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Posts Tagged ‘Oil Prices’

Bloomberg Law: BP, Shell Crude Manipulation Case Likely Headed to High Court

Bloomberg Law: Jan. 13, 2020, 4:58 PM

The commodities traders who unsuccessfully alleged North Sea crude oil market rigging by BP PLC, Royal Dutch Shell PLC, and other top energy companies signaled they’ll likely take the case to the U.S. Supreme Court.

The traders have until March 13 to file their high court petition, according to papers filed with the U.S. Court of Appeals for the Second Circuit, which rejected their claimsin August and their rehearing bid in October.

The lawsuit accused the companies of manipulating the Dated Brent Assessment, a daily index that affects overseas prices for North Sea crude oil, also called… 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 writes down up to $2.3 billion on weaker economic outlook

Ron Bousso, Pushkala Aripaka: DECEMBER 20, 2019 (Reuters) – Royal Dutch Shell (RDSa.L) said on Friday it expected to write down up to $2.3 billion in the fourth quarter, the latest major energy company forced to shrink estimates for sector values due to a weaker economic outlook.

In a trading update ahead of full year results, Shell also lowered its oil products sales forecast, pointing to the first annual slowdown in sales since at least 2014, while maintaining spending on the lower end of forecasts.

The Anglo-Dutch company warned in October that trade tensions between the United States and China, the world’s two largest energy consumers, could hurt demand and take a toll on its performance.

Shell said it expected to take post-tax impairment charges in a range between $1.7 billion and $2.3 billion for the quarter “based on the macro outlook”. It did not say which assets the impairments relate to. 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.

WSJ: Brent Oil Set to Disappear as Crude-Price Benchmark Lives On

Royal Dutch Shell is set to plug its last remaining Brent oil wells in the North Sea next year

By Sarah McFarlane: Dec. 2, 2019 6:06 am ET

The world’s most famous oil and gas field—and the backbone of global crude pricing—has dried up. Soon the Brent benchmark will have no Brent oil. Royal Dutch Shell PLC is expected next year to plug the last remaining Brent oil wells, located in the North Sea’s East Shetland Basin, about 115 miles northeast of Scotland’s Shetland Islands. The closures mark the end of an era, as the industry shifts its focus to smaller oil finds near existing infrastructure. 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 Plc Communication Breakdown

Bloomberg News: Kevin Crowley and Kelly Gilblom: November 2, 2019: 5:37 AM EDT: Last Updated November 2, 2019 5:37 AM EDT

Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden made an unplanned intervention midway through his company’s earnings conference call in an attempt to lessen the damage from its warning it may fall short of a share buyback target. The move only invited confusion and the shares slid.

Shell positioned itself as the sector’s cash king over the past two years after major projects came on stream and commodity prices rebounded from the crash.

But with weaker economic growth threatening oil demand and crude supplies surging, Europe’s biggest oil company warned that it may not finish a $25 billion buyback program by the end of next year as planned. 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 under fire over buyback delay warning

Reporting by Ron Bousso; Editing by Dale Hudson and Mark Potter: 1 Nov 2019

LONDON (Reuters) – Royal Dutch Shell (RDSa.L) faced a torrent of criticism from analysts on Friday for warning of possible delays to its $25 billion share buyback program, with some saying the move had undermined the credibility of the oil giant’s management.

Shell, the world’s second-largest listed oil and gas company, saw its shares close more than 4% lower on Thursday, wiping out $10 billion of its market value. It had earlier reported stronger-than-expected third-quarter profits which were, however, overshadowed by Chief Executive Ben van Beurden’s warning about shareholder returns. 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 announces the next tranche of the share buyback programme

WEBWIREThursday, October 31, 2019

Royal Dutch Shell plc (the ‘company’) today announces the commencement of trading in the next tranche of its share buyback programme previously announced on July 26, 2018. In the next tranche, the company has entered into an irrevocable, non-discretionary arrangement with a broker to enable the purchase of A ordinary shares and/or B ordinary shares for a period up to and including January 27, 2020. The aggregate maximum consideration for the purchase of A ordinary shares and/or B ordinary shares under the next tranche is $2.75 billion. The company’s intention remains to buy back at least $25 billion of its shares subject to further progress with debt reduction and oil price conditions. However, the prevailing weak macroeconomic conditions and challenging outlook inevitably creates uncertainty about the completion of the share buyback programme by the end of 2020.

