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Shell unit shuts Philippine refinery as pandemic slashes margins

Shell unit shuts Philippine refinery as pandemic slashes margins

FILE PHOTO: Residents transport commuters and soda bottles on tricycles past a Shell petrol station in Las Pinas, Metro Manila, January 26, 2016. REUTERS/Erik De Castro

Enrico Dela Cruz: AUGUST 13, 2020

MANILA (Reuters) – The Philippine unit of Royal Dutch Shell said on Tuesday it will permanently shut one of the country’s two oil refineries, blaming a pandemic-led slump in margins, with other regional closures likely to follow, according to analysts. 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.

Oil Giant’s Post Massive Writedowns

By Aug. 9, 2020, 1:18 a.m. ET

(Reuters) – The world’s five largest oil companies collectively cut the value of their assets by nearly $50 billion in the second quarter, and slashed production rates as the coronavirus pandemic caused a drastic fall in fuel prices and demand.

The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic 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.

Exclusive: BP poised to sell ‘stranded assets’ even if oil prices rally

Exclusive: BP poised to sell ‘stranded assets’ even if oil prices rally

By Ron Bousso and Dmitry Zhdannikov: AUGUST 7, 2020

…There will be no way back for the British energy company once it has offloaded its so-called stranded oil and gas assets.

LONDON (Reuters) – BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three sources familiar with BP’s thinking 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.

Shell is experiencing an annus horribilis

Translation of an article published today by the Dutch FT, the FD Het Financieele Dagblad 2020)

Shell has to pay for its openness

Carel Grol

In Brief

  • All oil companies are hit by the low oil price.
  • Nevertheless, American companies perform better than European companies, with Shell as the largest descender.
  • One explanation is that Shell makes more predictions, and is therefore punished more harshly. American companies say less, so they can count on less.

Shell is experiencing an annus horribilis. The oil and gas company’s share price has halved this year. The oil price has suffered from the massive drop in demand due to corona and disagreement between Saudi Arabia and Russia over the reduction of oil production. Shell wrote off billions and cut the dividend for the first time since World War II. But remarkably, the American oil majors are doing much better in the exact same market. 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.

Breakingviews – Weakened Shell offers dim hope for pre-virus glory

Breakingviews – Weakened Shell offers dim hope for pre-virus glory

LONDON (Reuters Breakingviews) – Oil majors may be past the worst of the coronavirus-induced crash, but the recovery is likely to be long and arduous. Royal Dutch Shell, Chief Executive Ben van Beurden on Thursday said the $122 billion company’s sales fell by nearly two-thirds in the second quarter, as crude prices collapsed during lockdowns. The pandemic will leave a legacy of rising debt, diminished investment and uncertain demand. Juicy investor payouts are the natural sacrifice. 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.

There’s a Wheeler-Dealer Inside Shell

By Chris Hughes: 30 JULY 2020: BLOOMBERG OPINION

The oil major has shown it can play the markets like a commodity trader. But investors can’t trust that bumper oil-trading profits are repeatable.

Sharp swings in the crude price have been an unmitigated pain for the oil industry, right? Not entirely. The silver lining has been a lucrative environment for the oil majors’ trading operations. This was on stark display in the second-quarter performance of Royal Dutch Shell Plc. But it creates a challenge for investors. How do you value this unpredictable and opaque source of income? 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’s second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demand

Sam Meredith@SMEREDITH19 Oil giant Royal Dutch Shell on Thursday reported a sharp drop in net profit for the three months through to the end of June, following an unprecedented period of energy market turmoil and significantly weaker oil and gas prices.

The Anglo-Dutch company reported adjusted earnings of $638 million for the second quarter of 2020. That compared with net profit of $3.5 billion over the same period a year earlier and $2.9 billion in the first three months of 2020.

Analysts had warned that “Big Oil” companies, referring to the world’s largest energy majors, were likely to report “horrendous” second-quarter results as coronavirus lockdown measures coincided with an unparalleled demand shock.

The ongoing economic impact of the coronavirus pandemic had prompted Shell to announce that it expected to incur write-downs of up to $22 billion in the second quarter. 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 posts $18billion loss in second quarter

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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

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 loss will show true state of oil industry

Emily Gosden, Energy Editor: The Times

Royal Dutch Shell is expected to announce a record quarterly loss next week as the oil industry counts the cost of the toughest quarter in its history. 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.

Royal Dutch Shell CEO Discusses Getting to Net-Zero Emissions

Royal Dutch Shell CEO Discusses Getting to Net-Zero Emissions in 2050; the Importance of Being “In Step” with Society; the “Knock” on Future Demand and on Maintaining “Financial Resilience” in a Crisis

Ben van Beurden speaks with IHS Markit Vice Chairman Daniel Yergin for the latest CERAWeek Conversations – available at www.ceraweek.com/conversations

July 16, 2020 08:00 AM Eastern Daylight Time

WASHINGTON–(BUSINESS WIRE)–Royal Dutch Shell CEO Ben van Beurden talks about the company’s pending announcement on an up to $22 billion asset write down; the historic decision to cut what had been the world’s largest dividend for the first time since World War II; getting to net-zero emissions in 2050 and the future makeup of the company in latest edition of CERAWeek Conversations. 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.

