Strategic Management and Leadership of Royal Dutch Shell Plc - Essay Example

Essay on Royal Dutch Shell PLC Strategic Management and Leadership Contents Introduction to Royal Dutch Shell PLC 3 2.Company’s Financial and Strategic Profile - Assessing Success 3 3.Business Strategy- Brief on Business Rationale 5 4.Analysis on Company’s Strategic Capabilities and Evaluation 6 5.Leadership Contributions 9 6.International Strategy 10 7.Collaborations and Partnerships 14 8.Challenges 16 1. Introduction to Royal Dutch Shell PLC Royal Dutch Shell PLC which is also known as Shell is a multinational oil & gas company. Royal Dutch Shell p.l.c is an umbrella (parent company) for Shell Transport & Trading and Royal Dutch Petroleum Company (RDP). As one of the largest companies of the world, Royal Dutch Shell p.l.c, or simply, Shell, has a huge share in independent oil and gas so far as market capitalization, oil & gas production and cash flows are concerned. The revenue of Shell was about $ 412 Billion dollar in 2014 ("Royal Dutch Shell on the Forbes" 2014). This essay deals with the leadership and strategic management that has made Royal Dutch Shell p.l.c what is it today (Strategy, 2015). 2. Company’s Financial and Strategic Profile - Assessing Success Before assessing a business performance indicator, it is important to delve into the ambiance so that a causal analysis may be put forward. This is called understanding the environment. It helps in establishing what-leads-to-what in a more objective way. Royal Dutch Shell p.l.c like all other multinationals is prone to such variable. According to Ben Van Beurden, CEO Shell, 2013-2014 remains tumultuous years for the company (Ben, 2014). The main variables that were held responsible for swerving performance of the company were related to law and order of their business countries. The operating environments which Royal Dutch Shell p.l.c had to face were confronted by deteriorating security situation. Citing Asia and Africa the CEO outlined that a depression was seen lower demand and an oversupply of global refining capacity. 2013 was the year which performed below the potential company has. Lack of competitiveness in capital efficiency and day to day operational performance was seen, as acknowledged by Ben in 2014 CEO Review note. The strategy in theory remains robust and calls for a change in focus only. Ben is of the view that improving cash flow performance and returns must be taken as challenge so that company’s strategy may emerge as sure success (Jeong, 2014). To an answer to how, Ben states that focus should be kept on: a. Improving Financial Performance b. Maintaining Record of delivering new projects c. Enhancing Capital Efficiency d. Restructuring Oil Performance in North America (Gas and Shale Oil) Dismal performance in 2012 and 2013 brought a paradigm shift in company’s plans for divestment and new acquisitions. This does not mean that Royal Dutch Shell p.l.c has not been able to perform at all. It means that company is gearing up to realign itself with current market forces and business environments. An abrupt response to the performance in 2012-13 has proven maturity of the company’s leadership. In 2013, earnings fell from $27 billion to $17 billion, and the net cash flow from operating activities went down from $46 billion to %40 billion. This situation might be worrisome for financial experts but the fact is that the combined effect of 2012-2013 was 35% more than that of 2010-2011(AR, 2014). In 2011, Voser, the then CEO of Royal Dutch Shell p.l.c signaled for internal revamp. The leadership of the organization was able to identify the sag (Brinded, 2013). Voser said that the company’s culture was too much ‘consensus oriented’. To simplify complex processes he fired up important memos. Financial Times quoted this move of Voser as impactful leadership (Donovan, 2015). A several high level replacements and dissolutions rocked Royal Dutch Shell p.l.c higher management. Voser called to establish a ‘Strong Performance Culture’. This management style was indeed not new, but raised many eyebrows keeping in view company’s size and reputation. Indeed one could see this type of leadership bringing clarity in company’s strategy. The operational performance for the year 2012-2013 outperformed 2010-2011 (Chanzen, 2013). As the essay progresses a view of company’s strategic management and financial performance will be unveiled so that company’s rating on benchmarks and success scales could be ascertained. 3. Business Strategy- Brief on Business Rationale Royal Dutch Shell p.l.c has a specific outlook due to its ever improving strategy. Experimentation by Voser in 2011 has proven that the Shell’s cardinal values have a great room for improvement. To explain this fact, one has to explore company’s profile. Royal Dutch Shell p.l.c seeks to keep pace with growing global energy demands (Harjani, 2012). This not only helps Shell to aim at reinforcing its position as leader in the sector but also brings cognizance about responsibilities it has to adhere with (Yawar, 2013). As citied previously, company aims at attaining competitive returns through healthy economic cycles and increasing growth of its cash flows. Royal Dutch Shell p.l.c with its new CEO, Ben, has found an important aspect, to focus-on, in its strategy. The competition that exists in downstream (new markets) and upstream (resources) has made Shell realize the importance of increasing spectrum of technologies. Strategy to address this challenge has two main parts, as explained- Upstream and Downstream (Amobi, 2013). Shell invested 8.5% of its capital in 2014 in upstream business. The resources of energy were new liquids and gas reserves. Transfer of