Shell Oil Co. in the United States may be on the verge of a rather fundamental rebrand, with executives considering dropping the word “oil” from the company’s name to reflect the transition to new energy sources.
The company name as it stands “is a little old-fashioned, I’d say, and at one point we’ll probably do something about that,” Marvin Odum, director of Shell’s upstream Americas business, said last week.
“The increasing returns and the profile of some of the renewable energy companies is absolutely true,” he told Bloomberg News Editor-in-Chief Emeritus Matthew Winkler. “The good news about that is it’s a clear signal that the transition is actually here.”
Shell is on the verge of becoming the world’s largest natural gas producer, Bloomberg notes, and the last decade has seen the company paying more attention to the business implications of a shift in energy technologies.
“Climate change is real,” Odum said. “We spend a fair amount of time as an executive committee, as a board actually, looking at what that wider swath of investment opportunities out there are, including the alternative and renewable options.”