by Daniel J. Graeber
Washington (UPI) Jul 27, 2017
Royal Dutch Shell said Thursday its profits for the second quarter were three times higher than last year, but stressed market conditions warranted discipline.
The Dutch supermajor, trimmed down after a merger last year with British energy company BG Group, reported a strong rebound so far in 2017, after turning in one of its weakest performances in more than a decade last year.
Realizing an average price for crude oil of just under $50 per barrel, after last year's drop below $30 per barrel, CEO Ben van Beurden said struggles last year have paid off in 2017.
"Shell's strong results this quarter show that we are reshaping the company following the integration of BG," he said in a statement.
Net profit for the second quarter was $3.6 billion, up from the $1 billion reported for the second quarter 2016. From the first quarter, however, net profit is down about 4 percent. The price for Brent crude oil was near $51 per barrel early Thursday, up about 18 percent from this date last year, but down nearly 10 percent from the peak for 2017.
"The external price environment and energy sector developments mean we will remain very disciplined, with an absolute focus on the four levers within our control, namely capital efficiency, costs, new project delivery, and divestments," van Buerden said. "I am confident that we are on track to deliver a world-class investment to our shareholders."
In mid-July, the company said the $1.23 billion gained from leaving parts of the Irish energy sector puts Shell past the halfway point for its total divestment goal. In March, it took $587 for the sale of asset in Gabon and took $250 million for the sale of its aviation subsidiary in Australia in May
Total divestments for the first half of the year were $9.5 billion, compared with $1.5 billion last year. Operating expenses, meanwhile, were down 13 percent from last year at $18.8 billion for the first half of 2017.
Manila (AFP) July 26, 2017
The Philippines tried Wednesday to reassure Southeast Asian neighbours about its proposal to partner with Beijing in oil exploration in the disputed South China Sea, promising to consult them on any plans. President Rodrigo Duterte has softened his predecessor's policy opposing China's claims - which expand to nearly the entire sea - causing alarm among neighbouring Southeast Asian countri ... read more
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|