Rail chaos at Finsbury Park: Trusting ex Shell executives to run a railway network?
(THE ABOVE SCREENSHOT IS FROM AN ARTICLE IN THE INDEPENDENT PUBLISHED SUNDAY 28 DEC 2014)
ARTICLE BY BILL CAMPBELL, RETIRED HSE GROUP AUDITOR, SHELL INTERNATIONAL
Could you really trust ex Shell executives to run a railway network?
In the usual manner *TFA Malcolm the Tank Engine arranged for his apprentice Marc Carne to take over as CEO of Network Rail, but like his disciples Bjorn Berget, Chris Finlayson, Gregory P Hill, dear Marc is a follower, not a leader, how otherwise would TFA Brinded have recruited them as his obedient servants in the first place.
Outside the protected arena of Shell, and in the public domain, we sense their true worth.
Perhaps, just perhaps, after the fiasco and chaos at Finsbury Park dear Marc will follow the example of Chris the gasman and be booted out his organisation, what a way to run a railway network!!
ARTICLE ENDS
*Shell’s notorious “Touch F*** All” safety culture on North Sea Platforms resulted in the deaths of Shell employees in an explosion on the Brent Bravo platform.
RELATED
Mark Carne, New Network Rail Boss, To Get £100,000 More Than Sir David Higgins: HUFF POST: 5 SEPT 2013
Extract
Network Rail’s new chief executive has come under fire for being paid £100,000 more than his predecessor. Mark Carne, a former oil executive at Royal Dutch Shell, will receive a basic salary of £675,000, which is £100,000 higher than his predecessor’s pay.
Mark Carne and the Shell Brent Bravo Scandal 5 SEPT 2013
Extract
Several years ago, Mr. Carne didn’t get a job in Shell UK that he was hoping for, and he left to take a role in BG. It didn’t take BG long to release him.
Oil majors’ finances strained by price slump
Sunday Telegraph newspaper article by Ben Marlow: Oil majors’ finances strained by price slump
The sudden fall in the price of crude oil, from $120 to just $60 a barrel in six months, is the biggest economic shock of 2014 and the fall out is expected to be profound and long-lasting, especially for the oil majors.
THE FINANCES of Britain’s three biggest oil majors are looking more stretched amid the sudden fall in the oil price, ratings agency Standard & Poor’s has warned.
S&P said the dramatic deterioration in the oil price outlook had prompted the agency to take a number of “rating actions” on European oil and gas majors including Shell, BP, and BG Group.
S&P outlined three key concerns around a group of the industry’s biggest European producers: Shell, Total, BP, Eni and BG Group.
The first is debt levels, which have jumped from a combined S162.9bn (£105bn) for the five companies at the end of 2008 to an estimated $240bn in 2014.
Secondly, while borrowings have risen, dividends have also jumped, leading to “a very substantial cash deficit”, S&P said.
Lastly, costs and capex, “have increased materially”.
The ratings agency has revised the outlook on BP and Shell to negative.
On BP, the ratings agency said “the outlook revision to negative reflects our concern that in 2015-16, cash flow generation might come under pressure”. It also said it could downgrade the company in the next six to 12 months if its debt profile deteriorated.
It said Shell’s cash flow could be “significantly affected” by the lower oil price and the company was constrained by “hefty capital spending” and a fixed dividend payout.
The ability of tile biggest companies to withstand the oil price collapse depends on the extent to which they can reduce expenses…
Extracts end
The extracts are from the article “Oil majors’ finances strained by price slump” published on the front page of The Sunday Telegraph Business Section on 28 December 2014.
The TRUTH will set you FREE.
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