technology to the resource market was done in order to localize technology along with value addition to resource holders. Each strategic theme Shell employs has a distinct market, risk management and technology. Royal Dutch Shell p.l.c acknowledges the fact that it invests in selective growth positions to help productive lives to increase profitability (SreeKumar, 2013). a. Upstream and Downstream assets must be reliable and strongly cash generative b. Mature Business is primary to financial performance c. Growth priorities has a two prong strategy to provide medium term growth while keeping in view to make them core engine i. Integrated Gas ii. Deep Water d. Long term strategy includes inculcating technology to embrace the age of gas and shale. The company seeks opportunities in Iraq, Arctic, Central Asia e. Increasing adaptability to local operating conditions and regulatory environment f. As increase in product diversity, Shell aims to attain prime position in LNG business. The reason for that is Shell’s 16% share in the global market. Recent technologies have made it possible to have LNG transported with ease g. Discoveries in Brazil have brought a upstream markets for Shell, increasing assets are not the only option, upstream resources like Brazil will increase Shell’s off shore deep water expertise h. With focus on LNG and deep water exploration there will be a lot of scope restructure company’s upstream organisation. It will help in devising a better plan to save cost and ensure deliverables The company explains to hold its cardinal value to minimize environmental and social challenge the business could cause. Increasing technology use, capitalizing on more than 15,000 technology-patents efficiency will be increased and emissions will be reduced to maximum possible level. In 2014, with $ 15 billion divestment, the company invested $ 37 billion which was about $ 8 billion less than the previous year. The growth ambitions were moderate (Shell AR, 2014). This not only helped the company to enhance existing resources, but also helped the leadership to bring company’s profile close to its committed strategy. This shows an emphasis on financial returns while pegging on maturity of projects in pipeline (Beurden, 2014). 4. Analysis on Company’s Strategic Capabilities and Evaluation At a minute level Shell employed policies like Evaluation of Oil and Gas Products according to the market, Best Mode of Freight , Restructuring/ Revamp of operations management. However, strategic capabilities make Shell a wide spectrum company (Armitstead, 2011). This fact is evident from certain ventures the company has opted (Maeda, 2013). The outlook of the financials and operations management the company shows commitment towards access news markets with new products. Project delivery capability, operational excellence and technology will remain a distinction for Shell. The company has increased investment in upstream (resources) by 8.5% (AFP, 2015). The overall production of oil is effected by international demand. The Value-Chain is based on producers. Shell competitors are vertically integrated keeping in view international demand for oil. Recent trends, in oil and gas industry are mergers only in upstream levels in order to in order to buy time and resource for exploration and transfer of technology. Increasing in refinery capacity and exploration and production has gained focus in the value chain. A generic value chain framework is given below. Generic Value Chain (Contents) According to VRIN framework, Shell possesses and can exploit inimitable, rare and valuable technological capabilities and new resources is likely to have advantage. In Europe, as discussed earlier, Shell has competed for greater market share and has stood successful. Value Chain and VRIN frameworks are discusses at length as the essay progresses. Following are the performance indicators keeping view its capabilities (Kushal, 2013): a. Total Shareholder return which was 8.6% in 2013, 0.2% less than the previous year. The return of the company is better than its industry peers b. Net Cash (Operation Activities) is $ 40 Billion as compared to $ 46 billion c. Project Delivery 88% a 2% decline as compared to the previous year d. Production available for sale was 3,119 KBoe/Day as compared to 3,262 the previous year e. Refinery and Chemical Plants 92.5% (Availability) as compared to 92,9% f. Total recorded cases of injured employees (Injured/Million Working Hours) 1.15 as compared to 1.26 the previous year (St Shell, 2014) Keeping in view these indicators, Shell remained prudent and introspection revealed that joint ventures and collaborations will help Shell to attain technologies, products and markets. During recent times Liquefied Natural Gas and Liquefied Petroleum Gas have gained a lot of currency. To develop a supply chain was an uphill task for most of the Oil and Gas utility companies. The strategic capabilities of Royal Dutch Shell are wide enough to address challenges of market demands. The company invested and restructured in these new products. In order to come up with a solution for more dynamism Royal Dutch Shell p.l.c has planned out for a merger (John, 2014). To coup up with the ever complex challenges of market and environment, Royal Dutch Shell p.l.c has aimed towards opting for joint ventures. A recent moot over a merger that has been valued at $ 70 billion is under scrutiny. Royal Dutch Shell p.l.c and BG Group p.l.c expected deal is under scrutiny. CEO, Ben of Royal Dutch Shell p.l.c and Chairman Andrew Gould of BG Group p.l.c have found ease due to less regulatory complexities (Ben, 2014). However both the groups seem to execute the merger in 2016 when some of the regulatory matters are dealt with in advance. Shell competitors like BP, Chevron, ExxonMobil Corp and Total SA have extensively worked on Supply Chain Management. The strategies of shell need to focus on downstream to further stabilize its fluctuating financials. During recent lowering of crude oil prices oil companies have faced cutting of expenditures in operations and management. The strategy to launch new products by Shell is an important move. During the early quarter of 2015 Shell has registered a revenue of $ 46 billion as compared to British Gas which fell from $ 4.6 Billion to $ 1,6 Billion. Although the competitors have not been this much innovative, Shell is expected to leave ExxonMobil behind so far as market share in Europe is concerned. 