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Voser’s on the way out…. let’s book the losses!

Screen Shot 2013-09-30 at 08.37.38The people who will really be laughing are those who sold the US prospects to Shell over the past few years. These assets were acquired by Shell at a cost of several billion dollars right at the top of the market.

FROM A SHELL RELATED SOURCE

Looks like Ben van Beurden is going to be starting with a clean sheet – wholesale disposals (and huge write-offs) in Voser’s last quarter as chairman of the CMD…which of course starts tomorrow.
 
Today’s press mentions disposals of the Eagle Ford shale interests in Texas, shale prospects in Colorado and Kansas, the Chukchi sea prospects off Alaska (interests acquired at enormous cost), and onshore assets in Nigeria – essentially everything that Marvin Odum and Dave Lawrence built up over the past few years plus the Niger delta… And these are just the ones we know about.
 
The people who will really be laughing are those who sold the US prospects to Shell over the past few years. These assets were acquired by Shell at a cost of several billion dollars right at the top of the market.

COMMENT BY JOHN DONOVAN

Apparently Goldman Sachs has upgraded Royal Dutch Shell (RDS-a) Two-Notches to Buy on the basis that Shell’s performance in the past year has been so bad that it can hardly get worse and with new management may improve.

RELATED: MarketWatch Article: Goldman scolds Shell, then upgrades it to buy

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