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Strategy update: Shell details roadmap for transition
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Report summary
Shell delivered its ‘Powering Progress’ strategy update in February. The broad framework for capital and carbon are unchanged, but SD21 added depth, context and a wealth of guidance. We now have a clearer picture of how Shell plans to deliver its strategy, and what the business will look like ten years from now. In this note, we explore the key guidance and messages emerging from SD21, covering investment, returns, volume targets, the customer-first model, low carbon fuels and the net-zero ambition.
Table of contents
- Executive summary
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Shell details roadmap for transition
- 1. Investment: poised to rise; shifting to Growth businesses
- 2. Returns: clear expectations for risk adjusted returns
- Returns expectations for Upstream and Integrated Gas set a high bar
- 3. Oil and gas production: holding flat to 2030
- Portfolio management will be required
- High impact exploration continues
- 4. Integrated Power: a unique, asset-light strategy
- Customer-first
- 3 more item(s)...
Tables and charts
This report includes the following images and tables:
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Shell's guidance for cash capexShell guidance for annual cash capex to 2025, low to high end of range, by themeShell’s guidance for return expectations by business
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Shell Pre-FID portfolio: WoodMac modelling vs. Shell hurdle rates and expected average IRRWoodMac base production forecast vs. Shell guidance for liquids and gasShell’s ‘customer-first’ Renewables and Energy Solutions strategyShell’s guidance on 'tools for transition' milestonesShell’s guidance on carbon targets
What's included
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