Big Oil’s Investment Risk Is Spiking

Big Oil’s Investment Risk Is Spiking

By David Messler – Jul 07, 2020, 5:00 PM CDT

The major integrated oil companies: Shell,(NYSE:RDS.A, RDS.B); ExxonMobil, (NYSE:XOM); BP, (NYSE:BP); Chevron, (NYSE:CVX), and a few others, so named for their vertical stewardship of the hydrocarbon molecule from initial extraction to final refining, have come under increasingly accurate fire from climate change advocates. In the past organizations like Greenpeace and a host of other conservation organizations, have used direct measures to interdict oil company operations. Measures that were flashy, as they drew a lot of attention from the global press, but over the long haul did little to achieve their goals of stopping oil and gas exploration. 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 pain drives Big Oil’s dash for record debt

Ron Bousso: JULY 7, 2020

LONDON (Reuters) – The world’s top oil and gas companies locked in cheap borrowing rates to raise a record amount of debt in the second quarter of 2020 and boost cash reserves as a buffer against a collapse in revenues because of COVID-19.

The dash for debt piles pressure on company balance sheets and the issue is particularly acute for BP (BP.L) and Royal Dutch Shell (RDSa.L). Already burdened by high levels of borrowing, they also face the disruption of a major shift towards renewables and low-carbon. 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.

Remainers proved wrong as Shell boss hints at switching HQ from Netherlands to London

Remainers proved wrong as Shell boss hints at switching HQ from Netherlands to London

OIL giant Royal Dutch Shell could relocate its headquarters from the Netherlands to the UK in a post-Brexit boost for the country.

By JOE BARNES, BRUSSELS CORRESPONDENT   Ben van Beurden, Shell’s chief executive, hinted the company is seeking to simplify its complex capital structures. The potential move would be considered a significant victory for Britain in the months after quitting the European Union. Just last month Unilever, the Anglo-Dutch consumer goods group, revealed it would merge its British and Dutch holding companies into one based in London.

Asked whether Shell could replicate Unilever, Mr van Beurden told Dutch newspaper Het Financieele Dagblad: “One always needs to keep thinking.

“Nothing is permanent and, of course, we take the investment climate into account.

“But moving your HQ is not a trivial measure, one should not be too easy about that.”

The oil giant is one of the largest listed companies in the UK, with a market capitalisation of £100 billion and more than 80,000 employees around the world. 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.

Oil Giant Considers Drastic Move As Pandemic Persists

Oil Giant Considers Drastic Move As Pandemic Persists

By Charles Kennedy – Jul 06, 2020, 12:00 PM CDT

Anglo-Dutch oil major Shell is not ruling out the possibility of moving its headquarters to the UK, the group’s chief executive Ben van Beurden told Dutch business newspaper Het Financieele Dagblad in an interview published over the weekend.

The move could offer Shell relief from the Netherlands ‘ dividend tax, which has now become taxing amid the low oil price environment and the pandemic. 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 CEO: I don’t want to survive this pandemic with a company that is no longer capable of anything

English translation of an article published today by the FD.

“I don’t want to survive this pandemic with a company that is no longer capable of anything”

Bert van Dijk

The corona crisis is forcing Shell to restructure the company. At the same time, CEO Ben van Beurden must chart the course for a low-carbon future. What choices does he make and why can’t things go a bit faster? “We cannot organize ourselves anti-economically. We don’t have that mandate.”

Ceo Ben van Beurden leads Shell from home during the corona crisis. ‘The good thing about this period is that you can help with homework.’ Photo: David van Dam for FD

In brief

  • Shell CEO Ben van Beurden has to guide the oil and gas multinational through various storms.
  • In a long conversation with the FD, he explains why he couldn’t help but decrease the dividend.
  • He also outlines the dilemma of developing new revenue models, while the old revenue model cannot be immediately discarded.

Last week, Shell CEO Ben van Beurden reduced the value of Shell’s assets by nearly $ 20 billion last week. The massive write-off is necessary because the corona pandemic has hit the global demand for oil and gas heavily and uncertainty about the future has increased. 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.

Climate battles are moving into the courtroom, and lawyers are getting creative

Reuters: Reporting by Matthew Green in London, Valerie Volcovici in Washington and Emma Farge in Geneva; Editing by Katy Daigle and Lisa Shumaker: JULY 3, 2020

LONDON/WASHINGTON/GENEVA (Reuters) – Climate change may be having its day in court.

With the slow pace of international climate negotiations, lawyers from Switzerland to San Francisco are increasingly filing lawsuits demanding action.

And they are getting creative — using new legal arguments to challenge companies and governments before a judge. 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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