News and information on Shell Plc
Shell boss Ben van Beurden slammed for reaping more than £18m ahead of possible shareholder rebellion
Shell boss Ben van Beurden has been slammed for reaping more than £18million ahead of a possible shareholder rebellion this week.
Calculations by The Mail on Sunday show that the Dutch businessman – who has led Shell since 2014 – has seen the valuations of his shares and other payments soar.
CITYA.M.
Shell suffers blow as investor group withholds approval for energy transition plan
Shell’s battle to gain approval for its energy transition plan has suffered a heavy setback, as a major investor announces its intention to abstain on a key resolution at the firm’s upcoming annual general meeting.
Royal London Asset Management (RLAM), which holds a £1.2bn stake in the energy giant, has criticised the oil and gas trader’s climate transition plans.
THE SUNDAY TIMES
Jackdaw gas field set for official approval
Michael Glackin:
Westminster’s oil and gas regulator is set to approve a controversial North Sea gas project it previously rejected on environmental grounds amid increased concerns about UK energy security.
It is understood approval for Shell’s Jackdaw gas field, 150 miles east of Aberdeen, is now “imminent” following Russia’s decision to cut off gas supplies to a number of European countries.
Mirror.co.uk
Oil giants’ profits for three months would be enough to give every household £450
Analysis by shadow Climate Change Secretary Ed Miliband shows that Shell and BP made combined profits of £12.37billion in the first quarter of 2022.
By Mikey Smith: Whitehall Correspondent: !4 May 2022Profits made by oil giants in the first three months of this year were enough to give every household £450 towards soaring energy bills.
Analysis by shadow Climate Change Secretary Ed Miliband shows that Shell and BP made combined profits of £12.37billion in the first quarter of 2022.
The Telegraph
Energy bosses are provoking Sunak into another ruinous tax raid
BP chief executive may live to regret calling his company a ‘cash machine’: Shell unveiled a quadrupling of profits and a bumper payout for shareholders. Chief Ben van Beurden sounded cock-a-hoop. It had been “a momentous year”, he declared.
: CHIEF CITY COMMENTATOR:You’ve got to hand it to the bosses of Britain’s energy giants. The response of the industry’s top figures to growing calls from the Labour Party, trade unions, and eco-activists for a windfall tax has been so risible that a Conservative Government is now said to be warming to the idea, having repeatedly ruled it out.
Reuters
Third Point’s Loeb praises Shell moves, sticks by calls for breakup
By Svea Herbst-BaylissNEW YORK, May 7 (Reuters) – Activist investor Daniel Loeb, who wants Royal Dutch Shell Plc to break apart, applauded the energy giant’s decision to move its headquarters even as he sticks to views that a different corporate structure would make it more successful.
Loeb, who said in October that his hedge fund Third Point LLC had taken a $750 million stake in the company, told his own investors on Friday that he has added to his Shell stake and has held discussions with management, board members and other shareholders.
Fortune
Shell CEO points out loopholes in Russian oil sanctions after announcing record profits
BY CHLOE TAYLOR: May 5, 2022 4:16 PM GMT+1Planned embargoes on Russian oil may be thwarted due to the way the global crude supply chain works, Shell’s CEO explained on Thursday.
Speaking after Shell reported record quarterly profits, Ben van Beurden, the oil giant boss, told reporters that the framework of the world’s crude network left loopholes open in Western government bans on Russian oil.
This is because imported fuels like gasoline, which might have been made from Russian oil but refined outside of Russia, cannot always be traced back to their natural source.
FORTUNE
Fossil fuel companies like Shell and BP are raking in massive profits, and this could be just the beginning
BY TRISTAN BOVE: May 5, 2022 8:33 PM GMT+1Oil prices have been soaring this year, as Western sanctions hit the Russian economy hard, disrupting the global oil supply from one of the world’s largest producers. But while high gasoline prices at the pump make life difficult for consumers, fossil fuel companies are making a killing.Since the Russian invasion of Ukraine over two months ago, Brent crude, an international benchmark for oil pricing, has surged past $100 a barrel, the highest oil has sold for since 2012.
Evening Standard
Shell profits jump 43% to £7.2 billion amid calls for windfall tax
By Oscar Williams-Grut City Editor @OscarWGrut: 5 MAY 2022
Oil giant Shell has announced a huge jump in profits amid growing calls for a windfall tax on oil and gas giants.
Royal Dutch Shell reported underlying profits of $9.1 billion (£7.2 billion) in the first quarter, up 43% on the final three months of 2021 thanks to soaring oil and gas prices.
