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Zacks: Crude Woes: Chevron to Make Nearly 10-15% Staff Redundant

Crude Woes: Chevron to Make Nearly 10-15% Staff Redundant

Shell is proposing voluntary unemployment.

Zacks Equity Research: Zacks June 2, 2020

In a bid to bounce back from the drastic reduction in commodity prices resulting from the plaguing coronavirus, Chevron Corporation CVX is slashing headcount by nearly 10-15%, indicating an approximate cut of 6,000 of its 45,000 non-gas station staff. This move is in line with the company’s continued portfolio rationalization to reflect its operational efficiencies and match the projected activity levels. 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.

Zacks: Climate Crusaders vs. Big Oil: Who Will Win the Legal Row?

Zacks Equity Research: Zacks:May 29, 2020

The U.S. Court of Appeals for the Ninth Circuit rejected the petition of oil supermajors and ruled that state courts are more suitable to impartially adjudicate climate change lawsuits against oil and gas companies instead of federal venues that are suspected to be bias to the energy industry.

The lawsuits, filed by the cities of San Francisco and Oakland, hold five Big Oil majors, namely ExxonMobil XOM, Chevron CVX, ConocoPhillips COP, BP plc BP and Royal Dutch Shell RDS.A accountable for misleading the public by wrongly promoting their work to be environmentally friendly when in reality, they were aware of their hazardous contribution to climate change. By alleging the companies to be financially responsible for this menace, they demand the oil giants to cough up billions for the damages caused due to intensified carbon footprint and help construct a protective infrastructure to prevent the rise in sea-level and other problems cropping up from global warming. 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.

Climate change litigation: Big Oil lost a pair of court battles Tuesday

By Brian Melley | AP  May 26, 2020 at 7:22 p.m. GMT+1

LOS ANGELES — Big Oil lost a pair of court battles Tuesday that could lead to trials in lawsuits by California cities and counties seeking damages for the impact of climate change.

The 9th U.S. Circuit Court of Appeals rejected arguments by energy companies and ruled state courts are the proper forum for lawsuits alleging producers promoted petroleum as environmentally responsible when they knew it was contributing to drought, wildfires, and sea level rise associated with global warming.

The lawsuits claim Chevron, Exxon Mobil, ConocoPhillips, BP, Royal Dutch Shell and other companies created a public nuisance and should pay for damage from climate change and help build sea walls and other infrastructure to protect against future impact — construction that could cost tens of billions of dollars. 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.

Coronavirus pandemic has brought into sharp relief the existential threat posed to the world’s biggest oil companies

The coronavirus pandemic has brought into sharp relief the existential threat posed to the world’s biggest oil companies from policies aimed at combating climate change by offering a glimpse into a future with little demand for petroleum products such as gasoline, diesel and jet fuel.

It has also brought to the fore a question with profound implications for the energy industry and Houston, where fortunes rise and fall with the price of oil. Has the virus — in two short but life-altering months — fundamentally changed society and consumer behavior, making it likely that global oil demand would peak earlier than expected, perhaps even during this 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.

OilPrice.com: Has Demand For Oil Already Peaked?

By Nick Cunningham – May 12, 2020, 7:00 PM CDT

Oil prices continue to rise on the prospect of a rebound in fuel demand as economies begin to reopen.  But there is a large difference between oil demand rising from recent lows and actually growing relative to pre-COVID-19 trends. In other words, demand destruction on the order of nearly 30 million barrels per day (mb/d) may have been brief, but we are a long way from a 100-mb/d oil market.

In fact, some are wondering whether the world will ever get back to 100 mb/d of oil demand. Even oil executives have their doubts. Royal Dutch Shell’s CEO Ben van Beurden recently suggested that a rebound is unlikely, even looking out beyond 2020. “We do not expect a recovery of oil prices or demand for our products in the medium term,” 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.

Shell surprises investors with a historic decrease in dividend

English translation of an article published by the Dutch FT.

