CHICAGO – The Dow Jones may be slowly rising but Americans are still not feeling optimistic about their personal financial situations. Just before the stock market hit its latest low in March 2009, the Synovate Consumer Financial Sentiment Index (FSI), which measures the balance and magnitude of positive and negative consumer feelings about their personal financial situations, stood at -56 (signalling that a significant and larger portion of consumers feel they are worse off than better off compared to a year ago). After hitting a low of -85 in July (with the Dow up 38%), the FSI has improved as of March 2010 to -64. Still, about two and a half times as many people are feeling worse off than better off compared to one year ago. Only 16% of Americans feel the economy is improving, and many still believe that things will get worse before they get better.
To better understand financial attitudes and behavior among American consumers, Synovate recently surveyed approximately 1,000 men and women ages 18+ about their feelings towards the current state of the economy and their own economic situation.
Improved Economy, Not Improved Optimism
With the FSI still in negative territory, Claire Braverman, Senior Vice President of Synovate’s Financial Services group, notes that people still feel their personal financial situation has gotten worse regardless of overall economic improvement. Clearly the typical consumer is not persuaded by the positive stock market performance and the stream of ’cautiously optimistic’ economic headlines of recent months says Braverman. We have to feel the impact of the improvement personally before we believe the economy is really better overall
Interestingly, younger adults, especially those 18-34, seem to put more emphasis on the hopeful news trend. While they are more negative about their personal financial situation compared to their peers, they are much more optimistic than older Americans about the economy improving.
Living in Fear: Rainy Day Funds are Low
Not having enough money saved for emergencies is the top financial fear felt by 57% of people overall. But there is a clear gender difference as more women (61%) than men (53%) admit they experience this particular anxiety. And, despite the extraordinary levels of consumer debt in the midst of the recession, only a small fraction of Americans (5.5%) have sought professional guidance on debt management.
With this ubiquitous concern, the momentum in consumer spending remains negative. Excluding those who plan to spend about the same as they did a year ago, the number of people planning to spend less well outnumber those who plan to spend more across every spending category measured except for gasoline (no doubt reflecting expectations of rising prices). The toughest categories include health and beauty, dining out and apparel, with at least twice as many consumers planning to spend less versus more in these areas. In contrast, only 22% more people are cost cutters versus spenders in major exterior home or property improvements, and only 25% more people are planning to spend less in minor interior home improvements and decorating.
About the Synovate Consumer Financial Sentiment Barometer
Synovate’s Consumer Financial Sentiment Barometer is periodically conducted among a nationally representative sample of 1,000 adults in the US using Synovate’s online e-Nation panel to gauge how people feel about their personal financial situation as well as the economy overall. The Financial Sentiment Index (FSI) takes into account the net difference and magnitude of the percentage of consumers who feel financially better or worse off now compared to one year ago.
About Synovate
Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs over 6,000 employees across 62 countries.
For more information on Synovate visit www.synovate.com.
Source: WEBWIRE
Dayton, Ohio – Marlowe Law Office and Associates, a leading Ohio bankruptcy firm, announces http://debtreliefohio.org has gone live Debtreliefohio was created to promote MLO’s practice and educate Ohio citizens about bankruptcy, debt relief and consumer protection. The website provides guidance on common concerns such as How to stop wage garnishments and When should I file bankruptcy, treated from the perspective of an Ohio resident.
Bankruptcy, foreclosures and debt related problems have been on the rise in Ohio and many people are both crushed and and left hopeless by the mountain of debt facing them. Marlowe Law office can help Bankuptcy is a serious issue for anyone to consider, however in many cases, it is the best option for debt relief explains Stephen Marlowe.
If you are in need of an Ohio bankruptcy attorney then debtreliefohio.org should be your first stop because contained within the pages is an large amount of free information created to help Ohio residents looking for relief from debts
Marlowe Law office is located in in Tipp City, Ohio, but leverages technology to serve clients all over the Southwestern portion of the state. http://debtreliefohio.org/ohio-bankruptcy-attorney/
Source: WEBWIRE
Philips has launched an exciting global competition giving aspiring filmmakers the chance to have an original work judged by one of the world’s greatest film directors – Sir Ridley Scott, director of Hollywood blockbusters including Alien (1979), Blade Runner (1982) and Gladiator (2000).
