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Posts under ‘Simon Henry’

Shell Will Buy BG for $70 Billion in Push for Gas Dominance

by Javier BlasRakteem Katakey for Bloomberg.com Royal Dutch Shell Plc agreed to buy BG Group Plc for about 47 billion pounds ($70 billion), making Europe’s largest oil company the pre-eminent player in global natural gas and adding fields in Brazil. The deal, the industry’s biggest in at least a decade, will push Shell further into producing, […]

Interior approves updated OCS Lease Sale analysis, clears one hurdle for Shell

Article by Tim Bradner published 31 March 2015 by The Alaska Journal of Commerce: Interior approves updated OCS Lease Sale analysis, clears one hurdle for Shell The U.S. Interior Department published a long-awaited Record of Decision Tuesday on a contested 2008 Arctic offshore lease sale that had blocked Shell Oil’s exploration plans on leases it […]

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 […]

Port of Seattle hosts Shell’s Arctic drilling fleet

From an article by Joe Connelly published 11Feb 2015 by Seattlepi.com under the headline: Port of Seattle quietly signs homeport lease for Shell’s Arctic drilling fleet Extracts The Port of Seattle has quietly inked a two-year lease under which Shell Oil will use Terminal 5 on the Seattle waterfront as the base for its efforts […]

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 […]

Arctic Standards Won’t Be Ready For Shell’s Return

From an article by Liz Ruskin, Alaska Public Media: February 2, 2015 “Arctic Standards Won’t Be Ready For Shell’s Return” After Shell’s troubled 2012 drilling season in the far north, the Interior Department began working on Arctic-specific standards for offshore drilling. But those new standards aren’t done yet. Interior Secretary Sally Jewell says they won’t […]

BIG OIL: Who will blink first to set the M&A scramble in motion

With more than $110 billion of oil and gas assets on the block as companies big and small count the cost of the collapse in oil prices, it is now a question of who will blink first to set the M&A scramble in motion. Article published by Reuters 30 Jan 2015 under the headline: Buyers […]

Shell BP Mega Merger: Fact, or extremely well informed conjecture?

It was this article, followed by the oil price crash, which led to the growing speculation about a Shell BP Mega Merger. By a confidential contributor. Shell BP Mega Merger: Fact, or extremely well informed conjecture? …its a typical dark, smoke-filled room where two teams of senior people – top echelon, Board level types, not […]

Shell’s spectacular belly flop into the Arctic Ocean

Even more troubling than Shell’s “Arctic-ready” armada problems is Shell’s spectacular failure of good judgment. To avoid an Alaska tax bill, company managers ordered its secondary drill rig towed south through the winter storm-lashed Gulf of Alaska despite the tug master’s prescient warning that: “the length of tow, at this time of the year, in […]

U.S. Justice Department Chilling Verdict on Shell Arctic Drilling Company

Department of Justice Office of Public Affairs Monday, December 8, 2014 Drilling Company Charged with Environmental and Maritime Crimes in Alaska Noble Drilling (U.S.) LLC was charged with environmental and maritime crimes for operating the drill ship Noble Discoverer and the drilling unit Kulluk in violation of federal law in Alaska in 2012, the Department […]

Shell contractor faces $12.2M in environmental crime fines

The drilling operator of Shell’s ill-fated drill rig that ran aground south of Kodiak Island will plead guilty to eight felony offenses and has agreed to pay $12.2 million in fines and community service payments stemming from environmental and safety violations aboard its vessels, the U.S. Department of Justice said Monday. Alaska Dispatch News article […]

Drilling in Alaskan Arctic relatively easy said Shell VP before being fired

By John Donovan According to a recent article published by Bloomberg – Shell Seeks to Drill in Arctic in 2015, Defying Green Activists – Shell CFO Simon Henry, calling on all his vast experience as an accountant, voiced the opinion that it is not difficult to drill in the Arctic. His assessment is surprisingly similar […]

Shell hypocrisy on climate issues

“I didn’t know Shell was sponsoring this conference when I agreed to do it, but I’m glad for the chance to say in public that Shell is among the most irresponsible companies on earth. When they write the history of our time, the fact that Shell executives watched the Arctic melt and then led the […]

