Shell also said it would take $1.5 billion to $3 billion of non-cash, post-tax impairments, including up to $1.2 billion in its renewables division, linked to European and North American assets
Joint venture will be based in Aberdeen, Scotland, and will be set up to sustain domestic oil and gas production and security of energy supply in Britain, Equinor said
A Dutch appeals court on Tuesday overturned a landmark ruling that ordered energy company Shell to cut its carbon emissions by net 45% by 2030 compared to 2019 levels. The decision was a defeat for the Dutch arm of environmental group Friends of the Earth, which hailed the original 2021 ruling as a victory for the climate. Tuesday's civil ruling can be appealed to the Dutch Supreme Court. The ruling upholding Shell's appeal came as a 12-day U.N. climate conference was entering its second day in Azerbaijan. Presiding Judge Carla Joustra said that Shell already has targets for climate-warming carbon emissions that are in line with demands of Friends of the Earth both for what it directly produces and for emissions produced by energy the company purchase from others. And she added that an order for Shell to cut emissions by people and businesses who buy its products would be unlikely to have an effect as the products could be sold by another company. The court's final judgment is tha
Shell shares were up 1% in early London trading
The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts around the world
The results were lifted by strong performances in the oil and gas production and retail marketing businesses and the profit was nearly 25 per cent higher than the same time a year ago
It is rare for companies to suspend development of projects underway. Rival BP last week said it is pausing two biofuel projects in Germany and the United States
The company, however, introduced a new 'ambition' to cut overall emissions from oil products such as gasoline and jet fuel sold to customers by 15-20% by 2030 compared with 2021
Shell's chemicals and products divisions, which include refining and oil trading, registered a more than threefold rise in adjusted earnings from the previous quarter to $2.8 billion
State gas utility GAIL (India) Ltd and oil producer ONGC will explore possibility of using Shell's import terminal at Hazira in Gujarat for importing ethane and other hydrocarbons to fuel their petrochemical ambitions. GAIL had in May last year signed a memorandum of understanding with Shell Energy India Pvt Ltd to explore opportunities in energy value chain, including sourcing of ethane. On Thursday, "GAIL, Oil and Natural Gas Corporation (ONGC) and Shell Energy India (SEI) Pvt Ltd signed a tripartite memorandum of understanding (MoU) to explore opportunities for import of ethane and other hydrocarbons and development of evacuation infrastructure at Shell Energy Terminal, Hazira," GAIL said in a statement. Both GAIL and ONGC are exploring import of ethane from countries such as the US for planned petrochemical plants that are aimed at catering needs for goods ranging from plastics to paints and adhesives in the fast expanding economy. GAIL is looking to build an ethane cracker whi
The British company's payouts to shareholders reached around $23 billion in 2023, over 10% of Shell's market value
Last year, the company paid $40.5 million in tax from a UK profit of $1.81 billion, according to its annual tax-contribution report
Shell India has hiked diesel prices by as much as Rs 20 per litre in less than a week's time, but the dominant public sector fuel retailers continue to keep rates on freeze for a record 18th month in a row. With international oil prices hovering around USD 90 per barrel, the India unit of the world's second-largest oil and gas company last week started raising fuel prices by Rs 4 per litre every day, company dealers and industry sources said. The result is Shell India, whose 346 petrol pumps are mostly concentrated in the southern and western states, is now selling diesel at Rs 130 per litre in Mumbai and Rs 129 in Chennai. Petrol at Shell bunks costs Rs 117-118 a litre. This compares to a price of Rs 106.31 a litre for petrol at public sector company's petrol pumps in Mumbai and Rs 102.63 in Chennai. Diesel at PSU pumps costs Rs 94.27 a litre in Mumbai and Rs 94.24 in Chennai. In Bengaluru, Shell is selling diesel for Rs 122 as compared to Rs 87.92 a litre rate at petrol pumps ow
Thomas Brostrom joined Shell from offshore wind giant Orsted in August 2021 to head offshore wind as the company planned to rapidly grow its wind and solar operations
In a bid to address the forex crisis and ensure a steady supply of fuel, Sri Lanka on Thursday signed a deal with an American oil firm, allowing it to become the fourth player in the island nation's fuel retail business, which used to be a state monopoly. According to a statement, the US firm, RM Parks, in collaboration with Shell, will be involved in a long-term contract for the importation, storage, distribution and sale of petroleum products. An agreement was signed on Thursday at the Presidential Secretariat, between the Government of Sri Lanka and RM Parks Inc., a prominent international company operating in collaboration with Shell, marking a significant step towards securing a long-term contract for the importation, storage, distribution, and sale of petroleum products in the country. This development comes after the Ministry explored various strategies to overcome the challenges posed by the foreign exchange crisis and guarantee a continuous fuel supply to consumers, an ...
The pay package for Shell's CEO jumped by half last year to nearly USD 12 million, the fossil fuel giant said on Thursday, as oil and gas companies made record profits from skyrocketing energy costs that have driven a cost-of-living crisis. London-based Shell paid Ben van Beurden a total of 9.7 million pounds (USD 11.5 million) in 2022 as annual company profits doubled to an all-time high of USD 40 billion because Russia's war in Ukraine sent oil and gas prices soaring. Van Beurden's pay includes a 2.6 million-pound bonus and 4.9 million pounds worth of stock, according to the company's annual report. Van Beurden stepped down at the end of last year and was replaced by Wael Sawan, who will be paid a base salary of 1.4 million pounds and a bonus that's expected to be bigger than the salary, the report said. Demands have increased for oil and gas companies raking in huge profits to do more to reduce high energy costs that are hurting consumers and small businesses. Opposition lawmak
Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia's invasion of Ukraine. London-based Shell Plc posted adjusted earnings of USD 39.9 billion for 2022 in its financial results for the final three months of the year. Adjusted earnings in the fourth quarter, which exclude one-time items and fluctuations in the value of inventories, rose to USD 9.8 billion. Shell is the latest oil company to report bumper profits, even as the fossil fuel industry faces increasing pressure to cut climate-changing carbon emissions. US-based Exxon Mobil also posted record annual profits days earlier, while UK rival BP and France's TotalEnergies posted huge quarterly profits last year. The results demonstrate Shell's capacity to deliver vital energy to our customers in a volatile world," new CEO Wael Sawan said in a statement. It's the first earnings report presented by Sawan since he took over as chief ...
Global greenhouse emissions will peak in 2025 as the world goes through a "profound reorientation" in terms of energy use, said the World Energy Outlook 2022 report
The strong earnings were likely to intensify calls in Britain and the European Union to impose further windfall taxes on energy companies as governments struggle with soaring gas and power bills.
Shell named Wael Sawan, head of its integrated gas and renewables division, as the group's chief executive officer, replacing Ben van Beurden