Shell Spends More on Oil and Gas in Pitch to Woo Wall Street (1)

Shell Plc will devote a growing portion of its annual investment to fossil fuels, underscoring its pivot back to profitable oil and gas as it seeks to juice returns to shareholders.

The shift in how the company invests reflects a reset of its strategy, which seeks to focus on businesses that generate the highest returns — and shed those that don’t perform. It’s part of a pitch that Shell’s new Chief Executive Wael Sawan made at the New York Stock Exchange on Wednesday as he tries to convince investors the company’s valuation should be closer to that of its more ...