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☆ Gridcog wants to make planning commercial renewable projects easier. Check out the 13-slide pitch deck it used to raise $4.2 million.
▼ + stars: | 2024-03-04 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewA startup helping Shell, Origin Energy, and Mitie spin up renewable energy projects has just raised £3.3 million, around $4.2 million, in funding from London-based AlbionVC. Gridcog, founded in 2020 in Australia but now headquartered in London, has built a software platform for modeling and simulating renewable energy projects. It helps customers figure out where best to put solar, energy storage, and EVs, and optimize those plans for commercial and climate goals. "With energy projects, there can be hundreds or even thousands of ways of building them," said Gridcog's UK and European head Genna Boyle. Renewable energy capacity needs to double to reach net zero in the energy sector by 2050, per the International Energy Agency.

Persons: —, Genna Boyle, you've, Boyle, Gridcog, Pete Tickler, Fabian Le Gay Brereton, Tickler Organizations: Service, Shell, Origin Energy, Business, International Energy Agency, Power, Energy, Mitsubishi Heavy Industries Locations: London, Australia, New Zealand

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCompanies Shell PLC FollowLONDON, Nov 2 (Reuters) - Shell (SHEL.L) on Thursday reported third-quarter earnings of $6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading. The company announced share buybacks of $3.5 billion over the next three months, up from $2.7 billion in the previous three months. Shell reported adjusted earnings of $6.22 billion, broadly in line with a company-provided analysts' forecast of $6.25 billion. "Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. Production in the Upstream division was up 3% from the previous quarter to 1.75 million barrels of oil equivalent per day (boed).

Persons: Chris Helgren, Shell, Wael Sawan, Ron Bousso, Jason Neely Organizations: Shell, REUTERS, Companies Shell, Integrated Gas, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Trinidad and Tobago, Qatar

SummaryCompanies Shell to cut 200 jobs, or 15%, of low-carbon solutions unitA further 130 jobs under reviewShell scraps hydrogen light mobility unitLONDON, Oct 25 (Reuters) - Shell (SHEL.L) will cut around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday. Shell plans to sharply scale back its hydrogen light mobility operations, which develop technologies for light passenger vehicles, the company said. It will also merge two of four general manager roles in the hydrogen business, Shell said. The retreat from the light mobility sector follows the departure of the business's manager Oliver Bishop several months ago. Bishop today leads rival BP's (BP.L) global hydrogen mobility business.

Persons: Wael Sawan's, Sawan, Shell, Oliver Bishop, BP's, London . Sawan, Ron Bousso, Jason Neely, Jan Harvey Organizations: Shell, Reuters, Solutions, Sawan, Energy Intelligence, BP, Exxon Mobil, Chevron, Thomson Locations: Shell, Britain, Netherlands, Europe's, Louisiana, London ., U.S

Prelude, whose deck is longer than four soccer fields, was the world's first floating LNG facility to use novel technology and cost over $12 billion, according to estimates. That means the 3.6-million-ton-per-year LNG plant could continue to encounter operational issues, the sources said. A Shell executive said on Wednesday that Prelude was currently undergoing a major turnaround that would last around two months. The decision not to go ahead with extended repairs stemmed in part from concerns that Shell (SHEL.L) would miss out on sales of LNG at a time of strong demand, the sources said. Shell said in response that "turnarounds are a regular part of maintaining LNG facilities and are planned well in advance".

Persons: Chris Helgren, Shell, Wael Sawan, Sawan, Cederic Cremers, Ron Bousso, Nick Macfie Organizations: Shell, REUTERS, Companies Shell, LNG, Thomson Locations: Vancouver , British Columbia, Canada, Australia, China, Europe, Ukraine

Brent crude was down 36 cents at $84.10 a barrel by 11:45 a.m. EDT (1545 GMT). China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. Amplifying demand concerns, U.S. central bank officials have not ruled out further interest rate hikes to contain inflation. A preliminary Reuters poll showed that crude oil and gasoline inventories were expected to have fallen last week, with data from American Petroleum Institute due later on Tuesday. Separately on Monday, Shell (SHEL.L) said it was investigating a possible leak on the 180,000 bpd Trans Niger oil pipeline, though no force majeure has been declared.

