Shell Refining

发表时间: 2006-1-17 18:30    作者: sorooter    来源: LC金融超級市場

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• sorooter (2006-1-17 18:41:30)

  关于Shell Overseas Holdings Limited减持股权
  http://www.shell.com/static/src- ... chairman_speech.pdf
  
  In July 2004, your Company’s major shareholder, Shell Overseas Holdings Limited, completed the sale of 72 million ordinary shares or a 24% shareholding in our Company, to institutional and private investors.
  While the decision was part of Shell's active portfolio management strategy, I believe the retention of its 51% stake reflects its firm commitment to the objectives of your Company. It is pleasing that your Company’s share price continued to rise markedly after the sale. I also note liquidity in the shares of your Company is markedly higher – ten times higher – following Shell Overseas Holding’s divestment.

• sorooter (2006-1-17 18:44:28)

  Royal Dutch Petroleum Company Strategy
  http://www.shell.com/static/inve ... _summary_report.pdf
  
  Our strategy is clear: more upstream, profitable downstream. We intend to focus on areas with high growth potential and where we can capture value from a higher oil and gas price environment.
  
  In line with our strategy of reshaping our portfolio and focusing our activity in selected markets, a number of divestments were made including assets in Portugal and Spain and a portion of the Group’s ownership of Showa Shell in Japan which was sold to Saudi Aramco. The sale of the Group’s interest in the Rayong refinery in Thailand was completed. The Delaware City refinery and the Great Plains and Midwest product pipelines in the USA were sold. We also announced that we were considering options for the LPG business including the possibility of a sale.
  
  SHELL REFINING 是属于 downstream businesses
  Shell’s downstream businesses engage in refining crude oil into a range of products including fuels, lubricants and petrochemicals. The Group operates the largest single brand retail network, with over 46,000 service stations.
  
  [ Last edited by sorooter on 2006-1-17 at 06:55 PM ]

• sorooter (2006-1-17 18:53:32)

  债务
  
  You may have read in the newspapers last week, that your Company signed a financial agreement with The Bank of Tokyo-Mitsubishi to secure a syndicated term loan facility of US$ 140 Million (or RM 532 Million) to prepay in full the outstanding balance of an existing syndicated term loan facility of US$ 360 Million (or RM 1,368 Million) and this at much better interest rate terms than we paid on the previous loan.
  We are very pleased with the excellent terms we agreed with The Bank of Tokyo-Mitsubishi, which include competitive pricing while other favourable terms and conditions remain virtually unchanged from those applicable to the previous facility.
  The Board of Directors and the Management Team of your Company are committed to continuously enhance shareholder value and this new term loan facility, which brings materially reduced financing costs and increased profitability to your Company and to you, the shareholders, is testimony to our resolve and focus in achieving an optimal capital and financing structure for the Company.

• sorooter (2006-1-17 18:58:57)

  在马来西亚独有的LRCC
  
  The Long Residue Catalytic Cracker (or LRCC as we often call it) unit proved its value by giving us the opportunity to produce higher margin products; the LRCC is the only facility of its kind in any refinery in Malaysia.
  
  The LRCC:
  • Enabled premium products to be produced – V-Power, Propylene
  • Quadrupled LPG production
  • Doubled motor gasoline output
  
  http://www.shell.com/home/Framew ... rchistory_0901.html
  
  The Company's oil refinery at Port Dickson produces a comprehensive range of petroleum products, most of which are consumed within Malaysia. In 1999 the Company completed its RM 1.4 billion investment in Malaysia's first Long Residue Catalytic Cracking (LRCC), thereby transforming what was a medium-sized simple refinery into a modern complex refinery capable of processing 125 kbpd (thousand barrels per day). The LRCC has quadrupled the refinery's LPG production and doubled its motor gasoline. It has also enabled the refinery to manufacture propylene for the first time - a highly valued feedstock for the petrochemical industry.
  
  [ Last edited by sorooter on 2006-1-17 at 08:35 PM ]

• sorooter (2006-1-17 19:00:41)

  原料货源
  
  Malaysian crude and condensate continued to remain the primary intake into the refinery and it formed 46% of the refinery intake diet, with the remainder of the feedstock coming from the Far East and the Middle East.

• sorooter (2006-1-17 19:10:54)

  效率
  
  In 2004, your Company’s Port Dickson refinery recorded an operational availability of 94.7% maintaining the excellent uptime performance recorded in the previous year.
  Your Company successfully completed two planned shutdowns during the year to facilitate statutory inspection and maintenance of our Complex 1 unit in March 2004 for 16 days, and of the Platformer-2 unit in September 2004 for 14 days. With the strong commitment of the refinery staff at Port Dickson to maximise plant uptime, we managed to process a total of 40.5 million barrels of crude oil and condensate during the year. Ladies and gentlemen – I must concede that our refinery is not the biggest in the world but I challenge any other refinery to beat our recent efficiency track record.

