Jul 26th, 2021
by John Donovan.
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(Information from WIKIMEDIA COMMONS: The above Shell logo image is in the public domain because its copyright has expired and its author is anonymous.)
CISION PR Newswire
Shell Invests in the Whale Development in the Gulf of Mexico
HOUSTON, July 26, 2021 /PRNewswire/ —=&0=&Shell Offshore Inc., a subsidiary of Royal Dutch Shell plc, today announces the final investment decision (FID) for Whale, a deep-water development in the U.S. Gulf of Mexico that features a 99% replicated hull and an 80% replication of the topsides from our Vito project.
“Whale is the latest demonstration of our focus on simplification, replication and capital projects with shorter cycle times to drive greater value from our advantaged positions,” said Wael Sawan, Shell Upstream Director. “We are building on more than 40 years of deep-water expertise to deliver competitive projects that yield high-margin barrels so that we are able to meet the energy demands of today while generating the cash required to help fund the development of the energy of the future.”read more
HOUSTON, May 26, 2021 /PRNewswire/ — Equilon Enterprises LLC d/b/a Shell Oil Products US, Shell Oil Company and Shell Chemical LP, subsidiaries of Royal Dutch Shell plc (Shell), have reached an agreement for the sale of the Mobile Chemical LP Refinery in Mobile, AL, to Vertex Energy Operating LLC (Vertex Energy). Vertex Energy is a U.S. owned, Texas-based speciality refiner of alternative feedstocks and marketer of high purity petroleum products.read more
HOUSTON, May 11, 2021 /PRNewswire/ — Shell Offshore Inc. (“Shell”), a subsidiary of Royal Dutch Shell plc, today announced a significant discovery at the Leopard prospect in the deep-water U.S. Gulf of Mexico (GoM). The Leopard well encountered more than 600 feet (183 meters) net oil pay at multiple levels. Evaluation is ongoing to further define development options.read more
Shell warned the market on Monday that it would book up to $4.5 billion more in post-tax charges in the fourth quarter, which would take the supermajor’s combined write-downs to over $22 billion in the year in which Big Oil significantly cut the value of their oil and gas assets.
Shell expects post-tax charges of between $3.5 billion and $4.5 billion in relation to impairments, asset restructuring, and onerous contracts in the fourth quarter, the company said in its Q4 2020 update note today. The charges will include partial impairment of the Appomattox asset in the U.S. Gulf of Mexico due to subsurface updates, charges in the oil products division, including such related to the announced transformation of the refinery portfolio, as well as charges from onerous contracts in the Integrated Gas division.read more
Shell says its oil and gas production business should report a third straight quarterly loss while Q4 results from its trading operations – a bright spot earlier in the pandemic amid volatile oil prices – would come in “significantly lower” than in Q3.
The S&P energy sector (XLE-3.8%) is today’s worst market performer, and Big Oil names are getting trounced but have moved off day’s lows: XOM-2.9%, CVX-1.9%, BP-5.7%.
“The indicative guidance looks disappointing, particularly in the context of the strong run Shell has had in recent weeks,” RBC analyst Biraj Borkhataria says.
Cowen analysts maintain their Buy rating and $41 price target for Shell shares, as the reduced cash flow outlook is offset by today’s announced divestment, and as such the analysts retain their outlook that debt will hit target levels around year-end 2021 to enable buybacks in 2022.
Shell says the anticipated $3.5B-$4.5B writedown includes an impairment of its Appomattox deepwater oil and gas project in the Gulf of Mexico, as well as charges related to its refining operations and onerous gas contracts.
Shell writes down up to $4.5 billion in oil and gas assets
Royal Dutch Shell said on Monday it will write down $3.5 to $4.5 billion in the value of oil and gas assets in 2021, the latest in a string of impairments this year as it adjusts to a weaker outlook.
In an update ahead of its fourth quarter results on February 4, Shell said the post-tax charge was due in part to impairments on its Appomattox field in the U.S. Gulf of Mexico, the closure of refineries and liquefied natural gas (LNG) contracts.read more
London — Shell plans to focus its future upstream operations on nine core areas and transform its refining portfolio into six integrated sites which are part of moves to grow its low-carbon businesses and support its cash flows, the major said Oct. 29.
