It is Shell PLC's (LSE:SHEL, NYSE:SHEL) capital markets day on Tuesday, 25 March, following a similar event for its smaller rival BP recently, which received a mixed reaction from investors and analysts.
While the oil giant is expected to stick to its current playbook of cutting costs, keeping capital spending in check and focusing on its liquefied natural gas (LNG) business, there are some finer details that need clearing up.
The strategy update will bring an update on chief executive Wael Sawan's two-year "sprint" initiatives, indicating the success of Shell's previous strategy shift from 2023.
"We will be looking for guidance to be extended out to 2030 including production growth targets and additional cost cutting," said Morningstar analyst Allen Good says.
Capital allocation will be an element that the City will be keeping a beady eye on, especially levels of capex and what it's being spent on.
"Shareholder return targets could be increased to match those of Total Energies," said Good, who also expects some divestment targets to be given, more likely in the billions of dollars rather than specific assets.
As one of the world's largest extractors of hydrocarbons, climate will be in the spotlight.
A group of investors, led by UK and Australian pension funds, earlier this year filed a shareholder resolution questioning Shell's LNG demand assumptions, which they noted were higher than all scenarios envisaged by the International Energy Agency (IEA) and therefore misaligned with a net-zero transition by 2050.
"Unsurprisingly, the company views natural gas as an intrinsic part of that transition by helping eliminate more carbon intensive fuels like coal from the energy mix," said Lindsey Stewart, director of investment stewardship research and policy at Morningstar Sustainalytics.
Shell last year reduced the ambition of its climate-focused strategy, making its LNG business "a central focus for sustainability-conscious investors", Stewart said.
"We’ll find out at the May annual general meeting what investors think of those opposing views, although it’s worth noting that when assessing recent AGM results, there has been little change in the proportion of Shell shareholders willing to challenge the company’s climate strategy recently - roughly 20% over the last three years."