Capital management
Dec. 31, 2024
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:
 |  | Balanced capital allocation |  | ||||||||
 | Total distributions [A] Enhanced shareholder distributions* 40%-50% of CFFO through the cycle |  | Cash capital expenditure (cash capex) Disciplined investment $20-22 billion p.a. 2025-2028 | |||||||||||
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Buybacks 13 consecutive quarters >$3 billion | Dividend consistency +4% announced at Q4 2024 | Integrated Gas and Upstream cash capex [B] ~$12-14 billion | Downstream, Renewables and Energy Solutions cash capex [B] ~$8 billion | |||||||||||||||||
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Intrinsic value creation >10% p.a. normalised free cash flow growth per share*through to 2030 | Progressive dividend 4% annual increase [C] | Capital reallocation ≥10% ROACE* across all segments [D] | ||||||||||||||||||
 | Balance sheet Maintain strong investment grade rating |  | ||||||
[A]Total shareholder distributions (dividends + share buybacks) based on cash generation, macro-outlook and balance sheet trajectory.
[B]The Integrated Gas and Upstream cash capex includes expenditures related to the Integrated Gas and Upstream segments. The Downstream, Renewables and Energy Solutions cash capex includes expenditures for the Marketing, Chemicals and Products, and Renewables and Energy Solutions segments. (See Note 7)
[C]Subject to Board approval as well as shareholder approval at the 2025 Annual General Meeting.
[D]Price normalised ROACE on an Adjusted Earnings plus non-controlling interest basis.
* Non-GAAP measure (see page 337).