Shell (LON: SHEL) Chief Executive Wael Sawan said the company is not actively pursuing a US stock listing, despite growing interest from American investors.
Speaking to CNBC’s Squawk Box Europe on Thursday, Sawan dismissed speculation that Shell might move its primary listing to New York.
Host Karen Tso noted that earlier in the year, Shell “put the markets on notice that the bright lights of New York could be a lure.” Tso asked Sawan whether ”the deep pool of capital state side is any more alluring now versus the start of the year?”
“This isn't a live discussion in Shell,” reiterated Sawan, with the Shell CEO having previously provided a similar answer earlier in the year.
The idea of a potential US listing had previously attracted attention following remarks earlier this year suggesting New York’s deeper capital markets could be appealing.
However, Sawan emphasised that Shell remains focused on execution rather than relocation.
“We have been able to just stick to our own story… and deliver on what we say we're going to do,” he told CNBC.
He added that Shell’s strategy is resonating with US investors. “We have grown the investor base in the US significantly over the last two and a half years… and we're seeing that coming through ADRs in the US, or even buying here on the FTSE.”
Sawan said this growing engagement has boosted confidence that Shell’s investment case is being recognised without the need for a change in listing location.
“We are attracting that liquidity,” Sawan added. “We feel more and more confident that our message is getting through to those pools of capital that want to invest in this differentiated investment thesis that we have.”
Shell’s shares have closely tracked its US peers in 2025, reinforcing Sawan’s message that Shell can continue to build shareholder value while remaining listed in London.
Over the past month, the stock has risen 5%, while it is up 9% for the year-to-date.
The company’s recent Q2 earnings beat forecasts, reporting adjusted earnings of $4.26 billion. Shell also announced a substantial $3.5 billion share buyback program.
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