Dec 8th, 2021
by John Donovan.
Extract from the Seeking Alpha article by Fluidsdoc dated 7 Dec 2021:
Royal Dutch Shell: The Wind Farm At The End Of The Universe
The Prelude debacle
Shell gets a lot of credit for being an able and experienced project manager, and when it’s their core business, they are. By comparison, Prelude, an FLNG project, has to be considered a financial and technical disaster by any measure, and a lot of that involves mistakes by Shell. An article from last year notes-
While the Prelude did export LNG at about half its capacity for the second half of 2019, it is now idle. read more
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Nov 20th, 2021
by John Donovan.
Seeking Alpha
Shell Jumps Out Of Fire And Lands In The Frying Pan
Zoltan Ban: Nov. 19, 2021
- Shell’s move to exit the Dutch tax and legal jurisdiction is officially presented as an issue of dividend taxation that Shell and others hoped for years to see it repealed.
- Though it is not much discussed by Shell or the media, the harsh environmental ruling by a Dutch court that forces Shell to cut emissions may have played a role.
- Even though Shell is not currently faced with similar legal pressures in the UK, it may nevertheless feel other pressures to cut emissions by a similar margin.
- Shell’s upstream segment is the most likely part of the business that will be sacrificed to environmental pressures.
- Shell will most likely try to adapt its LNG and petrochemicals sector to lower emissions, that will make it less profitable. Higher natural gas prices will add to profitability concerns.
Investment thesis: Shell (RDS.A), (RDS.B) is leaving the Dutch legal jurisdiction, officially due to some dividend tax issues and it will make the UK its sole home base. Unofficially, it may be in large part a way to escape a court-imposed emissions reduction demand on its business activities. While the move to escape a legally binding cut of 45% compared with 2020 levels by 2030 is potentially avoided through this move, the internal, as well as external pressures for it to cut emissions, hydrocarbons production, and so on, will not cease. read more
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Oct 23rd, 2021
by John Donovan.
Seeking Alpha
Shell likely to miss own emission reduction goals, shareholder group says
Oct. 22, 2021 12:32 PM ETRoyal Dutch Shell plc (RDS.A), RDS.BBy: Carl Surran, SA News Editor
Royal Dutch Shell (RDS.A, RDS.B) is on track to miss its own emission reduction targets in the coming decades, according to a new analysis by Global Climate Insights.
Shell’s energy transition strategy “is still materially driven by fuels that will increase emissions, producing a growth strategy that will not truly align with a decarbonizing world,” the study says, as reported by Bloomberg.
The research casts doubt on Shell’s own climate goals as well as its ability to comply with a landmark Dutch court order earlier this year to cut emissions 45% by 2030 from 2019 levels.
Shell already had pledged to cut GHG emissions by 20% by 2030 and to net-zero by 2050, but GCI says the company will not meet the target established by the court ruling “and will instead increase net emissions by 4.4%.”
If Shell is to align with the 2015 Paris Agreement’s goals of keeping global temperature increases to 1.5 degrees Celsius, it needs to pursue growth beyond gas more aggressively, according to the report.
Seeking Alpha contributor Portfolio Navigator says the focus of Shell’s management on rapidly growing the dividend is “a boon for investors.”
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Aug 12th, 2021
by John Donovan.

Aug. 11, 2021 4:25 PM ETRoyal Dutch Shell plc (RDS.A), RDS.BBy: Carl Surran, SA News Editor
Royal Dutch Shell (RDS.A, RDS.B) agrees to pay $110M to a Nigerian community for a “full and final satisfaction” of a long-running dispute over an oil spill that happened more than 50 years ago.
The company will pay the Ejama-Ebubu people 45.7B naira ($110.9M) in compensation to put an end to a legal case that began in 1991, the community’s lawyer reportedly tells Bloomberg.
In 2010, a Nigerian court ordered Shell to pay 17B naira to the community, which the company unsuccessfully challenged several times; in March 2020, a judge in a related court case said that Shell’s debt with interest accrued had run up to 183B naira, which the company also contested. read more
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Aug 3rd, 2021
by John Donovan.

Seeking Alpha
Royal Dutch Shell: Mid-Year 2021 Review
Tudor Invest Holdings: Aug. 03. 2021
Summary
- Higher commodity prices in Q2 pushed free cash flow to $12.7 billion.
- Shareholders should welcome the 38% increase in dividend and plan of share buyback.
- But the share price action seems to tell that the market is not that impressed.
- Net Zero carbon emission seems very ambitious to say the least.
FULL ARTICLE
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Jul 1st, 2021
by John Donovan.

