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DAILY EXPRESS: Oil giant Shell floats as prices sink
Extracts
ROYAL Dutch Shell unleashed an industry-beating rise in quarterly profit yesterday, despite falling oil prices, and vowed to keep slashing less-lucrative projects.
Finance chief Simon Henry said: “It’s quite likely we’ll take a very close look at investment levels where we have flexibility if we see oil price weakness persisting.”
Today we have another forecast from a Chief Executive of Royal Dutch Shell Plc, no doubt based on an assessment by the crystal ball gazers at Shell, the famed Scenarios team. Is it a case of wishful thinking on the part of Shell? Can we have faith in the prediction made by the current CEO?
By John Donovan
Today we have another forecast from a Chief Executive of Royal Dutch Shell Plc, no doubt based on an assessment by the crystal ball gazers at Shell, the famed Scenarios team.
According to Catherine Boyle of CNBC, Ben van Beurden, Shell’s current CEO is confident that oil will return to “very robust” pricing in the long-term.
This is despite the fact that as a result of increased production by Saudi Arabia and the USA, Brent crude dropped to less than $93 a barrel last week, the lowest price for two years. read more
Royal Dutch Shell is expected to report that its profits have slumped 38 per cent year on year to $4.6 billion (£2.7 billion), when it unveils its first-quarter results on Wednesday. As part of his turnaround plans van Beurden has pledged to improve cash flow and cut costs.
How much reliance can be placed on predictions emerging from Shell scenarios team? Very little if past accuracy of Shell predictions is any guide. Six years ago the then head of Royal Dutch Shell, the clueless Jeroen van der Veer predicted that the world would begin to run out of oil within 7 years – that’s next year. Since then, the whole outlook for oil and gas reserves has changed dramatically as a result of fracking and the US will surpass Saudi as the worlds top oil producer by 2016.
In Shell’s “tighter” supply scenarios, crude prices could steadily increase over the 20 next years, while still going through periods of volatility that could see Brent falling to $70 a barrel, Bentham said.
How much reliance can be placed on predictions emerging from Shell scenarios team?
Very little if past accuracy of Shell predictions is any guide. read more
Shell will report that its net earnings have fallen 25 per cent to £4.9 billion, due to its struggles with spills, theft and disruption at its Nigerian operations, as well as higher exploration costs and a weak refining and petrol market. “Unfortunately, ongoing issues in Nigeria, higher exploration charges, losses in Upstream Americas plus a weak downstream environment do not augur well,†Investec said.
BRITISH oil giants BP and Royal Dutch Shell are set to report plunging third-quarter profits this week, with both expected to say that they have been hit by weak refining margins and production outages, according to City analysts.
By: Helen Massy-Beresford
Aside from tougher market conditions, analysts believe BP’s Gulf of Mexico oil spill legal battles will weigh on its results expected on Tuesday. They predict increased US legal provisions will contribute to profits falling 37 per cent to £4.9 billion.Investec forecasts BP’s arch-rival Shell will report that its net earnings have fallen 25 per cent to £4.9 billion, due to its struggles with spills, theft and disruption at its Nigerian operations, as well as higher exploration costs and a weak refining and petrol market.
“Unfortunately, ongoing issues in Nigeria, higher exploration charges, losses in Upstream Americas plus a weak downstream environment do not augur well,†Investec said.
Deutsche Bank said challenges in Nigeria meant they viewed the quarter with “continuing trepidation†saying that in refining “Shell’s outsized footprint combined with the usual bout of unplanned downtime looks set to cost them dearly.â€
Resources exploration firm BG Group, which was part of British Gas owner Centrica until 1997, is expected to say on Thursday that its profits for the third quarter have fallen 20 per cent to £1.8 billion.read more
Royal Dutch Shell is likely to face questions over the future of its operations in China after sources claimed an £8.3bn project in the country had been quietly shelved. The cancellation of the project in the eastern city of Taizhou will raise doubts about Shell’s bold push into China and its partnership with CNPC. Shell has assiduously courted the state-owned giant, only to see CNPC swept up in a political purge which has seen at least five current or former executives investigated by the Communist party.
The news raises questions about Shell’s position in China Photo: GETTY
The tie-up with China National Petroleum Corp (CNPC), the country’s largest energy producer, and Qatar Petroleum to build a refinery and petrochemical plant is believed to have been suspended after losing political support.
