NEILL MORTON | INVESTEC
He cites “personal reasons” yet the board seems happy to usher him through the exit while reiterating its commitment to his strategy. His focus was on project delivery and Brazil and Australia still appear to be on track. Egypt may have worsened, but this is a political situation over which he had little control.
PETER HUTTON | RBC CAPITAL MARKETS
His resignation, following the January downgrade, raises inevitable questions about structural issues in the management of BG. We note that the full release states that “the group is reviewing its operational, investment and portfolio management plans”, which to us confirms fundamental issues.
LUCAS HERRMANN | DEUTSCHE BANK
For a company that had been seeking to rebuild confidence, the announcement is destabilising, although we would emphasise that the contribution for Egypt is now minimal in terms of cash flow and profit terms, with the guided production estimate for Egypt running in line with our full-year expectations.