Shell announced higher, longer-term capital spending and cash flow targets for the coming years Tuesday, as the oil major looks to underpin growth by further developing its gas-rich upstream portfolio and emerging power sector business. Updating its strategy, Shell said it plans to invest, on average, $30 billion of cash capex a year over 2021-2025, including a minor acquisition spend of up to $1 billion, with a ceiling of $32 billion a year. It said the target, however, excludes “major inorganic opportunities” over the period. Shell also raised and extended its free cash flow target by up to $10 billion a year, to around $35 billion in 2025 assuming a $60/b Brent oil price. It had previously targeted free cash flow of $25 billion-$30 billion by the end of the decade. “We have reshaped our […]