The cancellation of the project in the eastern city of Taizhou will raise doubts about Shell’s bold push into China and its partnership with CNPC.
Shell has assiduously courted the state-owned giant, only to see CNPC swept up in a political purge which has seen at least five current or former executives investigated by the Communist party.read more
ROYAL DUTCH SHELL has shut down parts of a refinery in Port Arthur, Texas, after a fire broke out following a £6.4billion expansion scheme.
Shell closed units at the Motiva refinery, which is run by a joint venture of the oil giant and Saudi Refining, after the second blaze in a week is said to have started near the biggest of the plant’s three crude oil units.
The first attempt to start the unit, at the end of a five year upgrade of the refinery, was hampered by a chemical leak in June 2012.
The unit has been running at reduced rates since it began production early this year.
The company may shut the crude unit in the autumn of 2014 to fix the problems.read more
ROYAL DUTCH SHELL sprang another surprise on the City yesterday by naming its head of refining Ben van Beurden as its new chief executive to succeed Peter Voser next January.
Published: Wed, July 10, 2013
Dutchman Van Beurden, 55, who has been with the Anglo-Dutch oil giant for 30 years but only appointed to the board in January as boss of its downstream operations, had not been touted as a likely contender to replace Voser, whose decision to stand down after less than five years in the top job had stunned investors.
Analysts had focused on chief financial officer Simon Henry and other divisional heads including Marvin Odum and Andy Brown as potential successors, although Shell also reviewed outside candidates.read more
From our Shell News Archive Sunday 31 October, 2004
The fallout from the Shell reserves fraud continues…
The Independent On Sunday (UK): Business View: Shell’s real location problem is finding more black stuff: “The misreporting of reserves scandal showed all the worst Shell traits – secrecy, haughtiness, inertia.”: “So what’s the hurry? Was it because Shell had to admit that it had uncovered another 900 million barrels of doubtful crude in its reserves and was likely to uncover 600 million more?”
Sunday Express (UK): Shell boardroom changes backfire on reserves news: “ONE OF the world’s most influential financial firms has given the thumbs down to an announcement from Shell it is to end its 97-year-old dual board structure.”: “…financial ratings agency Standard & Poor’s said it had adjusted Shell’s investment rating downwards to “creditwatch negative”, a status which implies there may be more bad news to come from the company.”
Mail on Sunday (UK): Shell bosses in a charm offensive: “The Board, headed by Jeroen van der Veer, will see thousands of staff to explain the proposed changes and shore up the mood of the employees damaged by scandals over Shell’s inflated oil reserves.”: “Last week, Shell was forced to downgrade its estimates of proven oil reserves for the fifth time this year. Reserves are now a third lower than originally thought”read more
Friday 29 October, 2004 – A DREADFUL DAY FOR SHAREHOLDERS IN SHELL TRANSPORT AND TRADING COMPANY PLC
The Times (UK): The Hague for head office: “ALTHOUGH it maintains otherwise, Shell is effectively going Dutch…”: “From May, the big decisions will be taken by a new board in The Hague, which has seven Dutch members and only four Britons.”: “…from 2006 it will hold AGMs only in The Hague.”
The Times (UK): Fear of new Shell reserves downgrade: “ROYAL Dutch/Shell yesterday raised fears that it may have to write down its reserves by more than 1.5 billion barrels…”: “With less than 60 per cent of its reservoir audit completed, Shell was unable yesterday to put a ceiling on the potential downgrade of its reserves…”
Daily Telegraph (UK): Dutch chiefs take helm of merged Shell: “The radical move, which needs to be approved by shareholders, is likely to be seen as a Dutch takeover of the energy giant…”: “The news was overshadowed by yet more revelations about the company’s “proven” reserves…”read more
OIL giant BP is expected to return to profit this week when it reports its third-quarter results thanks to the rising oil price, while arch-rival Royal Dutch Shell is also set to announce improved profits.
BP is expected to make a net profit of $4 billion (£2.5 billion) for the three months to September 30, which would return it to profitability after registering a $1.3 billion loss in the preceding quarter. The oil giant will unveil its third-quarter results on Tuesday.
