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Zacks: Crude Woes: Chevron to Make Nearly 10-15% Staff Redundant

Crude Woes: Chevron to Make Nearly 10-15% Staff Redundant

Shell is proposing voluntary unemployment.

Zacks Equity Research: Zacks June 2, 2020

In a bid to bounce back from the drastic reduction in commodity prices resulting from the plaguing coronavirus, Chevron Corporation CVX is slashing headcount by nearly 10-15%, indicating an approximate cut of 6,000 of its 45,000 non-gas station staff. This move is in line with the company’s continued portfolio rationalization to reflect its operational efficiencies and match the projected activity levels. 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: A Nightmare Scenario For Offshore Oil

A Nightmare Scenario For Offshore Oil

Editorial Dept: Oilprice.com: May 31, 2020

Between low demand, soaring inventories, depressed prices, a global pandemic, and now, hurricane season, it seems a perfect storm is forming around the offshore oil industry.

The world’s offshore oil market, responsible for 30 percent of all the world’s oil production, is facing an impossible set of challenges. With oil sitting at half the price of its yearly high, and doubts forming around the future of demand, in addition to the ongoing COVID-19 pandemic wreaking havoc on the global economy, companies are struggling to rein in capital spending and are beginning to rethink the future of key projects. 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.

Coronavirus pandemic has brought into sharp relief the existential threat posed to the world’s biggest oil companies

The coronavirus pandemic has brought into sharp relief the existential threat posed to the world’s biggest oil companies from policies aimed at combating climate change by offering a glimpse into a future with little demand for petroleum products such as gasoline, diesel and jet fuel.

It has also brought to the fore a question with profound implications for the energy industry and Houston, where fortunes rise and fall with the price of oil. Has the virus — in two short but life-altering months — fundamentally changed society and consumer behavior, making it likely that global oil demand would peak earlier than expected, perhaps even during this decade? 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.

The Herald: Shell policies on directors’ pay and carbon emissions in spotlight

Shell policies on directors’ pay and carbon emissions in spotlight

By Mark Williamson Group Business Correspondent

INVESTORS have signalled unease about Royal Dutch Shell’s boardroom pay policy at the company’s annual general meeting.

Around seven per cent of votes cast opposed approval of the directors’ remuneration policy of the oil giant at the meeting.

Chief executive Ban van Beurden’s total remuneration dropped by around £9m last year, from £17.8m in 2018, following a fall in the value of his performance-related awards. 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: 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.

OilPrice.com: Has Demand For Oil Already Peaked?

By Nick Cunningham – May 12, 2020, 7:00 PM CDT

Oil prices continue to rise on the prospect of a rebound in fuel demand as economies begin to reopen.  But there is a large difference between oil demand rising from recent lows and actually growing relative to pre-COVID-19 trends. In other words, demand destruction on the order of nearly 30 million barrels per day (mb/d) may have been brief, but we are a long way from a 100-mb/d oil market.

In fact, some are wondering whether the world will ever get back to 100 mb/d of oil demand. Even oil executives have their doubts. Royal Dutch Shell’s CEO Ben van Beurden recently suggested that a rebound is unlikely, even looking out beyond 2020. “We do not expect a recovery of oil prices or demand for our products in the medium term,” he said. 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.

Reuters: Shell, Eni lead oil majors’ climate ambitions but still fall short -investors

Shell, Eni lead oil majors’ climate ambitions but still fall short -investors

Shadia Nasralla: MAY 12, 2020

* TPI prefers Eni for including third-party fuels, setting absolute carbon reduction target

* TPI says sector’s “net zero” carbon future not substantiated

* More details needed on offsetting, renewables plans

* OMV currently laggard among integrated energy groups

By Shadia Nasralla

LONDON, May 12 (Reuters) – None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni , investors managing $19 trillion said on Tuesday. 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.

MoneyWeek.com: Investors can no longer be sure of Shell

Oil giant Royal Dutch Shell, one of the market’s most reliable income providers, has cut its dividend for the first time in over 70 years. Matthew Partridge reports.

by: Dr Matthew Partridge: 7 MAY 2020

Last week Royal Dutch Shell cut its dividend for the first time since World War II, says Anjli Raval in the Financial Times. The payout for the first quarter was slashed from 47 cents to 16. No wonder. Not only did profits for the first three months of the year fall from $5.3bn last year to $2.9bn in 2020, but the oil major thinks that the situation will be “more severe” in the second quarter, with oil prices already down to $24 a barrel. The shares sank by 11% on the news.

