British oil major Shell on Wednesday announced plans to boost returns to shareholders and keep oil output steady, as part of its strategy to simplify the group's business and improve investor confidence.
This includes raising the dividend per share by an expected 15% from the second quarter and executing at least $5 billion of share buybacks in the second half of the year.
"Performance, discipline, and simplification will be our guiding principles as we allocate capital to enhance shareholder distributions, while enabling the energy transition," said Shell CEO Wael Sawan.
The British oil major reported a record annual profit of nearly $40 billion for 2022.
The firm on Wednesday announced capital spending will be reduced to $22 billion to $25 billion per year for 2024 and 2025, respectively.
Persons:
Shell, Wael Sawan
Organizations:
Shell, Wednesday, Markets
Locations:
New York, U.S, London