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Strategy update: Shell Capital Markets Day 2023
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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.
Table of contents
- Clarity near-term
- Uncertainty long-term
- All eyes on March strategy update
- Capital investment
- Free cash flow
- Shareholder distributions
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Upstream and Integrated Gas
- Third party LNG
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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:
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Shell cash capex guidance; latest (CMD23) vs previous (SD21); US$ billion and proportionalShell free cash flow guidance (CMD23); latest (CMD23) by segment vs previous (SD21)Shell guidance for shareholder distributions; Wood Mackenzie corporate cash flow breakeven
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Shell oil & gas production, latest guidance (CMD23) vs previous (SD21) vs WoodMac base forecastKey low carbon targets/aims, latest (CMD23) vs previous (SD21)
What's included
This report contains:
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