Nasdaq LONDON/PARIS – Shell SHEL.L and TotalEnergies TTEF.PA reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia’s invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges.
World Oil (Bloomberg) – Shell Plc is exploring options for its global renewable power operations, including a potential stake sale to outside investors, people with knowledge of the matter said. The UK energy giant is working with advisers to study a range of possibilities that could also include separating the business into a more independent unit, the people said.
Yahoo Energy giant Shell has warned that trading from its gas division is set to be “significantly lower” for the past three months compared with the previous quarter. The London-listed oil and gas firm said trading was affected by seasonal factors in the second quarter of 2023. Nevertheless, it stressed that the performance from the gas operation would be in line
Oil Price Reducing global oil and gas production would be “dangerous and irresponsible” as the world still desperately needs those hydrocarbons, Shell’s chief executive Wael Sawan has told the BBC. Last month, Shell unveiled its new strategy to continue investing in oil and gas production and selectively pour capital into renewable energy solutions, angering climate activists and some institutional investors. Back in 2021, Shell
CNBC British oil major Shell on Wednesday announced plans to boost returns to shareholders and keep oil output steady, as part of its strategy to simplify the group’s business and improve investor confidence. Ahead of its Capital Markets Day conference in New York later in the day, Shell said it would increase shareholder distributions to 30% to 40% of cash flow from operations, up
Nasdaq LONDON – Shell SHEL.L will ramp up dividends and share buybacks while keeping oil output steady into 2030 as part of CEO Wael Sawan’s efforts to regain investor confidence that wavered over its energy transition plan. In a new financial framework announced on Wednesday, Shell said it will increase overall shareholder distribution to 30% to 40% of cash flow from operations, up from a
Oil Price Shell has halted production at Prelude LNG – the world’s largest floating liquefied natural gas facility offshore Australia – due to a trip, a spokesperson for the supermajor said on Friday without giving details when production could resume. “Production on the Shell-operated Prelude FLNG facility has been temporarily suspended due to a trip,” a spokeswoman for Shell told Reuters on
World Oil (WO) — Shell Offshore Inc., a subsidiary of Shell plc, announced the Final Investment Decision (FID) for Dover, a planned subsea tieback to the Shell-operated Appomattox oil production hub in the U.S. Gulf of Mexico. Dover is expected to start production in late 2024-early 2025 and produce up to 21,000 boed at peak rates. The investment at Dover
World Oil (Bloomberg) – Shell Plc’s new boss said cutting oil and gas output would be bad for consumers, echoing a pivot by other major producers toward fossil fuels and energy security. “I am of a firm view that the world will need oil and gas for a long time to come,” Shell Chief Executive Officer Wael Sawan said in an
World Oil (WO) – Shell Offshore Inc., a subsidiary of Shell plc, has completed the previously announced sale of its 100% interest in Shell Onshore Ventures LLC which holds a 51.8% membership interest in Aera Energy LLC to IKAV. The sale is part of Shell’s strategy to create a resilient and competitive upstream portfolio by focusing on positions with high
World Oil (WO) — Shell Offshore Inc., a subsidiary of Shell plc (Shell), announced has begun oil production at the Shell-operated Vito floating production facility in the U.S. Gulf of Mexico (GoM). With an estimated peak production of 100,000 boed, Vito is the company’s first deep-water platform in the GoM to employ a simplified, cost-efficient host design. “Vito is an
Oil Price Shell held talks last year with the biggest UK North Sea producer Harbour Energy to sell its oil and gas fields offshore Norway and some mature assets offshore the UK, but a deal ultimately couldn’t be reached due to price volatility, company sources told Reuters on Tuesday. Shell, as well as other majors, have worked in recent years on streamlining
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