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Oil Prices and the Brexit: What Just Happened

Jun 24th, 2016
by John Donovan.
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IMAGE SOURCE: GETTY IMAGES.

By Matthew Dilallo: 24 June 2016

What: Crude prices tumbled on Friday after Britain’s stunning decision to leave the European Union. By mid-afternoon, oil was down 4.5% and back below $50 a barrel. The sell-off washed over into oil stocks, with British giants BP (NYSE:BP) and Royal Dutch Shell (NYSE:RDS-A)(NYSE:RDS-B) both following crude downward by more than 5% as of 12:30 p.m. EDT.

Those moves, however, were tame compared to the sell-offs of other European oil stocks, with Statoil (NYSE:STO) and Total (NYSE:TOT) down nearly 6% and 9%, respectively. Even large independent U.S. oil companies were taking it on the chin, with ConocoPhillips (NYSE:COP) just one among the many oil stocks sliding in parallel with the price of crude. read more

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Chevron Corporation: Another Day, Another Attack In Nigeria

Jun 2nd, 2016
by John Donovan.
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Shell, ConocoPhillips and Total are also considering to divest their assets in the Niger Delta.

By Micheal Kaufman: Jun 1, 2016

Operations of international oil & gas companies seem to be in a lot of trouble in Nigeria as militant activities have accelerated in the past few weeks. The militant group, Niger Delta Avengers, has again targeted a Chevron Corporation (NYSE:CVX) facility today, pressurizing it to leave the impoverished area. This is the fourth attack on a Chevron facility in Africa’s biggest economy.

The militant group said on Twitter that it blew up the energy company’s RMP 23 and RMP 24 crude oil wells in the Niger Delta at 3:44 AM. According to the Niger Delta Avengers, these two wells are Chevron’s largest oil producing wells. read more

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BP, Shell among bidders to run Qatar oil field – sources

May 26th, 2016
by John Donovan.
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DOHA | BY TOM FINN: Business | Wed May 25, 2016 5:20pm BST

Six international oil firms including BP and Royal Dutch Shell Plc have bid to operate Qatar’s largest offshore oil field, two people with knowledge of the matter told Reuters.

The other bidders are the field’s current operator Maersk, as well as Total SA, Chevron Corp and ConocoPhillips, said the people who spoke on condition of anonymity as the information was private.

The people said state-owned Qatar Petroleum (QP) would award the contract for the oil field, which is 80 kilometres (50 miles) off Qatar’s coast and currently produces around 300,000 barrels per day (bpd), in the second half of the year. read more

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Canadian Crude Prices Surge as Fire Hits Shell, Suncor Output

May 6th, 2016
by John Donovan.
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  • Oil-sands output may be down by 1 million barrels a day: RBC

  • Suncor, Shell, Husky, ConocoPhillips cut production amid blaze

By Robert Tuttle and Rebecca Penty: May 6, 2016

The worst wildfire in Alberta history is boosting Canadian crude prices as oil companies evacuate workers and shut in as much as 1 million barrels a day of output.

Western Canadian Select, the benchmark for oil sands production, strengthened $1 to an $11.85-a-barrel discount to U.S. West Texas Intermediate on Thursday, the narrowest spread since July, data compiled by Bloomberg show. The absolute price rose $1.54 to $32.47 a barrel.

Suncor Energy Inc., Royal Dutch Shell Plc and Husky Energy Inc. are among companies that shut plants or reduced production. Cnooc Ltd.’s Nexen, ConocoPhillips, Imperial Oil Ltd. and Statoil ASA were also affected. The shutdowns follow supply disruptions in places like Nigeria and Iraq earlier this year that have helped global prices rebound from a 12-year low. read more

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Shell Seen as Best Oil Major Wager by Analysts After BG Deal

Mar 9th, 2016
by John Donovan.
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Screen Shot 2016-02-17 at 08.47.47By Rakteem Katakey: Bloomberg.com: March 9, 2016

Ben Van Beurden staked his reputation on Royal Dutch Shell Plc’s $53 billion acquisition of BG Group Plc as crude slumped. Analysts are rewarding the chief executive officer by putting the enlarged company in pole position to exploit a market upturn. 