• sorooter (2006-1-17 19:14:10)

  油价和成绩
  
  Our 2004 net profit after tax amounted to a record RM 670 million, representing an increase of RM 488 million or 268% above the previous record of RM 182 million achieved in the previous year, 2003. The combined strengths of robust refining margins, which your Company’s management maximised whenever it could, and outstanding operational performance contributed to your Company’s commendable financial performance in 2004.
  During the year we also benefited from a pre-tax stockholding gain of RM 112 million due to an overall increase in oil prices during the year (compared to a gain of RM 17 million in 2003);
  however this stockholding effect accounted for only 15% of the Company’s total 2004 pre-tax net income. I hope this convinces you that only a small proportion of your Company’s profitability last year was due to oil price increases.

• sorooter (2006-1-17 19:17:40)

  股息
  http://www.shell.com/home/Framew ... _q3result_1128.html
  
  The Company is currently in a cash surplus position and wishes to prudently return this cash to its shareholders. It is the Board’s intention that this cash be paid out in the form of a 20 sen per share special interim dividend each quarter until the surplus cash has been utilised. On the basis of current planning assumptions, these special interim dividends would be paid out over the next 4 to 8 quarters; these special interim dividends will be in addition to the interim and final dividends.
  
  It is expected that refining margins will ease in the current quarter. Any weakening in oil prices may also negatively impact the Company’s financial results, given the stock accounting practices adopted by the Company.

• sorooter (2006-1-17 20:01:22)

  General Introduction
  http://www.shell.com/home/Framew ... g_process_1212.html
  
  Refining is the manufacture of petroleum products from crude oil. Refining involves two major branches; separation processes and conversion processes.
  There are many processes available to the refiner and the final processes chosen is determined by the products required (both quantity and quality) and the crude oil available. Over time changes to either product requirements or available crude oil can result in changes to the refining processes necessary in the refinery.
  
  Refinery Products
  Shell Refining Company (SRC) produces the following petroleum products:
  Liquefied Petroleum Gas, or "LPG"
  Propylene
  Gasoline, or Petrol
  Jet Fuel, or Avtur
  Gasoil, or Diesel
  Sulphur
  
  SRC also produces a number of petroleum components which can either be sold or processed in the refinery.
  
  Crude Oil
  Petroleum products are made from Crude Oil. There are many types of crude oil which come from many different sources around the world.
  Selection of the right crude oil is a key part of the refining process. The decision as to what crude oil, or combination of crude oil, to process depends on many factors including; quality, availability, volume, and price.
  Shipping costs (or "Freight") are another important element in crude oil selection and are determined by the size of the cargo and the distance from the supplier to the refinery.
  
  Distillation
  The first stage of crude processing is known as distillation, or fractionation, and occurs in a column known as a Distillation Column.
  In this process, the crude oil, which is a mixture of many types of hydrocarbons, is boiled and recondensed to separate the crude oil into components based on ranges of boiling points.
  Components which are heavier are harder to boil and will collect in the lower part of the column. Lighter components are easier to boil and will be collected in the upper part of the column.
  Very heavy components which are unable to boil will leave from the bottom of the column, in a stream known as residue, while very light components will leave from the top of the column. This stream is known as Liquefied Petroleum Gas, or LPG.
  
  Hydroprocessing
  To meet environmental specifications or to assist is further processing, some components then undergo a process known as hydroprocessing. The objective of this process is to remove sulphur from the component stream.
  This process will consume hydrogen to assist in the sulphur removal. The sulphur removed from this process is converted into pure liquid sulphur and is sold to local industry for the production or acid and fertiliser.
  
  Reforming/Platforming
  This process converts a low value component called 'naphtha' into a product known as reformate or platformate. This reformate has a much higher octane number and is used for gasoline blending.
  This is achieved using a catalyst that contains platinum.
  
  Catalytic Cracking
  This conversion process involves the breaking up of large hydrocarbon molecules into smaller molecules using a combination of heat and catalytic action.
  The unit at SRC is a Long Residue Catalytic Cracking (LRCC) unit and takes a heavy hydrocarbon stream called Long Residue and converts it into a number of more valuable components and products, including LPG, Propylene and some Fuel Oil components. However, the main product form the SRC LRCC is a gasoline blending component known as Cat Cracked Gasoline (CCG).
  A by-product of this process is Coke (or carbon), which is burnt to generate steam and electricity.
  
  Secondary Treating
  The refinery also has a number of smaller, so-called "secondary" processes. These are mainly involved with further polishing of components and products to remove sulphur and other impurities.
  
  Blending
  The final stage of the refining process is called blending. This is a crucial step where the various hydrocarbon components manufactured in the refinery are mixed together to make the final products sold by the refinery. The final blend recipes will depend on the quality of the available components and on the customer's requirements, called specifications.
  All blended products are tested before they are sold to ensure that they meet the customer's specifications.
  
