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2015-12-23 19:25:00

SHELL CUT PLAN BY $2 BLN

SHELL CUT PLAN BY $2 BLN

Royal Dutch Shell PLC on Tuesday cut its planned capital spending for 2016 by $2 billion, to $33 billion, continuing to cope with low oil prices as it moves to complete its acquisition of BG Group PLC early next year.

The spending announcement came as the Anglo-Dutch oil company published several key documents on its website in preparation for the main remaining hurdle to the deal: a shareholder vote, scheduled to take place in January. In the months since the deal was announced, some investors have expressed concerns about its cost in the face of tumbling oil prices—an issue Shell's management has been at pains to address.

Shell has already taken action to cut costs and reduce spending this year by $12 billion, but Tuesday's announcement of a $33 billion target for next year is $2 billion below the company's previous guidance.

The prospectus and circular published on the company's website Tuesday, following unanimous recommendation by the Shell board, are another opportunity for the oil major to outline the acquisition's potential benefits.

"The combination with BG represents a tremendous opportunity to create value for both sets of shareholders, particularly in deep water and [liquefied natural gas]," Shell Chief Executive Ben van Beurden said in a statement. It is "a strong platform to refocus the company, to create a simpler and more competitive Shell."

Shell said the tie-up would bolster its position in liquefied natural gas and offshore Brazil, boosting its production and providing it with a clear focus for the coming years. The company said it expects the deal to enhance its ability to cover investment and dividends in "any reasonably expected oil-price environment."

Shell estimated that the long-term oil price needed for the deal to break even is in the low-$60s-a-barrel range. Though that remains well above the current crude price, few analysts expect oil to remain at its current weak levels in the years ahead. The company expects the deal to contribute to its cash flow from operations next year if benchmark Brent crude, now around $36 a barrel, trades at $50 or higher.

Shell valued the cash-and-share deal at $53 billion as of Dec. 18, a sharp decrease compared with the $70 billion price tag when it was first announced in April.

Shell and BG will hold meetings on Jan. 27 and 28, respectively, for shareholders to vote on the tie-up. Shell expects the deal could complete by Feb. 15.

wsj.com

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More: 

SHELL WANTS TO LEAVE 

SHELL CUTS 2,800 JOBS 

SHELL SELLS NEW ZEALAND 

OIL WRITE-DOWNS & LOSSES 

TAKEOVERS $500 BLN

 

 

Tags: SHELL, BG, OIL, GAS,

Chronicle:

SHELL CUT PLAN BY $2 BLN
October, 20, 12:10:00

NORWAY'S PRODUCTION DOWN 171 TBD

NPD - Preliminary production figures for September 2017 show an average daily production of 1 772 000 barrels of oil, NGL and condensate, which is a decrease of 171 000 barrels per day compared to August.

SHELL CUT PLAN BY $2 BLN
October, 20, 12:05:00

ЦЕНА URALS: $ $55,55881

Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2017 года составила $55,55881 за баррель, или $405,6 за тонну.

SHELL CUT PLAN BY $2 BLN
October, 18, 19:10:00

OIL PRICE: ABOVE $58

Brent crude futures, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

SHELL CUT PLAN BY $2 BLN
October, 18, 19:05:00

РОССИЯ: БОЛЬШЕ НЕФТИ И ГАЗА

Александр Новак отметил рост основных показателей всех отраслей энергетики в прошлом году: «Мы имеем рекордные показатели за прошлый год по добыче нефти, угля. Идёт рост добычи и экспорту газа, в том числе в Европу на уровне 15 процентов. По углю мы наблюдаем рост добычи даже больше уровня прошлого рекордного года. Также отмечается рост производства электроэнергии на 2%, что говорит об оживлении экономики».

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