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Seeking Alpha: Oil majors turn to bond markets to preserve dividends – FT

|About: Exxon Mobil Corporation (XOM)|By: , SA News Editor

Some of the world’s largest oil companies  have raised more than $32B in recent weeks to ensure they have the cash to deal with the economic effects of the coronavirus while preserving dividends, the Financial Times reports.

ExxonMobil, Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B), Equinor, Total, and BP (NYSE:BP) have sold debt to raise dollars or euros since mid-March.

They’re also paring capex, reducing costs, pausing stock buybacks, and delaying project approvals.

Besides the bond sales, Shell and BP have also obtained new multibillion-dollar credit facilities. 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.

Is Gazprom’s LNG Megaproject Doomed To Fail?

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

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.

NIGERIAN FARMERS ENVIRONMENTAL CASES AGAINST SHELL

Thousands of barrels of oil spouted out of the broken pipeline at Bodo for 10 weeks before Shell finally clamped it on 7 November 2008. © CEHRD

Pastor Christian Kpandei contemplates the damage done to his fish farm in Bodo, Nigeria, May 2011. The farm flourished before the August 2008 oil spill, but the pollution destroyed his fish farm, leaving him and his workers without a regular income. © Amnesty International

3.2.1 FOUR FARMERS’ CASES

The first of the pollution-related cases marked the first time that any Dutch company had been sued in the Dutch court for the operations of its subsidiaries overseas.

In 2008, four Nigerian farmers (Eric Barizaa Dooh, Fidelis Ayoro Oguru, Alali Efanga and Friday Alfred Akpan), along with Milieudefensie, the Dutch section of Friends of the Earth, filed claims against RDS and SPDC.44

They are seeking to obtain compensation for alleged damage to fish ponds and land caused by oil spills from two underground pipelines and an oil well operated by Shell in the villages of Goi, Ikot Ada Udo and Oruma between 2004 and 2007.45 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.

CNBC: Royal Dutch Shell reskills workers in artificial intelligence as part of huge energy transition

Susan Caminiti@SUSANCAMINITI KEY POINTS
  • Royal Dutch Shell is collaborating with Udacity to digitally train its workers in artificial intelligence.
  • This began long before the coronavirus pandemic and the company continues to use this training method.
  • The digital workforce skilling platform may become the training method of choice for a growing number of companies who need to keep employees up to speed in the weeks and months ahead.

Working at Royal Dutch Shell’s Deepwater division in New Orleans gives Barbara Waelde a front-row seat to how the right data can unlock crucial information for the oil giant. So when her supervisor asked her last year if she was interested in a program that could sharpen her digital and data science capabilities, Waelde, 55, jumped at the chance.

Since she began her online coursework, the seven-year Shell veteran has learned Python programming, supervised learning algorithms and data modeling, among other skills. 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.

Amnesty International: Environmental cases against Shell

Oil pollution in Kegbara-Dere (K-Dere) community in Ogoniland, Rivers State, Niger Delta, Nigeria. This community has experienced multiple oil spills since Shell started operations there in the 1960s. September 2015. © Michael Uwemedimo/cmapping.net
Shell’s pipelines in Ogoniland are old and poorly maintained. There have been several spills and in 2009 there was a huge fire, at the Bomu Manifold, at K. Dere, Rivers state. September 2015. © Michael Uwemedimo/cmapping.net
Dead periwinkles covered in oily mud from Bodo creek, Nigeria, May 2011. There were two massives spills in August 2009 from a poorly maintained Shell pipeline. © Amnesty International
Signboard warning people not to enter stream that has been contaminated by oil spills, Ogale, Rivers State, Nigeria. Every year there are hundreds of spills in the Niger Delta, and clean-up is often slow and ineffective. © Amnesty International

3.2 ENVIRONMENTAL CASES (Pages 16, 17, 18 & 10)

There are three separate legal proceedings taking place against Shell in Dutch and British courts relating to oil pollution. This has devastated the Niger Delta.

