Royal Dutch Shell Plc (NYSE:RDS-a) chief executive officer Peter Voser came out swinging today against the design of the well used for Macondo and the way BP (NYSE:BP) conducted the investigation into the reasons why it failed.
Voser's conclusion that BP used less expensive options in order to increase profits at the expense of safety lines up with the conclusions of lawmakers in the U.S. that in part is seemed part of the BP practices at this particular oil well.
"Shell clearly would have drilled this well in a different way and would have had more options to prevent the accident," asserted Voser. He was talking about using more barriers than BP did to prevent leaks in the design of the well.
Concerning Shell's projects in the Gulf of Mexico, Voser said they would be more selective in who they worked with, making sure the companies had the expertise and ability to help pay for the costs if an accident were to occur.
That was and is a major problem for BP, which is struggling to get some of their smaller partners to pay. And even if and when they pay, there will be limitations on how much they will be able to pay.
Showing posts with label Peter Voser. Show all posts
Showing posts with label Peter Voser. Show all posts
Tuesday, October 12, 2010
Thursday, July 29, 2010
Shell (NYSE:RDS-A) Earnings Up on Oil Prices, Increased Production
Royal Dutch Shell Plc (NYSE:RDS-A) had a strong quarter, led by higher oil prices and a solid production performance which exceeded expectations.
Earnings increased to $4.21 billion, beating street estimates of $4.08 billion. Last year earnings for the quarter stood at $3.82 billion.
Gas and oil production on average increased by 3.11 barrels of oil equivalent a day, a five percent rise. Liquefied-natural-gas sales volumes were up 34% over last year in the same quarter.
Like their major competitors, Shell is increasing its exposure to natural gas, with a goal increasing it to slightly over 50 percent of total production by 2012.
Costs for the quarter beat target goals, coming in at $3.5 billion, a 15 percent gain over projections.
CEO Peter Voser, said the continues on its strategy of divesting of non-core assets, with a goal of increasing sales to $8 billion through 2011.
Approximately 40 percent of capital spending over the next several years will target the Asia Pacific region.
The Obama, Democrat oil moratorium in the Gulf of Mexico, has the most drastic effects on Shell, which has the most oil rigs affected by the drilling ban.
Chief Financial Officer Simon Henry said to investors he estimates a cost of $200 million after taxes for the full year.
With seven rigs shut down during the BP (NYSE:BP) Gulf crisis, Henry said they had a charge of $56 million for the second quarter. Voser has hinted he may attempt to get claim the capital from BP.
Earnings increased to $4.21 billion, beating street estimates of $4.08 billion. Last year earnings for the quarter stood at $3.82 billion.
Gas and oil production on average increased by 3.11 barrels of oil equivalent a day, a five percent rise. Liquefied-natural-gas sales volumes were up 34% over last year in the same quarter.
Like their major competitors, Shell is increasing its exposure to natural gas, with a goal increasing it to slightly over 50 percent of total production by 2012.
Costs for the quarter beat target goals, coming in at $3.5 billion, a 15 percent gain over projections.
CEO Peter Voser, said the continues on its strategy of divesting of non-core assets, with a goal of increasing sales to $8 billion through 2011.
Approximately 40 percent of capital spending over the next several years will target the Asia Pacific region.
The Obama, Democrat oil moratorium in the Gulf of Mexico, has the most drastic effects on Shell, which has the most oil rigs affected by the drilling ban.
Chief Financial Officer Simon Henry said to investors he estimates a cost of $200 million after taxes for the full year.
With seven rigs shut down during the BP (NYSE:BP) Gulf crisis, Henry said they had a charge of $56 million for the second quarter. Voser has hinted he may attempt to get claim the capital from BP.
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