Posts under ‘Ben van Beurden’

BBC NEWS

Former Shell boss Ben van Beurden’s pay package jumps to £9.7m

9 March 2023

Former Shell boss Ben van Beurden received a pay package of £9.7m last year, up more than 50% from 2021.

His pay was revealed in the oil and gas giant’s annual report and accounts.

Shell reported the highest annual profits in its 115-year history last year after a surge in energy prices following Russia’s invasion of Ukraine.

Massive profits made by energy firms have added to pressure to tax them more as households struggle with rising energy bills. read more

REUTERS

Shell CEO in first changes combines LNG, upstream operations

Ron Bousso: Mon, 30 January 2023 at 7:11 am GMT

LONDON (Reuters) -Shell 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. read more

oilprice.com

Shell Nearly Sold Its Norwegian Oil And Gas Assets In Late 2022

By Tsvetana Paraskova – Jan 10, 2023, 8:00 AM CST

Shell held talks last year with the biggest UK North Sea producer Harbour Energy to sell its oil and gas fields offshore Norway and some mature assets offshore the UK, but a deal ultimately couldn’t be reached due to price volatility, company sources told Reuters on Tuesday.

Shell, as well as other majors, have worked in recent years on streamlining asset portfolios to focus on the most profitable projects. Back in 2021, Shell said that its oil production peaked in 2019 and is set for a continual decline over the next three decades as it looks toward the renewables side of the business. Shell said its carbon dioxide emissions also likely peaked—a year earlier, in 2018. read more

RIGZONE

Meet Shell’s New CEO

by Andreas Exarheas Rigzone Staff Tuesday, January 03, 2023

Wael Sawan has officially become Shell’s new chief executive officer, succeeding Ben van Beurden, who had held the post since January 1, 2014.

In an in-house interview posted on Shell’s website, which asked the new company head how he felt about taking on the challenge of being Shell CEO, Sawan said he was “incredibly excited”.

“But, I have to admit, also sometimes daunted by the huge challenges that are out there. I take comfort in the fact that we do have a strong strategy. We do have brilliant people,” he added in the interview. read more

Mail On Sunday/ ThisisMoney.co.uk

I was written off in my 40s, says outgoing Shell boss Ben van Beurden: Oil industry titan is having the last laugh

• Ben van Beurden says his stellar career was almost derailed two decades ago 

• He was told that he did not have what it took to get to the top

By FRANCESCA WASHTELL FOR THE MAIL ON SUNDAY

PUBLISHED: 22:16, 31 December 2022 | UPDATED: 22:42, 31 December 2022

He is one of the most powerful business leaders on the planet, with a pay package of £6million in 2021.

But, in a candid admission that will strike a chord with anyone who feels their talents are overlooked at work, Shell chief executive Ben van Beurden says his stellar career was almost derailed two decades ago.

The Dutch oilman says that when he was in his 40s he was told at an assessment centre for leadership training that he did not have what it took to get to the top. read more

The Sunday Times Business Person of the Year 2022: The shortlist

Sunday December 11 2022, 12.01am, The Sunday Times

In a year buffeted by war, falling markets and government upheaval, we present the shortlist for the business person who has stood out above the rest

Ben van Beurden, Shell

The Dutchman will call time on a 40-year career at Shell in 2023, having spent nine years in the hot seat. He gambled early in his tenure on the £36 billion takeover of gas giant BG Group, relocated Shell’s head office to London, and cut its dividend when the oil price tanked during Covid. But the company has surged this year on the back of higher oil prices stoked by the Ukraine war. Van Beurden, 64, leaves Shell in a fitter state and with plans to embrace green energy — read more

THE HERALD

Shell chief to receive compensation for loss of office

28 Oct 2022

THE outgoing chief executive of oil and gas giant Shell is to receive a year’s salary by way of compensation for loss of office.

Ben van Beurden will receive £1.42 million when he steps down at the end of this year, which is to be paid in six instalments. Shell said outstanding payments will be reduced by 50 per cent if he secures a paid position, excluding non-executive directorships, in that time.

The company also said that Mr van Beurden will continue to receive his base salary until the end June next year. The London-listed Anglo-Dutch energy giant said that a pro-rated annual bonus in relation to performance year 2023 will be determined by Shell’s remuneration committee after June next year.

Shell said the 2021 and 2022 long term incentive awards will be reduced to reflect the portion of the performance period that has elapsed to June next year. read more

Reuters

Shell’s outgoing CEO to get full-year salary as compensation for loss of office

Fri, October 28, 2022 at 11:44 AM

(Reuters) – Shell’s outgoing Chief Executive Ben van Beurden will get one-year base salary of 1.42 million pounds ($1.64 million) as compensation after leaving the position at the end of the year, the oil giant said on Friday.

The payment will be done in six equal monthly instalments between July 1 and Dec. 31, 2023.

The company said the outstanding payment for loss of office will be halved if van Beurden gets a paid position, excluding non-executive directorships, during the payment period.

Shell also said the Dutchman will continue to receive his base salary until June 30, 2023.

The company last month picked Wael Sawan to replace van Beurden, who is stepping down after nearly a decade at the helm and 40 years at Shell. read more

thenationalnews.com

Shell boss reveals regrets and pride as he steps down after decade

Ben van Beurden’s regrets were linked to financial issues in the Arctic and safety at a Dutch oilfield

Soraya Ebrahimi: Oct 28, 2022

Shell’s chief executive Ben van Beurden has said he regretted not acting earlier on two problems linked to the environment, as he prepares to step down after nearly a decade in charge.

