FTSE 100 Live: UK Stocks Poised to Drop for a Fourth Day
This will allow the company to return even more cash to investors through share buybacks.
As Mitchell Ferman and James Herron write, it's the first glimpse at Shell's long-term strategy after Chief Executive Officer Wael Sawan's two-year 'sprint' to shake up the company by cutting costs, improving reliability and shedding under-performing units.
'We want to become the world's leading integrated gas and LNG business,' Sawan said in the statement. 'Today we are raising the bar across our key financial targets, investing where we have competitive strengths and delivering more for our shareholders.'
The pledges represent a firmer commitment to fossil fuels after the CEO began to pivot away from renewables in 2023. Investors have so far liked what they've seen from Sawan, with the company's shares up almost 20% in past two years, compared with a decline of more than 10% for fellow London-based oil major BP.
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