New Shell (SHEL) boss Wael Sawan has gone for evolution over revolution with his updated strategy for the energy giant, promising higher shareholder payouts, lower overall spending, alongside continued low-carbon project development.
The new plan comes as European energy companies shift back to focusing on core oil and gas production and strong dividends to bring valuations closer to those of their US counterparts. ExxonMobil (US:XOM) and Chevron (US:CVX) have held to the more traditional approach and trade at higher valuations than Shell and BP (BP.).