Jaarverslag 2016: RD Shell
Niet eerder heeft het lezen van een jaarverslag me zoveel verbijsterd als dit - maar waarschijnlijk ook elk eerder - jaarverslag van Shell. Het opmerkelijk detail van haar business staat als risicofactor
opgenomen, niet op de eerste pagina waar je het zou verwachten, maar op de derde pagina, wanneer er dan al 16 risicofactoren zijn gepasseerd.
Niet in het verslag staan de kernwaarden van het bedrijf: Shell’s core values are honesty, integrity and respect for people. In 2005 stond leadership nog als kernwaarde maar ik begrijp nu waarom dat leiderschap niet thuis hoort in deze business. Management wel, leiderschap. "No way."
ACTIVITIES
We explore for crude oil and natural gas worldwide, both in conventional fields and from sources such as tight rock, shale and coal formations. We work to develop new crude oil and natural gas supplies from major fields. We also extract bitumen from oil sands, which we convert into synthetic crude oil.
We cool natural gas to produce liquefied natural gas (LNG) that can be safely shipped to markets around the world, and we convert gas to liquids (GTL).De omzet komt uit:
1. integrated gas - 29 (2104 40 mrd)
2. upstream - 33 (2014 60 mrd)
3. downstream - 203 mrd (2014 378 mrd)
Geografisch komt de omzet uit:
1. Europa - 81 (2014: 154)
2. Azie, Afrika - 83 (2014: 149)
3. De VS - 49 (2014: 80)
4. Rest Amerika - 20 (2014: 36)
ORGANISATION
1. INTEGRATED GAS AND NEW ENERGIES
- LNG, GTL en New Energies portfolio. Een voorbeeld van new energies is een 44% investering in Basrah, een Bedrijf uit Irak dat gas opvangt uit flaring van oliebronnen.
2. UPSTREAM
3. DOWNSTREAM (waaronder oil sand projects dat o.a. tot synthetische olie wordt verwerkt)
4. PROJECTS & TECHNOLOGY... Our future hydrocarbon production depends on the delivery of large and complex projects.
Projectmanagement is een van de speerpunten van het bedrijf en heeft belangrijke KPI´s.
Bestudeer de risico´s en huiver:
1. Flucteren van de olieprijs
2. Deliver competitive returns and commercial opportunities depend on price asumptions
3. Strategy depend on reaction on competitive forces
4. Divestments
5. Our future hydrocarbon production depends on the delivery of large and complex projects, as well as on our ability to replace proved oil and gas reserves.
6. The estimation of proved oil and gas reserves involves subjective judgements based on available information and the application of complex rules;
7.Rising climate change concerns have led and could lead to additional legal and/or regulatory measures
8.Our operations expose us to social instability, civil unrest,terrorism, piracy, acts of war and risks of pandemic diseases that could have a material adverse effect on our business.
9.We operate in more than 70 countries that have differing degrees of political, legal and fiscal stability.
10. The nature of our operations exposes us, and the communities in which we work, to a wide range of health, safety, security and environment risks.
11.A further erosion of the business and operating environment in Nigeria could have a material adverse effect on us.
12.Production from the Groningen field in the Netherlands continues to cause earthquakes that affect local communities. Shell and ExxonMobil are 50:50 shareholders
13. Our future performance depends on the successful development and deployment of new technologies and new products.
14.We are exposed to treasury and trading risks, including liquidity risk, interest rate risk, foreign exchange risk, commodity price risk and credit risk. We areaffected by the global macroeconomic environment as well as financial andcommodity market conditions.15.We have substantial pension commitments, whose funding is subject to capital market risks.
16.We mainly self-insure our risk exposure. We could incur significant losses from different types of risks that are not covered by insurance from third-party insurers.
17.An erosion of our business reputation could have a material adverse effect on our brand, our ability to secure new resources and our licence to operate
18.Many of our major projects and operations are conducted in joint arrangements or associates. This could reduce our degree of control, as well as our ability to identify and manage risks.
19.We rely heavily on information technology systems for our operations.
20.Violations of data protection laws carry fines and expose us and/or our employees to criminal sanctions and civil suits.
21.Violations of trade compliance laws and regulations, including sanctions, carry fines and expose us and our employees to criminal sanctions and civil suits.22.The Company’s Articles of Association determine the jurisdiction for shareholder disputes. This could limit shareholder remedies.
23.Violations of antitrust and competition laws carry fines and expose us and/or our employees to criminal sanctions and civil suits. 24.Violations of anti-bribery and corruption laws and anti-money laundering laws carry fines and expose us and/or our employees to criminal sanctions and civil suits.
