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Shell (RDS.A) to Sell Stakes in GoM's Caesar Tonga Field?
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Reportedly, Royal Dutch Shell plc is in talks to offload its stakes in the Gulf of Mexico (GoM) oilfield, moving ahead with its divestment goals. The company is planning to vend its 22.5% interest in Caesar Tonga field to Focus Oil for approximately $1.3 billion. Notably, Caesar Tonga field is jointly held by Anadarko Petroleum corporation , Shell, Equinor ASA (EQNR - Free Report) and Chevron Corporation (CVX - Free Report) , with Shell owning 22.5% interest.
The divestment is in line with Shell's strategy to steer clear of debt stemming from its $50-billion acquisition of BG Group. Notably, the company has already vended more than $27 billion assets, as part of its $30-billion 2016-2018 divestment plan. The company has been offloading its non-core assets in Malaysia, Norway, Iraq, New Zealand, U.K., Canada, Gabon, Ireland, Thailand, among others. With Shell already wrapping up transactions worth $27.5 billion, the company remains focused to meet its $30-billion target by 2018. Additionally, Shell intends to divest more than $10 billion worth of assets over the 2019-2020 time period. The move will help the company to upgrade and streamline its portfolio.
However, the company’s aggressive divestment of assets is reducing its production growth. Shell saw its second-quarter oil and gas production to decline sequentially as well as from the year-ago period. The group's disposal program — though successful in reducing costs and enhancing cash flow of the company — could further affect volume growth.
Headquartered in Netherlands, Shell is one of the largest integrated energy companies engaged in production, refining, distribution, and marketing of oil and natural gas. The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Shell (RDS.A) to Sell Stakes in GoM's Caesar Tonga Field?
Reportedly, Royal Dutch Shell plc is in talks to offload its stakes in the Gulf of Mexico (GoM) oilfield, moving ahead with its divestment goals. The company is planning to vend its 22.5% interest in Caesar Tonga field to Focus Oil for approximately $1.3 billion. Notably, Caesar Tonga field is jointly held by Anadarko Petroleum corporation , Shell, Equinor ASA (EQNR - Free Report) and Chevron Corporation (CVX - Free Report) , with Shell owning 22.5% interest.
The divestment is in line with Shell's strategy to steer clear of debt stemming from its $50-billion acquisition of BG Group. Notably, the company has already vended more than $27 billion assets, as part of its $30-billion 2016-2018 divestment plan. The company has been offloading its non-core assets in Malaysia, Norway, Iraq, New Zealand, U.K., Canada, Gabon, Ireland, Thailand, among others. With Shell already wrapping up transactions worth $27.5 billion, the company remains focused to meet its $30-billion target by 2018. Additionally, Shell intends to divest more than $10 billion worth of assets over the 2019-2020 time period. The move will help the company to upgrade and streamline its portfolio.
However, the company’s aggressive divestment of assets is reducing its production growth. Shell saw its second-quarter oil and gas production to decline sequentially as well as from the year-ago period. The group's disposal program — though successful in reducing costs and enhancing cash flow of the company — could further affect volume growth.
Headquartered in Netherlands, Shell is one of the largest integrated energy companies engaged in production, refining, distribution, and marketing of oil and natural gas. The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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