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STORY: Shell CEO Wael Sawan is on a mission to win back investor confidence.

His plan is to ramp up dividends and share buybacks.

He also wants to keep oil output steady into 2030.

Investors had grown wary over the energy giant's energy transition plan.

They were concerned Shell was turning away from oil and gas at a time of booming energy prices.

All that while returns from its growing renewables and low-carbon businesses were poor.

The firm said Wednesday (June 14) it would raise the overall distribution of cash to shareholders.

That will include a 15% dividend boost and increase the rate of its share buyback programme.

Shell has made big changes since Sawan joined the company this year.

The firm got rid of its previous target to cut oil output by a fifth by 2030.

It will now keep its oil production steady to that year and grow its natural gas business.

Sawan also ended several projects focused on offshore wind, hydrogen and biofuels due to projections of weak returns.

Ramping up fossil fuel production would likely lead to a rise in Shell's absolute greenhouse gas emissions.

Although Shell said it is still committed to slashing emissions to net zero by 2050.

Shell shares rose half a percent in early trades after the update.