Shareholders of energy giant Shell (LON: SHEL) – who have had to contend with dividend yields in the range of 4% in recent quarters – are about to be greeted with some welcome news. That’s because the energy giant’s CEO Wael Sawan has signalled a strategic shift in a bid to improve investor confidence.
Announcing a new financial framework at its capital markets day on Wednesday (June 14, 2023), Sawan said Shell would increase its dividend by 15%, increase overall shareholder distribution of operational cash flow to a 30% – 40% rate (versus the previous 20% – 30% rate), as well as reduce capital spending to $22-25 billion per year for 2024 and 2025.
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