Shell’s Simon Henry says its not difficult to drill in the Arctic Seas

How reassuring. According to a Bloomberg article, Simon Henry, a mathematician, accountant, and the Chief Financial Officer of Royal Dutch Shell Plc, has stated in relation to drilling for oil in Arctic seas,  off Alaska – “Its not that difficult to drill up there.” The long term bean counter is also quoted as saying “Thirty […]

Royal Dutch Shell Plc News Roundup Sat 4 Sept 2014

Royal Dutch Shell Plc CEO Ben van Beurden says he can’t deny returns are too low By John Donovan Mixed fortunes for Shell in the last few days.  Ben van Beurden says he can’t deny returns are too low Royal Dutch Shell CEO Ben van Beurden has admitted to the Wall Street Journal that he […]

Chevron Cancels Bulgaria Fracking, Shell Postpones Ukraine Plans

Extracts from a CorpWatch article by Richard Smallteacher publish 12 June 2014 Fracking for oil and gas across Europe has suffered a series of setbacks with Chevron closing its offices in Sofia, Bulgaria, and Shell postponing fracking plans in the Ukraine by at least two years. Meanwhile the French government is standing firm in its […]

Ukraine Crisis Forces Shell to Halt Shale Wells in Restive East

Extract from a Bloomberg/Businessweek article by Ladka Bauerova and Will Kennedy published 3 June 2014 Royal Dutch Shell Plc (RDSA) has halted drilling for shale gas in eastern Ukraine to protect its personnel from clashes between pro-Russian separatists and the Ukrainian army. Shell is taking a “time-out” on exploration work after drilling two wells since […]

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 […]

Shell: not entering new Russia investments

Extracts from an article by AP Business Writer TOBY STERLING published 30 April 2014 AMSTERDAM (AP) – Royal Dutch Shell PLC says it will not be entering new investments in Russia anytime soon as tensions rise over the country’s confrontation with Ukraine. Chief Financial Officer Simon Henry said the company, Europe’s largest oil company, will […]

How a Giant Kazakh Oil Project Went Awry

Extracts from a highly informative Wall Street Journal article by Selina Williams, Géraldine Amiel and Justin Scheck published 30 March 2014 …the project has been plagued by budget blowouts, engineering missteps and management disputes extending from offshore roughnecks to top government and corporate leaders. Miles of leaky pipeline make up what is arguably the world’s […]

What you don’t know about Royal Dutch Shell’s Profit Warning

I can exclusively reveal today that the question of whether Shell was legally obliged to issue a profits warning did not first arise in relation to the final quarter. It was raised at the highest levels of Shell and of the Financial Conduct Authority some months earlier, in between the announcement of Peter Voser’s early […]

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 […]

Shareholders have grounds to bring lawsuits against Royal Dutch Shell Plc?

According to an informed source, there is significant potential for shareholder lawsuits against the directors of Shell on the basis of their failure to control spending, possibly in breach of both their fiduciary obligations and internal corporate procedures. The expenditure of $26 billion on “unconventionals” suggests that in North America spending was completely out of […]

Shell Says EU Energy Regulation Diverts $1 Billion From Trading

Royal Dutch Shell Plc, Europe’s largest oil company, said the European Union’s planned regulation to curb speculation in commodity derivatives may endanger security of energy supply. EU lawmakers have been reviewing the Markets in Financial Instruments Directive, or Mifid, which is “targeted” at financial commodity speculators, said Shell Chief Financial Officer Simon Henry. (right) By […]

Oil drilling on US Arctic coast put on ice

Oil companies’ rush to find reserves off Alaska’s Arctic shores suffered a setback on Thursday after Shell said it would suspend its operations in the region — and possibly withdraw for good. “We will not drill in Alaska in 2014, and we are reviewing our options there,” Shell CEO Ben van Beurden told reporters in […]

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 […]

Shell to Sell Stake in Australian Gas Field

“All too often, Shell’s answer to an issue or problem is that the market is being too short term; that Shell takes the long term view, and that in the long term, the company’s approach will be proved right,” Lucas Herrmann, an analyst at Deutsche Bank in London, wrote in a note to clients on […]