Reporting stronger than expected third-quarter earnings, Shell said it wants to pursue more “value over volume” by simplifying its upstream assets to nine significant core positions; Brazil, Brunei, Gulf of Mexico, Kazakhstan, Malaysia, Nigeria, Oman, Permian and UK North Sea. It said combined the areas will generate more than 80% of its upstream cash flow from operations.read more
Michael Boyd: Energy Income Authority: Oct 8, 2020High-quality income and growth plays in the energy space.Summary
Poor messaging from management, as well as an ill-prepared balance sheet caused in part by buybacks, has caused the European major a lot of pain.
Arguably, senior executives deserve to be shown the door. But even if that happens, expect the pivot away from fossil fuels to continue.
Is the move into Power and other “Green Energy” assets the right move? Maybe, maybe not.
This idea was discussed in more depth with members of my private investing community, Energy Income Authority. Get started today »
I often get asked why I don’t cover the supermajors all that often on Seeking Alpha. The answer comes down to a rather simple reality: time invested versus potential gain. Anyone that has followed my long / short book knows that whatever I take a stake in, I know inside out. Quite frankly, the sprawling operations of most majors coupled with competing against institutionals that have enough research analysts on the payroll to pack a local gymnasium makes it a losing proposition – or at least in my view.read more
Royal Dutch Shell (RDSB.L) is looking to cut up to 40% off its costs related to producing oil and gas as it focuses on the renewable energy and power markets.
The project is known internally as Project Reshape and is expected to be completed by the end of this year, said Monday’s report. There will be three main divisions of the business that are impacted by the cuts and they will reportedly be in addition to a $4bn (£3.1bn) target set in the wake of the COVID-19 crisis.read more
LONDON (Reuters) – Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.
Shell’s new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4 billion target set in the wake of the COVID-19 crisis.read more
‘Stranded Assets’ Risk Rising With Climate Action and $40 Oil
By Laura Hurst | Bloomberg:
September 18, 2020 at 7:55 a.m. GMT+1
What had seemed like an abstract debate about leaving oil, gas and coal in the ground to fight climate change has suddenly become real. Environmental activists have long fought for lower fossil-fuel production. Now, with the pandemic crippling economies and reducing energy use and prices, drillers and miners are coming to grips with projects that are no longer viable. Some companies are even abandoning investments, leaving deposits worth billions of dollars in the ground to languish as so-called “stranded assets.” While environmentalists applaud, fund managers, banks and regulators worry that project financing could sour and collateral become worthless.read more
Shell has posted losses of $18.1billion (£14bn) for the second quarter of 2020 as oil, LNG and gas prices remain depressed.
The energy major took an impairment charge of $16.8billion (£12.9bn) – $22.3bn pre-tax (£17.2bn) -as it wrote down the valuation of assets due to the downturn and Covid-19.
Shell’s second quarter results compare to a profit of $3.1bn (£2.39bn) in the same period last year, while revenues have dropped to $32.5bn, compared to $60bn in Q1 2020 and $90.5bn Q2 2019.read more
Shell airlifts workers after coronavirus outbreak on Gulf rig
Workers aboard a Shell Oil offshore rig in the Gulf of Mexico have tested positive for the coronavirus and flown back to land for treatment, a KHOU report says.
by L M Sixel and Sergio Chapa, Houston Chronicle: 28/05/2020
Shell Oil, the U.S. subsidiary of energy giant Royal Dutch Shell, has evacuated nine workers from a company platform in the Gulf of Mexico for testing and treatment of COVID-19, the illness caused by the coronavirus.read more
(Bloomberg) — Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down.
The economic impact of the coronavirus has ripped through the oil industry in dramatic phases. First it destroyed demand as lockdowns shut factories and kept drivers at home. Then storage started filling up and traders resorted to ocean-going tankers to store crude in the hope of better prices ahead.read more
As oil prices collapse, Shell is postponing the final investment decisions (FIDs) for two planned projects, one in the U.S. Gulf of Mexico and another in the UK North Sea, a source with the supermajor told Reuters on Wednesday.
Shell is now thinking of postponing the FID for the development of the Whale discovery in the Gulf of Mexico, Reuters’ source said. The initial FID timeframe was to make the decision later in 2020, but it is now postponed to 2021.
Shell announced the large deepwater discovery in the U.S. Gulf of Mexico in January 2018, although it had made it six months earlier. Back then, the company said that the Whale discovery was “one of its largest U.S. Gulf of Mexico exploration finds in the past decade.” Shell is the operator of the planned project with a 60-percent interest, while U.S. supermajor Chevron holds the other 40 percent.read more
As BP Plc’s new chief delivers his vision to transform the company on Wednesday, investors and activists want to know just how much appetite he has to take on the existential crisis facing the oil industry.
