Latest news with #SineadGorman
Business Times
02-05-2025
- Business
- Business Times
Shell Q1 profit drops 28%, beats estimates, keeps share buybacks steady
[LONDON] Shell reported a 28 per cent drop in first-quarter net profit to US$5.58 billion on Friday (May 2), beating analyst expectations, while it held steady the pace of its share buyback programme despite falling oil prices and lower refining margins than last year. It said it would buy back US$3.5 billion worth of shares for the next three months, the fourteenth consecutive quarter of a buyback programme of at least US$3 billion. That contrasts with rival BP, which has cut its buybacks this year, saying it will strengthen its balance sheet. Shell's gearing, a debt-to-equity ratio, of 18.7 per cent is less than BP's 25.7 per cent. 'The main (opportunity) for me is, at the moment, the ability to buy back my shares,' finance chief Sinead Gorman said in a call. 'If my share price falls (and) I already believe the share price was undervalued, I therefore have an even better ability to allocate capital there and buy back even more shares.' Shell's adjusted earnings, its definition of net profit, reached US$5.58 billion in the first quarter, above an average forecast of US$4.96 billion in a company-provided analyst poll, but below US$7.73 billion a year ago. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Shell's shares were up 2.9 per cent in early trading, outperforming a broader index of energy companies that rose 1.3 per cent. At a strategy update in March, Shell said it would return more cash to shareholders on expectations of higher liquefied natural gas sales, mainly via buybacks, trimmed its investments through 2028 and raised the prospect of reviewing its chemicals business. When asked about closing or selling some of those assets, Gorman said the group had given itself until the end of the decade to decide. Shell on Friday reiterated its reduced annual investment budget of US$20 billion to US$22 billion for this year. Its indicative refining margin stood at US$6.2 per barrel, down from US$12 per barrel a year ago, but up from US$5.5 per barrel at the end of last year. Global benchmark Brent crude prices averaged around US$75 a barrel during the January-to-March quarter, compared with around US$87 a year earlier. Shell said its gas trading business was in line with the previous quarter despite a hit from expiring hedging contracts. That contrasts with BP, which said that a weak result in its gas trading business weighed on its first-quarter results that missed expectations. 'We were able to sort of route several cargos to more profitable destinations. And I think we were just on the right side of it. Our traders in LNG are doing a superb job,' Gorman said. REUTERS
Globe and Mail
31-03-2025
- Business
- Globe and Mail
Director/PDMR Shareholding
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES IN ACCORDANCE WITH THE REQUIREMENTS OF THE EU AND UK MARKET ABUSE REGIMES Shell plc (the "Company") has been notified that following the payment of the interim dividend on March 24, 2025 in respect of the fourth quarter of 2024, the following Persons Discharging Managerial Responsibilities ("PDMRs") acquired dividend shares in respect of shares previously delivered to them under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Further information can be found in the Shell plc Annual Report and Form 20-F for the year ended December 31, 2024 ( PDMR Date Acquired Share Type Number of dividend shares acquired Purchase price per Share Sinead Gorman 27 March 2025 SHEL (LSE) 1,046.03927 GBP 28.051639 Philippa Bounds 27 March 2025 SHELL (AMS) 0.00569 EUR 33.8917 Philippa Bounds 27 March 2025 SHEL (LSE) 89.26932 GBP 28.051639 Robin Mooldijk 27 March 2025 SHELL (AMS) 725.54619 EUR 33.8917 Rachel Solway 27 March 2025 SHEL (LSE) 5.00148 GBP 28.051639 Huibert Vigeveno 27 March 2025 SHELL (AMS) 1,124.75351 EUR 33.8917 Zoe Yujnovich 27 March 2025 SHELL (AMS) 1,110.95 EUR 33.8917 The Notification of Dealing Form for each PDMR can be found below. Deputy Company Secretary ENQUIRIES Shell Media Relations International, UK, European Press: +44 20 7934 5550 LEI number of Shell plc: 21380068P1DRHMJ8KU70 Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom. 1. Details of the person discharging managerial responsibilities/person closely associated First Name(s) Sinead Last Name(s) Gorman 2. Reason for the notification Position/status Chief Financial Officer Initial notification/ amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor Full name of the entity Shell plc Legal Entity Identifier code 21380068P1DRHMJ8KU70 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted Description of the financial