Posted by John Donovan: 6 Jan 24
Wael Sawan, the CEO of Shell, a corporation worth a whopping $214 billion, seems to be eagerly warming the bench as he watches Exxon Mobil and Chevron have all the fun in the Permian, a hotspot for oil that’s as profitable as it is controversial. In 2024, Sawan faces a thrilling dilemma: let his U.S. rivals hog all the glory or jump back into the oil bonanza himself, turning his back on that pesky renewable energy trend.
Rewinding to 2021, when green pressures were all the rage, Sawan’s predecessor, Ben van Beurden, was coaxed into selling assets in the Permian. But fast forward to the present, where the Ukraine war has conveniently dampened Shell’s enthusiasm for reducing oil output. Sawan, playing it cool, has also slyly dropped most of those green targets, and guess what? Investors are loving it. Since Sawan took the helm in 2023, Shell’s stock has soared by 15%, leaving U.S. and European rivals eating its dust. Meanwhile, BP, which took the high road away from oil, is barely keeping pace amid its CEO-hunting saga. read more
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