|Bid||2,273.50 x 0|
|Ask||2,273.50 x 0|
|Day's range||2,263.00 - 2,298.00|
|52-week range||2,209.50 - 2,687.00|
|Beta (3Y monthly)||1.13|
|PE ratio (TTM)||913.17|
|Forward dividend & yield||1.56 (6.80%)|
|1y target est||N/A|
(Bloomberg) -- Royal Dutch Shell Plc has been sued by Australia’s tax authority as the agency pursues multinational companies over tax avoidance, the Guardian reported.The Australian Taxation Office has been battling with Shell’s local subsidiary for six years regarding the tax treatment of its stake in the Browse gas project off the country’s northwest coast, the newspaper reported, citing court documents. The bill, estimated at A$755 million ($510 million), relates to a dispute over A$2.2 billion in tax deductions for the project, the newspaper said.“We are engaging with the Australian Taxation Office with a view to confirming the correct tax outcome of Shell’s 2012 acquisition of interests in the Browse project,” a Shell spokesperson said in an emailed statement. “Shell complies with all its legal and taxation obligations and is committed to paying the right amount of tax under the letter and the spirit of the law in all countries in which we operate.”The tax office didn’t immediately respond to Bloomberg’s request for comment outside office hours.Cracking down on multinational tax evasion has been a top priority for the Australian government. BHP Group in November reached a A$529 million settlement with the tax office over a transfer pricing dispute relating to its Singapore marketing operations from as far back as 2003.Read More: Australian Anti-Tax Avoidance Task Force Collects Nearly $2BTo contact the reporters on this story: Matthew Burgess in Melbourne at firstname.lastname@example.org;Franz Wild in London at email@example.comTo contact the editors responsible for this story: Shamim Adam at firstname.lastname@example.org, Stanley JamesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Royal Dutch Shell Plc has taken the plunge into Australia’s energy market with a $418 million deal to buy ERM Power Ltd., the nation’s second-largest electricity retailer to commercial and industrial customers, as it drives toward a goal to become the world’s top power producer by 2030.Shell had previously expressed interest in deeper involvement in Australia’s electricity sector as it pivots toward gas and power amid the global shift to cleaner energy. ERM owns two gas-fired generators, as well as the retail business, which Shell said will play an important role as Australia makes the switch away from coal-fired power. The deal is expected to close this year.“This acquisition aligns with Shell’s global ambition to expand our integrated power business and builds on Shell Energy Australia’s existing gas marketing and trading capability,” Zoe Yujnovich, the company’s Australia chairman, said in a statement.ERM shares jumped 42% in Thursday’s trade in Sydney to close at A$2.45, just below Shell’s cash offer of A$2.465 ($1.67), which has the unanimous approval of ERM’s board. Company founder and major shareholder, Trevor St. Baker, also intends to vote in favor:“Shell has the resources and networks to further ERM Power’s significant potential,” he said in a statement.Australia’s energy sector is facing headwinds from a highly competitive retail market and regulatory intervention, which is having an impact on margins, Origin Energy Ltd. CEO Frank Calabria said in a statement to accompany the group’s annual earnings on Thursday.“If the transaction proceeds, and Shell seeks to expand market share, we would see this as a competitive negative, at the margin, for incumbents AGL and Origin,” Rob Koh, utilities analyst at Morgan Stanley, said in a note to clients.ERM’s shareholders would vote on the deal around early November, the company said, and directors plan to support the transaction in the absence of a superior proposal. “If there is somebody out there, then this is the opportunity for them to come forward,” CEO Jon Stretch said on a media call.Luminis Partners is ERM’s financial adviser, with Herbert Smith Freehills acting as legal adviser. Shell is being advised by UBS Group AG and Ashurst.(Adds ERM’s closing share price in par 4.)To contact the reporter on this story: James Thornhill in Sydney at email@example.comTo contact the editors responsible for this story: Ramsey Al-Rikabi at firstname.lastname@example.org, Keith Gosman, Peter VercoeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Royal Dutch Shell has made its first foray into Australia's highly competitive power sector with a A$617 million (344.59 million pounds) takeover offer for ERM Power Ltd , the country's no.2 energy retailer to businesses and industry. The deal would instantly give Shell a power supplier with almost a quarter share of the commercial and industrial retail market in Australia, second only to Origin Energy in that space. Shell, already one of Australia's biggest gas producers, wants to use its global scale in oil and gas to build a power business, as the world rapidly shifts towards cleaner energy.
