Shell to Make First Oil Output Profit Since Pandemic rigzone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rigzone.com Daily Mail and Mail on Sunday newspapers.
The result is a boon to the company amid the energy transition.
(Bloomberg) Royal Dutch Shell Plc disclosed the profitability of its sprawling and secretive oil-trading unit for the first time, saying it almost doubled to $2.6 billion last year.
The scale of that result shows the importance of the trading division to the oil major in a year when weak demand and prices hit other parts of the business. Shell took advantage of wild price swings and a market situation that allowed it to make money by storing oil to sell later for a profit.
The company’s earnings from oil trading in 2020 beat the highest ever net income at Vitol Group, the world’s largest independent trading house, which made a record $2.3 billion in 2019. Vitol has yet to disclose 2020 results.
Shell Names Ex-Mining Boss as Chair, Offers 50% Female Board
Bloomberg 3/11/2021 Laura Hurst
(Bloomberg) Royal Dutch Shell Plc appointed former BHP Group executive Andrew Mackenzie as chairman, and said its board would have as many women as men on it for the first time.
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A fossil-fuel man through-and-through, Mackenzie worked for BP Plc for 22 years and later served as chief executive of mining giant BHP. Yet more pertinently to Shell, the 64-year-old Scot is credited for being ahead of the curve on climate change and gender issues in the natural resources industry.
“Andrew brings to Shell his experience of leadership, his global outlook, and a deep understanding of the energy business and climate action,” the company said in a statement.
Shell Deepens Big Oil s Disappointment With Earnings Miss yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
by Bloomberg
|Thursday, February 04, 2021
Royal Dutch Shell Plc deepened the disappointment of Big Oil s fourth quarter, reporting net income that fell short of expectations and weak cash flow.
(Bloomberg) Royal Dutch Shell Plc deepened the disappointment of Big Oil’s fourth quarter, reporting net income that fell short of expectations and weak cash flow.
The company added to the evidence from its peers that much of the industry is still living beyond its means, even after large cuts to dividends and spending. Oil prices have recovered from last year’s lows rising to a one-year high this week but Covid-19 lockdowns in countries around the world are still depressing fuel sales and refining margins.