Posted by John Donovan: 10 Nov 2024
Shell, the darling of the so-called “energy transition,” has done it again. In a remarkable twist, the company managed to lose its European Fortune 500 crown to Volkswagen—a feat considering Shell’s ruthless, profit-hungry operations that are so very committed to the world’s “low-carbon” future. After a windfall in 2022 thanks to the Ukraine crisis (and by windfall, we mean billions rolled in), Shell’s revenues dipped a bit in 2023. But no one could say they didn’t give their beloved shareholders something to cheer about: a cool $28 billion in profits and a 20% bump in dividends. Bravo, Shell! It’s truly a testament to, well, unyielding ambition.
Oh, and what’s Shell’s latest pivot under new CEO Wael Sawan? Simple: more gas, more oil, and a lot less “clean” energy. “Performance, discipline, and simplification,” Sawan preached at the 2023 annual general meeting. Translation: goodbye renewable projects, hello billions in gas profits. But don’t take our word for it—Bank of America’s European energy analyst Christopher Kuplent lauded Shell’s gas dominance, claiming, “LNG is clearly one of [Shell’s strengths].” Because, of course, there’s nothing that says “clean future” like doubling down on LNG while climate concerns burn.
In case you thought Shell had any sincere commitment to carbon reduction, guess again. Last year, it slashed investments in renewables by 23% and quietly watered down its 2030 carbon reduction target. But not to worry, their 2050 net-zero goal is “intact.” And that gives Shell investors, including major players like Vanguard, BlackRock, and State Street, some “assurance”—if assurance means “business as usual” for the next quarter-century.
As for those “sustainable” green efforts, Shell’s approach to carbon cuts? Sell off a few outdated fossil fuel assets like Singapore’s Bukom refinery, while framing it as “strategic frugality” to shareholders. And Sawan’s mantra of “no sacred cows” gets nods of approval from analysts like Isabelle Zhang at AlphaValue. Because what’s better for shareholders than a CEO who knows how to cut anything that doesn’t “earn a living,” especially if it’s anything remotely green?
Shell’s resurgence back to the top of the Fortune list is only a matter of time, especially as companies like BP follow Shell’s lead by pivoting away from climate goals while keeping those oil profits sky-high. One can only hope that by the time Shell reaches its sacred 2050 “net-zero” target, there’s still a planet left to celebrate.
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