Royal Dutch Shell PLC is reviewing its holdings in the largest oil field in the US, a possible sale that could raise as much as US$10 billion, according to Reuters.
The potential sale could include all of Shell’s 105,218 hectares in the Permian Basin, Reuters reported, citing unidentified people familiar with the matter.
Shell declined to comment on Reuters’ report.
The oil and gas behemoth is under pressure to accelerate carbon emissions cuts after a Dutch court last month ruled that the company’s climate plans did not go far enough.
The order to cut emissions faster and more drastically than planned is likely to have far-reaching consequences on the sector.
Shell, which has 92,000 employees across 70 countries, had planned to cut emissions by 20 percent by 2030.
However, the court in The Hague ordered it to reduce its absolute emissions by 45 percent compared with 2019 levels, after the Dutch arm of Friends of the Earth sued Shell for violating human rights by contributing to global warming.
Chief executive officer Ben van Beurden said Shell expects to appeal the verdict, and that the company has been unfairly targeted.
Still, he described a plan to take “bold, but measured” steps to cut emissions.
Facebook Inc on Wednesday reported its profit doubled in the second quarter as digital advertising surged, but warned of cooler growth in the months ahead in an update that sent its shares sinking. Profit rose to US$10.4 billion on revenue of US$29 billion, a 56 percent increase from last year, mainly from an increase in ad revenue, Facebook said. The number of people using the social network monthly climbed to 2.9 billion, a year-on-year gain of 7 percent, while about 3.5 billion people used at least one of the company’s apps, including Instagram, WhatsApp and Messenger. “We had a strong quarter, as we
FURTHER TAX MEASURES NEEDED? Corporate owners accounted for almost 30 percent of empty houses, many of which are held by firms that own 10 or more properties The number of unoccupied houses nationwide totaled 876,000 units last year, or 11.94 percent of all houses, the Ministry of the Interior said in a report issued on Thursday. Almost 30 percent of empty houses were owned by companies, suggesting that many corporate property owners engage in house hoarding, the ministry said. Excluding developers and builders, companies still owned 20 percent of empty houses, it said. The report is based on housing units’ electricity use and considers properties that use less than 60 kilowatt-hours per month as unoccupied. The study contradicts Ministry of Finance reports saying that house hoarding subsided and there is no
The Investment Commission has approved a plan by Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, to expand production at its plant in Nanjing, China. The plan was approved because the investment would come from the chipmaker’s earnings from the Nanjing plant and would not have an impact on its paid-in capital, the commission said. In addition, TSMC has pledged to invest NT$600 billion (US$21.43 billion) to NT$650 billion in Taiwan to create more jobs over the next three years, and has made efforts to protect intellectual property to prevent confidential business information from being leaked, it said. The
‘No SUPPLY BOTTLENECK’: Shipments would proceed as planned from the facility, which produces processors for a new line of iPhones to be launched next month Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) shipments would not be affected by the contamination of gas used in the manufacturing process at one of its key plants in Tainan, the firm said yesterday. While some TSMC production lines in Tainan’s Southern Taiwan Science Park received gas supplies that were found to be substandard, the chipmaker continued production using gas from other sources, the company said. Local media reported that the contamination was discovered at the world’s largest contract chipmaker’s Fab 18 on Thursday night and that production would be affected during four days of cleanup work. While not confirming that the contamination