09:15 AM EDT, 05/02/2025 (MT Newswires) -- Shell (SHEL) CEO Wael Sawan prefers to repurchase more of the company's shares rather than initiate a takeover bid for BP (BP), the Financial Times reported Friday, citing the executive.

Sawan also told the news outlet that the company was well-prepared for lower oil prices in the coming months.

Sawan said that Shell's balance sheet was in the best shape in the past ten years, with leverage at below 19%, or 7% excluding the company's equipment leases, according to the report.

Shell did not immediately reply to a request for comment from MT Newswires.

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