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Shell lifts dividends, commits to fewer emissions

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Shell has announced a boost for shareholders (pic: Terry Murden)

Shell is raising shareholder returns while committing to fewer emissions through a “balanced energy transition”.

An enhanced focus on performance and stronger capital and cost discipline will underpin higher shareholder distributions of 30-40%, compared with 20-30% previously, through a combination of dividends and share buybacks.

Shell will raise the dividend per share by an expected 15%, effective from the second quarter 2023 interim dividend, payable in September, and commence share buybacks of at least $5 billion for the second half of 2023.

It said it is making good progress towards its target to become a net-zero emissions energy business by 2050, by reducing emissions from its operations, and from the fuels and other energy products it sells to customers. Shell will continue to make progress by:

“We need to continue to create profitable business models that can be scaled at pace to truly impact the decarbonisation of the global energy system. We will invest in the models that work – those with the highest returns that play to our strengths,” said chief executive Wael Sawan.

“We are investing to provide the secure energy customers need today and for a long time to come, while transforming Shell to win in a low-carbon future,” he said.

“Performance, discipline, and simplification will be our guiding principles as we allocate capital to enhance shareholder distributions, while enabling the energy transition.”

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