Reuters LONDON – Royal Dutch Shell on Monday said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook. In an update ahead of its fourth quarter results on February 4, Shell said the post-tax charge was due in
Reuters Bermuda and the Bahamas aren’t exactly big players in the oil-and-gas world. They don’t produce any of the fuels at all. Yet the islands are deep wells of profit for European oil giant Royal Dutch Shell Plc. In 2018 and 2019, Shell earned more than $2.7 billion – about 7% of its total income in those years – tax-free
Reuters NEW DELHI/MOSCOW – Oil major Royal Dutch Shell (RDSa.L) plans to buy a 50% stake in Indian-based Nayara Energy’s up to $9 billion planned petrochemical project, a source familiar with the matter said. Global oil majors are looking at expanding foothold in the vast Indian market, where local refiners are investing billions of dollars to boost their petrochemical capacities.
CNBC Oil giant Royal Dutch Shell on Thursday reported a sharp drop in net profit for the three months through to the end of June, following an unprecedented period of energy market turmoil and significantly weaker oil and gas prices. The Anglo-Dutch company reported adjusted earnings of $638 million for the second quarter of 2020. That compared with net profit of $3.5
Reuters LONDON – The global economy will not achieve a v-shaped recovery after the coronavirus epidemic, which will curtail oil and gas demand for years, Royal Dutch Shell’s (RDSa.L) chief executive said. Ben van Beurden told an online interview with IHS Markit Chairman Dan Yergin that it was too early to know if demand for oil had peaked. “Energy demand,
Reuters Dealmaking activity in the U.S. oil patch improved in the second quarter, after a subdued start to the year, helped by deals targeting assets in the gas-rich Appalachian region, according to data from oil and gas analytics firm Enverus. U.S. gas prices recovered in the last three months as a drop in oil output to counter a collapse
Reuters LONDON – Royal Dutch Shell (RDSa.L) plans to slash the value of its oil and gas assets by up to $22 billion after the coronavirus crisis hit demand for fuel and weakened the outlook for energy prices, the Anglo-Dutch energy company said on Tuesday. The writedown announcement came after Shell cut its forecast for energy prices into 2023 on
Reuters MELBOURNE/SYDNEY – Royal Dutch Shell (RDSa.L) is considering raising more than $2 billion from the sale of a stake in the common facilities at its Queensland Curtis LNG plant in Australia, according to a sale flyer reviewed by Reuters. “Royal Dutch Shell plc is considering a sale of a 26.25% interest in the Queensland Curtis LNG (QCLNG) Common Facilities
Reuters MOSCOW – China’s refiners have purchased a quarter of Russia’s Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output cuts, traders said and shipping data showed. Rising demand for Russian barrels will likely make oil firms more reluctant to
Reuters BASRA, Iraq – Royal Dutch Shell (RDSa.L) evacuated some 60 foreign staff from Iraq’s Basra Gas Company as a security measure following a protest over delayed pay, company officials said on Thursday, adding production was unaffected. The staff were flown out of the country on Wednesday after workers protested at the headquarters of Basra Gas Company (BGC), a venture
Reuters LONDON – Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives. The plans of companies like BP (BP.L),
Energy Voice Shell has opted to cut its dividend by two-thirds in response to the recent slump in oil prices and “significant” mid and long-term market uncertainty. The Anglo-Dutch giant will pay out 12.8p (16c) in the first quarter, down from 37.7p a year ago. Shell insisted shareholder returns were a “fundamental part” of its financial framework, but said it had