Shell’s shares will rise about 12.2 percent in the next 12 months, the most among the world’s six biggest non-state oil companies, according to the target prices of analysts compiled by Bloomberg. More than 65 percent of analysts who cover Europe’s largest oil producer recommend buying the stock, the highest share among its peers. read more

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For Exxon and Shell, Age of Ultramajors Comes at the Wrong Time

Feb 24th, 2016
by John Donovan.
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As oil and gas prices have tumbled, Exxon and Shell have been forced to retreat. With oil barely above $30 a barrel, they’re cutting spending, including some costly, high-risk mega-projects. Photographer: George Osodi/Bloomberg

By Javier Blas: Bloomberg.com: 24 FEB 2016

Despite their size, both companies suffering with cheap oil

Exxon and Shell cutting spending as fast as everyone else

Screen Shot 2016-02-24 at 07.54.19This may not be the best time to be bigger than big.

The $64 billion tie-up of Royal Dutch Shell Plc with BG Group Plc and the steady growth of Exxon Mobil Corp. are creating a new league of two: the ultramajors. Executives at smaller companies are even starting to joke that Chevron Corp., Total SA, BP Plc, ConocoPhillips and ENI SpA are merely the mid-cap sector of Big Oil. read more

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Shell expects its Brazil output to quadruple by 2020: CEO

Feb 15th, 2016
by John Donovan.
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RIO DE JANEIRO | BY JEB BLOUNT AND MARTA NOGUEIRA: Mon Feb 15, 2016

Royal Dutch Shell (RDSa.L), Europe’s largest oil company, expects to make robust investments in Brazil’s offshore resources, hoping to quadruple oil and gas output there by the end of the decade, its chief executive officer said on Monday.

CEO Ben van Beurden spoke in Brazil shortly after Shell’s $52 billion takeover of BG Group Plc BG.L, approved in late January, took effect.

Thanks to BG’s large portfolio of assets in Brazil and Shell’s decision to buy 20 percent of the giant Libra offshore project in 2013, Brazil will be a key area for the Anglo-Dutch company as it focuses on liquefied natural gas and deepwater oil production, van Beurden said. read more

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As Big Oil shrinks, boards plot different paths out of crisis

Feb 7th, 2016
by John Donovan.
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Screen Shot 2016-02-07 at 09.14.51* Companies seek to safeguard growth for when market recovers

* U.S. firms abandon deepwater projects for shale oil fields

* Britain’s BP bets on Egyptian gas, Shell on major acquisition

By Ron Bousso and Terry Wade

LONDON/HOUSTON, Feb 7 As oil and gas companies cut ever-deeper into the bone to weather their worst downturn in decades, boards have adopted contrasting strategies to lead them out of the crisis.

Crude prices have tumbled around 70 percent over the past 18 months to around $35 a barrel, leading to five of the world’s top oil companies reporting sharp declines in profits in recent days.

Executives at energy firms face a tough balancing act: they must cut spending to stay financially afloat while preserving the production infrastructure and capacity that will allow them to compete and grow when the market recovers. read more

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OPEC Won’t Cut Drilling, and Prices Plunge 5%

Dec 8th, 2015
by John Donovan.
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By CLIFFORD KRAUSS: A version of this article appears in print on December 8, 2015, on page B1 of the New York edition

HOUSTON — Crude oil prices slid a further 5 percent on Monday to fall to their lowest levels since the 2009 global recession, pummeled by the fading chance that Saudi Arabia would cut production to halt the commodity’s yearlong slide.

In only 16 months global oil prices have collapsed from over $110 a barrel to less than half that, and the oil industry in the United States and around the world is reeling from its worst crisis since the late 1990s. On Monday, the American benchmark broke the $38-a-barrel mark, a price that makes drilling and completing wells a losing proposition in almost all oil fields around the country. read more

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Even as it walks away from Arctic drilling, Shell keeps door open for future work

Oct 29th, 2015
by John Donovan.
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Screen Shot 2015-10-05 at 14.03.31Posted on October 29, 2015 | By Jennifer A. Dlouhy

WASHINGTON — Shell is walking away from oil exploration in Arctic waters north of Alaska, but it isn’t ready to close the door completely.

Disappointing results from a critical test well at the company’s Burger prospect in the Chukchi Sea, combined with the high costs of developing the region and an “unpredictable regulatory environment” have prompted Royal Dutch Shell “to cease further exploration activity offshore Alaska for the foreseeable future,” CEO Ben van Beurden told reporters Thursday. read more

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IF SHELL FINDS OIL IN CHUKCHI SEA, WHAT NEXT?

Sep 19th, 2015
by John Donovan.
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Screen Shot 2015-06-13 at 09.26.5318 September 2015

The short drilling season for oil exploration in U.S. Arctic offshore waters will reach one stopping point Sept. 28 and a complete halt Oct. 31 for Royal Dutch Shell Plc. The company has been drilling since July 30 at the Burger prospect in the Chukchi Sea north of Alaska. If oil is discovered, it will require some very interesting and complicated development decisions and regulatory considerations.

