The bosses of Shell and BP face the same task as they prepare to present their companies’ annual results this week, but at completely different points in their tenures. Wael Sawan will make his City debut after taking over as Shell chief executive at the start of the year. Bernard Looney marks three years since a watershed presentation in London when he took over at BP, unveiling a target to hit net zero by 2050 or sooner.
The pair now each have the task of convincing the public they are not profiteering during the energy crisis – while keeping investors sweet. Profits surged in 2022 on the back of high gas prices caused by the invasion of Ukraine, and are expected to stay high against historical averages this year, while oil prices have climbed in early 2023 as the Chinese economy reopens.
