Posts under ‘Shell Chemicals’

Shell Is the Greenest Big Oil Company. Look What That Got It.

Shekhar Patil: 31 Oct 2021

Royal Dutch Shell PLC shows much that is wrong with environmental, social and governance investing. The Anglo-Dutch company was the first to target reduced carbon emissions from customers, has gone further than any of the other oil supermajors to shift its direction away from fossil fuels and is closest of any of them to meeting the Paris carbon target. It even has a better ESG score than electric-car leader Tesla or hydrogen wonder stock Plug Power. read more

By John Donovan

Last Sunday I was described in the Channel 4 TV documentary Joe Lycett vs The Oil Giant as Shell’s No1 Enemy and as Shell’s nightmare. (Transcript of the relevant segment)

Within days I seem to have lost both titles to a billionaire upstart, Daniel Loeb, who seems intent on breaking up Shell.

From my unique perspective on Shell senior management over recent decades, he is right to question competence and direction.

How has Shell ended up with a foe (me) operating a website using the top-level domain name royaldutchshellplc.com and as a consequence dealing on Shell’s behalf with job applications and all manner of other email correspondence meant for Shell? This is the humiliating situation Shell has been in since 2005. Evidently, no one at Shell has had the gumption to do anything to put an end to such a farce. read more

Forbes

One Foot On The Dock: Why Breaking Up Shell May Be Just The Beginning

Activist investor Dan Loeb made headlines this week with his move (through his Third Point LLP) to take a stake in Royal Dutch Shell and then argue that it should be broken up into two entities.

His proposal is to spin out what he calls the “legacy business” and an “energy transition business” (the latter to include LNG, renewables, and energy marketing). His argument is that the company is currently satisfying few stakeholders (shareholders, ESG advocates, etc) by trying to do everything under one roof. read more

The Pennsylvania Petrochemical Complex is more commonly referred to as the ‘Shell Cracker Plant’

PENNSYLVANIA RECORD

Class action lawsuit: Shell Oil Company workers allege they were not paid time-and-a-half for overtime

By Nicholas Malfitano | Oct 26, 2021

PITTSBURGH – A class action lawsuit brought on behalf of workers at Shell Oil Company alleges that the employees in question did not receive time-and-a-half compensation when they worked overtime hours.

Robert J. Merryman of Beaver Falls filed suit in the Allegheny County Court of Common Pleas on Oct. 15 versus Global Scaffold Construction Services, Inc. and Christopher Fannin, of Walker, La. read more

‘Activist’ Billionaire hedge fund manager Daniel Loeb buys $500m stake in Royal Dutch Shell and demand it splits in two to focus on renewable energy

• Billionaire hedge fund manager Daniel Loeb, head of Third Point LLC, has acquired $500million in shares of Royal Dutch Shell PLC 
• In a letter obtained by The Wall Street Journal the firm has demanded that the oil major to separate into two separate entities 
• One would include Shell’s legacy businesses and provide steady cash flow while the other would house renewables and other units needing more investment 
• Third Point’s suggestions come after Exxon shareholders elected a third director nominated by activist hedge fund Engine No 1 to the energy company’s board
• Alexander Karsner, a senior Google strategist, joins environmental scientist Kaisa Hietala and former Andeavor CEO Gregory Goff on the 12-person board 

By SHANNON THALER FOR DAILYMAIL.COM

PUBLISHED: 04:46, 28 October 2021 | UPDATED: 06:22, 28 October 2021

A billionaire hedge fund manager has acquired a large stake in Royal Dutch Shell PLC and is demanding that the oil major to separate into two separate companies.

Daniel Loeb’s Third Point LLC is pushing for the separation to attract new investors and hold on to current ones as many have sold their shares over concerns that Shell is not environmentally friendly.

According to The Wall Street Journal the activist hedge fund’s stake in Shell is worth more than $500million and is one of Shell’s largest investors. read more

EXTRACT FROM A U.S. SENATE REPORT 1943

By John Donovan

A recently published book revealed the extent to which Shell played a key role in Hitler’s war effort. Unfortunately for Shell, new information about Shell’s Nazi history emerges on a regular basis.

The information below is from a hearing held in the United States Senate in 1943. It is available online as a result of a digitization project by Google.

The featured extract has the headline SHELL OIL INTERESTS OFFERED TO HELP GERMANY EVADE BLOCKADE. It is about a business deal between Shell and its German partner in many major ventures, I.G. Farben. The chemical giant supplied the Zyklon-B gas used to exterminate millions of innocent people in the Holocaust. Many I.G. Farben directors were found guilty of war crimes. read more

Sniffing out danger? That odor from the Shell cracker plant put the community on alert

Aug. 10, 2021, 10:50 PM

Shell Oil Company has agreed to pay $29.5 million towards ongoing cleanup costs at the McColl Superfund Site in Fullerton, Calif., according to the Environmental Protection Agency.

