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Posts under ‘Shell Oil Reserves Scandal’

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 […]

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