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[1/2] A Shell logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 23, 2022. His more cautious approach to the energy transition marks a change in tack from his predecessor Ben van Beurden who introduced the carbon reduction targets and the energy transition strategy. It is also exiting its European power retail businesses, which were seen only a few years ago as key to its energy transition. At the same time, Shell reported record profits of $40 billion last year on the back of strong oil and gas prices. Sawan previously flagged that the 2021 target to cut oil output by 20% the end of the decade was under review.

Persons: Denis Balibouse, Sawan, Wael Sawan's, Ben van Beurden, Shell, Bernard Looney, Lucas Herrmann, Herrmann, Ron Bousso, Elaine Hardcastle Organizations: European Business Aviation Convention, REUTERS, Shell, LONDON, BP, Reuters Graphics Reuters, U.S, Exxon Mobil, Chevron, Investors, Thomson Locations: Geneva, Switzerland, New York, Shell, Lebanese, Namibia, London

LONDON, June 6 (Reuters) - Shell (SHEL.L) said on Tuesday that it had decided to exit its home retail energy businesses in Britain, Germany and the Netherlands due to their poor returns. Shell launched a strategic review of its European retail businesses in January, citing "tough market conditions", shortly after CEO Wael Sawan took office. "That review has now concluded and as a consequence, we intend to exit those businesses. A sales process is already underway, with the intent to reach an agreement with a potential buyer in the coming months," Shell said in a statement. Reuters reported last month that three of Britain's largest power providers had expressed interest in acquiring Shell's UK retail business.

Persons: Shell, Wael Sawan, Ron Bousso, Louise Heavens, Jason Neely Organizations: Reuters, Shell's, Thomson Locations: Britain, Germany, Netherlands

☆ ‘Go to hell, Shell’: Climate protesters try to storm stage at oil giant’s annual shareholders meeting
▼ + stars: | 2023-05-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The protests come as Shell faces a shareholder vote on a measure to increase its climate ambitions following a year of record profits at the company. Bloomberg | Bloomberg | Getty ImagesLONDON — Shell Chief Executive Wael Sawan and the firm's board of directors on Tuesday were shielded by security staff as climate protesters unsuccessfully tried to storm the stage at the British oil giant's annual shareholders meeting. Follow This, a small Dutch activist investor and campaign group with stakes in several Big Oil companies, tabled a resolution at Shell's shareholders meeting. For the first time, Dutch pension managers MN and PGGM — both Shell shareholders — have endorsed the resolution. The company described Climate Resolution 26 as "unclear, generic and would create confusion as to Board and shareholder accountabilities."

LONDON, May 18 (Reuters) - Shell (SHEL.L) will likely face one of its most acrimonious annual meetings next week as it struggles to balance investor pressure to capture profits from oil and gas and a vocal minority saying it must move faster to tackle climate change. Big Oil firms posted record profits last year amid soaring energy prices following Russia's invasion of Ukraine. That resolution echoes a ruling by a Dutch court telling Shell to adjust its climate targets, which Shell has appealed. It also said it was pleased that proxy advisers ISS and Glass Lewis had recommended votes against the Follow This resolution. The measures, however, did not prevent climate activist participants from heckling and disrupting proceedings before being escorted out, some carried by security staff.

Shell shares were up 0.8% by 1242 GMT. "In Q1, Shell delivered strong results and robust operational performance, against a backdrop of ongoing volatility," Chief Executive Officer Wael Sawan said in a statement. Sawan, who took the helm in January, told reporters he was focused on narrowing a wide gap in the share performance of Shell and its European peers against their U.S. rivals. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell showed "strong operational performance in the quarter across all divisions with oil and gas trading playing a key role," Jefferies analyst Giacomo Romeo said in a note.

REUTERS/Dado Ruvic/IllustrationSummarySummary Companies Shell maintains dividend unchangedAnnounces $4 bln in share buybacksLONDON, May 4 (Reuters) - Shell (SHEL.L) on Thursday posted first-quarter net profit of $9.65 billion, topping analysts' forecasts, as strong earnings from fuel trading and higher liquefied natural gas (LNG) sales offset cooling energy prices. Lower natural gas prices in the quarter weighed on Shell's giant integrated gas business, with profits slumping 18% to $4.9 billion. Shell shares were up 2% by 0830 GMT. Reuters GraphicsPROFITS BEATShell reported adjusted earnings of $9.65 billion in the first quarter, exceeding a company-provided analyst forecast of $8 billion. That compared with earnings of $9.1 billion a year earlier and $9.8 billion in the fourth quarter of 2022, when Shell reported a record annual profit of $40 billion.

