As part of a new financial framework, Shell said it will increase overall shareholder distribution to 30% to 40% of cash flow from operations from 20% to 30% previously
will ramp up its dividend and share buybacks while keeping oil output steady into 2030, it said on Wednesday, as CEO Wael Sawan moved to regain investor confidence that wavered over its energy transition plan.
The financial framework is the linchpin of Sawan’s effort to boost Shell’s share performance relative to its U.S. peers after many investors shunned the British company even after it posted a record $40-billion profit last year. The dividend increase, to around 33 cents per share, is the sixth since Shell slashed its then 47 cent dividend by nearly two-thirds in April 2020, the first cut since the Second World War, in the wake of the COVID-19 pandemic.
It said it will now keep its oil production steady to 2030 and will grow its natural gas business to defend its position as the world’s biggest liquefied natural gas player. Sawan, a 48-year-old Canadian-Lebanese national who previously headed Shell’s oil, gas and renewables divisions, has in recent months scrapped several projects, including in offshore wind, hydrogen and biofuels, due to projections of weak returns.
Ramping up fossil fuel production would likely lead to a rise in Shell’s absolute greenhouse gas emissions, even though it said it remains committed to slashing emissions to net zero by 2050.
France Dernières Nouvelles, France Actualités
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