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☆ Shell and TotalEnergies listings: Europe risks losing its biggest oil companies to America
▼ + stars: | 2024-05-07 | by ( Anna Cooban | Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Two of Europe’s biggest oil companies, Shell and TotalEnergies, are considering abandoning their stock exchanges for Wall Street in a move that would deal a hammer blow to London and Paris. Shares of TotalEnergies and Shell trade on a price-to-cash flow ratio of 4.7 and 5.2 respectively, compared with a ratio of 8.4 for Exxon Mobil (XOM) and 7.6 for Chevron (CVX). Alastair Syme, managing director of global energy equity research at Citi, says Shell and TotalEnergies have long traded at a discount. Investors would “be much more comfortable” buying European energy companies if they were part of the more valuable S&P 500 benchmark index of US equities, according to Syme. London languishesStill, the slightest hint that Shell may consider leaving London will have rattled the city’s beleaguered main stock exchange.

Persons: Britain’s Shell, France’s, Alastair Syme, Syme, Patrick Pouyanne, “, ”, Wael Sawan, Sawan, London languishes, Chris Beauchamp, Shell, TotalEnergies, New York “ would’ve, ” Lindsey Stewart, Ben van Beurden, ” Syme Organizations: London CNN, Shell, CAC, Exxon Mobil, Chevron, Citi, CNN, Investors, Bloomberg, London Stock Exchange, Nasdaq, BP, Morningstar, Financial, Commodities Locations: London, Paris, New York, Chevron, Europe, United States, Switzerland, “

☆ Big Oil’s green-bashing stokes backlash as campaigners hit out at 'talking points from the 1970s'
▼ + stars: | 2024-03-20 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Aramco and Saudi ministry officials have previously advocated for ongoing investment in hydrocarbons to avoid energy shortages until renewables can fully meet global energy demands. Nasser's comments drew applause from the audience at CERAWeek — an annual energy conference by S&P Global that's known as the "industry's Super Bowl." Other oil and gas executives at the event echoed Nasser's views, but spoke less directly about the state of the energy transition. Separately, Exxon Mobil CEO Darren Woods on Monday said that demand for petroleum products is "still very, very healthy." And the impact that price has on demand," Woods told CNBC's "Squawk on the Street."

Persons: Amin Nasser, Nasser's, Wael Sawan, Darren Woods, hasn't, Woods, CNBC's Organizations: Aramco, Saudi, Shell, Reuters, Exxon Mobil Locations: Houston , Texas, Saudi Aramco, Europe

☆ Shell CEO on LNG pause: Can cause long-term market uncertainty
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShell CEO on LNG pause: Can cause long-term market uncertaintyShell CEO Wael Sawan joins 'The Exchange' with CNBC's Brian Sullivan to discuss potential intersections between natural gas and AI, demand for liquified natural gas, and more.

Persons: Wael Sawan, CNBC's Brian Sullivan Organizations: Email Shell

☆ Oil giant Shell waters down its near-term emission cuts in strategy update
▼ + stars: | 2024-03-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century. Shell said it had also dropped its goal of a 45% reduction by 2035, citing "uncertainty in the pace of change in the energy transition." The net carbon intensity targets are measured against a baseline of emissions in 2016. We have updated our net carbon intensity target to reflect that change." Shell's update comes as European energy majors continue to tweak their plans in the transition to clean-energy technologies.

Persons: Shell, Wael Sawan Organizations: BP

☆ Shell waters down 2030 carbon emissions target in latest fossil fuel industry backslide
▼ + stars: | 2024-03-14 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Fossil fuels are the main driver of the human-caused climate crisis, and science shows deep, sustained reductions to emissions are required this decade. In an annual update on its energy transition strategy on Thursday, Shell said it will target a 15-20% reduction in net carbon intensity of its energy products by 2030 compared with 2016 intensity levels. Measuring emissions by intensity means a company can technically increase its fossil fuel output and overall emissions while using offsets or adding renewable energy or biofuels to its product mix. The company retired a previous target to reduce its carbon intensity by 45% by 2035. Shell also maintained its target to halve emissions from its own operations, known as Scope 1 and 2 emissions, by 2030, saying it had already achieved more than 60% of that target.

Persons: Shell, Wael Sawan’s, “, ”, Backtrack, Mark van Baal, ” Shell Organizations: CNN Locations: “, Paris, Singapore, Germany

☆ Shell CEO says he is pleased with the energy firm’s progress in 2023
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShell CEO says he is pleased with the energy firm’s progress in 2023Shell CEO Wael Sawan says he is pleased with the energy major’s progress in 2023, but recognizes that “that there is more to go."