☆ Shell beats expectations with $9.6 billion in first-quarter profit, boosted by fuel trading
▼ + stars: | 2023-05-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Shell reported adjusted earnings of $9.6 billion for the first three months of the year, comfortably beating analyst expectations of $8.6 billion, according to Refinitiv. The company posted adjusted earnings of $9.1 billion over the same period a year earlier and $9.8 billion for the final three months of 2022. It added that robust results from fuel trading and optimization offset the impact of weaker oil and gas prices. The company reported first-quarter net debt of $44.2 billion, down from $48.5 billion when compared to the same period a year earlier. Shell's results follow hot on the heels of U.K. rival BP, which on Tuesday reported a drop in first-quarter profit but beat analyst expectations on robust oil and gas trading.

SummarySummary Companies Shell eliminates role of global renewables generationWind and solar placed under regional headsBiofuels and CCS placed under Anna MascoloLONDON, March 30 (Reuters) - Shell (SHEL.L) is splitting up its renewables and low-carbon division as part of CEO Wael Sawan's shake-up to boost the energy giant's returns. Shell is eliminating the global role of executive vice president for renewable generation held by Thomas Brostrom, who joined the company in 2021 from Danish renewables giant Orsted, a company spokesperson said. Wind and solar power businesses will now fall under the regional heads of Shell Energy, reporting to Executive Vice President Steve Hill. At the same time, Shell named Anna Mascolo as executive vice president for low carbon products and sectors, including biofuels, carbon capture and nature-based solutions. Brostrom will remain at the company as senior vice president for Shell Energy in Europe and Asia, overseeing all offshore wind globally, he said.

☆ New Shell CEO Faces Big Dilemma: Should the Company Pump More Oil?
▼ + stars: | 2023-03-28 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

HOUSTON— Wael Sawan knows he is about to make some people very unhappy. The new chief executive of Shell PLC is in the midst of crafting his business plan for the London-based energy giant, including whether to increase oil production. Doing so would please many investors looking to build on last year’s oil-and-gas bonanza, which produced record annual earnings for Shell.

☆ Shell reviewing oil output reduction targets, CEO tells the Times
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 3 (Reuters) - Shell (SHEL.L) is reviewing its current plan to reduce oil output by 1% to 2% per year by 2030, Chief Executive Officer Wael Sawan told the Times, against the backdrop of rival BP recently rowing back from hydrocarbon output reduction aims. The CEO nevertheless indicated that Shell could revise its current goal of reducing its oil output by 2030. "We're reflecting on what is the right guidance to the market," Sawan told the Times in an article published on Friday. Shell expects its oil and gas output to reach between around 1.8 million and 2 million barrels of oil equivalent per day this quarter. In contrast to BP, Shell never set a target for the reduction of its gas output.

☆ Shell CEO creates chief of staff role in management overhaul
▼ + stars: | 2023-02-23 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

SummarySummary Companies Chief of staff to oversee performance improvementAppointment to be announced in MarchShell profits hit record, but costs set to riseLONDON, Feb 23 (Reuters) - Shell (SHEL.L) Chief Executive Officer Wael Sawan has created a senior role of chief of staff as part of a management overhaul to improve performance after technical problems and other disruption, three company sources said. The chief of staff, the first in Shell's 115-year-old history, is the biggest change Sawan has made to top management since he took office on Jan. 1 with a promise to boost the company's performance. Sawan announced the role of chief of staff and corporate relations in an internal memo last week, the sources said. A Shell spokesperson confirmed the role has been created, without adding details. Sawan has said he will improve Shell's performance and efficiency as it attempts to shift towards low-carbon energy and cut greenhouse emissions in the coming decades.

☆ Big Oil made $200 billion in profit last year. Shareholders won big, clean energy missed out
▼ + stars: | 2023-02-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

But the flood of cash has not delivered a commensurate boom in renewable energy investments, despite clear evidence that the world needs to move much faster with efforts to address the climate crisis. The record-setting results mark a dramatic turnaround for a sector that suffered brutal losses and slashed shareholder payouts in 2020, when pandemic lockdowns sharply reduced demand for energy and oil prices collapsed. An aerial view of the BP oil refinery in Whiting, Indiana on August 29, 2019. Tannen Maury/EPA-EFE/ShutterstockJust three years ago, BP unveiled a plan to slash oil and gas production by 40% from 2019 levels by 2030. It is also now aiming to cut carbon emissions from its oil and gas production by 20%-30% by 2030, down from the previous goal of 35%-40%.

☆ Big Oil rakes in record profit haul of nearly $200 billion, fueling calls for higher taxes
▼ + stars: | 2023-02-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Exxon Mobil's 2022 haul of $56 billion marked a historic high for the Western oil industry. Chicago Tribune | Tribune News Service | Getty ImagesThe West's five largest oil companies raked in combined profits of nearly $200 billion in 2022, intensifying calls for governments to impose tougher windfall taxes. Altogether, the five Big Oil companies reported combined profits of $196.3 billion last year, more than the economic output of most countries. His comments came shortly after Shell reported its highest-ever annual profit of nearly $40 billion, comfortably surpassing its previous record of $28.4 billion in 2008. watch nowThe CEO of Saudi Aramco, the world's largest energy company, has previously warned about the dangers of pressuring oil companies through higher taxes.