instrument Ordinary shares of €0.07 each Identification Code GB00BP6MXD84 Nature of the transaction Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Currency GBP Price 28.051639 Volume 1,046.03927 Total 29,343.116 Aggregated information Price 28.051639 Volume 1,046.03927 Total 29,343.116 Date of transaction 27/03/2025 Place of transaction London 1. Details of the person discharging managerial responsibilities/person closely associated First Name(s) Philippa Last Name(s) Bounds 2. Reason for the notification Position/status Legal Director Initial notification/ amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor Full name of the entity Shell plc Legal Entity Identifier code 21380068P1DRHMJ8KU70 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted Description of the financial instrument Ordinary shares of €0.07 each Identification Code GB00BP6MXD84 Nature of the transaction Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Currency EUR Price 33.8917 Volume 0.00569 Total 0.193 Aggregated information Price 33.8917 Volume 0.00569 Total 0.193 Date of transaction 27/03/2025 Place of transaction Amsterdam 1. Details of the person discharging managerial responsibilities/person closely associated First Name(s) Philippa Last Name(s) Bounds 2. Reason for the notification Position/status Legal Director Initial notification/ amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor Full name of the entity Shell plc Legal Entity Identifier code 21380068P1DRHMJ8KU70 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted Description of the financial instrument Ordinary shares of €0.07 each Identification Code GB00BP6MXD84 Nature of the transaction Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Currency GBP Price 28.051639 Volume 89.26932 Total 2,504.151 Aggregated information Price 28.051639 Volume 89.26932 Total 2,504.151 Date of transaction 27/03/2025 Place of transaction London 1. Details of the person discharging managerial responsibilities/person closely associated First Name(s) Robin Last Name(s) Mooldijk 2. Reason for the notification Position/status Projects & Technology Director Initial notification/ amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor Full name of the entity Shell plc Legal Entity Identifier code 21380068P1DRHMJ8KU70 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted Description of the financial instrument Ordinary shares of €0.07 each Identification Code GB00BP6MXD84 Nature of the transaction Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Currency EUR Price 33.8917 Volume 725.54619 Total 24,589.994 Aggregated information Price 33.8917 Volume 725.54619 Total 24,589.994 Date of transaction 27/03/2025 Place of transaction Amsterdam 1. Details of the person discharging managerial responsibilities/person closely associated First Name(s) Rachel Last Name(s) Solway 2. Reason for the notification Position/status Chief Human Resources & Corporate Officer Initial notification/ amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor Full name of the entity Shell plc Legal Entity Identifier code 21380068P1DRHMJ8KU70 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted Description of the financial instrument Ordinary shares of €0.07 each Identification Code GB00BP6MXD84 Nature of the transaction Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Currency GBP Price 28.051639 Volume 5.00148 Total 140.300 Aggregated information Price 28.051639 Volume 5.00148 Total 140.300 Date of transaction 27/03/2025 Place of transaction London 1. Details of the person discharging managerial responsibilities/person closely associated First Name(s) Huibert Last Name(s) Vigeveno 2. Reason for the notification Position/status Downstream, Renewables & Energy Solutions Director Initial notification/ amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor Full name of the entity Shell plc Legal Entity Identifier code 21380068P1DRHMJ8KU70 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted Description of the financial instrument Ordinary shares of €0.07 each Identification Code GB00BP6MXD84 Nature of the transaction Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Currency EUR Price 33.8917 Volume 1,124.75351 Total 38,119.809 Aggregated information Price 33.8917 Volume 1,124.75351 Total 38,119.809 Date of transaction 27/03/2025 Place of transaction Amsterdam 1. Details of the person discharging managerial responsibilities/person closely associated First Name(s) Zoe Last Name(s) Yujnovich 2. Reason for the notification Position/status Integrated Gas and Upstream Director Initial notification/ amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor Full name of the entity Shell plc Legal Entity Identifier code 21380068P1DRHMJ8KU70 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted Description of the financial instrument Ordinary shares of €0.07 each Identification Code GB00BP6MXD84 Nature of the transaction Dividend shares in respect of shares previously delivered under the annual bonus and/or shares previously vested under employee share plans and held in a Share Plan Account. Currency EUR Price 33.8917 Volume 1,110.95 Total 37,651.984 Aggregated information Price 33.8917 Volume 1,110.95 Total 37,651.984 Date of transaction 27/03/2025 Place of transaction Amsterdam