The competition, called ’Tell It Your Way’, will also give one lucky winner the chance to gain a week’s work experience at Ridley Scott Associates (RSA) offices in Los Angeles, New York, London or Hong Kong.
The contest involves creating an original short film to accompany Philips’ ground-breaking Parallel Lines series of short films, directed by RSA talents, Greg Fay, Johnny Hardstaff, Carl Erik Rinsch, Jake Scott and Hi-Sim. The five short films, released on the Philips website are part of a cinematic project whereby each director created a film in a different genre, with a different storyline, but all following the same dialogue.
The Parallel Lines films bring to life the cinematic capabilities of Philips TVs – unique Ambilight technology, award-winning picture quality, and superior sound – and are a cinematic interpretation of the campaign idea: There are millions of ways to tell a story. There’s only one way to watch one
I’m delighted to be involved with a project which supports aspiring directors and I’m looking forward to seeing how the entrants interpret the single dialogue brief commented Sir Ridley Scott.
At Philips, we are committed to delivering a cinematic viewing experience at home. Through our partnership with RSA, we’re excited to be able to offer the public the chance to create their own film and have it promoted globally as part of such a ground-breaking project as Parallel Lines commented Gary Raucher, head of integrated marketing communications, Philips.
Competition entries are open to anyone globally and should be submitted via the official Philips Cinema YouTube channel. Entries close at midnight 8th August 2010. Three rounds of judging will be held including public voting via YouTube. Finalists will be judged on criteria including creative storytelling, use of dialogue, and technical achievement. The top ten finalists will be selected by RSA directors and British Academy of Film & Television Arts (BAFTA) Chairman, David Parfitt. The overall winner will be selected from the top five finalists by Sir Ridley Scott himself.
Runners up prize packages include an invitation to an RSA film premiere in London or New York including travel, accommodation; and a number of Philips Cinema 21:9 Televisions.
Full terms and conditions for the Tell It Your Way competition can be found on the Philips website.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of sense and simplicity. Headquartered in the Netherlands, Philips employs approximately 116,000 employees in more than 60 countries worldwide. With sales of EUR 26 billion in 2008, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare.
-ends-
For more information, please contact:
Wander Bruijel
Senior Manager
Global Product Public Relations
Philips Consumer Lifestyle
Piet Heinkade 55
1019 GM Amsterdam
+31 (0)20 5978847
Source: WEBWIRE
Amsterdam, The Netherlands – Royal Philips Electronics (NYSE:PHG, AEX: PHI) today announced the appointment of Pieter Nota as Chief Executive Officer of Philips Consumer Lifestyle and member of its Group Management, effective September 1, 2010, succeeding Andrea Ragnetti, who, as announced previously, will leave Philips as of the same date. To ensure a smooth transition, Mr. Nota will join Philips on August 1, 2010. It is Philips’ intention to propose the appointment of Mr. Nota as a member of the Board of Management of Philips to its Annual General Meeting of Shareholders, to be held on March 24, 2011.
Mr. Nota (Dutch, 1964) joins Philips from Beiersdorf AG (a.o. Nivea), a leading global cosmetics company, based in Hamburg, Germany, where he serves on its Board of Management as Chief Marketing & Innovation Officer with overall responsibility for brands as well as marketing, innovation and sales, including a significant regional P&L responsibility. Prior to this, Mr. Nota worked for 15 years at Unilever in several international management positions.
“I am very pleased that in Pieter Nota, we have been able again to attract a leader for our Consumer Lifestyle sector with a strong track record and established leadership in brand management and consumer marketing,” Gerard Kleisterlee, President and Chief Executive Officer of Philips, commented. “Moreover, on our journey to become a global leader in health and well-being, I believe we will benefit from Pieter’s rich experience in particularly the well-being area.”