The cost recovery settlement will go towards cleaning up waste and contaminated groundwater at the site, a disposal area for petroleum refinery waste contaminated with benzene, metals, and a volatile chemical known as tetrahydrothiophene, according to a federal consent decree. A federal court earlier found Shell liable for the cleanup as one of the parties responsible for the contamination. read more

Seeking Alpha

Shell plans to hang on to Norco refinery – Reuters

FORBES

May 26, 2021: A Day That May Live In Infamy For Big Oil

David Blackmon: Senior Contributor: Energy: May 27, 2021,07:56am EDT

Wednesday was a quite an epic day for a trio of the world’s largest oil and gas corporations, and not in a positive way for their management teams. The C-suites at both ExxonMobil XOM -0.6% and Chevron CVX -1% suffered defeats at the hands of activist shareholders, while Netherlands-based Royal Dutch Shell was handed a major adverse decision from the Dutch courts. It’s hard to know which event will have the biggest impact on the respective companies – and potentially the industry as a whole – in the long-term, but in the short-term each presented a shock to the oil and gas system.

The adverse event of the day with the most obvious potential bite may well be the Dutch court’s decision ordering Shell to dramatically expand its plan to cut greenhouse gas emissions. Already one of the more aggressive major oil companies in this arena, Shell had earlier this year adopted targeted cuts of at least 6% by 2023, 20% by 2030, 45% by 2035 and by 100% by 2050 from its 2016 levels. But, as reported by Reuters, the court found that Shell’s plan was “not concrete and is full of conditions…that’s not enough.” read more

Royal Dutch Shell: One Year Later, Shareholders Are $50 Billion Poorer Despite Solid Results

Summary

Taking money from fossil fuel companies today is like taking money from tobacco firms in the 1990s. The damage public institutions inflict on themselves by receiving this sponsorship exceeds any benefits. Just as their hands were once stained with nicotine, now they are stained with oil. The tobacco experience suggests that it can take many years to expunge these damn’d spots and restore their reputations.

This is the position in which the Science Museum now finds itself. It appears to have learned nothing from the reputational harm it caused itself by accepting money from the oil companies BP and Equinor. Last week it revealed that Shell was funding – wait for it – its new exhibition on climate breakdown. read more

London museum under fire over climate exhibit sponsored by Shell

“It beggars belief that this iconic British institution has freely chosen to link up with Shell … at such a crucial time,” Bill McGuire, professor emeritus of geophysical and climate hazards at University College London, said in a statement.

By Umberto Bacchi, Thomson Reuters Foundation: APRIL 16, 2021

April 16 (Thomson Reuters Foundation) – London’s Science Museum came under fire on Friday for having oil and gas major Royal Dutch Shell as a sponsor of an upcoming exhibition on climate change, a move described by environmental groups as “out-of-step”. read more

Oil giant Royal Dutch Shell says it will take a £145m first-quarter hit from Texas freeze that left nearly 200 dead

• Severe freezing weather hit Texas in February this year triggering many deaths
• Millions of people were also left without power and Shell’s operations were hit 

By JANE DENTON FOR THISISMONEY

PUBLISHED: 09:22, 7 April 2021 | UPDATED: 09:24, 7 April 2021

Royal Dutch Shell has warned that the severe winter storm in Texas earlier this year looks set to hit its bottom line for the fist quarter.

In February, a snowstorm swept across Texas and swathes of North America, knocking out sections of the former’s electricity grid, leaving millions without power and nearly 200 people dead. read more

Iraq Moves To Exploit Its Massive Natural Gas Reserves

EXTRACTS

…that said, it has made some progress in developing gas resources, most notably in 2019/2020 when the US$17 billion 25-year Basra Gas Company (BGC) project with Royal Dutch Shell…

The original design plans for Nebras – formulated between Shell and the Iraq Oil Ministry and Ministry of Industry and Minerals – were for a project that could produce at least 1.8 million metric tonnes per year (mtpy) of various petrochemicals. read more

Federal, state agencies probing Shell’s Falcon ethane pipeline after whistleblowers’ allegations

Early last year, Penn­syl­va­nia’s top en­vi­ron­men­tal of­fi­cial tried to raise an alarm at the high­est level of the fed­eral agency re­spon­si­ble for pipe­line safety.

“I write to you re­gard­ing a very se­ri­ous pub­lic safety mat­ter for Penn­syl­va­nia,” the let­ter from Patrick McDon­nell, sec­re­tary of Penn­syl­va­nia’s Depart­ment of En­vi­ron­men­tal Pro­tec­tion, be­gan. read more