Data from Shell’s own spill incident reports reveal that from 2011-18 the company reported a huge number of spills – 1,010 – along the network of pipelines and wells that it operates.25 Spills have a variety of causes – from third-party tampering, to operational faults and corrosion of aged facilities. Shell blames most spills on theft and pipeline sabotage, and are not due to its own negligence.26 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.

MOSOP call for the Exoneration of Ken Saro-Wiwa and Others

The Ogoni Case is a Simple Demand for Basic Rights and Justice – MOSOP

Call for the Exoneration of Ken Saro-Wiwa and Others

The Movement for the Survival of the Ogoni People (MOSOP) says all the Ogoni people want in Nigeria is respect for the rights of the people and justice. President of MOSOP, Fegalo Nsuke made this known yesterday in Port Harcourt in a speech to mark the 24th anniversary of the U.N Secretary General’s fact-finding mission to Ogoni which noted that the Special Tribunal which ordered the murder of Ken Saro-Wiwa had no jurisdiction to try Saro-Wiwa and the others.

Nsuke said it was shameful that Nigeria’s response to a simple and justifiable demand for basic rights and justice by the Ogoni people in Nigeria was repression by state security forces and the hounding by Shell through its agents which led to the death of thousands of innocent Ogonis. 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 Prelude LNG is a carbon disaster

The Prelude first received gas from its subsea wells in December 2018 and by the end of June 2019 had produced 2.32 million tonnes of greenhouse gases, according to emissions data released by the Clean Energy Regulator today.

Conservation Council of WA director Piers Verstegen said the emissions data was absolutely shocking and suggested that Shell was making no effort to reduce Prelude’s emissions. 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.

Energy companies slash another $19 billion as oil price remain near 20-year lows

Photo of Sergio Chapa March 24, 2020 Updated: March 24, 2020 7:02 a.m.

Eleven energy companies over the past several days said they would cut a combined $18.6 billion dollars from their budgets as oil prices remain near 20-year lows, setting the stage for tens of thousands additional layoffs.

West Texas Intermediate crude closed at $23.36 per barrel Monday, a price not seen since March 2002 as Russia and Saudi Arabia flood global markets and the coronavirus pandemic crushes demand.

Energy companies big and small — including Conoco Phillips, Exxon Mobil, Marathon Oil, Hess and Halliburton — have responded by slashing spending for new projects and operations, halting stock buy back programs, putting deals on hold and selling assets. 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: Prepare For The Next Wave Of Oil Bankruptcies

Alex Kimani: Oilprice.com March 24, 2020

Last year, the energy industry was rocked by record bankruptcies and write-downs that did not spare even the oil majors. According to Energy and Restructuring law firm Hayes and Boone’s, a grand total of 50 energy companies filed for bankruptcy last year, including 33 oil and gas producers, 15 oilfield services companies and two midstream companies.

Meanwhile, Chevron Corp., Schlumberger, and Royal Dutch Shell announced multi-billion dollar asset impairments citing unfavorable macro outlook. 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: Big Oil may have to break dividend taboo as debt spirals, investors say

PUBLISHED WED, MAR 25 20205:14 AM EDT

KEY POINTS
  • The world’s biggest oil and gas firms should break an industry taboo and consider cutting dividends as they weather the fallout from the pandemic, investors say.
  • Investors prefer the dividend cut to companies taking on any more debt to maintain payouts.
  • The top five so-called oil majors have avoided reducing dividends for years to keep investors sweet and added a combined $25 billion to debt levels in 2019 to maintain capital spending, while giving back billions to shareholders.

The world’s biggest oil and gas firms should break an industry taboo and consider cutting dividends, rather than taking on any more debt to maintain payouts as they weather the fallout from the coronavirus pandemic, investors say.

The top five so-called oil majors have avoided reducing dividends for years to keep investors sweet and added a combined $25 billion to debt levels in 2019 to maintain capital spending, while giving back billions to shareholders. 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.

