LONDON (AP) — Oil company Shell said Thursday that it was still mulling moving its stock market listing from London to New York. but that it wasn't a “live discussion” at the moment.
After announcing a 16% decline in full-year earnings of $23.7 billion from $28.3 billion, CEO Wael Sawan was asked if he was still considering moving Shell's listing. to close the valuation gap on its U.S. peers, notably ExxonMobil.
Speaking to CNBC, Sawan said the firm was “always reviewing headquarter listings and the like," but that “there is no live discussion at the moment on this in Shell because our No. 1 priority is to make sure that we unlock the full potential of this company,"
Last year, Sawan said that Shell's listing was “under review” because of a persistent gap between the company’s valuation on the stock market and its U.S. peers, which makes it relatively more expensive for it to tap capital markets for money.
It's not the first time that Shell's listing is a topic of discussion. In 2022, it ended its dual share structure that had dated back to the early 20th century, by ditching its listing in Amsterdam for a variety of reasons, that included tax considerations.
The return of U.S. President Donald Trump may be a factor in any future decision in light of his advocacy of fossil fuels, and his executive order that the U.S. will be leaving the 2015 Paris Climate Accord.
Shell, like others, has seen profits surge in recent years as oil prices spiked higher, notably after Russia's full-scale invasion of Ukraine nearly three years ago. In 2024, oil prices drifted lower, hence the decline in profits.
Despite the profits decline, Shell increased its dividend by 4%, as it continues to attract investors to hold its stock. After its latest update, Shell's share price was up 0.5%.
Despite Trump's pro-oil agenda, the transition to net zero is moving forward in most parts of the world, though slower than many campaigners want. As a result, oil companies, including Shell, have sought to diversify their businesses.
“Shell remains at a crossroads torn between the seemingly inevitable pull of the energy transition and the demands of shareholders,” said Derren Nathan, head of equity research at stockbrokers Hargreaves Lansdown.
He said that Shell's next capital markets day in March "should provide some more color around the strategic direction of travel and is likely to be more closely watched than ever.”
FILE - A view of the Shell oil company logo above a Shell fuel station in London, on May 5, 2022. (AP Photo/Alastair Grant, File)
BALTIMORE (AP) — Blake Horvath threw an 8-yard touchdown pass to Eli Heidenreich with 6:32 remaining — on fourth-and-goal — and No. 22 Navy rallied to beat Army 17-16 on Saturday.
Horvath turned the ball over twice, and his fumble near the goal line nearly spoiled Navy's key drive. On second down from the 1, the ball came loose when the Midshipmen (10-2) attempted a tush push, but Heidenreich fell on the ball back at the 8.
After an incompletion, Navy — down 16-10 — decided to go for it on fourth down, and Horvath found his top receiving threat over the middle in the end zone.
Army then had to punt, and on third-and-3 from the Army 43, the ball popped loose on a run by Horvath, but he was able to catch it out of the air and reach for the first down. It came loose again and Army recovered, but after a review, Horvath was ruled down before the second fumble — a yard short of the line to gain.
Alex Tecza then ran for the first down that enabled Navy to kneel out the clock. In what was at times a chippy game with some post-play shoving, there was a bit of a ruckus near midfield after the final kneel-down before things eventually calmed down for the traditional singing of the alma maters.
With President Donald Trump in attendance, Navy got its second straight victory over Army (6-6), and the Midshipmen won the Commander-In-Chief's Trophy for a second straight season. The Black Knights have not beaten a Navy team that was ranked by the AP since 1955.
The teams traded touchdown drives to start the game, each lasting 13 plays, 75 yards and over seven minutes. Horvath scored on a 5-yard run, and Army quarterback Cale Hellums answered with a 2-yarder. Army's first drive didn't end until 5 seconds into the second quarter.
Then it was a while before anyone reached the end zone again. With Army up 10-7 late in the second quarter, the ball slipped out of Horvath's hand while he was looking to pass. Army recovered the fumble at its own 45 with 20 seconds to play and moved into range for a 45-yard field goal by Dawson Jones.
Horvath was intercepted in the third, giving Army the ball at the Navy 30, but the Black Knights had to settle for three — Dawson connected on a career-long 48-yard kick.
Navy's Wing-T offense has been explosive this season. The Midshipmen entered the day with an FBS-high 10 plays of at least 60 yards. Army mostly kept them contained, but Horvath slipped free for a 37-yard run that set up a third-quarter field goal that made it 16-10.
After Hellums' underthrown pass was intercepted by Phillip Hamilton, giving Navy the ball at the 50 with 11:19 to play, Tecza's 24-yard run made it first-and-goal from the 5.
Trump tossed the coin before the game at midfield, then returned at halftime to walk from the Navy sideline to the Army one.
Army: The Black Knights were trying to turn the tables on Navy after a ranked Army team lost to the Midshipmen last year. Army was the better team in the first half Saturday but didn't do much offensively after that.
Navy: Horvath made some big plays and some bad ones, and the Navy defense was stout in the second half. The Midshipmen finished tied for first in the American Athletic Conference this year but missed out on the league title game because of tiebreakers. This victory matters more to them anyway.
Army: Faces UConn in the Fenway Bowl on Dec. 27.
Navy: Faces Cincinnati in the Liberty Bowl on Jan. 2.
Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here and here (AP News mobile app). AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football
President Donald Trump stands with Lt. Gen. Steven Gilland, Superintendent of the U.S. Military Academy at West Point, left, and Lt. Gen. Michael Borgschulte, Superintendent of the U.S. Naval Academy, before the start of the 126th Army-Navy NCAA college football game at M&T Bank Stadium, Saturday, Dec. 13, 2025, in Baltimore. (AP Photo/Julia Demaree Nikhinson)