Shell has come a long way to get this far. It acquired a set of leases over the Burger prospect in 2008 and has spent about $7 billion on trying to develop the leases. Shell, operating through its subsidiary Shell Gulf of Mexico Inc., did not report a discovery from the well it drilled in 2012, and no one has ever yet discovered oil in the Chukchi — not oil in commercial quantities, at any rate. A dry hole is always a possibility. read more

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Inside Shell’s Extreme Plan to Drill for Oil in the Arctic

Aug 5th, 2015
by John Donovan.
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by Paul Barrett and Benjamin Elgin: 5 August 2015: BLOOMBERG.COM

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Protesters near the Polar Pioneer.: Photographer: Keri Coles/Greenpeace

Ann Pickard

Ann Pickard – Shell VP Arctic Drilling

In a windowless conference room in Anchorage, a dozen Royal Dutch Shell employees report on the highest-profile oil project in the multinational’s vast global portfolio. Warmed by mid-July temperatures, Arctic ice in the Chukchi Sea, northwest of the Alaskan mainland, is receding. Storms are easing; helicopter flights will soon resume. Underwater volcanoes—yes, volcanoes—are dormant. “That’s good news for us,” Ann Pickard, Shell’s top executive for the Arctic, whispers to a visitor. read more

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Shell Cleared For Exploration Off Nova Scotia

Jun 17th, 2015
by John Donovan.
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Screen Shot 2015-06-11 at 19.31.15By Andy Tully: Posted on Wed, 17 June 2015

Shell Canada Ltd. is ready to begin exploratory drilling off the coast of Nova Scotia now that it has received conditional approval for the project from the country’s environmental minister.

Canada’s Environmental Assessment Agency issued the decision the night of June 15 after the environmental minister, Leona Aglukkaq, found that the project in the Shelburne Basin, 125 miles south of Nova Scotia’s southwestern coast, would not have a major impact on the local environment. read more

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Shell gets environmental ok for Canada offshore drilling project

Jun 16th, 2015
by John Donovan.
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Markets | Mon Jun 15, 2015 

Canada’s environment ministry on Monday said it had approved an East Coast offshore drilling project led by Royal Dutch Shell Plc, saying the exploration project was “not likely to cause significant adverse environmental effects.”

The approval is contingent on the company meeting numerous conditions, including mitigating the potential impact on fish and marine habitats, among other things, the government said in a statement.

The Shelburne Basin Venture Exploration Drilling project, which is operated by Shell, consists of up to seven exploration wells located some 250 kilometers (155 miles) off the coast of the province of Nova Scotia, on Canada’s East Coast. read more

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Oil companies reach $345 million settlement with Quebec train crash victims

Jun 11th, 2015
by John Donovan.
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Screen Shot 2015-05-13 at 21.47.32Victoria Young; 11 June 2015

A group of oil companies has come to an agreement with victims of the 2013 oil train derailment in Quebec, Canada.

The train had been carrying 7.7 million litres of crude oil when it crashed, resulting in a massive spill and an explosion that killed 47 people.

Royal Dutch Shell, Marathon Oil Corp, Conoco Phillips and Irving Oil were all named by The Wall Street Journal as contributing. It is not clear how much each company will contribute.

It has been reported the settlement was reached in bankruptcy court to avoid costly and lengthy court processes. read more

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Energy groups ax $100B in total spending after oil rout

May 19th, 2015
by John Donovan.
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Article by: Carl Surran, SA News Editor, Seeking Alpha: 18 May 2015

Energy groups ax $100B in total spending after oil rout

  • More than $100B of spending on at least 26 major projects by the world’s energy companies has been slowed, postponed or canceled in the wake of plunging oil prices, including Royal Dutch Shell (RDS.A, RDS.B), BP, ConocoPhillips (NYSE:COP) and Statoil (NYSE:STO), according to a Financial Times analysis.
  • One of the biggest developments to be shelved, Shell’s Arrow liquefied natural gas plant in Australia, accounted for almost a quarter of the planned spending reduction.
  • Western Canada is suffering the most from the retrenchment, with nine Canadian oil sands projects pulled back, each ranging from $1B-$10B in planned expenditure, the analysis says.
  • According to Morgan Stanley, which looked at capex guidance for 2015 from more than 120 companies, investment is expected to drop by a quarter this year to $389B from $520B.

SOURCE

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