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☆ Tullow in $400 million debt deal, Ghana oil marketing pact with Glencore
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tullow Oil (TLW.L) said on Monday it signed a $400 million five-year debt deal with Glencore (GLEN.L) to help manage its senior notes maturing through 2026 and will see the trading house take over marketing the crude from its flagship Ghana oilfields. The facility "significantly de-risks" Tullow's ability to refinance its 2026 notes, Peel Hunt analysts wrote in a note. Tullow's shares were up 3.6% at 31.5 pence in early trade. The company also signed an oil marketing and offtake contract with Glencore for Tullow's crude oil entitlements in Ghana and Gabon. Tullow reiterated its free cashflow guidance of $800 million between this year and 2025.

Persons: Arnd, Rahul Dhir, Peel, Tullow, Radhika Anilkumar, Shadia Nasralla, Savio D'Souza, Jason Neely Organizations: REUTERS, Glencore Energy UK Ltd, Peel Hunt, Glencore, Thomson Locations: Baar, Switzerland, Ghana, Gabon, Bengaluru, London

LONDON, Nov 9 (Reuters) - Shell (SHEL.L) is suing Greenpeace for $2.1 million in damages after the environmental group's activists boarded the company's oil production vessel in transit at sea this year, according to Greenpeace and a document seen by Reuters. Greenpeace activists boarded the vessel in January near the Canary Islands off the Atlantic coast of northern Africa to protest oil drilling and travelled on it as far as Norway. Boarding a moving vessel at sea was "unlawful and extremely dangerous," a Shell spokesperson said. Four Greenpeace activists used ropes to hoist themselves onto the vessel from inflatable boats that chased the ship at high speed. Protests at sea against oil, gas or mining infrastructure have long been part of Greenpeace's operations.

Persons: Shell, Fluor, Shadia Nasralla, Rod Nickel Organizations: Greenpeace, Reuters, Court, Shell, Penguins, Thomson Locations: London's, Africa, Norway, North, Dutch

☆ U.S. investors rebuff big oil climate shareholder resolutions
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based activist group Follow This was created first to target Shell (SHEL.L) and subsequently expanded to file climate resolutions at other western majors including BP (BP.L), Exxon Mobil (XOM.N), Chevron (CVX.N) and TotalEnergies (TTEF.PA). According to the data published by it and investors, giant U.S. investors BlackRock (BLK.N), Vanguard, State Street (STT.N) and JPMorgan (JPM.N) all voted against the Follow This resolutions this year. "Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil. Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis,” said Follow This founder Mark van Baal. This mirrors big shareholder proxy voting firm Glass Lewis and ISS, which changed some of their recommendations for this year to the detriment of Follow This, including withdrawing support for the activist resolution at Chevron.

Persons: Morgan Chase, Mike Segar, France's, ”, Mark van Baal, Glass Lewis, Shadia Nasralla, Jan Harvey Organizations: Co, New York City, REUTERS, Companies Allianz, Big U.S, Shell, BP, Exxon Mobil, Chevron, BlackRock, Vanguard, State, JPMorgan, Paris, Britain's HSBC, HSBA.L, UBS, Germany's Allianz, Big Oil, Amundi, Allianz, Britain's, General, Exxon, ISS, Thomson Locations: New York, Big, Paris, Netherlands, Chevron's

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

"BP reported weak numbers this morning...However, notably, BP has reported exceptional gas trading results on several occasions in the last couple of years, including last quarter," said RBC analyst Biraj Borkhataria. In the downstream, customers & products reported $2.1 bln vs consensus $2.4 bln, despite being supported by very strong oil trading results, suggesting weaker refining margin capture in the third quarter." That was up from the $2.6 billion profit the company reported in the prior three months due to higher oil and gas production, strong refining margins, lower refinery maintenance and "a very strong oil trading result", but natural gas marketing and trading were weak. BP expects capital expenditure of $16 billion this year, the lower end of its indicated range of $16-$18 billion. Rivals Chevron (CVX.N) and Exxon Mobil (XOM.N) last week posted sharp year-on-year drops in third quarter profit as energy prices cooled.

