Shell mulls former BHP chief as new chairman October 25, 2020 Former BHP Billiton boss Sir Andrew Mackenzie is in pole position to become the next chairman of Shell, reports emerged today. Mackenzie joined the Shell board this month as a non-executive director but is expected to move into the chair soon to be vacated by Charles Holliday. The Sunday Telegraph first reported the news. The [...]
Shell announces major restructuring to accelerate net zero push June 23, 2020 Oil supermajor Shell will undergo a large-scale restructuring by the end of the year as the firm seeks to shift its focus to zero-carbon activities. Reuters reported that chief executive Ben van Beurden revealed the plan in a video interview released on Shell’s internal website. In the video, van Beurden said that the restructuring would [...]
Shell cuts dividend as earnings halve in first quarter April 30, 2020 Oil giant Shell today reduced its dividend by 66 per cent after earnings fell by 46 per cent in the first quarter due to the coronavirus crisis. The decision to reduce the dividend is the first time the firm has done so since World War Two, and means it has relinquished its position as the [...]
Oil majors slash spending plans by a quarter as demand collapses April 16, 2020 The world’s biggest oil firms have cut their capital spending programmes by a combined 26 per cent for 2020 due to the collapse in oil prices caused by the coronavirus outbreak. In total, Reuters data shows that the combined sum of the cuts comes to $60.5bn (£48.2bn), as firms seek to conserve cash among an [...]
Shell unveils plan to become a net zero emissions firm by 2050 April 16, 2020 Oil giant Shell has become the latest supermajor to announce plans to become a net-zero energy emissions business by 2050. The firm’s announcement follows similar decisions by rivals like BP, but comes as the oil and gas sector faces its biggest challenge in decades due to the coronavirus-driven collapse of oil prices. The company said [...]
Shell takes $800m hit on oil price collapse March 31, 2020 Oil giant Shell will write down up to $800m (£648.8m) in impairment charges in the first quarter of 2020 due to the global collapse in oil prices, the Anglo-Dutch firm warned today. The combination of plummeting demand for fuel due to the coronavirus pandemic and a production war between Saudi Arabia and Russia has sent [...]
Shell’s final quarter profit halves amid oil price slump January 30, 2020 Shell saw its final quarter income halve as the continued slump in global oil prices knocked the company’s full year profits. The figures Shell’s full year income attributable to shareholders for 2019 was $16.5bn (£12.7bn), a 23 per cent fall from last years $21.4bn. In the final quarter, shareholder income fell 48 per cent from [...]
Shell paid no corporate income tax in the UK in 2018 December 18, 2019 Oil supermajor Royal Dutch Shell has revealed that it paid no corporate income tax in the UK in 2018, despite earning $731m (£557m) in profit. Instead, the Anglo-Dutch giant took nearly $115m in tax rebates related to the decommissioning of North Sea oil platforms. Read more: Mitsubishi beats Shell to purchase of Dutch energy supplier [...]
Shell picks Citi bank for $1bn sale of Egyptian oil assets November 15, 2019 Oil supermajor Royal Dutch Shell has appointed investment bank Citi to run the $1bn (£781.5m) sale of its oil and gas assets in Egypt’s Western Desert. Sources told Reuters that the sale should be officially launched at the end of the month. Read more: Royal Dutch Shell shares slide as profits fall 15 per cent [...]
Oil giants face vast cuts to hit climate targets November 1, 2019 The world’s major oil and gas suppliers must cut combined production 35 per cent by 2040 to keep emissions within international climate targets. According to a new report released this morning from think tank Carbon Tracker, none of the majors are currently on track to be in line with the Paris agreement by 2040, despite [...]