Persons: Lucy Nicholson, Brent, Jim Ritterbusch, majeure, Natalie Grover, Paul Carsten, Muyu Xu, Katya Golubkova, Tomasz Janowski, David Evans, David Goodman, David Gregorio Our Organizations: REUTERS, Companies Shell, West Texas Intermediate, Saudi, Ritterbusch, Associates, American Petroleum Institute, of Commerce, Shell, Thomson Locations: Bakersfield , California, China, Russian, Galena , Illinois, U.S, Iraqi, Turkey, Iraq, Saudi, Niger, London, Singapore, Tokyo

☆ Oil prices are up 20% and energy stocks are rebounding
▼ + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.

Persons: That’s, what’s, ”, Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China

The earnings, which missed forecasts, follow bumper earnings in 2022 after energy prices surged in the wake of Russia's invasion of Ukraine, but were in line with its second-quarter performance two years ago. In June, Shell announced it would buy back at least $5 billion in shares in the second half of the year. Shell shares were down 1.7% by 0730 GMT, compared with a 1% decline for the broader European energy index (.SXEP). Reuters GraphicsWEAKER QUARTERThe lower results mainly reflected lower liquefied natural gas (LNG) trading results, lower oil and gas prices, lower refining margins, and lower sales volumes, compared with the previous quarter, Shell said. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages have eased.

Persons: Shell, Wael Sawan, Sawan, Jefferies, Giacomo Romeo, TotalEnergies, Norway's, Ron Bousso, Christina Fincher, Jason Neely Organizations: Shell, Reuters Graphics, Benchmark Brent, Thomson Locations: Ukraine

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030, it said on Wednesday, as CEO Wael Sawan moved to regain investor confidence that wavered over its energy transition plan. Shell shares were up 1.5% at 1204 GMT, against a 1% rise for an index of European oil and gas companies (.SXEP). Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Shell, Sawan, Biraj Borkhataria, Thilo, Bernard Looney, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

The plan is the linchpin of Sawan's effort to boost Shell's share performance relative to its U.S. peers, which has suffered despite a record $40 billion profit last year. Its shares closed up 0.4%, against a flat index of European oil and gas companies (.SXEP) on Wednesday. Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Sawan, Biraj Borkhataria, Thilo, Shell, Bernard Looney, Ron Bousso, Jan Harvey, Alexander Smith, Elaine Hardcastle Organizations: Shell, British, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Reuters, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

☆ Shell says Singapore energy, chemicals assets under review
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

Companies Shell PLC FollowSINGAPORE, June 14 (Reuters) - Shell (SHEL.L) said on Wednesday it is conducting a strategic review of energy and chemicals assets on Bukom and Jurong Island in Singapore. The move was announced as part of the company's strategy update for investors, aimed at creating more value with less emissions. The Bukom refinery, Shell's only wholly owned refining-petrochemical centre in Asia, can process 237,000 barrels per day (bpd) of crude. Reporting by Florence Tan; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Tan, Muralikumar Organizations: Shell PLC, SINGAPORE, Thomson Locations: Bukom, Jurong, Singapore, Asia

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030 as part of CEO Wael Sawan's efforts to regain investor confidence that wavered over its energy transition plan. Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. Sawan, a 48-year-old Canadian-Lebanese national who previously headed Shell's oil, gas and renewables divisions, has in recent months scrapped several projects, including in offshore wind, hydrogen and biofuels, due to projections of weak returns. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan's, Shell, Sawan, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, Reuters, Lebanese, Thomson Locations: New York, Bukom, Jurong, Singapore, Paris

Shell shares were up 0.8% by 1242 GMT. "In Q1, Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility," Chief Executive Officer Wael Sawan said in a statement. Sawan, who took the helm in January, told reporters he was focused on narrowing a wide gap in the share performance of Shell and its European peers against their U.S. rivals. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell showed "strong operational performance in the quarter across all divisions with oil and gas trading playing a key role," Jefferies analyst Giacomo Romeo said in a note.

REUTERS/Dado Ruvic/IllustrationSummarySummary Companies Shell maintains dividend unchangedAnnounces $4 bln in share buybacksLONDON, May 4 (Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell shares were up 2% by 0830 GMT. Reuters GraphicsPROFITS BEATShell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion.

[1/2] Shell logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/IllustrationSummarySummary Companies Shell maintains dividend unchangedAnnounces $4 bln in share buybacksLONDON, May 4 (Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading offset cooling oil and gas prices. Shell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% on the quarter to $4.9 billion.