On October 17, 2019 the company completed the previous tranche of its share buyback programme. In aggregate between July 26, 2018 and October 17, 2019, the company repurchased 390,525,007 ordinary shares for an aggregate consideration of $12 billion (the ‘aggregate previous tranches’).

The maximum number of ordinary shares which may be purchased by the company under the next tranche of its share buyback programme (the ‘next tranche’) is 718,336,613, which is the maximum pursuant to the authority granted by shareholders at the company’s 2019 Annual General Meeting1 minus the number of ordinary shares purchased in the previous tranche. The shares bought back under the next tranche will be the A ordinary shares traded in the EUR denomination and whichever of the A ordinary shares and/or B ordinary shares traded in the GBP denomination is economically the least expensive on a given trading day.

The broker will make its trading decisions in relation to the company’s securities independently of the company. The next tranche will be carried out on the London Stock Exchange and/or on BATS and/or on Chi-X and will be effected within certain pre-set parameters. It will be conducted in accordance with the company’s general authority to repurchase shares granted by its shareholders at the company’s Annual General Meeting held on May 21, 20191, and in line with Chapter 12 of the Listing Rules, Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buyback programmes and the Commission Delegated Regulation (EU) 2016/1052.

The purpose of the next tranche is to reduce the issued share capital of the company to offset the number of shares issued under the Scrip Dividend Programme and, in combination with the other tranches of the share buyback programme, to significantly reduce the equity issued in connection with the company’s combination with BG Group. All shares repurchased as part of the next tranche will be cancelled.

Any further tranches of the buyback programme, which may be conducted after completion of the tranche announced today, will be announced in due course.

1 The existing shareholder authority to buy back shares granted at the company’s 2019 Annual General Meeting expires at the earlier of the close of business on August 21, 2020, and the end of the date of the company’s 2020 Annual General Meeting. The company expects to seek renewal of shareholder authority to buy back shares at subsequent Annual General Meetings.

Cautionary statement

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Royal Dutch Shell plc and subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Royal Dutch Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest. 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.

Evening Standard: Shell warns tougher environment may slow $25bn cashback plan

MICHAEL BOW: 31 Oct 2019

Oil giant Royal Dutch Shell spooked investors on Thursday by warning that bleaker economic conditions could slow a major share buyback plan.

The company hinted a $25 billion buyback scheduled to be finished by 2020 may extend into 2021 because of worsening economic conditions, which could force the firm to keep more money back as a precaution. 

The buyback plan was launched in July 2018 and the timeline signalled Shell’s confidence in the oil price and outlook for the company. The shares today fell 2.5%, or 59p, to 2270p. 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.

Daily Mail: Shell’s profits rocked and share buy-back put in doubt as it’s hit by the slumping oil price

Oil giant Shell has experienced a large fall in third-quarter profits due to weaker oil prices.

Earnings after stripping out fluctuating expenses fell 15 per cent to £3.7billion, well below estimates it might reach almost £5billion.

Shell was able to charge an average of £43.25 per barrel of oil it produced in the quarter, down from £52.69 in the same three months last year. It was even more than a dollar lower than the second quarter price. 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.

CNBC: Shell’s third-quarter profits fall 15% on lower oil and gas prices

Sam Meredith: 31 Oct 2019

POINTS
  • Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019.
  • That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter.
  • Shares of the Anglo-Dutch oil company are down more than 1% when compared to the same period in 2018.

Oil giant Royal Dutch Shell reported weaker-than-expected third-quarter net profit on Thursday, citing lower energy prices and chemicals margins.

Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019. That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter. 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 PLC 3RD QUARTER 2019 UNAUDITED RESULTS

EXTRACT FROM ROYAL DUTCH SHELL PLC 3RD QUARTER 2019 UNAUDITED RESULTS

31 Oct 2019

Compared with the third quarter 2018, CCS earnings attributable to shareholders excluding identified items were $4.8 billion, reflecting lower realised oil, LNG and gas prices, as well as weaker realised refining and chemicals margins. This was partly offset by significantly stronger contributions from LNG and oil products trading and optimisation as well as higher realised margins in retail and global commercial.

