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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.

Rule 19.6(b) update to stated post-offer intention statement with regard to the combination with BG Group plc

Rule 19.6(b) update to stated post-offer intention statement with regard to the combination with BG Group plc

| Source: Royal Dutch Shell

The Hague, March 23, 2020 – The following announcement is being made pursuant to the requirements of Rule 19.6(b) of the City Code on Takeovers and Mergers (the “Code”), which, inter alia, require a party to an offer, save with the consent of the Panel on Takeovers and Mergers, to promptly make an announcement should it decide to take a course of action different from its stated intentions during the period of 12 months or such longer stated period from the end of the offer period explaining its reasons for doing 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.

Litigation: KIOBEL AND OTHERS V SHELL

Esther Kiobel and Victoria Bera sit with their lawyer as a Dutch court hears the first arguments in an historic case against Shell, in which the oil giant stands accused of instigating a raft of horrifying human rights violations committed by the Nigerian government against the Ogoni people in the 1990s, on February 12, 2019 in The Hague, Netherlands. © Pierre Crom/Getty Images

 KIOBEL AND OTHERS V SHELL

Shell’s operations in the Niger Delta were first, and most effectively, put under the spotlight in the 1990s by Ken Saro-Wiwa, an acclaimed Nigerian writer. Saro-Wiwa led a community organisation in his home area, Ogoniland, called the Movement for the Survival of the Ogoni People (MOSOP). MOSOP said that while outsiders had grown rich on the oil that was pumped from under their soil, pollution from oil spills and gas flaring had, “led to the complete degradation of the Ogoni environment, turning our homeland into an ecological disaster.”10 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: Shell cuts 2020 spending by $5 billion, suspends share buyback

REUTERS: Ron Bousso: MARCH 23, 2020

LONDON (Reuters) – Royal Dutch Shell (RDSa.L) will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday.

The Anlgo-Dutch oil major said it would reduce capital expenditure to $20 billion or below from a planned level of about $25 billion while seeking to reduce operating costs by an additional $3 billion to $4 billion over the next 12 months.

The cuts are expected to boost Shell’s cash generation by between $8 billion and $9 billion on a pre-tax basis. 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 acts to reinforce business resilience and financial strength

Shell acts to reinforce business resilience and financial strength

Mar 23, 2020

As the COVID-19 virus spreads across the world – seriously impacting people’s health, our way of life and global markets – Shell is putting the safety and health of our people and customers first, along with the safe operations of all our businesses.

At the same time, we are taking decisive action to reinforce the financial strength and resilience of our business so that we are well-positioned for the eventual economic recovery.

“As well as protecting our staff and customers in this difficult time, we are also taking immediate steps to ensure the financial strength and resilience of our business,” said Ben van Beurden, Chief Executive Officer of Royal Dutch Shell. “The combination of steeply falling oil demand and rapidly increasing supply may be unique, but Shell has weathered market volatility many times in the past.” 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 Times: Shell cuts spending by $9bn to counter oil price collapse

Shell cuts spending by $9bn to counter oil price collapse

Emily Gosden, Energy Editor:

Royal Dutch Shell is to stop buying back shares and slash spending by up to $9 billion this year in response to the collapse in oil prices.

The Anglo-Dutch energy giant said that it would suspend its share buyback programme after the current $1 billion tranche is completed.

It said that it aimed to reduce underlying operating costs by $3 billion to $4 billion over the coming 12 months and would reduce its capital spending to $20 billion or less, down from $25 billion planned.

Ben van Beurden, Shell chief executive, said that he was “taking immediate steps to ensure the financial strength and resilience of our business”. 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: Shell lowers 2020 capex, suspends share buyback

March 23 (Reuters) – British oil major Shell joined other companies in the sector in lowering capital expenditure for the current year by about $5 billion and suspended the next tranche of its share buyback plan to weather a hit from the recent oil price crash.

The company said it would reduce 2020 cash capital expenditure to $20 billion or below from a planned level of around $25 billion, adding that the initiatives would contribute $8 billion-$9 billion to free cash flow on a pre-tax basis. 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 consolidation will be key for oil companies

Robin Mills: March 22, 2020 EXTRACTS

Oil companies are survivors: Shell, BP and ExxonMobil each date back more than a century. After surviving wars, pandemics, depressions, gluts and nationalisations, they had begun to grapple with a new existential challenge: how to transform themselves in the era of climate change. Now the coronavirus crisis threatens to derail the big oil companies’ emerging plans.

Consolidation is inevitable, in the style of welding together two car wrecks to make a half-viable vehicle. Very cheaply, a supermajor could build a business to rule all shale – but it would be a huge gamble. 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 Energy update on the impact of COVID-19 (coronavirus) 

We’re closely following government advice on COVID-19 (coronavirus) as the situation develops. We want to make sure we continue to give our customers all the support they need, while still protecting the wellbeing of both our staff and customers.

You can manage your account as normal by logging in or using our app. Where possible, please do this in the first instance.

If you’re in need of urgent support, you can call us on the relevant number below. It might take a little longer for us to answer, but we’ll make sure you speak to a member of our team. 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.

Worker quarantined on Shell’s Brent Charlie while BP flies a suspected coronavirus case to shore

A worker who has shown symptoms of the coronavirus has been placed into quarantine on Shell’s Brent Charlie platform in the North Sea.

The energy giant said the man has been placed in isolation and that arrangements are being made to fly him back to shore.

A spokesman said: “We can confirm that a colleague on Brent Charlie has been isolated as a precautionary measure, after showing symptoms which may indicate coronavirus.

FULL ARTICLE

RELATED

North Sea ‘chaos’ as more suspected Covid-19 cases spring up

A trade union official has said the North Sea is firmly in the grip of coronavirus “fear” and lamented a perceived lack of leadership. 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: KEY FACTS ABOUT SHELL IN NIGERIA

Nigeria is Africa’s largest oil producer.4

Its industry is based in the Niger Delta, in the south of the country, where Shell first found oil in commercially viable quantities near the village of Oloibori in 1956, when Nigeria was still a British colony.5

The Niger Delta has since become Africa’s most valuable oil-producing region.

The industry is run by joint ventures between the Nigerian government and multinational companies. Shell has always been the most important of these. Shell runs its oil operations in Nigeria through its subsidiary, Shell Petroleum Development Company (SPDC). It is a major shareholder and the operator of the country’s largest joint venture, which produces almost 40 percent of Nigeria’s oil.6 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 Telegraph: Could Big Oil’s well of cash finally dry up?

ROBIN PAGNAMENTA: 19 MARCH 2020

It is the biggest company in the FTSE 100 and its largest dividend payer – a cornerstone investment for millions of pension funds around the world.

Royal Dutch Shell has not cut dividend payments to shareholders for more than 70 years but a precipitous plunge in oil prices this month has left chief executive Ben van Beurden facing an agonising choice.

The oil price war launched by Russia and Saudi Arabia on March 9 and fuelled by a collapse in demand linked to coronavirus will damage the entire industry – but some producers are far better positioned than others to survive a lengthy downturn. 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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