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Posts under ‘The Washington Post’

‘Stranded Assets’ Risk Rising With Climate Action and $40 Oil

‘Stranded Assets’ Risk Rising With Climate Action and $40 Oil

By Laura Hurst | Bloomberg:

September 18, 2020 at 7:55 a.m. GMT+1

What had seemed like an abstract debate about leaving oil, gas and coal in the ground to fight climate change has suddenly become real. Environmental activists have long fought for lower fossil-fuel production. Now, with the pandemic crippling economies and reducing energy use and prices, drillers and miners are coming to grips with projects that are no longer viable. Some companies are even abandoning investments, leaving deposits worth billions of dollars in the ground to languish as so-called “stranded assets.” While environmentalists applaud, fund managers, banks and regulators worry that project financing could sour and collateral become worthless. 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 green makeover

Big Oil’s green makeover

By Steven Mufson: September 15, 2020 at 1:00 p.m. GMT+1

Every so often, corporations confront questions of life or death.

IBM did it in the 1990s, when its hulking mainframe computers faced the challenge of next generation PCs. A new chief executive successfully shifted IBM to services and software. Netflix did it — three times. It first played the role of disrupter, offering movie DVDs by mail and then mastering the business of online streaming. Then it changed again, generating its own content.

Now, BP, one of the world’s largest oil and gas companies, is aiming to ride the waves of disruption instead of being crushed under them. 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.

Delaware joins list of states and localities suing Big Oil

Delaware joins list of states and localities suing Big Oil

Defendants in the lawsuit include Exxon Mobil, Chevron, ConocoPhillips, BP, Royal Dutch Shell and the American Petroleum Institute.

By Randall Chase | AP: September 10, 2020

DOVER, Del. — Delaware has joined the list of state and local governments that have sued the petroleum industry in an attempt to hold oil producers accountable for costs related to climate change.

The attorney general’s office joined forces with a California law firm that has sued the industry on behalf of other state and local governments in filing a Superior Court complaint Thursday. 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.

Why the World Worries About Russia’s Natural Gas Pipeline

Why the World Worries About Russia’s Natural Gas Pipeline By Anna Shiryaevskaya and Dina Khrennikova | Bloomberg September 4, 2020 at 3:26 p.m. GMT+1

A natural gas pipeline being built under the Baltic Sea from Russia to the German coast is shaking up geopolitics. Nord Stream 2, as it’s called, fuels worries in the U.S. and other countries that the link could give the Kremlin new leverage over Germany and other NATO allies. As the project neared completion, U.S. sanctions and calls for European restrictions have left the construction in limbo as political tensions with Moscow mounted.

1. What is Nord Stream 2?

It’s a 1,230-kilometer (764-mile) gas pipeline that will double the capacity of the existing undersea route from Russian fields to Europe — the original Nord Stream — which opened in 2011. Russia’s Gazprom PJSC owns the joint Russian-European venture, with Royal Dutch Shell Plc and four other investors contributing half of the 9.5 billion-euro ($11.2 billion) cost. Initially expected to come online by the end of 2019, the link has been delayed by U.S. sanctions that forced Swiss contractor Allseas Group SA to withdraw its pipelaying vessels. The pipeline operator is looking for solutions to lay the remaining 6% of the pipe, which includes construction work in Denmark’s waters. 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 just isn’t as big as it once was

Big Oil just isn’t as big as it once was

ExxonMobil’s expulsion from the Dow Jones industrial average is just the latest sign that major oil companies aren’t as important to the economy as they used to be

By Dino Grandoni: September 4, 2020 at 12:00 p.m. GMT+1

A dozen years ago, ExxonMobil was the bluest of blue-chip companies. Raking in record-breaking profit, it spent every quarter of 2008 as the world’s most valuable publicly traded company.

Not anymore. The oil giant’s market value today is a third of what it was in 2008, when it was worth over $500 billion. That slide culminated last month with Exxon ending its 92-year run on the Dow Jones industrial average. 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 Big Oil Still a Big Deal?

