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Shell vows a return for investors from its ‘obscene’ profits

THE TIMES

Shell vows a return for investors from its ‘obscene’ profits

Emily Gosden: Energy Editor:

Shell’s profits more than doubled to a high of $11.5 billion in the second quarter as it benefited from surging oil, gas and fuel prices after Russia’s invasion of Ukraine.

The FTSE 100 oil company said it would increase returns to investors by buying back $6 billion of shares over the coming three months.

Shell faced a backlash for what critics called “obscene” profits, which come after petrol prices hit record highs and as households face a crippling rise in energy bills that is forecast to push millions of people into poverty this winter.

Ben van Beurden, the chief executive, admitted it was “a difficult period for a lot of people” because of high energy prices, but said: “These are global phenomena, there’s… read more

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Shell posts record earnings again as energy prices soar

The Washington Post

Shell posts record earnings again as energy prices soar

By Associated Press: July 28, 2022 at 7:25 a.m. EDT LONDON — Shell posted record profits Thursday for a second straight quarter as the energy giant benefited from soaring prices of oil and natural gas fueled by Russia’s war in Ukraine.

London-based Shell said it’s second-quarter adjusted earnings — which exclude one-time items and fluctuations in the value of inventories — rose to $11.5 billion from $5.5 billion in the same three-month period last year.

The latest earnings smash its record set in the previous quarter, when the company recorded $9.1 billion in adjusted earnings.

Shell also said it would buy back another $6 billion in shares, underlining its healthy cash position. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Energy giants Shell and Centrica enjoy soaring profits as prices rise

skynews

Energy giants Shell and Centrica enjoy soaring profits as prices rise

Shell attributed its enormous numbers to higher prices, refining profits, and gas trading.

Shell has reported record profits of $11.5bn (£9.4bn) for the second quarter, more than double last year’s figure of $5.5bn (£4.5bn).

The oil giant had already smashed its own quarterly record at the start of the year when it clocked up profits of $9.1bn (£7.2bn), but the sums continued to rise into Q2. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell boss van Beurden: ‘Supply needs to adjust but to less demand’

FINANCIAL TIMES

Shell boss van Beurden: ‘Supply needs to adjust but to less demand’

For the first time in almost a decade running Europe’s biggest oil and gas company, Shell chief executive Ben van Beurden reckons he is being listened to.

The commodity shock sparked by the war in Ukraine has sent European officials scrambling to better understand the global energy system and secure new sources of supply. Some of them have ended up at Shell’s door.

“On energy security matters, energy balances, investment levels, I’ve never had as good a set of discussions with governments as we are having today,” van Beurden told the Financial Times. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Vladimir Putin has ‘weaponized’ energy and Europe may be forced to ration supplies this winter, warns Shell CEO

Vladimir Putin has ‘weaponized’ energy and Europe may be forced to ration supplies this winter, warns Shell CEO

  • Europe may have to ration energy to cope with declining Russian supply this winter, says Shell CEO.

  • Ben van Beurden predicted “significantly” higher natural gas prices if Putin cuts flows further.

  • Emmanuel Macron has asked French citizens to reduce their energy usage to avoid a difficult winter.

Europe may have to ration energy to cope with declining Russian supply this winter, the chief executive of Shell has warned.

Ben Van Beurden was speaking at an energy conference in Oxford when he made the comments that were reported by The Financial Times.

The Shell boss predicted “significantly” higher gas prices if Vladimir Putin continues to slow supplies to Europe and said that he couldn’t rule out Russia cutting off supplies entirely.

Putin had shown he was “able and willing to weaponize energy supplies,” Van Beurden said. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Energy crisis HELL: Shell CEO issues dire warning as Europe facing ‘really tough’ winter

Express

Energy crisis HELL: Shell CEO issues dire warning as Europe facing ‘really tough’ winter

RUSSIA’S threat to cut off energy supplies to Europe will lead to a winter of hell for the continent and the UK, as Shell warns of possible energy rationing.

