Beurden

Royal Dutch Shell plc is buttressing against an uncertain outlook for global oil and natural gas demand this year after profits were decimated in the first quarter by the impact of Covid-19.

Royal Dutch Shell plc shareholders during the annual general meeting on Tuesday handily defeated a resolution calling for tougher operational emissions targets, but CEO Ben van Beurden promised the company would continue to be a leader in combating climate change.

Royal Dutch Shell plc delivered a solid quarterly performance, returning the upstream to profitability from a year ago, but the oil major has adopted a “lower-forever mindset” regarding oil prices, as peak demand should hit within a decade, CEO Ben van Beurden said Thursday.

Royal Dutch Shell plc is aiming high but going smaller, with asset sales continuing as it shifts more resources to global natural gas projects and a narrow set of North American unconventional opportunities. Investments also will continue in renewables, regardless of any shift in U.S. policies, the CEO said Thursday.

Royal Dutch Shell plc is revamping its upstream operations effective Jan. 1 by splitting the conventional and unconventional natural gas and oil resources units and creating a standalone business to trade and market natural gas worldwide.

Royal Dutch Shell plc plans to lay off staff in its U.S. exploration and production (E&P) arm and cut upstream Americas spending by 20% this year to right its capital spending with cash flow.

Alaska offshore drilling is off the table and a proposed liquefied natural gas (LNG) export project for British Columbia (BC) is on the line as Royal Dutch Shell plc reconfigures its portfolio, CEO Ben Van Beurden said Thursday.