Posted By Global Banking and Finance Review
Posted on December 12, 2024
By Ron Bousso
LONDON (Reuters) - Shell 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.
(Reporting by Ron Bousso; Editing by Susan Fenton)