Risk-Taking Shell CEO Stays in Race
With Unusual Strategies,
Big Investments in Staff,
Van der Veer Battles Rivals
By CHIP CUMMINS and GUY CHAZAN
March 29, 2007; Page B1
LONDON — When Jeroen van der Veer, a low-key chemicals executive and marathon ice skater, took the top job at Royal Dutch Shell PLC in 2004, industry watchers wondered how long it would be before the Dutchman took a tumble at the scandal-tarred energy titan.
Three years later, he’s not only still in the race, but he’s also starting to outpace BP PLC, his biggest European rival. Since taking over Shell amid a scandal over how it accounted for its energy reserves, Mr. van der Veer has ridden the oil-price boom to higher profit. At the same time, though, high costs and diminished access to fresh reserves have been squeezing Big Oil, so he has pushed a bunch of large-but-risky development projects.
In the long oil-patch rivalry between European giants Shell and BP, Mr. van der Veer’s company is back on top. Shell’s shares outperformed BP’s last year, as BP floundered from a series of operational blunders and scandals in the U.S., including a handful of safety probes stemming from a refinery blast and pipeline problems in Alaska. For the first time in years, Shell’s market capitalization is bigger than BP’s, at $215 billion to $209 billion. Among non-state-controlled oil companies, only Exxon Mobil Corp. is larger. read more
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