5. Leadership Contributions Shell has a market capitalization of over $ 170 billion and more than 100,000 employees. Its operations sprawl over 130 countries making Shell one of the largest companies in the world. The objections which are raised over working of Shell are related to its sluggish and never being innovative company. Steve Miller who is company’s managing director has states that company has changed a lot. In 1996 the company organization was transformed to enhance leadership abilities of its workers. Keeping in view the size and step by step revamp, the company showed a little gain after restructuring. In 1997 miller started off with daunting task to answer competitive situation. A successful company relies on leadership. For Shell to transform itself it was important for its old bureaucracy to lend ear to Steve Miller’s approach and thinking. In order to address this need, a transformation program was launched starting from the grass root level. The sense of ownership was important to be incorporated among the lowest tier of the employees. It is important to make internal brand management more robust and effective at all levels. When acclimatization is systematically done it becomes more and more effective. The challenge to make employees know leadership qualities and action become increasingly difficult when one move towards the higher tiers. There are strategic issues of various kind, involvement of stakeholders, Legal issues etc. In 2011, a massive change in management took place. This change brought new leadership in power. Voser, as stated earlier said that the company is too much consensus-oriented (Zolkifi, 2014). It signalled aging line of action of the company’s bureaucratic styled sluggishness. Innovation and creativity was needed and it was possible only through to seek or incorporate leadership qualities among the employees. To keep things simple and clear, Voser emphasized on the need of hunger of information, intellectual discussions and engagement with staff to listen. A strong leadership has a humble approach and it listens (Desausa, 2013). The focus towards accountability for delivery is important. To convey these things internal brand management was important. A review of Voser’s style of working reveals these basic facts. The working done was indeed same as a typical leadership manual could be. Another important aspect of the new management was vision and conviction. As discussed earlier the change in strategy brought forward renewed targets. Leaders set targets and Voser vision of management changes is known to have a localization of expertise (Pascale, 2014). A leadership model that addresses all stakeholders equally was important (SCHECK, 2015). Steve Miller, as mentioned above, has written about the leadership at the grass root level. In about 47,000 outlets the company performed quality check and a hierarchy was devised in order to foster leadership at the grass root level. Similarly the medium and higher management was also taken for changes. Voser opined that old bureaucracy inside Shell has been one of the hurdles. And in order to improve it drastic changes were important. 6. International Strategy Before entering into the statistic and arguments related to international business of Royal Dutch Shell p.l.c it is important to view a number of reports on Shell’s market. This market overview will help in understanding the challenges and lacunas faced by the company’s management. In 2013, global economic growth, according to International Monetary Fund (IMF) was around 3% 0.1% less than the previous year (Highlights, 2014). The forecast was 3.7%. A number of reasons were cited to explain this skewedness. Recovery in USA and expiration of tax holidays, fall in exchange rates along with reduction of public spending in EU were mentioned as reasons for falling behind the forecast. Oil demand rose by 1.4% in 2013. This growth was seen in emerging economies like China, India, Brazil, whereas; advanced economies shows a flat graph (Strategy Update, 2011). As explained in previous sections the upstream and downstream strategies of Royal Dutch Shell p.l.c incorporate adaptability in international business strategy. For downstream organization a number of business activities take place, as part of integrated value chain, range of products are marketed for industrial, transport and domestic use (SR, 1998). This stream of Royal Dutch Shell p.l.c business is complex and needs a well woven marketing and supply chain mechanism. The products that are floated into the market are LNG, LPG, lubricants, HOBC, Diesel, gasoline of various grades, aviation fuel, bitumen, sulphur, heating oil, marine oil and other petrochemicals for industrial use (Shell AR, 2015). The downstream business includes (Shell AR, 2015) a. Manufacturing b. Supply and Distribution c. Business to Business activities d. Alternative Energy e. Lubricants f. Petrochemicals These businesses need major manufacturing plants, trading