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Comment
Last year, Impact focused on how the oil and gas industry was reordering itself in response to the global economic downturn.
In this first issue of 2010, there is a definite sense that we are seeing some green shoots of recovery. For instance, we report on a Shell strategic initiative that is beginning to bear fruit.
Having embedded a cost focus into its operations and with a rejuvenated portfolio that provides a powerful platform for future performance, the organisation is entering a new period of growth according to Shell Group Chief Executive Officer Peter Voser. It is also inspiring that the North American refiner Valero, which is striving for top-quartile performance from its 15 refineries in the USA, Canada and the Caribbean, is continuing to grow its business.
That these two organisations, and others discussed in this issue, can thrive in such turbulent times tells us something about the clarity of their strategic thinking. Their willingness to invest is also germane; these enterprises have not been hibernating, they have been irrigating their portfolios with some of the capital that has been in such short supply.