Shell chief executive Wael Sawan refused to rule out the possibility of the oil and gas company leaving the London Stock Exchange amid concerns it is underappreciated by investors.
Mr Sawan said he could move the largest FTSE 100 company to New York and that he is considering “all options”.
Shell is facing increasing pressure to close a valuation gap with New York-listed rivals such as Exxon Mobil and Chevron.
“If we work through the sprint, and we are doing what we are doing, and we still don't see that the gap is closing, we have to look at all options,” Bloomberg cited Mr Sawan as saying.
By mid-2025, if the valuation gap remains, then Mr Sawan made clear nothing is taboo, including switching the listing to New York.
Shares in Shell had a bad start to the year, losing 8.2 per cent in the first three weeks of 2024. But since then they gained 19.5 per cent in value.
Having hit a 52-week high of 2,825.5p on Monday, the shares continued to climb on Tuesday and by mid-morning were a further 0.7 per cent higher.
Over the past 12 months, Shell shares have gained 16.1 per cent and over five years they have added 13.8 per cent in value.
A representative for Shell said Mr Sawan had made comments along similar lines on several public occasions, adding that the company will “explore other options” if there was a valuation gap beyond 2025.
Mr Sawan said the current undervaluation presented a “fantastic investment opportunity”.
“I will keep buying back those shares, and buying back those shares at a discount,” he added.
Moving the company's primary listing away from the UK would require at least 75 per cent approval in a shareholder vote.
Leaving the London Stock Exchange would deal a huge blow to the UK's struggling stock market.
Investors could take a hit as many rely on dividend income from FTSE 100 companies, including tracker funds and pension schemes that support millions of retirees.
In the UK, the oil company is looking at a future in which institutional investors are increasingly focused on environmental, social and governance (ESG) measures, and growing criticism from climate activists and shareholders for not raising its share of renewable energy.
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A Labour government could also present problems for the company with concerns about the party's anti-business policies and leader Keir Starmer suggesting he would introduce a “proper” windfall tax that is tougher than the existing energy profits levy.
Some UK businesses are also uneasy with Mr Starmer's plans to enact a package of “day one” employee rights.
If Shell leaves the London Stock Exchange, it would be following a trend that mining company Glencore began last year when it listed its coal business in New York, with secondary listings in Toronto and Johannesburg.
In recent months, chip company Arm, building materials supplier CRH, Paddy Power owner Flutter and travel operator Tui have all abandoned London for overseas listings.
There are fears that rival energy company BP, the fifth-largest company on the index, could also follow suit.
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Specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%20turbo%204-cylinder%20%2F%202.0%20turbo%204-cylinder%20(S3)%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20148bhp%20%2F%20328bhp%20(S3)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20250Nm%20%2F%20420Nm%20(S3)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20December%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20TBA%0D%3C%2Fp%3E%0A
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
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The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
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Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
Killing of Qassem Suleimani
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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