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...A Shell-operated plant reported millions of carbon credits tied to CO₂ removal that never took place but were used by Canada’s largest oil sands companies, raising new doubts about a technology seen as crucial...
...and gas groups, including either BP, Shell, Exxon or Equinor....
...Top oil industry executives have hit out at US President Joe Biden’s decision to pause approvals for new liquefied natural gas export terminals, with Shell’s CEO warning it will “erode confidence” in an...
...Wael Sawan, who became Shell’s chief executive a year earlier, had the same message, as he repeated that the company’s “pragmatic approach” would see “enhanced shareholder returns”, “attractive shareholder...
...Earlier this year, it set an “ambition” to reduce absolute scope 3 emissions, which are those from the oil products it sells, by 15-20 per cent by 2030, compared with 2021....
...And it’s not just that we want to be buying back at a $90 or $85 oil price, we need to also think about how we can be buying back shares at $50 [oil]....
...Shell on Thursday introduced a new ambition to cut the absolute emissions from the oil products it sells by 15-20 per cent from 2021 levels by 2030, but it intentionally excluded gas as a “critical fuel...
...Companies would have no easier ride convincing them stateside....
...More broadly, Shell argues that forcing it to sell less oil and gas before first addressing the global demand for its products would not reduce global emissions....
...In 2017, van Beurden was the first oil major chief executive to set targets to cut the carbon intensity of the company’s products and subsequently led a push into areas such as renewable power generation...
...The valuation gap between US and European oil groups is a “major issue” making it more likely that companies will consider moving their listings to New York, said former Shell chief executive Ben van Beurden...
...On Tuesday, Shell’s former chief executive, Ben van Beurden, decried the growing gap with US-listed companies, saying the oil giant was “massively undervalued” in London....
...The former head of Shell has said the oil major is “massively undervalued” in London and may benefit from switching its listing to the US, in another blow to sentiment surrounding the UK stock market....
...BP’s shareholders are expecting the company to further soften its climate-related oil and gas production targets....
...Rather than a commitment to cut the absolute emissions, carbon intensity is an accounting treatment that allows Shell to offset the carbon produced by its oil and gas business against its growing sales of...
...“A bit tougher on [refined] oil products because most of the flows typically go from east to west, so that gets impacted.”...
...Darren Woods received salary, stock options and a bonus amounting to $36.9mn in 2023, the US’s biggest oil company reported in a securities filing on Thursday....
...The company has a 2050 net zero plan for emissions from its own operations but does not address so-called scope 3 emissions, which are the result of the use of its products and make up the bulk of pollution...
...Weakness there bodes ill for the integrated oil companies — and for the global economy....
...Candidates include Shell, Total and Chevron, which are all drilling, or planning to drill, in the same Orange oil basin....
...“Worse still, when Apollo senses a claim is going to be brought, it attempts to dissolve its shell entities to give itself yet another layer of protection.” The full complaint is here (PDF)....
...Sawan also said that the company “strongly, strongly believed” in liquified natural gas. The company expects 50 per cent growth in the global supply of the chilled fuel by 2040....
...The company is not alone. Shell is facing a call ahead of its annual meeting this month from a bloc of investors wanting more action on climate change....
...Among companies taking advantage is London-based oil supply company Prax Group, which in December agreed to buy a 37.5 per cent stake in the PCK refinery in Schwedt, north-east Germany, from Shell....
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