Yahoo Finance LONDON -Shell reported first-quarter profit of $7.7 billion on Thursday, exceeding expectations as disruption to Red Sea shipping and Russian refining boosted oil trading and liquefied natural gas production rose. The company said it will buy back a further $3.5 billion of its shares over the next three months, at a similar rate to the previous quarter. Its
World Oil (Bloomberg) – International oil companies listed in the U.S. benefit from higher multiples, greater access to capital and a friendlier investor base, according to Shell Plc’s former chief executive officer. “It’s a major issue,” Ben van Beurden said when discussing the valuation gap between European and North American oil and gas players at the FT Commodities Global Summit
Investing LONDON -Shell said on Friday it expects significantly lower results from its liquefied natural gas trading business in the first quarter of 2024 compared with the previous three months. In an update ahead of quarterly results on May 2, Shell (LON:RDSa) also said its oil trading results are expected to be significantly higher than the last quarter of 2023. Shell, the world’s
World Oil (Bloomberg) – Support for the energy transition will wane if ordinary citizens aren’t able to keep the lights on, a lawyer for Shell Plc argued as a crucial climate case got underway. Lawyers for Shell said on the first day of the appeal in The Hague that a 2021 ruling ordering the oil and gas giant to slash
World Oil (WO) – Shell New Energies US LLC has sold its 50% equity share in SouthCoast Wind Energy LLC to joint venture partner Ocean Winds North America LLC. SouthCoast Wind is a 50-50 joint venture between Shell and Ocean Winds, established to develop offshore wind projects off the coast of Massachusetts. “In-line with our Powering Progress strategy, Shell continues
Yahoo Finance UK-based supermajor Shell has been updating its strategy on climate targets and could announce a slower pace of its emissions reductions later this week, anonymous sources with knowledge of the discussions have told Bloomberg. Shell is set to announce an update to its energy transition strategy on Thursday, March 14. The oil and gas major has been considering slowing
Oil Price Just weeks after posting $2.4 billion in trading profits from liquefied natural gas (LNG) in the fourth quarter of last year, the long-time head of Shell’s LNG, natural gas and power trading unit, Steve Hill, is stepping down, the supergiant announced on Monday. Hill will officially step down from his position as head of Shell Energy on March
World Oil (WO) – Cost-efficient decommissioning has received a significant boost with the relaunch of a bigger, better digital data dashboard providing vital information about upcoming work to potential suppliers. The Decommissioning Data Visibility Dashboard now includes field-specific information from 15 operators, compared with three when it was piloted by the North Sea Transition Authority (NSTA) and the Decommissioning and
World Oil (Bloomberg) – bp Plc is preparing to drill a deepwater well in Brazil in the latest attempt to break a streak of bad luck by oil majors who have paid billions for exploration rights and have little to show for it. The London-based major is getting ready to drill at the Pau Brasil field in Brazil’s so-called pre-salt
Nasdaq NEW YORK – Shell’s SHEL.L U.S. solar business Savion has put around a quarter of its assets up for sale, according to a marketing document and industry sources, as the oil major extends a retreat from owning renewables projects under CEO Wael Sawan. Investment bank Jefferies JEF.N is running the sale of up to 10.6 gigawatts (GW) of solar generation and storage
Oil Price Texas Panhandle oil refineries and cattle ranches remain under critical threat as wildfires continue to spread, now consuming 500,000 acres after having prompted the temporary evacuation of the United States’ primary nuclear weapons assembly plant. Earlier on Wednesday, Texas Governor Greg Abbott had declared a disaster for 60 counties being affected by four separate wildfires that have so
Oil Price Shell earned $2.4 billion from LNG trading in the fourth quarter amid strong demand for the fuel ahead of the winter, with LNG trades contributing to almost a third of its Q4 adjusted earnings, Reuters reported on Friday, quoting sources close to the UK-based supermajor. The LNG trading profit for the final quarter of 2023 was among the highest quarterly
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