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Posts under ‘Shell Oil Reserves Scandal’

Shell CEO’s total pay soars to $25.7 mln

Thu Mar 12, 2015 8:09am EDT (Reuters) – Royal Dutch Shell Chief Executive Ben van Beurden will earn a total 24.2 million euros ($26 million) for 2014, making him one of the highest-earning FTSE 100 bosses despite last year’s sharp fall in oil prices. Van Beurden’s total pay includes 5.6 million euros in salary, bonus […]

Shell Publishes Annual Report and Form 20-F

THE HAGUE, March 12, 2015 /PRNewswire/ — Royal Dutch Shell plc (NYSE: RDS.A) (NYSE: RDS.B) Published its Annual Report and Form 20-F for the Year Ended December 31, 2014.  The 2014 Annual Report and Form 20-F can be downloaded from http://www.shell.com/annualreport . Separately, a 2014 Strategic Report can be downloaded from http://www.shell.com/annualreport . Printed copies of […]

Scandal hit bosses of HSBC and Shell are both ordained priests!

By John Donovan I wonder if Paddy was thinking of Shell when he published this on this Facebook page? The grotesquely high “compensation packages” of the Directors of the likes of HSBC as well as being morally repugnant are also bad for business. The rewards for making it to the top are so obscene that […]

SEC continuing to scrutinise Shell’s claimed oil reserves

By John Donovan A letter emailed to Royal Dutch Shell Plc Chief Executive Officer, Ben van Beurden, on 23 Oct 2014, from the U.S. Securities & Exchange Commission, asked why Shell had omitted to supply in a Form 20-F filing, figures for Shell’s share of Kashagan proved undeveloped reserves. Shell’s partners in the much troubled Kashagan oil […]

Why A BP Shell Merger Is Not A Sensible Option

Why A BP plc (BP) Royal Dutch Shell Merger Is Not A Sensible Option Bidness Etc discusses how lower oil prices have impacted BP’s stock price, and why the merger with Royal Dutch Shell is not on the cards By: MICHEAL KAUFMAN Published: Jan 6, 2015 at 9:46 am EST Crude oil prices have declined […]

Shell must put BP out of its misery

Article by Jeremy Warner published on 4 Jan 2015 in The Sunday Telegraph Valued at nearly £140bn, Shell is today worth almost twice as much as BP. Shell must put BP out of its misery before anyone else pounces. Here’s an idea that has investment bankers drooling in anticipation, but needs to be killed off here […]

Prospects of a Shell BP merger

FROM A REGULAR CONTRIBUTOR Firstly, falls in oil price and resulting low stock prices tend to result in waves of takeovers. Examples during the low price era of the late 1990s – early 2000s: · Exxon took over Mobil · Statoil took over Saga, Norsk Hydro · Chevron took over Texaco, Unocal · Total took […]

CEO Ben van Beurden too honest to sign Shell’s Business Principles?

By John Donovan It is a year since Peter Voser left his job as Chief Executive of Royal Dutch Shell Plc to allegedly spend more time with his family. Soon after his surprise early exit, Shell announced a profits warning.  Leaving that contentious issue to one side, I am puzzled that his replacement Ben van […]

Pending Vacancy for Company Secretary of Royal Dutch Shell Plc?

APPLICATIONS INVITED FOR A PENDING VACANCY AT ROYAL DUTCH SHELL PLC FOR THE POSITION OF COMPANY SECRETARY AND GENERAL COUNSEL CORPORATE. THE VACANCY ARISES FROM THE PENDING RETIREMENT OF THE CURRENT HOLDER, MR MICHIEL BRANDJES (ABOVE).  GENEROUS SALARY, CHAUFFEUR, PRIVATE JET AND BONUS SCHEME FOR THE RIGHT PERSON. ESSENTIAL REQUIREMENTS Must have flexible integrity, a […]

Tesco overstatement debacle reminiscent of Royal Dutch Shell reserves scandal

By John Donovan Tesco admits a £250m mistake in half-year profit calculations Tesco share value has plummeted after the supermarket giant announced this morning that it had overstated its half-year profit guidance by £250m. Four senior Tesco executives, including a managing director, have been suspended. In view of what happened to Shell when it overstated its hydrocarbon […]

Royal Dutch Shell News Roundup 25 August 2014

RUSSIA Jeroen van der Veer, the former Royal Dutch Shell CEO who evaded responsibility for his role in the cover-up of the Shell reserves fraud, claims that the sanctions against Russia are not working and are counter-productive. This analysis comes from the man who badly misjudged the Putin regime in 2006 and as a result, ended up meekly surrendering […]

Curious about the wording of Shell’s announcement of Bichsel’s departure..?

