SHELL CUTS USA
NGE. UK-based Royal Dutch Shell plans to scale back its operations in North America by 20%, in another sign that majors are struggling to profit from the US shale sector.
The London-based company said it has been impacted by losses in resources plays such as shales, while confirming its commitment to on-going exploration in liquids-rich shales.
"We've delivered industry-leading cash flow growth in recent years, and we want to pick up the pace again both on cash flow and returns, driven by financial performance, capital efficiency and project delivery. Shell's dividend growth – expected to be some 4% for Q1 2014 – underscores that momentum and the potential for the future," Ben van Beurden, Shell's CEO, said on Thursday.
Shell's strategy will hinge on delivering near-term cash flow form "growth priorities," such as deep-water and integrated gas projects. The company also confirmed the disposal of some downstream assets in Italy.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.