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CNBC: Shell’s third-quarter profits fall 15% on lower oil and gas prices

Sam Meredith: 31 Oct 2019

POINTS
  • Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019.
  • That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter.
  • Shares of the Anglo-Dutch oil company are down more than 1% when compared to the same period in 2018.

Oil giant Royal Dutch Shell reported weaker-than-expected third-quarter net profit on Thursday, citing lower energy prices and chemicals margins.

Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019. That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

ROYAL DUTCH SHELL PLC 3RD QUARTER 2019 UNAUDITED RESULTS

EXTRACT FROM ROYAL DUTCH SHELL PLC 3RD QUARTER 2019 UNAUDITED RESULTS

31 Oct 2019

Compared with the third quarter 2018, CCS earnings attributable to shareholders excluding identified items were $4.8 billion, reflecting lower realised oil, LNG and gas prices, as well as weaker realised refining and chemicals margins. This was partly offset by significantly stronger contributions from LNG and oil products trading and optimisation as well as higher realised margins in retail and global commercial.

Compared with the third quarter 2018, cash flow from operating activities excluding working capital movements was $12.1 billion, reflecting lower earnings, higher pension contributions and lower dividends received. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell leadership shake-up sends Australian boss to The Hague

Oct 4, 2019

Shell has opted to shake up its leadership ranks in Australia as it beds down the recent acquisition of ERM Power and faces key investment decisions on multibillion-dollar gas projects.

The shake-up will see Shell Australia chairman Zoe Yujnovich move to company headquarters at The Hague.

Ms Yujnovich said on Friday that Australia was central to Shell’s LNG business and for its plans to move into providing cleaner energy.

Her role in Australia will be filled by Tony Nunan, who currently heads up the oil and gas giant’s operations in eastern Australia. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

The Times: BP and Shell projects ‘will become unviable’

The Times

About $50 billion of projects approved by oil companies including Royal Dutch Shell and BP within the past year will fail to deliver economic returns if the world meets the Paris climate goals, according to new analysis.

Shell’s huge Canadian liquefied natural gas project, approved last October, and BP’s latest Azerbaijan oil development, approved in April, are among projects that risk becoming “stranded assets”, according to Carbon Tracker, a not-for-profit think tank, which aims to “align capital markets with climate reality”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell Prelude claims are ridiculous make-believe nonsensical drivel?

Expert Opinion on the content of the recent Upstream Online article: “Shell learns from Prelude challenges” 

Rob Jager cannot be as naive as this, he has a  distinguished career in Shell and also been appointed by the New Zealand Government to lead investigations into the tragic Mining accident some years ago.  Clearly not a numpty so why is he making such statements claiming the Prelude is such a magnificent project it will operate perfectly and become boring.

Hydrocarbon Production Operations that I have experienced over many years have never been boring ever.  Every day brings something different to be addressed and Prelude is and will be no different.  Prelude is not receiving a semi-processed feed stack to refine or reform or blend but raw reservoir hydrocarbons.  Even in the case of a rich gas hydrocarbon reservoir, the well effluent will contain a full range of hydrocarbon gas mixtures, carbon dioxide, hydrogen sulphide water vapour and a whole host of trace gasses and other undesirable soluble and insoluble salts.  Notwithstanding during initial production or subsequent well work-over, residual drilling fluids and completion debris some of which will have found its way into the umbilicals and hydraulic well control and safety shut down systems and cause untold havoc. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Upstream Online: Shell learns from Prelude challenges?

Upstream Online: Shell learns from Prelude challenges

Shell is currently in the process of ramping up its Prelude floating liquefied natural gas development off Western Australia, but the ambitious project …

Extract ends

Printed below are extracts from recent postings on our Shell Blog relating to the above Upstream Online article and its interview with Shell VP Prelude, Bob Jager.

Posting on 19 August 2019

I would be interested to know the content of the article just published by Upstream Online about the Prelude FLNG problems?

What I do know is that Prelude is still having difficulties in with the processed volumes of any of the three streams of product, LNG, LPG and condensate.

I have been monitoring the Marine Traffic web site with Prelude as the target. The offtake tankers, LNG or condensate, can be seen hanging around but at a greater distance from Prelude making it not as easy to keep track of as in previous occasions. The latest LNG tanker, Symphonic Breeze, has been nearby for nearly a week waiting for its nominated cargo. The demurrage costs must be quite high by now as the “notice of readiness” will have been tabled on arrival. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell is standing by its multi-billion-dollar bet on LNG. There are several reasons why it may be wrong to do so

Europe’s largest oil companies shared a common theme in their latest second-quarter financial reports: Shell, Total and BP all partly blamed tepid gas markets for their lacklustre earnings. Hyped as the fuel of the future, liquefied natural gas (LNG) has become an increasingly tricky commodity for the industry to manage.

This could be because of three powerful economic forces now converging and complicating the outlook for the fuel.

Firstly, producers continue to invest billions of dollars into building new LNG projects, despite a growing glut of supply. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Irish Times: Falling natural gas prices sees Shell caught in a trap

Falling natural gas prices sees Shell caught in a trap

Biggest earnings miss since 2016 underscores recent volatility in firm’s earnings

Royal Dutch Shell fell into the same earnings trap as many of its peers, reporting second-quarter earnings that were well short of analysts’ expectations, as natural gas prices slumped.

Shell is the last big oil company in Europe to report earnings this quarter, rounding out a generally weaker picture for the industry. Eni, Total and Equinor reported lower-than-expected profit due to falling energy prices, although BP surpassed even the highest analyst estimate as its production jumped.