12 February 2020
Bernard Looney’s big challenge will be to navigate BP through an energy transition with the world falling out of love with oil, and louder demands from investors to pivot toward clean energy. When climate protesters forced the company to shut its London headquarters last week, the 49-year-old Irishman promised them he would address their concerns.
BP is already taking some modest steps to address climate change, including investment in renewables and selling some of its most carbon-intensive assets. But it remains an oil major through and through, still very much the company that tapped the first fields in Iran early in the last century and drilled wildcat wells on the Alaskan frontier more than 60 years ago.read more
Economic Growth = Environmental Recession: You can be SURE of HELL, sorry missed an ‘s’ SHELL
Very poor upload speeds: Unfortunately I was persuaded to switch to Shell Energy Broadband after a conversation with a staffer of USwitch, supposedly because download speeds were a little faster than PlusNet.
But what a bad decision! Upload speeds are truly terrible, and the download speeds struggle to get up to what they publicise. Its an indictment of USwitch advice that they failed to point out how much upload speeds can vary between providers and that you can be trading DOWN to a worse service.
Oh and I didn't even mention that the router they provided has disabled 'itself' off wireless twice already, the system having to be 'reset' at great inconvenience.
Do the sane thing - don't be tempted as I was to choose this provider.
USA USA USA: ok... it looks like Malaysia is next on the chopping block. piece by piece...
Beaver Cracker: Rather than fixing the problem, Shell ordered the whistleblowers off the project and the contractor fired the two inspectors. The couple’s allegations are contained in their whistleblower complaint filed with the Labor Department.
Shell Energy will rip you off!!: If you want to be ripped off go to Shell Energy. I live in a one bed flat and they charged me £291 for 1 months electricity and sent me out a wrong bill for £1500 when it was only £800. Yes stress!
Oh i forgot i raised a complaint on 29th July of which no one got back to me so I called today to be offered £30 and 6 sorrys of so sorry mistakes happen.
The only saving grace was that the customer service rep was very good.
Beaver Cracker: It is no surprise to read about the pipeline inspectors findings. Penn Chem has a checkered past with respect to negative findings in assurance and audit activities. Just dig into the earth works, water conduits, foundations, blasting damage, pressure vessel quality, etc. They have run off so many safety professional (and quality inspectors) until they found those who wouldn't rock the boat and let the contractors "get on with it". Not to mention the number who found opportunities elsewhere. Those left, are mostly happy to look the other way and collect the paycheck. All to make single use PE... BvB talks about the environment and safety. Can he walk it? Reshape demonstrates the strong commitment to eliminate independent S&E assurance activities, now that is a learner mindset twist on "inherent" safety!
Shell Penn Whistleblowers: Two former pipeline inspectors say they were fired for reporting hazards on a volatile liquids pipeline to Royal Dutch Shell PLC’s massive new petrochemical plant northwest of Pittsburgh.
The inspectors, Frank Chamberlin and Susan D’Layne Carite, said they warned Shell managers and even federal regulators in 2019 that the anti-corrosion coating was defective on the company’s Falcon pipeline. That could increase the threat of corrosion, a leading cause of pipeline ruptures.
https://www.eenews.net/articles/whistleblowers-say-bad-seeds-undermine-pipeline-safety/
USA USA USA: Does anyone have the list of Shell assets for sale this week? After the rumors of Aera / Permian, maybe Norco, Penn Chem, GOM, ... Whats next?
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
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
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
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
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
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.
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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 60 books also containing references to our non-profit websites and/or our activities.
John Donovan, the website owner A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
(Information from WIKIMEDIA COMMONS: The above Shell logo image is in the public domain because its copyright has expired and its author is anonymous.)
Shell Sells Alabama Refinery to Vertex Energy
Shell announces deep-water discovery in the U.S. Gulf of Mexico
Shell’s 2020 Write Downs Could Soar To $22 Billion
Shell prepares for major production cuts to refocus on green strategy
‘Stranded Assets’ Risk Rising With Climate Action and $40 Oil
Workers aboard a Shell Oil offshore rig in the Gulf of Mexico have tested positive for the coronavirus and flown back to land for treatment, a KHOU report says.
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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.
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.