Royal Dutch Shell plc

From WikiCorporates
(Redirected from Shell)
Jump to navigation Jump to search
Royal-Dutch-Shell.svg

Royal Dutch Shell specialises in oil and natural gas production and distribution. The company sells its products in Asia-Oceania-Africa (37.6%), Europe (33%), USA (21.9%) and the Americas (7.5%). Net sales are:

  • 86.8%: Refining and distribution: owned 21 refineries and a network of 44,000 service stations worldwide. The group is also involved in manufacturing petrochemical products (olefins, aromatic products, solvents, ethylenes, propylenes, phenols, additives, etc.) and in solar energy production (end 2017).
  • 13.2%: Crude oil and natural gas exploration and production: Shell is also involved in producing energy from oil sands and wind.

Corporate Political Engagement Rating:[1] Transparency International    B  

Climate Policy Rating: InfluenceMap  D[2]
Climate-Accountability-Institute.svg Carbon Majors Oct.2019 update: Shell holds the No.7 spot in the Top 20.[3]
CDP-Worldwide-horiz.svg Carbon Majors Report: No.11 in the Top 50 worst GHG emitters.[4]

  • Apr.04.2018: Shell threatened with climate lawsuit in the Netherlands. Campaigners are threatening to take Shell to court unless it takes major climate action. Friends of the Earth Netherlands started legal action after Shell announced it planned to continue to put ~95% of its investments into extracting more oil and gas, and only ~5% into sustainable energy. The court case would be the latest in a series of legal actions to put major oil companies in the dock over their responsibility for climate change. New York is seeking compensation for the effects of climate change from the world's 5 largest oil companies: BP, Chevron, ConocoPhillips Company, Exxon Mobil Corporation and Royal Dutch Shell plc. A similar suit is also under way in California. Shell has previously been taken to court in the Netherlands over its liability for oil spills in Nigeria. The company says it supports the Paris Agreement and its goal to limit global warming to well below 2°, but its investment portfolio suggests otherwise. Mat Hope, Climate Home News. See also DeSmog UK

Associated Organisations

ToDo: Climate Change disinformation lobby groups

Company

Shareholders

Total float: 99.2%
Source: MarketScreener.svg, Mar.2020 ♦ Shell Annual Report 2019. Significant shareholder: p.275. Royal Dutch Shell plc, Feb.14.2020.
† SAFE Investment Company Ltd (State Administration of Foreign Exchange) is the Hong Kong branch of the State Administration of Foreign Exchange of the People's Republic of China (Chinese sovereign wealth fund).

Structure

Significant Subsidiaries

  • ref (Additional information, Exhibit 8.1)
    • Bahamas, Barbados, Bermuda, Cayman Islands, Cook Islands, Isle of Man, Luxembourg, Netherlands (tons), Switzerland, Trinidad & Tobago, UK (all the usual suspects, p.E14),

  • Shell Petroleum NV, reg. Netherlands Flag-Netherlands.svg
    • Shell Transport and Trading Company Ltd, CH
    • BG Group Ltd, [CH]

Shell Foundation

A PR company masquerading as a charity.
  • Apr.20.2017: Fresh Revelations of Alleged Shell Corruption to be Heard in Italian Court. Prosecutors seek charges against 4 senior Shell executives, including Shell Foundation chairman Malcolm Brinded, who was Shell’s head of Global Exploration and Production. Shell was recently forced to admit it dealt with convicted money-launderer Dan Etete, a former oil minister, when sealing the deal with the Nigerian govt - after 6 years of insisting it had dealt only with the Nigerian govt. Chloe Farand, DeSmog UK.
  • May.14.2018: Shell, Eni trial on Nigeria corruption re-adjourned to June. The trial of top executives from Eni and Shell over alleged corruption in Nigeria kicked off on Monday. The long-running graft case revolves around the 2011 purchase by Eni and Shell of Nigeria’s OPL-245 offshore oilfield for ~$1.3bn. Global Witness has described the case as one of the biggest corruption scandals in the history of the oil industry. Reuters.

