Shell to hold investor day in March, earlier than expected
By Ron Bousso
LONDON, Dec 12 (Reuters) -Shell SHEL.L will host an investor day earlier than expected next March where CEO Wael Sawan will present his longer-term vision following months of cost cuts, the company told Reuters on Thursday.
The capital markets day will be held in New York on March 25. It comes earlier than previous expectations for a June capital markets day.
Shortly after taking office in January 2023 Sawan launched a "sprint" to the end of 2025 aimed at reducing costs and reviewing Shell's strategy to grow low-carbon energy.
"We are keen to provide insights on what targets and ambitions are post our first sprint," the company said in a statement to Reuters.
As part of Sawan's pledge to focus on higher-return businesses, primarily in oil and gas, Shell has cut spending in offshore wind, scaled back hydrogen investments, exited power markets in Europe and China and sold refineries and retail business.
Shell's shares have gained 8% since the start of 2023, outperforming other rivals including ExxonMobil, Chevron and BP.
Shell said that by the end of the second quarter of 2024 it had reduced costs by $1.7 billion out of a $2-$3 billion target by the end of 2025.
The capital markets day will coincide with the publication of Shell's 2023 annual report.
Big Oil's share performance https://refini.tv/3vXU0jY
Reporting by Ron Bousso; Editing by Susan Fenton
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