Shell surprises investors with a historic decrease in dividend

Bert van Dijk and Saskia Jonker

  • Shell is reducing the dividend due to challenging macroeconomic conditions.
  • Shell’s dividend has been under pressure for some time.
  • Due to sharply declining oil and gas prices and the drop in demand for oil products, net profit decreased 46% to $ 2.9 billion in the past quarter.

It took four board meetings, but then the time had come: oil and gas multinational Shell RDSA cut € 15.48-10.43% for the first time in 80 years in its dividend. “A difficult day for the company,” said Shell CEO Ben van Beurden. ‘No chairman of the board wants this on his track record, but it is wise to do’.

Shell reduces its quarterly dividend by 66% to $ 0.16 per share. It is the first time since World War II that Shell, one of the largest dividend payers in the world, is reducing the dividend. Shell paid $ 15 billion to shareholders last year. 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.

Big Oil’s Dilemma: Cut Dividends Or Cut Operations

By Nick Cunningham – Apr 26, 2020, 4:00 PM

The oil majors are facing a financial vice like they never have before.  With oil prices hovering around $20 per barrel and no end in sight for the global pandemic, the financial pain has only just begun. Norway’s Equinor became the first large oil company to cut its dividend, slashing it by 67 percent. It may not be the last.

On Friday, Italy’s Eni reported a 94 percent decline in profit in the first quarter, a period that did not capture the full brunt of the current slump. Eni cut spending by 30 percent and lowered its production guidance for this year by 100,000-125,000 bpd. “The period since March has been the most complex period the global economy has seen for more than 70 years,” Eni CEO Claudio Descalzi said. “Like everyone, we expect a complicated 2020.” 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: Saudi Arabia buys stakes in four big European oil firms: source

Saudi Arabia buys stakes in four big European oil firms: source

Ron Bousso: APRIL 9, 2020

LONDON (Reuters) – Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes in four major European oil companies, a source familiar with the transaction said.

The four are Royal Dutch Shell, France’s Total, Norway’s Equinor and Italy’s Eni, the source said, confirming a Wall Street Journal report.

The source did not confirm the combined value of the stakes, which the WSJ reported were worth $1 billion.

“The Saudis have been buying every day almost for the past few weeks, specially since the share prices of many of these companies were in correction territory and dividend yields were very high,” the source familiar with the transactions 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.

OilPrice.com: Supermajor Slashes Spending As Oil Prices Collapse

Nick Cunningham Oilprice.comApril 8, 2020

“We haven’t seen anything like what we’re experiencing today.”

ExxonMobil’s CEO Darren Woods said his company is expecting oil demand to decline by 20 to 30 percent because of the global pandemic and economic downturn. In response, Woods announced that the oil major could cut spending by 30 percent this year, with much of the pullback concentrated on its Permian operations. Exxon had held out longer than its rivals, waiting a month after the collapse in prices to revise down its spending program. 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.

Premium Times: Shell paid $5.63 billion tax, fees to Nigerian govt in 2019 — Report

Royal Dutch Shell, the parent company of the Nigerian subsidiary, Shell Petroleum Development Company (SPDC) of Nigeria Limited, says it paid a total of about $5.63 billion to the Nigerian government in 2019.

The payment is the largest payout out of a total $22.63 billion the company said it made to about 28 host-governments covering countries where it has exploration and production activities around the world.

The closest rivals to the payment to Nigeria were payments the company said it also made to Malaysia $3.84 billion, and Norway ($3.07 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.

Bloomberg: Big Oil Has $12 Billion Bond Splurge as Oil Slump Saps Cash

By Francois De Beaupuy: 2 April 2020, 09:24 BST

Royal Dutch Shell Plc, Total SA and Equinor ASA are selling $12 billion of bonds as the combined effect of the slump in oil prices and the collapse in demand threaten to sap cash flows for months.

Big Oil, already under pressure from shareholders before the coronavirus crisis to improve returns, has moved swiftly to defer projects, cut spending and halt share buybacks. They are seeking to protect dividends as the economic slump and a price war led by Saudi Arabia undermines profits. 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.