”I am very happy to join Philips in this exciting role and look forward to working, together with the management team of the sector, on further strengthening Philips’ presence in the consumer markets,” Mr. Nota commented. “Philips is a fantastic brand with a substantial equity, and I firmly believe that the sector I will now have a chance to lead is well-positioned for continued success.”
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified health and well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 116,000 employees in more than 60 countries worldwide. With sales of EUR 23 billion in 2009, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.
Source: WEBWIRE
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Orange in partnership with EuropaCorp, founded by Luc Besson, are today launching weareproducteurs.com.
This community site will offer web users the opportunity to take part in an original and enlightening cinema adventure to discover what it actually involves to work as a producer and make a film together.
For more than a year, any internet users who wish will be able to join the weareproducteurs community and get involved in all the stages of the production of a EuropaCorp film, from its conception through to its big-screen release:
from May 28, five different types of synopsis will be gradually unveiled on the site. In this way, web users will be able to discover a romantic comedy, a young and fresh comedy, a romantic drama, a thriller and a detective movie
at the start of July, web users will choose their favorite scenario by voting on the site. The number of votes for each person will vary depending on their status and above all their level of involvement in the project.
once the film has been selected, web users will take part in the main production stages, voting on key points, from the development of the screenplay to directing options, casting choices and the soundtrack.
the film will be released in Autumn 2011, with web users also voting on the release date!
EuropaCorp will also invite them to contribute financially and receive their share from all the film’s proceeds. The web users’ contribution will be managed by EuropaCorp, through a mini-site which can be accessed directly from weareproducteurs.com.
This experiment is being rolled out on social networks (Facebook, Twitter, Youtube, etc.) where web users will be able to keep informed about the project’s latest news and developments, watch and share videos, or even interact with the weareproducteurs community.
To further enhance this project, Luc Besson also came up with the idea to create a college of experts, with directors, actors, screenwriters, first assistants, first cameramen and set designers, who will be called on from time to time to support web users in terms of their votes, comment on the project’s development and more generally share their expertise and their love of the cinema…In this way, web users will be able to interact with leading figures from the world of French cinema, including Richard Berry, Eric Lartigau.
This particularly innovative project is in line with Orange’s commitment to supporting and encouraging the emergence of new forms of creation. By bringing together the technological possibilities offered by its networks, the interactivity of the community internet and the quality of EuropaCorp’s movie projects, Orange is further strengthening its support for cinema professionals and helping create a new type of relationship between audiences and the seventh art.
Through this project, EuropaCorp and Orange are offering cinema lovers an opportunity to step behind the screen and go backstage to discover exactly what is involved in producing a film, their film. For the first time, viewers will be able to experience the set, get involved from the film’s very first steps, contribute towards its financing, and become a budding producer.
Regular updates on the project will be provided on the Orange portals.
Source: WEBWIRE
Expert analysis, in-depth previews, live scoreboards and interactive games comprise the best online source for the 2010 FIFA World Cup™
Los Angeles – In anticipation of the world’s most popular sporting event, Foxsoccer.com launches an expansive online resource to educate, entertain and engage soccer enthusiasts at foxsoccer.com/worldcup.
As the online complement to Fox Soccer Channel and Fox Soccer Plus, Foxsoccer.com offers around the clock coverage of the 2010 FIFA World Cup™, with real-time Match Trax, live scoreboards with complete statistical data, video commentary from Fox Soccer Channel’s expert analysts including Andy Gray and Richard Keys, live tweets from Fox Soccer Channel commentators and columnists, an interactive map of nations, photo galleries, a venue guide and a comprehensive look at each team vying for the title.
In addition, Fox Soccer Channel’s “Ticket to South Africa” iPhone application provides on-the-go access to Foxsoccer.com’s coverage of the World Cup™. The highly interactive application, sponsored by Audi, provides comprehensive and personalized coverage enabling users to create a “My Teams” list for quick access to their favorite nations’ headlines, news, match schedules, and scores. The app is available in the iTunes App store or at foxsoccer.com/iphone.
