The £80million boss of Shell is preparing to join the stream of FTSE100 bosses heading for the door.
Ben van Beurden – who, it emerged in March, bagged £4.6million in bonuses on top of his £1.4million salary last year, taking his total pay and bonuses to almost £80million during his nine years at the helm – could step down as soon as 2023 as the oil giant begins its search for a replacement.
His departure will mark the end of an era for Shell, as it tries to toe the tricky line of boosting Britain’s energy security with embracing sustainable technologies. While Van Beurden’s legacy includes a commitment to reduce oil production, he has been criticised for failing to take more drastic action.read more
Sep 1st, 2022
by John Donovan.
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Bloomberg
Shell Walks Away From Major Russian LNG Project With Nothing
By Will Mathis: 1 September 2022 at 17:30 BST
Shell Plc will walk away from Russia’s Sakhalin-2 liquefied natural gas project with nothing after President Vladimir Putin transferred the major facility to a new operating company.
The London-based firm’s decision is the latest indication that Putin won’t allow international energy companies to realize big financial gains as they exit Russia over the invasion of Ukraine.
Shell had already written off the $1.6 billion value of its 27.5% stake in Sakhalin-2 earlier this year. Tread more
Aug 29th, 2022
by John Donovan.
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Sunday Telegraph
Europe gas shortages to last several winters, Shell boss warns
Ben van Beurden says energy rationing will be needed for a number of years
By Rachel Millard: 29 August 2022 • 12:54 pm
Europe’s energy crisis will last for several winters, the boss of Shell has said, as he warned it is “fantasy” to think shortages caused by Russia cutting supplies can be resolved quickly.
Ben van Beurden told a conference in Norway that power rationing will be needed for a number of years as electricity prices hit fresh record highs.read more
Aug 22nd, 2022
by John Donovan.
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Reuters
Russian court rules local Shell JV to move under Moscow control -Ifx
By Reuters: Updated: 22/08/2022 – 16:45
MOSCOW – A Russian court ruled on Monday that Salym Petroleum Development (SPD), a joint venture between Shell and Gazprom Neft, should be transferred to Russian jurisdiction, Interfax news agency reported, citing the verdict.
Kommersant daily reported last week that Gazprom Neft was suing to have its Salym Petroleum Development joint venture with Shell be transferred to Russian jurisdiction, and for Shell’s shareholding rights to be suspended.read more
Oil and gas titans are set to reap a mammoth taxpayer giveaway of up to £7.5billion despite making record profits.
BP and Shell are among the firms that will benefit from new tax breaks, despite BP boss Bernard Looney comparing his firm to a ‘cash machine’.
Energy giants already receive Treasury incentives to invest in the North Sea, but fresh changes have been ushered in that will turbocharge the subsidies. The plans have been introduced at the same time as the Government’s £5billion ‘windfall tax’ – billed as taxing energy firms to help pay for the cost-of-living crisis.read more
Shell has handed out a bonus to its employees following bumper profits amid surging energy prices.
The oil giant has awarded most of its 82,000 staff a bonus equal to 8 per cent of their annual salary after reporting a record profit of £9.5bn in the second quarter of this year as it cashed in on higher oil and gas prices.
Executive vice-presidents or higher will not receive the bonus. The average salary for Shell UK employees is around £52,000 per year, meaning a British worker will get £4,200.read more
Aug 4th, 2022
by John Donovan.
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The Guardian
Shell to give staff 8% bonus after record profits
Julia Kollewe: Wed 3 Aug 2022 16.50 BST
Payout comes after oil firm reported $11.5bn second-quarter profits amid soaring energy prices
Shell is handing nearly all its 82,000 staff a bonus equivalent to 8% of their salary after the oil company reported record profits amid soaring energy prices.
The British multinational is making the one-off payment to the vast majority of its employees around the world, only excluding those on its executive committee, executive vice-presidents and contractors.
The oil firm said: “In recognition of the contribution our people have made to Shell’s strong operational performance against a recent challenging backdrop, our executive committee has decided to make a special recognition award of 8% of salary to all eligible staff across the world.read more
Aug 4th, 2022
by John Donovan.
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EXPRESS
Shell dishes out bonuses after huge profits while energy crisis hits Britons’ pockets
SHELL is passing on some of its record profits to its staff in a one-off bonus, but claimed it was “not a response” to cost of living crisis spurred on by high energy prices.
UN Secretary General Antonio Guterres said that it was “immoral” for oil and gas firms to profit from the invasion of Ukraine, adding that the “grotesque greed is punishing the poorest”.
Most of the energy giant’s 82,000 staff worldwide will get an 8 percent boost, after the company doubled its profits in the past three months alone to £9.4billion. Fossil fuel companies have been accused of profiteering from a crisis.
It comes as energy bills are expected to soar to well over £3,000 this winter, with the increase in energy costs being seen as the “main driver” of inflation.
