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Posts Tagged ‘The Scotsman’

City awaits details after Shell shock

Screen Shot 2013-10-01 at 07.56.54After the shock update effectively publicised the firm’s headline figures for the final quarter of last year, this week the City will be looking for clues as to whether Shell’s shrinking bottom line is temporary or structural.; …the new boss appears keen to make changes at the notoriously bureaucratic company.

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by DOMINIC JEFF: 26 Jan 2014

OIL major Royal Dutch Shell is expected to reveal huge write-offs this week which investors hope will account for its recent profits warning.

After the shock update effectively publicised the firm’s headline figures for the final quarter of last year, this week the City will be looking for clues as to whether Shell’s shrinking bottom line is temporary or structural.

In its warning, Shell said that profits will almost halve to around $2.9 billion (£1.8bn). With previous market expectations of a $4bn haul, it will be the latest disappointment for shareholders after the firm’s earnings declined dramatically throughout 2013. 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 pumps £3m into research centre at Heriot-Watt

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6 August 2013

Oil giant Shell is to invest £3 million in a scheme to boost exploration research at Heriot-Watt University in Edinburgh.

The group said the five-year deal to create the Shell Centre for Exploration Geoscience aims to help meet the world’s growing energy demand by combining industry insights with cutting-edge research.

Professor John Underhill, holder of the Shell chair of exploration geoscience, will head up the centre. He said: “The results will help further our understanding of the development, evolution and deformation of sedimentary basins and complement existing strengths within the [university’s] Institute of Petroleum Engineering.” 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.

Gulf of Mexico oil spill still dragging BP down

THE Gulf of Mexico oil spill will continue to cast its shadow over BP’s second-quarter results this week, leaving the door open for Shell to win the latest head-to-head tussle ­between the two rivals.

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by PETER RANSCOMBE

THE Gulf of Mexico oil spill will continue to cast its shadow over BP’s second-quarter results this week, leaving the door open for Shell to win the latest head-to-head tussle ­between the two rivals.

BP is likely to set aside more cash to help pay for the damage caused in 2010, when an explosion on the Deepwater Horizon drilling rig on the Macondo well killed 11 workers and caused the United States’ worst oil spill.

Last week’s pictures of the fire on Walter Oil & Gas’s Hercules rig in the Gulf of Mexico will have brought back memories of the disaster for Louisiana residents. 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.

Rising gas price helps Shell boost fortunes

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By DOMINIC JEFF
Published on 28/04/2013 00:00

HIGHER natural gas prices in the United States should help Shell rebound from its lacklustre performance at the end of last year when it presents first quarter results on Thursday.

Prices have almost doubled since America’s shale gas revolution pushed prices through the floor last year, proving a drag on Shell’s recent results.

The oil major has already promised to increase its quarterly dividend by 5 per cent, confident that last year’s investment in liquefied natural gas projects in the Middle East will start paying off. 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.

Profits at Shell set to anger drivers

Published on Sunday 29 January 2012 00:00

HIGHER annual and quarterly profits from oil heavyweight Royal Dutch Shell are this week expected to ignite the fury of hard-pressed drivers who continue to face near record prices at the petrol pump.

But the figures are likely to spell good news for investors as analysts raise the prospect that Shell, which boasts one of the largest dividends on the FTSE, may recommend an increase in the pay-out.

Although both full-year and quarterly numbers will be released, the City will focus on profits for the last three months of 2011, which are expected to be about 20 per cent higher compared to the same period in 2010. 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 admits oil leak fix could take weeks

ENERGY giant Shell has made a full apology for its response to the North Sea oil spill and admitted it could take weeks to fix the leak. After days of criticism for keeping details of the spill from its Gannet Alpha platform secret, the oil company conceded it had made mistakes.


17 August 2011

By Jenny Fyall: Environment Correspondent
ENERGY giant Shell has made a full apology for its response to the North Sea oil spill and admitted it could take weeks to fix the leak. After days of criticism for keeping details of the spill from its Gannet Alpha platform secret, the oil company conceded it had made mistakes.
In an interview with The Scotsman, Steve Harris, head of external affairs and communications at Shell Upstream International Europe, confirmed a remaining leak was in a spot so difficult to access, 800ft below the waves, that it could take weeks to stop. He also revealed:

• A first seabird had been seen covered in oil. The breed is not known, but it was spotted flying from the spill area with oil on its wings.