“Foxsoccer.com is the ultimate one-stop resource for all things World Cup™, offering unprecedented interactive coverage, expert analysis and in-depth profiles on every country, player and venue associated with this monumental event,” said Bhavesh Patel, Vice President of Interactive Media for Fox Sports International. “Fox Soccer Channel is a year-round online soccer authority, and with expanded interest in the game this summer we are proud to offer enhanced multiplatform access to both die-hards and casual enthusiasts alike.”
From May 10 through June 11, an in-depth preview section “32 Teams in 32 Days” chronicles each of the nations competing in South Africa. Expert analysis from Jamie Trecker, along with team photos and detailed historical information, provide all the background fans need to know about the final 32.
Soccer enthusiasts also have the opportunity to play the Fox Soccer Bracket Challenge, where anyone can prognosticate which nations will advance in the tournament and share their bracket with friends on Facebook. The Fox Soccer Predictor launches June 11, allowing fans to predict winners match-by-match through the entire World Cup™.
During the competition, Foxsoccer.com features running analysis and insight from Ives Galarcep and Nick Webster in near-real time from the venues in South Africa. Galarcep is a critically-acclaimed veteran of the American soccer scene and the lead reporter following every move of the United States Men’s National Team, while Webster tracks the progress of England’s National Team throughout the tournament. Additionally, a comprehensive and interactive World Map feature allows fans to easily identify the nations competing, players and group standings. Users will be able to view photos and facts about all 10 South African stadiums to familiarize themselves with the sites of the soccer’s biggest spectacle.
About Foxsoccer.com
Foxsoccer.com is America’s most visited online soccer destination, serving as the most comprehensive source for year-round soccer with match highlights, headlines, stats, photo galleries and commentary from leading soccer experts and analysts. A complement to Fox Soccer Channel and Fox Soccer Plus, the web site educates and entertains soccer enthusiasts throughout the United States with coverage encompassing England’s Barclays Premier League, the UEFA Champions League, Italy’s Serie A, Major League Soccer, Women’s Professional Soccer, the Argentine First Division and the Australian Hyundai A-League, in addition to such global tournaments as the English FA Cup, FIFA Club World Cup™ and CONCACAF Champions League™. In addition, live and on-demand match streaming is available via Foxsoccer.tv.
Source: WEBWIRE
Stockholm – Tele2 AB (Tele2), (NASDAQ OMX Stockholm: TEL2 A and TEL2 B) today announced that it has acquired the remaining 50 percent of Spring Mobil from Swefour AB for approximately SEK 100 million on a cash and debt free basis. Spring Mobil operates on the Swedish Business market with so-called One Phone solutions. Completion is conditional upon approval by the Competition authority.
Niclas Palmstierna, CEO Tele2 Sweden commented: Spring Mobil complements Tele2’s existing product portfolio and will improve our position in the corporate market. As a wholly owned subsidiary, we can fully benefit from the synergies that exist between Tele2 and Spring Mobil and the transaction will contribute positively to the company’s growth opportunities.
After the acquisition Tele2 will own 100 percent of Spring Mobil. In 2009 Spring Mobil had net sales of approximately SEK 206 million.
TELE2 IS ONE OF EUROPE’S LEADING TELECOM OPERATORS, ALWAYS PROVIDING THE BEST DEAL. We have 28 million customers in 11 countries. Tele2 offers mobile services, fixed broadband and telephony, data network services, cable TV and content services. Ever since Jan Stenbeck founded the company in 1993, it has been a tough challenger to the former government monopolies and other established providers. Tele2 has been listed on the NASDAQ OMX Stockholm since 1996. In 2009, we had net sales of SEK 39.5 billion and reported an operating profit (EBITDA) of SEK 9.4 billion.
