Feb 2nd, 2023
by John Donovan.
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BBC NEWS
Shell reports highest profits in 115 years
Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.
By Simon Jack & Nick Edser: 2 FEB 2023
Profits hit $39.9bn (£32.2bn) in 2022, double last year’s total and the highest in its 115-year history.
Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine.
It has heaped pressure on firms to pay more tax as households struggle with rising bills.
Opposition parties said Shell’s profits were “outrageous” and the government was letting energy firms “off the hook”. They also called for the planned increase in the energy price cap due in April to be scrapped.read more
Shell has issued a profit warning for the third quarter in a sign the energy giant’s record run of earnings could be coming to an end.
The FTSE 100 company reported a negative margin of $27 per metric tonne in its chemical unit, which is often seen as an indicator of the strength of the wider economy.
That could be a worrying sign of the outlook across Europe, where major industries are struggling to cope with soaring gas prices.
Shell also reported a decline in its refining margins as oil prices eased back from their recent highs.read more
Jul 29th, 2022
by John Donovan.
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Shell CEO Sees Risk of Even Higher Oil Prices
by Bloomberg | Laura Hurst, Tom Mackenzie | Thursday, July 28, 2022
Oil prices are more likely to rise than fall as the tightness in supply outweighs any risks to demand, said the boss of Shell Plc.
“Where we are today, there is more upside than downside when it comes to the oil price,” Shell Chief Executive Officer Ben van Beurden said in an interview with Bloomberg TV on Thursday. “Demand hasn’t fully recovered yet and supply is definitely tight.”
The Shell CEO spoke after the company reported record-breaking profits for a second consecutive quarter due to high oil and gas prices. Even with Brent crude remaining above $100 a barrel there’s little sign of demand destruction, and consumption continues to recover from the pandemic, van Beurden said.
“I’m quite optimistic, both on the energy system as well as the global economy,” he said.
There’s limited scope for extra oil supplies from the Organization of Petroleum Exporting Countries or US shale producers, and the full effect of sanctions on Russia’s production may not yet have been felt, Van Beurden said.read more
Shell’s profits more than doubled to a high of $11.5 billion in the second quarter as it benefited from surging oil, gas and fuel prices after Russia’s invasion of Ukraine.
The FTSE 100 oil company said it would increase returns to investors by buying back $6 billion of shares over the coming three months.
Shell faced a backlash for what critics called “obscene” profits, which come after petrol prices hit record highs and as households face a crippling rise in energy bills that is forecast to push millions of people into poverty this winter.
Ben van Beurden, the chief executive, admitted it was “a difficult period for a lot of people” because of high energy prices, but said: “These are global phenomena, there’s…read more
Jul 28th, 2022
by John Donovan.
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CNBC
Shell, Total continue buyback bonanza after record profits
KEY POINTS
Europe’s oil giants Shell and TotalEnergies extended share buybacks after their second-quarter profits beat an already record-breaking previous quarter.
The two companies combined are buying back $8 billion in shares in the third quarter.
Benchmark Brent crude oil futures have risen more than 140% in the past twelve months, averaging around $114 a barrel in the quarter.
Europe’s biggest oil companies Shell and TotalEnergies extended share buybacks on Thursday after their second-quarter profits beat an already record-breaking previous quarter on the back of soaring crude, gas and oil product prices.
The two companies combined are buying back $8 billion in shares in the third quarter after recording their respective highest quarterly profits while keeping their dividends steady, which might disappoint some investors.read more
Jul 14th, 2022
by John Donovan.
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REUTERS
Europe faces tough winter, may need to ration energy, Shell CEO says
OXFORD, Britain (Reuters) – Europe faces a “really tough” winter in the face of soaring energy costs which might require fuel rationing, Shell CEO Ben van Beurden said on Thursday.
“It will be a really tough winter in Europe.. We will all face very significant escalation in energy prices,” van Beurden told the Aurora Spring Conference in Oxford.
In the worst case, Europe will need to ration its energy consumption, he added.read more
Jul 8th, 2022
by John Donovan.
