Posts Tagged ‘Fortune Magazine’

This year will be another hard one for the oil majors as they cut spending.

Over the past several weeks, the world’s biggest oil companies have posted earnings that show just how brutal it is these days to be an oil major. The industry is going through the biggest downturn since the 1990’s.

Following a dramatic 60% plunge in oil prices over the past 18 months, oil companies are desperately slashing costs by cutting jobs, decommissioning rigs, halting the purchase of new oil gear, and pulling back from exploring new fields.

On Tuesday morning, BP BP -8.45% reported its worst annual loss in over 20 years. The company, which is the sixth largest in the world, says it will cut 7,000 jobs by 2017, or almost 9% of its workers. read more

Shell is ‘world’s biggest company’

Tuesday 10 July 2012

Anglo-Dutch oil giant Royal Dutch Shell is the biggest company in the world, according to the 2012 Global 500 list published annually by Fortune Magazine.

The list of the world’s 500 largest companies is based on annual turnover. For two years, the American supermarket chain WalMart headed the list, but has now slipped to number three.

Shell takes over the top spot with turnover of €395bn and profit of €24.5bn in 2011; a respective increase of 28% and 54% on the year before. read more

On 25 January 2008, Carl Mortished, World Business Editor of The Times newspaper wrote an article headlined: “Shell chief fears oil shortage in seven years” in which he described the site as “an independent website that monitors the company.”

Fortune.com: Now If Only Shell Could Find Some Oil

Forget the reserve drama: At the current rate, Shell will run out of oil in a decade: “Shell will be a no-growth company at least for the next few years.”

By Janet Guyon

Posted 27 July 2004

Now that Royal Dutch/Shell has come clean about the games it was playing with its oil reserves, can it get out of the hole it’s in? That’s what investors want to know, and the prospects aren’t good. At least not in the short term.

Sure, the company is still selling lots of oil, and at high prices. But it’s only replacing 60% of the oil it is pumping, giving it the shortest reserve life—10.2 years—of any oil major. At current production rates, Shell will run out of oil in a decade. read more

Fortune.com: Is Shell Ready to Rebound?

“Forget Iraq and Iran,” says Gheit. “Royal Dutch/Shell needs a regime change.”

With the price of oil sky-high, analyst Fadel Gheit says patient investors can strike big gains on the beaten-down shares of Royal Dutch.

By Nelson D. Schwartz

From 9 August 04 issue

Right now Royal Dutch/Shell Group is the oil company Wall Street loves to hate. The reason, of course, is that its managers misled the public about the size of its reserves, prompting the resignation of the CEO and other top execs earlier this year. But with the price of oil sky-high, analyst Fadel Gheit of Oppenheimer says patient investors can strike big gains on the beaten-down shares of Royal Dutch (RD, $50), which owns 60% of the company (Shell Transport & Trading owns the rest). read more

Fortune Magazine: Now If Only Shell Could Find Some Oil …

By Janet Guyon

Posted 16 May 2004

Forget the reserve drama: At the current rate, Shell will run out of oil in a decade.

Now that Royal Dutch/Shell has come clean about the games it was playing with its oil reserves, can it get out of the hole it’s in? That’s what investors want to know, and the prospects aren’t good. At least not in the short term.