laying off employees. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Large shareholders put pressure on Shell after dividend cut

“If you don’t understand where a company is going and they no longer pay a [large] dividend as before, why would you still own the share,”…

English translation of an article published today by the Dutch Financial Daily newspaper, the FD

Large shareholders put pressure on Shell after dividend cut

Shell CEO Ben van Beurden about the dividend cut: ‘No chairman wants this on his track record, but it is wise to do it.’ Photo: Chris Ratcliffe / Bloomberg

From our editor: 8 JUNE 2020 read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

OilPrice.com: UK Judge Dismisses $1B Nigeria Bribery Case Against Eni, Shell

A UK judge dismissed on Friday a lawsuit against Eni and Shell brought by the Nigerian government alleging that the oil and gas supermajors knew about US$1.1 billion in bribes given to secure an oil license in Nigeria nearly a decade ago.

The judge in London dismissed the case on the grounds that the UK has no jurisdiction to try the lawsuit that is basically the same for which Shell and Eni are currently under trial in Italy, Bloomberg reported. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bloomberg: Shell Plans Voluntary Job Losses to Mitigate Oil Slump

Shell hoping voluntary severances will help weather oil crisis

Royal Dutch Shell will use measures including voluntary severance for staff to bolster its finances as the coronavirus pandemic batters profits, according to people with knowledge of the matter.In a note to staff, Chief Executive Officer Ben van Beurden wrote that the organization was being reshaped to make it leaner and more resilient, the people said. The company has already slashed spending and surprised investors with a two-thirds cut to its dividend.

Shell isn’t the only company making big changes to withstand the unprecedented oil-industry disruption caused by Covid-19. Most of its peers have made big spending reductions, while Norway’s Equinor ASA also cut its dividend.

BP Plc promised its employees their jobs were safe at least until the end of June, but companies including Chevron Corp., Marathon Oil Corp. and Halliburton Corp. are laying off employees. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell hints at boosting dividend payout once oil market recovers

Bloomberg: May 14, 2020

Royal Dutch Shell said it will be well placed to boost shareholder payouts once the oil market recovers as it sought to appease investors after last month’s surprise dividend cut.

Shell broke with industry convention playbook when oil’s collapse forced it to slash payouts. For decades, Big Oil had used its hefty balance sheet to borrow money when needed and keep investors sweet until the next upward cycle. But 2020’s unprecedented market rout has seen several major players – including Exxon Mobil and Equinor – freeze or reduce dividends. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bloomberg: The World’s Most Controversial Gas Pipeline Is Nearing Its Endgame

The World’s Most Controversial Gas Pipeline Is Nearing Its Endgame

The almost 10 billion-euro ($11 billion) project is being financed by Royal Dutch Shell Plc… and…

Bloomberg News: Jonathan Tirone: May 13, 2020: 5:29 AM EDT: Last Updated May 13, 2020

(Bloomberg) — Construction of the world’s most controversial natural gas pipeline is about to enter the endgame of an energy dispute that’s pitted the U.S. against Russia and some of its closest trans-Atlantic allies, satellite images show.

The Nord Stream 2 pipeline, built to increase the flow of Russian gas into Europe’s biggest economy, was thwarted five months ago after U.S. President Donald Trump imposed sanctions that forced workers to retreat. Now, after a three-month voyage circumnavigating the globe, the Akademik Cherskiy, the Russian pipe-laying vessel that’s a prime candidate to finish the project, has anchored off the German port where the remaining pipeline sections are waiting to be installed. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bloomberg: Shell Gives Hope for Dividend Boost Once Oil Rout Is Over

By Laura Hurst: 13 May 2020, 14:10 BST: Updated on 13 May 2020, 16:42 BST

  • Company should be in ‘strong position’ to raise distributions
  • Finance chief cites potential to revive both dividend, buyback

Royal Dutch Shell Plc said it will be well placed to boost shareholder payouts once the oil market recovers, as it sought to appease investors after last month’s surprise dividend cut.

The Anglo-Dutch major tore up the industry’s financial playbook when oil’s collapse forced it to slash payouts. For decades, Big Oil had used its hefty balance sheet to borrow money when needed and keep investors sweet until the next upward cycle. But 2020’s unprecedented market rout has seen several large players — Exxon Mobil Corp. and Equinor ASA as well as Shell — freeze or reduce dividends. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil Won’t Get a Post-Virus Lift From Public Transport

By David Fickling | Bloomberg: May 11, 2020 at 8:09 a.m. GMT+1 There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving.

“People will use public transport less” because of fears about picking up infection on crowded trains and buses, Cuneyt Kazokoglu, head of oil demand analysis at energy consultancy FGE, wrote in the Financial Times this month. “Increased reliance on cars once the lockdown measures ease will support petrol demand, potentially for years to come.”

There’s an intuitive logic to that proposition, and even signs that it might be backed up by data. Chinese cities are already seeing traffic jams on a par with pre-coronavirus times, according to data from TomTom International BV. With the pandemic still raging, the U.S. Energy Information Administration’s weekly petroleum status report has been showing a pick-up in gasoline consumption since its lows last month, though it’s still running 40% below where it was a year ago. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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