Shell’s Revamped Strategy Is a ‘Successful Failure’

In 1970, NASA described the Apollo 13 mission as “successful failure” after safely returning the spacecraft to Earth following an explosion halfway to the Moon. The same term can be applied to European oil giant Shell Plc’s nearly two-year-old strategy, which got an important refresher Tuesday.

Shell has done almost everything it promised in June 2023, when the original 10-quarter-long “sprint” was unveiled by newly arrived Chief Executive Officer Wael Sawan: cut costs, shed underperforming renewable energy units, refocus on fossil fuels (above all, liquefied natural gas), reduce debt and devote a growing share of the cash the business generates to buy back shares. Its quarterly dividend has increased, too.