SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030 as part of CEO Wael Sawan's efforts to regain investor confidence that wavered over its energy transition plan.
Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal.
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.
It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%.
Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.
Persons:
Wael Sawan's, Shell, Sawan, Ron Bousso, David Goodman, Jan Harvey
Organizations:
Shell, Reuters, Lebanese, Thomson
Locations:
New York, Bukom, Jurong, Singapore, Paris