Compared with the third quarter 2018, cash flow from operating activities excluding working capital movements was $12.1 billion, reflecting lower earnings, higher pension contributions and lower dividends received. 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 profit beats forecast on strong oil and LNG trading

Ron Bousso: OCTOBER 31, 2019 LONDON (Reuters) – Royal Dutch Shell’s third-quarter profit dropped by 15% on weaker oil prices but easily beat expectations thanks to a boost from oil and liquefied natural gas (LNG) trading.

The better than expected results in the face of oil prices that fell 17% year on year underscores Shell’s tranformation in recent years, with deep cost cuts and a focus on returns after the 2014 industry downturn.

Net income attributable to shareholders, based on a current cost of supplies (CCS) and excluding identified items, fell to $4.8 billion from a year earlier.

That compared with a profit forecast of $3.91 billion in a company-provided survey of analysts.

“This quarter we continued to deliver strong cash flow and earnings, despite sustained lower oil and gas prices, and chemicals margins,” Chief Executive Ben van Beurden said in a statement. 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.

EnergyVoice.Com: Oil major investors bracing for bad news as headwinds gather

Oil major investors bracing for bad news as headwinds gather

The so-called supermajors — Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc — are expected to disclose a 42% plunge in third-quarter earnings, on average, when they post results this week. That drop-off is too steep to blame on the 18% decline in crude oil prices, which means executives will have some explaining to do.

Exxon, Shell, and BP already have already taken steps to manage shareholder expectations by releasing limited data points on things like refinery repairs, asset sales and hurricane impacts on offshore oil production. Nonetheless, investors will be watching for additional color on what to expect for the remainder of 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.

Fool.co.uk: How far will the Shell share price fall in 2020?

So just how low could the share price go next year? Well, Shell shed almost 50% of its value in the 18 months from June 2014, a period in which Brent values slipped from $115 per barrel to below $30. It’s time to fear the worst, I think.

Royston Wild: Fool.co.uk: 16 August 2019

Prices in freefall

It’s quite possible that the diplomatic and military conflict between Iran and the US could really blow up in the months ahead, providing oil prices — and with them the share values of producers like Shell — with the kind of boost that we saw in the spring.

All things considered, though, the odds are stacked firmly against the oil drillers. The probability of frosty US-Chinese trade talks seeping into 2020 spell disaster for a global economy already in the throes of a slowdown, and with it the profits outlook for the likes of Shell in the medium term, at least as energy demand slumps. 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.

Daily Mail: Shell boss claims he supports climate-change protesters as profits at the oil giant fall by a quarter

Hot air? Shell boss Ben van Beurden said that ‘as a society, we are not doing enough’ to meet targets to reduce harmful carbon emissions

Shell’s boss said he supports the ‘mobilisation’ of climate-change protesters but criticised property damage and ‘people being put in jeopardy’.

Following a wave of mass demonstrations organised by the Extinction Rebellion group, Ben van Beurden said that ‘as a society, we are not doing enough’ to meet targets to reduce harmful carbon 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.

Irish Times: Falling natural gas prices sees Shell caught in a trap

Falling natural gas prices sees Shell caught in a trap

Biggest earnings miss since 2016 underscores recent volatility in firm’s earnings

Royal Dutch Shell fell into the same earnings trap as many of its peers, reporting second-quarter earnings that were well short of analysts’ expectations, as natural gas prices slumped.

Shell is the last big oil company in Europe to report earnings this quarter, rounding out a generally weaker picture for the industry. Eni, Total and Equinor reported lower-than-expected profit due to falling energy prices, although BP surpassed even the highest analyst estimate as its production jumped.

The Anglo-Dutch company is far more focused on natural gas than its peers, accounting for about a quarter of all the world’s traded liquefied natural gasvolumes annually. While this division has helped generate record volumes of cash at Shell in recent quarters, a global oversupply has caused prices to slump. 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’s profits slump to 30-month low on weak oil, gas prices

Shell’s profits slump to 30-month low on weak oil, gas prices

Ron Bousso: AUGUST 1, 2019 / 7:33 AM

LONDON (Reuters) – Royal Dutch Shell’s second quarter profits slumped to a 30-month low due to lower oil and natural gas prices and refining margins, falling far short of forecasts.

The Anglo-Dutch company reported on Thursday a rise in cash generation – a sign of improving operations – but the drop in profit dents a steady recovery since the end of 2016.

Shell, the world’s second-largest publicly-traded energy company, joins rivals Total and Norway’s Equinor in reporting weak results for the quarter. 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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