FROM A REGULAR CONTRIBUTOR  I’m curious about the wording of Shell’s announcement of Bichsel’s departure…. The announcement focusses almost entirely on Brekelmans, and simply says that Matthias Bichsel (right) is leaving after 34 years – hardly a glowing valedictory for the person who has been number two in Shell (worldwide) for the past few years. […]

John Alfred Donovan, Founder, Owner and Group Chairman, Royal Dutch Shell Plc

By John Donovan Interesting to note that my association with Royal Dutch Shell is so strong after a three decade relationship, that according to current information listed on zoom info (screenshot below), I am given credit as being the founder, owner and Group Chairman of Royal Dutch Shell Plc. Guess it was only a matter of […]

Jorma Ollila, tainted departing chairman of Royal Dutch Shell Plc

“During Ollila’s time at the helm, Shell has spent hundreds of billions on new projects and lavished generous pay deals on its executives, leading to several protest votes by big investors.” By John Donovan The Sunday Times reported on the front page of its business section on 8 June 2014 the news that Shell has […]

Oil Giant Shell Kicks Off Hunt For New Chair

Extract from a SkyNews article by its City Editor, Mark Kleinman, published Saturday 7 June 2014  Royal Dutch Shell, the biggest company on London’s stock market, has kicked off the hunt for a new chairman. Sky News has learnt that the oil giant has asked Egon Zehnder International, the executive search firm, to identify a […]

Manipulations by Shell and Exxon?

By John Donovan Shell and Standard Oil have been engaged in manipulating governments for over a hundred years. The joint self-explanatory letter Shell and Exxon sent to the US Securities & Exchange Commission on 1 May seems to have good intentions –  concerning the timetable for implementation of transparency legislation – but the past track […]

We warned BG Group about Chris Finlayson

“BG Group chief executive Chris Finlayson has been ousted by the oil and gas explorer’s board following a disastrous 16 months in the job….” No one can say that we did not repeatedly warn BG Group about the competence and ethics of Chris Finlayson… By John Donovan The news media is reporting that former Royal […]

Little known key role of Michiel Brandjes in Shell reserves scandal

However, unbeknown to Van de Vijver, Michiel Brandjes (right), who was alarmed by the findings of the report, sent a copy to a New York law firm Cravath, Swaine & Moore. This meant that events were no longer in the control of Shell. Instead, Shell’s most sensitive issue since its close association with Adolf Hitler […]

Nigeria ravaged by $20bn oil robbery

It was 2am when a fireball pierced the inky night sky above a small community in the Niger delta. The explosion near Port Harcourt last June killed several people and released 6,000 barrels of crude oil. The cause: contractors hired by Royal Dutch Shell to stop pirates siphoning oil from a huge pipeline were themselves […]

Shell’s fall from grace

In May 2013, when Voser’s retirement was announced, he was described by Reuters as having been Shell’s “renaissance CEO”. Fast-forward eight months and Voser’s successor stunned the market with a profits warning. It was a remarkably quick fall from grace for both the former chief and the company… …the company’s misstatement of its proven reserves […]

Ben van Beurden: Surely Shell could have chosen a leader untainted by scandal?

Ben van Beurden was private assistant and adviser to Sir Philip Watts during the two years prior to the shock announcement of the reserves scandal in January 2004, which resulted in a firestorm of devastating news coverage that still reverberates today, 10 years later. This was during the period when false information was routinely given to […]

Ben van Beurden will need more than PR skills to navigate Shell’s choppy seas

Ben van Beurden gave a flawless performance last week as he stepped onto the public stage for the first time as chief executive of Shell and sought to explain how the company had cut its annual profits in half despite a year of sky-high oil prices. He should have been torn limb from limb, but […]

CFO Simon Henry: Just how many lives has this Shell fat cat got?

Simon Henry was CFO when the ship was set on its disastrous course of over-promise and under-delivery, beset by project delays and cost overruns, resulting in the recent profits warning and the dramatic advice just issued by Zacks Investment Research that Royal Dutch Shell Plc is “a risky bet that ordinary investors should exit.” He […]

New Shell boss spooks market with warning

By Kate Holton: LONDON Fri Jan 17, 2014 7:26am EST Shell warns of ‘significant’ profit miss (Reuters) – Royal Dutch Shell (RDSa.L) issued a “significant” profit warning on Friday, detailing across-the-board problems and the extent of the challenges facing the oil major’s new boss Ben van Beurden, who took over two weeks ago. The warning […]

Royal Dutch Shell Profits Slump Debacle

Based on our insider information, we, and only we, raised the question of whether Royal Dutch Shell CEO Peter Voser jumped ship or was pushed. I think we now have the answer that explains his unexpected early retirement under the cloak of a change of lifestyle. How do you know that Shell is run by […]

