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October 2nd, 2020:

Shell and BP hit after oil falls to $40

Oct 2nd, 2020
by John Donovan.
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Shell and BP hit after oil falls to $40

Shell’s shares have fallen by almost 60 per cent this year, while BP is down almost 55 per cent Emily Gosden, Energy Editor: Friday October 02 2020, 12.01am

Shares in Royal Dutch Shell and BP closed at their lowest level in 25 years yesterday as the oil price fell back towards $40 a barrel.

Brent crude, the global benchmark price, dipped below $40 at one stage in afternoon trading and was down 3.2 per cent at $40.93 in New York last night.

The sell-off was driven by renewed fears of global oversupply as a second wave of the coronavirus hits demand and rising output from the Opec cartel boosts supplies.

Brent crude is down about 40 per cent from the start of the year but remains well above the lows in April, when it fell below $20 a barrel during the height of global lockdowns. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

19,000 Shell Jobs Axed During BVD Reign

Oct 2nd, 2020
by John Donovan.
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Shell on Wednesday announced a major reorganization that will see thousands of jobs lost. The last major reorganization dates back to 2016 when Shell cut 10,000 jobs after the acquisition of BG Group.

English translation of an article published by the Dutch equivalent of the Financial Times.

Thousands of jobs at stake in Shell reorganization, not spared

Bert van Dijk

IN BRIEF

Shell on Wednesday announced a major reorganization that will see thousands of jobs lost. The restructuring is also reportedly hitting the top layers of management. The restructuring is needed to reduce costs as oil prices have fallen sharply and the outlook has deteriorated. Shell is also working on it. a new strategy. This will be revealed early next year. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Supreme Court takes up energy companies’ appeal over Baltimore climate suit

Oct 2nd, 2020
by John Donovan.
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Supreme Court takes up energy companies’ appeal over Baltimore climate suit

By Lawrence Hurley: OCTOBER 2, 2020

WASHINGTON (Reuters) – The U.S. Supreme Court on Friday agreed to hear an appeal by energy companies including BP PLC, Chevron Corp, Exxon Mobil Corp and Royal Dutch Shell PLC contesting a lawsuit by the city of Baltimore seeking damages for the impact of global climate change.

The justices will weigh whether the lawsuit must be heard in state court as the city would prefer or in federal court, which corporate defendants generally view as a more favorable venue. The suit targets 21 U.S. and foreign energy companies that extract, produce, distribute or sell fossil fuels. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Big Oil shares capitulate to COVID, lower carbon doubts

Oct 2nd, 2020
by John Donovan.
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Royal Dutch Shell and BP have lost over half of their market value so far this year, with both shares hitting 25-year lows this week…

Big Oil shares capitulate to COVID, lower carbon doubts

By Ron Bousso: OCTOBER 2, 2020
LONDON (Reuters) – Royal Dutch Shell RDSa.L and BP BP.L have lost over half of their market value so far this year, with both shares hitting 25-year lows this week, battered by weak oil prices and investor concerns over their plans to shift to low-carbon energy.

Exxon Mobil, the largest U.S. oil company, which is set to report its third straight quarterly loss at the end of this month, has seen its shares dive 52% since the start of the year.

Oil companies are squeezed by a steep drop in oil prices due to the COVID-19 pandemic combined with growing investor pressure to align their businesses with the 2015 Paris agreement to limit global warming. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Shares Hit Lowest Point Since 1995

Oct 2nd, 2020
by John Donovan.
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Shell Shares Hit Lowest Point Since 1995

by Bloomberg: Laura Hurst: Thursday, October 01, 2020

(Bloomberg) — Royal Dutch Shell Plc dropped to the lowest in 25 years a day after announcing a companywide overhaul, demonstrating the scale of the challenge the biggest oil companies face convincing investors about their green ambitions.

Along with its European peers, Shell is embarking on a transformation to become a cleaner, greener company with much fewer assets in oil by the middle of the century. While many investors have welcomed the new direction, others question a pivot into less-profitable renewables read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Big Oil’s $110 billion asset sale target could prove big ask

Oct 2nd, 2020
by John Donovan.
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Big Oil’s $110 billion asset sale target could prove big ask

By Ron Bousso: October 1, 2020

LONDON (Reuters) – Leading energy companies are hoping to sell dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints.

But with the outlook for oil and gas prices uncertain because of the coronavirus pandemic and a shift to cleaner energy, finding buyers and striking deals might prove tricky.

“This is not a very good time to sell assets,” Total CEO Patrick Pouyanne said while presenting the French giant’s strategy to switch to renewables on Wednesday. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Founder of major Singapore fuel supplier charged in Shell oil heist case

Oct 2nd, 2020
by John Donovan.
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Founder of major Singapore fuel supplier charged in Shell oil heist case

By Reuters Staff: OCTOBER 2, 2020

SINGAPORE (Reuters) – The founder of one of Singapore’s biggest marine fuel suppliers has been charged for his involvement in a large-scale oil theft from Shell’s refinery in the city-state, according to a charge sheet reviewed by Reuters.

Pai Keng Pheng, the founder and managing director of Sentek Marine & Trading, was accused on Thursday of conspiring to dishonestly receive stolen property in a charge issued by the police’s organised crime branch. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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