Shell unveils green strategy after oil output peak
Energy giant Royal Dutch Shell declared Thursday that its oil output is locked in decline after peaking in 2019 as it outlined green plans to switch away from fossil fuels.
Shell said in a statement that it will invest up to $6.0 billion (4.9 billion euros) per year in green energy projects developing and promoting biofuels, electric car charging and renewables.
More than half the amount could end up being spent on marketing, Shell said.
In addition, Shell plans to still invest $8 billion annually on new oil and gas exploration.read more
This article takes a close look at Shell’s Strategy Day 2021, which focused on a net-zero emissions target and the businesses that Shell plans to operate.
Ultimately, Shell isn’t changing its strategy too much, sticking to its core oil and gas businesses.
By focusing on oil and gas and value over volume, Shell is a safer bet than BP which is betting big on a risky corporate restructuring.
The purpose of this article is to analyze Shell’s recent and very important Strategy Day. Shell had promised to give a lot of detail on an organizational restructuring at this event and it had the potential to radically change Shell’s direction. This means the Strategy Day presentations had a possibility to change my bullish thesis on the company. In that article I also gave some of my expectations of what I expected to see in Shell’s Strategy Day, and here I review the key takeaways of the Strategy Day and what they mean for my bullish thesis.read more
On Thursday, one of the world’s largest oil companies — Royal Dutch Shell — confirmed it will never again produce as much oil as it did in 2019. Peak oil production at Shell, said CEO Ben van Beurden, has come and gone.
The week before, ExxonMobil had made a similarly telling announcement: It is spending billions on a subsidiary formed to advance technologies to reduce the company’s carbon emissions and develop new products to help its customers do the same.read more
At the worst of the crisis the two US oil majors considered another solution according to the Wall Street Journal — a merger that would have created a massive oil firm.
AFP: Last Updated: Feb 10, 2021, 10:53 PM ISTParis: Already under pressure due to climate change, the world’s top listed oil firms suffered historic losses in 2020 as the Covid-19 pandemic sent demand and prices tumbling.
The oil majors — BP, Chevron, ExxonMobil, Shell and Total — suffered $77 billion in losses for the year.
Shell CEO Ben van Beurden called 2020 an extraordinary year.
While much of the losses were accounting charges to record the drop in the value of their assets, the drop crude oil prices — which briefly turned negative in 2020 for the first time ever — caused real pain.read more
Massive losses should be a warning to big oil that its bonanza is over
Covid has battered the industry, and the race for renewables is speeding up. We are at a tipping point
Sun 7 Feb 2021 07.00 GMT
The final months of 2020 were a tough end to a tough year, according to BP’s chief executive. But Bernard Looney’s verdict on the worst financial year in the industry’s history is a devastating understatement. It was a period marked by thousands of job cuts, battered dividend policies and record multibillion-dollar losses.read more
Oil companies have crisscrossed the world for more than a century, drilling on nearly every continent and in ever deeper oceans to prospect for fossil fuels that power the global economy.
While they did, the biggest six or seven companies collectively known as Big Oil reshaped international politics and economies, bending them to their will. Oil executives became statesmen in their own right, negotiating deals with foreign leaders to extract oil from the tar sands of Canada, the deserts of the Middle East, off the coasts of South America and Africa and in the shale formations of the U.S.read more
Laura Hurst and Kevin Crowley, Bloomberg
Feb. 5, 2021Updated: Feb. 5, 2021 7:57 a.m.
The wreckage of 2020 still looms large in the boardrooms of Big Oil as executives last week laid out deep spending cuts and plans to repay stubbornly-high debt even as crude rallies to the highest in more than a year.
Royal Dutch Shell on Thursday added itself to the growing list of supermajors to post disappointing fourth-quarter results. Like many of its peers, the Anglo-Dutch company reported weak cash flow and net income that fell short of expectations.