MARKET OVERVIEW
1.GLOBAL ECONOMIC GROWTH. One of the key drivers of oil and gas demand is economic activity.
2. GLOBAL PRICES, DEMAND AND SUPPLY
3. CRUDE OIL AND NATURAL GAS PRICE ASSUMPTIONS (Our ability to deliver competitive returns and pursue commercial opportunities)4. REFINING MARGINS. In 2017, we expect demand for products such as gasoline and middle distillates to continue to grow and support margins, driven by increasing economic activity as well as freight and passenger transport. However, ample refining capacity and potentially strengthening feedstock prices could narrow margins.
5. PETROCHEMICAL MARGINS
Proved reserves: Crude oil and natural gas liquids leveren een reserve van totaal 13,248 barrels (Natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel).
SELF-INSURANCE
Shell mainly relies on self-insurance for many of its risk exposures and capital is set aside to meet self-insurance obligations...
CLIMATE CHANGE. Our approach to climate change. We have long recognised that GHG emissions from the use of fossil fuels are contributing to warming of the climate system. In December 2015, 195
nations adopted the Paris Agreement and we welcomed the efforts made by governments to reach this global climate agreement, which entered into force in November 2016. It provides a framework which is intended to enable governments to implement effective measures to reduce GHG emissions.
Shell agrees with the International Energy Agency (IEA) that the goal of limiting the increase in global temperatures to well below 2°C will be extremely challenging.
visie BIOFUELS
The international market for biofuels is growing, driven largely by the introduction of new energy policies in Europe and the USA that call for more renewable, lower-carbon fuels for transport. According to the IEA, sustainable biofuels are expected to play a bigger role in helping to meet customers’ fuel needs and reduce CO2 emissions. From cultivation to use, some biofuels emit significantly less CO2 compared with conventional gasoline. But this depends on several factors, such as the feedstock used and the way biofuels are produced. Other challenges include concerns
over land competing with food crops, labour rights, and the water used in the production process.
SENIOR MANAGEMENT
The Senior Management of the Company comprises the Executive Directors and those listed below. All are members of the Executive Committee:
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Self-Insurance. Shell verzekert zichzelf. Dat is toch wel het meest opmerkelijke bedrijfsarchitectuur-element dat in het jaarverslag te vinden is. De impact van deze "keuze" is natuurlijk groot op de organisatiecultuur: wanneer je dit feit vergelijkt met andere bedrijven zoals SBM die ook in de oliesector werken en hun materiaal / en assets in het algemeen wel verzekeren dan zullen die bedrijven minder "zuinig" omgaan met deze assets. In de cultuur van Shell zit dit self-insurance opgenomen. De cultuur is alleen al daardoor conservatiever dan die van andere bedrijven.
De grote vraag is, waarom doet Shell dit? Economisch gezien lijkt het logisch dat de jaarlijkse 'gigantische' premies die zouden moeten worden afgedragen nu in de kas (Treasury) van Shell belanden en op lange termijn is dit een economisch voordeel, omdat de verzekeringspremies altijd groter zijn dan de kans op schade * claim. De marge van het verzekeringsbedrijf neemt Shell over. Dit leidt wel tot veel boekhoudkundige onduidelijkheid. Shell heeft niet zoals Total - die hetzelfde fenomeen uitvoert - een apart verzekeringsbedrijf, Omnium. Het verlies van schade leidt daar tot winst op de verzekeringsmaatschappij en visa-versa.
De andere kant van het verhaal is dat er geen herverzekeringsbedrijf is die de assets van Shell wil of kan verzekeren, of dat de contractbesprekingen alleen al onhaalbaar zijn; wat keert het bedrijf uit en onder welke omstandigheden. Voor de BP-spil was BP ook onverzekerd.
Daarnaast is dit mechanisme van Self-insurance erg belangrijk voor de partijen (derden) die in het proces betrokken zijn. Ook hier leek het erop dat in geval van BP een externe partij schuldig zou zijn geweest, maar later bleek BP de achterstallig onderhoud te hebben. Dat heeft dus alles met cultuur te maken. Verzekeringen zorgen voor onoplettendheid en gemak, onder het motto, "we zijn toch verzekerd."
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Omnium Reinsurance Co. SA provides reinsurance services. The company is based in Vernier, Switzerland. Omnium Reinsurance Co. SA operates as a subsidiary of Total SA.