Persons: Norway's, Biraj Borkhataria, Murray Auchincloss, Bernard Looney, Ron Bousso, Louise Heavens, Jason Neely Organizations: windfarm, BP, Reuters Graphics Reuters, Rivals Chevron, Exxon Mobil, Thomson, & $ Locations: U.S, British, New York

BP scaled back its energy transition strategy earlier this year but still stands out among rivals as the only oil major with plans to cut oil and gas output by 2030 by 25%. Auchincloss told staff in a brief town hall meeting on Wednesday that the company's aims were unchanged. As part of his energy transition strategy he had committed to BP reaching net-zero emissions by 2050. BP's strategy came under renewed scrutiny after rival Shell (SHEL.L) slowed down its energy transition strategy in June. "(The BP board) have enough flexibility within the current strategy to focus more on cash flow," a second source close to the company said.

Persons: Chris Helgren, Looney, Murray Auchincloss, Bernard Looney's, Auchincloss, hasn't, Helge Lund, Murray, Ron Bousso, Dmitry Zhdannikov, Jane Merriman, Mark Potter, Elaine Hardcastle Organizations: BP, REUTERS, Board, Investors, Canadian, Reuters, Shell, Thomson Locations: Vancouver , British Columbia, Canada

Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation. That followed allegations the board investigated in May 2022 relating to personal relationships with company employees. During that review, Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO." Looney informed BP's board on Tuesday that he did not fully disclose details of all relationships, prompting his resignation. BP shares ended up 1% before the FT earlier reported his resignation after trading closed in London.

Persons: Bernard Looney, Amr Abdallah Dalsh, Murray Auchincloss, Looney, Looney's, BP's, Bob Dudley, Anirudh, Krishna Chandra Eluri, Marguerita Choy Organizations: BP, Egypt's, Petroleum, REUTERS, BP Auchincloss, Shell, Chevron, Exxon Mobil, Morningstar, Reuters, Thomson Locations: Cairo, Egypt, London, New York, COVID, Russia, Ukraine, Bengaluru, Shadia

SummaryCompanies BP hikes dividend by 10%Will repurchase $1.5 billion of sharesWeak refining, oil trading and high maintenance weighLONDON, Aug 1 (Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. BP's underlying replacement cost profit, its definition of net income, missed expectations of $3.5 billion in a company-provided survey of analysts. It fell from $8.5 billion a year earlier and from $5 billion in the first quarter. BP's gearing, or debt-to-capital ratio, stood at 21.7% in the second quarter, compared with 19.6% in the first quarter and 21.9% a year earlier. For the third quarter, BP expects oil prices to be supported by OPEC supply cuts alongside above-historical-average refining margins helped by lower inventories and U.S. demand.

Persons: Bernard Looney, Looney, Biraj Borkhataria, Ron Bousso, Jason Neely Organizations: Rivals Chevron, Exxon Mobil, Shell, BP, Reuters, Reuters Graphics Reuters, RBC, Thomson Locations: Ukraine, Germany

Meanwhile, the black market for smuggled subsidised Nigerian fuel in Togo and neighbouring Benin and Cameroon has collapsed, further reducing demand for shipments via Nigeria. Average monthly West African (WAF) gasoline imports fell by 56% in the second quarter compared with the first, according to Refinitiv Eikon data. "The key point is demand from West Africa is drying up," said Refinitiv Lead Oil Analyst Raj Rajendran. There may simply be a baseline decrease in demand," said Sparta Commodities gasoline market analyst Philip Jones-Lux. The challenge is coming from the new refineries in the Middle East that are expanding from their traditional East Africa market to now include West Africa and beyond even to the Americas," Rajendran said.

Persons: Bola Tinubu, Jeremy Parker, Raj, naira, Philip Jones, Jones, Lux, Rajendran, Shadia, Barbara Lewis Organizations: Nigeria's, West, ARA, Reuters Graphics, Sparta Commodities, Thomson Locations: Africa, Nigeria, North America, West Africa, Europe, United States, Asia, Ukraine, Togo, Benin, Cameroon, Amsterdam, Rotterdam, Antwerp, Sparta, Mideast, Russia, European, East Africa

SummaryCompanies Q2 profits slump 56% at Shell, 49% at TotalEnergies y/yOil, gas, LNG prices much lower in 2023 vs 2022TotalEnergies sees LNG prices recover somewhat in winterShell slows pace of share buyback programmeLONDON/PARIS, July 27 (Reuters) - Shell (SHEL.L) and TotalEnergies (TTEF.PA) reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges. Reuters GraphicsShell's shares were down 1.9% at 0755 GMT and TotalEnergies' slipped 0.4%, compared with a 1% decline in the European index of oil and gas companies (.SXEP). Prices for liquefied natural gas (LNG), a key product for both groups, dropped to $11.75 per million British thermal units (mmBtu) from around $33. Both Shell and TotalEnergies had flagged shrinking profit from refining crude oil into fuel and chemicals in the quarter.