The earnings came as an unpleasant surprise to investors that had been expecting a tailwind after crude recovered from last year’s historic lows. But with Covid-19 lockdowns still depressing fuel sales and refining margins, the industry’s focus is on playing defense rather than on taking advantage of a rally that’s pushing Brent crude toward $60 a barrel.read more
BP, Exxon And Shell – Giants Or Dinosaurs In The Making?
IAM Newswire: Thu, February 4, 2021, 4:31 PM
Chevron (NYSE: CVX) kicked off the earnings season last Friday, disappointing Wall Street with its third straight quarterly loss and showing just how brutal the oil price war was.
This week, Exxon Mobile Corporation (NYSE: XOM) and BP p.l.c. (NYSE: BP) this Tuesday. Royal Dutch Shell (NYSE: RDS-A)(NYSE: RDS-B) took Thursday’s stage and Total (NYSE: TOT) will report on February 9th.read more
LONDON (Reuters) – Royal Dutch Shell’s profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company’s retail network and trading business helped cushion the blow.
The Anglo-Dutch oil major’s annual profit slumped 71% to $4.8 billion as its oil and gas production and profits from refining crude into fuels dropped sharply.
In a sign of confidence, however, Shell said it planned to raise its dividend in the first quarter of 2021, which would be the second slight increase since its slashed its payout by two-thirds at the start of last year due to the pandemic.read more
One of Britain’s top asset managers has warned it will use the “ultimate sanction” and ditch stakes in 30 of the world’s largest oil, gas, mining and utilities companies unless they do more to tackle climate change. Aviva declined to name the companies it is targeting. But it is a big shareholder in many of the world’s largest oil, gas and mining companies, with its holdings worth billions of pounds. According to S&P Global Market Intelligence, it is a top 30 shareholder in oil majors BP and Royal Dutch Shell…read more
Exxon, Shell Face Rating Cuts on Greater Climate Risk, S&P Says
Javier Blas and Laura Hurst:
(Bloomberg) — Big Oil suffered a fresh setback after one of the most influential rating companies warned it may cut the credit score of Exxon Mobil Corp., Royal Dutch Shell Plc and a plethora of other major energy companies due to “greater industry risk” associated with climate change.
The move by S&P Global Ratings comes as the oil and gas industry is on the ropes, unloved by equity investors and facing pressure from multiple policy makers after U.S. President Joe Biden put climate change at the center of his agenda.read more
LONDON (Reuters) – Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts.
Acquisitions of new onshore and offshore exploration licences for the top five Western energy giants dropped to the lowest in at least five years, data from Oslo-based consultancy Rystad Energy showed.
The number of exploration licensing rounds dropped last year due to the epidemic while companies including Exxon Mobil, Royal Dutch Shell and France’s Total also reduced spending, Rystad Energy analyst Palzor Shenga said.read more
Supreme Court questions Big Oil effort to duck liability
Pamela King, E&E News reporter published
The Supreme Court expressed concern today that attorneys for the oil and gas industry were hiding elephants in mouse holes in a wonky jurisdictional battle with high stakes for climate change litigation.
During oral arguments in BP PLC v. Baltimore, justices posited that industry lawyers might be leveraging a dispute over a narrow technical question to quash lawsuits by state and local governments contending that energy companies should be on the hook for flooding, wildfires and other disasters fueled by rising global temperatures.
“It seems as though we are smuggling into appellate review other issues that are not necessarily the issues that are front and center of the federal law concerned,” Justice Clarence Thomas said to a government attorney arguing alongside lawyers for BP, Royal Dutch Shell PLC and other companies in the lawsuit.read more
Retirement Pot: Long Only, Deep Value, Growth, Foreign Companies: JAN 19, 2021
Summary
Shell’s dividend cut and unpredictability last year cost it a lot of shareholder confidence.
I outline three metrics I think show whether it’s investable again.
On all three metrics, I continue to see it as uninvestable with confidence.
