Shell raises dividends by 15% – Kommersant
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Shell will increase the distribution of profits to shareholders to 30-40% of operating cash flows from the current 20-30%. This includes a 15% dividend increase from the second quarter due in September and an expansion of the share buyback program from $4 billion to $5 billion in the second half of 2023. About it declared Shell CEO Wael Sawan presenting the company’s new financial program.
The company expects that focusing on performance and financial discipline will increase shareholder payouts. Meanwhile, Shell’s management has revised plans to reduce oil production by 20% by 2030, although it has almost come close to the previously announced figures. In the first quarter, Shell produced about 1.5 million barrels per day. The company intends to maintain production at the same level until 2030, as well as expand the gas production business in order to maintain its position as the largest player in the liquefied natural gas market.
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