Shell pays out £18.7bn to shareholders in 2024 as it slashes spending on renewables

Shell distributed over £18.7bn to shareholders in 2024 while reducing expenditure on renewable energy, according to its annual results.

The FTSE 100 giant experienced a decrease in earnings from £23bn in 2023 to £19.1bn in 2024 due to weaker oil prices and reduced demand for fossil fuels, as reported by City AM.

Despite the decline in earnings, Shell announced on Thursday that it had increased dividends by four per cent in the fourth quarter and launched a £2.8bn share buyback programme, which it anticipates completing by the first quarter of 2025.

Chief executive Wael Sawan stated: "Our continued focus on simplification helped to deliver ove