Persons: Wael Sawan Organizations: Email Shell

LONDON (AP) — Oil giant Shell saw profits tumble by nearly a third in 2023 as a result of lower oil and natural gas prices, which had surged the year before in the wake of Russia's invasion of Ukraine. In a statement Thursday, London-based Shell said its post-tax earnings fell 29%, to $28.3 billion from the previous year's all-time high of $40 billion. The main reason behind the decline was the fall in energy prices, with oil trading at an average of $82 a barrel against $100 the year before. Last year, Shell effectively abandoned one of its green pledges, which was to cut oil production by 1% to 2% each year until the end of the decade, saying it had already met the goal. Shell and the wider oil and gas sector also are under pressure to pay more in taxes on windfall profits as households have struggled during a cost-of-living crisis driven by higher energy costs.

Persons: Shell, Wael Sawan, “, ”, Yemen’s Houthi, Sinead Gorman Organizations: —, Shell, Greenpeace, BP Locations: Ukraine, London, U.N, Red

☆ Watch CNBC's full interview with Shell CEO Wael Sawan
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Shell CEO Wael SawanShell CEO Wael Sawan joins 'Money Movers' to discuss the company's quarterly earnings results, why it decided to increase its dividend, and more.

Persons: Wael Sawan Organizations: Shell

☆ Oil giant Shell posts full-year profit beat, announces $3.5 billion share buyback
▼ + stars: | 2024-02-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

British oil giant Shell on Thursday beat expectations for full-year profit, announcing a 4% increase to its dividend and a $3.5 billion share buyback program. Shell reported adjusted earnings of $28.25 billion for the full-year 2023, a 29% drop compared to its highest-ever annual profit of $39.9 billion the year prior. Analysts had expected Shell's full-year 2023 net profit to come in at $27.5 billion, according to an LSEG-compiled consensus. Shell announced a 4% increase in dividend per share for the fourth quarter and said a share buyback program of $3.5 billion will be carried out over the next three months. The firm added it had now completed another $3.5 billion of share buybacks announced in November last year.

Persons: Shell, Wael Sawan, Sawan, Brent Organizations: Shell, Brent, U.S, West Texas Intermediate, Exxon Mobil, Chevron, BP Locations: Nakuru, Kenya, British, London, Singapore

☆ Shell CEO on full-year profit beat
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShell CEO on full-year profit beatShell CEO Wael Sawan joins 'Money Movers' to discuss the company's quarterly earnings results, why it decided to increase its dividend, and more.

Persons: Wael Sawan Organizations: Email Shell, Shell

☆ Shell Suspends Red Sea Shipments Amid Fears of More Houthi Attacks
▼ + stars: | 2024-01-16 | by ( Benoit Faucon | Jenny Strasburg | ) www.wsj.com time to read: 1 min

Wael Sawan, Shell’s chief executive, says in an interview with WSJ’s Jenny Strasburg at Davos that the company’s decision today to suspend shipping in the Red Sea is affecting costs. British oil major Shell suspended all shipments through the Red Sea after U.S. and U.K. strikes on Yemen’s Houthi rebels triggered fears of further escalation, according to people familiar with the decision. The West’s targeting of the Iranian-ally militia came after the Houthis launched dozens of missiles and drones at commercial vessels around the Red Sea and the nearby Bab el-Mandeb. The militia has said the attacks are in response to an Israeli offensive in the Gaza Strip.

Persons: Wael Sawan, WSJ’s Jenny Strasburg, Yemen’s, Bab Organizations: Shell Locations: Davos, Bab el, Gaza

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCompanies Shell PLC FollowLONDON, Nov 2 (Reuters) - Shell (SHEL.L) on Thursday reported third-quarter earnings of $6.2 billion, in line with expectations, on higher refining margins and strong liquefied natural gas (LNG) trading. The company announced share buybacks of $3.5 billion over the next three months, up from $2.7 billion in the previous three months. Shell reported adjusted earnings of $6.22 billion, broadly in line with a company-provided analysts' forecast of $6.25 billion. "Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. Production in the Upstream division was up 3% from the previous quarter to 1.75 million barrels of oil equivalent per day (boed).