Shell Energy Retail Ltd

Shell Energy Retail "supplies 100% renewable electricity,ref as well as gas, smart home technology and broadband."

Shell Energy Retail does not supply renewable energy. What it really does is sell you normal fossil-fuel-generated energy from the North Sea and/or imports, and then buys Renewable Energy Certificates, which are a form of "energy currency". A Certificate enables a supplier to offset fossil fuels by someone, somewhere else in the world, who generates truly renewable energy from sources like wind, solar and biomass.

Ownership
  • Shell Petroleum Company Ltd, holdco, CH (subsidiaries: AR-2017, p.27)
    • Impello Ltd, was Impello plc (Apr.2003-Sept.2017), a telecomms reseller and supplier of electricity and gas services to domestic and small business customers, CH
      • Shell Energy Retail Ltd, was First Utility Ltd, CH
        • First Utility GmbH, [OC], reg. Germany
        • First Utility Poland Sp. Zoo, [OC], reg. Poland
      • First Telecommunications Ltd, CH
      • First Utilities Ltd, IP holdco, CH
Timeline
  • Mar.2019: Shell Energy Retail Ltd, t/a "Shell Energy": First Utility Ltd was renamed and rebranded.
  • Feb.2018: Shell Petroleum company completed the acquisition of Impello Ltd and its subsidiaries. Impello became a wholly-owned subsidiary, within Shell's New Energies division.(AR-Dec.2017)
  • Sept.2017: Impello Ltd was delisted.
  • Dec.2013: Impello plc entered into a new 10-year wholesale energy trading agreement with Shell Energy Europe.(AR-Dec.2013)
  • Jan.2006: Impello plc, a fellow subsidiary of the Sunbright Holding Company Ltd, became First Utility Ltd's parent holdco. Impello had a wholesale energy trading agreement with Morgan Stanley Inc.(AR-Dec.2006)
  • Mar.2004: 25 First Utility Ltd was incorporated, with its controlling parent company Sunbright Holding Company Ltd incorporated in the Bahamas.Website, Timeline
Sources: First Utility Ltd. Companies House. Accessed Apr.2019. ♦ Impello Ltd. Companies House. Accessed Apr.2019.

Integrated Gas, incl. New Energies

Integrated Gas manages LNG activities and the conversion of natural gas into GTL fuels and other products. It includes natural gas exploration and extraction, when contractually linked to the production and transportation of LNG, and the operation of the upstream and midstream infrastructure necessary to deliver gas to market. It markets and trades natural gas, LNG, crude oil, electricity and carbon-emission rights, and also markets and sells LNG as a fuel for heavy-duty vehicles and marine vessels.
New Energies
Created in 2016 to explore lower-carbon energy opportunities with clear commercial value. We are exploring emerging opportunities and are already investing in opportunities where we believe sufficient commercial value is available. We focus on new fuels for transport, such as advanced biofuels, hydrogen and charging for battery-electric vehicles; and power, including from low-carbon sources such as wind and solar as well as natural gas.

New Energies pursues two main areas of opportunities: new fuels for transport, such as advanced biofuels, hydrogen, and charging for battery-electric vehicles; and power, including from low-carbon sources such as wind and solar as well as natural gas. Digital technologies complement our activities in both new fuels and power. The New Energies portfolio is largely being built through acquiring established companies or through start-up companies.
New Fuels: Biofuels, Hydrogen electric as a transport fuel.
Power: In the Netherlands, we have an interest in the consortium that was awarded the concession by the Dutch government in December 2016 to develop the Borssele III and IV offshore wind farm projects, which are to be located 20 kilometres off the Dutch coast. In January 2018, Partners Group signed an agreement to join the projects, diluting our interest in the consortium from 40% to 20%. Also in the Netherlands, we have a 50% interest in the Noordzeewind joint venture with Nuon, which has been set up for the development, construction and management of the Egmond aan Zee offshore wind farm. The farm comprises 36 wind turbines, each with a capacity of 3 MW.

