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Shell slashes valuation of oil and gas assets amid coronavirus crisis

Shell slashes valuation of oil and gas assets amid coronavirus crisis

By Mark Williamson: 1st JULY 2020

The company said yesterday it expected to cut the valuation of its integrated gas business by $8 – $9 billion, “primarily in Australia”. It said this would include a partial impairment of the giant Prelude floating liquefied natural gas facility.

ROYAL Dutch Shell has said it plans to slash the valuation of its oil and gas assets by up to $22 billion (£17.9bn) to reflect the expected impact of the Covid-19 coronavirus pandemic on demand and the wider economy. 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 warns of job losses in ‘green’ structural overhaul

Royal Dutch Shell is preparing to overhaul its structure in response to low oil prices and to position itself for a greener future.

Ben van Beurden, 62, chief executive of the Anglo-Dutch energy group, warned employees in an internal video that jobs would be lost in the restructuring, but declined to give any numbers.

A source told the Reuters news agency that Shell would “announce the new shape of the organisation by the end of the year”, with the changes not taking effect until 2021. 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 plans major overhaul around climate drive, CEO tells employees

“Over the coming months we will go through a comprehensive review of the company. Where appropriate we will redesign our organization to adapt to a different future…”

Reuters: Ron Bousso and Shariq Khan: June 23, 2020 9:45 AM EDT

LONDON — Royal Dutch Shell will announce a major restructuring by the end of the year as the energy company prepares to accelerate its shift towards low-carbon, CEO Ben van Beurden told employees according to a company source.

In a video interview published on Shell’s internal website, van Beurden said that the restructuring would involve job cuts as part of broad cost reductions, although no figures have been decided yet, according to sources who saw the interview. 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: Pandemic Brings Pain and Opportunity for Fragile Oil Giants


BLOOMBERG: By Laura Hurst: 16 June 2020, 00:01 BST Updated on 16 June 2020, 13:43 BST

The coronavirus has exposed the fragility of some of the world’s biggest oil and gas companies, but also given them the opportunity to make investors swallow some unpleasant remedies.

Since the pandemic started, BP Plc and Royal Dutch Shell Plc have made drastic changes to their businesses, from multibillion-dollar writedowns to big cuts to dividends and jobs.

They explained these moves as responses to the dual threats of the lockdown-induced oil slump and the growing pressure to cut carbon emissions. Yet the decisions say as much about the companies’ individual fragility as they do of the challenges faced by the broader 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.

FT: Big Oil faces up to a future beyond petroleum

THE EDITORIAL BOARD: 15 JUNE 2020

Big Oil faces a future where it may not be so big, and may have less to do with oil.

Investing in Big Oil, like Big Tobacco, has become much less acceptable.

Royal Dutch Shell has vowed to become the world’s largest electricity company by the 2030s.

FULL FT ARTICLE

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.

Maybe the Shell job cuts should start at the top?

POSTING SAT 13 JUNE 2020 ON OUR SHELL BLOG

Money in the pockets?:

And 8% to 12% currently we don’t even make in our upstream businessBvB… That performance includes the huge over runs on Corrib, Penn Chem, Prelude, multiple other LNG projects, Alaska Fiasco, and many other (not to mention OPL 245).

It is such an embarrassing comparison to ExxonMobil in projects like Liza, which is highly likely to exceed returns Shell is chasing as a utility. Brasil (or Mexico) have the capacity to deliver similar returns to Liza, if there was leadership and strategy for a long term development. 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.

BVB MEMO ON JOB CUTS?: Shell will go through a comprehensive review of the company

BP to Cut 10,000 Jobs as Virus Accelerates Reorganization

Laura Hurst: Bloomberg: June 8, 2020

(Bloomberg) —

BP Plc plans to cut 10,000 jobs as the slump in oil prices accelerates its move to slim down for the transition to cleaner energy.

The coronavirus pandemic has hit companies’ earnings and forced many to change the way they operate. European competitor Royal Dutch Shell Plc is said to be offering voluntary redundancies in a bid to become leaner, and U.S. rivals Chevron Corp. and Marathon Oil Corp. are among others 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.

Reuters Exclusive: Oil major BP to cut 15% of workforce:10,000 jobs

Shadia Nasralla and Ron Bousso: JUNE 8, 2020

LONDON (Reuters) – BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy, it said on Monday.

Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100.

“We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year,” Looney said in a statement.

Reuters had earlier reported the planned job cuts, citing three company sources. 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.

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.

It did not take long for the Shell job cuts prediction to be proved right

Shell boss says headcount reductions ‘probable’ in time, while projects also at risk

Shell’s boss has said the firm will “probably” have to reduce its headcount and “resize” parts of the organisation the longer the oil price slump lasts.

The company also said it would defer projects for as long as possible, including in the UK North Sea, but that developments could eventually run the risk of cancellation.

