{"id":23632,"date":"2021-02-08T15:25:30","date_gmt":"2021-02-08T14:25:30","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=23632"},"modified":"2021-02-08T15:26:25","modified_gmt":"2021-02-08T14:26:25","slug":"royal-dutch-shell-sees-huge-loss-as-pandemic-hits-oil-demand","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/02\/08\/royal-dutch-shell-sees-huge-loss-as-pandemic-hits-oil-demand\/","title":{"rendered":"Royal Dutch Shell sees huge loss as pandemic hits oil demand"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"23632\" class=\"elementor elementor-23632\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-800f046 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"800f046\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e2120dd\" data-id=\"4e2120dd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-79ffcd9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79ffcd9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3e9097b4\" data-id=\"3e9097b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ffdcdd6 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"1ffdcdd6\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Royal Dutch Shell sees huge loss as pandemic hits oil demand<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11e53b22 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"11e53b22\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>08\/02\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28b354c0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"28b354c0\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20a3734f elementor-widget elementor-widget-text-editor\" data-id=\"20a3734f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Oil giant Royal Dutch Shell sank to a net loss of $21.7bn (\u00a316bn) last year after the coronavirus pandemic caused demand to slump.<\/p><p>The announcement comes after two of its rivals, BP and Exxon, posted similar big losses.<\/p><p>Looking ahead, Shell said &#8220;significant uncertainty&#8221; would continue to have a negative impact on demand for oil and gas products.<\/p><p>As a result, it said it might need to take measures to cut production.<\/p><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>In September last year, Shell announced that\u00a0<a class=\"ssrcss-hiczm3-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/business-54351815\">up to 9,000 jobs would go worldwide<\/a>\u00a0as the company responded to the effects of the pandemic.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>Last month, it said\u00a0<a class=\"ssrcss-hiczm3-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/uk-scotland-north-east-orkney-shetland-55619050\">it was cutting 330 jobs<\/a>\u00a0from its operations in the North Sea.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>Even before the virus struck, the oil industry was already having to rethink its future plans as part of the transition away from fossil fuels.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>The Covid impact means companies such as Shell are accelerating that transition.<\/p><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>Some doom-mongers were anticipating Royal Dutch Shell might unveil the largest-ever UK corporate loss, but in the end, the Anglo-Dutch oil group managed to get only halfway there. The \u00a316bn deficit is dwarfed by the \u00a330bn loss posted by Royal Bank of Scotland at the height of the 2008 banking crisis.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>The Shell results will also quickly be forgotten. They are largely accounting rather than cash losses, the result of a giant write-down in the future value of the company&#8217;s oil fields and prospects. Already investors are turning their attention to next week, when chief executive Ben van Beurden will present the company&#8217;s long-awaited plans to shift the company towards greener forms of energy.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>Pension funds and other big investors are pushing hard to get Shell to do more. The same pension funds, however, are reliant on the big stream of dividends that flows from the oil business. They will be hoping that Mr van Beurden will be able to pull off the trick of using that income to fund the investments in green energy that will &#8211; hopefully &#8211; yield a similar juicy dividend income in the future.<\/p><\/div><\/div><div class=\"ssrcss-18mjolk-ComponentWrapper e1xue1i80\" data-component=\"image-block\"><figure class=\"ssrcss-2y05cd-StyledFigure e34k3c20\"><div class=\"ssrcss-kwaqyc-StyledFigureContainer e34k3c22\"><span class=\"ssrcss-1exovz1-Placeholder e16icw910\"><img decoding=\"async\" class=\"ssrcss-evoj7m-Image ee0ct7c0\" src=\"https:\/\/ichef.bbci.co.uk\/news\/640\/cpsprodpb\/1226D\/production\/_105894347_grey_line-nc.png\" alt=\"2px presentational grey line\" width=\"640\" height=\"2\" \/><\/span><\/div><\/figure><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>Other big oil companies are also feeling the strain. On Tuesday, BP reported that it lost $18.1bn in 2020, marking its first annual loss in a decade.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>On the same day,\u00a0<a class=\"ssrcss-hiczm3-InlineLink e1no5rhv0\" href=\"https:\/\/www.bbc.co.uk\/news\/business-55907863\">US giant Exxon Mobil<\/a>\u00a0posted annual losses of $22.4bn.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>Two other big US firms, Chevron and ConocoPhillips, reported big losses as well.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>There are also indications of a potential shake-up in the sector, after media reports emerged this week that Exxon and Chevron held preliminary talks last year on a possible merger.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>The two firms declined to comment, but sources told Reuters that the discussions involved Exxon chief executive Darren Woods and his counterpart at Chevron, Mike Wirth.<\/p><\/div><\/div><div class=\"ssrcss-18mjolk-ComponentWrapper e1xue1i80\" data-component=\"image-block\"><figure class=\"ssrcss-2y05cd-StyledFigure e34k3c20\"><div class=\"ssrcss-kwaqyc-StyledFigureContainer e34k3c22\"><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>&#8220;This week&#8217;s huge losses by Shell, BP and Exxon reflect the challenges oil and gas companies face,&#8221; said David Elmes, professor of practice and head of the Global Energy Research Network at Warwick Business School.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>&#8220;They are skating on ever-thinning ice as the effects of climate change combine with other events like the Covid-19 pandemic.&#8221;<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>Prof Elmes said the slump in demand for oil and gas due to the pandemic had become more prolonged than initially hoped.<\/p><\/div><\/div><div class=\"ssrcss-uf6wea-RichTextComponentWrapper e1xue1i83\" data-component=\"text-block\"><div class=\"ssrcss-3z08n3-RichTextContainer e5tfeyi2\"><p>&#8220;There will be some ongoing need for oil and gas as a fuel for a while yet. There will also be demand for the petrochemicals and other products made from them. But that can&#8217;t sustain the industry we&#8217;ve seen in the past as we look to address climate change.&#8221;<\/p><p>Source: <a href=\"https:\/\/www.bbc.co.uk\/news\">BBC\u00a0<\/a><\/p><\/div><\/div><\/div><\/figure><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7360b72d\" data-id=\"7360b72d\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c5bfd48 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"c5bfd48\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div 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The announcement comes after two of its rivals, BP and Exxon, posted similar big losses. Looking ahead, Shell said &#8220;significant uncertainty&#8221; would continue to have a negative impact on demand for oil [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":23634,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Royal Dutch Shell sees huge loss as pandemic hits oil demand | StocExpo ","_seopress_titles_desc":"Royal Dutch Shell sees huge loss as pandemic hits oil demand. 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