Shell will keep oil output steady or slightly higher into 2030 as part of CEO Wael Sawan's efforts to regain investor confidence as the energy giant wrestles with poor returns from renewables while oil and gas profits are booming, company sources said.
To narrow that gap, Sawan introduced a sharp focus on performance and returns.
"What we need to do is to be excellent at the production of oil and gas and we need to be excellent at creating the low carbon options," Sawan said. "Shell needs to change. Both its absolute pay-out to shareholders and the percentage that arises as dividend are no longer competitive with peers," Exane analyst Lucas Herrmann said in a note.
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