Welcome to our dedicated page for Shell news (Ticker: SHEL), a resource for investors and traders seeking the latest updates and insights on Shell stock.
Shell plc reports recurring developments for an integrated energy group with American depositary shares that each represent two ordinary shares. Company news commonly covers operating and financial results across Integrated Gas, Upstream, Marketing, and Chemicals and Products, including LNG, production, trading and optimisation, refining, and chemicals activities.
Other updates focus on shareholder distributions and capital management, including interim dividends, share buyback programmes, purchases of ordinary shares for cancellation, and related Market Abuse Regulation disclosures. Shell also publishes governance and ownership notices, including annual meeting materials, director and PDMR shareholding notifications, and financial statements from Shell International Finance B.V.
HyAxiom Inc. has entered into a crucial agreement with Shell Plc and other partners to test a solid oxide fuel cell technology for a deep-sea liquefied natural gas carrier. Scheduled for deployment in 2025, this initiative aims to reduce carbon emissions in maritime transport, a sector facing significant environmental challenges. The collaboration also involves companies like KSOE, DFCC, and DNV. This project will gather valuable data over a year to explore the feasibility of integrating solid oxide fuel cells in future vessels, marking a significant step towards sustainable shipping solutions.
Shell plc announced a share buyback on 07 October 2022, purchasing 384,797 shares for cancellation. The highest price paid was £23.3000 and the lowest £23.1000, with a volume-weighted average of £23.2318. These transactions were conducted as part of an ongoing share buyback program that began on 28 July 2022, managed by Citigroup Global Markets Limited. The program adheres to regulatory standards set by EU MAR and UK MAR.
The third quarter 2022 outlook indicates significant changes in Shell's financial estimates. Production for Integrated Gas is projected at 890-940 thousand barrels per day, while LNG liquefaction volumes are estimated at 6.9-7.5 million tonnes. Trading results are expected to decline due to market volatility. Upstream production is anticipated at 1,750-1,850 thousand barrels per day, with one-off gains included in profit estimates. Chemical margins will negatively impact results, with indicative refining margins dropping to $15/bbl. Overall, financial results are subject to finalization on October 27, 2022.
Petroleum Development Oman has contracted with Eden GeoPower Inc. to implement their innovative Electrical Reservoir Stimulation™ technology in a pilot project, marking a significant milestone in sustainable resource extraction. This method promises to save billions of gallons of water compared to conventional hydraulic fracking. The project aims to reduce CO2 emissions and create new jobs within the local market. If successful, Eden plans to commercialize this technology across various industries, contributing to net-zero goals.
Shell International Finance B.V. and Shell plc published an Information Memorandum on 29 September 2022, approved by the UK Financial Conduct Authority. This document relates to their Multi-Currency Debt Securities Programme, serving as a base prospectus under EU regulation. The full memorandum is accessible online, providing comprehensive details about financial standing and obligations. The memorandum is not intended for U.S. persons and requires compliance with specific access conditions.
Shell plc informs that as of September 26, 2022, it has 7,194,587,068 ordinary shares outstanding, each with a nominal value of €0.07. The company does not hold any treasury shares. This figure serves as the denominator for shareholders to notify changes in their interest under the FCA's Disclosure Guidance and Transparency Rules. This announcement complies with the relevant transparency regulations.
Shell plc reported managerial transactions involving Wael Sawan, the Integrated Gas, Renewables and Energy Solutions Director. On September 22, 2022, Sawan disposed of 19,384 ordinary shares at €26.605 each, totaling €515,711.32. Additionally, he sold 4,750 American Depository Shares (SHEL) at $53.08, amounting to $252,130. These transactions were notified in compliance with the EU and UK market abuse regulations.
TechnipFMC (NYSE: FTI) has secured a significant engineering, procurement, construction, and installation (EPCI) contract from Shell plc (NYSE: SHEL) for the Jackdaw development in the UK North Sea. The contract involves a 30-kilometer tieback utilizing advanced pipe-in-pipe technology, designed for high-pressure and high-temperature conditions. This project reflects TechnipFMC's capabilities in subsea engineering and construction. The contract value falls between $75 million and $250 million, underscoring its financial significance to the company.
Shell CEO Ben van Beurden to retire, Wael Sawan appointed as successor
On September 15, 2022, Shell announced that CEO Ben van Beurden will step down at the end of 2022, with Wael Sawan taking over as CEO effective January 1, 2023. Sawan, previously the Director Integrated Gas, brings extensive experience within Shell. Under van Beurden's leadership, Shell has made significant strides toward becoming a net-zero emissions energy business by 2050, maintaining a strong financial position. Ben will remain as an adviser until June 30, 2023, after which he will leave the company.
Shell plc announced a share buyback on 13 September 2022, purchasing 1,057,231 shares for cancellation. The highest price paid per share was £23.4500 and the lowest was £23.0800, with a volume-weighted average price of £23.2893. The buyback is part of an existing program announced on 28 July 2022, executed by Citigroup Global Markets Limited independently until 21 October 2022. The program adheres to the UK Market Abuse Regulation and other relevant regulations.