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Tag: Shell

Business

Shell Takes Legal Action Against Greenpeace: A Comprehensive Analysis of the High-Stakes Dispute

by Paul Stewart

November 30, 2023

The Genesis of the Shell Conflict In a riveting clash of corporate interests and environmental activism, Shell, a major player ...

Business

Shell doubles profits for 2022, exceeding 2021 numbers

by Robert Miller

February 6, 2023

Shell: Inflation and recessionary worries put businesses in a chokehold, making 2022 a turbulent year. Despite the challenges, some brands, ...

Shell: Inflation and recessionary worries put businesses in a chokehold, making 2022 a turbulent year. Despite the challenges, some brands, like Shell, were able to make good profits. The oil firm had a successful year after they brought in a substantial amount of money and their stocks were also doing well.

The news

According to sources, Shell generated close to $40 billion in profit last year, setting a record. The figures are more than twice what it achieved in 2021 as a result of the war between Russia and Ukraine, which caused oil and gas prices to skyrocket. The biggest oil business in Europe announced adjusted full-year earnings on Thursday of about $39.9 billion, a huge increase over the $19.3 billion recorded in 2021. Strong performance in the gas business is what contributed to the record earnings. Stocks in London were up 2.6% by noon. In addition, Shell's integrated gas business, which includes trading in liquified natural gas, contributed almost 40% of the company's total annual profits. The unit generated nearly two-thirds of the $9.8 billion profit in the last three months of 2022. The results, according to Shell CEO Wael Sawan, show off the company's strength in its differentiated portfolio. Additionally, it displays their ability to provide clients with essential energy during a turbulent period.

Other players

The most recent of the world's biggest energy firms to set records is Shell. Because of the rising price of oil and gas, every firm has seen profits. ExxonMobil announced record annual revenue of $59.1 billion this past week. Chevron, meanwhile, announced a $36.5 billion record profit last month. The earnings have prompted new requests for increased taxes. Governments in the United Kingdom and the European Union have previously implemented windfall taxes on oil business profits. The money will subsequently be distributed to help needy families deal with growing energy costs. According to Shell, the EU windfall tax and UK energy profits levy will result in an extra $2.3 billion in tax obligations in 2022. The world's largest oil tycoons forked up $13.1 billion in taxes last year.

Shares & buybacks

Shell just launched a $4 billion share buyback, with a May completion expected. The corporation has announced a 15% increase in dividends per share for the fourth quarter. The business paid out $26 billion in dividends and buybacks to shareholders in 2022. Shell's chief financial officer, Sinead Gorman, told reporters on Thursday that the firm invested over $21 billion, or more than one-third of total spending, in low- or zero-carbon operations in 2022. They spent $4 billion of the spending into the Renewables and Energy Solutions sector, which consists of the following:

Electricity generation
Hydrogen production
Carbon capture and storage
Carbon credits trading

Less than 5% of the group's income were produced by the Renewables and Energy Solutions division last year. As a result, it emphasizes how difficult Shell's transition away from oil and gas and toward lower-carbon energy is.

Criticism

Climate activists slammed Shell on Thursday for not acting swiftly enough, despite the fact that the business is leading the charge to adopt lower-carbon energy. A shareholder activism group called Follow This was founded by Mark van Ball, who issued the following statement: "Shell can't claim to be in transition as long as investments in fossil fuels dwarf investments in renewables." "The bulk of Shell's investments remain tied to fossil fuel businesses because the company doesn't have a target to slash its total CO2 emissions this decade."

Investments

The corporation made about $12.4 billion in investments in the integrated gas and oil exploration operations in 2022. Sawan asserted that he believed Shell had found the right balance in terms of its capital allocation for investments in renewable energy. In comparison to 2016 levels, he said that the business was on schedule to lower emissions from its activities by half by 2030. Customers utilizing the company's products account for 90% of its emissions. By 2030, Shell intends to cut "scope 3" emissions by 20%. The business is also trying to achieve net-zero emissions by 2050.

Another protest

Greenpeace activists will protest the transport equipment across the Atlantic this week on a ship hired by Shell. The equipment will develop the North Sea oil and gas field belonging to the Penguins. The organization issued a statement outlining how the demonstration aims to draw attention to the global climate destruction caused by Shell. Concerns about safety were raised when the protestors boarded the ship in choppy waters. A Shell spokesperson responded by issuing a statement. "Projects like Penguins… help reduce the UK's reliance on higher carbon and costlier energy imports," said the spokesperson. "Locally-produced, responsible oil and gas production is critical for UK energy security and entirely consistent with a net zero pathway."

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Tag: Shell

Shell Takes Legal Action Against Greenpeace: A Comprehensive Analysis of the High-Stakes Dispute

Shell doubles profits for 2022, exceeding 2021 numbers

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The news

Other players

Shares & buybacks

Criticism

Investments

Another protest