SummarySummary Companies Shell, Equinor shares outperform sector indexRivals BP, Chevron, Exxon also beat expectationsOil and gas prices slumped in first quarterShell shares up 2.1%, Equinor up 2.7%LONDON/OSLO, May 4 (Reuters) - Energy giants Shell (SHEL.L) and Equinor (EQNR.OL) reported higher-than-expected first-quarter profits on Thursday, using the heft of their trading desks to offset lower oil and gas prices. The stronger-than-expected profits from the two companies follow forecast beating results from rivals Exxon Mobil (XOM.N), Chevron and BP over the past week. Shell's shares were up around 2.1% in early trading and Equinor shares rose around 2.7%, outperforming a European index of oil and gas companies (.SXEP) which was up around 1%. Benchmark Brent crude oil prices averaged $81 per barrel in the first three months of the year, down 16% from a year earlier and 7% from the fourth-quarter. Lower natural gas prices also weighed on Shell's giant integrated gas business, with profits slumping 18% on the quarter.

☆ London's FTSE 100 climbs ahead of Easter break
▼ + stars: | 2023-04-06 | by ( Sruthi Shankar | ) www.reuters.com time to read: +2 min

The FTSE 100 (.FTSE) rose 0.5% and is on course to end the holiday-shortened week about 1% higher, with gains in oil & gas and healthcare stocks offering support. Shell (SHEL.L) rose 1.7% as the energy giant forecast higher liquefied natural gas (LNG) output in the first quarter. The midcap FTSE 250 index (.FTMC) rose 0.2%, with London-listed shares of travel firm TUI jumping 7.2% after sharp losses this week. "The report noted mortgage rates have continued to trend downwards, housing transactions have picked up slightly and the employment market remains robust. We still see challenges ahead as affordability remains under pressure," said Derren Nathan, head of equity research at Hargreaves Lansdown.

☆ Shell sees stronger LNG volumes and oil product performance in Q1
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

Companies Shell PLC FollowApril 6 (Reuters) - Shell (SHEL.L) expects higher liquefied natural gas (LNG) output in the first quarter after outages at its Australian plants last year as well as stable earnings from LNG trading, it said on Thursday. Shell, which recorded a record $40 billion profit last year, said In an update ahead of results due on May 4 that it expected first-quarter liquefaction volumes of 7 to 7.4 million tonnes, up from 6.8 million tonnes in the previous quarter. Its oil products division also likely boosted earnings through a "significantly higher" trading performance, the world's biggest fuel retailer said. It expects to have paid between $2.6 and $3.4 billion in tax for the first quarter, down from $4.4 billion. Its renewables unit is set to contribute $100 to $700 million to adjusted earnings, compared with $300 million in the last quarter of 2022.

☆ Nigerians accuse Shell of delay in oil spill London lawsuits
▼ + stars: | 2023-04-04 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

Thousands of members of the Bille and Ogale communities are suing Shell and its Nigerian subsidiary SPDC over oil spills. Shell strongly denies any liability and argues that parts of the cases were brought too late. It also says the majority of the spills were caused by illegal third-party interference, such as pipeline sabotage and oil theft. Shell says two further trials could then take place to determine allegations against its subsidiary and Shell's alleged liability as its parent company. Shell's proposal is "advanced as a device to shield (Shell) from scrutiny", Richard Hermer, a lawyer representing the claimants, said in court filings.

Companies Shell PLC FollowSINGAPORE, March 30 (Reuters) - Shell has decided not to go ahead with two projects it was studying to produce biofuels and base oils in Singapore, a company spokesperson said on Thursday. "We can confirm that we are stopping the exploration of two projects – a biofuels unit and a Group II base oil plant in Singapore," the company told Reuters in an emailed statement. "We will continue supplying base oil and lubricants, as well as biofuels, to our customers in Singapore and the region." Shell is building a 820,000 tpy biofuels plant in Rotterdam, the Netherlands, and had targeted to make about 2 million tpy of SAF by 2025. Reporting by Trixie Yap and Florence Tan; Editing by Jan Harvey and Christina FincherOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Shell eliminates role of global renewables generationWind and solar placed under regional headsBiofuels and CCS placed under Anna MascoloLONDON, March 30 (Reuters) - Shell (SHEL.L) is splitting up its renewables and low-carbon division as part of CEO Wael Sawan's shake-up to boost the energy giant's returns. Shell is eliminating the global role of executive vice president for renewable generation held by Thomas Brostrom, who joined the company in 2021 from Danish renewables giant Orsted, a company spokesperson said. Wind and solar power businesses will now fall under the regional heads of Shell Energy, reporting to Executive Vice President Steve Hill. At the same time, Shell named Anna Mascolo as executive vice president for low carbon products and sectors, including biofuels, carbon capture and nature-based solutions. Brostrom will remain at the company as senior vice president for Shell Energy in Europe and Asia, overseeing all offshore wind globally, he said.

