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Shell Considered Relocating To The U.S. In Pursuit Of Higher Value
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Two years ago, Shell’s executive leadership discussed relocating to the U.S. in order to boost the company’s valuation.
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There is a stark difference in valuation between European and U.S. oil majors, a difference that analysts believes is related to ESG factors and energy transition plans.
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BP recently backtracked on some of its energy transition promises, resulting in its stock price climbing 10%.
Shell’s executive leadership discussed leaving Europe and relocating to the United States, the Financial Times has reported, citing unnamed sources familiar with the discussion.
According to the FT’s sources, the supermajor’s new chief executive, Wael Sawan, was part of a team of top executives that two years ago considered moving Shell’s headquarters to the U.S. and listing the company there, too.
The relocation idea was ultimately dropped but the FT notes that Shell’s chief executive remains worried about the difference in valuation between Shell and its U.S. peers.