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Posts Tagged ‘Ben van Beurden’

Breakingviews – Weakened Shell offers dim hope for pre-virus glory

Breakingviews – Weakened Shell offers dim hope for pre-virus glory

LONDON (Reuters Breakingviews) – Oil majors may be past the worst of the coronavirus-induced crash, but the recovery is likely to be long and arduous. Royal Dutch Shell, Chief Executive Ben van Beurden on Thursday said the $122 billion company’s sales fell by nearly two-thirds in the second quarter, as crude prices collapsed during lockdowns. The pandemic will leave a legacy of rising debt, diminished investment and uncertain demand. Juicy investor payouts are the natural sacrifice. 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 CEO: ‘We will resize as appropriate’

Shell CEO Ben van Beurden has said the energy giant will “resize as appropriate” as it moves to become a “simpler and leaner” organisation.

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Speaking on a conference call, Mr van Beurden said designs to restructure and streamline the firm are now being drawn up, meaning it “will end up, probably, with fewer people”.

Shell, which posted second quarter losses of $18.1billion, currently employs around 83,000 people worldwide, with “really difficult decisions” already being made such as voluntary severance programmes and freezing bonuses to reduce costs. 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 posts $18billion loss in second quarter

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Shell has posted losses of $18.1billion (£14bn) for the second quarter of 2020 as oil, LNG and gas prices remain depressed.

The energy major took an impairment charge of $16.8billion (£12.9bn) – $22.3bn pre-tax (£17.2bn) -as it wrote down the valuation of assets due to the downturn and Covid-19.

Shell’s second quarter results compare to a profit of $3.1bn (£2.39bn) in the same period last year,  while revenues have dropped to $32.5bn, compared to $60bn in Q1 2020 and $90.5bn Q2 2019. 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.

MI6 hires exploring the dark side of OPL 245

Translation of an article published overnight by the Dutch news media organisation, nrc.nl

Of course, Shell knew about the corruption risk, the prosecutor said

Lawsuit over oil field In a dim Milanese bunker, Tuesday was worked towards the denouement in the corruption case against oil companies Shell and Eni. Prosecutor Fabio De Pasquale calls it “the perfect economic crime.”

Carola Houtekamer: July 21, 2020

The lawsuit revolves around the acquisition of rights to the oil field “OPL 245”, for which Shell and Eni paid $ 1.3 billion. Photo George Osodi / Getty 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.

Dialogue between Dutch politicians and Shell at a dead end

Translation of an FD article published today

How Shell disappeared from politics in The Hague

Shell CEO Van Beurden recently hinted at a possible departure of the multinational from the Netherlands. A signal that, according to those involved, can also be interpreted as an ultimate rapprochement attempt. Because the dialogue between politicians and Shell is at a dead end.

Ulko Jonker

In brief

  • Shell is considering leaving the Netherlands, partly because of the dividend tax that did not disappear.
  • GroenLinks now wants to impose a moving fine on companies that go abroad.
  • The multinational is said to have fallen into political isolation because of gas extraction in Groningen.

Jesse Klaver took the doctrine of debt and fine to a new level last week. The GroenLinks captain believes that Unilever and Shell should first ‘settle with Dutch society’ before they can move their headquarters. GroenLinks MP Bart Snels himself calls his initiative ‘Brutal’. It is also ominous, companies say. 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.

Global recovery unlikely to be v-shaped, says Shell chief

Global recovery unlikely to be v-shaped, says Shell chief

By Ron Bousso: JULY 16, 2020

LONDON, July 16 (Reuters) – The global economy will not achieve a v-shaped recovery after the coronavirus epidemic, which will curtail oil and gas demand for years, Royal Dutch Shell’s chief executive said.

Ben van Beurden told an online interview with IHS Markit Chairman Dan Yergin that it was too early to know if demand for oil had peaked.

“Energy demand, and certainty mobility demand, will be lower even when this crisis is more or less behind us. Will it mean that it will never recover? It is probably too early to say, but it will have a permanent knock for years,” he said. 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.

Royal Dutch Shell CEO Discusses Getting to Net-Zero Emissions

Royal Dutch Shell CEO Discusses Getting to Net-Zero Emissions in 2050; the Importance of Being “In Step” with Society; the “Knock” on Future Demand and on Maintaining “Financial Resilience” in a Crisis

Ben van Beurden speaks with IHS Markit Vice Chairman Daniel Yergin for the latest CERAWeek Conversations – available at www.ceraweek.com/conversations

July 16, 2020 08:00 AM Eastern Daylight Time

WASHINGTON–(BUSINESS WIRE)–Royal Dutch Shell CEO Ben van Beurden talks about the company’s pending announcement on an up to $22 billion asset write down; the historic decision to cut what had been the world’s largest dividend for the first time since World War II; getting to net-zero emissions in 2050 and the future makeup of the company in latest edition of CERAWeek Conversations. 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.

Remainers proved wrong as Shell boss hints at switching HQ from Netherlands to London

Remainers proved wrong as Shell boss hints at switching HQ from Netherlands to London

OIL giant Royal Dutch Shell could relocate its headquarters from the Netherlands to the UK in a post-Brexit boost for the country.