Mr van Beurden said he should have acted in 2015 on data coming out of the Groningen gasfield in the Netherlands. read more

BBC NEWS

Shell beats forecasts as profits more than double

Shell has reported profits have more than doubled between July and September helped by high oil and gas prices.

The energy giant said underlying profits reached $9.5bn (£8.2bn) in the third quarter.

That compares to $4.2bn during the same period last year though it is a slowdown from the second quarter when it announced record figures.

The invasion of Ukraine sparked oil and gas prices to rise as nations pledged to cut dependence on Russian energy. read more

CNBC

Oil giant Shell reveals plans to hike dividend as it reports third-quarter profit

Silvia Amaro@SILVIA_AMARO

Sam Meredith@SMEREDITH19

PUBLISHED THU, OCT 27 20222:25 AM EDT

KEY POINTS

• The oil giant also announced Thursday a new share buyback program.

• It also revealed plans to increase its dividend per share by around 15% for the fourth quarter 2022.

• The group’s results come soon after it was announced CEO Ben van Beurden will step down at the end of the year after nearly a decade at the helm.

British oil major Shell reported a third-quarter profit Thursday, but lower refining and trading revenues brought an end to its run of record quarterly earnings.

Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv. The company posted adjusted earnings of $4.1 billion over the same period a year earlier and notched a whopping $11.5 billion for the second quarter of 2022. read more

24 Oct 2022

The content below is sourced from current verifiable customer reviews of Shell Energy published on Trustpilot.

COMPANY WITH ZERO COMPASSION

I recently contacted shell energy about my mother in laws phone . we canceled her phone as she has gone into end of life care .they then send a threatening letter stating they want there router back .I respond to them stating my mother in law has never had broadband or a router . they ask for extra info gave them that then they say they cant discuss as we are not the account holder .which bit off she is in a hospice on end off life care dont they understand !!!!! nice to see a company with compassion not this company read more

AFP

Europe faces long-term pain from energy crisis: Shell CEO

23 Oct 2022

Doha (AFP) – Europe faces painful “industrial rationalisation” due to its energy crisis that risks political trouble, the head of Shell warned Sunday, as the oil giant joined a natural gas project in Qatar.

Shell chief executive Ben van Beurden agreed a deal for a 9.3 percent stake in Qatar Energy’s North Field South project, that will play a major role in the Gulf state’s effort to increase liquefied natural gas (LNG) production by 50 percent in the next five years.

At the signing ceremony in Doha, van Beurden said European industry face taking a major hit from the energy crisis, worsened by the Russian invasion of Ukraine.

Europe has reduced consumption “quite effectively, quite significantly” following the loss of 120 million tonnes of Russian gas a year, van Beurden said, but “a lot of this reduction is achieved by switching off industry”.

Europe has desperately searched for quick alternatives to Russian gas, but van Beurden said Europe would need large amounts of LNG for decades. read more

Another departing Shell leader seeking redemption?

By John Donovan

Departing Shell Plc CEO Ben van Beurden seems to be seeking redemption in his closing period with the energy giant.

THE GRONINGEN SCANDAL

BvB now admits that Shell should have pulled out of the controversial earthquake-blighted Groningen project operated by NAM – a Shell-Exxon joint venture company.

According to Reuters: “A damning report in 2015 from the independent Dutch Safety Board had accused the government and the field’s operators of ignoring the threat of earthquakes linked to the field for years.” 

As regular visitors to this website know, we have been drawing attention to the Groningen scandal for many years. Thousands of properties have been damaged. As a consequence, Dutch prosecutors are pursuing litigation against NAM. Tens of thousands of Groningen residents are eligible for compensation for earthquake damage. read more

REUTERS

Shell should have quit Groningen gas project in Netherlands earlier -CEO

AMSTERDAM, Oct 13 (Reuters) – Shell CEO Ben van Beurden told a Dutch parliamentary panel investigating problems relating to natural gas production at the large Groningen gas field in the Netherlands that the company should have pulled out of the project earlier.

Production at Groningen was scaled back sharply over a period of years in the 2010s after the Dutch government and producer NAM, a Shell-Exxon joint venture, realized the earthquakes it caused posed too great a threat to life and property.

“We had to continually ask what makes sense,” as production was dialled back to levels at which NAM made little to no profit, Van Beurden told lawmakers.

“What made sense for Shell was to quit. In any other country we would have stopped this operation. But in the Netherlands that was impossible because the Netherlands was dependent on Groningen gas.”

A damning report in 2015 from the independent Dutch Safety Board had accused the government and the field’s operators of ignoring the threat of earthquakes linked to the field for years. As vast amounts of gas were removed from under the province since 1963, the ground sank and settled above empty pockets, triggering quakes. read more

BBC News

Shell boss says taxing energy firms to help the poor is ‘inevitable’

By Tom Espiner: Business reporter, BBC News: 4 Oct 2022

Taxes on firms within the oil and gas industry are “inevitable” to help the poorest people, the outgoing boss of Shell has said.

Ben van Beurden said that energy markets cannot behave in a way that “damage a significant part of society”.

Households in the UK have been under pressure from rising energy bills as gas prices have soared.

The UK government under Liz Truss has pushed back against extending a windfall tax on oil and gas firms.

Last week, the EU agreed emergency measures to charge energy firms on record profits. read more