--
2015/04/rd-shell-cultuur-anno-2014
Niet in het verslag staan de kernwaarden van het bedrijf: Shell’s core values are honesty, integrity and respect for people. In 2005 stond leadership nog als kernwaarde maar ik begrijp nu waarom dat leiderschap niet thuis hoort in deze business. Management wel, leiderschap. "No way."
ACTIVITIES
We explore for crude oil and natural gas worldwide, both in conventional fields and from sources such as tight rock, shale and coal formations. We work to develop new crude oil and natural gas supplies from major fields. We also extract bitumen from oil sands, which we convert into synthetic crude oil.
We cool natural gas to produce liquefied natural gas (LNG) that can be safely shipped to markets around the world, and we convert gas to liquids (GTL).De omzet komt uit:
1. integrated gas - 29 (2104 40 mrd)
2. upstream - 33 (2014 60 mrd)
3. downstream - 203 mrd (2014 378 mrd)
Geografisch komt de omzet uit:
1. Europa - 81 (2014: 154)
2. Azie, Afrika - 83 (2014: 149)
3. De VS - 49 (2014: 80)
4. Rest Amerika - 20 (2014: 36)
ORGANISATION
1. INTEGRATED GAS AND NEW ENERGIES
- LNG, GTL en New Energies portfolio. Een voorbeeld van new energies is een 44% investering in Basrah, een Bedrijf uit Irak dat gas opvangt uit flaring van oliebronnen.
2. UPSTREAM
3. DOWNSTREAM (waaronder oil sand projects dat o.a. tot synthetische olie wordt verwerkt)
4. PROJECTS & TECHNOLOGY... Our future hydrocarbon production depends on the delivery of large and complex projects.Projectmanagement is een van de speerpunten van het bedrijf en heeft belangrijke KPI´s.
Bestudeer de risico´s en huiver:
1. Flucteren van de olieprijs
2. Deliver competitive returns and commercial opportunities depend on price asumptions
3. Strategy depend on reaction on competitive forces
4. Divestments
5. Our future hydrocarbon production depends on the delivery of large and complex projects, as well as on our ability to replace proved oil and gas reserves.
6. The estimation of proved oil and gas reserves involves subjective judgements based on available information and the application of complex rules;
7.Rising climate change concerns have led and could lead to additional legal and/or regulatory measures
8.Our operations expose us to social instability, civil unrest,terrorism, piracy, acts of war and risks of pandemic diseases that could have a material adverse effect on our business.
9.We operate in more than 70 countries that have differing degrees of political, legal and fiscal stability.
10. The nature of our operations exposes us, and the communities in which we work, to a wide range of health, safety, security and environment risks.
11.A further erosion of the business and operating environment in Nigeria could have a material adverse effect on us.
12.Production from the Groningen field in the Netherlands continues to cause earthquakes that affect local communities. Shell and ExxonMobil are 50:50 shareholders
13. Our future performance depends on the successful development and deployment of new technologies and new products.
14.We are exposed to treasury and trading risks, including liquidity risk, interest rate risk, foreign exchange risk, commodity price risk and credit risk. We areaffected by the global macroeconomic environment as well as financial andcommodity market conditions.15.We have substantial pension commitments, whose funding is subject to capital market risks.
16.We mainly self-insure our risk exposure. We could incur significant losses from different types of risks that are not covered by insurance from third-party insurers.
17.An erosion of our business reputation could have a material adverse effect on our brand, our ability to secure new resources and our licence to operate
18.Many of our major projects and operations are conducted in joint arrangements or associates. This could reduce our degree of control, as well as our ability to identify and manage risks.
19.We rely heavily on information technology systems for our operations.
20.Violations of data protection laws carry fines and expose us and/or our employees to criminal sanctions and civil suits.
21.Violations of trade compliance laws and regulations, including sanctions, carry fines and expose us and our employees to criminal sanctions and civil suits.22.The Company’s Articles of Association determine the jurisdiction for shareholder disputes. This could limit shareholder remedies.
23.Violations of antitrust and competition laws carry fines and expose us and/or our employees to criminal sanctions and civil suits. 24.Violations of anti-bribery and corruption laws and anti-money laundering laws carry fines and expose us and/or our employees to criminal sanctions and civil suits.
MARKET OVERVIEW
1.GLOBAL ECONOMIC GROWTH. One of the key drivers of oil and gas demand is economic activity.