(Bloomberg) -- The rivalry between U.S. and Middle Eastern oil producers has jumped up a notch as American crude makes its way right to the heart of Asia, the world’s most-prized energy market.Royal Dutch Shell Plc has offered a cargo of U.S. West Texas Intermediate Midland crude that’s priced off the Dubai benchmark in its debut during Asian hours on S&P Global Platts’ widely-referenced trading platform, according to two traders and data compiled by Bloomberg.Offering the shipment -- scheduled to be delivered to Singapore, or Linggi or Nipah in Malaysia -- against the Middle East’s oil benchmark brings it into direct competition with Gulf grades produced in Saudi Arabia, Abu Dhabi and Qatar. Once considered a one-off arbitrage, the flow of American oil to Asia has increased in recent years.“It’s another tasty entree on the oil buffet table that may be quite appetizing for some of the Asian buyers,” said John Driscoll, chief strategist at JTD Energy Services Ltd. in Singapore. “Considering that U.S. crude exports have steadily been ramping up, this move could be disruptive for the traditional suppliers in the Middle East.”While U.S. shipments of grades such as WTI Midland and Eagleford are typically priced off the American benchmark WTI, Shell’s offer makes it easier for buyers to compare it against similar-quality oil that refiners across South Korea, Japan and China typically take. The crude can be transferred to other vessels in the Malacca Strait near Singapore, making the logistics less complicated for buyers across Asia.American exports have eroded the dominance of Middle Eastern crude in Asia, at a time when the Organization of Petroleum Exporting Countries and its allies are restricting their output in an effort to prop up prices. South Korean oil imports from the U.S. rose to about 8.5 million barrels in June, compared with 3 million barrels a year earlier. American shipments to Asia are likely to expand further due the start up of two Permian pipelines this year.The offer by Shell was made for a WTI Midland cargo for delivery on Oct. 15-25 at a premium of $4.55 a barrel to Dubai benchmark price, the traders said. The deal was subject to the buyer’s acceptance of a vessel named Phoenix Jamnagar.(Updates with chart.)To contact the reporter on this story: Sharon Cho in Singapore at email@example.comTo contact the editors responsible for this story: Serene Cheong at firstname.lastname@example.org, Andrew JanesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Royal Dutch Shell, the energy giant known for its fossil fuel production andhundreds of Shell gas stations, is creeping into the electric vehicle-powerbusiness
Royal Dutch Shell is launching electric vehicle chargers at petrol stations in Singapore, its first such foray in Southeast Asia, the company said on Monday. The electric vehicle charging service, 'Shell Recharge', will be available at 10 Shell petrol stations in Singapore by October, this year or about 20% of its retail network in the city-state, the company said in a statement. It added that the chargers typically provide from 0% to 80% charge in about 30 minutes, and are compatible with most electric vehicles in Singapore.
MONACA, Pa./WASHINGTON, Aug 13 (Reuters) - President Donald Trump told workers on Tuesday at a $6 billion petrochemicals plant being built in western Pennsylvania that more big U.S. energy projects were coming as his administration rolls back environmental regulations. "This is just the beginning," Trump told workers wearing hard hats at Shell's ethylene cracker plant in Beaver County, Pennsylvania. Trump won Pennsylvania in that election by less than 1 percentage point, and he has visited the state often ahead of the 2020 vote.
Royal Dutch Shell (RDS.A) stock has slumped 10.8% so far in Q3. Shell’s dividend yield has risen to 6.6%, the highest among its peers.
The world’s largest sovereign wealth fund shocked the world when it said it was dumping oil and gas stocks, but it seems to have had a change of heart
Royal Dutch Shell is considering to install solar panels to power its Bukom refining site in Singapore, a company spokeswoman told Reuters on Tuesday. "We are exploring the potential of installing solar panels at our Pulau Bukom Manufacturing Site," she said, without providing further details. The Bukom manufacturing site includes a 500,000 barrels-per-day refinery, which is Shell's largest wholly owned refinery.