• The pipe that sprung a leak is more than 30 years old and was not spotted by surveys testing the integrity of equipment.

• The size of the spill had grown again to cover 16sq miles. This compares to half a square mile on Monday, and 19 miles by three miles on Sunday. He said this could be because the spill had spread into smaller sections in windy conditions at the weekend, but with yesterday’s calmer weather had joined back together again. 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.

Anger as Shell fails to answer questions about spillage

Shell’s modus operandi – of giving out information only on what appears to be a need-to-know basis – is not good enough. The public needs to know, and has a right to know.


Published Date: 16 August 2011 By Jenny Fyall Environment Correspondent
ENERGY giant Shell is facing mounting criticism over its secrecy about an oil leak in the North Sea, as the spill was revealed to be twice as large as previously thought. Five days after the leak from the Gannet Alpha rig was spotted about 112 miles east of Aberdeen, Shell finally responded to pressure to reveal the volumes of oil involved.

It confirmed 216 tonnes had spread into the sea – the equivalent of 1,300 barrels of oil. The Scottish Government said at the weekend it involved only about 100 tonnes.

However, a raft of questions today remain unanswered, including how the leak started, why Shell has not yet been able to stop the flow of oil, where exactly the spill is in the North Sea, and whether any seabirds or other wildlife are caught up in it.

Politicians and environment groups have increased their calls for Shell to be more open about the leak. Government figures show it is four times the entire quantity of oil discharged into the North Sea in 2009, and by far the largest spill in UK waters for more than a decade. 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 – ‘risk-free’ North Sea still vital

SHELL'S UK chairman has pledged the oil major's continuing commitment to the North Sea despite his belief that more than half the area's natural reserves have been produced. James Smith told The Scotsman that the fact that there was still a "low risk" in operating in the North Sea compared with some regions of the world also remained a big plus for the major explorers.

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 giants face price-fix charges

The Scotsman: Oil giants face price-fix charges

“Shell, which is being investigated in relation to its Dutch operations, said that the firm had been co-operating fully with the investigation, but has yet to be informed of any decision.”

Alastair Reed

Posted Oct 17, 2004

EUROPEAN Union regulators are set to charge two global oil giants and a Dutch road builder with fixing the price of a petroleum product used to pave streets.

Oil giants Exxon Mobil and Royal Dutch/Shell have both been under investigation by the European Commission as part of inquiries stretching back to 2002, along with road builders such as Ballast Nedam NV of the Netherlands. The investigation focused on the market for bitumen, a by-product from the crude oil refining process, which is primarily used in the construction industry for surfacing roads and waterproofing. 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 fails to impress City with growth plan

The Scotsman: Shell fails to impress City with growth plan

“SHELL yesterday said it would plough $45 billion (£25bn) into the business between 2004 and 2006 to drive organic growth in the wake of the oil reserves overstatement fiasco that prompted big regulatory fines and damaged the group’s City credibility.”

MARTIN FLANAGAN

CITY EDITOR

Thu 23 Sep 2004

SHELL yesterday said it would plough $45 billion (£25bn) into the business between 2004 and 2006 to drive organic growth in the wake of the oil reserves overstatement fiasco that prompted big regulatory fines and damaged the group’s City credibility.

The company also said it planned $10bn (£5.6bn) and $12bn (£6.1bn) of disposals over the period to bolster its balance sheet and give it headroom for possible share buybacks, although the market was disappointed no firmer commitment was made to returning money to shareholders. The shares fell 14.25p, or 3.3 per cent, to 418p. 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.

Wall Street rattled by Fed as Shell fails to please City

The Scotsman: Wall Street rattled by Fed as Shell fails to please City

More questions than answers: “Most investors believe the overstatement of reserves fiasco shows Shell was seriously flawed under the current management structure, and want a single unified board instead.”

MARTIN FLANAGAN
CITY EDITOR

23 Sept 04

THE market’s 3 per cent markdown of Shell’s shares yesterday had little to do with the strategy unveiled in London by the group’s top bods.

