Shell is doubling down on making profits from fossil fuels and ramping up shareholder payouts as the oil giant seeks to woo Wall Street.
The FTSE 100 company announced plans to “deliver more value” on Wednesday, promising investors a 15pc dividend increase and stock buybacks of at least $5bn in the second half of 2023.
Capital investment is also being cut, from an expected $23-27bn this year to $22-25bn in 2024 and 2025. [emphasis, links added]
The company said it would expand its booming liquified natural gas business while focusing other investments on “low carbon” technologies including biofuels, hydrogen, electric vehicle charging, and carbon capture and storage.
It made no mention of renewable energy sources such as wind and solar, which are attracting record investment internationally.
Wael Sawan, Shell’s chief executive, said: “We are investing to provide the secure energy customers need today and for a long time to come while transforming Shell to win in a low-carbon future.
“Performance, discipline, and simplification will be our guiding principles as we allocate capital to enhance shareholder distributions while enabling the energy transition.
“We need to continue to create profitable business models that can be scaled at pace to truly impact the decarbonization of the global energy system.
“We will invest in the models that work – those with the highest returns that play to our strengths.”
Read rest at Daily Telegraph
A few years a go the Eco-Freaks used Plastic Kayaks to protests against a Shell Oil Rig their Hyporacy was showing
What’s the ticker symbol?
On the NYSE it is “Shel”
When the truth needs to be told about renewables vs fossil fuels, I believe it will be Shell to tell the ecofreaks where to go. It astounds me that beig companies like those in the oil industry don’t stand up to their opponents.
Their job, for all of us is simple – find and refine petroleum so that society continues to function. In that process, make money for your shareholder.
Time to root out those who are financing and supporting their Anti- Fossil Fuels campaign and remove them from America