2. GLOBAL PRICES, DEMAND AND SUPPLY
3. CRUDE OIL AND NATURAL GAS PRICE ASSUMPTIONS (Our ability to deliver competitive returns and pursue commercial opportunities)4. REFINING MARGINS. In 2017, we expect demand for products such as gasoline and middle distillates to continue to grow and support margins, driven by increasing economic activity as well as freight and passenger transport. However, ample refining capacity and potentially strengthening feedstock prices could narrow margins.
5. PETROCHEMICAL MARGINS
Proved reserves: Crude oil and natural gas liquids leveren een reserve van totaal 13,248 barrels (Natural gas volumes are converted into oil equivalent using a factor of 5,800 scf per barrel).
SELF-INSURANCE
Shell mainly relies on self-insurance for many of its risk exposures and capital is set aside to meet self-insurance obligations...
CLIMATE CHANGE. Our approach to climate change. We have long recognised that GHG emissions from the use of fossil fuels are contributing to warming of the climate system. In December 2015, 195
nations adopted the Paris Agreement and we welcomed the efforts made by governments to reach this global climate agreement, which entered into force in November 2016. It provides a framework which is intended to enable governments to implement effective measures to reduce GHG emissions.
Shell agrees with the International Energy Agency (IEA) that the goal of limiting the increase in global temperatures to well below 2°C will be extremely challenging.
visie BIOFUELS
The international market for biofuels is growing, driven largely by the introduction of new energy policies in Europe and the USA that call for more renewable, lower-carbon fuels for transport. According to the IEA, sustainable biofuels are expected to play a bigger role in helping to meet customers’ fuel needs and reduce CO2 emissions. From cultivation to use, some biofuels emit significantly less CO2 compared with conventional gasoline. But this depends on several factors, such as the feedstock used and the way biofuels are produced. Other challenges include concerns
over land competing with food crops, labour rights, and the water used in the production process.
SENIOR MANAGEMENT
The Senior Management of the Company comprises the Executive Directors and those listed below. All are members of the Executive Committee:
- CEO (Ben van Beurden),CFO (Simon Henry)
en: - Downstream Director.
- Projects & Technology Director
- Upstream Director
- Chief Human Resources & Corporate Officer
- Legal Director
- Integrated Gas and New Energies Director
--
Self-Insurance. Shell verzekert zichzelf. Dat is toch wel het meest opmerkelijke bedrijfsarchitectuur-element dat in het jaarverslag te vinden is. De impact van deze "keuze" is natuurlijk groot op de organisatiecultuur: wanneer je dit feit vergelijkt met andere bedrijven zoals SBM die ook in de oliesector werken en hun materiaal / en assets in het algemeen wel verzekeren dan zullen die bedrijven minder "zuinig" omgaan met deze assets. In de cultuur van Shell zit dit self-insurance opgenomen. De cultuur is alleen al daardoor conservatiever dan die van andere bedrijven.
De grote vraag is, waarom doet Shell dit? Economisch gezien lijkt het logisch dat de jaarlijkse 'gigantische' premies die zouden moeten worden afgedragen nu in de kas (Treasury) van Shell belanden en op lange termijn is dit een economisch voordeel, omdat de verzekeringspremies altijd groter zijn dan de kans op schade * claim. De marge van het verzekeringsbedrijf neemt Shell over. Dit leidt wel tot veel boekhoudkundige onduidelijkheid. Shell heeft niet zoals Total - die hetzelfde fenomeen uitvoert - een apart verzekeringsbedrijf, Omnium. Het verlies van schade leidt daar tot winst op de verzekeringsmaatschappij en visa-versa.
De andere kant van het verhaal is dat er geen herverzekeringsbedrijf is die de assets van Shell wil of kan verzekeren, of dat de contractbesprekingen alleen al onhaalbaar zijn; wat keert het bedrijf uit en onder welke omstandigheden. Voor de BP-spil was BP ook onverzekerd.
Daarnaast is dit mechanisme van Self-insurance erg belangrijk voor de partijen (derden) die in het proces betrokken zijn. Ook hier leek het erop dat in geval van BP een externe partij schuldig zou zijn geweest, maar later bleek BP de achterstallig onderhoud te hebben. Dat heeft dus alles met cultuur te maken. Verzekeringen zorgen voor onoplettendheid en gemak, onder het motto, "we zijn toch verzekerd."
--
Omnium Reinsurance Co. SA provides reinsurance services. The company is based in Vernier, Switzerland. Omnium Reinsurance Co. SA operates as a subsidiary of Total SA.
--
2015/04/rd-shell-cultuur-anno-2014
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