RDS CEO Forced out as Gulf LNG Pre-Condition!! - Tree - 05-02-2013
I bet there were some RDS shareholders PO'd at Vosser too!!
Maybe Phil required Peter to go???
Maybe he will be IOC's new CEO???!!???
Maybe Phil will be RDS new CEO!!!
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Out the door: Shell chief executive Peter Voser has elected to retire in the first half of next year
Shell’s chief executive Peter Voser has announced he will retire next year as the Anglo-Dutch supermajor posted a rise in first quarter earnings.
The company revealed Voser’s plans to retire in the first half of next year, after almost five years in the top job, as financial results released on Thursday beat expectations.
Shell posted a 3% rise in adjusted net profit (on a current cost of supplies basis and excluding one-time items) to $7.5 billion, from $7.3 billion a year ago. This result surpassed analysts’ average estimate of $6.4 billion, according to a Bloomberg survey.
Voser said the results were “underpinned by Shell's growth projects, an improvement in downstream profitability, and were delivered despite a difficult security environment in Nigeria.”
In its upstream sector, Shell recorded earnings, excluding identified items, of $5.65 billion compared with $6.27 billion for the same period last year. These identified items were a net gain of $173 million compared with a net gain of $453 million for the 2012 first quarter.
The company attributed this upstream result to the ramp-up of the Pearl gas-to-liquids plant in Qatar, increased trading contributions, and higher gas realisations and tax credits being more than offset by lower liquids realisations, higher depreciation, increased operating and exploration expenses and lower earnings from liquefied natural gas ventures.
First-quarter output was on par with last year at 3.56 million barrels of oil equivalent per day. Although excluding the impact of divestments, production sharing contract price effects and security impacts in Nigeria, total production was actually 2% higher this year.
Liquids production fell 2% while natural gas output rose by 3%, with the continued ramp-up of fields including Pearl GTL, Eagle Ford in the US and Pluto LNG in Australia offsetting the impact of field declines.
Equity LNG sales volumes of 5.15 million tonnes were in line with the 2012 first quarter, with Pluto LNG’s contribution being counterbalanced by frequent bunkering causing supply disruptions onshore Nigeria.
Shell said it was now planning to conduct a “structured and comprehensive review of internal and external candidates” to select a new chief executive.
An executive director since 2004 with a brief stint in the group chief financial officer role, Voser replaced the retired chief Jeroen van der Veer in July 2009.
“Peter's leadership of Shell over the last four years has been impressive, reorganising the company, delivering growth, and developing a clear forward strategy with a strong portfolio of new options,” Shell chairman Jorma Ollila said in a statement.
RE: RDS CEO Forced out as Gulf LNG Pre-Condition!! - CAC - 05-02-2013
'Tree' pid='21827' dateline='<a href="tel:1367494 Wrote:
I bet there were some RDS shareholders PO'd at Vosser too!!
Maybe Phil required Peter to go???
Maybe he will be IOC's new CEO???!!???
Maybe Phil will be RDS new CEO!!!
**********
Out the door: Shell chief executive Peter Voser has elected to retire in the first half of next year
Shell’s chief executive Peter Voser has announced he will retire next year as the Anglo-Dutch supermajor posted a rise in first quarter earnings.
The company revealed Voser’s plans to retire in the first half of next year, after almost five years in the top job, as financial results released on Thursday beat expectations.
Shell posted a 3% rise in adjusted net profit (on a current cost of supplies basis and excluding one-time items) to $7.5 billion, from $7.3 billion a year ago. This result surpassed analysts’ average estimate of $6.4 billion, according to a Bloomberg survey.
Voser said the results were “underpinned by Shell's growth projects, an improvement in downstream profitability, and were delivered despite a difficult security environment in Nigeria.”
In its upstream sector, Shell recorded earnings, excluding identified items, of $5.65 billion compared with $6.27 billion for the same period last year. These identified items were a net gain of $173 million compared with a net gain of $453 million for the 2012 first quarter.
The company attributed this upstream result to the ramp-up of the Pearl gas-to-liquids plant in Qatar, increased trading contributions, and higher gas realisations and tax credits being more than offset by lower liquids realisations, higher depreciation, increased operating and exploration expenses and lower earnings from liquefied natural gas ventures.