networks, marketing machinery and feedstock for manufacturing and chemicals. In this regard the international strategy includes migration of Royal Dutch Shell p.l.c wider portfolio with more options (Shell, 2014). This international business strategy was based on Voser’s vision as discussed earlier. In the upstream Royal Dutch Shell p.l.c planned a little less investment for the year 2014. This was only to consolidate its assets and present business in the upstream direction (Donovan, 2014). Previously the company invested a huge amount up to whooping $ 45 billion in 2012 a few of the projects brought a bad name according to Greenpeace opinion leader Charlie Kronick. The company had to shelve its plans to drill in Arctic which caused reduction in investment up to $ 9 billion. The company has shaped its international strategy through international feedback. Also it is pertinent to mention here that the values of the company are also intact due to this move of divestment and controlling of new ventures. In international business domain the company has achieved a. Better market position b. Integrated Operations (Refer to restructuring in 2011 by Voser) c. Strong exploration capability d. Achieving technology and bringing innovation e. To compete energy demands and availability for alternate energy f. Delivering on projects In May 2015, Royal Dutch Shell p.l.c issued a special resolution for strategic resilience for 2035. The issue noted that the company recognizes opportunities and risks which are associated with global market changes and socio-environmental challenges (Traynor, 2014). The company enunciated emphasis on her strategy for asset portfolio resilience, more R&D for reduced losses and emissions, developing investment strategies and key performance indicators. A brief on important business statistics of Shell is given below. Earnings (Source RDS Investors Fact Sheets) Total Share Holders’ return (Source RDS Investors Fact Sheets) Production Growth (Source RDS Investors Fact Sheets) Sustained Cash flow growth (Source RDS Investors Fact Sheets) 7. Collaborations and Partnerships With increasing in the spectrum of strategy, Royal Dutch Shell p.l.c has been swift enough in adapting to the necessary changes so far as collaboration is concerned. These collaborations are actually the enablers for its human resource and technological needs. With the advent of environmental moots and socio-economic constraints Royal Dutch Shell p.l.c and elephants alike need to shed off sluggishness towards change (MGT, 2013). In 2011 Vosner provided Shell with such an opportunity. Change in International business strategy and acknowledging responsibilities brought shell towards industrial, research institutes collaborations, Academic Partnerships and Governmental Partnerships. Opening to collaborations and partnerships is important to meet the regulatory challenges and ever increasing demand of efficiency and environment. Collaboration with China National Petroleum (CNP) for efficient drilling of wells was signed. The Sirius Well Manufacturing Service (SWMS) is a joint venture to devise a strategy and technological competence for highly automated well manufacturing system. It not only helps in efficient drilling methodology that saves time and cost, but also helps in reducing environmental degradation. Also the logistics will be managed in a better way. During a conference in Houston Royal Dutch Shell stated the need of collaboration to save resources and impact on environment. Shell noted the Arctic drilling fallouts and it was then shell decided to roll back its plans for drilling in frozen poles. Innovation summit convened by Royal Dutch Shell in Houston brought a number of projects and technological assistance programs in the view of the company. Gerald Schotman, Chief Technology officer reiterated Shell’s resolve to collaborate in field of development for better environment. With Massachusetts Institute of Technology, a program of developing future technologies was launched in the fields of; geophysics, advance visualization, nanotechnology, biochemistry, electronics and molecular chemistry (Shell Collaborations, 2014). Partnership with Imperial College in the field of carbon emissions and climate change was signed. The imperial college plans to work in Qatar. The participants of this moot are Royal Dutch Shell, Qatar Petroleum, Qatar Science and Technology Park (Gladden, 2013). Other institutes, universities and technology incubations parks include, Delft University for Integrated System Approach for Petroleum Production. Collaboration with Oxford University has been signed for Carbon Cycle management (Oxford-Shell, 2014). A recent moot in Hague, Netherland on innovation in Polymer Production has been area of interest for the Chief Technical Officer of the company and Dutch University of Polymer has secured the incubation centre for Royal Dutch Shell’s partnership (Ben V, 2014). 8. Challenges A few of the challenges in addition to technology and environment, as discussed earlier, can be summarized in this section. It is difficult for the company to set aside risk factors in such a highly competitive age. The company realizes that its future depends upon success of large complex projects related to the production of Hydrocarbons. Also the company has to develop a shifting ability from proved oil and gas reserves (ZHDANNIKOV, 2014). Other challenges are a. Development of capital projects (Especially Large) b. Uncertain Geology and Technology equipping c. Frontier conditions and Security Issues d. Strategic Management in Engineering Resource Utilization e. Availability of Skilled Labour, Trainings f. 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