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yahoo!finance
Shell reverses billions in write-offs as oil prices remain high
August Graham: ·
Oil giant Shell is to reverse previous write-offs of up to £3.8 billion this quarter after energy prices soared.
The company said it expects to reverse post-tax impairments of between 3.5 billion dollars (£2.9 billion) and 4.5 billion dollars (£3.8 billion).
It came as the business revised what it thinks it will be paid for its oil and gas over the coming years.
It told shareholders on Thursday: “In the second quarter 2022, Shell has revised its mid- and long-term oil and gas commodity prices, reflecting the current macroeconomic environment as well as updated energy market demand and supply fundamentals.
“This resulted in a review of Shell’s upstream and integrated gas previously impaired assets.”
Shell also said it will produce more gas during the second quarter of the year than previously thought amid the global energy crisis.
The business told investors that it expects to extract between 930,000 and 980,000 barrels of oil equivalent per day from its integrated gas operations.
It is an upgrade from its previous estimate of between 910,000 and 960,000, which Shell released in early May.
It also upgraded production from its upstream operations. They had previously been expected to fall from the levels seen in the first quarter due to maintenance in the Gulf of Mexico.read more
Shell suffered a backlash from fuel campaigners after it revealed it could rake in up to £1billion in extra cash as a result of soaring petrol prices.
The FTSE100 energy firm’s refining business, which turns crude oil into different petroleum products such as car fuel, was expected to see earnings rise by £667million to £1billion in the second quarter of 2022 compared to the first.read more
Jul 7th, 2022
by John Donovan.
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Shell boosts oil and gas asset value as refining soars
REUTERS PUBLISHED THU, JUL 7 20223:26 AM EDT
Shell said on Thursday said it would reverse up to $4.5 billion in writedowns on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine.
In an update before second quarter results on July 28, Shell said its refining margins almost tripled over the period, boosted by recovering global demand from the pandemic, a lack of refining capacity and lower fuel exports from Russia.
Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said.
Shell’s indicative refining margin rose in the second quarter to $28.04 per barrel from $10.23 a barrel in the first quarter and $4.17 a year earlier.
Oil and gas prices remained elevated in the quarter, with benchmark Brent crude averaging about $114 a barrel.
“In the second quarter 2022, Shell has revised its mid and long-term oil and gas commodity prices reflecting the current macroeconomic environment as well as updated energy market demand and supply fundamentals,” it said.
Shell increased its assumed price for Brent to $80 a barrel in 2023, up from $60 in its 2021 annual report.read more
Shell boss Ben van Beurden has been slammed for reaping more than £18million ahead of a possible shareholder rebellion this week.
Calculations by The Mail on Sunday show that the Dutch businessman – who has led Shell since 2014 – has seen the valuations of his shares and other payments soar. read more
LONDON, May 19 (Reuters) – Two climate-focused Dutch pension fund managers have been named to lead climate negotiations with Shell (SHEL.L) on behalf of a major group of investors that helped shape the energy company’s drive to cut greenhouse gas emissions.
MN and PGGM will officially take the role on behalf of the Climate Action 100+ (CA100+) investor group comprising $68 trillion in assets following Shell’s annual general meeting on May 24, MN said on Thursday.read more
Shell’s battle to gain approval for its energy transition plan has suffered a heavy setback, as a major investor announces its intention to abstain on a key resolution at the firm’s upcoming annual general meeting.
Royal London Asset Management (RLAM), which holds a £1.2bn stake in the energy giant, has criticised the oil and gas trader’s climate transition plans.read more
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
ESTHER KIOBEL: EVIL OIL GIANT SHELL COLLUDED IN THE EXECUTION OF MY INNOCENT HUSBAND
ESTHER KIOBEL SUES SHELL FOR COMPLICITY IN HUSBANDS MURDER
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ABANDONED BY SHELL: KEITH MACDONALD & FAMILY, VICTIMS OF RADIOACTIVE CONTAMINATION AT WORK
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON. EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
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