The scale of the cut suggests that Shell believes that the crisis isn’t just a short-term event, but will cause “permanent change” in customers’ behaviour, say Anna Edwards and Laura Hurst on Bloomberg. The long-term impact on the way consumers work and travel “could be even more devastating for the industry” than the initial turmoil. Attitudes toward oil have been changing for some time “as the world shifts gradually toward cleaner forms of energy”. 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.

InvestorPlace.com: Shell Knows It’s a Zombie as Long as It Focuses on Fossil Fuels

The petroleum giant is adjusting to falling oil demand, cutting both its dividend and its capital budget

By Dana Blankenhorn, InvestorPlace Contributor

The difference between Royal Dutch Shell and Exxon Mobil (NYSE:XOM) is that Shell knows it’s a zombie, something Exxon refuses to believe. Regardless of whether you trade the Dutch version of Shell stock (NYSE:RDS.A) or the British version (NYSE:RDS.B), you’re buying an fossil fuel company that is now promising to disappear.

Shell CEO Ben van Beurden put it this way: “There is an energy transition underway which may even pick up speed in the recovery phase of this crisis and we want to be well positioned for it.” 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 needs to consider Van Beurden succession

English translation of an article published today by the Dutch FT

Shell needs to consider Van Beurden succession

From our editor

CFO Jessica Uhl and CEO Ben van Beurden before the start of the Shell Shell shareholders’ meeting in Scheveningen last May. Photo: Piroschka van de Wouw / Reuters

In brief

  • Investors say in the Sunday Telegraph that Shell should reflect on the position of its top man.
  • The British newspaper published a story based on anonymous sources.
  • Shell is struggling: last week, the dividend was cut for the first time in decades.

One of Shell’s largest shareholders has suggested that the oil and gas company should start thinking about succeeding CEO Ben van Beurden, the day after Shell reduced its dividend for the first time since World War II. That writes the Sunday Telegraph. The British newspaper has spoken to two investors from the top 20 largest shareholders, one of which says it is time for a ‘changing of the guard’. 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: Oil’s Recovery Could Take Decades, Not Years

Oil’s Recovery Could Take Decades, Not Years

By Julian Lee: May 3, 2020, 1:00 AM EDT

Who knows what the new normal for oil demand will be once Covid-19 is firmly in the rear view mirror? Not me, that’s for sure. But it is likely to be lower than it was in 2019, and it could be that way for many years. That’s going to create overcapacity throughout the oil supply chain and weigh on prices. 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.

Forbes: How Investors Should Interpret Shell’s First Dividend Cut In 75 Years

Last week Royal Dutch Shell did something that would have been nearly unthinkable at the beginning of this year. The company cut its dividend for the first time in 75 years.

This is remarkable considering the ups and downs of the oil industry of the past few decades. Prices have collapsed many times since then, albeit we have never before seen a major benchmark turn negative.

But the COVID-19 pandemic has hit oil demand in an unprecedented way. A few days ago Bloomberg posted an article showing that energy demand has just dropped by the largest percentage since World War II (which was the last time Shell cut its dividend). 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.

Sunday Telegraph: Shell backers push for plan to replace leader Ben van Beurden after historic cut to payout

Sunday Telegraph: Shell backers push for plan to replace leader Ben van Beurden after historic cut to payout

The oil giant earlier this week slashed its dividend for the first time since the Second World War

Shell faces calls from major investors to line-up potential successors to Ben van Beurden, the chief executive, after cutting its dividend for the first time since the Second World War.

The UK’s biggest dividend payer earlier this week told shareholders that their quarterly payouts would be cut for the first time since 1945, from 47 to 16 US cents a share, following the global plunge in oil prices due to the coronavirus crisis. 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 CEO Says Pandemic May Change the Oil Business Forever

By Anna Edwards and Laura Hurst: 30 April 2020, 09:35 BST: Updated on 30 April 2020, 11:56 BST

  • Consumer behavior will likely ‘be altered for some time’: CEO
  • Oil demand, prices probably won’t recover in the ‘medium term’

Europe’s largest oil company is bracing for permanent change in customer behavior, signaling demand may not fully recover once the coronavirus pandemic is over.

The global spread of the virus has roiled oil markets, dragging down profits at some of the biggest producers and promising worse to come next quarter. But the long-term impact on the way consumers work and travel could be even more devastating for the 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.
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