Shell

Shell CEO pay up by 50% to $12mn as soaring energy prices boosted profit

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

Shell annual profit doubles to record high as war drives up energy costs

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 ...

Emissions to hit a peak by 2025, demand for fossil fuel to reduce: IEA

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

Shell profit doubles to $9.5 billion, prompting windfall tax calls

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 Plc's new CEO Wael Sawan: Here are some facts on the new boss

Shell named Wael Sawan, head of its integrated gas and renewables division, as the group's chief executive officer, replacing Ben van Beurden

Shell CEO Ben van Beurden to leave at year-end; gas chief Sawan to step in

Shell Plc Chief Executive Officer Ben van Beurden will step down at the end of this year after almost 40 years at the company

Shell's CEO Ben van Beurden prepares to step down next year: Reports

During his tenure van Beurden oversaw Shell's biggest acquisition in decades and steered the company through two major downturns

Shell smashes record again with $11.5-bn Q2 profit, announces $6-bn buyback

Refining margins triple in second quarter; strong gas and power trading lift profits

Govt loses appeal to $111 mn arbitration award in dispute with RIL, Shell

The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute

Shell may sell Russian LNG plant stake to Indian consortium: Report

Shell seeks to sell 27.5% stake in Sakhalin-2 plant; Shell in talks with group of several Indian firms, say sources

Shell reports highest quarterly profit since 2008 on crude boom

It beat its previous highest quarterly profits recorded in 2008 even after writing down $3.9 billion post-tax as a result of its decision to exit operations in Russia

Shell to buy Actis-owned renewables firm Sprng Energy for $1.55 bn in India

Deal to help Shell triple its renewable energy capacity in operation

Sprng Energy nearing Rs 13,500 cr sale to Shell, agreement in two weeks

Shell was among the bidders for Sprng, along with Adani Group and renewable energy firm Greenko.

Shell to set up LNG stations, bullish on gas market in India

Shell operates a 5 million tonnes a year liquefied natural gas (LNG) import facility at Hazira in Gujarat and has a small network of petrol pumps.

Shell to write down as much as $5 billion after Russia exit

The post-tax impairments of between $4 billion and $5 billion in the first quarter will not impact the company's earnings

Reliance Industries sells CBM gas for over $23; HOEC gets $25

The firm had sought bids at a premium over the base of 13.2 per cent of Brent crude oil prices

Ukraine crisis: Shell pulls out of energy investments in Russia over war

Shell announced its intention Monday to exit its joint ventures with Gazprom and related entities

Shell boosts share buybacks as profit soars on high oil, gas prices

The company had already pledged to give back to investors $5.5 billion of the cash proceeds from the sale of its Permian-basin oil assets.

S African court blocks Shell's offshore seismic survey in legal wrangling

"We respect the court's decision and have paused the survey while we review the judgement," a Shell spokesperson said

Joe Biden recommends overhaul of nation's oil and gas leasing program

The long-awaited report by the Interior Department stops short of recommending an end to oil and gas leasing on public lands