|Bid||32.71 x 2200|
|Ask||33.00 x 1100|
|Day's Range||32.76 - 33.55|
|52 Week Range||21.26 - 65.62|
|Beta (5Y Monthly)||0.85|
|PE Ratio (TTM)||13.45|
|Forward Dividend & Yield||1.28 (3.89%)|
|Ex-Dividend Date||May 14, 2020|
|1y Target Est||43.70|
Oil majors Eni and Royal Dutch Shell were aware that most of the money they spent to buy a Nigerian oilfield in 2011 would go in corrupt payments to politicians and officials, an Italian prosecutor said on Thursday. Italy's Eni and Shell, who deny any wrongdoing, acquired the OPL 245 offshore field in 2011 for about $1.3 billion from Malabu, a company owned by former Nigerian oil minister Dan Etete.
Oil markets slipped Friday as the resurgence of Covid-19 cases, particularly in the U.S., the largest consumer in the world, threatened the recovery of crude demand. At 7:30 AM ET (1130 GMT), U.S. crude futures traded 1.2% lower at $40.15 a barrel. The U.S. has recorded around a quarter of the almost 11 million cases worldwide, according to data from Johns Hopkins University, and the number is growing rapidly.
Climate change may be having its day in court. With the slow pace of international climate negotiations, lawyers from Switzerland to San Francisco are increasingly filing lawsuits demanding action. Today, that number is 1,600, including 1,200 lawsuits in the United States alone, according to data reported Friday by the London School of Economics.
Exxon Mobil Corp assets are likely overvalued in light of weak oil-demand outlook, according to Wall Street analysts, and face write-downs as soon as this month. Oil producers BP Plc, Occidental Petroleum , and Royal Dutch Shell have cut billions of dollars off their assets in recent weeks. The oil industry "is clearly altering its view on the value of assets and we would not be surprised if Exxon followed suit," said Cowen analyst Jason Gabelman by email.
Crude exports from the Louisiana Offshore Oil Port (LOOP) are hitting a record high even as U.S. crude exports have fallen as the coronavirus pandemic has chopped worldwide fuel demand. Oil majors Royal Dutch Shell Plc and BP Plc are the main winners from rising LOOP exports, because they pump most of the mid-sour crude exported from the terminal. LOOP largely ships out Mars crude, a medium-sour grade of oil produced from the Mars platform, a joint venture of majority-owner Shell and BP, located about 130 miles (210 km) off the coast of New Orleans.
AAA Northeast’s Robert Sinclair joins The First trade to discuss the difficulties surrounding the summer travel businesses and what these businesses have done to adapt.
Shell (RDS.A) expects second-quarter LNG liquefaction volumes to shrink to 8.1-8.5 million tonnes from its prior-year quarterly output of 8.66 million tonnes.
While hopes of a global economic recovery have kept oil markets afloat, the fear of a second wave of COVID cases is threatening to send oil prices lower
A Trump administration report released on Tuesday touted a strong future for petrochemicals and coal in the U.S. region of Appalachia, despite concerns that supply gluts, waning demand and potential environmental regulation could limit growth in the industries. "There are tremendous opportunities on the horizon for Appalachia because of the shale gas revolution and the region’s abundant coal reserves," Mark Menezes, the U.S. under secretary of energy, told reporters in a call about the report called "The Appalachian Energy and Petrochemical Renaissance." The administration of President Donald Trump has pursued a policy of boosting fossil fuel production while slashing environmental regulations.
U.K. stocks fell on Tuesday, as Royal Dutch Shell’s warning that it could take a $22 billion write-down dragged the FTSE 100 lower.
European stocks and U.S. futures edged lower on Tuesday, as the Stoxx 600 index headed for its best quarter since 2015.
Oil giant Royal Dutch Shell will write down $22 billion in assets over the coronavirus crisis. Bubba Trading Founder Todd Horwitz joins Yahoo Finance’s On The Move panel to assess the state of oil markets.
After lowering its mid- and long-term energy price outlook, the company will take post-tax impairment charges of between $15 billion and $22 billion in the second quarter.
Royal Dutch Shell said in a trading update on Tuesday it expects to take a hit of up to $22 billion from lower demand after the coronavirus pandemic
(Bloomberg Opinion) -- The pandemic has now forced both of the U.K.’s oil majors to slash the value of their assets by billions of dollars. This is more than just an accounting issue for BP Plc and Royal Dutch Shell Plc. In the real world, it makes it even harder for them to meet targets for cutting leverage — targets they were already straining to hit.Shell said on Tuesday it would take a $15 billion to $22 billion post-tax impairment charge after cutting its long-term view on oil and gas prices. BP warned earlier in June of potentially $18 billion in impairments.Whereas most non-financial companies assess leverage by comparing some measure of cash flow to net debt, BP and Shell do not. They use “gearing,” or net debt as a percentage of both net debt and equity. That equity number is the wildcard. If it suddenly falls, as happens with impairments, then gearing goes up. Shell says the impact of its impairments will push up gearing by three percentage points.Both BP and Shell are now even further away from their gearing goals. Shell aspires to about 25%. The measure rose steadily throughout 2019, and was 29% in the first quarter of 2020. BP’s gearing was last at 36%, against a target range of 20%-30%.It has always been easy to explain away or divert attention from repeated misses on these targets, as though they don’t really matter. Forthcoming disposal proceeds would bring gearing down, the companies would say. Shell could point to juicy cash returns to shareholders in dividends and buybacks. It’s hard to pay off debt when you’re doing that. On analyst calls, gearing is played down as a “noisy” number and just one among many ways of measuring leverage.But today, debt reduction is becoming important. The oil price will probably be volatile for some time, so balance sheets need a cushion. Investors have historically afforded a loftier valuation to the less highly geared U.S. oil majors. If gearing targets haven’t worked in the past, are there better ways of holding BP and Shell to account for attacking their debt piles?Shell has reduced its dividend, and analysts expect BP to follow. That will help. But it’s worth considering scrapping the existing gearing targets and starting over. One option would be to fall in with the rest of the corporate pack and measure leverage using cash flow metrics. That would be more helpful in assessing the ability to service debt. It’s probably also more in tune with how these companies manage their finances day to day.If gearing really is the best measure of leverage, then BP and Shell are going to need to set out a credible plan for getting it back down over time. Otherwise pick another type of target — one that can be met.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Stock futures slip as Federal Reserve Chairman Jerome Powell warns an economic recovery could stall if the coronavirus isn't contained; Uber is in talks to buy Postmates.
