‘’We have made significant progress against all of the targets we set out at our Capital Markets Day in 2023. Thanks to the outstanding efforts of our people, we are transforming Shell to become simpler, more resilient and more competitive,’’ said CEO Wael Sawan. ‘‘We want to become the world’s leading integrated gas and LNG business and the most customer-focused energy marketer and trader, while sustaining a material level of liquids production. Today we are raising the bar across our key financial targets, investing where we have competitive strengths and delivering more for our shareholders.’’

Today Shell announces that it will:

• Enhance shareholder distributions from 30-40% to 40-50% of cash flow from operations (CFFO) through the cycle¹, continuing to prioritise share buybacks^2, while maintaining a 4% per annum progressive dividend policy.
• Increase the structural cost reduction target from $2-3 billion by the end of 2025 to a cumulative $5-7 billion by the end of 2028, compared to 2022¹.
• Invest for growth while maintaining capital discipline, with spend lowered to $20-22 billion per year for 2025-2028¹.
• Grow free cash flow³ (FCF) per share by more than 10% per year through to 2030¹.
• Maintain the climate targets and ambition set out in Shell’s Energy Transition Strategy 2024.

To deliver more value with less emissions Shell will:

• Reinforce our leadership position in liquefied natural gas (LNG) by growing sales by 4-5% per year through to 2030.
• Grow top line production across our combined Upstream and Integrated Gas business by 1% per year to 2030, sustaining our 1.4 million barrels per day of liquids production to 2030 with increasingly lower carbon intensity.
• Drive cash flow resilience and higher returns in our Downstream and Renewables & Energy Solutions businesses:
  
  • Pursue focused growth in our high-return Mobility and Lubricants businesses.
  • Leverage competitive strengths to drive profitable and scalable businesses across our lower carbon platforms, where we expect to have up to 10% of capital employed by 2030.
  • Unlock more value from our strong portfolio of Chemicals assets by exploring strategic and partnership opportunities in the US, and both high-grading and selective closures in Europe, enabling the business to prosper whilst improving returns and reducing capital employed by 2030.

Shell will continue to deliver more value with less emissions, growing in areas where we have competitive strengths, and providing a compelling investment case for our shareholders, now, and into the future.