(Bloomberg) -- After revealing it wants to dump all oil stocks in a market-shattering bang in 2017, Norway’s $1.1 trillion wealth fund’s actual divestment could now be so small it hardly matters.The fund’s initial plan was heavily diluted in a political compromise that shielded the world’s biggest oil companies. Now technical adjustments look set to reduce the divestment by a further 30%, meaning the selloff would be smaller than the fund’s roughly $6 billion stake in oil giant Royal Dutch Shell Plc.It’s “like the mountain that gave birth to a mouse,” said Knut Anton Mork, an economics professor and former bank economist who’s followed the fund’s development and led a commission on its strategy.The world’s biggest wealth fund, built from decades of petroleum production to safeguard future generations of Norwegians, sent shock waves through global markets when it said it wanted to sell $37 billion in oil and gas stocks. While the fund argued it was a move to better spread Norway’s overall risk, the announcement was seized upon by climate activists as a key moment for fossil-fuel divestment movement.But the Norwegian government, fronted by two petroleum-friendly parties, decided in March to spare the big integrated companies such as Shell and BP Plc, partly because they invest in renewable energy. Instead the selloff would only include pure exploration and production companies, whittling down the divestment to about $7.8 billion. But that estimate was based on a category from index provider FTSE Russell that also included marketing, refining and petrochemical companies.Since then, the classification system has changed to include a “Crude Producers” category stripped of downstream. The fund will give its advice on the final details of the divestment to the Finance Ministry by mid-September, and declined to comment until then.Mork, as well as SpareBank 1 Markets Chief Economist Harald Magnus Andreassen, both said it’s likely that the Finance Ministry will pick the “Crude Producers” category for the divestment.The fund’s holdings in that group at the end of 2018 was $5.7 billion, according to Bloomberg calculations. Its 2.5% stake in Shell was worth $5.9 billion at the same time.Andreassen, who participated in a government-led panel that advised against the original plan because it viewed even that as a marginal insurance against lower oil prices, said there’s now “nothing left” of the fund’s initial proposal.“The resulting compromise doesn’t have anything to do with an oil-price insurance anymore,” he said. “This looks like a symbolic measure.”Steinar Holden, an economics professor at University of Oslo who supported the initial proposal, said it was “a pity” the plan didn’t go through and that the effect was now “small.”In an emailed response to questions, State Secretary Marianne Groth repeated the Finance Ministry’s argument that the divestment was appropriate even though the impact will “probably be limited.”“Since the state’s petroleum income mainly comes from upstream activity, it’s more accurate to remove upstream companies, rather than to exit a broadly diversified energy sector altogether,” she said.‘Scandalous’Activists and legislators are vowing not to give up on making the divestment more meaningful. The plan has not only lost its clout as a means to spread Norway’s risk, but its value as a figurehead for the global campaign against fossil fuels has also been diminished.The dilution of the proposal is “completely scandalous,” said Martin Norman, Greenpeace’s finance campaign director for the Nordics.The opposition Socialist Left Party, which has vowed to fight to broaden the exclusion to include integrated oil companies, said the latest estimate for the divestment, equal to just 0.5% of the fund’s value, only strengthened its point.“We’ve always viewed this as the first step,” lawmaker Freddy Andre Ovstegard said by phone. “We need to pull the fund out of all fossil energy.”Here is the likely disposal list:To contact the reporter on this story: Mikael Holter in Oslo at email@example.comTo contact the editors responsible for this story: Jonas Bergman at firstname.lastname@example.org, Stephen TreloarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Royal Dutch Shell Plc is returning the crude unit (CDU) at its 225,300 barrel-per-day (bpd) Norco, Louisiana, refinery to normal operations, sources familiar with plant operations said on Monday. The 225,300-bpd CDU remained in operation while repairs were performed on a portion of the unit this morning, the sources said. Shell spokesman Ray Fisher said planned work was continuing at the refinery, but declined to offer details.