…doubts about the performance of Shell have become more evident recently after Shell announced a 20% drop in second-quarter profits, plus losses and write downs in North America and disillusion with Shell’s big spending plans. Voser admits that Shell’s Upstream Americas business was in the red and that exploration results in US shales are disappointing. Shell’s huge bet on US shale is his biggest regret. Voser further admits that Shell is yet to complete a single well in its Alaska drilling fiasco (despite already spending $5 billion on the ill-fated Arctic project). “That was a big disappointment to me personally,†he said.
By John Donovan: Sunday October 6, 2013
The Financial Times has published two articles today about Peter Voser, the departing Chief Executive Officer of Royal Dutch Shell Plc.
The first article claims that his vision has left Shell in “rude health” following Vosers supposed transformation of the oil giant following the hydrocarbon reserves fraud. The scandal was disclosed to shocked shareholders and the news media in January 2004. Jeroen van der Veer, who actually led the company during the years immediately after the scandal, might feel entitled to some credit.
The article does correctly point out that doubts about the performance of Shell have become more evident recently after Shell announced a 20% drop in second-quarter profits, plus losses and write downs in North America and disillusion with Shell’s big spending plans.
Voser admits that Shell is yet to complete a single well in its Alaska drilling fiasco (despite already spending $5 billion on the ill-fated Arctic project). “That was a big disappointment to me personally,†he said.
The second article, also authored by Guy Chazan, formally a Wall Street Journal journalist, reveals that “Peter Voser says that Shell’s huge bet on US shale” is his biggest regret.Â
Voser further admits that Shell’s Upstream Americas business was in the red and that exploration results in U.S. shales are disappointing.
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