Shell Boosts Dividend 15% as It Pivots Back Toward Oil and Gas
- CEO Sawan will present strategy to investors in New York
- Natural gas business will grow, oil output will stabilize
The oil and gas business drives the majority of Shell’s profits.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
Shell Plc will increase its dividend 15% and boost natural gas production as new Chief Executive Officer Wael Sawan refocuses on the fossil fuels that drove record profits last year.
It’s part of a pivot by the European oil major to expand the most profitable parts of its business, even if they are carbon intensive, while scaling back ventures that don’t make high enough returns. The company reiterated its pledge to achieve net-zero emissions by 2050, but didn’t present a clear plan to achieve that target.