Bloomberg

Shell Boosts Dividend 15% as It Pivots Back Toward Oil and Gas

Shell boosts dividend by 15% and focuses on oil and gas under new CEO Wael Sawan's strategy, with reduced capital spending, share buyback and net-zero emissions target.

Shell Plc increases dividend by 15% and will boost natural gas production under new CEO Wael Sawan's focus on profitable fossil fuels.
The company plans to achieve net-zero emissions by 2050 and aims to invest in models with the highest returns to play to its strengths.
Shell will reduce capital spending to $22bn-$25bn a year for 2024 and 2025, and commit to buying back at least $5bn of shares in H2.
The company will stabilize oil output to 2030 and grow its integrated gas business, in line with BP's shift in strategy.
Shell's pivot back to oil and gas highlights the winning strategy of American majors like Exxon Mobil and Chevron Corp, which stayed focused on fossil fuels.

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