By ANTONY ASHKENAZ

The EU and UK may be forced to ration their energy supplies this winter, as fears grow that Russia could cut more countries off its gas imports. Over the past few months, European nations have scrambled to buy as much natural gas as they can to fill up their winter storage, with the European Commission mandating storage reach at least 80 percent by November 1. As a result of this spike in demand, natural gas costs have skyrocketed, pushing up prices for consumers and businesses.

Speaking at the Aurora Spring Conference in Oxford, Shell CEO Ben van Beurden said: “It will be a really tough winter in Europe. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Energy rationing cannot be ruled out, warns Shell

BBC News

Energy rationing cannot be ruled out, warns Shell

Rationing of energy in Europe cannot be ruled out, the boss of energy giant Shell has warned, due to worries over the supply of gas from Russia.

Speaking at an energy conference, Ben van Beurden said a “really tough winter in Europe” was ahead, with energy prices set to see “significant” rises.

Energy prices jumped earlier this year after Russia invaded Ukraine.

Russia has also been accused of using gas “as a weapon” by limiting supplies in response to EU sanctions. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Exclusive-Shell Wants to Share More of Its Blockbuster Profits, CEO Says

REUTERS

Exclusive-Shell Wants to Share More of Its Blockbuster Profits, CEO Says

By Ron Bousso

OXFORD, England (Reuters) – Shell is considering boosting shareholder returns on the back of bumper profits from soaring energy prices, while the extra cash will also help it shift more swiftly towards renewables and low-carbon energy, the chief executive said on Thursday.

Europe’s largest oil and gas company, as well as rivals including BP, have seen profits surge this year following two years of declining revenues due to the pandemic. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell takes to TikTok as oil groups try to boost credentials during energy crisis

FT: Shell takes to TikTok as oil groups try to boost credentials during energy crisis

Shell is recruiting a manager for its TikTok channel to influence a generation that uses the social media platform known for short videos, as oil and gas companies pump money into advertising campaigns to improve their public image during the energy crisis.

The social media push comes as US and British companies take advantage of supply shortages due to Russia’s invasion of Ukraine and attempt to persuade the public their products are a matter of national security. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell to Take Part in Qatar’s LNG Expansion Project

yahoo!finance

Shell to Take Part in Qatar’s LNG Expansion Project

Shell plc SHEL recently joined the Qatari state-owned energy company – QatarEnergy’s $29-billion North Field East expansion project to expand output at the world’s biggest natural gas field, becoming the latest international partner in this ambitious megaproject.

This development, which is considered to be the single-largest project in the history of the liquefied natural gas industry, is quite significant, considering the soaring energy demand and the supply crisis following Moscow’s military action in Ukraine.

The London-headquartered oil supermajor will hold a 6.25% interest in the expansion project, with TotalEnergies and ExxonMobil also owning a 6.25% stake each.

Per Shell, the company’s investment in this project will support the delivery of the much-needed supplies of natural gas to markets worldwide and will also be integrated with carbon capture and sequestration to cut down emissions.

SHEL’s Chief Executive Officer, Ben van Beurden, said “This agreement deepens our strategic partnership with QatarEnergy, which includes multiple international partnerships,” and he further mentioned that Shell is committed to maximizing the value of the LNG expansion for the State of Qatar and becoming a trusted, dependable and long-term partner in Qatar’s continued progress.

The gulf state discovered one of the world’s largest gas reserves in the North Field in 1971. The development, however, is anticipated to augment Qatar’s output from the current 77 million tons a year to 110 million tons by 2027. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell under fire from fuel campaigners as it rakes in extra £1bn as a result of soaring petrol prices

‘The foul stench of profiteering rears its ugly head yet again…’

This is MONEY.co.uk

Shell under fire from fuel campaigners as it rakes in extra £1bn as a result of soaring petrol prices

Shell suffered a backlash from fuel campaigners after it revealed it could rake in up to £1billion in extra cash as a result of soaring petrol prices.