The huge profits are likely to reignite calls for a windfall tax on energy giants. A one-off tax on BP and Shell alone could raise £9 billion for the Treasury, the Liberal Democrats estimate.
EXPRESS
BP and Shell record mega-profits as firms exploit soaring energy prices
RECORD gas and oil prices since the Ukraine conflict have helped deliver bumper dividends for shareholders in energy companies.
13:56, Wed, Apr 27, 2022 | UPDATED: 13:57, Wed, Apr 27, 2022 Both gas and oil prices had already been pushed up over winter as supply failed to keep pace with demand bouncing back from the pandemic. Since Russia’s invasion of Ukraine prices have been squeezed even further with oil soaring past $100 (£79.64) a barrel to heights of up to $130 (£103.52). The increased revenue from energy has helped deliver soaring returns for investors with the oil sector seeing dividends rise 29 percent in the first quarter of 2022 according to data firm Link Group. Link points to an “astonishing rebound in oil prices” which it says has “delivered a dramatic turnaround” for energy firms. The contribution of energy firms helped drive up UK dividends by an average 12.2 percent on an adjusted basis.Among the top 10 dividend payers for 2022 are Shell, BP and National Grid.
The growing profits for energy firms has attracted criticism given the UK’s current cost of living crisis with some calling for a windfall tax on the gains.
So far though the Government has dismissed the idea with Justice Secretary Dominic Raab calling the idea “disastrous”.
Evening Standard
Shell finance boss Jessica Uhl departs with £1 million payday
Renumeration bonanza at odds with drivers facing record petrol prices at pumps
By Mark Banham: 1st April 2022
The former chief financial officer of Shell is set to walk away with a “golden handshake” worth more than £1 million.Jessica Uhl’s renumeration package will include a £921,000 payment for “loss of office” plus salary paid until June this year and an as yet to be decided annual bonus. In addition, she will continue to receive pension payments and medical benefits until June despite officially stepping down yesterday.
She announced her departure from Shell early last month citing “family reasons”. She took the decision to leave after her position was moved from The Netherlands to London.
Daily Mail: MailOnline
Shell boss rakes in £7million in shares thanks to the cost of living crisis after the oil and gas giant recorded £12billion profits
“He described Mr van Beurden as ‘yet another greedy oil corporation boss profiteering from the misery inflicted by rocketing energy costs’.”
The chief executive of Shell has been criticised after his firm cashed in on the cost of living crisis – leaving him with a lucrative windfall.
The Observer/Guardian OnlinePhillip Inman: Sat 5 Feb 2022 17.05 GMT
Oil giants BP and Shell are on course to make a combined profit of almost £40bn this year from the rocketing price of petrol and gas, fuelling calls for a windfall tax on energy firms to ease the cost of living crisis.
Before BP’s annual results this week, anti-poverty campaigners described the profits of oil producers as “obscene” and demanded the government take action to tax their surplus cash to support poorer families hit by rising energy bills.
The Telegraph
Shell defends raising the dividend after profits surge to almost $20bn
Bumper results trigger renewed calls for a windfall tax on oil and gas producers
By Rachel Millard: 3 February 2022 • 7:41pm
The chief executive of Shell has defended his company’s right to pay millions in dividends after a fourfold rise in profits driven by surging energy costs sparked calls for a windfall tax.
Ben van Beurden said the FTSE 100 company played an important role in society by contributing to pension pots after it posted a $19.3bn (£14.2bn) profit for 2021, up from $4.8bn a year earlier.
The Herald
Shell says North Sea windfall tax won’t ease energy crisis
Group Business Correspondent
SHELL chief executive Ben van Beurden has rejected calls for a windfall tax on North Sea firms and said the company remains keen to invest in new fields in the area after dropping plans for the controversial Cambo development.
The energy giant may have helped stoke calls for a one-off tax to be imposed on firms to help tackle the energy crisis in the UK yesterday when it posted a 300 per cent increase in annual profits, to $19.3 billion (£14.3bn), from $4.8bn.
REUTERS
Shell ends 2021 on high note, hikes dividend, buybacks again
By Ron Bousso:LONDON, Feb 3 (Reuters) – Shell (SHEL.L) again boosted its dividend and share repurchases on Thursday after fourth quarter profits hit their highest in eight years, fuelled by higher oil and gas prices and strong gas trading performance.
The strong results cap a year of dramatic recovery for Shell and the oil and gas sector after energy demand and prices collapsed in 2020 in the wake of the Coronavirus epidemic.
Shell shares were up 1.2% by 1015 GMT, compared with a 0.1% decline for the broader European energy index (.SXEP).
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