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The Latest Breaking News from Wael Sawan

Shell Annual Profit Drops To $16 Bn As Oil Prices Fall

British energy giant Shell on Thursday announced a 17-percent drop in annual net profit owing to weaker oil and gas prices as well as asset write-offs.

International Business Times

Shell leaving London Stock Exchange ‘not a live discussion’ as dividends are raised

The energy major said profits fell after a year of operating in ‘a lower price environment’

The Independent UK

Shell raises dividend to shareholders as profit falls amid lower oil prices

The energy major said profits fell after a year of operating in ‘a lower price environment’, amid shrinking margins from its oil refining business.

Evening Standard

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Shell defeats landmark climate ruling ordering cut in carbon emissions

Oil and gas company had challenged 2021 ruling that it must reduce greenhouse gas emissions by 45% by 2030

The Guardian - UK

BP and Shell to reveal lower profits amid decline in oil refining margins

BP reports third quarter results on Tuesday and Shell on Thursday when faltering oil demand is expected to hit earnings.

The Independent UK

Shell slips from the Fortune 500 Europe list’s top spot, lending its crown to troubled Volkswagen

Shell’s record profits in 2022 catapulted it to the top of the Fortune 500 Europe list last year. Could it win back its crown from Volkswagen next year?

Fortune

Shell to cut hundreds of jobs in oil and gas exploration operations

Reduction of about a fifth of workforce in two subdivisions part of plan to slash up to $3bn in costs by end of 2025

The Guardian - UK

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Labour minister says compressed hours could raise productivity; European stocks hit record high – as it happened

Live coverage of business, economics and financial markets as Jacqui Smith says four-day compressed hours could help people work

The Guardian - UK

BP plans cost cutting alongside multi-billion payday for investors as profits miss forecasts

New CEO at FTSE 100 oil multinational points to $2 billion in ‘cash cost savings’

Evening Standard

Shell profits come in at £46,000 a minute as oil giant beats City forecasts

Energy multi-national faces wave of anger from campaign groups but defends its low-carbon spending plans

Evening Standard

Latest London take-out deal for Lok'nStore adds to valuation fears as overseas buyers circle stock market

How a cross-Channel swoop for a self storage firm is unlocking wider fears over the future of London’s stock market

Evening Standard

Is Shell trying to kill the London stock market?

The biggest company on the market is threatening to leave. That is a different order of seriousness than seeing Flutter and CRH flee

The Guardian - UK

Shell CEO isn’t bluffing — if the London Stock Exchange doesn't improve, it'll lose its most valuable company

City Comment: It is hard to overstate just what a blow to London’s prestige the loss of Shell’s listing would represent

Evening Standard

Shell’s former chief fuels fears it could quit London for New York

Ben van Beurden says company is undervalued in UK and US investors are ‘more positive’ about fossil fuels

The Guardian - UK

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The Guardian - UK

Shell waters down emissions cut pledge despite crucial climate decade

Energy company now says it aims for 15-20% reduction by 2030, rather than previous target of 20%

Evening Standard

Shell CEO paid £7.9 million for 2023

Attention from campaign groups focused on executive pay while City eyes outlook for dividends

International Business Times UK

Shell Reports 2023 Profits of $28.25 Billion Amid Market Shifts

The company's shift towards trading more in liquefied natural gas (LNG) and increased production offset reduced earnings from refining and oil trading, along with higher operating costs.

International Business Times

Shell Profit Tumbles On Lower Oil Prices

Shell said Thursday that its net profit more than halved to $19.4 billion in 2023 on lower energy prices, after rocketing to a record peak the previous year following the Ukraine conflict.

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The Guardian - UK

Shell sues Greenpeace for $2.1m in damages over fossil fuel protest in North Sea

Energy firm’s lawsuit looks for indefinite block on group’s protesters targeting its infrastructure

Fortune

Shell takes axe to its eco-friendly business in profit push

The group is paring back its hydrogen operations, but said it was focused on lowering emissions.

The Guardian - UK

Shell boss set to cut jobs from low-carbon division

Wael Sawan ready to axe 200 roles from division as part of plan to grow profits

Evening Standard

Shell cuts hundreds of contractors amid 'ruthless' shake-up by new CEO

Wael Sawan has laid out plans for a 'ruthless focus on performance, discipline and simplification'

The Independent UK

Shell earnings top $5 billion. But that's nearly half what it pulled in months ago

Shell has reported that it earned nearly $5.1 billion in the second quarter

The Guardian - UK

Coutts CEO stands down in Farage bank account row, as Sunak fails to back NatWest chairman Davies – as it happened

Peter Flavel says Coutts fell below its ‘high standards’ in the handling of Nigel Farage’s case, while Rishi Sunak declined to say whether he had confidence in NatWest’s chairman

The Independent UK

Shell misses expectations as earnings halve

Adjusted earnings were just under 5.1bn US dollars (£3.9bn) in the three months to the end of June, down from 11.5bn dollars (£8.9bn) a year earlier.

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