Persons: Chris Helgren, Shell, Wael Sawan, Ron Bousso, Jason Neely Organizations: Shell, REUTERS, Companies Shell, Integrated Gas, Thomson Locations: Vancouver , British Columbia, Canada, Australia, Trinidad and Tobago, Qatar

☆ Shell posts $6.2 billion third-quarter profit, announces $3.5 billion share buyback
▼ + stars: | 2023-11-02 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

British oil giant Shell on Thursday reported $6.2 billion profit for the third quarter, roughly in line with estimates, as the company benefited from higher oil prices and refining margins. Profit was higher than the $5.1 billion of the second quarter, but marked a sharp decline from the $9.45 billion reported a year ago, when the Russia-Ukraine conflict bolstered oil and gas prices. The company also announced a $3.5 billion share buyback to be carried out over the next three months. Free cash flow fell from $12.1 billion in the second quarter to $7.5 billion. BP on Tuesday posted a year-on-year fall in third-quarter profit from $8.15 billion to $3.293 billion, below analyst estimates, though France's TotalEnergies slightly outperformed last week.

Persons: Wael Sawan, Shell, Sawan, France's Organizations: Shell, Energy, BP, International Energy Agency Locations: Alhambra , California, British, Russia, Ukraine, Saudi

☆ Shell’s shrinking green pledge risks backfiring
▼ + stars: | 2023-11-02 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

REUTERS/Callaghan O’Hare Acquire Licensing RightsSINGAPORE, Nov 2 (Reuters Breakingviews) - Shell (SHEL.L) CEO Wael Sawan has upped the UK group’s quarterly buyback plan while cutting back on unprofitable low-carbon activities. His pivot back into fossil fuels has shielded the $217 billion company from the wind energy troubles now ensnaring European peer BP (BP.L) and renewables giant Orsted (ORSTED.CO). But the strategy can work only as long as volatile energy prices stay high. Shell’s $6.2 billion third-quarter adjusted net profit shrunk by a third from a year earlier but came in line with analysts’ expectations. So far this year, the total return for Shell’s shareholders has hit 17%, above rivals like BP and TotalEnergies (TTEF.PA).

Persons: Wael Sawan, Daniel Yergin, Callaghan O’Hare, Sawan, Shell, pare, Lisa Jucca, Streisand Neto Organizations: Shell, P Global, REUTERS, Rights, Reuters, BP, EV, Nature Energy, Exxon Mobil, Chevron, Reuters Graphics Reuters, Carbon Solutions, Renewables, Energy Solutions, Thomson Locations: Houston , Texas, U.S, Rights SINGAPORE

☆ Europe’s oil majors are stuck as M&A party-poopers
▼ + stars: | 2023-10-26 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Oil pump jack is seen in front of displayed U.S. dollar banknote and decreasing stock graph in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 26 (Reuters Breakingviews) - Back in June the boss of $220 billion UK oil major Shell (SHEL.L), Wael Sawan, told investors mergers and acquisitions were not his priority. The decision of $430 billion Exxon Mobil (XOM.N) and $295 billion Chevron (CVX.N) to acquire $60 billion Pioneer Natural Resources (PXD.N) and $53 billion Hess (HES.N) respectively ought to change the game. But it would remain a stretch for either to ape their U.S. peers and buy a big oil group. Hess investors will receive 1.025 shares of Chevron for each share held, worth $171 per share based on the closing price on Oct. 20.

Persons: Dado Ruvic, Wael Sawan, Hess, Murray Auchincloss, Patrick Pouyanné, ’, Shell, Neste, Warren Buffett’s, Pouyanné, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Exxon, Shell, Occidental Petroleum, Exxon Mobil’s, Thomson Locations: Finnish, Denmark, U.S, Occidental

SummaryCompanies Shell to cut 200 jobs, or 15%, of low-carbon solutions unitA further 130 jobs under reviewShell scraps hydrogen light mobility unitLONDON, Oct 25 (Reuters) - Shell (SHEL.L) will cut around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday. Shell plans to sharply scale back its hydrogen light mobility operations, which develop technologies for light passenger vehicles, the company said. It will also merge two of four general manager roles in the hydrogen business, Shell said. The retreat from the light mobility sector follows the departure of the business's manager Oliver Bishop several months ago. Bishop today leads rival BP's (BP.L) global hydrogen mobility business.

