Shell to sharply boost dividend in new CEO plan

The company will also lift the rate of its share buyback programme in the second quarter to $5bn (€4.6bn), up from $4bn in recent quarters.

In a new financial framework, Shell will increase overall shareholder distribution to 30% to 40% of cash flow from operations from the previous 20% to 30% rate.

Shell will increase its dividend 15% and boost natural gas production as new CEO Wael Sawan refocuses on the fossil fuels that drove record profits last year.

It’s part of a pivot by the European oil major to expand the most profitable parts of its business, even if they are carbon intensive, while scaling back ventures that don’t make high enough returns. The company reiterated its pledge to achieve net-zero emissions by 2050.