Upstream

The Upstream organisation covers 3 strategic themes. It manages the exploration for and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to market.
  • Conventional Oil and Gas, which is a cash engine
  • Deep water, which is a growth priority
  • Shales, which is an emerging opportunity.

Downstream

Manages different Oil Products and Chemicals activities as part of an integrated value chain, including trading activities, that turns crude oil and other feedstocks into a range of products which are moved and marketed around the world for domestic, industrial and transport use. The products we sell include gasoline, diesel, heating oil, aviation fuel, marine fuel, biofuel, lubricants, bitumen and sulphur. In addition, we produce and sell petrochemicals for industrial use worldwide. Our Downstream organisation also manages Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).
  • Oil Products, which is a cash engine. Our cash engines are Conventional Oil and Gas in Upstream, Integrated Gas, and Oil Products in Downstream.
  • Chemicals, which is a growth priority.

Projects & Technology

Manages the delivery of our major projects and drives research and innovation to develop new technology solutions.

Shell Energy Europe

Shell Energy Europe provides business customers with advanced and high value solutions for energy assets and commodities, including natural gas, power and environmental products, across a broad range of European markets. As part of the global network of Shell Trading, we are active across all stages of the energy value chain from production, transport and storage to trading, sales and customer service. Webpage

Timelines

ToDo: History, Reports, Interesting Infos
  • Oct.2018: OfGem appointed First Utility as the new supplier for Usio Energy's customers. ref
  • Feb.2018: Acquisition of First Utility Ltd completed, a household energy provider in the UK. CH, website
  • Jan.2018: Acquired a 43.83% interest in Silicon Ranch Corporation, a US developer, owner, and operator of solar assets. The transaction was completed in Mar.2018.
  • Oct.2017: Acquired Netherlands-based NewMotion, one of Europe’s largest electric vehicle charging providers.
  • Feb.2016: #BG Group plcOpenCorporates-sm.svg was acquired, and then delisted.CH, ref, BG GroupWikipedia-W.svg
  • 2005: Royal Dutch Shell plc became the single parent company of Royal Dutch Petroleum Company and of the “Shell” Transport and Trading Company plc, now the Shell Transport and Trading Company Ltd.
  • Oct.2004: Royal Dutch Shell plc: the company was re-registered as a public company limited by shares, and changed its name from Forthdeal Ltd to Royal Dutch Shell plc. The company is resident in the Netherlands for Dutch and UK tax purposes. regnos. 4366849 + 34179503.
  • Feb.2002: Royal Dutch Shell plc was incorporated in England and Wales.
  • 1991:
     #ShellKnew
    Climate of Concern: Shell produced a public documentary on global warming. It warned that trends in global temperatures raised serious risks of famines, floods and climate refugees. Nevertheless, during the next 25 years, Shell continued to invest heavily in fossil fuels and, in particular, highly polluting tar sands. The predictions in the 1991 film for temperature and sea level rises and their impacts were remarkably accurate.[5]
  • 1985: Al Furat Petroleum Company, a joint venture between the state-owned General Petroleum Corporation, a subsidiary of Shell called Syria Shell Petroleum Development, and other groups, was founded. Shell brought the Syrians technology, experts, and technical expertise. Shell left Syria in 2011, as civil war broke out and the European Union imposed sanctions.[6]
  • 1907-2005: Royal Dutch Petroleum Company and the “Shell” Transport and Trading Company plc were the 2 public parent companies of a group of companies known collectively as the "Royal Dutch/Shell Group".

