Insight
What next for Shell?
Report summary
Shell is making good on the promises it made post-BG: US$30 billion disposal programme completed; US$25 billion buyback initiated; gearing reduced to 20%. And we think it will continue to deliver on guidance to 2020: peer leading organic free cash flow will underpin a staggering US$50 billion of dividends and buybacks over the next two years, all within Shell's conservative financial framework. So far, so good for the "world class investment case". But with phase one of the post-BG transformation on track, attention is increasingly turning to the next chapter in the story – what happens beyond 2020? Here the narrative is not so clear.
Table of contents
-
The role of oil and gas
- The Wood Mackenzie perspective
- The Shell perspective?
-
Shell's strategic balancing act
- Near-term financial constraints
- Long-term carbon strategy
-
A peer group of one
- Appendix
Tables and charts
This report includes 8 images and tables including:
- Production (million boe/d)
- Production (indexed)
- WoodMac upstream capex (US$/boe)
- WoodMac upstream cash flow (US$ billion)
- WoodMac capex vs. Shell guidance (US$ bn)
- Cash inflows and outflows (US$ bn)
- Capital investment scenarios in a Sky50* world: oil & gas versus new energies / carbon capture
What's included
This report contains:
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