19 September 2012
Under the headline “BP and Shell come under pressure” the Financial Times reports today that Santander has downgraded Royal Dutch Shell to “reduce” out of concern about Shell’s costs “as it tried to kick-start earnings growth” and other issues, apparently including the debacle in Alaska.
Extracts from Santander announcement:
While Shell remains resource-rich, it is light significant new projects, value, cash flow or earnings catalysts,” Santander said. “The company has also already peaked in terms of a core strategic goal: delivery of cash growth.”