Rio Tinto Recruits Three to BoD
Simon Henry, Sam Laidlaw, David Constable named as non-execs. Rio Tinto has appointed three former senior managers from the energy industry to its board as non-executive directors, including Shell's departing CFO Simon Henry, the mining company said on Friday. Henry, who is stepping down as Chief Financial Officer at Shell after seven years on March 9, will join Rio Tinto on July 1.
Shell CFO Heads to Rio Tinto
Royal Dutch Shell's chief financial officer, Simon Henry, will join miner Rio Tinto as non-executive director from July 1 after he leaves the oil major. Henry, who has served as CFO for seven years of his 34 years at Shell, will hand over to Jessica Uhl on March 9 and leave the company on June 30. "Royal Dutch Shell confirms that Simon Henry…
Shell Renegotiating Permian JV with Anadarko
Royal Dutch Shell and Anadarko Petroleum are renegotiating their five-year-old joint venture in the Permian shale basin in Texas, Shell Chief Financial Officer Simon Henry said on Thursday. The 50-50 JV in the Delaware basin, which expires this year, will likely see the operatorship of the asset "consolidated in a different way", Henry said in an earnings presentation to analysts.
Shell Looks to shed $5 bln of Assets
Royal Dutch Shell is nearing deals to divest $5 billion of assets, Chief Financial Officer Simon Henry said on Thursday, adding that the company was "selectively accelerating" shale oil production in the United States. Reporting by Ron Bousso and Karolin Schaps
Shell to Sell Some North Sea Assets to Chrysaor
Shell has agreed to sell a package of UK North Sea assets to Chrysaor for a total of up to $3.8bn, including an initial consideration of $3.0bn and a payment of up to $600m between 2018-2021 subject to commodity price, with potential further payments of up to $180m for future discoveries. The package of assets consists of Shell’s interests in Buzzard…
Shell CFO to Leave in March
Jessica Uhl to replace Simon Henry as CFO on March 9; Uhl joined Shell in 2004 after working at Enron, Citibank. Royal Dutch Shell Chief Financial Officer Simon Henry will step down in March after seven years in the post and be replaced by Jessica Uhl, a finance executive in Shell's gas business. Henry, a 55-year-old Shell veteran…
Shell CFO Expects BG Deal Synergies to Reach $4.5bln in 2018
** Shell Integrated Gas Director Wetselaar says 10 pct of LNG supply by 2020 remains unsold, will sell in spot market ** Shell CFO Simon Henry says expects BG deal synergies to reach $4.5bln in 2018 ** The two were speaking during Shell's Capital Markets Day even in New York, broadcast on the company's website.
Shell Selling 2 Assets in US Permian Basin
Royal Dutch Shell is selling two small land packages in the U.S. Permian Basin but will also consider acquisitions in the oil-rich West Texas province, Chief Financial Officer Simon Henry said on Tuesday. Shell, which is in the midst of a $30 billion disposal programme to pay for its $54 billion acquisition of BG Group, will remain a key future engine of growth, Henry said on an analysts call.
Shell's U.S Deal to Unlock Global Asset Sales
Shell lines up large North Sea asset sale; Gulf of Mexico deal sets deal value at $60/bbl. Royal Dutch Shell's first oil field sale after its $54 billion BG Group acquisition bodes well for its disposal talks in the North Sea, Gabon and New Zealand, according to sources, signalling buyers will meet its expectations on value. The $425…
Shell's US Deal to Unlock Global Oil Asset Disposals
The $425 million deal in the Gulf of Mexico is welcome news for the Anglo-Dutch oil and gas giant which has struggled to kick off its plan to dispose of $30 billion of assets by 2018 or so in order to pay for the February deal and maintain a generous dividend policy amid soaring debt. The sale of the Brutus/Glider fields to U.S. independent…
Shell Misses Expectations as Earnings Plunge on Oil, BG Costs
Royal Dutch Shell missed quarterly profit expectations by more than $1 billion on Thursday after reporting a 72 percent plunge in earnings due to weak oil prices and high costs following its $54 billion takeover of BG Group. Shell's second-quarter current cost of supplies - its definition of net income - was $1 billion, much lower than the $2.1 billion expected by analysts.
Coming Wave of Gas puts Focus on Finding New Shores
Energy giants such as Royal Dutch Shell and Total are looking to build terminals and power plants in new markets to soak up the industry's rapidly burgeoning supply. Companies have invested billions in plants to produce liquefied natural gas (LNG) in places such as Australia and the United States. But gas demand growth is slowing,…
For BP and Shell, North Sea Remains a Hard Sell
High costs, decommissioning hamper deals. When it comes to the North Sea, there is no such thing as an easy sale, even for oil giants Royal Dutch Shell and BP. More than any other region in the world, the North Sea has suffered greatly over the past two years as a 60 percent drop in oil prices, high operating costs, dwindling reserves and a tough tax regime has hit operators hard.
Shell Slashes CapEx Further after BG Deal
Shell cuts 2016 capex by 10 pct to $30 bln. Royal Dutch Shell reduced its 2016 spending plans on Wednesday by another 10 percent from the target set in February when it completed the acquisition of BG Group, and said it could cut further if needed. In its first results since the deal that transformed it into the world's top liquefied natural gas producer…
Total, Eni Bet on New Finds as Rivals Cut Costs
As oil firms slash billions of dollars of investment to survive the market crash, France's Total and Italy's Eni are making some of the smallest cuts, gambling in the hope of big-ticket discoveries that will reward them when prices recover. Both approaches carry risks. Intensive exploration programmes mean higher costs and lower profits in the short term, with no guarantee of finding new fields.
Shell's BG Acquisition Wins Key Endorsement
ISS says today's oil prices do not detract from deal; shareholders to vote on deal on Jan. 27. A major shareholder advisory firm on Friday recommended investors vote in favour of Royal Dutch Shell's $51 billion acquisition of BG Group, saying a downturn in oil markets did not detract from the deal's strategic benefits. The endorsement…
Shell Sees BG Deal Working with Oil at $50 for Two Years
Royal Dutch Shell has told investors its purchase of BG can work even if oil prices average $50 a barrel for two years, its lowest estimate to date as it seeks to secure shareholder support for the $51 billion deal amid plunging crude markets. The Anglo-Dutch group is confident investors will back the deal at a Jan. 27 meeting, even…
Bad Timing: Big Oil Ramps Up Output Just as Prices Sink
After years of declining output, major oil companies have ramped up crude production this year, just as they are being battered by a plunge in prices due to already excessive supplies. Executives have taken pride in seeing billions worth of investments in new technologies and new fields in places such as Brazil, the North Sea and West Africa kick in and boost output.
Shell's Profits Hit by Arctic, Canadian Write-offs
Royal Dutch Shell on Thursday reported a hefty $8.2 billion charge, equivalent to around 5 percent of its market value, due to write-offs on projects in the Alaskan Arctic and Canada as Europe's biggest oil producer grapples with weak oil prices. The oil major's third-quarter current cost of supplies earnings, the company's definition of net income…
Shell Eyes Brazilian Assets Ahead of BG Deal
Shell earmarks up to $5 bln for further acquisitions; oil majors to focus on Brazil's oil, LNG after BG deal. Royal Dutch Shell is considering investing billions in Brazil, set to become a focal point after the planned acquisition of BG Group, even as it prepares to sell huge chunks of its business to pay for the $70 bln deal. Despite a broad drive to cut spending in the face of persistently low oil prices…
