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Chris Finlayson’s dreadful first year as chief executive at BG

Screen Shot 2014-02-04 at 13.42.40LONDON EVENING STANDARD TODAY:

Chris Finlayson’s dreadful first year as chief executive at BG Group was today capped by the news that profits slumped 37% to $4.16 billion (£2.54 billion) in 2013. The former Royal Dutch Shell executive said he shared shareholders’ “disappointment” at the oil producer’s many problems, which have included four profit warnings in little more than 12 months. Garry White, chief investment commentator at broker Charles Stanley, said: “I reckon it’s time for BG Group to be broken up.”

By John Donovan

WE REPEATEDLY WARNED BG SHAREHOLDERS AND EMPLOYEES ABOUT CHRIS FINLAYSON…

HE IS NOT THE ONLY COMMON DENOMINATOR BETWEEN ROYAL DUTCH SHELL AND BG GROUP.

BOTH COMPANIES HAVE JUST ISSUED PROFIT WARNINGS

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THE DEVASTATING ARTICLE PUBLISHED TODAY BY THE LONDON EVENING STANDARD IS SELF-EXPLANATORY

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Gloom continues for new BG boss amid profits slide

4 February 2014

Chris Finlayson’s dreadful first year as chief executive at BG Group was today capped by the news that profits slumped 37% to $4.16 billion (£2.54 billion) in 2013.

The former Royal Dutch Shell executive said he shared shareholders’ “disappointment” at the oil producer’s many problems, which have included four profit warnings in little more than 12 months.

Last week Finlayson declared “force majeure” notices in Egypt, meaning the group would cancel contracts due to circumstances out of its control, which resulted in a 13.8% slump in the share price on the day.

Some analysts believe BG cannot carry on in its current form. Garry White, chief investment commentator at broker Charles Stanley, said: “I reckon it’s time for BG Group to be broken up.”

FULL ARTICLE

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