Source: WEBWIRE
LONDON – Weber Shandwick, one of the world’s leading global public relations agencies, its clients and affiliate partner PRP Group were presented with nine European SABRE Awards this week at the gala dinner in London, sponsored by The Holmes Report. The honours recognised client campaigns conducted in three markets – Germany, the UAE and the UK – and across a number of sectors. The launch of INLINE Communications, Weber Shandwick’s communications philosophy based on the integration of on- and off-line public relations activity, was also recognised. In addition, the agency was also named Best Multinational Firm to Work for in EMEA. PRP Group was named Eastern European Consultancy of the Year.
“We are so proud of the partnership we have with our clients and the innovation and creativity and passion of our people. This amazing set of accolades for our European practices and offices underlines that and our position as Europe’s leading PR firm. A huge thanks to our industry peers who acted as judges, to Paul Holmes and of course to our clients without whom none of this would be possible,” said Colin Byrne, CEO, Weber Shandwick UK & Europe.
This year’s Weber Shandwick winning client campaigns are:
* UK and Ireland (£100,000 in fees or more): “Muslim Women’s Power List” – Equality and Human Rights Commission with Weber Shandwick London
* Multicultural Marketing: “Muslim Women’s Power List” – Equality and Human Rights Commission with Weber Shandwick London
* Retailers: “Don’t Change Your Lifestyle, Change Your Supermarket” – Aldi Stores UK Ltd. with Weber Shandwick Manchester
* Sponsorship: “A World Championship Filled with Energy” – Vattenfall Europe with Weber Shandwick Berlin
* Trade Show: “Supporting the Boeing Company at the Dubai Air Show 2009” – The Boeing Company with Promoseven | Weber Shandwick Public Relations in Dubai
Bronze SABRE:
* Digital Video: “Microsoft Bing Maps Goes 3D” – Microsoft with Weber Shandwick London
Iron SABRE:
* Product of the Year: INLINE Communications, Weber Shandwick Europe
These latest European SABRE Awards continue to build on Weber Shandwick’s industry recognition, which includes the PRWeek Global Agency Report Card gold medal, being named “Global Agency of the Year” by The Holmes Report for the second year in a row, “International Consultancy of the Year” at both the PRWeek Awards and the Public Relations Consultants Association (PRCA) Awards in the UK, Agency of the Year at the European Excellence Awards, and receiving an inaugural Cannes Lion award.
About Weber Shandwick
Weber Shandwick is a leading global public relations agency with offices in 76 countries around the world. The firm’s success is built on its deep commitment to client service, our people, creativity, collaboration and harnessing the power of Advocates – engaging stakeholders in new and creative ways to build brands and reputation. Weber Shandwick provides strategy and execution across practices such as consumer marketing, healthcare, technology, public affairs, financial services, corporate and crisis management. Its specialized services include digital/social media, advocacy advertising, market research, and corporate responsibility. In 2010, Weber Shandwick was named Global Agency of the Year by The Holmes Report for the second year in a row; an ’Agency of the Decade’ by Advertising Age, Large PR Agency of the Year by Bulldog Reporter, and Top Corporate Responsibility Advisory Firm by CR Magazine. The firm has also won numerous ’best place to work’ awards around the world including Best Multinational Firm to Work For in EMEA by The Holmes Report and a Top Place to Work in PR by PR News. Weber Shandwick is part of the Interpublic Group (NYSE: IPG). For more information, visit http://www.webershandwick.com.
Source: WEBWIRE
Tele Atlas’s Innovative Products Enrich Nav N Go’s New Navigation Software, iGO primo
Gent, Belgium and Budapest, Hungary – Tele Atlas, the world leader in high quality digital maps and dynamic content, and Nav N Go, a leading navigation solution provider for the wireless, automotive and personal navigation industries, have announced an extended global agreement through which Nav N Go will continue using Tele Atlas maps and innovative products such as Tele Atlas Speed Profiles, Logistics (truck/fleet vehicle attributes) and Advanced City Models. The agreement marks an extension of the companies’ longstanding collaboration, which began in 2004 and has seen Tele Atlas power a wide range of Nav N Go navigation solutions for PNDs, smartphones and built-in car navigation systems.
