Shell loses £3.5bn as it seeks to quit Singapore but gas earnings soar
11 months, 2 weeks ago

Shell loses £3.5bn as it seeks to quit Singapore but gas earnings soar

Daily Mail  

Shell will take a hit of up to £3.5billion on its business in Singapore but said earnings from gas trading soared in the fourth quarter. In an update yesterday, it said it was facing writedowns of £2billion to £3.5billion for the final three months of 2023, mainly related to a refinery and ethylene plant on Singapore's Bukom and Jurong islands. Shell is trying to sell the refining and chemicals hub on Singapore's Bukom and Jurong islands after launching a strategic review last year But while the troubles go on in Singapore, Shell said gas trading expected to be 'significantly higher' in the quarter compared to the previous three months. AJ Bell investment director Russ Mould said: 'Shell has been a beneficiary of higher commodity prices over the approximate two years which have followed Russia's invasion of Ukraine.

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History of this topic

Shell trying to dodge blame for natural disaster by withdrawing from Nigeria: SOMO
9 months, 3 weeks ago

Shell trying to dodge blame for natural disaster by withdrawing from Nigeria: SOMO

NL Times  

Shell should not be allowed to withdraw from Nigeria until a solution is found for the environmental damage that the oil and gas company has inflicted there, according to the Centre for Research on Multinational Corporations. It was announced last month that Shell wants to sell its subsidiary company, Shell Petroleum Development Company, to a consortium of mainly local businesses …

Shell profits plunge last year from a record high as oil and natural gas prices drop
10 months, 3 weeks ago

Shell profits plunge last year from a record high as oil and natural gas prices drop

The Independent  

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Shell profits plunge last year from a record high as oil and natural gas prices drop
10 months, 3 weeks ago

Shell profits plunge last year from a record high as oil and natural gas prices drop

Associated Press  

LONDON — Oil giant Shell saw profits tumble by nearly a third in 2023 as a result of lower oil and natural gas prices, which had surged the year before in the wake of Russia’s invasion of Ukraine. Shell CEO Wael Sawan said the company had “made good progress” over the year and that it would focus on “more value …

Shell annual profits fall on lower oil prices after record 2022
10 months, 3 weeks ago

Shell annual profits fall on lower oil prices after record 2022

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The oil giant reported adjusted earnings, including taxes, of …

Shell profit doubles to record as war drives up energy costs
1 year, 10 months ago

Shell profit doubles to record as war drives up energy costs

The Independent  

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Shell CEO to step down as oil giant looks to climate goals
2 years, 3 months ago

Shell CEO to step down as oil giant looks to climate goals

Associated Press  

LONDON — Shell CEO Ben van Beurden is stepping down at the end of 2022 after nine years in charge, the energy giant said Thursday, a change that comes as oil and natural gas companies are under pressure to shift away from fossil fuels even as they see soaring profits from energy prices driven up by Russia’s war in Ukraine. …

Shell takes $3.9 billion charge related to Russia exit
2 years, 7 months ago

Shell takes $3.9 billion charge related to Russia exit

Live Mint  

Shell PLC said it took a $3.9 billion posttax charge related to its decision to exit Russia, only slightly denting an otherwise strong quarter bolstered by soaring commodity prices. Shell in early April said it planned to take accounting charges of between $4 billion and $5 billion as a result of exiting Russia, including terminating joint ventures with energy giant …

Shell posts record profit of $9 billion
2 years, 7 months ago

Shell posts record profit of $9 billion

CNN  

Shell on Thursday reported a record first-quarter profit of $9.13 billion, boosted by higher oil and gas prices, stellar refining profits and the strong performance of its trading division. By the end of this year, Shell said it would stop all of its long-term Russian crude oil purchases, except two contracts with a “small, independent Russian producer” that it did …

Shell warns of up to $5 billion hit from Russia exit
2 years, 8 months ago

Shell warns of up to $5 billion hit from Russia exit

Live Mint  

Shell PLC said it expects to book accounting charges of up to $5 billion in the first quarter related to its decision to exit its Russia operations, including joint ventures with energy giant Gazprom PJSC, in the wake of Russia’s invasion of Ukraine. Shell also said it would exit its 27.5% stake in a major offshore gas project in Russia’s …

