Shell accelerates strategy to deliver more value with less emissions

Core Viewpoint - Shell is committed to enhancing value creation and maintaining a focus on performance, discipline, and simplification as it presents its strategy at Capital Markets Day 2025 [1][2]. Financial Targets and Strategy - Shell has made significant progress on targets set during the 2023 Capital Markets Day, aiming to become the leading integrated gas and LNG business while sustaining a material level of liquids production [2]. - The company is increasing shareholder distributions from 30-40% to 40-50% of cash flow from operations, prioritizing share buybacks while maintaining a 4% annual progressive dividend policy [5]. - The structural cost reduction target has been raised from $2-3 billion by the end of 2025 to a cumulative$5-7 billion by the end of 2028 [5]. - Shell plans to invest for growth while maintaining capital discipline, with annual spending lowered to $20-22 billion for 2025-2028 [5]. - The company aims to grow free cash flow per share by more than 10% annually through to 2030 [5]. Emission and Production Goals - Shell is committed to maintaining its climate targets as outlined in its Energy Transition Strategy 2024 [5]. - The company plans to reinforce its leadership in liquefied natural gas (LNG) by growing sales by 4-5% per year through to 2030 [5]. - Shell aims to grow top line production across its Upstream and Integrated Gas business by 1% per year to 2030, sustaining its 1.4 million barrels per day of liquids production with lower carbon intensity [5]. Business Growth and Portfolio Management - The company will pursue focused growth in high-return Mobility and Lubricants businesses while leveraging competitive strengths to drive profitable and scalable businesses across lower carbon platforms [5]. - Shell intends to unlock more value from its Chemicals assets by exploring strategic partnerships in the US and optimizing operations in Europe to improve returns and reduce capital employed by 2030 [5].