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Shell (SHEL) to Exit Major Russian LNG Project, Gain Nothing
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Shell plc (SHEL - Free Report) , the oil supermajor, will walk out of the Russian Sakhalin-2 liquefied natural gas project with nothing after Russian President Vladimir Putin formally reassigned the facility to a new operating company, per a Bloomberg report.
This decision to exit is the most recent indication that Putin will not let major international energy firms make big money gains as they depart from Russia over its military action in Ukraine.
Earlier this year, the London-headquartered company had already written off the $1.6-billion value of its 27.5% ownership in Sakhalin-2. SHEL has a contract to receive LNG cargoes from the facility and is currently evaluating options consistent with applicable legal requirements and agreements as the venture is transferred to the new operator.
The other foreign participants in the facility, which include Japan’s Mitsui & Co. Ltd. and Mitsubishi Corp., have already agreed to hand over their interest of 12.5% and 10%, respectively, to the newly set up company. The remaining partner, Russia’s government-owned energy giant Gazprom PJSC, holds 50% of the current operator.
Shell also sold its retail and lubricant ventures based in Russia to the Russian energy company — Lukoil — earlier in 2022.
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals, with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
The Zacks Consensus Estimate for Petrobras’ 2022 earnings stands at $5.43 per share, up about 128.1% from the year-ago earnings of $2.38.
The Zacks Consensus Estimate for PBR’s 2022 earnings has been revised upward by about 15.5% over the past 60 days from $4.70 per share to $5.43 per share.
The Zacks Consensus Estimate for Murphy USA’s 2022 EPS has been revised upward by about 22% over the past 60 days from $17.54 to $21.39.
MUSA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49%.
The Zacks Consensus Estimate for TotalEnergies’ 2022 earnings is pegged at $13.83 per share, up about 107% from the year-ago earnings of $6.68.
TTE beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 14.6%.
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Shell (SHEL) to Exit Major Russian LNG Project, Gain Nothing
Shell plc (SHEL - Free Report) , the oil supermajor, will walk out of the Russian Sakhalin-2 liquefied natural gas project with nothing after Russian President Vladimir Putin formally reassigned the facility to a new operating company, per a Bloomberg report.
This decision to exit is the most recent indication that Putin will not let major international energy firms make big money gains as they depart from Russia over its military action in Ukraine.
Earlier this year, the London-headquartered company had already written off the $1.6-billion value of its 27.5% ownership in Sakhalin-2. SHEL has a contract to receive LNG cargoes from the facility and is currently evaluating options consistent with applicable legal requirements and agreements as the venture is transferred to the new operator.
The other foreign participants in the facility, which include Japan’s Mitsui & Co. Ltd. and Mitsubishi Corp., have already agreed to hand over their interest of 12.5% and 10%, respectively, to the newly set up company. The remaining partner, Russia’s government-owned energy giant Gazprom PJSC, holds 50% of the current operator.
Shell also sold its retail and lubricant ventures based in Russia to the Russian energy company — Lukoil — earlier in 2022.
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals, with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently has a Zacks Rank #2 (Buy). Investors interested in the energy space might also look at some other top-ranked stocks — Petrobras (PBR - Free Report) , Murphy USA (MUSA - Free Report) and TotalEnergies (TTE - Free Report) — each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Petrobras’ 2022 earnings stands at $5.43 per share, up about 128.1% from the year-ago earnings of $2.38.
The Zacks Consensus Estimate for PBR’s 2022 earnings has been revised upward by about 15.5% over the past 60 days from $4.70 per share to $5.43 per share.
The Zacks Consensus Estimate for Murphy USA’s 2022 EPS has been revised upward by about 22% over the past 60 days from $17.54 to $21.39.
MUSA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49%.
The Zacks Consensus Estimate for TotalEnergies’ 2022 earnings is pegged at $13.83 per share, up about 107% from the year-ago earnings of $6.68.
TTE beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 14.6%.