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Oil Giants in Panic Mode: Payout Promises Up in Smoke as Prices Plummet

Mar 24th, 2024
by John Donovan.
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Posted by John Donovan: 24 March 2024

Well, well, well, it looks like the bigwigs in the oil industry are having a bit of a “Oh shit, what now?” moment as oil prices take a nosedive. In a shocking turn of events that absolutely no one could have predicted (except maybe every economist ever), Brent crude decided to plummet a whopping 24% in a single day, leaving oil executives scratching their heads and frantically revising their plans to return billions to investors.

It seems the recent oil price rollercoaster was triggered by Russia saying “nyet” to an OPEC agreement to cut output. And just like that, the oil market went from “steady sailing” to “full-blown panic mode” faster than you can say “fossil fuels are so last century.”

Now, in a desperate attempt to keep investors from jumping ship, oil companies are scrambling to reassess their spending plans. But let’s be real here, folks—when your primary source of income is as volatile as a teenager’s mood swings, you’re bound to hit a few bumps in the road. read more

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Worst broadband company ever used

Apr 6th, 2022
by John Donovan.
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Worst broadband company ever used. If I could give zero I would. Speed awful. Over 1 hr wait times phone calls 2 mpxl download speed and awful customer service.

6 APRIL 2022

The content above and below is sourced from current customer reviews of Shell Energy published on Trustpilot.

Worst broadband company ever used

Worst broadband company ever used. If I could give zero I would.
Speed awful.
Informed by them after being switched from the post office that contract had finished so then transferred to sky.
Then told £56 charge for ending contract early.
After 4 hrs of calls ( three times asking to be called back by a supervisor which they never did), leaving a complaint online customer service which they did not respond to and then being charged £56 I would never recommend them. Over 1 hr wait times phone calls 2 mpxl download speed and awful customer service.
Good luck if you have an issue. ( sky in the meantime have been brilliant, easy to contact and super helpful) read more

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Escaped from C16Atraz

Dec 6th, 2020
by John Donovan.
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POSTING ON OUR SHELL BLOG: 2020/12/06 at 10:26 pm (UPDATED WITH RESPONSE FROM “LONDONLAD”)

Escaped from C16Atraz

There are many parallels to be drawn between Shell and the one unbeatable Manchester United. Both are now mid table. Weak manager, senior players who are arrogant and only play for money, and have got rid of their most hard working players. Shell better get used to mediocrity. It doesn’t care at all about climate change but Van Beurden will no doubt continue to sell more of the crown jewels to greenwash its reputation like the loony who heads BP. read more

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Shell and BP hit after oil falls to $40

Oct 2nd, 2020
by John Donovan.
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Shell and BP hit after oil falls to $40

Shell’s shares have fallen by almost 60 per cent this year, while BP is down almost 55 per cent Emily Gosden, Energy Editor: Friday October 02 2020, 12.01am

Shares in Royal Dutch Shell and BP closed at their lowest level in 25 years yesterday as the oil price fell back towards $40 a barrel.

Brent crude, the global benchmark price, dipped below $40 at one stage in afternoon trading and was down 3.2 per cent at $40.93 in New York last night.

The sell-off was driven by renewed fears of global oversupply as a second wave of the coronavirus hits demand and rising output from the Opec cartel boosts supplies.

Brent crude is down about 40 per cent from the start of the year but remains well above the lows in April, when it fell below $20 a barrel during the height of global lockdowns. read more

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Big Oil Asset Write-Downs Are Not The End Of The Oil Age

Aug 25th, 2020
by John Donovan.
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Big Oil Asset Write-Downs Are Not The End Of The Oil Age

Tilak Doshi: Contributor Energy: Aug 23, 2020

Climate change activists have long lobbied for divestment from fossil fuel-producing companies. They have largely failed in this quest. This year, the steep falls in the value of the large oil and gas companies, however, occurred with a rapidity that astonished market watchers. Within weeks, the coronavirus pandemic and the oil market-share battle between Saudi Arabia and Russia launched after the collapse of the OPEC+ talks in early March led to unprecedented falls in Big Oil equity. read more

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OilPrice.com: Has Demand For Oil Already Peaked?

May 13th, 2020
by John Donovan.
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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

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Bloomberg: The Next Chapter of the Oil Crisis: The Industry Shuts Down

Apr 26th, 2020
by John Donovan.
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Bloomberg News: Javier Blas: April 26, 2020

(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

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Fortune: Shell becomes the largest global energy company to commit to a net-zero emissions goal by 2050

Apr 17th, 2020
by John Donovan.
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By KATHERINE DUNN: April 16, 2020 4:07 PM GMT+1

Energy giant Royal Dutch Shell said Thursday it would aim to reduce its emissions to net-zero by 2050, making it the largest global oil and gas company in the world so far to sign on to the target. It’s a commitment that will fundamentally shift the nature of its business.

The target will cover emissions from the manufacture of its products, the company said. A net-zero goal means to reduce all possible emissions, while offsetting those that can’t be cut entirely; the 2050 target coincides with guidelines under the Paris climate change accord. read more

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Is Gazprom’s LNG Megaproject Doomed To Fail?

