By Damian Reece 12:17PM BST 26 Jul 2011
Management, led by Bob Dudley, is gradually losing the trust of shareholders who have sat through one failure after another, most recently the Macondo oil spill and then the spectacular blow up of its Russian strategy.
BP
I expect one of the big pictures to emerge form this weeks results from the big oil companies is the marked divergence in the fortunes of BP and Royal Dutch Shell. Since BPs fatal accident in the Gulf of Mexico, its shares are off a third while Shell is up 15pc.
BP has slumped to a market value of £89bn while Shell, the worlds biggest dividend payer, is valued at £144bn. The latter seems to have a far more settled and cogent strategy, including an overarching desire to diversify away from oil and have gas production account for half its business.
Production was down 11pc from a year earlier and BP is in danger of becoming a jam tomorrow business, constantly promising better days ahead but having a patchy delivery record. The companys woes have now led to analysts highlighting the break up value of this once great company.
Dudley is already embarked on a post-Macondo sell off of some fields but analysts have now come to the inevitable conclusion that after the year it has had, the business is trading at a substantial discount to the sum of its parts, that discount being attributable to a lack of confidence in management.
HSBC suggests an accelerated shrink to grow strategy which could add 160p a share to the companys value. JP Morgan Cazenove has said a full break-up would create $100bn of cash for investors. Clearly these City figures place far more reliance on Dudleys ability to sell assets than growth them.
Todays results continue to give that view credence.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
