Shell Raises Russia Write-down to as Much as $5 Billion
Shell Plc will write down up to $5 billion following its decision to exit Russia, more...
Shell Plc will write down up to $5 billion following its decision to exit Russia, more than previously disclosed while soaring oil and gas prices boosted trading activities in the first quarter, the company said on April 7.
The post-tax impairments of between $4 billion and $5 billion in the first quarter will not impact the company’s earnings, Shell said in an update ahead of its earnings announcement on May 5.
Shell, whose market capitalization is around $210 billion, had previously said the Russia write-downs would reach around $3.4 billion. The increase was due to additional potential impacts around contracts, write-downs of receivables, and credit losses in Russia, a Shell spokesperson said.
Energy Information Administration data show utilization...
Energy Information Administration data show utilization of US refining capacity has reached 92%, which threatens to complicate US efforts to bring more supplies to the global market to make up for the loss of Russian refined products as fuel demand continues to improve. The world lost 3 million barrels per day of refining capacity since January 2020 due to refinery closures, including 1 million bpd in the US, according to American Fuel & Petrochemical Manufacturers.
API: Biden's policies hindering oil, gas investment
American Petroleum Institute Vice President Frank Macchiarola said the Biden administration's recent...
American Petroleum Institute Vice President Frank Macchiarola said the Biden administration's recent change in attitude toward oil and natural gas development must be accompanied by policy changes that incentivize investment in American oil and gas, and dismissed accusations of industry price gouging as "false" and "unfair.
In a congressional hearing yesterday, US oil execs were grilled microwaved (propane’s too expensive) by Democrats, who accused them of jacking up gas prices for consumers while pocketing higher profits. Leaders from Exxon, Chevron, Shell, and other energy firms said they had little control over oil prices, which have surged nearly 70% since last year.
Resignation Of Entire Kuwait Government Maybe Positive For Oil
The resignation yesterday of the entire government of Kuwait, including its oil minister,...
The resignation yesterday of the entire government of Kuwait, including its oil minister, may be exactly what the country needs in order to press ahead with long-delayed plans to increase crude oil production to a minimum of 4 million barrels per day (bpd) by 2040 – up from a current average of around 2.6 million bpd.
Last June, Kuwait’s parliament approved the 2021-22 state budget but failed to resolve the long-running standoff between the then-government and opposition that has blocked economic reforms. The impasse has also negatively impacted the ability of Kuwait’s US$580 billion sovereign wealth fund – the Kuwait Investment Authority – to make effective decisions to direct investment at boosting the output from the country’s oil sector.
U.S. crude-oil inventories unexpectedly increased last week, but gasoline stockpiles declined much more...
U.S. crude-oil inventories unexpectedly increased last week, but gasoline stockpiles declined much more than forecast, according to data released Wednesday by the Energy Information Administration.
Crude-oil stockpiles climbed by 2.4 million barrels to 412.4 million barrels, and remain about 14% below the five-year average, the EIA said. Analysts surveyed by The Wall Street Journal had predicted crude stockpiles would fall by 1.6 million barrels from the prior week.
Oil stored at Cushing, Okla., the delivery point for U.S. stocks, rose by 1.7 million barrels from the previous week, to 25.9 million barrels.
