Shell sells nearly all oil sands interests to CNRL

[-lenny-]

An interesting development.

Royal Dutch Shell signs deals to sell oilsands assets - Business - CBC News

https://www.bloomberg.com/news/arti...to-sell-oil-sands-operations-for-7-25-billion

Sounds like most if not all jobs will transfer over to CNRL.

 

[Bnorth]

Speaks volumes when a company that size is shedding oil sands projects to seek higher return on investment and better cash flow.

 

[ferniesnow]

Speaks volumes when a company that size is shedding oil sands projects to seek higher return on investment and better cash flow.

The people of Alberta better get their chit together sooner than later. The next election is coming fast!

 

[scrfce]

Theres been rumors of shell wanting out for years, before the ndp even.
At least cnrl is primarily a canadian company.

 

[sirkdev]

Shell has been divesting for a while now, they sold a pile of stuff to Tourmaline and now this. CNRL scares me though... they are lean and mean there is a reason that they have one of the lowest lifting costs out there. Not the funnest company to work for, expect lots of job cuts soon.

 

[zal]

Shell has been divesting for a while now, they sold a pile of stuff to Tourmaline and now this. CNRL scares me though... they are lean and mean there is a reason that they have one of the lowest lifting costs out there. Not the funnest company to work for, expect lots of job cuts soon.

They are known for job cuts and lack of maintenance. Just enough to get by, to make money.

 

[BrosBeforeHos]

I've worked for CNRL for years, ****ty deal for Shell employees. CNRL hasn't cut a single job and things are maintained. There's higher paying jobs out there but at least a guys getting paid well enough, can't complain really. Big joke when someone leaves is "We'll see you in a couple months" lol. CNRL has acquired a lot of interests.


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[crazy_wheeler]

C-unts
N-obody
R-eally
L-ike's


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[Diamondledinc]

I've worked for CNRL for years, ****ty deal for Shell employees. CNRL hasn't cut a single job and things are maintained. There's higher paying jobs out there but at least a guys getting paid well enough, can't complain really. Big joke when someone leaves is "We'll see you in a couple months" lol. CNRL has acquired a lot of interests.


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i'm one of them

 

[pfi572]

Shell has been divesting for a while now, they sold a pile of stuff to Tourmaline and now this. CNRL scares me though... they are lean and mean there is a reason that they have one of the lowest lifting costs out there. Not the funnest company to work for, expect lots of job cuts soon.

This isn't direct at you in the least .
Some companies require people to work and be held accountable.
My son in law works for CNRL as employee doing instrumentation and really likes working for them.
He is a hard worker though and doesn't have any complaints.
Company's like Shell can't operate at $50-60 per barrel .

 

[Diamondledinc]

This isn't direct at you in the least .
Some companies require people to work and be held accountable.
My son in law works for CNRL as employee doing instrumentation and really likes working for them.
He is a hard worker though and doesn't have any complaints.
Company's like Shell can't operate at $50-60 per barrel .

We trimmed the fat HUGE... We all knew we were for sale, there was no reason we kept cutting. Our production costs are 26 per barrel. Management denied it, or perhaps didn't know about the sale.

 

[sirkdev]

This isn't direct at you in the least .
Some companies require people to work and be held accountable.
My son in law works for CNRL as employee doing instrumentation and really likes working for them.
He is a hard worker though and doesn't have any complaints.
Company's like Shell can't operate at $50-60 per barrel .

Completely agree with your comments, CNRL has a pretty solid business sense no doubt about it. The paper work and politics of working for a Exxon or Shell is out of control anymore. I know guys who work seasonal shutdowns that have waited days to get a permit issued for there task. That would not happen at CNRL.

 

[zal]

So consensus says its a good thing?

 

[S.W.A.T.]

This isn't direct at you in the least .
Some companies require people to work and be held accountable.
My son in law works for CNRL as employee doing instrumentation and really likes working for them.
He is a hard worker though and doesn't have any complaints.
Company's like Shell can't operate at $50

Yes they do and Shell is actually a company that does it well. They are simply shifting assets. Im not particular to Shell but would say a solid business move

 

[DRD]

The people of Alberta better get their chit together sooner than later. The next election is coming fast!

We aren't blameless of course but having regions of Canada that cock block pipelines and vote in little potato head and his carbon pricing probably didn't help.

 

[Caper11]

Shell has been divesting for a while now, they sold a pile of stuff to Tourmaline and now this. CNRL scares me though... they are lean and mean there is a reason that they have one of the lowest lifting costs out there. Not the funnest company to work for, expect lots of job cuts soon.

Your right, and there is a reason why they didnt divest their assets in fox creek and GP.

The Only job cut I forsee are the shell employees that are not willing to relocate within the company, and there is no position available within the new company for them.


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[honda75]

Shell took a huge loss to get out of the oilsands but they think thats better than losing more down the line.

I wish CNRL well, but I think the glory days are over and never coming back. I wouldn't invest my money into a 50 year project as high cost as the oilsands, and there are dark clouds growing on the demand front - the switch to electric vehicles is going to hit Alberta hard, I fear.

 

[j335]

Shell took a huge loss to get out of the oilsands but they think thats better than losing more down the line.

I wish CNRL well, but I think the glory days are over and never coming back. I wouldn't invest my money into a 50 year project as high cost as the oilsands, and there are dark clouds growing on the demand front - the switch to electric vehicles is going to hit Alberta hard, I fear.

Insitu oil sands projects are very competitive actually, many can sanctioned at mid $50's WTI.

This is why we need pipelines and market access, need other developing markets to sell to.

 

[DRD]

Getting out while they can IMO. Selling a mine for 40% of what it cost to build.

 

[-lenny-]

I can see the strategy on both sides. Shell made a commitment to reduce debt, and CNRL just scored a great price on a lot of proven reserves.

But I don't think I will hold my breath waiting to hear back on that job I applied to at Shell last week.....