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2015-11-05 19:15:00

SHELL & BG PRESENCE

SHELL & BG PRESENCE

Royal Dutch Shell outlined Tuesday its strategy for making its merger with BG profitable in a world with falling oil prices, revealing another $1 billion in cost savings from the deal.

Chief Executive Officer Ben van Beurden said cost savings for the deal are now expected to be $2 billion, bringing total synergies to $3.5 billion in 2018. Examples include savings on corporate costs such as real estate.

"The $1 billion increase is in operating cost synergies and has arisen from both de-risking our original assumptions but also from identifying further opportunities," he told reporters on a conference call. "Plans also call for $1.5 billion of synergies for the combined exploration portfolio in 2018."

Shell agreed to buy British rival BG Group for 47 billion pounds ($69.7 billion) in April, in a deal widely seen as an effort by the energy company to adapt to lower prices. The deal will boost Shell's oil and gas reserves by 25 percent and give it a bigger presence in the fast-growing liquefied natural gas market.

Companies were once accustomed to oil at $100 a barrel or more. But oil dropped to a six-year low in August as Brent crude, the benchmark for North Sea oil, averaged $50.26 a barrel in the third quarter, down 51 percent from a year earlier.

The price of oil was about $58 a barrel on the day the deal was announced.

Van Beurden said only the most competitive projects would go ahead and that Shell was planning for a prolonged downturn.

"We are reshaping the company and this will accelerate once the transaction is completed," Van Beurden said.

The boards of both companies had recommended that shareholders approve the deal.

Christian Stadler, professor of strategic management at Warwick Business School, said Shell's strategy update on Tuesday was essentially taking a pro-active step to avert poor publicity — should shareholders start questioning the mega-merger.

"I presume this was a reassurance call," he said. "People will ask questions with the oil price where it is."

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Tags: SHELL, BG, GAS

Chronicle:

SHELL & BG PRESENCE
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

SHELL & BG PRESENCE
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

SHELL & BG PRESENCE
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

SHELL & BG PRESENCE
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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