Reuters
30-01-2025
- Business
- Reuters
Atlantic Shores reaffirms commitment to New Jersey offshore wind despite Shell's write-off
Jan 30 (Reuters) - Atlantic Shores, a joint venture between Shell Plc (SHEL.L), opens new tab and France's EDF, reiterated its commitment to delivering New Jersey's first offshore wind project on Thursday, despite Shell's recent $1 billion write-off related to the venture. Shell's fourth-quarter earnings included $2.2 billion in impairments, part of which was a $1 billion write-off for Atlantic Shores, with Chief Financial Officer Sinead Gorman stating that the project did not align with the company's capabilities or return goals. Shell is now looking to monetize its stake. Atlantic Shores had submitted a proposal in July last year to supply offshore wind energy to New Jerse y as part of the state's Fourth Offshore Wind Solicitation. In response to Shell's write-off, Atlantic Shores affirmed its dedication to progressing with the project, emphasizing its compliance with obligations to local, state and federal partners under existing leases and permits, the company said in a statement. "Business plans, projects, portfolio projections, and scopes evolve over time – and as expected for large, capital-intensive infrastructure projects like ours, our shareholders have always prepared long-term strategies that contemplate multiple scenarios that enable Atlantic Shores to reach its full potential," the company stated. The Atlantic Shores South wind project is expected to generate up to 2,800 megawatts of electricity, enough to power close to 1 million homes, according to the U.S. Interior Department. However, the broader offshore wind sector has faced significant economic challenges, including soaring materials costs, high interest rates and supply-chain delays. Several major developers, including Orsted, Equinor ( opens new tab, BP (BP.L), opens new tab, Avangrid and Shell, have canceled or sought to renegotiate power contracts for planned U.S. wind farms with expected start dates between 2025 and 2028. Offshore wind remains a target, as new U.S. President Donald Trump is set to follow through on his pledge to halt such projects, creating ongoing uncertainty for the industry.
Boston Globe
30-01-2025
- Business
- Boston Globe
Shell takes $1 billion hit on wind farm Trump wants ‘dead'
'We just don't see that it fits both our capabilities nor the returns that we would like,' Chief Financial Officer Sinead Gorman said on a call with reporters. 'So we took the decision to effectively write that off and pause our involvement.' Advertisement The company has been developing the project in a joint venture with the renewables arm of Electricite de France SA. Get Starting Point A guide through the most important stories of the morning, delivered Monday, Wednesday, and Friday. Enter Email Sign Up EDF expects Atlantic Shores 'to continue moving forward and contribute to the all-of-the-above and American energy-dominance strategy,' EDF Renewables said in a statement. The project 'will provide urgently needed energy and jobs to the New Jersey economy and beyond.' Last week, Trump appeared to target the Atlantic Shores development with a post on Truth Social, saying he hoped a wind farm off southern New Jersey would be 'dead and gone.' The president worked with New Jersey Congressman Jeff Van Drew, a frequent critic of the project, to draft the executive orders that targeted the offshore wind industry on his first day in office. Aside from changes in American politics, Shell has been steadily moving away from offshore wind under Chief Executive Officer Wael Sawan. While the company participated in a rush by European oil majors into the sector under his predecessor, Sawan has aimed to cut spending on projects that offer returns well below what Shell can make from oil and gas. The Atlantic Shores joint venture agreed to pay some $780 million to lease an area in a record-setting federal auction in 2022 for offshore wind sites. Since then, rising interest rates and supply-chain issues have driven up costs for the industry, making it harder to invest. Advertisement ©2025 Bloomberg L.P.