Apr 4th, 2020
by John Donovan.
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Viktor Katona: Oilprice.com April 4, 2020

The gas giant Gazprom is no longer in the spotlight after the US Treasury sanctioned Rosneft, the Russian national oil company, most probably triggering the collapse of the OPEC+ agreement and bringing about an unexpectedly low pricing environment for March 2020 within both the oil and gas segments. Having launched Power of Siberia to China, Gazprom is now intent on bringing Nord Stream-2 online before the end of the year, moving its own pipe-laying vessel from the Russian Far East to the Baltic region to deliver on all its major promises from the 2010s. Yet there is one project that has had significant problems starting up, combining in itself all the deficiencies of modern-day Russia. read more

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Reuters: Big Oil faces ‘survival mode’ payout strategies as prices dive

Mar 9th, 2020
by John Donovan.
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By Ron Bousso and Shadia Nasralla: 09 March 2020

LONDON (Reuters) – An oil price plunge means the world’s top energy companies will have to review promises to return billions to investors, either by slowing down share buybacks or reintroducing non-cash dividends, analysts said on Monday.

Brent crude <LCOc1> was trading at around $36 a barrel, down around 20% by 1645 GMT on Monday, when analysts lowered share price forecasts for top oil and gas producers. [O/R]

The Brent benchmark has fallen by as much as a third since Thursday, just before Russia walked away from an agreement by the Organization of the Petroleum Exporting Countries to cut output. read more

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Greta Thunberg welcomes oil chief’s ‘greatest threat’ label

Jul 5th, 2019
by John Donovan.
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:  @jonathanwatts

The criticism of striking students by the trillion-dollar Organization of the Petroleum Exporting Countries (Opec) highlights the growing reputational concerns of oil companies as public protests intensify along with extreme weather. Mohammed Barkindo, the secretary general of Opec, said there was a growing mass mobilisation of world opinion against oil, which was “beginning to … dictate policies and corporate decisions, including investment in the industry”. READ MORE read more

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Royal Dutch Shell News 12 March 2019: 4 Articles

Mar 12th, 2019
by John Donovan.
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Royal Dutch Shell News 12 March 2019:

4 Articles

FULL ARTICLE

FULL ARTICLE

|About: Royal Dutch Shell plc (RDS.A)| By: , SA News Editor

Colombia’s government says it signed two offshore exploration and production contracts with Royal Dutch Shell (RDS.A, RDS.B) that will require the company to make $100M in initial investments.

Shell’s investment could surpass $650M if exploration continues, according to the president of Colombia’s National Hydrocarbons Agency.

The government recently modified contractual terms for offshore exploration and launched a new process that allows companies to apply to explore in areas of interest, offering 20 blocks as part of a strategy to boost the oil sector. read more

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Nigeria: Shell’s Oil Spill Dispute With Nigerian Villagers Back in UK Court

May 24th, 2018
by John Donovan.
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Nigeria: Shell’s Oil Spill Dispute With Nigerian Villagers Back in UK Court

By Ejiofor Alike with Agency Reports

Lawyers for the Bodo community in Ogoniland of Rivers State, which was devastated by two major oil spills in 2008, went to court in London yesterday to fend off what they said was an attempt by Shell to kill off their litigation.

This is coming as crude oil price rose briefly to $80 per barrel yesterday after the United States toughened its stance on Iran and Venezuela, key oil producers and members of the Organisation of Petroleum Exporting Countries (OPEC).

The Bodo oil spills have been the subject of years of legal wrangling. read more

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Shell says fully committed to Iraq gas venture, plans ‘massive’ expansion

Apr 30th, 2018
by John Donovan.
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Rania El Gamal: APRIL 30, 2018

DUBAI (Reuters) – Royal Dutch Shell (RDSa.L) is fully committed to its gas joint venture in Iraq, after the energy major exited its oil assets in the OPEC country, and plans to boost its gas output there to 1.4 billion cubic feet (bcf) a day by 2020, a senior executive said. Iraq’s gas development plans have long focused on Basra Gas Co (BGC), a $17 billion, 25-year project in which Iraq has 51 percent, Shell 44 percent and Japan’s Mitsubishi Corp (8058.T) 5 percent. The project was designed to aggregate gas from fields in the south including West Qurna 1, operated by Exxon Mobil Corp (XOM.N); Zubair, operated by Italy’s Eni (ENI.MI); and Rumaila, developed by BP (BP.L). FULL ARTICLE read more

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Shell’s Profits Soar From Strong Asian Demand

Apr 21st, 2018
by John Donovan.
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By Tsvetana Paraskova – Apr 20, 2018, 10:00 PM CDT

Oil major Shell has snapped up over 8 million barrels of June-loading crude oil grades from the Middle East and Russia and has resold some of the cargoes in Asia, taking advantage of the strong Asian demand, Reutersreported on Friday, citing five trading sources.

Wider Brent premium over the Middle Eastern benchmark Dubai this month has made Atlantic crude oil supplies more expensive than the Middle Eastern and Russian supplies, which are priced off the Dubai benchmark. read more

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Nigeria’s Buhari hints at $15 billion deal with Shell, says ‘we are not doing too badly’

Apr 19th, 2018
by John Donovan.
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  • Nigeria’s President Muhammadu Buhari met with Shell on Wednesday as part of talks that could lead to a $15 billion investment in his country.
  • Oil accounts for approximately 35 percent of Nigeria’s gross domestic product, according to OPEC.

 | 

Daniel Leal | Olivas-WPA Pool | Getty Images: Nigerian President Muhammadu Buhari at the Commonwealth Business Forum at the Guildhall on April 18, 2018, in London, England.

Nigerian President Muhammadu Buhari met with Shell on Wednesday as part of talks he said were to secure $15 billion of investment in his country. “I saw Shell Group, they came here, they saw me, they are preparing to invest $15 billion in Nigeria… so really, we are not doing too badly,” Buhari said to applause at the Commonwealth Business Forum in London on Wednesday. He was speaking as part of a panel on the ease of doing business between Commonwealth countries. FULL ARTICLE read more

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