Global oil company Royal Dutch Shell expects a post-tax second-quarter charge of $15 billion to $22 billion due to lower oil prices.
The S&P 500 has gained 18.1% so far this quarter, putting it on pace for the best quarter since 1998. Royal Dutch Shell and Uber stocks are in play.
(Bloomberg) -- Royal Dutch Shell Plc said it will write down between $15 billion and $22 billion in the second quarter, as the company gave investors a wider glimpse of just how severely the coronavirus crisis has hit Big Oil.The impairment is the firm’s largest since Royal Dutch Petroleum Co. and Shell Transport & Trading Co. merged in 2005, and shows how the pandemic has left no part of the energy giant’s sprawling business unscathed. Shell lost money from pumping oil, fuel sales fell and shipments of everything from liquefied natural gas to petrochemicals suffered.The lockdown-induced slump has permeated through the entire industry, which is reassessing both the value of its assets and longer-term business models. Shell’s large LNG business, which is central to its vision of the future of energy, is seen taking the biggest hit.“We see material downside for second-quarter earnings,” Banco Santander SA analyst Jason Kenney said. Despite a possible weaker performance relative to its peers, the Spanish bank still sees potential upside in the stock, as the bad news was largely anticipated.The drop in demand comes as little surprise. Oil majors’ earnings took a beating in the first quarter, and the companies warned that things would only get worse as the full impact of the pandemic started to be felt in March. Despite a recent rebound in consumption in some of the worst-hit countries, resurgent waves of the virus show the recovery remains fragile.Oil-product sales volumes will be 3.5 million to 4.5 million barrels a day in the second quarter, down from 6.6 million a year earlier, driven by a “significant drop” in demand because of the pandemic, Shell said Tuesday in a statement ahead of quarterly results on July 30.Shell also flagged that its upstream unit, traditionally the company’s core business, will suffer a loss in the second quarter. The division, which is responsible for pumping oil across the world, will take an impairment charge of $4 billion to $6 billion, mostly from North American shale and Brazilian assets.Shell said it has revised its mid- and long-term pricing and refining margin outlook, and expects gearing -- a measure of debt -- to increase by as much as 3% due to the impairment charges.The company’s B shares fell as much as 2.6% and traded down 2.3% at 1,241.40 pence as of 1:26 p.m. in London.Drastic ChangesThe coronavirus has exposed the vulnerability of some of the world’s biggest oil and gas companies, but also given them an opportunity to make investors swallow some unpleasant remedies. Since the pandemic started, Shell and BP Plc have made drastic changes to their businesses, from multibillion-dollar writedowns to big cuts to dividends and jobs.They explained these moves as responses to the dual threats of the lockdown-induced oil slump and the growing pressure to cut carbon emissions. BP has said oil and gas prices will be lower than expected in the coming decades as the virus hurts long-term demand and accelerates the shift to cleaner energy.Second-quarter performance at Shell’s in-house trading unit, which can be a boon when other parts of the business are hurting, is expected to be “below average,” the company said. Still, trading and optimization will offset “significantly lower” refining margins.When Shell reports its results next month, the market will be focused on the company’s outlook and any green-shoot developments, said Jefferies analyst Jason Gammel. The market is getting closer to balancing, he said, and while this isn’t necessarily bullish, “it’s better…it’s bad but it’s better.”The company indicated there was more pain to come from LNG sales, which have a price lag of three to six months compared with oil. The impact of crude prices on LNG margins became “more prominent” from June.Longer term, Shell is optimistic about the LNG market, with Chief Executive Officer Ben van Beurden telling Bloomberg in an interview in May that he expects the market to recover to pre-virus levels.In April, Van Beurden cut the company’s dividend for the first time since the Second World War. Last month, the Anglo-Dutch major said it would be well-placed to boost shareholder payouts again once the oil market recovers.“This morning’s announcement will cement the view that dividends will take longer to get back to their pre-crisis level than originally thought,” said The Share Centre analyst Helal Miah.(Adds analyst comment in 13th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Stocks are in the red this morning as a mixture of health concerns and political tensions are weighing on sentiment. The Covid-19 crisis is still hanging over the markets, especially now that some US states are pausing or reversing the reopening of their economies.
Voting Rights and Capital In conformity with the Disclosure Guidance and Transparency Rules, we hereby notify the market of the following: Royal Dutch Shell plc's.
The oil giant says cheaper crude prices mean its assets are not worth as much as they used to be.