The Independent
30-01-2025
- Business
- The Independent
Shell leaving London Stock Exchange ‘not a live discussion' as dividends are raised
Shell has hiked its dividends to shareholders despite profits falling last year, after the energy giant was hit by weaker oil prices and lower demand for the fossil fuel - and said they are not presently looking at shifting their primary market listing overseas. The London-listed company raised its dividend by 4 per cent while posting earnings of US$23.7bn (£19.1bn) for the calendar year, down from $28.3bn (£22.8bn) in 2023. Shell also said it had hit a cost-cutting target of $3bn (£2.4bn) after setting the goal in 2022. The company, which has been reported to be considering moving its stock market listing from the London Stock Exchange to the US, said it is keeping its current listing 'under review'. However, chief financial officer Sinead Gorman said moving the listing is 'not a live discussion for us' currently. After a year of enormous outflows for the LSE, the biggest since the global financial crisis, keeping one of its biggest players on board will be seen as a win - but AJ Bell investment director, Russ Mould, cautioned that it could only be a for now situation. 'A strategy update in March is an opportunity for [CEO Wael] Sawan to lay out the next steps. The fear in the London market is that this update includes shifting the primary listing out of London and to the US, where Sawan could argue the investment case might get a kinder hearing,' Mould said. Shell and BP have been trying to close valuation gaps towards similar levels that the major US-based oil players enjoy, which would come around from a bump-up in share prices. Several companies have switched UK for the US in a bid to do the same, with more exposure and liquidity in that market. The oil giants are the second (Shell) and seventh (BP) biggest companies in the FTSE100 by market capitalisation. Gorman added that Donald Trump's pro-oil and gas agenda was a positive for the company as a major outside investor in the US, adding: 'We welcome the president's support for the industry that's coming through very strongly.' Chief executive Wael Sawan said that despite the lower earnings, Shell's cash flow remained 'solid' at $40bn (£32bn) across the year, while operating in 'a lower price environment'. 'Our continued focus on simplification helped to deliver over 3 billion dollars in structural cost reductions since 2022, meeting our target ahead of schedule, whilst also making significant progress against all our other financial targets,' he said. It comes after a year in which oil prices have steadied and demand has fallen, partly as a result of the growing popularity of electric vehicles. The oil supermajors, including US giants ExxonMobil and Chevron, have suffered falling margins in their refining businesses this year as a result. The fossil fuel companies had made record profits in previous years after oil prices spiked during the global energy crisis. Shell wrote that the lower income reflected less money from its liquefied natural gas trading operation and lower oil refining margins, among other factors. Maurizio Carulli, an energy analyst at Quilter Cheviot, noted the '4 per cent dividend increase and an additional $3.5bn buyback' as 'significant positives' for shareholders, while Mr. Mould added it suggests Shell are 'not too worried' about the Q4 drop in profits. However, the dividend increase has also led to renewed calls for oil companies to contribute to disaster relief funds from environmental groups. Elena Polisano, head of Greenpeace UK's 'Stop Drilling, Start Paying' campaign, said: 'Shell and its shareholders again raked in tens of billions from fuelling the climate crisis last year. This resulted in destructive flooding, which fragmented communities from Wales to the Philippines, and fanned the flames of the most expensive wildfires in California's history, leaving ordinary people to face the devastation of their communities and huge financial costs. 'The world is approaching breaking point. Oil companies like Shell are causing the climate crisis, and they have the billions necessary to fund the clean-up of homes and communities - yet they don't pay a penny for the loss and damage they cause. The UK government must act in the interests of the people it represents and make fossil fuel companies - not taxpayers - pay for the damage caused by flooding and other climate disasters.' Shell shares had risen by 1.16 per cent in morning trading by 11am GMT on Thursday.