  Product Distribution
  Once the petroleum products are blended and tested they can then be delivered to our customers.
  In the case of SRC, the main distribution channels are ship, pipeline, road tanker, and rail car.
  
  [ Last edited by sorooter on 2006-1-17 at 08:05 PM ]

• sorooter (2006-1-17 20:18:17)

  Shell Refineries in the Region
  
  [ Last edited by sorooter on 2006-1-17 at 08:26 PM ]

  
  region.GIF

• sorooter (2006-1-17 20:25:21)

  SRC Dimensions
  
  RATED CAPACITY 125,000 Barrels/day
  LICENSED CAPACITY 156,000 Barrels/day
  CAPEX 20 - 30 RM million
  OPEX 120 RM million
  STOCKS 3.5/ 30 mil bbl/days
  STAFF 280 Shell
  Up to 150 Contractor
  CRUDE TANKS 11
  PRODUCT TANKS 78
  POWER CONSUMPTION 28 MW
  SINGLE BUOY MOORING 1
  JETTY 3 Berths
  
  PROCESSING UNITS
  1 Long Residue Catalytic Cracker
  2 Crude Distillers
  Semi and Continuous Reformers

• sorooter (2006-1-17 20:42:11)

  SRC Profit before Taxation
  
  2001: Drop in crude and product prices resulted in stockholding losses for the Company.
  2002-2005: Increase in profits due to strengthening of refining margins, rising crude and product prices and improvement in operating performance

• sorooter (2006-1-17 20:46:46)

  SRC Capital Expenditure
  
  1999: Final year of LRCC construction
  2002: First LRRC planned shutdown
  2005: RM 28 mln of capex in Q2’05 relates to the planned shutdown of the LRCC/Complex 2

  
  capex.GIF

• sorooter (2006-1-17 20:49:21)

  SRC Effective Tax Rate
  
  2001:Very low Profit Before Tax, therefore a small permanent difference in tax computation has big impact on ETR.
  2004 to Q1 2005:Low ETR due to utilization of Reinvestment Allowance.
  Q2 2005:Higher ETR as the Reinvestment Allowance was fully utilized in Q1 2005

• sorooter (2006-1-18 13:55:15)

  为什么2004年会赚多？
  
  Your Company’s financial performance in
  2004 was by far its best ever. Our 2004 net
  profit after tax amounted to a record RM 670
  million, representing an increase of RM 488
  million or 268% above the RM 182 million
  achieved in 2003. The combined strengths of
  robust regional refining margins, which your
  Company’s management maximised whenever
  it could, and excellent operational performance
  contributed to your Company’s commendable
  financial performance in 2004.
  
  During the year we also benefited from a pretax
  stockholding gain of RM 112 million due
  to overall increase in oil prices during the year
  (vs. gain of RM 17 million in 2003); however
  this stockholding effect accounted for only 15%
  of the Company’s total 2004 pre-tax net income.
  
  [ Last edited by sorooter on 2006-1-18 at 02:27 PM ]

  
  stockhold.GIF

  
  intake.GIF

• sorooter (2006-1-18 14:34:23)

  2000 - 2004 成绩单

  
  result.GIF

• red.sun (2006-4-12 16:59:48)

  作为Shell的支持者，应该要更新下资料，最新的成绩单：
  
  http://announcements.bursamalays ... ainpage.nsf/lca.htm
  
  成绩下跌只因突来的tax所影响，不过令我兴奋的是RM0.58超高股息。

• kinwing (2006-4-12 17:41:32)

  I just like to share with my point of view regarding shell.
  
  I don't totally agree Shell to pay high dividend due to tax issue.
  
  For example, Shell's market price is RM9 in year 2005 and the company was making net profit of RM1 in 2005 as well, then the market would reflect the RM1 profit and the share price will be adjusted to RM10 at year 2006.
  
  If Shell declare to fully pay the net profit RM1 as dividend, then the market price will be adjusted back to RM9.00, and this dividend is subject to personal tax for individual shareholder.
  
  I think it's unfair to shareholder as this is double taxation as the dividend we received is after 28% company tax and now we have to another personal tax for our dividend received.!!!
  
  If Shell does not declare dividend, the market price would still be at RM10. By selling the share in the market for RM10 and then deduct the year 2005's share price at RM9, so the shareholder could make RM1 profit for share appreciation. Please bear in mind that in Malaysia, there is no tax for gain on share appreciation whereas there is tax burden for dividend!!!
  
  Thus I would prefer the company not to declare any dividend at all. I'd rather to have my own-made dividend from the market.

• kinwing (2006-4-12 17:47:25)

  所以我的结论是超高的股息有损股东利益，因为股息要交税而卖股所赚到的盈利则不必缴税。

• uncleho24 (2006-4-12 18:05:51)

  股息的税收只是被抽一次。
  如果你的收入不在28%的收税率，那么你可以向IRB拿回已被抽的股息。
  投资在外国公司，要避免股息是非常难的。因为这个是唯一比较容易的方法，把钱运回总公司。