US News LONDON – Shell will cut at least 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. The staff cuts and organizational changes come after Sawan, who took the helm in January, vowed to revamp Shell’s strategy to focus
Yahoo Finance LONDON – The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said. Speculation that Chevron and Exxon might try to buy rivals BP and Shell intensified over the last two years as the European majors underperformed their U.S.
Oil Price One of the world’s exploration hotspots, Namibia, expects first oil from the recent major offshore discoveries by 2030, the country’s Petroleum commissioner Maggy Shino told Reuters on Wednesday. “For the oil project, deep water we are thinking of having an FPSO and then exporting the crude to the market,” the commissioner told Reuters on the sidelines of a petroleum
World Oil (Bloomberg) – Shell Plc Chief Executive Officer Wael Sawan will meet with employees later this month to discuss the decision to put a greater share of investment into fossil fuels. Sawan invited staff to join a virtual meeting titled “A Conversation With Wael” on Oct. 17 to “deepen our conversation on the opportunities and dilemmas we face as we
Nasdaq LONDON – Shell SHEL.L CEO Wael Sawan has come under pressure over his strategy from within the energy company after two employees issued a rare open letter urging him not to scale back investments in renewable energy, sparking an internal debate. The open letter, posted earlier this month on Shell’s internal web and seen by Reuters this week, comes after Sawan
Nasdaq LONDON/PARIS – 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.
World Oil (Bloomberg) – Shell Plc is exploring options for its global renewable power operations, including a potential stake sale to outside investors, people with knowledge of the matter said. The UK energy giant is working with advisers to study a range of possibilities that could also include separating the business into a more independent unit, the people said.
Yahoo Energy giant Shell has warned that trading from its gas division is set to be “significantly lower” for the past three months compared with the previous quarter. The London-listed oil and gas firm said trading was affected by seasonal factors in the second quarter of 2023. Nevertheless, it stressed that the performance from the gas operation would be in line
Oil Price Reducing global oil and gas production would be “dangerous and irresponsible” as the world still desperately needs those hydrocarbons, Shell’s chief executive Wael Sawan has told the BBC. Last month, Shell unveiled its new strategy to continue investing in oil and gas production and selectively pour capital into renewable energy solutions, angering climate activists and some institutional investors. Back in 2021, Shell
CNBC British oil major Shell on Wednesday announced plans to boost returns to shareholders and keep oil output steady, as part of its strategy to simplify the group’s business and improve investor confidence. Ahead of its Capital Markets Day conference in New York later in the day, Shell said it would increase shareholder distributions to 30% to 40% of cash flow from operations, up
Nasdaq LONDON – Shell SHEL.L will ramp up dividends 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. In a new financial framework announced on Wednesday, Shell said it will increase overall shareholder distribution to 30% to 40% of cash flow from operations, up from a
Oil Price Shell has halted production at Prelude LNG – the world’s largest floating liquefied natural gas facility offshore Australia – due to a trip, a spokesperson for the supermajor said on Friday without giving details when production could resume. “Production on the Shell-operated Prelude FLNG facility has been temporarily suspended due to a trip,” a spokeswoman for Shell told Reuters on
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