Shell CEO stands down as Q1 profits beat forecasts

Royal Dutch Shell has announced that its Chief Executive Officer (CEO) Peter Voser is to step down from the board next year, as the oil giant revealed that profits came in ahead of forecasts in the first quarter.

Royal Dutch Shell has announced that its Chief Executive Officer (CEO) Peter Voser is to step down from the board next year, as the oil giant revealed that profits came in ahead of forecasts in the first quarter.

Voser, who was appointed as CEO in July 2009, has elected to retire in the first half of 2014.

Shell's Chairman Jorma Ollila said: "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."

As for the company's first-quarter results, Shell said that adjusted earnings on a current cost of supplies (CCS) basis rose 3.0% from $7.3bn to $7.5bn in the first three months, ahead of the $6.5bn forecast by analysts.

Significant growth in the smaller Downstream business offset a fall in the larger Upstream division.

Voser said these results were "underpinned by Shell's growth projects, an improvement in Downstream profitability, and were delivered despite a difficult security environment in Nigeria".

Revenues totalled $112.81bn in the first quarter, down from $119.92bn the year before.

The quarter was hit by significant energy-price volatility due to economic and political developments with oil prices falling recently. However, Voser said that the group is "implementing a long-term, competitive and innovative strategy against this volatile backdrop".

Cash flows from operating activities fell by 14% year-on-year from $13.44bn to $11.56bn, but the company was still able to raise its dividend per share by 5.0% from 43 cents to 45 cents.

Recommended

The top funds to invest in now
Funds

The top funds to invest in now

As market volatility continues, here are the top funds, stocks and investment trusts investors are putting their money into, according to one investme…
2 Dec 2022
7 sin stocks to buy yielding up to 8%!
Share tips

7 sin stocks to buy yielding up to 8%!

Sin stocks don’t have the best reputation, but when it comes to investment returns, they’re certainly worth a closer look.
2 Dec 2022
Share tips of the week – 2 December
Share tips

Share tips of the week – 2 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
2 Dec 2022
3 emerging-market stocks to watch
Share tips

3 emerging-market stocks to watch

The top emerging-market stocks to keep an eye on, according to Union Bancaire Privée’s Eli Koen.
1 Dec 2022

Most Popular

Is it cheaper to leave the heating on low all day?
Personal finance

Is it cheaper to leave the heating on low all day?

The weather is getting colder and energy bills are rising, but is it really cheaper to leave the heating on low all day or should you only turn it on …
1 Dec 2022
Radiator vs electric heater – which is cheaper?
Personal finance

Radiator vs electric heater – which is cheaper?

We compare the costs, pros and cons of radiators and electric heaters and see which one will help keep your energy bill as low as possible.
28 Nov 2022
The pros and cons of smart meters – should you switch?
Personal finance

The pros and cons of smart meters – should you switch?

A smart meter can help you keep tabs on your energy usage, but is it better than a regular meter? We take a look at smart meters vs regular meters.
2 Dec 2022