By Julian Lee | Bloomberg: August 30, 2020 at 7:36 a.m. GMT+1 From Monday there will be just one oil company in the Dow Jones Industrial Average — Chevron Corp. The removal of Exxon Mobil Corp. from the index after an uninterrupted presence since 1928 shouldn’t come as a surprise. It’s not the end of Big Oil, but it may signal the start of the beginning of the end.

It may seem odd to remove one of only two oil companies in the index at a time when the shale boom has transformed America’s role in the global market. After all, the U.S. now produces more oil and more natural gas than any other country. Last year’s domestic oil production was up by 125% from levels in 2010, while gas output has increased by 60%.

But those figures only tell part of the story, and not the most important part.

It’s not the first time that there’s only been one oil and gas company in the Dow. The last time was between 2000 and 2008, when Exxon was the sole industry representative. Before that you have to go back to the 1920s. For a brief period of two weeks in 1924, there were none at all. 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 change litigation: Big Oil lost a pair of court battles Tuesday

By Brian Melley | AP  May 26, 2020 at 7:22 p.m. GMT+1

LOS ANGELES — Big Oil lost a pair of court battles Tuesday that could lead to trials in lawsuits by California cities and counties seeking damages for the impact of climate change.

The 9th U.S. Circuit Court of Appeals rejected arguments by energy companies and ruled state courts are the proper forum for lawsuits alleging producers promoted petroleum as environmentally responsible when they knew it was contributing to drought, wildfires, and sea level rise associated with global warming.

The lawsuits claim Chevron, Exxon Mobil, ConocoPhillips, BP, Royal Dutch Shell and other companies created a public nuisance and should pay for damage from climate change and help build sea walls and other infrastructure to protect against future impact — construction that could cost tens of billions of dollars. 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 Won’t Get a Post-Virus Lift From Public Transport

By David Fickling | Bloomberg: May 11, 2020 at 8:09 a.m. GMT+1 There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving.

“People will use public transport less” because of fears about picking up infection on crowded trains and buses, Cuneyt Kazokoglu, head of oil demand analysis at energy consultancy FGE, wrote in the Financial Times this month. “Increased reliance on cars once the lockdown measures ease will support petrol demand, potentially for years to come.”

There’s an intuitive logic to that proposition, and even signs that it might be backed up by data. Chinese cities are already seeing traffic jams on a par with pre-coronavirus times, according to data from TomTom International BV. With the pandemic still raging, the U.S. Energy Information Administration’s weekly petroleum status report has been showing a pick-up in gasoline consumption since its lows last month, though it’s still running 40% below where it was a year ago. 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 Hands Out a Dose of Oil-Price Reality

By Chris Hughes | Bloomberg: April 30, 2020 at 11:33 a.m. GMT+1

Hats off to the board of Royal Dutch Shell Plc for letting reality rather than hope determine the oil major’s dividend. Thursday’s historic and hefty cut to the payout recognizes that the pandemic is likely to change the dynamics of energy demand for some time. The hope now must be that Shell resists any pressure to reverse the reduction in a hurry. Instead, it should use the breathing space to reset more fundamentally how it allocates financial resources to investment, debt reduction and paying out 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.

Why the World Worries About Russia/Shell/USA Nord Stream 2 Showdown

By Anna Shiryaevskaya and Dina Khrennikova | Bloomberg Dec. 24, 2019 at 7:06 a.m. GMT

A new natural gas pipeline into Europe from Russia is shaking up geopolitics. Nord Stream 2, as it’s called, worries leaders in Eastern Europe, has put German Chancellor Angela Merkel on the hot seat and most recently has become the target of U.S. sanctions. The punitive measures approved by U.S. President Donald Trump have stymied construction just as the final sections of pipe were about to be laid.

1. What is Nord Stream 2?

It’s a planned 1,230-kilometer (764-mile) undersea pipeline that will carry natural gas from Russian fields to the European network at Germany’s Baltic coast. It will double the capacity of an existing undersea route — the original Nord Stream — that opened in 2011. Russia’s Gazprom PJSC owns the project, with Royal Dutch Shell Plc and four other investors including Germany’s Uniper SE and Wintershall AG providing half of the 9.5 billion-euro ($10.7 billion) cost. Denmark removed one of the project’s last hurdles in October when it approved construction of the link through its waters. 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 Washington Post: Why the World Worries About Russia’s Natural Gas Pipeline

Russia’s Gazprom PJSC owns the project, with Royal Dutch Shell Plc and four other investors…

A new natural gas pipeline into Europe from Russia is shaking up geopolitics. Nord Stream 2, as it’s called, worries leaders in Eastern Europe, has put German Chancellor Angela Merkel on the hot seat and has prompted calls for sanctions from U.S. senators. Denmark gave approval on Oct. 30 for the pipeline to traverse its sub-sea territory, removing the final hurdle to its completion. Russian gas could be flowing through the conduit as soon as early next year.

