Shell sombert about oil – Financieele Dagblad (Registration)

Reuters

Shell braces for ‘a world in which oil prices may remain low for some years. ” That said CEO Ben van Beurden Thursday morning in London, where the Dutchman gave an explanation on the second quarter results of the company where he now gives half years lead.

When asked by a journalist whether it is true that Shell today sounds more pessimistic about oil prices than earlier this year, Van Beurden said approvingly. “Yes, the tone has changed. Maybe we were not aroused the right impression of urgency in January. But let there be no misunderstanding: we certainly act with a sense of urgency and thoroughness

Job away.

Shell with global deletion of 6,500 jobs this year, as it announced Thursday. In addition, investments with $ 7 billion cut back, or about 20% of what was previously planned. The company also continues to divest parts. Thursday was the sale of a 33% stake in the Japanese refiner Idemitsu Kosan, for $ 1.4 billion, was announced.

The oil price is now about 50% lower than a year earlier. Shell profits is therefore in the second quarter, income decreased by 35% to $ 3.4 billion. The company thus performed nevertheless better than analysts anticipated. At the fair, the share of Shell rose Thursday morning then by about 4%.

Shell assumes that oil prices eventually start to rise again and remain in Van Beurden therefore also selectively invest in new projects. “We have glimpsed the company for a world in which oil prices remain low for several years and at the same time ensuring that we prepare ourselves for the period of recovery that we foresee.”

Oil price

A barrel of oil released in the last three months of on average this

year, but $ 60, while the price last year was above $ 100. Low oil prices may well last for several years, thinks Shell, although the company still considers it possible that the oil price in the medium term again will go to $ 70 to $ 90

Het energy suggests the second quarter as expected a dividend of $ 0.47 per share, unchanged from the same period last year.

refining

With pumping oil and gas (upstream) Shell earned in the second quarter of this year 78% less at more than $ 1 billion, while the company’s refining side just posted more profit. This is because the prices of motor fuels have fallen less sharply than the prices of oil, making more Shell has kept on making fuels. The profit increased in the refining division of Shell by 12% to $ 2.96 billion.

The total oil and gas production came out at 2.731 million barrels of oil equivalent per day, which represents a decrease of 11% compared to the same period last year.

LNG

Shell sold during the quarter 5.46 million tons of LNG (liquefied natural gas), down 9% compared to the same period last year. LNG is one of the two strategic growth segments for the group. Earlier this year, Shell announced the British BG to want to take over for € 64 billion, which the company further strengthened its LNG activities. Shell is the largest LNG producer in the world.

Repel

Shell reached in the second quarter with $ 0.4 billion divestment of units. Capital expenditures in the quarter were up $ 7.1 billion. For the whole of 2015 is expected to invest $ 30 bln Shell. That is 20% less than last year. Operating cash flow Shell declined in the quarter to $ 6.1 billion, compared with $ 8.6 billion in the same period in 2014.