Did BVB really just say “We’ve said goodbye to oil and gas?”
What does that mean for all of us who work in operations, maintenance, drilling, exploration, etc. every day? Is the company saying goodbye to ALL of us too?
24 replies (most recent on top)
Unreasonable that a Dutch court put tougher limits on Shell? Does he BVB not understand what a court case is? This is classic "what-about-ism"!
Your a Dutch company subject to the jurisdiction of Dutch courts. They have jurisdiction over you not everyone else in the world. Should the judge have said, we won't hold Shell accountable because we don't have worldwide jurisdiction? Courts have a defendent before them not just an issue. Shell was that defendent not the rest of the world. The court decides if the defendent had a responsibility and acted badly and harmed a victim. And what they must do to fix it. The court was holding this defendent accountable for the harms it caused. Not setting worldwide policy. Fixing it is not supposed be easy. The court was doing what it had the power to do. Which is to make Shell fix it.
Sounds reasonable to me.
"Does Ben read this board?"
Yes, I'm certain Ben was so hurt by being called a goddam jagoff that he used a c-note to dry his tears and swore off taking his children's names in vain to peddle his lies to the stupid gullible masses who believe in faerie stories, Sinterklaas, moral oil companies, and CEOs who are not completely full of sh-t.
Then he called his assistant at 3 am to get up and type up a binder of brand new lies.
Can't wait! I need an alternative to Netflix.
"I'm also really certain that what I also said right at the end, the words, trust me, are not going to cut it anymore. I can probably just do that with my children, but it needs to be a new set of facts that needs to emerge around our company." Does B read this board?
"I haven’t heard any useless GM or VP explain to my why I should give dam anymore."
There are plenty of dam's around. Just no water :) .......
No worries, in a years time, when Deer Park is churning out profit for PEMEX, we can look back on van Beurden and laugh at that clown
Am I the only one that is really offended because BVB didn't object to the blatant ethnic slur about Latin American's being disorganized? Ben had an moral obligation to set an example and speak up. SILENCE IS VIOLENCE, PEOPLE! He is the allowing the perpetuation of ethnic stereotypes. Sure, the audience giggles uneasily now, but pretty soon they'll be stuffing Latin Americans into ovens. Deterding's proud legacy. We don't tolerate this hostile stereotyping at Shell or at our suppliers. BVB should apologise to all the people of Latin American for passively participating in this slur.
Entertaining video. All we need is someone throwing a chair and I'd swear I was watching "Geraldo!" And the host's weepy emoting reminds me of SNL's parody of Sally Jessy.
The monkey in the middle is an activist shareholder that helped get new directors on Exxon's board. Now Exxon's extraordinary engineering expertise, execution skills and deep oil pockets will be redirected to go head to head in competition with Shell. Anyone think this is a good thing for Shell's future?
“So some Dutch school teacher thought it was okay to tell an impressionable tween girl that her father, one of the most powerful business executives in Europe, was really Satan trying to wipe out humanity? And she believed her? And then immediately believed Satan? Sounds pretty gullible, why is this the end of the story? Why hasn't anyone called bu-----t on this selfserving cheese dish”
anonymous that was priceless. he probably “learned” to be “authentic” like that ….. in some internal “authentic leadership” bs course …..
So some Dutch school teacher thought it was okay to tell an impressionable tween girl that her father, one of the most powerful business executives in Europe, was really Satan trying to wipe out humanity? And she believed her? And then immediately believed Satan? Sounds pretty gullible, why is this the end of the story? Why hasn't anyone called bu-----t on this selfserving cheese dish? He-l, I'd lie to my kids for a lot less money than BvB is making.
Has anyone actually interviewed the teacher, like maybe the Nobel Prize committee? Or was she "disappeared"?
This is an example of the pop myth that everything you do has to somehow be "personal," some emotional scar that drives the heroes journey. When BvB recounts the story, he's really speaking in that condescending voice to the audience like they are stupid lesser beings.
Don’t think I have ever seen a more unpopular and underwhelming CEO at Shell. I haven’t heard any useless GM or VP explain to my why I should give dam anymore.
Sh-t show indeed.
