Anger has broken out after gas and oil giant Shell reported its highest ever profits in its 115 year history. Political and environmental campaigners criticised the profit jump as “obscene” and “outrageous” as UK households face soaring energy costs.
On Thursday 2 February, Shell said that core profits rocketed to 84.3 billion dollars (£68.1 billion) in 2022.
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This is what you need to know about who owns energy behemoths Shell, BP and Centrica.
Who owns Shell?
The Shell Board goes as follows, per the Shell website:
- CEO, Wael Sawan
- CFO, Sinead Gorman
- Chairman, Andrew Mackenzie
- Deputy Chair, Euleen Goh
- Independent Non-executive Director, Dick Boer
- Independent Non-executive Director, Neil Carson
- Independent Non-executive Director, Ann Godbehere
- Independent Non-executive Director, Catherine J Hughes
- Independent Non-executive Director, Jane Holl Lute
- Independent Non-executive Director, Martina Hund-Mejean
- Independent Non-executive Director, Abraham Schot
- Company Secretary, Caroline Omloo
Shell’s biggest shareholders include BlackRock Investment Management (UK) Ltd, The Vanguard Group Inc, Norges Bank Investment Management, BlackRock Fund Advisors, BlackRock Advisors (UK) Ltd, Legal and General Investment Management Ltd and SSgA Funds Management Inc.
Who owns BP?
Per BP’s website, the company’s Board Member’s and non-executive directors goes as follows:
- CEO, Bernard Looney
- CFO, Murray Auchincloss
- Chair, Helge Lund
- Senior Independent Director, Paula Rosput Reynolds
- Independent Non-executive Director, Tushar Morzaria
- Independent Non-executive Director, Karen Richardson
- Independent Non-executive Director, John Sawers
- Independent Non-executive Director, Johannes Teyssen
- Independent Non-executive Director, Ben Matthews
Who owns Centrica?
Per Centrica’s website, its Board goes as follows:
- CEO, Chris O’Shea
- CFO, Kate Ringrose
- Chairman, Scott Wheway
- Senior Independent Director, Kevin O’Byrne
- Non-Executive Director, Carol Arrowsmith
- Non-Executive Director, Nathan Bostock
- Non-Executive Director, Heidi Mottram
- Non-Executive Director, Amber Rudd
- Non-Executive Director, Chanderpreet Duggal
Why are profits skyrocketing?
The increase in profits for energy firms has been triggered by the higher prices for oil and gas, which have spiked following pandemic lockdowns and the Russian invasion of Ukraine.
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Russia has reduced supplies to Europe amid the war, and there are concerns that it may cease supplies completely.
With gas supply problems meaning that there is potential for wholesale prices to soar, companies have been passing these costs onto their customers, sharply increasing household energy bills by massive amounts.
Higher oil prices have also led to a knock-on effect of higher petrol and diesel prices, resulting in record highs.