Strategy update: Shell Capital Markets Day 2023 Report

Insight 03 July 2023

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Report summary

Shell held its keenly anticipated Capital Markets Day (CMD23) on 14 June. It was the company’s first strategy update since February 2021 (SD21), and the first since Wael Sawan succeeded Ben van Beurden as CEO in January. In this note, we provide our take on the key points of guidance coming out of Shell's Capital Markets Day 2023.

Clarity near-term
Uncertainty long-term
All eyes on March strategy update
Capital investment
Free cash flow
Shareholder distributions
Upstream and Integrated Gas
- Third party LNG
Downstream and Renewables & Energy Solutions
- Chemicals and Products
- Marketing
- Renewables and Energy Solutions (RES)
- Targets
Investment hurdle rates
Emissions reduction targets

Tables and charts

This report includes the following images and tables:

Shell cash capex guidance; latest (CMD23) vs previous (SD21); US$ billion and proportional
Shell free cash flow guidance (CMD23); latest (CMD23) by segment vs previous (SD21)
Shell guidance for shareholder distributions; Wood Mackenzie corporate cash flow breakeven

Shell oil & gas production, latest guidance (CMD23) vs previous (SD21) vs WoodMac base forecast
Key low carbon targets/aims, latest (CMD23) vs previous (SD21)