☆ Shell Posts $42 Billion Profit, Adding to Industry’s Record Haul
▼ + stars: | 2023-02-02 | by ( Jenny Strasburg | ) www.wsj.com time to read: 1 min

Shell’s results are the first reported under Chief Executive Wael Sawan. LONDON— Shell PLC became the latest oil giant to post a record annual profit last year, joining American peers in surging back from early pandemic losses on soaring energy prices. Shell’s $41.6 billion full-year profit surpassed the London-based company’s previous record of $31.4 billion in 2008, measured on a net current-cost-of-supplies basis—a figure similar to the net income that U.S. oil companies report.

REUTERS/Thilo SchmuelgenSummarySummary Companies Fourth-quarter profit of $10 bln beats estimatesShell to repurchase $4 bln in sharesLONDON, Feb 2 (Reuters) - Shell (SHEL.L) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns. Shell also posted record fourth-quarter profit of $9.8 billion on the back of a strong recovery in earnings from liquefied natural gas (LNG) trading, beating analyst forecasts for an $8 billion profit. Annual profit reached $39.9 billion, more than doubling from a year earlier and far exceeding the previous record of $31 billion in 2008. Shell said its capital expenditure in 2023 will reach $23 billion to $27 billion, in line with previous guidance. The surge in revenue helped Shell sharply reduce its debt to $44.8 billion at the end of 2022 from $52.6 billion a year earlier.

☆ Oil giant Shell posts highest-ever annual profit of $40 billion
▼ + stars: | 2023-02-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

British oil giant Shell on Thursday posted its highest-ever annual profit, bolstered by soaring fossil fuel prices and robust demand since Russia's full-scale invasion of Ukraine last year. Shell reported adjusted earnings of $39.9 billion for the full-year 2022. This comfortably surpasses the $28.4 billion in 2008 which Shell said was the firm's previous annual record and is more than double the firm's full-year 2021 profit of $19.29 billion. Analysts polled by Refinitiv had expected full-year 2022 net profit to come in at $38.3 billion. For the final quarter of 2022, Shell reported adjusted earnings of $9.8 billion.

☆ More than 13,000 Nigerian residents take Shell to court over oil spills
▼ + stars: | 2023-02-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Residents fetch water from a well contaminated by oil pollution at Ogale Town, Eleme in southeast Nigeria, on June 13, 2015. Afp Contributor | Afp | Getty ImagesOver 13,000 residents from two Nigerian communities are seeking damages from Shell in the High Court in London, calling for the energy giant to clean up residual oil and compensate devastating environmental damage. Shell, which reported its highest-ever annual profit of nearly $40 billion on Thursday, argues that the communities have no legal standing to enforce clean-up of the oil spills. Shell said in 2021 that it plans to leave the Niger Delta and sell its onshore oilfields and assets after 80 years of operations. "It appears that Shell is seeking to leave the Niger Delta free of any legal obligation to address the environmental devastation caused by oil spills from its infrastructure over many decades," Leader said.

☆ What Wall Street is expecting from Shell, TotalEnergies and BP earnings
▼ + stars: | 2023-02-01 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

On Thursday, Europe's largest energy company Shell is due to report earnings. Britain's BP and France's TotalEnergies are also due to report the following week. It comes after Exxon , the biggest oil & gas company in North America, posted earnings and revenue that beat analyst expectations Tuesday. Here's what analysts are expecting from Shell, TotalEnergies and BP: Shell, Feb. 2 JP Morgan — Overweight, price target £29.50 ($36.29) (25% upside) Analysts led by Christyan F Malek said improved trading at Shell's integrated gas unit was a "key" data point for investors in the fourth quarter. Morningstar – price target £5.5 (13.6% upside) Analyst Allen Good said BP had weathered a big hit to earnings due to the write-off of its Russian investments in state-owned Rosfnet.

