Investors will get a vote on oil company’s plan to cruise down the middle lane
Shell billed its net-zero by 2050 plan as an “acceleration” of strategy, which was a generous self-assessment. In today’s Big Oil terms, the approach is a cruise down the middle lane – a tweak here and there, but nothing to frighten those shareholders still scarred by last year’s cut of two-thirds in the dividend.
The company plans to reduce oil output by only 1%-2% a year until 2030, which compounds to an overall reduction of about 15% in the period. BP opted for 40% cut in oil and gas by 2030. Including gas, Shell’s production may be flat.