Shell boosts dividend 15% as it pivots back toward oil and gas

📆 2023-06-14 4:43 PM

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📆 2023-06-14 4:43 PM
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Shell follows American Big Oil to expand the most profitable parts of its business, even if they are carbon intensive. Read more

stuck unapologetically to their fossil-fuel cores. That helped contribute to a valuation gap as oil investors flocked to the clear-cut Americans while the Europeans were still too involved in petroleum to attract low-carbon purists.

But as Shell boosts natural gas and maintains oil production, it shows the company sees no end in sight in demand for the fuels that cause climate change. The company’s 2050 target is, therefore, more a reflection that eventually demand could go away, rather than a prescription to drive the change to make it happen.

While many of the details of Shell’s plan will come later on June 14, the initial outline puts oil and gas front and centre while giving low-carbon efforts a smaller supporting role. That’s a stark difference from the company’s strategy update about two years ago, when Shell said its oil production would decline and named electricity and low-carbon hydrogen as its key sources of growth.

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