Europe’s supermajors are doubling down on their core business, returning cash to shareholders and considering relocation to the United States to boost their valuations. Shell, BP, and TotalEnergies are rediscovering themselves and activist investors are not liking it—but everyone else is.
BP reported a drop in net profits for the first quarter because of lower natural gas prices but kept its share buyback plan unchanged, at $3.5 billion worth of stock to be bought back over the first half of the year. Shell, conversely, reported a surge in its first-quarter net profits. But it, too, kept its share repurchase target unchanged despite suggestions from analysts it could buy back more shares.
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