OilPrice.com: Prepare For The Next Wave Of Oil Bankruptcies

Alex Kimani: Oilprice.com March 24, 2020

Last year, the energy industry was rocked by record bankruptcies and write-downs that did not spare even the oil majors. According to Energy and Restructuring law firm Hayes and Boone’s, a grand total of 50 energy companies filed for bankruptcy last year, including 33 oil and gas producers, 15 oilfield services companies and two midstream companies.

Meanwhile, Chevron Corp., Schlumberger, and Royal Dutch Shell announced multi-billion dollar asset impairments citing unfavorable macro outlook. 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: Big Oil may have to break dividend taboo as debt spirals, investors say

PUBLISHED WED, MAR 25 20205:14 AM EDT

KEY POINTS
  • The world’s biggest oil and gas firms should break an industry taboo and consider cutting dividends as they weather the fallout from the pandemic, investors say.
  • Investors prefer the dividend cut to companies taking on any more debt to maintain payouts.
  • The top five so-called oil majors have avoided reducing dividends for years to keep investors sweet and added a combined $25 billion to debt levels in 2019 to maintain capital spending, while giving back billions to shareholders.

The world’s biggest oil and gas firms should break an industry taboo and consider cutting dividends, rather than taking on any more debt to maintain payouts as they weather the fallout from the coronavirus pandemic, investors say.

The top five so-called oil majors have avoided reducing dividends for years to keep investors sweet and added a combined $25 billion to debt levels in 2019 to maintain capital spending, while giving back billions to shareholders. 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.

Bloomberg: Big Oil’s Big Crisis: Saving Sacred Dividends From Collapse

Laura Hurst and Kevin Crowley: Bloomberg: March 18, 2020 (Bloomberg) — To understand the crisis engulfing the world’s largest oil companies, just look at their dividend yields. Exxon Mobil Corp., for decades considered one of the bluest of blue-chip stocks, is paying investors 10%. For Royal Dutch Shell Plc, the Anglo-Dutch giant that hasn’t cut payments to shareholders since the Second World War, its 12-month dividend is equivalent to 14% of its current share price. BP Plc offers a yield of 12.4%, and France’s Total SA 11%. Yields at those levels typically suggest one thing: a significant risk that shareholders may not get the money they’ve been promised.

No Big Oil executive would ever accept that’s true — at least for now. Even as management teams confront both the catastrophic demand destruction wrought by the spread of coronavirus and an oil-price war between Saudi Arabia and Russia, they’re determined to keep paying.

“Nobody wants to be the CEO who cuts the dividend,” said Noah Barrett, a Denver-based energy analyst at Janus Henderson Group Plc, which manages about $375 billion. “They understand that any company that cuts, its shareholders will flow into competitors and be very, very hesitant to ever come back.” 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.

The Washington Post: The Oil Crisis Is Even Worse News for Shell and BP

March 10, 2020 at 10:43 a.m. GMT

The collapse in crude prices has brought into relief the correlation between oil majors’ financial leverage and the valuation of their shares. It’s a relationship that looks like particularly bad news for the bigger European firms.

Investors’ knee-jerk reaction to the downward lurch in the oil price was, naturally, more severe toward the companies that were more indebted. So shares in BP Plc, Royal Dutch Shell Plc, Equinor ASA and Eni SpA suffered more than Total SA and the two big U.S. majors, Exxon Mobil Corp. and Chevron Corp., when European markets closed on Monday. 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.

OilPrice.com: Are Oil Majors Facing A Terminal Decline?

By Nick Cunningham – Mar 01, 2020, 4:00 PM CST

ExxonMobil saw its share price nosedive by roughly 15 percent in the past week, one in a series of oil companies that finds itself in a freefall.

Four other oil majors – Chevron, BP, Shell and Total – also declined sharply, dragged down by the worst weekly loss for oil prices in more than four years.

But the problems for the oil majors run much deeper than the coronavirus, and their share price declines have been underway for quite some time. 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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