Shell LNG Trading Gives Quarterly Boost
Earnings from Shell's liquefied natural gas (LNG) trading operations are likely to have been significantly higher in the fourth quarter of last year despite a sharp output drop owing to plant outages, it said on Friday.Europe's largest oil and gas company's update ahead of its full-year results on Feb. 2 also said it expects to pay about $2 billion in additional…
Incoming Shell Boss Aims Fire up Renewables Drive
Shell's incoming Chief Executive Wael Sawan is set to accelerate the group's drive to build its renewable energy business, including through a possible "transformative" clean power acquisition, company and industry sources said.Sawan will from January take on a firm with a strong balance sheet after a surge in oil and gas prices, but whose renewables capacity has lagged peers like TotalEnergies and BP as green issues come increasingly into vogue.
Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs
Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday."There is quite a chance to reach $100 but we could see again in the coming years some lows as we have been accustomed to volatility," TotalEnergies Chief Executive Patrick Pouyanne said at the Qatar Economic Forum.Crude prices climbed on Tuesday to a more than two-year
Shell to Link Directors' Pay to Climate Performance
Royal Dutch Shell has proposed linking its directors' pay more closely to the group's climate performance and severing the link between bonuses and liquefied natural gas (LNG) production volumes, it said on Monday.The weighting of Shell's energy transition performance on its targeted path to net zero emissions by 2050 would double to 20% of the directors' long-term…
Shell to Write Down $22B in Wake of Coronavirus
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050, as laid out by CEO Ben van Beurden in April.Global…
More Disruption and Uncertainty in Store for Petrochemicals
The impact of the coronavirus lockdowns on the oil, gas and chemicals industries’ integrated value chains is radically shifting relationships and profitability.It is also making planning virtually impossible, as BASF suggested last week.The environment around refining and chemical margins remains challenging, Shell CEO Ben van Beurden also said this week.“The key…
Shell Sets Oil Sector's Broadest Carbon Reduction Plans
Royal Dutch Shell on Thursday deepened its ambition to battle climate change, setting the oil and gas sector's broadest plan to reduce greenhouse gas emissions to net-zero by 2050.The new climate goals put the Anglo-Dutch company - at least on paper - ahead of the most progressive of its rivals, including BP and Italy's Eni."Society's expectations have shifted quickly in the debate around climate change…
Total CEO: Governments Not Oil Firms Must Drive Carbon Curbs
It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total's chief executive said, adding the French firm has no intention of moving away from oil and gas production.Oil firms should not be seen as "villains" amid growing pressure from investors and climate activists, chief executive and chairman Patrick…
Shell Appoints New Head of Refining
Royal Dutch Shell has appointed Huibert Vigeveno to head its downstream businesss, the refining operations that are to become a key pillar for the oil and gas company as it transitions to cleaner energy.Vigeveno, 50, previously led Shell's global commercial business and rose to prominence when he oversaw the integration of smaller rival BG Group after its $53 billion…
Qatar, Shell Partner on LNG Bunkering
State-owned Qatar Petroleum and the Netherlands-based oil and gas company Shell signed a shareholder agreement to establish a joint venture for global LNG bunkering services.The agreement signed by Qatar Petroleum’s Wave LNG Solutions and Shell Gas & Power Developments B.V. paves the way for the establishment of a joint venture company owned equally by both parties…
Shell to Invest $2 Bln per Year in Brazil
Royal Dutch Shell has plans to invest about $2 billion per year in Brazil through 2025, Chief Executive Ben van Beurden told newspaper Valor Econômico in an exclusive interview.Its investment plans could be increased to allow the company to bid in three upcoming oil and gas auctions, Valor reported in its Thursday edition based on the interview.Royal Dutch Shell will not focus exclusively on oil projects, the report said.
Shell Outperforms Rivals in Q1
Royal Dutch Shell reported on Thursday a small drop in first quarter profit to $5.4 billion, but still easily beat forecasts, helped by stronger trading and liquefied natural gas earnings.Shell's results outshone those of rivals Exxon Mobil, Chevron and BP which all saw sharp declines in profits in the first three months of the year as a result of lower refining margins and weaker crude and gas prices.Shell's shares were up 2.5 percent by 0932 GMT…
Shell Appoints Sawan as Upstream Boss
Royal Dutch Shell has appointed Wael Sawan to head its oil and gas production division, replacing Andy Brown who will step down after 35 years at the Anglo-Dutch company.Sawan, 44, a Canadian citizen of Lebanese origin, currently heads Shell's deepwater operations, one of the company's cash growth engines in recent years. He joined Shell in 1997.Brown, 56, will remain a member of Shell's executive committee until his departure on Sept.
BP Targeted with First Shareholder Resolution on Climate Goals
Pressure on oil companies to tackle climate change is growing after an activist group for the first time filed a shareholder resolution urging BP to set hard targets for reducing overall carbon emissions.Follow this, a Dutch organization that spearheaded a number of climate shareholder resolutions at Royal Dutch Shell's AGMs over the past three years said it also…
Shell Sets Carbon Cutting Targets
Royal Dutch Shell caved in to growing investor pressure over climate change on Monday with plans to set short-term targets for reducing its carbon footprint.BP and Total have already set short-term targets, but Shell Chief Executive Officer Ben van Beurden had previously resisted setting hard goals, saying it would be "foolhardy" to expose Shell to legal challenges.But following discussions with investors…
Shell Profits Soar
Royal Dutch Shell's profits soared to a four-year high in the third quarter, boosted by rising oil and gas prices as the company accelerated its giant $25 billion share buyback program.Although the $5.6 billion quarterly profit slightly missed forecasts for a fourth quarter, investors took heart from a nearly 60 percent rise in Shell's cash generation to $12.1 billion…
Natural Gas is Here to Stay, Big Oil Says
Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.Top oil companies including Royal Dutch Shell, BP and Total are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power…
Putin to Meet Shell CEO in Moscow: Kremlin Aide
Russian President Vladimir Putin will meet Royal Dutch Shell Chief Executive Ben van Beurden in Moscow this week, Kremlin aide Yuri Ushakov told reporters on Tuesday.Ushakov said Putin and the Shell boss will discuss the Sakhalin-2 liquefied natural gas (LNG) project on Russia's Pacific coast, where Shell is a minority shareholder, and a plan to build an LNG plant on Russia's Baltic coast.
Shell CEO: "foolhardy" to Set Carbon Reduction Targets
CEO says a target will expose Shell to lawsuits; BP has also taken cautious approach on targets. Royal Dutch Shell's boss said it would be "foolhardy" for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges. The energy industry has struggled in recent years to find a clear path to secure…
BP's Dudley Sees Pay Rebound
BP Chief Executive Bob Dudley's remuneration rose to $13.4 million in 2017, when the oil and gas giant's profits more than doubled and production soared. Dudley's salary was up 13 percent from 2016, when his pay package was cut by 40 percent after a majority of shareholders opposed the company's pay policy. Royal Dutch Shell Chief Executive Ben van Beurden saw his…