First-quarter output was on par with last year at 3.56 million barrels of oil equivalent per day. Although excluding the impact of divestments, production sharing contract price effects and security impacts in Nigeria, total production was actually 2% higher this year.
Liquids production fell 2% while natural gas output rose by 3%, with the continued ramp-up of fields including Pearl GTL, Eagle Ford in the US and Pluto LNG in Australia offsetting the impact of field declines.
Equity LNG sales volumes of 5.15 million tonnes were in line with the 2012 first quarter, with Pluto LNG’s contribution being counterbalanced by frequent bunkering causing supply disruptions onshore Nigeria.
Shell said it was now planning to conduct a “structured and comprehensive review of internal and external candidates” to select a new chief executive.
An executive director since 2004 with a brief stint in the group chief financial officer role, Voser replaced the retired chief Jeroen van der Veer in July 2009.
“Peter's leadership of Shell over the last four years has been impressive, reorganising the company, delivering growth, and developing a clear forward strategy with a strong portfolio of new options,” Shell chairman Jorma Ollila said in a statement.
*************
Eight month's notice instead of eight day's notice. Hmmmm.
RE: RDS CEO Forced out as Gulf LNG Pre-Condition!! - jft310 - 05-02-2013
Phil didn't want to give up control and was out voted. Heres what Platt's sayspickboone • 9 minutes ago Flag
4users liked this postsusers disliked this posts0Reply
Platts - Shell tipped to take stake in InterOil’s Papua New Guinea LNG project, By Christine Forster, May 2, 2013
With Phil having retired and the selection between RDS, XOM and TOT coming to a head, a deal could be announced any day. This article confirms that all 3 majors want into the project and it seems to insinuate that Phil was the bottleneck to a deal with RDS.
"Of the three oil and gas majors understood to be vying for a share of US-listed junior InterOil’s Gulf LNG project in Papua New Guinea, Shell is being tipped by some industry insiders as the bidder most likely to succeed... Shell’s perceived advantage over rivals ExxonMobil and Total centres on its existing relationship with the PNG government and the strategic alliance it signed with Petromin in August 2011. Since then, PNG Minister for Petroleum and Energy William Duma has repeatedly pointed to Shell as a potential stakeholder in the InterOil project... Shell’s overall appeal as a partner for the PNG government may also be strengthened by its ownership of emerging floating LNG technology. In addition to stranded offshore resources, Petromin has in the past eyed the option of using an FLNG facility as an alternative to onshore liquefaction to monetize small-scale gas discoveries in PNG’s Foreland Basin, host to the Elk and Antelope fields... ExxonMobil, on the face of it, also has a strong hand to play in PNG and has already ploughed massive investment into the country...There are obvious synergies for ExxonMobil in securing a stake in InterOil’s gas resources as the company is currently looking for additional gas to feed third and fourth production trains at PNG LNG. The foundation project being built comprises two trains with capacity to produce 6.9 million mt/year....The unexpected retirement, announced April 24, of InterOil’s founding CEO Phil Mulacek is meanwhile expected to speed the process toward a deal.******* Mulacek, who ended in his role on April 30, was said to have been unwilling to hand over the reins to one of the big oil and gas companies.******
RE: RDS CEO Forced out as Gulf LNG Pre-Condition!! - Tree - 05-02-2013
Phil has known, as we all have since the IB's were hired, that project reigns would be handed to an experienced 'world class LNG operator' aka Super Major. Funny how JKM with their Operator alliance are being counted out when they are still in contention.
RE: RDS CEO Forced out as Gulf LNG Pre-Condition!! - jft310 - 05-02-2013
One can form a good argument why each of the bidders MUST win this project. Why not share?? Yes its that big ask Henry Aldorf who would know more than most and he says E/A alone has 18 T's . He did not use the word recoverable when he stated this though. We wait
RE: RDS CEO Forced out as Gulf LNG Pre-Condition!! - Tree - 05-02-2013
'jft310' pid='21834' datel Wrote:One can form a good argument why each of the bidders MUST win this project. Why not share?? Yes its that big ask Henry Aldorf who would know more than most and he says E/A alone has 18 T's . He did not use the word recoverable when he stated this though. We wait
"The development decision will be recommended by strategic partner and PNG will decide and approve the best commercialisation opportunity" - Collin
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Since bidders MUST win this project and IOC has stated they are fine with all proposals we need to conclude all options are good options and since Gulf LNG fate is in PNG's hands, the proposal best benefitting PNG will be the winner. Think O'Neill and his advisors has an idea how this project configures yet?