Aug 1st, 2022
by John Donovan.
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Common Dreams
Amid Climate Crisis, Shell’s Financial Windfall Is Profiteering At Its Most Grotesque
We may be in the dying days of the fossil fuel empire, but those companies are enriching themselves like never before, as people die from our climate crisis.
Oil giant Shell has just posted record profits for a second consecutive quarter, smashing its previous record from earlier this year.
Shell posted adjusted earnings of a staggering USD 11.5 billion for the second quarter of this year, beating the USD 9.1 billion from the first three months of 2022.
Europe’s largest oil group was boosted by the sky-rocketing energy prices caused by the Ukraine war.
This means in the first six months of this year the oil giant has earnings of over USD 20 billion. This is profiteering at its most greedy and grotesque.read more
Jul 29th, 2022
by John Donovan.
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Shell CEO Sees Risk of Even Higher Oil Prices
by Bloomberg | Laura Hurst, Tom Mackenzie | Thursday, July 28, 2022
Oil prices are more likely to rise than fall as the tightness in supply outweighs any risks to demand, said the boss of Shell Plc.
“Where we are today, there is more upside than downside when it comes to the oil price,” Shell Chief Executive Officer Ben van Beurden said in an interview with Bloomberg TV on Thursday. “Demand hasn’t fully recovered yet and supply is definitely tight.”
The Shell CEO spoke after the company reported record-breaking profits for a second consecutive quarter due to high oil and gas prices. Even with Brent crude remaining above $100 a barrel there’s little sign of demand destruction, and consumption continues to recover from the pandemic, van Beurden said.
“I’m quite optimistic, both on the energy system as well as the global economy,” he said.
There’s limited scope for extra oil supplies from the Organization of Petroleum Exporting Countries or US shale producers, and the full effect of sanctions on Russia’s production may not yet have been felt, Van Beurden said.read more
Shell’s profits more than doubled to a high of $11.5 billion in the second quarter as it benefited from surging oil, gas and fuel prices after Russia’s invasion of Ukraine.
The FTSE 100 oil company said it would increase returns to investors by buying back $6 billion of shares over the coming three months.
Shell faced a backlash for what critics called “obscene” profits, which come after petrol prices hit record highs and as households face a crippling rise in energy bills that is forecast to push millions of people into poverty this winter.
Ben van Beurden, the chief executive, admitted it was “a difficult period for a lot of people” because of high energy prices, but said: “These are global phenomena, there’s…read more
London-based Shell said it’s second-quarter adjusted earnings — which exclude one-time items and fluctuations in the value of inventories — rose to $11.5 billion from $5.5 billion in the same three-month period last year.
Jul 28th, 2022
by John Donovan.
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skynews
Energy giants Shell and Centrica enjoy soaring profits as prices rise
Shell attributed its enormous numbers to higher prices, refining profits, and gas trading.
Thursday 28 July 2022 09:45, UK
Shell has reported record profits of $11.5bn (£9.4bn) for the second quarter, more than double last year’s figure of $5.5bn (£4.5bn).
The oil giant had already smashed its own quarterly record at the start of the year when it clocked up profits of $9.1bn (£7.2bn), but the sums continued to rise into Q2.read more
For the first time in almost a decade running Europe’s biggest oil and gas company, Shell chief executive Ben van Beurden reckons he is being listened to.
The commodity shock sparked by the war in Ukraine has sent European officials scrambling to better understand the global energy system and secure new sources of supply. Some of them have ended up at Shell’s door.
“On energy security matters, energy balances, investment levels, I’ve never had as good a set of discussions with governments as we are having today,” van Beurden told the Financial Times.read more
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
ESTHER KIOBEL: EVIL OIL GIANT SHELL COLLUDED IN THE EXECUTION OF MY INNOCENT HUSBAND
ESTHER KIOBEL SUES SHELL FOR COMPLICITY IN HUSBANDS MURDER
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ABANDONED BY SHELL: KEITH MACDONALD & FAMILY, VICTIMS OF RADIOACTIVE CONTAMINATION AT WORK
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON. EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
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See our link list of over 500 articles by the FT, Wall Street Journal, Reuters, Bloomberg, Forbes, Dow Jones Newswires, New York Times, CNBC etc, plus UK House of Commons Select Committee Hansard records, information on U.S. Securities & Exchange Commission websiteetc. all containing references to our Shell focussed websites, or our website founders Alfred and John Donovan. Includes TV documentary features in English and German, newspaper and magazine articles, radio interviews, newsletters etc. Plus academic papers, Stratfor intelligence reports and UK, U.S. and Australian state/parliamentary publications, also citing our Shell websites. Click on this link to see the entire list, all in date order with a link to an index of over 100 books also containing references to our non-profit websites and/or our activities.
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