Royal Dutch Shell Confesses to $2B Hit – Will Lead Chevron Down

Chevron (CVX – NYSE)

Thursday, August 01, 2013

This may be the most important chart you’ll see this week.

We’ve been forecasting a drop in oil stocks based on rising costs and faltering demand. But frankly, oil investors have been unwilling to sell up until now, choosing instead to pay more attention to past performance and rosy promises.

But today, we finally heard the truth from Royal Dutch Shell (RDS/A – NYSE), which has announced a $2 billion charge, a -20% YOY fall in profits for the quarter, and a “strategic portfolio review” on its North American shale holdings – all because of higher exploration and drilling costs.

CFO Simon Henry noted that “the production curve is less positive than we originally expected,” and the earnings release warned of “further focus and divestments” in its American properties.

RDS-A 080113

Bottarelli Research Tip: We think the news out of RDS will be heard loud and clear when energy giant Chevron (CVX – NYSE) announces tomorrow. And we are calling for CVX to drop back to its 38.2% retracement marker at $116.72 over the next six weeks.

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