Persons: Wael Sawan's, Sawan, Shell, Oliver Bishop, BP's, London . Sawan, Ron Bousso, Jason Neely, Jan Harvey Organizations: Shell, Reuters, Solutions, Sawan, Energy Intelligence, BP, Exxon Mobil, Chevron, Thomson Locations: Shell, Britain, Netherlands, Europe's, Louisiana, London ., U.S

☆ Shell will cut 200 jobs in clean energy division
▼ + stars: | 2023-10-25 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Shell will cut 200 positions within its low-carbon solutions unit in 2024, a spokesperson confirmed to CNBC on Wednesday. The company's low-carbon division helps spearhead Shell's transition to clean energy including hydrogen, given its pledge to become a "net-zero emissions energy business" by 2050. In the meantime, according to the spokesperson, Shell is planning $10-15 billion of low-carbon energy investment over the next two years, which will include biofuels, hydrogen, carbon capture and electric vehicle charging. Last July, the company announced its investment in the creation of one of Europe's largest hydrogen energy plants. The question of how Big Oil companies like Shell can fit into a clean energy future is existential for its business.

Persons: Wael Sawan, downsize, Shell, Sawan Organizations: Shell, CNBC, Department of Energy, Big Oil, Exxon Mobil, Chevron Locations: Shell's, bullish, Louisiana, Paris, California

☆ Climate activist Greta Thunberg detained by police in London
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 17 (Reuters) - Climate activist Greta Thunberg was detained by police in London on Tuesday, a Reuters witness reported, after she addressed protesters at a demonstration against oil and gas companies in the centre of the city. Thunberg, who became the face of young climate activists worldwide after staging weekly protests in front of the Swedish parliament in 2018, has this year been detained by police or removed from protests in Sweden, Norway and Germany. Video footage showed Thunberg, wearing a badge with the slogan 'Oily Money Out' standing calmly as two police officers spoke to her. [1/5]Swedish climate campaigner Greta Thunberg is detained during an Oily Money Out and Fossil Free London protest in London, Britain, October 17, 2023. Reporting by Toby Melville, wiritng by Sarah Young, editing by UK bureauOur Standards: The Thomson Reuters Trust Principles.

Persons: Greta Thunberg, Thunberg, Clodagh, Wael Sawan, Toby Melville, wiritng, Sarah Young Organizations: REUTERS, Metropolitan Police, Reuters, Environmental, Greenpeace, Shell, Thomson Locations: London, Thunberg, Sweden, Norway, Germany, Swedish, Britain, Mayfair

☆ Climate Activist Greta Thunberg Detained by Police in London -Witness
▼ + stars: | 2023-10-17 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) -Climate activist Greta Thunberg was detained by police in London on Tuesday, a Reuters witness reported, after she addressed protesters at a demonstration against oil and gas companies in the centre of the city. Thunberg, who became the face of young climate activists worldwide after staging weekly protests in front of the Swedish parliament in 2018, has this year been detained by police or removed from protests in Sweden, Norway and Germany. Video footage showed Thunberg, wearing a badge with the slogan 'Oily Money Out' standing calmly as two police officers spoke to her. London's Metropolitan Police did not immediately provide a statement when contacted by Reuters. (Reporting by Toby Melville, wiritng by Sarah Young, editing by UK bureau)

Persons: Greta Thunberg, Thunberg, Wael Sawan, Toby Melville, wiritng, Sarah Young Organizations: London's Metropolitan Police, Reuters, Environmental, Greenpeace, Shell Locations: London, Thunberg, Sweden, Norway, Germany, Mayfair

☆ Climate activist Greta Thunberg arrested at London protest after disrupting major oil conference
▼ + stars: | 2023-10-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

Henry Nicholls | Afp | Getty ImagesLONDON — Swedish climate activist Greta Thunberg on Tuesday was detained by police after joining hundreds of protesters to disrupt a major energy conference in London. Thunberg was arrested outside the InterContinental London Park Lane hotel during the "Oily Money Out" protest organized by Fossil Free London and Greenpeace. Their only plan is to profit at our expense," Nuri Syed Corser, an organizer with Fossil Free London, said in a statement. Fossil Free London said 27 people have been arrested so far and protests would continue outside the conference through to Thursday. Climate activists protest outside the InterContinental London Park Lane during the "Oily Money Out" demonstration organised by Fossil Free London on the sidelines of the opening day of the Energy Intelligence Forum 2023 in London on October 17, 2023.

