The oil giant has lowered its annual spending outlook to £15.5 billion to £17 billion over the next three years.
Shell plans to increase investor returns through share buybacks and dividends by cutting costs and spending $5-7 billion annually by 2028, reducing annual spending to $20-22 billion over the next three years, and exploring strategic changes in its chemicals operations. They are also weakening their carbon reduction pledge, aiming for a 15-20% reduction by 2030 instead of the previous 20%.