By JOE BARNES, BRUSSELS CORRESPONDENT   Ben van Beurden, Shell’s chief executive, hinted the company is seeking to simplify its complex capital structures. The potential move would be considered a significant victory for Britain in the months after quitting the European Union. Just last month Unilever, the Anglo-Dutch consumer goods group, revealed it would merge its British and Dutch holding companies into one based in London.

Asked whether Shell could replicate Unilever, Mr van Beurden told Dutch newspaper Het Financieele Dagblad: “One always needs to keep thinking.

“Nothing is permanent and, of course, we take the investment climate into account.

“But moving your HQ is not a trivial measure, one should not be too easy about that.”

The oil giant is one of the largest listed companies in the UK, with a market capitalisation of £100 billion and more than 80,000 employees around the world. 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 Giant Considers Drastic Move As Pandemic Persists

Oil Giant Considers Drastic Move As Pandemic Persists

By Charles Kennedy – Jul 06, 2020, 12:00 PM CDT

Anglo-Dutch oil major Shell is not ruling out the possibility of moving its headquarters to the UK, the group’s chief executive Ben van Beurden told Dutch business newspaper Het Financieele Dagblad in an interview published over the weekend.

The move could offer Shell relief from the Netherlands ‘ dividend tax, which has now become taxing amid the low oil price environment and the pandemic. 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 CEO: I don’t want to survive this pandemic with a company that is no longer capable of anything

English translation of an article published today by the FD.

“I don’t want to survive this pandemic with a company that is no longer capable of anything”

Bert van Dijk

The corona crisis is forcing Shell to restructure the company. At the same time, CEO Ben van Beurden must chart the course for a low-carbon future. What choices does he make and why can’t things go a bit faster? “We cannot organize ourselves anti-economically. We don’t have that mandate.”

Ceo Ben van Beurden leads Shell from home during the corona crisis. ‘The good thing about this period is that you can help with homework.’ Photo: David van Dam for FD

In brief

  • Shell CEO Ben van Beurden has to guide the oil and gas multinational through various storms.
  • In a long conversation with the FD, he explains why he couldn’t help but decrease the dividend.
  • He also outlines the dilemma of developing new revenue models, while the old revenue model cannot be immediately discarded.

Last week, Shell CEO Ben van Beurden reduced the value of Shell’s assets by nearly $ 20 billion last week. The massive write-off is necessary because the corona pandemic has hit the global demand for oil and gas heavily and uncertainty about the future has increased. 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 is considering moving its head office

English translation of an article published 4 July 220 by the FD: Bert van Dijk

Shell is considering moving its head office

It is uncertain whether Shell wants to keep its headquarters in the Netherlands, now that a controversial plan by the cabinet to abolish dividend tax has been definitively off the table. That says Shell CEO Ben van Beurden in an interview with the FD.

The energy giant is a British company, but has its headquarters in The Hague. Shell chose this construction on the assumption that dividend tax would be abolished, says Van Beurden. In October 2018, the government withdrew this intention after public pressure. As a result, Shell looks at its current British-Dutch structure with different eyes, according to the CEO. 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 CEO does not rule out moving headquarters to Britain

Saturday, July 04, 2020 5:05 a.m. EDT by 

AMSTERDAM (Reuters) – Royal Dutch Shell is not ruling out moving its headquarters from the Netherlands to Britain, the oil company’s chief executive Ben van Beurden said in a Dutch newspaper interview published on Saturday.

Anglo-Dutch consumer products giant Unilever said last month it plans to ditch its dual Anglo-Dutch legal structure and create a single entity in Britain.

Van Beurden did not explicitly say Shell wants to move its headquarters, het Financieele Dagblad said.

“You always need to keep thinking,” Shell’s Van Beurden told the newspaper. “Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that.” 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 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 to Write Down Up to $22 Billion as Virus Hits Big Oil

Laura Hurst: Bloomberg

(Bloomberg) — Royal Dutch Shell Plc will write down between $15 billion and $22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit Big Oil.

The pandemic left no part of the energy giant’s sprawling business unscathed. Oil production slowed, fuel sales fell and shipments of everything from liquefied natural gas to petrochemicals suffered.

The dire second quarter also threatened to have a lasting legacy, as reductions in long-term price forecasts will force writedowns on the value of assets all over the world, with its integrated gas business taking the biggest hit. 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 Joins Other Oil Majors In Energy Transition Push

Oil supermajor Shell plans to announce by the end of the year a significant restructuring to reflect its net-zero emissions goal for 2050 and to align itself with a green recovery from the pandemic, a Shell source told Reuters on Tuesday.

Shell’s chief executive Ben van Beurden has told employees in an internal website video that there would be restructuring and job cuts, sources who saw the video told Reuters.

Shell’s official website has posted a video message from van Beurden, who says that “[S]ociety must remain focused on the longer-term challenge of climate change. Because it hasn’t gone away. It still needs urgent action. Shell has a big part to play.” 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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