Europe, Middle East and Africa Oil and Gas Correspondent
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Jul 28, 2011

Exxon, Shell use soaring profits to buy output growth

LONDON, Jul 28 (Reuters) – Exxon Mobil , Royal Dutch
Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz) and other big oil groups reported higher
profits on Thursday thanks to high crude prices and showed the
only way to combat falling output was by reinvesting the cash in
acquisitions and new ventures.

Investors have become increasingly worried in recent years
about Western oil companies’ inability to match natural field
decline with new finds, in part because they are shut out of
investing in the richest fields by countries such as Saudi
Arabia and Russia.

Jul 28, 2011

Shell, rivals tackle lower output as profits soar

LONDON, Jul 28 (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz)
and other oil giants reported big profit increases on Thursday,
as high oil prices masked the impact of lower crude and gas
production.

Shell said second-quarter current cost of supply net income
rose 77 percent to $8.00 billion, helped by non-cash accounting
gains and asset sales.

Jul 28, 2011

Shell profit soars as big projects pay off

LONDON (Reuters) – Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research, Stock Buzz) reported a big jump in second-quarter net profits helped by new projects which the company said would drive production growth in coming years.

Shell said second-quarter current cost of supply net income rose 77 percent to $8 billion, driven by higher oil prices and helped by non-cash accounting gains and asset sales.

Jul 26, 2011

BP plans slow return to Gulf drilling

LONDON, July 26 (Reuters) – Oil major BP Plc said it
had not yet applied for permission to drill its first new Gulf
of Mexico oil well since the oil spill, which was staunched a
year ago, even as rivals receive dozens of drilling permits.

The London-based company said it hoped to restart drilling
by the end of the year, but added it was still working to impose
improved drilling procedures before making applications.

Jul 26, 2011

BP fails to convince investors on strategy

LONDON, July 26 (Reuters) – BP Chief Executive Bob
Dudley’s promise of strong long-term growth failed to convince
investors concerned about the company’s post oil-spill strategy.

A year after BP, Europe’s second-largest oil company by
market capitalisation, staunched the massive leak at its Gulf of
Mexico well, investors say Dudley has still not set the company
on the road to recovery.

Jul 26, 2011

BP tries to soothe investor ire as profits lag

LONDON (Reuters) – BP Chief Executive Bob Dudley promised long-term growth after a weak performance for the next few months, in an attempt to ease investors’ frustration at the oil major’s sluggish share price.

BP reported second-quarter replacement cost net income of $5.31 billion on Tuesday, compared with a loss of $16.97 billion in the same period last year that included the cost of tackling its massive Gulf of Mexico oil spill.

Jul 25, 2011

BP investors press CEO Dudley for strategy clues

LONDON, July 26 (Reuters) – BP boss Bob Dudley is under
pressure to outline his post-oil spill strategy and revive the
share price when he unveils second-quarter earnings on Tuesday.

A year after BP staunched the massive leak at its Gulf of
Mexico well, investors say Dudley still has not set the company
on the road to recovery and that big plans for emerging markets’
growth have failed to impress.

Jul 22, 2011

BP investors turn up heat on CEO Dudley

LONDON, Jul (Reuters) – BP boss Bob Dudley is under pressure to clear up confused strategy and revive the oil giant’s share price when it reports second-quarter earnings next week that will lag well behind its peers.

A year after BP staunched the massive leak at its Gulf of Mexico well, investors say Dudley still has not set the company on the road to recovery and big plans for emerging markets growth have fallen flat.

Jul 21, 2011

BP shares down as Russian problems resurface

LONDON (Reuters) – Shares in British oil major BP (BP.L: Quote, Profile, Research, Stock Buzz) traded down on Thursday after a spat with partners in its Russian joint venture TNK-BP (TNBP.MM: Quote, Profile, Research, Stock Buzz) flared up again.

BP’s oligarch co-owners in TNK-BP have restarted tribunal proceedings aimed at securing a ruling that BP broke their shareholders’ agreement — a ruling that could make BP liable for billions of dollars in damages — sources close to both sides said.

Jul 19, 2011

BP oil spill tactics hold lessons for Murdoch

LONDON, Jul (Reuters) – Failed attempts to blame outsiders for mistakes, accusations that senior managers deliberately misled the authorities, and an escalating scandal that threatens the company’s very existence.

A year ago it was BP. Today it’s Rupert Murdoch’s News Corp.

Phone hacking and payments to police by employees at his UK newspaper group lit an explosion of public outrage and political pressure that has scorched his business.

    • About Tom

      "Tom leads our coverage of the oil and gas industry in Europe, the Middle East and Africa and is also author of 'Spills & Spin: The Inside Story of BP'. A former oil broker who turned to journalism 12 years ago, he is regularly interviewed on CNBC and other TV and radio stations on energy matters. Tom has reported from over twenty countries including Iran, Iraq, India, Pakistan, Tanzania, the U.S. and Russia. As Europe, Middle East and Africa Oil & Gas Correspondent, he has chartered the rise in oil prices to record levels, interviewed oil ministers and the CEOs of ..."
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