U.K.-based oil major Shell (RDS.A, OTCPK:RYDAF) didn’t have a great time of it last year when it came to shareholder relations. With its mammoth dividend cut and poor signaling thereof before it was made, a lot of shareholders ditched the holding. I sold my entire stake and reinvested the proceeds in more Exxon Mobil (XOM).
Below, I outline what I think are the key challenges to Shell being investable at this point.read more
Justice Amy Coney Barrett to hear climate lawsuit against Shell – despite accusations of conflict of interest
Despite her father’s long career at Shell, Justice Barrett is due to hear arguments in a case brought against the oil giant by the city of Baltimore next week, writes senior climate correspondent Louise Boyle: 16 JAN 2021
Activists at the Shell Centre, the UK offices of Royal Dutch Shell, as demonstrators surround the building during an environmental protest by the Extinction Rebellion group in London on April 15, 2019: AFP via Getty Images
Trump’s Supreme Court appointee, Justice Amy Coney Barrett, is set to hear legal arguments in a climate lawsuit against Shell next week amid conflict-of-interest accusations due to her father’s 30-year legal career at the oil giant.read more
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
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
SHELL KILLS FOR OIL IN NIGERIA
ESTHER KIOBEL SUES SHELL FOR COMPLICITY IN HUSBANDS MURDER
ESTHER KIOBEL: EVIL OIL GIANT SHELL COLLUDED IN THE EXECUTION OF MY INNOCENT HUSBAND
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
ABANDONED BY SHELL: KEITH MACDONALD & FAMILY, VICTIMS OF RADIOACTIVE CONTAMINATION AT WORK
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
AN OPEN WOUND FOR SHELL SAYS FT
John Donovan’s ebooks
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON. EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
Bonus Group: It is not clear why the once upon a time VP Developments, Brazil is now VP Subsurface Excellence, given that the Brazil Asset under her stewardship spent at least five years down a giant rabbit hole using a corrupt workflow that resulted in a significant overbooking of reserves.
Bonus Group: John,
Re:Links between Samuel Iskander and corruption
Dave Freeman currently Chief Operating Officer at privately owned Tailwind Energy and previously Upstream Technical Director (COO Office) at BG Group should be able to answer your question.
REPLY BY JOHN:
Many thanks, I will pass that information on to the investigative contact.
John Donovan: POSTED ON BEHALF OF AN INVESTIGATIVE CONTACT:
Newly former Shell executive Sami Iskander has been appointed CEO to London-traded energy company Petrofac, which is facing corruption allegations in Italy and from the U.K.'s SFO. The question is whether Iskander, who was one of only four executives from British Gas retained by Shell when the two merged in 2015, brings any baggage with him?
Why Mr. Iskander and not someone else? Conversely, why would he want to join such an embattled company? Are there any indications that his time at BG or Shell was less than spotless in terms of possible corruption, to include cover-ups or just looking the other way? Does he have any hidden ties with Petrofac or its outgoing CEO Ayman Asfari?
In general, what kind of a reputation does this man have in the London energy business community?
Bonus Group: The long overdue structural reorganisation at Shell is rapidly approaching. No better place to start than within the Brazil Asset which has been propped-up for over ten years now by the same BG Group sycophants who have a proven track record of overbooking reserves on the basis of flawed functionall approved technical workflows. These individuals are still clinging desperately to their positions five years after the takeover of BG Group by Shell. Can it be that Shell cannot afford to move them on lest their poor work and lies be revealed? Get rid of them, truth and transparency are now required if not demanded in the Brasil Asset!
Bogus Group: More BG Group (Shell) executive 'turmoil'. Just love the "stepping down with immediate effect for personal reasons" euphemism.
PRELUDE WHITE ELEPHANT: Shell has not revealed the cost of Prelude but analysts estimate the price tag has ballooned to as much as A$17bn ($13bn). The Anglo-Dutch company reported $9bn in impairment charges on its Australian gas assets in the second and third quarters of 2020.
https://www.ft.com/content/6ba54787-6d21-48d2-93b2-273cdcf48455