The FTSE100 energy firm’s refining business, which turns crude oil into different petroleum products such as car fuel, was expected to see earnings rise by £667million to £1billion in the second quarter of 2022 compared to the first. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell boosts oil and gas asset value as refining soars

Shell boosts oil and gas asset value as refining soars

REUTERS PUBLISHED THU, JUL 7 2022 3:26 AM EDT

Shell said on Thursday said it would reverse up to $4.5 billion in writedowns on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine.

In an update before second quarter results on July 28, Shell said its refining margins almost tripled over the period, boosted by recovering global demand from the pandemic, a lack of refining capacity and lower fuel exports from Russia.

Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said.

Shell’s indicative refining margin rose in the second quarter to $28.04 per barrel from $10.23 a barrel in the first quarter and $4.17 a year earlier.

Oil and gas prices remained elevated in the quarter, with benchmark Brent crude averaging about $114 a barrel.

“In the second quarter 2022, Shell has revised its mid and long-term oil and gas commodity prices reflecting the current macroeconomic environment as well as updated energy market demand and supply fundamentals,” it said.

Shell increased its assumed price for Brent to $80 a barrel in 2023, up from $60 in its 2021 annual report. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Russia moves to take control of Sakhalin-2 oil and gas project

BBC News

Russia moves to take control of Sakhalin-2 oil and gas project

1 JULY 2022

Russia has moved to take over a major oil and gas project in which Shell has a 27.5% stake.

Russian President Vladimir Putin signed a decree on Thursday to take charge of the Sakhalin-2 project.

The move could force Shell and Japan’s Mitsui and Mitsubishi to abandon their investments as the economic fallout of the Ukraine war spreads.

Oil giant Shell said: “We are aware of the decree and are assessing its implications.” read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell Chief Paints Bleak Picture on Global Energy Supply

Shell Chief Paints Bleak Picture on Global Energy Supply

The world is heading for a “turbulent period” as tightening supplies of liquefied natural gas and oil exacerbate a global energy crunch, Shell Plc Chief Executive Officer Ben van Beurden said.

Bloomberg News: Jun 29, 2022: Sharon Cho, Stephen Stapczynski and Laura Hurst

(Bloomberg) — The world is heading for a “turbulent period” as tightening supplies of liquefied natural gas and oil exacerbate a global energy crunch, Shell Plc Chief Executive Officer Ben van Beurden said.

Speaking in Singapore, the CEO painted a bleak picture of an energy supply that will struggle to replace large swathes of Russian oil and gas that still flow into Europe. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell says Prelude LNG shipments disrupted until at least mid-July

FINANCIAL POST

Shell says Prelude LNG shipments disrupted until at least mid-July

REUTERS: Jun 28, 2022

SYDNEY/MELBOURNE — Shell Plc said on Wednesday liquefied natural gas (LNG) shipments from its Prelude floating LNG facility off northwest Australia will be disrupted until at least mid-July due to work bans by unions fighting for better pay.

“We have issued a notice to customers that cargoes will be impacted until at least mid-July due to the industrial action,” a Shell spokesperson said in an emailed comment.

The loading disruption at the 3.6 million tonnes-a-year Prelude floating LNG facility comes just three months after Prelude resumed shipping LNG following a four-month shutdown due to a major power failure.

Workers on Prelude began 12 days of industrial action on June 10 over a pay dispute. They are set to vote on a new offer from Shell on July 7. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Energy crisis lifeline: Shell announces plans for £25bn injection into UK clean power

EXPRESS

Energy crisis lifeline: Shell announces plans for £25bn injection into UK clean power

SHELL has announced its plans to massively expand in the UK, boosting its energy security with an investment worth up to £25billion.

By ANTONY ASHKENAZ

Now Britain has received a major boost to those plans as Shell has announced that it is looking to expand its business supplying electricity to UK households.

As part of its own push towards clean energy and away from oil and gas, the UK-based energy firm plans to supply clean power to five million households and electric car drivers by 2030, up from about 1.5 million today.

According to the Telegraph, Shell is planning to invest £20billion-£25billion in the UK over the decade, with over 75 percent of that sum being invested in low carbon energy such as wind turbines and electric car charging points. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.