How BP and Shell are charting new energy trajectories, part 2

In the second of this two-part series, we look at Shell’s refocusing on returns and the speculation surrounding a potential takeover of BP

Shell has followed a similar path to BP in terms of adopting a net-zero target in 2020 and subsequently scaling back some of its ambitions since 2023. However, Shell’s energy transition strategy was not as aggressive as BP’s to begin with, so the shift back to oil and gas has not been as dramatic either. For example, LNG has remained a key part of Shell’s business throughout. The company also said in 2023 that it would prioritise returns, and in the wake of the war’s impact on markets, this meant more of a focus on oil and gas, which had helped it achieve record profits in 2022. The focus on returns is still there today. “Past moves do not mean much now given refocus on returns initiated two