The moderator lost control. Not up to TED Talk standards.
CJ compared XOM's performance in pre-GFC 2007 to 2020 when oil futures were negative. Amateur apples to oranges mistake.
LMacD refused to share the stage with BVB and stormed off, knowing full well BVB would be there. Pure grandstanding by a little sn-t using BVB's stature to elevate her own.
And BVB waved bye-bye to oil and gas except for the profits from trading, retail sales, lubricants, liquid gas, plastics
But BVB is right. The energy transition is a TRANSITION that must be subsidised with oil and gas profits. Shell is shedding its hi-val O&G assets to pay for a portfolio of admittedly unprofitable assets. And when we have fully transitioned, will Shell's new low maintenance assets magically become profitable? Anyone with solar panels can steal Shell's market share.
Shell is liquidating itself. BVB and the rest of them are in it for the paydays from selling hi-val assets.
Once the renewables' infrastructures are on line, how many of employees will Shell need to generate more electricity or support operations?
Yes, all your jobs are on the line. That's where the meager future profits will come from.
I am sick of hearing this god damn jagoff talk about his 30-second chats with his children. Unless they are on the RDS board of directors, they are not relevant to what he is doing in his role as CEO.
Good distraction by BVB - instead of addressing how he is going to pay the $30 billion debt after the disastrous BG acquisition, do the next things while fireselling assets - talk DEI, BLM, Reshape and Recharge, and now TED. An utter disgrace - resign BVB (and Gretchen, Jessica)
@1nfg- The irrational children on the stage were the crying climate activist who stormed off and the crying amateur moderator (also a climate activist). The activist investor was a rational adult but still naive about real-world energy issues. BVB was trying to have an honest conversation with an otherwise hostile panel and audience.
Humans will require massive quantities of carbon-based energy for many decades to come, and there will be companies who step up to deliver that energy. Just not this company.
Love that people here think others are "irrational children" because those people think that oil and gas will remain an economic force for the next 20-50 years. Shell management at its finest - must've drunk the Dutch Kool-Aid. Must be nice to live in those 1st world, high-walled gardens.
Mexico has admitted that they are at least 25 years behind other wealthier countries in moving toward alternative energy sources. And they are an ADVANCED, RICH nation compared to MOST others. Oil will be here for a long time to come.
So glad that I will cease to be a Shell employee soon. This is a poorly led company with an arrogant, obtuse view of energy. As is typical, they sold assets at the bottom of the market. I expect they will sell more, both in energy and chemicals, because they cannot figure out what they want to do. Look at the Renewables and Energy Solutions org chart. I've never seen so much bloat. It's like Shell is throwing a whole bunch of things against a wall, just to see if something sticks. I expect half those people will be divested or leave within 5-10 years. What a sad beginning of an end for a once great company.
Another example of irrational children pretending to be rational adults. It's impossible to have a serious conversation with people devoid of any understanding of the global energy demand, let alone economics or thermodynamics.
That TED talk was a sh-t show but BvB handled himself well, imo.
Read some more diverse media sources if you think the statement that oil and gas is in decline is wild.
https://www.ted.com/talks/countdown_summit_decarbonizing_fossil_fuels
Why did BVB think it was a good idea to sit on that panel? What a goof.
"BVB needs to be sent out to pasture. He is no longer working with a full deck. Oil & Gas will be here for at least 30 years while the alternate sources ramp up. "
You didn't watch the video did you ? Typical response dictated by emotions instead of logic and facts .......
BVB needs to be sent out to pasture. He is no longer working with a full deck. Oil & Gas will be here for at least 30 years while the alternate sources ramp up. It is sad to see BVB give away great Oil & Gas assets to the competition for next to $0. The competition will milk these assets for the next few decades while BVB is looking for the TRUE NORTH out of his posterior. I have sold all my Shell stock as BVB will ruin this company!
Yup.. shell is chasing the green unicorn. Shell is no longer an oil and gas company
Ben actually did a great job on this. it is hard to argue with emotional unstable individuals ……
Yep. They've already said goodbye to many of us...and I'm thankful to shed this sorry sad sack of a company.