Shell Appoints Sawan as Upstream Boss
Royal Dutch Shell has appointed Wael Sawan to head its oil and gas production division, replacing Andy Brown who will step down after 35 years at the Anglo-Dutch company.Sawan, 44, a Canadian citizen of Lebanese origin, currently heads Shell's deepwater operations, one of the company's cash growth engines in recent years. He joined Shell in 1997.Brown, 56, will remain a member of Shell's executive committee until his departure on Sept.
BP Targeted with First Shareholder Resolution on Climate Goals
Pressure on oil companies to tackle climate change is growing after an activist group for the first time filed a shareholder resolution urging BP to set hard targets for reducing overall carbon emissions.Follow this, a Dutch organization that spearheaded a number of climate shareholder resolutions at Royal Dutch Shell's AGMs over the past three years said it also…
Shell Sets Carbon Cutting Targets
Royal Dutch Shell caved in to growing investor pressure over climate change on Monday with plans to set short-term targets for reducing its carbon footprint.BP and Total have already set short-term targets, but Shell Chief Executive Officer Ben van Beurden had previously resisted setting hard goals, saying it would be "foolhardy" to expose Shell to legal challenges.But following discussions with investors…
Shell Profits Soar
Royal Dutch Shell's profits soared to a four-year high in the third quarter, boosted by rising oil and gas prices as the company accelerated its giant $25 billion share buyback program.Although the $5.6 billion quarterly profit slightly missed forecasts for a fourth quarter, investors took heart from a nearly 60 percent rise in Shell's cash generation to $12.1 billion…
Natural Gas is Here to Stay, Big Oil Says
Energy companies are betting demand for natural gas will rise at break-neck pace for decades, undermining warnings that tackling climate change would require a rapid switch to renewable energy.Top oil companies including Royal Dutch Shell, BP and Total are adapting with growing urgency to the need to develop cleaner energy sources, investing more and more in solar and wind power…
Putin to Meet Shell CEO in Moscow: Kremlin Aide
Russian President Vladimir Putin will meet Royal Dutch Shell Chief Executive Ben van Beurden in Moscow this week, Kremlin aide Yuri Ushakov told reporters on Tuesday.Ushakov said Putin and the Shell boss will discuss the Sakhalin-2 liquefied natural gas (LNG) project on Russia's Pacific coast, where Shell is a minority shareholder, and a plan to build an LNG plant on Russia's Baltic coast.
Shell CEO: "foolhardy" to Set Carbon Reduction Targets
CEO says a target will expose Shell to lawsuits; BP has also taken cautious approach on targets. Royal Dutch Shell's boss said it would be "foolhardy" for the oil and gas producer to set hard targets to reduce carbon emissions as it risked exposing the energy giant to legal challenges. The energy industry has struggled in recent years to find a clear path to secure…
BP's Dudley Sees Pay Rebound
BP Chief Executive Bob Dudley's remuneration rose to $13.4 million in 2017, when the oil and gas giant's profits more than doubled and production soared. Dudley's salary was up 13 percent from 2016, when his pay package was cut by 40 percent after a majority of shareholders opposed the company's pay policy. Royal Dutch Shell Chief Executive Ben van Beurden saw his…
Energy Summit Climate Discussion Becomes Contentious
The U.S. energy secretary blasted renewable fuels champions on Wednesday while the head of Royal Dutch Shell urged the energy sector to focus on world efforts to cut carbon emissions, revealing a yawning trans-Atlantic gap on climate issues. Speaking at the CERAWeek conference by IHS Markit in Houston, Shell CEO Ben van Beurden outlined an ambitious plan to reduce the Anglo-Dutch company's carbon footprint and expand in renewables…
Shell's Gas Production Could Dwarf Oil By 2050 -CEO
Royal Dutch Shell could boost the share of natural gas production to triple that of oil in order to meet self-imposed goals to halve carbon emissions by 2050, Chief Executive Ben van Beurden said on Wednesday. Shell, the world's top trader of liquefied natural gas, currently produces around 3.7 million barrels of oil equivalent per day, of which roughly half is natural gas.
How Shell Hid a Whale Before Placing Mexican Oil Bet
Announcement of Whale well discovery delayed until auction. The gasps in the audience were clearly audible at the auction of Mexico's oil blocks a month ago as Royal Dutch Shell's hefty bids were announced one by one. The size of Shell's cash payments - $343 million out of the total of $525 million that Mexico earned in the sale - far outstripped its competitors' offers, guaranteeing that the company swept up nine of the 19 offshore blocks.
Big Oil Takes Stage for Post-austerity Beauty Contest
With years of austerity in their rear-view mirrors, the world's biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards. Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company, has largely disappointed with a weaker outlook.
Shell Poised to Dethrone Exxon as Q4 Profits Double
Profits rise 120 percent to $16 bln in 2017; Q4 profits more than double, beating forecasts. Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector's biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue. Chief Executive Ben van Beurden has made no secret of his desire to challenge…
Shell: U.S. Shale's "rational behaviour" Helping Prices
U.S. shale oil producers have stopped chasing record production numbers and have become more focused on profitability, meaning this "rational behaviour" is helping to prop up oil prices, Royal Dutch/Shell's Chief Executive Ben van Beurden said on Thursday. The company's Chief Financial Officer Jessica Uhl told the same news conference Shell could easily double production from shale assets in the United States…
Shell, Petrobras Expand Deep Water Partnership
Two of the world’s largest energy companies, Royal Dutch Shell and Petrobras, signed last week in The Hague, Netherlands, a Memorandum of Understanding (MoU) to establish a long-term mutual collaboration in developing pre-salt fields in Brazil. Shell said the partnership will allow it to benefit from technical solutions, contract management expertise and cost efficient initiatives Petrobras applies to Brazil’s pre and post-salt projects.
BP, Shell Double Down on North Sea
BP, Shell plan around 10 exploration wells, even though both companies have sold many North Sea assets. Two of the most veteran oil and gas producers in the UK North Sea, Royal Dutch Shell and BP, still tie their future to the ageing offshore basin despite a broad retreat in recent years. Both companies plan to explore this year for new resources in the North Sea…
Shell Adjusts to Low Priced Oil, Even as Profits Soar
Shell 'getting fit' to live with oil at $40/bbl -CEO. Royal Dutch Shell is gearing up for a world of "lower forever" oil prices, its Chief Executive Ben van Beurden said on Thursday, after the company's profits tripled in the second quarter. The oil and gas industry has struggled with three years of weak prices while also facing the prospect of oil demand plateauing by the end of the next decade.
Shell Shareholders Reject Emissions Target Proposal
Royal Dutch Shell shareholders on Tuesday widely rejected a proposal by an environmental group calling for the oil company to set and publish annual targets to reduce carbon emissions. The vote is a setback for climate activists who are increasing pressure on global oil companies, including U.S. firms Exxon Mobil and Chevron, to become more ambitious in helping combat climate change.
BP CEO Takes a Pay Cut
BP shareholders on Wednesday approved an $11.6 million pay package for chief executive Bob Dudley, after the oil and gas company cut it in response to investor pressure. Shareholders at BP's annual general meeting also approved a new remuneration policy that will lower performance incentives. With the vast majority of votes counted, shareholders adopted BP's 2016 pay by a majority of 97.09 percent…
Shell's Profit Surges As Oil Sector Rebounds
Royal Dutch Shell said net profit more than doubled in the first quarter, joining its peers in beating analyst forecasts as rebounding oil prices and refining margins lifted revenue after a near three-year downturn. A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts…