Dutch

Royal Dutch/Shell Group’s third quarter profit fell for the first time in more than two years, dropping 17% on lower energy prices and lower demand for chemicals. Net income, excluding one-time charges, fell to $2.69 billion from $3.25 billion for the third quarter of 2000. Shell hasn’t had a quarterly decline in profit since the first quarter of 1999 and the company said the outlook remains weak because of the economic slowdown, especially in the United States.

Royal Dutch/Shell Group’s third quarter profit fell for the first time in more than two years, dropping 17% on lower energy prices and lower demand for chemicals. Net income, excluding one-time charges, fell to $2.69 billion from $3.25 billion for the third quarter of 2000. Shell hasn’t had a quarterly decline in profit since the first quarter of 1999 and the company said the outlook remains weak because of the economic slowdown, especially in the United States.

In a deal that paved the way for the Chevron-Texaco merger to be completed last week, Royal Dutch/Shell Group signed a $3.8 billion agreement to buy out Texaco’s two oil refining and marketing joint ventures, making Shell the largest U.S. gasoline refiner with nearly a 15% market share. The sale of Texaco’s joint ventures was confirmed on the last day before the assets were due to go into a trust to allow completion of the Chevron Texaco combination, as specified by the Federal Trade Commission. The $39 billion merger gained approval Tuesday from shareholders of both companies and was completed shortly after the shareholders voted.

In a deal that paves the way for the Chevron-Texaco merger to be completed, Royal Dutch/Shell Group signed a $3.8 billion agreement to buy out Texaco’s two oil refining and marketing joint ventures, making Shell the largest U.S. gasoline refiner with nearly a 15% market share. The sale of Texaco’s joint ventures was confirmed on the last day before the assets were due to go into a trust to allow completion of the Chevron Texaco combination, as specified by the Federal Trade Commission. The $39 billion merger also gained approval Tuesday from shareholders of both companies.

Joining a growing list of companies lowering their forecasts, Royal Dutch/Shell Group, the second largest oil company in the world, has reduced its production growth estimate to 3% a year, down from the 5% a year it had targeted in 1998. The reduction applies to targets set through 2005.

Joining a growing list of companies lowering their forecasts, Royal Dutch/Shell Group, the second largest oil company in the world, has reduced its production growth estimate to 3% a year, down from the 5% a year it had targeted in 1998. The reduction applies to targets set through 2005.

Williams outbid Royal Dutch/Shell Group for Barrett Resources Corp. based on “electricity economics, along with fully integrated economics,” Stuart Wagner, a principal with Petrie Parkman told a GasMart/Power 2001 audience last Thursday. He suggested other merchant operators might also be in the market for gas reserves.

Williams outbid Royal Dutch/Shell Group for Barrett Resources Corp. based on “electricity economics, along with fully integrated economics,” Stuart Wagner, a principal with Petrie Parkman told a GasMart/Power 2001 audience Thursday.

For the fifth quarter in a row, the Royal Dutch/Shell group announced record earnings 23% higher than those of a year earlier. Outgoing Chairman Mark Moody-Stuart said higher gas prices, better refining margins and increased liquefied natural gas volumes all contributed to the growth. Net income also set a record.