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| Shell Chief to Leave Next Year | |
| (about 2 hours later) | |
| LONDON — Royal Dutch Shell’s chief executive said Thursday he would retire next year, as the company announced first-quarter results that exceeded analysts’ expectations. | LONDON — Royal Dutch Shell’s chief executive said Thursday he would retire next year, as the company announced first-quarter results that exceeded analysts’ expectations. |
| Peter Voser, who has served as chief financial officer and chief executive for almost ten years, said he would leave during the first half of 2014. | Peter Voser, who has served as chief financial officer and chief executive for almost ten years, said he would leave during the first half of 2014. |
| Along with his predecessor as chief executive, Jeroen van der Veer, Mr. Voser helped Shell recover from the effects of a scandal over misstating reserves in 2004. | Along with his predecessor as chief executive, Jeroen van der Veer, Mr. Voser helped Shell recover from the effects of a scandal over misstating reserves in 2004. |
| “After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to have more time available for my family and private life,” Mr. Voser said. | “After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to have more time available for my family and private life,” Mr. Voser said. |
| Shell’s net income for the first quarter, adjusted for one-time items, was $7.5 billion, a 3 percent gain from a year earlier, on increased production and higher prices for natural gas. | Shell’s net income for the first quarter, adjusted for one-time items, was $7.5 billion, a 3 percent gain from a year earlier, on increased production and higher prices for natural gas. |
| The company’s performance was aided by higher-than-expected oil and gas production of about 3.6 million barrels per day during the quarter. Shell said new field start-ups, including the Pearl project in Qatar that transforms natural gas into liquids, the Eagle Ford field in the United States and the Pluto LNG project in Australia, added about 175,000 barrels per day. | The company’s performance was aided by higher-than-expected oil and gas production of about 3.6 million barrels per day during the quarter. Shell said new field start-ups, including the Pearl project in Qatar that transforms natural gas into liquids, the Eagle Ford field in the United States and the Pluto LNG project in Australia, added about 175,000 barrels per day. |
| Year-on-year production was flat, but analysts had expected it to be depressed by events like the February outage at Shell’s liquefied natural gas plant in Nigeria. The plant was shut down when a hole was drilled into a feeder pipe. | Year-on-year production was flat, but analysts had expected it to be depressed by events like the February outage at Shell’s liquefied natural gas plant in Nigeria. The plant was shut down when a hole was drilled into a feeder pipe. |
| Shell also said that its earnings per unit of natural gas were up 6 percent globally and 19 percent in the United States, where gas prices have increased modestly. Earnings at Shell’s integrated gas unit, which comprises mainly liquefied natural gas operations, were up 4 percent to $2.5 billion. | Shell also said that its earnings per unit of natural gas were up 6 percent globally and 19 percent in the United States, where gas prices have increased modestly. Earnings at Shell’s integrated gas unit, which comprises mainly liquefied natural gas operations, were up 4 percent to $2.5 billion. |
| The company’s refining and marketing business earned $1.7 billion, a 28 percent increase from a year earlier. Shell said that it benefited from a better industry operating environment, leading to higher refining margins, and from oil trading. | The company’s refining and marketing business earned $1.7 billion, a 28 percent increase from a year earlier. Shell said that it benefited from a better industry operating environment, leading to higher refining margins, and from oil trading. |
| Mr. Voser, who became Shell’s chief executive in 2009, returned to the company as chief financial officer in 2004 after a brief time in the same role at Asea Brown Boveri, a Swiss-based industrial equipment maker, which was struggling financially. | Mr. Voser, who became Shell’s chief executive in 2009, returned to the company as chief financial officer in 2004 after a brief time in the same role at Asea Brown Boveri, a Swiss-based industrial equipment maker, which was struggling financially. |
| The logical internal candidates to succeed Mr. Voser include Shell’s chief financial officer, Simon Henry, and its international director of exploration and production operations, Andrew Brown. Both are seasoned executives with broad experience. | The logical internal candidates to succeed Mr. Voser include Shell’s chief financial officer, Simon Henry, and its international director of exploration and production operations, Andrew Brown. Both are seasoned executives with broad experience. |