Persons: TotalEnergies, Shell, Wael Sawan, Patrick Pouyanne, Ron Bousso, Shadia, America Hernandez, Susan Fenton Organizations: Shell, Reuters Graphics, Brent, Thomson Locations: PARIS, Ukraine, TotalEnergies

The earnings, which missed forecasts, follow bumper earnings in 2022 after energy prices surged in the wake of Russia's invasion of Ukraine, but were in line with its second-quarter performance two years ago. In June, Shell announced it would buy back at least $5 billion in shares in the second half of the year. Shell shares were down 1.7% by 0730 GMT, compared with a 1% decline for the broader European energy index (.SXEP). Reuters GraphicsWEAKER QUARTERThe lower results mainly reflected lower liquefied natural gas (LNG) trading results, lower oil and gas prices, lower refining margins, and lower sales volumes, compared with the previous quarter, Shell said. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages have eased.

Persons: Shell, Wael Sawan, Sawan, Jefferies, Giacomo Romeo, TotalEnergies, Norway's, Ron Bousso, Christina Fincher, Jason Neely Organizations: Shell, Reuters Graphics, Benchmark Brent, Thomson Locations: Ukraine

The crude benchmarks have already chalked up four weekly gains in a row, with supplies expected to tighten due to output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies. Earlier-loading Brent contracts are selling above later loadings, a price structure known as backwardation indicating traders see tight supply, with the six-month spread near a two-and-a-half month high. In China, the world's second-biggest oil consumer, leaders pledged to step up economic policy support. U.S. industry data on inventories is expected at around 2030 GMT. Four analysts polled by Reuters estimated on average that crude inventories fell by about 2 million barrels in the week to July 21.

Persons: Brent, Sudarshan Varadhan, Jan Harvey, Susan Fenton Organizations: U.S, West Texas, Organization of, Petroleum, ING, Fed, European Central Bank, Reuters, Thomson Locations: China, United States, Baton Rouge

Companies Equinor ASA FollowMorningstar Inc FollowNEW YORK, July 7 (Reuters) - Oil prices climbed about 2% to a six-week high on Friday as supply concerns outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. "OPEC+ production cuts are expected to tighten the market, driving supply deficits in the second half of 2023, supporting higher oil prices," analysts at U.S. financial services company Morningstar said in a note. OPEC will likely maintain an upbeat view on oil demand growth for next year, sources close to OPEC said. Russia's latest pledge to reduce oil exports will not require a similar cut in production, a government source told Reuters. Higher borrowing costs could slow economic growth and reduce oil demand.

Persons: Brent, WTI, Morningstar, Russia's, Vortexa, James Knightley, Janet Yellen, Shadia Nasralla, Sudarshan, Jason Neely, David Evans, David Gregorio Our Organizations: ASA, Morningstar, . West Texas, Organization of, Petroleum, Reuters, Oil, Equinor ASA, U.S . Federal Reserve, ING, U.S . Energy Information Administration, U.S, Treasury, Thomson Locations: Brent, Saudi Arabia, Russia, OPEC, Saudi, Ain, Norway, Mexico, China, Europe, Ukraine, Germany, London, Singapore

☆ Shell warns of big drop in gas trading results
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

July 7 (Reuters) - Shell (SHEL.L), the world's biggest liquefied natural gas (LNG) trader, said on Friday second-quarter gas trading results were expected to come in "significantly lower" quarter-on-quarter, though in line with the previous two years' second quarters. Shell cited "seasonality and fewer optimisation opportunities" as reasons for its lower gas trading result. The company does not provide figures for its gas trading results or say what proportion of its business it accounts for. "Shell's trading update included a number of operational indicators which were broadly in line with our forecasts," said RBC equity analyst Biraj Borkhataria in a note. "Weaker trading across oil and gas which should be expected by the market given lower gas prices and the seasonality of Shell's LNG portfolio."

