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Shell is tipped to soar under new boss

Jan 10th, 2014
by John Donovan.
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Screen Shot 2013-10-01 at 07.56.54…the Square Mile today claimed the new year will be a “new dawn” for Royal Dutch Shell… time to snap up Shell because its new boss, Ben van Beurden, who started this month, will put its house in order.

Screen Shot 2014-01-10 at 14.35.07

Laura Chesters : Friday, 10 January 2014

Last year wasn’t great for oil majors — they underperformed the whole market — but the Square Mile today claimed the new year will be a “new dawn” for Royal Dutch Shell. 

City slickers at Exane BNP Paribas said it is time to snap up Shell because its new boss, Ben van Beurden, who started this month, will put its house in order.

Exane predicted Shell will sell off more assets this year and have a “more shareholder-friendly approach” with more dividend payouts and be better “disciplined” with its cash. read more

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Shell Deeply Ashamed

Feb 13th, 2013
by John Donovan.
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Screen Shot 2013-02-13 at 15.29.55FROM OUR NEWS ARCHIVE: LONDON EVENING STANDARD Wednesday, 27 October 2004 page 42 BUSINESS SECTION

SPEAKING OUT

“I’m convinced we have a lot of strengths. All of us are deeply ashamed about what happened about the reserves, but we are determined to regain our, position.”

– Shell chairman Jeroen van der Veer on the oil giant’s attempts to put its misdemeanours behind it

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

From Mammon to God: Oiligarchs beat the path from profit to pews

Nov 19th, 2012
by John Donovan.
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“Watts only ended his 35-year career with Shell because he was forced out over the 2004 oil reserves fiasco. News that the company had been overstating its reserves by 20 per cent caused Shell’s stock prices to fall by $15bn — yet Watts still walked away with a £1 million pay-off and a pension of more than £500,000 per annum…”

It’s not just Justin Welby – oiligarchs beat the path from profit to pews

5 November 2012

From Mammon to God. The Church of England seems to be flooded with former oil men at present.

Last week Justin Welby, who spent 11 years working as an oil executive, was appointed as the new Archbishop of Canterbury. What’s less well known is that another big name in oil has received a clerical promotion. Sir Philip Watts, Shell’s former chairman, is to become priest in charge at Waltham St Lawrence, Berkshire, after being a curate at another local church.

Although they worked in the same industry, the two men’s paths to salvation have been rather different. While Welby voluntarily swapped the high pay for pews because he was “unable to get away from a sense of God calling”, Watts only ended his 35-year career with Shell because he was forced out over the 2004 oil reserves fiasco. News that the company had been overstating its reserves by 20 per cent caused Shell’s stock prices to fall by $15bn — yet Watts still walked away with a £1 million pay-off and a pension of more than £500,000 per annum. read more

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Shell chairman deeply ashamed about reserves fraud

Oct 27th, 2012
by John Donovan.
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From our October 2004 Shell News Archive

London Evening Standard: Market Report: SPEAKING OUT

“All of us are deeply ashamed about what happened about the reserves, but we are determined to regain our position. — Shell chairman Jeroen van der Veer on the oil giant’s attempts to put its misdemeanours behind it”

Market Report

By Mickey Clark

27 Oct 2004

“I’m convinced we have a lot of strengths. All of us are deeply ashamed about what happened about the reserves, but we are determined to regain our position.”

— Shell chairman Jeroen van der Veer on the oil giant’s attempts to put its misdemeanours behind it.

RELATED ARTICLE

Financial Times: Not clammed shut

“Jeroen van der Veer remains refreshingly candid even after all Royal Dutch/Shell has been through this year.”: “We are like the schoolboy standing in the corridor outside the classroom.

By Clay Harris

Published: October 27 2004

Jeroen van der Veer remains refreshingly candid even after all Royal Dutch/Shell has been through this year.

Asked at a conference about the International Energy Agency’s call for governments, regulators and corporations to unify energy reserves accounting, he said: “We are like the schoolboy standing in the corridor outside the classroom. I don’t think it is for us to lead the charge of new rules on reserve accounting, we shall leave that to others. But whatever the rules are, we will comply with them.” read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.

Sir Bill’s treatment at Cairn will make every board quake

Jan 25th, 2012
by John Donovan.
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The giant oil field sold for a song by Shell… it sold its 50% share to Cairn for $7.5 million, now worth billions…

James Ashton 24 Jan 2012

The momentum gained by the Government’s war on executive pay meant it was bound to claim some victims. The only surprise is that Sir Bill Gammell has become its first. As the chief executive of Cairn Energy, he was a stock market darling. The success he enjoyed after buying an unwanted Indian exploration site from Royal Dutch Shell has passed into oil industry folklore.