Tens of thousands of jobs are being shed throughout the oil and gas industry due to the collapse in crude prices.

Oil and Gas UK said up to 30,000 jobs could be lost in the sector it represents in the next 12-18 months unless drastic action is taken to support employers. 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.

VICIOUS JOB CUTS – THE INEVITABLE RESPONSE BY SHELL TO PREVIOUS DOWNTURNS

LEAKED INTERNAL MESSAGE FROM ROYAL DUTCH SHELL PLC CEO BEN VAN BEURDEN TO ALL SHELL EMPLOYEES

“…there is no panic. We know what levers we can pull in downturns, even dramatic ones…”

(THE UNSTATED LEVER OF DRAMATIC JOB CUTS – SHELL’S INEVITABLE RESPONSE TO PREVIOUS DOWNTURNS)

Colleagues,

2020 has not started the way that any of us had expected, or hoped. COVID-19 began impacting our colleagues in China in late January, and since then has created health impacts all around us. Four of our colleagues who had been suffering from COVID-19 have tragically lost their lives – something that saddens me deeply. The virus has shut-down normal life as we know it in every country where Shell operates.

Amid everything, I am so proud of the countless stories I hear, emerging from all around the world, of how Shell people are showing care at this incredibly difficult time. Care for each other as colleagues, both those now working from home with all the challenges that entails, and especially those who are leaving their homes every day to keep our service stations, plants, platforms and facilities running to provide vital energy and supplies to customers and indeed entire countries. 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: Court blocks use of pub chat and leaked email in Shell unfair dismissal claim

Court blocks use of pub chat and leaked email in Shell unfair dismissal claim

A former senior lawyer at Shell cannot use a leaked email or an overheard pub conversation in his discrimination claim, a court has ruled.

Michael Curless was senior legal counsel for the energy giant from 1990 until his termination in 2017, which Shell said was by reason of redundancy.

However Mr Curless, who suffers from obstructive sleep apnoea and type 2 diabetes, made an employment tribunal claim that he was the subject of “disability discrimination, victimisation and unfair dismissal” which Shell denies.

He also alleged that Shell used the planned reorganisation of its in-house legal department following its 2016 takeover of BG Group as a pretext for terminating his employment. 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 Insider Information Leaks to John Donovan

John Donovan in 1999

Extracts from the ebook “John Donovan, Shell’s Nightmare” (now available on Amazon websites globally)

Extracts from pages 155 to 164 inclusive

We receive insider information about Shell from a number of different sources.

The first is from Shell itself.

Shell has supplied Shell internal documents and internal emails directly to me in compliance with a series of SAR applications.

The internal documents revealed that Shell secretly set up a counter-measures team and mounted a global spying operation in a determined, but unsuccessful bid to stop the flow of Shell insider information to me.

Another source is from disgruntled Shell employees who have supplied insider information and Shell internal documents and internal emails. 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 to close Rijswijk technology centre, move staff elsewhere

October 12, 2017

Shell is closing its global headquarters for technology and research in Rijswijk and moving some 2,000 workers to Shell operations in The Hague and Amsterdam, broadcaster NOS said on Thursday.

The company, which said earlier this year that hundreds of jobs will go in Rijswijk and Amsterdam, claimed the move will not cost any more jobs and is unconnected to those previously-announced, NOS said.

‘We have looked at our locations in the Randstad area and decided to reduce them from four to three,’ a spokesman told the broadcaster. ‘Our headquarters are being renovated and our location in Amsterdam expanded so we will have more room there. That will be more efficient.’ 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.

FINAL EXTRACT FROM SHELL’S LEAKED TRANSFORMATION PLANS

By John Donovan

Published below is the final multi-page segment from Shell’s leaked internal document mentioned in a Reuters/New York Times article published last week: Shell Plans 400 Job Cuts at Dutch Projects and Technology Department. The plans are much greater in scope than suggested by the headline. Their implementation will result in a managerial jobs upheaval and significant job cuts as a consequence of the acquisition of BG Group and the decline in oil prices. Once again, I have left in the page numbers, which appear at the foot of each page and sometimes interrupt paragraphs. The formatting is not 100% accurate but the content is correct. 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 leaked global organisation changes: Part 3

By John Donovan

Today we publish another sizeable chunk from Shell’s current internal consultative document which, although directed at Shell’s Dutch employees, includes a detailed description of Shell’s proposed global organisation changes. Still no legal action by Shell to prevent publication of its plans. 

Consequences of the proposed change for the current PTD global organisation EC-1, -2 &-3

As shown above a new integrated Technology organization is proposed to be created that will consolidate all technology development and deployment activities, and will provide end-to-end accountability for technology commercialisation. The current PTD organization would become part of the new Technology organization. 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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