City analysts expect Royal Dutch Shell to report a net profit of $7.3bn, an increase of 79.7 per cent on the second quarter, when it announces its third-quarter results on Thursday.read more
Mr Campbell insisted it is only a matter of time before there is another major tragedy in the North Sea. He said: According to public domain data there were 85 gas releases and 443 dangerous occurrences last year. If you are getting 85 gas leaks thats one and a half, or two, leaks a week. The probability of an undesirable event is very high.
CLICK ON IMAGE TO ENLARGE
By John Donovan
The Sunday Express has today published an article under the headline: “Rusting rigs spark fears of oil tragedy” (above newspaper article) and “SCOTTISH OIL RIGS IN DIRE STRAITS” (online version).
The newspaper approached us for assistance and we were happy to supply extensive information, including the revealing letter we obtained from the Health & Safety Executive that is mentioned in the article.
We also put the Sunday Express journalist Paula Murray into contact with Bill Campbell, the retired HSE Group Auditor of Shell International to led the safety audit team on Shell North Sea platforms in 1999 which exposed a “Touch F*** All” maintenance culture with bodged repairs and falsified safety records. A more recent report (in 2008) by upstreamonline revealed that even the oil rig lifeboats were not seaworthy. read more
Shell is often at odds with institutional investors over the generous pay packages it gives to its executives, such as boss Peter Voser, who last year took home £4.6 million in pay and bonuses.
By Tracey Boles and Geoff Ho: Sunday May 15,2011
THE pay of top earners is spiralling out of control, a high-level report will warn tomorrow, as investors prepare to tackle three of Britains biggest companies over excessive remuneration.
The independent inquiry into high pay across both the public and private sectors, says that it is climbing at an alarming rate.
The High Pay Commission will also warn in its report, out tomorrow, that Britain is on course for levels of inequality not seen since Victorian times.read more
A DIP in production is expected to stop BP reaping the full benefit of the high oil price in its first-quarter results, out this week.
But arch-rival Royal Dutch Shell is forecast to enjoy a surge in first-quarter earnings on the back of the oil price which averaged $105 (£64) per barrel in the three-month period.
First-quarter profits at crisis-hit BP are expected to be broadly flat at $5.6 billion (£3.4 billion).
Analysts at Charles Stanley said: Production volumes could be some 7 per cent lower and as a result, BP will have less leverage from higher oil prices which are some 32 per cent higher than a year ago.read more
Sir Henri Deterding, the controversial and outspoken founder of Royal Dutch Shell, now haunts the website. Wise to all the knowledge of Shell, and its shellanigans, he delivers informative and satirical insight to anything about Shell. He's a grumpy old sod, so you'll have to excuse his bluntness.
Click the big chat-bubble (bottom-right of the website)to ask Sir Henri a question. Enjoy!
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
The content below is sourced from current verifiable customer reviews of Shell Energy published on Trustpilot.
Extremely slow broadband for 10 months, not fixed.I have had slow broadband well below the guaranteed speed for 10 months and Shell Energy have not been able to fix it.They have tried sending about 4 or 5 engineers but have not fixed the problem.Gurps, who I have been dealing with most recently, has been friendly and polite, alth… Read more
Extremely Slow Shell Broadband
The worst ever
I used shell broadband. It was by far the worst broadband provider ever! The internet did not work most days. I had their super fast broadband and it dropped out constantly. Watching a movie was awful with the constant buffering. Customer support was super slow. Now their going to charge me for the useless router which I have sent back.
I ordered shell energy broadband on nov 2. I was promised connection the following week. They initiated the direct debit. I called the following week and was told router would arrive on 13 and service would go live on 17. No further email or communication until 20 when I was told service would start on 30th. Spent 10 minutes waiting on phone line and spoke to a polite assistant who was absolutely useless in solving my problem. Avoid this unprofessional and chaotic… Read more
Shell Energy Broadband Service is Appalling
The worst ever
I used shell broadband. It was by far the worst broadband provider ever! The internet did not work most days. I had their super fast broadband and it dropped out constantly. Watching a movie was awful with the constant buffering. Customer support was super slow. Now their going to charge me for the useless router which I have sent back.
Date of experience: 21 November 2023
By far the worst broadband provider ever!
OVER 500 EXTERNAL PUBLICATIONS CITING OUR SHELL WEBSITES
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 websiteetc. 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
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DAILY EXPRESS: Oil giant Shell floats as prices sink
DAILY MAIL: Shell posts forecast-busting profit rise of 31pc despite slump in oil prices