Cairn, which now has a market value of £4 billion, can thank the £4.5 million acquisition of an Indian exploration site for its good fortune. Sir Bill, a former Scottish rugby international, saw potential there after the big boys had given up trying. A similar spirit has given it the confidence to hunt for oil in far-flung corners of the world such as Greenland. read more

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Pay Bonanza for Shell Fat Cats

Mar 15th, 2011
by John Donovan.
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Shell Peter Voser In the money: chief executive Peter Voser

Big bonuses back at Shell as it declares 12% output jump

Lucy Tobin Lucy Tobin
15 Mar 2011

Just two years after Shell faced one of the biggest rebellions ever seen over pay at a FTSE 100 company, the oil major today rewarded chief executive Peter Voser with a 19% increase in his pay packet.

Last year, the oil giant froze its executive pay-outs in response to investors in 2009 voting down its plans to award millions of pounds of shares to bosses despite missing performance targets.

Today, however, in its annual report, Shell said that last year Voser was rewarded with a 19% jump in remuneration, with his €1.5 million (£1.3 million) salary being supplemented with a €3.75 million bonus. That took his total pay to €5.25 million, up from €4.4 million the previous year. read more

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Hakluyt notorious spying for oil giants Shell and BP

Jan 15th, 2010
by John Donovan.
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By Alfred Donovan

Printed below in an article published today by the London Evening Standard, plus a related letter I sent to Members of Parliament in 2004 on the same subject.

London Evening Standard

Recession puts Hakluyt spies out in the cold

Rosamund Urwin
15.01.10

British intelligence group Hakluyt & Company warned today of a drop in revenues this year after businesses cut back on spying on their rivals in the recession.

But the Mayfair-based firm, which has been described as “a retirement home for ex-MI6 officers” and whose boardroom roll reads like a Who’s Who of the City, said demand for corporate spooks had started to pick up again. read more

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London Evening Standard: Shell mulls £2.2bn power stake sale

Sep 2nd, 2004
by John Donovan.
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London Evening Standard: Shell mulls £2.2bn power stake sale

“TROUBLED oil major Shell is said to be considering selling its share of global power venture InterGen for an estimated $4bn (£2.23bn).”

Tom Nicholls,

2 September 2004

TROUBLED oil major Shell is said to be considering selling its share of global power venture InterGen for an estimated $4bn (£2.23bn).

‘We are continually reviewing our portfolio of assets, including our shareholding in InterGen, to meet changing market conditions and to release capital to fund growth opportunities,’ the company said.

Under the leadership of Jeroen van der Veer, who took over from Sir Philip Watts as chairman of the committee of managing directors in March following the oil and gas reserves reporting scandal, the company has been selling off underperforming and non-core assets. read more

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London Evening Standard: Shell in the bid spotlight as oil price keeps climbing

Aug 16th, 2004
by John Donovan.
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London Evening Standard: Shell in the bid spotlight as oil price keeps climbing

“reports suggested top brass at scandal-struck Shell think a bid may be on its way from France’s Total.”

Market Report by Sarah Marks

16 August 04

OIL companies should be back on the march once again this week, as the price of crude raced to new record highs today.

But it was not just that familiar tale that will be sparking interest in the sector. Weekend reports suggested top brass at scandal-struck Shell think a bid may be on its way from France’s Total.

Such a deal would be one of the few combinations of the major companies in the industry that would not evoke the ire of the competition authorities. read more

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ThisIsLondon.co.uk: Shell looking to join halves

Aug 4th, 2004
by John Donovan.
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ThisIsLondon.co.uk: Shell looking to join halves

4 August 2004

ANGLO-Dutch oil giant Shell is likely to unify its complicated dual-board structure as part of its reforms to appease shareholders.

Operating company Royal Dutch/Shell, which is 60% owned by Royal Dutch and 40% owned by Shell, is reported to be planning to merge the boards as a ‘minimum’ concession.

Shell said ‘all options are being considered including a unified board to which a chief executive would report’.

Radical changes could involve the full merger of the two holding companies. The oil firm has been forced to review all aspects of its governance after admitting it overstated oil reserves. read more

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London Evening Standard: Hewitt set to sign China trade deals

May 11th, 2004
by John Donovan.
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London Evening Standard: Hewitt set to sign China trade deals

11 May 2004

TRADE Secretary Patricia Hewitt was today set to sign contracts worth £850m with her Chinese counterpart, Bo Xilai, for British companies working in China.

The deals cover link-ups between BP and Royal Dutch/Shell and two Chinese oil companies. They also involve DIY retailer Kingfisher and a Chinese home appliances maker.

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, and shellwikipedia.com, are owned by John Donovan. There is also a Wikipedia segment.