RE: RDS CEO Forced out as Gulf LNG Pre-Condition!! - kommonsents - 05-02-2013
'Tree' pid='21827' datel Wrote:
I bet there were some RDS shareholders PO'd at Vosser too!!
Maybe Phil required Peter to go???
Maybe he will be IOC's new CEO???!!???
Maybe Phil will be RDS new CEO!!!
**********
Out the door: Shell chief executive Peter Voser has elected to retire in the first half of next year
Shell’s chief executive Peter Voser has announced he will retire next year as the Anglo-Dutch supermajor posted a rise in first quarter earnings.
The company revealed Voser’s plans to retire in the first half of next year, after almost five years in the top job, as financial results released on Thursday beat expectations.
Shell posted a 3% rise in adjusted net profit (on a current cost of supplies basis and excluding one-time items) to $7.5 billion, from $7.3 billion a year ago. This result surpassed analysts’ average estimate of $6.4 billion, according to a Bloomberg survey.
Voser said the results were “underpinned by Shell's growth projects, an improvement in downstream profitability, and were delivered despite a difficult security environment in Nigeria.”
In its upstream sector, Shell recorded earnings, excluding identified items, of $5.65 billion compared with $6.27 billion for the same period last year. These identified items were a net gain of $173 million compared with a net gain of $453 million for the 2012 first quarter.
The company attributed this upstream result to the ramp-up of the Pearl gas-to-liquids plant in Qatar, increased trading contributions, and higher gas realisations and tax credits being more than offset by lower liquids realisations, higher depreciation, increased operating and exploration expenses and lower earnings from liquefied natural gas ventures.
First-quarter output was on par with last year at 3.56 million barrels of oil equivalent per day. Although excluding the impact of divestments, production sharing contract price effects and security impacts in Nigeria, total production was actually 2% higher this year.
Liquids production fell 2% while natural gas output rose by 3%, with the continued ramp-up of fields including Pearl GTL, Eagle Ford in the US and Pluto LNG in Australia offsetting the impact of field declines.
Equity LNG sales volumes of 5.15 million tonnes were in line with the 2012 first quarter, with Pluto LNG’s contribution being counterbalanced by frequent bunkering causing supply disruptions onshore Nigeria.
Shell said it was now planning to conduct a “structured and comprehensive review of internal and external candidates” to select a new chief executive.
An executive director since 2004 with a brief stint in the group chief financial officer role, Voser replaced the retired chief Jeroen van der Veer in July 2009.
“Peter's leadership of Shell over the last four years has been impressive, reorganising the company, delivering growth, and developing a clear forward strategy with a strong portfolio of new options,” Shell chairman Jorma Ollila said in a statement.
Phil isn't Dutch, is he???
I think that the "deal" has to be pretty good for the BoD to force PM out of his CEO position and for PM to go without a fight. Things like that are not done lightly. So, the handwriting is on the wall for all to see and read. We could easily see a SD in excess of $2 IMHO.
RE: RDS CEO Forced out as Gulf LNG Pre-Condition!! - jft310 - 05-02-2013
Its not the price per mcf that matters. Its the monetization that IOC shareholders participate in. Wall Street values and prices companies off future cash flows. All reservoir evaluations state IOC has enough NG for 8 mtpa. Even if IOC shareholders only end up with 30% of this project the stock is a double from here. There will be another monetization at Triceratops with higher prices per mcf and what's with 236/238???
All the guesses ignore the liquids and one can see 30,000 barrels a day of liquids with a company that owns a refinery.
Staying independent for even 1 more year would be great for IOC shareholders.
Why are some shorts buying calls and exercising them to cover????
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