Shell Defies Climate Critics To Ramp Up Petroleum Production
Shell is doubling down on making profits from ‘fossil fuels’ and ramping up shareholder payouts as the oil giant seeks to woo Wall Street
The FTSE 100 company announced plans to “deliver more value” on Wednesday, promising investors a 15pc dividend increase and stock buybacks of at least $5bn in the second half of 2023.
Capital investment is also being cut, from an expected $23-27bn this year to $22-25bn in 2024 and 2025.
The company said it would expand its booming liquified natural gas business while focusing other investments on “low carbon” technologies including biofuels, hydrogen, electric vehicle charging, and carbon capture and storage.
It made no mention of renewable energy sources such as wind and solar, which are attracting record investment internationally.
Wael Sawan, Shell’s chief executive, said: “We are investing to provide the secure energy customers need today and for a long time to come while transforming Shell to win in a low-carbon future.
“Performance, discipline, and simplification will be our guiding principles as we allocate capital to enhance shareholder distributions while enabling the energy transition.
“We need to continue to create profitable business models that can be scaled at pace to truly impact the decarbonization of the global energy system.
“We will invest in the models that work – those with the highest returns that play to our strengths.”
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Tom
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Forget the silly low carbon …just give us unwoke gas.
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Kevin Doyle
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Title of the article, “Shell Defies Climate Critics To Ramp Up Petroleum Production”.
False headline, as reality follows.
The spokesman for Shell then exclaims, “The company would expand its booming liquified natural gas business while focusing other investments on “low carbon” technologies including biofuels, hydrogen, electric vehicle charging, and carbon capture and storage.
1) Carbon Dioxide, like ALL atmospheric gases, only serves to COOL the surface of the planet. There is not a single atmospheric gas known which can warm anything.
2) Bio-fuels, such as ethanol, require more BTU’s to produce than they themselves can produce. Translation: Pay $100 dollars for a fuel which produces $60 of result.
3) Electric vehicles are a lovely idea, however, they were tried in the 1890’s, and didn’t get far. Pun intended. The two problems with EV’s are lack of charging capability, and what does one do with a dead Lithium battery? There is no currently known way to recycle a Lithium battery. Translation: Landfill (which Greenies are supposed to detest).
4) ‘Carbon capture and storage’. Please, see item #1. Also, I thought that is what trees, plants, seashells, and avocado toast do?
Translation of the headline: “Shell, like every other foolish woke company, run by brainwashed Ivy League graduates, is still selling natural gas; while simultaneously pissing away billions of dollars on pointless exercises in vanity and placation of technically illiterate, mindless savages.”
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VOWG
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Pump that oil boys, it keeps people alive.
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Robert Beatty
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“The company said it would expand its booming liquified natural gas business while focusing other investments on “low carbon” technologies including biofuels, hydrogen, electric vehicle charging, and carbon capture and storage.”
This sounds like a shrewd strategy to me. It carves a realistic path between energy reality and political patronage. Natural gas is the quickest way to generate large quantities of electricity from scratch, which will be required when global cooling takes hold, and ‘low carbon’ keeps the woke people at bay in the mean time.
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