Through the agreement, Tele Atlas maps and content will also be featured in Nav N Go’s new premium software iGO primo, an easy-to-use navigation solution that features the company’s latest technological advancements. iGO primo will leverage Tele Atlas Advanced City Models 3D display content and benefit from the expansion of 3D coverage to more cities in Europe and around the world; this innovative 3D content is also featured in Nav N Go’s iGO amigo and Nav N Go iGO 8 applications. iGO primo further features a new Smart Route calculation, which offers optimal routes depending on the time of day and day of the week based on Tele Atlas’s Speed Profiles historical speed database. With Tele Atlas Logistics, iGO primo is able to meet the unique requirements of route planning for commercial vehicles such as trucks and vans.
“With the release of iGO primo, Nav N Go is delivering an advanced and exciting feature set to discerning end-users who seek the utmost in quality and content,” said Peter van der Fluit, Senior Vice President of TomTom’s Licensing Business Unit. “We are pleased to be able to extend this collaboration to support Nav N Go’s most recent navigation software with our global maps and broad range of content.”
“Following the launch of iGO primo at CeBIT 2010, this sophisticated and technologically advanced product quickly turned into the most sought-after software in our product portfolio,” said Tamás Vahl, Chief Executive Officer at Nav N Go. “Thanks to the integration of Tele Atlas’s rich product portfolio into a software product that profits from five years’ experience in the navigation industry, the first of our numerous global partners will shortly launch competitive navigation devices in their regional markets and demonstrate the capabilities of iGO primo to meet every manufacturer’s unique requirements.”
More information, including key benefits and features of Nav N Go’s iGO primo, is available at http://igomyway.com/primo.
About Tele Atlas
Tele Atlas is the licensing business unit of TomTom N.V. (AEX: TOM2), the world’s leading provider of location and navigation solutions. Tele Atlas delivers the digital maps and dynamic content that power some of the world’s most essential navigation, location-based services (LBS) and enterprises. Through a combination of its own products and partnerships, Tele Atlas offers digital map coverage of more than 200 countries and territories worldwide. Tele Atlas maps rate highest in terms of quality and reliability in certified tests. They are updated daily with the insight of a community of millions of GPS system users worldwide, who along with the company’s unmatched network of sources help to track and validate changes in real time. For more information, visit www.teleatlas.com. Follow Tele Atlas on Twitter at www.twitter.com/TeleAtlas or become a fan at www.facebook.com/TeleAtlas. Tele Atlas and the Tele Atlas logo are registered trademarks of Tele Atlas.
About Nav N Go Kft.
Nav N Go is a leading navigation solution provider for the Wireless, Automotive and Personal navigation industries. The company offers on-board, 3D navigation applications to device manufacturers, auto makers and network operators that are custom built according to each customer’s requirements. The core technology is based on the latest generation of the award-winning iGO Software Engine, which has been installed on millions of devices since 2005. Nav N Go has formed partnerships with more than 70 hardware manufacturers on 4 continents, including Tier I automotive manufacturers. To find out more about Nav N Go please visit www.navngo.com
Source: WEBWIRE
Royal Dutch Shell plc (“Shell”) continues to build a leading portfolio in North America tight gas, with new positions in high potential US shale gas acreage, in the Marcellus and Eagle Ford plays.
Shell has agreed to acquire subsidiaries which own substantially all of the business of East Resources, Inc (“East Resources”) for a cash consideration of $4.7 billion, from East Resources, its private equity investor, Kohlberg Kravis Roberts & Co. and its advisors Jefferies & Company. The transaction is subject to certain regulatory approvals. East Resources is a privately-owned business with its primary activity focused on the Marcellus shale, in the northeastern US. East Resources has some 650,000 net acres (2,600 square kilometers) of highly contiguous, operated acreage in the Marcellus, and 1.05 million net acres (4,250 square kilometers) of acreage overall. East Resources has some 60 mmscfe/d (10,000 barrels oil equivalent per day) of production, predominantly in natural gas, with substantial medium-term growth potential.
