Shell cuts renewable energy investments to 8% of spending budget despite strong profits

Shell's investments in renewable energy have dropped to 8% of its total spending budget, down from previous levels. The company spent $409 million on renewables in the third quarter, part of nearly $5 billion in overall capital expenditure. Despite weaker oil prices, Shell reported better-than-expected profits of $6 billion for the quarter, driven by increased gas sales. The company plans to buy back $3.5 billion in shares, continuing a trend of significant shareholder returns. Shell's CEO announced plans to cut up to $3 billion in costs, including job reductions in its oil and gas exploration sectors. This follows earlier job cuts in its low-carbon division, prompting criticism from climate activists and some employees.