BG Group Ltd

ToDo: link

Articles

  • Dec.26.2018: Shell says it wants to double green energy investment. Company already committed to spend $1bn-$2bn annually in the next two years on low carbon energy - with the rest of its $25bn budget invested in hydrocarbons. Shell has declared an ambition to double the amount it spends on Green energy to $4bn a year, in a sign of how the Anglo-Dutch company is looking to speed up its move to a future beyond oil and gas. Adam Vaughan, The Guardian.
  • Dec.21.2018: Shell splashes out $175m to crack US wind market. Shell has boosted its expansion into the offshore wind sector with 2 deals to establish a significant position in the nascent US industry. The group has splashed out $175m over the past week on the rights to develop hundreds of turbines in the waters off New Jersey and Massachusetts, which could power more than 1.5m homes. more Emily Gosden, The Times.
  • Dec.04.2018: Shell links chiefs’ pay to green targets. Executive pay will be tied to targets for reducing the group’s carbon emissions after it bowed to pressure from investors over climate change. Shell previously had set out a long-term “ambition” to halve the carbon footprint of its products by 2050, but had claimed that binding targets would be “foolhardy”. Shell’s announcement of targets was made in conjunction with Climate Action 100+, a group of investors with more than $32trn of assets under management. More than 200 serving and former MPs called on their pension funds to phase out investment in fossil fuel companies. Emily Gosden, The Times.
  • Oct.19.2018: Shell ends National Gallery sponsorship – to delight of campaigners. 12-year sponsorship deal, which had sparked environmental protests, expired in Jan. The partnership with Shell has made the London art gallery the target of protests over the years. Campaigners have spent years putting pressure on national cultural institutions to cut their ties with fossil fuel firms, which they say gives the companies a social licence to operate and ‘launders’ their corporate image. They have scored major victories, such as BP ending its 26-year relationship with the Tate in 2016. Next in campaigners’ sights is Shell’s sponsorship of "Electricity: The spark of life", an exhibition at the Science and Industry Museum in Manchester. Adam Vaughan, The Guardian. Linkback: Greenwashing.
  • May.15.2018: Shell faces shareholder revolt over chief executive Ben van Beurden’s €9m pay. Institutional Shareholder Services suggested that Mr van Beurden’s annual bonus of $3m may be unduly high. It has urged investors to reject Shell’s remuneration report, raising concerns about bonus payments and an accident involving a fuel tanker in Pakistan in which 200+ people died. ISS also expressed concerns that the remuneration report was “silent” on the committee’s approach to the explosion in Punjab in Jun.2017, which killed 217 people. Ben van Beurden, Shell’s chief executive, was awarded a 3.7% rise to €8.9m last year after more than trebling the group’s profits to $12.1bn on the back of rising production and a recovery in oil prices. Shell Pakistan was fined $2.4m, but denied liability. Gurpreet Narwan, The Guardian.
  • Apr.12.2018: Shell sets out strategy for dealing with shift from fossil fuels. Shell said it saw little risk of being left with “stranded assets” as the world begins to shift away from fossil fuels, and promised to keep pace with the global transition to cleaner energy. The group said 80% of its current proved oil and gas reserves would be produced by 2030, when it expects demand for those hydrocarbons to be higher than it is today. Chief Executive Ben van Beurden said understanding what climate change meant for Shell was “one of the biggest strategic questions” facing the group. The report came a week after Shell was threatened with legal action by Friends of the Earth over its contribution to global warming, and weeks before a vote at its annual meeting on a resolution from activist shareholders calling for a faster shift away from fossil fuels. Shell committed last year to disclose more information about “climate risks” to its business in response to mounting scrutiny from investors and regulators. The group has declared its support for the Task Force on Climate-Related Disclosures, which is developing 'voluntary guidelines under the leadership of philanthropist and media owner Michael Bloomberg, and Mark Carney, governor of the Bank of England and chair of the G20's Financial Stability Board. Tom Whipple, Peak-Oil.org.
  • Mar.09.2018: Shell says fossil fuels are here to stay as renewable electricity not powerful enough for industry. "Many processes used in iron, steel, cement and plastics factories can’t be electrified at all," said a senior oil company figure. There’ll be at least one home still welcoming fossil fuels in the face of a growing threat from cleaner resources, according to Royal Dutch Shell. Heavy industry relies on hydrocarbons to generate extremely high temperatures and chemical reactions, according to Mark Quartermain, vice president of crude oil trading and supply at the company. Sharon Cho, Serene Cheong, The Independent.
  • Mar.02.2018: Global energy giants forced to adapt to rise of renewables. Big oil is taking serious steps to diversify out of oil and gas and into the world of energy utilities. Shell recently bought the UK’s biggest independent household energy supplier, First Utility, and has also acquired firms in electric car infrastructure. That puts it in direct competition with E.ON, which promised to roll out charging points faster as a result of the asset swap. Adam Vaughan, The Guardian.
  • Feb.27.2018: Shell fears LNG shortage as demand soars. Shell has forecast a world shortage of liquefied natural gas that could push up prices, with $200bn of investment needed in new plants by 2030. Shell has dismissed claims by some of a looming LNG glut. Shell’s head of integrated gas said the problem was not a shortage of gas reserves but that the projects took a long time to get together and were expensive to finance. He said another problem was that buyers increasingly wanted shorter-term, smaller contracts rather than big, multiyear deals that developers had relied on to lock in revenues and to help to finance the construction of projects. Shell is gearing up to start production from Prelude, one of the world’s first floating LNG plants, which was given the green light in 2011 to produce gas off the coast of Australia but has been delayed. Emily Gosden, The Times.
  • Feb.14.2018: Shell's Pivot to Renewables Sharpens With California Deal. Shell’s North American unit agreed to provide a credit line for trading and a revolving loan facility to Inspire Energy Holdings LLC. The Santa Monica, California-based clean-power, smart-home and energy-management company will use the funds to expand its reach. Terms weren’t disclosed. Brian Eckhouse, Kelly Gibbon, Bloomberg.
  • Jan.30.2018: Shell named as one of eight companies on EPA’s latest worst polluters list. Shell Ireland is one of 8 industrial sites listed on the Environmental Protection AgencyWikipedia-W.svg’s list for breaches of environmental regulations. The sites are on the National Priority Site list. Six of the sites account for more than 50% of all complaints in 2017. The NPS system was launched in Jul.2017 to drive further environmental compliance at industrial and waste facilities. Sites which exceed a certain threshold become an NPS and are targeted by the EPA for further enforcement action. GreenNews.ie.