In addition, as part of its on-going acreage build strategy, Shell has acquired ~250,000 net acres (1,000 square kilometers) of mineral rights in the Eagle Ford shale play, in South Texas, in 2010. These undeveloped acreage positions are in the liquids rich window of the Eagle Ford play. Shell will be the operator in this highly contiguous acreage, and will be able to integrate these new assets into its existing South Texas operations, where Shell has been active for many years.
All together in 2010, Shell has added some 1.3 million acres (5,250 square kilometers) of North America tight gas acreage. Shell estimates that these new positions have the potential to yield over 16 trillion cubic feet of gas equivalent (tcfe) of resources (more than 2.7 billion boe).
Shell’s Chief Executive Officer Peter Voser commented: “We are enhancing our world-wide Upstream portfolio for profitable growth, through exploration and focused acquisitions, and through divestment of non-core positions. These acreage additions form part of an on-going strategy, which also includes divestments, with an objective to grow and to upgrade the quality of Shell’s North America tight gas portfolio.”
Voser continued: “East Resources’ management have built an excellent organization, with high quality assets in the Marcellus, which we are pleased to have as our centrepiece as we enter the premier shale gas play in the north east US. The opportunity now is to consolidate our tight gas portfolio, divest from non-core positions across North America, and to invest for profitable growth, by deploying Shell’s technology and capabilities on a large scale.”
Notes to editors
Shell in North America tight gas
Shell’s activities in US tight gas began in 2001, with acreage purchases in the Pinedale Anticline in Wyoming, where the use of innovative multi-well production pads and reservoir fracturing technology has led to rapid production growth, a competitive cost structure, and reduced environmental footprint. Following the success of Pinedale, Shell has more recently expanded its tight gas acreage positions in South Texas, in the Haynesville play in Texas/Louisiana, and in Western Canada, through the 2008 acquisition of Duvernay.
Shell’s 2009 North America tight gas production was some 140,000 boe/d (810mmcfe/d), an increase of 62% from 2008 levels, from a 3.7 billion boe (21 tcfe) resources base. Continued focus on operating efficiency has resulted in competitive costs, with Shell’s cash operating costs in North America tight gas at less than $2/mcfe in 2009.
Prior to today’s announcements, Shell projected that its North America tight gas production could reach more than 400,000 boe/d (more than 2.3 bcfe/d) by 2020, subject to annual investment rates. The addition of the East Resources, Inc and the Eagle Ford acreage will enhance this growth potential, bringing Shell’s total North America tight gas position to some 3.6 million acres.
East Resources
East Resources is a Pennsylvania-based oil and gas company. It is engaged in the exploration and development of natural gas and crude oil with emphasis on the Marcellus shale play.
East Resources owns a total of 1.05 million net acres (4,250 square kilometres) of acreage, mainly in the Appalachian basin and is one of the largest Marcellus shale acreage holders with 650,000 highly contiguous net acres located mainly in Pennsylvania. East Resources also has in excess of 100,000 net acres (400 square kilometres) in the Rockies, in the prospective Niobrara shale play. The Marcellus acreage is almost 100% operated with high average working interest and with access to pipeline infrastructure.
Eagle Ford transactions
Shell has acquired ~250,000 net acres (1,000 square kilometres) of highly contiguous acreage in the Eagle Ford shale, in a series of transactions with private landowners this year. These positions are in the gas condensate and oil windows. They will be operated by Shell with a high working interest, and are located close to Shell’s existing South Texas acreage, offering the potential for operating synergies. Drilling has already commenced on acreage from the first of these 2010 transactions.
Cautionary Note
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this press release “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this press release refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control are referred to as “jointly controlled entities”. In this press release, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect (for example, through our 34% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.
This press release contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell’s 20-F for the year ended December 31, 2009 (available at www.shell.com/investor and www.sec.gov – opens in new window ). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, 28 May, 2010. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may have used certain terms in this press release that SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov . You can also obtain these forms from the SEC by calling 1-800-SEC-0330.
Source: WEBWIRE