Shell says Russia exit has already cost $5 billion
2 years, 8 months ago

Shell says Russia exit has already cost $5 billion

Associated Press  

LONDON — Shell says its decision to pull out of Russia in response to the country’s invasion of Ukraine has already cost the international energy giant as much as $5 billion. The reduced value of Russian assets, credit losses and “onerous” contract terms will cut earnings for the first three months of the year by between $4 billion and $5 …

Shell to stop buying Russian crude oil, gas over Ukraine invasion
2 years, 9 months ago

Shell to stop buying Russian crude oil, gas over Ukraine invasion

Al Jazeera  

The energy giant joins a raft of other corporations, including BP, to exit from Russia over Moscow’s invasion of Ukraine. Shell has apologised for buying Russian crude oil last week and said it would withdraw completely from any involvement in Russian hydrocarbons over the country’s invasion of Ukraine. “We are acutely aware that our decision last week to purchase a …

Shell to pull out of energy investments in Russia over war
2 years, 9 months ago

Shell to pull out of energy investments in Russia over war

Associated Press  

LONDON — Global oil and gas giant Shell said Monday that it is pulling out of Russia as President Vladimir Putin’s invasion of Ukraine continues to cost the country’s all-important energy industry foreign investment and expertise. Shell announced its intention to exit its joint ventures with Russia’s state-owned energy giant Gazprom and related entities, including a 27.5% stake in a …

Shell abandons Russia and Nord Stream 2 pipeline
2 years, 9 months ago

Shell abandons Russia and Nord Stream 2 pipeline

The Telegraph  

Shell has pledged to sever ties with the Kremlin by exiting its joint ventures with the Russian state-backed energy colossus Gazprom. The oil giant said it will end its tie-up with Gazprom by selling its 27.5pc stake in the Sakhalin 2 liquefied natural gas plant and will stop working on the Nord Stream 2 pipeline project, which Germany put on …

Shell defends raising the dividend after profits surge to almost $20bn
2 years, 10 months ago

Shell defends raising the dividend after profits surge to almost $20bn

The Telegraph  

Shell's results triggered renewed calls for a windfall on oil and gas producers. Kate Blagojevic, of Greenpeace UK, said: “While Shell is quadrupling its profits off the back of record-high gas prices, millions of households are left with cold homes and astronomic bills." It came as Ofgem, Britain's energy regulator, announced a 56pc rise in the energy price cap, leaving …

Shell walks ‘tightrope’ of demands amid climate pressures
3 years ago

Shell walks ‘tightrope’ of demands amid climate pressures

Associated Press  

LONDON — From now on, just call it Shell. “And it seems to be at the moment, that they’re still having to pay an awful lot to shareholders today to get their support for the transition.” Until now, Shell has had two separate classes of shares, one for its Dutch arm and one for its U.K. arm, which together comprised …

Premarket stocks: Should Shell be broken up? An activist investor thinks so
3 years, 1 month ago

Premarket stocks: Should Shell be broken up? An activist investor thinks so

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. “In our view, Shell has too many competing stakeholders pushing it in too many different directions, resulting in an incoherent, conflicting set of strategies attempting to appease multiple interests but satisfying none,” Third Point’s Daniel Loeb said in a letter to investors dated Wednesday. “If you …

Shell not meeting own sustainability goals: report
3 years, 2 months ago

Shell not meeting own sustainability goals: report

NL Times  

Shell will not meet their emission targets, a climate report showed. The Anglo-Dutch multinational oil and gas company was also far behind in a court judgment made in a case brought by environmental organization Milieudefensie. According to research agency Global Climate Insights, emissions will increase until 2030, instead of a mandatory reduction of 45 percent determined by the Dutch court. …