References

  1. ^ Corporate Political Engagement Index 2018. The new index of 104 multi-national companies, many of whom regularly meet with govt, has found nearly 75% are failing to adequately disclose how they engage with politicians. Only one company received the highest grade, with the average grade being "E" – representing poor standards in transparency. Transparency International UK, Nov.2018.
  2. ^ The A-List of Climate Policy Engagement. Which global companies lead in strategic lobbying for the ambitions of Paris? Rankings measure how a corporation or trade association behaves towards 2°C aligned climate and energy policy. IM Report page Influence Map, Apr.2018.
  3. ^ Carbon Majors. Update 8 October 2019: Accounting for carbon and methane emissions, Top Twenty investor-owned and state-owned oil, gas, and coal companies 1965-2017. Climate Accountability Institute, Oct.08.2019.
  4. ^ New report shows just 100 companies are source of over 70% of emissions. Carbon Majors research finds 100 active fossil fuel producers including ExxonMobil, Shell, BHP Billiton and Gazprom are linked to 71% of industrial greenhouse gas emissions since 1988. CDP, Jul.10.2018.
  5. ^ ‘Shell knew’: oil giant's 1991 film warned of climate change danger. Public information film unseen for years shows Shell had clear grasp of global warming 26 years ago but has not acted accordingly since, say critics. Damian Carrington, Jelmer Mommers, The Guardian, Feb.28.2017.
  6. ^ The Syrian Job: Uncovering the Oil Industry's Radioactive Secret. Justin Nobel, DeSmog UK, Apr.29.2020.