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Pin to quick picksShell Share News (SHEL)

Share Price Information for Shell (SHEL)

London Stock Exchange
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Share Price: 2,804.50
Bid: 2,806.50
Ask: 2,807.00
Change: -24.50 (-0.87%)
Spread: 0.50 (0.018%)
Open: 2,824.50
High: 2,834.50
Low: 2,798.00
Prev. Close: 2,829.00
SHEL Live PriceLast checked at -

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Investors push Equinor to align strategy with global climate goal

Mon, 22nd Apr 2024 11:00

Comes as company plans to expand production

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Resolution calls for it align capex with Paris Agreement

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Major owner Norway has rejected all climate resolutions so far

By Nerijus Adomaitis and Simon Jessop

OSLO, April 22 (Reuters) - Investors have filed a resolution at Norwegian oil company Equinor, majority owned by the government, to bring its strategy and capital spending into line with the Paris Agreement on climate.

The move is the latest in the current annual general meeting season after several oil and gas companies scaled back climate ambitions in the face of an energy crisis and high prices.

Among those to change tack include Britain's Shell, while U.S.-based ExxonMobil is suing investors who asked it to cut emissions faster, drawing a fresh resolution calling for the removal of the chief executive.

The Equinor resolution also underlines Norway's dual position as a major oil and gas exporter that wants to continue producing fossil fuels while at the same time being active diplomatically to cut global greenhouse gas emissions.

The government, which holds a 67% stake in Equinor, has voted against all climate resolutions proposed by the company's minority shareholders so far.

Filed by a group of small investors, led by UK-based Sarasin & Partners and seen by Reuters, the resolution calls on Equinor to update its strategy and capital spending plan.

"The updated (capital expenditure) plan should specify how any plans for new oil and gas reserve development are consistent with the Paris Agreement goals," the resolution says.

In February, Equinor said it would aim to sustain domestic oil and gas output between 2020 and 2035, while its international output is set to rise by 15% between 2024 and 2030.

It also plans to drill 20-30 exploration wells per year off Norway to discover more resources, and to develop new fields abroad, including in Canada, Tanzania and Brazil.

The shareholders behind the resolution said such plans were not in line with the Paris Agreement and based on overly optimistic oil price assumptions.

The centre-left government says Norway should continue producing petroleum with the lowest emissions possible as long as there is demand, and also due to Europe's energy security needs.

Last year, the government said it expected Equinor to reduce greenhouse gas emissions in line with the Paris Agreement, but its board, not the general meeting, should decide the strategy. (Reporting by Simon Jessop in London and Nerijus Adomaitis in Oslo Editing by Mark Potter)

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Trades   Bids   Offers  Previous  Seller  Buyer
Session
0.1 GO Barge April
diffs fob ARA -$29.0
per tonne 0
<GO-ED-ARA>
0.1 GO Cargo
diffs cif NWE
per tonne
<GO-CND-NWE>
0.1 GO Cargo
diffs cif Med
per tonne
<GO-CND-MED>
50ppm barge May
diffs fob ARA +$2.0
per tonne 0
<GO50PPM-ED-A
RA>

Diesel Trades Bids Offers Previous Seller Buyer
Session
Diesel barge May -$2 April April Apr
diffs fob ARA to -$4 Flat -$1/+2 -$0.25-+
per tonne .00 $1
<ULSD10-BD-AR
A>
Diesel cargo 2 May Litasc Glenco
diffs cif NWE cargoes +$20.2 o re
per tonne at May 5
<ULSD10-ANYD- $12.50
NWE>
Diesel cargo Med Med
diffs cif Med +$6.0 +$0.75
per tonne 0
<DL-CIFD-MED>

Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel
barge
diffs fob
FARAG
per tonne
<JET-BD-ARA>
Jet fuel CCM CCM
cargo -$4 -+2
cif NWE per
tonne
<JET-CD-NWE>

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