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 […]

Total dips a toe in UK shale but BP and Shell unlikely to follow

The French company trumpeted becoming the “first major to enter into shale gas licences in the UK”, calling it an “important milestone”. But its stance contrasts starkly to that of Shell, whose British chief financial officer Simon Henry said last year it had no desire to be “first in and be in the headlines every day […]

LNG deal ushers in tighter Shell spending regime

In a separate announcement on Thursday, Shell revealed that Voser, who surprised investors last year with news of his early retirement, will be repatriated to his native Switzerland, where he will work for the local subsidiary on his full group chief executive pay and with a full pro-rata bonus. Thu Jan 2, 2014 11:02am EST […]

Shell CEO Peter Voser: Did he jump or was he pushed?

Why would the issue of payment for loss of office even arise? Perhaps I am wrong but I am left with the impression that his early departure was by mutual consent and on the basis of no compensation for loss of office? In other words the board wanted him to leave early and he agreed? […]

Shell ‘is getting far too Dutch’

A senior executive at a leading City institution, who asked not to be named, said British investors were not being treated on a par with their Dutch counterparts. He said this was symptomatic of a trend that has seen the company increasingly consolidating power in The Hague and forgetting its British heritage. The oil giant […]

Arrow LNG a likely target in Shell spending rethink

The Arrow gas export project in Australia is a likely casualty of a tighter spending regime at Royal Dutch/Shell as the company’s new boss considers feeding output earmarked for it into a rival plant instead. By Andrew Callus LONDON Tue Nov 12, 2013 2:56pm GMT (Reuters) – The Arrow gas export project in Australia is […]

Shell vows to pursue controversial Arctic drilling plans

By Bob Davies: 1 November 2013 Shell vowed to press on with its controversial Arctic drilling plans, despite a warning that charges linked to the project would weigh on its already weak profits. Pre-tax earnings slipped by 31 per cent to £2.65billion in the third quarter, amid rock bottom refining margins and a fresh charge […]

Woeful warm-up sets up Van Beurden to shine at Shell

FINANCIAL TIMES A support act that blows the headliner off the stage may not get another gig. Little danger of that for Shell finance director Simon Henry. The third-quarter results he presented yesterday went down like a Morris dancing set at a heavy metal festival. Ben van Beurden, the incoming chief executive, can only do […]

Shell’s Arctic costs spiral as it admits damaged Kulluk rig may be written off

Energy giant hopes to resume controversial Arctic drilling in 2014 if authorities allow, but rig damage forces change of plans. The Kulluk rig ran aground in stormy weather on New Year’s Eve, in a major reputational blow for Shell. By Emily Gosden: 10:16AM GMT 31 Oct 2013 Royal Dutch Shell has warned is likely to […]

Why no profits warning from Shell?

Good Morning Shell shareholders. Or rather bad morning. Shell’s results are out and it’s deja vu. Earnings are down from $6.2bn to $4.2bn. The shares opened 4% down. At the time of writing this article they are down 5%. Shell once again appears to be in breach of DTR 2 (Disclosure and control of insider […]

Trouble in fracking paradise

By Chris Nelder | August 7, 2013, 1:32 AM PDT The shale revolution is “a little bit overhyped,” Shell CEO Peter Voser said last week as his company announced a $2.1 billion write-down, mostly owing to the poor performance of its fracking adventures in U.S. “liquids-rich shales.” Which of its shale properties have underperformed, Shell […]

A Nigerian nightmare for Voser as Shell shares slide

By Rob Davies: 2 August 2013 (Headline as per newspaper article) Departing Shell boss Peter Voser lamented a ‘clearly disappointing’ quarter as the oil giant suffered a slump in profit and ditched production targets it set just two years ago. Continuing problems with oil theft in Nigeria and a writedown on the value of its […]

Shell shock as new boss is appointed

ROYAL DUTCH SHELL sprang another surprise on the City yesterday by naming its head of refining Ben van Beurden as its new chief executive to succeed Peter Voser next January. Published: Wed, July 10, 2013 Dutchman Van Beurden, 55, who has been with the Anglo-Dutch oil giant for 30 years but only appointed to the […]