Exclusive: Shell pivots back to oil to win over investors

Shell (SHEL.L) will keep oil output steady or slightly higher into 2030 as part of CEO Wael Sawan's efforts to regain investor confidence as the energy giant wrestles with poor returns from renewables while oil and gas profits are booming, company sources said. Sawan will announce at an investor event next week the scrapping of a target to reduce oil output by 1% to 2% per year having already largely reached its goal for production cuts, mainly through selling oil assets such as its U.S. shale business, the three sources said.
Read more: https://www.reuters.com/business/energy/shell-pivots-back-oil-win-over-investors-sources-2023-06-09/?source=Snapzu