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    Home > Finance > Re-elected Shell CEO, asked about BP, says bar for deals is high
    Finance

    Re-elected Shell CEO, asked about BP, says bar for deals is high

    Published by Global Banking & Finance Review®

    Posted on May 20, 2025

    2 min read

    Last updated: January 23, 2026

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    Tags:sustainabilityMergers and Acquisitionsfinancial managementcorporate governance

    Quick Summary

    Shell CEO Wael Sawan stresses high standards for BP acquisition, focusing on LNG's role in energy transition amid strong shareholder support.

    Shell's CEO Discusses High Bar for BP Acquisition After Re-election

    By Shadia Nasralla

    LONDON (Reuters) - Shell shareholders on Tuesday re-elected Chair Andrew Mackenzie and CEO Wael Sawan, who said when asked about a potential deal for rival BP that the bar for mergers and acquisitions was very high.

    Media reports earlier this month suggested Shell was working with advisers to evaluate a potential acquisition of BP, whose shares have lost around 26% of their value in the past year versus Shell's drop of 12%.

    Sawan won the support of 98.7% of shareholders at the group's annual general meeting and Mackenzie of 91.4%. In contrast, BP Chair Helge Lund only received around 76% at its AGM after years of share underperformance, and is set to leave his post in the coming months.

    Echoing previous comments when asked about media reports that Shell was studying a bid for BP, Sawan said Shell's current share price makes buybacks an especially attractive way of spending money. Mackenzie told reporters he endorsed everything Sawan has said on the topic.

    An activist resolution asking Shell to provide further information on its expectations for huge liquefied natural gas demand growth underpinning its LNG sales target, and how this is compatible with goals to cut carbon emissions, received around 20.6% support.

    The level of votes cast for the resolution requires the company to consult shareholders further on the issue within six months, Shell said.

    "LNG will be the biggest contribution Shell will make to the energy transition," Sawan told shareholders, pointing to the option of replacing more polluting fuels like coal with gas.

    "LNG is a versatile low-carbon fuel that is going to be essential for the energy transition."

    The majority of natural gas is made up of methane, a greenhouse gas and significant contributor to climate change alongside carbon dioxide.

    "We continue to raise concerns about the lack of visibility around Shell's pathway to net zero post 2030," said Vaishnavi Ravishankar, head of stewardship at Brunel Pension Partnership.

    Brunel is one of three institutional investors who co-filed the resolution alongside the Australasian Centre for Corporate Responsibility, which together represent around 0.25% of Shell's shares, according to a Shell spokesperson.

    All other Shell board members, including Finance Chief Sinead Gorman, were also re-elected.

    (Reporting by Shadia Nasralla; Editing by Jan Harvey)

    Key Takeaways

    • •Shell CEO Wael Sawan emphasizes high standards for BP acquisition.
    • •Shell's share buybacks are prioritized over mergers.
    • •LNG is highlighted as crucial for energy transition.
    • •Shell faces shareholder pressure on carbon emission goals.
    • •BP's leadership sees less shareholder support compared to Shell.

    Frequently Asked Questions about Re-elected Shell CEO, asked about BP, says bar for deals is high

    1What was the outcome of Shell's annual general meeting?

    Shell shareholders re-elected Chair Andrew Mackenzie and CEO Wael Sawan, with Sawan receiving 98.7% support and Mackenzie 91.4%.

    2What did CEO Wael Sawan say about a potential BP acquisition?

    Sawan indicated that the bar for mergers and acquisitions is high and emphasized that Shell's current share price makes buybacks a more attractive option.

    3What resolution did activists file regarding Shell's LNG strategy?

    An activist resolution was filed asking Shell to provide more information on its expectations for liquefied natural gas demand growth and its compatibility with net zero goals.

    4How does Shell view LNG in the context of energy transition?

    Sawan stated that LNG will be the biggest contribution Shell will make to the energy transition, highlighting its potential to replace more polluting fuels like coal.

    5What concerns did investors express about Shell's net zero pathway?

    Investors raised concerns about the lack of visibility around Shell's pathway to achieving net zero emissions post-2030.

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