November 24 brought along with it, a series of bad news for Royal Dutch Shell plc. (ADR) (NYSE:RDS.A), in the shape of two fines that were imposed on the oil giant. The local Scottish court imposed a £22,500 or $33,960 fine on the company for its involvement in a major oil spill in the North Sea in 2011. Nearly 200 tons of oil seeped into the North Sea due to a leak in its subsea pipeline from the Ganna Alpha.
Royal Dutch Shell plc (ADR) (NYSE:RDS.A) has appointed a new Managing Director Osagie Okunbor for its Nigerian subsidiary, called Shell Petroleum Development Company of Nigeria Ltd (SPDC). The new director will replace Mutiu Sunmonu, who has worked for 36 years at Shell.
Shrinking British oil company BP Plc announced quarterly profit down a fifth from a year ago, after it sold assets in preparation for what could be its biggest oil spill payout when the case comes to trial later this month.
BP, the last of the big four western world oil companies to report fourth quarter figures, still beat expectations because of one-off taxes related to its divestments and liability payments, and its shares rose nearly 2%.
By Old Trader:When Exxon Mobil (XOM)) acquired XTO Energy, it spoke volumes about the future of natural gas, both domestically, as well as globally. After all, the fact that XOM, the world's largest oil company, as measured by market cap, would make such a large bet on natural gas led to much wagging of tongues among energy investors.