☆ Dutch gov't, Shell and Exxon ignored Groningen risks for years, inquiry finds
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +3 min

[1/4] Workers rebuild homes in the northern Dutch town of Overschild, where earthquakes from natural gas extraction have made them unsafe, Netherlands, March 10, 2022. REUTERS/Anthony Deutsch/File PhotoAMSTERDAM, Feb 24 (Reuters) - The Dutch government and energy companies Shell (SHEL.L) and Exxon Mobil (XOM.N) ignored the risks of gas production in Groningen for years, to the detriment of people living in the province, a parliamentary inquiry concluded on Friday. The massive Groningen field is operated by Shell and Exxon joint venture NAM and was one of Europe's major suppliers of natural gas for decades. Groningen gas production has been cut back significantly over the past decade and will be halted in the coming year because of the threat to life and property from the resulting earth tremors. "Gas extraction in Groningen was so successful and lucrative for the Dutch government, Shell and Exxon Mobil that they hardly took any notion of the long-term risks and the ever-clearer signs of the detrimental effects for the people in Groningen," it said.

Kickoff for Super Bowl LVII is at 6:30 p.m. The Super Bowl is advertising's biggest stage, with companies jockeying for a limited supply of spots to get their products in front of millions of consumers' eyeballs. Fox said it raked in a record amount of Super Bowl ad revenue this year. Absent this year will be crypto companies. Last year, four cryptocurrency companies shelled out millions for commercial spots during the big game.

☆ Shell considers exiting UK, German, Dutch energy retail businesses
▼ + stars: | 2023-01-26 | by ( Ron Bousso | ) www.reuters.com time to read: +1 min

Companies Shell PLC FollowLONDON, Jan 26 (Reuters) - Shell (SHEL.L) has launched a strategic review of its home energy retail businesses in Britain, the Netherlands and Germany in the wake of "tough market conditions", it said on Thursday. European energy suppliers have struggled over the past year with soaring wholesale prices and efforts by governments to shield consumers from rising bills. No decision has been taken yet on the future of the businesses, Shell said. Shell injected nearly $1.5 billion in cash and credit into its British energy retail business in 2022 to help it weather huge volatility in power prices that caused the collapse of several rival UK utilities. Shell said its wholesale and business-to-business (B2B) energy supply businesses are not part of the strategic review, and neither are its home energy supply businesses in the United States and Australia.

☆ Dividend stocks are beating the market — Here are Wall Street's favorite income plays for 2023
▼ + stars: | 2023-01-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The companies are rated buy by at least 70% of the analysts covering them. Cabot, which yields 2.1%, has nearly 22% upside to the average price target. First Merchants, along with its 3.1% yield, has nearly 18% upside to its consensus price target. Of all names on the list, Broadcom has the highest dividend yield, at 3.2%. Lastly, payments company Visa has an 0.8% dividend yield and 12% upside, based on the consensus price target.

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☆ Exclusive: Shell energy transition prompted talks to sell Norway business
▼ + stars: | 2023-01-10 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

SummarySummary Companies Shell, Harbour Energy held talks late last yearTalks included Norway, Italy and some UK assetsShell shifting focus to low-carbon, renewablesLONDON, Jan 10 (Reuters) - Shell (SHEL.L) held talks with Harbour Energy (HBR.L) to sell its Norwegian oil and gas fields last year but could not reach a deal due to gas price volatility and uncertainty over the long-term outlook, three company sources told Reuters. Shell and Harbour Energy declined to comment. Shell and ConocoPhillips (COP.N) are the last two oil majors to operate offshore fields in Norway, while TotalEnergies (TTEF.PA) only retains stakes in non-operated fields. Negotiations with Harbour Energy included Shell's assets in Norway and its small-scale operations in Italy and several ageing assets in the British North Sea, the sources said. Beyond oil and gas, Shell is involved in several major renewables and low-carbon projects in Norway including in offshore wind blocks, a biofuels plant and the Northern Lights carbon storage and use project.

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