British Parliament pension fund cuts fossil fuel investments

Parliament’s pension fund has made record investments in renewable energy and cut its exposure to fossil fuel companies to bring MPs’ pensions in line with the government’s climate action targets.

The move is a victory for the 360 serving and former MPs who have been pushing for the pension fund’s investments to fall in line with the government’s climate agenda.

The annual report showed that the fund has decreased its investment in BP by almost two-thirds in the past year, to £4.4m, and cut its holdings in Shell by a quarter, to £8m. 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.

EnergyVoice.com: Shell spills more oil, flares more gas in Nigeria

Spills in Nigeria for Shell increased to 2,000 tonnes in 2019, from 157 incidents, the company has disclosed in its annual report, up from 1,600 tonnes from 111 incidents in 2018.

These are predominantly a result of sabotage, the company said. Of the 164 spills of more than 100 kg of crude, 95% were the result of “illegal activities by third parties”. Flaring also increased in 2019 in Nigeria, by around 10%.

The number of spills caused as a result of its own operational issues fell to seven incidents, from 15 in 2018. This saw the volume of crude spilled fall to around 30 tonnes of crude, from 400 tonnes in 2018. Where there have been operational spills, SPDC pays compensation to people and communities. 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 spends millions a year to block or influence climate policies

By Tim Daubach: Feb. 26, 2020 EXTRACTS

As political and economic tides shift, pressure on Shell—from shareholders, evolving new technologies, and climate-aware consumers—to reinvent itself is mounting, while legal action has been taken against the company over its climate impacts.

Shell’s own research warned more than a quarter-century ago that burning fossil fuels posed catastrophic threats, yet it continued to pump billions into climate-disrupting ventures.

Shell has come under fire for its fierce campaigns against climate action. According to reports, it is among oil firms that spend millions a year lobbying to block or influence climate policies. 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.

Dutch companies including Shell and NAM, funded well known climate skeptic Frits Böttcher

English translation of an article published 23 Feb 2020 by the Dutch Financial Times (FD)

Dutch industry funded climate skeptic Frits Böttcher

From our editor

According to FTM, Shell is one of the companies that Böttcher financed. Photo: ANP

In brief

  • Climate skeptic Frits Böttcher received at least one million guilders fom the Dutch business community in the 1990s.
  • At the request of donors, he wrote activist papers in which he denied the existence of the greenhouse effect.
  • Partly due to his work, there was little support for sustainable climate policy at the end of the last decade.

Between 1989 and 1998, Frits Böttcher received at least one million guilders (€ 450,000) from 24 Dutch companies, including Shell, NAM, AkzoNobel and DSM. With that money he set up an international network of climate skeptics. At the request of the donors, he also wrote activist papers and articles in which he denied the existence of the greenhouse effect. This is the result of research by Follow the Money (FTM) and the Authentic Journalism Platform (PAJ), who have access to the personal archive of Böttcher, who died in 2008. 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 distressed unwell disabled pensioner terrorised by Shell Energy

By John Donovan

On 16 December 2019, we published extracts from emails that a distressed terrorised pensioner “John” sent to Shell Energy. The self-explanatory extracts are republished below.

Printed in red italics is the latest update from John following a decision just reached by the Energy Ombudsman.

Other equally pissed off customers of Shell Energy – there are hoards of them– may be interested in his insight gained from actually filing an official complaint with the supposedly independent regulator.  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: Reformer shut at Shell Convent, Louisiana, refinery after fire – sources

HOUSTON (Reuters) – A catalytic reformer was shut on Sunday night at Royal Dutch Shell Plc’s (RDSa.L) 211,270-barrel-per-day (bpd) refinery in Convent, Louisiana, after a brief fire, said sources familiar with plant operations.

The reformer has the capacity to process 40,000 bpd of feedstock, according to Refinitiv Eikon.

Shell spokesman Ray Fisher said the fire was quickly extinguished and there were no injuries.

Fisher also said Shell is investigating the cause of the fire.

He declined to discuss the status of individual units at the refinery, but said, “We will bring our units back on line only when it is safe to do so.” 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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