Oct 1, 2020

Shell slims down to shape up for the energy transition

A year ago Royal Dutch Shell had a convincing strategy to thrive through the energy transition. Shell also said it would put at least five out of its 15 refineries up for sale. After the two-thirds cut to Shell's dividend in April, executives were unable to explain how capital allocation plans would change and what this meant for its energy transition plans. Energy analysts have said BP's move to reduce its oil and gas production by 40 per cent by 2030 would put greater pressure on Shell to follow suit, something Mr van Beurden is loath to do. Two-thirds of Shell's free cash flow has traditionally been tied to its oil business and Mr van Beurden on Thursday said oil and gas would still be among the products Shell sells in 2050.

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