v3.25.2
Capital management
12 Months Ended
Dec. 31, 2023
Capital Management [Abstract]  
Capital management Capital management
Shell manages its businesses to deliver strong cash flows to sustain its strategy and for profitable growth. Management's current priorities for applying Shell's cash are:
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Balanced Capital Allocation
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Enhanced shareholder distributions [A]
Targeting total shareholder distributions of 30-40% of cash flow from operating activities through the cycle (2022: 20-30%)
Around 4% annual growth
in dividend per share, subject
to Board approval (2022: 4%)
Strong balance sheet
Targeting AA credit metrics through the cycle
Continued focus on Net debt reduction in upcycle
Divest for value
Invest for value
Disciplined investment
Cash capital expenditure (see Note 7) within $22-25 billion
per annum for 2024 and 2025 (2022: $23-27 billion)
Includes inorganic capex
[A] Total shareholder distributions (dividends + share buybacks) based on cash generation, macro-outlook and balance sheet trajectory.