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...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...
...British oil and gas giants Shell and BP have jointly given at least £19.7mn to the university in philanthropic and research funding between 2016 and 2023, according to FT analysis of university data, which...
...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...
...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....
...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...
...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...
...Candidates include Shell, Total and Chevron, which are all drilling, or planning to drill, in the same Orange oil basin....
...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....
...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....
...Oil and refined products is one area where the available data on supply levels, demand patterns and logistical variables has ballooned in recent years, Barrack told the Financial Times....
...Weakness there bodes ill for the integrated oil companies — and for the global economy....
...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....
...complaints by Shell....
...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....
...Using this accounting treatment allows Shell to offset the carbon produced by its oil and gas business against its lower carbon products....
...The oil major added that demand for natural gas “has peaked in some regions and globally is set to peak after 2040”. LNG is natural gas liquefied by cooling it to minus 162C....
...Barrack also warned that, depending on what the cartel does, the oil market could experience “extraordinary” volatility....
...The 68-year-old Shell Petroleum Development Company of Nigeria will be acquired by a consortium of local and international companies for at least $1.3bn, the UK-listed oil major said on Tuesday....
...“This is another important milestone,” said Machteld de Haan, executive vice-president for chemicals and products at Shell....
...“Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation,” he added....
...Europe’s largest oil and gas company said on Thursday that adjusted earnings were $28.3bn, down about a third from the record set in 2022 but higher than any other year since 2011....
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