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Energy

Shell Game (RDS-A, RDS-B, XOM)

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By Douglas A. McIntyre Updated Published

The big news this morning is a restructuring at Royal Dutch Shell plc (NYSE:RDS.A) as the oil major welcomes a new chief executive on July 1st. The company is dividing its business geographically, into Americas and non-Americas divisions.

The first casualty of the new regime is Linda Cook, head of Shell’s liquid natural gas business, who fell on her sword today after being passed over for the CEO post. The company’s restructuring had re-organized (i.e., eliminated) her division. Cook was not a believer in alternative energy as a viable business for Shell and she said so. She wanted the company to put its money in biofuels.

Shell also plans to add a new division to take over its technology and construction projects, following the path of Exxon Mobil Corp. (NYSE:XOM). Shell’s inability to bring in major projects on time and on budget has really hurt the company in the past few years. The most famous case is the Sakhalin-2 project, which doubled in cost and led to a restructuring of the deal with Russia.

Shell’s RDS-A shares are trading down about 2% in the pre-market this morning, at $51.76. The 52-week range is $38.26-$86.98. The company’s RDS-B shares are off about the same amount, at $52.48. RDS-B shares have been trading in a 52-week range of $37.16-$85.43.

Paul Ausick
May 27, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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