Persons: Shell, Biraj Borkhataria, Eva Mathews, Nora Buli, David Goodman, Mark Potter Organizations: Shell, RBC, Exxon, Thomson Locations: Norway, writedowns, Bengaluru, Shadia, London

☆ Shell warns of significant drop in gas trading results
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: 1 min

July 7 (Reuters) - Energy giant Shell (SHEL.L) expects second-quarter gas trading results to be "significantly lower" than in the previous quarter, it said on Friday. In an update ahead of second-quarter results on July 27, the world's biggest liquefied natural gas (LNG) trader also flagged $3 billion in writedowns for the quarter, primarily driven by a 1% increase in the discount rate used for impairment testing. It added that trading performance in its chemicals and products business was also expected be lower than in the first quarter, with the indicative refining margin forecast to drop to $9 a barrel from $15 a barrel. U.S. rival Exxon also guided for lower refining margins this week. Reporting by Eva Mathews in Bengaluru Additional reporting by Shadia Nasralla Editing by Krishna Chandra Eluri and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Eva Mathews, Shadia, Krishna Chandra Eluri, David Goodman Organizations: Energy, Shell, Exxon, Thomson Locations: writedowns, Bengaluru

☆ BP in talks over insurance deal for pension scheme, Financial Times reports
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowJuly 7 (Reuters) - Energy giant BP (BP.L) is in talks with insurers over a so-called buy-in deal for its 30 billion pound ($38.30 billion) pension scheme, the Financial Times reported on Friday. Such options include long-term insurance policies," BP Pension Fund Trustee said in an emailed statement. Companies have been trying to offload pension schemes from their balance sheets in recent years as they are expensive to run, while bulk annuity deals have provided a growing source of income for insurers. In February, Pension Insurance Corporation agreed to a pensions buy-in deal totalling around 6.5 billion pounds with insurer RSA Group, covering the pensions of 40,000 members, in the largest ever bulk annuity deal of the kind. That buy-in involved the insurer taking on the risk of the pension scheme's liabilities.

Persons: Yadarisa, Shinjini Organizations: Bp, Energy, BP, Financial Times, BP's, Fund, Pension Insurance Corporation, RSA Group, Thomson Locations: Bengaluru, Shadia, London

But OPEC ministers and executives from oil companies told a two-day conference in Vienna governments needed to turn their attention from supply to demand. But record profits from oil and gas last year and relatively low returns from renewable energy prompted some investors to demand companies renew their focus on oil and gas to raise profits. DEMAND HITS RECORDMeanwhile, oil demand has reached new peaks of above 102 million barrels per day this year, recovering from a dip during the COVID-19 pandemic. It is expected to rise further, driven by strong demand from Asia and for petrochemical production, oil executives and analysts said. The oil industry has long said lower investment in oil and gas in the absence of a reduction in oil demand will only lead to higher prices.

Persons: Bernard Looney, Wael Sawan, Abu, Sultan al Jaber, Patrick Pouyanne, Jean Paul Prates, Prates, Amin Nasser, Dmitry Zhdannikov, Barbara Lewis Organizations: BP, of, Petroleum, Reuters, Bloomberg, Wall Street, Companies, Shell, BBC, Investments, Rystad Energy, Petrobras, PETR4, Saudi Aramco, Thomson Locations: Vienna, VIENNA, Ukraine, Asia, Abu Dhabi

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

Oanda analyst Craig Erlam said prices were mainly at the mercy of "the ever-changing expectations for interest rates". European Central Bank President Christine Lagarde said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. Higher interest rates can weigh on economic activity and oil demand. But the upbeat data suggested the Federal Reserve will likely have to continue raising interest rates to slow demand in the overall economy. The U.S. central bank, which has raised its policy rate by 500 basis points since March 2022, signaled this month that two additional rate hikes were warranted this year.

