Posted by John Donovan: 14 April 2024
In a stunning twist, Shell, Britain’s oil giant turned Wall Street wannabe, is eyeing a breakup with London. What’s the fuss? Well, according to CEO Wael Sawan, London’s cramping Shell’s style. But is this really about undervaluation or just a ploy to pump up the share price?
Sawan’s singing the same old tune: London’s dragging Shell down. With taxes, politics, and capital woes, it’s like the city’s throwing a share price pity party. “I have a location that clearly seems to be undervalued,” he moans to Bloomberg. Cue the violins.
His predecessor, Ben van Beurden, is singing backup, lamenting how Europe’s “conspiring” against oil companies like Shell. Cry us a river, fellas.
But let’s cut through the crude: Shell’s just playing the “woe is me” card to wiggle out of accountability. They’re facing a court order to cut emissions, and suddenly New York’s looking like a tempting escape hatch.
Sure, London’s not perfect. But neither is Shell. They talk the talk on climate, but when push comes to shove, they’re still drilling and spilling.
The real kicker? If Shell jumps ship, it’s not just London feeling the pain. Pensioners, investors, and the entire UK economy will feel the aftershock.
So, will Shell really take the plunge across the pond? Or is this just a slick move to shake up the stock price? Either way, it’s enough to make you say, “What the frack, Shell?”
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