1. What is Nord Stream 2?

It’s a planned 1,230-kilometer (764-mile) undersea pipeline that will carry natural gas from Russian fields to the European network at Germany’s Baltic coast. It will double the capacity of an existing undersea route — the original Nord Stream — that opened in 2011. Russia’s Gazprom PJSC owns the project, with Royal Dutch Shell Plc and four other investors including Germany’s Uniper SE and Wintershall AG providing half of the 9.5 billion-euro ($10.7 billion) in cost. As of the end of October, the link was 87% complete, according to Nord Stream. 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 Washington Post: How Climate Divestment Won Converts With Deep Pockets

Extracts from an article by Kelly Gilblom | Bloomberg : Oct. 23, 2019 at 6:26 a.m. GMT+1

Can you strike a blow against climate change by getting rid of your oil company stocks — and can you do it without losing money? The idea is not just for activists anymore. Norway took a partial step in selling off oil and gas stocks in its massive $1 trillion wealth fund. And a growing number of investors who control trillions more are using the threat of divestment as a cudgel to force energy companies to adopt greener ways. Together these approaches are producing a notable disruption in the energy field. 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.

Trump Shell factory speech crowd members were paid to listen to him and banned from ‘anything viewed as resistance’

Workers ordered not to criticise the president

Workers at a Royal Dutch Shell plant in Pennsylvania were forced to choose between attending a speech by Donald Trump or earning less than their coworkers who did.

Attendance was optional, but contract workers who chose not to stand in the crowd would not qualify for time-and-a-half pay when they arrived at work on Friday, the Pittsburgh Post-Gazette reported.

Workers at the unfinished Pennsylvania Petrochemicals Complex had to arrive at 7am, scan their ID cards and stand for hours until the US president’s speech began. 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 Washington Post: Trump’s speech at a Shell plant drew thousands of workers. They were paid overtime to be there.

By Marisa Iati Morgan Krakow August 17 at 4:03 PM

Workers at a Royal Dutch Shell plant in Monaca, Pa., were forced to choose Tuesday between attending a speech by President Trump or forgoing overtime pay that their co-workers would earn.

Attendance was optional, but contract workers who chose not to stand in the crowd would not qualify for time-and-a-half pay when they arrived at work Friday, the Pittsburgh Post-Gazette reported. Several companies with thousands of unionized workers have contracts with Shell, one the world’s largest oil and gas companies. 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 Washington Post: Shell fined for explosions, gas leak at Dutch chemical plant

Associated Press: June 17 at 12:02 PM

THE HAGUE, Netherlands — A Dutch court has fined oil giant Shell 2.5 million euros ($2.8 million) for breaching Dutch labor and environmental laws in a case linked to two explosions and a gas leak at a chemical plant south of Rotterdam.

The East Brabant court ruled Monday that Shell did not take sufficient precautions to prevent two blasts and a subsequent fire that injured two workers when the company restarted two reactors at a chemical plant in the village of Moerdjik on June 3, 2014. 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 Washington Post: Sunset for Oil Is No Longer Just Talk

By David Fickling | Bloomberg: June 5 at 7:03 AM

Greenwashed rhetoric is such a staple of the oil industry that it’s easy to assume every energy executive talking about climate and the transition to a zero-carbon economy is just mouthing words.

Barely a year after BP Plc Chief Executive Officer John Browne promised “action and solutions” on climate change in a 1997 speech, he led the then-biggest oil takeover in history with the acquisition of Amoco Corp. On his retirement a decade later, after years of rebranding about moving “beyond petroleum,” he left a base of oil and gas reserves more than twice the size of the one he inherited. 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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