Shell moves to close valuation gap with US rivals

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Financial Times 5d ago

Shell moves to close valuation gap with US rivals - Financial Times

Quick Summary:

He has cut a swath through the company’s bureaucracy and seized control of all major spending decisions from its powerful division heads.“We need to be able to look unemotionally across our businesses and make sure that capital is allocated to the opportunities with the most running room,” he explained to the Financial Times.“That’s best done around the CEO and the CFO table.

Sawan revealed this week that his traders have not lost money in any single quarter over the past decade, and that they delivered an average return on capital employed of 2 per cent in that time, and may contribute up to a 4 per cent return going forward.

Fundamentally, Exxon has proven to be a better steward of capital over a longer period of time,” said Biraj Borkhataria at RBC Capital Markets.“The discount has moved from 45 per cent to 35 per cent under Wael Sawan.