Seeking Alpha
Shell plans to hang on to Norco refinery – Reuters
Jun. 30, 2021 3:41 PM ET Royal Dutch Shell plc (RDS.A), RDS.BBy: Carl Surran, SA News Editor
Royal Dutch Shell (RDS.A +0.7%), which will soon have just one operating crude oil refinery in the U.S., likely will keep its Norco refinery in Louisiana because of its role in supplying the company’s chemical plants, Reuters reports.
In addition to producing gasoline, diesel and jet fuel, the Norco refinery produces ethylene and propylene that go to the adjoining Shell Norco chemical plant and to Shell’s Geismar plant, also in Louisiana.
The company has three recent refinery sales that are set to close in Q4: the Anacortes refinery in Washington, its controlling interest in the joint venture Deer Park refinery in Texas, and the Mobile chemical refinery in Alabama.
Shell reportedly is considering selling its holdings in the Permian Basin which may be worth as much as $10B.
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May 27th, 2021
by John Donovan.
Seeking Alpha
Oil giants grope for next steps after day of devastating defeats
May 26, 2021 11:38 PM Exxon Mobil Corporation (XOM) By: Carl Surran, SA News Editor
Today brought a trifecta of trouble for Big Oil: Exxon Mobil (NYSE:XOM) lost at least two board seats to an activist hedge fund, Chevron (NYSE:CVX) shareholders voted to further cut emissions, and Royal Dutch Shell’s (RDS.A, RDS.B) emissions targets were deemed insufficient by a Dutch court.
Engine No. 1’s successful campaign to win seats on Exxon’s board likely will force it to more directly confront growing shareholder concerns about climate change.
Exxon was vulnerable because it has failed to provide good returns from fossil fuels for years and gets no credit from investors focused on sustainability because it has not invested in renewable energy, says Peter Bryant, a managing partner at business consultant Clareo.
At Chevron, shareholders voted 61% to cut emissions from the end-use of its fuels and barely lost a non-binding vote calling for a report on the business impact of achieving net zero emissions by 2050.
The shareholder votes signal a new sense of urgency, says Mark Van Baal, who leads a climate advocacy group that placed resolutions calling for emissions cuts at Chevron and elsewhere.
Meanwhile, Shell says it will appeal the Dutch court ruling, which has a “negligible chance to survive appeals,” Rystad Energy’s Per Magnus Nysveen says.
But lawyers and consultants say the ruling could set a precedent in other Western jurisdictions, particularly in Europe, opening oil companies and firms in other energy intensive industries to new legal jeopardy over their carbon emissions.
According to Van Baal, today’s message was clear: “We want you to act by decreasing emissions now, not in the distant future.”
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May 14th, 2021
by John Donovan.
May 5th, 2021
by John Donovan.

Royal Dutch Shell: One Year Later, Shareholders Are $50 Billion Poorer Despite Solid Results
Daniel Thurecht: May 04, 2021
Summary
It has been one year since Royal Dutch Shell shocked equity markets with their hasty decision to heavily reduce their dividends given the onset of the Covid-19 pandemic.
This time around they have provided a 4% dividend increase for the third straight quarter, along with a solid set of results that show a recovery is well underway.
Despite their solid financial performance, their share price continues lagging that of their peers who sustained their dividends by a significant margin and thus makes their shareholders $50b poorer.
Thankfully, it appears that their shareholder returns are poised to increase as soon as following the second quarter of 2021 since they are easily within reach of their $65b net debt goal.
Given their continued strong financial performance and higher dividends, I believe that maintaining my very bullish rating is appropriate.
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Apr 29th, 2021
by John Donovan.

Shell climate plan draws fund opposition at upcoming AGM
Apr. 28, 2021, 11:55 AM ET Royal Dutch Shell plc (RDS.A) By Carl Surran, SA News Editor
Royal Dutch Shell’s (RDS.A, RDS.B) climate change strategy does not go far enough, the U.K.’s Local Authority Pension Fund Forum says in recommending members oppose the plan at the company’s annual general meeting next month.
“The strategy as stated does not sufficiently address the challenges Shell faces, with competition from renewable energy potentially putting fossil fuel businesses out of business on cost grounds alone,” LAPFF Chair Doug McMurdo says.
The fund chair also questions Shell’s reliance on carbon capture and storage solutions and the company’s plans to plant lots of trees to help reduce its emissions.
LAPFF, whose 82 members manage more than £300B ($416.6B) in assets, says it backs a resolution from the Follow This activist group that calls for Shell to align its targets with the Paris climate agreement.
While the result will be non-binding, Shell is set to become the first major oil and gas company to give investors a chance to vote on its energy transition strategy.
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Feb 20th, 2021
by John Donovan.
Feb 15th, 2021
by John Donovan.


Shell’s Strategy Is Satisfactory
The Global Investor: Feb. 14, 2021
Summary
- This article takes a close look at Shell’s Strategy Day 2021, which focused on a net-zero emissions target and the businesses that Shell plans to operate.
- Ultimately, Shell isn’t changing its strategy too much, sticking to its core oil and gas businesses.
- By focusing on oil and gas and value over volume, Shell is a safer bet than BP which is betting big on a risky corporate restructuring.
The purpose of this article is to analyze Shell’s recent and very important Strategy Day. Shell had promised to give a lot of detail on an organizational restructuring at this event and it had the potential to radically change Shell’s direction. This means the Strategy Day presentations had a possibility to change my bullish thesis on the company. In that article I also gave some of my expectations of what I expected to see in Shell’s Strategy Day, and here I review the key takeaways of the Strategy Day and what they mean for my bullish thesis. read more
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Feb 9th, 2021
by John Donovan.

