Shell Class B shares closed at £16.70 ($27.70) Wednesday, a drop of almost a quarter from their peak in mid-May as concerns about the global economy have driven down the oil price.
Posts from ‘October, 2008’
LONDON — Royal Dutch Shell PLC named Chief Financial Officer Peter Voser as its new boss, rewarding a man who helped restore the Anglo-Dutch company’s battered reputation with investors after an accounting scandal in 2004.
LONDON, Oct 30 (Reuters) – Royal Dutch Shell Plc said on Thursday third-quarter current cost of supply (CCS) net profit jumped 71 percent to $10.9 billion, boosted by high oil prices and asset sales.
Even Royal Dutch Shell, commissioned to write a balancing view for the group’s report, is forecasting a plateau of supply as production moves to more difficult sources such as ultra-deeplayers and tar sands.
The oil group, which will announce its third-quarter results today, said the appointment had been made after a “comprehensive assessment and review of internal and external candidates”.
Skrebowski predicts that global oil production will peak in the period 2011-2013 and then decline steadily, with non-conventional sources such as tar sands failing to fill the gap in time to avoid a serious energy crunch.
Malcolm Brinded, the head of exploration and production, is skilled at dealing with governments, but was tarnished by Shells repeated writedowns of its reserves in the aftermath of the misreporting scandal that emerged in 2004.
Encouragement from inside and outside the company persuaded Mr Voser to abandon the idea of returning to Switzerland, which he had considered, and to put himself forward to replace Mr van der Veer.
Peter Voser’s appointment as chief executive of Shell suggests an effort has been made to draw a line under the murkiest episode in the company’s recent history.
The Anglo-Dutch group said that the appointment of Mr Voser came after a review of both internal and external candidates. He saw off two other Shell candidates: Linda Cook, the American head of Shell’s Gas and Power business, and Malcolm Brinded, the British head of exploration and production.
Like its peers, Shell has been spending with gay abandon but at $60 per barrel much of the industry’s new frontier has fallen below the water line. A new round of cost-cutting must be in the offing and who better to impose financial discipline in a downturn?
DAILY TELEGRAPH Royal Dutch Shell shares jumped 12pc after it revealed that chief financial officer Peter Voser will take over as the company’s chief executive next July. By Jamie Dunkley Last Updated: 6:51PM GMT 29 Oct 2008 Peter Voser, left, pictured with Jeroen van der Veer Photo: GETTY Mr Voser, 50, will succeed Jeroen [...]
Voser was already one of the potential candidates back in 2007, when van der Veer announced his retirement, but there had been some hope that the head of North America, Linda Cook, would be announced as the company’s first female CEO.
The Board of Royal Dutch Shell plc today announced that Peter Voser will succeed Jeroen van der Veer as Chief Executive, effective 1 July 2009. Voser (50) is Chief Financial Officer and a Director of the Board since October 2004.
By Fred Pals and Eduard Gismatullin Oct. 29 (Bloomberg) — Royal Dutch Shell Plc, Europe’s largest oil company, said Chief Financial Officer Peter Voser will take over as chief executive officer from July next year. “I am delighted to announce Peter Voser as the next Chief Executive of Royal Dutch Shell,” Shell Chairman Jorma Ollila said today in a statement distributed [...]