It was almost classic textbook stuff in the oil industry at present. Fancy oil prices are making acquisitions difficult to pull off. So instead beef up the capex budget and pour money into organic growth – in Shell’s case $45 billion between 2002 and 2004.

Meanwhile, retire from lots of countries to focus on fewer, more streamlined opportunities – while flogging off vast swathes of the business it does not want anymore. In Shell’s case this runs to $10-$12bn – which is a lot of unwanted fields. 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.

Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

The Scotsman: Ex-Shell Chairman Challenges Watchdog over Oil Reserves Scandal

“The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. (ShellNews.net)

By Phil Waller, City Staff, PA News

Posted 17 Sept 04

The former chairman of oil group Royal Dutch/Shell today challenged the City watchdog over its findings on the company’s oil reserves scandal.

In a letter to the Financial Services and Markets Tribunal, Sir Philip Watts sought permission to challenge some of the Financial Services Authority’s (FSA) findings on the reserves overstatement, which has led to Shell downgrading its proven reserves by 23%, or 4.47 billion barrels, since January.

The FSA found Shell guilty of market abuse and the Anglo-Dutch company last month agreed to pay £17 million to the FSA. 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.

FSA chief hits right note on investor responsibility

The Scotsman: FSA chief hits right note on investor responsibility

“In the wake of a splurge of recent fines, particularly the record £17 million penalty on Shell for the oil giant’s reserves shortfall and cover-up, there have been those who have argued that it is the culpable directors who should bear the penalty, not the companies and investors.”

SCRUTINEER

MARTIN FLANAGAN

CITY EDITOR

Posted 11 Sep 2004

THE comments of the head of Britain’s financial regulator about who should suffer from financial penalties for corporate wrong-doing – companies and shareholders or the errant directors themselves – is timely.

In the wake of a splurge of recent fines, particularly the record £17 million penalty on Shell for the oil giant’s reserves shortfall and cover-up, there have been those who have argued that it is the culpable directors who should bear the penalty, not the companies and investors. 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.

Scotsman.com: Cairn Energy Powers into FTSE 100

Scotsman.com: Cairn Energy Powers into FTSE 100

“Cairn has seen its shares more than triple since January when it announced the first of 10 finds in India on an oil field purchased from Shell for £4 million in 2002. The company is now valued at more than £2 billion.”

By David Winning, City Staff, PA News

The meteoric rise of oil and gas group Cairn Energy continued today as its place among the UK’s top 100 firms was confirmed.

The Edinburgh-based group joins larger rivals Shell and BP in the FTSE 100 Index at the expense of banking group Bradford & Bingley following a review of membership of the Footsie.

Cairn has seen its shares more than triple since January when it announced the first of 10 finds in India on an oil field purchased from Shell for £4 million in 2002. The company is now valued at more than £2 billion. 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.

Auditors dragged into Shell lawsuit

The Scotsman: Auditors dragged into Shell lawsuit

“role of auditors KPMG and PricewaterhouseCoopers in the scandal that wiped £2.9 billion off Shell’s market capitalisation in one day.”

CATRINA STEWART

30 August 04

AUDITORS might find themselves implicated in the reserves scandal surrounding oil major Shell as lawyers leading US class actions against the company prepare to file an amended complaint.

Bernstein Liebhard & Lifshitz, the Wall-Street law firm leading the class action on behalf of individual investors, said that it was looking at the role of auditors KPMG and PricewaterhouseCoopers in the scandal that wiped £2.9 billion off Shell’s market capitalisation in one day. 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 knew of error in reserves in 1998

The Scotsman: Shell knew of error in reserves in 1998

“AUDITORS at Royal Dutch/Shell, the British-Dutch energy group, warned the company as early as 1998 that its reserves figures may have been overstated…”

CATRINA STEWART

Posted 30 August 04

AUDITORS at Royal Dutch/Shell, the British-Dutch energy group, warned the company as early as 1998 that its reserves figures may have been overstated, six years before executives admitted mistakes in public and two years earlier than previously reported by its own investigation into the reporting scandal.

Yesterday, US and UK regulators revealed that the oil giant has agreed to pay more than US$150 million (£83.7m) in penalties for providing “false and misleading” information, which led to a downwards revision of its proven reserves by 4.47 billion barrels. 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.