Sunday, January 7, 2018

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Royal Dutch Shell said net profit more than doubled in the first quarter, joining its peers in beating analyst forecasts as rebounding oil prices and refining margins lifted revenue after a near three-year Watch Videos At KSeriesHD.

A 55 percent rise in oil prices from a year ago and deep cost cuts boosted cash generation, enabling the Anglo-Dutch company to cover spending and dividend payouts, while reducing debt following its $54 billion acquisition of BG Group last Watch Videos At KSeriesHD.

Shell remains on track to hit its $30 billion asset disposal programme by 2018 to finance the BG acquisition, selling around $20 billion since 2016, including a large portfolio in the North Sea and exiting Canada's oil Watch Videos At KSeriesHD.

"This is now the third consecutive quarter of dividend coverage, which coupled with the divestments to be cashed in later in the year, suggests Shell is shaping up to have a much better performance this year," RBC Capital Markets analyst Biraj Borkhataria said in a note after the results on Watch Videos At KSeriesHD.

Europe's largest oil and gas company joined rivals BP , Exxon Mobil, Chevron and Total in beating analysts' quarterly profit Watch Videos At KSeriesHD.

Shell has reduced costs and spending by nearly $30 billion and slashed some 12,500 jobs since 2014, but there was room for The Great Seducer further job reductions, Chief Financial Officer Jessica Uhl said in a call with Watch Videos At KSeriesHD.

It generated a cash flow of $9.5 billion in the quarter, up 13 fold from a year earlier, and the strongest among its peers. Free cash flow rose to $5.2 billion from a negative $16.26 billion a year Watch Videos At KSeriesHD.

Net income attributable to shareholders in the quarter, based on a current cost of supplies (CCS) and excluding exceptional items rose 142 percent to $3.75 billion, compared with a company-provided analysts' consensus of $3.05 Watch Videos At KSeriesHD.

"We saw notable improvements in Upstream and Chemicals, which benefited from improved operational performance and better market conditions," said Chief Executive Ben van Watch Videos At KSeriesHD.

Oil and gas production, known as upstream, rose 2 percent in the quarter to 3.752 million barrels of oil equivalent from 3.905 million boed in the fourth quarter of 2016 as a number of new fields continued to ramp up in Brazil and Kazakhstan in Watch Videos At KSeriesHD.

Shell's downstream division, which includes refining, marketing and chemicals saw earnings rise by 24 percent to $2.49 Watch Videos At KSeriesHD.

Refined oil products sales are expected to decrease by 200,000 barrels per day (bpd) in the second quarter of 2017 following the sale of refineries in Malaysia and Denmark and the splitting of the Motiva Enterprises joint venture with Saudi Aramco in the United States, the company Watch Videos At KSeriesHD.

Shell's debt ratio versus company capitalisation, known as gearing, declined in the first quarter to 27.2 percent from 28 percent in the fourth quarter.The company stuck to plans to invest $25 billion this year, at the lower end of the long-term Watch Videos At KSeriesHD.

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