Shell, Total align trading and refining units to drive profit growth *Shell, Total restructure to combat falling oil prices. LONDON, May 1- Top oil firms Royal Dutch Shell and Total are bringing their refining and trading operations closer together, seeking alternative ways to drive profits as oil prices fall and independent trading houses expand into their territory. Snapping at their heels are energy brokerages Vitol and...
| By: Dmitry Zhdannikov and Ron Bousso
Market correction in tech? CNBC's Julia Boorstin reports on LinkedIn's worst day ever as a public company and whether this is the start of a market correction in tech.
Little chance Big Oil's refining boom will last for long LONDON, May 1- The world's top oil companies can expect only limited solace from refining for the rest of the year, even as the often-troubled segment proved valuable in the face of sinking oil prices. Overcapacity in the sector previously made it the bane of integrated oil majors such as BP, Royal Dutch Shell, Exxon Mobil, Chevron, Total and Eni.
| By: Ron Bousso and Libby George
Church of England blacklists THESE fuel investments The Church of England has decided to blacklist coal & tar sands investments, in a striking victory for campaigners seeking to make fossil fuels unpopular.
Source: Financial Times
| By: Pilita Clark, Environment Correspondent
Church of England divests from coal, tar sands as adopts new climate policy April 30- The Church Commissioners and the Church of England Pensions Board said they have divested 12 million pounds from their investments in thermal coal and tar sands companies as part of an initiative aimed at promoting transition to a low carbon economy. The Church of England, mother church of the world's 80 million Anglicans, holds total investments...
UPDATE 2-Exxon profit slips but beats forecasts on refining, output April 30- Exxon Mobil Corp's first-quarter profit dropped less than expected in results posted on Thursday as margins at the refining unit of the world's largest publicly traded oil company surged on tumbling crude prices. "It was a strong quarter," said Brian Youngberg, analyst at Edward Jones in Saint Louis. The Irving, Texas- based company earned a...
| By: Anna Driver
UPDATE 3-Shale writedown pushes Statoil into red, dividend maintained OSLO, April 30- Oil major Statoil swung to a surprise first-quarter net loss on a writedown in the value of its U.S. shale business, but its operating figures beat forecasts and the firm pleased investors by maintaining its dividend. State-controlled Statoil, which operates in dozens of countries from Canada to Africa, said it had cut its price outlook for its U.S....
| By: Balazs Koranyi and Joachim Dagenborg