Rising oil and gas prices and output boosted Shell’s revenues by 30% and its profits nearly three-fold in 2017. The Anglo-Dutch oil major is nearing completion of a portfolio-simplifying, $30 billion divestment program and continues to grapple with its place in the global movement towards a cleaner, lower-carbon energy landscape. While the firm has upped investment in renewables and CEO Ben van Beurden, speaking to investors earlier this year, proclaimed Shell an “energy transition company,” 90% of Shell’s capital expenditure goes towards oil and gas and some shareholders are pressuring the company to diversify faster.
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