Shell sells off billions in U.S. assets
3 years, 3 months ago

Shell sells off billions in U.S. assets

NL Times  

Oil and gas group Shell is selling all its assets in the largest United States oil field to industry peer ConocoPhilips. Shell had been looking for a buyer for its assets in the oil and gas-rich Permian Basin region, which is largely located in western Texas. Shell extracts the equivalent of approximately 175,000 barrels of oil there every day. In …

Shell CEO: We will cut emissions faster but the world needs to use less oil
3 years, 6 months ago

Shell CEO: We will cut emissions faster but the world needs to use less oil

CNN  

London CNN Business — Shell will cut emissions faster thanplanned after being ordered to do so by a court in The Hague last month. In a statement on Wednesday, the oil company’s CEO Ben van Beurden said he was determined “to rise to the challenge.” But he kept open the option of appealing the landmark ruling that he said “singled …

Shell's oil trading earnings double in 2020 to USD 2.6 billion
3 years, 9 months ago

Shell's oil trading earnings double in 2020 to USD 2.6 billion

Hindustan Times  

Royal Dutch Shell's 2020 earnings from trading crude oil and refined products doubled from the previous year to $2.6 billion, helping to offset a sharp drop in fuel demand due to the coronavirus pandemic. The unusually high contribution from trading helped Shell to weather one of the toughest years in the industry's history, when energy consumption collapsed during the pandemic. …

Shell suffers record loss due to Covid-, oil crises
3 years, 10 months ago

Shell suffers record loss due to Covid-, oil crises

NL Times  

Like all oil companies in the world, Shell had a very difficult 2020 due to a combination of the oil crisis and the coronavirus pandemic. The Anglo-Dutch oil and gas giant suffered a record loss of 21.7 billion dollars in 2020. A lot of supply and low prices meant that oil companies worldwide had lower than expected yields on their …

Shell to cut up to 9,000 jobs in energy transition plans
4 years, 2 months ago

Shell to cut up to 9,000 jobs in energy transition plans

NL Times  

Dutch energy giant Shell plans to cut between 7 thousand and 9 thousand jobs in a reorganization, partly to prepare the group for the switch to green energy, the oil and gas giant announced on Wednesday, NOS reports. Shell currently employees around 82 thousand people worldwide, including around 10 thousand in the Netherlands. In a written response to RTL Nieuws, …

Shell launches major cost-cutting drive to prepare for energy transition
4 years, 3 months ago

Shell launches major cost-cutting drive to prepare for energy transition

Hindustan Times  

Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters. Shell is exploring ways to reduce spending on oil and gas production, its largest division known as …

Shell posts loss of $18bn in Q2, as pandemic hits oil prices
4 years, 4 months ago

Shell posts loss of $18bn in Q2, as pandemic hits oil prices

Dutch News  

Anglo-Dutch oil giant Shell has been hard hit by the coronavirus crisis, booking a net loss of €18.1bn in the second quarter of the year, largely due to impairment charges from a lower short-term oil and gas price outlook. Nevertheless, the company booked ‘adjusted earnings’ of $638m, when analysts had expected a loss in the region of $664m, the FD …

Shell posts loss of $18bn in Q2, as pandemic hits oil prices
4 years, 4 months ago

Shell posts loss of $18bn in Q2, as pandemic hits oil prices

Dutch News  

Anglo-Dutch oil giant Shell has been hard hit by the coronavirus crisis, booking a net loss of €18.1bn in the second quarter of the year, largely due to impairment charges from a lower short-term oil and gas price outlook. Nevertheless, the company booked ‘adjusted earnings’ of $638m, when analysts had expected a loss in the region of $664m, the FD …

Shell booked $18 billion loss due to coronavirus
4 years, 4 months ago

Shell booked $18 billion loss due to coronavirus

NL Times  

Oil and gas company Shell suffered a net loss of 18.1 billion dollars in the second quarter of this year. Based on its current estimated inventory costs, the British-Dutch oil and gas giant did book a profit of 638 million dollars. That is still much lower than the second quarter of last year, when the CCS earnings were nearly 3.5 …

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