☆ Shell CEO in first changes combines LNG, upstream operations
▼ + stars: | 2023-01-30 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

SummarySummary Companies New CEO took office Jan. 1Upstream boss to oversee expanded unitExecutive committee to shrink to seven from nine membersLONDON, Jan 30 (Reuters) - Shell (SHEL.L) will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of CEO Wael Sawan's first changes since taking charge of the energy giant earlier this month. The new division, which combines Shell's most profitable operations, will be headed by current upstream director Zoe Yujnovich, Shell said in a statement on Monday. Sawan took office on Jan. 1 after heading Shell's integrated gas division, which included Shell's LNG and renewables businesses, with a vow to simplify and improve the company's operations. Under the internal restructure, renewables operations will be combined with Shell's oil refining and marketing operations led by current downstream director Huibert Vigeveno, the company said. Reporting by Aby Jose Koilparambil in Bengaluru; editing by Rashmi Aich and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

You feel like he's on a solo mission," Tania Daou-Alam, who lost her husband in the blast, told Reuters. Bitar went on to file his own charges against several top politicians, including former ministers allied to Hezbollah. Bitar, a devout Catholic from Akkar region of the north, has charged officials from across the sectarian spectrum including Shi'ites, Sunnis and Christians. "I said from the start 'the right person is in the right place'," he added, describing Bitar as just with no political affiliations. William Noun, who lost his brother in the blast, said of Bitar's move: "This is very much a judicial uprising".

☆ Exclusive: Shell energy transition prompted talks to sell Norway business
▼ + stars: | 2023-01-10 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

SummarySummary Companies Shell, Harbour Energy held talks late last yearTalks included Norway, Italy and some UK assetsShell shifting focus to low-carbon, renewablesLONDON, Jan 10 (Reuters) - Shell (SHEL.L) held talks with Harbour Energy (HBR.L) to sell its Norwegian oil and gas fields last year but could not reach a deal due to gas price volatility and uncertainty over the long-term outlook, three company sources told Reuters. Shell and Harbour Energy declined to comment. Shell and ConocoPhillips (COP.N) are the last two oil majors to operate offshore fields in Norway, while TotalEnergies (TTEF.PA) only retains stakes in non-operated fields. Negotiations with Harbour Energy included Shell's assets in Norway and its small-scale operations in Italy and several ageing assets in the British North Sea, the sources said. Beyond oil and gas, Shell is involved in several major renewables and low-carbon projects in Norway including in offshore wind blocks, a biofuels plant and the Northern Lights carbon storage and use project.

☆ Shell's LNG trading provides quarterly boost despite output drop
▼ + stars: | 2023-01-06 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

Companies Shell PLC FollowLONDON, Jan 6 (Reuters) - Earnings from Shell's (SHEL.L) liquefied natural gas (LNG) trading operations are likely to have been significantly higher in the fourth quarter of last year despite a sharp output drop owing to plant outages, it said on Friday. But Shell, the world's top LNG trader, said its LNG trading results are set to be "significantly higher" than in the previous quarter. Shell's third quarter results were dented by weaker refining performance and a slump in LNG trading. Several governments across Europe and Britain have imposed windfall taxes on energy companies this year to rein in excess profits as energy prices have soared since Russia's invasion of Ukraine. (This story has been corrected to change date of Shell results to Feb. 2 from Feb. 3)Reporting by Ron Bousso Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ To the sea: The final journey of a victim of Thailand's nursery massacre
▼ + stars: | 2022-11-03 | by ( Dave Lucas | ) www.reuters.com time to read: +1 min

The chubby-cheeked girl with a toothy smile had dreamed of seeing the sea and playing in its waves. But on Oct. 6, Model and many of her classmates were murdered at their nursery by a former police officer, in the world's deadliest killing of children in recent years. Now, several weeks later, her family traveled to the coast to scatter her ashes. REUTERS/Athit Perawongmetha SEARCH "PERAWONGMETHA KILLINGS" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES.

LNG prices have soared this year as Moscow progressively cut piped natural gas supplies to Europe, which heavily depended on Russian imports. Western sanctions on Russia, which is among the world's leading oil and gas producers, in response to its invasion of Ukraine in February, helped to drive European gas prices to an all-time high in August. The world's biggest LNG trader Shell missed some of the benefit of the price rise after a fall in production following strikes at Australia's Prelude site. Gearing at Shell, which is on track for a record year of profits, increased slightly to 20.3%. Spain's Repsol (REP.MC) on Thursday reported a doubling of its profit to 1.48 billion euros ($1.49 billion).

SummarySummary Companies Shell to boost dividend by 15%Announces plans to buy further $4 bln in sharesProfit hit by weak LNG trading and refiningLONDON, Oct 27 (Reuters) - Shell (SHEL.L) on Thursday posted a third-quarter profit of $9.45 billion, easing from the previous quarter's record high due to weaker refining and gas trading, as it announced plans to sharply boost its dividend by year end when its CEO departs. Shell also extended its share repurchasing programme, announcing plans to buy $4 billion of stock over the next three months after completing $6 billion in the previous quarter. With a profit of $30.5 billion so far this year, Shell is well on track to exceed its record annual profit in 2008 of $31 billion. Its gas trading business was hit this quarter by "supply constraints, coupled with substantial differences between paper and physical realisations in a volatile and dislocated market." Shell said it would stick to its plans to spend $23-$27 billion this year.

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