The Anglo-Dutch company is far more focused on natural gas than its peers, accounting for about a quarter of all the world’s traded liquefied natural gasvolumes annually. While this division has helped generate record volumes of cash at Shell in recent quarters, a global oversupply has caused prices to slump. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Russia’s Putin seeks to woo Shell back to LNG projects

By bne IntelliNews July 19, 2019

Russian President Vladimir Putin met the head of the Royal Dutch Shell, Ben Van Buerden, this week to discuss liquefied natural gas (LNG) projects, the Kremlin’s press service said.

As reported by bne IntelliNews, earlier this year Shell pulled out of the Baltic LNG project with Russian natural gas giant Gazprom.

“Shell is one of the largest foreign investors in [the] Russian economy, with over $15bn [in] investment. The company [has been] working in Russia since 1892, when it first sold gasoline in [the] Russian empire. We have a lot to talk about,” Putin’s press secretary Dmitri Peskov told Interfax. “To be serious, we have many projects related to LNG,” he added. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Financial Review: ‘Dramatic but doable’: Shell CEO on climate challenge

Ben van Beurden suggested Shell could work with Australia to press for credits for low-carbon LNG exports.

Angela Macdonald-Smith: Senior Resources Writer:

Shell’s global chief executive Ben van Beurden has declared a global carbon price of about $US250 a tonne and “tens of thousands” of carbon capture and storage plants would be needed for the world to keep within the 2 degree warming goal.

Nature-based carbon offsets “to the tune of the Amazon” and a “massive” electrification of energy supply would also be needed he said in Sydney, ahead of a meeting with Prime Minister Scott Morrison where energy and climate policy – and the troubled east coast gas market – were set to be discussed. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell confirms no impact to Prelude floating LNG facility as a result of Broome earthquake

Royal Dutch Shell confirmed that there was no impact to operations at the Prelude floating LNG facility as a result of the earthquake. The company had earlier declined to comment.

JULY 15, 2019 

MELBOURNE, July 15 (Reuters) – Oil and gas operations onshore and offshore Western Australia were unaffected by a magnitude 6.6 earthquake that struck off the northern coast of the state on Sunday, the country’s offshore petroleum safety regulator and companies said.

“NOPSEMA has not received any reports of impacts to offshore oil and gas facilities following the earthquake,” a spokesman for the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Second LNG cargo from Prelude – still trouble at mill?

Second LNG cargo from Prelude

Overnight intelligence information about Shell Prelude sent to retired Shell International HSE consultant, Bill Campbell

Bill, The second LNG off take looks like being imminent. It’s the Methane Julia Louise, the red shape under the yellow tracking trial. The blue dot below with a hello anchor sign is the Prelude The other blue dots are either standby boat, supply boat or tug.

It looks as though there is still “trouble at mill” as its almost 24 days since the first cargo which would suggest around running at 25% capacity. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

REUTERS: Shell sees more opportunities for floating LNG after Prelude delays

JUNE 19, 2019

MELBOURNE, June 19 (Reuters) – Royal Dutch Shell sees more opportunities for floating liquefied natural gas projects, but not necessarily like its $17 billion Prelude operation off Australia, which shipped its first cargo last week, over two years behind schedule.

Shell Australia Chair Zoe Yujnovich said on Wednesday that it was too early to tell whether Prelude, one of two floating LNG (FLNG) projects in the world, would be replicated in future, as the company was still commissioning the project. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell ships long-awaited first LNG cargo from Australia’s Prelude

FOUR DIFFERENT ARTICLES REPORTING ON FIRST PRELUDE LNG CARGO: TUESDAY 11 JUNE 2019 

Sonali Paul: 11 JUNE 2019

* Prelude seals Australia as world’s top LNG exporter

* Prelude marks last of Australia’s $200 bln LNG construction boom

* Start-up comes amid glut in LNG market

* Rival Ichthys LNG could sap some Prelude gas reserves (Adds comment on Prelude gas sources)

By Sonali Paul

MELBOURNE, June 11 (Reuters) – Royal Dutch Shell on Monday shipped the long-awaited first cargo of liquefied natural gas from its massive Prelude floating LNG plant off northwest Australia, sealing the nation’s position as the world’s top exporter of the fuel. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Dangerous Occurrence: Facts About Shell Prelude Problems

Alarming Facts About Shell Prelude Problems Emerge in Official Australian GOVERNMENT Report – Notifiable Incident 

Extracts from official report…

Dangerous Occurrence

Summary

Operator advised the offload tanker (LNGC Gallina) was alongside the facility. At 1940hrs during routine checks in preparation for the connection of the loading arms it was identified that one of the forward mooring lines had parted. At 1950hrs following further checks, concerns were raised over the condition of other forward mooring lines. At 1958hrs a decision was made to carry out a controlled release of the vessel. At 2015hrs the vessel left the facility and returned to the holding area. An investigation will be conducted of the matter. Cronin tried to return the operators call but could not get through or leave a message. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

LNG tanker poised to load first cargo at Prelude FLNG, Australia

PLEASE READ IN CONJUNCTION WITH FURTHER EXPERT COMMENT AND THE INVESTIGATIVE RESULT DOCUMENT AT THE FOOT OF THIS ARTICLE…

Singapore — The 97,730 dwt LNG tanker Valencia Knutsen has been circling near Shell’s Prelude FLNG vessel to load the first LNG cargo from the facility in Western Australia, according to Platts trade flow software cFlow.

The Spanish-flagged Valencia Knutsen departed the port of Darwin on June 2 and has been in the vicinity of Prelude FLNG since June 3, Platts cFlow showed.

The loading of the first LNG cargo will mark the startup of exports from one of the world’s most anticipated LNG projects, also the world’s largest floating LNG platform, adding to Australia’s LNG export capacity. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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