Persons: Greta Thunberg, Henry Nicholls, Thunberg, Nuri Syed Corser, Corser, Vicki Hollub, Amin Nasser, Wael Sawan, We've, Tengku Muhammad Taufik, I'm, Taufik Organizations: InterContinental, Fossil Free, Greenpeace, Energy Intelligence, Afp, Getty, LONDON, Lane, Government, Energy Intelligence Forum, Money, Occidental Petroleum, Shell, The Met Police, Amnesty, Petronas, CNBC, Fossil Locations: Swedish, Fossil Free London, London, Saudi Aramco, Abu Dhabi

☆ ‘We are not in the business of ice cream’: Big Oil CEOs defend themselves against climate criticism
▼ + stars: | 2023-10-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Executives representing energy majors in the U.S., Europe and Asia speak during a CNBC-moderated panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates. "So, the debate has always been posed here, I'm reminded of an old saying: 'If you want to keep everyone happy, sell ice cream.' We are not in the business of ice cream — and I'm reminded, there are people who are lactose intolerant," Taufik said. "In mitigating climate change, there is also the opportunity to continue to produce oil for our energy security. Wael Sawan, chief executive officer of Shell Plc, speaks during a panel session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.

Persons: We've, Tengku Muhammad Taufik, I'm, Taufik, Vicki Hollub, Oxy, Hollub, Patrick Pouyanne, Pouyanne, Wael Sawan Organizations: CNBC, Abu, Abu Dhabi International Petroleum Exhibition, United, United Arab Emirates, Bloomberg, Getty Images, Monday, Big Oil, Amnesty, Petronas, Shell Plc, Getty Locations: U.S, Europe, Asia, Abu Dhabi, United Arab, Paris

☆ Energy transition: It's the best of times and the worst of times, Shell CEO says
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEnergy transition: It's the best of times and the worst of times, Shell CEO saysWael Sawan, Shell CEO, says "we're nowhere close where we need to be but … we should not lose hope."

Persons: Wael Sawan Organizations: Shell

"For a long time, it has been Shell's ambition to be a leader in the energy transition. It is the reason we work here," said the letter which was addressed to Sawan and the Shell executive committee. "We might not always agree on the way forward, but I feel good about the role Shell is, and will continue, to play. A Shell spokesperson said: "We appreciate that our staff are engaged in and have passion for both the energy transition and Shell... Several senior Shell executives have left the low-carbon and renewables division since the strategy change.

Persons: Wael Sawan, Sawan, Thomas Brostrom, Shell, Lisette de Heiden, Wouter Drinkwaard, De Heiden, Drinkwaard, Oliver Bishop, Roberto Jimenez, Colin Crooks, Ron Bousso, Sharon Singleton Organizations: Reuters, Shell, CMD, BP, Thomson Locations: Shell's, Sawan, Ireland, France, India, Europe

BP’s (BP.L) chief executive resigned late on Tuesday after the UK oil giant’s board found he had not been sufficiently transparent about past relationships with company colleagues. While his exit appears unrelated to strategy, it puts Chair Helge Lund and the rest of BP’s board on the spot over the $112 billion group’s future direction. On the face of it, BP’s strategy should be unaffected by Looney’s missteps. While Looney subsequently revised the reduction in hydrocarbons to 25%, BP remained more committed to the energy transition than European rival Shell (SHEL.L) or U.S. giants Exxon Mobil (XOM.N) and Chevron (CVX.N). Reuters Graphics Reuters GraphicsLund and board colleagues may be minded to do the same.

Persons: Bernard Looney, Helge Lund, Looney’s missteps, Looney, Wael Sawan, Norway’s Equinor, Murray Auchincloss, Peter Thal Larsen, Sharon Lam Organizations: Reuters, BP, Shell, Exxon Mobil, Chevron, Exxon, New Shell, Reuters Graphics, Graphics Lund, International Energy Agency, Thomson Locations: Ukraine, Germany, U.S

Prelude, whose deck is longer than four soccer fields, was the world's first floating LNG facility to use novel technology and cost over $12 billion, according to estimates. That means the 3.6-million-ton-per-year LNG plant could continue to encounter operational issues, the sources said. A Shell executive said on Wednesday that Prelude was currently undergoing a major turnaround that would last around two months. The decision not to go ahead with extended repairs stemmed in part from concerns that Shell (SHEL.L) would miss out on sales of LNG at a time of strong demand, the sources said. Shell said in response that "turnarounds are a regular part of maintaining LNG facilities and are planned well in advance".

Persons: Chris Helgren, Shell, Wael Sawan, Sawan, Cederic Cremers, Ron Bousso, Nick Macfie Organizations: Shell, REUTERS, Companies Shell, LNG, Thomson Locations: Vancouver , British Columbia, Canada, Australia, China, Europe, Ukraine

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