Exclusive news, data and analytics for financial market professionals, Reporting by Ron Bousso Editing by Jason Neely and Mark Potter, As oil output peaks, US Gulf of Mexico makes room for carbon capture, Oil drops 1% as economic growth concerns offset OPEC+ cuts, U.S. April oil exports top forecasts on Chinese demand, Enbridge acquires gas storage facility in British Columbia for $295 million, IMF lauds 'quick and orderly resolution' of First Republic by US regulators, FDIC sees merits of increasing backstop for business accounts, IMF's Georgieva says more vulnerabilities in banking sector may be exposed. "At this point in time [the cash] comes from our legacy business," he said. LONDON, Feb 10 (Reuters) - Shell (SHEL.L) Chief Executive Officer Ben van Beurden on Feb. 7 sold 3.9 million pounds ($5.2 million) worth of the energy company's shares, a company filing showed. Opposition lawmakers in Britain have called for an expanded tax on the windfall profits of oil and gas firms to provide more help for households struggling to afford expensive utility bills. THE mega-rich boss of Shell sparked outrage yesterday by shrugging off the fears of consumers struggling with rocketing fuel bills. Shell or someone else will supply it. These greedy billion pound businesses continue to operate without fear of genuine political scrutiny. "Even if you're very generous, and assume they get all the amounts of carbon capture and storage and offsets that they need, they might just miss their 2030 targets, and they will not be able to deliver on 2050. Van Beurden, who initially oversaw growth in Shells oil and gas output after taking office in 2014, is now leading the Anglo-Dutch company through a shift towards low-carbon energy in an effort to slash greenhouse gas emissions by 2050. Born on 23 April 1958, Van Beurden is a Dutch citizen. Seen here speaking at an event in Germany in 2013, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell. Luke Hildyard, a director of the High Pay Centre, a campaign group, said: Shells chief executive rakes in millions and half their UK employees make well over 100,000. VideoThe secret mine that hid the Nazis' stolen treasure, LGBT troops take love for Eurovision to front line, Why an Indian comedian is challenging fake news rules. The industry leader for online information for tax, accounting and finance professionals. Shell Employees' Kids Sure Seem Embarrassed by Their Parents All quotes delayed a minimum of 15 minutes. As the recent energy crisis brutally exposed, the UK along with the rest of the world is still hugely reliant on fossil fuel. Shell, Europe's largest oil company, said on Thursday that Ben van Beurden, who has served as chief executive since 2014, would step down at the end of the year . Van Beurden said Shell did not make a profit from supplying energy directly to UK households, but it has profited enormously from wholesale energy prices soaring. He also received a motoring allowance of 14,400 and money to pay for transport between his home and the office of 2,494. Shell is planning to appeal part of the ruling. Royal Dutch Shell CEO, Ben van Beurden was allowed to speak uninterrupted for the first portion of the panel. In 2019, Shell CEO Ben van Beurden told the Financial Times that when his daughter was around 10 years old, she once came home from school crying because she'd heard oil and gas companies. Ben van Beurden's pay jumped from 6.3 million in 2021, with the 2022 figure including a 2.6 million annual bonus and a 4.9 million long-term shares award on top of his 1.4 million annual . It's much better to engage with companies and use your influence as a shareholder. Shell is planning to appeal part of the ruling. A Shell spokesperson said van Beurden's decision to sell was "a private matter". His wage is 143 times higher than the average pay of the company's UK workforce. Wael Sawan, who spent most of his career on the oil and gas side of Shell before moving recently to its liquefied natural gas and renewable energy unit, will take over Europes largest energy company. Shell's market capitalisation is around 155 billion pounds ($210 billion). Ben van Beurden has served as Shells chief executive since 2014. has also been in the forefront among oil industry chief executives, suffered a bitter blow last year when a court, Afterward, Mr. van Beurden led a move of the companys, less than a year ago, Third Point, a major hedge fund. If you have a pension you are almost certainly a part owner of Shell, BP and other oil and gas companies. Shell CEO Ben van Beurden to be replaced by Wael Sawan next year - CNBC As long as there is demand for fossil fuels. It produces and imports oil and gas which is then sold to energy companies, manufacturers and industries. Mr van Beurden was speaking at Europe's biggest oil refinery at Pernis near Rotterdam, a facility he plans to transform from refining petrol and diesel, to making biofuels and hydrogen over the next decade. All rights reserved. Mr van Beurden was in charge when Shell bought gas giant BG Group for 36bn in 2015, and when the firm moved its headquarters to London earlier this year. That reliance needs to be managed down over time according to Mr van Beurden otherwise we will see price shocks in the future that will be counterproductive. Shell intends to appeal that court judgement. Video, The secret mine that hid the Nazis' stolen treasure, Why the COP26 climate summit is important. 'We will never forget what you have done': Climate activist slams Shell Its not easy to run an oil major when people suddenly stop needing oil. Is climate change killing Australian wine? The 190,000 shares were sold at an average prices of 20.40 pounds per share, a day before they hit their highest level since January 2020 at 20.80 pounds. Van Beurden, who has led Shell since 2014, said last Thursday that "I still believe that our shares are undervalued," after the company reported bumper profits of $19.3 billion in 2021 on the back of high oil and gas prices. Chief Executive Officer Ben van Beurden responded by slashing spending and cutting Shells dividend for the first time since World War II. The FTSE 100 company reported record profits during 2021, thanks in part to a gas price surge in the final three months of the year amid a rebound in demand for commodities as the global economy recovered from coronavirus pandemic lockdowns. It has now been confirmed that Sawan will take over.
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