Shell has initiated a strategic review of its Vaca Muerta shale holdings in Neuquén Province, considering divestment options for assets that currently produce approximately 50,000 barrels of oil equivalent per day. The Anglo-Dutch group holds a 25 percent interest in the Loma Campana joint venture and a 50 percent stake in the Cruz de Lorena block. Management is targeting potential bidders from regional independents and Asian national oil companies, with the aim of reallocating up to $3 billion of capital towards higher-margin projects in the North Sea and deepwater Gulf of Mexico. The move follows Shell’s commitment to reduce net debt by $30 billion by the end of 2025 and to deliver a dividend growth rate of at least 4 percent annually through 2028.

John Dimech, a 20-year Shell veteran who previously led trading operations in Rotterdam and oversaw LNG supply contracts in Asia, has been named chief executive of InCommodities Asia-Pacific. His appointment is part of InCommodities’ expansion plan following a $500 million funding round led by Goldman Sachs, aimed at doubling its trading volumes in refined products and natural gas by 2027. Dimech will be responsible for building physical storage hubs in Singapore and refining bilateral supply agreements with key customers in South Korea, Japan and India. This leadership change underscores Shell’s legacy influence across the trading sector, even as it reallocates resources away from upstream shale operations.

RBC Capital Markets lowered its rating on Shell from Outperform to Sector Perform, citing concerns over the longevity of current oil and gas reserves and a projected 15 percent decline in LNG trading margins over the next two years. The bank noted that while Shell has maintained capital discipline—returning $15 billion to shareholders through dividends and buybacks since 2023—it faces growing exposure to gas markets where spot prices have softened. RBC forecasts free cash flow falling below $20 billion in 2026 if global gas prices remain at current levels, and highlighted that Shell’s renewables business, contributing under 5 percent of total earnings, will take until at least 2028 to reach breakeven.