Shell plc (SHEL) downplays BP (BP) rumors

Shell plc (NYSE: SHEL) downplays BP (NYSE: BP) rumors, reported earlier by the WSJ.

A Shell spokesperson downplayed the report, saying the company is focused on capturing the value in Shell.

"As we have said many times before we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification," a Shell spokesperson told Investing.com.

Further, during Shell's first quarter call, the CEO and CFO addressed the BP rumors very directly, saying they would rather buy back their own shares than bid for BP.

"I have said in the past that we want to be value hunters. Today, value hunting – in my view – is buying back more Shell," CEO Wael Sawan stated.

Shares of BP rose 6.6% following the report. Shell was lower by 0.8%.

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