Royal Dutch Shell Plc is gearing up to sell about US$15-billion of assets as Europe’s largest oil company accelerates disposals to offset the cost of projects from Australia to Canada.
Asset sales will allow Shell’s net capital investment, spending on projects adjusted for acquisitions and disposals, to fall from this year’s record US$45-billion, Chief Executive Officer Peter Voser said in an interview. A raft of new projects coming on stream gives room to sell oil and natural gas fields, he said.
By Byron KayeSYDNEY (Reuters) - Anglo Dutch oil company Royal Dutch Shell said on Friday it has agreed to sell its Australian downstream businesses to oil trader Vitol SA for about A$2.9 billion ($2.6 billion).
The US consumer spending in December was slower, while incomes increased. MasterCard with higher than expected revenue in Q4. Royal Dutch Shell reported weaker results in the final quarter of 2012. AstraZeneca’s CEO with lower expectations on profit for 2013.
By Gregory Viscusi The Organization of Petroleum Exporting Countries' agreement to cut production ends two years of Saudi Arabia's pump-at-will policies, which had sunk oil prices to the joy of drivers in the Western world and the consternation of central bankers seeking to stave off deflation. With the reversal of that stance, a whole new set of winners and losers will emerge. Still, reaction on oil markets has been muted. OPEC can't control the 60 percent of world production outside its membership and earlier accords have fallen apart.
Oil advanced for a fourth day, approaching a bull market on speculation reduced investment will curb crude production.
Brent crude, the benchmark for more than half the world’s crude, is set to close more than 20% above its Jan. 13 settlement, a common definition of a bull market. BP Plc said on Tuesday it will cut spending by 13% after oil slumped. U.S. drillers idled 94 rigs last week, the most in data starting in 1987, according to Baker Hughes Inc.
Royal Dutch Shell Plc reported a 33% increase in quarterly earnings on Thursday, beating analyst forecasts despite impairments of almost US$2-billion after producing more liquids and selling at higher prices.
The Anglo-Dutch oil company also raised its quarterly dividend and said the value of its share buybacks and dividends for 2014 and 2015 would exceed US$30-billion. The stock rose 3% in early trade.
EDMONTON — Alberta’s energy industry has found that cleaning up oil sands tailings is much harder than it thought.
The province’s energy regulator says all oil sands companies affected by tailings reduction rules missed what were supposed to be legally binding targets — some by wide margins. All were given extra years to meet reductions that should have been done by now.
“It’s tougher than they thought,” Terry Abel of the Energy Resources Conservation Board said Tuesday. “It’s tougher than we thought, too.”
CALGARY • As the cost of wringing oil from Alberta’s bitumen deposits continues to edge up, companies are assessing whether to spend billions on new mining projects or pour money into steam-driven extraction.
Pushed by competition for materials and labour, supply costs for a new oil sands mine without an upgrader climbed 13.2% from a year ago to $68.30 a barrel, a study published this week by the government- and industry-funded Canadian Energy Research Institute said.