Tag: $Shell

Shell on Tuesday said it had temporarily halted construction of a major biofuels production facility in the Netherlands, in a bid to ensure it is able to produce competitively in the face of an anticipated flood of sustainable fuels into the market from the U.S.

Shell, the biggest European oil-and-gas company, reported better-than-expected earnings for the first quarter and launched a new share buyback program to win over investors.

Shell on Friday said it expects results from its gas and power trading business will be “significantly lower” in the first quarter of 2024 than the “exceptional” results it posted in the fourth quarter of 2023 that previously bolstered its bottom line.

Shell reported adjusted earnings of $28.25 billion for the full-year 2023, a 29% drop compared to its highest-ever annual profit of $39.9 billion the year prior.

Shell on Monday flagged impairment charges of up to $4.5 billion for the fourth quarter, mainly related to the Singapore refining and chemicals hub the oil major is looking to sell.

Shell on Thursday reported $6.2 billion profit for the third quarter, roughly in line with estimates.

British oil giant Shell  on Thursday reported a sharp year-on-year drop in second-quarter profit, citing lower fossil fuel prices and refining margins.

Oil-and-gas giant Shell SHEL +0.40% warned investors that profits fell in the second quarter, following rival Exxon’s statement earlier this week.

Shell will ramp up its dividend and share buybacks while keeping oil output steady into 2030, it said on Wednesday, as CEO Wael Sawan moved to regain investor confidence that wavered over its energy transition plan.

Britain’s advertising regulator has banned an ad campaign promoting the green initiatives of Shell, saying the marketing of the oil giant’s lower emissions energy products was “likely to mislead” consumers.

British oil giant Shell’s annual general meeting Tuesday looks set to be an acrimonious one, with climate-focused investors seeking to ramp up pressure on the energy major after an extraordinary run of record profits.