Persons: Brent, Craig Erlam, Christine Lagarde, Phil Flynn, Wagner, PVM's Tamas Varga, Saudi Arabia's, Li Qiang, Stephanie Kelly, Shadia Nasralla, Trixie Yap, Jan Harvey, David Goodman, Ed Osmond, Deepa Babington, Mark Heinrich Our Organizations: Brent, . West Texas, European Central Bank, Price Futures, Reserve, American Petroleum Institute, Reuters, Saudi, Thomson Locations: contango, Europe, United States, U.S, Russia, China

SummarySummary Companies Oil price structure implies demand bulls are retreating2-mth Brent spread in contango, implying oversupply concernECB poised for further rate hikesLONDON, June 27 (Reuters) - Oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark's price structure indicating bulls are retreating. U.S. inventory data from the American Petroleum Institute industry group is expected after 2000 GMT, followed by government data on Wednesday. For the two-month spread , the market is in shallow contango, the opposite price structure, indicating traders are factoring in a currently slightly oversupplied market. The oil market has shrugged off a clash between Moscow and Russian mercenary group Wagner which was averted on Saturday. Russian oil loadings have kept on schedule.

Persons: Brent, Craig Erlam, Christine Lagarde, Wagner, PVM's Tamas Varga, Saudi Arabia's, Premier Li Qiang, Trixie Yap, Jan Harvey, Louise Heavens Organizations: Brent, U.S, West Texas, Central Bank, American Petroleum Institute, Reuters, Saudi, Premier, Thomson Locations: contango, U.S, Moscow, Russian, China

☆ Renewables growth did not dent fossil fuel dominance in 2022, report says
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +5 min

Energy consumption grew everywhere apart from Europe, including Eastern Europe. Renewables, excluding hydropower, accounted for 7.5% of global energy consumption, around 1% higher than the previous year. The share of fossil fuels in global energy consumption remained at 82%. Most oil demand growth came from revived appetite for jet fuel and diesel-related products. Europe accounted for much of LNG demand growth, increasing its imports by 57%, while countries in the Asia-Pacific region and South and Central America reduced purchases.

Persons: Juliet Davenport, consultancies, Shadia, Philippa Fletcher Organizations: Belchatow, REUTERS, Stezycki Companies, World Energy, Energy, Energy Institute, consultancies KPMG, Kearny, BP, Renewables, OECD, Central America, Thomson Locations: Zlobnica, Poland, Ukraine, Europe, Asia, Paris, Eastern Europe, United States, Nigeria, North America, Pacific, South, Central, Japan, China, India, Indonesia

The deal fits the Italian group's plan to increase the share of gas in its total hydrocarbon production and is expected to boost its earnings immediately, Eni said in a statement. Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. VAAR EXPANDING IN NORWAYUnder the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vaar directly from Neptune in a separate deal, the two groups said in a statement. The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.

Persons: Italy's Eni, Eni, Claudio Descalzi, Descalzi, Vaar, Torger Roed, Rothschild, Ernst, Young, Shadia Nasralla, Terje Solsvik, Alvise Armellini, Jason Neely, Simon Cameron, Moore, Philippa Fletcher Organizations: Eni, MILAN, Italy's, Neptune Energy, Vaar Energy, LNG, Eni's Gas, Royal Bank of Canada's, Neptune, China Investment Corporation, Carlyle Group, CVC Capital Partners, HSBC, White, Case, Thomson Locations: Europe, Algeria, Indonesia, Milan, Russia, Oslo, Norway, Vaar, NORWAY, Germany, Norwegian, Neptune, Neptune Norway, Italian, Britain, Netherlands, LNG, London

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030, it said on Wednesday, as CEO Wael Sawan moved to regain investor confidence that wavered over its energy transition plan. Shell shares were up 1.5% at 1204 GMT, against a 1% rise for an index of European oil and gas companies (.SXEP). Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Shell, Sawan, Biraj Borkhataria, Thilo, Bernard Looney, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030 as part of CEO Wael Sawan's efforts to regain investor confidence that wavered over its energy transition plan. Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. Sawan, a 48-year-old Canadian-Lebanese national who previously headed Shell's oil, gas and renewables divisions, has in recent months scrapped several projects, including in offshore wind, hydrogen and biofuels, due to projections of weak returns. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan's, Shell, Sawan, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, Reuters, Lebanese, Thomson Locations: New York, Bukom, Jurong, Singapore, Paris

The plan is the linchpin of Sawan's effort to boost Shell's share performance relative to its U.S. peers, which has suffered despite a record $40 billion profit last year. Its shares closed up 0.4%, against a flat index of European oil and gas companies (.SXEP) on Wednesday. Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Sawan, Biraj Borkhataria, Thilo, Shell, Bernard Looney, Ron Bousso, Jan Harvey, Alexander Smith, Elaine Hardcastle Organizations: Shell, British, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Reuters, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

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