Shares of the energy giant broke a record

Shares of the energy giant broke a record

Shares of British energy giant Shell climbed to a record level after its quarterly profit exceeded forecasts, unlike its rival BP.

Shell’s shares rose 5 percent to a record 2,956 pence per share in London after its first-quarter results beat expectations.

Company CEO Wael Sawan‘s determined approach to efforts to increase profitability, reduce costs and narrow the valuation gap with North American peers is gaining approval from investors.

The results of its rival BP, which has similar goals, are mixed. BP shares fell nearly 1 percent after its first-quarter results showed profits fell more than expected. Shares traded at around 673.5 pence in September 2005 are at 506 pence as of Monday.

Sawan announced in June that they would focus on higher-yield oil and gas production and place less emphasis on low-yield renewable energy production. The company’s shares have been on an upward trend since then.

Murray Auchincloss, who became CEO after the departure of BP’s CEO Bernard Looney, announced that there would be no change in their strategies regarding investments and plans to reduce oil and gas production.