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Shell (SHEL) Goes After Greenpeace, Claims $2.1M in Damages
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In a significant legal confrontation, London-based integrated energy behemoth Shell plc (SHEL - Free Report) has filed a lawsuit against Greenpeace, demanding $2.1 million in damages. This move comes after Greenpeace activists boarded Shell’s oil production platform during transit, resulting in a 13-day occupation near the Canary Islands. Shell's claims include compensation for shipping delays, extra security expenses and legal costs. The incident, deemed "unlawful and extremely dangerous" by Shell, prompted the legal action.
Greenpeace activists displayed signs urging Shell to "stop drilling – start paying," protesting the environmental impact of the fossil fuel industry. Shell acknowledges the right to protest but insists it should be done safely and lawfully. The legal action is an attempt to recover the substantial costs incurred in responding to what SHEL deems as dangerous actions.
Greenpeace perceives Shell's legal action as an attempt to stifle legitimate demands for ending fossil fuel pursuits and taking responsibility for environmental damage. Shell reportedly offered to reduce the damage claim to $1.4 million if Greenpeace agreed not to protest at any of Shell's oil and gas infrastructure globally. However, Greenpeace insisted on compliance with a 2021 Dutch court order requiring Shell to cut emissions by 45% by 2030, a decision Shell has appealed.
Negotiations between Shell and Greenpeace took place post-filing, but discussions concluded in early November. Greenpeace is awaiting further court filings from Shell before deciding its next steps, indicating potential efforts to halt the legal proceedings.
This legal clash underscores the broader tension between environmental activism and corporate interests. The outcome could set precedents for how companies respond to protests against environmental practices. The legal battle between Shell and Greenpeace unfolds against the backdrop of increasing scrutiny on the environmental impact of major corporations.
Since 2019, Shell has reduced its oil output by approximately 20%, focusing on lower-carbon energy investments to decrease emissions. Yet, CEO Wael Sawan faced criticism for perceived delays in Shell's transformation. In June, he declared steady oil production until 2030 and continued growth in gas sales.
Zacks Rank & Stock Picks
SHEL carries a Zacks Rank #3 (Hold) at present. Meanwhile, investors interested in the energy sector might consider the operators mentioned below. These companies currently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US Holdings (DK - Free Report) : DK beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters at an average of 34.2%.
Delek US Holdings is valued at around $1.6 billion. DK has seen its shares move down 22.8% in a year.
EOG Resources (EOG - Free Report) : EOG Resources beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other. EOG has a trailing four-quarter earnings surprise of 9.2%, on average.
EOG Resources is valued at around $71.6 billion. EOG has seen its shares drop 16.5% in a year.
TechnipFMC (FTI - Free Report) : The 2023 Zacks Consensus Estimate for FTI indicates 1,667.7% year-over-year earnings per share growth. Over the past 60 days, TechnipFMC saw the Zacks Consensus Estimate for 2023 move up 6.8%.
TechnipFMC is valued at around $9.4 billion. FTI has seen its shares surge 75.3% in a year.
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Shell (SHEL) Goes After Greenpeace, Claims $2.1M in Damages
In a significant legal confrontation, London-based integrated energy behemoth Shell plc (SHEL - Free Report) has filed a lawsuit against Greenpeace, demanding $2.1 million in damages. This move comes after Greenpeace activists boarded Shell’s oil production platform during transit, resulting in a 13-day occupation near the Canary Islands. Shell's claims include compensation for shipping delays, extra security expenses and legal costs. The incident, deemed "unlawful and extremely dangerous" by Shell, prompted the legal action.
Greenpeace activists displayed signs urging Shell to "stop drilling – start paying," protesting the environmental impact of the fossil fuel industry. Shell acknowledges the right to protest but insists it should be done safely and lawfully. The legal action is an attempt to recover the substantial costs incurred in responding to what SHEL deems as dangerous actions.
Greenpeace perceives Shell's legal action as an attempt to stifle legitimate demands for ending fossil fuel pursuits and taking responsibility for environmental damage. Shell reportedly offered to reduce the damage claim to $1.4 million if Greenpeace agreed not to protest at any of Shell's oil and gas infrastructure globally. However, Greenpeace insisted on compliance with a 2021 Dutch court order requiring Shell to cut emissions by 45% by 2030, a decision Shell has appealed.
Negotiations between Shell and Greenpeace took place post-filing, but discussions concluded in early November. Greenpeace is awaiting further court filings from Shell before deciding its next steps, indicating potential efforts to halt the legal proceedings.
This legal clash underscores the broader tension between environmental activism and corporate interests. The outcome could set precedents for how companies respond to protests against environmental practices. The legal battle between Shell and Greenpeace unfolds against the backdrop of increasing scrutiny on the environmental impact of major corporations.
Since 2019, Shell has reduced its oil output by approximately 20%, focusing on lower-carbon energy investments to decrease emissions. Yet, CEO Wael Sawan faced criticism for perceived delays in Shell's transformation. In June, he declared steady oil production until 2030 and continued growth in gas sales.
Zacks Rank & Stock Picks
SHEL carries a Zacks Rank #3 (Hold) at present. Meanwhile, investors interested in the energy sector might consider the operators mentioned below. These companies currently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US Holdings (DK - Free Report) : DK beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters at an average of 34.2%.
Delek US Holdings is valued at around $1.6 billion. DK has seen its shares move down 22.8% in a year.
EOG Resources (EOG - Free Report) : EOG Resources beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other. EOG has a trailing four-quarter earnings surprise of 9.2%, on average.
EOG Resources is valued at around $71.6 billion. EOG has seen its shares drop 16.5% in a year.
TechnipFMC (FTI - Free Report) : The 2023 Zacks Consensus Estimate for FTI indicates 1,667.7% year-over-year earnings per share growth. Over the past 60 days, TechnipFMC saw the Zacks Consensus Estimate for 2023 move up 6.8%.
TechnipFMC is valued at around $9.4 billion. FTI has seen its shares surge 75.3% in a year.