Posted by John Donovan: 1 Feb 2025
In their never-ending quest for more profit and less accountability, Shell is once again flirting with the idea of moving its stock market listing from London to New York. But don’t worry—it’s not a “live discussion” right now, according to CEO Wael Sawan. Because, you know, they’re just too busy “unleashing the full potential” of their planet-wrecking empire.
After announcing a laughable 16% drop in full-year earnings—from $28.3 billion to a measly $23.7 billion—Sawan was asked if Shell was still considering the move to the land of ExxonMobil and friends. His response? Shell is “always reviewing headquarters listings,” but hey, no need to panic yet. Priorities, people!
Let’s rewind. Last year, Sawan hinted that Shell’s listing was “under review” because—get this—the company’s valuation wasn’t keeping up with its U.S. peers. Poor Shell, struggling to squeeze every last dollar out of investors. This isn’t their first rodeo with relocation threats either. In 2022, they axed their Amsterdam listing—because why stick to one country when you can hopscotch around for better tax breaks?
Now, with the delightful Donald Trump returning to power, Shell might find the U.S. even more appealing. After all, Trump’s fossil fuel cheerleading and his executive order yanking the U.S. out of the Paris Climate Accord make America a great playground for oil giants. Who needs clean energy when you’ve got political allies and deregulation?
Shell’s profits may have dipped, thanks to falling oil prices in 2024 (blame Russia’s invasion of Ukraine for the earlier surge), but don’t worry about them—they still managed to hike dividends by 4%. Because keeping investors like BlackRock fat and happy is the real priority. And what’s a little environmental destruction when your share price edges up by 0.5%?
So mark your calendars! Shell’s next capital markets day in March promises to reveal its latest strategies—probably another masterclass in greenwashing while it doubles down on fossil fuels. Stay tuned for more corporate acrobatics!
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