ROYAL DUTCH SHELL PROFITS WARNING DEBACLE

Message from one of our sources… John How many warnings did we give about taking the financial hits in the final quarter before Voser left? And yet the analysts are surprised! (AND THIS MARKET SHOCKING NEWS ALMOST EXACTLY TO THE DAY, ON THE TENTH ANNIVERSARY OF WHEN NEWS FIRST BROKE OF THE ROYAL DUTCH SHELL […]

Shell has that haunted look

THE TIMES: 1 November 2013 It is almost a decade since the reserves scandal exposed the old stock market adage “Never Sell Shell” as being rather less than failsafe. Yesterday’s results statement, appropriately scary for Hallowe’en, reinforced that, with third quarter earnings coming in a fifth lighter than the market was expecting for a second […]

Shell’s giant floating refrigerator to tap new gas reserves

Chief executive Peter Voser tells Emily Gosden why the massive Prelude vessel is a game-changer By Emily Gosden, in Geoje, South Korea 6:00AM BST 21 Oct 2013  Peter Voser is surveying the view from the Prelude vessel, which he has just boarded for the first time. “Now you see the difference,” he says, pointing out […]

Speculation on hostile bids for Royal Dutch Shell?

Posting by “Outsider” on our Shell Blog Wed, 9 Oct 2013. 10.08 am It is common knowledge that BP, Exxon and Total (and possibly others) planned hostile bids for Shell after the reserves fiasco. Shell’s current under-performance in comparison with the market, together with huge write-offs on unconventionals and the Arctic suggest that some of […]

Financial Times Assessment of Peter Voser

…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. […]

RTE Radio 1: Philip Boucher-Hayes investigates the OSSL allegations

By John Donovan As can be seen from the transcript of a Drivetime segment broadcast on RTE Radio 1 yesterday evening, Shell has been cornered into making what is described as a much more robust denial of the allegations made by its former “Mr Fixit” in Ireland, OSSL. In so doing, Shell appears to have […]

Ben van Beurden is a Shell insider who made late rise to the top

FINANCIAL TIMES July 9, 2013 10:16 am Ben van Beurden is an insider who has made late rise to the top By John Aglionby He worked as private assistant to the chairman, Phil Watts, from 2002-2004, including during the 2004 accounting scandal, when it emerged Shell had overstated its oil reserves. This led to a […]

Shell’s new CEO reinforces gas technology focus

 …van Beurden is from the downstream part of the business which wrested control from the upstream oil and gas division in the aftermath of Shell’s reserves accounting crisis of 2003/2004. A chemical engineering graduate, van Beurden had a front seat for the crisis, in which the company was forced to downgrade its oil and gas […]

Shell’s Misadventures in Alaska

Though Royal Dutch Shell has made major strides over the past decade in overcoming the negativity surrounding the 2004 reserve overstatement scandal, which led to the ouster of its CEO and other top executives, the company continues to be plagued by operational blunders that are straining its relationships with shareholders. At the company’s annual meeting last […]

Shell under the skin, 10 years after crisis

For years, the independent investigation by law firm Davis Polk & Wardwell showed, executives had exchanged emails about “lying” and “fooling the market”. The would-be whistleblower, Van de Vijver, wrote in December 2003 that a report on the real reserves position “needs to be destroyed”. By Andrew Callus LONDON | Wed May 29, 2013 7:31pm […]

Jeroen van der Veer: Hypocrite Supreme

Mr Van der Veer (shown right) is no fan of this website. In January 2008, as was reported in The Times, we published a leaked email from him in which he forecast that world demand for oil and gas would outstrip supply within 7 years. Events has shown that he was talking nonsense on that […]

Oil companies face public and political backlash if found guilty

FINANCIAL TIMES By Guy Chazan: May 15, 2013 Big Oil is braced for a big backlash, as the industry faces what could be its own Libor moment. “…the allegations sparked a political firestorm… FULL ARTICLE Like this:Like Loading…

THE RACE FOR VOSERS JOB

With regard to your most obvious rivals, Simon Henry seems to be a very intelligent, competent executive, but comes with the baggage of his starring role in the reserves scandal. I published our verdict. Based on my strange experience of communicating with Marvin Odum via RDS Plc Company Secretary Michiel Brandjes, I reached the conclusion […]

Briton tipped to run Shell for first time in a decade as Voser steps down into retirement

Chief financial officer Simon Henry was made the front-runner by bookmaker Paddy Power, despite saying it would be ‘inappropriate’ to discuss his candidacy. The Anglo-Dutch firm has not had a British boss since Sir Philip Watts left in disgrace in 2004 after Shell overstated its oil reserves. By Rob Davies: PUBLISHED: 22:14, 2 May 2013 […]

Queen Beatrix of the Netherlands abdicates

I last wrote to you on 1st March 1999. I did so in the knowledge that your esteemed family is one of the largest single shareholders in Shell. I warned you about what I described as “a culture of deception and cover-up deeply ingrained at the highest levels of Shell”. FINANCIAL TIMES By Matt Steinglass […]