Shell’s ‘Hard Look’ At Nigeria – All Bark No Bite
Dilya Safine, CFA: Feb. 08, 2021 4:50 PM ET Royal Dutch Shell plc
Summary
- Shell’s comments on its Q4 call about “taking a hard look” at its onshore Nigeria assets prompted concerns that it might look to exit the region.
- I estimate that its onshore Nigerian assets to be worth at least 6% of its stock price, as well as the backbone for its offshore and LNG expansions.
- I believe that Shell’s comments are aimed at achieving more favorable terms for its other contract negotiations. More details at its Analyst Day.
Q4 Earnings: Comments on Nigeria Raise Alarms

On its 4Q’20 earnings call, Shell CEO Ben van Beurden called the company’s Nigerian assets a “headache” and said it is time to “take a hard look” at the company’s operations in the country. He cited frequent incidents of oil theft and operational challenges in the Niger Delta, blaming the leaks that his company had been forced to clean and compensate for on pipeline sabotage. These comments raised alarms that Shell (NYSE:RDS.A)(NYSE:RDS.B) might look to exit the country, and the stock fell as a result. RDS is expected to provide additional detail on its operations during its Strategy Day this week. However, I believe that the company is unlikely to halt its operations in the region, as it would have a material impact on its valuation and impact other areas of its business, as I explain below. read more
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Jan 21st, 2021
by John Donovan.
Conclusion: I Regard Shell As Uninvestable

Shell: What It Will Take To Be Investible Again
Retirement Pot: Long Only, Deep Value, Growth, Foreign Companies: JAN 19, 2021
Summary
- Shell’s dividend cut and unpredictability last year cost it a lot of shareholder confidence.
- I outline three metrics I think show whether it’s investable again.
- On all three metrics, I continue to see it as uninvestable with confidence.
U.K.-based oil major Shell (RDS.A, OTCPK:RYDAF) didn’t have a great time of it last year when it came to shareholder relations. With its mammoth dividend cut and poor signaling thereof before it was made, a lot of shareholders ditched the holding. I sold my entire stake and reinvested the proceeds in more Exxon Mobil (XOM).
Below, I outline what I think are the key challenges to Shell being investable at this point. read more
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Dec 22nd, 2020
by John Donovan.
Shell’s warning signals pain not yet over for oil majors
Dec. 21, 2020 12:45 PM ETRoyal Dutch Shell plc (RDS.A)By: Carl Surran, SA News Editor17 Comments
Royal Dutch Shell’s (RDS.A -5.7%) update, saying it expects to write down the value of its assets by as much as $4.5B and warning of another set of poor earnings in Q4, is the first indication of another tough quarter for oil and gas producers that continue to struggle with weak demand as COVID-19 lockdowns hit economies hard.
Shell says its oil and gas production business should report a third straight quarterly loss while Q4 results from its trading operations – a bright spot earlier in the pandemic amid volatile oil prices – would come in “significantly lower” than in Q3.
The S&P energy sector (XLE -3.8%) is today’s worst market performer, and Big Oil names are getting trounced but have moved off day’s lows: XOM -2.9%, CVX -1.9%, BP -5.7%.
“The indicative guidance looks disappointing, particularly in the context of the strong run Shell has had in recent weeks,” RBC analyst Biraj Borkhataria says.
Cowen analysts maintain their Buy rating and $41 price target for Shell shares, as the reduced cash flow outlook is offset by today’s announced divestment, and as such the analysts retain their outlook that debt will hit target levels around year-end 2021 to enable buybacks in 2022.
Shell says the anticipated $3.5B-$4.5B writedown includes an impairment of its Appomattox deepwater oil and gas project in the Gulf of Mexico, as well as charges related to its refining operations and onerous gas contracts.
The latest writedown follows Shell’s $16.8B writedown in Q2 and a sharp cut in its price outlook.
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Dec 10th, 2020
by John Donovan.
Green transition friction prompts wave of resignations at Shell
Dec. 09, 2020 5:26 AM ETRoyal Dutch Shell plc (RDS.A)By: Yoel Minkoff, SA News Editor46 Comments
Royal Dutch Shell (RDS.A, RDS.B) has been hit by the departure of several clean energy executives amid a split over how aggressively the oil giant should shift towards greener fuels, FT reports.
Those include Marc van Gerven, who headed the solar, storage and onshore wind businesses, Eric Bradley, who worked in Shell’s distributed energy division, and Katherine Dixon, a leader in its energy transition strategy team. Other top executives are due to leave the company, though not every move is known to be linked to the pace of change.
The wave of resignations come shortly before Shell is set to announce a strategy update in February, spelling out how it plans to become a net zero emissions business.
In August, rival BP (NYSE:BP) said it would shrink oil and gas output by 40% over the next decade, a move analysts predict will force Shell down a similar path.
Premarket: RDS.A +3.1%; RDS.B +2.9%.
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