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Posts under ‘Chad Holliday’

Shell board confronted by pensioner welfare question from Paddy Briggs

RETIRED SHELL EXEC PADDY BRIGGS

Shell board confronted by pensioner welfare question from Paddy Briggs

Regular visitors may recall my article published in December 2016 Shell cost-cutting plan will undermine the welfare of its pensioners. 

It included an extract from a Facebook posting on the subject by retired Shell executive Paddy Briggs (right). Paddy confronted the Shell board on the subject yesterday. As is evident from the response in the transcript below, they seemed ill-prepared for the question, which compared huge sums paid to Shell directors such as Ben van Beurden with welfare cuts being made to Shell pensioners. As a result of his intervention, the board has agreed to review the issue he raised.   read more

Shell finance chief to leave company in March

By Karolin Schaps | LONDON

Royal Dutch Shell (RDSa.L) Chief Financial Officer Simon Henry will step down in March after seven years in the post and be replaced by Jessica Uhl, a finance executive in Shell’s gas business.

Henry, a 55-year-old Shell veteran, was one of the executives who oversaw the $54 billion (43.27 billion pound) acquisition of BG Group, which completed in February, and the integration of the gas company which turned Shell into the world’s largest liquefied natural gas (LNG) trader. read more

Shell chairman joins new climate group involving NGOs

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Pilita Clark, Environment Correspondent: April 28, 2016

The chairman of Royal Dutch Shell, Charles Holliday, has joined executives from BHP Billiton and other big energy companies on a new body exploring whether some of the fossil fuels that businesses such as theirs produce should stay in the ground.

The chief executive of Germany’s RWE, Peter Terium, has also joined the Energy Transitions Commission, which was set up by certain energy companies, investors and non-governmental organisations… read more

The many reasons why Shell’s deal with BG will happen in 2016

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How idiotic would its board look if it ditched its current bride at the altar, only to see her hook up with a rival in a few months’ time?

Jim Armitage: Wednesday 23 Dec 2015

It will be the first big test of 2016: will Shell press on with its takeover of BG when the oil price is stubbornly below $40 a barrel? Today, it gave a clear “yes” by publishing its full merger documentation and posting the paperwork out to shareholders. If it was not planning to press on with the deal, it would have found some excuse why not to do so.

The documents rap out a series of reasons why the current bombed-out oil price is not relevant to the logic of integrating these two vast companies. The deal will bring so many efficiencies, Shell promises, that its hallowed dividend will be safer, bringing in more cashflow to pay into the divi pot at as low as $50 a barrel. Few people really think crude is likely to stay below that for decades to come. And, as far as the value of the combined assets goes, it can breakeven at the low $60s, Shell adds. read more

Shell to take axe to spending, jobs after $US53b BG Group takeover

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BG Group’s Queensland Curtis LNG project will be owned by Shell after the takeover.

Angela Macdonald-Smith: Energy Reporter: 23 Dec 2015

Oil giant Royal Dutch Shell has told shareholders the $US53 billion takeover of BG Group will act as a “springboard to change and reshape” the group, and outlined plans for job and spending cuts, as well as $US30 billion of asset sales that look certain to affect the business in Australia.

In a prospectus issued overnight for the takeover, which is heading for completion early next year, Shell cut expected capital expenditure for the merged group by $US2 billion to about $US33 billion, down 30 per cent from 2014 levels. It also slashed another $US1 billion from Shell’s own capex budget this year, dropping it to $US29 billion. read more

Shell plans to complete BG merger by Feb. 15, cuts spending plan

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LONDON | BY RON BOUSSO AND KAROLIN SCHAPS: Tue Dec 22, 2015 12:09 EST

Royal Dutch Shell (RDSa.L) said on Tuesday it planned to complete its proposed $53 billion takeover of BG Group (BG.L) by Feb. 15, outlining plans for further spending cuts next year in the face of low oil prices.

Shell also lowered the capital spending plan for next year for the combined group by $2 billion to $33 billion, saying it would bolster its ability to weather the industry’s downturn and to maintain dividend payments. read more

Shell vows BG purchase will ‘reshape’ it

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Tuesday 22 Dec 2015

Royal Dutch Shell has vowed that its £35.6bn acquisition of rival BG Group will benefit the combined company in what may prove a “prolonged downturn” in the oil price.

Chad Holiday, the chairman of Shell, said:

This is an important moment for Shell. The Board is unanimous in its recommendation on this transaction. Our industry has entered what could be a prolonged oil price downturn. The Board is confident that the financials of the group will be further strengthened by this transaction. This should improve Shell’s ability to cover both dividends and investments. The result will be a more competitive and stronger company, for both sets of shareholders, in today’s volatile oil price world. read more

Chad Holliday on the zero-carbon economy

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Screen Shot 2015-10-05 at 14.03.31Shell’s Chairman Chad Holliday at Fortune’s Brainstorm E

Photo: Stuart Isett—Fortune Brainstorm E

Shell chairman Chad Holliday made news at Brainstorm E, held Sept. 28 and 29, by announcing the creation of a new commission to help the U.S. move to a zero-carbon economy. Why would one of the world’s largest oil and gas companies want to decarbonize? Holliday argued that the U.S. needs to find ways to provide energy to a growing global population without damaging the environment beyond repair: “Shell believes society needs to be net zero carbon by the end of this century.”

He also stressed that fossil fuels will remain part of the mix with the help of, say, carbon-capture technologies. The new Energy Transitions Commission, whose members include Statoil STOHF -1.89% , Dow Chemical DOW 0.28% , and GE GE 0.25% , will act, he said, as a trusted source of information for leaders trying to make their countries and companies more sustainable. —Brian Dumaine read more

UK News Reports Royal Dutch Shell Quarterly Result

Screen Shot 2014-10-31 at 15.37.24DAILY EXPRESS: Oil giant Shell floats as prices sink

Extracts

ROYAL Dutch Shell unleashed an industry-beating rise in quarterly profit yesterday, despite falling oil prices, and vowed to keep slashing less-lucrative projects.

Finance chief Simon Henry said: “It’s quite likely we’ll take a very close look at investment levels where we have flexibility if we see oil price weakness persisting.”

FULL ARTICLE

Screen Shot 2014-10-31 at 15.40.26DAILY MAIL: Shell posts forecast-busting profit rise of 31pc despite slump in oil prices

Extracts

Shell has managed to weather the sharp drop in the price of oil since June, announcing forecast-busting results for the third quarter. read more

American as Chairman Good Politics for Shell

Screen Shot 2014-10-30 at 11.28.57From a Regular Contributor

I see Shell got an American as its new chairman.

(Chad Holliday right).

Not certain that is good news for the shareholders, although it is clearly good politics.

Shell needs extensions to its leases in the Arctic and with an American arguing the issue they might succeed.

If he saves Shell’s $6 billion investment he will have earned his salary.

Shell also knows there is a bunch of oil and gas in those structures they want to drill. And so the rumors of a Shell/BP merger are not to be dismissed. A merger would give Shell BP’s interest in Alaska, unless the USG objected. read more

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