Shell Announces Strong Results

Thursday, February 10, 2000
Oil giant Royal Dutch/Shell Group announced record fourth quarter profits, after a more than twofold jump in oil prices and as the benefits of its restructuring program continued to show through. Adjusted current cost net income soared by 173 percent to $2.235 billion in fourth quarter 1999, which was at the top end of analysts' forecasts, while net income of $2.582 billion compared with a loss of 3.739 billion the year before. Current cost net income for the full year rose 38 percent to $7.09 billion, after adjusting for special credits and charges. Exploration and production provided the main profit boost, hitting $1,507 million in the fourth quarter compared with a loss of $1,906 million in 1998 as crude prices soared. North Sea Brent crude prices averaged $17.95 per barrel in the fourth quarter, up from $11.15 in the same period of 1998.

Legal

El Faro Captain Ordered Crew to Abandon Ship before Sinking

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Foreship Establishes Tallinn Subsidiary

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UASC's Dismal Performance

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Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

 
 
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