Shell Plc (LON:SHEL) expects as much as $2 billion of impairments in its second-quarter earnings related to a delayed biofuels plant under construction in the Netherlands and its chemicals facility in Singapore.
Shell (LON: SHEL) is preparing to cut staff from its offshore wind business as Chief Executive Officer Wael Sawan moves the company away from the capital-intensive renewable energy sector.
Shell has started to make hundreds of job cuts, with positions in its low-carbon solutions unit among the first to be eliminated, said people familiar with the matter.
Shell reported $11.2 billion in pre-tax profits for the third quarter, on the back of higher oil prices and refining margins - a figure level with the same period last year and more than double that of Q2 2023.
Six months after becoming the chief executive at Shell, Wael Sawan quietly ended the world’s biggest corporate plan to develop carbon offsets, the environmental projects designed to counteract the warming effects of CO2 emissions.
Shell chief executive Wael Sawan said it would be “dangerous and irresponsible” to cut oil and gas production as demand changes could cause further price spikes.
Shell’s new boss Wael Sawan said his team is working hard to earn investor trust in bid to help close what many see as a growing gulf in valuations between European and US oil majors.